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IPAV

Infrastructure Development ex-U.S. ETF

 

Reasons to Consider IPAV

Compelling Need

Aging infrastructure is a prevalent concern in many parts of the world. Global infrastructure development is essential to support growing populations, cutting-edge technologies, and to address net-zero emissions targets.

Multiple Long-Term Catalysts

With nearly 70% of the global population forecasted to reside in cities by 2045, governments will likely need to invest heavily in a wide range of infrastructure.1 Additionally, the total price tag for overhauling global power grid infrastructure to support net-zero emissions targets is estimated to be $24T through 2050.2

Unconstrained Approach

As the world evolves, so do infrastructure needs. IPAV seeks to capture this trend by investing in companies outside of the U.S. that are part of the infrastructure theme, regardless of sector or industry classification.

1World Bank Group, Apr 2023
2Bloomberg, May 2024

Key Information As of 09/13/24

Inception Date 08/27/24
Total Expense Ratio 0.55%
Net Assets $2.45 million
NAV $24.55
Fact Sheet View the document

ETF Summary

The Global X Infrastructure Development ex-U.S. ETF (IPAV) seeks to invest in companies that stand to benefit from a potential increase in infrastructure activity in international markets, including emerging and developed markets but excluding the United States. This includes companies that are involved in engineering and construction services, the production of infrastructure raw materials and composites, heavy construction equipment, infrastructure transportation, and smart grid components.

ETF Objective

The Global X Infrastructure Development ex-U.S. ETF (IPAV) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X Infrastructure Development ex-U.S. Index.

Trading Details As of 09/13/24

Ticker IPAV
Bloomberg Index Ticker GXIPAVUN
CUSIP 37960A446
ISIN US37960A4461
Primary Exchange Cboe
Shares Outstanding 100,000
Number of Holdings 99
30-Day Median Bid-Ask Spread N/A

Distributions As of 09/13/24

30-Day SEC Yield N/A
Distribution Frequency Semi-Annually

ETF Prices As of 09/13/24

NAV $24.55 Daily Change $0.27 1.11%
Market Price $24.60 Daily Change $0.17 0.70%

Performance History

As of recent
(06/30/24)
Fund NAV Market Price Index
Year-to-Date -- -- --
1 Month -- -- --
3 Months -- -- --
Since Inception -- -- --
Year-to-Date -- -- --
1 Month -- -- --
3 Months -- -- --
Since Inception 0.12% 0.52% 0.16%

