PAVE


U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 92 Infrastructure funds, based on risk-adjusted returns as of 01/31/2024

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 02/28/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $6.42 billion
NAV $37.46
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 02/27/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 171,420,000
Number of Holdings 99
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 02/28/24

30-Day SEC Yield 0.69%
Distribution Frequency Semi-Annually

ETF Prices As of 02/28/24

NAV $37.46 Daily Change $0.14 0.38%
Market Price $37.46 Daily Change $0.13 0.35%

Performance History

As of recent
(12/31/23)
As of recent
(12/31/23)
Fund NAV Market Price Index
1 Year 30.88% 31.01% 31.90%
3 Years 18.34% 18.38% 19.10%
5 Years 21.40% 21.41% 22.10%
Since Inception 13.70% 13.71% 14.33%
1 Year 19.31% 19.43% 20.22%
3 Years 18.98% 18.99% 19.74%
5 Years 18.72% 18.69% 19.39%
Since Inception 13.46% 13.47% 14.08%
Year-to-Date 30.88% 31.01% 31.90%
1 Month 9.83% 9.92% 10.06%
3 Months 13.95% 13.94% 14.39%
Since Inception 140.23% 140.37% 149.36%
Year-to-Date -0.38% -0.41% -0.35%
1 Month -0.38% -0.41% -0.35%
3 Months 19.71% 19.70% 20.14%
Since Inception 139.33% 139.40% 148.48%

