Symbol: EFRA | ETF | AUM: $5.7mm | Expense Ratio: 0.47%
Investment Objective | The Fund seeks to track the investment results of an index composed of global companies that provide infrastructure and industrials solutions aiming to support energy efficiency and emissions mitigation, pollution reduction, or land and resource optimization.. |
Sustainable Category | Primary: Thematic Investing (green-revenue business exposure, ≥40% threshold). Secondary: Negative/Exclusionary Screening (UN Global Compact breach; controversial weapons, nuclear weapons, small arms, tobacco, oil sands, and thermal coal exclusions). |
Underlying Index | FTSE Green Revenues Select Infrastructure and Industrials Index |
Index Provider | FTSE Russell (London Stock Exchange Group), using FTSE Russell’s Green Revenues data model |
Parent (Base) Index / Universe | FTSE Global All Cap Index |
Construction Approach | Drawn from the industrials, utilities, and basic materials sectors of the FTSE Global All Cap universe. Eligible companies must derive at least 40% of revenue from eligible green infrastructure/industrials solutions per FTSE’s Green Revenues data model. Companies in breach of the UN Global Compact, or with defined exposure to controversial weapons, small arms, tobacco, oil sands, or thermal coal, are excluded. Reviewed semi-annually (March/September). |
ESG Rating / Scoring Threshold | No explicit minimum ESG score; eligibility is driven by the 40% green revenue threshold plus the business-involvement exclusions listed above. |
Exclusions / Screens | ● UN Global Compact violators ● Controversial weapons ● Nuclear weapons ● Small arms ● Tobacco ● Oil sands ● Thermal coal |
Weighting Methodology | Modified market-cap weighted within the eligible (screened, green-revenue-qualified) universe. The index is materially more concentrated than its FTSE Global All Cap parent — top-10 holdings represent roughly 53% of index weight versus roughly 23% for the parent — consistent with a narrow, thematically-defined universe rather than broad-market replication. |
Risk / Tracking-Error Constraints | No explicit tracking-error budget versus a broad-market benchmark is disclosed. As a thematic/sector fund, EFRA’s risk and return profile is expected to diverge materially from the broad equity market by design, rather than being constrained to track it closely. |
Shareholder-Issuer Engagement / Proxy Voting | NA EFRA is a registered ’40 Act fund; BlackRock Investment Stewardship votes proxies on the Fund’s behalf. |
Reporting / Disclosure | BlackRock publishes a fund-specific “Sustainability Characteristics” report on the EFRA product page (ishares.com/blackrock.com), consistent with other iShares ESG-oriented funds. |
Notes | -Combines a thematic green-revenue screen with a broader exclusionary business-involvement list (seven categories) than either GRID or UPGR — a more layered approach than GRID’s pure thematic design, though both funds target infrastructure themes. Very small AUM ($5.7mm) relative to First Trust’s more established GRID. -Sustainable categories fall into seven buckets: 1. Values-based investing, 2. Negative/positive screening or exclusionary strategies, 3. Impact investing, 4. Thematic investing, 5. ESG integration, 6. Shareholder advocacy, issuer engagement and proxy voting, and 7. Structural sustainability. These are not mutually exclusive. The primary and secondary sustainable investing approaches will be identified under the Sustainable Category. |