iShares Environmental Infrastructure and Industrials ETF
EFRA
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- iShares Environmental Infrastructure and Industrials ETF (EFRA) is an exchange-traded fund that seeks to track the investment results of an index composed of U.S. and non-U.S. developed market companies providing infrastructure and industrials solutions supporting energy efficiency and emissions mitigation, pollution reduction, or land and resource optimization. The fund, managed by BlackRock Fund Advisors as part of the iShares family, invests in equity securities selected from the FTSE Developed All-Cap ex Korea Index based on at least 40% of combined annual green revenues from 29 FTSE Green Revenues Classification System micro-sectors; it employs a free-float market-cap weighting methodology and maintains approximately 90 holdings, with top positions including Westinghouse Air Brake Technologies Corp., Xylem Inc., Veolia Environnement SA, Pentair plc, and American Water Works Co Inc. EFRA targets institutional and retail investors focused on thematic ESG strategies within the infrastructure and industrials sectors, with geographic exposure split between U.S. stocks (51%) and non-U.S. stocks (49%), primarily in developed markets. Launched on November 1, 2022, the ETF is domiciled in the United States with administrative operations at 400 Howard Street, San Francisco, California, under BlackRock's iShares Trust. It features a net expense ratio of 0.47%, including a 0.47% management fee with no acquired fund fees or other expenses, and generates dividends with a yield around 1.70% to 3.63%. The fund emphasizes sustainability characteristics, limiting investments to align with ESG criteria that may underperform broader market indices lacking such screens. In recent developments, portfolio holdings reflect ongoing consolidation in the water utilities sector, including the announced all-stock merger between top holding American Water Works and Essential Utilities, approved unanimously and structured as tax-free with Essential shareholders receiving 0.305 American Water shares per share, positioning American Water shareholders to hold approximately 69% of the combined entity. The ETF's last reported update occurred on November 8, 2025, coinciding with broader industry trends of increased ETF launches amid moderating volatility, though EFRA itself saw no new product launches, acquisitions, or structural changes. Assets under management stand at approximately $5.4 million to $5.5 million, with shares outstanding around 160,000.