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PAVE

U.S. Infrastructure Development ETF

Invest in PAVE

Morningstar Rating™ - Overall rating out of 90 Infrastructure funds, based on risk-adjusted returns as of 02/28/2023

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

The Infrastructure Investment and Jobs Act (2021) and the Inflation Reduction Act (2022) directed unprecedented levels of federal spending. But the scale and long-term nature of this issue will require additional investment from state and local governments, as well as public-private partnerships.

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 03/30/23

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $3.98 billion
NAV $27.93
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 03/30/23

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 142,460,000
Number of Holdings 97
30-Day Median Bid-Ask Spread 0.04%

Distributions As of 03/30/23

30-Day SEC Yield 0.81%
Distribution Frequency Semi-Annually
 Distribution History

ETF Prices As of 03/30/23

NAV $27.93 Daily Change $0.08 0.29%
Market Price $27.92 Daily Change $0.06 0.22%

Performance History

Premium Discount Chart
As of recent
(12/31/22)
As of recent
(12/31/22)
Fund NAV Market Price Index
1 Year -7.08% -7.18% -6.55%
3 Years 15.00% 14.92% 15.62%
5 Years 10.39% 10.32% 10.95%
Since Inception 10.99% 10.98% 11.55%
1 Year 10.08% 10.00% 10.63%
3 Years 24.00% 23.90% 24.68%
5 Years 13.20% 13.12% 13.78%
Since Inception 12.49% 12.48% 13.06%
Year-to-Date -7.08% -7.18% -6.55%
1 Month -4.65% -4.69% -4.62%
3 Months 15.52% 15.48% 15.72%
Since Inception 83.55% 83.48% 89.05%
Year-to-Date 10.19% 10.19% 10.30%
1 Month 0.83% 0.86% 0.88%
3 Months 5.06% 5.03% 5.21%
Since Inception 102.25% 102.18% 108.52%

