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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 91 Infrastructure funds, based on risk-adjusted returns as of 04/30/2024

 

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 05/10/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $7.62 billion
NAV $39.37
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 05/10/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 193,630,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 05/10/24

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

ETF Prices As of 05/10/24

NAV $39.37 Daily Change $0.09 0.23%
Market Price $39.38 Daily Change $0.07 0.18%

Performance History

As of recent
(03/31/24)
As of recent
(03/31/24)
Fund NAV Market Price Index
1 Year 41.47% 41.42% 42.56%
3 Years 17.58% 17.50% 18.29%
5 Years 21.32% 21.30% 22.02%
Since Inception 15.53% 15.53% 16.16%
1 Year 36.67% 36.84% 37.76%
3 Years 14.05% 14.03% 14.75%
5 Years 18.69% 18.66% 19.38%
Since Inception 14.37% 14.38% 14.99%
Year-to-Date 15.59% 15.53% 15.73%
1 Month 5.54% 5.54% 5.56%
3 Months 15.59% 15.53% 15.73%
Since Inception 177.69% 177.69% 188.59%
Year-to-Date 8.80% 8.79% 8.97%
1 Month -5.88% -5.83% -5.85%
3 Months 9.21% 9.24% 9.35%
Since Inception 161.37% 161.51% 171.72%

