PAVE


U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 87 Infrastructure funds, based on risk-adjusted returns as of 10/31/2022

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 12/01/22

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $3.76 billion
NAV $27.99
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 12/01/22

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 134,170,000
Number of Holdings 99
30-Day Median Bid-Ask Spread 0.04%

Distributions As of 12/01/22

30-Day SEC Yield 0.76%
Distribution Frequency Semi-Annually

ETF Prices As of 12/01/22

NAV $27.99 Daily Change $0.05 0.18%
Market Price $27.98 Daily Change $0.04 0.14%

Performance History

As of recent
(09/30/22)
As of recent
(09/30/22)
Fund NAV Market Price Index
1 Year -8.57% -8.61% -8.07%
3 Years 13.14% 13.14% 13.74%
5 Years 9.15% 9.10% 9.70%
Since Inception 8.66% 8.66% 9.21%
1 Year -5.68% -5.64% -5.12%
3 Years 16.58% 16.66% 17.21%
5 Years 11.43% 11.40% 11.99%
Since Inception 10.76% 10.78% 11.33%
Year-to-Date -19.56% -19.62% -19.24%
1 Month -9.78% -9.82% -9.78%
3 Months 1.36% 1.27% 1.42%
Since Inception 58.88% 58.88% 63.37%
Year-to-Date -9.73% -9.72% -9.28%
1 Month 12.23% 12.32% 12.34%
3 Months -1.60% -1.48% -1.49%
Since Inception 78.31% 78.45% 83.53%

