PAVE


U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 88 Infrastructure funds, based on risk-adjusted returns as of 07/31/2022

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 08/05/22

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $3.95 billion
NAV $26.35
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 08/05/22

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 149,750,000
Number of Holdings 99
30-Day Median Bid-Ask Spread 0.04%

Distributions As of 08/05/22

30-Day SEC Yield 0.85%
Distribution Frequency Semi-Annually

ETF Prices As of 08/05/22

NAV $26.35 Daily Change $0.09 0.34%
Market Price $26.33 Daily Change $0.09 0.34%

Performance History

As of recent
(06/30/22)
As of recent
(06/30/22)
Fund NAV Market Price Index
1 Year -10.96% -10.95% -10.44%
3 Years 12.27% 12.32% 12.88%
5 Years 10.03% 10.03% 10.60%
Since Inception 8.81% 8.83% 9.37%
1 Year 0.09% -0.02% 0.69%
3 Years 18.14% 18.10% 18.79%
5 Years 13.39% 13.37% 13.99%
Since Inception 11.63% 11.62% 12.20%
Year-to-Date -20.64% -20.63% -20.38%
1 Month -11.54% -11.53% -11.52%
3 Months -19.21% -19.20% -19.12%
Since Inception 56.75% 56.89% 61.08%
Year-to-Date -8.26% -8.36% -7.91%
1 Month 15.60% 15.46% 15.66%
3 Months 0.32% 0.39% 0.47%
Since Inception 81.21% 81.14% 86.30%

