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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 92 Infrastructure funds, based on risk-adjusted returns as of 03/31/2024

 

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 Long-Term Catalysts

America is committed to improving its aging infrastructure. The Infrastructure Investment and Jobs Act, Inflation Reduction Act, and CHIPS and Science Act appropriated nearly $1tn to fund critical infrastructure projects.

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 04/24/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $7.30 billion
NAV $37.65
Fact Sheet View the document

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 04/24/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 194,010,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 04/24/24

30-Day SEC Yield 0.61%
Distribution Frequency Semi-Annually

ETF Prices As of 04/24/24

NAV $37.65 Daily Change -$0.25 -0.66%
Market Price $37.66 Daily Change -$0.23 -0.61%

Performance History

As of recent month & quarter-end (03/31/24)
As of recent month & quarter-end (03/31/24)
Fund NAV Market Price Index
1 Year 41.47% 41.42% 42.56%
3 Years 17.58% 17.50% 18.29%
5 Years 21.32% 21.30% 22.02%
Since Inception 15.53% 15.53% 16.16%
1 Year 41.47% 41.42% 42.56%
3 Years 17.58% 17.50% 18.29%
5 Years 21.32% 21.30% 22.02%
Since Inception 15.53% 15.53% 16.16%
Year-to-Date 15.59% 15.53% 15.73%
1 Month 5.54% 5.54% 5.56%
3 Months 15.59% 15.53% 15.73%
Since Inception 177.69% 177.69% 188.59%
Year-to-Date 15.59% 15.53% 15.73%
1 Month 5.54% 5.54% 5.56%
3 Months 15.59% 15.53% 15.73%
Since Inception 177.69% 177.69% 188.59%

