State Street SPDR S&P Global Infrastructure ETFGII

State Street SPDR’s GII ETF, which tracks the S&P Global Infrastructure Index, reported $184.18 billion in assets under management (AUM) as of March 31, 2026, though only a fraction of that is actually tied to traditional infrastructure plays. The fund’s top holdings include NextEra Energy, American Water Works, and Fortis Inc., with the top 10 positions accounting for 45.7% of total assets, according to Nasdaq data.

The ETF charges an expense ratio of 0.40%, a figure that has remained static for over a decade. While State Street’s marketing emphasizes “diverse investment opportunities” in infrastructure, the reality is a portfolio heavy on North American utilities and light on emerging market exposure. The fund’s prospectus, filed with the SEC, discloses that it may also hold short-term money market instruments, though these are not currently material to its strategy.

Trading volume on GII has averaged 250,000 shares daily over the past month, with a bid-ask spread of 0.12%, indicating moderate liquidity. The fund has distributed dividends quarterly, with State Street Bank and Trust Company acting as servicing agent. Despite the rebranding of State Street Global Advisors to State Street Investment Management, there has been no change to GII’s investment mandate or fee structure.

The fund’s performance is closely tied to the S&P Global Infrastructure Index, which is licensed from S&P Dow Jones Indices. Critics note that the index’s definition of “infrastructure” includes companies that are more utility than construction, raising questions about whether investors are truly getting exposure to the sector as commonly understood. (source: SEC EDGAR, https://www.sec.gov/edgar/search/#/q=GII)