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 08/05/22

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
4.36 NUE NUCOR CORP 2651086 136.64 1,259,194 172,056,268.16
3.52 SRE SEMPRA ENERGY 2138158 159.79 868,962 138,851,437.98
2.90 CSX CSX CORP 2160753 33.11 3,460,237 114,568,447.07
2.90 EMR EMERSON ELECTRIC CO 2313405 90.39 1,267,067 114,530,186.13
2.81 DE DEERE & CO 2261203 343.31 323,180 110,950,925.80
2.78 FAST FASTENAL CO 2332262 52.95 2,071,290 109,674,805.50
2.78 UNP UNION PACIFIC CORP 2914734 228.62 478,952 109,498,006.24
2.78 MLM MARTIN MARIETTA MATERIALS 2572079 355.93 307,560 109,469,830.80
2.77 PH PARKER HANNIFIN CORP 2671501 292.82 373,336 109,320,247.52
2.77 ETN EATON CORP PLC B8KQN82 148.65 735,078 109,269,344.70
2.74 VMC VULCAN MATERIALS CO 2931205 172.02 629,136 108,223,974.72
2.72 FTV FORTIVE CORP BYT3MK1 65.27 1,644,847 107,359,163.69
2.70 NSC NORFOLK SOUTHERN CORP 2641894 251.02 423,739 106,366,963.78
2.64 TT TRANE TECHNOLOGIES PLC BK9ZQ96 154.34 674,287 104,069,455.58
2.60 URI UNITED RENTALS INC 2134781 323.43 317,082 102,553,831.26
2.40 ROK ROCKWELL AUTOMATION INC 2754060 252.24 375,965 94,833,411.60
2.19 PWR QUANTA SERVICES INC 2150204 136.91 630,453 86,315,320.23
1.92 TRMB TRIMBLE INC 2903958 68.10 1,110,467 75,622,802.70
1.84 J JACOBS ENGIN GRP 2469052 127.50 570,510 72,740,025.00
1.79 IEX IDEX CORP 2456612 211.93 332,418 70,449,346.74
1.78 HWM HOWMET AEROSPACE INC BKLJ8V2 37.06 1,890,902 70,076,828.12
1.77 CSL CARLISLE COS INC 2176318 300.61 231,671 69,642,619.31
1.76 STLD STEEL DYNAMICS INC 2849472 78.78 879,818 69,312,062.04
1.47 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 68.37 849,128 58,054,881.36
1.35 WLK Westlake Corporation B01ZP20 94.37 564,725 53,293,098.25
1.33 RS RELIANCE STEEL & ALUMINUM 2729068 188.61 277,546 52,347,951.06
1.30 HUBB HUBBELL INC BDFG6S3 213.52 240,244 51,296,898.88
1.29 GGG GRACO INC 2380443 67.55 753,361 50,889,535.55
1.29 RPM RPM INTERNATIONAL INC 2756174 88.82 572,910 50,885,866.20
1.13 ACM AECOM B1VZ431 71.57 622,923 44,582,599.11
1.11 WMS ADVANCED DRAINAG BP7RS59 139.78 314,307 43,933,832.46
1.04 RRX REGAL REXNORD CORP 2730082 136.67 300,248 41,034,894.16
1.04 AA ALCOA CORP BYNF418 49.42 828,720 40,955,342.40
1.03 CLF CLEVELAND-CLIFFS INC BYVZ186 18.31 2,215,895 40,573,037.45
0.95 LECO LINCOLN ELECTRIC HOLDINGS 2516851 142.61 261,328 37,267,986.08
0.91 PNR PENTAIR PLC BLS09M3 49.10 729,721 35,829,301.10
0.88 TTEK TETRA TECH INC 2883890 145.59 239,342 34,845,801.78
0.77 ROLL RBC BEARINGS INC B0GLYB5 241.74 126,294 30,530,311.56
0.75 WCC WESCO INTERNATIONAL INC 2416973 132.44 222,027 29,405,255.88
0.72 BLD TOPBUILD CORP BZ0P3W2 196.63 145,339 28,578,007.57
0.71 X UNITED STATES STEEL CORP 2824770 23.32 1,198,033 27,938,129.56
0.70 AYI ACUITY BRANDS INC 2818461 178.97 154,516 27,653,728.52
0.68 EME EMCOR GROUP INC 2474164 114.40 234,788 26,859,747.20
0.68 MTZ MASTEC INC 2155306 81.29 327,469 26,619,955.01
0.67 WWD WOODWARD INC 2948089 95.23 277,349 26,411,945.27
0.66 MDU MDU RESOURCES GROUP INC 2547323 29.20 896,348 26,173,361.60
0.65 CR CRANE HOLDINGS CO BQ7W2W6 99.81 258,064 25,757,367.84
0.65 VMI VALMONT INDUSTRIES 2926825 271.82 93,785 25,492,638.70
0.60 LPX LOUISIANA-PACIFIC CORP 2535243 61.38 387,877 23,807,890.26
0.58 EXP EAGLE MATERIALS INC 2191399 127.83 179,270 22,916,084.10
0.57 EXPO EXPONENT INC 2330318 98.85 229,219 22,658,298.15
0.55 CMC COMMERCIAL METALS CO 2213260 40.43 534,970 21,628,837.10
0.46 ATKR Atkore Inc BDHF495 88.89 203,612 18,099,070.68
0.45 MRC MRC GLOBAL INC B7M66F1 11.44 1,563,614 17,887,744.16
0.44 ATI ATI Inc 2526117 29.02 602,218 17,476,366.36
0.42 MLI MUELLER INDUSTRIES INC 2609717 66.76 249,705 16,670,305.80
