PAVE

U.S. Infrastructure Development ETF

Invest in PAVE

Morningstar Rating™ - Overall rating out of 88 Infrastructure funds, based on risk-adjusted returns as of 04/30/2022

Overview Prices & Performance Holdings & Characteristics Research Documents

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 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.

1American Society of Engineers, Mar 2021

Key Information As of 05/26/22

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $4.33 billion
NAV $25.54
Fact Sheet

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 05/26/22

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 169,530,000
Number of Holdings 99
30-Day Median Bid-Ask Spread 0.04%

Distributions As of 05/26/22

30-Day SEC Yield 0.71%
Distribution Frequency Semi-Annually
 Distribution History

ETF Prices As of 05/26/22

NAV $25.54 Daily Change $0.57 2.27%
Market Price $25.54 Daily Change $0.56 2.24%

Performance History

Premium Discount Chart
As of recent
(03/31/22)
As of recent
(03/31/22)
Fund NAV Market Price Index
1 Year 13.56% 13.42% 14.24%
3 Years 22.45% 22.45% 23.13%
5 Years 14.62% 14.56% 15.21%
Since Inception 13.97% 13.99% 14.55%
1 Year 2.53% 2.29% 3.10%
3 Years 17.64% 17.53% 18.28%
5 Years 13.09% 13.00% 13.67%
Since Inception 12.17% 12.14% 12.73%
Year-to-Date -1.77% -1.77% -1.55%
1 Month 5.61% 5.64% 5.66%
3 Months -1.77% -1.77% -1.55%
Since Inception 94.02% 94.16% 99.16%
Year-to-Date -8.55% -8.72% -8.34%
1 Month -6.90% -7.07% -6.90%
3 Months -0.11% -0.11% 0.04%
Since Inception 80.64% 80.43% 85.42%

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.

