PAVE


U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 92 Infrastructure funds, based on risk-adjusted returns as of 03/31/2024

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 04/17/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $7.27 billion
NAV $37.46
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 04/16/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 194,020,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 04/17/24

30-Day SEC Yield 0.61%
Distribution Frequency Semi-Annually

ETF Prices As of 04/17/24

NAV $37.46 Daily Change -$0.38 -1.00%
Market Price $37.44 Daily Change -$0.40 -1.06%

Performance History

As of recent month & quarter-end (03/31/24)
As of recent month & quarter-end (03/31/24)
Fund NAV Market Price Index
1 Year 41.47% 41.42% 42.56%
3 Years 17.58% 17.50% 18.29%
5 Years 21.32% 21.30% 22.02%
Since Inception 15.53% 15.53% 16.16%
1 Year 41.47% 41.42% 42.56%
3 Years 17.58% 17.50% 18.29%
5 Years 21.32% 21.30% 22.02%
Since Inception 15.53% 15.53% 16.16%
Year-to-Date 15.59% 15.53% 15.73%
1 Month 5.54% 5.54% 5.56%
3 Months 15.59% 15.53% 15.73%
Since Inception 177.69% 177.69% 188.59%
Year-to-Date 15.59% 15.53% 15.73%
1 Month 5.54% 5.54% 5.56%
3 Months 15.59% 15.53% 15.73%
Since Inception 177.69% 177.69% 188.59%

