Model Portfolios | News | Contact

PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 95 Infrastructure funds, based on risk-adjusted returns as of 09/30/2024

 

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 10/25/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $8.32 billion
NAV $41.22
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 10/24/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 201,760,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.02%

Distributions As of 10/25/24

30-Day SEC Yield 0.60%
Distribution Frequency Semi-Annually

ETF Prices As of 10/25/24

NAV $41.22 Daily Change -$0.23 -0.55%
Market Price $41.21 Daily Change -$0.24 -0.58%

Performance History

As of recent month & quarter-end (09/30/24)
As of recent month & quarter-end (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 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%
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 19.74% 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%

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 10/25/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.85 TT TRANE TECHNOLOGIES PLC BK9ZQ96 392.57 816,339 320,470,201.23
3.52 ETN EATON CORP PLC B8KQN82 344.49 849,516 292,649,766.84
3.49 URI UNITED RENTALS INC 2134781 812.50 357,433 290,414,312.50
3.34 PWR QUANTA SERVICES INC 2150204 308.17 900,298 277,444,834.66
3.29 PH PARKER HANNIFIN CORP 2671501 621.74 440,485 273,867,143.90
3.11 HWM HOWMET AEROSPACE INC BKLJ8V2 101.39 2,551,417 258,688,169.63
2.92 SRE SEMPRA 2138158 84.38 2,881,201 243,115,740.38
2.83 MLM MARTIN MARIETTA MATERIALS 2572079 570.21 413,069 235,536,074.49
2.81 EMR EMERSON ELECTRIC CO 2313405 108.13 2,157,451 233,285,176.63
2.71 FAST FASTENAL CO 2332262 75.85 2,972,875 225,492,568.75
2.62 DE DEERE & CO 2261203 407.93 533,378 217,580,887.54
2.58 NSC NORFOLK SOUTHERN CORP 2641894 251.09 855,496 214,806,490.64
2.54 VMC VULCAN MATERIALS CO 2931205 256.54 823,405 211,236,318.70
2.37 CSX CSX CORP 2160753 33.27 5,922,463 197,040,344.01
2.35 UNP UNION PACIFIC CORP 2914734 230.30 849,234 195,578,590.20
2.20 ROK ROCKWELL AUTOMATION INC 2754060 269.86 679,095 183,260,576.70
2.05 NUE NUCOR CORP 2651086 141.47 1,203,176 170,213,308.72
1.96 FTV FORTIVE CORP BYT3MK1 74.97 2,177,862 163,274,314.14
1.78 HUBB HUBBELL INC BDFG6S3 444.52 332,360 147,740,667.20
1.66 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 180.80 764,378 138,199,542.40
1.56 STLD STEEL DYNAMICS INC 2849472 129.58 1,001,249 129,741,845.42
1.51 CSL CARLISLE COS INC 2176318 417.20 301,222 125,669,818.40
1.50 EME EMCOR GROUP INC 2474164 428.58 291,595 124,971,785.10
1.32 J JACOBS SOLUTIONS INC BNGC0D3 140.52 781,584 109,828,183.68
1.27 WLK Westlake Corporation B01ZP20 132.73 794,147 105,407,131.31
1.23 RPM RPM INTERNATIONAL INC 2756174 128.45 797,453 102,432,837.85
1.22 PNR PENTAIR PLC BLS09M3 98.96 1,022,780 101,214,308.80
1.21 RS RELIANCE INC 2729068 283.54 355,664 100,844,970.56
1.14 IEX IDEX CORP 2456612 202.82 467,853 94,889,945.46
1.13 TRMB TRIMBLE INC 2903958 60.90 1,539,063 93,728,936.70
