The infrastructure payout keeps growing — the fee still sits above the House band. Trailing distributions of $1.9293 are 2.97% at the $64.94 close on October 27, 2026, and annual payouts rose every year from $1.1515 in 2021 to $1.9790 in 2025 — a positive, steady 5-year record. The 0.37% expense ratio sits above the House §7 band (>0.30%) and is flagged below. As a sector ETF, top-10 weight is reported, not graded.
Key risk: Payouts swing sharply half-year to half-year ($0.52–$1.00 per distribution since 2021), so the semiannual cheque is uneven even though the annual total grows.
Changes if: The expense ratio falls to 0.30% or below; the growth record alone does not change the grade.
- !Expense ratio (§7) 0.37% exceeds the 0.30% line in the §7 band; flagged here, graded with the fund's record as other library dividend ETFs are.
- ✓5-yr dividend growth (§7) Annual totals rose each year 2021–2025: $1.15, $1.22, $1.58, $1.68, $1.98.
- !Concentration (§7, sector ETF) Reported as information only, not graded: concentrated 75-stock portfolio, largest holding Transurban ~5.1%; sector weights ~40% utilities, ~39% transportation, ~20% energy.
- ✓Yield / trap review (§8) 2.97% yield, no trigger: under 8%, no cut, semiannual payouts are ordinary dividends.
What this grade doesn't say: It screens the dividend only — covered, real, compounding. It says nothing about valuation or price: a well-covered payer can still be overpriced, and its price can still fall.