This is a passive ETF that tracks the Dow Jones Brookfield Global Infrastructure Composite Index. It holds pure infrastructure companies that directly own and operate infrastructure assets in developed markets, weighted by market capitalization, and typically invests most of its assets in the index constituents.

It suits long-term investors who want global diversification across real infrastructure assets that generate stable cash flows.

It is a passive (index-tracking) ETF managed by ProShares.

The fund holds developed-market companies that own and operate real infrastructure, such as toll roads, airports, ports, communication towers, power transmission and distribution, gas storage and transport, and water utilities, at their index weights. Infrastructure assets often have long-term contracts and regulation-based revenue structures, which tends to produce relatively stable cash flows, and some MLPs are also included.

• Global diversification focused on pure infrastructure companies
• Exposure across multiple infrastructure sectors, including communications, transportation, and utilities

Assets under management (AUM) are $173.5M, and the gross expense ratio is 0.46% per year.

Compared with similar global infrastructure ETFs, there are differences in fund sponsor, fees, and index construction, so a side-by-side review is worthwhile.

Infrastructure assets tend to show performance volatility depending on the economic cycle and the interest rate environment, and there have been recurring periods when their defensive character and dividend appeal come to the fore. Short-term moves are influenced by the direction of interest rates and sentiment in the utilities and communications sectors.

Infrastructure is a category with steady demand from investors seeking an inflation hedge and stable cash flows. When the interest rate environment shifts, fund flows can also diverge as these dividend assets are treated as bond substitutes.

Its strengths are diversified exposure to global real infrastructure and dividend appeal, while its weaknesses are interest rate sensitivity and MLP-related tax risk.

IGF, shown in the table, is a leading substitute that invests in global infrastructure companies, with differences in fund sponsor and index construction. GUNR and GNR are adjacent categories with a larger weighting in natural resources and commodity companies than in infrastructure. To focus on U.S. infrastructure, you can also consider IFRA, and to gain global infrastructure exposure through a different index, NFRA is worth reviewing as well.

Here are the points to review before investing in TOLZ. As an infrastructure-themed ETF, it is wise to check in advance the long-term holding cost, interest rate sensitivity, the tax structure resulting from MLP holdings, and the currency impact of holding global assets.

The main risks are possible weakness when interest rates rise, MLP-related tax risk, and concentration in a single theme. Because the fund holds global assets, exchange rate movements can also affect returns.

It is worth considering as a globally diversified infrastructure investment for stable cash flows and dividends. If you want to focus on U.S. infrastructure, compare IFRA, and if you need broad global infrastructure exposure, compare IGF and NFRA before choosing.