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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 11/30/2024

 

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 12/18/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $8.71 billion
NAV $40.93
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 12/17/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 212,840,000
Number of Holdings 101
30-Day Median Bid-Ask Spread 0.02%

Distributions As of 12/18/24

30-Day SEC Yield 0.49%
Distribution Frequency Semi-Annually

ETF Prices As of 12/18/24

NAV $40.93 Daily Change -$1.51 -3.56%
Market Price $40.88 Daily Change -$1.56 -3.68%

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 46.08% 46.19% 47.07%
3 Years 19.76% 19.75% 20.50%
5 Years 22.03% 22.02% 22.73%
Since Inception 16.19% 16.19% 16.82%
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 33.01% 32.99% 33.63%
1 Month 11.14% 11.21% 11.20%
3 Months 15.99% 16.01% 16.14%
Since Inception 219.54% 219.68% 233.22%

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 12/18/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.75 TT TRANE TECHNOLOGIES PLC BK9ZQ96 378.45 863,267 326,703,396.15
3.50 PWR QUANTA SERVICES INC 2150204 320.62 952,184 305,289,234.08
3.45 ETN EATON CORP PLC B8KQN82 335.12 898,275 301,029,918.00
3.44 PH PARKER HANNIFIN CORP 2671501 643.80 465,863 299,922,599.40
3.33 HWM HOWMET AEROSPACE INC BKLJ8V2 107.69 2,698,394 290,590,049.86
3.20 EMR EMERSON ELECTRIC CO 2313405 122.38 2,281,507 279,210,826.66
3.14 URI UNITED RENTALS INC 2134781 724.15 378,091 273,794,597.65
2.97 SRE SEMPRA 2138158 85.09 3,046,946 259,264,635.14
2.76 DE DEERE & CO 2261203 426.00 564,136 240,321,936.00
2.69 FAST FASTENAL CO 2332262 74.65 3,144,015 234,700,719.75
2.68 MLM MARTIN MARIETTA MATERIALS 2572079 535.64 436,880 234,010,403.20
2.65 VMC VULCAN MATERIALS CO 2931205 264.89 870,879 230,687,138.31
2.47 NSC NORFOLK SOUTHERN CORP 2641894 237.80 904,821 215,166,433.80
2.37 ROK ROCKWELL AUTOMATION INC 2754060 287.69 718,388 206,673,043.72
2.31 UNP UNION PACIFIC CORP 2914734 224.54 898,129 201,665,885.66
2.30 CSX CSX CORP 2160753 32.08 6,264,199 200,955,503.92
1.95 FTV FORTIVE CORP BYT3MK1 73.66 2,303,584 169,681,997.44
1.72 NUE NUCOR CORP 2651086 117.96 1,272,725 150,130,641.00
1.72 HUBB HUBBELL INC BDFG6S3 425.42 351,603 149,578,948.26
1.64 EME EMCOR GROUP INC 2474164 464.42 308,250 143,157,465.00
1.42 STLD STEEL DYNAMICS INC 2849472 116.76 1,060,837 123,863,328.12
1.41 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 152.03 808,643 122,937,995.29
1.41 CSL CARLISLE COS INC 2176318 384.09 319,164 122,587,700.76
1.32 TRMB TRIMBLE INC 2903958 70.69 1,631,178 115,307,972.82
1.26 J JACOBS SOLUTIONS INC BNGC0D3 132.56 828,286 109,797,592.16
1.26 PNR PENTAIR PLC BLS09M3 101.17 1,083,869 109,655,026.73
1.23 RPM RPM INTERNATIONAL INC 2756174 126.49 845,087 106,895,054.63
1.20 IEX IDEX CORP 2456612 211.65 495,793 104,934,588.45
