PAVE


U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 92 Infrastructure funds, based on risk-adjusted returns as of 06/30/2024

Reasons to Consider PAVE

Compelling Need

The American Society of Civil Engineers assigned a letter grade of C- to the state of U.S. infrastructure in its 2021 report card, highlighting the need for investment.1

Multiple Long-Term Catalysts

America is committed to improving its aging infrastructure. The Infrastructure Investment and Jobs Act, Inflation Reduction Act, and CHIPS and Science Act appropriated nearly $1tn to fund critical infrastructure projects.

Unconstrained Approach

As the economy evolves, so do infrastructure needs. PAVE seeks to capture this trend by investing in companies that are part of the infrastructure theme, regardless of sector or industry classification.

1American Society of Engineers, Mar 2021

Key Information As of 07/16/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $7.98 billion
NAV $39.81
Fact Sheet View the document

ETF Summary

The Global X U.S. Infrastructure Development ETF (PAVE) seeks to invest in companies that stand to benefit from a potential increase in infrastructure activity in the United States, including those involved in the production of raw materials, heavy equipment, engineering, and construction.

ETF Objective

The Global X U.S. Infrastructure Development ETF (PAVE) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx U.S. Infrastructure Development Index.

Trading Details As of 07/16/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 200,440,000
Number of Holdings 99
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 07/16/24

30-Day SEC Yield 0.67%
Distribution Frequency Semi-Annually

ETF Prices As of 07/16/24

NAV $39.81 Daily Change $1.16 3.00%
Market Price $39.83 Daily Change $1.17 3.03%

Performance History

As of recent month & quarter-end (06/30/24)
As of recent month & quarter-end (06/30/24)
Fund NAV Market Price Index
1 Year 18.61% 18.57% 19.50%
3 Years 13.70% 13.67% 14.39%
5 Years 18.49% 18.51% 19.18%
Since Inception 13.86% 13.86% 14.48%
1 Year 18.61% 18.57% 19.50%
3 Years 13.70% 13.67% 14.39%
5 Years 18.49% 18.51% 19.18%
Since Inception 13.86% 13.86% 14.48%
Year-to-Date 7.72% 7.66% 7.97%
1 Month -4.16% -4.13% -4.15%
3 Months -6.81% -6.81% -6.71%
Since Inception 158.79% 158.79% 169.23%
Year-to-Date 7.72% 7.66% 7.97%
1 Month -4.16% -4.13% -4.15%
3 Months -6.81% -6.81% -6.71%
Since Inception 158.79% 158.79% 169.23%

Performance is shown on a total return basis (i.e., with gross income reinvested, where applicable). Cumulative return is the aggregate amount that an investment has gained or lost over time. Annualized return is the average return gained or lost by an investment each year over a given time period.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. High short-term performance, when observed, is unusual and investors should not expect such performance to be repeated.

