iShares’  long awaited emerging market infrastructure fund began trading last Friday. The iShares S&P Emerging Markets Infrastructure Index Fund (EMIF) invests in infrastructure operators in the energy, transportation, and utlity sectors across major emerging markets, with a heavy weighting toward China and Latin America.

The EMIF may seem to be a direct competitor to the Powershares Emerging Market Infrastructe Portfoilo (PXR), in reality the two are radically different as the PXR focuses on the construction of infrastructure rather than its operation. The PXR’s engineering and materials names may be a better investment as the action in the emerging world is currently in building new projects.