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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 95 Infrastructure funds, based on risk-adjusted returns as of 09/30/2024

 

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 10/21/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $8.68 billion
NAV $42.21
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 10/18/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 205,590,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.02%

Distributions As of 10/21/24

30-Day SEC Yield 0.60%
Distribution Frequency Semi-Annually

ETF Prices As of 10/21/24

NAV $42.21 Daily Change -$0.26 -0.61%
Market Price $42.23 Daily Change -$0.26 -0.61%

Performance History

As of recent month & quarter-end (09/30/24)
As of recent month & quarter-end (09/30/24)
Fund NAV Market Price Index
1 Year 36.45% 36.39% 37.49%
3 Years 18.29% 18.29% 19.03%
5 Years 21.27% 21.27% 21.97%
Since Inception 14.97% 14.97% 15.59%
1 Year 36.45% 36.39% 37.49%
3 Years 18.29% 18.29% 19.03%
5 Years 21.27% 21.27% 21.97%
Since Inception 14.97% 14.97% 15.59%
Year-to-Date 19.74% 19.70% 20.19%
1 Month 4.42% 4.41% 4.46%
3 Months 11.16% 11.18% 11.32%
Since Inception 187.66% 187.73% 199.70%
Year-to-Date 19.74% 19.70% 20.19%
1 Month 4.42% 4.41% 4.46%
3 Months 11.16% 11.18% 11.32%
Since Inception 187.66% 187.73% 199.70%

