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IPAV

Infrastructure Development ex-U.S. ETF

 

Reasons to Consider IPAV

Compelling Need

Aging infrastructure is a prevalent concern around the world. Global infrastructure development is essential to support growing populations, cutting-edge technologies, and to address net-zero emissions targets.

Multiple Long-Term Catalysts

With nearly 70% of the global population forecasted to reside in cities by 2050, governments will likely need to invest heavily in a wide range of infrastructure.1

Unconstrained Approach

IPAV seeks to capture infrastructure development trends by investing in companies outside of the U.S. that are part of the infrastructure theme, regardless of sector or industry classification.

1World Bank Group, Apr 2023

Key Information As of 03/12/25

Inception Date 08/27/24
Total Expense Ratio 0.55%
Net Assets $1.95 million
NAV $24.42
Fact Sheet View the document

ETF Summary

The Global X Infrastructure Development ex-U.S. ETF (IPAV) seeks to invest in companies that stand to benefit from a potential increase in infrastructure activity in international markets, including emerging and developed markets but excluding the United States. This includes companies that are involved in engineering and construction services, the production of infrastructure raw materials and composites, heavy construction equipment, infrastructure transportation, and smart grid components.

ETF Objective

The Global X Infrastructure Development ex-U.S. ETF (IPAV) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X Infrastructure Development ex-U.S. Index.

Trading Details As of 03/12/25

Ticker IPAV
Bloomberg Index Ticker GXIPAVUN
CUSIP 37960A446
ISIN US37960A4461
Primary Exchange Cboe
Shares Outstanding 80,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.41%

Distributions As of 03/12/25

30-Day SEC Yield 1.86%
Distribution Frequency Semi-Annually

ETF Prices As of 03/12/25

NAV $24.42 Daily Change $0.23 0.95%
Market Price $24.51 Daily Change $0.16 0.66%

Performance History

As of recent
(12/31/24)
Fund NAV Market Price Index
Year-to-Date -- -- --
1 Month -3.54% -4.14% -3.54%
3 Months -9.40% -9.51% -9.33%
Since Inception -6.84% -6.93% -6.68%
Year-to-Date 2.13% 2.69% 2.27%
1 Month -0.21% 0.60% -0.13%
3 Months -1.49% -1.56% -1.34%
Since Inception -4.86% -4.42% -4.55%

