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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 89 Infrastructure funds, based on risk-adjusted returns as of 12/31/2024

 

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 01/07/25

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $8.44 billion
NAV $40.54
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 01/06/25

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 208,100,000
Number of Holdings 101
30-Day Median Bid-Ask Spread 0.02%

Distributions As of 01/07/25

30-Day SEC Yield 0.56%
Distribution Frequency Semi-Annually

ETF Prices As of 01/07/25

NAV $40.54 Daily Change -$0.40 -0.98%
Market Price $40.53 Daily Change -$0.41 -1.00%

Performance History

As of recent month & quarter-end (12/31/24)
As of recent month & quarter-end (12/31/24)
Fund NAV Market Price Index
1 Year 18.08% 17.93% 18.65%
3 Years 12.82% 12.77% 13.51%
5 Years 18.64% 18.58% 19.32%
Since Inception 14.25% 14.24% 14.86%
1 Year 18.08% 17.93% 18.65%
3 Years 12.82% 12.77% 13.51%
5 Years 18.64% 18.58% 19.32%
Since Inception 14.25% 14.24% 14.86%
Year-to-Date 18.08% 17.93% 18.65%
1 Month -11.22% -11.33% -11.21%
3 Months -1.39% -1.48% -1.28%
Since Inception 183.67% 183.46% 195.86%
Year-to-Date 18.08% 17.93% 18.65%
1 Month -11.22% -11.33% -11.21%
3 Months -1.39% -1.48% -1.28%
Since Inception 183.67% 183.46% 195.86%

