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 82 Infrastructure funds, based on risk-adjusted returns as of 06/30/2021

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.

1American Society of Engineers, Mar 2021

Fund Details As of 09/15/21

Key Facts

Ticker PAVE
Inception Date 03/06/17
CUSIP 37954Y673
ISIN US37954Y6730
Bloomberg Index Ticker IPAVE
Primary Exchange Cboe
Number of Holdings 98

Stats & Fees

Net Assets $4,479,628,146
Net Asset Value (NAV) $26.55
Shares Outstanding 168,700,000
Total Expense Ratio 0.47%

Distributions

30-Day SEC Yield 0.58%
Distribution Frequency Semi-Annually

Fund Prices As of 09/15/21

NAV $26.55 Daily Change $0.41 1.57%
Market Price $26.55 Daily Change $0.39 1.49%
30-Day Median Bid-Ask Spread 0.04%

Performance History

As of recent
(06/30/21)
As of recent
(06/30/21)
Fund NAV Market Price Index
1 Year 69.54% 69.34% 70.54%
3 Years 17.37% 17.36% 17.97%
Since Inception 14.00% 14.02% 14.55%
1 Year 60.38% 60.22% 61.36%
3 Years 17.37% 17.31% 17.96%
Since Inception 14.89% 14.88% 15.44%
Year-to-Date 21.44% 21.59% 21.87%
1 Month -2.64% -2.64% -2.59%
3 Months 3.04% 2.91% 3.17%
Since Inception 76.04% 76.18% 79.87%
Year-to-Date 28.52% 28.54% 29.09%
1 Month 2.91% 2.79% 2.96%
3 Months 3.03% 2.92% 3.18%
Since Inception 86.31% 86.24% 90.51%

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 09/15/21

Return on Equity 20.00%
Weighted Avg. Market Cap 30,938 M
2020 2021
Price-to-earnings 32.16 16.90
Price-to-book value 3.68 3.11

Source: AltaVista Research, LLC

Fund Risk Stats As of 09/15/21

Versus Beta
S&P 500 1.33
MSCI EAFE 1.34
MSCI Emg. Mkts 1.05
Standard Deviation 26.70%

Source: AltaVista Research, LLC

Sector Breakdown As of 08/31/21

% of Net Assets
Industrials 70.4
Materials 21.9
Utilities 3.3
Information Technology 2.9
Consumer Discretionary 0.8
Financials 0.7

