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.1

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.

1Source: American Society of Engineers, 2021 Report Card for America’s Infrastructure

Fund Details As of 06/18/21

Key Facts

Ticker PAVE
Inception Date 03/06/17
CUSIP 37954Y673
ISIN US37954Y6730
Bloomberg Index Ticker IPAVE
Primary Exchange Cboe
Number of Holdings 99

Stats & Fees

Net Assets $3,510,206,500
Net Asset Value (NAV) $24.70
Shares Outstanding 142,090,000
Total Expense Ratio 0.47%

Distributions

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

Fund Prices As of 06/18/21

NAV $24.70 Daily Change -$0.48 -1.92%
Market Price $24.71 Daily Change -$0.48 -1.91%
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 81.00% 81.01% 82.12%
3 Years 17.90% 17.90% 18.48%
Since Inception 15.02% 15.04% 15.57%
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 24.74% 24.89% 25.11%
1 Month 2.64% 2.59% 2.67%
3 Months 15.84% 15.83% 15.98%
Since Inception 80.82% 80.96% 84.64%

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 06/18/21

Return on Equity 17.80%
Weighted Avg. Market Cap 29,972 M
2020 2021
Price-to-earnings 31.54 18.19
Price-to-book value 3.49 3.02

Source: AltaVista Research, LLC

Fund Risk Stats As of 06/18/21

Versus Beta
S&P 500 1.33
MSCI EAFE 1.33
MSCI Emg. Mkts 1.09
Standard Deviation 26.70%

Source: AltaVista Research, LLC

Sector Breakdown As of 05/31/21

% of Net Assets
Industrials 63.4
Materials 23.7
Information Technology 5.2
Utilities 3.6
Financials 3.4
Consumer Discretionary 0.7

