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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 95 Infrastructure funds, based on risk-adjusted returns as of 10/31/2024

 

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 11/11/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $9.22 billion
NAV $45.44
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 11/11/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 202,840,000
Number of Holdings 102
30-Day Median Bid-Ask Spread 0.02%

Distributions As of 11/11/24

30-Day SEC Yield 0.56%
Distribution Frequency Semi-Annually

ETF Prices As of 11/11/24

NAV $45.44 Daily Change $0.34 0.75%
Market Price $45.47 Daily Change $0.38 0.84%

Performance History

As of recent
(09/30/24)
As of recent
(09/30/24)
Fund NAV Market Price Index
1 Year 36.45% 36.39% 37.49%
3 Years 18.29% 18.29% 19.03%
5 Years 21.27% 21.27% 21.97%
Since Inception 14.97% 14.97% 15.59%
1 Year 43.82% 43.73% 44.89%
3 Years 15.00% 14.98% 15.71%
5 Years 20.63% 20.66% 21.33%
Since Inception 14.78% 14.78% 15.40%
Year-to-Date 19.74% 19.70% 20.19%
1 Month 4.42% 4.41% 4.46%
3 Months 11.16% 11.18% 11.32%
Since Inception 187.66% 187.73% 199.70%
Year-to-Date 19.68% 19.59% 20.17%
1 Month -0.05% -0.10% -0.01%
3 Months 2.95% 2.90% 3.07%
Since Inception 187.52% 187.45% 199.67%

