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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 95 Infrastructure funds, based on risk-adjusted returns as of 10/31/2024

 

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 12/03/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $9.66 billion
NAV $45.43
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 12/03/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 212,540,000
Number of Holdings 101
30-Day Median Bid-Ask Spread 0.02%

Distributions As of 12/03/24

30-Day SEC Yield 0.49%
Distribution Frequency Semi-Annually

ETF Prices As of 12/03/24

NAV $45.43 Daily Change -$0.14 -0.31%
Market Price $45.46 Daily Change -$0.12 -0.26%

Performance History

As of recent
(09/30/24)
As of recent
(09/30/24)
Fund NAV Market Price Index
1 Year 36.45% 36.39% 37.49%
3 Years 18.29% 18.29% 19.03%
5 Years 21.27% 21.27% 21.97%
Since Inception 14.97% 14.97% 15.59%
1 Year 46.08% 46.19% 47.07%
3 Years 19.76% 19.75% 20.50%
5 Years 22.03% 22.02% 22.73%
Since Inception 16.19% 16.19% 16.82%
Year-to-Date 19.74% 19.70% 20.19%
1 Month 4.42% 4.41% 4.46%
3 Months 11.16% 11.18% 11.32%
Since Inception 187.66% 187.73% 199.70%
Year-to-Date 33.01% 32.99% 33.63%
1 Month 11.14% 11.21% 11.20%
3 Months 15.99% 16.01% 16.14%
Since Inception 219.54% 219.68% 233.22%

