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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 $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 02/19/25

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $8.82 billion
NAV $42.06
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 02/19/25

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 209,780,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.02%

Distributions As of 02/19/25

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

ETF Prices As of 02/19/25

NAV $42.06 Daily Change -$0.31 -0.73%
Market Price $42.06 Daily Change -$0.28 -0.66%

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 02/19/25

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.40 HWM HOWMET AEROSPACE INC BKLJ8V2 139.39 2,151,883 299,950,971.37
3.34 DE DEERE & CO 2261203 509.27 578,977 294,855,616.79
3.29 CRH CRH PLC B01ZKD6 106.10 2,734,573 290,138,195.30
3.22 PH PARKER HANNIFIN CORP 2671501 701.55 404,261 283,609,304.55
3.21 SRE SEMPRA 2138158 85.34 3,319,400 283,277,596.00
3.12 FAST FASTENAL CO 2332262 75.57 3,642,825 275,288,285.25
3.11 UNP UNION PACIFIC CORP 2914734 247.06 1,108,179 273,786,703.74
3.03 NSC NORFOLK SOUTHERN CORP 2641894 249.05 1,073,250 267,292,912.50
3.00 CSX CSX CORP 2160753 32.41 8,164,162 264,600,490.42
2.96 EMR EMERSON ELECTRIC CO 2313405 124.43 2,095,681 260,765,586.83
2.89 TT TRANE TECHNOLOGIES PLC BK9ZQ96 370.55 686,678 254,448,532.90
2.80 URI UNITED RENTALS INC 2134781 709.31 348,512 247,203,046.72
2.61 ETN EATON CORP PLC B8KQN82 309.43 743,456 230,047,590.08
2.57 PWR QUANTA SERVICES INC 2150204 292.07 774,879 226,318,909.53
2.55 VMC VULCAN MATERIALS CO 2931205 264.97 848,481 224,822,010.57
2.47 ROK ROCKWELL AUTOMATION INC 2754060 299.34 726,244 217,393,878.96
2.39 NUE NUCOR CORP 2651086 139.77 1,508,849 210,891,824.73
2.32 MLM MARTIN MARIETTA MATERIALS 2572079 520.95 392,672 204,562,478.40
2.10 FTV FORTIVE CORP BYT3MK1 82.98 2,229,494 185,003,412.12
1.54 HUBB HUBBELL INC BDFG6S3 392.38 344,975 135,361,290.50
1.52 STLD STEEL DYNAMICS INC 2849472 136.76 978,219 133,781,230.44
1.46 EME EMCOR GROUP INC 2474164 434.85 295,621 128,550,791.85
1.35 TRMB TRIMBLE INC 2903958 75.57 1,579,480 119,361,303.60
1.21 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 144.79 739,571 107,082,485.09
1.18 J JACOBS SOLUTIONS INC BNGC0D3 130.40 796,910 103,917,064.00
1.16 CSL CARLISLE COS INC 2176318 350.65 291,241 102,123,656.65
1.16 PNR PENTAIR PLC BLS09M3 96.17 1,061,661 102,099,938.37
1.16 RS RELIANCE INC 2729068 293.62 347,673 102,083,746.26
1.15 RPM RPM INTERNATIONAL INC 2756174 123.03 826,242 101,652,553.26
1.10 IEX IDEX CORP 2456612 198.65 486,627 96,668,453.55
1.07 GGG GRACO INC 2380443 87.19 1,084,935 94,595,482.65
1.07 WLK Westlake Corporation B01ZP20 113.59 827,134 93,954,151.06
0.98 ACM AECOM B1VZ431 101.00 852,231 86,075,331.00
0.89 LECO LINCOLN ELECTRIC HOLDINGS 2516851 215.90 362,645 78,295,055.50
0.85 RBC RBC BEARINGS INC B0GLYB5 370.84 201,747 74,815,857.48
0.83 WWD WOODWARD INC 2948089 191.29 381,753 73,025,531.37
0.78 MTZ MASTEC INC 2155306 135.24 509,210 68,865,560.40
0.77 CRS CARPENTER TECHNOLOGY 2177504 210.47 320,353 67,424,695.91
0.74 AYI ACUITY BRANDS INC 2818461 326.54 199,046 64,996,480.84
0.72 CR CRANE CO BNYD4F8 173.57 367,659 63,814,572.63
0.70 WCC WESCO INTERNATIONAL INC 2416973 197.02 314,878 62,037,263.56
0.69 BLD TOPBUILD CORP BZ0P3W2 320.32 189,587 60,728,507.84
0.68 WMS ADVANCED DRAINAG BP7RS59 121.05 498,178 60,304,446.90
0.68 AA ALCOA CORP BYNF418 36.18 1,660,172 60,065,022.96
0.68 MLI MUELLER INDUSTRIES INC 2609717 81.61 730,806 59,641,077.66
0.66 RRX REGAL REXNORD CORP 2730082 135.97 425,633 57,873,319.01
0.64 X UNITED STATES STEEL CORP 2824770 39.04 1,446,902 56,487,054.08
0.64 ATI ATI Inc 2526117 61.42 916,527 56,293,088.34
