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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 01/31/2025

 

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 02/11/25

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $8.91 billion
NAV $42.07
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 02/11/25

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 211,860,000
Number of Holdings 103
30-Day Median Bid-Ask Spread 0.02%

Distributions As of 02/11/25

30-Day SEC Yield 0.54%
Distribution Frequency Semi-Annually

ETF Prices As of 02/11/25

NAV $42.07 Daily Change -$0.03 -0.07%
Market Price $42.10 Daily Change -$0.02 -0.05%

Performance History

As of recent
(12/31/24)
As of recent
(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 24.04% 23.92% 24.67%
3 Years 17.96% 17.98% 18.68%
5 Years 20.74% 20.70% 21.45%
Since Inception 14.74% 14.73% 15.36%
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 4.65% 4.65% 4.71%
1 Month 4.65% 4.65% 4.71%
3 Months 3.25% 3.20% 3.38%
Since Inception 196.86% 196.65% 209.79%

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 02/11/25

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.17 CRH CRH PLC B01ZKD6 102.98 2,745,926 282,775,459.48
3.13 HWM HOWMET AEROSPACE INC BKLJ8V2 129.32 2,158,955 279,196,060.60
3.12 SRE SEMPRA 2138158 83.43 3,333,088 278,079,531.84
3.10 NSC NORFOLK SOUTHERN CORP 2641894 256.45 1,077,611 276,353,340.95
3.10 PH PARKER HANNIFIN CORP 2671501 681.01 405,482 276,137,296.82
3.09 DE DEERE & CO 2261203 474.30 581,380 275,748,534.00
3.09 UNP UNION PACIFIC CORP 2914734 247.73 1,112,791 275,671,714.43
3.05 FAST FASTENAL CO 2332262 74.33 3,657,863 271,888,956.79
3.05 CSX CSX CORP 2160753 33.11 8,197,743 271,427,270.73
2.99 EMR EMERSON ELECTRIC CO 2313405 126.91 2,102,035 266,769,261.85
2.95 URI UNITED RENTALS INC 2134781 751.20 350,076 262,977,091.20
2.82 TT TRANE TECHNOLOGIES PLC BK9ZQ96 364.77 688,883 251,283,851.91
2.65 ETN EATON CORP PLC B8KQN82 316.51 745,939 236,097,152.89
2.64 PWR QUANTA SERVICES INC 2150204 302.79 777,327 235,366,842.33
2.56 VMC VULCAN MATERIALS CO 2931205 267.77 852,141 228,177,795.57
2.49 ROK ROCKWELL AUTOMATION INC 2754060 303.75 729,427 221,563,451.25
2.35 NUE NUCOR CORP 2651086 138.11 1,515,346 209,284,436.06
2.34 MLM MARTIN MARIETTA MATERIALS 2572079 529.00 394,448 208,662,992.00
2.01 FTV FORTIVE CORP BYT3MK1 80.18 2,239,320 179,548,677.60
1.54 HUBB HUBBELL INC BDFG6S3 397.07 345,804 137,308,394.28
1.49 EME EMCOR GROUP INC 2474164 446.24 297,010 132,537,742.40
1.48 STLD STEEL DYNAMICS INC 2849472 134.86 980,903 132,284,578.58
1.32 TRMB TRIMBLE INC 2903958 73.83 1,587,227 117,184,969.41
1.30 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 156.16 741,471 115,788,111.36
1.20 J JACOBS SOLUTIONS INC BNGC0D3 133.22 800,983 106,706,955.26
1.19 PNR PENTAIR PLC BLS09M3 99.22 1,064,345 105,604,310.90
1.18 CSL CARLISLE COS INC 2176318 358.00 292,749 104,804,142.00
