PAVE


U.S. Infrastructure Development ETF

Fund 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.

Morningstar Rating Overall rating out of 81 Infrastructure funds, based on risk-adjusted returns as of 03/31/2021

Fund 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.

Why 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.^

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.

^Source: American Society of Engineers, 2021 Report Card for America’s Infrastructure

Fund Details As of 04/15/21

Key Facts

Ticker PAVE
Inception Date 03/06/17
CUSIP 37954Y673
ISIN US37954Y6730
Bloomberg Index Ticker IPAVE
Primary Exchange Cboe
Number of Holdings 100

Stats & Fees

Net Assets $2,827,518,892
Net Asset Value (NAV) $25.46
Shares Outstanding 111,070,000
Total Expense Ratio 0.47%

Distributions

30-Day SEC Yield 0.64%
Distribution Frequency Semi-Annually

Fund Prices As of 04/15/21

NAV $25.46 Daily Change $0.10 0.39%
Market Price $25.48 Daily Change $0.12 0.47%
30-Day Median Bid-Ask Spread 0.04%

Performance History

As of recent month & quarter-end (03/31/21)
As of recent month & quarter-end (03/31/21)
Fund NAV Market Price Index
1 Year 102.90% 103.31% 104.17%
3 Years 16.74% 16.74% 17.32%
Since Inception 14.08% 14.13% 14.63%
1 Year 102.90% 103.31% 104.17%
3 Years 16.74% 16.74% 17.32%
Since Inception 14.08% 14.13% 14.63%
Year-to-Date 17.86% 18.15% 18.13%
1 Month 9.45% 9.58% 9.51%
3 Months 17.86% 18.15% 18.13%
Since Inception 70.85% 71.19% 74.34%
Year-to-Date 17.86% 18.15% 18.13%
1 Month 9.45% 9.58% 9.51%
3 Months 17.86% 18.15% 18.13%
Since Inception 70.85% 71.19% 74.34%

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.

Fund Characteristics As of 04/15/21

Return on Equity 15.30%
Weighted Avg. Market Cap 28,942 M
2020 2021
Price-to-earnings 32.50 22.08
Price-to-book value 3.58 3.18

Source: AltaVista Research, LLC

Fund Risk Stats As of 04/15/21

Versus Beta
S&P 500 1.36
MSCI EAFE 1.31
MSCI Emg. Mkts 1.07
Standard Deviation 26.90%

Source: AltaVista Research, LLC

Sector Breakdown As of 03/31/21

% of Net Assets
Industrials 64.4
Materials 22.5
Information Technology 5.2
Utilities 3.6
Financials 3.5
Consumer Discretionary 0.8