0.60 TTEK TETRA TECH INC 2883890 30.52 1,722,324 52,565,328.48
0.59 EXP EAGLE MATERIALS INC 2191399 240.43 215,604 51,837,669.72
0.54 VMI VALMONT INDUSTRIES 2926825 367.26 128,775 47,293,906.50
0.52 LPX LOUISIANA-PACIFIC CORP 2535243 101.50 451,230 45,799,845.00
0.50 SPXC SPX TECHNOLOGIES INC BQ1L7V3 149.13 297,937 44,431,344.81
0.47 BMI BADGER METER INC 2069128 220.34 188,989 41,641,836.26
0.44 ZWS Zurn Elkay Water Solution BMV1ZD3 35.57 1,090,547 38,790,756.79
0.43 CMC COMMERCIAL METALS CO 2213260 51.66 730,199 37,722,080.34
0.43 CLF CLEVELAND-CLIFFS INC BYVZ186 11.85 3,173,838 37,609,980.30
0.43 KNF KNIFE RIVER CORP BPLL4V5 102.90 363,858 37,440,988.20
0.39 DNOW DNOW INC BMH0MV1 17.42 1,991,971 34,700,134.82
0.39 CSWI CSW INDUSTRIALS INC BYQD1J6 314.45 108,091 33,989,214.95
0.38 DY DYCOM INDUSTRIES INC 2289841 179.75 187,466 33,697,013.50
0.38 TITN TITAN MACHINERY INC B29H3T5 19.17 1,740,931 33,373,647.27
0.37 HRI HERC HOLDINGS INC BZBZ020 179.97 182,457 32,836,786.29
0.35 MWA MUELLER WATER-A B15RZR4 26.76 1,158,963 31,013,849.88
0.35 HEES H&E EQUIPMENT SE B0WR848 100.15 309,651 31,011,547.65
0.35 ACA ARCOSA INC BGPZ5W8 98.56 313,418 30,890,478.08
0.35 RYI RYERSON HOLDING CORP B3TPPZ6 22.99 1,338,946 30,782,368.54
0.34 PLPC PREFORMED LINE 2798466 140.90 209,632 29,537,148.80
0.34 MTUS METALLUS INC BNBPMX1 15.90 1,856,018 29,510,686.20
0.33 IIIN INSTEEL INDUSTRIES INC 2325875 30.89 948,611 29,302,593.79
0.33 ROCK GIBRALTAR INDUSTRIES INC 2369226 64.80 447,711 29,011,672.80
0.33 CENX CENTURY ALUMINUM COMPANY 2186254 20.84 1,388,390 28,934,047.60
0.32 EXPO EXPONENT INC 2330318 87.72 326,104 28,605,842.88
0.32 GRC GORMAN-RUPP CO 2379281 39.56 721,209 28,531,028.04
0.32 NWPX NORTHWEST PIPE CO 2035925 50.73 551,169 27,960,803.37
0.32 MTRN MATERION CORP 2149622 103.61 268,697 27,838,352.69
0.32 CALX CALIX INC B3S4L67 39.94 695,082 27,761,575.08
0.30 TEX TEREX CORP 2884224 47.20 562,110 26,531,592.00
0.30 DXPE DXP ENTERPRISES INC 2276627 102.91 256,892 26,436,755.72
0.30 ROAD CONSTRUCTION P-A BDT5M66 79.41 332,851 26,431,697.91
0.30 ASTE ASTEC INDUSTRIES INC 2060370 33.50 782,120 26,201,020.00
0.29 MTX MINERALS TECHNOLOGIES INC 2595612 71.16 363,058 25,835,207.28
0.29 GVA GRANITE CONSTRUCTION INC 2381189 86.83 296,119 25,712,012.77
0.29 MDU MDU RESOURCES GROUP INC 2547323 16.85 1,520,312 25,617,257.20
0.29 CTOS CUSTOM TRUCK ONE BL66YS4 4.92 5,119,062 25,185,785.04
0.28 STRL STERLING INFRAST 2632876 126.72 197,447 25,020,483.84
0.28 CTRI CENTURI HOLDINGS INC BMDPVF7 19.70 1,267,245 24,964,726.50
0.28 PRIM PRIMORIS SERVICES CORP B1GC200 70.99 345,250 24,509,297.50
0.27 MYRG MYR GROUP INC/DELAWARE B3CLS18 135.07 177,660 23,996,536.20
0.27 USLM US LIME & MINERA 2724115 103.37 231,636 23,944,213.32
0.27 TRN TRINITY INDUSTRIES INC 2904627 34.21 698,832 23,907,042.72
0.27 TPC TUTOR PERINI CORP 2681760 23.14 1,031,141 23,860,602.74
0.27 MRC MRC GLOBAL INC B7M66F1 12.81 1,824,100 23,366,721.00
0.26 AGX ARGAN INC 2804501 144.56 157,042 22,701,991.52
0.26 GBX GREENBRIER COMPANIES INC 2387530 57.81 390,501 22,574,862.81
0.25 WNC WABASH NATIONAL CORP 2932048 12.46 1,746,519 21,761,626.74
0.25 ATKR Atkore Inc BDHF495 68.23 317,311 21,650,129.53
0.21 POWL POWELL INDUSTRIES INC 2697422 194.35 94,540 18,373,849.00
0.17 CMCO COLUMBUS MCKINNON CORP/NY 2211071 20.72 741,023 15,353,996.56
0.06 OTHER PAYABLE & RECEIVABLES 1.00 5,640,685 5,640,684.55
0.06 RTYH5 Index E-MINI RUSS 2000 MAR25 114,485.00 48 5,495,280.00
0.03 CASH 1.00 2,368,023 2,368,023.24
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 02/19/25

Return on Equity 14.80%
Weighted Avg. Market Cap 42,222 M
2024 2025
Price-to-earnings 21.68 20.23
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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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 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.