1.16 RS RELIANCE INC 2729068 268.47 376,908 101,188,490.76
1.11 WLK Westlake Corporation B01ZP20 115.54 840,115 97,066,887.10
1.09 ACM AECOM B1VZ431 106.93 891,789 95,358,997.77
1.06 GGG GRACO INC 2380443 83.42 1,106,878 92,335,762.76
0.83 LECO LINCOLN ELECTRIC HOLDINGS 2516851 191.58 375,310 71,901,889.80
0.82 TTEK TETRA TECH INC 2883890 40.77 1,746,569 71,207,618.13
0.79 AGX ARGAN INC 2804501 138.51 497,228 68,871,050.28
0.78 RRX REGAL REXNORD CORP 2730082 156.53 435,105 68,106,985.65
0.78 MTZ MASTEC INC 2155306 130.71 516,987 67,575,370.77
0.76 BLD TOPBUILD CORP BZ0P3W2 318.53 208,486 66,409,045.58
0.76 WWD WOODWARD INC 2948089 167.65 394,112 66,072,876.80
0.74 POWL POWELL INDUSTRIES INC 2697422 231.97 278,941 64,705,943.77
0.73 USLM US LIME & MINERA 2724115 133.61 478,069 63,874,799.09
0.73 TPC TUTOR PERINI CORP 2681760 24.57 2,576,399 63,302,123.43
0.70 AYI ACUITY BRANDS INC 2818461 300.47 202,050 60,709,963.50
0.68 WMS ADVANCED DRAINAG BP7RS59 116.71 511,147 59,655,966.37
0.68 RBC RBC BEARINGS INC B0GLYB5 312.12 190,206 59,367,096.72
0.68 WCC WESCO INTERNATIONAL INC 2416973 175.70 335,153 58,886,382.10
0.67 EXP EAGLE MATERIALS INC 2191399 257.10 228,103 58,645,281.30
0.67 MLI MUELLER INDUSTRIES INC 2609717 78.71 744,754 58,619,587.34
0.66 CR CRANE CO BNYD4F8 153.37 372,837 57,182,010.69
0.62 CRS CARPENTER TECHNOLOGY 2177504 165.27 324,812 53,681,679.24
0.60 PRIM PRIMORIS SERVICES CORP B1GC200 77.88 673,634 52,462,615.92
0.60 DXPE DXP ENTERPRISES INC 2276627 77.19 676,804 52,242,500.76
0.58 STRL STERLING INFRAST 2632876 167.14 303,652 50,752,395.28
0.57 LPX LOUISIANA-PACIFIC CORP 2535243 104.04 473,227 49,234,537.08
0.54 ROAD CONSTRUCTION P-A BDT5M66 89.43 522,940 46,766,524.20
0.52 ATI ATI Inc 2526117 54.21 837,357 45,393,122.97
0.52 X UNITED STATES STEEL CORP 2824770 30.98 1,464,270 45,363,084.60
0.50 SPXC SPX TECHNOLOGIES INC BQ1L7V3 145.21 299,594 43,504,044.74
0.50 AA ALCOA CORP BYNF418 37.31 1,165,630 43,489,655.30
0.49 GVA GRANITE CONSTRUCTION INC 2381189 89.16 483,191 43,081,309.56
0.49 VMI VALMONT INDUSTRIES 2926825 311.95 137,016 42,742,141.20
0.49 ZWS Zurn Elkay Water Solution BMV1ZD3 37.28 1,134,491 42,293,824.48
0.48 BMI BADGER METER INC 2069128 219.45 191,543 42,034,111.35
0.45 SUM SUMMIT MATERIA-A BW9JPS4 50.37 780,433 39,310,410.21
0.45 CMC COMMERCIAL METALS CO 2213260 51.24 764,120 39,153,508.80
0.44 NWPX NORTHWEST PIPE CO 2035925 49.87 762,132 38,007,522.84
0.43 KNF KNIFE RIVER CORP BPLL4V5 100.92 368,733 37,212,534.36
0.42 CSWI CSW INDUSTRIALS INC BYQD1J6 360.81 102,540 36,997,457.40
0.41 CENX CENTURY ALUMINUM COMPANY 2186254 18.59 1,932,183 35,919,281.97
0.40 MWA MUELLER WATER-A B15RZR4 22.97 1,530,608 35,158,065.76
0.39 HRI HERC HOLDINGS INC BZBZ020 186.03 184,847 34,387,087.41
0.37 DY DYCOM INDUSTRIES INC 2289841 168.30 191,489 32,227,598.70
0.37 ACA ARCOSA INC BGPZ5W8 100.77 318,428 32,087,989.56
