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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 91 Infrastructure funds, based on risk-adjusted returns as of 04/30/2024

 

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 05/07/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $7.39 billion
NAV $38.65
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 05/07/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 191,140,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 05/07/24

30-Day SEC Yield 0.63%
Distribution Frequency Semi-Annually

ETF Prices As of 05/07/24

NAV $38.65 Daily Change -$0.08 -0.21%
Market Price $38.64 Daily Change -$0.10 -0.26%

Performance History

As of recent
(03/31/24)
As of recent
(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 36.67% 36.84% 37.76%
3 Years 14.05% 14.03% 14.75%
5 Years 18.69% 18.66% 19.38%
Since Inception 14.37% 14.38% 14.99%
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 8.80% 8.79% 8.97%
1 Month -5.88% -5.83% -5.85%
3 Months 9.21% 9.24% 9.35%
Since Inception 161.37% 161.51% 171.72%

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 05/07/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.56 ETN EATON CORP PLC B8KQN82 327.43 807,238 264,313,938.34
3.41 TT TRANE TECHNOLOGIES PLC BK9ZQ96 325.89 775,940 252,871,086.60
3.16 MLM MARTIN MARIETTA MATERIALS 2572079 598.81 392,284 234,903,582.04
3.11 PH PARKER HANNIFIN CORP 2671501 550.18 419,362 230,724,585.16
3.09 URI UNITED RENTALS INC 2134781 674.27 340,261 229,427,784.47
3.08 PWR QUANTA SERVICES INC 2150204 266.88 857,197 228,768,735.36
2.97 EMR EMERSON ELECTRIC CO 2313405 107.40 2,052,408 220,428,619.20
2.83 VMC VULCAN MATERIALS CO 2931205 268.35 783,657 210,294,355.95
2.77 DE DEERE & CO 2261203 405.57 506,789 205,538,414.73
2.73 SRE SEMPRA 2138158 73.99 2,739,149 202,669,634.51
2.65 NUE NUCOR CORP 2651086 171.79 1,143,809 196,494,948.11
2.64 UNP UNION PACIFIC CORP 2914734 242.38 807,638 195,755,298.44
2.61 HWM HOWMET AEROSPACE INC BKLJ8V2 79.83 2,426,285 193,690,331.55
2.58 CSX CSX CORP 2160753 33.96 5,632,803 191,289,989.88
2.54 NSC NORFOLK SOUTHERN CORP 2641894 232.32 812,187 188,687,283.84
2.53 FAST FASTENAL CO 2332262 66.41 2,827,205 187,754,684.05
2.37 ROK ROCKWELL AUTOMATION INC 2754060 272.04 645,784 175,679,079.36
2.15 FTV FORTIVE CORP BYT3MK1 77.04 2,071,799 159,611,394.96
1.70 STLD STEEL DYNAMICS INC 2849472 132.71 952,578 126,416,626.38
1.67 HUBB HUBBELL INC BDFG6S3 393.06 315,504 124,012,002.24
1.59 WLK Westlake Corporation B01ZP20 156.45 754,970 118,115,056.50
1.59 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 162.62 725,923 118,049,598.26
1.56 CSL CARLISLE COS INC 2176318 405.55 286,364 116,134,920.20
1.42 J JACOBS SOLUTIONS INC BNGC0D3 141.64 743,352 105,288,377.28
1.40 EME EMCOR GROUP INC 2474164 375.39 276,051 103,626,784.89
1.35 RS RELIANCE INC 2729068 295.36 338,854 100,083,917.44
1.33 IEX IDEX CORP 2456612 221.75 444,936 98,664,558.00