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 03/30/23

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.27 PH PARKER HANNIFIN CORP 2671501 336.57 386,278 130,009,586.46
3.26 FAST FASTENAL CO 2332262 52.82 2,457,726 129,817,087.32
3.24 TT TRANE TECHNOLOGIES PLC BK9ZQ96 182.91 704,349 128,832,475.59
3.22 ETN EATON CORP PLC B8KQN82 169.09 757,654 128,111,714.86
3.16 ROK ROCKWELL AUTOMATION INC 2754060 287.53 436,837 125,603,742.61
2.98 DE DEERE & CO 2261203 403.70 294,128 118,739,473.60
2.98 URI UNITED RENTALS INC 2134781 386.20 307,112 118,606,654.40
2.98 NUE NUCOR CORP 2651086 151.36 782,610 118,455,849.60
2.91 EMR EMERSON ELECTRIC CO 2313405 85.59 1,352,865 115,791,715.35
2.86 UNP UNION PACIFIC CORP 2914734 198.36 573,013 113,662,858.68
2.85 SRE SEMPRA ENERGY 2138158 149.56 758,516 113,443,652.96
2.79 CSX CSX CORP 2160753 29.50 3,756,775 110,824,862.50
2.60 FTV FORTIVE CORP BYT3MK1 67.34 1,534,244 103,315,990.96
2.59 PWR QUANTA SERVICES INC 2150204 166.52 619,701 103,192,610.52
2.46 VMC VULCAN MATERIALS CO 2931205 170.14 576,360 98,061,890.40
2.46 NSC NORFOLK SOUTHERN CORP 2641894 208.84 469,524 98,055,392.16
2.37 MLM MARTIN MARIETTA MATERIALS 2572079 350.50 269,247 94,371,073.50
2.13 STLD STEEL DYNAMICS INC 2849472 111.35 761,369 84,778,438.15
1.89 HWM HOWMET AEROSPACE INC BKLJ8V2 41.94 1,794,021 75,241,240.74
1.87 IEX IDEX CORP 2456612 226.96 327,055 74,228,402.80
1.61 RS RELIANCE STEEL & ALUMINUM 2729068 250.90 254,502 63,854,551.80
1.60 J JACOBS SOLUTIONS INC BNGC0D3 116.16 549,017 63,773,814.72
1.58 WLK Westlake Corporation B01ZP20 113.67 553,047 62,864,852.49
1.41 HUBB HUBBELL INC BDFG6S3 240.16 232,906 55,934,704.96
1.38 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 86.25 636,548 54,902,265.00
1.38 TRMB TRIMBLE INC 2903958 51.31 1,069,469 54,874,454.39
1.31 GGG GRACO INC 2380443 71.75 728,974 52,303,884.50
1.27 CSL CARLISLE COS INC 2176318 225.02 224,250 50,460,735.00
1.26 ACM AECOM B1VZ431 83.54 601,254 50,228,759.16
1.19 RPM RPM INTERNATIONAL INC 2756174 85.05 558,429 47,494,386.45
1.06 LECO LINCOLN ELECTRIC HOLDINGS 2516851 167.79 250,358 42,007,568.82
1.02 CLF CLEVELAND-CLIFFS INC BYVZ186 18.09 2,234,556 40,423,118.04
1.00 RRX REGAL REXNORD CORP 2730082 138.90 285,668 39,679,285.20
0.96 PNR PENTAIR PLC BLS09M3 53.76 713,336 38,348,943.36
0.84 TTEK TETRA TECH INC 2883890 146.03 229,754 33,550,976.62
0.84 WCC WESCO INTERNATIONAL INC 2416973 150.84 220,157 33,208,481.88
0.84 EME EMCOR GROUP INC 2474164 160.94 206,335 33,207,554.90
0.81 AA ALCOA CORP BYNF418 41.76 767,266 32,041,028.16
0.80 MTZ MASTEC INC 2155306 94.02 339,248 31,896,096.96
0.76 WMS ADVANCED DRAINAG BP7RS59 83.68 359,306 30,066,726.08
0.74 VMI VALMONT INDUSTRIES 2926825 316.83 92,450 29,290,933.50
0.73 RBC RBC BEARINGS INC B0GLYB5 229.36 125,824 28,858,992.64
0.69 CR CRANE HOLDINGS CO BQ7W2W6 112.08 245,671 27,534,805.68
0.69 BLD TOPBUILD CORP BZ0P3W2 198.25 138,049 27,368,214.25
0.67 MDU MDU RESOURCES GROUP INC 2547323 30.36 881,807 26,771,660.52
0.67 X UNITED STATES STEEL CORP 2824770 26.12 1,015,900 26,535,308.00
0.64 WWD WOODWARD INC 2948089 98.43 259,169 25,510,004.67
0.62 AYI ACUITY BRANDS INC 2818461 179.17 138,049 24,734,239.33
0.61 CMC COMMERCIAL METALS CO 2213260 48.05 507,447 24,382,828.35
0.61 ATKR Atkore Inc BDHF495 139.23 172,878 24,069,803.94
0.58 EXP EAGLE MATERIALS INC 2191399 144.73 159,783 23,125,393.59
0.55 ATI ATI Inc 2526117 38.96 559,300 21,790,328.00
0.54 EXPO EXPONENT INC 2330318 97.87 218,284 21,363,455.08
0.45 MLI MUELLER INDUSTRIES INC 2609717 72.32 244,809 17,704,586.88
0.42 LPX LOUISIANA-PACIFIC CORP 2535243 53.76 308,232 16,570,552.32
0.40 ZWS Zurn Elkay Water Solution BMV1ZD3 20.91 763,282 15,960,226.62
0.38 MTRN MATERION CORP 2149622 113.48 133,772 15,180,446.56
0.38 BMI BADGER METER INC 2069128 119.75 126,346 15,129,933.50
