PAVE


U.S. Infrastructure Development ETF

Fund 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.

Morningstar Rating Overall rating out of 81 Infrastructure funds, based on risk-adjusted returns as of 03/31/2021

Fund 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.

Why 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.

1Source: American Society of Engineers, 2021 Report Card for America’s Infrastructure

Fund Details As of 06/16/21

Key Facts

Ticker PAVE
Inception Date 03/06/17
CUSIP 37954Y673
ISIN US37954Y6730
Bloomberg Index Ticker IPAVE
Primary Exchange Cboe
Number of Holdings 99

Stats & Fees

Net Assets $3,693,922,215
Net Asset Value (NAV) $25.88
Shares Outstanding 142,730,000
Total Expense Ratio 0.47%

Distributions

30-Day SEC Yield 0.60%
Distribution Frequency Semi-Annually

Fund Prices As of 06/16/21

NAV $25.88 Daily Change -$0.27 -1.02%
Market Price $25.90 Daily Change -$0.27 -1.03%
30-Day Median Bid-Ask Spread 0.04%

Performance History

As of recent
(03/31/21)
As of recent
(03/31/21)
Fund NAV Market Price Index
1 Year 102.90% 103.31% 104.17%
3 Years 16.74% 16.74% 17.32%
Since Inception 14.08% 14.13% 14.63%
1 Year 81.00% 81.01% 82.12%
3 Years 17.90% 17.90% 18.48%
Since Inception 15.02% 15.04% 15.57%
Year-to-Date 17.86% 18.15% 18.13%
1 Month 9.45% 9.58% 9.51%
3 Months 17.86% 18.15% 18.13%
Since Inception 70.85% 71.19% 74.34%
Year-to-Date 24.74% 24.89% 25.11%
1 Month 2.64% 2.59% 2.67%
3 Months 15.84% 15.83% 15.98%
Since Inception 80.82% 80.96% 84.64%

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 of the Fund, when observed, is unusual and investors should not expect such performance to be repeated.

Fund Characteristics As of 06/16/21

Return on Equity 17.80%
Weighted Avg. Market Cap 29,972 M
2020 2021
Price-to-earnings 33.06 19.07
Price-to-book value 3.66 3.17

Source: AltaVista Research, LLC

Fund Risk Stats As of 06/16/21

Versus Beta
S&P 500 1.33
MSCI EAFE 1.33
MSCI Emg. Mkts 1.09
Standard Deviation 26.70%

Source: AltaVista Research, LLC

Sector Breakdown As of 05/31/21

% of Net Assets
Industrials 63.4
Materials 23.7
Information Technology 5.2
Utilities 3.6
Financials 3.4
Consumer Discretionary 0.7