1.15 RPM RPM INTERNATIONAL INC 2756174 112.30 758,535 85,183,480.50
1.13 TRMB TRIMBLE INC 2903958 57.00 1,466,048 83,564,736.00
1.12 GGG GRACO INC 2380443 83.52 992,668 82,907,631.36
1.09 PNR PENTAIR PLC BLS09M3 83.02 971,925 80,689,213.50
1.04 LECO LINCOLN ELECTRIC HOLDINGS 2516851 228.76 337,299 77,160,519.24
1.04 WMS ADVANCED DRAINAG BP7RS59 168.13 457,799 76,969,745.87
1.00 ACM AECOM B1VZ431 93.14 799,717 74,485,641.38
1.00 BLD TOPBUILD CORP BZ0P3W2 396.60 187,327 74,293,888.20
0.90 TTEK TETRA TECH INC 2883890 212.88 312,816 66,592,270.08
0.84 WWD WOODWARD INC 2948089 176.45 353,478 62,371,193.10
0.83 RRX REGAL REXNORD CORP 2730082 157.19 389,936 61,294,039.84
0.74 EXP EAGLE MATERIALS INC 2191399 268.33 205,481 55,136,716.73
0.73 WCC WESCO INTERNATIONAL INC 2416973 180.48 300,682 54,267,087.36
0.69 CLF CLEVELAND-CLIFFS INC BYVZ186 17.31 2,965,266 51,328,754.46
0.67 X UNITED STATES STEEL CORP 2824770 38.13 1,309,432 49,928,642.16
0.66 MTZ MASTEC INC 2155306 105.65 461,162 48,721,765.30
0.65 CR CRANE CO BNYD4F8 145.23 332,112 48,232,625.76
0.63 AYI ACUITY BRANDS INC 2818461 260.60 180,422 47,017,973.20
0.60 RBC RBC BEARINGS INC B0GLYB5 261.54 170,869 44,689,078.26
0.60 ATI ATI Inc 2526117 59.81 746,834 44,668,141.54
0.57 TPC TUTOR PERINI CORP 2681760 18.35 2,292,493 42,067,246.55
0.54 POWL POWELL INDUSTRIES INC 2697422 157.76 253,143 39,935,839.68
0.53 MLI MUELLER INDUSTRIES INC 2609717 58.65 675,428 39,613,852.20
0.53 AA ALCOA CORP BYNF418 37.57 1,046,032 39,299,422.24
0.52 CMC COMMERCIAL METALS CO 2213260 56.27 682,959 38,430,102.93
0.49 SPXC SPX TECHNOLOGIES INC BQ1L7V3 136.16 267,176 36,378,684.16
0.46 BMI BADGER METER INC 2069128 191.65 178,573 34,223,515.45
0.45 ATKR Atkore Inc BDHF495 154.34 218,469 33,718,505.46
0.45 STRL STERLING INFRAST 2632876 122.00 272,593 33,256,346.00
0.44 ZWS Zurn Elkay Water Solution BMV1ZD3 32.30 1,017,769 32,873,938.70
0.44 DXPE DXP ENTERPRISES INC 2276627 53.54 610,960 32,710,798.40
0.43 MDU MDU RESOURCES GROUP INC 2547323 25.40 1,241,593 31,536,462.20
0.42 USLM US LIME & MINERA 2724115 371.78 84,742 31,505,380.76
0.42 LPX LOUISIANA-PACIFIC CORP 2535243 72.97 421,818 30,780,059.46
0.41 CENX CENTURY ALUMINUM COMPANY 2186254 17.55 1,727,978 30,326,013.90
0.41 VMI VALMONT INDUSTRIES 2926825 246.50 122,068 30,089,762.00
0.40 CRS CARPENTER TECHNOLOGY 2177504 102.54 288,370 29,569,459.80
0.40 SUM SUMMIT MATERIA-A BW9JPS4 40.47 723,998 29,300,199.06
0.39 EXPO EXPONENT INC 2330318 94.68 307,920 29,153,865.60
0.39 DNOW DNOW INC BMH0MV1 14.62 1,975,442 28,880,962.04
0.39 AGX ARGAN INC 2804501 65.01 443,102 28,806,061.02
0.39 PRIM PRIMORIS SERVICES CORP B1GC200 47.67 603,315 28,760,026.05
0.36 DY DYCOM INDUSTRIES INC 2289841 147.32 179,037 26,375,730.84
0.35 KNF KNIFE RIVER CORP BPLL4V5 78.88 329,629 26,001,135.52
0.35 GVA GRANITE CONSTRUCTION INC 2381189 59.51 432,651 25,747,061.01
0.34 ROAD CONSTRUCTION P-A BDT5M66 53.78 468,123 25,175,654.94
