PAVE


U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 92 Infrastructure funds, based on risk-adjusted returns as of 06/30/2024

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 07/23/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $7.86 billion
NAV $39.22
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 07/23/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 200,510,000
Number of Holdings 99
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 07/23/24

30-Day SEC Yield 0.67%
Distribution Frequency Semi-Annually

ETF Prices As of 07/23/24

NAV $39.22 Daily Change $0.16 0.41%
Market Price $39.25 Daily Change $0.20 0.51%

Performance History

As of recent month & quarter-end (06/30/24)
As of recent month & quarter-end (06/30/24)
Fund NAV Market Price Index
1 Year 18.61% 18.57% 19.50%
3 Years 13.70% 13.67% 14.39%
5 Years 18.49% 18.51% 19.18%
Since Inception 13.86% 13.86% 14.48%
1 Year 18.61% 18.57% 19.50%
3 Years 13.70% 13.67% 14.39%
5 Years 18.49% 18.51% 19.18%
Since Inception 13.86% 13.86% 14.48%
Year-to-Date 7.72% 7.66% 7.97%
1 Month -4.16% -4.13% -4.15%
3 Months -6.81% -6.81% -6.71%
Since Inception 158.79% 158.79% 169.23%
Year-to-Date 7.72% 7.66% 7.97%
1 Month -4.16% -4.13% -4.15%
3 Months -6.81% -6.81% -6.71%
Since Inception 158.79% 158.79% 169.23%

