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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 89 Infrastructure funds, based on risk-adjusted returns as of 12/31/2024

 

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 01/24/25

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $9.22 billion
NAV $43.66
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 01/23/25

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 211,190,000
Number of Holdings 101
30-Day Median Bid-Ask Spread 0.02%

Distributions As of 01/24/25

30-Day SEC Yield 0.56%
Distribution Frequency Semi-Annually

ETF Prices As of 01/24/25

NAV $43.66 Daily Change -$0.12 -0.27%
Market Price $43.69 Daily Change -$0.12 -0.27%

Performance History

As of recent month & quarter-end (12/31/24)
As of recent month & quarter-end (12/31/24)
Fund NAV Market Price Index
1 Year 18.08% 17.93% 18.65%
3 Years 12.82% 12.77% 13.51%
5 Years 18.64% 18.58% 19.32%
Since Inception 14.25% 14.24% 14.86%
1 Year 18.08% 17.93% 18.65%
3 Years 12.82% 12.77% 13.51%
5 Years 18.64% 18.58% 19.32%
Since Inception 14.25% 14.24% 14.86%
Year-to-Date 18.08% 17.93% 18.65%
1 Month -11.22% -11.33% -11.21%
3 Months -1.39% -1.48% -1.28%
Since Inception 183.67% 183.46% 195.86%
Year-to-Date 18.08% 17.93% 18.65%
1 Month -11.22% -11.33% -11.21%
3 Months -1.39% -1.48% -1.28%
Since Inception 183.67% 183.46% 195.86%

