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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 95 Infrastructure funds, based on risk-adjusted returns as of 08/31/2023

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 09/22/23

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $5.00 billion
NAV $30.18
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 09/21/23

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 165,820,000
Number of Holdings 98
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 09/22/23

30-Day SEC Yield 0.73%
Distribution Frequency Semi-Annually

ETF Prices As of 09/22/23

NAV $30.18 Daily Change $0.07 0.23%
Market Price $30.17 Daily Change $0.07 0.23%

Performance History

As of recent
(06/30/23)
As of recent
(06/30/23)
Fund NAV Market Price Index
1 Year 39.19% 39.12% 39.86%
3 Years 28.08% 28.01% 28.79%
5 Years 14.92% 14.90% 15.51%
Since Inception 13.14% 13.14% 13.71%
1 Year 27.20% 27.19% 27.86%
3 Years 24.47% 24.46% 25.17%
5 Years 14.22% 14.20% 14.81%
Since Inception 13.23% 13.24% 13.81%
Year-to-Date 18.87% 18.95% 19.17%
1 Month 15.47% 15.51% 15.55%
3 Months 11.15% 11.15% 11.29%
Since Inception 118.18% 118.25% 125.29%
Year-to-Date 22.05% 22.13% 22.46%
1 Month -0.37% -0.37% -0.34%
3 Months 18.56% 18.60% 18.75%
Since Inception 124.02% 124.09% 131.52%