Source: AltaVista Research, LLC

Top Holdings As of 06/18/21

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.35 NUE NUCOR CORP 2651086 93.02 1,259,207 117,131,435.14
3.14 KSU KANSAS CITY SOUTHERN 2607647 281.64 390,557 109,996,473.48
3.07 SRE SEMPRA ENERGY 2138158 137.77 780,106 107,475,203.62
3.06 TT TRANE TECHNOLOGIES PLC BK9ZQ96 173.41 617,652 107,107,033.32
3.04 ETN EATON CORP PLC B8KQN82 139.26 762,841 106,233,237.66
2.99 EMR EMERSON ELECTRIC CO 2313405 92.27 1,132,927 104,535,174.29
2.94 DE DEERE & CO 2261203 328.97 312,349 102,753,450.53
2.90 NSC NORFOLK SOUTHERN CORP 2641894 261.43 388,755 101,632,219.65
2.87 FAST FASTENAL CO 2332262 50.71 1,981,605 100,487,189.55
2.85 VMC VULCAN MATERIALS CO 2931205 165.84 600,550 99,595,212.00
2.82 CSX CSX CORP 2160753 94.75 1,041,844 98,714,719.00
2.82 UNP UNION PACIFIC CORP 2914734 214.81 459,006 98,599,078.86
2.75 ROK ROCKWELL AUTOMATION INC 2754060 271.71 354,463 96,311,141.73
2.73 PH PARKER HANNIFIN CORP 2671501 280.99 340,128 95,572,566.72
2.69 FTV FORTIVE CORP BYT3MK1 68.95 1,363,019 93,980,160.05
2.50 MLM MARTIN MARIETTA MATERIALS 2572079 335.32 261,187 87,581,224.84
2.50 URI UNITED RENTALS INC 2134781 288.95 302,593 87,434,247.35
2.34 TRMB TRIMBLE INC 2903958 77.87 1,051,143 81,852,505.41
2.00 J JACOBS ENGIN GRP 2469052 129.68 540,964 70,152,211.52
1.92 IEX IDEX CORP 2456612 211.78 318,049 67,356,417.22
1.71 HWM HOWMET AEROSPACE INC BKLJ8V2 33.19 1,804,974 59,907,087.06
1.45 STLD STEEL DYNAMICS INC 2849472 57.83 877,348 50,737,034.84
1.42 PWR QUANTA SERVICES INC 2150204 85.91 579,581 49,791,803.71
1.42 GGG GRACO INC 2380443 71.18 697,151 49,623,208.18
1.39 WLK WESTLAKE CHEMICAL CORP B01ZP20 91.31 533,778 48,739,269.18
1.35 RPM RPM INTERNATIONAL INC 2756174 86.99 541,115 47,071,593.85
1.27 PNR PENTAIR PLC BLS09M3 63.91 693,422 44,316,600.02
1.15 RS RELIANCE STEEL & ALUMINUM 2729068 150.06 267,124 40,084,627.44
1.14 CSL CARLISLE COS INC 2176318 179.00 223,461 39,999,519.00
1.14 HUBB HUBBELL INC BDFG6S3 175.31 226,574 39,720,687.94
1.05 ACM AECOM B1VZ431 59.93 614,395 36,820,692.35
1.03 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 42.22 853,815 36,048,069.30
0.96 CLF CLEVELAND-CLIFFS INC BYVZ186 20.27 1,662,208 33,692,956.16
0.88 MTZ MASTEC INC 2155306 100.21 308,599 30,924,705.79
0.88 WWD WOODWARD INC 2948089 117.84 260,023 30,641,110.32
0.87 LECO LINCOLN ELECTRIC HOLDINGS 2516851 123.64 245,964 30,410,988.96
0.86 WMS ADVANCED DRAINAG BP7RS59 102.36 294,447 30,139,594.92
0.78 AYI ACUITY BRANDS INC 2818461 178.52 151,937 27,123,793.24
0.77 EME EMCOR GROUP INC 2474164 118.41 228,479 27,054,198.39
0.75 TTEK TETRA TECH INC 2883890 116.17 224,928 26,129,885.76
0.73 MDU MDU RESOURCES GROUP INC 2547323 30.65 835,242 25,600,167.30
0.72 LPX LOUISIANA-PACIFIC CORP 2535243 55.76 454,289 25,331,154.64
0.71 BLD TOPBUILD CORP BZ0P3W2 179.93 138,461 24,913,287.73
0.71 AA ALCOA CORP BYNF418 32.08 775,739 24,885,707.12
0.68 RXN REXNORD CORP B4NPMX6 47.69 500,326 23,860,546.94
0.67 EXP EAGLE MATERIALS INC 2191399 136.05 172,576 23,478,964.80
0.60 CR CRANE CO 2231897 86.50 241,413 20,882,224.50
0.60 X UNITED STATES STEEL CORP 2824770 22.71 918,359 20,855,932.89
0.59 WCC WESCO INTERNATIONAL INC 2416973 98.76 209,277 20,668,196.52
