PAVE


U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 89 Infrastructure funds, based on risk-adjusted returns as of 05/31/2022

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 06/30/22

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $3.56 billion
NAV $22.75
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 06/30/22

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 156,540,000
Number of Holdings 99
30-Day Median Bid-Ask Spread 0.04%

Distributions As of 06/30/22

30-Day SEC Yield 0.94%
Distribution Frequency Semi-Annually

ETF Prices As of 06/30/22

NAV $22.75 Daily Change $0.02 0.08%
Market Price $22.77 Daily Change $0.04 0.18%

Performance History

As of recent
(03/31/22)
As of recent
(03/31/22)
Fund NAV Market Price Index
1 Year 13.56% 13.42% 14.24%
3 Years 22.45% 22.45% 23.13%
5 Years 14.62% 14.56% 15.21%
Since Inception 13.97% 13.99% 14.55%
1 Year -2.00% -2.00% -1.41%
3 Years 21.06% 21.07% 21.72%
5 Years 13.25% 13.23% 13.83%
Since Inception 11.55% 11.57% 12.12%
Year-to-Date -1.77% -1.77% -1.55%
1 Month 5.61% 5.64% 5.66%
3 Months -1.77% -1.77% -1.55%
Since Inception 94.02% 94.16% 99.16%
Year-to-Date -10.29% -10.28% -10.01%
1 Month -1.90% -1.71% -1.82%
3 Months -3.55% -3.51% -3.42%
Since Inception 77.20% 77.34% 82.05%

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.

