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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 98 Infrastructure funds, based on risk-adjusted returns as of 10/31/2023

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 12/05/23

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $5.19 billion
NAV $31.75
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 12/04/23

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 163,430,000
Number of Holdings 98
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 12/05/23

30-Day SEC Yield 0.79%
Distribution Frequency Semi-Annually

ETF Prices As of 12/05/23

NAV $31.75 Daily Change -$0.38 -1.18%
Market Price $31.75 Daily Change -$0.37 -1.15%

Performance History

As of recent
(09/30/23)
As of recent
(09/30/23)
Fund NAV Market Price Index
1 Year 32.69% 32.78% 33.43%
3 Years 22.51% 22.48% 23.20%
5 Years 12.87% 12.91% 13.45%
Since Inception 12.02% 12.03% 12.59%
1 Year 13.63% 13.59% 14.31%
3 Years 16.62% 16.53% 17.32%
5 Years 15.98% 15.95% 16.60%
Since Inception 12.31% 12.31% 12.90%
Year-to-Date 14.86% 14.98% 15.30%
1 Month -5.89% -5.86% -5.85%
3 Months -3.37% -3.34% -3.24%
Since Inception 110.82% 110.96% 117.98%
Year-to-Date 19.17% 19.18% 19.85%
1 Month 9.41% 9.34% 9.55%
3 Months -2.36% -2.42% -2.14%
Since Inception 118.74% 118.67% 126.57%

