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 11/30/21

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $5.18 billion
NAV $27.19
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 11/30/21

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 190,560,000
Number of Holdings 99
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 11/30/21

30-Day SEC Yield 0.57%
Distribution Frequency Semi-Annually

ETF Prices As of 11/30/21

NAV $27.19 Daily Change -$0.88 -3.14%
Market Price $27.21 Daily Change -$0.89 -3.17%

Performance History

As of recent
(09/30/21)
As of recent
(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 59.09% 59.24% 60.08%
3 Years 23.22% 23.21% 23.83%
Since Inception 14.67% 14.68% 15.22%
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 30.41% 30.52% 31.06%
1 Month 8.78% 8.78% 8.84%
3 Months 4.42% 4.38% 4.53%
Since Inception 89.04% 89.11% 93.42%

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 11/30/21

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.50 NUE NUCOR CORP 2651086 106.26 1,709,694 181,672,084.44
3.21 ETN EATON CORP PLC B8KQN82 162.06 1,027,873 166,577,098.38
3.12 ROK ROCKWELL AUTOMATION INC 2754060 336.20 480,601 161,578,056.20
3.05 FAST FASTENAL CO 2332262 59.17 2,673,334 158,181,172.78
3.00 TT TRANE TECHNOLOGIES PLC BK9ZQ96 186.65 834,562 155,770,997.30
3.00 VMC VULCAN MATERIALS CO 2931205 191.64 810,478 155,320,003.92
2.98 KSU KANSAS CITY SOUTHERN 2607647 290.85 530,632 154,334,317.20
2.82 CSX CSX CORP 2160753 34.66 4,216,629 146,148,361.14
2.81 UNP UNION PACIFIC CORP 2914734 235.64 619,289 145,929,259.96
2.81 DE DEERE & CO 2261203 345.54 421,468 145,634,052.72
2.74 MLM MARTIN MARIETTA MATERIALS 2572079 403.51 352,480 142,229,204.80
2.69 PH PARKER HANNIFIN CORP 2671501 302.06 460,946 139,233,348.76
2.68 NSC NORFOLK SOUTHERN CORP 2641894 265.27 523,743 138,933,305.61
2.67 URI UNITED RENTALS INC 2134781 338.74 408,322 138,314,994.28
2.62 FTV FORTIVE CORP BYT3MK1 73.87 1,837,839 135,761,166.93
2.58 EMR EMERSON ELECTRIC CO 2313405 87.84 1,525,567 134,005,805.28
2.43 SRE SEMPRA ENERGY 2138158 119.87 1,050,046 125,869,014.02
2.34 TRMB TRIMBLE INC 2903958 85.87 1,414,335 121,448,946.45
2.03 J JACOBS ENGIN GRP 2469052 142.56 737,677 105,163,233.12
1.86 IEX IDEX CORP 2456612 224.59 428,519 96,241,082.21
1.73 PWR QUANTA SERVICES INC 2150204 113.78 786,075 89,439,613.50
1.56 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 69.44 1,161,276 80,639,005.44
1.37 STLD STEEL DYNAMICS INC 2849472 59.80 1,191,686 71,262,822.80
1.34 PNR PENTAIR PLC BLS09M3 73.69 942,652 69,464,025.88
1.34 GGG GRACO INC 2380443 72.89 950,936 69,313,725.04
1.33 HWM HOWMET AEROSPACE INC BKLJ8V2 28.13 2,459,163 69,176,255.19