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 10/21/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.84 TT TRANE TECHNOLOGIES PLC BK9ZQ96 400.80 830,899 333,024,319.20
3.50 URI UNITED RENTALS INC 2134781 832.53 363,985 303,028,432.05
3.46 ETN EATON CORP PLC B8KQN82 347.07 864,804 300,147,524.28
3.36 PWR QUANTA SERVICES INC 2150204 317.64 916,678 291,173,599.92
3.31 PH PARKER HANNIFIN CORP 2671501 639.24 448,493 286,694,665.32
3.19 HWM HOWMET AEROSPACE INC BKLJ8V2 106.32 2,597,645 276,181,616.40
2.87 SRE SEMPRA 2138158 84.93 2,933,253 249,121,177.29
2.80 MLM MARTIN MARIETTA MATERIALS 2572079 577.53 420,349 242,764,157.97
2.80 EMR EMERSON ELECTRIC CO 2313405 110.41 2,196,399 242,504,413.59
2.72 FAST FASTENAL CO 2332262 77.77 3,026,383 235,361,805.91
2.55 DE DEERE & CO 2261203 406.96 542,842 220,914,980.32
2.51 VMC VULCAN MATERIALS CO 2931205 259.94 838,329 217,915,240.26
2.49 NSC NORFOLK SOUTHERN CORP 2641894 248.16 870,784 216,093,757.44
2.40 UNP UNION PACIFIC CORP 2914734 240.35 864,522 207,787,862.70
2.34 CSX CSX CORP 2160753 33.66 6,029,479 202,952,263.14
2.21 NUE NUCOR CORP 2651086 156.11 1,225,016 191,237,247.76
2.15 ROK ROCKWELL AUTOMATION INC 2754060 269.94 691,471 186,655,681.74
1.97 FTV FORTIVE CORP BYT3MK1 77.12 2,217,174 170,988,458.88
1.78 HUBB HUBBELL INC BDFG6S3 456.70 338,184 154,448,632.80
1.66 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 184.84 778,210 143,844,336.40
1.66 CSL CARLISLE COS INC 2176318 468.16 306,682 143,576,245.12
1.57 STLD STEEL DYNAMICS INC 2849472 133.45 1,019,449 136,045,469.05
1.56 EME EMCOR GROUP INC 2474164 455.10 296,691 135,024,074.10
1.32 J JACOBS SOLUTIONS INC BNGC0D3 143.54 795,780 114,226,261.20
1.27 WLK Westlake Corporation B01ZP20 136.50 808,343 110,338,819.50
1.24 RPM RPM INTERNATIONAL INC 2756174 132.27 812,013 107,404,959.51
1.24 RS RELIANCE INC 2729068 296.32 362,216 107,331,845.12
1.18 PNR PENTAIR PLC BLS09M3 98.36 1,041,344 102,426,595.84
1.15 IEX IDEX CORP 2456612 209.29 476,225 99,669,130.25
1.10 TRMB TRIMBLE INC 2903958 60.77 1,566,727 95,209,999.79
1.06 ACM AECOM B1VZ431 107.49 857,986 92,224,915.14
1.04 GGG GRACO INC 2380443 85.03 1,064,905 90,548,872.15
0.95 TTEK TETRA TECH INC 2883890 49.13 1,676,164 82,349,937.32
0.91 BLD TOPBUILD CORP BZ0P3W2 392.59 200,285 78,629,888.15
0.88 WMS ADVANCED DRAINAG BP7RS59 154.68 490,778 75,913,541.04
0.88 TPC TUTOR PERINI CORP 2681760 30.66 2,473,660 75,842,415.60
0.87 POWL POWELL INDUSTRIES INC 2697422 279.96 267,866 74,991,765.36
0.83 RRX REGAL REXNORD CORP 2730082 172.98 417,931 72,293,704.38
0.83 LECO LINCOLN ELECTRIC HOLDINGS 2516851 200.01 360,554 72,114,405.54
0.75 EXP EAGLE MATERIALS INC 2191399 297.13 219,919 65,344,532.47
0.73 MTZ MASTEC INC 2155306 128.20 496,377 63,635,531.40
0.72 WWD WOODWARD INC 2948089 165.47 378,794 62,679,043.18
0.71 AGX ARGAN INC 2804501 129.30 477,403 61,728,207.90
0.68 AYI ACUITY BRANDS INC 2818461 302.63 193,835 58,660,286.05
0.66 WCC WESCO INTERNATIONAL INC 2416973 177.54 321,910 57,151,901.40
0.65 CR CRANE CO BNYD4F8 158.50 357,605 56,680,392.50
0.63 X UNITED STATES STEEL CORP 2824770 38.92 1,405,297 54,694,159.24
0.61 RBC RBC BEARINGS INC B0GLYB5 286.30 183,510 52,538,913.00
0.60 MLI MUELLER INDUSTRIES INC 2609717 72.08 715,135 51,546,930.80
0.59 ATI ATI Inc 2526117 63.38 803,490 50,925,196.20
0.57 CRS CARPENTER TECHNOLOGY 2177504 158.39 311,737 49,376,023.43
0.55 STRL STERLING INFRAST 2632876 164.03 291,213 47,767,668.39
0.55 USLM US LIME & MINERA 2724115 103.75 457,939 47,511,171.25
0.54 LPX LOUISIANA-PACIFIC CORP 2535243 103.07 454,156 46,809,858.92
0.54 AA ALCOA CORP BYNF418 41.52 1,124,710 46,697,959.20
0.53 SPXC SPX TECHNOLOGIES INC BQ1L7V3 160.73 287,522 46,213,411.06
0.50 CLF CLEVELAND-CLIFFS INC BYVZ186 13.64 3,171,416 43,258,114.24
0.49 ROAD CONSTRUCTION P-A BDT5M66 84.70 500,043 42,353,642.10
0.47 PRIM PRIMORIS SERVICES CORP B1GC200 63.37 644,647 40,851,280.39