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 01/07/25

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.79 TT TRANE TECHNOLOGIES PLC BK9ZQ96 379.96 839,772 319,079,769.12
3.57 ETN EATON CORP PLC B8KQN82 343.91 873,757 300,493,769.87
3.52 PWR QUANTA SERVICES INC 2150204 319.81 925,841 296,093,210.21
3.48 HWM HOWMET AEROSPACE INC BKLJ8V2 111.66 2,624,531 293,055,131.46
3.42 PH PARKER HANNIFIN CORP 2671501 635.23 452,983 287,748,391.09
3.18 EMR EMERSON ELECTRIC CO 2313405 120.68 2,218,859 267,771,904.12
2.99 URI UNITED RENTALS INC 2134781 685.41 367,509 251,894,343.69
2.96 SRE SEMPRA 2138158 84.23 2,963,078 249,580,059.94
2.69 DE DEERE & CO 2261203 413.27 548,656 226,743,065.12
2.62 FAST FASTENAL CO 2332262 72.31 3,057,270 221,071,193.70
2.57 MLM MARTIN MARIETTA MATERIALS 2572079 508.65 424,934 216,142,679.10
2.53 VMC VULCAN MATERIALS CO 2931205 251.98 846,692 213,349,450.16
2.48 NSC NORFOLK SOUTHERN CORP 2641894 237.76 879,840 209,190,758.40
2.39 UNP UNION PACIFIC CORP 2914734 230.54 873,287 201,327,584.98
2.33 ROK ROCKWELL AUTOMATION INC 2754060 281.31 698,203 196,411,485.93
2.33 CSX CSX CORP 2160753 32.19 6,090,369 196,048,978.11
2.04 FTV FORTIVE CORP BYT3MK1 76.65 2,239,180 171,633,147.00
1.78 NUE NUCOR CORP 2651086 121.28 1,236,794 149,998,376.32
1.76 HUBB HUBBELL INC BDFG6S3 433.96 341,828 148,339,678.88
1.67 EME EMCOR GROUP INC 2474164 470.18 299,897 141,005,571.46
1.47 STLD STEEL DYNAMICS INC 2849472 119.81 1,030,575 123,473,190.75
1.36 TRMB TRIMBLE INC 2903958 72.02 1,584,636 114,125,484.72
1.35 CSL CARLISLE COS INC 2176318 365.82 310,063 113,427,246.66
1.34 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 143.32 785,582 112,589,612.24
1.26 J JACOBS SOLUTIONS INC BNGC0D3 131.85 804,404 106,060,667.40
1.23 PNR PENTAIR PLC BLS09M3 98.68 1,052,649 103,875,403.32
1.19 IEX IDEX CORP 2456612 208.00 481,717 100,197,136.00
1.19 RPM RPM INTERNATIONAL INC 2756174 121.74 820,529 99,891,200.46
1.17 RS RELIANCE INC 2729068 270.11 365,829 98,814,071.19
1.10 ACM AECOM B1VZ431 107.14 865,815 92,763,419.10
1.08 WLK Westlake Corporation B01ZP20 111.68 816,122 91,144,504.96
1.04 GGG GRACO INC 2380443 81.87 1,074,672 87,983,396.64
0.87 MTZ MASTEC INC 2155306 146.41 501,753 73,461,656.73
0.86 AGX ARGAN INC 2804501 150.13 482,668 72,462,946.84
0.81 WWD WOODWARD INC 2948089 178.13 382,396 68,116,199.48
0.80 LECO LINCOLN ELECTRIC HOLDINGS 2516851 185.49 363,858 67,492,020.42
0.80 TTEK TETRA TECH INC 2883890 39.53 1,694,310 66,976,074.30
0.78 RRX REGAL REXNORD CORP 2730082 156.18 422,421 65,973,711.78
0.76 POWL POWELL INDUSTRIES INC 2697422 237.12 270,655 64,177,713.60
0.76 BLD TOPBUILD CORP BZ0P3W2 315.54 202,083 63,765,269.82
0.73 TPC TUTOR PERINI CORP 2681760 24.49 2,498,725 61,193,775.25
0.71 WCC WESCO INTERNATIONAL INC 2416973 184.12 324,819 59,805,674.28
0.71 AYI ACUITY BRANDS INC 2818461 303.87 196,276 59,642,388.12
0.68 MLI MUELLER INDUSTRIES INC 2609717 79.12 722,172 57,138,248.64
0.68 CRS CARPENTER TECHNOLOGY 2177504 181.13 315,027 57,060,840.51
0.67 WMS ADVANCED DRAINAG BP7RS59 113.90 495,627 56,451,915.30
0.66 RBC RBC BEARINGS INC B0GLYB5 297.43 185,409 55,146,198.87
0.65 CR CRANE CO BNYD4F8 152.40 361,641 55,114,088.40
0.65 USLM US LIME & MINERA 2724115 117.27 464,021 54,415,742.67
0.64 DXPE DXP ENTERPRISES INC 2276627 81.31 659,748 53,644,109.88
0.63 EXP EAGLE MATERIALS INC 2191399 239.06 222,240 53,128,694.40
0.60 PRIM PRIMORIS SERVICES CORP B1GC200 78.02 652,548 50,911,794.96
0.59 STRL STERLING INFRAST 2632876 167.59 294,487 49,353,076.33
0.59 LPX LOUISIANA-PACIFIC CORP 2535243 107.36 458,657 49,241,415.52
0.56 X UNITED STATES STEEL CORP 2824770 33.30 1,418,444 47,234,185.20
0.54 ROAD CONSTRUCTION P-A BDT5M66 89.80 506,687 45,500,492.60
0.54 ATI ATI Inc 2526117 55.52 811,238 45,039,933.76
0.49 SPXC SPX TECHNOLOGIES INC BQ1L7V3 142.50 290,183 41,351,077.50
0.49 GVA GRANITE CONSTRUCTION INC 2381189 88.37 467,622 41,323,756.14
0.49 AA ALCOA CORP BYNF418 36.24 1,136,315 41,180,055.60
