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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 12/27/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $8.69 billion
NAV $40.96
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 12/27/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 212,060,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.02%

Distributions As of 12/27/24

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

ETF Prices As of 12/27/24

NAV $40.96 Daily Change -$0.50 -1.21%
Market Price $40.96 Daily Change -$0.49 -1.18%

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 12/27/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.71 TT TRANE TECHNOLOGIES PLC BK9ZQ96 373.53 859,782 321,154,370.46
3.54 PWR QUANTA SERVICES INC 2150204 323.14 948,359 306,452,727.26
3.46 ETN EATON CORP PLC B8KQN82 334.63 894,705 299,395,134.15
3.45 HWM HOWMET AEROSPACE INC BKLJ8V2 111.23 2,687,599 298,941,636.77
3.45 PH PARKER HANNIFIN CORP 2671501 643.81 463,993 298,723,333.33
3.30 EMR EMERSON ELECTRIC CO 2313405 125.71 2,272,412 285,664,912.52
3.12 URI UNITED RENTALS INC 2134781 716.54 376,561 269,821,018.94
3.08 SRE SEMPRA 2138158 87.77 3,034,791 266,363,606.07
2.79 DE DEERE & CO 2261203 430.06 561,841 241,625,340.46
2.66 MLM MARTIN MARIETTA MATERIALS 2572079 528.84 435,095 230,095,639.80
2.64 FAST FASTENAL CO 2332262 73.02 3,131,435 228,641,726.53
2.63 VMC VULCAN MATERIALS CO 2931205 262.36 867,394 227,569,489.84
2.45 NSC NORFOLK SOUTHERN CORP 2641894 235.25 901,166 211,999,301.50
2.40 ROK ROCKWELL AUTOMATION INC 2754060 290.50 715,498 207,852,169.00
2.38 UNP UNION PACIFIC CORP 2914734 229.93 894,559 205,685,950.87
2.34 CSX CSX CORP 2160753 32.46 6,239,124 202,521,965.04
2.01 FTV FORTIVE CORP BYT3MK1 75.65 2,294,404 173,571,662.60
1.72 NUE NUCOR CORP 2651086 117.28 1,267,625 148,667,060.00
1.71 HUBB HUBBELL INC BDFG6S3 423.11 350,158 148,155,351.38
1.63 EME EMCOR GROUP INC 2474164 459.38 307,060 141,057,222.80
1.41 STLD STEEL DYNAMICS INC 2849472 115.77 1,056,587 122,321,076.99
1.37 CSL CARLISLE COS INC 2176318 371.99 317,889 118,251,529.11
1.35 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 145.08 805,413 116,849,318.04
1.34 TRMB TRIMBLE INC 2903958 71.20 1,624,633 115,673,869.60
1.29 J JACOBS SOLUTIONS INC BNGC0D3 135.07 824,971 111,428,832.97
1.26 PNR PENTAIR PLC BLS09M3 101.14 1,079,534 109,184,068.76
1.21 RPM RPM INTERNATIONAL INC 2756174 124.14 841,687 104,487,024.18
1.21 IEX IDEX CORP 2456612 211.11 493,838 104,254,140.18
1.17 RS RELIANCE INC 2729068 269.73 375,378 101,250,707.94
1.11 ACM AECOM B1VZ431 107.68 888,219 95,643,421.92
1.11 WLK Westlake Corporation B01ZP20 114.28 836,800 95,629,504.00
1.07 GGG GRACO INC 2380443 84.14 1,102,458 92,760,816.12
0.82 LECO LINCOLN ELECTRIC HOLDINGS 2516851 189.86 373,780 70,965,870.80
0.82 AGX ARGAN INC 2804501 142.95 495,273 70,799,275.35
0.81 MTZ MASTEC INC 2155306 135.73 514,947 69,893,756.31
0.80 TTEK TETRA TECH INC 2883890 39.83 1,739,599 69,288,228.17
0.78 RRX REGAL REXNORD CORP 2730082 156.50 433,405 67,827,882.50
0.77 WWD WOODWARD INC 2948089 169.91 392,497 66,689,165.27
0.75 USLM US LIME & MINERA 2724115 135.58 476,199 64,563,060.42
0.75 BLD TOPBUILD CORP BZ0P3W2 310.67 207,636 64,506,276.12
0.74 POWL POWELL INDUSTRIES INC 2697422 231.07 277,836 64,199,564.52
0.71 TPC TUTOR PERINI CORP 2681760 23.80 2,566,114 61,073,513.20
0.69 AYI ACUITY BRANDS INC 2818461 297.73 201,285 59,928,583.05
0.69 WCC WESCO INTERNATIONAL INC 2416973 178.57 333,793 59,605,416.01
0.69 MLI MUELLER INDUSTRIES INC 2609717 79.96 741,779 59,312,648.84
0.68 WMS ADVANCED DRAINAG BP7RS59 115.58 509,107 58,842,587.06
0.66 CR CRANE CO BNYD4F8 153.94 371,307 57,158,999.58
0.66 RBC RBC BEARINGS INC B0GLYB5 300.19 189,441 56,868,293.79
0.66 EXP EAGLE MATERIALS INC 2191399 249.43 227,168 56,662,514.24
