PAVE


U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 83 Infrastructure funds, based on risk-adjusted returns as of 09/30/2021

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 10/21/21

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $4.70 billion
NAV $27.21
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 10/21/21

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 172,790,000
Number of Holdings 99
30-Day Median Bid-Ask Spread 0.04%

Distributions As of 10/21/21

30-Day SEC Yield 0.63%
Distribution Frequency Semi-Annually

ETF Prices As of 10/21/21

NAV $27.21 Daily Change $0.01 0.03%
Market Price $27.22 Daily Change $0.01 0.04%

Performance History

As of recent month & quarter-end (09/30/21)
As of recent month & quarter-end (09/30/21)
Fund NAV Market Price Index
1 Year 51.55% 51.43% 52.45%
3 Years 14.72% 14.78% 15.29%
Since Inception 12.86% 12.87% 13.40%
1 Year 51.55% 51.43% 52.45%
3 Years 14.72% 14.78% 15.29%
Since Inception 12.86% 12.87% 13.40%
Year-to-Date 19.89% 19.99% 20.41%
1 Month -6.72% -6.65% -6.72%
3 Months -1.28% -1.32% -1.20%
Since Inception 73.79% 73.85% 77.71%
Year-to-Date 19.89% 19.99% 20.41%
1 Month -6.72% -6.65% -6.72%
3 Months -1.28% -1.32% -1.20%
Since Inception 73.79% 73.85% 77.71%