Top Holdings As of 05/26/22

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
4.40 NUE NUCOR CORP 2651086 133.07 1,430,816 190,398,685.12
3.76 SRE SEMPRA ENERGY 2138158 164.85 988,275 162,917,133.75
2.93 DE DEERE & CO 2261203 347.51 365,352 126,963,473.52
2.87 FAST FASTENAL CO 2332262 52.52 2,363,419 124,126,765.88
2.86 EMR EMERSON ELECTRIC CO 2313405 86.60 1,430,676 123,896,541.60
2.84 CSX CSX CORP 2160753 31.48 3,908,576 123,041,972.48
2.75 UNP UNION PACIFIC CORP 2914734 219.99 541,010 119,016,789.90
2.73 VMC VULCAN MATERIALS CO 2931205 164.28 718,400 118,018,752.00
2.69 MLM MARTIN MARIETTA MATERIALS 2572079 334.05 348,909 116,553,051.45
2.64 NSC NORFOLK SOUTHERN CORP 2641894 236.70 482,911 114,305,033.70
2.64 PH PARKER HANNIFIN CORP 2671501 268.01 426,268 114,244,086.68
2.62 ETN EATON CORP PLC B8KQN82 136.28 830,329 113,157,236.12
2.61 FTV FORTIVE CORP BYT3MK1 60.60 1,861,437 112,803,082.20
2.40 TT TRANE TECHNOLOGIES PLC BK9ZQ96 136.81 760,337 104,021,704.97
2.39 URI UNITED RENTALS INC 2134781 284.84 362,427 103,233,706.68
2.06 J JACOBS ENGIN GRP 2469052 137.89 645,332 88,984,829.48
2.01 ROK ROCKWELL AUTOMATION INC 2754060 204.74 425,190 87,053,400.60
1.99 PWR QUANTA SERVICES INC 2150204 120.63 713,151 86,027,405.13
1.95 TRMB TRIMBLE INC 2903958 67.14 1,256,173 84,339,455.22
1.94 STLD STEEL DYNAMICS INC 2849472 84.39 994,020 83,885,347.80
1.90 WLK Westlake Corporation B01ZP20 128.45 639,547 82,149,812.15
1.71 HWM HOWMET AEROSPACE INC BKLJ8V2 34.61 2,138,996 74,030,651.56
1.67 IEX IDEX CORP 2456612 189.11 381,153 72,079,843.83
1.51 CSL CARLISLE COS INC 2176318 251.00 260,186 65,306,686.00
1.47 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 66.27 959,392 63,578,907.84
1.43 RS RELIANCE STEEL & ALUMINUM 2729068 199.13 311,645 62,057,868.85
1.36 AA ALCOA CORP BYNF418 62.85 937,015 58,891,392.75
1.36 CLF CLEVELAND-CLIFFS INC BYVZ186 23.46 2,505,338 58,775,229.48
1.32 RPM RPM INTERNATIONAL INC 2756174 88.87 643,498 57,187,667.26
1.23 GGG GRACO INC 2380443 62.43 851,811 53,178,560.73
1.16 HUBB HUBBELL INC BDFG6S3 185.66 269,834 50,097,380.44
1.13 ACM AECOM B1VZ431 69.59 700,783 48,767,488.97
0.95 RRX REGAL REXNORD CORP 2730082 121.55 339,628 41,281,783.40
0.95 PNR PENTAIR PLC BLS09M3 50.30 819,911 41,241,523.30
0.91 LECO LINCOLN ELECTRIC HOLDINGS 2516851 133.44 293,499 39,164,506.56
0.88 WMS ADVANCED DRAINAG BP7RS59 108.36 353,025 38,253,789.00
0.81 TTEK TETRA TECH INC 2883890 130.13 270,846 35,245,189.98
0.81 X UNITED STATES STEEL CORP 2824770 25.69 1,355,553 34,824,156.57
0.76 BLD TOPBUILD CORP BZ0P3W2 197.91 165,029 32,660,889.39
0.72 WWD WOODWARD INC 2948089 100.02 312,667 31,272,953.34
0.71 MTZ MASTEC INC 2155306 83.09 367,820 30,562,163.80
0.70 AYI ACUITY BRANDS INC 2818461 174.96 174,206 30,479,081.76
0.70 WCC WESCO INTERNATIONAL INC 2416973 122.04 249,325 30,427,623.00
0.70 LPX LOUISIANA-PACIFIC CORP 2535243 69.61 435,700 30,329,077.00
0.65 EME EMCOR GROUP INC 2474164 105.93 263,775 27,941,685.75
0.63 CR CRANE HOLDINGS CO BQ7W2W6 93.90 291,537 27,375,324.30
0.63 MDU MDU RESOURCES GROUP INC 2547323 27.15 1,006,902 27,337,389.30
0.63 VMI VALMONT INDUSTRIES 2926825 258.22 105,599 27,267,773.78
0.61 EXP EAGLE MATERIALS INC 2191399 130.32 201,413 26,248,142.16
0.56 CMC COMMERCIAL METALS CO 2213260 40.47 600,494 24,301,992.18
0.56 ROLL RBC BEARINGS INC B0GLYB5 169.25 142,911 24,187,686.75
0.55 ATKR Atkore Inc BDHF495 103.98 228,611 23,770,971.78
0.54 TMST TIMKENSTEEL CORP BNBPMX1 23.78 986,895 23,468,363.10
0.54 EXPO EXPONENT INC 2330318 89.70 258,754 23,210,233.80
0.45 MRC MRC GLOBAL INC B7M66F1 11.19 1,753,544 19,622,157.36
0.44 RYI RYERSON HOLDING CORP B3TPPZ6 30.34 626,455 19,006,644.70
0.42 ATI ALLEGHENY TECH 2526117 27.05 679,009 18,367,193.45
0.39 HRI HERC HOLDINGS INC BZBZ020 116.60 146,203 17,047,269.80
0.38 ZWS ZURN WATER SOLUTIONS CORP BMV1ZD3 27.70 599,485 16,605,734.50
0.38 DNOW NOW INC BMH0MV1 10.92 1,500,151 16,381,648.92
