PAVE


U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 91 Infrastructure funds, based on risk-adjusted returns as of 04/30/2024

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 05/28/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $7.53 billion
NAV $38.57
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 05/28/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 195,130,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 05/28/24

30-Day SEC Yield 0.63%
Distribution Frequency Semi-Annually

ETF Prices As of 05/28/24

NAV $38.57 Daily Change -$0.52 -1.33%
Market Price $38.61 Daily Change -$0.50 -1.28%

Performance History

As of recent
(03/31/24)
As of recent
(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 36.67% 36.84% 37.76%
3 Years 14.05% 14.03% 14.75%
5 Years 18.69% 18.66% 19.38%
Since Inception 14.37% 14.38% 14.99%
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 8.80% 8.79% 8.97%
1 Month -5.88% -5.83% -5.85%
3 Months 9.21% 9.24% 9.35%
Since Inception 161.37% 161.51% 171.72%

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 05/28/24

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.68 ETN EATON CORP PLC B8KQN82 337.36 825,340 278,436,702.40
3.44 TT TRANE TECHNOLOGIES PLC BK9ZQ96 328.31 793,180 260,408,925.80
3.24 PWR QUANTA SERVICES INC 2150204 279.64 876,592 245,130,186.88
3.10 EMR EMERSON ELECTRIC CO 2313405 112.05 2,098,525 235,139,726.25
3.05 URI UNITED RENTALS INC 2134781 664.75 348,019 231,345,630.25
3.02 MLM MARTIN MARIETTA MATERIALS 2572079 570.32 400,904 228,643,569.28
2.98 PH PARKER HANNIFIN CORP 2671501 526.54 428,844 225,803,519.76
2.79 HWM HOWMET AEROSPACE INC BKLJ8V2 85.28 2,480,591 211,544,800.48
2.79 SRE SEMPRA 2138158 75.36 2,800,351 211,034,451.36
2.69 VMC VULCAN MATERIALS CO 2931205 253.98 801,328 203,521,285.44
2.60 NUE NUCOR CORP 2651086 168.39 1,169,238 196,887,986.82
2.55 CSX CSX CORP 2160753 33.48 5,759,086 192,814,199.28
2.53 DE DEERE & CO 2261203 369.27 517,995 191,280,013.65
2.50 UNP UNION PACIFIC CORP 2914734 229.01 825,740 189,102,717.40
2.47 FAST FASTENAL CO 2332262 64.76 2,890,562 187,192,795.12
2.44 NSC NORFOLK SOUTHERN CORP 2641894 222.81 830,289 184,996,692.09
2.25 ROK ROCKWELL AUTOMATION INC 2754060 258.60 660,438 170,789,266.80
2.09 FTV FORTIVE CORP BYT3MK1 74.56 2,118,347 157,943,952.32
1.73 STLD STEEL DYNAMICS INC 2849472 134.28 974,128 130,805,907.84
1.69 HUBB HUBBELL INC BDFG6S3 397.66 322,400 128,205,584.00
1.63 CSL CARLISLE COS INC 2176318 421.42 292,829 123,403,997.18
1.62 WLK Westlake Corporation B01ZP20 158.96 771,779 122,681,989.84
1.59 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 162.69 742,301 120,764,949.69
1.47 EME EMCOR GROUP INC 2474164 393.68 282,085 111,051,222.80
1.38 RS RELIANCE INC 2729068 302.13 346,612 104,721,883.56
1.38 J JACOBS SOLUTIONS INC BNGC0D3 137.51 760,161 104,529,739.11
1.27 IEX IDEX CORP 2456612 211.24 454,849 96,082,302.76