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 01/24/25

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.71 TT TRANE TECHNOLOGIES PLC BK9ZQ96 400.86 855,732 343,028,729.52
3.68 HWM HOWMET AEROSPACE INC BKLJ8V2 127.03 2,674,805 339,780,479.15
3.66 PWR QUANTA SERVICES INC 2150204 358.03 943,796 337,907,281.88
3.55 ETN EATON CORP PLC B8KQN82 368.98 890,515 328,582,224.70
3.39 PH PARKER HANNIFIN CORP 2671501 679.34 461,761 313,692,717.74
3.20 URI UNITED RENTALS INC 2134781 789.56 374,691 295,841,025.96
3.20 EMR EMERSON ELECTRIC CO 2313405 130.60 2,261,552 295,358,691.20
2.90 DE DEERE & CO 2261203 478.77 559,030 267,646,793.10
2.70 SRE SEMPRA 2138158 82.71 3,020,135 249,795,365.85
2.59 VMC VULCAN MATERIALS CO 2931205 277.54 863,051 239,531,174.54
2.57 MLM MARTIN MARIETTA MATERIALS 2572079 548.56 432,914 237,479,303.84
2.55 FAST FASTENAL CO 2332262 75.53 3,115,923 235,345,664.19
2.47 NSC NORFOLK SOUTHERN CORP 2641894 254.67 896,598 228,336,612.66
2.40 UNP UNION PACIFIC CORP 2914734 248.78 890,045 221,425,395.10
2.22 ROK ROCKWELL AUTOMATION INC 2754060 288.43 711,769 205,295,532.67
2.20 CSX CSX CORP 2160753 32.69 6,207,276 202,915,852.44
1.99 FTV FORTIVE CORP BYT3MK1 80.52 2,282,272 183,768,541.44
1.76 EME EMCOR GROUP INC 2474164 531.65 305,483 162,410,036.95
1.72 HUBB HUBBELL INC BDFG6S3 455.26 348,212 158,526,995.12
1.67 NUE NUCOR CORP 2651086 122.17 1,260,734 154,023,872.78
1.44 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 166.76 800,744 133,532,069.44
1.39 STLD STEEL DYNAMICS INC 2849472 122.35 1,050,525 128,531,733.75
1.38 CSL CARLISLE COS INC 2176318 402.81 316,048 127,307,294.88
1.35 TRMB TRIMBLE INC 2903958 77.42 1,614,960 125,030,203.20
1.25 J JACOBS SOLUTIONS INC BNGC0D3 141.02 819,965 115,631,464.30
1.20 PNR PENTAIR PLC BLS09M3 103.01 1,072,998 110,529,523.98
1.17 RS RELIANCE INC 2729068 290.72 373,011 108,441,757.92
1.17 IEX IDEX CORP 2456612 219.97 490,894 107,981,953.18
1.14 RPM RPM INTERNATIONAL INC 2756174 126.45 836,489 105,774,034.05
1.06 WLK Westlake Corporation B01ZP20 117.66 831,683 97,855,821.78
1.04 ACM AECOM B1VZ431 109.15 882,573 96,332,842.95
1.02 GGG GRACO INC 2380443 85.86 1,095,420 94,052,761.20
0.90 AGX ARGAN INC 2804501 168.54 491,845 82,895,556.30
0.88 MTZ MASTEC INC 2155306 159.75 511,329 81,684,807.75
0.87 POWL POWELL INDUSTRIES INC 2697422 290.80 275,842 80,214,853.60
0.79 WWD WOODWARD INC 2948089 187.95 389,578 73,221,185.10
0.79 LECO LINCOLN ELECTRIC HOLDINGS 2516851 197.27 371,040 73,195,060.80
0.79 BLD TOPBUILD CORP BZ0P3W2 353.19 206,073 72,782,922.87
0.77 DXPE DXP ENTERPRISES INC 2276627 106.25 672,516 71,454,825.00
0.77 RRX REGAL REXNORD CORP 2730082 165.44 430,401 71,205,541.44
0.73 CRS CARPENTER TECHNOLOGY 2177504 210.57 321,012 67,595,496.84
0.72 AYI ACUITY BRANDS INC 2818461 335.01 199,867 66,957,443.67
0.72 TTEK TETRA TECH INC 2883890 38.37 1,727,028 66,266,064.36
0.72 TPC TUTOR PERINI CORP 2681760 26.00 2,547,004 66,222,104.00
0.71 WCC WESCO INTERNATIONAL INC 2416973 197.98 331,203 65,571,569.94
0.68 WMS ADVANCED DRAINAG BP7RS59 125.08 505,203 63,190,791.24
0.64 CR CRANE CO BNYD4F8 161.68 368,424 59,566,792.32
0.64 MLI MUELLER INDUSTRIES INC 2609717 80.85 736,137 59,516,676.45
0.64 EXP EAGLE MATERIALS INC 2191399 262.13 226,629 59,406,259.77
0.64 RBC RBC BEARINGS INC B0GLYB5 314.23 189,000 59,389,470.00
0.62 PRIM PRIMORIS SERVICES CORP B1GC200 86.43 665,316 57,503,261.88
0.61 STRL STERLING INFRAST 2632876 187.30 300,073 56,203,672.90
0.59 USLM US LIME & MINERA 2724115 116.15 472,799 54,915,603.85
0.59 X UNITED STATES STEEL CORP 2824770 37.41 1,445,975 54,093,924.75
0.58 LPX LOUISIANA-PACIFIC CORP 2535243 115.06 467,435 53,783,071.10
0.52 ATI ATI Inc 2526117 58.56 826,799 48,417,349.44
0.51 VMI VALMONT INDUSTRIES 2926825 342.48 136,212 46,649,885.76
0.49 SPXC SPX TECHNOLOGIES INC BQ1L7V3 152.02 295,769 44,962,803.38
0.47 GVA GRANITE CONSTRUCTION INC 2381189 91.49 476,799 43,622,340.51
