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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 92 Infrastructure funds, based on risk-adjusted returns as of 06/30/2024

 

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 07/26/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $7.90 billion
NAV $39.32
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 07/25/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 200,860,000
Number of Holdings 99
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 07/26/24

30-Day SEC Yield 0.67%
Distribution Frequency Semi-Annually

ETF Prices As of 07/26/24

NAV $39.32 Daily Change $0.87 2.26%
Market Price $39.34 Daily Change $0.85 2.21%

Performance History

As of recent month & quarter-end (06/30/24)
As of recent month & quarter-end (06/30/24)
Fund NAV Market Price Index
1 Year 18.61% 18.57% 19.50%
3 Years 13.70% 13.67% 14.39%
5 Years 18.49% 18.51% 19.18%
Since Inception 13.86% 13.86% 14.48%
1 Year 18.61% 18.57% 19.50%
3 Years 13.70% 13.67% 14.39%
5 Years 18.49% 18.51% 19.18%
Since Inception 13.86% 13.86% 14.48%
Year-to-Date 7.72% 7.66% 7.97%
1 Month -4.16% -4.13% -4.15%
3 Months -6.81% -6.81% -6.71%
Since Inception 158.79% 158.79% 169.23%
Year-to-Date 7.72% 7.66% 7.97%
1 Month -4.16% -4.13% -4.15%
3 Months -6.81% -6.81% -6.71%
Since Inception 158.79% 158.79% 169.23%