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 04/17/24

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.48 ETN EATON CORP PLC B8KQN82 310.18 817,696 253,632,945.28
3.23 MLM MARTIN MARIETTA MATERIALS 2572079 592.92 397,264 235,545,770.88
3.16 TT TRANE TECHNOLOGIES PLC BK9ZQ96 293.09 785,900 230,339,431.00
3.15 PH PARKER HANNIFIN CORP 2671501 540.57 424,840 229,655,758.80
3.13 EMR EMERSON ELECTRIC CO 2313405 109.81 2,079,051 228,300,590.31
3.06 NUE NUCOR CORP 2651086 192.78 1,158,500 223,335,630.00
3.01 URI UNITED RENTALS INC 2134781 636.22 344,743 219,332,391.46
2.93 PWR QUANTA SERVICES INC 2150204 245.96 868,402 213,592,155.92
2.81 VMC VULCAN MATERIALS CO 2931205 258.26 793,866 205,023,833.16
2.79 DE DEERE & CO 2261203 396.88 513,263 203,703,819.44
2.70 NSC NORFOLK SOUTHERN CORP 2641894 239.34 822,645 196,891,854.30
2.69 FAST FASTENAL CO 2332262 68.48 2,863,808 196,113,571.84
2.67 CSX CSX CORP 2160753 34.16 5,705,760 194,908,761.60
2.59 SRE SEMPRA 2138158 67.94 2,774,507 188,500,005.58
2.57 UNP UNION PACIFIC CORP 2914734 229.23 818,096 187,532,146.08
2.50 ROK ROCKWELL AUTOMATION INC 2754060 278.65 654,250 182,306,762.50
2.31 FTV FORTIVE CORP BYT3MK1 80.20 2,098,691 168,315,018.20
2.14 HWM HOWMET AEROSPACE INC BKLJ8V2 63.46 2,457,659 155,963,040.14
1.84 STLD STEEL DYNAMICS INC 2849472 138.93 965,028 134,071,340.04
1.81 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 179.31 735,385 131,861,884.35
1.71 HUBB HUBBELL INC BDFG6S3 390.97 319,488 124,910,223.36
1.56 WLK Westlake Corporation B01ZP20 148.59 764,681 113,623,949.79
1.52 RS RELIANCE INC 2729068 322.12 343,336 110,595,392.32
1.48 J JACOBS SOLUTIONS INC BNGC0D3 142.97 753,063 107,665,417.11
1.47 CSL CARLISLE COS INC 2176318 368.84 290,099 107,000,115.16
1.40 IEX IDEX CORP 2456612 226.83 450,663 102,223,888.29
1.30 EME EMCOR GROUP INC 2474164 339.20 279,537 94,818,950.40
1.22 GGG GRACO INC 2380443 88.43 1,005,616 88,926,622.88
1.19 TRMB TRIMBLE INC 2903958 58.49 1,484,972 86,856,012.28
1.13 RPM RPM INTERNATIONAL INC 2756174 106.90 768,246 82,125,497.40
1.11 LECO LINCOLN ELECTRIC HOLDINGS 2516851 236.61 341,781 80,868,802.41
1.07 PNR PENTAIR PLC BLS09M3 78.95 984,624 77,736,064.80
1.03 ACM AECOM B1VZ431 92.53 810,175 74,965,492.75
1.01 BLD TOPBUILD CORP BZ0P3W2 388.74 189,817 73,789,460.58
1.00 WMS ADVANCED DRAINAG BP7RS59 156.91 463,775 72,770,935.25
0.87 CLF CLEVELAND-CLIFFS INC BYVZ186 21.21 3,003,861 63,711,891.81
0.86 RRX REGAL REXNORD CORP 2730082 159.53 394,916 63,000,949.48
0.81 TTEK TETRA TECH INC 2883890 186.49 316,800 59,080,032.00
0.72 WWD WOODWARD INC 2948089 147.27 357,960 52,716,769.20
0.71 X UNITED STATES STEEL CORP 2824770 39.13 1,326,364 51,900,623.32
0.70 EXP EAGLE MATERIALS INC 2191399 244.85 208,220 50,982,667.00
0.64 WCC WESCO INTERNATIONAL INC 2416973 152.52 304,666 46,467,658.32
0.62 AYI ACUITY BRANDS INC 2818461 248.72 182,663 45,431,941.36
0.60 CR CRANE CO BNYD4F8 130.13 336,345 43,768,574.85
0.59 RBC RBC BEARINGS INC B0GLYB5 246.54 173,110 42,678,539.40
0.53 MTZ MASTEC INC 2155306 82.82 467,138 38,688,369.16
0.53 CMC COMMERCIAL METALS CO 2213260 55.87 691,923 38,657,738.01
0.53 ATI ATI Inc 2526117 50.73 756,545 38,379,527.85
0.52 AA ALCOA CORP BYNF418 35.55 1,059,727 37,673,294.85
0.52 ATKR Atkore Inc BDHF495 170.12 221,208 37,631,904.96
0.49 MLI MUELLER INDUSTRIES INC 2609717 51.97 684,143 35,554,911.71
0.44 ZWS Zurn Elkay Water Solution BMV1ZD3 31.28 1,030,966 32,248,616.48
0.44 SPXC SPX TECHNOLOGIES INC BQ1L7V3 117.50 270,662 31,802,785.00
0.43 POWL POWELL INDUSTRIES INC 2697422 123.44 256,380 31,647,547.20
0.43 DXPE DXP ENTERPRISES INC 2276627 50.48 618,928 31,243,485.44
0.43 TPC TUTOR PERINI CORP 2681760 13.43 2,322,373 31,189,469.39
0.43 LPX LOUISIANA-PACIFIC CORP 2535243 72.75 427,296 31,085,784.00
0.42 CENX CENTURY ALUMINUM COMPANY 2186254 17.51 1,750,637 30,653,653.87
