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 82 Infrastructure funds, based on risk-adjusted returns as of 06/30/2021

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.

1American Society of Engineers, Mar 2021

Fund Details As of 09/24/21

Key Facts

Ticker PAVE
Inception Date 03/06/17
CUSIP 37954Y673
ISIN US37954Y6730
Bloomberg Index Ticker IPAVE
Primary Exchange Cboe
Number of Holdings 98

Stats & Fees

Net Assets $4,398,603,650
Net Asset Value (NAV) $26.05
Shares Outstanding 168,850,000
Total Expense Ratio 0.47%

Distributions

30-Day SEC Yield 0.58%
Distribution Frequency Semi-Annually

Fund Prices As of 09/24/21

NAV $26.05 Daily Change -$0.04 -0.15%
Market Price $26.06 Daily Change -$0.06 -0.23%
30-Day Median Bid-Ask Spread 0.04%

Performance History

As of recent
(06/30/21)
As of recent
(06/30/21)
Fund NAV Market Price Index
1 Year 69.54% 69.34% 70.54%
3 Years 17.37% 17.36% 17.97%
Since Inception 14.00% 14.02% 14.55%
1 Year 60.38% 60.22% 61.36%
3 Years 17.37% 17.31% 17.96%
Since Inception 14.89% 14.88% 15.44%
Year-to-Date 21.44% 21.59% 21.87%
1 Month -2.64% -2.64% -2.59%
3 Months 3.04% 2.91% 3.17%
Since Inception 76.04% 76.18% 79.87%
Year-to-Date 28.52% 28.54% 29.09%
1 Month 2.91% 2.79% 2.96%
3 Months 3.03% 2.92% 3.18%
Since Inception 86.31% 86.24% 90.51%

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 09/24/21

Return on Equity 20.00%
Weighted Avg. Market Cap 30,938 M
2020 2021
Price-to-earnings 31.56 16.58
Price-to-book value 3.61 3.06

Source: AltaVista Research, LLC

Fund Risk Stats As of 09/24/21

Versus Beta
S&P 500 1.33
MSCI EAFE 1.34
MSCI Emg. Mkts 1.05
Standard Deviation 26.70%

Source: AltaVista Research, LLC

Sector Breakdown As of 08/31/21

% of Net Assets
Industrials 70.4
Materials 21.9
Utilities 3.3
Information Technology 2.9
Consumer Discretionary 0.8
Financials 0.7

