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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 88 Infrastructure funds, based on risk-adjusted returns as of 02/28/2025

 

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 $1T to fund critical infrastructure projects.2

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.

1American Society of Engineers, 2021
2Politico, 2024

Key Information As of 04/01/25

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $7.72 billion
NAV $38.00
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 04/01/25

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 203,080,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 04/01/25

30-Day SEC Yield 0.72%
Distribution Frequency Semi-Annually

ETF Prices As of 04/01/25

NAV $38.00 Daily Change $0.29 0.77%
Market Price $37.99 Daily Change $0.26 0.69%

Performance History

As of recent month & quarter-end (03/31/25)
As of recent month & quarter-end (03/31/25)
Fund NAV Market Price Index
1 Year -4.74% -4.69% -4.26%
3 Years 10.88% 10.88% 11.53%
5 Years 25.73% 25.74% 26.47%
Since Inception 12.80% 12.81% 13.41%
1 Year -4.74% -4.69% -4.26%
3 Years 10.88% 10.88% 11.53%
5 Years 25.73% 25.74% 26.47%
Since Inception 12.80% 12.81% 13.41%
Year-to-Date -6.75% -6.63% -6.62%
1 Month -6.19% -6.17% -6.15%
3 Months -6.75% -6.63% -6.62%
Since Inception 164.52% 164.66% 176.29%
Year-to-Date -6.75% -6.63% -6.62%
1 Month -6.19% -6.17% -6.15%
3 Months -6.75% -6.63% -6.62%
Since Inception 164.52% 164.66% 176.29%