Source: AltaVista Research, LLC

Top Holdings As of 09/15/21

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.70 NUE NUCOR CORP 2651086 109.63 1,511,187 165,671,430.81
3.26 ETN EATON CORP PLC B8KQN82 160.55 908,695 145,890,982.25
3.08 TT TRANE TECHNOLOGIES PLC BK9ZQ96 186.97 737,454 137,881,774.38
3.02 ROK ROCKWELL AUTOMATION INC 2754060 317.67 425,426 135,145,077.42
2.99 EMR EMERSON ELECTRIC CO 2313405 99.33 1,349,007 133,996,865.31
2.99 DE DEERE & CO 2261203 359.77 371,771 133,752,052.67
2.95 KSU KANSAS CITY SOUTHERN 2607647 281.48 468,836 131,967,957.28
2.84 SRE SEMPRA ENERGY 2138158 136.76 928,661 127,003,678.36
2.83 FAST FASTENAL CO 2332262 53.76 2,357,310 126,728,985.60
2.79 VMC VULCAN MATERIALS CO 2931205 174.98 713,992 124,934,320.16
2.75 URI UNITED RENTALS INC 2134781 341.60 361,150 123,368,840.00
2.71 FTV FORTIVE CORP BYT3MK1 74.70 1,622,315 121,186,930.50
2.64 PH PARKER HANNIFIN CORP 2671501 290.19 407,978 118,391,135.82
2.58 NSC NORFOLK SOUTHERN CORP 2641894 248.62 464,154 115,397,967.48
2.57 TRMB TRIMBLE INC 2903958 91.90 1,251,017 114,968,462.30
2.56 CSX CSX CORP 2160753 30.85 3,717,583 114,687,435.55
2.51 MLM MARTIN MARIETTA MATERIALS 2572079 361.29 311,753 112,633,241.37
2.49 UNP UNION PACIFIC CORP 2914734 204.25 545,438 111,405,711.50
1.98 J JACOBS ENGIN GRP 2469052 136.00 651,604 88,618,144.00
1.85 IEX IDEX CORP 2456612 219.13 377,471 82,715,220.23
1.82 PWR QUANTA SERVICES INC 2150204 118.17 690,322 81,575,350.74
1.55 HWM HOWMET AEROSPACE INC BKLJ8V2 32.01 2,174,583 69,608,401.83
1.53 STLD STEEL DYNAMICS INC 2849472 65.04 1,054,852 68,607,574.08
1.45 PNR PENTAIR PLC BLS09M3 77.77 834,509 64,899,764.93
1.44 GGG GRACO INC 2380443 76.54 840,586 64,338,452.44
1.25 WLK WESTLAKE CHEMICAL CORP B01ZP20 88.12 636,416 56,080,977.92
1.21 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 53.12 1,018,576 54,106,757.12
1.17 CSL CARLISLE COS INC 2176318 197.06 266,677 52,551,369.62
1.16 RPM RPM INTERNATIONAL INC 2756174 79.18 653,240 51,723,543.20
1.15 HUBB HUBBELL INC BDFG6S3 191.35 269,790 51,624,316.50
1.09 ACM AECOM B1VZ431 66.55 733,239 48,797,055.45
1.07 RS RELIANCE STEEL & ALUMINUM 2729068 150.09 318,443 47,795,109.87
1.07 AA ALCOA CORP BYNF418 51.68 924,294 47,767,513.92
1.02 CLF CLEVELAND-CLIFFS INC BYVZ186 23.02 1,980,926 45,600,916.52
0.90 LECO LINCOLN ELECTRIC HOLDINGS 2516851 134.45 299,126 40,217,490.70
0.88 TTEK TETRA TECH INC 2883890 146.43 268,144 39,264,325.92
0.85 WWD WOODWARD INC 2948089 122.39 311,342 38,105,147.38
0.85 RXN REXNORD CORP B4NPMX6 63.76 597,562 38,100,553.12
0.83 WMS ADVANCED DRAINAG BP7RS59 105.78 351,168 37,146,551.04
0.82 BLD TOPBUILD CORP BZ0P3W2 221.83 165,471 36,706,431.93
0.76 MTZ MASTEC INC 2155306 92.62 368,021 34,086,105.02
0.73 LPX LOUISIANA-PACIFIC CORP 2535243 60.81 540,721 32,881,244.01
0.72 EME EMCOR GROUP INC 2474164 118.04 271,695 32,070,877.80
0.69 AYI ACUITY BRANDS INC 2818461 171.00 181,648 31,061,808.00
0.69 MDU MDU RESOURCES GROUP INC 2547323 31.09 994,601 30,922,145.09
0.67 EXP EAGLE MATERIALS INC 2191399 143.61 210,384 30,213,246.24
0.67 EXPO EXPONENT INC 2330318 116.87 254,951 29,796,123.37
0.65 WCC WESCO INTERNATIONAL INC 2416973 115.77 249,792 28,918,419.84
0.63 X UNITED STATES STEEL CORP 2824770 25.67 1,093,924 28,081,029.08
0.62 ROLL RBC BEARINGS INC B0GLYB5 218.57 126,339 27,613,915.23