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 03/12/25

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
4.11 HEI GR HEIDELBERG MATERIALS AG 5120679 178.36 450 80,260.60
3.43 DG FP VINCI SA B1XH026 126.86 528 66,981.80
3.30 5401 JP NIPPON STEEL CORP 6642569 23.01 2,799 64,391.25
3.24 6301 JP KOMATSU LTD 6496584 29.97 2,113 63,326.60
3.21 HOLN SW HOLCIM LTD 7110753 111.58 561 62,598.13
3.18 FER SM FERROVIAL SE BRS7CF0 42.99 1,445 62,119.31
3.13 005490 KS POSCO HOLDINGS INC 6693233 216.45 282 61,040.22
3.02 TATA IN TATA STEEL LTD BPQWCZ3 1.72 34,200 58,941.58
2.97 CLNX SM CELLNEX TELECOM SA BX90C05 34.62 1,674 57,958.67
2.87 TS TENARIS SA-ADR 2167367 37.11 1,512 56,110.32
2.87 MT NA ARCELORMITTAL BYPBS67 30.93 1,813 56,078.29
2.86 CP CN CANADIAN PACIFIC BMBQR09 73.97 755 55,849.03
2.85 EPIA SS EPIROC AB-A BMD58R8 20.96 2,657 55,683.69
2.74 PRY IM PRYSMIAN SPA B1W4V69 61.49 871 53,558.73
2.72 UTCEM IN ULTRATECH CEMENT LTD B01GZF6 120.63 440 53,078.87
2.54 CNR CN CANADIAN NATL RAILWAY CO 2180632 96.71 513 49,611.38
2.51 LT IN LARSEN & TOUBRO LTD B0166K8 36.62 1,339 49,034.82
2.34 4063 JP SHIN-ETSU CHEMICAL CO LTD 6804585 30.02 1,523 45,716.19
2.25 JSTL IN JSW STEEL LTD BZBYJJ7 11.59 3,793 43,945.35
2.17 FGR FP EIFFAGE B13X013 116.65 363 42,343.00
1.94 CX CEMEX SAB-SP ADR 2488671 6.00 6,315 37,890.00
1.55 ATRL CN ATKINSREALIS GROUP INC BRJNZ47 44.90 676 30,354.28
1.54 5411 JP JFE HOLDINGS INC 6543792 12.99 2,320 30,142.87
1.53 788 HK CHINA TOWER CORP LTD-H BFZ2PK0 1.57 19,040 29,946.24
1.52 EN FP BOUYGUES SA 4002121 38.50 770 29,645.14
1.43 1101 TT TCC GROUP HOLDINGS CO LTD 6869937 1.05 26,583 27,834.33
1.26 GF SW FISCHER (GEORG)-REG BM8J5G3 80.60 306 24,663.72
0.98 INDUSTOW IN INDUS TOWERS LTD B92P9G4 3.72 5,163 19,220.04
0.95 ACEM IN AMBUJA CEMENTS LTD B09QQ11 5.61 3,323 18,640.33
0.87 NKT DC NKT A/S 7106354 71.95 235 16,909.22
0.86 BZU IM BUZZI SPA 5782206 55.92 300 16,776.25
0.86 JSP IN JINDAL STEEL & POWER LTD 6726816 10.35 1,620 16,775.04
0.82 POLYCAB IN POLYCAB INDIA LTD BHKDY38 57.43 280 16,081.41
0.82 GGB GERDAU SA -SPON ADR 2297606 2.81 5,703 16,025.43
0.82 SSABB SS SSAB AB - B SHARES B17H3F6 6.26 2,556 15,991.29
0.78 GAM MK GAMUDA BHD 6359881 0.85 17,900 15,231.46
0.76 AALB NA AALBERTS NV B1W8P14 37.59 395 14,849.49
0.75 914 HK CONCH CEMENT-H 6080396 2.85 5,107 14,559.41
0.73 NEX FP NEXANS SA 7130836 102.34 139 14,225.19
0.73 INW IM INFRASTRUTTURE W BZ0P4R4 10.28 1,382 14,203.70
0.72 AZJ AU AURIZON HOLDINGS LTD B87CVM3 1.94 7,239 14,057.73
0.71 1102 TT ASIA CEMENT CORP 6056331 1.34 10,340 13,839.39
0.66 SRCM IN SHREE CEMENT LTD 6100357 315.69 41 12,943.23
0.61 ANA SM ACCIONA SA 5579107 129.54 92 11,917.25
0.61 6305 JP HITACHI CONST MA 6429405 26.73 443 11,843.00
0.61 SPM IM SAIPEM SPA BMY36H7 2.27 5,205 11,836.01
0.60 5233 JP TAIHEIYO CEMENT CORP 6660204 26.31 446 11,733.76
0.59 VOE AV VOESTALPINE AG 4943402 26.26 437 11,474.13
0.50 3323 HK CHINA NATL BDG-H B0Y91C1 0.51 19,200 9,835.32
0.48 RVNL IN RAIL VIKAS NIGAM LTD BJLJGN3 3.82 2,440 9,325.28
0.48 010120 KS LS ELECTRIC CO LTD 6378217 136.42 68 9,276.67
0.45 028050 KS SAMSUNG E&A CO LTD 6765239 12.79 687 8,784.92
0.45 BDX PW BUDIMEX 4149330 164.46 53 8,716.22
0.44 1721 JP COMSYS HOLDINGS CORP 6687247 21.78 392 8,539.61
0.43 ACX SM ACERINOX SA B01ZVZ5 11.94 706 8,428.08
0.43 390 HK CHINA RAILWAY GROUP LTD-H B297KM7 0.50 16,800 8,368.05
0.43 KEII IN KEI INDUSTRIES LTD B1L9PJ6 35.15 237 8,330.66
0.42 JDSL IN JINDAL STAINLESS LTD 6743257 7.31 1,135 8,291.63
0.42 241560 KS DOOSAN BOBCAT INC BYX9GP8 35.36 233 8,239.69
0.40 004020 KS HYUNDAI STEEL CO 6461850 20.09 391 7,856.93
0.40 1951 JP EXEO GROUP INC 6499420 11.61 666 7,730.30
0.39 SAIL IN STEEL AUTHORITY OF INDIA 6121499 1.22 6,194 7,575.47
0.38 5444 JP YAMATO KOGYO CO LTD 6985446 54.88 136 7,464.11
0.37 JKCE IN JK CEMENT LTD B0CJ800 49.89 146 7,283.56
0.37 AFRY SS AFRY AB BN791J6 18.76 387 7,259.80
0.37 SCYR SM SACYR SA 5504789 3.48 2,059 7,160.33
0.36 BREE LN BREEDON GROUP PLC BM8NFJ8 6.15 1,140 7,006.83
0.33 LAND SW LANDIS + GYR GROUP AG BF41XY8 60.27 106 6,388.22
0.30 552 HK CHINA COMM SER-H B1HVJ16 0.63 9,400 5,940.37
0.30 NMDC UH NMDC GROUP PJSC 6625838 6.50 913 5,936.11
0.30 DALBHARA IN DALMIA BHARAT LTD BFN2YR2 18.82 309 5,814.74
0.27 MAIRE IM MAIRE SPA BBGTNT7 9.29 571 5,304.13
0.26 5076 JP INFRONEER HOLDINGS INC BLGYFQ3 8.01 644 5,160.60
0.26 1157 HK ZOOMLION HEAVY-H B544N70 0.86 6,000 5,135.43
0.26 5463 JP MARUICHI STEEL TUBE LTD 6569505 23.77 216 5,135.12
0.26 TX TERNIUM SA-SPONSORED ADR B0XGGY0 31.93 159 5,076.87
0.26 PEABB SS PEAB AB-CLASS B 4407760 7.75 649 5,031.91
0.25 2006 TT TUNG HO STEEL 6907310 2.38 2,030 4,836.41
0.24 IJM MK IJM CORP BHD 6455217 0.44 10,900 4,772.82
0.23 TRCL IN RAMCO CEMENTS LTD/THE 6698153 9.40 483 4,542.04
0.23 WBD IM WEBUILD SPA B09MRX8 3.56 1,263 4,494.26
0.23 KECI IN KEC INTERNATIONAL LTD B0YJJ27 8.19 537 4,400.22
0.22 1414 JP SHO-BOND HOLDINGS CO LTD B29T1W0 32.67 134 4,378.28
0.22 KPIL IN KALPATARU PROJEC B02N266 10.07 433 4,361.56
0.22 IRB IN IRB INFRASTRUCTU BMTY040 0.50 8,693 4,353.01
0.20 CSNA3 BZ SID NACIONAL B019KX8 1.45 2,700 3,928.03
0.20 NJCC IN NCC LTD B0FXGP0 2.13 1,826 3,890.51
0.20 001440 KS TAIHAN ELEC WIRE 6512479 8.23 470 3,868.47
0.19 SPEN IT SHAPIR ENGINEERI BTF8CZ0 6.85 550 3,768.10
0.19 OYAKC TI OYAK CIMENTO FABRIKALARI B03MVZ4 0.80 4,629 3,681.15
0.18 2504 TT GOLDSUN BUILDING 6375564 1.28 2,800 3,590.40
0.18 3996 HK CHINA ENERGY E-H BZ1JH10 0.13 27,200 3,500.85
0.18 052690 KS KEPCO ENGINEERIN B4LW1M1 43.98 78 3,430.46
0.14 OTHER PAYABLE & RECEIVABLES 1.00 2,811 2,811.09
0.13 CASH 1.00 2,454 2,453.55
0.12 IRCON IN IRCON INTERNATIONAL LTD BM7SZX8 1.64 1,430 2,349.41
0.12 ACCE IN ACTION CONSTRUCT B131PK1 13.40 167 2,237.98
0.11 TECHNOE IN TECHNO ELECTRIC BDFFZP0 10.39 203 2,109.04
0.11 1313 HK CHINA RESOURCES BUILDING B41XC98 0.22 9,600 2,100.51
0.09 2128 HK CHINA LESSO BCDBKF8 0.43 4,000 1,734.98
0.08 BRSAN TI BORUSAN BIRLESIK B03MQ15 10.64 147 1,564.62
0.07 RITE IN RITES LTD B2QRR85 2.43 558 1,356.20
0.01 CANADIAN DOLLAR 0.69 243 168.79
0.00 EURO 1.09 -1 -0.74
0.00 INDIA RUPEE 0.01 -2,334 -26.76
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 02/28/25

