PAVE


U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 85 Infrastructure funds, based on risk-adjusted returns as of 12/31/2021

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 01/19/22

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $5.33 billion
NAV $27.04
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 01/19/22

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 197,240,000
Number of Holdings 98
30-Day Median Bid-Ask Spread 0.04%

Distributions As of 01/19/22

30-Day SEC Yield 0.56%
Distribution Frequency Semi-Annually

ETF Prices As of 01/19/22

NAV $27.04 Daily Change -$0.37 -1.34%
Market Price $27.06 Daily Change -$0.34 -1.24%

Performance History

As of recent month & quarter-end (12/31/21)
As of recent month & quarter-end (12/31/21)
Fund NAV Market Price Index
1 Year 36.26% 36.42% 37.08%
3 Years 29.43% 29.46% 30.10%
Since Inception 15.18% 15.19% 15.72%
1 Year 36.26% 36.42% 37.08%
3 Years 29.43% 29.46% 30.10%
Since Inception 15.18% 15.19% 15.72%
Year-to-Date 36.26% 36.42% 37.08%
1 Month 6.18% 6.17% 6.24%
3 Months 13.66% 13.69% 13.84%
Since Inception 97.53% 97.66% 102.30%
Year-to-Date 36.26% 36.42% 37.08%
1 Month 6.18% 6.17% 6.24%
3 Months 13.66% 13.69% 13.84%
Since Inception 97.53% 97.66% 102.30%

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.