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 10/21/21

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.36 NUE NUCOR CORP 2651086 102.07 1,548,774 158,083,362.18
3.21 ETN EATON CORP PLC B8KQN82 162.12 931,321 150,985,760.52
3.08 KSU KANSAS CITY SOUTHERN 2607647 301.96 480,568 145,112,313.28
2.94 ROK ROCKWELL AUTOMATION INC 2754060 317.70 435,901 138,485,747.70
2.91 TT TRANE TECHNOLOGIES PLC BK9ZQ96 181.15 755,890 136,929,473.50
2.88 FAST FASTENAL CO 2332262 56.10 2,415,970 135,535,917.00
2.87 URI UNITED RENTALS INC 2134781 365.40 369,949 135,179,364.60
2.87 VMC VULCAN MATERIALS CO 2931205 184.45 731,590 134,941,775.50
2.86 NSC NORFOLK SOUTHERN CORP 2641894 282.80 475,467 134,462,067.60
2.84 EMR EMERSON ELECTRIC CO 2313405 96.65 1,382,527 133,621,234.55
2.84 CSX CSX CORP 2160753 35.01 3,810,182 133,394,471.82
2.78 DE DEERE & CO 2261203 342.93 380,989 130,652,557.77
2.75 UNP UNION PACIFIC CORP 2914734 231.28 558,846 129,249,902.88
2.66 PH PARKER HANNIFIN CORP 2671501 299.20 418,034 125,075,772.80
2.65 FTV FORTIVE CORP BYT3MK1 74.85 1,662,539 124,441,044.15
2.64 SRE SEMPRA ENERGY 2138158 130.26 951,706 123,969,223.56
2.59 MLM MARTIN MARIETTA MATERIALS 2572079 381.69 319,295 121,871,708.55
2.39 TRMB TRIMBLE INC 2903958 87.69 1,282,023 112,420,596.87
1.94 J JACOBS ENGIN GRP 2469052 136.87 667,945 91,421,632.15
1.81 IEX IDEX CORP 2456612 220.25 386,689 85,168,252.25
1.75 PWR QUANTA SERVICES INC 2150204 116.60 707,501 82,494,616.60
1.46 HWM HOWMET AEROSPACE INC BKLJ8V2 30.72 2,228,511 68,459,857.92
1.45 STLD STEEL DYNAMICS INC 2849472 63.07 1,080,830 68,167,948.10
1.39 WLK WESTLAKE CHEMICAL CORP B01ZP20 100.00 652,338 65,233,800.00
1.38 GGG GRACO INC 2380443 75.10 861,536 64,701,353.60
1.37 PNR PENTAIR PLC BLS09M3 75.27 855,040 64,358,860.80
1.30 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 58.55 1,044,135 61,134,104.25
1.27 CSL CARLISLE COS INC 2176318 219.12 273,381 59,903,244.72
1.25 RPM RPM INTERNATIONAL INC 2756174 87.81 669,581 58,795,907.61
1.12 HUBB HUBBELL INC BDFG6S3 190.81 276,494 52,757,820.14
1.08 ACM AECOM B1VZ431 67.59 751,675 50,805,713.25
1.03 RS RELIANCE STEEL & ALUMINUM 2729068 148.36 326,404 48,425,297.44
1.01 AA ALCOA CORP BYNF418 49.99 947,339 47,357,476.61
0.96 TTEK TETRA TECH INC 2883890 164.49 274,848 45,209,747.52
0.95 LECO LINCOLN ELECTRIC HOLDINGS 2516851 145.69 306,668 44,678,460.92
0.91 CLF CLEVELAND-CLIFFS INC BYVZ186 21.16 2,030,368 42,962,586.88
0.84 BLD TOPBUILD CORP BZ0P3W2 232.71 169,661 39,481,811.31
0.83 WMS ADVANCED DRAINAG BP7RS59 108.40 359,967 39,020,422.80
0.81 AYI ACUITY BRANDS INC 2818461 205.02 186,257 38,186,410.14
0.78 WWD WOODWARD INC 2948089 115.00 319,303 36,719,845.00
0.76 LPX LOUISIANA-PACIFIC CORP 2535243 64.90 554,129 35,962,972.10
0.71 EME EMCOR GROUP INC 2474164 120.67 278,399 33,594,407.33
0.71 MTZ MASTEC INC 2155306 88.82 377,239 33,506,367.98
0.69 WCC WESCO INTERNATIONAL INC 2416973 127.31 256,077 32,601,162.87
0.67 MDU MDU RESOURCES GROUP INC 2547323 30.92 1,019,322 31,517,436.24
0.65 HRI HERC HOLDINGS INC BZBZ020 183.96 166,941 30,710,466.36
0.65 EXP EAGLE MATERIALS INC 2191399 142.38 215,412 30,670,360.56
0.63 ROLL RBC BEARINGS INC B0GLYB5 229.49 129,272 29,666,631.28
0.62 EXPO EXPONENT INC 2330318 112.27 261,236 29,328,965.72
0.59 CR CRANE CO 2231897 94.78 294,453 27,908,255.34
0.54 VMI VALMONT INDUSTRIES 2926825 231.73 109,596 25,396,681.08
0.53 X UNITED STATES STEEL CORP 2824770 22.21 1,121,159 24,900,941.39
0.47 ZWS ZURN WATER SOLUTIONS CORP BMV1ZD3 35.80 612,646 21,932,726.80
0.46 ATKR Atkore Inc BDHF495 89.90 241,821 21,739,707.90
0.44 RRX REGAL REXNORD CORP 2730082 150.77 136,435 20,570,304.95
0.43 RYI RYERSON HOLDING CORP B3TPPZ6 24.41 834,442 20,368,729.22