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 12/03/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.68 TT TRANE TECHNOLOGIES PLC BK9ZQ96 412.56 863,595 356,284,753.20
3.47 ETN EATON CORP PLC B8KQN82 373.75 898,611 335,855,861.25
3.39 URI UNITED RENTALS INC 2134781 869.02 378,235 328,693,779.70
3.37 PH PARKER HANNIFIN CORP 2671501 700.90 466,039 326,646,735.10
3.34 PWR QUANTA SERVICES INC 2150204 339.74 952,544 323,617,298.56
3.32 HWM HOWMET AEROSPACE INC BKLJ8V2 119.11 2,699,410 321,526,725.10
3.14 EMR EMERSON ELECTRIC CO 2313405 133.40 2,282,363 304,467,224.20
2.90 SRE SEMPRA 2138158 92.01 3,048,090 280,454,760.90
2.69 FAST FASTENAL CO 2332262 82.81 3,145,199 260,453,929.19
2.68 DE DEERE & CO 2261203 459.25 564,352 259,178,656.00
2.66 MLM MARTIN MARIETTA MATERIALS 2572079 588.75 437,048 257,312,010.00
2.58 VMC VULCAN MATERIALS CO 2931205 286.50 871,207 249,600,805.50
2.53 NSC NORFOLK SOUTHERN CORP 2641894 270.12 905,165 244,503,169.80
2.33 CSX CSX CORP 2160753 36.00 6,266,559 225,596,124.00
2.20 UNP UNION PACIFIC CORP 2914734 236.99 898,465 212,927,220.35
2.16 ROK ROCKWELL AUTOMATION INC 2754060 291.56 718,660 209,532,509.60
2.04 NUE NUCOR CORP 2651086 154.98 1,273,205 197,321,310.90
1.87 FTV FORTIVE CORP BYT3MK1 78.57 2,304,448 181,060,479.36
1.66 HUBB HUBBELL INC BDFG6S3 457.82 351,739 161,033,148.98
1.62 EME EMCOR GROUP INC 2474164 509.59 308,362 157,138,191.58
1.57 STLD STEEL DYNAMICS INC 2849472 143.20 1,061,237 151,969,138.40
1.54 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 184.47 808,947 149,226,453.09
1.47 CSL CARLISLE COS INC 2176318 444.43 319,284 141,899,388.12
1.25 TRMB TRIMBLE INC 2903958 73.95 1,631,794 120,671,166.30
1.24 RS RELIANCE INC 2729068 317.32 377,052 119,646,140.64
1.22 PNR PENTAIR PLC BLS09M3 108.83 1,084,277 118,001,865.91
1.21 RPM RPM INTERNATIONAL INC 2756174 138.72 845,407 117,274,859.04
1.18 J JACOBS SOLUTIONS INC BNGC0D3 138.00 828,598 114,346,524.00
1.18 IEX IDEX CORP 2456612 230.50 495,977 114,322,698.50
1.10 WLK Westlake Corporation B01ZP20 126.66 840,427 106,448,483.82
1.06 ACM AECOM B1VZ431 114.66 892,125 102,291,052.50
1.04 GGG GRACO INC 2380443 91.01 1,107,294 100,774,826.94
0.85 BLD TOPBUILD CORP BZ0P3W2 392.69 208,566 81,901,782.54
0.83 LECO LINCOLN ELECTRIC HOLDINGS 2516851 213.84 375,454 80,287,083.36
0.79 RRX REGAL REXNORD CORP 2730082 174.78 435,265 76,075,616.70
0.78 POWL POWELL INDUSTRIES INC 2697422 268.93 279,045 75,043,571.85
0.77 AGX ARGAN INC 2804501 149.91 497,412 74,567,032.92
0.77 MTZ MASTEC INC 2155306 143.46 517,179 74,194,499.34
0.76 TTEK TETRA TECH INC 2883890 42.34 1,747,225 73,977,506.50
0.76 USLM US LIME & MINERA 2724115 153.00 478,245 73,171,485.00
0.74 WWD WOODWARD INC 2948089 181.17 394,264 71,428,808.88
0.73 WCC WESCO INTERNATIONAL INC 2416973 211.15 335,281 70,794,583.15
0.73 TPC TUTOR PERINI CORP 2681760 27.32 2,577,367 70,413,666.44
0.71 WMS ADVANCED DRAINAG BP7RS59 135.28 511,339 69,173,939.92
0.71 EXP EAGLE MATERIALS INC 2191399 302.60 228,191 69,050,596.60
0.69 CR CRANE CO BNYD4F8 178.77 372,981 66,677,813.37
0.68 AYI ACUITY BRANDS INC 2818461 324.91 202,122 65,671,459.02
0.67 RBC RBC BEARINGS INC B0GLYB5 341.03 190,278 64,890,506.34
0.65 CRS CARPENTER TECHNOLOGY 2177504 192.70 324,932 62,614,396.40
0.61 STRL STERLING INFRAST 2632876 195.54 303,764 59,398,012.56
0.61 MLI MUELLER INDUSTRIES INC 2609717 78.88 745,034 58,768,281.92
0.58 PRIM PRIMORIS SERVICES CORP B1GC200 83.59 673,890 56,330,465.10
0.57 LPX LOUISIANA-PACIFIC CORP 2535243 117.25 473,403 55,506,501.75
0.57 X UNITED STATES STEEL CORP 2824770 37.67 1,464,822 55,179,844.74
0.55 AA ALCOA CORP BYNF418 45.90 1,166,070 53,522,613.00
0.55 SPXC SPX TECHNOLOGIES INC BQ1L7V3 176.59 299,706 52,925,082.54
0.54 ROAD CONSTRUCTION P-A BDT5M66 100.70 523,140 52,680,198.00
0.52 ATI ATI Inc 2526117 59.74 837,669 50,042,346.06