0.41 HRI HERC HOLDINGS INC BZBZ020 123.20 130,031 16,019,819.20
0.41 SUM SUMMIT MATERIA-A BW9JPS4 30.25 528,754 15,994,808.50
0.40 CALX CALIX INC B3S4L67 59.16 266,443 15,762,767.88
0.40 DXPE DXP ENTERPRISES INC 2276627 34.23 458,992 15,711,296.16
0.39 DY DYCOM INDUSTRIES INC 2289841 104.65 147,992 15,487,362.80
0.38 DNOW NOW INC BMH0MV1 11.41 1,322,941 15,094,756.81
0.38 ZWS Zurn Elkay Water Solution BMV1ZD3 28.44 528,601 15,033,412.44
0.38 ACA ARCOSA INC BGPZ5W8 60.44 244,943 14,804,354.92
0.37 RYI RYERSON HOLDING CORP B3TPPZ6 26.43 558,925 14,772,387.75
0.37 TMST TIMKENSTEEL CORP BNBPMX1 16.57 881,545 14,607,200.65
0.35 CRS CARPENTER TECHNOLOGY 2177504 34.06 403,518 13,743,823.08
0.35 HAYN HAYNES INTERNATIONAL INC B02WVH7 41.83 328,516 13,741,824.28
0.35 ROAD CONSTRUCTION P-A BDT5M66 26.96 508,161 13,700,020.56
0.34 SPXC SPX CORP 2787185 59.55 224,731 13,382,731.05
0.33 ARNC ARCONIC CORP BKLJ8S9 28.54 451,880 12,896,655.20
0.32 BMI BADGER METER INC 2069128 96.14 131,137 12,607,511.18
0.31 MYRG MYR GROUP INC/DELAWARE B3CLS18 95.05 129,611 12,319,525.55
0.31 NWPX NORTHWEST PIPE CO 2035925 29.12 415,879 12,110,396.48
0.31 CSWI CSW INDUSTRIALS INC BYQD1J6 120.00 100,544 12,065,280.00
0.30 POWL POWELL INDUSTRIES INC 2697422 25.89 451,923 11,700,286.47
0.29 AIMC ALTRA INDUSTRIAL B1L82T2 40.83 284,508 11,616,461.64
0.29 STRL STERLING INFRAST 2632876 25.23 457,818 11,550,748.14
0.29 TITN TITAN MACHINERY INC B29H3T5 29.56 388,465 11,483,025.40
0.29 ATCX ATLAS TECHNICAL BLM57V9 7.49 1,509,683 11,307,525.67
0.28 AGX ARGAN INC 2804501 35.61 311,221 11,082,579.81
0.28 TRN TRINITY INDUSTRIES INC 2904627 26.17 423,169 11,074,332.73
0.27 CTOS CUSTOM TRUCK ONE BL66YS4 6.73 1,577,972 10,619,751.56
0.27 MWA MUELLER WATER-A B15RZR4 11.83 897,679 10,619,542.57
0.27 WNC WABASH NATIONAL CORP 2932048 17.80 593,404 10,562,591.20
0.27 MTX MINERALS TECHNOLOGIES INC 2595612 63.67 165,266 10,522,486.22
0.26 PRIM PRIMORIS SERVICES CORP B1GC200 22.43 463,336 10,392,626.48
0.26 WLDN WILLDAN GROUP INC B1HP598 27.50 377,658 10,385,595.00
0.26 TEX TEREX CORP 2884224 34.11 302,084 10,304,085.24
0.25 HEES H&E EQUIPMENT SE B0WR848 34.99 282,131 9,871,763.69
0.25 GVA GRANITE CONSTRUCTION INC 2381189 30.50 322,877 9,847,748.50
0.24 GBX GREENBRIER COMPANIES INC 2387530 30.36 307,856 9,346,508.16
0.23 ROCK GIBRALTAR INDUSTRIES INC 2369226 44.15 205,707 9,081,964.05
0.22 IIIN INSTEEL INDUSTRIES INC 2325875 29.67 291,418 8,646,372.06
0.21 GRC GORMAN-RUPP CO 2379281 28.23 288,539 8,145,455.97
0.20 CMCO COLUMBUS MCKINNON CORP/NY 2211071 32.08 248,417 7,969,217.36
0.20 TPC TUTOR PERINI CORP 2681760 7.76 1,016,158 7,885,386.08
0.19 ASTE ASTEC INDUSTRIES INC 2060370 42.32 181,208 7,668,722.56
0.15 CENX CENTURY ALUMINUM COMPANY 2186254 7.86 734,178 5,770,639.08
0.10 CASH 1.00 4,068,680 4,068,679.99
Holdings are subject to change.

Sector Breakdown As of 07/31/22

Sector Weight (%)
Industrials 68.9
Materials 23.1
Utilities 4.3
Information Technology 2.7
Consumer Discretionary 0.8
Financials 0.3

Source: AltaVista Research, LLC

ETF Characteristics As of 08/05/22

Return on Equity 22.50%
Weighted Avg. Market Cap 28,496 M
2021 2022
Price-to-earnings 14.99 12.26
Price-to-book value 3.05 2.51

Source: AltaVista Research, LLC

ETF Risk Stats As of 07/31/22

Versus Beta
S&P 500 1.25
MSCI EAFE 1.27
MSCI Emg. Mkts 0.97
Standard Deviation 26.50%

Source: AltaVista Research, LLC

ETF Research

View More Related Research

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 7/31, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 88 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. 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.

Back to Top