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 02/28/24

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.24 URI UNITED RENTALS INC 2134781 686.19 304,423 208,892,018.37
3.22 ETN EATON CORP PLC B8KQN82 286.96 723,616 207,648,847.36
3.09 PH PARKER HANNIFIN CORP 2671501 531.10 374,993 199,158,782.30
3.09 MLM MARTIN MARIETTA MATERIALS 2572079 566.10 351,645 199,066,234.50
3.05 NUE NUCOR CORP 2651086 192.19 1,024,730 196,942,858.70
3.05 TT TRANE TECHNOLOGIES PLC BK9ZQ96 282.80 695,179 196,596,621.20
3.01 EMR EMERSON ELECTRIC CO 2313405 105.56 1,836,099 193,818,610.44
2.95 CSX CSX CORP 2160753 37.68 5,040,244 189,916,393.92
2.89 FAST FASTENAL CO 2332262 73.56 2,529,775 186,090,249.00
2.86 NSC NORFOLK SOUTHERN CORP 2641894 253.55 728,565 184,727,655.75
2.85 VMC VULCAN MATERIALS CO 2931205 262.30 700,825 183,826,397.50
2.85 UNP UNION PACIFIC CORP 2914734 253.99 722,682 183,554,001.18
2.84 PWR QUANTA SERVICES INC 2150204 238.63 766,342 182,872,191.46
2.69 SRE SEMPRA 2138158 70.67 2,451,582 173,253,299.94
2.57 DE DEERE & CO 2261203 364.81 454,149 165,678,096.69
2.57 ROK ROCKWELL AUTOMATION INC 2754060 286.41 578,090 165,570,756.90
2.48 FTV FORTIVE CORP BYT3MK1 86.29 1,853,111 159,904,948.19
2.25 HWM HOWMET AEROSPACE INC BKLJ8V2 66.76 2,170,332 144,891,364.32
1.95 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 193.27 650,265 125,676,716.55
1.75 STLD STEEL DYNAMICS INC 2849472 132.49 853,028 113,017,679.72
1.63 HUBB HUBBELL INC BDFG6S3 370.82 282,892 104,902,011.44
1.52 J JACOBS SOLUTIONS INC BNGC0D3 147.13 665,703 97,944,882.39
1.51 RS RELIANCE INC 2729068 321.46 303,016 97,407,523.36
1.47 IEX IDEX CORP 2456612 236.68 399,143 94,469,165.24
1.42 WLK Westlake Corporation B01ZP20 135.89 675,042 91,731,457.38
1.39 CSL CARLISLE COS INC 2176318 349.68 256,499 89,692,570.32
1.24 GGG GRACO INC 2380443 89.98 889,136 80,004,457.28
1.24 TRMB TRIMBLE INC 2903958 60.91 1,309,682 79,772,730.62
1.20 RPM RPM INTERNATIONAL INC 2756174 114.20 678,372 77,470,082.40
1.20 LECO LINCOLN ELECTRIC HOLDINGS 2516851 256.57 301,461 77,345,848.77
1.18 EME EMCOR GROUP INC 2474164 305.45 248,177 75,805,664.65
1.06 WMS ADVANCED DRAINAG BP7RS59 165.99 410,015 68,058,389.85
1.04 PNR PENTAIR PLC BLS09M3 76.67 870,384 66,732,341.28
1.02 BLD TOPBUILD CORP BZ0P3W2 391.53 167,417 65,548,778.01
0.99 ACM AECOM B1VZ431 89.21 716,095 63,882,834.95
0.93 RRX REGAL REXNORD CORP 2730082 170.69 350,116 59,761,300.04
0.87 X UNITED STATES STEEL CORP 2824770 47.51 1,174,044 55,778,830.44
0.84 CLF CLEVELAND-CLIFFS INC BYVZ186 20.30 2,656,661 53,930,218.30
0.77 TTEK TETRA TECH INC 2883890 175.71 280,960 49,367,481.60
0.71 EXP EAGLE MATERIALS INC 2191399 250.71 183,580 46,025,341.80
0.69 WWD WOODWARD INC 2948089 140.60 315,532 44,363,799.20
0.66 RBC RBC BEARINGS INC B0GLYB5 276.33 152,950 42,264,673.50
0.63 AYI ACUITY BRANDS INC 2818461 250.06 162,503 40,635,500.18
0.62 POWL POWELL INDUSTRIES INC 2697422 175.64 227,260 39,915,946.40
0.61 WCC WESCO INTERNATIONAL INC 2416973 146.04 268,826 39,259,349.04
0.57 CR CRANE CO BNYD4F8 123.42 298,265 36,811,866.30
0.51 CMC COMMERCIAL METALS CO 2213260 54.19 611,283 33,125,425.77
0.50 ATI ATI Inc 2526117 48.61 669,185 32,529,082.85
0.50 ATKR Atkore Inc BDHF495 163.93 194,748 31,925,039.64
0.48 MTZ MASTEC INC 2155306 74.76 413,378 30,904,139.28
0.48 MLI MUELLER INDUSTRIES INC 2609717 50.89 605,743 30,826,261.27
0.44 ZWS Zurn Elkay Water Solution BMV1ZD3 31.28 912,246 28,535,054.88
0.43 LPX LOUISIANA-PACIFIC CORP 2535243 73.74 378,016 27,874,899.84
0.43 SPXC SPX TECHNOLOGIES INC BQ1L7V3 116.40 239,302 27,854,752.80
0.43 SUM SUMMIT MATERIA-A BW9JPS4 42.39 650,331 27,567,531.09
0.40 STRL STERLING INFRAST 2632876 106.14 241,947 25,680,254.58
0.39 BMI BADGER METER INC 2069128 157.80 160,654 25,351,201.20
0.39 DNOW DNOW INC BMH0MV1 14.18 1,768,378 25,075,600.04
0.38 AA ALCOA CORP BYNF418 26.32 936,527 24,649,390.64
