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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 88 Infrastructure funds, based on risk-adjusted returns as of 02/28/2025

 

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 $1T to fund critical infrastructure projects.2

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.

1American Society of Engineers, 2021
2Politico, 2024

Key Information As of 03/14/25

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $7.85 billion
NAV $38.34
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 03/13/25

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 204,820,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.05%

Distributions As of 03/14/25

30-Day SEC Yield 0.63%
Distribution Frequency Semi-Annually

ETF Prices As of 03/14/25

NAV $38.34 Daily Change $1.04 2.79%
Market Price $38.33 Daily Change $1.02 2.73%

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 7.17% 7.20% 7.69%
3 Years 15.35% 15.35% 16.03%
5 Years 21.59% 21.55% 22.30%
Since Inception 13.86% 13.86% 14.47%
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 -0.59% -0.49% -0.49%
1 Month -5.01% -4.92% -4.96%
3 Months -11.75% -11.77% -11.65%
Since Inception 181.99% 182.06% 194.41%

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 03/14/25

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.44 DE DEERE & CO 2261203 477.50 565,593 270,070,657.50
3.41 FAST FASTENAL CO 2332262 75.26 3,559,653 267,899,484.78
3.39 HWM HOWMET AEROSPACE INC BKLJ8V2 126.51 2,102,649 266,006,124.99
3.30 CRH CRH PLC B01ZKD6 97.02 2,671,955 259,233,074.10
3.27 UNP UNION PACIFIC CORP 2914734 237.53 1,082,845 257,208,172.85
3.10 NSC NORFOLK SOUTHERN CORP 2641894 232.30 1,048,872 243,652,965.60
3.06 PH PARKER HANNIFIN CORP 2671501 607.88 395,179 240,221,410.52
3.05 CSX CSX CORP 2160753 30.01 7,977,742 239,412,037.42
2.97 TT TRANE TECHNOLOGIES PLC BK9ZQ96 347.80 670,904 233,340,411.20
2.92 EMR EMERSON ELECTRIC CO 2313405 111.93 2,047,881 229,219,320.33
2.90 SRE SEMPRA 2138158 70.21 3,243,398 227,718,973.58
2.71 ETN EATON CORP PLC B8KQN82 293.61 726,248 213,233,675.28
2.70 URI UNITED RENTALS INC 2134781 622.92 340,386 212,033,247.12
2.51 PWR QUANTA SERVICES INC 2150204 260.81 757,193 197,483,506.33
2.48 NUE NUCOR CORP 2651086 132.09 1,474,433 194,757,854.97
2.44 VMC VULCAN MATERIALS CO 2931205 231.32 828,883 191,737,215.56
2.35 ROK ROCKWELL AUTOMATION INC 2754060 260.19 709,514 184,608,447.66
2.33 MLM MARTIN MARIETTA MATERIALS 2572079 477.45 383,590 183,145,045.50
2.04 FTV FORTIVE CORP BYT3MK1 73.71 2,178,826 160,601,264.46
1.55 STLD STEEL DYNAMICS INC 2849472 127.14 955,753 121,514,436.42
1.46 HUBB HUBBELL INC BDFG6S3 340.82 337,327 114,967,788.14
1.43 EME EMCOR GROUP INC 2474164 388.51 288,929 112,251,805.79
1.36 TRMB TRIMBLE INC 2903958 69.39 1,543,630 107,112,485.70
1.22 RS RELIANCE INC 2729068 282.78 339,547 96,017,100.66
1.22 CSL CARLISLE COS INC 2176318 335.91 284,549 95,582,854.59
1.21 J JACOBS SOLUTIONS INC BNGC0D3 122.05 778,746 95,045,949.30
