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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 11/20/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $9.24 billion
NAV $44.01
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 11/20/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 209,840,000
Number of Holdings 102
30-Day Median Bid-Ask Spread 0.02%

Distributions As of 11/20/24

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

ETF Prices As of 11/20/24

NAV $44.01 Daily Change -$0.06 -0.14%
Market Price $44.04 Daily Change -$0.02 -0.05%

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 43.82% 43.73% 44.89%
3 Years 15.00% 14.98% 15.71%
5 Years 20.63% 20.66% 21.33%
Since Inception 14.78% 14.78% 15.40%
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 19.68% 19.59% 20.17%
1 Month -0.05% -0.10% -0.01%
3 Months 2.95% 2.90% 3.07%
Since Inception 187.52% 187.45% 199.67%

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 11/20/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.77 TT TRANE TECHNOLOGIES PLC BK9ZQ96 411.16 849,259 349,181,330.44
3.44 ETN EATON CORP PLC B8KQN82 360.46 884,082 318,676,197.72
3.42 PH PARKER HANNIFIN CORP 2671501 690.43 458,591 316,624,984.13
3.39 HWM HOWMET AEROSPACE INC BKLJ8V2 118.10 2,655,938 313,666,277.80
3.37 PWR QUANTA SERVICES INC 2150204 332.34 937,333 311,513,249.22
3.30 URI UNITED RENTALS INC 2134781 820.55 372,247 305,447,275.85
3.13 EMR EMERSON ELECTRIC CO 2313405 129.10 2,245,512 289,895,599.20
3.02 SRE SEMPRA 2138158 93.12 2,998,890 279,256,636.80
2.74 FAST FASTENAL CO 2332262 81.82 3,093,856 253,139,297.92
2.72 MLM MARTIN MARIETTA MATERIALS 2572079 585.26 429,529 251,386,142.54
2.57 VMC VULCAN MATERIALS CO 2931205 277.81 857,148 238,124,285.88
2.49 NSC NORFOLK SOUTHERN CORP 2641894 258.93 890,062 230,463,753.66
2.43 DE DEERE & CO 2261203 404.96 554,776 224,662,088.96
2.30 CSX CSX CORP 2160753 34.57 6,164,425 213,104,172.25
2.23 UNP UNION PACIFIC CORP 2914734 233.56 883,800 206,420,328.00
2.14 ROK ROCKWELL AUTOMATION INC 2754060 280.08 707,077 198,038,126.16
2.01 NUE NUCOR CORP 2651086 148.17 1,252,556 185,591,222.52
1.86 FTV FORTIVE CORP BYT3MK1 75.75 2,266,746 171,706,009.50
1.69 EME EMCOR GROUP INC 2474164 515.82 303,117 156,353,810.94
1.66 HUBB HUBBELL INC BDFG6S3 445.58 345,528 153,960,366.24
1.62 STLD STEEL DYNAMICS INC 2849472 144.04 1,042,399 150,147,151.96
1.50 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 174.83 795,652 139,103,839.16
1.46 CSL CARLISLE COS INC 2176318 431.73 313,567 135,376,280.91
1.26 RS RELIANCE INC 2729068 313.53 370,478 116,155,967.34
1.22 TRMB TRIMBLE INC 2903958 70.48 1,601,611 112,881,543.28
1.21 RPM RPM INTERNATIONAL INC 2756174 134.44 830,373 111,635,346.12
1.20 PNR PENTAIR PLC BLS09M3 104.17 1,064,753 110,915,320.01
1.17 IEX IDEX CORP 2456612 223.11 486,782 108,605,932.02
