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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 04/04/25

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $6.93 billion
NAV $34.38
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 04/03/25

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 201,580,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 04/04/25

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

ETF Prices As of 04/04/25

NAV $34.38 Daily Change -$1.71 -4.74%
Market Price $34.40 Daily Change -$1.67 -4.63%

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 04/04/25

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.76 FAST FASTENAL CO 2332262 74.42 3,497,069 260,251,874.98
3.46 DE DEERE & CO 2261203 429.86 555,752 238,895,554.72
3.36 HWM HOWMET AEROSPACE INC BKLJ8V2 112.33 2,065,746 232,045,248.18
3.28 UNP UNION PACIFIC CORP 2914734 213.26 1,063,827 226,871,746.02
3.14 NSC NORFOLK SOUTHERN CORP 2641894 210.93 1,030,352 217,332,147.36
3.08 CSX CSX CORP 2160753 27.21 7,837,491 213,258,130.11
3.07 CRH CRH PLC B01ZKD6 80.87 2,625,092 212,291,190.04
3.04 SRE SEMPRA 2138158 65.88 3,186,507 209,927,081.16
3.03 TT TRANE TECHNOLOGIES PLC BK9ZQ96 318.11 659,168 209,687,932.48
2.90 PH PARKER HANNIFIN CORP 2671501 517.23 388,137 200,756,100.51
2.75 EMR EMERSON ELECTRIC CO 2313405 94.57 2,011,845 190,260,181.65
2.73 URI UNITED RENTALS INC 2134781 564.57 334,508 188,853,181.56
2.72 VMC VULCAN MATERIALS CO 2931205 230.74 814,452 187,926,654.48
2.58 PWR QUANTA SERVICES INC 2150204 239.47 743,878 178,136,464.66
2.57 MLM MARTIN MARIETTA MATERIALS 2572079 470.70 376,919 177,415,773.30
2.54 ETN EATON CORP PLC B8KQN82 246.52 713,625 175,922,835.00
2.29 ROK ROCKWELL AUTOMATION INC 2754060 227.11 697,133 158,325,875.63
2.16 NUE NUCOR CORP 2651086 103.22 1,448,488 149,512,931.36
1.99 FTV FORTIVE CORP BYT3MK1 64.13 2,140,372 137,262,056.36
1.51 HUBB HUBBELL INC BDFG6S3 315.94 331,199 104,639,012.06
1.48 STLD STEEL DYNAMICS INC 2849472 109.21 939,031 102,551,575.51
1.40 EME EMCOR GROUP INC 2474164 342.02 283,567 96,985,585.34
1.32 CSL CARLISLE COS INC 2176318 327.29 279,572 91,501,119.88
1.28 RS RELIANCE INC 2729068 264.78 333,696 88,356,026.88
1.27 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 123.96 709,436 87,941,686.56
1.24 RPM RPM INTERNATIONAL INC 2756174 108.23 792,663 85,789,916.49
1.24 TRMB TRIMBLE INC 2903958 56.51 1,516,356 85,689,277.56
1.23 J JACOBS SOLUTIONS INC BNGC0D3 111.45 765,034 85,263,039.30
1.16 PNR PENTAIR PLC BLS09M3 78.76 1,019,133 80,266,915.08
1.14 GGG GRACO INC 2380443 75.77 1,041,496 78,914,151.92
1.10 IEX IDEX CORP 2456612 162.49 466,824 75,854,231.76
1.06 ACM AECOM B1VZ431 89.25 818,082 73,013,818.50
1.02 WLK Westlake Corporation B01ZP20 88.46 793,555 70,197,875.30
0.87 LECO LINCOLN ELECTRIC HOLDINGS 2516851 172.02 348,008 59,864,336.16
0.87 RBC RBC BEARINGS INC B0GLYB5 308.82 193,614 59,791,875.48
0.83 WWD WOODWARD INC 2948089 157.29 366,255 57,608,248.95
0.80 BLD TOPBUILD CORP BZ0P3W2 303.09 181,838 55,113,279.42
0.77 X UNITED STATES STEEL CORP 2824770 38.29 1,387,493 53,127,106.97
0.75 MTZ MASTEC INC 2155306 106.07 488,546 51,820,074.22
0.72 MLI MUELLER INDUSTRIES INC 2609717 70.60 700,671 49,467,372.60
0.70 CR CRANE CO BNYD4F8 137.13 352,874 48,389,611.62
0.70 WMS ADVANCED DRAINAG BP7RS59 101.10 477,514 48,276,665.40
0.70 TTEK TETRA TECH INC 2883890 29.10 1,651,722 48,065,110.20
0.67 CRS CARPENTER TECHNOLOGY 2177504 151.66 307,438 46,626,047.08
0.65 EXP EAGLE MATERIALS INC 2191399 217.29 206,994 44,977,726.26
0.65 AYI ACUITY INC 2818461 233.58 191,297 44,683,153.26
0.59 WCC WESCO INTERNATIONAL INC 2416973 136.08 301,963 41,091,125.04
0.58 RRX REGAL REXNORD CORP 2730082 98.85 408,413 40,371,625.05
0.57 AA ALCOA CORP BYNF418 24.81 1,592,153 39,501,315.93