Top Holdings As of 07/16/24

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.51 TT TRANE TECHNOLOGIES PLC BK9ZQ96 346.32 810,582 280,720,758.24
3.51 ETN EATON CORP PLC B8KQN82 332.46 843,618 280,469,240.28
3.30 URI UNITED RENTALS INC 2134781 743.01 355,033 263,793,069.33
3.19 EMR EMERSON ELECTRIC CO 2313405 118.87 2,142,557 254,685,750.59
3.11 PH PARKER HANNIFIN CORP 2671501 568.68 437,483 248,787,832.44
2.96 MLM MARTIN MARIETTA MATERIALS 2572079 577.46 410,097 236,814,613.62
2.90 PWR QUANTA SERVICES INC 2150204 259.37 894,170 231,920,872.90
2.74 SRE SEMPRA 2138158 76.37 2,861,344 218,520,841.28
2.69 VMC VULCAN MATERIALS CO 2931205 262.81 817,762 214,916,031.22
2.60 CSX CSX CORP 2160753 35.33 5,881,653 207,798,800.49
2.58 HWM HOWMET AEROSPACE INC BKLJ8V2 81.38 2,533,928 206,211,060.64
2.57 UNP UNION PACIFIC CORP 2914734 243.06 843,343 204,982,949.58
2.55 FAST FASTENAL CO 2332262 69.03 2,952,240 203,793,127.20
2.50 DE DEERE & CO 2261203 377.51 529,583 199,922,878.33
2.50 NSC NORFOLK SOUTHERN CORP 2641894 234.79 849,484 199,450,348.36
2.49 ROK ROCKWELL AUTOMATION INC 2754060 294.37 674,487 198,548,738.19
2.49 NUE NUCOR CORP 2651086 166.14 1,194,959 198,530,488.26
2.14 FTV FORTIVE CORP BYT3MK1 78.92 2,162,824 170,690,070.08
1.65 STLD STEEL DYNAMICS INC 2849472 132.71 995,899 132,165,756.29
1.65 CSL CARLISLE COS INC 2176318 440.08 299,617 131,855,449.36
1.62 HUBB HUBBELL INC BDFG6S3 391.41 329,945 129,143,772.45
1.57 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 165.44 759,123 125,589,309.12
1.47 WLK Westlake Corporation B01ZP20 149.38 788,471 117,781,797.98
1.47 J JACOBS SOLUTIONS INC BNGC0D3 150.74 777,411 117,186,934.14
1.42 EME EMCOR GROUP INC 2474164 390.88 289,468 113,147,251.84
1.36 RS RELIANCE INC 2729068 307.63 353,738 108,820,420.94
1.23 IEX IDEX CORP 2456612 210.81 465,392 98,109,287.52
1.14 RPM RPM INTERNATIONAL INC 2756174 115.07 793,173 91,270,417.11
1.14 BLD TOPBUILD CORP BZ0P3W2 465.48 195,575 91,036,251.00
1.12 TRMB TRIMBLE INC 2903958 58.61 1,530,931 89,727,865.91
1.10 GGG GRACO INC 2380443 84.68 1,037,336 87,841,612.48
1.07 WMS ADVANCED DRAINAG BP7RS59 178.56 479,474 85,614,877.44
1.06 PNR PENTAIR PLC BLS09M3 83.28 1,017,323 84,722,659.44
0.96 ACM AECOM B1VZ431 91.76 835,795 76,692,549.20
0.93 LECO LINCOLN ELECTRIC HOLDINGS 2516851 210.13 352,076 73,981,729.88
0.87 WWD WOODWARD INC 2948089 187.23 368,940 69,076,636.20
0.85 TTEK TETRA TECH INC 2883890 206.67 327,656 67,716,665.52
0.81 RRX REGAL REXNORD CORP 2730082 158.06 407,116 64,348,754.96
0.76 TPC TUTOR PERINI CORP 2681760 25.02 2,417,038 60,474,290.76
0.72 WCC WESCO INTERNATIONAL INC 2416973 183.24 314,374 57,605,891.76
0.69 RBC RBC BEARINGS INC B0GLYB5 306.57 178,600 54,753,402.00
0.68 CR CRANE CO BNYD4F8 155.55 349,598 54,379,968.90
0.66 EXP EAGLE MATERIALS INC 2191399 245.70 214,738 52,761,126.60
0.66 X UNITED STATES STEEL CORP 2824770 38.20 1,373,167 52,454,979.40
0.65 MTZ MASTEC INC 2155306 106.33 485,073 51,577,812.09
0.64 AYI ACUITY BRANDS INC 2818461 270.34 189,596 51,255,382.64
0.62 CLF CLEVELAND-CLIFFS INC BYVZ186 15.93 3,098,411 49,357,687.23
0.61 ATI ATI Inc 2526117 62.06 785,121 48,724,609.26
0.58 SPXC SPX TECHNOLOGIES INC BQ1L7V3 164.35 280,928 46,170,516.80
0.56 MLI MUELLER INDUSTRIES INC 2609717 64.20 698,650 44,853,330.00
