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IPAV

Infrastructure Development ex-U.S. ETF

 

Reasons to Consider IPAV

Compelling Need

Aging infrastructure is a prevalent concern in many parts of the world. Global infrastructure development is essential to support growing populations, cutting-edge technologies, and to address net-zero emissions targets.

Multiple Long-Term Catalysts

With nearly 70% of the global population forecasted to reside in cities by 2045, governments will likely need to invest heavily in a wide range of infrastructure.1 Additionally, the total price tag for overhauling global power grid infrastructure to support net-zero emissions targets is estimated to be $24T through 2050.2

Unconstrained Approach

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

1World Bank Group, Apr 2023
2Bloomberg, May 2024

Key Information As of 09/10/24

Inception Date 08/27/24
Total Expense Ratio 0.55%
Net Assets $2.41 million
NAV $24.06
Fact Sheet View the document

ETF Summary

The Global X Infrastructure Development ex-U.S. ETF (IPAV) seeks to invest in companies that stand to benefit from a potential increase in infrastructure activity in international markets, including emerging and developed markets but excluding the United States. This includes companies that are involved in engineering and construction services, the production of infrastructure raw materials and composites, heavy construction equipment, infrastructure transportation, and smart grid components.

ETF Objective

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

Trading Details As of 09/10/24

Ticker IPAV
Bloomberg Index Ticker GXIPAVUN
CUSIP 37960A446
ISIN US37960A4461
Primary Exchange Cboe
Shares Outstanding 100,000
Number of Holdings 99
30-Day Median Bid-Ask Spread N/A

Distributions As of 09/10/24

30-Day SEC Yield N/A
Distribution Frequency Semi-Annually

ETF Prices As of 09/10/24

NAV $24.06 Daily Change -$0.08 -0.33%
Market Price $24.16 Daily Change -$0.06 -0.25%

Performance History

As of recent
(06/30/24)
Fund NAV Market Price Index
Year-to-Date -- -- --
1 Month -- -- --
3 Months -- -- --
Since Inception -- -- --
Year-to-Date -- -- --
1 Month -- -- --
3 Months -- -- --
Since Inception 0.12% 0.52% 0.16%