Source: AltaVista Research, LLC

Top Holdings As of 04/16/21

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.26 DE DEERE & CO 2261203 383.07 244,284 93,577,871.88
3.01 PH PARKER HANNIFIN CORP 2671501 321.11 268,920 86,352,901.20
2.94 SRE SEMPRA ENERGY 2138158 138.14 610,757 84,369,971.98
2.93 ETN EATON CORP PLC B8KQN82 141.15 596,133 84,144,172.95
2.89 TT TRANE TECHNOLOGIES PLC BK9ZQ96 171.96 482,787 83,020,052.52
2.88 NSC NORFOLK SOUTHERN CORP 2641894 270.86 305,116 82,643,719.76
2.87 VMC VULCAN MATERIALS CO 2931205 175.67 469,651 82,503,591.17
2.85 EMR EMERSON ELECTRIC CO 2313405 92.20 888,949 81,961,097.80
2.80 CSX CSX CORP 2160753 98.64 814,544 80,346,620.16
2.79 UNP UNION PACIFIC CORP 2914734 222.71 359,220 80,001,886.20
2.76 KSU KANSAS CITY SOUTHERN 2607647 257.51 307,481 79,179,432.31
2.76 NUE NUCOR CORP 2651086 79.50 995,144 79,113,948.00
2.73 FAST FASTENAL CO 2332262 50.54 1,550,065 78,340,285.10
2.70 URI UNITED RENTALS INC 2134781 328.14 236,466 77,593,953.24
2.68 FTV FORTIVE CORP BYT3MK1 72.38 1,064,417 77,042,502.46
2.60 ROK ROCKWELL AUTOMATION INC 2754060 265.85 280,288 74,514,564.80
2.49 MLM MARTIN MARIETTA MATERIALS 2572079 351.57 203,523 71,552,581.11
2.34 TRMB TRIMBLE INC 2903958 81.97 821,148 67,309,501.56
2.00 J JACOBS ENGIN GRP 2469052 133.78 428,218 57,287,004.04
1.91 IEX IDEX CORP 2456612 220.57 249,022 54,926,782.54
1.63 HWM HOWMET AEROSPACE INC BKLJ8V2 32.70 1,427,619 46,683,141.30
1.53 PWR QUANTA SERVICES INC 2150204 95.70 457,934 43,824,283.80
1.44 GGG GRACO INC 2380443 75.13 551,768 41,454,329.84
1.40 WLK WESTLAKE CHEMICAL CORP B01ZP20 95.70 421,032 40,292,762.40
1.39 RPM RPM INTERNATIONAL INC 2756174 93.47 428,369 40,039,650.43
1.24 STLD STEEL DYNAMICS INC 2849472 51.50 693,394 35,709,791.00
1.22 PNR PENTAIR PLC BLS09M3 63.84 548,039 34,986,809.76
1.18 HUBB HUBBELL INC BDFG6S3 189.28 179,102 33,900,426.56
1.17 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 49.81 675,249 33,634,152.69
1.15 RS RELIANCE STEEL & ALUMINUM 2729068 156.01 210,751 32,879,263.51
1.14 ACM AECOM B1VZ431 67.05 486,268 32,604,269.40
1.07 CSL CARLISLE COS INC 2176318 175.11 175,989 30,817,433.79
0.95 WMS ADVANCED DRAINAG BP7RS59 117.00 232,140 27,160,380.00
0.89 WWD WOODWARD INC 2948089 123.67 206,071 25,484,800.57
0.88 BLD TOPBUILD CORP BZ0P3W2 232.06 108,791 25,246,039.46
0.86 MTZ MASTEC INC 2155306 101.65 243,325 24,733,986.25
0.84 LECO LINCOLN ELECTRIC HOLDINGS 2516851 123.76 194,979 24,130,601.04
0.84 TTEK TETRA TECH INC 2883890 135.51 177,456 24,047,062.56
0.84 LPX LOUISIANA-PACIFIC CORP 2535243 66.71 359,345 23,971,904.95
0.82 CLF CLEVELAND-CLIFFS INC BYVZ186 17.99 1,314,523 23,648,268.77
0.76 AA ALCOA CORP BYNF418 35.63 612,554 21,825,299.02
0.76 EME EMCOR GROUP INC 2474164 119.93 181,007 21,708,169.51
0.76 MDU MDU RESOURCES GROUP INC 2547323 32.85 660,189 21,687,208.65
0.71 AYI ACUITY BRANDS INC 2818461 171.29 119,300 20,434,897.00
0.69 EXP EAGLE MATERIALS INC 2191399 143.70 136,972 19,682,876.40
0.68 RXN REXNORD CORP B4NPMX6 49.10 395,935 19,440,408.50
0.63 CR CRANE CO 2231897 94.45 190,974 18,037,494.30
0.60 EXPO EXPONENT INC 2330318 100.86 169,931 17,139,240.66
0.58 ROLL RBC BEARINGS INC B0GLYB5 202.47 82,251 16,653,359.97
0.58 VMI VALMONT INDUSTRIES 2926825 237.68 69,442 16,504,974.56
0.57 X UNITED STATES STEEL CORP 2824770 22.67 725,504 16,447,175.68
0.50 WCC WESCO INTERNATIONAL INC 2416973 86.91 164,772 14,320,334.52
0.47 AIMC ALTRA INDUSTRIAL B1L82T2 62.95 212,977 13,406,902.15