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 12/05/23

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.80 ETN EATON CORP PLC B8KQN82 225.60 872,994 196,947,446.40
3.73 PH PARKER HANNIFIN CORP 2671501 434.83 445,090 193,538,484.70
3.59 TT TRANE TECHNOLOGIES PLC BK9ZQ96 229.58 811,790 186,370,748.20
3.32 FAST FASTENAL CO 2332262 60.75 2,832,399 172,068,239.25
3.24 URI UNITED RENTALS INC 2134781 475.50 354,034 168,343,167.00
2.96 UNP UNION PACIFIC CORP 2914734 232.17 660,319 153,306,262.23
2.88 NUE NUCOR CORP 2651086 165.76 901,934 149,504,579.84
2.78 CSX CSX CORP 2160753 33.29 4,330,232 144,153,423.28
2.75 MLM MARTIN MARIETTA MATERIALS 2572079 459.25 310,345 142,525,941.25
2.72 VMC VULCAN MATERIALS CO 2931205 212.02 664,345 140,854,426.90
2.67 ROK ROCKWELL AUTOMATION INC 2754060 275.00 503,530 138,470,750.00
2.66 EMR EMERSON ELECTRIC CO 2313405 88.35 1,559,129 137,749,047.15
2.61 PWR QUANTA SERVICES INC 2150204 189.43 714,281 135,306,249.83
2.39 SRE SEMPRA 2138158 70.93 1,748,432 124,016,281.76
2.36 DE DEERE & CO 2261203 361.14 339,075 122,453,545.50
2.33 FTV FORTIVE CORP BYT3MK1 68.30 1,768,342 120,777,758.60
2.23 NSC NORFOLK SOUTHERN CORP 2641894 223.91 516,490 115,647,275.90
2.08 HWM HOWMET AEROSPACE INC BKLJ8V2 52.18 2,068,244 107,920,971.92
2.03 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 143.26 735,411 105,354,979.86
1.97 STLD STEEL DYNAMICS INC 2849472 116.61 877,911 102,373,201.71
1.60 WLK Westlake Corporation B01ZP20 130.09 637,756 82,965,678.04
1.56 J JACOBS SOLUTIONS INC BNGC0D3 127.64 633,178 80,818,839.92
1.55 HUBB HUBBELL INC BDFG6S3 299.82 268,481 80,495,973.42
1.53 RS RELIANCE STEEL & ALUMINUM 2729068 269.67 293,507 79,150,032.69
1.47 IEX IDEX CORP 2456612 201.59 377,138 76,027,249.42
1.43 CSL CARLISLE COS INC 2176318 288.17 257,306 74,147,870.02
1.32 GGG GRACO INC 2380443 81.57 842,378 68,712,773.46
1.30 RPM RPM INTERNATIONAL INC 2756174 104.72 645,645 67,611,944.40
1.21 ACM AECOM B1VZ431 90.63 693,584 62,859,517.92
1.13 LECO LINCOLN ELECTRIC HOLDINGS 2516851 203.07 287,546 58,391,966.22
1.03 CASH 1.00 53,544,619 53,544,619.32
1.03 PNR PENTAIR PLC BLS09M3 65.38 816,636 53,391,661.68
1.00 TRMB TRIMBLE INC 2903958 45.94 1,132,777 52,039,775.38
0.99 WMS ADVANCED DRAINAG BP7RS59 124.22 414,568 51,497,636.96
0.97 EME EMCOR GROUP INC 2474164 211.77 238,587 50,525,568.99
0.94 BLD TOPBUILD CORP BZ0P3W2 308.75 158,709 49,001,403.75
0.83 TTEK TETRA TECH INC 2883890 163.14 262,810 42,874,823.40
0.81 X UNITED STATES STEEL CORP 2824770 36.21 1,162,796 42,104,843.16
0.79 RRX REGAL REXNORD CORP 2730082 123.82 331,729 41,074,684.78
0.78 WCC WESCO INTERNATIONAL INC 2416973 159.25 254,715 40,563,363.75
0.78 WWD WOODWARD INC 2948089 136.19 296,357 40,360,859.83
0.77 CLF CLEVELAND-CLIFFS INC BYVZ186 17.73 2,238,510 39,688,782.30
0.73 RBC RBC BEARINGS INC B0GLYB5 262.28 144,418 37,877,953.04
0.64 EXP EAGLE MATERIALS INC 2191399 182.44 182,509 33,296,941.96
0.60 POWL POWELL INDUSTRIES INC 2697422 88.31 352,363 31,117,176.53
0.57 CR CRANE CO BNYD4F8 105.09 280,504 29,478,165.36
0.56 AYI ACUITY BRANDS INC 2818461 181.92 158,709 28,872,341.28
0.53 STRL STERLING INFRAST 2632876 64.59 425,194 27,463,280.46
0.51 ZWS Zurn Elkay Water Solution BMV1ZD3 29.30 902,476 26,442,546.80
0.51 CMC COMMERCIAL METALS CO 2213260 45.33 581,823 26,374,036.59
0.50 ATI ATI Inc 2526117 40.27 640,084 25,776,182.68
0.50 ATKR Atkore Inc BDHF495 130.25 197,670 25,746,517.50
0.46 MLI MUELLER INDUSTRIES INC 2609717 42.65 559,862 23,878,114.30
0.45 VMI VALMONT INDUSTRIES 2926825 220.08 105,466 23,210,957.28
0.44 LPX LOUISIANA-PACIFIC CORP 2535243 63.47 363,147 23,048,940.09
0.42 CRS CARPENTER TECHNOLOGY 2177504 70.68 309,093 21,846,693.24
0.42 ROAD CONSTRUCTION P-A BDT5M66 42.03 519,607 21,839,082.21
0.42 BMI BADGER METER INC 2069128 149.47 144,940 21,664,181.80
0.40 SUM SUMMIT MATERIA-A BW9JPS4 34.90 586,875 20,481,937.50
