PAVE


U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 92 Infrastructure funds, based on risk-adjusted returns as of 03/31/2024

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 Long-Term Catalysts

America is committed to improving its aging infrastructure. The Infrastructure Investment and Jobs Act, Inflation Reduction Act, and CHIPS and Science Act appropriated nearly $1tn to fund critical infrastructure projects.

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 04/12/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $7.42 billion
NAV $38.37
Fact Sheet View the document

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 04/11/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 193,470,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 04/12/24

30-Day SEC Yield 0.61%
Distribution Frequency Semi-Annually

ETF Prices As of 04/12/24

NAV $38.37 Daily Change -$0.47 -1.21%
Market Price $38.36 Daily Change -$0.47 -1.21%

Performance History

As of recent month & quarter-end (03/31/24)
As of recent month & quarter-end (03/31/24)
Fund NAV Market Price Index
1 Year 41.47% 41.42% 42.56%
3 Years 17.58% 17.50% 18.29%
5 Years 21.32% 21.30% 22.02%
Since Inception 15.53% 15.53% 16.16%
1 Year 41.47% 41.42% 42.56%
3 Years 17.58% 17.50% 18.29%
5 Years 21.32% 21.30% 22.02%
Since Inception 15.53% 15.53% 16.16%
Year-to-Date 15.59% 15.53% 15.73%
1 Month 5.54% 5.54% 5.56%
3 Months 15.59% 15.53% 15.73%
Since Inception 177.69% 177.69% 188.59%
Year-to-Date 15.59% 15.53% 15.73%
1 Month 5.54% 5.54% 5.56%
3 Months 15.59% 15.53% 15.73%
Since Inception 177.69% 177.69% 188.59%

