ETFIQ
RankingsCompareHoldingsFlowsResearch
Ask ETFIQETF ModelsMy portfolioWeekly note
A
vs
B
Share on XDownload as PDFOpen liveAsk about these two funds

NFRX vs UPGR: which is really different?

NFRX holds 56.3% of its weight in S&P 500 companies and UPGR 22.9%. Harrison Street Infrastructure Active ETF and Xtrackers US Green Infrastructure Select Equity ETF.

UPGR costs 0.45 points a year less; NFRX is far larger, $106m against $539,786.

NFRXUPGR
Expense ratio0.80%0.35%
Net assets, NFRX as of Jun 30, 2026 and UPGR as of Oct 8, 2026$106m$539,786
Total return, 1 yearnot published−11.2%
What it tracksInfrastructureInfrastructure
Holdings in commonnot published
S&P 500, total return, since Jan 30, 2026+13.4%
S&P 500, total return, 1 year+17.3%
Against the S&P 500, since Jan 30, 2026behind by 12.8 pts
Against the S&P 500, 1 yearbehind by 28.5 pts
Below its all-time high8.7%, high on Feb 27, 202626.8%, high on Jun 2, 2026
56.3%
NFRX in the S&P 500
22.9%
UPGR in the S&P 500
+0.6%
NFRX total return, since launch
−11.2%
UPGR total return, 1 year
NFRX · 6 months to Oct 9, 202644% of its weight is outside the S&P 500
44% of its weight is outside the S&P 50056% of NFRX's weight is in S&P 500 companies and 44% is outside the index. Holdings as of Jun 30, 2026.56%44%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 98% · top ten 44% of the fund · 34 holdings as filed for Jun 30, 2026 · Nasdaq-100: 13% in44% of its weight is outside the S&P 50056% of NFRX's weight is in S&P 500 companies and 44% is outside the index. Holdings as of Jun 30, 2026.56%44%in the S&P 500outsideactive share 98% · Nasdaq-100: 13% in

56% of NFRX's weight is in S&P 500 companies and 44% is outside the index. Holdings as of Jun 30, 2026.

UPGR · 1 year to Oct 9, 202677% of its weight is outside the S&P 500
77% of its weight is outside the S&P 50023% of UPGR's weight is in S&P 500 companies and 77% is outside the index. Holdings as of May 29, 2026.23%77%in the S&P 500of its weight outside the S&P 500active share 97% · top ten 34% of the fund · 45 holdings as filed for May 29, 2026 · Nasdaq-100: 2% in77% of its weight is outside the S&P 50023% of UPGR's weight is in S&P 500 companies and 77% is outside the index. Holdings as of May 29, 2026.23%77%inoutside the S&P 500active share 97% · Nasdaq-100: 2% in

23% of UPGR's weight is in S&P 500 companies and 77% is outside the index. Holdings as of May 29, 2026.

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

Performance, window by window

Total returnvs the S&P 500vs the Nasdaq-100
WindowNFRXUPGRNFRXUPGRNFRXUPGR
3 months−7.3%−14.2%−10.7 pts−17.6 pts−10.9 pts−17.9 pts
6 months−7.8%−9.7%−22.9 pts−24.8 pts−31.0 pts−32.9 pts
1 yearnot published−11.2%not published−28.5 ptsnot published−34.8 pts
3 yearsnot published+13.7%not published−72.1 ptsnot published−93.6 pts
Since launch
NFRX Jan 2026 · UPGR Jul 2023
+0.6%−10.4%−12.8 pts−90.6 pts−20.6 pts−112.2 pts

Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

NFRX
Harrison Street Infrastructure Active ETF · Holds 34 stocks in infrastructure, 56% of its weight in S&P 500 companies
UPGR
Xtrackers US Green Infrastructure Select Equity ETF · Holds 45 stocks in infrastructure, 23% of its weight in S&P 500 companies
Issuer not established Xtrackers
Theme Infrastructure Infrastructure
In the S&P 500 56.3% 22.9%
Active share vs the S&P 500 98.2% 97.4%
In the Nasdaq-100 13.4% 2.4%
Holdings 34 45
Top ten, share of the fund 44.1% 33.8%
Expense ratio 0.80% 0.35%
Fee for the differing part 0.81% 0.36%
Total return, 1 year +0.6% (since it first traded on Jan 30, 2026) −11.2%
vs the S&P 500 −12.8 pts −28.5 pts
vs the Nasdaq-100 −20.6 pts −34.8 pts
Below its high −8.7% −26.8%
Net assets, NFRX as of Jun 30, 2026 and UPGR as of Oct 8, 2026 $106m $539,786

As of Oct 9, 2026. Source: ETFIQ.

NFRX in plain words

By weight, 56% of NFRX's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 44% of the fund across 34 positions, as filed for Jun 30, 2026. Since it first traded on Jan 30, 2026 the fund returned +0.6% with distributions reinvested against +13.4% for the S&P 500, so a holder was behind by 12.8 pts. It sits 8.7% below its all-time high of Feb 27, 2026.

UPGR in plain words

By weight, 23% of UPGR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 34% of the fund across 45 positions, as filed for May 29, 2026. Over the year to Oct 9, 2026 the fund returned −11.2% with distributions reinvested against +17.3% for the S&P 500, so a holder was behind by 28.5 pts. It sits 26.8% below its all-time high of Jun 2, 2026.

Questions people ask

Which is more different from the S&P 500, NFRX or UPGR?
NFRX has 56% of its weight in S&P 500 names and UPGR has 23%, so NFRX differs more from the index.
Which is cheaper, NFRX or UPGR?
NFRX charges 0.80% a year and UPGR charges 0.35%, so UPGR is cheaper. Fees come from each fund's prospectus.
Other comparisons
NFRX vs IPAVNFRX vs EFRANFRX vs GLIXNFRX vs RBLDUPGR vs BILTUPGR vs BLDXUPGR vs CSIOUPGR vs GLIX
NFRX on its own →UPGR on its own →How every figure is computed →Standards and sources →
Where these figures came from
NFRX filings on SEC EDGAR ↗UPGR filings on SEC EDGAR ↗UPGR prospectus with the expense ratio (SEC) ↗Xtrackers website ↗

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.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, NFRX against UPGR, data as of Oct 9, 2026. https://etfiq.com/compare/themes/nfrx-vs-upgr

Open data

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