0.36 CLF CLEVELAND-CLIFFS INC BYVZ186 9.54 3,315,729 31,632,054.66
0.35 GBX GREENBRIER COMPANIES INC 2387530 63.22 475,382 30,053,650.04
0.34 EXPO EXPONENT INC 2330318 90.72 331,041 30,032,039.52
0.34 DNOW DNOW INC BMH0MV1 13.54 2,208,473 29,902,724.42
0.34 TRN TRINITY INDUSTRIES INC 2904627 34.97 851,483 29,776,360.51
0.31 MRC MRC GLOBAL INC B7M66F1 12.70 2,099,995 26,669,936.50
0.29 GRC GORMAN-RUPP CO 2379281 39.09 655,796 25,635,065.64
0.28 MTX MINERALS TECHNOLOGIES INC 2595612 75.45 328,815 24,809,091.75
0.28 MYRG MYR GROUP INC/DELAWARE B3CLS18 153.98 157,502 24,252,157.96
0.27 MDU MDU RESOURCES GROUP INC 2547323 17.62 1,329,353 23,423,199.86
0.26 ECG EVERUS CONSTRUCTION GROUP BSVLTM2 68.50 333,081 22,816,048.50
0.25 CMCO COLUMBUS MCKINNON CORP/NY 2211071 37.18 579,253 21,533,730.28
0.25 ASTE ASTEC INDUSTRIES INC 2060370 34.32 622,647 21,369,245.04
0.24 HEES H&E EQUIPMENT SE B0WR848 49.51 427,797 21,180,229.47
0.24 CXT CRANE NXT CO BQ7W2W6 57.07 370,436 21,140,782.52
0.23 TEX TEREX CORP 2884224 45.78 438,058 20,054,295.24
0.23 ATKR Atkore Inc BDHF495 82.02 241,283 19,790,031.66
0.21 MTRN MATERION CORP 2149622 100.33 183,045 18,364,904.85
0.21 IIIN INSTEEL INDUSTRIES INC 2325875 28.68 639,123 18,330,047.64
0.19 CALX CALIX INC B3S4L67 34.48 491,478 16,946,161.44
0.19 ROCK GIBRALTAR INDUSTRIES INC 2369226 61.91 271,883 16,832,276.53
0.19 AMTM AMENTUM HOLDINGS INC BMZLFJ5 20.33 824,796 16,768,102.68
0.19 CTOS CUSTOM TRUCK ONE BL66YS4 4.81 3,447,229 16,581,171.49
0.18 MTUS METALLUS INC BNBPMX1 14.87 1,070,328 15,915,777.36
0.17 WNC WABASH NATIONAL CORP 2932048 17.56 859,664 15,095,699.84
0.16 RYI RYERSON HOLDING CORP B3TPPZ6 20.82 654,288 13,622,276.16
0.13 TITN TITAN MACHINERY INC B29H3T5 13.79 806,605 11,123,082.95
0.13 CASH 1.00 11,112,793 11,112,792.69
0.11 RTYZ4 Index E-MINI RUSS 2000 DEC24 111,590.00 85 9,485,150.00
0.04 OTHER PAYABLE & RECEIVABLES 1.00 3,093,131 3,093,130.87
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 11/30/24

Sector Weight (%)
Industrials 74.5
Materials 19.7
Utilities 3.2
Information Technology 1.8
Consumer Discretionary 0.8

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 66.5
Materials 19.5
Transportation 7.1
Utilities 3.2
Technology Hardware & Equipment 1.8
Commercial & Professional Services 1.1
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 12/17/24

Return on Equity 15.00%
Weighted Avg. Market Cap 42,865 M
2023 2024
Price-to-earnings 22.91 22.71
Price-to-book value 3.60 3.21

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 11/30/24

Versus Beta
S&P 500 1.25
NASDAQ-100 0.85
MSCI EAFE 1.14
MSCI Emg. Mkts 0.73
Standard Deviation 25.10%

Source: new windowAltaVista Research, LLC

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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 11/30 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.

© 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.