0.40 CMC COMMERCIAL METALS CO 2213260 29.34 394,327 11,569,554.18
0.40 ATKR Atkore Inc BDHF495 72.90 156,603 11,416,358.70
0.39 SUM SUMMIT MATERIA-A BW9JPS4 29.44 375,603 11,057,752.32
0.39 AEGN AEGION CORP B764L34 30.56 361,393 11,044,170.08
0.38 CENX CENTURY ALUMINUM COMPANY 2186254 16.92 647,927 10,962,924.84
0.38 TRN TRINITY INDUSTRIES INC 2904627 28.81 376,703 10,852,813.43
0.37 TEX TEREX CORP 2884224 46.81 227,115 10,631,253.15
0.37 MTW MANITOWOC COMPANY INC BDFCGV4 21.20 497,304 10,542,844.80
0.36 USCR US CONCRETE INC B4M8043 66.00 156,300 10,315,800.00
0.36 HRI HERC HOLDINGS INC BZBZ020 97.56 104,961 10,239,995.16
0.36 ACA ARCOSA INC BGPZ5W8 64.18 158,678 10,183,954.04
0.35 DY DYCOM INDUSTRIES INC 2289841 95.80 104,600 10,020,680.00
0.35 ARNC ARCONIC CORP BKLJ8S9 27.70 358,844 9,939,978.80
0.34 ROCK GIBRALTAR INDUSTRIES INC 2369226 91.30 108,329 9,890,437.70
0.34 CALX CALIX INC B3S4L67 44.84 215,069 9,643,693.96
0.33 MRC MRC GLOBAL INC B7M66F1 9.21 1,022,906 9,420,964.26
0.33 CMCO COLUMBUS MCKINNON CORP/NY 2211071 54.18 173,830 9,418,109.40
0.32 BMI BADGER METER INC 2069128 95.85 97,180 9,314,703.00
0.32 MTX MINERALS TECHNOLOGIES INC 2595612 81.59 113,913 9,294,161.67
0.32 HAYN HAYNES INTERNATIONAL INC B02WVH7 29.52 313,343 9,249,885.36
0.32 HEES H&E EQUIPMENT SE B0WR848 38.88 237,691 9,241,426.08
0.32 ATI ALLEGHENY TECH 2526117 22.05 416,606 9,186,162.30
0.32 AGX ARGAN INC 2804501 54.60 167,974 9,171,380.40
0.31 GBX GREENBRIER COMPANIES INC 2387530 43.80 205,764 9,012,463.20
0.31 DNOW NOW INC BMH0MV1 9.76 918,705 8,966,560.80
0.31 MLI MUELLER INDUSTRIES INC 2609717 45.14 197,775 8,927,563.50
0.31 GVA GRANITE CONSTRUCTION INC 2381189 39.60 224,255 8,880,498.00
0.31 SPXC SPX CORP 2787185 59.66 147,316 8,788,872.56
0.31 TITN TITAN MACHINERY INC B29H3T5 26.25 334,053 8,768,891.25
0.30 POWL POWELL INDUSTRIES INC 2697422 35.31 246,255 8,695,264.05
0.30 ASTE ASTEC INDUSTRIES INC 2060370 77.30 112,339 8,683,804.70
0.30 IIIN INSTEEL INDUSTRIES INC 2325875 32.01 270,110 8,646,221.10
0.30 MWA MUELLER WATER-A B15RZR4 14.24 607,047 8,644,349.28
0.30 PRIM PRIMORIS SERVICES CORP B1GC200 34.90 244,568 8,535,423.20
0.30 RYI RYERSON HOLDING CORP B3TPPZ6 15.73 542,266 8,529,844.18
0.29 FRTA FORTERRA INC BYT4SV7 23.40 359,980 8,423,532.00
0.29 CSWI CSW INDUSTRIALS INC BYQD1J6 140.52 59,686 8,387,076.72
0.29 WNC WABASH NATIONAL CORP 2932048 18.89 442,640 8,361,469.60
0.29 MYRG MYR GROUP INC/DELAWARE B3CLS18 70.70 116,090 8,207,563.00
0.28 TPC TUTOR PERINI CORP 2681760 17.48 455,226 7,957,350.48
0.27 NWPX NORTHWEST PIPE CO 2035925 33.36 231,224 7,713,632.64
0.27 GRC GORMAN-RUPP CO 2379281 34.06 226,042 7,698,990.52
0.26 MTRX MATRIX SERVICE CO 2572068 13.13 563,702 7,401,407.26
0.26 TISI TEAM INC 2879123 10.93 672,615 7,351,681.95
0.25 ROAD CONSTRUCTION P-A BDT5M66 30.62 231,113 7,076,680.06
0.23 STRL STERLING CONSTRUCTION CO 2632876 20.83 315,841 6,578,968.03
0.20 WLDN WILLDAN GROUP INC B1HP598 39.59 148,123 5,864,189.57
0.16 CASH 1.00 4,607,077 4,607,076.75
Holdings are subject to change.


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The Morningstar Ratingfor 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 3/31, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 81 during the last 3 years. With respect to these Infrastructure funds, PAVE received a Morningstar Rating of 5 stars. Past performance is not indicative 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.