PAVE


U.S. Infrastructure Development ETF

Fund 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.

Morningstar Rating Overall rating out of 81 Infrastructure funds, based on risk-adjusted returns as of 03/31/2021

Fund 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.

Why 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.^

Multiple Catalysts

In addition to the prospect of federal stimulus, infrastructure investments may be catalyzed by state, local and public-private partnerships on an ongoing basis.

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.

^Source: American Society of Engineers, 2021 Report Card for America’s Infrastructure

Fund Details As of 05/12/21

Key Facts

Ticker PAVE
Inception Date 03/06/17
CUSIP 37954Y673
ISIN US37954Y6730
Bloomberg Index Ticker IPAVE
Primary Exchange Cboe
Number of Holdings 100

Stats & Fees

Net Assets $3,415,143,111
Net Asset Value (NAV) $25.97
Shares Outstanding 131,500,000
Total Expense Ratio 0.47%

Distributions

30-Day SEC Yield 0.59%
Distribution Frequency Semi-Annually

Fund Prices As of 05/12/21

NAV $25.97 Daily Change -$0.85 -3.19%
Market Price $25.99 Daily Change -$0.86 -3.20%
30-Day Median Bid-Ask Spread 0.04%

Performance History

As of recent
(03/31/21)
As of recent
(03/31/21)
Fund NAV Market Price Index
1 Year 102.90% 103.31% 104.17%
3 Years 16.74% 16.74% 17.32%
Since Inception 14.08% 14.13% 14.63%
1 Year 87.85% 87.66% 89.09%
3 Years 19.01% 19.01% 19.62%
Since Inception 14.62% 14.65% 15.18%
Year-to-Date 17.86% 18.15% 18.13%
1 Month 9.45% 9.58% 9.51%
3 Months 17.86% 18.15% 18.13%
Since Inception 70.85% 71.19% 74.34%
Year-to-Date 21.54% 21.74% 21.86%
1 Month 3.12% 3.03% 3.16%
3 Months 23.99% 24.13% 24.24%
Since Inception 76.18% 76.38% 79.85%

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 of the Fund, when observed, is unusual and investors should not expect such performance to be repeated.

Fund Characteristics As of 05/11/21

Return on Equity 16.30%
Weighted Avg. Market Cap 29,973 M
2020 2021
Price-to-earnings 34.45 21.78
Price-to-book value 3.80 3.34

Source: AltaVista Research, LLC

Fund Risk Stats As of 05/11/21

Versus Beta
S&P 500 1.34
MSCI EAFE 1.32
MSCI Emg. Mkts 1.06
Standard Deviation 26.70%

Source: AltaVista Research, LLC

Sector Breakdown As of 04/30/21

% of Net Assets
Industrials 64.5
Materials 22.4
Information Technology 5.3
Utilities 3.7
Financials 3.3
Consumer Discretionary 0.8