1.13 RPM RPM INTERNATIONAL INC 2756174 109.93 775,344 85,233,565.92
1.10 TRMB TRIMBLE INC 2903958 55.82 1,498,804 83,663,239.28
1.07 GGG GRACO INC 2380443 79.54 1,015,080 80,739,463.20
1.07 WMS ADVANCED DRAINAG BP7RS59 172.42 468,143 80,717,216.06
1.04 PNR PENTAIR PLC BLS09M3 78.95 993,906 78,468,878.70
1.02 BLD TOPBUILD CORP BZ0P3W2 403.04 191,637 77,237,376.48
0.93 ACM AECOM B1VZ431 86.47 817,819 70,716,808.93
0.91 LECO LINCOLN ELECTRIC HOLDINGS 2516851 199.37 345,057 68,794,014.09
0.90 TTEK TETRA TECH INC 2883890 213.50 319,712 68,258,512.00
0.88 WWD WOODWARD INC 2948089 185.25 361,236 66,918,969.00
0.77 RRX REGAL REXNORD CORP 2730082 146.06 398,556 58,213,089.36
0.75 WCC WESCO INTERNATIONAL INC 2416973 185.52 307,578 57,061,870.56
0.70 POWL POWELL INDUSTRIES INC 2697422 206.14 258,746 53,337,900.44
0.69 MTZ MASTEC INC 2155306 110.27 471,506 51,992,966.62
0.68 CLF CLEVELAND-CLIFFS INC BYVZ186 16.94 3,032,071 51,363,282.74
0.67 TPC TUTOR PERINI CORP 2681760 21.50 2,344,213 50,400,579.50
0.66 RBC RBC BEARINGS INC B0GLYB5 287.90 174,748 50,309,949.20
0.65 CR CRANE CO BNYD4F8 145.29 339,439 49,317,092.31
0.65 X UNITED STATES STEEL CORP 2824770 36.82 1,338,740 49,292,406.80
0.64 EXP EAGLE MATERIALS INC 2191399 232.23 210,222 48,819,855.06
0.62 ATI ATI Inc 2526117 61.32 763,643 46,826,588.76
0.62 AYI ACUITY BRANDS INC 2818461 253.38 184,301 46,698,187.38
0.61 AA ALCOA CORP BYNF418 43.20 1,069,737 46,212,638.40
0.52 MLI MUELLER INDUSTRIES INC 2609717 56.83 690,513 39,241,853.79
0.51 SPXC SPX TECHNOLOGIES INC BQ1L7V3 141.99 273,210 38,793,087.90
0.51 CMC COMMERCIAL METALS CO 2213260 55.41 698,475 38,702,499.75
0.51 LPX LOUISIANA-PACIFIC CORP 2535243 89.64 431,300 38,661,732.00
0.47 BMI BADGER METER INC 2069128 196.03 182,452 35,766,065.56
0.45 STRL STERLING INFRAST 2632876 121.87 278,627 33,956,272.49
0.45 PRIM PRIMORIS SERVICES CORP B1GC200 54.84 616,676 33,818,511.84
0.44 ATKR Atkore Inc BDHF495 150.77 223,210 33,653,371.70
0.44 CRS CARPENTER TECHNOLOGY 2177504 112.36 294,835 33,127,660.60
0.44 CENX CENTURY ALUMINUM COMPANY 2186254 18.74 1,767,199 33,117,309.26
0.43 ZWS Zurn Elkay Water Solution BMV1ZD3 31.29 1,040,612 32,560,749.48
0.43 DY DYCOM INDUSTRIES INC 2289841 177.93 182,916 32,546,243.88
0.42 MDU MDU RESOURCES GROUP INC 2547323 25.23 1,268,315 31,999,587.45
0.41 AGX ARGAN INC 2804501 69.27 453,015 31,380,349.05
0.41 VMI VALMONT INDUSTRIES 2926825 251.41 124,654 31,339,262.14
0.41 DXPE DXP ENTERPRISES INC 2276627 49.64 624,752 31,012,689.28
0.39 EXPO EXPONENT INC 2330318 94.71 314,816 29,816,223.36
0.39 USLM US LIME & MINERA 2724115 343.89 86,466 29,734,792.74
0.38 ROAD CONSTRUCTION P-A BDT5M66 60.78 478,467 29,081,224.26
0.38 DNOW DNOW INC BMH0MV1 14.37 2,020,266 29,031,222.42
0.38 SUM SUMMIT MATERIA-A BW9JPS4 38.80 739,945 28,709,866.00
0.36 GVA GRANITE CONSTRUCTION INC 2381189 62.27 442,564 27,558,460.28
0.35 MWA MUELLER WATER-A B15RZR4 18.38 1,428,153 26,249,452.14
0.34 ACA ARCOSA INC BGPZ5W8 87.18 291,555 25,417,764.90