Top Holdings As of 01/19/22

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.55 NUE NUCOR CORP 2651086 104.25 1,813,963 189,105,642.75
3.35 ETN EATON CORP PLC B8KQN82 163.39 1,092,248 178,462,400.72
3.16 DE DEERE & CO 2261203 375.90 447,393 168,175,028.70
3.09 FAST FASTENAL CO 2332262 58.02 2,837,175 164,612,893.50
3.04 VMC VULCAN MATERIALS CO 2931205 188.22 860,305 161,926,607.10
3.02 ROK ROCKWELL AUTOMATION INC 2754060 315.63 510,495 161,127,536.85
2.97 PH PARKER HANNIFIN CORP 2671501 323.09 489,489 158,149,001.01
2.96 CSX CSX CORP 2160753 35.25 4,475,283 157,753,725.75
2.95 UNP UNION PACIFIC CORP 2914734 239.49 657,197 157,392,109.53
2.92 TT TRANE TECHNOLOGIES PLC BK9ZQ96 175.70 884,852 155,468,496.40
2.91 NSC NORFOLK SOUTHERN CORP 2641894 278.06 556,871 154,843,550.26
2.89 EMR EMERSON ELECTRIC CO 2313405 94.92 1,621,706 153,932,333.52
2.85 SRE SEMPRA ENERGY 2138158 135.87 1,116,808 151,740,702.96
2.74 MLM MARTIN MARIETTA MATERIALS 2572079 390.36 374,145 146,051,242.20
2.64 FTV FORTIVE CORP BYT3MK1 72.24 1,950,508 140,904,697.92
2.50 URI UNITED RENTALS INC 2134781 307.30 433,395 133,182,283.50
2.09 TRMB TRIMBLE INC 2903958 73.94 1,509,662 111,624,408.28
1.90 J JACOBS ENGIN GRP 2469052 128.98 784,853 101,230,339.94
1.85 IEX IDEX CORP 2456612 216.10 457,024 98,762,886.40
1.69 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 72.63 1,239,002 89,988,715.26
1.66 HWM HOWMET AEROSPACE INC BKLJ8V2 33.83 2,620,358 88,646,711.14
1.61 PWR QUANTA SERVICES INC 2150204 102.16 838,572 85,668,515.52
1.53 WLK WESTLAKE CHEMICAL CORP B01ZP20 105.34 772,141 81,337,332.94
1.41 STLD STEEL DYNAMICS INC 2849472 58.96 1,271,375 74,960,270.00
1.40 GGG GRACO INC 2380443 73.80 1,012,349 74,711,356.20
1.39 CSL CARLISLE COS INC 2176318 230.24 322,513 74,255,393.12
1.34 RPM RPM INTERNATIONAL INC 2756174 90.53 786,441 71,196,503.73
1.26 AA ALCOA CORP BYNF418 59.63 1,125,551 67,116,606.13
1.25 PNR PENTAIR PLC BLS09M3 66.09 1,005,568 66,457,989.12
1.22 HUBB HUBBELL INC BDFG6S3 197.36 328,079 64,749,671.44
1.19 ACM AECOM B1VZ431 71.22 893,669 63,647,106.18
1.18 RS RELIANCE STEEL & ALUMINUM 2729068 163.70 385,564 63,116,826.80
0.94 WMS ADVANCED DRAINAG BP7RS59 116.74 426,666 49,808,988.84
0.89 LECO LINCOLN ELECTRIC HOLDINGS 2516851 132.37 360,173 47,676,100.01
0.89 CLF CLEVELAND-CLIFFS INC BYVZ186 19.55 2,418,104 47,273,933.20
0.87 BLD TOPBUILD CORP BZ0P3W2 233.00 199,871 46,569,943.00
0.87 TTEK TETRA TECH INC 2883890 141.92 325,372 46,176,794.24
0.85 LPX LOUISIANA-PACIFIC CORP 2535243 68.49 661,868 45,331,339.32
0.83 WWD WOODWARD INC 2948089 115.66 380,709 44,032,802.94
0.82 AYI ACUITY BRANDS INC 2818461 204.30 212,899 43,495,265.70
0.76 MTZ MASTEC INC 2155306 90.90 448,101 40,732,380.90
0.75 EME EMCOR GROUP INC 2474164 119.24 333,075 39,715,863.00
0.72 EXP EAGLE MATERIALS INC 2191399 151.10 253,640 38,325,004.00
0.72 WCC WESCO INTERNATIONAL INC 2416973 125.61 303,530 38,126,403.30
0.68 MDU MDU RESOURCES GROUP INC 2547323 29.88 1,217,185 36,369,487.80
0.68 CR CRANE CO 2231897 102.69 352,776 36,226,567.44
0.57 VMI VALMONT INDUSTRIES 2926825 235.56 128,905 30,364,861.80
0.57 X UNITED STATES STEEL CORP 2824770 22.59 1,339,699 30,263,800.41
0.57 HRI HERC HOLDINGS INC BZBZ020 158.12 191,161 30,226,377.32
0.56 ROLL RBC BEARINGS INC B0GLYB5 196.76 152,624 30,030,298.24
0.55 EXPO EXPONENT INC 2330318 94.23 313,290 29,521,316.70
0.54 ATKR Atkore Inc BDHF495 99.97 289,088 28,900,127.36
0.51 RRX REGAL REXNORD CORP 2730082 167.47 163,110 27,316,031.70
0.50 CMC COMMERCIAL METALS CO 2213260 36.55 731,666 26,742,392.30
0.47 SUM SUMMIT MATERIA-A BW9JPS4 36.32 694,514 25,224,748.48