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 04/12/24

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.49 ETN EATON CORP PLC B8KQN82 318.50 812,992 258,937,952.00
3.20 MLM MARTIN MARIETTA MATERIALS 2572079 602.11 395,024 237,847,900.64
3.14 EMR EMERSON ELECTRIC CO 2313405 112.65 2,067,067 232,855,097.55
3.13 PH PARKER HANNIFIN CORP 2671501 550.32 422,376 232,441,960.32
3.13 TT TRANE TECHNOLOGIES PLC BK9ZQ96 296.96 781,420 232,050,483.20
3.12 URI UNITED RENTALS INC 2134781 674.81 342,727 231,275,606.87
3.02 NUE NUCOR CORP 2651086 194.53 1,151,892 224,077,550.76
2.96 PWR QUANTA SERVICES INC 2150204 254.69 863,362 219,889,667.78
2.79 VMC VULCAN MATERIALS CO 2931205 262.78 789,274 207,405,421.72
2.73 DE DEERE & CO 2261203 397.27 510,351 202,747,141.77
2.71 NSC NORFOLK SOUTHERN CORP 2641894 245.74 817,941 201,000,821.34
2.70 FAST FASTENAL CO 2332262 70.45 2,847,344 200,595,384.80
2.70 CSX CSX CORP 2160753 35.34 5,672,944 200,481,840.96
2.57 UNP UNION PACIFIC CORP 2914734 234.40 813,392 190,659,084.80
2.55 SRE SEMPRA 2138158 68.69 2,758,603 189,488,440.07
2.50 ROK ROCKWELL AUTOMATION INC 2754060 284.82 650,442 185,258,890.44
2.32 FTV FORTIVE CORP BYT3MK1 82.41 2,086,595 171,956,293.95
2.11 HWM HOWMET AEROSPACE INC BKLJ8V2 64.00 2,443,547 156,387,008.00
1.87 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 189.53 731,129 138,570,879.37
1.82 STLD STEEL DYNAMICS INC 2849472 140.63 959,428 134,924,359.64
1.72 HUBB HUBBELL INC BDFG6S3 401.74 317,696 127,631,191.04
1.57 WLK Westlake Corporation B01ZP20 153.46 760,313 116,677,632.98
1.50 RS RELIANCE INC 2729068 325.53 341,320 111,109,899.60
1.46 J JACOBS SOLUTIONS INC BNGC0D3 144.65 748,695 108,298,731.75
1.45 CSL CARLISLE COS INC 2176318 373.14 288,419 107,620,665.66
1.40 IEX IDEX CORP 2456612 232.67 448,087 104,256,402.29
1.32 EME EMCOR GROUP INC 2474164 351.63 277,969 97,742,239.47
1.21 GGG GRACO INC 2380443 89.47 999,792 89,451,390.24
1.20 TRMB TRIMBLE INC 2903958 60.54 1,476,460 89,384,888.40
1.12 RPM RPM INTERNATIONAL INC 2756174 108.45 763,878 82,842,569.10
1.09 LECO LINCOLN ELECTRIC HOLDINGS 2516851 238.60 339,765 81,067,929.00
1.07 PNR PENTAIR PLC BLS09M3 81.10 978,912 79,389,763.20
1.06 BLD TOPBUILD CORP BZ0P3W2 418.00 188,697 78,875,346.00
1.02 WMS ADVANCED DRAINAG BP7RS59 163.94 461,087 75,590,602.78
1.02 ACM AECOM B1VZ431 93.61 805,471 75,400,140.31
0.87 CLF CLEVELAND-CLIFFS INC BYVZ186 21.64 2,986,501 64,627,881.64
0.86 RRX REGAL REXNORD CORP 2730082 163.09 392,676 64,041,528.84
0.82 TTEK TETRA TECH INC 2883890 192.00 315,008 60,481,536.00
0.73 X UNITED STATES STEEL CORP 2824770 41.33 1,318,748 54,503,854.84
0.71 EXP EAGLE MATERIALS INC 2191399 254.90 206,988 52,761,241.20
0.70 WWD WOODWARD INC 2948089 146.53 355,944 52,156,474.32
0.66 WCC WESCO INTERNATIONAL INC 2416973 161.56 302,874 48,932,323.44
0.63 AYI ACUITY BRANDS INC 2818461 257.58 181,655 46,790,694.90
0.61 CR CRANE CO BNYD4F8 134.85 334,441 45,099,368.85
0.59 RBC RBC BEARINGS INC B0GLYB5 254.74 172,102 43,841,263.48
0.55 MTZ MASTEC INC 2155306 87.96 464,450 40,853,022.00
0.52 ATI ATI Inc 2526117 51.64 752,177 38,842,420.28
0.51 CMC COMMERCIAL METALS CO 2213260 55.20 687,891 37,971,583.20
0.51 ATKR Atkore Inc BDHF495 171.57 219,976 37,741,282.32
0.50 AA ALCOA CORP BYNF418 35.20 1,053,567 37,085,558.40
0.47 MLI MUELLER INDUSTRIES INC 2609717 51.72 680,223 35,181,133.56
0.45 DXPE DXP ENTERPRISES INC 2276627 54.02 615,344 33,240,882.88
0.44 ZWS Zurn Elkay Water Solution BMV1ZD3 31.91 1,025,030 32,708,707.30
0.44 LPX LOUISIANA-PACIFIC CORP 2535243 76.77 424,832 32,614,352.64
0.44 SPXC SPX TECHNOLOGIES INC BQ1L7V3 120.76 269,094 32,495,791.44
0.43 POWL POWELL INDUSTRIES INC 2697422 125.95 254,924 32,107,677.80
0.43 TPC TUTOR PERINI CORP 2681760 13.86 2,308,933 32,001,811.38
0.41 MDU MDU RESOURCES GROUP INC 2547323 24.19 1,250,087 30,239,604.53
0.40 SUM SUMMIT MATERIA-A BW9JPS4 41.03 729,067 29,913,619.01
0.39 DNOW DNOW INC BMH0MV1 14.64 1,989,690 29,129,061.60
0.39 STRL STERLING INFRAST 2632876 104.89 274,511 28,793,458.79
0.39 CENX CENTURY ALUMINUM COMPANY 2186254 16.48 1,740,445 28,682,533.60
0.37 PRIM PRIMORIS SERVICES CORP B1GC200 45.50 607,562 27,644,071.00
0.37 BMI BADGER METER INC 2069128 152.91 179,806 27,494,135.46
0.36 KNF KNIFE RIVER CORP BPLL4V5 81.45 331,958 27,037,979.10
0.36 VMI VALMONT INDUSTRIES 2926825 217.40 122,890 26,716,286.00
0.36 AGX ARGAN INC 2804501 59.77 446,253 26,672,541.81
0.36 HRI HERC HOLDINGS INC BZBZ020 157.85 167,414 26,426,299.90
0.35 ROAD CONSTRUCTION P-A BDT5M66 55.71 471,411 26,262,306.81
0.34 TEX TEREX CORP 2884224 63.37 397,381 25,182,033.97
0.34 USLM US LIME & MINERA 2724115 292.71 85,290 24,965,235.90
0.34 DY DYCOM INDUSTRIES INC 2289841 137.78 180,270 24,837,600.60
0.33 EXPO EXPONENT INC 2330318 78.39 310,112 24,309,679.68
0.33 MYRG MYR GROUP INC/DELAWARE B3CLS18 169.36 142,471 24,128,888.56
0.33 GVA GRANITE CONSTRUCTION INC 2381189 55.34 435,802 24,117,282.68
0.32 HEES H&E EQUIPMENT SE B0WR848 61.99 385,245 23,881,337.55
0.32 ASTE ASTEC INDUSTRIES INC 2060370 42.49 560,332 23,808,506.68
0.31 ACA ARCOSA INC BGPZ5W8 80.58 287,145 23,138,144.10
0.31 MRC MRC GLOBAL INC B7M66F1 12.08 1,889,113 22,820,485.04
0.31 GRC GORMAN-RUPP CO 2379281 36.68 620,727 22,768,266.36
0.30 NWPX NORTHWEST PIPE CO 2035925 32.88 686,375 22,568,010.00
0.30 CRS CARPENTER TECHNOLOGY 2177504 77.50 290,425 22,507,937.50
0.30 HAYN HAYNES INTERNATIONAL INC B02WVH7 60.66 369,198 22,395,550.68
0.30 GBX GREENBRIER COMPANIES INC 2387530 52.21 427,509 22,320,244.89
0.30 CSWI CSW INDUSTRIALS INC BYQD1J6 236.03 92,855 21,916,565.65
0.29 CMCO COLUMBUS MCKINNON CORP/NY 2211071 41.74 521,492 21,767,076.08
0.29 MWA MUELLER WATER-A B15RZR4 15.17 1,406,985 21,343,962.45
0.28 CXT CRANE NXT CO BQ7W2W6 60.91 346,651 21,114,512.41
0.28 MTX MINERALS TECHNOLOGIES INC 2595612 71.19 295,278 21,020,840.82
0.28 MTUS METALLUS INC BNBPMX1 21.61 963,323 20,817,410.03
0.28 MTRN MATERION CORP 2149622 125.44 165,612 20,774,369.28
0.28 IIIN INSTEEL INDUSTRIES INC 2325875 34.42 602,514 20,738,531.88
0.28 WNC WABASH NATIONAL CORP 2932048 26.74 773,288 20,677,721.12
0.28 TRN TRINITY INDUSTRIES INC 2904627 26.86 766,773 20,595,522.78
0.26 RYI RYERSON HOLDING CORP B3TPPZ6 32.63 582,595 19,010,074.85
0.25 ROCK GIBRALTAR INDUSTRIES INC 2369226 74.19 246,702 18,302,821.38
0.23 CTOS CUSTOM TRUCK ONE BL66YS4 5.65 3,076,900 17,384,485.00
0.23 TITN TITAN MACHINERY INC B29H3T5 23.39 732,999 17,144,846.61
0.18 CALX CALIX INC B3S4L67 30.29 440,993 13,357,677.97
0.08 CASH 1.00 6,080,581 6,080,581.47
0.04 OTHER PAYABLE & RECEIVABLES 1.00 2,824,678 2,824,678.46
0.00 ESM4 INDEX S&P500 EMINI FUT JUN24 258,375.00 1 258,375.00
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 03/31/24