Source: AltaVista Research, LLC

Top Holdings As of 09/24/21

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.47 NUE NUCOR CORP 2651086 100.92 1,512,522 152,643,720.24
3.23 ETN EATON CORP PLC B8KQN82 156.01 909,505 141,891,875.05
3.08 TT TRANE TECHNOLOGIES PLC BK9ZQ96 183.24 738,114 135,252,009.36
2.96 EMR EMERSON ELECTRIC CO 2313405 96.31 1,350,207 130,038,436.17
2.95 DE DEERE & CO 2261203 349.25 372,101 129,956,274.25
2.93 URI UNITED RENTALS INC 2134781 356.51 361,465 128,865,887.15
2.93 ROK ROCKWELL AUTOMATION INC 2754060 302.57 425,801 128,834,608.57
2.91 KSU KANSAS CITY SOUTHERN 2607647 272.43 469,256 127,839,412.08
2.90 FAST FASTENAL CO 2332262 54.10 2,359,410 127,644,081.00
2.86 VMC VULCAN MATERIALS CO 2931205 176.06 714,622 125,816,349.32
2.74 SRE SEMPRA ENERGY 2138158 129.77 929,486 120,619,398.22
2.70 FTV FORTIVE CORP BYT3MK1 73.26 1,623,755 118,956,291.30
2.67 PH PARKER HANNIFIN CORP 2671501 287.84 408,338 117,536,009.92
2.59 NSC NORFOLK SOUTHERN CORP 2641894 245.07 464,559 113,849,474.13
2.57 CSX CSX CORP 2160753 30.42 3,720,898 113,189,717.16
2.53 UNP UNION PACIFIC CORP 2914734 203.80 545,918 111,258,088.40
2.50 TRMB TRIMBLE INC 2903958 87.70 1,252,127 109,811,537.90
2.49 MLM MARTIN MARIETTA MATERIALS 2572079 351.00 312,023 109,520,073.00
2.02 J JACOBS ENGIN GRP 2469052 136.00 652,189 88,697,704.00
1.86 IEX IDEX CORP 2456612 216.68 377,801 81,861,920.68
1.84 PWR QUANTA SERVICES INC 2150204 117.29 690,937 81,040,000.73
1.56 HWM HOWMET AEROSPACE INC BKLJ8V2 31.53 2,176,503 68,625,139.59
1.47 PNR PENTAIR PLC BLS09M3 77.23 835,244 64,505,894.12
1.44 STLD STEEL DYNAMICS INC 2849472 59.84 1,055,782 63,177,994.88
1.41 GGG GRACO INC 2380443 73.49 841,336 61,829,782.64
1.27 WLK WESTLAKE CHEMICAL CORP B01ZP20 87.81 636,986 55,933,740.66
1.26 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 54.16 1,019,491 55,215,632.56
1.25 CSL CARLISLE COS INC 2176318 205.46 266,917 54,840,766.82
1.18 RPM RPM INTERNATIONAL INC 2756174 79.22 653,825 51,796,016.50
1.13 HUBB HUBBELL INC BDFG6S3 183.51 270,030 49,553,205.30
1.12 ACM AECOM B1VZ431 67.00 733,899 49,171,233.00
1.04 RS RELIANCE STEEL & ALUMINUM 2729068 142.88 318,728 45,539,856.64
1.02 AA ALCOA CORP BYNF418 48.49 925,119 44,859,020.31
0.93 TTEK TETRA TECH INC 2883890 152.45 268,384 40,915,140.80
0.92 CLF CLEVELAND-CLIFFS INC BYVZ186 20.50 1,982,696 40,645,268.00
0.91 LECO LINCOLN ELECTRIC HOLDINGS 2516851 133.15 299,396 39,864,577.40
0.87 WMS ADVANCED DRAINAG BP7RS59 108.65 351,483 38,188,627.95
0.86 RXN REXNORD CORP B4NPMX6 63.46 598,102 37,955,552.92
0.83 BLD TOPBUILD CORP BZ0P3W2 219.24 165,621 36,310,748.04
0.81 WWD WOODWARD INC 2948089 114.95 311,627 35,821,523.65
0.76 LPX LOUISIANA-PACIFIC CORP 2535243 61.56 541,201 33,316,333.56
0.75 AYI ACUITY BRANDS INC 2818461 180.54 181,813 32,824,519.02
0.73 EME EMCOR GROUP INC 2474164 118.44 271,935 32,207,981.40
0.73 MTZ MASTEC INC 2155306 86.95 368,351 32,028,119.45
0.69 EXPO EXPONENT INC 2330318 119.55 255,176 30,506,290.80
0.67 WCC WESCO INTERNATIONAL INC 2416973 117.50 250,017 29,376,997.50
0.67 MDU MDU RESOURCES GROUP INC 2547323 29.46 995,486 29,327,017.56
0.65 EXP EAGLE MATERIALS INC 2191399 135.55 210,564 28,541,950.20
0.61 CR CRANE CO 2231897 93.12 287,585 26,779,915.20
0.61 ROLL RBC BEARINGS INC B0GLYB5 211.21 126,444 26,706,237.24