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 04/01/25

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.56 HWM HOWMET AEROSPACE INC BKLJ8V2 131.78 2,087,994 275,155,849.32
3.55 FAST FASTENAL CO 2332262 77.61 3,534,653 274,324,419.33
3.48 DE DEERE & CO 2261203 478.45 561,800 268,793,210.00
3.30 UNP UNION PACIFIC CORP 2914734 237.17 1,075,275 255,022,971.75
3.19 NSC NORFOLK SOUTHERN CORP 2641894 236.61 1,041,368 246,398,082.48
3.10 PH PARKER HANNIFIN CORP 2671501 609.86 392,241 239,212,096.26
3.05 CRH CRH PLC B01ZKD6 88.85 2,653,388 235,753,523.80
3.03 CSX CSX CORP 2160753 29.54 7,921,731 234,007,933.74
2.98 SRE SEMPRA 2138158 71.56 3,220,851 230,484,097.56
2.95 TT TRANE TECHNOLOGIES PLC BK9ZQ96 341.65 666,296 227,640,028.40
2.90 EMR EMERSON ELECTRIC CO 2313405 110.00 2,033,445 223,678,950.00
2.77 URI UNITED RENTALS INC 2134781 631.99 338,180 213,726,378.20
2.58 ETN EATON CORP PLC B8KQN82 276.70 721,401 199,611,656.70
2.53 VMC VULCAN MATERIALS CO 2931205 237.27 823,308 195,346,289.16
2.51 PWR QUANTA SERVICES INC 2150204 257.90 751,870 193,907,273.00
2.39 MLM MARTIN MARIETTA MATERIALS 2572079 484.56 381,023 184,628,504.88
2.36 ROK ROCKWELL AUTOMATION INC 2754060 258.74 704,693 182,332,266.82
2.27 NUE NUCOR CORP 2651086 119.66 1,464,040 175,187,026.40
2.06 FTV FORTIVE CORP BYT3MK1 73.50 2,163,268 159,000,198.00
1.52 STLD STEEL DYNAMICS INC 2849472 124.00 949,183 117,698,692.00
1.44 HUBB HUBBELL INC BDFG6S3 332.86 334,655 111,393,263.30
1.39 EME EMCOR GROUP INC 2474164 375.50 286,591 107,614,920.50
1.30 TRMB TRIMBLE INC 2903958 65.38 1,532,556 100,198,511.28
1.26 RS RELIANCE INC 2729068 289.01 337,368 97,502,725.68
1.26 CSL CARLISLE COS INC 2176318 343.18 282,596 96,981,295.28
1.22 J JACOBS SOLUTIONS INC BNGC0D3 121.98 773,242 94,320,059.16
1.21 RPM RPM INTERNATIONAL INC 2756174 116.45 801,087 93,286,581.15
1.17 PNR PENTAIR PLC BLS09M3 88.04 1,030,149 90,694,317.96
1.17 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 125.61 716,996 90,061,867.56
1.15 GGG GRACO INC 2380443 84.37 1,052,728 88,818,661.36
1.11 IEX IDEX CORP 2456612 181.15 471,792 85,465,120.80
1.04 WLK Westlake Corporation B01ZP20 99.98 801,979 80,181,860.42
1.01 ACM AECOM B1VZ431 93.86 826,938 77,616,400.68
0.90 WWD WOODWARD INC 2948089 187.14 370,143 69,268,561.02
0.88 LECO LINCOLN ELECTRIC HOLDINGS 2516851 192.22 351,680 67,599,929.60
0.84 RBC RBC BEARINGS INC B0GLYB5 332.93 195,774 65,179,037.82
0.77 X UNITED STATES STEEL CORP 2824770 42.17 1,402,397 59,139,081.49
0.76 MTZ MASTEC INC 2155306 118.70 493,730 58,605,751.00
0.74 CRS CARPENTER TECHNOLOGY 2177504 182.69 310,678 56,757,763.82
0.73 BLD TOPBUILD CORP BZ0P3W2 305.24 183,782 56,097,617.68
0.72 CR CRANE CO BNYD4F8 154.93 356,762 55,273,136.66
0.71 MLI MUELLER INDUSTRIES INC 2609717 77.52 708,231 54,902,067.12
0.68 WMS ADVANCED DRAINAG BP7RS59 108.98 482,698 52,604,428.04
0.66 AYI ACUITY INC 2818461 263.67 193,241 50,951,854.47
0.64 TTEK TETRA TECH INC 2883890 29.55 1,669,434 49,331,774.70
0.63 AA ALCOA CORP BYNF418 30.14 1,609,217 48,501,800.38
0.62 WCC WESCO INTERNATIONAL INC 2416973 156.42 305,203 47,739,853.26
0.62 EXP EAGLE MATERIALS INC 2191399 227.48 209,154 47,578,351.92
0.61 RRX REGAL REXNORD CORP 2730082 114.72 412,733 47,348,729.76
0.61 ATI ATI Inc 2526117 52.60 888,147 46,716,532.20
0.52 LPX LOUISIANA-PACIFIC CORP 2535243 91.18 437,040 39,849,307.20
0.50 SPXC SPX TECHNOLOGIES INC BQ1L7V3 132.50 288,907 38,280,177.50
0.47 VMI VALMONT INDUSTRIES 2926825 288.47 124,905 36,031,345.35
0.46 BMI BADGER METER INC 2069128 192.67 183,184 35,294,061.28
0.45 ZWS Zurn Elkay Water Solution BMV1ZD3 33.16 1,057,007 35,050,352.12
0.43 DNOW DNOW INC BMH0MV1 17.29 1,930,696 33,381,733.84
0.43 CMC COMMERCIAL METALS CO 2213260 46.98 707,624 33,244,175.52
0.42 KNF KNIFE RIVER CORP BPLL4V5 92.36 352,893 32,593,197.48
0.40 CSWI CSW INDUSTRIALS INC BYQD1J6 295.91 104,866 31,030,898.06
0.38 RYI RYERSON HOLDING CORP B3TPPZ6 22.67 1,297,666 29,418,088.22
