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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 88 Infrastructure funds, based on risk-adjusted returns as of 02/28/2025

 

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 $1T to fund critical infrastructure projects.2

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.

1American Society of Engineers, 2021
2Politico, 2024

Key Information As of 03/25/25

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $8.02 billion
NAV $39.35
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 03/25/25

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 203,880,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 03/25/25

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

ETF Prices As of 03/25/25

NAV $39.35 Daily Change $0.03 0.08%
Market Price $39.34 Daily Change $0.05 0.13%

Performance History

As of recent
(12/31/24)
As of recent
(12/31/24)
Fund NAV Market Price Index
1 Year 18.08% 17.93% 18.65%
3 Years 12.82% 12.77% 13.51%
5 Years 18.64% 18.58% 19.32%
Since Inception 14.25% 14.24% 14.86%
1 Year 7.17% 7.20% 7.69%
3 Years 15.35% 15.35% 16.03%
5 Years 21.59% 21.55% 22.30%
Since Inception 13.86% 13.86% 14.47%
Year-to-Date 18.08% 17.93% 18.65%
1 Month -11.22% -11.33% -11.21%
3 Months -1.39% -1.48% -1.28%
Since Inception 183.67% 183.46% 195.86%
Year-to-Date -0.59% -0.49% -0.49%
1 Month -5.01% -4.92% -4.96%
3 Months -11.75% -11.77% -11.65%
Since Inception 181.99% 182.06% 194.41%

