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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 92 Infrastructure funds, based on risk-adjusted returns as of 07/31/2024

 

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 09/06/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $7.51 billion
NAV $36.97
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 09/05/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 203,170,000
Number of Holdings 99
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 09/06/24

30-Day SEC Yield 0.64%
Distribution Frequency Semi-Annually

ETF Prices As of 09/06/24

NAV $36.97 Daily Change -$0.36 -0.96%
Market Price $37.00 Daily Change -$0.35 -0.94%

Performance History

As of recent
(06/30/24)
As of recent
(06/30/24)
Fund NAV Market Price Index
1 Year 18.61% 18.57% 19.50%
3 Years 13.70% 13.67% 14.39%
5 Years 18.49% 18.51% 19.18%
Since Inception 13.86% 13.86% 14.48%
1 Year 22.98% 22.97% 23.92%
3 Years 13.93% 13.95% 14.62%
5 Years 21.45% 21.44% 22.15%
Since Inception 14.48% 14.49% 15.10%
Year-to-Date 7.72% 7.66% 7.97%
1 Month -4.16% -4.13% -4.15%
3 Months -6.81% -6.81% -6.71%
Since Inception 158.79% 158.79% 169.23%
Year-to-Date 14.68% 14.64% 15.06%
1 Month -1.35% -1.35% -1.32%
3 Months 2.03% 2.08% 2.14%
Since Inception 175.50% 175.57% 186.90%