Source: AltaVista Research, LLC

Top Holdings As of 06/16/21

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.43 NUE NUCOR CORP 2651086 99.94 1,267,484 126,672,350.96
3.09 KSU KANSAS CITY SOUTHERN 2607647 290.27 393,161 114,122,843.47
3.07 TT TRANE TECHNOLOGIES PLC BK9ZQ96 182.35 621,651 113,358,059.85
3.05 ETN EATON CORP PLC B8KQN82 146.37 767,863 112,392,107.31
3.04 EMR EMERSON ELECTRIC CO 2313405 98.24 1,140,367 112,029,654.08
3.00 SRE SEMPRA ENERGY 2138158 141.16 785,221 110,841,796.36
2.88 NSC NORFOLK SOUTHERN CORP 2641894 271.40 391,266 106,189,592.40
2.87 DE DEERE & CO 2261203 336.56 314,395 105,812,781.20
2.79 VMC VULCAN MATERIALS CO 2931205 170.38 604,456 102,987,213.28
2.78 UNP UNION PACIFIC CORP 2914734 222.06 461,982 102,587,722.92
2.76 CSX CSX CORP 2160753 97.23 1,048,633 101,958,586.59
2.76 FAST FASTENAL CO 2332262 51.01 1,994,532 101,741,077.32
2.75 PH PARKER HANNIFIN CORP 2671501 295.95 342,360 101,321,442.00
2.74 ROK ROCKWELL AUTOMATION INC 2754060 283.13 356,788 101,017,386.44
2.61 FTV FORTIVE CORP BYT3MK1 70.18 1,371,947 96,283,240.46
2.53 URI UNITED RENTALS INC 2134781 307.02 304,546 93,501,712.92
2.44 MLM MARTIN MARIETTA MATERIALS 2572079 342.99 262,861 90,158,694.39
2.24 TRMB TRIMBLE INC 2903958 78.27 1,058,025 82,811,616.75
2.03 J JACOBS ENGIN GRP 2469052 137.77 544,498 75,015,489.46
1.89 IEX IDEX CORP 2456612 217.74 320,095 69,697,485.30
1.72 HWM HOWMET AEROSPACE INC BKLJ8V2 34.93 1,816,878 63,463,548.54
1.49 STLD STEEL DYNAMICS INC 2849472 62.21 883,114 54,938,521.94
1.44 PWR QUANTA SERVICES INC 2150204 91.10 583,394 53,147,193.40
1.43 WLK WESTLAKE CHEMICAL CORP B01ZP20 98.16 537,312 52,742,545.92
1.38 GGG GRACO INC 2380443 72.46 701,708 50,845,761.68
1.32 RPM RPM INTERNATIONAL INC 2756174 89.40 544,649 48,691,620.60
1.26 PNR PENTAIR PLC BLS09M3 66.69 697,979 46,548,219.51
1.18 RS RELIANCE STEEL & ALUMINUM 2729068 162.21 268,891 43,616,809.11
1.14 CSL CARLISLE COS INC 2176318 187.26 224,949 42,123,949.74
1.12 HUBB HUBBELL INC BDFG6S3 181.50 228,062 41,393,253.00
1.05 ACM AECOM B1VZ431 62.36 618,487 38,568,849.32
1.03 CLF CLEVELAND-CLIFFS INC BYVZ186 22.66 1,673,182 37,914,304.12
1.01 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 43.33 859,488 37,241,615.04
0.92 MTZ MASTEC INC 2155306 109.05 310,645 33,875,837.25
0.85 WMS ADVANCED DRAINAG BP7RS59 106.22 296,400 31,483,608.00
0.85 WWD WOODWARD INC 2948089 120.08 261,790 31,435,743.20
0.85 LECO LINCOLN ELECTRIC HOLDINGS 2516851 125.89 247,638 31,175,147.82
0.78 EME EMCOR GROUP INC 2474164 125.71 229,967 28,909,151.57
0.77 AYI ACUITY BRANDS INC 2818461 186.88 152,960 28,585,164.80
0.76 TTEK TETRA TECH INC 2883890 123.24 226,416 27,903,507.84
0.75 AA ALCOA CORP BYNF418 35.36 780,854 27,610,997.44
0.74 MDU MDU RESOURCES GROUP INC 2547323 32.56 840,729 27,374,136.24
0.72 LPX LOUISIANA-PACIFIC CORP 2535243 58.11 457,265 26,571,669.15
0.71 RXN REXNORD CORP B4NPMX6 51.66 503,674 26,019,798.84
0.69 BLD TOPBUILD CORP BZ0P3W2 181.90 139,391 25,355,222.90
0.68 EXP EAGLE MATERIALS INC 2191399 144.58 173,692 25,112,389.36
0.65 X UNITED STATES STEEL CORP 2824770 25.80 924,404 23,849,623.20
0.62 WCC WESCO INTERNATIONAL INC 2416973 108.31 210,672 22,817,884.32
0.60 CR CRANE CO 2231897 90.69 242,994 22,037,125.86
0.57 ROLL RBC BEARINGS INC B0GLYB5 203.23 103,671 21,069,057.33
0.55 VMI VALMONT INDUSTRIES 2926825 231.33 87,802 20,311,236.66
0.53 EXPO EXPONENT INC 2330318 90.29 215,831 19,487,380.99
