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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 04/02/25

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $7.85 billion
NAV $38.66
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 04/01/25

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 203,080,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 04/02/25

30-Day SEC Yield 0.72%
Distribution Frequency Semi-Annually

ETF Prices As of 04/02/25

NAV $38.66 Daily Change $0.66 1.74%
Market Price $38.63 Daily Change $0.64 1.68%

Performance History

As of recent month & quarter-end (03/31/25)
As of recent month & quarter-end (03/31/25)
Fund NAV Market Price Index
1 Year -4.74% -4.69% -4.26%
3 Years 10.88% 10.88% 11.53%
5 Years 25.73% 25.74% 26.47%
Since Inception 12.80% 12.81% 13.41%
1 Year -4.74% -4.69% -4.26%
3 Years 10.88% 10.88% 11.53%
5 Years 25.73% 25.74% 26.47%
Since Inception 12.80% 12.81% 13.41%
Year-to-Date -6.75% -6.63% -6.62%
1 Month -6.19% -6.17% -6.15%
3 Months -6.75% -6.63% -6.62%
Since Inception 164.52% 164.66% 176.29%
Year-to-Date -6.75% -6.63% -6.62%
1 Month -6.19% -6.17% -6.15%
3 Months -6.75% -6.63% -6.62%
Since Inception 164.52% 164.66% 176.29%

