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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 05/06/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $7.40 billion
NAV $38.73
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 05/06/24

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

Distributions As of 05/06/24

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

ETF Prices As of 05/06/24

NAV $38.73 Daily Change $0.45 1.18%
Market Price $38.74 Daily Change $0.45 1.18%

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 05/06/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.55 ETN EATON CORP PLC B8KQN82 327.24 803,206 262,841,131.44
3.40 TT TRANE TECHNOLOGIES PLC BK9ZQ96 325.74 772,100 251,503,854.00
3.16 MLM MARTIN MARIETTA MATERIALS 2572079 599.79 390,364 234,136,423.56
3.12 URI UNITED RENTALS INC 2134781 681.71 338,533 230,781,331.43
3.11 PWR QUANTA SERVICES INC 2150204 269.50 852,877 229,850,351.50
3.11 PH PARKER HANNIFIN CORP 2671501 550.79 417,250 229,817,127.50
2.93 EMR EMERSON ELECTRIC CO 2313405 106.24 2,042,136 216,956,528.64
2.81 VMC VULCAN MATERIALS CO 2931205 266.61 779,721 207,881,415.81
2.74 DE DEERE & CO 2261203 401.84 504,293 202,645,099.12
2.68 SRE SEMPRA 2138158 72.71 2,725,517 198,172,341.07
2.63 NUE NUCOR CORP 2651086 171.02 1,138,145 194,645,557.90
2.62 HWM HOWMET AEROSPACE INC BKLJ8V2 80.18 2,414,189 193,569,674.02
2.60 UNP UNION PACIFIC CORP 2914734 239.21 803,606 192,230,591.26
2.55 CSX CSX CORP 2160753 33.68 5,604,675 188,765,454.00
2.54 FAST FASTENAL CO 2332262 66.74 2,813,093 187,745,826.82
2.52 NSC NORFOLK SOUTHERN CORP 2641894 230.47 808,155 186,255,482.85
2.41 ROK ROCKWELL AUTOMATION INC 2754060 277.39 642,520 178,228,622.80
2.14 FTV FORTIVE CORP BYT3MK1 76.98 2,061,431 158,688,958.38
1.96 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 200.88 722,275 145,090,602.00
1.70 STLD STEEL DYNAMICS INC 2849472 132.60 947,778 125,675,362.80
1.65 HUBB HUBBELL INC BDFG6S3 388.00 313,968 121,819,584.00
1.56 CSL CARLISLE COS INC 2176318 405.47 284,924 115,528,134.28
1.56 WLK Westlake Corporation B01ZP20 153.30 751,226 115,162,945.80
1.49 J JACOBS SOLUTIONS INC BNGC0D3 149.08 739,608 110,260,760.64
1.38 EME EMCOR GROUP INC 2474164 371.97 274,707 102,182,762.79
1.33 RS RELIANCE INC 2729068 292.16 337,126 98,494,732.16
1.33 IEX IDEX CORP 2456612 222.15 442,728 98,352,025.20
1.13 RPM RPM INTERNATIONAL INC 2756174 111.20 754,791 83,932,759.20
1.11 TRMB TRIMBLE INC 2903958 56.20 1,458,752 81,981,862.40
1.11 GGG GRACO INC 2380443 82.85 987,676 81,828,956.60
1.07 PNR PENTAIR PLC BLS09M3 81.88 967,029 79,180,334.52
1.05 BLD TOPBUILD CORP BZ0P3W2 417.57 186,367 77,821,268.19
1.04 WMS ADVANCED DRAINAG BP7RS59 169.49 455,495 77,201,847.55
1.04 ACM AECOM B1VZ431 96.29 795,685 76,616,508.65
1.03 LECO LINCOLN ELECTRIC HOLDINGS 2516851 227.25 335,571 76,258,509.75
0.89 TTEK TETRA TECH INC 2883890 212.12 311,280 66,028,713.60
0.89 RRX REGAL REXNORD CORP 2730082 168.85 388,016 65,516,501.60
0.82 WWD WOODWARD INC 2948089 173.15 351,750 60,905,512.50
0.74 EXP EAGLE MATERIALS INC 2191399 266.69 204,425 54,518,103.25
0.70 WCC WESCO INTERNATIONAL INC 2416973 172.89 299,146 51,719,351.94
0.69 CLF CLEVELAND-CLIFFS INC BYVZ186 17.20 2,950,386 50,746,639.20
0.67 X UNITED STATES STEEL CORP 2824770 38.04 1,302,904 49,562,468.16
0.66 MTZ MASTEC INC 2155306 105.82 458,858 48,556,353.56
0.65 CR CRANE CO BNYD4F8 144.61 330,480 47,790,712.80
0.63 AYI ACUITY BRANDS INC 2818461 259.14 179,558 46,530,660.12
0.59 RBC RBC BEARINGS INC B0GLYB5 258.59 170,005 43,961,592.95
0.59 ATI ATI Inc 2526117 59.08 743,090 43,901,757.20
0.57 TPC TUTOR PERINI CORP 2681760 18.42 2,280,973 42,015,522.66
