ETF Evaluator:
Nomura Global Listed Infras ETF ()
Follow This ETF
(as of Aug 24)
Best Performing in Infrastructure Over the Last Year
| 30.0% | Themes US Infrastructure ETF () |
| 27.5% | First Trust NASDAQ® Cln Edge®StGidIfsETF (GRID) |
| 25.2% | Xtrackers US Green Infras Sel Eq ETF (UPGR) |
| 24.3% | Global X US Infrastructure Dev ETF (PAVE) |
| 21.8% | iShares US Infrastructure ETF (IFRA) |
Risk
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Risk
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ETF Details
Nomura Global Listed Infras ETF Overview
Nomura Global Listed Infras ETF (BILD) is an actively managed Sector Equity Infrastructure exchange-traded fund (ETF). Nomura launched the ETF in 2023.
The investment seeks to deliver total return that consists of both capital growth and income by investing in infrastructure companies.
Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in listed infrastructure companies. For purposes of the 80% policy, the managers define listed infrastructure companies as publicly traded companies engaged in the development, operation, and/or management of infrastructure assets. Infrastructure assets include but are not limited to utilities (electric, gas, water), transportation infrastructure etc.
About Nomura Global Listed Infras ETF (BILD)
There are 2 members of the management team with an average tenure of 2.25 years: Barry Klein (2024) and Bradford Frishberg (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI World NR USD index with a weighting of 100% and S&P Global Infrastructure NR USD index with a weighting of 100%. Nomura Global Listed Infras ETF has 48 securities in its portfolio. The top 10 holdings constitute 38.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Nomura Global Listed Infras ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Nomura Global Listed Infras ETF has 56.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 38.6% There is 56.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Nomura Global Listed Infras ETF has 3.8% of the portfolio in cash.
Assets Under Management
The fund has $8 million in total assets, which is below the $1 billion average for the Infrastructure category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BILD Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Nomura Global Listed Infras ETF expense ratio is average compared to funds in the Infrastructure category. Nomura Global Listed Infras ETF has an expense ratio of 0.49%, which is 8% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Nomura Global Listed Infras ETF has a portfolio turnover rate of 34%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 40% for the Infrastructure category.
Recently, in the month of July 2026, Nomura Global Listed Infras ETF returned 1.7%, which earned it a grade of A, as the Infrastructure category had an average return of -2.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Nomura Global Listed Infras ETF has a trailing yield of 4.68%, which is above the 2.04% category average.
The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Nomura Global Listed Infras ETF Grades
Year to date, the ETF has returned 10.6%, 3.3 percentage points worse than the category, which translates into a grade of D. The fund has returned 18.5% over the past year (grade of B).
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BILD Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BILD Return (NAV) | 1.7% | -0.8% | 18.5% | na | na | na |
| BILD Return (Price) | 0.9% | 1.2% | 16.9% | na | na | na |
| NAV +/- Price Return | 0.717% | -2.063% | 1.655% | na | na | na |
| Infrastructure Avg | -2.8% | -1.9% | 18.7% | 13.0% | 10.2% | 9.3% |
| BILD Grade (NAV) | A | C | B | na | na | na |
| +/- Category (NAV) | 4.4% | 1.1% | -0.2% | na | na | na |
| BILD Tax-Cost Ratio | na | na | 1.9% | na | na | na |
BILD Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BILD Return (NAV) | 10.6% | 21.0% | -2.7% | na | na | na | na | na | na | na | na |
| BILD Return (Price) | 9.6% | 21.7% | -2.8% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.095% | 0.036% | 0.035% | na | na | na | na | na | na | na | na |
| Infrastructure Avg | 13.9% | 21.7% | 7.2% | 11.3% | -4.1% | 20.7% | 6.3% | 27.8% | -11.8% | 18.0% | 14.9% |
| BILD Grade (NAV) | D | C | F | na | na | na | na | na | na | na | na |
| +/- Category | -3.3% | -0.7% | -9.9% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 4.7% |
| Total Assets: | $ 8 Mil |
| Share Class Assets: | $ 8 Mil |
| Turnover: | 34.0% |
| Expense Ratio: | 0.49% |
| Index Fund: | No |
| Index Tracked: | MSCI World NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.7 years | |||
| Average Tenure: 2.3 years | |||
| Managers (Year): Frishberg Bradford (2023), Klein Barry (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 48 |
| % in Top 10 Holdings: | 38.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 56.9% |
Portfolio Allocation |
|
| Domestic Stock: | 38.6% |
| Foreign Stock: | 56.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.8% |
| Cash: | 3.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Nomura |
| Phone Number: | 844-469-9911 |
| Website: | global.nomuraassetmanagement.com/investments/etf |
| Inception Date: | November 28, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.49% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.53% |