0.38 MYRG MYR GROUP INC/DELAWARE B3CLS18 121.40 123,050 14,938,270.00
0.37 CALX CALIX INC B3S4L67 52.08 281,034 14,636,250.72
0.36 SUM SUMMIT MATERIA-A BW9JPS4 28.18 512,499 14,442,221.82
0.36 HRI HERC HOLDINGS INC BZBZ020 113.26 126,304 14,305,191.04
0.35 TEX TEREX CORP 2884224 47.36 290,305 13,748,844.80
0.34 STRL STERLING INFRAST 2632876 37.58 364,356 13,692,498.48
0.34 SPXC SPX TECHNOLOGIES INC BQ1L7V3 70.15 194,267 13,627,830.05
0.34 ARNC ARCONIC CORP BKLJ8S9 26.63 508,324 13,536,668.12
0.34 GBX GREENBRIER COMPANIES INC 2387530 31.93 420,903 13,439,432.79
0.34 MWA MUELLER WATER-A B15RZR4 13.59 985,729 13,396,057.11
0.33 ACA ARCOSA INC BGPZ5W8 61.60 213,273 13,137,616.80
0.33 CSWI CSW INDUSTRIALS INC BYQD1J6 136.44 95,441 13,021,970.04
0.32 RYI RYERSON HOLDING CORP B3TPPZ6 35.80 355,240 12,717,592.00
0.31 GVA GRANITE CONSTRUCTION INC 2381189 40.50 305,606 12,377,043.00
0.31 POWL POWELL INDUSTRIES INC 2697422 41.52 298,031 12,374,247.12
0.31 CMCO COLUMBUS MCKINNON CORP/NY 2211071 36.35 340,105 12,362,816.75
0.31 AGX ARGAN INC 2804501 39.89 308,630 12,311,250.70
0.31 ASTE ASTEC INDUSTRIES INC 2060370 40.50 302,614 12,255,867.00
0.30 ROAD CONSTRUCTION P-A BDT5M66 26.71 453,495 12,112,851.45
0.30 DY DYCOM INDUSTRIES INC 2289841 93.61 126,810 11,870,684.10
0.30 IIIN INSTEEL INDUSTRIES INC 2325875 27.66 424,314 11,736,525.24
0.30 CRS CARPENTER TECHNOLOGY 2177504 43.48 269,839 11,732,599.72
0.29 CTOS CUSTOM TRUCK ONE BL66YS4 6.70 1,741,066 11,665,142.20
0.28 PRIM PRIMORIS SERVICES CORP B1GC200 24.26 466,349 11,313,626.74
0.28 ROCK GIBRALTAR INDUSTRIES INC 2369226 47.57 237,441 11,295,068.37
0.28 WNC WABASH NATIONAL CORP 2932048 24.02 467,482 11,228,917.64
0.28 HAYN HAYNES INTERNATIONAL INC B02WVH7 48.90 225,445 11,024,260.50
0.28 TMST TIMKENSTEEL CORP BNBPMX1 18.09 607,319 10,986,400.71
0.28 DXPE DXP ENTERPRISES INC 2276627 26.69 410,501 10,956,271.69
0.28 CENX CENTURY ALUMINUM COMPANY 2186254 9.76 1,119,967 10,930,877.92
0.27 MTX MINERALS TECHNOLOGIES INC 2595612 59.33 179,483 10,648,726.39
0.27 GRC GORMAN-RUPP CO 2379281 24.29 436,587 10,604,698.23
0.27 NWPX NORTHWEST PIPE CO 2035925 31.70 334,462 10,602,445.40
0.26 HEES H&E EQUIPMENT SE B0WR848 43.43 241,384 10,483,307.12
0.26 TRN TRINITY INDUSTRIES INC 2904627 23.90 435,716 10,413,612.40
0.25 DNOW NOW INC BMH0MV1 10.97 922,274 10,117,345.78
0.24 MRC MRC GLOBAL INC B7M66F1 9.59 989,418 9,488,518.62
0.22 TITN TITAN MACHINERY INC B29H3T5 30.02 291,811 8,760,166.22
0.21 TPC TUTOR PERINI CORP 2681760 5.95 1,372,115 8,164,084.25
0.17 CASH 1.00 6,610,979 6,610,979.48
Holdings are subject to change. "Cash" denotes U.S. dollars.

Sector Breakdown As of 02/28/23

Sector Weight (%)
Industrials 71.3
Materials 22.3
Utilities 3.4
Information Technology 2.0
Consumer Discretionary 0.7
Financials 0.3

Source: AltaVista Research, LLC

ETF Characteristics As of 03/30/23

Return on Equity 16.60%
Weighted Avg. Market Cap 26,424 M
2022 2023
Price-to-earnings 14.01 15.95
Price-to-book value 2.83 2.47

Source: AltaVista Research, LLC

ETF Risk Stats As of 02/28/23

Versus Beta
S&P 500 1.22
MSCI EAFE 1.19
MSCI Emg. Mkts 0.82
Standard Deviation 27.60%

Source: AltaVista Research, LLC

ETF Research

Four Companies That Could Help Develop Infrastructure in the United States

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What the Infrastructure Investment & Jobs Act Means for Infrastructure Investors

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Infrastructure Spending Update: Progress Continues as Companies Look to 2023

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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 02/28, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 90 during the last 3 years, 79 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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