NFRX ETF — Holdings & Analysis

The Harrison Street Infrastructure Active ETF (NFRX) is an actively managed equity ETF with $0.03 billion in assets under management.

NFRX focuses on infrastructure companies across sectors like communications, energy, transportation, and utilities, as well as related areas like waste management and student housing. With an expense ratio of 0.85%, NFRX employs fundamental analysis to identify undervalued US and foreign companies, considering macroeconomic factors and dividend income, differentiating itself through active management in the infrastructure space. Past performance does not guarantee future results.

Harrison Street Infrastructure Active ETF (NFRX) ETF — Price, Holdings & Analysis

The Harrison Street Infrastructure Active ETF (NFRX) is an actively managed equity ETF with $0.03 billion in assets under management. NFRX focuses on infrastructure companies across sectors like communications, energy, transportation, and utilities, as well as related areas like waste management and student housing. With an expense ratio of 0.85%, NFRX employs fundamental analysis to identify undervalued US and foreign companies, considering macroeconomic factors and dividend income, differentiating itself through active management in the infrastructure space. Past performance does not guarantee future results.

ETF Overview

NFRX is actively managed and invests primarily in equity securities of infrastructure companies, including those in the communications, energy, transportation, and utilities sectors. Other infrastructures related to waste management, hospitals, and student housing are also included. The fund uses fundamental analysis to identify US and foreign companies, of any market-cap, based on valuation metrics such as price to earnings and price to cash flow multiples, while considering macroeconomic factors like economic growth, interest rates, and inflation. It also seeks income by investing in dividend-paying equity securities. Note that the fund may opportunistically invest in preferred stocks, convertible securities, and rights or warrants to purchase common stocks when it is in the funds interest.

NFRX, the Harrison Street Infrastructure Active ETF, aims to provide investors with exposure to infrastructure companies through active management. The fund invests in equity securities of companies operating in sectors such as communications, energy, transportation, and utilities. It also considers infrastructure related to waste management, hospitals, and student housing. NFRX employs fundamental analysis, assessing valuation metrics like price-to-earnings and price-to-cash flow, while also considering macroeconomic factors such as economic growth, interest rates, and inflation. The fund invests in both US and foreign companies, regardless of market capitalization. A key component of the strategy involves seeking income through dividend-paying equity securities. The fund may also opportunistically invest in preferred stocks, convertible securities, and rights or warrants to purchase common stocks. The top holdings include National Grid PLC (5.77%), Union Pacific Corp (4.36%), and Atmos Energy Corp (4.26%). This active approach distinguishes NFRX from passive infrastructure ETFs. Past performance does not guarantee future results.

Risk Metrics

NFRX carries several risks inherent to its investment strategy. With an expense ratio of 0.85%, the fund's costs are higher than passively managed ETFs, which can create a drag on performance. As an actively managed fund, NFRX's performance depends heavily on the manager's stock selection and macroeconomic forecasting abilities. The fund's concentration in specific sectors, such as utilities and energy, exposes it to sector-specific risks and regulatory changes. The top 10 holdings account for a significant portion of the fund's assets, increasing concentration risk. The fund's three-year beta is 0.00, indicating very low volatility relative to the market, but this is based on a very short history since the fund's recent inception. Investors should carefully consider these risks before investing in NFRX. Past performance does not guarantee future results.

Expense Ratio

0.85%

What does NFRX hold?

Holding	Weight
National Grid PLC (NG.L)	5.77%
Union Pacific Corp (UNP)	4.36%
Atmos Energy Corp (ATO)	4.26%
Xcel Energy Inc (XEL)	4.25%
CenterPoint Energy Inc (CNP)	4.23%
Williams Companies Inc (WMB)	4.13%
NextEra Energy Inc (NEE)	4.13%
Targa Resources Corp (TRGP)	3.57%
Elia Group SA/NV (ELI.BR)	3.50%
International Container Terminal Services Inc (ICT.XPHS)	3.47%

Dividend Yield

0.00%

Invesco QQQ Trust, Series 1 (QQQ) — 0.18% expense ratio
State Street Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) — 0.16% expense ratio
State Street Energy Select Sector SPDR ETF (XLE) — 0.08% expense ratio
iShares Russell 2000 ETF (IWM) — 0.19% expense ratio
State Street Financial Select Sector SPDR ETF (XLF) — 0.08% expense ratio
iShares MSCI Emerging Markets ETF (EEM) — 0.72% expense ratio
iShares MSCI EAFE ETF (EFA) — 0.32% expense ratio

Risk Metrics

Beta: 0.00

Questions & Answers

What is NFRX and what does it track?

The Harrison Street Infrastructure Active ETF (NFRX) is an actively managed fund that invests in equity securities of infrastructure companies. These companies operate in sectors such as communications, energy, transportation, and utilities.

The fund also considers infrastructure related to waste management, hospitals, and student housing. NFRX uses fundamental analysis to identify undervalued companies, considering factors like price-to-earnings and macroeconomic conditions.

What is the expense ratio for NFRX?

The expense ratio for NFRX is 0.85%. This means that for every $10,000 invested in the fund, $85 is deducted annually to cover operating expenses.

While this provides active management within the infrastructure sector, it is higher than the average expense ratio for passively managed equity ETFs, which typically range from 0.10% to 0.50%.

What are the top holdings in NFRX?

As of 2026-03-15, the top holdings in NFRX include National Grid PLC, with a weighting of 5.77%, Union Pacific Corp at 4.36%, and Atmos Energy Corp at 4.26%.

Xcel Energy Inc comprises 4.25% of the fund, and CenterPoint Energy Inc accounts for 4.23%.

Is NFRX a good long-term investment?

Whether NFRX is a suitable long-term investment depends on an individual investor's risk tolerance, investment goals, and time horizon. NFRX offers exposure to the infrastructure sector through active management, which aims to identify undervalued companies and navigate market volatility.

However, the fund's 0.85% expense ratio is relatively high, which can impact long-term returns.

How does NFRX compare to similar ETFs?

NFRX differentiates itself through its active management approach, contrasting with many passively managed infrastructure ETFs. While passive ETFs typically have lower expense ratios, NFRX's active management seeks to outperform the market through stock selection and strategic allocation.

With AUM of $0.03 billion, NFRX is relatively small compared to some of the larger, more established infrastructure ETFs.

Does NFRX pay dividends?

According to the latest data, NFRX has a dividend yield of 0.00%. This indicates that the fund is not currently distributing any dividends to its shareholders.

While the fund's investment strategy includes seeking income through dividend-paying equity securities, the current portfolio composition does not generate dividend income. Investors seeking current income may want to consider other ETFs with a higher dividend yield. Past performance does not guarantee future results.