PAVE


U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 87 Infrastructure funds, based on risk-adjusted returns as of 10/31/2022

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 11/28/22

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $3.66 billion
NAV $27.27
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 11/28/22

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 134,320,000
Number of Holdings 99
30-Day Median Bid-Ask Spread 0.04%

Distributions As of 11/28/22

30-Day SEC Yield 0.85%
Distribution Frequency Semi-Annually

ETF Prices As of 11/28/22

NAV $27.27 Daily Change -$0.57 -2.06%
Market Price $27.27 Daily Change -$0.56 -2.01%

Performance History

As of recent
(09/30/22)
As of recent
(09/30/22)
Fund NAV Market Price Index
1 Year -8.57% -8.61% -8.07%
3 Years 13.14% 13.14% 13.74%
5 Years 9.15% 9.10% 9.70%
Since Inception 8.66% 8.66% 9.21%
1 Year -5.68% -5.64% -5.12%
3 Years 16.58% 16.66% 17.21%
5 Years 11.43% 11.40% 11.99%
Since Inception 10.76% 10.78% 11.33%
Year-to-Date -19.56% -19.62% -19.24%
1 Month -9.78% -9.82% -9.78%
3 Months 1.36% 1.27% 1.42%
Since Inception 58.88% 58.88% 63.37%
Year-to-Date -9.73% -9.72% -9.28%
1 Month 12.23% 12.32% 12.34%
3 Months -1.60% -1.48% -1.49%
Since Inception 78.31% 78.45% 83.53%