0.39 MTZ MASTEC INC 2155306 65.63 310,323 20,366,498.49
0.39 EXPO EXPONENT INC 2330318 80.87 249,274 20,158,788.38
0.38 SPXC SPX TECHNOLOGIES INC BQ1L7V3 88.84 223,191 19,828,288.44
0.38 CSWI CSW INDUSTRIALS INC BYQD1J6 179.75 109,903 19,755,064.25
0.37 ACA ARCOSA INC BGPZ5W8 75.98 252,893 19,214,810.14
0.37 MDU MDU RESOURCES GROUP INC 2547323 18.99 1,009,899 19,177,982.01
0.36 MYRG MYR GROUP INC/DELAWARE B3CLS18 128.91 146,353 18,866,365.23
0.36 GBX GREENBRIER COMPANIES INC 2387530 38.61 482,883 18,644,112.63
0.34 IIIN INSTEEL INDUSTRIES INC 2325875 36.03 486,294 17,521,172.82
0.34 HRI HERC HOLDINGS INC BZBZ020 120.20 144,898 17,416,739.60
0.34 AGX ARGAN INC 2804501 47.57 365,031 17,364,524.67
0.33 MTRN MATERION CORP 2149622 113.05 152,366 17,224,976.30
0.33 AA ALCOA CORP BYNF418 25.24 673,123 16,989,624.52
0.33 TEX TEREX CORP 2884224 50.84 333,691 16,964,850.44
0.32 PRIM PRIMORIS SERVICES CORP B1GC200 31.11 534,527 16,629,134.97
0.32 GRC GORMAN-RUPP CO 2379281 33.12 500,633 16,580,964.96
0.32 GVA GRANITE CONSTRUCTION INC 2381189 47.04 348,992 16,416,583.68
0.30 DY DYCOM INDUSTRIES INC 2289841 106.83 145,404 15,533,509.32
0.29 MWA MUELLER WATER-A B15RZR4 13.48 1,130,349 15,237,104.52
0.29 KNF KNIFE RIVER CORP BPLL4V5 60.05 252,344 15,153,242.19
0.28 CXT CRANE NXT CO BQ7W2W6 51.96 280,793 14,590,004.28
0.28 DXPE DXP ENTERPRISES INC 2276627 30.94 470,415 14,554,640.10
0.28 TMST TIMKENSTEEL CORP BNBPMX1 20.52 696,157 14,285,141.64
0.27 CMCO COLUMBUS MCKINNON CORP/NY 2211071 35.78 389,689 13,943,072.42
0.26 ROCK GIBRALTAR INDUSTRIES INC 2369226 70.02 193,265 13,532,415.30
0.26 TPC TUTOR PERINI CORP 2681760 8.53 1,573,137 13,418,858.61
0.25 TRN TRINITY INDUSTRIES INC 2904627 25.54 499,762 12,763,921.48
0.25 HEES H&E EQUIPMENT SE B0WR848 46.01 276,506 12,722,041.06
0.25 CALX CALIX INC B3S4L67 39.44 322,354 12,713,641.76
0.25 WNC WABASH NATIONAL CORP 2932048 23.72 535,660 12,705,855.20
0.24 HAYN HAYNES INTERNATIONAL INC B02WVH7 47.93 258,501 12,389,952.93
0.24 RYI RYERSON HOLDING CORP B3TPPZ6 30.10 406,890 12,247,389.00
0.23 CTOS CUSTOM TRUCK ONE BL66YS4 5.98 1,996,244 11,937,539.12
0.23 MRC MRC GLOBAL INC B7M66F1 10.42 1,134,038 11,816,675.96
0.21 DNOW NOW INC BMH0MV1 10.52 1,057,184 11,121,575.68
0.21 ASTE ASTEC INDUSTRIES INC 2060370 31.42 347,060 10,904,625.20
0.20 NWPX NORTHWEST PIPE CO 2035925 27.14 384,046 10,423,008.44
0.16 TITN TITAN MACHINERY INC B29H3T5 24.95 335,197 8,363,165.15
0.14 MTX MINERALS TECHNOLOGIES INC 2595612 62.96 113,291 7,132,801.36
0.09 OTHER PAYABLE & RECEIVABLES 1.00 4,449,781 4,449,780.94
0.07 CENX CENTURY ALUMINUM COMPANY 2186254 7.67 486,873 3,734,315.91
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 11/30/23

Sector Weight (%)
Industrials 72.9
Materials 21.5
Utilities 2.8
Information Technology 1.7
Consumer Discretionary 1.0
Financials 0.2

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Electrical Products 12.7
Industrial Machinery 11.4
Steel 10.5
Engineering & Construction 10.2
Railroads 8.2
Construction Materials 6.7
Wholesale Distributors 4.8
Trucks/Construction/Farm Machinery 4.5
Finance/Rental/Leasing 4.2
Industrial Conglomerates 4.0
Miscellaneous Manufacturing 3.6
Other 19.2

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 12/04/23

Return on Equity 18.10%
Weighted Avg. Market Cap 32,296 M
2022 2023
Price-to-earnings 15.62 17.55
Price-to-book value 3.33 3.05

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 11/30/23

Versus Beta
S&P 500 1.22
NASDAQ-100 0.80
MSCI EAFE 1.15
MSCI Emg. Mkts 0.68
Standard Deviation 24.20%

Source: new windowAltaVista Research, LLC

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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 10/31, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 98 during the last 3 years, 83 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.