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 09/13/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.57 UTCEM IN ULTRATECH CEMENT LTD B01GZF6 139.67 627 87,571.68
3.43 PRY IM PRYSMIAN SPA B1W4V69 68.69 1,225 84,139.88
3.40 HOLN SW HOLCIM LTD 7110753 96.01 870 83,526.57
3.32 4063 JP SHIN-ETSU CHEMICAL CO LTD 6804585 40.57 2,010 81,543.26
3.27 CLNX SM CELLNEX TELECOM SA BX90C05 40.77 1,970 80,325.69
3.24 FER SM FERROVIAL SE BRS7CF0 42.09 1,890 79,557.77
3.24 CP CN CANADIAN PACIFIC BMBQR09 86.42 920 79,503.66
3.19 LT IN LARSEN & TOUBRO LTD B0166K8 43.06 1,820 78,376.14
3.11 5401 JP NIPPON STEEL CORP 6642569 21.34 3,580 76,385.21
2.98 DG FP VINCI SA B1XH026 121.43 603 73,219.37
2.98 HEI GR HEIDELBERG MATERIALS AG 5120679 103.22 708 73,077.59
2.86 CNR CN CANADIAN NATL RAILWAY CO 2180632 118.89 590 70,142.20
2.80 TATA IN TATA STEEL LTD BPQWCZ3 1.83 37,620 68,824.55
2.74 6301 JP KOMATSU LTD 6496584 26.42 2,550 67,371.49
2.64 EPIA SS EPIROC AB-A BMD58R8 18.96 3,420 64,852.79
2.35 MT NA ARCELORMITTAL BYPBS67 22.77 2,533 57,665.85
2.22 JSTL IN JSW STEEL LTD BZBYJJ7 11.38 4,790 54,497.77
2.20 FGR FP EIFFAGE B13X013 102.06 530 54,093.75
2.07 CX CEMEX SAB-SP ADR 2488671 6.01 8,460 50,844.60
1.67 5411 JP JFE HOLDINGS INC 6543792 13.21 3,100 40,951.30
1.63 ATRL CN ATKINSREALIS GROUP INC BRJNZ47 36.95 1,080 39,901.03
1.52 1101 TT TCC GROUP HOLDINGS CO LTD 6869937 0.99 37,600 37,348.08
1.49 TS TENARIS SA-ADR 2167367 28.31 1,290 36,519.90
1.39 EN FP BOUYGUES SA 4002121 35.10 970 34,043.96
1.30 788 HK CHINA TOWER CORP LTD-H BFZ2PK0 0.12 262,000 31,914.14
1.29 GF SW FISCHER (GEORG)-REG BM8J5G3 73.89 430 31,773.90
1.09 NKT DC NKT A/S 7106354 92.13 290 26,716.59
1.06 ACEM IN AMBUJA CEMENTS LTD B09QQ11 7.50 3,480 26,114.91
1.04 GGB GERDAU SA -SPON ADR 2297606 3.37 7,540 25,409.80
1.03 POLYCAB IN POLYCAB INDIA LTD BHKDY38 80.49 315 25,353.75
0.97 NEX FP NEXANS SA 7130836 133.73 178 23,804.66
0.96 JSP IN JINDAL STEEL & POWER LTD 6726816 12.29 1,920 23,596.44
0.96 AZJ AU AURIZON HOLDINGS LTD B87CVM3 2.30 10,210 23,517.92
0.95 INDUSTOW IN INDUS TOWERS LTD B92P9G4 5.11 4,580 23,388.92
0.94 INW IM INFRASTRUTTURE W BZ0P4R4 12.32 1,880 23,161.49
0.84 AALB NA AALBERTS NV B1W8P14 38.28 540 20,670.89
0.82 1102 TT ASIA CEMENT CORP 6056331 1.40 14,400 20,195.85
0.82 GAM MK GAMUDA BHD 6359881 1.76 11,400 20,115.31
0.78 RVNL IN RAIL VIKAS NIGAM LTD BJLJGN3 6.62 2,900 19,194.21
0.77 ANA SM ACCIONA SA 5579107 141.61 133 18,833.76
0.72 ENKAI TI ENKA INSAAT VE SANAYI AS B03MS64 1.47 12,060 17,736.99
0.69 SRCM IN SHREE CEMENT LTD 6100357 308.50 55 16,967.72
0.69 BZU IM BUZZI SPA 5782206 38.43 440 16,911.25
0.68 028050 KS SAMSUNG E&A CO LTD 6765239 18.16 920 16,711.55
0.65 KEII IN KEI INDUSTRIES LTD B1L9PJ6 52.94 300 15,881.64
0.63 SSABB SS SSAB AB - B SHARES B17H3F6 4.48 3,450 15,465.15
0.58 1721 JP COMSYS HOLDINGS CORP 6687247 22.64 630 14,266.26
0.58 6305 JP HITACHI CONST MA 6429405 23.97 590 14,144.90
0.57 JDSL IN JINDAL STAINLESS LTD 6743257 9.09 1,540 14,004.30
0.55 LAND SW LANDIS + GYR GROUP AG BF41XY8 89.64 150 13,445.77
0.54 914 HK CONCH CEMENT-H 6080396 2.19 6,000 13,155.45
0.53 5233 JP TAIHEIYO CEMENT CORP 6660204 22.18 590 13,083.61
0.52 VOE AV VOESTALPINE AG 4943402 22.89 560 12,817.17
0.50 SAIL IN STEEL AUTHORITY OF INDIA 6121499 1.58 7,740 12,195.99
0.48 SPM IM SAIPEM SPA BMY36H7 2.07 5,680 11,737.41
0.47 1951 JP EXEO GROUP INC 6499420 10.99 1,050 11,541.41
0.44 JKCE IN JK CEMENT LTD B0CJ800 56.81 190 10,794.15
0.43 BDX PW BUDIMEX 4149330 150.71 70 10,549.98
0.39 ACX SM ACERINOX SA B01ZVZ5 10.27 940 9,657.57
0.38 241560 KS DOOSAN BOBCAT INC BYX9GP8 31.10 300 9,330.58
0.37 AFRY SS AFRY AB BN791J6 17.83 510 9,093.62
0.37 DALBHARA IN DALMIA BHARAT LTD BFN2YR2 22.67 400 9,068.55
0.37 IJM MK IJM CORP BHD 6455217 0.70 13,000 9,036.38
0.35 KPIL IN KALPATARU PROJEC B02N266 16.46 520 8,558.13
0.35 004020 KS HYUNDAI STEEL CO 6461850 18.43 460 8,476.87
0.34 BREE LN BREEDON GROUP PLC BM8NFJ8 5.43 1,550 8,420.26
0.34 010120 KS LS ELECTRIC CO LTD 6378217 109.06 77 8,397.89
0.33 NMDC UH NMDC GROUP PJSC 6625838 7.00 1,160 8,116.75
0.33 SCYR SM SACYR SA 5504789 3.51 2,290 8,039.72
0.33 390 HK CHINA RAILWAY GROUP LTD-H B297KM7 0.40 20,000 8,026.62
0.32 NBCC IN NBCC INDIA LTD BDT5493 2.14 3,670 7,841.41
0.31 5076 JP INFRONEER HOLDINGS INC BLGYFQ3 8.40 910 7,644.26
0.31 NJCC IN NCC LTD B0FXGP0 3.77 2,010 7,587.32
0.31 KECI IN KEC INTERNATIONAL LTD B0YJJ27 11.84 640 7,576.75
0.31 1414 JP SHO-BOND HOLDINGS CO LTD B29T1W0 39.62 190 7,528.40
0.31 CSNA3 BZ SID NACIONAL B019KX8 2.14 3,500 7,501.94
0.29 5463 JP MARUICHI STEEL TUBE LTD 6569505 23.59 300 7,077.14
0.29 TRCL IN RAMCO CEMENTS LTD/THE 6698153 10.13 690 6,992.21
0.28 552 HK CHINA COMM SER-H B1HVJ16 0.49 14,000 6,875.20
0.27 MAIRE IM MAIRE SPA BBGTNT7 8.15 820 6,683.37
0.26 PEABB SS PEAB AB-CLASS B 4407760 7.55 860 6,491.17
0.26 OUT1V FH OUTOKUMPU OYJ 4665148 3.58 1,760 6,294.15
0.25 2504 TT GOLDSUN BUILDING 6375564 1.71 3,580 6,127.97
0.24 3323 HK CHINA NATL BDG-H B0Y91C1 0.27 22,000 5,839.17
0.23 IRB IN IRB INFRASTRUCTU BMTY040 0.73 7,590 5,558.24
0.22 WBD IM WEBUILD SPA B09MRX8 2.67 2,060 5,491.57
0.22 SMGR IJ SEMEN INDONESIA 6795236 0.26 21,000 5,386.36
0.21 052690 KS KEPCO ENGINEERIN B4LW1M1 53.63 96 5,148.40
0.20 SWSOLAR IN STERLING AND WIL BK7GN01 8.84 550 4,863.21
0.19 SPEN IT SHAPIR ENGINEERI BTF8CZ0 5.60 840 4,706.24
0.19 IRCON IN IRCON INTERNATIONAL LTD BM7SZX8 2.92 1,600 4,671.34
0.17 2211 TT EVERGREEN STEEL CORP BK7KCQ2 3.84 1,110 4,264.63
0.17 001440 KS TAIHAN ELEC WIRE 6512479 8.48 480 4,068.90
0.16 1157 HK ZOOMLION HEAVY-H B544N70 0.48 8,000 3,815.85
0.15 BRSAN TI BORUSAN BIRLESIK B03MQ15 16.95 220 3,728.40
0.13 OYAKC TI OYAK CIMENTO FABRIKALARI B03MVZ4 1.88 1,630 3,060.27
0.12 RITE IN RITES LTD B2QRR85 8.29 350 2,901.41
0.11 ACCE IN ACTION CONSTRUCT B131PK1 14.91 180 2,684.38
0.10 CASH 1.00 2,438 2,437.72
0.01 SCY/D SM SACYR SA - BONUS RIGHTS BPLP600 0.09 2,290 200.61
0.00 OTHER PAYABLE & RECEIVABLES 1.00 101 100.91
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 08/31/24