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 04/24/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.56 ETN EATON CORP PLC B8KQN82 318.79 815,260 259,896,735.40
3.21 MLM MARTIN MARIETTA MATERIALS 2572079 591.82 396,104 234,422,269.28
3.18 TT TRANE TECHNOLOGIES PLC BK9ZQ96 296.49 783,580 232,323,634.20
3.17 PH PARKER HANNIFIN CORP 2671501 546.35 423,564 231,414,191.40
3.11 EMR EMERSON ELECTRIC CO 2313405 109.62 2,072,845 227,225,268.90
3.08 URI UNITED RENTALS INC 2134781 655.19 343,699 225,188,147.81
3.00 PWR QUANTA SERVICES INC 2150204 253.18 865,792 219,201,218.56
2.78 VMC VULCAN MATERIALS CO 2931205 256.40 791,488 202,937,523.20
2.77 DE DEERE & CO 2261203 394.62 511,755 201,948,758.10
2.73 NUE NUCOR CORP 2651086 172.76 1,155,078 199,551,275.28
2.73 SRE SEMPRA 2138158 72.04 2,766,271 199,282,162.84
2.65 NSC NORFOLK SOUTHERN CORP 2641894 236.22 820,209 193,749,769.98
2.65 FAST FASTENAL CO 2332262 67.74 2,855,282 193,416,802.68
2.62 CSX CSX CORP 2160753 33.67 5,688,766 191,540,751.22
2.59 UNP UNION PACIFIC CORP 2914734 231.98 815,660 189,216,806.80
2.46 ROK ROCKWELL AUTOMATION INC 2754060 275.56 652,278 179,741,725.68
2.18 FTV FORTIVE CORP BYT3MK1 76.05 2,092,427 159,129,073.35
2.17 HWM HOWMET AEROSPACE INC BKLJ8V2 64.70 2,450,351 158,537,709.70
1.87 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 186.69 733,181 136,877,560.89
1.74 HUBB HUBBELL INC BDFG6S3 398.55 318,560 126,962,088.00
1.71 STLD STEEL DYNAMICS INC 2849472 129.92 962,128 124,999,669.76
1.57 WLK Westlake Corporation B01ZP20 149.90 762,419 114,286,608.10
1.49 CSL CARLISLE COS INC 2176318 375.30 289,229 108,547,643.70
1.48 J JACOBS SOLUTIONS INC BNGC0D3 143.98 750,801 108,100,327.98
1.47 RS RELIANCE INC 2729068 313.56 342,292 107,329,079.52
1.38 IEX IDEX CORP 2456612 224.64 449,329 100,937,266.56
1.29 EME EMCOR GROUP INC 2474164 338.89 278,725 94,457,115.25
1.23 GGG GRACO INC 2380443 89.35 1,002,600 89,582,310.00
1.21 TRMB TRIMBLE INC 2903958 59.51 1,480,564 88,108,363.64
1.13 RPM RPM INTERNATIONAL INC 2756174 107.93 765,984 82,672,653.12
1.11 LECO LINCOLN ELECTRIC HOLDINGS 2516851 237.61 340,737 80,962,518.57
1.06 PNR PENTAIR PLC BLS09M3 78.99 981,666 77,541,797.34
1.04 ACM AECOM B1VZ431 94.01 807,739 75,935,543.39
1.02 WMS ADVANCED DRAINAG BP7RS59 160.32 462,383 74,129,242.56
1.01 BLD TOPBUILD CORP BZ0P3W2 388.27 189,237 73,475,049.99
0.89 RRX REGAL REXNORD CORP 2730082 164.23 393,756 64,666,547.88
0.82 TTEK TETRA TECH INC 2883890 189.29 315,872 59,791,410.88
0.75 CLF CLEVELAND-CLIFFS INC BYVZ186 18.32 2,994,871 54,866,036.72
0.73 WWD WOODWARD INC 2948089 149.61 356,916 53,398,202.76
0.72 EXP EAGLE MATERIALS INC 2191399 253.13 207,582 52,545,231.66
0.66 WCC WESCO INTERNATIONAL INC 2416973 159.59 303,738 48,473,547.42
0.66 X UNITED STATES STEEL CORP 2824770 36.60 1,322,420 48,400,572.00
0.65 CR CRANE CO BNYD4F8 142.13 335,359 47,664,574.67
0.63 AYI ACUITY BRANDS INC 2818461 253.09 182,141 46,098,065.69
0.58 RBC RBC BEARINGS INC B0GLYB5 244.89 172,588 42,265,075.32
0.54 MTZ MASTEC INC 2155306 85.18 465,746 39,672,244.28
0.54 MLI MUELLER INDUSTRIES INC 2609717 57.96 682,113 39,535,269.48
0.54 ATKR Atkore Inc BDHF495 179.11 220,570 39,506,292.70
0.52 POWL POWELL INDUSTRIES INC 2697422 149.23 255,626 38,147,067.98
0.52 AA ALCOA CORP BYNF418 36.08 1,056,537 38,119,854.96
0.51 ATI ATI Inc 2526117 49.22 754,283 37,125,809.26
0.51 CMC COMMERCIAL METALS CO 2213260 53.70 689,835 37,044,139.50
0.45 BMI BADGER METER INC 2069128 183.14 180,292 33,018,676.88
0.45 ZWS Zurn Elkay Water Solution BMV1ZD3 32.12 1,027,892 33,015,891.04
0.44 SPXC SPX TECHNOLOGIES INC BQ1L7V3 119.88 269,850 32,349,618.00
0.44 TPC TUTOR PERINI CORP 2681760 13.91 2,315,413 32,207,394.83
0.44 LPX LOUISIANA-PACIFIC CORP 2535243 75.19 426,020 32,032,443.80
0.44 DXPE DXP ENTERPRISES INC 2276627 51.91 617,072 32,032,207.52
0.42 MDU MDU RESOURCES GROUP INC 2547323 24.69 1,253,435 30,947,310.15
0.42 CENX CENTURY ALUMINUM COMPANY 2186254 17.39 1,745,359 30,351,793.01
0.40 DNOW DNOW INC BMH0MV1 14.77 1,995,306 29,470,669.62
0.39 SUM SUMMIT MATERIA-A BW9JPS4 38.93 731,065 28,460,360.45
0.38 STRL STERLING INFRAST 2632876 100.97 275,267 27,793,708.99
0.38 PRIM PRIMORIS SERVICES CORP B1GC200 45.01 609,236 27,421,712.36
0.38 AGX ARGAN INC 2804501 61.21 447,495 27,391,168.95
0.36 VMI VALMONT INDUSTRIES 2926825 212.63 123,214 26,198,992.82
0.36 USLM US LIME & MINERA 2724115 304.00 85,506 25,993,824.00
0.35 HRI HERC HOLDINGS INC BZBZ020 153.76 167,900 25,816,304.00
0.35 KNF KNIFE RIVER CORP BPLL4V5 77.06 332,876 25,651,424.56
0.35 DY DYCOM INDUSTRIES INC 2289841 139.37 180,756 25,191,963.72
0.34 EXPO EXPONENT INC 2330318 80.60 310,976 25,064,665.60
0.34 ASTE ASTEC INDUSTRIES INC 2060370 43.96 561,898 24,701,036.08
0.33 TEX TEREX CORP 2884224 60.64 398,515 24,165,949.60
0.33 ROAD CONSTRUCTION P-A BDT5M66 50.96 472,707 24,089,148.72
0.33 GVA GRANITE CONSTRUCTION INC 2381189 54.44 437,044 23,792,675.36
0.32 MYRG MYR GROUP INC/DELAWARE B3CLS18 164.60 142,849 23,512,945.40
0.32 CRS CARPENTER TECHNOLOGY 2177504 80.40 291,235 23,415,294.00
0.31 MWA MUELLER WATER-A B15RZR4 16.28 1,410,873 22,969,012.44
0.31 GBX GREENBRIER COMPANIES INC 2387530 53.49 428,697 22,931,002.53
0.31 GRC GORMAN-RUPP CO 2379281 36.46 622,401 22,692,740.46
0.31 HEES H&E EQUIPMENT SE B0WR848 58.58 386,325 22,630,918.50
0.31 HAYN HAYNES INTERNATIONAL INC B02WVH7 60.36 370,224 22,346,720.64
0.30 CSWI CSW INDUSTRIALS INC BYQD1J6 237.84 93,125 22,148,850.00
0.30 ACA ARCOSA INC BGPZ5W8 76.86 287,955 22,132,221.30
0.30 MRC MRC GLOBAL INC B7M66F1 11.67 1,894,405 22,107,706.35
0.30 NWPX NORTHWEST PIPE CO 2035925 31.80 688,319 21,888,544.20
0.30 CXT CRANE NXT CO BQ7W2W6 62.87 347,569 21,851,663.03
0.30 CMCO COLUMBUS MCKINNON CORP/NY 2211071 41.76 522,950 21,838,392.00
0.29 MTX MINERALS TECHNOLOGIES INC 2595612 72.10 296,088 21,347,944.80
0.29 TRN TRINITY INDUSTRIES INC 2904627 27.18 768,933 20,899,598.94
0.28 MTUS METALLUS INC BNBPMX1 21.49 966,023 20,759,834.27
0.28 IIIN INSTEEL INDUSTRIES INC 2325875 34.12 604,134 20,613,052.08
0.27 MTRN MATERION CORP 2149622 118.46 166,098 19,675,969.08
0.26 WNC WABASH NATIONAL CORP 2932048 24.42 775,448 18,936,440.16
0.25 RYI RYERSON HOLDING CORP B3TPPZ6 31.25 584,215 18,256,718.75
0.24 ROCK GIBRALTAR INDUSTRIES INC 2369226 71.71 247,404 17,741,340.84
0.23 TITN TITAN MACHINERY INC B29H3T5 22.66 735,051 16,656,255.66
0.22 CTOS CUSTOM TRUCK ONE BL66YS4 5.17 3,085,540 15,952,241.80
0.17 CALX CALIX INC B3S4L67 28.25 442,235 12,493,138.75
0.11 CASH 1.00 8,176,038 8,176,037.55
0.03 OTHER PAYABLE & RECEIVABLES 1.00 1,887,497 1,887,497.00
0.00 ESM4 INDEX S&P500 EMINI FUT JUN24 255,375.00 1 255,375.00
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 03/31/24