0.53 AA ALCOA CORP BYNF418 38.66 1,093,277 42,266,088.82
0.52 CMC COMMERCIAL METALS CO 2213260 58.33 713,883 41,640,795.39
0.50 LPX LOUISIANA-PACIFIC CORP 2535243 89.63 443,794 39,777,256.22
0.47 CRS CARPENTER TECHNOLOGY 2177504 122.25 304,672 37,246,152.00
0.47 AGX ARGAN INC 2804501 79.58 466,570 37,129,640.60
0.46 POWL POWELL INDUSTRIES INC 2697422 140.90 261,743 36,879,588.70
0.46 STRL STERLING INFRAST 2632876 129.46 284,619 36,846,775.74
0.46 USLM US LIME & MINERA 2724115 81.37 448,315 36,479,391.55
0.46 VMI VALMONT INDUSTRIES 2926825 283.40 128,514 36,420,867.60
0.46 BMI BADGER METER INC 2069128 201.41 180,608 36,376,257.28
0.45 CENX CENTURY ALUMINUM COMPANY 2186254 20.01 1,806,147 36,141,001.47
0.44 ATKR Atkore Inc BDHF495 152.57 227,918 34,773,449.26
0.43 ZWS Zurn Elkay Water Solution BMV1ZD3 32.05 1,063,296 34,078,636.80
0.42 PRIM PRIMORIS SERVICES CORP B1GC200 52.96 629,944 33,361,834.24
0.42 DXPE DXP ENTERPRISES INC 2276627 52.22 637,924 33,312,391.28
0.41 EXPO EXPONENT INC 2330318 105.94 311,601 33,011,009.94
0.41 DY DYCOM INDUSTRIES INC 2289841 182.05 180,554 32,869,855.70
0.41 MDU MDU RESOURCES GROUP INC 2547323 26.18 1,253,177 32,808,173.86
0.38 SUM SUMMIT MATERIA-A BW9JPS4 41.18 735,478 30,286,984.04
0.38 GVA GRANITE CONSTRUCTION INC 2381189 66.33 452,408 30,008,222.64
0.37 ROAD CONSTRUCTION P-A BDT5M66 61.01 488,739 29,817,966.39
0.37 DNOW DNOW INC BMH0MV1 14.40 2,064,778 29,732,803.20
0.37 MWA MUELLER WATER-A B15RZR4 20.20 1,443,128 29,151,185.60
0.36 CSWI CSW INDUSTRIALS INC BYQD1J6 301.28 96,465 29,062,975.20
0.36 KNF KNIFE RIVER CORP BPLL4V5 81.90 348,078 28,507,588.20
0.35 MRC MRC GLOBAL INC B7M66F1 14.33 1,960,001 28,086,814.33
0.35 ACA ARCOSA INC BGPZ5W8 92.81 297,975 27,655,059.75
0.34 MTX MINERALS TECHNOLOGIES INC 2595612 88.61 310,350 27,500,113.50
0.33 HRI HERC HOLDINGS INC BZBZ020 153.31 173,912 26,662,448.72
0.33 NWPX NORTHWEST PIPE CO 2035925 36.84 712,367 26,243,600.28
0.32 GRC GORMAN-RUPP CO 2379281 41.30 618,131 25,528,810.30
0.31 TRN TRINITY INDUSTRIES INC 2904627 31.38 795,653 24,967,591.14
0.31 TEX TEREX CORP 2884224 60.43 412,543 24,929,973.49
0.29 MTUS METALLUS INC BNBPMX1 23.13 999,423 23,116,653.99
0.29 HAYN HAYNES INTERNATIONAL INC B02WVH7 59.49 382,916 22,779,672.84
0.27 MYRG MYR GROUP INC/DELAWARE B3CLS18 147.85 147,525 21,811,571.25
0.27 GBX GREENBRIER COMPANIES INC 2387530 48.80 443,393 21,637,578.40
0.27 HEES H&E EQUIPMENT SE B0WR848 53.41 399,685 21,347,175.85
0.26 CXT CRANE NXT CO BQ7W2W6 60.39 349,541 21,108,780.99
0.26 MTRN MATERION CORP 2149622 118.94 172,110 20,470,763.40
0.26 ROCK GIBRALTAR INDUSTRIES INC 2369226 79.49 256,088 20,356,435.12
0.25 CMCO COLUMBUS MCKINNON CORP/NY 2211071 37.37 540,986 20,216,646.82
0.25 ASTE ASTEC INDUSTRIES INC 2060370 34.32 581,270 19,949,186.40
0.25 IIIN INSTEEL INDUSTRIES INC 2325875 32.96 602,673 19,864,102.08
0.24 WNC WABASH NATIONAL CORP 2932048 23.75 802,168 19,051,490.00
0.21 CALX CALIX INC B3S4L67 36.58 457,599 16,738,971.42
0.20 CTOS CUSTOM TRUCK ONE BL66YS4 4.88 3,192,552 15,579,653.76
0.17 RYI RYERSON HOLDING CORP B3TPPZ6 22.73 604,255 13,734,716.15
0.17 TITN TITAN MACHINERY INC B29H3T5 17.60 760,435 13,383,656.00
0.10 CASH 1.00 7,668,533 7,668,533.49
0.01 OTHER PAYABLE & RECEIVABLES 1.00 1,132,263 1,132,262.60
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 06/30/24