0.37 PLPC PREFORMED LINE 2798466 142.27 203,182 28,906,703.14
0.37 MWA MUELLER WATER-A B15RZR4 25.70 1,123,488 28,873,641.60
0.37 TITN TITAN MACHINERY INC B29H3T5 16.96 1,687,396 28,618,236.16
0.37 HEES H&E EQUIPMENT SE B0WR848 95.24 299,976 28,569,714.24
0.37 DY DYCOM INDUSTRIES INC 2289841 155.06 181,661 28,168,354.66
0.34 ASTE ASTEC INDUSTRIES INC 2060370 34.72 758,255 26,326,613.60
0.33 EXPO EXPONENT INC 2330318 80.78 315,784 25,509,031.52
0.33 ROCK GIBRALTAR INDUSTRIES INC 2369226 58.04 434,166 25,198,994.64
0.33 GRC GORMAN-RUPP CO 2379281 35.93 699,279 25,125,094.47
0.32 MDU MDU RESOURCES GROUP INC 2547323 16.93 1,473,227 24,941,733.11
0.32 CLF CLEVELAND-CLIFFS INC BYVZ186 8.10 3,075,798 24,913,963.80
0.32 CENX CENTURY ALUMINUM COMPANY 2186254 18.40 1,345,820 24,763,088.00
0.31 IIIN INSTEEL INDUSTRIES INC 2325875 26.35 919,586 24,231,091.10
0.31 HRI HERC HOLDINGS INC BZBZ020 136.75 176,652 24,157,161.00
0.31 MTUS METALLUS INC BNBPMX1 13.25 1,798,613 23,831,622.25
0.31 ACA ARCOSA INC BGPZ5W8 78.17 303,743 23,743,590.31
0.31 CALX CALIX INC B3S4L67 35.16 673,797 23,690,702.52
0.31 ROAD CONSTRUCTION P-A BDT5M66 73.23 322,531 23,618,945.13
0.30 TPC TUTOR PERINI CORP 2681760 23.18 999,536 23,169,244.48
0.29 NWPX NORTHWEST PIPE CO 2035925 41.74 534,399 22,305,814.26
0.29 STRL STERLING INFRAST 2632876 115.64 191,642 22,161,480.88
0.28 MTX MINERALS TECHNOLOGIES INC 2595612 62.33 352,093 21,945,956.69
0.28 GVA GRANITE CONSTRUCTION INC 2381189 76.33 287,089 21,913,503.37
0.27 MTRN MATERION CORP 2149622 80.98 260,312 21,080,065.76
0.27 CTRI CENTURI HOLDINGS INC BMDPVF7 17.13 1,227,900 21,033,927.00
0.27 CTOS CUSTOM TRUCK ONE BL66YS4 4.20 4,961,682 20,839,064.40
0.27 TEX TEREX CORP 2884224 38.07 544,695 20,736,538.65
0.27 DXPE DXP ENTERPRISES INC 2276627 82.90 249,152 20,654,700.80
0.27 MRC MRC GLOBAL INC B7M66F1 11.62 1,767,985 20,543,985.70
0.27 USLM US LIME & MINERA 2724115 91.25 224,541 20,489,366.25
0.26 AGX ARGAN INC 2804501 134.43 151,882 20,417,497.26
0.25 MYRG MYR GROUP INC/DELAWARE B3CLS18 113.78 172,500 19,627,050.00
0.25 GBX GREENBRIER COMPANIES INC 2387530 51.03 378,246 19,301,893.38
0.25 PRIM PRIMORIS SERVICES CORP B1GC200 57.57 334,930 19,281,920.10
0.25 TRN TRINITY INDUSTRIES INC 2904627 28.13 677,547 19,059,397.11
0.24 WNC WABASH NATIONAL CORP 2932048 11.03 1,692,984 18,673,613.52
0.24 ATKR Atkore Inc BDHF495 60.02 307,636 18,464,312.72
0.21 POWL POWELL INDUSTRIES INC 2697422 175.89 91,315 16,061,395.35
0.16 CMCO COLUMBUS MCKINNON CORP/NY 2211071 16.70 718,448 11,998,081.60
0.10 CASH 1.00 7,545,153 7,545,152.72
0.09 RTYM5 Index E-MINI RUSS 2000 JUN25 101,335.00 68 6,890,780.00
0.04 OTHER PAYABLE & RECEIVABLES 1.00 3,057,299 3,057,298.89
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 02/28/25

Sector Weight (%)
Industrials 71.4
Materials 22.7
Utilities 3.1
Information Technology 2.1
Consumer Discretionary 0.7

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 61.0
Materials 22.7
Transportation 9.5
Utilities 3.1
Technology Hardware & Equipment 2.1
Commercial & Professional Services 0.9
Consumer Durables & Apparel 0.7

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 04/01/25

Return on Equity 14.50%
Weighted Avg. Market Cap 39,461 M
2024 2025
Price-to-earnings 20.99 19.48
Price-to-book value 2.98 2.69

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 03/31/25

Versus Beta
S&P 500 1.29
NASDAQ-100 0.87
MSCI EAFE 1.13
MSCI Emg. Mkts 0.75
Standard Deviation 26.00%

Source: new windowAltaVista Research, LLC

ETF Research

U.S. Infrastructure Growth Expected to Continue Post-Election

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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 2/28 PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 88 during the last 3 years, 81 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.

© 2025 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.

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.