0.59 HRI HERC HOLDINGS INC BZBZ020 159.98 162,901 26,060,901.98
0.58 VMI VALMONT INDUSTRIES 2926825 239.58 107,172 25,676,267.76
0.54 X UNITED STATES STEEL CORP 2824770 21.85 1,094,899 23,923,543.15
0.52 ATKR Atkore Inc BDHF495 97.10 236,165 22,931,621.50
0.42 CMC COMMERCIAL METALS CO 2213260 30.97 593,513 18,381,097.61
0.42 RYI RYERSON HOLDING CORP B3TPPZ6 22.48 815,050 18,322,324.00
0.42 MYRG MYR GROUP INC/DELAWARE B3CLS18 101.61 180,184 18,308,496.24
0.40 SUM SUMMIT MATERIA-A BW9JPS4 31.19 568,825 17,741,651.75
0.40 AIMC ALTRA INDUSTRIAL B1L82T2 55.01 320,954 17,655,679.54
0.39 HAYN HAYNES INTERNATIONAL INC B02WVH7 36.45 472,467 17,221,422.15
0.38 ARNC ARCONIC CORP BKLJ8S9 31.13 540,700 16,831,991.00
0.38 CALX CALIX INC B3S4L67 52.00 323,046 16,798,392.00
0.38 MTW MANITOWOC COMPANY INC BDFCGV4 21.42 783,048 16,772,888.16
0.36 BMI BADGER METER INC 2069128 106.77 148,327 15,836,873.79
0.36 TRN TRINITY INDUSTRIES INC 2904627 27.43 569,925 15,633,042.75
0.35 IIIN INSTEEL INDUSTRIES INC 2325875 37.68 412,185 15,531,130.80
0.34 TEX TEREX CORP 2884224 43.49 341,056 14,832,525.44
0.33 MWA MUELLER WATER-A B15RZR4 15.80 917,191 14,491,617.80
0.31 GVA GRANITE CONSTRUCTION INC 2381189 40.38 337,915 13,645,007.70
0.30 CENX CENTURY ALUMINUM COMPANY 2186254 13.69 977,541 13,382,536.29
0.30 GBX GREENBRIER COMPANIES INC 2387530 42.96 311,320 13,374,307.20
0.30 TITN TITAN MACHINERY INC B29H3T5 25.73 504,543 12,981,891.39
0.29 FRTA FORTERRA INC BYT4SV7 23.51 541,836 12,738,564.36
0.29 HEES H&E EQUIPMENT SE B0WR848 35.34 357,315 12,627,512.10
0.28 MLI MUELLER INDUSTRIES INC 2609717 41.35 300,069 12,407,853.15
0.28 GRC GORMAN-RUPP CO 2379281 36.33 339,702 12,341,373.66
0.28 CMCO COLUMBUS MCKINNON CORP/NY 2211071 45.84 264,758 12,136,506.72
0.28 SPXC SPX CORP 2787185 54.74 221,195 12,108,214.30
0.27 MTX MINERALS TECHNOLOGIES INC 2595612 69.95 170,743 11,943,472.85
0.27 ROAD CONSTRUCTION P-A BDT5M66 33.80 350,456 11,845,412.80
0.27 CSWI CSW INDUSTRIALS INC BYQD1J6 125.52 92,864 11,656,289.28
0.27 ACA ARCOSA INC BGPZ5W8 48.88 238,240 11,645,171.20
0.26 MRC MRC GLOBAL INC B7M66F1 7.53 1,543,321 11,621,207.13
0.25 AGX ARGAN INC 2804501 44.10 253,219 11,166,957.90
0.25 ROCK GIBRALTAR INDUSTRIES INC 2369226 66.50 165,159 10,983,073.50
0.24 DY DYCOM INDUSTRIES INC 2289841 67.93 155,747 10,579,893.71
0.24 ATI ALLEGHENY TECH 2526117 16.80 627,158 10,536,254.40
0.24 STRL STERLING CONSTRUCTION CO 2632876 21.86 475,246 10,388,877.56
0.23 DNOW NOW INC BMH0MV1 7.42 1,384,992 10,276,640.64
0.23 WNC WABASH NATIONAL CORP 2932048 15.15 669,960 10,149,894.00
0.21 POWL POWELL INDUSTRIES INC 2697422 25.05 371,281 9,300,589.05
0.21 ASTE ASTEC INDUSTRIES INC 2060370 54.77 169,169 9,265,386.13
0.21 PRIM PRIMORIS SERVICES CORP B1GC200 25.02 369,594 9,247,241.88
0.21 MTRX MATRIX SERVICE CO 2572068 10.57 851,114 8,996,274.98
0.20 TPC TUTOR PERINI CORP 2681760 13.00 688,229 8,946,977.00
0.20 CASH 1.00 8,638,748 8,638,748.46
0.19 NWPX NORTHWEST PIPE CO 2035925 24.23 350,567 8,494,238.41
0.17 WLDN WILLDAN GROUP INC B1HP598 33.48 222,002 7,432,626.96
0.08 TISI TEAM INC 2879123 3.26 1,013,876 3,305,235.76
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 6/30, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 82 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.