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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 89 Infrastructure funds, based on risk-adjusted returns as of 12/31/2024

 

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 01/10/25

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $8.29 billion
NAV $40.02
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 01/08/25

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 207,110,000
Number of Holdings 101
30-Day Median Bid-Ask Spread 0.02%

Distributions As of 01/10/25

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

ETF Prices As of 01/10/25

NAV $40.02 Daily Change -$0.59 -1.45%
Market Price $40.06 Daily Change -$0.55 -1.35%

Performance History

As of recent month & quarter-end (12/31/24)
As of recent month & quarter-end (12/31/24)
Fund NAV Market Price Index
1 Year 18.08% 17.93% 18.65%
3 Years 12.82% 12.77% 13.51%
5 Years 18.64% 18.58% 19.32%
Since Inception 14.25% 14.24% 14.86%
1 Year 18.08% 17.93% 18.65%
3 Years 12.82% 12.77% 13.51%
5 Years 18.64% 18.58% 19.32%
Since Inception 14.25% 14.24% 14.86%
Year-to-Date 18.08% 17.93% 18.65%
1 Month -11.22% -11.33% -11.21%
3 Months -1.39% -1.48% -1.28%
Since Inception 183.67% 183.46% 195.86%
Year-to-Date 18.08% 17.93% 18.65%
1 Month -11.22% -11.33% -11.21%
3 Months -1.39% -1.48% -1.28%
Since Inception 183.67% 183.46% 195.86%