0.55 ATI ATI Inc 2526117 43.00 878,643 37,781,649.00
0.54 LPX LOUISIANA-PACIFIC CORP 2535243 86.10 432,288 37,219,996.80
0.51 SPXC SPX TECHNOLOGIES INC BQ1L7V3 122.34 285,883 34,974,926.22
0.47 VMI VALMONT INDUSTRIES 2926825 265.28 123,609 32,790,995.52
0.45 BMI BADGER METER INC 2069128 172.77 181,240 31,312,834.80
0.45 ZWS Zurn Elkay Water Solution BMV1ZD3 29.65 1,045,775 31,007,228.75
0.42 KNF KNIFE RIVER CORP BPLL4V5 83.90 349,221 29,299,641.90
0.42 CMC COMMERCIAL METALS CO 2213260 40.95 700,064 28,667,620.80
0.41 DNOW DNOW INC BMH0MV1 14.78 1,910,176 28,232,401.28
0.40 HEES H&E EQUIPMENT SE B0WR848 93.08 296,736 27,620,186.88
0.40 CSWI CSW INDUSTRIALS INC BYQD1J6 263.79 103,786 27,377,708.94
0.39 RYI RYERSON HOLDING CORP B3TPPZ6 21.17 1,283,842 27,178,935.14
0.39 PLPC PREFORMED LINE 2798466 134.37 201,022 27,011,326.14
0.37 MWA MUELLER WATER-A B15RZR4 23.26 1,111,608 25,856,002.08
0.36 TITN TITAN MACHINERY INC B29H3T5 15.00 1,669,468 25,042,020.00
0.36 DY DYCOM INDUSTRIES INC 2289841 138.96 179,717 24,973,474.32
0.35 EXPO EXPONENT INC 2330318 77.06 312,328 24,067,995.68
0.34 ASTE ASTEC INDUSTRIES INC 2060370 31.57 750,263 23,685,802.91
0.34 MDU MDU RESOURCES GROUP INC 2547323 16.01 1,457,459 23,333,918.59
0.33 ROCK GIBRALTAR INDUSTRIES INC 2369226 52.51 429,630 22,559,871.30
0.33 GRC GORMAN-RUPP CO 2379281 32.58 691,935 22,543,242.30
0.32 ROAD CONSTRUCTION P-A BDT5M66 68.75 319,075 21,936,406.25
0.32 IIIN INSTEEL INDUSTRIES INC 2325875 24.10 909,866 21,927,770.60
0.32 ACA ARCOSA INC BGPZ5W8 72.39 300,503 21,753,412.17
0.31 HRI HERC HOLDINGS INC BZBZ020 122.23 174,708 21,354,558.84
0.31 CLF CLEVELAND-CLIFFS INC BYVZ186 6.96 3,042,966 21,179,043.36
0.30 NWPX NORTHWEST PIPE CO 2035925 39.69 528,783 20,987,397.27
0.30 CALX CALIX INC B3S4L67 31.48 666,669 20,986,740.12
0.30 MTUS METALLUS INC BNBPMX1 11.59 1,779,389 20,623,118.51
0.30 GVA GRANITE CONSTRUCTION INC 2381189 72.05 284,065 20,466,883.25
0.29 TPC TUTOR PERINI CORP 2681760 20.39 988,952 20,164,731.28
0.29 CENX CENTURY ALUMINUM COMPANY 2186254 15.00 1,331,564 19,966,802.18
0.29 STRL STERLING INFRAST 2632876 104.96 189,698 19,910,702.08
0.28 MTX MINERALS TECHNOLOGIES INC 2595612 55.77 348,421 19,431,439.17
0.28 CTRI CENTURI HOLDINGS INC BMDPVF7 15.77 1,214,724 19,156,197.48
0.28 USLM US LIME & MINERA 2724115 85.77 222,165 19,055,092.05
0.28 MTRN MATERION CORP 2149622 73.88 257,504 19,024,395.52
0.27 TEX TEREX CORP 2884224 34.18 538,863 18,418,337.34
0.26 DXPE DXP ENTERPRISES INC 2276627 73.45 246,560 18,109,832.00
0.26 AGX ARGAN INC 2804501 120.08 150,154 18,030,492.32
0.26 MYRG MYR GROUP INC/DELAWARE B3CLS18 105.29 170,772 17,980,583.88
0.25 PRIM PRIMORIS SERVICES CORP B1GC200 52.66 331,474 17,455,420.84
0.25 CTOS CUSTOM TRUCK ONE BL66YS4 3.52 4,908,978 17,279,602.56
0.25 WNC WABASH NATIONAL CORP 2932048 10.29 1,675,056 17,236,326.24
0.25 MRC MRC GLOBAL INC B7M66F1 9.80 1,749,193 17,142,091.40
0.25 GBX GREENBRIER COMPANIES INC 2387530 45.61 374,142 17,064,616.62
0.24 TRN TRINITY INDUSTRIES INC 2904627 25.09 670,419 16,820,812.71
0.24 ATKR Atkore Inc BDHF495 54.06 304,396 16,455,647.76
0.22 POWL POWELL INDUSTRIES INC 2697422 164.45 90,235 14,839,145.75
0.15 CMCO COLUMBUS MCKINNON CORP/NY 2211071 14.55 710,888 10,343,420.40
0.09 RTYM5 Index E-MINI RUSS 2000 JUN25 91,970.00 68 6,253,960.00
0.09 OTHER PAYABLE & RECEIVABLES 1.00 6,140,983 6,140,982.53
0.05 CASH 1.00 3,671,087 3,671,086.53
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 04/04/25

Return on Equity 14.50%
Weighted Avg. Market Cap 39,461 M
2024 2025
Price-to-earnings 19.01 17.64
Price-to-book value 2.70 2.43

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

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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.