0.49 VMI VALMONT INDUSTRIES 2926825 307.72 133,818 41,178,474.96
0.47 ZWS Zurn Elkay Water Solution BMV1ZD3 36.30 1,098,509 39,875,876.70
0.47 SUM SUMMIT MATERIA-A BW9JPS4 52.14 760,712 39,663,523.68
0.47 BMI BADGER METER INC 2069128 211.87 186,746 39,565,875.02
0.43 CMC COMMERCIAL METALS CO 2213260 48.89 739,442 36,151,319.38
0.42 CSWI CSW INDUSTRIALS INC BYQD1J6 357.27 99,875 35,682,341.25
0.42 CENX CENTURY ALUMINUM COMPANY 2186254 18.80 1,883,680 35,413,184.00
0.41 KNF KNIFE RIVER CORP BPLL4V5 97.00 359,672 34,888,184.00
0.41 NWPX NORTHWEST PIPE CO 2035925 46.77 742,944 34,743,776.16
0.40 HRI HERC HOLDINGS INC BZBZ020 185.29 180,050 33,361,464.50
0.39 DY DYCOM INDUSTRIES INC 2289841 177.41 186,692 33,121,027.72
0.39 MWA MUELLER WATER-A B15RZR4 21.99 1,492,232 32,814,181.68
0.39 CLF CLEVELAND-CLIFFS INC BYVZ186 10.05 3,233,029 32,491,941.45
0.35 ACA ARCOSA INC BGPZ5W8 95.08 310,433 29,515,969.64
0.35 TRN TRINITY INDUSTRIES INC 2904627 35.30 830,163 29,304,753.90
0.33 EXPO EXPONENT INC 2330318 87.08 322,513 28,084,432.04
0.33 GBX GREENBRIER COMPANIES INC 2387530 60.19 463,656 27,907,454.64
0.33 DNOW DNOW INC BMH0MV1 12.94 2,153,041 27,860,350.54
0.32 MRC MRC GLOBAL INC B7M66F1 13.15 2,047,228 26,921,048.20
0.28 MTX MINERALS TECHNOLOGIES INC 2595612 73.71 320,735 23,641,376.85
0.28 GRC GORMAN-RUPP CO 2379281 36.91 639,273 23,595,566.43
0.28 MDU MDU RESOURCES GROUP INC 2547323 18.01 1,295,774 23,336,889.74
0.27 ECG EVERUS CONSTRUCTION GROUP BSVLTM2 69.12 324,553 22,433,103.36
0.26 MYRG MYR GROUP INC/DELAWARE B3CLS18 143.63 153,771 22,086,128.73
0.26 CXT CRANE NXT CO BQ7W2W6 60.08 361,290 21,706,303.20
0.24 ATKR Atkore Inc BDHF495 86.98 235,420 20,476,831.60
0.24 CMCO COLUMBUS MCKINNON CORP/NY 2211071 35.30 564,862 19,939,628.60
0.24 ASTE ASTEC INDUSTRIES INC 2060370 32.66 607,190 19,830,825.40
0.23 HEES H&E EQUIPMENT SE B0WR848 47.30 417,137 19,730,580.10
0.23 TEX TEREX CORP 2884224 45.77 426,865 19,537,611.05
0.21 AMTM AMENTUM HOLDINGS INC BMZLFJ5 22.10 804,009 17,768,598.90
0.21 CALX CALIX INC B3S4L67 36.32 479,219 17,405,234.08
0.21 MTRN MATERION CORP 2149622 96.81 178,248 17,256,188.88
0.19 IIIN INSTEEL INDUSTRIES INC 2325875 25.30 623,133 15,765,264.90
0.18 ROCK GIBRALTAR INDUSTRIES INC 2369226 58.57 264,954 15,518,355.78
0.18 CTOS CUSTOM TRUCK ONE BL66YS4 4.61 3,361,416 15,496,127.76
0.17 MTUS METALLUS INC BNBPMX1 13.71 1,043,593 14,307,660.03
0.17 WNC WABASH NATIONAL CORP 2932048 16.77 838,259 14,057,603.43
0.14 RYI RYERSON HOLDING CORP B3TPPZ6 18.15 638,213 11,583,565.95
0.13 TITN TITAN MACHINERY INC B29H3T5 14.18 786,351 11,150,457.18
0.13 RTYH5 Index E-MINI RUSS 2000 MAR25 113,195.00 98 11,093,110.00
0.07 CASH 1.00 5,839,718 5,839,718.42
0.05 OTHER PAYABLE & RECEIVABLES 1.00 4,208,787 4,208,787.32
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 12/31/24

Sector Weight (%)
Industrials 75.1
Materials 18.8
Utilities 3.4
Information Technology 2.0
Consumer Discretionary 0.7

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 66.7
Materials 18.8
Transportation 7.1
Utilities 3.3
Technology Hardware & Equipment 2.0
Commercial & Professional Services 1.1
Consumer Durables & Apparel 0.7
Commercial & Professional Serv 0.2
Other 0.1

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 01/06/25

Return on Equity 14.90%
Weighted Avg. Market Cap 39,267 M
2023 2024
Price-to-earnings 22.09 21.92
Price-to-book value 3.47 3.10

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 12/31/24

Versus Beta
S&P 500 1.28
NASDAQ-100 0.86
MSCI EAFE 1.18
MSCI Emg. Mkts 0.76
Standard Deviation 26.10%

Source: new windowAltaVista Research, LLC

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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 12/31 PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 89 during the last 3 years, 79 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.

© 2024 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.