Sector Weight (%)
Materials 46.0
Industrials 44.4
Communication Services 5.0
Energy 3.7
Utilities 0.6
Real Estate 0.3

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Materials 45.8
Capital Goods 37.2
Transportation 7.0
Telecommunication Services 5.0
Energy 3.7
Utilities 0.6
Commercial & Professional Services 0.4
Equity Real Estate Investment Trusts (REITs) 0.3

Source: new windowAltaVista Research, LLC

Country Weight (%)
India 19.1
Japan 14.0
Spain 8.2
Canada 7.9
France 7.5
Luxembourg 6.1
Italy 5.5
South Korea 5.1
Switzerland 4.9
Sweden 4.3
Germany 3.7
Other 13.7

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 03/12/25

Return on Equity 9.10%
Weighted Avg. Market Cap 23,114 M
2024 2025
Price-to-earnings 17.21 14.07
Price-to-book value 1.32 1.24

Source: new windowAltaVista Research, LLC

ETF Research

U.S. Infrastructure Growth Expected to Continue Post-Election

Read the Full ArticleRead More

Introducing IPAV: The Case for International Infrastructure Development

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ETF Documents

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. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. IPAV is non-diversified.

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. The 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, and do not represent the returns you would receive if you traded shares at other times. NAVs are calculated using prices as of 4:00 PM Eastern Time. 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 Global X Infrastructure Development ex-U.S. Index is owned and was developed by Global X Management Company LLC for use by 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.