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 07/23/24

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.55 TT TRANE TECHNOLOGIES PLC BK9ZQ96 344.96 809,942 279,397,592.32
3.45 ETN EATON CORP PLC B8KQN82 321.94 842,946 271,378,035.24
3.36 URI UNITED RENTALS INC 2134781 743.94 354,745 263,908,995.30
3.20 EMR EMERSON ELECTRIC CO 2313405 117.62 2,140,845 251,806,188.90
3.07 PH PARKER HANNIFIN CORP 2671501 551.66 437,131 241,147,687.46
3.00 PWR QUANTA SERVICES INC 2150204 264.46 893,450 236,281,787.00
2.94 MLM MARTIN MARIETTA MATERIALS 2572079 565.07 409,777 231,552,689.39
2.83 SRE SEMPRA 2138158 77.73 2,859,056 222,234,422.88
2.70 VMC VULCAN MATERIALS CO 2931205 260.15 817,106 212,570,125.90
2.65 HWM HOWMET AEROSPACE INC BKLJ8V2 82.41 2,531,912 208,654,867.92
2.57 UNP UNION PACIFIC CORP 2914734 239.50 842,671 201,819,704.50
2.55 FAST FASTENAL CO 2332262 67.90 2,949,888 200,297,395.20
2.51 CSX CSX CORP 2160753 33.64 5,876,965 197,701,102.60
2.50 DE DEERE & CO 2261203 371.52 529,167 196,596,123.84
2.45 NUE NUCOR CORP 2651086 161.55 1,193,999 192,890,538.45
2.42 NSC NORFOLK SOUTHERN CORP 2641894 224.28 848,812 190,371,555.36
2.33 ROK ROCKWELL AUTOMATION INC 2754060 272.15 673,943 183,413,587.45
2.11 FTV FORTIVE CORP BYT3MK1 76.68 2,161,096 165,712,841.28
1.64 CSL CARLISLE COS INC 2176318 429.48 299,377 128,576,433.96
1.60 STLD STEEL DYNAMICS INC 2849472 126.62 995,099 125,999,435.38
1.59 HUBB HUBBELL INC BDFG6S3 379.60 329,689 125,149,944.40
1.58 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 163.88 758,515 124,305,438.20
1.49 J JACOBS SOLUTIONS INC BNGC0D3 151.28 776,787 117,512,337.36
1.45 WLK Westlake Corporation B01ZP20 145.01 787,847 114,245,693.47
1.40 EME EMCOR GROUP INC 2474164 379.21 289,244 109,684,217.24
1.35 RS RELIANCE INC 2729068 301.16 353,450 106,445,002.00
1.21 IEX IDEX CORP 2456612 203.90 465,024 94,818,393.60
1.15 RPM RPM INTERNATIONAL INC 2756174 114.03 792,533 90,372,537.99
1.13 BLD TOPBUILD CORP BZ0P3W2 453.87 195,415 88,693,006.05
1.13 PNR PENTAIR PLC BLS09M3 87.19 1,016,507 88,629,245.33
1.11 TRMB TRIMBLE INC 2903958 57.11 1,529,715 87,362,023.65
1.08 GGG GRACO INC 2380443 82.06 1,036,504 85,055,518.24
1.04 WMS ADVANCED DRAINAG BP7RS59 170.98 479,090 81,914,808.20
0.95 ACM AECOM B1VZ431 89.80 835,123 74,994,045.40
0.93 LECO LINCOLN ELECTRIC HOLDINGS 2516851 207.25 351,788 72,908,063.00
0.87 TTEK TETRA TECH INC 2883890 208.67 327,400 68,318,558.00
0.86 WWD WOODWARD INC 2948089 183.83 368,652 67,769,297.16
0.81 TPC TUTOR PERINI CORP 2681760 26.38 2,415,118 63,710,812.84
0.79 RRX REGAL REXNORD CORP 2730082 152.02 408,191 62,053,195.82
0.70 CR CRANE CO BNYD4F8 156.76 349,326 54,760,343.76
0.69 X UNITED STATES STEEL CORP 2824770 39.48 1,372,079 54,169,678.92
0.69 WCC WESCO INTERNATIONAL INC 2416973 171.51 314,118 53,874,378.18
0.68 MTZ MASTEC INC 2155306 109.74 484,689 53,189,770.86
0.66 RBC RBC BEARINGS INC B0GLYB5 291.61 178,456 52,039,554.16
0.66 EXP EAGLE MATERIALS INC 2191399 240.07 214,562 51,509,899.34
0.63 ATI ATI Inc 2526117 63.00 784,497 49,423,311.00
0.63 CLF CLEVELAND-CLIFFS INC BYVZ186 15.88 3,095,931 49,163,384.28
0.62 AYI ACUITY BRANDS INC 2818461 257.60 189,452 48,802,835.20
0.59 MLI MUELLER INDUSTRIES INC 2609717 66.89 698,090 46,695,240.10
0.55 SPXC SPX TECHNOLOGIES INC BQ1L7V3 155.17 280,704 43,556,839.68
0.53 CMC COMMERCIAL METALS CO 2213260 58.23 713,307 41,535,866.61
0.52 LPX LOUISIANA-PACIFIC CORP 2535243 92.67 443,442 41,093,770.14
0.48 CRS CARPENTER TECHNOLOGY 2177504 124.88 304,432 38,017,468.16
0.48 USLM US LIME & MINERA 2724115 84.75 447,995 37,967,576.25
0.47 AA ALCOA CORP BYNF418 33.90 1,097,925 37,219,657.50
0.47 POWL POWELL INDUSTRIES INC 2697422 141.06 261,535 36,892,127.10
0.47 BMI BADGER METER INC 2069128 204.41 180,464 36,888,646.24
0.47 AGX ARGAN INC 2804501 78.46 466,202 36,578,208.92
