Under The Hood: PowerShares Global Infrastructure ETF

How potent is the combination of emerging markets stocks and the infrastructure sector? Quite potent actually, a fact highlighted by the performance of the PowerShares Emerging Markets Infrastructure ETF (NYSE: PXR), today's under the hood candidate.

Up more than 32% in the past six months, PXR actually represents an interesting way to play a theme that has gotten a fair amount of press in 2010: Going long country-specific ETFs that track World Cup hosts.

South Africa, this year's host, is the third-largest country weight in PXR at 9.25%. Brazil, the 2014 host, account for almost 11% of PXR and Russia, the 2018 host, accounts for just over 5% of the ETF.

Of course, one can just throw the World Cup out the door and enjoy the fact that China gets an allocation of 18.25%, tops in PXR, and we all know that China will spend, spend, spend on infrastructure to keep its economy humming.

PXR isn't all emerging markets though and that may allow conservative investors to enjoy this thinly traded ETF for extended holding periods.

The U.S., France and Switzerland all get decent allocations and Dow component Caterpillar (NYSE: CAT) is PXR's largest individual holding. Brazil's Vale (NYSE: VALE), the largest iron ore maker in the world, is the number two.

Home to 76 stocks, PXR is also home to an expense ratio that is on the high side at 0.75%. PXR has $183.3 million in assets under management and can be shorted, but the fund is not currently optionable.