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 12/01/22

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
4.51 NUE NUCOR CORP 2651086 149.25 1,138,991 169,994,406.75
3.49 SRE SEMPRA ENERGY 2138158 167.22 786,299 131,484,918.78
3.40 DE DEERE & CO 2261203 441.81 289,872 128,068,348.32
2.89 EMR EMERSON ELECTRIC CO 2313405 95.64 1,139,891 109,019,175.24
2.87 TT TRANE TECHNOLOGIES PLC BK9ZQ96 178.18 606,157 108,005,054.26
2.87 ETN EATON CORP PLC B8KQN82 163.36 660,892 107,963,317.12
2.78 VMC VULCAN MATERIALS CO 2931205 183.83 570,280 104,834,572.40
2.72 URI UNITED RENTALS INC 2134781 356.42 287,702 102,542,746.84
2.70 CSX CSX CORP 2160753 32.68 3,110,503 101,651,238.04
2.67 MLM MARTIN MARIETTA MATERIALS 2572079 365.38 275,766 100,759,381.08
2.67 PH PARKER HANNIFIN CORP 2671501 297.52 338,326 100,658,751.52
2.66 FTV FORTIVE CORP BYT3MK1 67.89 1,478,307 100,362,262.23
2.61 NSC NORFOLK SOUTHERN CORP 2641894 256.36 384,052 98,455,570.72
2.57 FAST FASTENAL CO 2332262 51.56 1,876,120 96,732,747.20
2.47 UNP UNION PACIFIC CORP 2914734 215.93 430,504 92,958,728.72
2.39 ROK ROCKWELL AUTOMATION INC 2754060 266.75 338,115 90,192,176.25
2.28 PWR QUANTA SERVICES INC 2150204 151.73 566,865 86,010,426.45
2.21 STLD STEEL DYNAMICS INC 2849472 105.13 792,006 83,263,590.78
1.93 IEX IDEX CORP 2456612 240.74 302,214 72,754,998.36
1.73 HWM HOWMET AEROSPACE INC BKLJ8V2 38.41 1,700,138 65,302,300.58
1.70 J JACOBS SOLUTIONS INC BNGC0D3 124.54 512,978 63,886,280.12
1.62 TRMB TRIMBLE INC 2903958 61.12 998,431 61,024,102.72
1.45 CSL CARLISLE COS INC 2176318 262.10 208,961 54,768,678.10
1.45 WLK Westlake Corporation B01ZP20 107.95 507,193 54,751,484.35
1.45 HUBB HUBBELL INC BDFG6S3 252.33 216,020 54,508,326.60
1.43 RPM RPM INTERNATIONAL INC 2756174 104.23 515,378 53,717,848.94
1.41 RS RELIANCE STEEL & ALUMINUM 2729068 211.77 250,294 53,004,760.38
1.29 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 63.73 764,344 48,711,643.12
1.26 ACM AECOM B1VZ431 85.01 559,335 47,549,068.35
1.26 GGG GRACO INC 2380443 69.79 677,661 47,293,961.19
0.97 AA ALCOA CORP BYNF418 49.10 745,450 36,601,595.00
0.93 LECO LINCOLN ELECTRIC HOLDINGS 2516851 148.17 235,590 34,907,370.30
0.92 RRX REGAL REXNORD CORP 2730082 128.63 269,968 34,725,983.84
0.89 TTEK TETRA TECH INC 2883890 155.73 215,118 33,500,326.14
0.86 EME EMCOR GROUP INC 2474164 154.01 210,564 32,428,961.64
0.84 CLF CLEVELAND-CLIFFS INC BYVZ186 15.86 1,993,337 31,614,324.82
0.81 PNR PENTAIR PLC BLS09M3 46.64 655,535 30,574,152.40
0.77 VMI VALMONT INDUSTRIES 2926825 343.93 84,701 29,131,214.93
0.76 X UNITED STATES STEEL CORP 2824770 26.52 1,076,913 28,559,732.76
0.72 WMS ADVANCED DRAINAG BP7RS59 96.51 282,513 27,265,329.63
0.71 RBC RBC BEARINGS INC B0GLYB5 235.66 112,668 26,551,340.88
0.70 AYI ACUITY BRANDS INC 2818461 188.72 139,376 26,303,038.72
0.70 MTZ MASTEC INC 2155306 89.07 294,161 26,200,920.27
0.67 WCC WESCO INTERNATIONAL INC 2416973 127.45 199,317 25,402,951.65
0.67 MDU MDU RESOURCES GROUP INC 2547323 31.45 805,508 25,333,226.60
0.67 CR CRANE HOLDINGS CO BQ7W2W6 108.48 232,326 25,202,724.48
0.64 WWD WOODWARD INC 2948089 96.21 248,583 23,916,170.43
0.63 CMC COMMERCIAL METALS CO 2213260 49.06 480,466 23,571,661.96
0.60 ATKR Atkore Inc BDHF495 124.47 182,416 22,705,319.52
0.60 LPX LOUISIANA-PACIFIC CORP 2535243 64.39 348,513 22,440,752.07
0.59 EXP EAGLE MATERIALS INC 2191399 137.03 161,102 22,075,807.06
0.56 EXPO EXPONENT INC 2330318 102.93 206,509 21,255,971.37
0.55 BLD TOPBUILD CORP BZ0P3W2 158.00 130,199 20,571,442.00
0.47 CALX CALIX INC B3S4L67 70.27 252,846 17,767,488.42
0.44 MRC MRC GLOBAL INC B7M66F1 11.67 1,404,644 16,392,195.48
0.43 ATI ATI Inc 2526117 30.02 543,172 16,306,023.44