Top Holdings As of 06/30/22

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.86 NUE NUCOR CORP 2651086 104.41 1,313,849 137,178,974.09
3.83 SRE SEMPRA ENERGY 2138158 150.27 906,256 136,183,089.12
3.04 FAST FASTENAL CO 2332262 49.92 2,160,667 107,860,496.64
3.00 UNP UNION PACIFIC CORP 2914734 213.28 499,528 106,539,331.84
2.96 EMR EMERSON ELECTRIC CO 2313405 79.54 1,321,079 105,078,623.66
2.95 CSX CSX CORP 2160753 29.06 3,608,770 104,870,856.20
2.84 DE DEERE & CO 2261203 299.47 337,326 101,019,017.22
2.83 NSC NORFOLK SOUTHERN CORP 2641894 227.29 441,743 100,403,766.47
2.72 ETN EATON CORP PLC B8KQN82 125.99 766,585 96,582,044.15
2.70 MLM MARTIN MARIETTA MATERIALS 2572079 299.24 321,063 96,074,892.12
2.70 PH PARKER HANNIFIN CORP 2671501 246.05 389,411 95,814,576.55
2.63 FTV FORTIVE CORP BYT3MK1 54.38 1,715,577 93,293,077.26
2.62 VMC VULCAN MATERIALS CO 2931205 142.10 656,142 93,237,778.20
2.57 TT TRANE TECHNOLOGIES PLC BK9ZQ96 129.87 703,222 91,327,441.14
2.32 PWR QUANTA SERVICES INC 2150204 125.34 657,459 82,405,911.06
2.26 URI UNITED RENTALS INC 2134781 242.91 330,585 80,302,402.35
2.20 ROK ROCKWELL AUTOMATION INC 2754060 199.31 392,040 78,137,492.40
2.13 J JACOBS ENGIN GRP 2469052 127.13 594,944 75,635,230.72
1.90 TRMB TRIMBLE INC 2903958 58.23 1,158,049 67,433,193.27
1.77 IEX IDEX CORP 2456612 181.63 346,564 62,946,419.32
1.75 HWM HOWMET AEROSPACE INC BKLJ8V2 31.45 1,971,920 62,016,884.00
1.71 STLD STEEL DYNAMICS INC 2849472 66.15 917,112 60,666,958.80
1.63 WLK Westlake Corporation B01ZP20 98.02 589,159 57,749,365.18
1.62 CSL CARLISLE COS INC 2176318 238.61 241,316 57,580,410.76
1.38 RS RELIANCE STEEL & ALUMINUM 2729068 169.86 289,120 49,109,923.20
1.34 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 53.70 885,136 47,531,803.20
1.32 RPM RPM INTERNATIONAL INC 2756174 78.72 597,344 47,022,919.68
1.31 GGG GRACO INC 2380443 59.41 785,511 46,667,208.51
1.26 HUBB HUBBELL INC BDFG6S3 178.58 250,532 44,740,004.56
1.19 ACM AECOM B1VZ431 65.22 649,929 42,388,369.38
1.11 AA ALCOA CORP BYNF418 45.58 864,085 39,384,994.30
1.00 RRX REGAL REXNORD CORP 2730082 113.52 313,108 35,544,020.16
1.00 CLF CLEVELAND-CLIFFS INC BYVZ186 15.37 2,310,416 35,511,093.92
0.98 PNR PENTAIR PLC BLS09M3 45.77 761,228 34,841,405.56
0.96 TTEK TETRA TECH INC 2883890 136.55 249,630 34,086,976.50
0.95 LECO LINCOLN ELECTRIC HOLDINGS 2516851 123.36 272,259 33,585,870.24
0.83 WMS ADVANCED DRAINAG BP7RS59 90.07 327,810 29,525,846.70
0.75 WWD WOODWARD INC 2948089 92.49 289,566 26,781,959.34
0.71 BLD TOPBUILD CORP BZ0P3W2 167.16 151,769 25,369,706.04
0.71 MDU MDU RESOURCES GROUP INC 2547323 26.99 934,928 25,233,706.72
0.71 EME EMCOR GROUP INC 2474164 102.96 245,076 25,233,024.96
0.70 WCC WESCO INTERNATIONAL INC 2416973 107.10 231,672 24,812,071.20
0.70 AYI ACUITY BRANDS INC 2818461 154.04 160,946 24,792,121.84
0.69 MTZ MASTEC INC 2155306 71.66 341,615 24,480,130.90
0.69 ROLL RBC BEARINGS INC B0GLYB5 184.95 132,081 24,428,380.95
0.66 CR CRANE HOLDINGS CO BQ7W2W6 87.56 268,995 23,553,202.20
0.63 X UNITED STATES STEEL CORP 2824770 17.91 1,249,473 22,378,061.43
0.62 VMI VALMONT INDUSTRIES 2926825 224.63 97,643 21,933,547.09
0.62 EXPO EXPONENT INC 2330318 91.47 238,864 21,848,890.08
0.60 LPX LOUISIANA-PACIFIC CORP 2535243 52.41 404,595 21,204,823.95
0.58 EXP EAGLE MATERIALS INC 2191399 109.94 186,986 20,557,240.84
0.52 CMC COMMERCIAL METALS CO 2213260 33.10 558,118 18,473,705.80
0.50 ATKR Atkore Inc BDHF495 83.01 212,614 17,649,088.14
0.48 TMST TIMKENSTEEL CORP BNBPMX1 18.71 919,482 17,203,508.22
0.46 MRC MRC GLOBAL INC B7M66F1 9.96 1,631,129 16,246,044.84