0.38 SUM SUMMIT MATERIA-A BW9JPS4 27.36 597,669 16,352,223.84
0.37 NWPX NORTHWEST PIPE CO 2035925 34.06 471,011 16,042,634.66
0.37 CRS CARPENTER TECHNOLOGY 2177504 35.15 452,112 15,891,736.80
0.36 DY DYCOM INDUSTRIES INC 2289841 92.42 167,682 15,497,170.44
0.36 DXPE DXP ENTERPRISES INC 2276627 29.85 514,747 15,365,197.95
0.35 MLI MUELLER INDUSTRIES INC 2609717 53.83 283,178 15,243,471.74
0.35 ARNC ARCONIC CORP BKLJ8S9 27.94 544,706 15,219,085.64
0.34 ACA ARCOSA INC BGPZ5W8 52.59 276,447 14,538,347.73
0.34 ATCX ATLAS TECHNICAL BLM57V9 8.49 1,706,583 14,488,889.67
0.34 HAYN HAYNES INTERNATIONAL INC B02WVH7 38.96 371,834 14,486,652.64
0.33 AGX ARGAN INC 2804501 40.49 352,570 14,275,559.30
0.33 GBX GREENBRIER COMPANIES INC 2387530 40.35 349,205 14,090,421.75
0.31 MYRG MYR GROUP INC/DELAWARE B3CLS18 91.33 147,332 13,455,831.56
0.31 POWL POWELL INDUSTRIES INC 2697422 26.18 512,962 13,429,345.16
0.30 IIIN INSTEEL INDUSTRIES INC 2325875 39.82 330,798 13,172,376.36
0.30 ROAD CONSTRUCTION P-A BDT5M66 22.77 575,107 13,095,186.39
0.29 SPXC SPX CORP 2787185 50.03 254,266 12,720,927.98
0.29 STRL STERLING CONSTRUCTION CO 2632876 24.38 516,888 12,601,729.44
0.29 PRIM PRIMORIS SERVICES CORP B1GC200 23.92 524,375 12,543,050.00
0.29 CASH 1.00 12,505,798 12,505,797.53
0.29 MTX MINERALS TECHNOLOGIES INC 2595612 66.17 186,925 12,368,827.25
0.28 AIMC ALTRA INDUSTRIAL B1L82T2 38.04 321,919 12,245,798.76
0.28 CALX CALIX INC B3S4L67 36.65 330,547 12,114,547.55
0.28 CSWI CSW INDUSTRIALS INC BYQD1J6 105.85 114,327 12,101,512.95
0.28 MWA MUELLER WATER-A B15RZR4 11.86 1,017,788 12,070,965.68
0.28 TEX TEREX CORP 2884224 34.98 343,433 12,013,286.34
0.28 GVA GRANITE CONSTRUCTION INC 2381189 32.55 366,195 11,919,647.25
0.27 TITN TITAN MACHINERY INC B29H3T5 26.81 439,659 11,787,257.79
0.27 TRN TRINITY INDUSTRIES INC 2904627 24.27 480,270 11,656,152.90
0.27 TPC TUTOR PERINI CORP 2681760 10.05 1,152,019 11,577,790.95
0.26 WLDN WILLDAN GROUP INC B1HP598 26.54 428,852 11,381,732.08
0.26 BMI BADGER METER INC 2069128 76.39 148,858 11,371,262.62
0.26 HEES H&E EQUIPMENT SE B0WR848 35.27 319,542 11,270,246.34
0.25 CTOS CUSTOM TRUCK ONE BL66YS4 5.96 1,788,655 10,660,383.80
0.23 WNC WABASH NATIONAL CORP 2932048 15.09 672,164 10,142,954.76
0.23 CENX CENTURY ALUMINUM COMPANY 2186254 11.76 830,659 9,768,549.84
0.23 ROCK GIBRALTAR INDUSTRIES INC 2369226 41.73 233,273 9,734,482.29
0.22 ASTE ASTEC INDUSTRIES INC 2060370 46.40 204,836 9,504,390.40
0.22 GRC GORMAN-RUPP CO 2379281 28.89 327,919 9,473,579.91
0.20 CMCO COLUMBUS MCKINNON CORP/NY 2211071 30.45 281,890 8,583,550.50
Holdings are subject to change.

Sector Breakdown As of 04/30/22

Sector Weight (%)
Industrials 66.7
Materials 25.8
Utilities 4.2
Information Technology 2.5
Consumer Discretionary 0.7
Financials 0.3

Source: AltaVista Research, LLC

ETF Characteristics As of 05/26/22

Return on Equity 21.70%
Weighted Avg. Market Cap 29,740 M
2021 2022
Price-to-earnings 14.53 12.35
Price-to-book value 2.96 2.45

Source: AltaVista Research, LLC

ETF Risk Stats As of 05/26/22

Versus Beta
S&P 500 1.24
MSCI EAFE 1.26
MSCI Emg. Mkts 0.99
Standard Deviation 25.50%

Source: AltaVista Research, LLC

ETF Research

What’s Next for Infrastructure Spending?

Read More

What the Infrastructure Investment & Jobs Act Means for Infrastructure Investors

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Four Companies That Could Help Develop Infrastructure in the United States

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View More Related Research

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. Read MoreExchange-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 4/30, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 88 during the last 3 years, 75 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.

© 2022 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.

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