Sector Weight (%)
Industrials 71.4
Materials 21.3
Information Technology 3.2
Utilities 2.9
Consumer Discretionary 1.0
Financials 0.2

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Construction 18.5
Electrical Equipment 16.7
Machinery 16.0
Metals & Mining 10.4
Building 8.9
Trading Companies & Distributors 8.0
Road & Rail 7.6
Aerospace & Defense 3.5
Chemicals 3.0
Utilities 2.9
Professional Services 1.9
Other 2.6

Source: new windowAltaVista Research, LLC

All Sector, Industry and Geographic breakdowns, where provided, are based on equity positions held by the ETF and exclude cash, currencies, and other holdings.

ETF Characteristics As of 07/16/24

Return on Equity 15.70%
Weighted Avg. Market Cap 35,977 M
2023 2024
Price-to-earnings 21.71 20.72
Price-to-book value 3.47 3.06

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 06/30/24

Versus Beta
S&P 500 1.24
NASDAQ-100 0.86
MSCI EAFE 1.20
MSCI Emg. Mkts 0.75
Standard Deviation 25.00%

Source: new windowAltaVista Research, LLC

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The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales load. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three- year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

As of 06/30, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 92 during the last 3 years, 84 during the last 5 years. With respect to these Infrastructure funds, PAVE received a Morningstar Rating of 5 stars for both periods. Past performance is not indicative of future results.

© 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Investing involves risk, including the possible loss of principal. Narrowly focused investments typically exhibit higher volatility. Investments in infrastructure-related companies have greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. Investment in infrastructure-related companies are subject to various risks including governmental regulations, high interest costs associated with capital construction programs, costs associated with compliance and changes in environmental regulation, economic slowdown and excess capacity, competition from other providers of services and other factors.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Beginning October 15, 2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates current NAV per share. Prior to October 15, 2020, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time. The returns shown do not represent the returns you would receive if you traded shares at other times. Indices are unmanaged and do not include the effect of fees, expenses or sales charges. One cannot invest directly in an index.

Carefully consider the Fund’s investment objectives, risks, and charges and expenses before investing. This and other information can be found in the Fund’s summary or full prospectuses. Please read the prospectus carefully before investing.

Global X Management Company LLC serves as an advisor to Global X Funds. The Funds are distributed by SEI Investments Distribution Co. (SIDCO), which is not affiliated with Global X Management Company LLC or Mirae Asset Global Investments. Global X Funds are not sponsored, endorsed, issued, sold or promoted by Indxx, nor does Indxx make any representations regarding the advisability of investing in the Global X Funds. Neither SIDCO, Global X nor Mirae Asset Global Investments are affiliated with Indxx.