0.37 MDU MDU RESOURCES GROUP INC 2547323 21.51 1,118,151 24,051,428.01
0.36 VMI VALMONT INDUSTRIES 2926825 211.76 110,122 23,319,434.72
0.36 HRI HERC HOLDINGS INC BZBZ020 154.71 148,262 22,937,614.02
0.34 MYRG MYR GROUP INC/DELAWARE B3CLS18 172.35 127,575 21,987,551.25
0.34 EXPO EXPONENT INC 2330318 78.90 276,064 21,781,449.60
0.33 KNF KNIFE RIVER CORP BPLL4V5 72.31 295,782 21,387,996.42
0.33 PRIM PRIMORIS SERVICES CORP B1GC200 39.47 541,594 21,376,715.18
0.32 ACA ARCOSA INC BGPZ5W8 81.74 255,225 20,862,091.50
0.32 DY DYCOM INDUSTRIES INC 2289841 126.57 161,118 20,392,705.26
0.31 GRC GORMAN-RUPP CO 2379281 36.41 554,759 20,198,775.19
0.31 ROAD CONSTRUCTION P-A BDT5M66 47.79 420,339 20,088,000.81
0.31 TEX TEREX CORP 2884224 56.64 352,693 19,976,531.52
0.31 GVA GRANITE CONSTRUCTION INC 2381189 50.90 386,858 19,691,072.20
0.30 MWA MUELLER WATER-A B15RZR4 15.59 1,253,769 19,546,258.71
0.30 HAYN HAYNES INTERNATIONAL INC B02WVH7 59.33 328,766 19,505,686.78
0.30 USLM US LIME & MINERA 2724115 253.50 76,778 19,463,223.00
0.30 WNC WABASH NATIONAL CORP 2932048 28.28 688,168 19,461,391.04
0.30 MRC MRC GLOBAL INC B7M66F1 11.54 1,680,569 19,393,766.26
0.30 DXPE DXP ENTERPRISES INC 2276627 35.30 547,248 19,317,854.40
0.30 ASTE ASTEC INDUSTRIES INC 2060370 38.68 498,620 19,286,621.60
0.30 CMCO COLUMBUS MCKINNON CORP/NY 2211071 41.51 464,036 19,262,134.36
0.30 IIIN INSTEEL INDUSTRIES INC 2325875 35.60 538,674 19,176,794.40
0.30 MTRN MATERION CORP 2149622 130.87 146,460 19,167,220.20
0.29 TPC TUTOR PERINI CORP 2681760 9.24 2,053,573 18,975,014.52
0.29 GBX GREENBRIER COMPANIES INC 2387530 49.67 380,693 18,909,021.31
0.29 HEES H&E EQUIPMENT SE B0WR848 54.89 342,685 18,809,979.65
0.29 MTX MINERALS TECHNOLOGIES INC 2595612 71.35 263,358 18,790,593.30
0.29 AGX ARGAN INC 2804501 47.00 397,309 18,673,523.00
0.29 CSWI CSW INDUSTRIALS INC BYQD1J6 226.77 82,215 18,643,895.55
0.28 CXT CRANE NXT CO BQ7W2W6 58.00 310,475 18,007,550.00
0.28 NWPX NORTHWEST PIPE CO 2035925 29.42 609,767 17,939,345.14
0.27 MTUS METALLUS INC BNBPMX1 20.36 856,923 17,446,952.28
0.27 CTOS CUSTOM TRUCK ONE BL66YS4 6.24 2,736,420 17,075,260.80
0.26 ROCK GIBRALTAR INDUSTRIES INC 2369226 77.21 219,038 16,911,923.98
0.26 CRS CARPENTER TECHNOLOGY 2177504 64.97 258,505 16,795,069.85
0.26 TRN TRINITY INDUSTRIES INC 2904627 24.40 681,653 16,632,333.20
0.26 TITN TITAN MACHINERY INC B29H3T5 25.25 652,135 16,466,408.75
0.25 RYI RYERSON HOLDING CORP B3TPPZ6 31.41 518,755 16,294,094.55
0.24 CENX CENTURY ALUMINUM COMPANY 2186254 10.08 1,546,797 15,591,713.76
0.21 CALX CALIX INC B3S4L67 34.86 392,049 13,666,828.14
0.09 OTHER PAYABLE & RECEIVABLES 1.00 5,718,245 5,718,244.57
0.08 CASH 1.00 4,947,335 4,947,335.36
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 01/31/24

Sector Weight (%)
Industrials 72.0
Materials 21.8
Utilities 3.2
Information Technology 1.7
Consumer Discretionary 1.0
Financials 0.3

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Electrical Products 12.0
Industrial Machinery 10.6
Steel 10.3
Engineering & Construction 9.6
Railroads 9.1
Construction Materials 6.9
Trucks/Construction/Farm Machinery 5.2
Wholesale Distributors 4.7
Finance/Rental/Leasing 4.3
Electronic Equipment/Instruments 3.7
Industrial Conglomerates 3.6
Other 20.0

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 02/27/24

Return on Equity 16.20%
Weighted Avg. Market Cap 35,040 M
2023 2024
Price-to-earnings 20.79 19.65
Price-to-book value 3.40 2.99

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 01/31/24

Versus Beta
S&P 500 1.27
NASDAQ-100 0.83
MSCI EAFE 1.21
MSCI Emg. Mkts 0.75
Standard Deviation 24.90%

Source: new windowAltaVista Research, LLC

ETF Research

View More Related Research

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 01/31, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 92 during the last 3 years, 82 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. 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.