1.14 RS RELIANCE INC 2729068 290.44 348,684 101,271,780.96
1.13 RPM RPM INTERNATIONAL INC 2756174 122.05 828,149 101,075,585.45
1.07 IEX IDEX CORP 2456612 194.89 489,052 95,311,344.28
1.05 GGG GRACO INC 2380443 85.78 1,087,472 93,283,348.16
1.05 WLK Westlake Corporation B01ZP20 112.52 828,937 93,271,991.24
1.02 ACM AECOM B1VZ431 106.52 854,295 90,999,503.40
0.83 RBC RBC BEARINGS INC B0GLYB5 364.59 203,051 74,030,364.09
0.83 WWD WOODWARD INC 2948089 193.27 382,459 73,917,850.93
0.80 MTZ MASTEC INC 2155306 140.34 510,184 71,599,222.56
0.79 LECO LINCOLN ELECTRIC HOLDINGS 2516851 193.50 363,345 70,307,257.50
0.72 AYI ACUITY BRANDS INC 2818461 323.89 199,348 64,566,823.72
0.71 WMS ADVANCED DRAINAG BP7RS59 126.99 501,465 63,681,040.35
0.71 OTHER PAYABLE & RECEIVABLES 1.00 63,401,049 63,401,049.41
0.71 CR CRANE CO BNYD4F8 172.00 368,457 63,374,604.00
0.70 BLD TOPBUILD CORP BZ0P3W2 328.95 189,963 62,488,328.85
0.70 AA ALCOA CORP BYNF418 37.17 1,670,757 62,102,037.69
0.67 WCC WESCO INTERNATIONAL INC 2416973 188.42 315,436 59,434,451.12
0.67 CRS CARPENTER TECHNOLOGY 2177504 185.14 320,876 59,406,982.64
0.66 MLI MUELLER INDUSTRIES INC 2609717 80.82 732,035 59,163,068.70
0.65 RRX REGAL REXNORD CORP 2730082 135.62 426,403 57,828,774.86
0.64 ATI ATI Inc 2526117 61.86 922,491 57,065,293.26
0.64 X UNITED STATES STEEL CORP 2824770 39.26 1,449,034 56,889,074.84
0.62 TTEK TETRA TECH INC 2883890 32.19 1,725,326 55,541,694.59
0.62 EXP EAGLE MATERIALS INC 2191399 255.00 215,941 55,064,955.00
0.58 LPX LOUISIANA-PACIFIC CORP 2535243 114.17 452,089 51,615,001.13
0.52 SPXC SPX TECHNOLOGIES INC BQ1L7V3 153.90 298,245 45,899,905.50
0.47 VMI VALMONT INDUSTRIES 2926825 325.27 128,898 41,926,652.46
0.46 BMI BADGER METER INC 2069128 216.65 189,161 40,981,730.65
0.45 ZWS Zurn Elkay Water Solution BMV1ZD3 36.88 1,091,773 40,264,588.24
0.43 HRI HERC HOLDINGS INC BZBZ020 207.52 184,051 38,194,263.52
0.41 DY DYCOM INDUSTRIES INC 2289841 195.01 187,590 36,581,925.90
0.41 CMC COMMERCIAL METALS CO 2213260 49.83 730,736 36,412,574.88
0.40 KNF KNIFE RIVER CORP BPLL4V5 98.98 364,119 36,040,498.62
0.40 CLF CLEVELAND-CLIFFS INC BYVZ186 11.30 3,175,689 35,885,285.70
0.39 CSWI CSW INDUSTRIALS INC BYQD1J6 324.36 108,139 35,075,966.04
0.38 TITN TITAN MACHINERY INC B29H3T5 19.18 1,756,452 33,688,749.36
0.36 ACA ARCOSA INC BGPZ5W8 101.90 313,534 31,949,114.60
0.35 RYI RYERSON HOLDING CORP B3TPPZ6 23.18 1,351,671 31,331,733.78
0.35 MWA MUELLER WATER-A B15RZR4 26.84 1,159,264 31,114,645.76
0.34 PLPC PREFORMED LINE 2798466 142.89 211,587 30,233,666.43
0.34 CENX CENTURY ALUMINUM COMPANY 2186254 21.76 1,388,489 30,213,520.64
0.34 IIIN INSTEEL INDUSTRIES INC 2325875 31.45 948,063 29,816,581.35
0.33 EXPO EXPONENT INC 2330318 91.01 326,343 29,700,476.43
0.33 CALX CALIX INC B3S4L67 41.71 701,792 29,271,744.32
0.33 MTUS METALLUS INC BNBPMX1 15.61 1,874,533 29,261,460.13
0.32 DNOW DNOW INC BMH0MV1 14.43 1,992,852 28,756,854.36