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 09/06/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.74 TT TRANE TECHNOLOGIES PLC BK9ZQ96 342.07 821,979 281,174,356.53
3.37 PH PARKER HANNIFIN CORP 2671501 571.31 443,587 253,425,688.97
3.26 URI UNITED RENTALS INC 2134781 681.10 359,971 245,176,248.10
3.25 ETN EATON CORP PLC B8KQN82 284.97 855,438 243,774,166.86
3.17 SRE SEMPRA 2138158 82.10 2,901,364 238,201,984.40
3.13 HWM HOWMET AEROSPACE INC BKLJ8V2 91.44 2,569,445 234,950,050.80
2.99 PWR QUANTA SERVICES INC 2150204 247.92 906,643 224,774,932.56
2.87 NSC NORFOLK SOUTHERN CORP 2641894 250.01 861,418 215,363,114.18
2.84 UNP UNION PACIFIC CORP 2914734 249.63 855,156 213,472,592.28
2.84 EMR EMERSON ELECTRIC CO 2313405 98.19 2,172,538 213,321,506.22
2.78 MLM MARTIN MARIETTA MATERIALS 2572079 502.48 415,889 208,975,904.72
2.73 DE DEERE & CO 2261203 381.56 537,044 204,914,508.64
2.65 CSX CSX CORP 2160753 33.37 5,964,038 199,019,948.06
2.63 FAST FASTENAL CO 2332262 65.89 2,993,602 197,248,435.78
2.56 VMC VULCAN MATERIALS CO 2931205 231.97 829,186 192,346,276.42
2.33 ROK ROCKWELL AUTOMATION INC 2754060 255.68 683,889 174,856,739.52
2.24 NUE NUCOR CORP 2651086 138.79 1,211,636 168,162,960.44
2.06 FTV FORTIVE CORP BYT3MK1 70.67 2,193,090 154,985,670.30
1.73 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 168.51 769,736 129,708,213.36
1.65 HUBB HUBBELL INC BDFG6S3 370.93 334,616 124,119,112.88
1.62 CSL CARLISLE COS INC 2176318 402.11 303,337 121,974,841.07
1.49 STLD STEEL DYNAMICS INC 2849472 111.00 1,008,299 111,921,189.00
1.49 J JACOBS SOLUTIONS INC BNGC0D3 141.91 787,083 111,694,948.53
1.44 WLK Westlake Corporation B01ZP20 135.01 799,646 107,960,206.46
1.38 EME EMCOR GROUP INC 2474164 352.88 293,569 103,594,628.72
1.30 RS RELIANCE INC 2729068 272.69 358,202 97,678,103.38
1.23 RPM RPM INTERNATIONAL INC 2756174 115.32 803,093 92,612,684.76
1.22 IEX IDEX CORP 2456612 195.14 471,096 91,929,673.44
1.17 PNR PENTAIR PLC BLS09M3 85.12 1,029,971 87,671,131.52
1.12 GGG GRACO INC 2380443 80.03 1,053,309 84,296,319.27
1.12 TRMB TRIMBLE INC 2903958 54.15 1,549,779 83,920,532.85
1.06 ACM AECOM B1VZ431 94.05 848,620 79,812,711.00
0.99 TTEK TETRA TECH INC 2883890 45.05 1,658,120 74,691,673.52
0.95 BLD TOPBUILD CORP BZ0P3W2 360.40 198,055 71,379,022.00
0.91 WMS ADVANCED DRAINAG BP7RS59 140.08 485,426 67,998,474.08
0.83 LECO LINCOLN ELECTRIC HOLDINGS 2516851 175.06 356,540 62,415,892.40
0.82 RRX REGAL REXNORD CORP 2730082 149.00 413,471 61,607,179.00
0.80 WWD WOODWARD INC 2948089 159.41 374,780 59,743,679.80
0.70 TPC TUTOR PERINI CORP 2681760 21.59 2,446,798 52,826,368.82
0.70 EXP EAGLE MATERIALS INC 2191399 240.86 217,466 52,378,860.76
0.68 RBC RBC BEARINGS INC B0GLYB5 282.59 181,503 51,290,932.77
0.67 CR CRANE CO BNYD4F8 142.24 353,814 50,326,503.36
0.64 MTZ MASTEC INC 2155306 97.26 491,025 47,757,091.50
0.64 WCC WESCO INTERNATIONAL INC 2416973 149.87 318,342 47,709,915.54
0.62 MLI MUELLER INDUSTRIES INC 2609717 65.89 707,330 46,605,973.70
0.62 AYI ACUITY BRANDS INC 2818461 242.35 191,828 46,489,515.80
0.62 ATI ATI Inc 2526117 58.13 794,793 46,201,317.09
0.58 X UNITED STATES STEEL CORP 2824770 31.27 1,390,031 43,466,269.37
0.57 AGX ARGAN INC 2804501 89.97 472,274 42,490,491.78
0.55 LPX LOUISIANA-PACIFIC CORP 2535243 92.16 449,250 41,402,880.00
0.54 CRS CARPENTER TECHNOLOGY 2177504 132.16 308,392 40,757,086.72
0.53 SPXC SPX TECHNOLOGIES INC BQ1L7V3 140.85 284,400 40,057,740.00
0.53 POWL POWELL INDUSTRIES INC 2697422 150.23 264,967 39,805,992.41
0.48 CMC COMMERCIAL METALS CO 2213260 49.81 722,811 36,003,215.91
0.48 CLF CLEVELAND-CLIFFS INC BYVZ186 11.40 3,136,851 35,760,101.40
0.46 BMI BADGER METER INC 2069128 190.61 182,840 34,851,132.40
0.46 USLM US LIME & MINERA 2724115 76.64 453,275 34,738,996.00