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 03/25/25

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.60 HWM HOWMET AEROSPACE INC BKLJ8V2 137.72 2,096,234 288,693,346.48
3.41 FAST FASTENAL CO 2332262 77.09 3,548,573 273,559,492.57
3.36 DE DEERE & CO 2261203 478.93 564,040 270,135,677.20
3.27 CRH CRH PLC B01ZKD6 98.61 2,663,868 262,684,023.48
3.19 PH PARKER HANNIFIN CORP 2671501 651.36 393,761 256,480,164.96
3.17 UNP UNION PACIFIC CORP 2914734 235.79 1,079,515 254,538,841.85
3.05 NSC NORFOLK SOUTHERN CORP 2641894 234.00 1,045,448 244,634,832.00
3.03 TT TRANE TECHNOLOGIES PLC BK9ZQ96 364.00 668,936 243,492,704.00
2.93 EMR EMERSON ELECTRIC CO 2313405 115.30 2,041,445 235,378,608.50
2.93 CSX CSX CORP 2160753 29.53 7,952,931 234,850,052.43
2.78 SRE SEMPRA 2138158 69.11 3,233,571 223,472,091.81
2.76 URI UNITED RENTALS INC 2134781 653.39 339,540 221,852,040.60
2.71 ETN EATON CORP PLC B8KQN82 300.00 724,281 217,284,300.00
2.60 PWR QUANTA SERVICES INC 2150204 276.25 754,830 208,521,787.50
2.48 VMC VULCAN MATERIALS CO 2931205 240.98 826,588 199,191,176.24
2.40 ROK ROCKWELL AUTOMATION INC 2754060 272.85 707,493 193,039,465.05
2.34 NUE NUCOR CORP 2651086 127.56 1,469,800 187,487,688.00
2.33 MLM MARTIN MARIETTA MATERIALS 2572079 488.30 382,543 186,795,746.90
2.06 FTV FORTIVE CORP BYT3MK1 75.97 2,171,748 164,987,695.56
1.52 STLD STEEL DYNAMICS INC 2849472 128.00 952,943 121,976,704.00
1.48 HUBB HUBBELL INC BDFG6S3 353.62 335,935 118,793,334.70
1.48 EME EMCOR GROUP INC 2474164 412.28 287,711 118,617,491.08
1.35 TRMB TRIMBLE INC 2903958 70.48 1,538,556 108,437,426.88
1.24 RS RELIANCE INC 2729068 293.22 338,728 99,321,824.16
1.23 CSL CARLISLE COS INC 2176318 349.15 283,716 99,059,441.40
1.20 J JACOBS SOLUTIONS INC BNGC0D3 123.62 776,282 95,963,980.84
1.18 PNR PENTAIR PLC BLS09M3 91.20 1,034,229 94,321,684.80
1.17 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 130.85 719,796 94,185,306.60
1.16 RPM RPM INTERNATIONAL INC 2756174 115.77 804,207 93,103,044.39
1.11 GGG GRACO INC 2380443 84.25 1,056,888 89,042,814.00
1.09 IEX IDEX CORP 2456612 184.37 473,632 87,323,531.84
1.01 WLK Westlake Corporation B01ZP20 100.68 805,099 81,057,367.32
0.98 ACM AECOM B1VZ431 94.76 830,218 78,671,457.68
0.89 WWD WOODWARD INC 2948089 193.08 371,583 71,745,245.64
0.86 LECO LINCOLN ELECTRIC HOLDINGS 2516851 196.35 353,040 69,319,404.00
0.82 RBC RBC BEARINGS INC B0GLYB5 333.41 196,574 65,539,737.34
0.79 MTZ MASTEC INC 2155306 128.69 495,650 63,785,198.50
0.76 CRS CARPENTER TECHNOLOGY 2177504 195.47 311,878 60,962,792.66
0.75 X UNITED STATES STEEL CORP 2824770 43.00 1,407,917 60,540,431.00
0.72 BLD TOPBUILD CORP BZ0P3W2 313.21 184,502 57,787,871.42
0.72 CR CRANE CO BNYD4F8 160.39 358,202 57,452,018.78
0.70 MLI MUELLER INDUSTRIES INC 2609717 79.22 711,031 56,327,875.82
0.68 AA ALCOA CORP BYNF418 33.71 1,615,537 54,459,752.27
0.67 WMS ADVANCED DRAINAG BP7RS59 111.25 484,618 53,913,752.50
0.67 AYI ACUITY BRANDS INC 2818461 275.44 193,961 53,424,617.84
0.64 RRX REGAL REXNORD CORP 2730082 124.88 414,333 51,741,905.04
0.64 WCC WESCO INTERNATIONAL INC 2416973 167.01 306,403 51,172,365.03
0.61 TTEK TETRA TECH INC 2883890 29.44 1,675,994 49,341,263.36
0.60 ATI ATI Inc 2526117 54.24 891,667 48,364,018.08
0.60 EXP EAGLE MATERIALS INC 2191399 228.72 209,954 48,020,678.88
0.52 LPX LOUISIANA-PACIFIC CORP 2535243 95.16 438,800 41,756,208.00
0.50 SPXC SPX TECHNOLOGIES INC BQ1L7V3 139.51 290,027 40,461,666.77
0.47 VMI VALMONT INDUSTRIES 2926825 299.44 125,385 37,545,284.40
0.45 ZWS Zurn Elkay Water Solution BMV1ZD3 34.22 1,061,167 36,313,134.74
0.45 BMI BADGER METER INC 2069128 195.75 183,904 35,999,208.00
0.43 CMC COMMERCIAL METALS CO 2213260 48.53 710,424 34,476,876.72
0.43 KNF KNIFE RIVER CORP BPLL4V5 97.07 354,253 34,387,338.71
0.41 DNOW DNOW INC BMH0MV1 16.96 1,938,296 32,873,500.16
0.40 CSWI CSW INDUSTRIALS INC BYQD1J6 306.80 105,266 32,295,608.80
0.38 TITN TITAN MACHINERY INC B29H3T5 17.98 1,694,036 30,458,767.28
