Dating back to the 2016 presidential campaign, infrastructure investments have been receiving renewed attention. That theme is benefiting some ETFs, including the ProShares DJ Brookfield Global Infrastructure ETF (NYSEArca: TOLZ).

Year-to-date, TOLZ is higher by nearly 13% and the fund resides just 1.24% below its 52-week high.

TOLZ “focuses on companies whose assets include airports, toll roads, ports, communications, electricity distribution, oil and gas storage and transport, and water in both developed and emerging markets. To be included in the index, companies must derive more than 70% of their cash flows from infrastructure assets. The index excludes companies that supply services such as construction and engineering to the infrastructure industry,” according to ProShares.

While he was campaigning, President Donald Trump’s pledge to spend $1 trillion shoring up U.S. infrastructure needs was seen as a potential catalyst for the related exchange traded funds. Still, it could take some time for infrastructure ETFs to see the full benefit of Trump’s still nascent infrastructure plans.

What’s Next for Infrastructure

“While funding limitations have historically weighed on demand, the outlook should improve,” said Morningstar in a note out earlier this year. “First, midterm election results should ultimately boost funding at the national, state, and local levels. Until then, the FAST Act will continue to provide near-term funding support, as the Highway Trust Fund has enough funding to cover large outlays through 2021.”

TOLZ is home to 126 stocks with a weighted average market value of $11.33 billion, putting the fund at the lower end of large-cap territory. TOLZ is a global ETF with 10 countries represented in the fund, all of which are developed markets. North America dominates the geographic lineup in TOLZ as U.S. and Canadian infrastructure names combine for over 64% of the fund’s weight.

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