Sector Weight (%)
Industrials 71.6
Materials 22.3
Utilities 3.0
Information Technology 1.8
Consumer Discretionary 1.1
Financials 0.2

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Electrical Products 12.5
Engineering & Construction 10.6
Industrial Machinery 10.4
Steel 10.3
Railroads 8.2
Construction Materials 7.2
Trucks/Construction/Farm Machinery 4.9
Wholesale Distributors 4.6
Finance/Rental/Leasing 4.1
Miscellaneous Manufacturing 3.7
Electronic Equipment/Instruments 3.6
Other 19.9

Source: new windowAltaVista Research, LLC

All Sector, Industry and Geographic breakdowns, where provided, are based on equity positions held by the ETF and exclude cash, currencies, and other holdings.

ETF Characteristics As of 04/24/24

Return on Equity 15.90%
Weighted Avg. Market Cap 38,477 M
2023 2024
Price-to-earnings 20.43 19.26
Price-to-book value 3.26 2.88

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 03/31/24

Versus Beta
S&P 500 1.25
NASDAQ-100 0.85
MSCI EAFE 1.19
MSCI Emg. Mkts 0.76
Standard Deviation 24.50%

Source: new windowAltaVista Research, LLC

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ETF Documents

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. 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 03/31, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 92 during the last 3 years, 83 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.

© 2023 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.