0.41 MLI MUELLER INDUSTRIES INC 2609717 69.18 223,967 15,494,037.06
0.40 HRI HERC HOLDINGS INC BZBZ020 130.25 116,405 15,161,751.25
0.40 AIMC ALTRA INDUSTRIAL B1L82T2 58.95 255,742 15,075,990.90
0.40 RYI RYERSON HOLDING CORP B3TPPZ6 29.77 502,907 14,971,541.39
0.40 CRS CARPENTER TECHNOLOGY 2177504 41.28 362,640 14,969,779.20
0.39 DNOW NOW INC BMH0MV1 12.50 1,186,681 14,833,512.50
0.39 TITN TITAN MACHINERY INC B29H3T5 42.46 349,101 14,822,828.46
0.39 TMST TIMKENSTEEL CORP BNBPMX1 18.29 792,219 14,489,685.51
0.38 SUM SUMMIT MATERIA-A BW9JPS4 30.25 475,764 14,391,861.00
0.38 HAYN HAYNES INTERNATIONAL INC B02WVH7 48.74 295,208 14,388,437.92
0.37 ACA ARCOSA INC BGPZ5W8 62.76 220,719 13,852,324.44
0.37 NWPX NORTHWEST PIPE CO 2035925 37.00 373,487 13,819,019.00
0.36 SPXC SPX TECHNOLOGIES INC BQ1L7V3 67.81 202,021 13,699,044.01
0.36 WNC WABASH NATIONAL CORP 2932048 25.69 532,844 13,688,762.36
0.36 BMI BADGER METER INC 2069128 114.95 117,511 13,507,889.45
0.36 STRL STERLING INFRAST 2632876 32.49 412,398 13,398,811.02
0.35 ROAD CONSTRUCTION P-A BDT5M66 28.58 456,685 13,052,057.30
0.33 TEX TEREX CORP 2884224 45.29 270,290 12,241,434.10
0.32 TRN TRINITY INDUSTRIES INC 2904627 31.27 379,263 11,859,554.01
0.31 ZWS Zurn Elkay Water Solution BMV1ZD3 24.96 474,097 11,833,461.12
0.31 DY DYCOM INDUSTRIES INC 2289841 88.41 132,852 11,745,445.32
0.29 MYRG MYR GROUP INC/DELAWARE B3CLS18 95.66 115,985 11,095,125.10
0.29 CSWI CSW INDUSTRIALS INC BYQD1J6 122.09 89,946 10,981,507.14
0.29 HEES H&E EQUIPMENT SE B0WR848 42.56 253,365 10,783,214.40
0.29 DXPE DXP ENTERPRISES INC 2276627 26.11 412,058 10,758,834.38
0.28 POWL POWELL INDUSTRIES INC 2697422 26.26 404,989 10,635,011.14
0.28 GBX GREENBRIER COMPANIES INC 2387530 38.45 276,062 10,614,583.90
0.28 AGX ARGAN INC 2804501 37.75 279,427 10,548,369.25
0.28 GVA GRANITE CONSTRUCTION INC 2381189 35.94 289,569 10,407,109.86
0.26 CTOS CUSTOM TRUCK ONE BL66YS4 6.96 1,415,974 9,855,179.04
0.26 ARNC ARCONIC CORP BKLJ8S9 23.69 404,946 9,593,170.74
0.25 MWA MUELLER WATER-A B15RZR4 11.69 805,325 9,414,249.25
0.25 ROCK GIBRALTAR INDUSTRIES INC 2369226 50.16 184,511 9,255,071.76
0.24 MTX MINERALS TECHNOLOGIES INC 2595612 61.54 148,612 9,145,582.48
0.24 PRIM PRIMORIS SERVICES CORP B1GC200 21.74 416,402 9,052,579.48
0.22 CASH 1.00 8,279,639 8,279,638.95
0.21 IIIN INSTEEL INDUSTRIES INC 2325875 29.97 261,138 7,826,305.86
0.20 ATCX ATLAS TECHNICAL BLM57V9 5.50 1,358,283 7,470,556.50
0.19 CMCO COLUMBUS MCKINNON CORP/NY 2211071 32.86 222,679 7,317,231.94
0.19 GRC GORMAN-RUPP CO 2379281 27.68 258,259 7,148,609.12
0.19 ASTE ASTEC INDUSTRIES INC 2060370 43.82 163,040 7,144,412.80
0.18 TPC TUTOR PERINI CORP 2681760 7.53 911,692 6,865,040.76
0.15 CENX CENTURY ALUMINUM COMPANY 2186254 8.81 659,992 5,814,529.52
0.14 WLDN WILLDAN GROUP INC B1HP598 16.09 338,294 5,443,150.46
Holdings are subject to change.

Sector Breakdown As of 10/31/22

Sector Weight (%)
Industrials 69.2
Materials 23.1
Utilities 4.1
Information Technology 2.6
Consumer Discretionary 0.6
Financials 0.3
Other/Cash 0.1

Source: AltaVista Research, LLC

ETF Characteristics As of 12/01/22

Return on Equity 21.90%
Weighted Avg. Market Cap 27,578 M
2021 2022
Price-to-earnings 15.88 13.34
Price-to-book value 3.23 2.66

Source: AltaVista Research, LLC

ETF Risk Stats As of 11/30/22

Versus Beta
S&P 500 1.23
MSCI EAFE 1.20
MSCI Emg. Mkts 0.84
Standard Deviation 27.90%

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 10/31, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 87 during the last 3 years, 75 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.

© 2022 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.

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