Do IPAV and NFRA hold the same stocks?

By their latest filings, 1% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, IPAV or NFRA?

IPAV has 0% of its weight in S&P 500 names and NFRA has 36%, so IPAV differs more from the index.

Which is cheaper, IPAV or NFRA?

IPAV charges 0.55% a year and NFRA charges 0.47%, so NFRA is cheaper. Fees come from each fund's prospectus.

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IPAV vs NFRA: which is really different?

IPAV and NFRA hold 1% of their weight in the same names, and IPAV returned +6.7% over the year. Global X Infrastructure Development ex-U.S. ETF and Northern Trust STOXX Global Broad Infrastructure ETF.

NFRA costs 0.08 points a year less; their one-year returns differ by 1.2 points; NFRA is far larger, $3.0bn against $5m.

	IPAV	NFRA
Expense ratio	0.55%	0.47%
Net assets, IPAV as of Oct 8, 2026 and NFRA as of Jul 31, 2026	$5m	$3.0bn
Total return, 1 year	+6.7%	+5.5%
What it tracks	Infrastructure	Infrastructure
Holdings in common	1%
S&P 500, total return, 1 year	+17.3%
Against the S&P 500, 1 year	behind by 10.5 pts	behind by 11.7 pts
Below its all-time high	14.3%, high on May 6, 2026	5.5%, high on Feb 27, 2026

Holdings in common uses holdings dated Jul 31, 2026 and Oct 8, 2026.

0.0%

IPAV in the S&P 500

35.8%

NFRA in the S&P 500

+6.7%

IPAV total return, 1 year

+5.5%

NFRA total return, 1 year

IPAV · 1 year to Oct 9, 2026100% of its weight is outside the S&P 500

0% of IPAV's weight is in S&P 500 companies and 100% is outside the index. Holdings as of Oct 8, 2026.

NFRA · 1 year to Oct 9, 202664% of its weight is outside the S&P 500

36% of NFRA's weight is in S&P 500 companies and 64% is outside the index. Holdings as of Jul 31, 2026.

ETFIQ Off-Index Score · IPAV scores higherHow much of it is not the index it is sold as an alternative to?

IPAV 92.3

NFRA 35.3

0.1, the lowest in this set92.3, the highest

A percentile among the 391 thematic ETFs with a holdings filing. All thematic ETFs ranked by it → How it is computed →

What they hold in common

By the books each fund has filed, IPAV and NFRA hold 1% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Jul 31, 2026 and Oct 8, 2026.

50%

half

1% in common

Positions both hold, largest shared weight first

Holding IPAV NFRA

CELLNEX TELECOM SA 2.39% 0.40%

AURIZON HOLDINGS LTD 0.73% 0.23%

INDUS TOWERS LTD 0.80% 0.13%

HELIOS TOWERS PLC 0.40% 0.07%

Only in IPAV

FUJIKURA LTD 3.85%

CANADIAN NATL RAILWAY CO 3.46%

CANADIAN PACIFIC KANSAS CITY 3.30%

ARCELORMITTAL 3.12%

LARSEN & TOUBRO LTD 3.08%

NIPPON STEEL CORP 3.02%

SHIN-ETSU CHEMICAL CO LTD 2.96%

VINCI SA 2.87%

Only in NFRA

Canadian Pacific Kansas City Ltd. 3.74%

SoftBank Group Corp. 3.51%

Canadian National Railway Co. 3.34%

Deutsche Post AG 2.97%

Deutsche Telekom AG 2.83%

Verizon Communications, Inc. 2.70%

NextEra Energy, Inc. 2.51%

Union Pacific Corp. 2.40%

1% of the two portfolios are the same securities at the same weight.

Performance, window by window

	Total return		vs the S&P 500		vs the Nasdaq-100
Window	IPAV	NFRA	IPAV	NFRA	IPAV	NFRA
3 months	−5.1%	−3.7%	−8.5 pts	−7.1 pts	−8.7 pts	−7.4 pts
6 months	−7.1%	−2.5%	−22.3 pts	−17.7 pts	−30.3 pts	−25.7 pts
1 year	+6.7%	+5.5%	−10.5 pts	−11.7 pts	−16.9 pts	−18.1 pts
3 years	not published	+45.2%	not published	−40.6 pts	not published	−62.1 pts
Since launch IPAV Aug 2024 · NFRA Oct 2013	+24.2%	+127.4%	−18.9 pts	−358.0 pts	−37.0 pts	−857.4 pts

Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

IPAV

Global X Infrastructure Development ex-U.S. ETF · Holds 100 stocks in infrastructure, 0% of its weight in S&P 500 companies

NFRA

Northern Trust STOXX Global Broad Infrastructure ETF · Holds 179 stocks in infrastructure, 36% of its weight in S&P 500 companies

Issuer Global X Northern Trust

Theme Infrastructure Infrastructure

In the S&P 500 0.0% 35.8%

Active share vs the S&P 500 100.0% 96.1%

In the Nasdaq-100 0.0% 7.4%

Holdings 100 179

Top ten, share of the fund 31.1% 28.6%

Expense ratio 0.55% 0.47%

Fee for the differing part 0.55% 0.49%

Total return, 1 year +6.7% +5.5%

vs the S&P 500 −10.5 pts −11.7 pts

vs the Nasdaq-100 −16.9 pts −18.1 pts

Below its high −14.3% −5.5%

Net assets, IPAV as of Oct 8, 2026 and NFRA as of Jul 31, 2026 $5m $3.0bn

As of Oct 9, 2026. Source: ETFIQ.

IPAV in plain words

By weight, 0% of IPAV's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 31% of the fund across 100 positions, as published by its issuer for Oct 8, 2026. Over the year to Oct 9, 2026 the fund returned +6.7% with distributions reinvested against +17.3% for the S&P 500, so a holder was behind by 10.5 pts. It sits 14.3% below its all-time high of May 6, 2026.

NFRA in plain words

By weight, 36% of NFRA's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 96%. The top ten holdings are 29% of the fund across 179 positions, as filed for Jul 31, 2026. Over the year to Oct 9, 2026 the fund returned +5.5% with distributions reinvested against +17.3% for the S&P 500, so a holder was behind by 11.7 pts. It sits 5.5% below its all-time high of Feb 27, 2026.

Questions people ask

Do IPAV and NFRA hold the same stocks?: By their latest filings, 1% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, IPAV or NFRA?: IPAV has 0% of its weight in S&P 500 names and NFRA has 36%, so IPAV differs more from the index.
Which is cheaper, IPAV or NFRA?: IPAV charges 0.55% a year and NFRA charges 0.47%, so NFRA is cheaper. Fees come from each fund's prospectus.

Other comparisons

IPAV vs NGIF IPAV vs BKGI IPAV vs PAVE IPAV vs BLDX NFRA vs CSIO NFRA vs NFRX NFRA vs BILT NFRA vs NGIF

IPAV on its own →NFRA on its own →How every figure is computed →Standards and sources →

Where these figures came from

IPAV filings on SEC EDGAR ↗IPAV prospectus with the expense ratio (SEC) ↗Global X page for IPAV ↗NFRA filings on SEC EDGAR ↗NFRA prospectus with the expense ratio (SEC) ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a position in a set, not a rating, and neither end of it is a recommendation.

Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, IPAV against NFRA, data as of Oct 9, 2026. https://etfiq.com/compare/themes/ipav-vs-nfra

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.