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 01/10/25

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.81 TT TRANE TECHNOLOGIES PLC BK9ZQ96 377.12 838,172 316,091,424.64
3.59 ETN EATON CORP PLC B8KQN82 341.45 872,077 297,770,691.65
3.56 HWM HOWMET AEROSPACE INC BKLJ8V2 112.64 2,619,491 295,059,466.24
3.49 PWR QUANTA SERVICES INC 2150204 313.48 924,041 289,668,372.68
3.43 PH PARKER HANNIFIN CORP 2671501 630.04 452,103 284,842,974.12
3.15 EMR EMERSON ELECTRIC CO 2313405 117.94 2,214,579 261,187,447.26
2.97 URI UNITED RENTALS INC 2134781 670.94 366,789 246,093,411.66
2.81 SRE SEMPRA 2138158 78.73 2,957,358 232,832,795.34
2.70 DE DEERE & CO 2261203 408.57 547,616 223,739,469.12
2.63 FAST FASTENAL CO 2332262 71.63 3,051,390 218,571,065.70
2.60 MLM MARTIN MARIETTA MATERIALS 2572079 508.71 424,134 215,761,207.14
2.56 VMC VULCAN MATERIALS CO 2931205 251.69 845,052 212,691,137.88
2.48 NSC NORFOLK SOUTHERN CORP 2641894 233.94 878,160 205,436,750.40
2.37 UNP UNION PACIFIC CORP 2914734 225.21 871,607 196,294,612.47
2.33 CSX CSX CORP 2160753 31.78 6,078,649 193,179,465.22
2.30 ROK ROCKWELL AUTOMATION INC 2754060 273.40 696,843 190,516,876.20
2.03 FTV FORTIVE CORP BYT3MK1 75.28 2,234,860 168,240,260.80
1.76 NUE NUCOR CORP 2651086 118.16 1,234,394 145,855,995.04
1.73 HUBB HUBBELL INC BDFG6S3 420.25 341,188 143,384,257.00
1.68 EME EMCOR GROUP INC 2474164 467.04 299,337 139,802,352.48
1.44 STLD STEEL DYNAMICS INC 2849472 116.33 1,028,575 119,654,129.75
1.38 CSL CARLISLE COS INC 2176318 369.10 309,463 114,222,793.30
1.34 TRMB TRIMBLE INC 2903958 70.23 1,581,596 111,075,487.08
1.32 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 139.96 784,062 109,737,317.52
1.28 J JACOBS SOLUTIONS INC BNGC0D3 132.35 802,844 106,256,403.40
1.23 PNR PENTAIR PLC BLS09M3 96.97 1,050,609 101,877,554.73
1.19 IEX IDEX CORP 2456612 206.02 480,797 99,053,797.94
1.19 RPM RPM INTERNATIONAL INC 2756174 120.49 818,929 98,672,755.21
1.18 RS RELIANCE INC 2729068 267.04 365,109 97,498,707.36
1.10 ACM AECOM B1VZ431 105.87 864,135 91,485,972.45
1.08 WLK Westlake Corporation B01ZP20 110.04 814,562 89,634,402.48
1.04 GGG GRACO INC 2380443 80.53 1,072,592 86,375,833.76
0.93 AGX ARGAN INC 2804501 159.42 481,748 76,800,266.16
0.87 MTZ MASTEC INC 2155306 144.60 500,793 72,414,667.80
0.84 TTEK TETRA TECH INC 2883890 41.02 1,691,030 69,366,050.60
0.82 WWD WOODWARD INC 2948089 178.35 381,676 68,071,914.60
0.79 LECO LINCOLN ELECTRIC HOLDINGS 2516851 180.51 363,138 65,550,040.38
0.76 BLD TOPBUILD CORP BZ0P3W2 313.45 201,683 63,217,536.35
0.76 RRX REGAL REXNORD CORP 2730082 149.23 421,621 62,918,501.83
0.75 POWL POWELL INDUSTRIES INC 2697422 231.16 270,135 62,444,406.60
0.72 DXPE DXP ENTERPRISES INC 2276627 90.99 658,468 59,914,003.32
0.72 AYI ACUITY BRANDS INC 2818461 305.26 195,916 59,805,318.16
0.72 TPC TUTOR PERINI CORP 2681760 23.91 2,493,885 59,628,790.35
0.70 CRS CARPENTER TECHNOLOGY 2177504 185.96 314,427 58,470,844.92
0.70 WCC WESCO INTERNATIONAL INC 2416973 178.06 324,179 57,723,312.74
0.68 MLI MUELLER INDUSTRIES INC 2609717 78.21 720,772 56,371,578.12
0.67 WMS ADVANCED DRAINAG BP7RS59 112.83 494,667 55,813,277.61
0.67 USLM US LIME & MINERA 2724115 119.12 463,141 55,169,355.92
0.66 RBC RBC BEARINGS INC B0GLYB5 294.36 185,049 54,471,023.64
0.65 CR CRANE CO BNYD4F8 150.33 360,961 54,263,267.13
0.63 EXP EAGLE MATERIALS INC 2191399 235.00 221,800 52,123,000.00
0.61 PRIM PRIMORIS SERVICES CORP B1GC200 77.54 651,268 50,499,320.72
0.58 X UNITED STATES STEEL CORP 2824770 34.24 1,415,684 48,473,020.16
0.58 LPX LOUISIANA-PACIFIC CORP 2535243 105.09 457,777 48,107,784.93
0.58 STRL STERLING INFRAST 2632876 163.52 293,927 48,062,943.04
0.54 ATI ATI Inc 2526117 55.09 809,678 44,605,161.02
0.53 ROAD CONSTRUCTION P-A BDT5M66 87.12 505,727 44,058,936.24
0.49 AA ALCOA CORP BYNF418 35.91 1,134,115 40,726,069.65
0.49 GVA GRANITE CONSTRUCTION INC 2381189 87.24 466,702 40,715,082.48