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 07/26/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.39 TT TRANE TECHNOLOGIES PLC BK9ZQ96 329.71 811,262 267,481,194.02
3.39 URI UNITED RENTALS INC 2134781 752.21 355,339 267,289,549.19
3.18 ETN EATON CORP PLC B8KQN82 297.79 844,332 251,433,626.28
3.17 EMR EMERSON ELECTRIC CO 2313405 116.84 2,144,376 250,548,891.84
3.08 PH PARKER HANNIFIN CORP 2671501 554.61 437,857 242,839,870.77
2.94 MLM MARTIN MARIETTA MATERIALS 2572079 565.62 410,437 232,151,375.94
2.91 PWR QUANTA SERVICES INC 2150204 256.73 894,935 229,756,662.55
2.85 SRE SEMPRA 2138158 78.55 2,863,775 224,949,526.25
2.71 VMC VULCAN MATERIALS CO 2931205 261.71 818,459 214,198,904.89
2.66 NSC NORFOLK SOUTHERN CORP 2641894 247.22 850,198 210,185,949.56
2.66 HWM HOWMET AEROSPACE INC BKLJ8V2 82.68 2,536,070 209,682,267.60
2.63 FAST FASTENAL CO 2332262 70.37 2,954,739 207,924,983.43
2.59 DE DEERE & CO 2261203 386.55 530,025 204,881,163.75
2.57 UNP UNION PACIFIC CORP 2914734 240.36 844,057 202,877,540.52
2.56 CSX CSX CORP 2160753 34.32 5,886,634 202,029,278.88
2.44 NUE NUCOR CORP 2651086 160.89 1,195,979 192,421,061.31
2.37 ROK ROCKWELL AUTOMATION INC 2754060 277.04 675,065 187,020,007.60
1.95 FTV FORTIVE CORP BYT3MK1 70.99 2,164,660 153,669,213.40
1.65 STLD STEEL DYNAMICS INC 2849472 130.54 996,749 130,115,614.46
1.61 CSL CARLISLE COS INC 2176318 424.66 299,872 127,343,643.52
1.61 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 167.49 759,769 127,253,709.81
1.54 HUBB HUBBELL INC BDFG6S3 367.09 330,217 121,219,358.53
1.44 J JACOBS SOLUTIONS INC BNGC0D3 145.98 778,074 113,583,242.52
1.43 WLK Westlake Corporation B01ZP20 143.03 789,134 112,869,836.02
1.36 RS RELIANCE INC 2729068 304.05 354,044 107,647,078.20
1.34 EME EMCOR GROUP INC 2474164 364.05 289,706 105,467,469.30
1.22 IEX IDEX CORP 2456612 206.46 465,783 96,165,558.18
1.18 RPM RPM INTERNATIONAL INC 2756174 117.56 793,853 93,325,358.68
1.16 BLD TOPBUILD CORP BZ0P3W2 466.52 195,745 91,318,957.40
1.14 PNR PENTAIR PLC BLS09M3 88.50 1,018,190 90,109,815.00
1.11 GGG GRACO INC 2380443 84.42 1,038,220 87,646,532.40
1.07 TRMB TRIMBLE INC 2903958 55.36 1,532,223 84,823,865.28
1.06 WMS ADVANCED DRAINAG BP7RS59 174.48 479,882 83,729,811.36
0.96 ACM AECOM B1VZ431 90.23 836,509 75,478,207.07
0.94 LECO LINCOLN ELECTRIC HOLDINGS 2516851 210.36 352,382 74,127,077.52
0.87 TTEK TETRA TECH INC 2883890 210.55 327,928 69,045,240.40
0.86 WWD WOODWARD INC 2948089 183.13 369,246 67,620,019.98
0.81 RRX REGAL REXNORD CORP 2730082 155.49 408,851 63,572,241.99
0.80 TPC TUTOR PERINI CORP 2681760 26.07 2,419,078 63,065,363.46
0.71 X UNITED STATES STEEL CORP 2824770 40.75 1,374,323 56,003,662.25
0.70 CR CRANE CO BNYD4F8 158.87 349,887 55,586,547.69
0.68 WCC WESCO INTERNATIONAL INC 2416973 170.50 314,646 53,647,143.00
0.67 MTZ MASTEC INC 2155306 109.58 485,481 53,199,007.98
0.67 EXP EAGLE MATERIALS INC 2191399 246.07 214,925 52,886,594.75
0.66 RBC RBC BEARINGS INC B0GLYB5 292.02 178,753 52,199,451.06
0.65 ATI ATI Inc 2526117 65.54 785,784 51,500,283.36
0.62 MLI MUELLER INDUSTRIES INC 2609717 70.13 699,245 49,038,051.85
0.61 CLF CLEVELAND-CLIFFS INC BYVZ186 15.47 3,101,046 47,973,181.62
0.60 AYI ACUITY BRANDS INC 2818461 248.33 189,749 47,120,369.17
0.55 LPX LOUISIANA-PACIFIC CORP 2535243 97.60 444,168 43,350,796.80
0.55 CMC COMMERCIAL METALS CO 2213260 60.35 714,495 43,119,773.25
0.54 CRS CARPENTER TECHNOLOGY 2177504 140.78 304,927 42,927,623.06
0.53 SPXC SPX TECHNOLOGIES INC BQ1L7V3 149.40 281,166 42,006,200.40
0.49 VMI VALMONT INDUSTRIES 2926825 302.59 128,616 38,917,915.44
0.48 USLM US LIME & MINERA 2724115 83.93 448,655 37,655,614.15
0.47 BMI BADGER METER INC 2069128 206.29 180,761 37,289,186.69
0.47 AA ALCOA CORP BYNF418 33.43 1,099,740 36,764,308.20
0.46 POWL POWELL INDUSTRIES INC 2697422 139.28 261,964 36,486,345.92