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 05/10/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.53 ETN EATON CORP PLC B8KQN82 330.57 814,378 269,208,935.46
3.41 TT TRANE TECHNOLOGIES PLC BK9ZQ96 331.98 782,740 259,854,025.20
3.17 MLM MARTIN MARIETTA MATERIALS 2572079 610.43 395,684 241,537,384.12
3.14 URI UNITED RENTALS INC 2134781 698.13 343,321 239,682,689.73
3.14 EMR EMERSON ELECTRIC CO 2313405 115.55 2,070,598 239,257,598.90
3.11 PH PARKER HANNIFIN CORP 2671501 561.13 423,102 237,415,225.26
3.08 PWR QUANTA SERVICES INC 2150204 271.48 864,847 234,788,663.56
2.82 VMC VULCAN MATERIALS CO 2931205 272.07 790,627 215,105,887.89
2.80 SRE SEMPRA 2138158 77.18 2,763,289 213,270,645.02
2.73 DE DEERE & CO 2261203 407.89 511,209 208,517,039.01
2.64 UNP UNION PACIFIC CORP 2914734 247.40 814,778 201,576,077.20
2.64 NUE NUCOR CORP 2651086 174.47 1,153,839 201,310,290.33
2.59 HWM HOWMET AEROSPACE INC BKLJ8V2 80.87 2,447,705 197,945,903.35
2.56 CSX CSX CORP 2160753 34.38 5,682,613 195,368,234.94
2.54 FAST FASTENAL CO 2332262 67.88 2,852,195 193,606,996.60
2.47 NSC NORFOLK SOUTHERN CORP 2641894 230.29 819,327 188,682,814.83
2.34 ROK ROCKWELL AUTOMATION INC 2754060 273.59 651,564 178,261,394.76
2.11 FTV FORTIVE CORP BYT3MK1 76.88 2,090,159 160,691,423.92
1.70 STLD STEEL DYNAMICS INC 2849472 135.18 961,078 129,918,524.04
1.70 HUBB HUBBELL INC BDFG6S3 407.27 318,224 129,603,088.48
1.60 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 166.96 732,383 122,278,665.68
1.58 WLK Westlake Corporation B01ZP20 158.15 761,600 120,447,040.00
1.58 CSL CARLISLE COS INC 2176318 416.63 288,914 120,370,239.82
1.39 EME EMCOR GROUP INC 2474164 380.28 278,431 105,881,740.68
1.37 J JACOBS SOLUTIONS INC BNGC0D3 139.24 749,982 104,427,493.68
1.33 IEX IDEX CORP 2456612 226.16 448,846 101,511,011.36
1.31 RS RELIANCE INC 2729068 293.15 341,914 100,232,089.10
1.13 RPM RPM INTERNATIONAL INC 2756174 112.84 765,165 86,341,218.60
1.10 TRMB TRIMBLE INC 2903958 56.80 1,478,968 84,005,382.40
1.10 GGG GRACO INC 2380443 83.56 1,001,508 83,686,008.48
1.07 PNR PENTAIR PLC BLS09M3 83.32 980,595 81,703,175.40
1.06 LECO LINCOLN ELECTRIC HOLDINGS 2516851 238.07 340,359 81,029,267.13
1.04 WMS ADVANCED DRAINAG BP7RS59 172.44 461,879 79,646,414.76
1.03 BLD TOPBUILD CORP BZ0P3W2 414.43 189,027 78,338,459.61
0.98 ACM AECOM B1VZ431 93.05 806,857 75,078,043.85
0.88 TTEK TETRA TECH INC 2883890 213.73 315,536 67,439,509.28
0.83 RRX REGAL REXNORD CORP 2730082 161.19 393,336 63,401,829.84
0.83 WWD WOODWARD INC 2948089 177.26 356,538 63,199,925.88
0.73 EXP EAGLE MATERIALS INC 2191399 269.15 207,351 55,808,521.65
0.70 WCC WESCO INTERNATIONAL INC 2416973 175.88 303,402 53,362,343.76
0.68 CLF CLEVELAND-CLIFFS INC BYVZ186 17.32 2,991,616 51,814,789.12
0.66 MTZ MASTEC INC 2155306 108.07 465,242 50,278,702.94
0.66 X UNITED STATES STEEL CORP 2824770 38.02 1,320,992 50,224,115.84
0.63 CR CRANE CO BNYD4F8 143.91 335,002 48,210,137.82
0.63 AYI ACUITY BRANDS INC 2818461 264.73 181,952 48,168,152.96
0.61 RBC RBC BEARINGS INC B0GLYB5 271.56 172,399 46,816,672.44
0.60 ATI ATI Inc 2526117 60.73 753,464 45,757,868.72
0.57 TPC TUTOR PERINI CORP 2681760 18.84 2,312,893 43,574,904.12
0.56 POWL POWELL INDUSTRIES INC 2697422 168.23 255,353 42,958,035.19
0.53 MLI MUELLER INDUSTRIES INC 2609717 59.27 681,378 40,385,274.06
0.52 CMC COMMERCIAL METALS CO 2213260 57.29 689,079 39,477,335.91
0.51 AA ALCOA CORP BYNF418 37.12 1,055,382 39,175,779.84
0.50 SPXC SPX TECHNOLOGIES INC BQ1L7V3 140.46 269,556 37,861,835.76
0.49 LPX LOUISIANA-PACIFIC CORP 2535243 87.25 425,558 37,129,935.50
0.46 STRL STERLING INFRAST 2632876 128.87 274,973 35,435,770.51
0.46 BMI BADGER METER INC 2069128 196.38 180,103 35,368,627.14
0.45 ATKR Atkore Inc BDHF495 156.21 220,339 34,419,155.19
0.44 ZWS Zurn Elkay Water Solution BMV1ZD3 32.78 1,026,779 33,657,815.62
0.42 DXPE DXP ENTERPRISES INC 2276627 52.01 616,400 32,058,964.00
0.42 VMI VALMONT INDUSTRIES 2926825 260.25 123,088 32,033,652.00