0.49 VMI VALMONT INDUSTRIES 2926825 302.25 133,578 40,373,950.50
0.48 SPXC SPX TECHNOLOGIES INC BQ1L7V3 138.06 289,623 39,985,351.38
0.48 ZWS Zurn Elkay Water Solution BMV1ZD3 36.20 1,096,389 39,689,281.80
0.48 SUM SUMMIT MATERIA-A BW9JPS4 52.05 759,232 39,518,025.60
0.47 BMI BADGER METER INC 2069128 207.64 186,386 38,701,189.04
0.44 CENX CENTURY ALUMINUM COMPANY 2186254 19.32 1,880,040 36,312,972.60
0.44 CSWI CSW INDUSTRIALS INC BYQD1J6 362.10 99,675 36,092,317.50
0.42 CMC COMMERCIAL METALS CO 2213260 46.89 738,002 34,604,913.78
0.41 KNF KNIFE RIVER CORP BPLL4V5 95.21 358,992 34,179,628.32
0.40 NWPX NORTHWEST PIPE CO 2035925 45.19 741,504 33,508,565.76
0.40 DY DYCOM INDUSTRIES INC 2289841 176.47 186,332 32,882,008.04
0.39 MWA MUELLER WATER-A B15RZR4 21.65 1,489,352 32,244,470.80
0.39 HRI HERC HOLDINGS INC BZBZ020 178.95 179,690 32,155,525.50
0.39 CLF CLEVELAND-CLIFFS INC BYVZ186 9.90 3,226,829 31,945,607.10
0.35 GBX GREENBRIER COMPANIES INC 2387530 62.74 462,776 29,034,566.24
0.35 TRN TRINITY INDUSTRIES INC 2904627 34.95 828,563 28,958,276.85
0.35 EXPO EXPONENT INC 2330318 89.14 321,873 28,691,759.22
0.35 ACA ARCOSA INC BGPZ5W8 92.29 309,833 28,594,487.57
0.33 DNOW DNOW INC BMH0MV1 12.83 2,148,881 27,570,143.23
0.32 MRC MRC GLOBAL INC B7M66F1 12.97 2,043,268 26,501,185.96
0.28 MTX MINERALS TECHNOLOGIES INC 2595612 71.95 320,135 23,033,713.25
0.28 MDU MDU RESOURCES GROUP INC 2547323 17.73 1,293,254 22,929,393.42
0.28 GRC GORMAN-RUPP CO 2379281 35.84 638,033 22,867,102.72
0.27 CXT CRANE NXT CO BQ7W2W6 61.84 360,610 22,300,122.40
0.26 MYRG MYR GROUP INC/DELAWARE B3CLS18 142.96 153,491 21,943,073.36
0.25 ECG EVERUS CONSTRUCTION GROUP BSVLTM2 64.67 323,913 20,947,453.71
0.23 CMCO COLUMBUS MCKINNON CORP/NY 2211071 34.40 563,782 19,394,100.80
0.23 ATKR Atkore Inc BDHF495 81.84 234,980 19,230,763.20
0.23 ASTE ASTEC INDUSTRIES INC 2060370 31.40 606,030 19,026,311.85
0.23 TEX TEREX CORP 2884224 43.99 426,025 18,740,839.75
0.22 HEES H&E EQUIPMENT SE B0WR848 43.93 416,337 18,289,684.41
0.22 AMTM AMENTUM HOLDINGS INC BMZLFJ5 22.51 802,449 18,063,126.99
0.21 CALX CALIX INC B3S4L67 36.31 478,299 17,367,036.69
0.20 MTRN MATERION CORP 2149622 93.90 177,888 16,703,683.20
0.18 CTOS CUSTOM TRUCK ONE BL66YS4 4.50 3,354,976 15,097,392.00
0.18 IIIN INSTEEL INDUSTRIES INC 2325875 24.04 621,933 14,951,269.32
0.18 ROCK GIBRALTAR INDUSTRIES INC 2369226 56.20 264,434 14,861,190.80
0.17 MTUS METALLUS INC BNBPMX1 13.52 1,041,593 14,082,337.36
0.17 WNC WABASH NATIONAL CORP 2932048 16.47 836,659 13,779,773.73
0.14 RYI RYERSON HOLDING CORP B3TPPZ6 18.12 637,013 11,542,675.56
0.13 RTYH5 Index E-MINI RUSS 2000 MAR25 110,085.00 98 10,788,330.00
0.13 TITN TITAN MACHINERY INC B29H3T5 13.64 784,831 10,705,094.84
0.07 CASH 1.00 5,979,204 5,979,204.32
0.04 OTHER PAYABLE & RECEIVABLES 1.00 3,466,606 3,466,606.43
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 12/31/24

Sector Weight (%)
Industrials 75.1
Materials 18.8
Utilities 3.4
Information Technology 2.0
Consumer Discretionary 0.7

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 66.7
Materials 18.8
Transportation 7.1
Utilities 3.3
Technology Hardware & Equipment 2.0
Commercial & Professional Services 1.1
Consumer Durables & Apparel 0.7
Commercial & Professional Serv 0.2
Other 0.1

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 01/10/25

Return on Equity 14.90%
Weighted Avg. Market Cap 39,267 M
2023 2024
Price-to-earnings 21.62 21.44
Price-to-book value 3.40 3.03

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 12/31/24

Versus Beta
S&P 500 1.28
NASDAQ-100 0.86
MSCI EAFE 1.18
MSCI Emg. Mkts 0.76
Standard Deviation 26.10%

Source: new windowAltaVista Research, LLC

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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 12/31 PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 89 during the last 3 years, 79 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.