0.56 ROLL RBC BEARINGS INC B0GLYB5 190.68 103,020 19,643,853.60
0.55 VMI VALMONT INDUSTRIES 2926825 220.33 87,244 19,222,470.52
0.53 EXPO EXPONENT INC 2330318 86.06 214,436 18,454,362.16
0.46 AIMC ALTRA INDUSTRIAL B1L82T2 59.94 269,350 16,144,839.00
0.45 ARNC ARCONIC CORP BKLJ8S9 34.31 453,788 15,569,466.28
0.44 SUM SUMMIT MATERIA-A BW9JPS4 32.20 476,481 15,342,688.20
0.43 CMC COMMERCIAL METALS CO 2213260 29.87 498,172 14,880,397.64
0.42 USCR US CONCRETE INC B4M8043 73.90 197,838 14,620,228.20
0.41 MTW MANITOWOC COMPANY INC BDFCGV4 22.53 631,365 14,224,653.45
0.39 HRI HERC HOLDINGS INC BZBZ020 102.45 131,664 13,488,976.80
0.38 HAYN HAYNES INTERNATIONAL INC B02WVH7 33.95 396,419 13,458,425.05
0.38 ATKR Atkore Inc BDHF495 67.51 198,141 13,376,498.91
0.36 TITN TITAN MACHINERY INC B29H3T5 29.97 423,063 12,679,198.11
0.36 MYRG MYR GROUP INC/DELAWARE B3CLS18 86.84 145,760 12,657,798.40
0.36 MRC MRC GLOBAL INC B7M66F1 9.68 1,293,449 12,520,586.32
0.35 TRN TRINITY INDUSTRIES INC 2904627 25.57 477,581 12,211,746.17
0.34 TEX TEREX CORP 2884224 40.92 286,455 11,721,738.60
0.33 CALX CALIX INC B3S4L67 42.61 271,442 11,566,143.62
0.33 BMI BADGER METER INC 2069128 92.35 123,883 11,440,595.05
0.32 GBX GREENBRIER COMPANIES INC 2387530 43.61 259,716 11,326,214.76
0.32 DNOW NOW INC BMH0MV1 9.74 1,161,999 11,317,870.26
0.32 ACA ARCOSA INC BGPZ5W8 56.07 200,216 11,226,111.12
0.32 ATI ALLEGHENY TECH 2526117 21.04 526,385 11,075,140.40
0.32 MTX MINERALS TECHNOLOGIES INC 2595612 76.70 143,583 11,012,816.10
0.31 GVA GRANITE CONSTRUCTION INC 2381189 37.82 283,595 10,725,562.90
0.31 FRTA FORTERRA INC BYT4SV7 23.52 454,924 10,699,812.48
0.30 MLI MUELLER INDUSTRIES INC 2609717 42.43 251,181 10,657,609.83
0.30 SPXC SPX CORP 2787185 57.10 185,887 10,614,147.70
0.30 IIIN INSTEEL INDUSTRIES INC 2325875 30.49 344,285 10,497,249.65
0.30 MWA MUELLER WATER-A B15RZR4 13.43 767,811 10,311,701.73
0.29 CMCO COLUMBUS MCKINNON CORP/NY 2211071 45.98 221,302 10,175,465.96
0.29 POWL POWELL INDUSTRIES INC 2697422 32.60 311,529 10,155,845.40
0.29 ROCK GIBRALTAR INDUSTRIES INC 2369226 73.38 137,999 10,126,366.62
0.28 AGX ARGAN INC 2804501 45.96 212,479 9,765,534.84
0.28 RYI RYERSON HOLDING CORP B3TPPZ6 14.13 684,682 9,674,556.66
0.27 GRC GORMAN-RUPP CO 2379281 33.42 285,382 9,537,466.44
0.27 HEES H&E EQUIPMENT SE B0WR848 31.71 299,998 9,512,936.58
0.27 CENX CENTURY ALUMINUM COMPANY 2186254 11.44 820,013 9,380,948.72
0.27 DY DYCOM INDUSTRIES INC 2289841 70.63 131,303 9,273,930.89
0.26 PRIM PRIMORIS SERVICES CORP B1GC200 29.16 309,842 9,034,992.72
0.25 STRL STERLING CONSTRUCTION CO 2632876 21.85 398,917 8,716,336.45
0.25 CSWI CSW INDUSTRIALS INC BYQD1J6 115.09 74,521 8,576,621.89
0.24 ROAD CONSTRUCTION P-A BDT5M66 29.06 293,420 8,526,785.20
0.24 NWPX NORTHWEST PIPE CO 2035925 28.75 293,531 8,439,016.25
0.24 WNC WABASH NATIONAL CORP 2932048 15.03 561,320 8,436,639.60
0.24 ASTE ASTEC INDUSTRIES INC 2060370 59.08 142,009 8,389,891.72
0.22 TPC TUTOR PERINI CORP 2681760 13.54 576,873 7,810,860.42
0.22 MTRX MATRIX SERVICE CO 2572068 10.77 712,598 7,674,680.46
0.21 WLDN WILLDAN GROUP INC B1HP598 39.02 186,694 7,284,799.88
0.19 CASH 1.00 6,731,447 6,731,447.31
0.18 TISI TEAM INC 2879123 7.59 850,635 6,456,319.65
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.