PAVE


U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 89 Infrastructure funds, based on risk-adjusted returns as of 11/30/2024

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 12/12/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $9.26 billion
NAV $43.55
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 12/12/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 212,600,000
Number of Holdings 101
30-Day Median Bid-Ask Spread 0.02%

Distributions As of 12/12/24

30-Day SEC Yield 0.49%
Distribution Frequency Semi-Annually

ETF Prices As of 12/12/24

NAV $43.55 Daily Change -$0.40 -0.91%
Market Price $43.54 Daily Change -$0.43 -0.98%

Performance History

As of recent
(09/30/24)
As of recent
(09/30/24)
Fund NAV Market Price Index
1 Year 36.45% 36.39% 37.49%
3 Years 18.29% 18.29% 19.03%
5 Years 21.27% 21.27% 21.97%
Since Inception 14.97% 14.97% 15.59%
1 Year 46.08% 46.19% 47.07%
3 Years 19.76% 19.75% 20.50%
5 Years 22.03% 22.02% 22.73%
Since Inception 16.19% 16.19% 16.82%
Year-to-Date 19.74% 19.70% 20.19%
1 Month 4.42% 4.41% 4.46%
3 Months 11.16% 11.18% 11.32%
Since Inception 187.66% 187.73% 199.70%
Year-to-Date 33.01% 32.99% 33.63%
1 Month 11.14% 11.21% 11.20%
3 Months 15.99% 16.01% 16.14%
Since Inception 219.54% 219.68% 233.22%