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 11/28/22

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
4.58 NUE NUCOR CORP 2651086 147.53 1,138,566 167,972,641.98
3.49 SRE SEMPRA ENERGY 2138158 163.08 786,009 128,182,347.72
3.48 DE DEERE & CO 2261203 441.21 289,762 127,845,892.02
2.93 ETN EATON CORP PLC B8KQN82 162.55 660,647 107,388,169.85
2.93 EMR EMERSON ELECTRIC CO 2313405 94.22 1,139,471 107,360,957.62
2.88 TT TRANE TECHNOLOGIES PLC BK9ZQ96 174.39 605,932 105,668,481.48
2.79 VMC VULCAN MATERIALS CO 2931205 179.68 570,070 102,430,177.60
2.72 URI UNITED RENTALS INC 2134781 347.59 287,597 99,965,841.23
2.72 PH PARKER HANNIFIN CORP 2671501 295.07 338,201 99,792,969.07
2.70 MLM MARTIN MARIETTA MATERIALS 2572079 359.41 275,661 99,075,320.01
2.68 CSX CSX CORP 2160753 31.60 3,109,348 98,255,396.80
2.64 FTV FORTIVE CORP BYT3MK1 65.58 1,477,757 96,911,304.06
2.62 FAST FASTENAL CO 2332262 51.19 1,875,425 96,003,005.75
2.60 NSC NORFOLK SOUTHERN CORP 2641894 248.55 383,912 95,421,327.60
2.45 UNP UNION PACIFIC CORP 2914734 208.52 430,344 89,735,330.88
2.40 ROK ROCKWELL AUTOMATION INC 2754060 260.71 337,990 88,117,372.90
2.22 STLD STEEL DYNAMICS INC 2849472 102.88 791,716 81,451,742.08
2.22 PWR QUANTA SERVICES INC 2150204 143.56 566,655 81,348,991.80
1.91 IEX IDEX CORP 2456612 231.83 302,104 70,036,770.32
1.72 HWM HOWMET AEROSPACE INC BKLJ8V2 37.03 1,699,508 62,932,781.24
1.70 J JACOBS SOLUTIONS INC BNGC0D3 121.77 512,788 62,442,194.76
1.56 TRMB TRIMBLE INC 2903958 57.46 998,061 57,348,585.06
1.46 CSL CARLISLE COS INC 2176318 257.25 208,886 53,735,923.50
1.46 HUBB HUBBELL INC BDFG6S3 248.39 215,940 53,637,336.60
1.43 RPM RPM INTERNATIONAL INC 2756174 101.93 515,188 52,513,112.84
1.42 RS RELIANCE STEEL & ALUMINUM 2729068 207.88 250,204 52,012,407.52
1.41 WLK Westlake Corporation B01ZP20 102.24 507,003 51,835,986.72
1.29 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 62.00 764,064 47,371,968.00
1.27 GGG GRACO INC 2380443 68.59 677,411 46,463,620.49
1.26 ACM AECOM B1VZ431 82.49 559,125 46,122,221.25
0.94 AA ALCOA CORP BYNF418 46.43 745,175 34,598,475.25
0.93 LECO LINCOLN ELECTRIC HOLDINGS 2516851 145.54 235,505 34,275,397.70
0.93 RRX REGAL REXNORD CORP 2730082 126.52 269,868 34,143,699.36
0.89 TTEK TETRA TECH INC 2883890 152.55 215,038 32,804,046.90
0.88 EME EMCOR GROUP INC 2474164 152.81 210,484 32,164,060.04
0.82 CLF CLEVELAND-CLIFFS INC BYVZ186 15.08 1,992,602 30,048,438.16
0.80 PNR PENTAIR PLC BLS09M3 44.53 655,290 29,180,063.70
0.77 VMI VALMONT INDUSTRIES 2926825 333.25 84,671 28,216,610.75
0.75 X UNITED STATES STEEL CORP 2824770 25.48 1,076,513 27,429,551.24
0.72 RBC RBC BEARINGS INC B0GLYB5 234.97 112,623 26,463,026.31
0.72 WMS ADVANCED DRAINAG BP7RS59 93.25 282,408 26,334,546.00
0.71 AYI ACUITY BRANDS INC 2818461 187.26 139,326 26,090,186.76
0.69 MTZ MASTEC INC 2155306 86.58 294,051 25,458,935.58
0.68 MDU MDU RESOURCES GROUP INC 2547323 31.05 805,208 25,001,708.40
0.67 WCC WESCO INTERNATIONAL INC 2416973 124.01 199,242 24,708,000.42
0.66 CR CRANE HOLDINGS CO BQ7W2W6 104.83 232,241 24,345,824.03
0.64 WWD WOODWARD INC 2948089 94.53 248,488 23,489,570.64
0.62 CMC COMMERCIAL METALS CO 2213260 47.71 480,286 22,914,445.06
0.59 LPX LOUISIANA-PACIFIC CORP 2535243 61.62 348,383 21,467,360.46
0.58 EXP EAGLE MATERIALS INC 2191399 132.67 161,042 21,365,442.14
0.58 ATKR Atkore Inc BDHF495 115.69 182,346 21,095,608.74
0.57 EXPO EXPONENT INC 2330318 100.88 206,434 20,825,061.92
0.52 BLD TOPBUILD CORP BZ0P3W2 146.73 130,149 19,096,762.77
0.46 CALX CALIX INC B3S4L67 66.07 252,751 16,699,258.57
0.44 MRC MRC GLOBAL INC B7M66F1 11.49 1,404,119 16,133,327.31
0.41 ATI ATI Inc 2526117 27.98 542,977 15,192,496.46