0.49 AIMC ALTRA INDUSTRIAL B1L82T2 66.26 271,117 17,964,212.42
0.46 ARNC ARCONIC CORP BKLJ8S9 37.02 456,764 16,909,403.28
0.45 SUM SUMMIT MATERIA-A BW9JPS4 34.31 479,643 16,456,551.33
0.43 CMC COMMERCIAL METALS CO 2213260 31.35 501,427 15,719,736.45
0.42 MTW MANITOWOC COMPANY INC BDFCGV4 24.29 635,643 15,439,768.47
0.40 USCR US CONCRETE INC B4M8043 74.18 199,140 14,772,205.20
0.40 ATKR Atkore Inc BDHF495 73.86 199,443 14,730,859.98
0.39 HRI HERC HOLDINGS INC BZBZ020 108.75 132,501 14,409,483.75
0.39 HAYN HAYNES INTERNATIONAL INC B02WVH7 36.01 399,023 14,368,818.23
0.38 TRN TRINITY INDUSTRIES INC 2904627 29.27 480,743 14,071,347.61
0.37 TITN TITAN MACHINERY INC B29H3T5 32.21 425,853 13,716,725.13
0.37 MRC MRC GLOBAL INC B7M66F1 10.40 1,302,005 13,540,852.00
0.36 MYRG MYR GROUP INC/DELAWARE B3CLS18 90.70 146,690 13,304,783.00
0.36 TEX TEREX CORP 2884224 45.50 288,315 13,118,332.50
0.35 DNOW NOW INC BMH0MV1 10.89 1,169,625 12,737,216.25
0.34 CALX CALIX INC B3S4L67 46.02 273,209 12,573,078.18
0.34 GBX GREENBRIER COMPANIES INC 2387530 47.70 261,483 12,472,739.10
0.33 ATI ALLEGHENY TECH 2526117 23.06 529,826 12,217,787.56
0.33 BMI BADGER METER INC 2069128 96.45 124,720 12,029,244.00
0.33 ACA ARCOSA INC BGPZ5W8 59.55 201,518 12,000,396.90
0.32 MTX MINERALS TECHNOLOGIES INC 2595612 81.57 144,513 11,787,925.41
0.31 MLI MUELLER INDUSTRIES INC 2609717 45.39 252,855 11,477,088.45
0.31 GVA GRANITE CONSTRUCTION INC 2381189 39.56 285,455 11,292,599.80
0.30 IIIN INSTEEL INDUSTRIES INC 2325875 32.21 346,610 11,164,308.10
0.30 SPXC SPX CORP 2787185 59.34 187,096 11,102,276.64
0.30 MWA MUELLER WATER-A B15RZR4 14.34 772,926 11,083,758.84
0.30 CENX CENTURY ALUMINUM COMPANY 2186254 13.33 825,407 11,002,675.31
0.30 POWL POWELL INDUSTRIES INC 2697422 35.06 313,575 10,993,939.50
0.30 CMCO COLUMBUS MCKINNON CORP/NY 2211071 49.00 222,790 10,916,710.00
0.29 FRTA FORTERRA INC BYT4SV7 23.40 457,900 10,714,860.00
0.28 GRC GORMAN-RUPP CO 2379281 36.49 287,242 10,481,460.58
0.28 ROCK GIBRALTAR INDUSTRIES INC 2369226 75.22 138,929 10,450,239.38
0.28 RYI RYERSON HOLDING CORP B3TPPZ6 15.01 689,146 10,344,081.46
0.28 HEES H&E EQUIPMENT SE B0WR848 34.00 301,951 10,266,334.00
0.28 DY DYCOM INDUSTRIES INC 2289841 77.33 132,140 10,218,386.20
0.28 AGX ARGAN INC 2804501 47.70 213,874 10,201,789.80
0.27 ROAD CONSTRUCTION P-A BDT5M66 34.08 295,373 10,066,311.84
0.27 PRIM PRIMORIS SERVICES CORP B1GC200 31.45 311,888 9,808,877.60
0.26 STRL STERLING CONSTRUCTION CO 2632876 23.72 401,521 9,524,078.12
0.25 WNC WABASH NATIONAL CORP 2932048 15.98 565,040 9,029,339.20
0.24 CSWI CSW INDUSTRIALS INC BYQD1J6 116.70 74,986 8,750,866.20
0.24 NWPX NORTHWEST PIPE CO 2035925 29.61 295,484 8,749,281.24
0.23 ASTE ASTEC INDUSTRIES INC 2060370 60.12 142,939 8,593,492.68
0.23 TPC TUTOR PERINI CORP 2681760 14.43 580,686 8,379,298.98
0.22 MTRX MATRIX SERVICE CO 2572068 11.43 717,341 8,199,207.63
0.20 WLDN WILLDAN GROUP INC B1HP598 38.92 187,903 7,313,184.76
0.19 TISI TEAM INC 2879123 8.17 856,215 6,995,276.55
0.19 CASH 1.00 6,892,443 6,892,443.45
Holdings are subject to change.


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The Morningstar Ratingfor 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 3/31, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 81 during the last 3 years. With respect to these Infrastructure funds, PAVE received a Morningstar Rating of 5 stars. Past performance is not indicative 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.