0.32 STRL STERLING INFRAST 2632876 144.88 197,571 28,624,086.48
0.32 NWPX NORTHWEST PIPE CO 2035925 51.30 551,337 28,283,588.10
0.31 CTRI CENTURI HOLDINGS INC BMDPVF7 21.71 1,279,743 27,783,220.53
0.31 MTRN MATERION CORP 2149622 100.59 271,459 27,306,060.81
0.31 GRC GORMAN-RUPP CO 2379281 37.71 721,060 27,191,172.60
0.30 ROAD CONSTRUCTION P-A BDT5M66 81.21 333,065 27,048,208.65
0.30 ROCK GIBRALTAR INDUSTRIES INC 2369226 60.37 447,395 27,009,236.15
0.30 HEES H&E EQUIPMENT SE B0WR848 86.86 309,806 26,909,749.16
0.30 CTOS CUSTOM TRUCK ONE BL66YS4 5.24 5,115,735 26,806,451.40
0.30 PRIM PRIMORIS SERVICES CORP B1GC200 77.35 345,634 26,734,789.90
0.30 MTX MINERALS TECHNOLOGIES INC 2595612 73.63 362,944 26,723,566.72
0.30 ASTE ASTEC INDUSTRIES INC 2060370 33.81 781,790 26,432,319.90
0.29 DXPE DXP ENTERPRISES INC 2276627 101.65 257,440 26,168,776.00
0.29 TRN TRINITY INDUSTRIES INC 2904627 37.22 698,901 26,013,095.22
0.29 GVA GRANITE CONSTRUCTION INC 2381189 87.61 296,324 25,960,945.64
0.29 MDU MDU RESOURCES GROUP INC 2547323 16.99 1,519,961 25,824,137.39
0.29 TEX TEREX CORP 2884224 45.57 561,918 25,606,603.26
0.28 MYRG MYR GROUP INC/DELAWARE B3CLS18 141.40 177,508 25,099,631.20
0.28 GBX GREENBRIER COMPANIES INC 2387530 63.82 390,558 24,925,411.56
0.28 TPC TUTOR PERINI CORP 2681760 24.06 1,033,005 24,854,100.30
0.27 MRC MRC GLOBAL INC B7M66F1 13.22 1,824,452 24,119,255.44
0.27 USLM US LIME & MINERA 2724115 103.69 231,927 24,048,510.63
0.27 AGX ARGAN INC 2804501 150.99 157,554 23,789,078.46
0.26 WNC WABASH NATIONAL CORP 2932048 13.31 1,764,155 23,480,903.05
0.25 ATKR Atkore Inc BDHF495 71.22 317,078 22,582,295.16
0.22 POWL POWELL INDUSTRIES INC 2697422 210.25 94,900 19,952,725.00
0.17 CMCO COLUMBUS MCKINNON CORP/NY 2211071 20.87 740,641 15,457,177.67
0.06 RTYH5 Index E-MINI RUSS 2000 MAR25 114,200.00 48 5,481,600.00
0.05 CASH 1.00 4,406,024 4,406,023.79
0.00 ECG EVERUS CONSTRUCTION GROUP BSVLTM2 68.42 512 35,031.04
0.00 CXT CRANE NXT CO BQ7W2W6 59.62 544 32,433.28
0.00 AMTM AMENTUM HOLDINGS INC BMZLFJ5 20.73 1,248 25,871.04
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 01/31/25

Sector Weight (%)
Industrials 71.4
Materials 22.4
Utilities 3.4
Information Technology 2.1
Consumer Discretionary 0.7

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 61.2
Materials 22.4
Transportation 9.2
Utilities 3.4
Technology Hardware & Equipment 2.1
Commercial & Professional Services 1.0
Consumer Durables & Apparel 0.7

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 02/11/25

Return on Equity 14.80%
Weighted Avg. Market Cap 42,222 M
2024 2025
Price-to-earnings 21.70 20.25
Price-to-book value 3.17 2.83

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 01/31/25

Versus Beta
S&P 500 1.27
NASDAQ-100 0.84
MSCI EAFE 1.15
MSCI Emg. Mkts 0.75
Standard Deviation 25.50%

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 1/31 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.