0.52 DXPE DXP ENTERPRISES INC 2276627 73.68 677,060 49,885,780.80
0.50 CMC COMMERCIAL METALS CO 2213260 63.16 764,408 48,280,009.28
0.50 GVA GRANITE CONSTRUCTION INC 2381189 99.09 483,375 47,897,628.75
0.49 VMI VALMONT INDUSTRIES 2926825 347.08 137,064 47,572,173.12
0.48 CENX CENTURY ALUMINUM COMPANY 2186254 23.94 1,932,911 46,273,889.34
0.47 ZWS Zurn Elkay Water Solution BMV1ZD3 40.32 1,134,915 45,759,772.80
0.44 CSWI CSW INDUSTRIALS INC BYQD1J6 419.39 102,580 43,021,026.20
0.44 NWPX NORTHWEST PIPE CO 2035925 56.17 762,420 42,825,131.40
0.44 CLF CLEVELAND-CLIFFS INC BYVZ186 12.90 3,316,977 42,789,003.30
0.44 HRI HERC HOLDINGS INC BZBZ020 228.69 184,919 42,289,126.11
0.43 BMI BADGER METER INC 2069128 218.95 191,615 41,954,104.25
0.41 SUM SUMMIT MATERIA-A BW9JPS4 50.74 780,729 39,614,189.46
0.40 MWA MUELLER WATER-A B15RZR4 25.58 1,531,184 39,167,686.72
0.39 KNF KNIFE RIVER CORP BPLL4V5 103.52 368,869 38,185,318.88
0.38 DY DYCOM INDUSTRIES INC 2289841 190.77 191,561 36,544,091.97
0.36 ACA ARCOSA INC BGPZ5W8 108.80 318,548 34,658,022.40
0.35 DNOW DNOW INC BMH0MV1 15.23 2,209,305 33,647,715.15
0.34 EXPO EXPONENT INC 2330318 98.07 331,169 32,477,743.83
0.34 GBX GREENBRIER COMPANIES INC 2387530 68.22 475,558 32,442,566.76
0.33 TRN TRINITY INDUSTRIES INC 2904627 37.35 851,803 31,814,842.05
0.31 MRC MRC GLOBAL INC B7M66F1 14.16 2,100,787 29,747,143.92
0.29 GRC GORMAN-RUPP CO 2379281 42.60 656,044 27,947,474.40
0.28 MTX MINERALS TECHNOLOGIES INC 2595612 82.60 328,943 27,170,691.80
0.27 MDU MDU RESOURCES GROUP INC 2547323 19.86 1,329,857 26,410,960.02
0.26 MYRG MYR GROUP INC/DELAWARE B3CLS18 160.16 157,558 25,234,489.28
0.26 HEES H&E EQUIPMENT SE B0WR848 58.32 427,957 24,958,452.24
0.25 ASTE ASTEC INDUSTRIES INC 2060370 38.89 622,879 24,223,764.31
0.25 TEX TEREX CORP 2884224 55.16 438,226 24,172,546.16
0.24 CXT CRANE NXT CO BQ7W2W6 62.70 370,580 23,235,366.00
0.23 ATKR Atkore Inc BDHF495 93.88 241,371 22,659,909.48
0.23 CMCO COLUMBUS MCKINNON CORP/NY 2211071 38.97 579,469 22,581,906.93
0.23 ECG EVERUS CONSTRUCTION GROUP BSVLTM2 65.47 333,209 21,815,193.23
0.22 MTRN MATERION CORP 2149622 114.38 183,117 20,944,922.46
0.21 AMTM AMENTUM HOLDINGS INC BMZLFJ5 24.27 825,108 20,025,371.16
0.21 CTOS CUSTOM TRUCK ONE BL66YS4 5.80 3,448,517 20,001,398.60
0.20 ROCK GIBRALTAR INDUSTRIES INC 2369226 71.69 271,987 19,498,748.03
0.20 IIIN INSTEEL INDUSTRIES INC 2325875 29.76 639,363 19,027,442.88
0.19 MTUS METALLUS INC BNBPMX1 16.75 1,070,736 17,934,828.00
0.18 WNC WABASH NATIONAL CORP 2932048 19.65 859,992 16,898,842.80
0.17 CALX CALIX INC B3S4L67 33.50 491,662 16,470,677.00
0.17 RYI RYERSON HOLDING CORP B3TPPZ6 24.77 654,536 16,212,856.72
0.13 TITN TITAN MACHINERY INC B29H3T5 15.31 806,909 12,353,776.79
0.11 RTYZ4 Index E-MINI RUSS 2000 DEC24 121,175.00 85 10,299,875.00
0.09 CASH 1.00 8,728,178 8,728,177.64
0.03 OTHER PAYABLE & RECEIVABLES 1.00 3,340,700 3,340,700.02
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 11/30/24

Sector Weight (%)
Industrials 74.5
Materials 19.7
Utilities 3.2
Information Technology 1.8
Consumer Discretionary 0.8

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 66.5
Materials 19.5
Transportation 7.1
Utilities 3.2
Technology Hardware & Equipment 1.8
Commercial & Professional Services 1.1
Consumer Durables & Apparel 0.8

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 12/03/24

Return on Equity 15.00%
Weighted Avg. Market Cap 42,865 M
2023 2024
Price-to-earnings 24.54 24.33
Price-to-book value 3.86 3.44

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 11/30/24

Versus Beta
S&P 500 1.25
NASDAQ-100 0.85
MSCI EAFE 1.14
MSCI Emg. Mkts 0.73
Standard Deviation 25.10%

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 10/31 PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 95 during the last 3 years, 84 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.