0.43 SUM SUMMIT MATERIA-A BW9JPS4 34.77 582,561 20,255,645.97
0.42 MYRG MYR GROUP INC/DELAWARE B3CLS18 106.44 184,628 19,651,804.32
0.41 CMC COMMERCIAL METALS CO 2213260 31.81 608,057 19,342,293.17
0.40 HAYN HAYNES INTERNATIONAL INC B02WVH7 39.21 483,779 18,968,974.59
0.40 AIMC ALTRA INDUSTRIAL B1L82T2 57.00 328,630 18,731,910.00
0.40 CALX CALIX INC B3S4L67 56.29 330,722 18,616,341.38
0.36 TRN TRINITY INDUSTRIES INC 2904627 28.78 583,661 16,797,763.58
0.35 MTW MANITOWOC COMPANY INC BDFCGV4 20.71 801,632 16,601,798.72
0.35 ARNC ARCONIC CORP BKLJ8S9 29.98 553,628 16,597,767.44
0.35 HEES H&E EQUIPMENT SE B0WR848 44.63 366,203 16,343,639.89
0.34 TEX TEREX CORP 2884224 45.67 349,540 15,963,491.80
0.34 BMI BADGER METER INC 2069128 104.53 151,963 15,884,692.39
0.34 IIIN INSTEEL INDUSTRIES INC 2325875 37.51 422,285 15,839,910.35
0.33 CENX CENTURY ALUMINUM COMPANY 2186254 15.43 1,000,973 15,445,013.39
0.33 MWA MUELLER WATER-A B15RZR4 16.36 939,411 15,368,763.96
0.32 TITN TITAN MACHINERY INC B29H3T5 28.76 516,663 14,859,227.88
0.31 MLI MUELLER INDUSTRIES INC 2609717 48.08 307,341 14,776,955.28
0.31 GBX GREENBRIER COMPANIES INC 2387530 46.27 318,996 14,759,944.92
0.30 SPXC SPX CORP 2787185 61.47 226,447 13,919,697.09
0.30 GRC GORMAN-RUPP CO 2379281 39.87 347,782 13,866,068.34
0.30 MRC MRC GLOBAL INC B7M66F1 8.77 1,580,489 13,860,888.53
0.29 GVA GRANITE CONSTRUCTION INC 2381189 39.13 345,995 13,538,784.35
0.29 CMCO COLUMBUS MCKINNON CORP/NY 2211071 49.82 271,222 13,512,280.04
0.28 FRTA FORTERRA INC BYT4SV7 23.80 554,764 13,203,383.20
0.28 CSWI CSW INDUSTRIALS INC BYQD1J6 136.30 94,884 12,932,689.20
0.27 ACA ARCOSA INC BGPZ5W8 52.69 243,896 12,850,880.24
0.26 MTX MINERALS TECHNOLOGIES INC 2595612 70.96 174,783 12,402,601.68
0.26 ROCK GIBRALTAR INDUSTRIES INC 2369226 73.23 169,199 12,390,442.77
0.26 ROAD CONSTRUCTION P-A BDT5M66 34.38 358,940 12,340,357.20
0.26 DY DYCOM INDUSTRIES INC 2289841 77.19 159,383 12,302,773.77
0.24 AGX ARGAN INC 2804501 44.34 259,279 11,496,430.86
0.24 DNOW NOW INC BMH0MV1 7.90 1,418,524 11,206,339.60
0.24 STRL STERLING CONSTRUCTION CO 2632876 22.84 486,962 11,122,212.08
0.24 WNC WABASH NATIONAL CORP 2932048 16.14 686,120 11,073,976.80
0.22 ATI ALLEGHENY TECH 2526117 16.32 642,510 10,485,763.20
0.22 PRIM PRIMORIS SERVICES CORP B1GC200 27.43 378,482 10,381,761.26
0.22 CASH 1.00 10,275,861 10,275,860.66
0.21 POWL POWELL INDUSTRIES INC 2697422 25.82 380,169 9,815,963.58
0.21 TPC TUTOR PERINI CORP 2681760 13.76 704,793 9,697,951.68
0.19 ASTE ASTEC INDUSTRIES INC 2060370 52.60 173,209 9,110,793.40
0.19 MTRX MATRIX SERVICE CO 2572068 10.34 871,718 9,013,564.12
0.18 NWPX NORTHWEST PIPE CO 2035925 23.49 359,051 8,434,107.99
0.16 WLDN WILLDAN GROUP INC B1HP598 33.52 227,254 7,617,554.08
0.06 TISI TEAM INC 2879123 2.90 1,038,520 3,011,708.00
Holdings are subject to change.

Sector Breakdown As of 09/30/21

Sector Weight (%)
Industrials 70.8
Materials 21.3
Utilities 3.4
Information Technology 2.8
Financials 0.9
Consumer Discretionary 0.8

Source: AltaVista Research, LLC

ETF Characteristics As of 10/21/21

Return on Equity 20.30%
Weighted Avg. Market Cap 26,283 M
2020 2021
Price-to-earnings 32.50 16.72
Price-to-book value 3.72 3.13

Source: AltaVista Research, LLC

ETF Risk Stats As of 10/21/21

Versus Beta
S&P 500 1.33
MSCI EAFE 1.35
MSCI Emg. Mkts 1.06
Standard Deviation 27.10%

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 9/30, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 83 during the last 3 years. With respect to these Infrastructure funds, PAVE received a Morningstar Rating of 4 stars. Past performance is not indicative of future results.

© 2020 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.