0.41 MDU MDU RESOURCES GROUP INC 2547323 23.56 1,257,031 29,615,650.36
0.40 DNOW DNOW INC BMH0MV1 14.62 2,001,338 29,259,561.56
0.39 SUM SUMMIT MATERIA-A BW9JPS4 39.03 733,211 28,617,225.33
0.38 BMI BADGER METER INC 2069128 153.00 180,814 27,664,542.00
0.38 STRL STERLING INFRAST 2632876 100.11 276,079 27,638,268.69
0.37 AGX ARGAN INC 2804501 60.05 448,829 26,952,181.45
0.36 PRIM PRIMORIS SERVICES CORP B1GC200 43.16 611,034 26,372,227.44
0.36 VMI VALMONT INDUSTRIES 2926825 211.17 123,562 26,092,587.54
0.36 KNF KNIFE RIVER CORP BPLL4V5 78.08 333,862 26,067,944.96
0.35 HRI HERC HOLDINGS INC BZBZ020 152.53 168,422 25,689,407.66
0.34 ROAD CONSTRUCTION P-A BDT5M66 52.94 474,099 25,098,801.06
0.34 USLM US LIME & MINERA 2724115 292.55 85,738 25,082,651.90
0.34 DY DYCOM INDUSTRIES INC 2289841 134.75 181,278 24,427,210.50
0.33 TEX TEREX CORP 2884224 60.71 399,733 24,267,790.43
0.33 EXPO EXPONENT INC 2330318 77.73 311,904 24,244,297.92
0.32 GVA GRANITE CONSTRUCTION INC 2381189 53.82 438,378 23,593,503.96
0.32 ASTE ASTEC INDUSTRIES INC 2060370 41.73 563,580 23,518,193.40
0.32 MYRG MYR GROUP INC/DELAWARE B3CLS18 160.87 143,255 23,045,431.85
0.31 HEES H&E EQUIPMENT SE B0WR848 58.78 387,485 22,776,368.30
0.31 CRS CARPENTER TECHNOLOGY 2177504 77.76 292,105 22,714,084.80
0.31 GRC GORMAN-RUPP CO 2379281 36.01 624,199 22,477,405.99
0.31 HAYN HAYNES INTERNATIONAL INC B02WVH7 60.43 371,326 22,439,230.18
0.31 ACA ARCOSA INC BGPZ5W8 76.87 288,825 22,201,977.75
0.30 NWPX NORTHWEST PIPE CO 2035925 32.07 690,407 22,141,352.49
0.30 MRC MRC GLOBAL INC B7M66F1 11.64 1,900,089 22,117,035.96
0.30 GBX GREENBRIER COMPANIES INC 2387530 50.65 429,973 21,778,132.45
0.30 CSWI CSW INDUSTRIALS INC BYQD1J6 232.43 93,415 21,712,448.45
0.30 MWA MUELLER WATER-A B15RZR4 15.34 1,415,049 21,706,851.66
0.29 CXT CRANE NXT CO BQ7W2W6 61.44 348,555 21,415,219.20
0.29 MTX MINERALS TECHNOLOGIES INC 2595612 71.15 296,958 21,128,561.70
0.29 CMCO COLUMBUS MCKINNON CORP/NY 2211071 40.26 524,516 21,117,014.16
0.28 MTUS METALLUS INC BNBPMX1 21.26 968,923 20,599,302.98
0.28 WNC WABASH NATIONAL CORP 2932048 25.90 777,768 20,144,191.20
0.28 MTRN MATERION CORP 2149622 120.88 166,620 20,141,025.60
0.27 TRN TRINITY INDUSTRIES INC 2904627 25.89 771,253 19,967,740.17
0.27 IIIN INSTEEL INDUSTRIES INC 2325875 32.75 605,874 19,842,373.50
0.26 RYI RYERSON HOLDING CORP B3TPPZ6 31.95 585,955 18,721,262.25
0.24 ROCK GIBRALTAR INDUSTRIES INC 2369226 71.50 248,158 17,743,297.00
0.23 TITN TITAN MACHINERY INC B29H3T5 22.79 737,255 16,802,041.45
0.22 CTOS CUSTOM TRUCK ONE BL66YS4 5.23 3,094,820 16,185,908.60
0.18 CALX CALIX INC B3S4L67 29.18 443,569 12,943,343.42
0.11 CASH 1.00 8,177,945 8,177,944.98
0.01 OTHER PAYABLE & RECEIVABLES 1.00 965,036 965,035.58
0.00 ESM4 INDEX S&P500 EMINI FUT JUN24 253,112.50 1 253,112.50
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 03/31/24

Sector Weight (%)
Industrials 71.6
Materials 22.3
Utilities 3.0
Information Technology 1.8
Consumer Discretionary 1.1
Financials 0.2

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Electrical Products 12.5
Engineering & Construction 10.6
Industrial Machinery 10.4
Steel 10.3
Railroads 8.2
Construction Materials 7.2
Trucks/Construction/Farm Machinery 4.9
Wholesale Distributors 4.6
Finance/Rental/Leasing 4.1
Miscellaneous Manufacturing 3.7
Electronic Equipment/Instruments 3.6
Other 19.9

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 04/16/24

Return on Equity 15.90%
Weighted Avg. Market Cap 38,477 M
2023 2024
Price-to-earnings 20.53 19.36
Price-to-book value 3.28 2.89

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 03/31/24

Versus Beta
S&P 500 1.25
NASDAQ-100 0.85
MSCI EAFE 1.19
MSCI Emg. Mkts 0.76
Standard Deviation 24.50%

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 03/31, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 92 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.