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 09/10/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.58 UTCEM IN ULTRATECH CEMENT LTD B01GZF6 137.43 627 86,170.06
3.40 PRY IM PRYSMIAN SPA B1W4V69 66.75 1,225 81,764.74
3.39 HOLN SW HOLCIM LTD 7110753 93.75 870 81,566.03
3.27 FER SM FERROVIAL SE BRS7CF0 41.65 1,890 78,714.43
3.26 4063 JP SHIN-ETSU CHEMICAL CO LTD 6804585 39.05 2,010 78,495.71
3.24 CLNX SM CELLNEX TELECOM SA BX90C05 39.60 1,970 78,009.06
3.24 LT IN LARSEN & TOUBRO LTD B0166K8 42.82 1,820 77,938.62
3.21 CP CN CANADIAN PACIFIC BMBQR09 84.03 920 77,309.62
3.15 5401 JP NIPPON STEEL CORP 6642569 21.17 3,580 75,786.97
3.03 DG FP VINCI SA B1XH026 121.03 603 72,982.39
2.94 HEI GR HEIDELBERG MATERIALS AG 5120679 99.91 708 70,736.81
2.84 CNR CN CANADIAN NATL RAILWAY CO 2180632 115.87 590 68,364.63
2.78 TATA IN TATA STEEL LTD BPQWCZ3 1.78 37,620 66,937.74
2.72 6301 JP KOMATSU LTD 6496584 25.63 2,550 65,364.91
2.55 EPIA SS EPIROC AB-A BMD58R8 17.92 3,420 61,294.92
2.32 FGR FP EIFFAGE B13X013 105.31 530 55,814.06
2.29 MT NA ARCELORMITTAL BYPBS67 21.71 2,533 54,979.67
2.23 JSTL IN JSW STEEL LTD BZBYJJ7 11.18 4,790 53,546.24
1.97 CX CEMEX SAB-SP ADR 2488671 5.60 8,460 47,376.00
1.70 5411 JP JFE HOLDINGS INC 6543792 13.22 3,100 40,969.83
1.62 ATRL CN ATKINSREALIS GROUP INC BRJNZ47 36.01 1,080 38,896.03
1.53 1101 TT TCC GROUP HOLDINGS CO LTD 6869937 0.98 37,600 36,738.49
1.51 TS TENARIS SA-ADR 2167367 28.09 1,290 36,236.10
1.41 EN FP BOUYGUES SA 4002121 34.86 970 33,814.96
1.37 788 HK CHINA TOWER CORP LTD-H BFZ2PK0 0.13 262,000 32,929.35
1.35 GF SW FISCHER (GEORG)-REG BM8J5G3 75.26 430 32,360.96
1.08 ACEM IN AMBUJA CEMENTS LTD B09QQ11 7.47 3,480 25,985.13
1.07 NKT DC NKT A/S 7106354 89.11 290 25,841.24
1.04 POLYCAB IN POLYCAB INDIA LTD BHKDY38 79.63 315 25,084.84
1.03 GGB GERDAU SA -SPON ADR 2297606 3.27 7,540 24,655.80
0.96 INDUSTOW IN INDUS TOWERS LTD B92P9G4 5.07 4,580 23,200.99
0.96 INW IM INFRASTRUTTURE W BZ0P4R4 12.22 1,880 22,971.54
0.96 NEX FP NEXANS SA 7130836 129.02 178 22,965.59
0.95 AZJ AU AURIZON HOLDINGS LTD B87CVM3 2.23 10,210 22,808.06
0.91 JSP IN JINDAL STEEL & POWER LTD 6726816 11.46 1,920 21,994.79
0.83 1102 TT ASIA CEMENT CORP 6056331 1.39 14,400 20,064.93
0.83 AALB NA AALBERTS NV B1W8P14 37.09 540 20,026.66
0.81 RVNL IN RAIL VIKAS NIGAM LTD BJLJGN3 6.73 2,900 19,525.28
0.80 GAM MK GAMUDA BHD 6359881 1.69 11,400 19,295.34
0.76 ANA SM ACCIONA SA 5579107 138.28 133 18,390.61
0.71 ENKAI TI ENKA INSAAT VE SANAYI AS B03MS64 1.42 12,060 17,119.75
0.70 SRCM IN SHREE CEMENT LTD 6100357 306.34 55 16,848.61
0.70 BZU IM BUZZI SPA 5782206 38.03 440 16,734.94
0.68 028050 KS SAMSUNG E&A CO LTD 6765239 17.90 920 16,468.31
0.65 KEII IN KEI INDUSTRIES LTD B1L9PJ6 52.43 300 15,728.73
0.62 SSABB SS SSAB AB - B SHARES B17H3F6 4.32 3,450 14,888.27
0.59 1721 JP COMSYS HOLDINGS CORP 6687247 22.51 630 14,180.02
0.58 6305 JP HITACHI CONST MA 6429405 23.71 590 13,986.69
0.57 JDSL IN JINDAL STAINLESS LTD 6743257 8.84 1,540 13,615.43
0.55 LAND SW LANDIS + GYR GROUP AG BF41XY8 88.35 150 13,252.73
0.52 VOE AV VOESTALPINE AG 4943402 22.39 560 12,537.54
0.52 5233 JP TAIHEIYO CEMENT CORP 6660204 21.20 590 12,510.70
0.52 914 HK CONCH CEMENT-H 6080396 2.08 6,000 12,465.85
0.50 SAIL IN STEEL AUTHORITY OF INDIA 6121499 1.54 7,740 11,902.69
0.49 1951 JP EXEO GROUP INC 6499420 11.19 1,050 11,750.46
0.47 SPM IM SAIPEM SPA BMY36H7 1.98 5,680 11,245.98
0.44 JKCE IN JK CEMENT LTD B0CJ800 55.84 190 10,609.98
0.43 BDX PW BUDIMEX 4149330 147.40 70 10,317.68
0.39 ACX SM ACERINOX SA B01ZVZ5 9.89 940 9,295.29
0.38 241560 KS DOOSAN BOBCAT INC BYX9GP8 30.40 300 9,121.36
0.38 NMDC UH NMDC GROUP PJSC 6625838 7.79 1,160 9,032.64
0.37 DALBHARA IN DALMIA BHARAT LTD BFN2YR2 22.48 400 8,990.16
0.36 AFRY SS AFRY AB BN791J6 17.13 510 8,735.81
0.36 IJM MK IJM CORP BHD 6455217 0.66 13,000 8,591.82
0.36 KPIL IN KALPATARU PROJEC B02N266 16.51 520 8,583.05
0.35 BREE LN BREEDON GROUP PLC BM8NFJ8 5.39 1,550 8,357.49
0.35 004020 KS HYUNDAI STEEL CO 6461850 18.16 460 8,353.99
0.33 390 HK CHINA RAILWAY GROUP LTD-H B297KM7 0.40 20,000 8,002.77
0.33 NBCC IN NBCC INDIA LTD BDT5493 2.15 3,670 7,883.12
0.33 010120 KS LS ELECTRIC CO LTD 6378217 101.82 77 7,840.13
0.33 SCYR SM SACYR SA 5504789 3.42 2,290 7,826.69
0.32 NJCC IN NCC LTD B0FXGP0 3.78 2,010 7,589.90
0.32 5076 JP INFRONEER HOLDINGS INC BLGYFQ3 8.34 910 7,588.38
0.31 1414 JP SHO-BOND HOLDINGS CO LTD B29T1W0 39.45 190 7,494.55
0.31 KECI IN KEC INTERNATIONAL LTD B0YJJ27 11.68 640 7,474.49
0.30 5463 JP MARUICHI STEEL TUBE LTD 6569505 23.80 300 7,139.20
0.29 CSNA3 BZ SID NACIONAL B019KX8 2.00 3,500 6,995.03
0.29 TRCL IN RAMCO CEMENTS LTD/THE 6698153 10.03 690 6,924.14
0.28 552 HK CHINA COMM SER-H B1HVJ16 0.48 14,000 6,786.96
0.28 MAIRE IM MAIRE SPA BBGTNT7 8.19 820 6,717.31
0.26 2504 TT GOLDSUN BUILDING 6375564 1.75 3,580 6,272.99
0.26 PEABB SS PEAB AB-CLASS B 4407760 7.21 860 6,199.25
0.26 OUT1V FH OUTOKUMPU OYJ 4665148 3.51 1,760 6,185.92
0.24 3323 HK CHINA NATL BDG-H B0Y91C1 0.27 22,000 5,840.48
0.24 IRB IN IRB INFRASTRUCTU BMTY040 0.74 7,590 5,642.59
0.23 WBD IM WEBUILD SPA B09MRX8 2.68 2,060 5,510.83
0.23 SMGR IJ SEMEN INDONESIA 6795236 0.26 21,000 5,436.89
0.20 SWSOLAR IN STERLING AND WIL BK7GN01 8.69 550 4,780.46
0.19 052690 KS KEPCO ENGINEERIN B4LW1M1 48.60 96 4,665.85
0.19 SPEN IT SHAPIR ENGINEERI BTF8CZ0 5.55 840 4,658.41
0.19 IRCON IN IRCON INTERNATIONAL LTD BM7SZX8 2.91 1,600 4,654.65
0.18 2211 TT EVERGREEN STEEL CORP BK7KCQ2 3.79 1,110 4,207.22
0.16 1157 HK ZOOMLION HEAVY-H B544N70 0.48 8,000 3,847.49
0.16 001440 KS TAIHAN ELEC WIRE 6512479 7.91 480 3,797.70
0.15 BRSAN TI BORUSAN BIRLESIK B03MQ15 16.14 220 3,551.51
0.13 OYAKC TI OYAK CIMENTO FABRIKALARI B03MVZ4 1.87 1,630 3,047.96
0.12 RITE IN RITES LTD B2QRR85 8.08 350 2,829.55
0.11 ACCE IN ACTION CONSTRUCT B131PK1 15.04 180 2,707.84
0.10 CASH 1.00 2,438 2,437.72
0.01 SCY/D SM SACYR SA - BONUS RIGHTS BPLP600 0.09 2,290 195.29
0.00 OTHER PAYABLE & RECEIVABLES 1.00 52 51.52
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 08/31/24