Source: AltaVista Research, LLC

Top Holdings As of 05/12/21

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.28 NUE NUCOR CORP 2651086 95.99 1,182,934 113,549,834.66
3.24 KSU KANSAS CITY SOUTHERN 2607647 305.80 366,561 112,094,353.80
3.14 DE DEERE & CO 2261203 373.63 290,704 108,615,735.52
3.04 VMC VULCAN MATERIALS CO 2931205 188.16 558,271 105,044,271.36
2.96 TT TRANE TECHNOLOGIES PLC BK9ZQ96 178.62 573,517 102,441,606.54
2.95 NSC NORFOLK SOUTHERN CORP 2641894 281.70 362,086 101,999,626.20
2.93 ETN EATON CORP PLC B8KQN82 142.93 707,963 101,189,151.59
2.84 SRE SEMPRA ENERGY 2138158 135.21 726,807 98,271,574.47
2.84 EMR EMERSON ELECTRIC CO 2313405 92.85 1,055,639 98,010,802.96
2.81 PH PARKER HANNIFIN CORP 2671501 304.07 319,560 97,168,609.20
2.79 CSX CSX CORP 2160753 99.64 968,574 96,508,713.36
2.77 FAST FASTENAL CO 2332262 52.00 1,843,355 95,854,460.00
2.74 UNP UNION PACIFIC CORP 2914734 222.00 426,740 94,736,280.00
2.67 URI UNITED RENTALS INC 2134781 329.29 280,776 92,456,729.04
2.57 MLM MARTIN MARIETTA MATERIALS 2572079 367.97 241,503 88,865,858.91
2.51 ROK ROCKWELL AUTOMATION INC 2754060 260.54 333,038 86,769,720.52
2.50 FTV FORTIVE CORP BYT3MK1 68.38 1,264,867 86,491,605.46
2.09 TRMB TRIMBLE INC 2903958 73.84 977,288 72,162,945.92
1.99 J JACOBS ENGIN GRP 2469052 135.40 508,398 68,837,089.20
1.87 IEX IDEX CORP 2456612 218.21 295,442 64,468,398.82
1.56 HWM HOWMET AEROSPACE INC BKLJ8V2 31.88 1,695,589 54,055,377.32
1.49 PWR QUANTA SERVICES INC 2150204 94.67 544,444 51,542,513.48
1.46 WLK WESTLAKE CHEMICAL CORP B01ZP20 100.90 501,212 50,572,290.80
1.45 STLD STEEL DYNAMICS INC 2849472 60.85 824,214 50,153,421.90
1.41 GGG GRACO INC 2380443 74.40 655,158 48,743,755.20
1.39 RPM RPM INTERNATIONAL INC 2756174 94.61 508,549 48,113,820.89
1.24 PNR PENTAIR PLC BLS09M3 65.58 651,429 42,720,713.82
1.22 RS RELIANCE STEEL & ALUMINUM 2729068 167.83 250,841 42,098,645.03
1.16 HUBB HUBBELL INC BDFG6S3 188.78 212,862 40,184,088.36
1.14 CSL CARLISLE COS INC 2176318 187.41 209,749 39,309,060.09
1.11 ACM AECOM B1VZ431 66.32 576,998 38,266,507.36
1.08 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 46.64 801,849 37,398,237.36
0.95 MTZ MASTEC INC 2155306 113.49 289,745 32,883,160.05
0.90 CLF CLEVELAND-CLIFFS INC BYVZ186 19.97 1,561,393 31,181,018.21
0.87 WMS ADVANCED DRAINAG BP7RS59 108.53 276,450 30,003,118.50
0.85 LECO LINCOLN ELECTRIC HOLDINGS 2516851 127.15 230,849 29,352,450.35
0.84 WWD WOODWARD INC 2948089 118.80 244,051 28,993,258.80
0.83 AA ALCOA CORP BYNF418 39.51 728,604 28,787,144.04
0.79 LPX LOUISIANA-PACIFIC CORP 2535243 64.15 426,865 27,383,389.75
0.75 MDU MDU RESOURCES GROUP INC 2547323 33.11 784,679 25,980,721.69
0.75 AYI ACUITY BRANDS INC 2818461 180.72 142,510 25,754,407.20
0.74 EME EMCOR GROUP INC 2474164 119.52 214,767 25,668,951.84
0.72 BLD TOPBUILD CORP BZ0P3W2 192.13 129,891 24,955,957.83
0.72 TTEK TETRA TECH INC 2883890 117.50 211,216 24,817,880.00
0.68 EXP EAGLE MATERIALS INC 2191399 145.28 162,292 23,577,781.76
0.66 RXN REXNORD CORP B4NPMX6 48.62 469,785 22,840,946.70
0.66 X UNITED STATES STEEL CORP 2824770 26.35 862,654 22,730,932.90
0.61 CR CRANE CO 2231897 93.65 226,844 21,243,940.60
0.59 VMI VALMONT INDUSTRIES 2926825 246.62 82,102 20,247,995.24
0.58 WCC WESCO INTERNATIONAL INC 2416973 102.11 196,422 20,056,650.42
0.53 ROLL RBC BEARINGS INC B0GLYB5 189.08 97,021 18,344,730.68
0.53 EXPO EXPONENT INC 2330318 90.59 201,581 18,261,222.79
0.46 AIMC ALTRA INDUSTRIAL B1L82T2 62.91 253,067 15,920,444.97