0.46 AGX ARGAN INC 2804501 77.59 466,961 36,231,503.99
0.45 PRIM PRIMORIS SERVICES CORP B1GC200 56.15 630,471 35,400,946.65
0.44 ZWS Zurn Elkay Water Solution BMV1ZD3 32.40 1,064,197 34,479,982.80
0.43 MDU MDU RESOURCES GROUP INC 2547323 27.18 1,254,231 34,089,998.58
0.43 DXPE DXP ENTERPRISES INC 2276627 53.22 638,468 33,979,266.96
0.42 EXPO EXPONENT INC 2330318 105.45 311,873 32,887,007.85
0.42 STRL STERLING INFRAST 2632876 115.28 284,857 32,838,314.96
0.41 DY DYCOM INDUSTRIES INC 2289841 177.91 180,707 32,149,582.37
0.40 ATKR Atkore Inc BDHF495 139.21 228,105 31,754,497.05
0.40 DNOW DNOW INC BMH0MV1 15.11 2,083,881 31,487,441.91
0.40 GVA GRANITE CONSTRUCTION INC 2381189 68.83 452,799 31,166,155.17
0.39 ROAD CONSTRUCTION P-A BDT5M66 62.75 489,147 30,693,974.25
0.38 MWA MUELLER WATER-A B15RZR4 20.70 1,444,352 29,898,086.40
0.37 SUM SUMMIT MATERIA-A BW9JPS4 40.11 736,107 29,525,251.77
0.37 MRC MRC GLOBAL INC B7M66F1 14.85 1,981,393 29,423,686.05
0.37 CSWI CSW INDUSTRIALS INC BYQD1J6 300.87 96,550 29,048,998.50
0.36 CENX CENTURY ALUMINUM COMPANY 2186254 15.42 1,823,165 28,113,204.30
0.35 KNF KNIFE RIVER CORP BPLL4V5 80.00 348,367 27,869,360.00
0.35 ACA ARCOSA INC BGPZ5W8 92.12 300,458 27,678,190.96
0.35 TEX TEREX CORP 2884224 66.76 412,900 27,565,204.00
0.34 HRI HERC HOLDINGS INC BZBZ020 154.24 174,065 26,847,785.60
0.34 NWPX NORTHWEST PIPE CO 2035925 37.60 712,979 26,808,010.40
0.34 TRN TRINITY INDUSTRIES INC 2904627 33.32 803,563 26,774,719.16
0.32 GRC GORMAN-RUPP CO 2379281 41.11 618,658 25,433,030.38
0.32 MTX MINERALS TECHNOLOGIES INC 2595612 80.50 310,605 25,003,702.50
0.29 HAYN HAYNES INTERNATIONAL INC B02WVH7 59.78 387,613 23,171,505.14
0.29 GBX GREENBRIER COMPANIES INC 2387530 50.26 449,026 22,568,046.76
0.29 MTUS METALLUS INC BNBPMX1 22.25 1,010,188 22,476,683.00
0.28 MYRG MYR GROUP INC/DELAWARE B3CLS18 150.09 149,116 22,380,820.44
0.28 CXT CRANE NXT CO BQ7W2W6 63.84 349,830 22,333,147.20
0.27 CMCO COLUMBUS MCKINNON CORP/NY 2211071 39.41 546,907 21,553,604.87
0.27 HEES H&E EQUIPMENT SE B0WR848 53.27 403,837 21,512,396.99
0.27 IIIN INSTEEL INDUSTRIES INC 2325875 34.71 603,183 20,936,481.93
0.26 MTRN MATERION CORP 2149622 120.55 172,263 20,766,304.65
0.26 ROCK GIBRALTAR INDUSTRIES INC 2369226 80.87 256,309 20,727,708.83
0.26 ASTE ASTEC INDUSTRIES INC 2060370 35.24 587,905 20,717,772.20
0.22 WNC WABASH NATIONAL CORP 2932048 21.08 811,504 17,106,504.32
0.22 CALX CALIX INC B3S4L67 36.68 463,924 17,016,732.32
0.21 CTOS CUSTOM TRUCK ONE BL66YS4 5.17 3,195,289 16,519,644.13
0.20 RYI RYERSON HOLDING CORP B3TPPZ6 25.56 604,765 15,457,793.40
0.17 TITN TITAN MACHINERY INC B29H3T5 17.89 761,081 13,615,739.09
0.06 CASH 1.00 4,630,192 4,630,192.29
0.02 OTHER PAYABLE & RECEIVABLES 1.00 1,766,819 1,766,818.70
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 06/30/24

Sector Weight (%)
Industrials 71.4
Materials 21.3
Information Technology 3.2
Utilities 2.9
Consumer Discretionary 1.0
Financials 0.2

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Construction 18.5
Electrical Equipment 16.7
Machinery 16.0
Metals & Mining 10.4
Building 8.9
Trading Companies & Distributors 8.0
Road & Rail 7.6
Aerospace & Defense 3.5
Chemicals 3.0
Utilities 2.9
Professional Services 1.9
Other 2.6

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 07/25/24

Return on Equity 15.70%
Weighted Avg. Market Cap 35,977 M
2023 2024
Price-to-earnings 20.98 20.02
Price-to-book value 3.35 2.96

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 06/30/24

Versus Beta
S&P 500 1.24
NASDAQ-100 0.86
MSCI EAFE 1.20
MSCI Emg. Mkts 0.75
Standard Deviation 25.00%

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 06/30, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 92 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.

© 2023 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.