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 04/02/25

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.56 HWM HOWMET AEROSPACE INC BKLJ8V2 133.90 2,086,964 279,444,479.60
3.51 FAST FASTENAL CO 2332262 78.01 3,532,913 275,602,543.13
3.37 DE DEERE & CO 2261203 470.90 561,520 264,419,768.00
3.26 UNP UNION PACIFIC CORP 2914734 238.46 1,074,745 256,283,692.70
3.16 NSC NORFOLK SOUTHERN CORP 2641894 238.57 1,040,858 248,317,493.06
3.14 PH PARKER HANNIFIN CORP 2671501 628.98 392,051 246,592,237.98
3.06 CRH CRH PLC B01ZKD6 90.63 2,652,078 240,357,829.14
3.00 CSX CSX CORP 2160753 29.74 7,917,831 235,476,293.94
2.99 SRE SEMPRA 2138158 72.84 3,219,261 234,490,971.24
2.95 TT TRANE TECHNOLOGIES PLC BK9ZQ96 347.94 665,966 231,716,210.04
2.89 EMR EMERSON ELECTRIC CO 2313405 111.54 2,032,445 226,698,915.30
2.78 URI UNITED RENTALS INC 2134781 646.17 338,010 218,411,921.70
2.61 ETN EATON CORP PLC B8KQN82 283.84 721,041 204,660,277.44
2.53 PWR QUANTA SERVICES INC 2150204 264.49 751,500 198,764,235.00
2.52 VMC VULCAN MATERIALS CO 2931205 240.10 822,898 197,577,809.80
2.39 MLM MARTIN MARIETTA MATERIALS 2572079 492.47 380,833 187,548,827.51
2.34 ROK ROCKWELL AUTOMATION INC 2754060 260.86 704,343 183,734,914.98
2.29 NUE NUCOR CORP 2651086 123.03 1,463,320 180,032,259.60
2.05 FTV FORTIVE CORP BYT3MK1 74.29 2,162,208 160,630,432.32
1.54 STLD STEEL DYNAMICS INC 2849472 127.36 948,713 120,828,087.68
1.46 HUBB HUBBELL INC BDFG6S3 341.62 334,495 114,270,181.90
1.40 EME EMCOR GROUP INC 2474164 384.95 286,451 110,269,312.45
1.30 TRMB TRIMBLE INC 2903958 66.51 1,531,806 101,880,417.06
1.26 RS RELIANCE INC 2729068 293.90 337,198 99,102,492.20
1.25 CSL CARLISLE COS INC 2176318 348.23 282,456 98,359,652.88
1.23 J JACOBS SOLUTIONS INC BNGC0D3 124.52 772,862 96,236,776.24
1.20 RPM RPM INTERNATIONAL INC 2756174 117.58 800,697 94,145,953.26
1.20 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 131.12 716,646 93,966,623.52
1.17 PNR PENTAIR PLC BLS09M3 89.09 1,029,639 91,730,538.51
1.13 GGG GRACO INC 2380443 84.64 1,052,208 89,058,885.12
1.10 IEX IDEX CORP 2456612 183.30 471,562 86,437,314.60
1.04 WLK Westlake Corporation B01ZP20 102.01 801,589 81,770,093.89
1.01 ACM AECOM B1VZ431 95.84 826,528 79,214,443.52
0.90 WWD WOODWARD INC 2948089 190.14 369,963 70,344,764.82
0.87 LECO LINCOLN ELECTRIC HOLDINGS 2516851 194.78 351,510 68,467,117.80
0.84 RBC RBC BEARINGS INC B0GLYB5 336.99 195,674 65,940,181.26
0.77 MTZ MASTEC INC 2155306 122.76 493,490 60,580,832.40
0.76 X UNITED STATES STEEL CORP 2824770 42.40 1,401,707 59,432,376.80
0.74 CRS CARPENTER TECHNOLOGY 2177504 187.35 310,528 58,177,420.80
0.73 BLD TOPBUILD CORP BZ0P3W2 312.99 183,692 57,493,759.08
0.72 MLI MUELLER INDUSTRIES INC 2609717 79.39 707,881 56,198,672.59
0.72 CR CRANE CO BNYD4F8 157.58 356,582 56,190,191.56
0.68 WMS ADVANCED DRAINAG BP7RS59 109.99 482,458 53,065,555.42
0.66 AYI ACUITY INC 2818461 266.40 193,151 51,455,426.40
0.66 TTEK TETRA TECH INC 2883890 30.83 1,668,614 51,435,026.55
0.64 RRX REGAL REXNORD CORP 2730082 121.51 412,533 50,126,884.83
0.63 AA ALCOA CORP BYNF418 30.84 1,608,427 49,603,888.68
0.63 WCC WESCO INTERNATIONAL INC 2416973 162.39 305,053 49,537,556.67
0.63 EXP EAGLE MATERIALS INC 2191399 235.20 209,054 49,169,500.80
0.61 ATI ATI Inc 2526117 53.96 887,707 47,900,669.72
0.52 LPX LOUISIANA-PACIFIC CORP 2535243 93.69 436,820 40,925,665.80
0.50 SPXC SPX TECHNOLOGIES INC BQ1L7V3 135.62 288,767 39,162,580.54
0.47 VMI VALMONT INDUSTRIES 2926825 296.54 124,845 37,021,536.30
0.46 BMI BADGER METER INC 2069128 195.77 183,094 35,844,312.38
0.45 ZWS Zurn Elkay Water Solution BMV1ZD3 33.49 1,056,487 35,381,749.63
0.43 KNF KNIFE RIVER CORP BPLL4V5 95.21 352,723 33,582,756.83
0.43 DNOW DNOW INC BMH0MV1 17.31 1,929,746 33,403,903.26