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 12/12/24

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.72 TT TRANE TECHNOLOGIES PLC BK9ZQ96 399.66 864,046 345,324,624.36
3.47 ETN EATON CORP PLC B8KQN82 358.64 899,073 322,443,540.72
3.45 PWR QUANTA SERVICES INC 2150204 336.10 953,039 320,316,407.90
3.43 PH PARKER HANNIFIN CORP 2671501 682.57 466,281 318,269,422.17
3.31 HWM HOWMET AEROSPACE INC BKLJ8V2 113.70 2,700,807 307,081,755.90
3.23 EMR EMERSON ELECTRIC CO 2313405 131.16 2,283,540 299,509,106.40
3.21 URI UNITED RENTALS INC 2134781 786.59 378,433 297,671,613.47
2.89 SRE SEMPRA 2138158 87.93 3,049,663 268,156,867.59
2.68 FAST FASTENAL CO 2332262 79.04 3,146,827 248,725,206.08
2.67 DE DEERE & CO 2261203 439.48 564,649 248,151,942.52
2.62 MLM MARTIN MARIETTA MATERIALS 2572079 556.82 437,279 243,485,692.78
2.61 VMC VULCAN MATERIALS CO 2931205 278.11 871,658 242,416,806.38
2.42 NSC NORFOLK SOUTHERN CORP 2641894 248.31 905,638 224,878,971.78
2.35 ROK ROCKWELL AUTOMATION INC 2754060 302.92 719,034 217,809,779.28
2.27 CSX CSX CORP 2160753 33.68 6,269,804 211,166,998.72
2.26 UNP UNION PACIFIC CORP 2914734 233.71 898,927 210,088,229.17
1.91 FTV FORTIVE CORP BYT3MK1 76.83 2,305,636 177,142,013.88
1.80 NUE NUCOR CORP 2651086 131.41 1,273,865 167,398,599.65
1.73 HUBB HUBBELL INC BDFG6S3 455.34 351,926 160,245,984.84
1.60 EME EMCOR GROUP INC 2474164 480.25 308,516 148,164,809.00
1.49 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 170.68 809,365 138,142,418.20
1.46 CSL CARLISLE COS INC 2176318 423.76 319,449 135,369,708.24
1.45 STLD STEEL DYNAMICS INC 2849472 126.91 1,061,787 134,751,388.17
1.32 TRMB TRIMBLE INC 2903958 74.87 1,632,641 122,235,831.67
1.27 PNR PENTAIR PLC BLS09M3 108.29 1,084,838 117,477,107.02
1.22 RS RELIANCE INC 2729068 301.43 377,250 113,714,467.50
1.21 J JACOBS SOLUTIONS INC BNGC0D3 136.02 829,027 112,764,252.54
1.21 RPM RPM INTERNATIONAL INC 2756174 132.83 845,847 112,353,857.01
1.20 IEX IDEX CORP 2456612 224.98 496,230 111,641,825.40
1.09 WLK Westlake Corporation B01ZP20 120.11 840,856 100,995,214.16
1.08 ACM AECOM B1VZ431 112.03 892,587 99,996,521.61
1.06 GGG GRACO INC 2380443 88.65 1,107,866 98,212,320.90
0.84 LECO LINCOLN ELECTRIC HOLDINGS 2516851 207.63 375,652 77,996,624.76
0.80 RRX REGAL REXNORD CORP 2730082 171.44 435,485 74,659,548.40
0.80 BLD TOPBUILD CORP BZ0P3W2 357.16 208,676 74,530,720.16
0.79 TTEK TETRA TECH INC 2883890 41.75 1,748,127 72,984,302.25
0.77 AGX ARGAN INC 2804501 144.27 497,665 71,798,129.55
0.77 POWL POWELL INDUSTRIES INC 2697422 255.76 279,188 71,405,122.88
0.77 USLM US LIME & MINERA 2724115 149.13 478,487 71,356,766.31
0.77 MTZ MASTEC INC 2155306 137.42 517,443 71,107,017.06
0.75 WWD WOODWARD INC 2948089 176.23 394,473 69,517,976.79
0.72 TPC TUTOR PERINI CORP 2681760 26.07 2,578,698 67,226,656.86
0.71 WMS ADVANCED DRAINAG BP7RS59 128.09 511,603 65,531,228.27
0.70 AYI ACUITY BRANDS INC 2818461 322.78 202,221 65,272,894.38
0.70 WCC WESCO INTERNATIONAL INC 2416973 192.49 335,457 64,571,279.29
0.68 EXP EAGLE MATERIALS INC 2191399 277.60 228,312 63,379,411.20
0.68 RBC RBC BEARINGS INC B0GLYB5 330.67 190,377 62,951,962.59
0.67 CR CRANE CO BNYD4F8 166.13 373,179 61,996,227.27
0.67 MLI MUELLER INDUSTRIES INC 2609717 82.95 745,419 61,832,506.05
0.62 CRS CARPENTER TECHNOLOGY 2177504 177.17 325,097 57,597,435.49
0.60 STRL STERLING INFRAST 2632876 183.61 303,918 55,802,383.98
0.59 LPX LOUISIANA-PACIFIC CORP 2535243 115.43 473,645 54,672,842.35
0.59 DXPE DXP ENTERPRISES INC 2276627 80.58 677,412 54,585,858.96
0.58 PRIM PRIMORIS SERVICES CORP B1GC200 79.75 674,242 53,770,799.50
0.54 ROAD CONSTRUCTION P-A BDT5M66 95.96 523,415 50,226,903.40
0.54 X UNITED STATES STEEL CORP 2824770 34.02 1,465,581 49,859,065.62
0.51 SPXC SPX TECHNOLOGIES INC BQ1L7V3 158.28 299,860 47,461,840.80
0.51 ATI ATI Inc 2526117 56.01 838,098 46,941,868.98