1.17 J JACOBS SOLUTIONS INC BNGC0D3 132.50 813,681 107,812,732.50
1.14 WLK Westlake Corporation B01ZP20 127.91 826,244 105,684,870.04
1.04 GGG GRACO INC 2380443 88.52 1,088,773 96,378,185.96
1.04 ACM AECOM B1VZ431 109.47 877,264 96,034,090.08
0.81 LECO LINCOLN ELECTRIC HOLDINGS 2516851 203.19 368,816 74,939,723.04
0.79 RRX REGAL REXNORD CORP 2730082 171.20 427,111 73,121,403.20
0.79 TPC TUTOR PERINI CORP 2681760 28.82 2,529,199 72,891,515.18
0.78 BLD TOPBUILD CORP BZ0P3W2 351.10 204,875 71,931,612.50
0.78 POWL POWELL INDUSTRIES INC 2697422 261.82 273,833 71,694,956.06
0.77 AGX ARGAN INC 2804501 146.87 487,960 71,666,685.20
0.77 MTZ MASTEC INC 2155306 140.82 507,393 71,451,082.26
0.75 TTEK TETRA TECH INC 2883890 40.22 1,713,802 68,929,116.44
0.73 EXP EAGLE MATERIALS INC 2191399 300.27 224,968 67,551,141.36
0.72 WWD WOODWARD INC 2948089 171.92 387,056 66,542,667.52
0.72 MLI MUELLER INDUSTRIES INC 2609717 91.00 731,200 66,539,200.00
0.72 WCC WESCO INTERNATIONAL INC 2416973 201.84 329,254 66,456,627.36
0.71 USLM US LIME & MINERA 2724115 139.87 468,037 65,464,335.19
0.71 CR CRANE CO BNYD4F8 178.99 365,408 65,404,377.92
0.70 WMS ADVANCED DRAINAG BP7RS59 128.39 501,794 64,425,331.66
0.68 AYI ACUITY BRANDS INC 2818461 315.62 197,966 62,482,028.92
0.66 RBC RBC BEARINGS INC B0GLYB5 324.46 187,641 60,881,998.86
0.62 CRS CARPENTER TECHNOLOGY 2177504 180.70 318,622 57,574,995.40
0.61 STRL STERLING INFRAST 2632876 189.43 297,639 56,381,755.77
0.60 X UNITED STATES STEEL CORP 2824770 38.38 1,436,968 55,150,831.84
0.57 PRIM PRIMORIS SERVICES CORP B1GC200 80.42 659,335 53,023,720.70
0.57 AA ALCOA CORP BYNF418 45.74 1,149,955 52,598,941.70
0.56 LPX LOUISIANA-PACIFIC CORP 2535243 111.39 464,254 51,713,253.06
0.53 SPXC SPX TECHNOLOGIES INC BQ1L7V3 166.62 293,948 48,977,615.76
0.52 ATI ATI Inc 2526117 58.02 821,391 47,657,105.82
0.50 ROAD CONSTRUCTION P-A BDT5M66 91.31 511,059 46,664,797.29
0.50 GVA GRANITE CONSTRUCTION INC 2381189 97.25 473,798 46,076,855.50
0.49 VMI VALMONT INDUSTRIES 2926825 340.24 134,094 45,624,142.56
0.49 DXPE DXP ENTERPRISES INC 2276627 68.11 667,684 45,475,957.24
0.48 CMC COMMERCIAL METALS CO 2213260 59.72 747,363 44,632,518.36
0.48 CENX CENTURY ALUMINUM COMPANY 2186254 23.08 1,906,248 43,996,203.84
0.47 ZWS Zurn Elkay Water Solution BMV1ZD3 38.81 1,112,586 43,179,462.66
0.45 CSWI CSW INDUSTRIALS INC BYQD1J6 412.03 101,115 41,662,413.45
0.44 BMI BADGER METER INC 2069128 216.75 188,978 40,960,981.50
0.44 NWPX NORTHWEST PIPE CO 2035925 54.14 751,872 40,706,350.08
0.42 HRI HERC HOLDINGS INC BZBZ020 213.45 182,282 38,908,092.90
0.41 CLF CLEVELAND-CLIFFS INC BYVZ186 11.66 3,242,561 37,808,261.26
0.41 MWA MUELLER WATER-A B15RZR4 24.82 1,510,088 37,480,384.16
0.40 SUM SUMMIT MATERIA-A BW9JPS4 48.40 769,888 37,262,579.20
0.39 KNF KNIFE RIVER CORP BPLL4V5 98.30 363,888 35,770,190.40