0.44 ZWS ZURN WATER SOLUTIONS CORP BMV1ZD3 32.11 731,949 23,502,882.39
0.43 RYI RYERSON HOLDING CORP B3TPPZ6 24.18 951,035 22,996,026.30
0.41 HAYN HAYNES INTERNATIONAL INC B02WVH7 39.35 558,199 21,965,130.65
0.39 ARNC ARCONIC CORP BKLJ8S9 32.69 631,469 20,642,721.61
0.38 IIIN INSTEEL INDUSTRIES INC 2325875 39.09 512,844 20,047,071.96
0.37 MLI MUELLER INDUSTRIES INC 2609717 56.49 350,937 19,824,431.13
0.37 TRN TRINITY INDUSTRIES INC 2904627 29.64 666,346 19,750,495.44
0.37 CENX CENTURY ALUMINUM COMPANY 2186254 17.13 1,142,123 19,564,566.99
0.37 MYRG MYR GROUP INC/DELAWARE B3CLS18 92.35 211,270 19,510,784.50
0.35 TITN TITAN MACHINERY INC B29H3T5 31.88 589,660 18,798,360.80
0.35 CALX CALIX INC B3S4L67 48.68 383,613 18,674,280.84
0.34 HEES H&E EQUIPMENT SE B0WR848 43.34 419,487 18,180,566.58
0.34 AIMC ALTRA INDUSTRIAL B1L82T2 47.84 374,985 17,939,282.40
0.33 TEX TEREX CORP 2884224 43.96 400,402 17,601,671.92
0.32 GRC GORMAN-RUPP CO 2379281 40.48 422,295 17,094,501.60
0.32 MTW MANITOWOC COMPANY INC BDFCGV4 18.51 913,381 16,906,682.31
0.30 DY DYCOM INDUSTRIES INC 2289841 86.60 186,649 16,163,803.40
0.30 WNC WABASH NATIONAL CORP 2932048 20.46 783,337 16,027,075.02
0.30 BMI BADGER METER INC 2069128 90.91 173,761 15,796,612.51
0.29 STRL STERLING CONSTRUCTION CO 2632876 27.74 557,200 15,456,728.00
0.28 FRTA FORTERRA INC BYT4SV7 23.87 632,605 15,100,281.35
0.28 ATI ALLEGHENY TECH 2526117 20.51 734,883 15,072,450.33
0.28 GBX GREENBRIER COMPANIES INC 2387530 41.11 365,014 15,005,725.54
0.28 DNOW NOW INC BMH0MV1 9.20 1,620,224 14,906,060.80
0.28 CMCO COLUMBUS MCKINNON CORP/NY 2211071 47.93 309,974 14,857,053.82
0.27 MRC MRC GLOBAL INC B7M66F1 8.05 1,804,324 14,524,808.20
0.27 GVA GRANITE CONSTRUCTION INC 2381189 36.55 394,772 14,428,916.60
0.27 MTX MINERALS TECHNOLOGIES INC 2595612 72.33 199,340 14,418,262.20
0.27 ACA ARCOSA INC BGPZ5W8 50.90 278,141 14,157,376.90
0.26 MWA MUELLER WATER-A B15RZR4 13.01 1,072,958 13,959,183.58
0.26 SPXC SPX CORP 2787185 53.39 258,270 13,789,035.30
0.25 ASTE ASTEC INDUSTRIES INC 2060370 67.86 197,429 13,397,531.94
0.24 CSWI CSW INDUSTRIALS INC BYQD1J6 118.43 107,331 12,711,210.33
0.23 NWPX NORTHWEST PIPE CO 2035925 29.41 410,250 12,065,452.50
0.22 POWL POWELL INDUSTRIES INC 2697422 26.76 433,790 11,608,220.40
0.22 ROCK GIBRALTAR INDUSTRIES INC 2369226 59.13 193,419 11,436,865.47
0.22 AGX ARGAN INC 2804501 38.64 295,946 11,435,353.44
0.21 PRIM PRIMORIS SERVICES CORP B1GC200 25.94 432,103 11,208,751.82
0.18 ROAD CONSTRUCTION P-A BDT5M66 23.79 409,802 9,749,189.58
0.18 TPC TUTOR PERINI CORP 2681760 12.02 804,432 9,669,272.64
0.15 WLDN WILLDAN GROUP INC B1HP598 31.00 259,077 8,031,387.00
0.15 MTRX MATRIX SERVICE CO 2572068 7.79 995,577 7,755,544.83
0.09 CASH 1.00 4,642,891 4,642,890.87
0.02 TISI TEAM INC 2879123 0.72 1,186,936 849,727.48
Holdings are subject to change.

Sector Breakdown As of 12/31/21

Sector Weight (%)
Industrials 70.1
Materials 22.5
Utilities 3.3
Information Technology 3.2
Consumer Discretionary 1.0

Source: AltaVista Research, LLC

ETF Characteristics As of 01/19/22

Return on Equity 21.80%
Weighted Avg. Market Cap 30,798 M
2020 2021
Price-to-earnings 31.94 15.20
Price-to-book value 3.64 3.03

Source: AltaVista Research, LLC

ETF Risk Stats As of 01/19/22

Versus Beta
S&P 500 1.30
MSCI EAFE 1.27
MSCI Emg. Mkts 0.99
Standard Deviation 24.80%

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 12/31, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 85 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.

© 2020 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.