0.42 CMC COMMERCIAL METALS CO 2213260 47.04 707,274 33,270,168.96
0.40 CSWI CSW INDUSTRIALS INC BYQD1J6 303.04 104,816 31,763,440.64
0.38 RYI RYERSON HOLDING CORP B3TPPZ6 23.26 1,297,026 30,168,824.76
0.37 MWA MUELLER WATER-A B15RZR4 26.09 1,122,938 29,297,452.42
0.37 PLPC PREFORMED LINE 2798466 144.24 203,082 29,292,547.68
0.37 HEES H&E EQUIPMENT SE B0WR848 95.94 299,826 28,765,306.44
0.37 DY DYCOM INDUSTRIES INC 2289841 157.95 181,571 28,679,139.45
0.37 TITN TITAN MACHINERY INC B29H3T5 16.99 1,686,566 28,654,756.34
0.34 CLF CLEVELAND-CLIFFS INC BYVZ186 8.73 3,074,278 26,838,446.94
0.34 ASTE ASTEC INDUSTRIES INC 2060370 35.11 757,885 26,609,342.35
0.33 EXPO EXPONENT INC 2330318 81.75 315,624 25,802,262.00
0.33 ROCK GIBRALTAR INDUSTRIES INC 2369226 59.09 433,956 25,642,460.04
0.32 GRC GORMAN-RUPP CO 2379281 36.18 698,939 25,287,613.02
0.32 HRI HERC HOLDINGS INC BZBZ020 142.19 176,562 25,105,350.78
0.32 MDU MDU RESOURCES GROUP INC 2547323 17.04 1,472,497 25,091,348.88
0.32 CENX CENTURY ALUMINUM COMPANY 2186254 18.60 1,345,160 25,019,976.00
0.32 MTUS METALLUS INC BNBPMX1 13.76 1,797,723 24,736,668.48
0.32 ACA ARCOSA INC BGPZ5W8 81.42 303,593 24,718,542.06
0.31 ROAD CONSTRUCTION P-A BDT5M66 76.40 322,371 24,629,144.40
0.31 IIIN INSTEEL INDUSTRIES INC 2325875 26.62 919,136 24,467,400.32
0.30 CALX CALIX INC B3S4L67 35.27 673,467 23,753,181.09
0.30 TPC TUTOR PERINI CORP 2681760 23.49 999,046 23,467,590.54
0.29 NWPX NORTHWEST PIPE CO 2035925 42.87 534,139 22,898,538.93
0.29 STRL STERLING INFRAST 2632876 118.46 191,552 22,691,249.92
0.29 GVA GRANITE CONSTRUCTION INC 2381189 77.93 286,949 22,361,935.57
0.28 MTX MINERALS TECHNOLOGIES INC 2595612 63.06 351,923 22,192,264.38
0.28 CTOS CUSTOM TRUCK ONE BL66YS4 4.40 4,959,242 21,820,664.80
0.28 TEX TEREX CORP 2884224 40.01 544,425 21,782,444.25
0.28 CTRI CENTURI HOLDINGS INC BMDPVF7 17.74 1,227,290 21,772,124.60
0.28 MTRN MATERION CORP 2149622 83.06 260,182 21,610,716.92
0.27 DXPE DXP ENTERPRISES INC 2276627 84.91 249,032 21,145,307.12
0.27 AGX ARGAN INC 2804501 138.02 151,802 20,951,712.04
0.27 USLM US LIME & MINERA 2724115 92.99 224,431 20,869,838.69
0.26 MRC MRC GLOBAL INC B7M66F1 11.69 1,767,115 20,657,574.35
0.26 MYRG MYR GROUP INC/DELAWARE B3CLS18 119.63 172,420 20,626,604.60
0.25 PRIM PRIMORIS SERVICES CORP B1GC200 59.42 334,770 19,892,033.40
0.25 GBX GREENBRIER COMPANIES INC 2387530 51.99 378,056 19,655,131.44
0.25 TRN TRINITY INDUSTRIES INC 2904627 28.86 677,217 19,544,482.62
0.24 ATKR Atkore Inc BDHF495 61.48 307,486 18,904,239.28
0.24 WNC WABASH NATIONAL CORP 2932048 11.12 1,692,154 18,816,752.48
0.21 POWL POWELL INDUSTRIES INC 2697422 181.30 91,265 16,546,344.50
0.16 CMCO COLUMBUS MCKINNON CORP/NY 2211071 17.10 718,098 12,279,475.80
0.10 CASH 1.00 7,652,315 7,652,315.33
0.09 RTYM5 Index E-MINI RUSS 2000 JUN25 102,955.00 68 7,000,940.00
0.04 OTHER PAYABLE & RECEIVABLES 1.00 3,170,377 3,170,376.92
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 03/31/25

Sector Weight (%)
Industrials 71.7
Materials 22.2
Utilities 3.3
Information Technology 2.1
Consumer Discretionary 0.7

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 61.2
Materials 22.2
Transportation 9.5
Utilities 3.3
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 04/02/25

Return on Equity 14.50%
Weighted Avg. Market Cap 39,461 M
2024 2025
Price-to-earnings 21.34 19.81
Price-to-book value 3.03 2.73

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 03/31/25

Versus Beta
S&P 500 1.29
NASDAQ-100 0.87
MSCI EAFE 1.13
MSCI Emg. Mkts 0.75
Standard Deviation 26.00%

Source: new windowAltaVista Research, LLC

ETF Research

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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.