The PowerShares Emerging Markets Infrastructure Portfolio (NYSEArca: PXR) is heavily weighted toward industrial stocks at 56% and also allocates 40% to material stocks. The high allocation to materials, along with its emerging market status, makes the fund rather volatile. The fund could do poorly if the markets go down or if commodities correct.

Emerging Global Shares also provides a kind of middle ground between GII and PXR, with its EG Shares India Infrastructure ETF (NYSEArca: INXX), EG Shares Brazil Infrastructure ETF (NYSEArca: BRXX) and EG Shares China Infrastructure ETF (NYSEArca: CHXX). The three funds are a little more balanced at the sector level as compared to either GII or PXR, but the funds will be largely affected by any corrections in their respective markets. [This Sector Could Power India ETFs in 2011.]

For more information on the infrastructure sector, visit our infrastructure category.

Max Chen contributed to this category.