0.34 MWA MUELLER WATER-A B15RZR4 18.01 1,397,121 25,162,149.21
0.34 ACA ARCOSA INC BGPZ5W8 87.85 285,090 25,045,156.50
0.33 NWPX NORTHWEST PIPE CO 2035925 36.21 681,443 24,675,051.03
0.33 HRI HERC HOLDINGS INC BZBZ020 147.90 166,181 24,578,169.90
0.32 TEX TEREX CORP 2884224 60.49 394,504 23,863,546.96
0.31 TRN TRINITY INDUSTRIES INC 2904627 30.57 761,293 23,272,727.01
0.31 MTX MINERALS TECHNOLOGIES INC 2595612 79.20 293,223 23,223,261.60
0.31 CSWI CSW INDUSTRIALS INC BYQD1J6 250.34 92,170 23,073,837.80
0.30 CMCO COLUMBUS MCKINNON CORP/NY 2211071 43.40 517,793 22,472,216.20
0.30 GBX GREENBRIER COMPANIES INC 2387530 51.65 424,495 21,925,166.75
0.30 MRC MRC GLOBAL INC B7M66F1 11.66 1,875,687 21,870,510.42
0.29 HAYN HAYNES INTERNATIONAL INC B02WVH7 59.48 366,595 21,805,070.60
0.29 MYRG MYR GROUP INC/DELAWARE B3CLS18 153.59 141,512 21,734,828.08
0.29 CXT CRANE NXT CO BQ7W2W6 62.68 344,322 21,582,102.96
0.27 GRC GORMAN-RUPP CO 2379281 32.85 616,480 20,251,368.00
0.27 IIIN INSTEEL INDUSTRIES INC 2325875 33.53 598,404 20,064,486.12
0.27 MTUS METALLUS INC BNBPMX1 20.65 956,473 19,751,167.45
0.25 ASTE ASTEC INDUSTRIES INC 2060370 33.34 556,359 18,549,009.06
0.25 HEES H&E EQUIPMENT SE B0WR848 48.07 382,505 18,387,015.35
0.24 MTRN MATERION CORP 2149622 109.42 164,379 17,986,350.18
0.24 ROCK GIBRALTAR INDUSTRIES INC 2369226 73.12 244,921 17,908,623.52
0.24 WNC WABASH NATIONAL CORP 2932048 23.10 767,808 17,736,364.80
0.23 TITN TITAN MACHINERY INC B29H3T5 23.34 727,793 16,986,688.62
0.18 CALX CALIX INC B3S4L67 30.10 437,842 13,179,044.20
0.18 RYI RYERSON HOLDING CORP B3TPPZ6 22.50 578,485 13,015,912.50
0.17 CTOS CUSTOM TRUCK ONE BL66YS4 4.05 3,054,980 12,372,669.00
0.09 CASH 1.00 6,408,849 6,408,848.67
0.06 OTHER PAYABLE & RECEIVABLES 1.00 4,707,376 4,707,376.39
0.00 ESM4 INDEX S&P500 EMINI FUT JUN24 260,687.50 1 260,687.50
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 04/30/24

Sector Weight (%)
Industrials 72.1
Materials 21.7
Utilities 3.1
Information Technology 1.8
Consumer Discretionary 1.0
Financials 0.2
Other 0.1

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Electrical Products 12.6
Engineering & Construction 11.2
Industrial Machinery 10.5
Steel 9.6
Railroads 8.0
Construction Materials 7.3
Trucks/Construction/Farm Machinery 4.9
Wholesale Distributors 4.3
Finance/Rental/Leasing 4.0
Industrial Conglomerates 4.0
Miscellaneous Manufacturing 3.7
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 05/07/24

Return on Equity 15.80%
Weighted Avg. Market Cap 38,165 M
2023 2024
Price-to-earnings 20.98 19.86
Price-to-book value 3.35 2.95

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 04/30/24

Versus Beta
S&P 500 1.27
NASDAQ-100 0.87
MSCI EAFE 1.20
MSCI Emg. Mkts 0.76
Standard Deviation 24.80%

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 04/30, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 91 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.