Sector Weight (%)
Industrials 71.6
Materials 22.3
Utilities 3.0
Information Technology 1.8
Consumer Discretionary 1.1
Financials 0.2

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Electrical Products 12.5
Engineering & Construction 10.6
Industrial Machinery 10.4
Steel 10.3
Railroads 8.2
Construction Materials 7.2
Trucks/Construction/Farm Machinery 4.9
Wholesale Distributors 4.6
Finance/Rental/Leasing 4.1
Miscellaneous Manufacturing 3.7
Electronic Equipment/Instruments 3.6
Other 19.9

Source: new windowAltaVista Research, LLC

All Sector, Industry and Geographic breakdowns, where provided, are based on equity positions held by the ETF and exclude cash, currencies, and other holdings.

ETF Characteristics As of 04/11/24

Return on Equity 15.90%
Weighted Avg. Market Cap 38,477 M
2023 2024
Price-to-earnings 21.07 19.86
Price-to-book value 3.36 2.97

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 03/31/24

Versus Beta
S&P 500 1.25
NASDAQ-100 0.85
MSCI EAFE 1.19
MSCI Emg. Mkts 0.76
Standard Deviation 24.50%

Source: new windowAltaVista Research, LLC

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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. 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 03/31, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 92 during the last 3 years, 83 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.

© 2023 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.