0.61 CR CRANE CO 2231897 95.29 287,330 27,379,675.70
0.60 VMI VALMONT INDUSTRIES 2926825 250.55 107,082 26,829,395.10
0.48 ATKR Atkore Inc BDHF495 90.75 235,955 21,412,916.25
0.46 HRI HERC HOLDINGS INC BZBZ020 127.53 162,751 20,755,635.03
0.42 MYRG MYR GROUP INC/DELAWARE B3CLS18 105.57 180,019 19,004,605.83
0.42 ARNC ARCONIC CORP BKLJ8S9 34.85 540,220 18,826,667.00
0.42 RYI RYERSON HOLDING CORP B3TPPZ6 22.93 814,330 18,672,586.90
0.41 CMC COMMERCIAL METALS CO 2213260 31.06 592,973 18,417,741.38
0.41 AIMC ALTRA INDUSTRIAL B1L82T2 57.31 320,669 18,377,540.39
0.40 SUM SUMMIT MATERIA-A BW9JPS4 31.73 568,315 18,032,634.95
0.40 HAYN HAYNES INTERNATIONAL INC B02WVH7 37.81 472,047 17,848,097.07
0.39 MTW MANITOWOC COMPANY INC BDFCGV4 22.47 782,358 17,579,584.26
0.35 TRN TRINITY INDUSTRIES INC 2904627 27.53 569,415 15,675,994.95
0.35 CALX CALIX INC B3S4L67 48.16 322,761 15,544,169.76
0.34 TEX TEREX CORP 2884224 45.26 340,741 15,421,937.66
0.34 BMI BADGER METER INC 2069128 103.39 148,192 15,321,570.88
0.33 MWA MUELLER WATER-A B15RZR4 16.16 916,366 14,808,474.56
0.32 IIIN INSTEEL INDUSTRIES INC 2325875 35.21 411,810 14,499,830.10
0.31 TITN TITAN MACHINERY INC B29H3T5 27.10 504,093 13,660,920.30
0.30 GVA GRANITE CONSTRUCTION INC 2381189 40.15 337,615 13,555,242.25
0.30 GBX GREENBRIER COMPANIES INC 2387530 43.34 311,035 13,480,256.90
0.30 CENX CENTURY ALUMINUM COMPANY 2186254 13.56 976,671 13,243,658.76
0.29 MLI MUELLER INDUSTRIES INC 2609717 43.29 299,799 12,978,298.71
0.29 FRTA FORTERRA INC BYT4SV7 23.74 541,356 12,851,791.44
0.28 GRC GORMAN-RUPP CO 2379281 37.12 339,402 12,598,602.24
0.28 MTX MINERALS TECHNOLOGIES INC 2595612 73.55 170,593 12,547,115.15
0.28 MRC MRC GLOBAL INC B7M66F1 8.10 1,541,941 12,489,722.10
0.28 SPXC SPX CORP 2787185 56.40 221,000 12,464,400.00
0.27 ROAD CONSTRUCTION P-A BDT5M66 34.93 350,141 12,230,425.13
0.27 HEES H&E EQUIPMENT SE B0WR848 33.53 356,985 11,969,707.05
0.27 CSWI CSW INDUSTRIALS INC BYQD1J6 127.84 92,789 11,862,145.76
0.26 ACA ARCOSA INC BGPZ5W8 49.45 238,030 11,770,583.50
0.26 CMCO COLUMBUS MCKINNON CORP/NY 2211071 44.00 264,518 11,638,792.00
0.25 ROCK GIBRALTAR INDUSTRIES INC 2369226 68.83 165,009 11,357,569.47
0.25 ATI ALLEGHENY TECH 2526117 17.95 626,588 11,247,254.60
0.25 DY DYCOM INDUSTRIES INC 2289841 71.02 155,612 11,051,564.24
0.25 AGX ARGAN INC 2804501 43.67 252,994 11,048,247.98
0.24 STRL STERLING CONSTRUCTION CO 2632876 22.73 474,811 10,792,454.03
0.22 DNOW NOW INC BMH0MV1 7.23 1,383,747 10,004,490.81
0.22 PRIM PRIMORIS SERVICES CORP B1GC200 26.17 369,264 9,663,638.88
0.22 WNC WABASH NATIONAL CORP 2932048 14.42 669,360 9,652,171.20
0.21 ASTE ASTEC INDUSTRIES INC 2060370 56.37 169,019 9,527,601.03
0.21 TPC TUTOR PERINI CORP 2681760 13.33 687,614 9,165,894.62
0.20 POWL POWELL INDUSTRIES INC 2697422 24.62 370,951 9,132,813.62
0.20 NWPX NORTHWEST PIPE CO 2035925 25.20 350,252 8,826,350.40
0.19 MTRX MATRIX SERVICE CO 2572068 9.91 850,349 8,426,958.59
0.18 CASH 1.00 8,058,784 8,058,783.70
0.17 WLDN WILLDAN GROUP INC B1HP598 34.38 221,807 7,625,724.66
0.08 TISI TEAM INC 2879123 3.64 1,012,961 3,687,178.04
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 6/30, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 82 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.