0.37 CASH 1.00 33,775,784 33,775,783.56
0.36 DY DYCOM INDUSTRIES INC 2289841 176.56 188,924 33,356,421.44
0.36 ACA ARCOSA INC BGPZ5W8 105.83 314,153 33,246,811.99
0.35 DNOW DNOW INC BMH0MV1 14.65 2,178,833 31,919,903.45
0.34 TRN TRINITY INDUSTRIES INC 2904627 37.05 840,083 31,125,075.15
0.34 EXPO EXPONENT INC 2330318 95.05 326,481 31,032,019.05
0.33 GBX GREENBRIER COMPANIES INC 2387530 64.34 469,112 30,182,666.08
0.31 MRC MRC GLOBAL INC B7M66F1 13.75 2,071,780 28,486,975.00
0.29 GRC GORMAN-RUPP CO 2379281 40.98 646,961 26,512,461.78
0.28 MTX MINERALS TECHNOLOGIES INC 2595612 79.90 324,300 25,911,570.00
0.27 MDU MDU RESOURCES GROUP INC 2547323 18.80 1,311,398 24,654,282.40
0.25 HEES H&E EQUIPMENT SE B0WR848 55.27 422,097 23,329,301.19
0.24 MYRG MYR GROUP INC/DELAWARE B3CLS18 145.46 155,507 22,620,048.22
0.24 TEX TEREX CORP 2884224 52.14 432,073 22,528,286.22
0.24 ASTE ASTEC INDUSTRIES INC 2060370 35.99 614,382 22,111,608.18
0.22 CXT CRANE NXT CO BQ7W2W6 56.86 365,351 20,773,857.86
0.22 CMCO COLUMBUS MCKINNON CORP/NY 2211071 36.01 571,558 20,578,945.79
0.22 MTRN MATERION CORP 2149622 112.37 180,480 20,280,537.60
0.22 ATKR Atkore Inc BDHF495 84.15 238,148 20,040,154.20
0.21 ECG EVERUS CONSTRUCTION GROUP BSVLTM2 60.08 328,521 19,737,541.68
0.20 IIIN INSTEEL INDUSTRIES INC 2325875 29.77 630,573 18,772,158.21
0.20 ROCK GIBRALTAR INDUSTRIES INC 2369226 68.92 268,178 18,482,827.76
0.20 AMTM AMENTUM HOLDINGS INC BMZLFJ5 22.41 813,681 18,234,591.21
0.19 CTOS CUSTOM TRUCK ONE BL66YS4 5.18 3,342,282 17,313,020.76
0.17 WNC WABASH NATIONAL CORP 2932048 18.44 848,024 15,637,562.56
0.17 MTUS METALLUS INC BNBPMX1 14.62 1,055,838 15,436,351.56
0.17 RYI RYERSON HOLDING CORP B3TPPZ6 24.39 632,716 15,431,943.24
0.16 CALX CALIX INC B3S4L67 30.42 484,923 14,751,357.66
0.12 RTYZ4 Index E-MINI RUSS 2000 DEC24 116,760.00 97 11,325,720.00
0.12 TITN TITAN MACHINERY INC B29H3T5 14.05 795,775 11,180,638.75
0.06 OTHER PAYABLE & RECEIVABLES 1.00 5,179,136 5,179,135.83
0.00 HAYN HAYNES INTERNATIONAL INC B02WVH7 60.99 4,960 302,510.40
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 10/31/24

Sector Weight (%)
Industrials 74.2
Materials 20.2
Utilities 3.0
Information Technology 1.8
Consumer Discretionary 0.8

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 65.6
Materials 20.2
Transportation 7.3
Utilities 3.0
Technology Hardware & Equipment 1.8
Commercial & Professional Services 1.3
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 11/20/24

Return on Equity 14.90%
Weighted Avg. Market Cap 39,293 M
2023 2024
Price-to-earnings 23.81 23.57
Price-to-book value 3.73 3.33

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 10/31/24

Versus Beta
S&P 500 1.23
NASDAQ-100 0.83
MSCI EAFE 1.13
MSCI Emg. Mkts 0.76
Standard Deviation 24.50%

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.