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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 82 Infrastructure funds, based on risk-adjusted returns as of 03/31/2025

 

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 04/16/25

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $7.15 billion
NAV $35.99
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 04/16/25

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 198,650,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.05%

Distributions As of 04/16/25

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

ETF Prices As of 04/16/25

NAV $35.99 Daily Change -$0.51 -1.40%
Market Price $36.01 Daily Change -$0.47 -1.29%

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 04/16/25

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.89 FAST FASTENAL CO 2332262 80.45 3,445,043 277,153,709.35
3.54 HWM HOWMET AEROSPACE INC BKLJ8V2 123.93 2,034,949 252,191,229.57
3.47 DE DEERE & CO 2261203 452.42 547,380 247,645,659.60
3.18 UNP UNION PACIFIC CORP 2914734 216.60 1,047,980 226,992,468.00
3.10 SRE SEMPRA 2138158 70.39 3,138,966 220,951,816.74
3.08 CRH CRH PLC B01ZKD6 85.02 2,585,923 219,855,173.46
3.05 NSC NORFOLK SOUTHERN CORP 2641894 214.03 1,015,103 217,262,495.09
3.01 TT TRANE TECHNOLOGIES PLC BK9ZQ96 330.64 649,301 214,684,882.64
3.00 PH PARKER HANNIFIN CORP 2671501 559.45 382,456 213,965,009.20
2.96 CSX CSX CORP 2160753 27.35 7,720,881 211,166,095.35
2.77 PWR QUANTA SERVICES INC 2150204 269.45 732,815 197,457,001.75
2.74 EMR EMERSON ELECTRIC CO 2313405 98.67 1,981,945 195,558,513.15
2.71 VMC VULCAN MATERIALS CO 2931205 240.55 802,193 192,967,526.15
2.70 URI UNITED RENTALS INC 2134781 585.23 329,425 192,789,392.75
2.65 ETN EATON CORP PLC B8KQN82 269.16 702,861 189,182,066.76
2.56 MLM MARTIN MARIETTA MATERIALS 2572079 491.07 371,238 182,303,844.66
2.20 ROK ROCKWELL AUTOMATION INC 2754060 228.11 686,668 156,635,837.48
2.18 NUE NUCOR CORP 2651086 108.95 1,426,960 155,467,292.00
1.92 FTV FORTIVE CORP BYT3MK1 65.00 2,108,678 137,064,070.00
1.55 HUBB HUBBELL INC BDFG6S3 338.78 326,415 110,582,873.70
1.52 STLD STEEL DYNAMICS INC 2849472 117.21 924,978 108,416,671.38
1.50 EME EMCOR GROUP INC 2474164 382.15 279,381 106,765,449.15
1.35 CSL CARLISLE COS INC 2176318 348.23 275,386 95,897,666.78
1.27 RS RELIANCE INC 2729068 275.20 328,613 90,434,297.60
1.23 J JACOBS SOLUTIONS INC BNGC0D3 116.58 753,672 87,863,081.76
1.22 TRMB TRIMBLE INC 2903958 58.28 1,493,931 87,066,298.68
1.13 PNR PENTAIR PLC BLS09M3 80.47 1,003,884 80,782,545.48
1.13 GGG GRACO INC 2380443 78.42 1,025,948 80,454,842.16
1.12 RPM RPM INTERNATIONAL INC 2756174 102.66 781,002 80,177,665.32
1.11 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 113.06 698,971 79,025,661.26
1.06 IEX IDEX CORP 2456612 164.08 459,947 75,468,103.76
1.05 ACM AECOM B1VZ431 93.23 805,823 75,126,878.29
0.99 WLK Westlake Corporation B01ZP20 90.32 781,894 70,620,666.08
0.86 WWD WOODWARD INC 2948089 169.58 360,873 61,196,843.34
0.86 RBC RBC BEARINGS INC B0GLYB5 319.97 190,624 60,993,961.28
0.85 LECO LINCOLN ELECTRIC HOLDINGS 2516851 177.29 342,925 60,797,173.25
0.80 X UNITED STATES STEEL CORP 2824770 41.82 1,366,862 57,162,168.84
0.79 MTZ MASTEC INC 2155306 117.41 481,370 56,517,651.70
0.73 CRS CARPENTER TECHNOLOGY 2177504 172.18 302,953 52,162,447.54
0.70 BLD TOPBUILD CORP BZ0P3W2 279.29 179,147 50,033,965.63
0.69 CR CRANE CO BNYD4F8 141.57 347,492 49,194,442.44
0.69 MLI MUELLER INDUSTRIES INC 2609717 70.92 690,206 48,949,409.52
0.68 WMS ADVANCED DRAINAG BP7RS59 103.62 470,338 48,736,423.56
0.68 TTEK TETRA TECH INC 2883890 29.85 1,627,204 48,572,039.40
0.62 EXP EAGLE MATERIALS INC 2191399 216.47 204,004 44,160,745.88
0.62 WCC WESCO INTERNATIONAL INC 2416973 147.91 297,478 43,999,970.98
0.60 AYI ACUITY INC 2818461 228.37 188,606 43,071,952.22
0.56 ATI ATI Inc 2526117 45.72 865,487 39,570,065.64
0.55 AA ALCOA CORP BYNF418 25.07 1,568,532 39,323,097.24
0.55 RRX REGAL REXNORD CORP 2730082 96.64 402,433 38,891,125.12
0.51 SPXC SPX TECHNOLOGIES INC BQ1L7V3 127.96 281,697 36,045,948.12
0.50 LPX LOUISIANA-PACIFIC CORP 2535243 83.83 425,710 35,687,269.30