0.64 DXPE DXP ENTERPRISES INC 2276627 82.30 674,084 55,477,113.20
0.64 CRS CARPENTER TECHNOLOGY 2177504 170.66 323,537 55,214,824.42
0.60 STRL STERLING INFRAST 2632876 172.52 302,462 52,180,744.24
0.60 PRIM PRIMORIS SERVICES CORP B1GC200 77.73 670,914 52,150,145.22
0.56 LPX LOUISIANA-PACIFIC CORP 2535243 103.39 471,357 48,733,600.23
0.54 ROAD CONSTRUCTION P-A BDT5M66 89.86 520,815 46,800,435.90
0.53 ATI ATI Inc 2526117 55.45 834,042 46,247,628.90
0.53 X UNITED STATES STEEL CORP 2824770 31.14 1,458,405 45,414,731.70
0.51 AA ALCOA CORP BYNF418 37.68 1,160,955 43,744,784.40
0.50 SPXC SPX TECHNOLOGIES INC BQ1L7V3 145.96 298,404 43,555,047.84
0.50 GVA GRANITE CONSTRUCTION INC 2381189 89.10 481,236 42,878,127.60
0.49 ZWS Zurn Elkay Water Solution BMV1ZD3 37.71 1,129,986 42,611,772.06
0.48 VMI VALMONT INDUSTRIES 2926825 306.54 136,506 41,844,549.24
0.48 BMI BADGER METER INC 2069128 215.45 190,778 41,103,120.10
0.45 SUM SUMMIT MATERIA-A BW9JPS4 50.56 777,288 39,299,681.28
0.44 CMC COMMERCIAL METALS CO 2213260 50.11 761,060 38,136,716.60
0.44 KNF KNIFE RIVER CORP BPLL4V5 102.97 367,288 37,819,645.36
0.43 NWPX NORTHWEST PIPE CO 2035925 48.78 759,072 37,027,532.16
0.42 CSWI CSW INDUSTRIALS INC BYQD1J6 357.43 102,115 36,498,964.45
0.41 CENX CENTURY ALUMINUM COMPANY 2186254 18.41 1,924,448 35,429,087.68
0.40 HRI HERC HOLDINGS INC BZBZ020 189.62 184,082 34,905,628.84
0.40 MWA MUELLER WATER-A B15RZR4 22.60 1,524,488 34,453,428.80
0.39 DY DYCOM INDUSTRIES INC 2289841 175.17 190,724 33,409,123.08
0.36 ACA ARCOSA INC BGPZ5W8 98.53 317,153 31,249,085.09
0.35 CLF CLEVELAND-CLIFFS INC BYVZ186 9.24 3,302,469 30,514,813.56
0.35 TRN TRINITY INDUSTRIES INC 2904627 35.48 848,083 30,089,984.84
0.34 EXPO EXPONENT INC 2330318 89.43 329,681 29,483,371.83
0.34 GBX GREENBRIER COMPANIES INC 2387530 62.03 473,512 29,371,949.36
0.33 DNOW DNOW INC BMH0MV1 12.91 2,199,633 28,397,262.03
0.31 MRC MRC GLOBAL INC B7M66F1 12.63 2,091,580 26,416,655.40
0.29 MTX MINERALS TECHNOLOGIES INC 2595612 76.87 327,455 25,171,465.85
0.29 GRC GORMAN-RUPP CO 2379281 38.23 653,161 24,970,345.03
0.28 MDU MDU RESOURCES GROUP INC 2547323 18.20 1,323,998 24,096,763.60
0.27 MYRG MYR GROUP INC/DELAWARE B3CLS18 150.07 156,907 23,547,033.49
0.27 ECG EVERUS CONSTRUCTION GROUP BSVLTM2 69.85 331,721 23,170,711.85
0.25 CMCO COLUMBUS MCKINNON CORP/NY 2211071 37.44 576,958 21,601,307.52
0.25 CXT CRANE NXT CO BQ7W2W6 58.01 368,906 21,400,237.06
0.24 HEES H&E EQUIPMENT SE B0WR848 49.42 426,097 21,057,713.74
0.24 ASTE ASTEC INDUSTRIES INC 2060370 33.22 620,182 20,602,446.04
0.23 ATKR Atkore Inc BDHF495 83.37 240,348 20,037,812.76
0.23 TEX TEREX CORP 2884224 45.23 436,273 19,732,627.79
0.21 MTRN MATERION CORP 2149622 100.25 182,280 18,273,570.00
0.20 IIIN INSTEEL INDUSTRIES INC 2325875 27.55 636,573 17,537,586.15
0.20 CALX CALIX INC B3S4L67 34.95 489,523 17,108,828.85
0.19 AMTM AMENTUM HOLDINGS INC BMZLFJ5 20.48 821,481 16,823,930.88
0.19 CTOS CUSTOM TRUCK ONE BL66YS4 4.72 3,433,544 16,206,327.68
0.19 ROCK GIBRALTAR INDUSTRIES INC 2369226 59.22 270,778 16,035,473.16
0.17 MTUS METALLUS INC BNBPMX1 14.09 1,065,993 15,019,841.37
0.17 WNC WABASH NATIONAL CORP 2932048 17.31 856,179 14,820,458.49
0.14 RYI RYERSON HOLDING CORP B3TPPZ6 18.56 651,653 12,094,679.68
0.14 CASH 1.00 11,750,135 11,750,134.72
0.13 TITN TITAN MACHINERY INC B29H3T5 13.87 803,375 11,142,811.25
-0.33 OTHER PAYABLE & RECEIVABLES 1.00 -28,134,145 -28,134,144.59
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 12/27/24

Return on Equity 15.00%
Weighted Avg. Market Cap 42,865 M
2023 2024
Price-to-earnings 22.11 21.92
Price-to-book value 3.48 3.10

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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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 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.