0.46 CMC COMMERCIAL METALS CO 2213260 55.10 730,839 40,269,228.90
0.46 ZWS Zurn Elkay Water Solution BMV1ZD3 36.87 1,088,259 40,124,109.33
0.46 VMI VALMONT INDUSTRIES 2926825 301.91 131,340 39,652,859.40
0.45 CSWI CSW INDUSTRIALS INC BYQD1J6 392.79 98,820 38,815,507.80
0.45 GVA GRANITE CONSTRUCTION INC 2381189 83.69 463,241 38,768,639.29
0.44 BMI BADGER METER INC 2069128 204.14 184,847 37,734,666.58
0.43 MDU MDU RESOURCES GROUP INC 2547323 29.24 1,282,481 37,499,744.44
0.43 DY DYCOM INDUSTRIES INC 2289841 202.82 184,793 37,479,716.26
0.41 EXPO EXPONENT INC 2330318 110.05 319,137 35,121,026.85
0.39 KNF KNIFE RIVER CORP BPLL4V5 94.94 356,085 33,806,709.90
0.38 MWA MUELLER WATER-A B15RZR4 22.26 1,477,040 32,878,910.40
0.38 NWPX NORTHWEST PIPE CO 2035925 44.60 735,348 32,796,520.80
0.38 DXPE DXP ENTERPRISES INC 2276627 50.22 652,996 32,793,459.12
0.36 SUM SUMMIT MATERIA-A BW9JPS4 41.43 752,905 31,192,854.15
0.36 CENX CENTURY ALUMINUM COMPANY 2186254 16.67 1,864,479 31,080,864.93
0.35 HRI HERC HOLDINGS INC BZBZ020 169.07 178,151 30,119,989.57
0.33 ACA ARCOSA INC BGPZ5W8 93.67 307,268 28,781,793.56
0.32 TRN TRINITY INDUSTRIES INC 2904627 34.19 821,723 28,094,709.37
0.30 DNOW DNOW INC BMH0MV1 12.22 2,131,097 26,042,005.34
0.29 MRC MRC GLOBAL INC B7M66F1 12.56 2,026,339 25,450,817.84
0.29 MTX MINERALS TECHNOLOGIES INC 2595612 77.94 317,415 24,739,325.10
0.28 GRC GORMAN-RUPP CO 2379281 38.42 632,732 24,309,563.44
0.27 HAYN HAYNES INTERNATIONAL INC B02WVH7 60.00 396,239 23,774,340.00
0.27 GBX GREENBRIER COMPANIES INC 2387530 51.70 459,014 23,731,023.80
0.27 AMTM AMENTUM HOLDINGS INC BMZLFJ5 28.96 795,780 23,045,788.80
0.26 TEX TEREX CORP 2884224 53.93 422,434 22,781,865.62
0.24 HEES H&E EQUIPMENT SE B0WR848 51.04 412,917 21,075,283.68
0.24 ATKR Atkore Inc BDHF495 87.24 233,099 20,335,556.76
0.23 CXT CRANE NXT CO BQ7W2W6 56.85 357,548 20,326,603.80
0.22 ASTE ASTEC INDUSTRIES INC 2060370 31.62 601,071 19,005,865.02
0.22 CMCO COLUMBUS MCKINNON CORP/NY 2211071 33.69 559,165 18,838,268.85
0.22 MYRG MYR GROUP INC/DELAWARE B3CLS18 123.68 152,294 18,835,721.92
0.21 MTRN MATERION CORP 2149622 104.93 176,349 18,504,300.57
0.21 CALX CALIX INC B3S4L67 38.63 474,366 18,324,758.58
0.20 ROCK GIBRALTAR INDUSTRIES INC 2369226 66.13 262,211 17,340,013.43
0.19 IIIN INSTEEL INDUSTRIES INC 2325875 26.91 616,803 16,598,168.73
0.18 MTUS METALLUS INC BNBPMX1 14.79 1,032,888 15,276,413.52
0.17 WNC WABASH NATIONAL CORP 2932048 17.68 829,664 14,668,459.52
0.15 RYI RYERSON HOLDING CORP B3TPPZ6 21.56 618,487 13,334,579.72
0.13 TITN TITAN MACHINERY INC B29H3T5 14.64 778,333 11,394,795.12
0.12 CTOS CUSTOM TRUCK ONE BL66YS4 3.28 3,268,383 10,720,296.24
0.09 CASH 1.00 7,870,806 7,870,806.34
0.01 OTHER PAYABLE & RECEIVABLES 1.00 884,664 884,663.97
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 09/30/24

Sector Weight (%)
Industrials 74.2
Materials 19.7
Utilities 3.3
Information Technology 1.8
Consumer Discretionary 1.0

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 65.4
Materials 19.7
Transportation 7.4
Utilities 3.3
Technology Hardware & Equipment 1.8
Commercial & Professional Services 1.4
Consumer Durables & Apparel 1.0

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 10/18/24

Return on Equity 15.40%
Weighted Avg. Market Cap 39,701 M
2023 2024
Price-to-earnings 22.61 21.98
Price-to-book value 3.60 3.19

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 09/30/24

Versus Beta
S&P 500 1.23
NASDAQ-100 0.84
MSCI EAFE 1.17
MSCI Emg. Mkts 0.79
Standard Deviation 25.20%

Source: new windowAltaVista Research, LLC

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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. 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 09/30 PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 95 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.

© 2024 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.