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 11/11/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.69 TT TRANE TECHNOLOGIES PLC BK9ZQ96 414.92 821,899 341,022,333.08
3.45 ETN EATON CORP PLC B8KQN82 371.95 855,354 318,148,920.30
3.41 URI UNITED RENTALS INC 2134781 873.88 359,935 314,539,997.80
3.40 PH PARKER HANNIFIN CORP 2671501 708.15 443,543 314,094,975.45
3.24 PWR QUANTA SERVICES INC 2150204 329.69 906,553 298,881,458.57
3.19 HWM HOWMET AEROSPACE INC BKLJ8V2 114.68 2,569,070 294,620,947.60
3.04 EMR EMERSON ELECTRIC CO 2313405 129.20 2,172,324 280,664,260.80
2.90 SRE SEMPRA 2138158 92.12 2,901,078 267,247,305.36
2.78 MLM MARTIN MARIETTA MATERIALS 2572079 616.05 415,849 256,183,776.45
2.74 FAST FASTENAL CO 2332262 84.35 2,993,308 252,485,529.80
2.62 VMC VULCAN MATERIALS CO 2931205 292.04 829,104 242,131,532.16
2.53 NSC NORFOLK SOUTHERN CORP 2641894 271.11 861,334 233,516,260.74
2.36 CSX CSX CORP 2160753 36.52 5,963,329 217,780,775.08
2.34 DE DEERE & CO 2261203 402.65 536,992 216,219,828.80
2.24 UNP UNION PACIFIC CORP 2914734 241.95 855,072 206,884,670.40
2.09 NUE NUCOR CORP 2651086 159.06 1,211,516 192,703,734.96
2.06 ROK ROCKWELL AUTOMATION INC 2754060 277.82 683,821 189,979,150.22
1.81 FTV FORTIVE CORP BYT3MK1 76.16 2,192,874 167,009,283.84
1.69 HUBB HUBBELL INC BDFG6S3 466.01 334,584 155,919,489.84
1.66 EME EMCOR GROUP INC 2474164 520.44 293,541 152,770,478.04
1.61 STLD STEEL DYNAMICS INC 2849472 147.80 1,008,199 149,011,812.20
1.53 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 183.59 769,660 141,301,879.40
1.50 CSL CARLISLE COS INC 2176318 455.20 303,307 138,065,346.40
1.25 RS RELIANCE INC 2729068 323.18 358,166 115,752,087.88
1.25 J JACOBS SOLUTIONS INC BNGC0D3 146.88 787,005 115,595,294.40
1.23 TRMB TRIMBLE INC 2903958 73.36 1,549,627 113,680,636.72
1.19 RPM RPM INTERNATIONAL INC 2756174 137.25 803,013 110,213,534.25
1.18 PNR PENTAIR PLC BLS09M3 105.63 1,029,869 108,785,062.47
1.17 IEX IDEX CORP 2456612 229.34 471,050 108,030,607.00
1.13 WLK Westlake Corporation B01ZP20 130.22 799,568 104,119,744.96
1.03 ACM AECOM B1VZ431 111.58 848,536 94,679,646.88
1.02 GGG GRACO INC 2380443 89.08 1,053,205 93,819,501.40
1.01 POWL POWELL INDUSTRIES INC 2697422 352.37 264,941 93,357,260.17
0.86 TTEK TETRA TECH INC 2883890 48.12 1,657,714 79,769,197.68
0.84 LECO LINCOLN ELECTRIC HOLDINGS 2516851 218.28 356,504 77,817,693.12
0.81 TPC TUTOR PERINI CORP 2681760 30.64 2,446,435 74,958,768.40
0.80 AGX ARGAN INC 2804501 157.15 472,228 74,210,630.20
0.80 BLD TOPBUILD CORP BZ0P3W2 370.41 198,035 73,354,144.35
0.79 RRX REGAL REXNORD CORP 2730082 176.30 413,431 72,887,885.30
0.77 MTZ MASTEC INC 2155306 145.09 490,977 71,235,852.93
0.74 EXP EAGLE MATERIALS INC 2191399 313.59 217,444 68,188,263.96
0.73 MLI MUELLER INDUSTRIES INC 2609717 95.34 707,260 67,430,168.40
0.72 WCC WESCO INTERNATIONAL INC 2416973 209.39 318,310 66,650,930.90
0.72 WWD WOODWARD INC 2948089 176.64 374,744 66,194,780.16
0.71 WMS ADVANCED DRAINAG BP7RS59 135.83 485,378 65,928,893.74
0.70 USLM US LIME & MINERA 2724115 142.30 452,989 64,460,334.70
0.69 AYI ACUITY BRANDS INC 2818461 333.45 191,810 63,959,044.50
0.69 CR CRANE CO BNYD4F8 178.73 353,780 63,231,099.40
0.63 RBC RBC BEARINGS INC B0GLYB5 320.08 181,485 58,089,718.80
0.61 STRL STERLING INFRAST 2632876 194.70 288,063 56,085,866.10
0.61 X UNITED STATES STEEL CORP 2824770 40.25 1,389,772 55,938,323.00
0.60 CRS CARPENTER TECHNOLOGY 2177504 178.81 308,362 55,138,209.22
0.57 PRIM PRIMORIS SERVICES CORP B1GC200 81.91 637,447 52,213,283.77
0.55 LPX LOUISIANA-PACIFIC CORP 2535243 112.32 449,206 50,454,817.92
0.52 AA ALCOA CORP BYNF418 43.51 1,112,335 48,397,695.85
0.52 SPXC SPX TECHNOLOGIES INC BQ1L7V3 168.41 284,372 47,891,088.52
0.51 ROAD CONSTRUCTION P-A BDT5M66 95.77 494,643 47,371,960.11
0.51 ATI ATI Inc 2526117 59.50 794,715 47,285,542.50
0.50 DXPE DXP ENTERPRISES INC 2276627 70.73 645,796 45,677,151.08