0.46 VMI VALMONT INDUSTRIES 2926825 266.27 130,002 34,615,632.54
0.44 GVA GRANITE CONSTRUCTION INC 2381189 71.39 458,112 32,704,615.68
0.43 EXPO EXPONENT INC 2330318 102.58 315,569 32,371,068.02
0.43 DXPE DXP ENTERPRISES INC 2276627 49.76 645,860 32,137,993.60
0.43 ZWS Zurn Elkay Water Solution BMV1ZD3 29.71 1,076,440 31,981,032.40
0.42 AA ALCOA CORP BYNF418 28.53 1,112,445 31,738,055.85
0.42 STRL STERLING INFRAST 2632876 109.12 288,091 31,436,489.92
0.42 MDU MDU RESOURCES GROUP INC 2547323 24.73 1,268,553 31,371,315.69
0.41 DY DYCOM INDUSTRIES INC 2289841 170.00 182,786 31,073,620.00
0.41 PRIM PRIMORIS SERVICES CORP B1GC200 48.72 637,632 31,065,431.04
0.40 NWPX NORTHWEST PIPE CO 2035925 40.88 727,320 29,732,841.60
0.38 MWA MUELLER WATER-A B15RZR4 19.36 1,460,984 28,284,650.24
0.38 ROAD CONSTRUCTION P-A BDT5M66 57.11 494,691 28,251,803.01
0.37 CSWI CSW INDUSTRIALS INC BYQD1J6 285.00 97,705 27,845,925.00
0.36 SUM SUMMIT MATERIA-A BW9JPS4 35.92 744,654 26,747,971.68
0.35 KNF KNIFE RIVER CORP BPLL4V5 74.53 352,294 26,256,471.82
0.34 DNOW DNOW INC BMH0MV1 12.03 2,107,905 25,358,097.15
0.34 TRN TRINITY INDUSTRIES INC 2904627 31.05 812,803 25,237,533.15
0.33 ACA ARCOSA INC BGPZ5W8 81.78 303,923 24,854,822.94
0.33 MRC MRC GLOBAL INC B7M66F1 12.18 2,004,262 24,411,911.16
0.31 HAYN HAYNES INTERNATIONAL INC B02WVH7 59.65 392,002 23,382,919.30
0.31 HRI HERC HOLDINGS INC BZBZ020 132.07 176,144 23,263,338.08
0.30 MTX MINERALS TECHNOLOGIES INC 2595612 71.88 314,070 22,575,351.60
0.30 CENX CENTURY ALUMINUM COMPANY 2186254 12.10 1,844,186 22,314,650.60
0.30 GRC GORMAN-RUPP CO 2379281 35.47 625,819 22,197,799.93
0.28 GBX GREENBRIER COMPANIES INC 2387530 45.91 454,108 20,848,098.28
0.28 TEX TEREX CORP 2884224 49.81 417,751 20,808,177.31
0.26 CXT CRANE NXT CO BQ7W2W6 55.68 353,757 19,697,189.76
0.26 ATKR Atkore Inc BDHF495 83.77 230,646 19,321,215.42
0.25 IIIN INSTEEL INDUSTRIES INC 2325875 31.29 610,113 19,090,435.77
0.24 ASTE ASTEC INDUSTRIES INC 2060370 30.40 594,604 18,075,961.60
0.24 MTRN MATERION CORP 2149622 103.67 174,342 18,074,035.14
0.24 HEES H&E EQUIPMENT SE B0WR848 43.37 408,457 17,714,780.09
0.23 CMCO COLUMBUS MCKINNON CORP/NY 2211071 31.20 553,144 17,258,092.80
0.23 ROCK GIBRALTAR INDUSTRIES INC 2369226 65.69 259,312 17,034,205.28
0.22 CALX CALIX INC B3S4L67 34.48 469,237 16,179,291.76
0.21 MTUS METALLUS INC BNBPMX1 15.09 1,021,738 15,418,026.42
0.20 WNC WABASH NATIONAL CORP 2932048 18.65 820,744 15,306,875.60
0.18 MYRG MYR GROUP INC/DELAWARE B3CLS18 88.59 150,733 13,353,436.47
0.16 CTOS CUSTOM TRUCK ONE BL66YS4 3.70 3,232,480 11,960,176.00
0.15 RYI RYERSON HOLDING CORP B3TPPZ6 18.14 611,695 11,096,147.30
0.14 TITN TITAN MACHINERY INC B29H3T5 13.60 769,859 10,470,082.40
0.09 OTHER PAYABLE & RECEIVABLES 1.00 6,482,736 6,482,736.28
0.00 CASH 1.00 -6,591 -6,590.52
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 08/31/24

Sector Weight (%)
Industrials 76.0
Materials 20.1
Utilities 3.0
Consumer Discretionary 1.0

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 64.5
Materials 20.1
Transportation 8.0
Utilities 3.4
Technology Hardware & Equipment 1.8
Commercial & Professional Services 1.4
Consumer Durables & Apparel 1.0

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 09/06/24

Return on Equity 15.30%
Weighted Avg. Market Cap 37,317 M
2023 2024
Price-to-earnings 20.14 19.64
Price-to-book value 3.19 2.83

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 08/31/24

Versus Beta
S&P 500 1.24
NASDAQ-100 0.85
MSCI EAFE 1.19
MSCI Emg. Mkts 0.81
Standard Deviation 25.30%

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 07/31 PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 92 during the last 3 years, 84 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.

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.