1.31 CSL CARLISLE COS INC 2176318 225.20 301,989 68,007,922.80
1.30 RPM RPM INTERNATIONAL INC 2756174 91.04 739,313 67,307,055.52
1.30 WLK WESTLAKE CHEMICAL CORP B01ZP20 92.92 723,052 67,185,991.84
1.16 HUBB HUBBELL INC BDFG6S3 195.70 307,025 60,084,792.50
1.11 ACM AECOM B1VZ431 68.94 836,577 57,673,618.38
1.08 TTEK TETRA TECH INC 2883890 184.48 303,456 55,981,562.88
1.03 RS RELIANCE STEEL & ALUMINUM 2729068 148.63 360,376 53,562,684.88
0.98 BLD TOPBUILD CORP BZ0P3W2 269.79 187,541 50,596,686.39
0.95 WMS ADVANCED DRAINAG BP7RS59 123.71 397,515 49,176,580.65
0.94 AA ALCOA CORP BYNF418 46.53 1,052,538 48,974,593.14
0.89 CLF CLEVELAND-CLIFFS INC BYVZ186 20.35 2,260,074 45,992,505.90
0.88 LECO LINCOLN ELECTRIC HOLDINGS 2516851 134.96 338,852 45,731,465.92
0.80 AYI ACUITY BRANDS INC 2818461 201.35 205,925 41,462,998.75
0.78 LPX LOUISIANA-PACIFIC CORP 2535243 65.35 618,836 40,440,932.60
0.74 MTZ MASTEC INC 2155306 92.17 416,575 38,395,717.75
0.72 WWD WOODWARD INC 2948089 105.80 353,275 37,376,495.00
0.72 EME EMCOR GROUP INC 2474164 119.34 310,930 37,106,386.20
0.70 EXP EAGLE MATERIALS INC 2191399 154.22 236,868 36,529,782.96
0.68 WCC WESCO INTERNATIONAL INC 2416973 124.13 282,897 35,116,004.61
0.66 EXPO EXPONENT INC 2330318 116.50 292,239 34,045,843.50
0.61 CR CRANE CO 2231897 96.54 328,924 31,754,322.96
0.61 HRI HERC HOLDINGS INC BZBZ020 170.45 184,821 31,502,739.45
0.60 MDU MDU RESOURCES GROUP INC 2547323 27.23 1,135,106 30,908,936.38
0.56 VMI VALMONT INDUSTRIES 2926825 239.03 120,324 28,761,045.72
0.55 ATKR Atkore Inc BDHF495 106.50 266,853 28,419,844.50
0.54 ROLL RBC BEARINGS INC B0GLYB5 197.69 141,788 28,030,069.72
0.54 X UNITED STATES STEEL CORP 2824770 22.61 1,237,379 27,977,139.19
0.48 CALX CALIX INC B3S4L67 66.96 371,230 24,857,560.80
0.46 SUM SUMMIT MATERIA-A BW9JPS4 37.30 643,353 23,997,066.90
0.46 RRX REGAL REXNORD CORP 2730082 158.10 150,739 23,831,835.90
0.46 ZWS ZURN WATER SOLUTIONS CORP BMV1ZD3 35.05 677,014 23,729,340.70
0.44 MYRG MYR GROUP INC/DELAWARE B3CLS18 110.71 204,296 22,617,610.16
0.42 RYI RYERSON HOLDING CORP B3TPPZ6 23.43 920,266 21,561,832.38
0.41 HAYN HAYNES INTERNATIONAL INC B02WVH7 40.07 533,843 21,391,089.01
0.40 CMC COMMERCIAL METALS CO 2213260 30.90 672,425 20,777,932.50
0.37 AIMC ALTRA INDUSTRIAL B1L82T2 52.71 362,602 19,112,751.42
0.37 TITN TITAN MACHINERY INC B29H3T5 33.24 570,303 18,956,871.72
0.36 MLI MUELLER INDUSTRIES INC 2609717 55.33 339,525 18,785,918.25
0.36 IIIN INSTEEL INDUSTRIES INC 2325875 40.13 466,985 18,740,108.05
0.33 BMI BADGER METER INC 2069128 102.36 168,055 17,202,109.80
0.33 TRN TRINITY INDUSTRIES INC 2904627 26.50 644,453 17,078,004.50