1.19 RPM RPM INTERNATIONAL INC 2756174 116.17 807,600 93,818,892.00
1.16 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 126.19 722,841 91,215,305.79
1.14 PNR PENTAIR PLC BLS09M3 86.08 1,037,283 89,289,320.64
1.13 GGG GRACO INC 2380443 83.89 1,060,079 88,930,027.31
1.10 IEX IDEX CORP 2456612 182.39 475,633 86,750,702.87
1.10 WLK Westlake Corporation B01ZP20 107.28 808,492 86,735,021.76
1.01 ACM AECOM B1VZ431 95.08 832,633 79,166,745.64
0.86 LECO LINCOLN ELECTRIC HOLDINGS 2516851 190.50 354,519 67,535,869.50
0.86 WWD WOODWARD INC 2948089 180.53 373,149 67,364,588.97
0.84 RBC RBC BEARINGS INC B0GLYB5 336.48 196,967 66,275,456.16
0.76 MTZ MASTEC INC 2155306 120.49 497,738 59,972,451.62
0.73 CRS CARPENTER TECHNOLOGY 2177504 183.50 313,183 57,469,080.50
0.72 MLI MUELLER INDUSTRIES INC 2609717 79.49 714,076 56,761,901.24
0.71 CR CRANE CO BNYD4F8 155.29 359,055 55,757,650.95
0.71 BLD TOPBUILD CORP BZ0P3W2 299.25 185,285 55,446,536.25
0.70 X UNITED STATES STEEL CORP 2824770 39.00 1,413,920 55,142,880.00
0.69 AA ALCOA CORP BYNF418 33.53 1,622,410 54,399,407.30
0.68 WMS ADVANCED DRAINAG BP7RS59 108.88 486,706 52,992,549.28
0.65 AYI ACUITY BRANDS INC 2818461 262.73 194,744 51,165,091.12
0.64 WCC WESCO INTERNATIONAL INC 2416973 162.86 307,708 50,113,324.88
0.62 TTEK TETRA TECH INC 2883890 29.12 1,683,128 49,012,687.36
0.62 RRX REGAL REXNORD CORP 2730082 116.72 416,073 48,564,040.56
0.59 ATI ATI Inc 2526117 51.48 895,495 46,100,082.60
0.57 EXP EAGLE MATERIALS INC 2191399 213.06 210,824 44,918,161.44
0.53 VMI VALMONT INDUSTRIES 2926825 327.62 125,907 41,249,651.34
0.51 LPX LOUISIANA-PACIFIC CORP 2535243 91.55 440,714 40,347,366.70
0.50 SPXC SPX TECHNOLOGIES INC BQ1L7V3 134.26 291,245 39,102,553.70
0.47 BMI BADGER METER INC 2069128 198.10 184,687 36,586,494.70
0.45 ZWS Zurn Elkay Water Solution BMV1ZD3 33.17 1,065,691 35,348,970.47
0.42 KNF KNIFE RIVER CORP BPLL4V5 93.29 355,732 33,186,238.28
0.42 CMC COMMERCIAL METALS CO 2213260 46.34 713,469 33,062,153.46
0.41 CLF CLEVELAND-CLIFFS INC BYVZ186 10.39 3,101,182 32,221,280.98
0.39 MWA MUELLER WATER-A B15RZR4 27.25 1,132,673 30,865,339.25
0.39 CSWI CSW INDUSTRIALS INC BYQD1J6 291.01 105,701 30,760,048.01
0.39 RYI RYERSON HOLDING CORP B3TPPZ6 23.39 1,308,354 30,602,400.06
0.38 PLPC PREFORMED LINE 2798466 144.35 204,852 29,570,386.20
0.37 DNOW DNOW INC BMH0MV1 14.91 1,946,561 29,023,224.51
0.37 ROCK GIBRALTAR INDUSTRIES INC 2369226 65.43 437,673 28,636,944.39
0.36 DY DYCOM INDUSTRIES INC 2289841 155.57 183,164 28,494,823.48
0.36 HEES H&E EQUIPMENT SE B0WR848 94.01 302,481 28,436,238.81
0.36 ASTE ASTEC INDUSTRIES INC 2060370 36.65 764,434 28,016,506.10
0.35 CENX CENTURY ALUMINUM COMPANY 2186254 19.95 1,356,842 27,068,997.90
0.34 GRC GORMAN-RUPP CO 2379281 37.58 704,957 26,492,284.06
0.34 EXPO EXPONENT INC 2330318 82.73 318,456 26,345,864.88
0.33 TPC TUTOR PERINI CORP 2681760 25.60 1,007,719 25,797,606.40
0.32 MTUS METALLUS INC BNBPMX1 14.05 1,813,476 25,479,337.80