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 09/22/23

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.76 ETN EATON CORP PLC B8KQN82 212.66 885,661 188,344,668.26
3.49 PH PARKER HANNIFIN CORP 2671501 387.30 451,543 174,882,603.90
3.30 TT TRANE TECHNOLOGIES PLC BK9ZQ96 200.45 823,740 165,118,683.00
3.11 FAST FASTENAL CO 2332262 54.21 2,873,746 155,785,770.66
3.11 URI UNITED RENTALS INC 2134781 433.29 359,292 155,677,630.68
3.07 EMR EMERSON ELECTRIC CO 2313405 97.10 1,581,834 153,596,081.40
2.87 ROK ROCKWELL AUTOMATION INC 2754060 281.36 510,939 143,757,797.04
2.80 UNP UNION PACIFIC CORP 2914734 209.24 669,879 140,165,481.96
2.80 NUE NUCOR CORP 2651086 153.13 915,079 140,126,047.27
2.74 CSX CSX CORP 2160753 31.20 4,393,567 137,079,290.40
2.73 PWR QUANTA SERVICES INC 2150204 188.45 724,797 136,587,994.65
2.70 VMC VULCAN MATERIALS CO 2931205 200.62 674,144 135,246,769.28
2.66 FTV FORTIVE CORP BYT3MK1 74.28 1,794,154 133,269,759.12
2.62 DE DEERE & CO 2261203 380.87 344,094 131,055,081.78
2.56 MLM MARTIN MARIETTA MATERIALS 2572079 406.38 314,886 127,963,372.68
2.55 SRE SEMPRA 2138158 71.82 1,773,766 127,391,874.12
2.22 NSC NORFOLK SOUTHERN CORP 2641894 202.50 549,125 111,197,812.50
1.92 HWM HOWMET AEROSPACE INC BKLJ8V2 45.80 2,098,358 96,104,796.40
1.82 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 121.84 746,166 90,912,865.44
1.80 STLD STEEL DYNAMICS INC 2849472 101.10 890,817 90,061,598.70
1.70 J JACOBS SOLUTIONS INC BNGC0D3 132.22 642,499 84,951,217.78
1.66 HUBB HUBBELL INC BDFG6S3 305.84 272,305 83,281,761.20
1.58 IEX IDEX CORP 2456612 207.13 382,635 79,255,187.55
1.56 WLK Westlake Corporation B01ZP20 121.00 647,077 78,296,317.00
1.56 RS RELIANCE STEEL & ALUMINUM 2729068 262.03 297,809 78,034,892.27
1.33 CSL CARLISLE COS INC 2176318 254.29 261,130 66,402,747.70
1.26 TRMB TRIMBLE INC 2903958 50.22 1,251,502 62,850,430.44
1.25 GGG GRACO INC 2380443 73.34 854,567 62,673,943.78
1.23 RPM RPM INTERNATIONAL INC 2756174 94.22 654,966 61,710,896.52
1.15 ACM AECOM B1VZ431 82.01 703,622 57,704,040.22
1.08 PNR PENTAIR PLC BLS09M3 64.98 828,586 53,841,518.28
1.03 LECO LINCOLN ELECTRIC HOLDINGS 2516851 176.80 291,848 51,598,726.40
1.02 EME EMCOR GROUP INC 2474164 210.03 242,172 50,863,385.16
0.99 RRX REGAL REXNORD CORP 2730082 146.45 336,509 49,281,743.05
0.97 WMS ADVANCED DRAINAG BP7RS59 115.27 420,543 48,475,991.61
0.82 TTEK TETRA TECH INC 2883890 154.38 266,634 41,162,956.92
0.80 BLD TOPBUILD CORP BZ0P3W2 249.37 161,099 40,173,257.63
0.76 WCC WESCO INTERNATIONAL INC 2416973 147.14 258,539 38,041,428.46
0.75 X UNITED STATES STEEL CORP 2824770 32.00 1,180,004 37,760,128.00
0.75 CLF CLEVELAND-CLIFFS INC BYVZ186 14.46 2,596,441 37,544,536.86
0.74 WWD WOODWARD INC 2948089 123.92 300,659 37,257,663.28
0.69 RBC RBC BEARINGS INC B0GLYB5 235.59 146,569 34,530,190.71
0.62 STRL STERLING INFRAST 2632876 71.66 431,408 30,914,697.28
0.60 MTZ MASTEC INC 2155306 76.60 394,568 30,223,908.80
0.60 EXP EAGLE MATERIALS INC 2191399 162.50 185,138 30,084,925.00
0.59 CMC COMMERCIAL METALS CO 2213260 49.75 590,427 29,373,743.25
0.58 ATKR Atkore Inc BDHF495 143.87 200,538 28,851,402.06
0.55 ATI ATI Inc 2526117 42.20 649,644 27,414,976.80
0.55 POWL POWELL INDUSTRIES INC 2697422 76.66 357,382 27,396,904.12
0.53 AYI ACUITY BRANDS INC 2818461 164.67 161,099 26,528,172.33
0.51 VMI VALMONT INDUSTRIES 2926825 238.86 107,139 25,591,221.54
0.51 ZWS Zurn Elkay Water Solution BMV1ZD3 27.62 915,382 25,282,850.84
0.51 AA ALCOA CORP BYNF418 28.35 891,736 25,280,715.60
0.49 CR CRANE CO BNYD4F8 85.96 284,567 24,461,379.32
0.45 BMI BADGER METER INC 2069128 152.36 147,091 22,410,784.76
0.43 EXPO EXPONENT INC 2330318 85.67 252,859 21,662,430.53
0.43 CRS CARPENTER TECHNOLOGY 2177504 69.01 313,634 21,643,882.34
0.41 MDU MDU RESOURCES GROUP INC 2547323 20.22 1,024,717 20,719,777.74
0.41 MLI MUELLER INDUSTRIES INC 2609717 72.94 283,994 20,714,522.36