0.44 ARNC ARCONIC CORP BKLJ8S9 35.24 426,364 15,025,067.36
0.43 ATKR Atkore Inc BDHF495 80.08 186,143 14,906,331.44
0.43 MTW MANITOWOC COMPANY INC BDFCGV4 24.85 592,254 14,717,511.90
0.42 SUM SUMMIT MATERIA-A BW9JPS4 32.67 447,343 14,614,695.81
0.42 CMC COMMERCIAL METALS CO 2213260 31.08 468,177 14,550,941.16
0.40 TEX TEREX CORP 2884224 51.17 269,315 13,780,848.55
0.39 MRC MRC GLOBAL INC B7M66F1 11.04 1,214,916 13,412,672.64
0.37 AEGN AEGION CORP B764L34 29.96 431,023 12,913,449.08
0.37 TRN TRINITY INDUSTRIES INC 2904627 28.23 448,443 12,659,545.89
0.36 HRI HERC HOLDINGS INC BZBZ020 101.22 123,951 12,546,320.22
0.35 DNOW NOW INC BMH0MV1 10.94 1,091,725 11,943,471.50
0.34 CENX CENTURY ALUMINUM COMPANY 2186254 15.34 770,307 11,816,509.38
0.34 IIIN INSTEEL INDUSTRIES INC 2325875 36.56 322,860 11,803,761.60
0.34 HAYN HAYNES INTERNATIONAL INC B02WVH7 31.09 372,423 11,578,631.07
0.32 ACA ARCOSA INC BGPZ5W8 59.32 188,218 11,165,091.76
0.32 ATI ALLEGHENY TECH 2526117 22.52 494,676 11,140,103.52
0.32 DY DYCOM INDUSTRIES INC 2289841 88.76 123,590 10,969,848.40
0.32 GBX GREENBRIER COMPANIES INC 2387530 44.91 243,744 10,946,543.04
0.32 MTX MINERALS TECHNOLOGIES INC 2595612 80.88 135,013 10,919,851.44
0.31 MYRG MYR GROUP INC/DELAWARE B3CLS18 77.97 137,190 10,696,704.30
0.31 CMCO COLUMBUS MCKINNON CORP/NY 2211071 51.00 207,590 10,587,090.00
0.30 MLI MUELLER INDUSTRIES INC 2609717 44.38 235,755 10,462,806.90
0.30 BMI BADGER METER INC 2069128 89.92 116,170 10,446,006.40
0.30 SPXC SPX CORP 2787185 59.76 174,746 10,442,820.96
0.30 HEES H&E EQUIPMENT SE B0WR848 36.84 282,001 10,388,916.84
0.30 POWL POWELL INDUSTRIES INC 2697422 35.21 292,675 10,305,086.75
0.30 GVA GRANITE CONSTRUCTION INC 2381189 38.47 266,455 10,250,523.85
0.30 MWA MUELLER WATER-A B15RZR4 14.16 720,987 10,209,175.92
0.29 USCR US CONCRETE INC B4M8043 54.09 185,840 10,052,085.60
0.29 RYI RYERSON HOLDING CORP B3TPPZ6 15.60 643,546 10,039,317.60
0.29 ROCK GIBRALTAR INDUSTRIES INC 2369226 77.30 129,429 10,004,861.70
0.29 FRTA FORTERRA INC BYT4SV7 23.34 427,500 9,977,850.00
0.29 CALX CALIX INC B3S4L67 39.08 255,159 9,971,613.72
0.29 TITN TITAN MACHINERY INC B29H3T5 24.98 397,353 9,925,877.94
0.27 AGX ARGAN INC 2804501 47.44 199,624 9,470,162.56
0.27 GRC GORMAN-RUPP CO 2379281 34.12 268,242 9,151,075.83
0.26 ASTE ASTEC INDUSTRIES INC 2060370 66.53 133,439 8,877,696.67
0.25 WNC WABASH NATIONAL CORP 2932048 16.66 527,040 8,780,486.40
0.25 PRIM PRIMORIS SERVICES CORP B1GC200 30.10 290,988 8,758,738.80
0.25 CSWI CSW INDUSTRIALS INC BYQD1J6 122.37 70,236 8,594,779.32
0.25 NWPX NORTHWEST PIPE CO 2035925 30.88 275,534 8,508,489.92
0.24 ROAD CONSTRUCTION P-A BDT5M66 29.98 275,423 8,257,181.54
0.24 MTRX MATRIX SERVICE CO 2572068 12.32 669,202 8,244,568.64
0.24 TPC TUTOR PERINI CORP 2681760 15.09 541,736 8,174,796.24
0.23 STRL STERLING CONSTRUCTION CO 2632876 21.28 374,921 7,978,318.88
0.20 CASH 1.00 6,935,869 6,935,869.26
0.18 TISI TEAM INC 2879123 7.93 799,215 6,337,774.95
0.18 WLDN WILLDAN GROUP INC B1HP598 35.84 175,553 6,291,819.52
Holdings are subject to change.


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The Morningstar Ratingfor 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 3/31, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 81 during the last 3 years. With respect to these Infrastructure funds, PAVE received a Morningstar Rating of 5 stars. Past performance is not indicative 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.