0.32 MDU MDU RESOURCES GROUP INC 2547323 16.88 1,485,418 25,073,855.84
0.32 IIIN INSTEEL INDUSTRIES INC 2325875 27.03 927,101 25,059,540.03
0.32 ACA ARCOSA INC BGPZ5W8 80.69 306,248 24,711,151.12
0.31 TITN TITAN MACHINERY INC B29H3T5 14.49 1,701,257 24,651,213.93
0.31 MTX MINERALS TECHNOLOGIES INC 2595612 67.42 354,932 23,929,515.44
0.30 STRL STERLING INFRAST 2632876 121.37 193,145 23,442,008.65
0.30 CTOS CUSTOM TRUCK ONE BL66YS4 4.67 5,002,430 23,361,348.10
0.30 ROAD CONSTRUCTION P-A BDT5M66 71.58 325,203 23,278,030.74
0.29 HRI HERC HOLDINGS INC BZBZ020 129.28 178,155 23,031,878.40
0.29 PRIM PRIMORIS SERVICES CORP B1GC200 67.17 337,602 22,676,726.34
0.29 CALX CALIX INC B3S4L67 33.34 679,308 22,648,128.72
0.29 NWPX NORTHWEST PIPE CO 2035925 41.81 538,741 22,524,761.21
0.29 MTRN MATERION CORP 2149622 85.49 262,483 22,439,671.67
0.28 TEX TEREX CORP 2884224 40.31 549,204 22,138,413.24
0.27 DXPE DXP ENTERPRISES INC 2276627 85.55 251,156 21,486,395.80
0.27 GVA GRANITE CONSTRUCTION INC 2381189 74.05 289,427 21,432,069.35
0.27 USLM US LIME & MINERA 2724115 93.22 226,378 21,102,957.16
0.27 GBX GREENBRIER COMPANIES INC 2387530 54.90 381,419 20,939,903.10
0.26 MRC MRC GLOBAL INC B7M66F1 11.50 1,782,514 20,498,911.00
0.26 MYRG MYR GROUP INC/DELAWARE B3CLS18 117.21 173,836 20,375,317.56
0.26 ATKR Atkore Inc BDHF495 64.52 310,141 20,010,297.32
0.25 TRN TRINITY INDUSTRIES INC 2904627 29.19 683,058 19,938,463.02
0.25 CTRI CENTURI HOLDINGS INC BMDPVF7 15.74 1,238,087 19,487,489.38
0.24 WNC WABASH NATIONAL CORP 2932048 11.06 1,706,845 18,877,705.70
0.23 AGX ARGAN INC 2804501 120.00 153,218 18,386,160.00
0.20 POWL POWELL INDUSTRIES INC 2697422 173.36 92,150 15,975,124.00
0.17 CMCO COLUMBUS MCKINNON CORP/NY 2211071 18.34 724,293 13,283,533.62
0.10 CASH 1.00 7,775,424 7,775,423.71
0.08 OTHER PAYABLE & RECEIVABLES 1.00 6,252,379 6,252,379.42
0.06 RTYH5 Index E-MINI RUSS 2000 MAR25 102,205.00 48 4,905,840.00
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 02/28/25

Sector Weight (%)
Industrials 71.4
Materials 22.7
Utilities 3.1
Information Technology 2.1
Consumer Discretionary 0.7

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 61.0
Materials 22.7
Transportation 9.5
Utilities 3.1
Technology Hardware & Equipment 2.1
Commercial & Professional Services 0.9
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 03/14/25

Return on Equity 14.40%
Weighted Avg. Market Cap 42,294 M
2024 2025
Price-to-earnings 20.72 19.01
Price-to-book value 2.90 2.60

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 02/28/25

Versus Beta
S&P 500 1.30
NASDAQ-100 0.88
MSCI EAFE 1.13
MSCI Emg. Mkts 0.75
Standard Deviation 25.80%

Source: new windowAltaVista Research, LLC

ETF Research

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

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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 2/28 PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 88 during the last 3 years, 81 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.