0.47 ROAD CONSTRUCTION P-A BDT5M66 84.46 516,263 43,603,572.98
0.47 ZWS Zurn Elkay Water Solution BMV1ZD3 38.79 1,119,656 43,431,456.24
0.47 AA ALCOA CORP BYNF418 37.43 1,158,260 43,353,671.80
0.44 SUM SUMMIT MATERIA-A BW9JPS4 52.16 775,475 40,448,776.00
0.43 BMI BADGER METER INC 2069128 210.43 190,337 40,052,614.91
0.42 HRI HERC HOLDINGS INC BZBZ020 211.06 183,641 38,759,269.46
0.41 KNF KNIFE RIVER CORP BPLL4V5 104.44 366,455 38,272,560.20
0.41 CENX CENTURY ALUMINUM COMPANY 2186254 19.64 1,919,989 37,708,583.96
0.41 HEES H&E EQUIPMENT SE B0WR848 88.50 425,117 37,622,854.50
0.41 CMC COMMERCIAL METALS CO 2213260 49.91 753,806 37,622,457.46
0.41 NWPX NORTHWEST PIPE CO 2035925 49.44 757,308 37,441,307.52
0.40 CSWI CSW INDUSTRIALS INC BYQD1J6 367.00 101,870 37,386,290.00
0.40 DY DYCOM INDUSTRIES INC 2289841 192.84 190,283 36,694,173.72
0.38 MWA MUELLER WATER-A B15RZR4 23.17 1,520,960 35,240,643.20
0.36 GBX GREENBRIER COMPANIES INC 2387530 70.70 472,434 33,401,083.80
0.36 TRN TRINITY INDUSTRIES INC 2904627 39.45 846,123 33,379,552.35
0.36 DNOW DNOW INC BMH0MV1 15.07 2,194,537 33,071,672.59
0.36 CLF CLEVELAND-CLIFFS INC BYVZ186 10.01 3,294,874 32,981,688.74
0.35 MRC MRC GLOBAL INC B7M66F1 15.27 2,086,729 31,864,351.83
0.34 ACA ARCOSA INC BGPZ5W8 100.24 316,418 31,717,740.32
0.33 EXPO EXPONENT INC 2330318 92.09 328,897 30,288,124.73
0.28 ECG EVERUS CONSTRUCTION GROUP BSVLTM2 76.76 330,937 25,402,724.12
0.27 MTX MINERALS TECHNOLOGIES INC 2595612 75.91 326,720 24,801,315.20
0.27 GRC GORMAN-RUPP CO 2379281 37.87 651,642 24,677,682.54
0.27 MYRG MYR GROUP INC/DELAWARE B3CLS18 156.75 156,564 24,541,407.00
0.26 MDU MDU RESOURCES GROUP INC 2547323 18.10 1,320,911 23,908,489.10
0.25 CXT CRANE NXT CO BQ7W2W6 63.70 368,073 23,446,250.10
0.24 ASTE ASTEC INDUSTRIES INC 2060370 35.99 618,761 22,269,208.39
0.23 CMCO COLUMBUS MCKINNON CORP/NY 2211071 37.39 575,635 21,522,992.65
0.23 TEX TEREX CORP 2884224 48.84 435,244 21,257,316.96
0.22 ATKR Atkore Inc BDHF495 84.90 239,809 20,359,784.10
0.21 CALX CALIX INC B3S4L67 39.08 488,396 19,086,515.68
0.20 MTRN MATERION CORP 2149622 102.36 181,839 18,613,040.04
0.20 IIIN INSTEEL INDUSTRIES INC 2325875 28.80 635,103 18,290,966.40
0.20 CTOS CUSTOM TRUCK ONE BL66YS4 5.25 3,425,655 17,984,688.75
0.19 AMTM AMENTUM HOLDINGS INC BMZLFJ5 21.59 819,570 17,694,516.30
0.18 ROCK GIBRALTAR INDUSTRIES INC 2369226 62.32 270,141 16,835,187.12
0.18 MTUS METALLUS INC BNBPMX1 15.29 1,063,543 16,261,572.47
0.15 RYI RYERSON HOLDING CORP B3TPPZ6 21.65 650,183 14,076,461.95
0.14 WNC WABASH NATIONAL CORP 2932048 15.59 854,219 13,317,274.21
0.14 TITN TITAN MACHINERY INC B29H3T5 15.75 801,513 12,623,829.75
0.12 RTYH5 Index E-MINI RUSS 2000 MAR25 115,965.00 98 11,364,570.00
0.11 CASH 1.00 9,890,133 9,890,133.01
0.01 OTHER PAYABLE & RECEIVABLES 1.00 966,028 966,027.93
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 12/31/24

Sector Weight (%)
Industrials 75.1
Materials 18.8
Utilities 3.4
Information Technology 2.0
Consumer Discretionary 0.7

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 66.7
Materials 18.8
Transportation 7.1
Utilities 3.3
Technology Hardware & Equipment 2.0
Commercial & Professional Services 1.1
Consumer Durables & Apparel 0.7
Commercial & Professional Serv 0.2
Other 0.1

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 01/24/25

Return on Equity 14.90%
Weighted Avg. Market Cap 39,267 M
2023 2024
Price-to-earnings 23.57 23.39
Price-to-book value 3.71 3.30

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 12/31/24

Versus Beta
S&P 500 1.28
NASDAQ-100 0.86
MSCI EAFE 1.18
MSCI Emg. Mkts 0.76
Standard Deviation 26.10%

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 12/31 PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 89 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.

© 2025 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.

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.