Sector Weight (%)
Industrials 48.9
Materials 42.1
Communication Services 6.3
Energy 2.1
Utilities 0.7

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Materials 44.4
Capital Goods 40.3
Transportation 8.4
Telecommunication Services 3.6
Energy 1.9
Utilities 0.9
Equity Real Estate Investment Trusts (REITs) 0.3
Semiconductors & Semiconductor Equipment 0.2

Source: new windowAltaVista Research, LLC

Country Weight (%)
India 22.3
Japan 14.4
Spain 7.7
Canada 7.6
France 7.4
Italy 6.1
Switzerland 5.3
Sweden 4.0
Luxembourg 3.9
Germany 3.0
China 2.9
Other 15.4

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 09/13/24

Return on Equity 10.10%
Weighted Avg. Market Cap 25,051 M
2023 2024
Price-to-earnings 13.99 13.18
Price-to-book value 1.37 1.29

Source: new windowAltaVista Research, LLC

ETF Research

Introducing IPAV: The Case for International Infrastructure Development

Read the Full ArticleRead More

ETF Documents

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. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. IPAV 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. The 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, and do not represent the returns you would receive if you traded shares at other times. NAVs are calculated using prices as of 4:00 PM Eastern Time. 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 Global X Infrastructure Development ex-U.S. Index is owned and was developed by Global X Management Company LLC for use by 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.