0.42 ZWS ZURN WATER SOLUTIONS CORP BMV1ZD3 27.24 551,749 15,029,642.76
0.41 DXPE DXP ENTERPRISES INC 2276627 30.63 478,925 14,669,472.75
0.40 DY DYCOM INDUSTRIES INC 2289841 93.04 154,422 14,367,422.88
0.40 ATI ALLEGHENY TECH 2526117 22.71 627,295 14,245,869.45
0.39 MLI MUELLER INDUSTRIES INC 2609717 53.29 260,636 13,889,292.44
0.38 DNOW NOW INC BMH0MV1 9.78 1,380,811 13,504,331.58
0.37 ARNC ARCONIC CORP BKLJ8S9 28.05 471,813 13,234,354.65
0.37 NWPX NORTHWEST PIPE CO 2035925 29.94 433,883 12,990,457.02
0.36 SUM SUMMIT MATERIA-A BW9JPS4 23.29 551,259 12,838,822.11
0.35 RYI RYERSON HOLDING CORP B3TPPZ6 21.29 582,716 12,406,023.64
0.35 SPXC SPX CORP 2787185 52.84 234,376 12,384,427.84
0.35 HRI HERC HOLDINGS INC BZBZ020 90.15 135,818 12,243,992.70
0.34 AGX ARGAN INC 2804501 37.32 324,724 12,118,699.68
0.34 MYRG MYR GROUP INC/DELAWARE B3CLS18 88.13 135,398 11,932,625.74
0.33 ACA ARCOSA INC BGPZ5W8 46.43 255,231 11,850,375.33
0.33 CRS CARPENTER TECHNOLOGY 2177504 27.91 420,879 11,746,732.89
0.33 GBX GREENBRIER COMPANIES INC 2387530 35.99 321,359 11,565,710.41
0.32 HAYN HAYNES INTERNATIONAL INC B02WVH7 32.77 342,662 11,229,033.74
0.31 ROAD CONSTRUCTION P-A BDT5M66 20.94 530,023 11,098,681.62
0.31 BMI BADGER METER INC 2069128 80.89 136,924 11,075,782.36
0.31 POWL POWELL INDUSTRIES INC 2697422 23.37 471,856 11,027,274.72
0.31 MWA MUELLER WATER-A B15RZR4 11.73 936,902 10,989,860.46
0.31 WLDN WILLDAN GROUP INC B1HP598 27.58 394,376 10,876,890.08
0.31 CSWI CSW INDUSTRIALS INC BYQD1J6 103.03 105,045 10,822,786.35
0.30 TRN TRINITY INDUSTRIES INC 2904627 24.22 441,816 10,700,783.52
0.30 MTX MINERALS TECHNOLOGIES INC 2595612 61.34 172,339 10,571,274.26
0.30 PRIM PRIMORIS SERVICES CORP B1GC200 21.76 483,269 10,515,933.44
0.29 AIMC ALTRA INDUSTRIAL B1L82T2 35.25 296,725 10,459,556.25
0.29 STRL STERLING INFRAST 2632876 21.92 477,108 10,458,207.36
0.29 IIIN INSTEEL INDUSTRIES INC 2325875 33.67 304,278 10,245,040.26
0.28 GVA GRANITE CONSTRUCTION INC 2381189 29.14 337,023 9,820,850.22
0.27 CALX CALIX INC B3S4L67 34.14 278,660 9,513,452.40
0.26 TPC TUTOR PERINI CORP 2681760 8.78 1,060,525 9,311,409.50
0.26 CTOS CUSTOM TRUCK ONE BL66YS4 5.60 1,646,773 9,221,928.80
0.26 TITN TITAN MACHINERY INC B29H3T5 22.41 405,183 9,080,151.03
0.24 TEX TEREX CORP 2884224 27.37 315,587 8,637,616.19
0.24 GRC GORMAN-RUPP CO 2379281 28.30 301,399 8,529,591.70
0.24 HEES H&E EQUIPMENT SE B0WR848 28.97 294,348 8,527,261.56
0.24 WNC WABASH NATIONAL CORP 2932048 13.58 619,124 8,407,703.92
0.23 ROCK GIBRALTAR INDUSTRIES INC 2369226 38.75 214,709 8,319,973.75
0.23 ATCX ATLAS TECHNICAL BLM57V9 5.26 1,573,983 8,279,150.58
0.22 ASTE ASTEC INDUSTRIES INC 2060370 40.78 188,924 7,704,320.72
0.21 CMCO COLUMBUS MCKINNON CORP/NY 2211071 28.37 259,348 7,357,702.76
0.16 CENX CENTURY ALUMINUM COMPANY 2186254 7.37 765,685 5,643,098.45
0.05 CASH 1.00 1,869,846 1,869,845.83
Holdings are subject to change.

Sector Breakdown As of 05/31/22

Sector Weight (%)
Industrials 67.2
Materials 25.0
Utilities 4.3
Information Technology 2.5
Consumer Discretionary 0.7
Financials 0.2
Other/Cash 0.1

Source: AltaVista Research, LLC

ETF Characteristics As of 06/30/22

Return on Equity 22.50%
Weighted Avg. Market Cap 27,743 M
2021 2022
Price-to-earnings 12.92 10.57
Price-to-book value 2.63 2.17

Source: AltaVista Research, LLC

ETF Risk Stats As of 06/30/22

Versus Beta
S&P 500 1.22
MSCI EAFE 1.23
MSCI Emg. Mkts 0.96
Standard Deviation 24.60%

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 5/31, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 89 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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