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PAVE

U.S. Infrastructure Development ETF

Invest in PAVE

Morningstar Rating™ - Overall rating out of 90 Infrastructure funds, based on risk-adjusted returns as of 04/30/2023

Overview Prices & Performance Holdings & Characteristics Research Documents

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 Catalysts

The Infrastructure Investment and Jobs Act (2021) and the Inflation Reduction Act (2022) directed unprecedented levels of federal spending. But the scale and long-term nature of this issue will require additional investment from state and local governments, as well as public-private partnerships.

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 05/26/23

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $4.10 billion
NAV $27.88
Fact Sheet

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 05/25/23

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 147,170,000
Number of Holdings 98
30-Day Median Bid-Ask Spread 0.04%

Distributions As of 05/26/23

30-Day SEC Yield 0.91%
Distribution Frequency Semi-Annually
 Distribution History

ETF Prices As of 05/26/23

NAV $27.88 Daily Change $0.31 1.12%
Market Price $27.89 Daily Change $0.32 1.16%

Performance History

Premium Discount Chart
As of recent
(03/31/23)
As of recent
(03/31/23)
Fund NAV Market Price Index
1 Year 1.17% 1.13% 1.65%
3 Years 32.59% 32.61% 33.34%
5 Years 12.82% 12.78% 13.40%
Since Inception 11.75% 11.76% 12.32%
1 Year 5.87% 5.91% 6.37%
3 Years 26.81% 26.68% 27.52%
5 Years 12.84% 12.80% 13.42%
Since Inception 11.11% 11.10% 11.67%
Year-to-Date 6.94% 7.02% 7.08%
1 Month -2.95% -2.88% -2.92%
3 Months 6.94% 7.02% 7.08%
Since Inception 96.29% 96.36% 102.44%
Year-to-Date 4.19% 4.15% 4.33%
1 Month -2.58% -2.68% -2.57%
3 Months -4.66% -4.66% -4.58%
Since Inception 91.24% 91.10% 97.24%