0.45 VMI VALMONT INDUSTRIES 2926825 276.61 128,418 35,521,702.98
0.45 STRL STERLING INFRAST 2632876 124.48 284,395 35,401,489.60
0.45 PRIM PRIMORIS SERVICES CORP B1GC200 56.19 629,448 35,368,683.12
0.43 MDU MDU RESOURCES GROUP INC 2547323 26.88 1,252,185 33,658,732.80
0.43 DXPE DXP ENTERPRISES INC 2276627 52.72 637,412 33,604,360.64
0.42 ZWS Zurn Elkay Water Solution BMV1ZD3 31.42 1,062,448 33,382,116.16
0.42 EXPO EXPONENT INC 2330318 106.14 311,345 33,046,158.30
0.42 ATKR Atkore Inc BDHF495 145.00 227,742 33,022,590.00
0.41 DY DYCOM INDUSTRIES INC 2289841 180.64 180,410 32,589,262.40
0.39 ROAD CONSTRUCTION P-A BDT5M66 63.40 488,355 30,961,707.00
0.39 GVA GRANITE CONSTRUCTION INC 2381189 67.64 452,040 30,575,985.60
0.38 DNOW DNOW INC BMH0MV1 14.50 2,080,449 30,166,510.50
0.38 MWA MUELLER WATER-A B15RZR4 20.55 1,441,976 29,632,606.80
0.37 MRC MRC GLOBAL INC B7M66F1 14.74 1,978,126 29,157,577.24
0.37 CENX CENTURY ALUMINUM COMPANY 2186254 15.96 1,820,162 29,049,785.52
0.37 CSWI CSW INDUSTRIALS INC BYQD1J6 298.81 96,385 28,800,801.85
0.37 SUM SUMMIT MATERIA-A BW9JPS4 39.16 734,886 28,778,135.76
0.35 KNF KNIFE RIVER CORP BPLL4V5 79.80 347,806 27,754,918.80
0.35 ACA ARCOSA INC BGPZ5W8 92.16 299,963 27,644,590.08
0.35 MTX MINERALS TECHNOLOGIES INC 2595612 88.90 310,110 27,568,779.00
0.35 TEX TEREX CORP 2884224 65.82 412,207 27,131,464.74
0.34 HRI HERC HOLDINGS INC BZBZ020 153.30 173,768 26,638,634.40
0.34 NWPX NORTHWEST PIPE CO 2035925 37.02 711,791 26,350,502.82
0.33 TRN TRINITY INDUSTRIES INC 2904627 32.63 802,243 26,177,189.09
0.32 GRC GORMAN-RUPP CO 2379281 40.69 617,635 25,131,568.15
0.29 HAYN HAYNES INTERNATIONAL INC B02WVH7 59.50 386,986 23,025,667.00
0.29 MTUS METALLUS INC BNBPMX1 22.56 1,008,538 22,752,617.28
0.28 GBX GREENBRIER COMPANIES INC 2387530 49.27 448,300 22,087,741.00
0.28 MYRG MYR GROUP INC/DELAWARE B3CLS18 146.87 148,885 21,866,739.95
0.28 HEES H&E EQUIPMENT SE B0WR848 54.23 403,177 21,864,288.71
0.28 CXT CRANE NXT CO BQ7W2W6 62.38 349,269 21,787,400.22
0.26 CMCO COLUMBUS MCKINNON CORP/NY 2211071 38.08 546,016 20,792,289.28
0.26 ASTE ASTEC INDUSTRIES INC 2060370 34.95 586,948 20,513,832.60
0.26 ROCK GIBRALTAR INDUSTRIES INC 2369226 79.53 255,880 20,350,136.40
0.26 MTRN MATERION CORP 2149622 117.80 171,966 20,257,594.80
0.25 IIIN INSTEEL INDUSTRIES INC 2325875 33.08 602,193 19,920,544.44
0.23 WNC WABASH NATIONAL CORP 2932048 22.55 810,184 18,269,649.20
0.21 CALX CALIX INC B3S4L67 35.04 463,165 16,229,301.60
0.20 CTOS CUSTOM TRUCK ONE BL66YS4 4.98 3,189,976 15,886,080.48
0.19 RYI RYERSON HOLDING CORP B3TPPZ6 24.18 603,775 14,599,279.50
0.17 TITN TITAN MACHINERY INC B29H3T5 17.07 759,827 12,970,246.89
0.05 CASH 1.00 4,231,189 4,231,189.18
0.01 OTHER PAYABLE & RECEIVABLES 1.00 1,050,224 1,050,224.03
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 06/30/24

Sector Weight (%)
Industrials 71.4
Materials 21.3
Information Technology 3.2
Utilities 2.9
Consumer Discretionary 1.0
Financials 0.2

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Construction 18.5
Electrical Equipment 16.7
Machinery 16.0
Metals & Mining 10.4
Building 8.9
Trading Companies & Distributors 8.0
Road & Rail 7.6
Aerospace & Defense 3.5
Chemicals 3.0
Utilities 2.9
Professional Services 1.9
Other 2.6

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 07/23/24

Return on Equity 15.70%
Weighted Avg. Market Cap 35,977 M
2023 2024
Price-to-earnings 21.39 20.42
Price-to-book value 3.41 3.02

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 06/30/24

Versus Beta
S&P 500 1.24
NASDAQ-100 0.86
MSCI EAFE 1.20
MSCI Emg. Mkts 0.75
Standard Deviation 25.00%

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 06/30, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 92 during the last 3 years, 84 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.

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.