0.48 VMI VALMONT INDUSTRIES 2926825 281.11 121,815 34,243,414.65
0.46 BMI BADGER METER INC 2069128 183.90 178,549 32,835,161.10
0.45 KNF KNIFE RIVER CORP BPLL4V5 93.07 344,138 32,028,923.66
0.43 ZWS Zurn Elkay Water Solution BMV1ZD3 29.60 1,030,227 30,494,719.20
0.42 CSWI CSW INDUSTRIALS INC BYQD1J6 295.36 102,291 30,212,669.76
0.41 DNOW DNOW INC BMH0MV1 15.59 1,881,771 29,336,809.89
0.40 CMC COMMERCIAL METALS CO 2213260 41.70 689,599 28,756,278.30
0.39 PLPC PREFORMED LINE 2798466 140.35 198,032 27,793,791.20
0.39 RYI RYERSON HOLDING CORP B3TPPZ6 21.87 1,264,706 27,659,120.22
0.39 MWA MUELLER WATER-A B15RZR4 25.06 1,095,163 27,444,784.78
0.38 DY DYCOM INDUSTRIES INC 2289841 152.32 177,026 26,964,600.32
0.37 HEES H&E EQUIPMENT SE B0WR848 90.69 292,251 26,504,243.19
0.37 TITN TITAN MACHINERY INC B29H3T5 15.99 1,644,651 26,297,969.49
0.37 STRL STERLING INFRAST 2632876 140.44 187,007 26,263,263.08
0.35 ASTE ASTEC INDUSTRIES INC 2060370 34.11 739,200 25,214,112.00
0.35 ROAD CONSTRUCTION P-A BDT5M66 78.47 314,291 24,662,414.77
0.34 EXPO EXPONENT INC 2330318 79.39 307,544 24,415,918.16
0.34 MDU MDU RESOURCES GROUP INC 2547323 16.75 1,435,632 24,046,836.00
0.34 IIIN INSTEEL INDUSTRIES INC 2325875 26.72 896,411 23,952,101.92
0.32 GRC GORMAN-RUPP CO 2379281 33.47 681,769 22,818,808.43
0.32 ACA ARCOSA INC BGPZ5W8 77.06 296,018 22,811,147.08
0.31 MTUS METALLUS INC BNBPMX1 12.75 1,752,778 22,347,919.50
0.31 CALX CALIX INC B3S4L67 33.79 656,802 22,193,339.58
0.31 AGX ARGAN INC 2804501 148.72 147,762 21,975,164.64
0.31 ROCK GIBRALTAR INDUSTRIES INC 2369226 51.80 423,351 21,929,581.80
0.30 GVA GRANITE CONSTRUCTION INC 2381189 77.35 279,879 21,648,640.65
0.30 CLF CLEVELAND-CLIFFS INC BYVZ186 7.18 2,997,518 21,522,179.24
0.30 NWPX NORTHWEST PIPE CO 2035925 41.20 521,009 21,465,570.80
0.30 TPC TUTOR PERINI CORP 2681760 21.75 974,301 21,191,046.75
0.29 CTRI CENTURI HOLDINGS INC BMDPVF7 17.40 1,196,485 20,818,839.00
0.29 CENX CENTURY ALUMINUM COMPANY 2186254 15.79 1,311,830 20,713,795.70
0.28 USLM US LIME & MINERA 2724115 91.76 218,876 20,084,061.76
0.28 HRI HERC HOLDINGS INC BZBZ020 115.74 172,017 19,909,247.58
0.28 MTRN MATERION CORP 2149622 78.34 253,617 19,868,355.78
0.27 DXPE DXP ENTERPRISES INC 2276627 79.57 242,972 19,333,282.04
0.27 MTX MINERALS TECHNOLOGIES INC 2595612 56.25 343,338 19,312,762.50
0.27 MYRG MYR GROUP INC/DELAWARE B3CLS18 113.91 168,380 19,180,165.80
0.27 PRIM PRIMORIS SERVICES CORP B1GC200 57.74 326,690 18,863,080.60
0.25 TEX TEREX CORP 2884224 34.09 530,790 18,094,631.10
0.25 MRC MRC GLOBAL INC B7M66F1 10.24 1,723,180 17,645,363.20
0.24 ATKR Atkore Inc BDHF495 57.74 299,911 17,316,861.14
0.23 TRN TRINITY INDUSTRIES INC 2904627 24.88 660,552 16,434,533.76
0.23 CTOS CUSTOM TRUCK ONE BL66YS4 3.39 4,836,022 16,394,114.58
0.23 WNC WABASH NATIONAL CORP 2932048 9.91 1,650,239 16,353,868.49
0.22 GBX GREENBRIER COMPANIES INC 2387530 42.41 368,461 15,626,431.01
0.21 POWL POWELL INDUSTRIES INC 2697422 166.95 88,740 14,815,143.00
0.13 CMCO COLUMBUS MCKINNON CORP/NY 2211071 13.10 700,423 9,175,541.30
0.11 CASH 1.00 7,917,398 7,917,398.21
0.09 RTYM5 Index E-MINI RUSS 2000 JUN25 93,720.00 68 6,372,960.00
0.03 OTHER PAYABLE & RECEIVABLES 1.00 2,093,662 2,093,661.55
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 03/31/25

Sector Weight (%)
Industrials 71.7
Materials 22.2
Utilities 3.3
Information Technology 2.1
Consumer Discretionary 0.7

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 61.2
Materials 22.2
Transportation 9.5
Utilities 3.3
Technology Hardware & Equipment 2.1
Commercial & Professional Services 1.0
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 04/16/25

Return on Equity 14.50%
Weighted Avg. Market Cap 39,461 M
2024 2025
Price-to-earnings 19.90 18.47
Price-to-book value 2.83 2.55

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

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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 3/31 PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 82 during the last 3 years, 75 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.