0.33 HEES H&E EQUIPMENT SE B0WR848 42.10 405,539 17,073,191.90
0.33 DY DYCOM INDUSTRIES INC 2289841 93.48 180,606 16,883,048.88
0.33 MTW MANITOWOC COMPANY INC BDFCGV4 19.06 883,880 16,846,752.80
0.32 GRC GORMAN-RUPP CO 2379281 43.23 383,542 16,580,520.66
0.32 TEX TEREX CORP 2884224 42.38 387,088 16,404,789.44
0.32 ARNC ARCONIC CORP BKLJ8S9 26.72 610,844 16,321,751.68
0.29 GVA GRANITE CONSTRUCTION INC 2381189 38.88 381,755 14,842,634.40
0.28 CENX CENTURY ALUMINUM COMPANY 2186254 13.23 1,104,677 14,614,876.71
0.28 FRTA FORTERRA INC BYT4SV7 23.79 611,980 14,559,004.20
0.28 SPXC SPX CORP 2787185 58.15 249,691 14,519,531.65
0.27 MWA MUELLER WATER-A B15RZR4 13.64 1,037,751 14,154,923.64
0.27 GBX GREENBRIER COMPANIES INC 2387530 39.99 352,968 14,115,190.32
0.27 STRL STERLING CONSTRUCTION CO 2632876 25.77 538,814 13,885,236.78
0.27 ACA ARCOSA INC BGPZ5W8 51.17 268,928 13,761,045.76
0.26 ROAD CONSTRUCTION P-A BDT5M66 34.54 396,488 13,694,695.52
0.26 CMCO COLUMBUS MCKINNON CORP/NY 2211071 44.42 299,830 13,318,448.60
0.25 DNOW NOW INC BMH0MV1 8.36 1,566,928 13,099,518.08
0.25 ROCK GIBRALTAR INDUSTRIES INC 2369226 67.90 187,079 12,702,664.10
0.24 WNC WABASH NATIONAL CORP 2932048 16.70 757,640 12,652,588.00
0.24 MTX MINERALS TECHNOLOGIES INC 2595612 65.67 192,663 12,652,179.21
0.24 CSWI CSW INDUSTRIALS INC BYQD1J6 120.20 103,824 12,479,644.80
0.23 MRC MRC GLOBAL INC B7M66F1 6.88 1,744,985 12,005,496.80
0.23 ASTE ASTEC INDUSTRIES INC 2060370 62.68 191,089 11,977,458.52
0.22 NWPX NORTHWEST PIPE CO 2035925 28.78 396,599 11,414,119.22
0.22 AGX ARGAN INC 2804501 39.30 286,099 11,243,690.70
0.20 POWL POWELL INDUSTRIES INC 2697422 24.42 419,505 10,244,312.10
0.20 ATI ALLEGHENY TECH 2526117 14.24 710,454 10,116,864.96
0.19 WLDN WILLDAN GROUP INC B1HP598 40.01 250,498 10,022,424.98
0.19 TPC TUTOR PERINI CORP 2681760 12.86 778,101 10,006,378.86
0.18 PRIM PRIMORIS SERVICES CORP B1GC200 22.42 417,818 9,367,479.56
0.16 MTRX MATRIX SERVICE CO 2572068 8.69 962,906 8,367,653.14
0.13 CASH 1.00 6,483,714 6,483,714.21
0.03 TISI TEAM INC 2879123 1.35 1,147,588 1,549,243.80
Holdings are subject to change.

Sector Breakdown As of 10/31/21

Sector Weight (%)
Industrials 70.6
Materials 21.5
Utilities 3.2
Information Technology 2.8
Financials 1.0
Consumer Discretionary 0.9

Source: AltaVista Research, LLC

ETF Characteristics As of 11/30/21

Return on Equity 20.80%
Weighted Avg. Market Cap 29,758 M
2020 2021
Price-to-earnings 32.32 16.17
Price-to-book value 3.70 3.10

Source: AltaVista Research, LLC

ETF Risk Stats As of 11/30/21

Versus Beta
S&P 500 1.31
MSCI EAFE 1.32
MSCI Emg. Mkts 1.03
Standard Deviation 26.30%

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.