0.33 MTX MINERALS TECHNOLOGIES INC 2595612 84.37 299,688 25,284,676.56
0.33 MRC MRC GLOBAL INC B7M66F1 13.11 1,917,925 25,143,996.75
0.32 CSWI CSW INDUSTRIALS INC BYQD1J6 258.82 94,325 24,413,196.50
0.32 NWPX NORTHWEST PIPE CO 2035925 34.82 696,959 24,268,112.38
0.32 KNF KNIFE RIVER CORP BPLL4V5 71.71 336,956 24,163,114.76
0.32 TEX TEREX CORP 2884224 59.84 403,555 24,148,731.20
0.32 TRN TRINITY INDUSTRIES INC 2904627 30.76 778,533 23,947,675.08
0.32 HRI HERC HOLDINGS INC BZBZ020 140.80 170,060 23,944,448.00
0.31 CMCO COLUMBUS MCKINNON CORP/NY 2211071 43.93 529,430 23,257,859.90
0.31 MTUS METALLUS INC BNBPMX1 23.74 978,023 23,218,266.02
0.30 GBX GREENBRIER COMPANIES INC 2387530 52.63 433,977 22,840,209.51
0.30 MYRG MYR GROUP INC/DELAWARE B3CLS18 156.93 144,529 22,680,935.97
0.29 HAYN HAYNES INTERNATIONAL INC B02WVH7 58.88 374,784 22,065,408.00
0.29 CXT CRANE NXT CO BQ7W2W6 61.66 351,649 21,682,677.34
0.28 GRC GORMAN-RUPP CO 2379281 33.40 629,841 21,036,689.40
0.26 IIIN INSTEEL INDUSTRIES INC 2325875 31.68 611,334 19,367,061.12
0.25 MTRN MATERION CORP 2149622 114.04 168,258 19,188,142.32
0.25 ASTE ASTEC INDUSTRIES INC 2060370 32.74 568,858 18,624,410.92
0.25 HEES H&E EQUIPMENT SE B0WR848 47.51 391,125 18,582,348.75
0.24 ROCK GIBRALTAR INDUSTRIES INC 2369226 72.89 250,524 18,260,694.36
0.23 WNC WABASH NATIONAL CORP 2932048 22.07 785,048 17,326,009.36
0.20 CALX CALIX INC B3S4L67 33.94 447,755 15,196,804.70
0.19 RYI RYERSON HOLDING CORP B3TPPZ6 24.62 591,415 14,560,637.30
0.19 CTOS CUSTOM TRUCK ONE BL66YS4 4.60 3,123,940 14,370,124.00
0.17 TITN TITAN MACHINERY INC B29H3T5 17.71 744,171 13,179,268.41
0.17 CASH 1.00 12,503,717 12,503,717.37
0.04 OTHER PAYABLE & RECEIVABLES 1.00 2,816,271 2,816,270.83
0.00 ESM4 INDEX S&P500 EMINI FUT JUN24 266,237.50 1 266,237.50
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 04/30/24

Sector Weight (%)
Industrials 72.1
Materials 21.7
Utilities 3.1
Information Technology 1.8
Consumer Discretionary 1.0
Financials 0.2
Other 0.1

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Electrical Products 12.6
Engineering & Construction 11.2
Industrial Machinery 10.5
Steel 9.6
Railroads 8.0
Construction Materials 7.3
Trucks/Construction/Farm Machinery 4.9
Wholesale Distributors 4.3
Finance/Rental/Leasing 4.0
Industrial Conglomerates 4.0
Miscellaneous Manufacturing 3.7
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 05/28/24

Return on Equity 15.80%
Weighted Avg. Market Cap 38,165 M
2023 2024
Price-to-earnings 20.96 19.85
Price-to-book value 3.34 2.95

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 04/30/24

Versus Beta
S&P 500 1.27
NASDAQ-100 0.87
MSCI EAFE 1.20
MSCI Emg. Mkts 0.76
Standard Deviation 24.80%

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 04/30, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 91 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.

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.