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 05/26/23

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.48 ETN EATON CORP PLC B8KQN82 182.46 782,776 142,825,308.96
3.41 FAST FASTENAL CO 2332262 55.16 2,539,728 140,091,396.48
3.24 PH PARKER HANNIFIN CORP 2671501 332.88 399,076 132,844,418.88
3.15 ROK ROCKWELL AUTOMATION INC 2754060 286.23 451,531 129,241,718.13
2.96 TT TRANE TECHNOLOGIES PLC BK9ZQ96 166.80 727,575 121,359,510.00
2.90 CSX CSX CORP 2160753 30.70 3,881,911 119,174,667.70
2.84 VMC VULCAN MATERIALS CO 2931205 196.00 595,320 116,682,720.00
2.77 UNP UNION PACIFIC CORP 2914734 191.80 591,973 113,540,421.40
2.75 SRE SEMPRA ENERGY 2138158 143.85 783,638 112,726,326.30
2.72 PWR QUANTA SERVICES INC 2150204 174.00 640,540 111,453,960.00
2.72 URI UNITED RENTALS INC 2134781 350.97 317,540 111,447,013.80
2.71 EMR EMERSON ELECTRIC CO 2313405 79.51 1,397,895 111,146,631.45
2.71 MLM MARTIN MARIETTA MATERIALS 2572079 399.16 278,253 111,067,467.48
2.68 NUE NUCOR CORP 2651086 136.14 808,680 110,093,695.20
2.65 DE DEERE & CO 2261203 357.21 304,082 108,621,131.22
2.62 FTV FORTIVE CORP BYT3MK1 67.82 1,585,436 107,524,269.52
2.49 NSC NORFOLK SOUTHERN CORP 2641894 210.57 485,166 102,161,404.62
1.97 HWM HOWMET AEROSPACE INC BKLJ8V2 43.50 1,853,745 80,637,907.50
1.87 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 115.58 663,771 76,718,652.18
1.83 STLD STEEL DYNAMICS INC 2849472 95.65 786,491 75,227,864.15
1.70 HUBB HUBBELL INC BDFG6S3 289.79 240,490 69,691,597.10
1.68 IEX IDEX CORP 2456612 203.48 337,957 68,767,490.36
1.58 J JACOBS SOLUTIONS INC BNGC0D3 114.01 567,503 64,701,017.03
1.56 WLK Westlake Corporation B01ZP20 111.88 571,533 63,943,112.04
1.54 RS RELIANCE STEEL & ALUMINUM 2729068 239.71 263,034 63,051,880.14
1.43 GGG GRACO INC 2380443 77.13 761,186 58,710,276.18
1.27 TRMB TRIMBLE INC 2903958 47.19 1,105,019 52,145,846.61
1.23 CSL CARLISLE COS INC 2176318 216.83 231,834 50,268,566.22
1.17 ACM AECOM B1VZ431 77.06 621,162 47,866,743.72
1.13 RPM RPM INTERNATIONAL INC 2756174 80.08 576,915 46,199,353.20
1.10 LECO LINCOLN ELECTRIC HOLDINGS 2516851 173.64 258,890 44,953,659.60
1.03 PNR PENTAIR PLC BLS09M3 57.60 737,036 42,453,273.60
0.98 RRX REGAL REXNORD CORP 2730082 134.31 299,889 40,278,091.59
0.89 EME EMCOR GROUP INC 2474164 170.86 213,445 36,469,212.70
0.88 WMS ADVANCED DRAINAG BP7RS59 97.57 371,156 36,213,690.92
0.84 MTZ MASTEC INC 2155306 98.24 350,624 34,445,301.76
0.81 WCC WESCO INTERNATIONAL INC 2416973 146.08 227,267 33,199,163.36
0.81 CLF CLEVELAND-CLIFFS INC BYVZ186 14.36 2,308,974 33,156,866.64
0.79 TTEK TETRA TECH INC 2883890 137.11 237,338 32,541,413.18
0.72 BLD TOPBUILD CORP BZ0P3W2 206.16 142,789 29,437,380.24
0.70 WWD WOODWARD INC 2948089 107.86 267,701 28,874,229.86
0.67 EXP EAGLE MATERIALS INC 2191399 166.18 164,997 27,419,201.46
0.65 RBC RBC BEARINGS INC B0GLYB5 205.98 130,090 26,795,938.20
0.65 AA ALCOA CORP BYNF418 33.69 792,862 26,711,520.78
0.65 MDU MDU RESOURCES GROUP INC 2547323 29.29 911,195 26,688,901.55
0.65 VMI VALMONT INDUSTRIES 2926825 278.55 95,294 26,544,143.70
0.57 CMC COMMERCIAL METALS CO 2213260 44.89 524,511 23,545,298.79
0.56 X UNITED STATES STEEL CORP 2824770 21.71 1,049,554 22,785,817.34
0.54 AYI ACUITY BRANDS INC 2818461 155.58 142,789 22,215,112.62
0.53 ATKR Atkore Inc BDHF495 121.19 178,566 21,640,413.54
0.51 EXPO EXPONENT INC 2330318 91.98 225,394 20,731,740.12
0.49 ATI ATI Inc 2526117 35.00 577,786 20,222,510.00
0.47 LPX LOUISIANA-PACIFIC CORP 2535243 59.16 328,123 19,411,756.68
0.47 MLI MUELLER INDUSTRIES INC 2609717 76.76 252,867 19,410,070.92
0.47 POWL POWELL INDUSTRIES INC 2697422 59.95 318,931 19,119,913.45
0.47 CR CRANE CO BNYD4F8 75.30 253,440 19,084,032.00
0.45 ZWS Zurn Elkay Water Solution BMV1ZD3 22.56 816,508 18,420,420.48
0.44 BMI BADGER METER INC 2069128 139.19 130,612 18,179,884.28
0.43 STRL STERLING INFRAST 2632876 47.12 376,680 17,749,161.60
0.42 MYRG MYR GROUP INC/DELAWARE B3CLS18 131.28 132,025 17,332,242.00
0.41 SUM SUMMIT MATERIA-A BW9JPS4 31.90 529,563 16,893,059.70