0.55 POWL POWELL INDUSTRIES INC 2697422 161.58 251,895 40,701,194.10
0.53 MLI MUELLER INDUSTRIES INC 2609717 58.00 672,068 38,979,944.00
0.53 AA ALCOA CORP BYNF418 37.32 1,040,752 38,840,864.64
0.52 ATKR Atkore Inc BDHF495 176.40 217,413 38,351,653.20
0.51 CMC COMMERCIAL METALS CO 2213260 55.79 679,503 37,909,472.37
0.48 SPXC SPX TECHNOLOGIES INC BQ1L7V3 134.27 265,832 35,693,262.64
0.46 BMI BADGER METER INC 2069128 190.72 177,709 33,892,660.48
0.44 ZWS Zurn Elkay Water Solution BMV1ZD3 32.12 1,012,681 32,527,313.72
0.44 DXPE DXP ENTERPRISES INC 2276627 53.36 607,888 32,436,903.68
0.42 MDU MDU RESOURCES GROUP INC 2547323 25.43 1,235,641 31,422,350.63
0.42 LPX LOUISIANA-PACIFIC CORP 2535243 73.69 419,706 30,928,135.14
0.41 USLM US LIME & MINERA 2724115 360.25 84,358 30,389,969.50
0.41 VMI VALMONT INDUSTRIES 2926825 247.72 121,492 30,095,998.24
0.40 CENX CENTURY ALUMINUM COMPANY 2186254 17.40 1,719,242 29,914,810.80
0.40 CRS CARPENTER TECHNOLOGY 2177504 101.91 286,930 29,241,036.30
0.39 SUM SUMMIT MATERIA-A BW9JPS4 40.31 720,446 29,041,178.26
0.39 EXPO EXPONENT INC 2330318 94.50 306,384 28,953,288.00
0.39 PRIM PRIMORIS SERVICES CORP B1GC200 47.80 600,339 28,696,204.20
0.39 DNOW DNOW INC BMH0MV1 14.58 1,965,458 28,656,377.64
0.39 STRL STERLING INFRAST 2632876 105.37 271,249 28,581,507.13
0.38 AGX ARGAN INC 2804501 63.73 440,894 28,098,174.62
0.36 KNF KNIFE RIVER CORP BPLL4V5 80.77 327,997 26,492,317.69
0.35 DY DYCOM INDUSTRIES INC 2289841 145.37 178,173 25,901,009.01
0.35 GVA GRANITE CONSTRUCTION INC 2381189 59.78 430,443 25,731,882.54
0.33 ACA ARCOSA INC BGPZ5W8 87.01 283,650 24,680,386.50
0.33 HRI HERC HOLDINGS INC BZBZ020 147.86 165,317 24,443,771.62
0.33 ROAD CONSTRUCTION P-A BDT5M66 52.06 465,819 24,250,537.14
0.32 TEX TEREX CORP 2884224 59.70 392,488 23,431,533.60
0.31 TRN TRINITY INDUSTRIES INC 2904627 30.51 757,453 23,109,891.03
0.31 MWA MUELLER WATER-A B15RZR4 16.55 1,390,209 23,007,958.95
0.31 MTX MINERALS TECHNOLOGIES INC 2595612 78.58 291,783 22,928,308.14
0.31 CSWI CSW INDUSTRIALS INC BYQD1J6 248.04 91,690 22,742,787.60
0.31 NWPX NORTHWEST PIPE CO 2035925 33.43 677,987 22,665,105.41
0.30 CMCO COLUMBUS MCKINNON CORP/NY 2211071 43.35 515,201 22,333,963.35
0.30 GBX GREENBRIER COMPANIES INC 2387530 52.10 422,383 22,006,154.30
0.29 HAYN HAYNES INTERNATIONAL INC B02WVH7 59.58 364,771 21,733,056.18
0.29 MRC MRC GLOBAL INC B7M66F1 11.59 1,866,279 21,630,173.61
0.29 MYRG MYR GROUP INC/DELAWARE B3CLS18 152.42 140,840 21,466,832.80
0.29 CXT CRANE NXT CO BQ7W2W6 62.04 342,690 21,260,487.60
0.27 GRC GORMAN-RUPP CO 2379281 32.79 613,504 20,116,796.16
0.27 IIIN INSTEEL INDUSTRIES INC 2325875 33.46 595,524 19,926,233.04
0.27 MTUS METALLUS INC BNBPMX1 20.82 951,673 19,813,831.86
0.25 HEES H&E EQUIPMENT SE B0WR848 48.62 380,585 18,504,042.70
0.24 ASTE ASTEC INDUSTRIES INC 2060370 32.64 553,575 18,068,688.00
0.24 ROCK GIBRALTAR INDUSTRIES INC 2369226 72.76 243,673 17,729,647.48
0.24 MTRN MATERION CORP 2149622 107.96 163,515 17,653,079.40
0.24 WNC WABASH NATIONAL CORP 2932048 23.08 763,968 17,632,381.44
0.23 TITN TITAN MACHINERY INC B29H3T5 23.32 724,145 16,887,061.40
0.18 RYI RYERSON HOLDING CORP B3TPPZ6 22.91 575,605 13,187,110.55
0.18 CALX CALIX INC B3S4L67 29.78 435,634 12,973,180.52
0.16 CTOS CUSTOM TRUCK ONE BL66YS4 3.88 3,039,620 11,793,725.60
0.09 CASH 1.00 6,391,846 6,391,846.36
0.06 OTHER PAYABLE & RECEIVABLES 1.00 4,700,581 4,700,581.14
0.00 ESM4 INDEX S&P500 EMINI FUT JUN24 260,325.00 1 260,325.00
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 05/06/24

Return on Equity 15.80%
Weighted Avg. Market Cap 38,165 M
2023 2024
Price-to-earnings 21.03 19.91
Price-to-book value 3.36 2.96

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.