Sector Weight (%)
Industrials 48.9
Materials 42.1
Communication Services 6.3
Energy 2.1
Utilities 0.7

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Materials 44.4
Capital Goods 40.3
Transportation 8.4
Telecommunication Services 3.6
Energy 1.9
Utilities 0.9
Equity Real Estate Investment Trusts (REITs) 0.3
Semiconductors & Semiconductor Equipment 0.2

Source: new windowAltaVista Research, LLC

Country Weight (%)
India 22.3
Japan 14.4
Spain 7.7
Canada 7.6
France 7.4
Italy 6.1
Switzerland 5.3
Sweden 4.0
Luxembourg 3.9
Germany 3.0
China 2.9
Other 15.4

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 09/10/24

Return on Equity 10.10%
Weighted Avg. Market Cap 25,051 M
2023 2024
Price-to-earnings 13.76 12.97
Price-to-book value 1.35 1.27

Source: new windowAltaVista Research, LLC

ETF Research

Introducing IPAV: The Case for International Infrastructure Development

Read the Full ArticleRead More

ETF Documents

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. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. IPAV 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. The 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, and do not represent the returns you would receive if you traded shares at other times. NAVs are calculated using prices as of 4:00 PM Eastern Time. 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 Global X Infrastructure Development ex-U.S. Index is owned and was developed by Global X Management Company LLC for use by 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.