0.38 ARNC ARCONIC CORP BKLJ8S9 28.90 545,717 15,771,221.30
0.38 ACA ARCOSA INC BGPZ5W8 67.25 229,013 15,401,124.25
0.38 SPXC SPX TECHNOLOGIES INC BQ1L7V3 76.58 200,903 15,385,151.74
0.35 TEX TEREX CORP 2884224 48.23 300,259 14,481,491.57
0.35 MTRN MATERION CORP 2149622 104.31 138,038 14,398,743.78
0.35 CSWI CSW INDUSTRIALS INC BYQD1J6 144.11 98,759 14,232,159.49
0.34 MWA MUELLER WATER-A B15RZR4 13.80 1,018,909 14,060,944.20
0.34 HRI HERC HOLDINGS INC BZBZ020 106.17 130,570 13,862,616.90
0.34 DXPE DXP ENTERPRISES INC 2276627 32.52 424,247 13,796,512.44
0.34 IIIN INSTEEL INDUSTRIES INC 2325875 31.42 438,534 13,778,738.28
0.34 AGX ARGAN INC 2804501 41.64 330,007 13,741,491.48
0.33 DY DYCOM INDUSTRIES INC 2289841 104.29 131,076 13,669,916.04
0.33 ROAD CONSTRUCTION P-A BDT5M66 28.99 468,663 13,586,540.37
0.33 CXT CRANE NXT CO BQ7W2W6 53.17 253,729 13,490,770.93
0.33 ROCK GIBRALTAR INDUSTRIES INC 2369226 54.91 245,499 13,480,350.09
0.32 CALX CALIX INC B3S4L67 45.26 290,514 13,148,663.64
0.32 PRIM PRIMORIS SERVICES CORP B1GC200 27.26 481,991 13,139,074.66
0.32 CMCO COLUMBUS MCKINNON CORP/NY 2211071 37.29 351,481 13,106,726.49
0.32 RYI RYERSON HOLDING CORP B3TPPZ6 35.51 367,090 13,035,365.90
0.31 CRS CARPENTER TECHNOLOGY 2177504 45.86 278,845 12,787,831.70
0.29 GBX GREENBRIER COMPANIES INC 2387530 27.73 435,123 12,065,960.79
0.29 ASTE ASTEC INDUSTRIES INC 2060370 38.37 313,042 12,011,421.54
0.29 CTOS CUSTOM TRUCK ONE BL66YS4 6.62 1,799,842 11,914,954.04
0.29 WNC WABASH NATIONAL CORP 2932048 24.17 483,124 11,677,107.08
0.28 GVA GRANITE CONSTRUCTION INC 2381189 36.72 315,560 11,587,363.20
0.27 GRC GORMAN-RUPP CO 2379281 24.89 451,281 11,232,384.09
0.27 TMST TIMKENSTEEL CORP BNBPMX1 17.70 627,701 11,110,307.70
0.26 MTX MINERALS TECHNOLOGIES INC 2595612 57.59 185,645 10,691,295.55
0.26 HAYN HAYNES INTERNATIONAL INC B02WVH7 45.46 233,029 10,593,498.34
0.24 TRN TRINITY INDUSTRIES INC 2904627 21.51 450,410 9,688,319.10
0.23 CENX CENTURY ALUMINUM COMPANY 2186254 8.16 1,157,887 9,448,357.92
0.23 NWPX NORTHWEST PIPE CO 2035925 27.30 345,838 9,441,377.40
0.23 HEES H&E EQUIPMENT SE B0WR848 37.82 249,442 9,433,896.44
0.23 MRC MRC GLOBAL INC B7M66F1 9.15 1,022,598 9,356,771.70
0.23 DNOW NOW INC BMH0MV1 9.76 953,084 9,302,099.84
0.21 TPC TUTOR PERINI CORP 2681760 5.93 1,418,093 8,409,291.49
0.20 TITN TITAN MACHINERY INC B29H3T5 27.30 301,765 8,238,184.50
0.17 CASH 1.00 6,993,131 6,993,130.86
Holdings are subject to change. "Cash" denotes U.S. dollars.

Sector Breakdown As of 04/30/23

Sector Weight (%)
Industrials 71.6
Materials 21.7
Utilities 3.7
Information Technology 2.0
Consumer Discretionary 0.8
Financials 0.3

Source: AltaVista Research, LLC

ETF Characteristics As of 05/26/23

Return on Equity 17.10%
Weighted Avg. Market Cap 25,606 M
2022 2023
Price-to-earnings 14.18 15.57
Price-to-book value 2.84 2.51

Source: AltaVista Research, LLC

ETF Risk Stats As of 04/30/23

Versus Beta
S&P 500 1.15
NASDAQ-100 0.77
MSCI EAFE 1.08
MSCI Emg. Mkts 0.66
Standard Deviation 23.70%

Source: AltaVista Research, LLC

ETF Research

Four Companies That Could Help Develop Infrastructure in the United States

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What the Infrastructure Investment & Jobs Act Means for Infrastructure Investors

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Infrastructure Spending Update: Progress Continues as Companies Look to 2023

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View More Related Research

ETF Documents

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. Read MoreExchange-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 04/30, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 90 during the last 3 years, 90 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.

© 2022 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. PAVE is non-diversified.

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.

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