0.50 AA ALCOA CORP BYNF418 39.62 1,166,675 46,223,663.50
0.50 GVA GRANITE CONSTRUCTION INC 2381189 95.52 483,628 46,196,146.56
0.49 ZWS Zurn Elkay Water Solution BMV1ZD3 40.01 1,135,498 45,431,274.98
0.49 VMI VALMONT INDUSTRIES 2926825 329.22 137,130 45,145,938.60
0.48 CMC COMMERCIAL METALS CO 2213260 58.61 764,804 44,825,162.44
0.48 BMI BADGER METER INC 2069128 230.63 191,714 44,214,999.82
0.45 CENX CENTURY ALUMINUM COMPANY 2186254 21.42 1,933,912 41,424,395.04
0.44 NWPX NORTHWEST PIPE CO 2035925 53.60 762,816 40,886,937.60
0.43 CSWI CSW INDUSTRIALS INC BYQD1J6 392.80 102,635 40,315,028.00
0.43 SUM SUMMIT MATERIA-A BW9JPS4 50.82 781,136 39,697,331.52
0.42 KNF KNIFE RIVER CORP BPLL4V5 105.16 369,056 38,809,928.96
0.42 HRI HERC HOLDINGS INC BZBZ020 208.63 185,018 38,600,305.34
0.40 MWA MUELLER WATER-A B15RZR4 24.51 1,531,976 37,548,731.76
0.39 CLF CLEVELAND-CLIFFS INC BYVZ186 10.96 3,318,693 36,372,875.28
0.37 DY DYCOM INDUSTRIES INC 2289841 180.56 191,660 34,606,129.60
0.37 ACA ARCOSA INC BGPZ5W8 108.00 318,713 34,421,004.00
0.35 DNOW DNOW INC BMH0MV1 14.56 2,210,449 32,184,137.44
0.34 GBX GREENBRIER COMPANIES INC 2387530 66.98 475,800 31,869,084.00
0.34 TRN TRINITY INDUSTRIES INC 2904627 37.38 852,243 31,856,843.34
0.34 EXPO EXPONENT INC 2330318 94.74 331,345 31,391,625.30
0.30 MRC MRC GLOBAL INC B7M66F1 13.41 2,101,876 28,186,157.16
0.29 GRC GORMAN-RUPP CO 2379281 41.35 656,385 27,141,519.75
0.28 MYRG MYR GROUP INC/DELAWARE B3CLS18 167.37 157,635 26,383,369.95
0.28 MTX MINERALS TECHNOLOGIES INC 2595612 79.48 329,119 26,158,378.12
0.27 MDU MDU RESOURCES GROUP INC 2547323 18.79 1,330,550 25,001,034.50
0.26 HEES H&E EQUIPMENT SE B0WR848 56.03 428,177 23,990,757.31
0.25 ASTE ASTEC INDUSTRIES INC 2060370 37.29 623,198 23,239,053.42
0.25 ECG EVERUS CONSTRUCTION GROUP BSVLTM2 68.80 333,385 22,936,888.00
0.24 CMCO COLUMBUS MCKINNON CORP/NY 2211071 39.05 579,766 22,639,862.30
0.24 CXT CRANE NXT CO BQ7W2W6 60.78 370,778 22,535,886.84
0.24 TEX TEREX CORP 2884224 50.64 438,457 22,203,462.48
0.23 ATKR Atkore Inc BDHF495 86.78 241,492 20,956,675.76
0.22 MTRN MATERION CORP 2149622 111.52 183,216 20,432,248.32
0.21 AMTM AMENTUM HOLDINGS INC BMZLFJ5 23.61 825,537 19,490,928.57
0.21 IIIN INSTEEL INDUSTRIES INC 2325875 29.88 639,693 19,114,026.84
0.20 ROCK GIBRALTAR INDUSTRIES INC 2369226 68.28 272,130 18,581,036.40
0.19 CTOS CUSTOM TRUCK ONE BL66YS4 5.18 3,450,288 17,872,491.84
0.19 CALX CALIX INC B3S4L67 35.40 491,915 17,413,791.00
0.19 MTUS METALLUS INC BNBPMX1 16.17 1,071,297 17,322,872.49
0.18 WNC WABASH NATIONAL CORP 2932048 19.46 860,443 16,744,220.78
0.16 RYI RYERSON HOLDING CORP B3TPPZ6 22.73 654,877 14,885,354.21
0.13 TITN TITAN MACHINERY INC B29H3T5 15.07 807,327 12,166,417.89
0.11 RTYZ4 Index E-MINI RUSS 2000 DEC24 118,275.00 85 10,053,375.00
0.10 CASH 1.00 9,324,250 9,324,249.86
0.06 OTHER PAYABLE & RECEIVABLES 1.00 5,964,871 5,964,871.31
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 11/30/24

Sector Weight (%)
Industrials 74.5
Materials 19.7
Utilities 3.2
Information Technology 1.8
Consumer Discretionary 0.8

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 66.5
Materials 19.5
Transportation 7.1
Utilities 3.2
Technology Hardware & Equipment 1.8
Commercial & Professional Services 1.1
Consumer Durables & Apparel 0.8

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 12/12/24

Return on Equity 15.00%
Weighted Avg. Market Cap 42,865 M
2023 2024
Price-to-earnings 23.51 23.30
Price-to-book value 3.70 3.29

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 11/30/24

Versus Beta
S&P 500 1.25
NASDAQ-100 0.85
MSCI EAFE 1.14
MSCI Emg. Mkts 0.73
Standard Deviation 25.10%

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 11/30 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.

© 2024 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.