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The iShares FSTE Macquarie Global Infrastructure 100 ETF provides equity exposure to the 100 largest stocks from developed and advanced emerging countries contained within the broader Macquarie Global Infrastructure index. While the index identifies itself as benchmarking the broad infrastructure sector, global utility providers make up close to 87% of the index, with oil & gas pipelines (10%), and industrial transportation (3%) rounding out the remainder. Utilities offer a direct investment into a regional economy’s growth, as it is literally impossible to export these essential services. Under the utility umbrella, the index contains both regulated utility providers and merchant power generators. Regulated utilities have historically provided stable dividends and returns. Merchant power generators, on the other hand, tend to have a wider variance of returns due to commodity price fluctuations. At the time of this writing, the fund has shown a moderate level of correlation to the MSCI World (87%) and the STOXX Europe 600 (88%) over the past three years. With these correlation levels, the ETF offers some diversification benefits and can possibly increase a portfolio's risk-adjusted returns.
Investors are often attracted to the utilities sector because it has historically produced strong, stable cash flows and dividends. As of this writing this ETF has a current dividend yield equal to 3.74% which is roughly 1.7 percentage points higher than the current dividend yield for the MSCI World index. Given its narrow sector focus, this ETF is best utilised as a tactical tool within a diversified portfolio.
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