Do IPAV and TOLZ hold the same stocks?

By their latest filings, 6% 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 TOLZ?

IPAV has 0% of its weight in S&P 500 names and TOLZ has 34%, so IPAV differs more from the index.

Which is cheaper, IPAV or TOLZ?

IPAV charges 0.55% a year and TOLZ charges 0.46%, so TOLZ is cheaper. Fees come from each fund's prospectus.

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IPAV vs TOLZ: which is really different?

IPAV and TOLZ hold 6% of their weight in the same names, and TOLZ returned +8.1% over the year. Global X Infrastructure Development ex-U.S. ETF and ProShares DJ Brookfield Global Infrastructure ETF.

TOLZ costs 0.09 points a year less; their one-year returns differ by 1.4 points; TOLZ is far larger, $162m against $5m.

	IPAV	TOLZ
Expense ratio	0.55%	0.46%
Net assets, IPAV as of Oct 8, 2026 and TOLZ as of Oct 9, 2026	$5m	$162m
Total return, 1 year	+6.7%	+8.1%
What it tracks	Infrastructure	Infrastructure
Holdings in common	6%
S&P 500, total return, 1 year	+17.3%
Against the S&P 500, 1 year	behind by 10.5 pts	behind by 9.2 pts
Below its all-time high	14.3%, high on May 6, 2026	7.5%, high on Mar 2, 2026

Holdings in common uses holdings dated Oct 8, 2026.

0.0%

IPAV in the S&P 500

33.9%

TOLZ in the S&P 500

+6.7%

IPAV total return, 1 year

+8.1%

TOLZ 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.

TOLZ · 1 year to Oct 9, 202666% of its weight is outside the S&P 500

34% of TOLZ's weight is in S&P 500 companies and 66% is outside the index. Holdings as of Oct 8, 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

TOLZ 60.6

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 TOLZ hold 6% 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 Oct 8, 2026.

50%

half

6% in common

Positions both hold, largest shared weight first

Holding IPAV TOLZ

VINCI SA 2.87% 4.16%

FERROVIAL NV 2.47% 1.66%

CELLNEX TELECOM SA 2.39% 0.99%

CHINA TOWER CORP LTD-H 0.91% 0.36%

HELIOS TOWERS PLC 0.40% 0.20%

INFRASTRUTTURE WIRELESS ITAL 0.34% 0.14%

BEIJING ENTERPRISES WATER GR 0.13% 0.05%

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%

HOLCIM LTD 2.71%

Only in TOLZ

ENBRIDGE INC 5.80%

NATIONAL GRID PLC 5.40%

WILLIAMS COS INC 4.38%

AMERICAN TOWER CORP 3.85%

TC ENERGY CORP 3.51%

ENERGY TRANSFER LP 3.16%

KINDER MORGAN INC 3.13%

TARGA RESOURCES CORP 3.06%

6% 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	TOLZ	IPAV	TOLZ	IPAV	TOLZ
3 months	−5.1%	−5.5%	−8.5 pts	−8.8 pts	−8.7 pts	−9.1 pts
6 months	−7.1%	−6.9%	−22.3 pts	−22.1 pts	−30.3 pts	−30.1 pts
1 year	+6.7%	+8.1%	−10.5 pts	−9.2 pts	−16.9 pts	−15.5 pts
3 years	not published	+51.4%	not published	−34.4 pts	not published	−55.9 pts
Since launch IPAV Aug 2024 · TOLZ Mar 2014	+24.2%	+111.3%	−18.9 pts	−308.8 pts	−37.0 pts	−740.8 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

TOLZ

ProShares DJ Brookfield Global Infrastructure ETF · Holds 115 stocks in infrastructure, 34% of its weight in S&P 500 companies

Issuer Global X ProShares

Theme Infrastructure Infrastructure

In the S&P 500 0.0% 33.9%

Active share vs the S&P 500 100.0% 98.9%

In the Nasdaq-100 0.0% 2.1%

Holdings 100 115

Top ten, share of the fund 31.1% 39.4%

Expense ratio 0.55% 0.46%

Fee for the differing part 0.55% 0.47%

Total return, 1 year +6.7% +8.1%

vs the S&P 500 −10.5 pts −9.2 pts

vs the Nasdaq-100 −16.9 pts −15.5 pts

Below its high −14.3% −7.5%

Net assets, IPAV as of Oct 8, 2026 and TOLZ as of Oct 9, 2026 $5m $162m

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.

TOLZ in plain words

By weight, 34% of TOLZ's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 39% of the fund across 115 positions, as published by its issuer for Oct 8, 2026. Over the year to Oct 9, 2026 the fund returned +8.1% with distributions reinvested against +17.3% for the S&P 500, so a holder was behind by 9.2 pts. It sits 7.5% below its all-time high of Mar 2, 2026.

Questions people ask

Do IPAV and TOLZ hold the same stocks?: By their latest filings, 6% 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 TOLZ?: IPAV has 0% of its weight in S&P 500 names and TOLZ has 34%, so IPAV differs more from the index.
Which is cheaper, IPAV or TOLZ?: IPAV charges 0.55% a year and TOLZ charges 0.46%, so TOLZ is cheaper. Fees come from each fund's prospectus.

Other comparisons

IPAV vs NFRA IPAV vs PAVE IPAV vs UPGR IPAV vs NGIF TOLZ vs UPGR TOLZ vs EFRA TOLZ vs RBLD TOLZ vs CSIO

IPAV on its own →TOLZ 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 ↗TOLZ filings on SEC EDGAR ↗ProShares page for TOLZ ↗

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 TOLZ, data as of Oct 9, 2026. https://etfiq.com/compare/themes/ipav-vs-tolz

Open data

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