0.42 MDU MDU RESOURCES GROUP INC 2547323 25.52 1,252,133 31,954,434.16
0.41 USLM US LIME & MINERA 2724115 366.26 85,422 31,286,661.72
0.40 PRIM PRIMORIS SERVICES CORP B1GC200 50.24 608,585 30,575,310.40
0.40 CRS CARPENTER TECHNOLOGY 2177504 104.67 290,920 30,450,596.40
0.39 CENX CENTURY ALUMINUM COMPANY 2186254 17.14 1,743,448 29,882,698.72
0.39 AGX ARGAN INC 2804501 66.52 447,012 29,735,238.24
0.39 SUM SUMMIT MATERIA-A BW9JPS4 40.61 730,288 29,656,995.68
0.38 EXPO EXPONENT INC 2330318 94.33 310,640 29,302,671.20
0.36 GVA GRANITE CONSTRUCTION INC 2381189 62.34 436,561 27,215,212.74
0.36 DY DYCOM INDUSTRIES INC 2289841 150.57 180,567 27,187,973.19
0.36 MWA MUELLER WATER-A B15RZR4 19.27 1,409,361 27,158,386.47
0.35 DNOW DNOW INC BMH0MV1 13.28 1,993,122 26,468,660.16
0.34 HRI HERC HOLDINGS INC BZBZ020 156.49 167,711 26,245,094.39
0.34 ROAD CONSTRUCTION P-A BDT5M66 55.44 472,203 26,178,934.32
0.34 KNF KNIFE RIVER CORP BPLL4V5 78.53 332,519 26,112,717.07
0.34 MRC MRC GLOBAL INC B7M66F1 13.67 1,892,347 25,868,383.49
0.33 ACA ARCOSA INC BGPZ5W8 88.31 287,640 25,401,488.40
0.33 NWPX NORTHWEST PIPE CO 2035925 36.31 687,563 24,965,412.53
0.33 TEX TEREX CORP 2884224 62.37 398,074 24,827,875.38
0.31 TRN TRINITY INDUSTRIES INC 2904627 31.24 768,093 23,995,225.32
0.31 MTX MINERALS TECHNOLOGIES INC 2595612 79.90 295,773 23,632,262.70
0.30 CMCO COLUMBUS MCKINNON CORP/NY 2211071 44.34 522,383 23,162,462.22
0.30 CSWI CSW INDUSTRIALS INC BYQD1J6 247.63 93,020 23,034,542.60
0.30 MYRG MYR GROUP INC/DELAWARE B3CLS18 160.70 142,702 22,932,211.40
0.30 GBX GREENBRIER COMPANIES INC 2387530 53.22 428,235 22,790,666.70
0.29 HAYN HAYNES INTERNATIONAL INC B02WVH7 59.30 369,825 21,930,622.50
0.29 MTUS METALLUS INC BNBPMX1 22.52 964,973 21,731,191.96
0.27 CXT CRANE NXT CO BQ7W2W6 60.24 347,212 20,916,050.88
0.27 GRC GORMAN-RUPP CO 2379281 33.39 621,750 20,760,232.50
0.27 IIIN INSTEEL INDUSTRIES INC 2325875 33.98 603,504 20,507,065.92
0.26 ASTE ASTEC INDUSTRIES INC 2060370 34.82 561,289 19,544,082.98
0.25 HEES H&E EQUIPMENT SE B0WR848 49.78 385,905 19,210,350.90
0.25 MTRN MATERION CORP 2149622 115.72 165,909 19,198,989.48
0.24 ROCK GIBRALTAR INDUSTRIES INC 2369226 74.30 247,131 18,361,833.30
0.24 WNC WABASH NATIONAL CORP 2932048 23.28 774,608 18,032,874.24
0.23 TITN TITAN MACHINERY INC B29H3T5 23.84 734,253 17,504,591.52
0.18 CTOS CUSTOM TRUCK ONE BL66YS4 4.53 3,082,180 13,962,275.40
0.18 CALX CALIX INC B3S4L67 30.63 441,752 13,530,863.76
0.17 RYI RYERSON HOLDING CORP B3TPPZ6 22.65 583,585 13,218,200.25
0.11 CASH 1.00 8,228,911 8,228,910.77
0.06 OTHER PAYABLE & RECEIVABLES 1.00 4,666,915 4,666,914.84
0.00 ESM4 INDEX S&P500 EMINI FUT JUN24 262,312.50 1 262,312.50
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 04/30/24

Sector Weight (%)
Industrials 72.1
Materials 21.7
Utilities 3.1
Information Technology 1.8
Consumer Discretionary 1.0
Financials 0.2
Other 0.1

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Electrical Products 12.6
Engineering & Construction 11.2
Industrial Machinery 10.5
Steel 9.6
Railroads 8.0
Construction Materials 7.3
Trucks/Construction/Farm Machinery 4.9
Wholesale Distributors 4.3
Finance/Rental/Leasing 4.0
Industrial Conglomerates 4.0
Miscellaneous Manufacturing 3.7
Other 19.9

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 05/10/24

Return on Equity 15.80%
Weighted Avg. Market Cap 38,165 M
2023 2024
Price-to-earnings 21.38 20.24
Price-to-book value 3.41 3.01

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 04/30/24

Versus Beta
S&P 500 1.27
NASDAQ-100 0.87
MSCI EAFE 1.20
MSCI Emg. Mkts 0.76
Standard Deviation 24.80%

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 04/30, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 91 during the last 3 years, 83 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.

© 2023 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. PAVE 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. 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.