0.41 LPX LOUISIANA-PACIFIC CORP 2535243 55.65 368,405 20,501,738.25
0.40 MYRG MYR GROUP INC/DELAWARE B3CLS18 135.47 148,504 20,117,836.88
0.40 GBX GREENBRIER COMPANIES INC 2387530 40.81 490,053 19,999,062.93
0.40 CSWI CSW INDUSTRIALS INC BYQD1J6 178.85 111,576 19,955,367.60
0.39 TEX TEREX CORP 2884224 56.87 338,710 19,262,437.70
0.38 ACA ARCOSA INC BGPZ5W8 73.57 256,478 18,869,086.46
0.38 ROAD CONSTRUCTION P-A BDT5M66 35.57 527,255 18,754,460.35
0.37 ROCK GIBRALTAR INDUSTRIES INC 2369226 67.36 276,626 18,633,527.36
0.36 SPXC SPX TECHNOLOGIES INC BQ1L7V3 80.13 226,537 18,152,409.81
0.36 SUM SUMMIT MATERIA-A BW9JPS4 30.12 595,479 17,935,827.48
0.36 PRIM PRIMORIS SERVICES CORP B1GC200 32.80 542,414 17,791,179.20
0.35 HRI HERC HOLDINGS INC BZBZ020 120.01 147,049 17,647,350.49
0.34 AGX ARGAN INC 2804501 46.11 370,289 17,074,025.79
0.33 ASTE ASTEC INDUSTRIES INC 2060370 47.34 352,318 16,678,734.12
0.33 DXPE DXP ENTERPRISES INC 2276627 34.54 477,346 16,487,530.84
0.32 CXT CRANE NXT CO BQ7W2W6 56.35 284,856 16,051,635.60
0.32 GRC GORMAN-RUPP CO 2379281 31.41 508,042 15,957,599.22
0.32 MTRN MATERION CORP 2149622 102.05 154,517 15,768,459.85
0.31 IIIN INSTEEL INDUSTRIES INC 2325875 31.46 493,464 15,524,377.44
0.30 TMST TIMKENSTEEL CORP BNBPMX1 21.06 706,434 14,877,500.04
0.30 CALX CALIX INC B3S4L67 45.34 327,134 14,832,255.56
0.29 MWA MUELLER WATER-A B15RZR4 12.47 1,147,079 14,304,075.13
0.27 DY DYCOM INDUSTRIES INC 2289841 91.73 147,555 13,535,220.15
0.27 CMCO COLUMBUS MCKINNON CORP/NY 2211071 34.18 395,425 13,515,626.50
0.26 GVA GRANITE CONSTRUCTION INC 2381189 37.25 354,011 13,186,909.75
0.26 TRN TRINITY INDUSTRIES INC 2904627 25.29 507,171 12,826,354.59
0.25 CTOS CUSTOM TRUCK ONE BL66YS4 6.21 2,025,880 12,580,714.80
0.25 TPC TUTOR PERINI CORP 2681760 7.81 1,596,559 12,469,125.79
0.25 KNF KNIFE RIVER CORP BPLL4V5 48.10 256,168 12,321,668.78
0.25 WNC WABASH NATIONAL CORP 2932048 22.64 543,547 12,305,904.08
0.25 DNOW NOW INC BMH0MV1 11.46 1,072,958 12,296,098.68
0.24 HAYN HAYNES INTERNATIONAL INC B02WVH7 45.77 262,325 12,006,615.25
0.24 NWPX NORTHWEST PIPE CO 2035925 30.78 389,782 11,997,489.96
0.24 HEES H&E EQUIPMENT SE B0WR848 42.21 280,569 11,842,817.49
0.24 RYI RYERSON HOLDING CORP B3TPPZ6 28.58 412,865 11,799,681.70
0.23 MRC MRC GLOBAL INC B7M66F1 10.02 1,150,768 11,530,695.36
0.23 MTX MINERALS TECHNOLOGIES INC 2595612 54.42 209,448 11,398,160.16
0.18 TITN TITAN MACHINERY INC B29H3T5 26.52 340,216 9,022,528.32
0.18 CENX CENTURY ALUMINUM COMPANY 2186254 6.82 1,303,361 8,888,922.02
0.14 CASH 1.00 7,019,610 7,019,609.55
0.01 OTHER PAYABLE & RECEIVABLES 1.00 635,810 635,810.48
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 08/31/23

Sector Weight (%)
Industrials 72.8
Materials 21.3
Utilities 2.7
Information Technology 2.0
Consumer Discretionary 0.9
Financials 0.3

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Electrical Products 13.3
Engineering & Construction 10.9
Industrial Machinery 10.6
Steel 10.3
Railroads 7.5
Construction Materials 6.6
Trucks/Construction/Farm Machinery 5.0
Wholesale Distributors 4.6
Finance/Rental/Leasing 4.1
Electronic Equipment/Instruments 4.0
Industrial Conglomerates 3.6
Other/Cash 19.5

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 09/21/23

Return on Equity 17.20%
Weighted Avg. Market Cap 30,878 M
2022 2023
Price-to-earnings 14.77 16.26
Price-to-book value 2.96 2.64

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 08/31/23

Versus Beta
S&P 500 1.21
NASDAQ-100 0.80
MSCI EAFE 1.08
MSCI Emg. Mkts 0.72
Standard Deviation 24.60%

Source: new windowAltaVista Research, LLC

ETF Research

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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. 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 08/31, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 95 during the last 3 years, 81 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.