0.38 RYI RYERSON HOLDING CORP B3TPPZ6 23.35 1,302,786 30,420,053.10
0.37 MWA MUELLER WATER-A B15RZR4 26.60 1,127,888 30,001,820.80
0.37 PLPC PREFORMED LINE 2798466 147.07 203,982 29,999,632.74
0.37 DY DYCOM INDUSTRIES INC 2289841 161.23 182,381 29,405,288.63
0.36 CLF CLEVELAND-CLIFFS INC BYVZ186 9.40 3,087,958 29,026,805.20
0.36 HEES H&E EQUIPMENT SE B0WR848 95.99 301,176 28,909,884.24
0.35 ASTE ASTEC INDUSTRIES INC 2060370 36.36 761,215 27,677,777.40
0.34 ROCK GIBRALTAR INDUSTRIES INC 2369226 62.99 435,846 27,453,939.54
0.33 ROAD CONSTRUCTION P-A BDT5M66 80.60 323,811 26,099,166.60
0.32 CTOS CUSTOM TRUCK ONE BL66YS4 5.21 4,981,202 25,952,062.42
0.32 IIIN INSTEEL INDUSTRIES INC 2325875 27.99 923,186 25,839,976.14
0.32 TPC TUTOR PERINI CORP 2681760 25.67 1,003,456 25,758,715.52
0.32 EXPO EXPONENT INC 2330318 80.05 317,064 25,380,973.20
0.32 HRI HERC HOLDINGS INC BZBZ020 143.03 177,372 25,369,517.16
0.32 STRL STERLING INFRAST 2632876 131.29 192,362 25,255,206.98
0.31 GRC GORMAN-RUPP CO 2379281 35.89 701,999 25,194,744.11
0.31 CENX CENTURY ALUMINUM COMPANY 2186254 18.60 1,351,100 25,130,460.00
0.31 ACA ARCOSA INC BGPZ5W8 82.38 304,943 25,121,204.34
0.31 CALX CALIX INC B3S4L67 36.84 676,437 24,919,939.08
0.31 MDU MDU RESOURCES GROUP INC 2547323 16.81 1,479,067 24,863,116.27
0.31 MTUS METALLUS INC BNBPMX1 13.60 1,805,733 24,557,968.80
0.29 NWPX NORTHWEST PIPE CO 2035925 43.52 536,479 23,347,566.08
0.29 MTX MINERALS TECHNOLOGIES INC 2595612 65.13 353,453 23,020,393.89
0.29 GVA GRANITE CONSTRUCTION INC 2381189 79.36 288,209 22,872,266.24
0.28 MTRN MATERION CORP 2149622 87.13 261,352 22,771,599.76
0.28 MYRG MYR GROUP INC/DELAWARE B3CLS18 128.97 173,140 22,329,865.80
0.28 TEX TEREX CORP 2884224 40.45 546,855 22,120,284.75
0.28 DXPE DXP ENTERPRISES INC 2276627 88.40 250,112 22,109,900.80
0.27 PRIM PRIMORIS SERVICES CORP B1GC200 64.89 336,210 21,816,666.90
0.27 CTRI CENTURI HOLDINGS INC BMDPVF7 17.57 1,232,780 21,659,944.60
0.27 MRC MRC GLOBAL INC B7M66F1 12.11 1,774,945 21,494,583.95
0.26 USLM US LIME & MINERA 2724115 92.88 225,421 20,937,102.48
0.25 GBX GREENBRIER COMPANIES INC 2387530 53.77 379,766 20,420,017.82
0.25 TRN TRINITY INDUSTRIES INC 2904627 29.59 680,187 20,126,733.33
0.25 ATKR Atkore Inc BDHF495 64.20 308,836 19,827,271.20
0.24 AGX ARGAN INC 2804501 127.14 152,522 19,391,647.08
0.24 WNC WABASH NATIONAL CORP 2932048 11.16 1,699,624 18,967,803.84
0.22 POWL POWELL INDUSTRIES INC 2697422 196.11 91,715 17,986,228.65
0.17 CMCO COLUMBUS MCKINNON CORP/NY 2211071 18.58 721,248 13,400,787.84
0.09 RTYM5 Index E-MINI RUSS 2000 JUN25 105,615.00 68 7,181,820.00
0.06 OTHER PAYABLE & RECEIVABLES 1.00 4,605,156 4,605,156.21
0.05 CASH 1.00 3,854,191 3,854,191.12
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 02/28/25

Sector Weight (%)
Industrials 71.4
Materials 22.7
Utilities 3.1
Information Technology 2.1
Consumer Discretionary 0.7

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 61.0
Materials 22.7
Transportation 9.5
Utilities 3.1
Technology Hardware & Equipment 2.1
Commercial & Professional Services 0.9
Consumer Durables & Apparel 0.7

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 03/25/25

Return on Equity 14.40%
Weighted Avg. Market Cap 42,294 M
2024 2025
Price-to-earnings 21.26 19.51
Price-to-book value 2.98 2.66

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 02/28/25

Versus Beta
S&P 500 1.30
NASDAQ-100 0.88
MSCI EAFE 1.13
MSCI Emg. Mkts 0.75
Standard Deviation 25.80%

Source: new windowAltaVista Research, LLC

ETF Research

U.S. Infrastructure Growth Expected to Continue Post-Election

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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 2/28 PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 88 during the last 3 years, 81 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.

© 2025 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.