0.41 MLI MUELLER INDUSTRIES INC 2609717 67.77 223,882 15,172,483.14
0.41 HRI HERC HOLDINGS INC BZBZ020 128.89 116,360 14,997,640.40
0.41 AIMC ALTRA INDUSTRIAL B1L82T2 58.16 255,647 14,868,429.52
0.40 RYI RYERSON HOLDING CORP B3TPPZ6 29.12 502,722 14,639,264.64
0.39 TMST TIMKENSTEEL CORP BNBPMX1 18.21 791,924 14,420,936.04
0.39 CRS CARPENTER TECHNOLOGY 2177504 39.71 362,505 14,395,073.55
0.39 DNOW NOW INC BMH0MV1 12.06 1,186,231 14,305,945.86
0.39 HAYN HAYNES INTERNATIONAL INC B02WVH7 48.21 295,098 14,226,674.58
0.39 SUM SUMMIT MATERIA-A BW9JPS4 29.72 475,589 14,134,505.08
0.37 NWPX NORTHWEST PIPE CO 2035925 36.65 373,347 13,683,167.55
0.37 SPXC SPX TECHNOLOGIES INC BQ1L7V3 67.57 201,946 13,645,491.22
0.37 WNC WABASH NATIONAL CORP 2932048 25.41 532,644 13,534,484.04
0.36 BMI BADGER METER INC 2069128 113.54 117,466 13,337,089.64
0.36 STRL STERLING INFRAST 2632876 32.14 412,248 13,249,650.72
0.35 ACA ARCOSA INC BGPZ5W8 58.29 220,639 12,861,047.31
0.34 ROAD CONSTRUCTION P-A BDT5M66 27.50 456,515 12,554,162.50
0.34 TITN TITAN MACHINERY INC B29H3T5 35.45 348,971 12,371,021.95
0.33 TEX TEREX CORP 2884224 44.38 270,185 11,990,810.30
0.32 DY DYCOM INDUSTRIES INC 2289841 89.17 132,802 11,841,954.34
0.31 TRN TRINITY INDUSTRIES INC 2904627 29.96 379,118 11,358,375.28
0.31 ZWS Zurn Elkay Water Solution BMV1ZD3 23.81 473,917 11,283,963.77
0.30 MYRG MYR GROUP INC/DELAWARE B3CLS18 93.98 115,940 10,896,041.20
0.29 CSWI CSW INDUSTRIALS INC BYQD1J6 118.15 89,911 10,622,984.65
0.28 POWL POWELL INDUSTRIES INC 2697422 25.69 404,834 10,400,185.46
0.28 GBX GREENBRIER COMPANIES INC 2387530 37.63 275,957 10,384,261.91
0.28 DXPE DXP ENTERPRISES INC 2276627 25.19 411,903 10,375,836.57
0.28 HEES H&E EQUIPMENT SE B0WR848 40.93 253,270 10,366,341.10
0.28 AGX ARGAN INC 2804501 37.09 279,322 10,360,052.98
0.27 GVA GRANITE CONSTRUCTION INC 2381189 34.52 289,459 9,992,124.68
0.26 CTOS CUSTOM TRUCK ONE BL66YS4 6.78 1,415,439 9,596,676.42
0.25 MWA MUELLER WATER-A B15RZR4 11.44 805,020 9,209,428.80
0.25 ROCK GIBRALTAR INDUSTRIES INC 2369226 49.18 184,441 9,070,808.38
0.24 ARNC ARCONIC CORP BKLJ8S9 21.65 404,791 8,763,725.15
0.24 PRIM PRIMORIS SERVICES CORP B1GC200 20.83 416,247 8,670,425.01
0.23 MTX MINERALS TECHNOLOGIES INC 2595612 56.64 148,557 8,414,268.48
0.21 CASH 1.00 7,586,218 7,586,218.28
0.20 IIIN INSTEEL INDUSTRIES INC 2325875 28.50 261,038 7,439,583.00
0.19 ASTE ASTEC INDUSTRIES INC 2060370 43.29 162,980 7,055,404.20
0.19 GRC GORMAN-RUPP CO 2379281 27.11 258,159 6,998,690.49
0.19 ATCX ATLAS TECHNICAL BLM57V9 5.15 1,357,783 6,992,582.45
0.19 CMCO COLUMBUS MCKINNON CORP/NY 2211071 31.12 222,594 6,927,125.28
0.18 TPC TUTOR PERINI CORP 2681760 7.31 911,347 6,661,946.57
0.16 WLDN WILLDAN GROUP INC B1HP598 16.83 338,164 5,691,300.12
0.14 CENX CENTURY ALUMINUM COMPANY 2186254 8.02 659,747 5,291,170.94
Holdings are subject to change.

Sector Breakdown As of 10/31/22

Sector Weight (%)
Industrials 69.2
Materials 23.1
Utilities 4.1
Information Technology 2.6
Consumer Discretionary 0.6
Financials 0.3
Other/Cash 0.1

Source: AltaVista Research, LLC

ETF Characteristics As of 11/28/22

Return on Equity 22.00%
Weighted Avg. Market Cap 24,785 M
2021 2022
Price-to-earnings 15.46 12.93
Price-to-book value 3.15 2.59

Source: AltaVista Research, LLC

ETF Risk Stats As of 10/31/22

Versus Beta
S&P 500 1.23
MSCI EAFE 1.27
MSCI Emg. Mkts 0.93
Standard Deviation 27.80%

Source: AltaVista Research, LLC

ETF Research

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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 10/31, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 87 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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