0.49 CMC COMMERCIAL METALS CO 2213260 62.65 722,739 45,279,598.35
0.49 VMI VALMONT INDUSTRIES 2926825 348.29 129,990 45,274,217.10
0.49 GVA GRANITE CONSTRUCTION INC 2381189 98.41 458,066 45,078,275.06
0.46 ZWS Zurn Elkay Water Solution BMV1ZD3 39.82 1,076,334 42,859,619.88
0.45 BMI BADGER METER INC 2069128 226.87 182,822 41,476,827.14
0.45 CSWI CSW INDUSTRIALS INC BYQD1J6 423.00 97,695 41,324,985.00
0.44 CENX CENTURY ALUMINUM COMPANY 2186254 22.16 1,844,004 40,863,128.64
0.43 HRI HERC HOLDINGS INC BZBZ020 227.59 176,126 40,084,516.34
0.43 NWPX NORTHWEST PIPE CO 2035925 54.40 727,248 39,562,291.20
0.43 CLF CLEVELAND-CLIFFS INC BYVZ186 12.52 3,136,541 39,269,493.32
0.41 MWA MUELLER WATER-A B15RZR4 25.97 1,460,840 37,938,014.80
0.40 SUM SUMMIT MATERIA-A BW9JPS4 50.10 744,580 37,303,458.00
0.38 DY DYCOM INDUSTRIES INC 2289841 193.31 182,768 35,330,882.08
0.38 KNF KNIFE RIVER CORP BPLL4V5 98.94 352,260 34,852,604.40
0.36 EXPO EXPONENT INC 2330318 106.23 315,537 33,519,495.51
0.35 ACA ARCOSA INC BGPZ5W8 106.24 303,893 32,285,592.32
0.34 DNOW DNOW INC BMH0MV1 14.84 2,107,697 31,278,223.48
0.34 TRN TRINITY INDUSTRIES INC 2904627 38.20 812,723 31,046,018.60
0.32 GBX GREENBRIER COMPANIES INC 2387530 65.46 454,064 29,723,029.44
0.30 MRC MRC GLOBAL INC B7M66F1 13.96 2,004,064 27,976,733.44
0.29 GRC GORMAN-RUPP CO 2379281 42.76 625,757 26,757,369.32
0.28 MTX MINERALS TECHNOLOGIES INC 2595612 82.91 314,040 26,037,056.40
0.28 AMTM AMENTUM HOLDINGS INC BMZLFJ5 32.28 787,005 25,404,521.40
0.27 HEES H&E EQUIPMENT SE B0WR848 60.00 408,417 24,505,020.00
0.26 HAYN HAYNES INTERNATIONAL INC B02WVH7 60.61 391,964 23,756,938.04
0.25 TEX TEREX CORP 2884224 55.58 417,709 23,216,266.22
0.25 ASTE ASTEC INDUSTRIES INC 2060370 38.91 594,546 23,133,784.86
0.25 MDU MDU RESOURCES GROUP INC 2547323 18.16 1,268,306 23,032,436.96
0.25 MYRG MYR GROUP INC/DELAWARE B3CLS18 150.78 150,719 22,725,410.82
0.24 ATKR Atkore Inc BDHF495 95.73 230,624 22,077,635.52
0.23 MTRN MATERION CORP 2149622 120.21 174,324 20,955,488.04
0.22 CMCO COLUMBUS MCKINNON CORP/NY 2211071 37.10 553,090 20,519,639.00
0.22 ECG EVERUS CONSTRUCTION GROUP BSVLTM2 63.85 317,577 20,277,307.41
0.22 CXT CRANE NXT CO BQ7W2W6 56.36 353,723 19,935,828.28
0.21 ROCK GIBRALTAR INDUSTRIES INC 2369226 73.99 259,286 19,184,571.14
0.20 IIIN INSTEEL INDUSTRIES INC 2325875 30.23 610,053 18,441,902.19
0.18 MTUS METALLUS INC BNBPMX1 16.42 1,021,638 16,775,295.96
0.18 CTOS CUSTOM TRUCK ONE BL66YS4 5.14 3,232,158 16,613,292.12
0.18 WNC WABASH NATIONAL CORP 2932048 20.10 820,664 16,495,346.40
0.17 RYI RYERSON HOLDING CORP B3TPPZ6 26.01 611,512 15,905,427.12
0.17 CALX CALIX INC B3S4L67 33.27 469,191 15,609,984.57
0.13 TITN TITAN MACHINERY INC B29H3T5 15.33 769,783 11,800,773.39
0.08 CASH 1.00 7,695,614 7,695,613.91
0.05 OTHER PAYABLE & RECEIVABLES 1.00 4,166,992 4,166,992.15
0.01 RTYZ4 Index E-MINI RUSS 2000 DEC24 122,425.00 10 1,224,250.00
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 10/31/24

Sector Weight (%)
Industrials 74.2
Materials 20.2
Utilities 3.0
Information Technology 1.8
Consumer Discretionary 0.8

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 65.6
Materials 20.2
Transportation 7.3
Utilities 3.0
Technology Hardware & Equipment 1.8
Commercial & Professional Services 1.3
Consumer Durables & Apparel 0.8

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 11/11/24

Return on Equity 14.90%
Weighted Avg. Market Cap 39,293 M
2023 2024
Price-to-earnings 24.57 24.32
Price-to-book value 3.85 3.43

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 10/31/24

Versus Beta
S&P 500 1.23
NASDAQ-100 0.83
MSCI EAFE 1.13
MSCI Emg. Mkts 0.76
Standard Deviation 24.50%

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 10/31 PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 95 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.

© 2024 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.