1.06 ACM AECOM B1VZ431 104.49 842,698 88,053,514.02
1.03 GGG GRACO INC 2380443 82.14 1,045,977 85,916,550.78
0.95 TTEK TETRA TECH INC 2883890 47.92 1,646,316 78,891,462.72
0.87 WMS ADVANCED DRAINAG BP7RS59 150.07 482,042 72,340,042.94
0.87 BLD TOPBUILD CORP BZ0P3W2 367.16 196,645 72,200,178.20
0.82 LECO LINCOLN ELECTRIC HOLDINGS 2516851 193.71 354,002 68,573,727.42
0.82 RRX REGAL REXNORD CORP 2730082 166.43 410,651 68,344,645.93
0.81 POWL POWELL INDUSTRIES INC 2697422 254.31 263,134 66,917,607.54
0.76 TPC TUTOR PERINI CORP 2681760 25.97 2,429,616 63,097,127.52
0.75 EXP EAGLE MATERIALS INC 2191399 288.16 215,915 62,218,066.40
0.73 WWD WOODWARD INC 2948089 164.04 372,242 61,062,577.68
0.72 MTZ MASTEC INC 2155306 121.95 487,641 59,467,819.95
0.71 AGX ARGAN INC 2804501 126.11 469,031 59,149,499.41
0.69 AYI ACUITY BRANDS INC 2818461 303.09 190,559 57,756,527.31
0.69 MLI MUELLER INDUSTRIES INC 2609717 81.85 702,395 57,491,030.75
0.67 WCC WESCO INTERNATIONAL INC 2416973 176.03 316,086 55,640,618.58
0.64 X UNITED STATES STEEL CORP 2824770 38.79 1,380,181 53,537,220.99
0.63 CR CRANE CO BNYD4F8 149.06 351,417 52,382,218.02
0.63 RBC RBC BEARINGS INC B0GLYB5 288.84 180,234 52,058,788.56
0.58 ATI ATI Inc 2526117 61.38 789,294 48,446,865.72
0.57 CRS CARPENTER TECHNOLOGY 2177504 155.47 306,277 47,616,885.19
0.57 USLM US LIME & MINERA 2724115 104.35 449,931 46,950,299.85
0.55 AA ALCOA CORP BYNF418 41.10 1,104,690 45,402,759.00
0.54 LPX LOUISIANA-PACIFIC CORP 2535243 100.77 446,148 44,958,333.96
0.53 SPXC SPX TECHNOLOGIES INC BQ1L7V3 157.23 282,426 44,405,839.98
0.52 STRL STERLING INFRAST 2632876 150.66 286,117 43,106,387.22
0.49 VMI VALMONT INDUSTRIES 2926825 317.15 129,156 40,961,825.40
0.49 CLF CLEVELAND-CLIFFS INC BYVZ186 13.07 3,114,996 40,712,997.72
0.46 PRIM PRIMORIS SERVICES CORP B1GC200 61.03 632,999 38,631,928.97
0.46 ZWS Zurn Elkay Water Solution BMV1ZD3 35.97 1,068,967 38,450,742.99
0.46 ROAD CONSTRUCTION P-A BDT5M66 77.49 491,307 38,071,379.43
0.45 CMC COMMERCIAL METALS CO 2213260 51.97 717,735 37,300,687.95
0.45 GVA GRANITE CONSTRUCTION INC 2381189 81.62 454,869 37,126,407.78
0.44 BMI BADGER METER INC 2069128 202.03 181,571 36,682,789.13
0.44 HRI HERC HOLDINGS INC BZBZ020 209.47 174,875 36,631,066.25
0.44 MDU MDU RESOURCES GROUP INC 2547323 28.78 1,259,549 36,249,820.22
0.43 CSWI CSW INDUSTRIALS INC BYQD1J6 367.05 97,000 35,603,850.00
0.42 DY DYCOM INDUSTRIES INC 2289841 192.06 181,517 34,862,155.02
0.40 CENX CENTURY ALUMINUM COMPANY 2186254 18.26 1,831,355 33,440,542.30
0.40 SUM SUMMIT MATERIA-A BW9JPS4 45.10 739,437 33,348,608.70
0.39 KNF KNIFE RIVER CORP BPLL4V5 93.45 349,897 32,697,874.65
0.38 MWA MUELLER WATER-A B15RZR4 21.69 1,450,832 31,468,546.08
0.38 NWPX NORTHWEST PIPE CO 2035925 43.50 722,244 31,417,614.00
0.37 DXPE DXP ENTERPRISES INC 2276627 48.51 641,348 31,111,791.48
0.37 EXPO EXPONENT INC 2330318 96.92 313,313 30,366,295.96
0.34 TRN TRINITY INDUSTRIES INC 2904627 35.44 807,163 28,605,856.72
0.34 ACA ARCOSA INC BGPZ5W8 93.88 301,808 28,333,735.04
0.33 GBX GREENBRIER COMPANIES INC 2387530 61.15 451,006 27,579,016.90
0.30 DNOW DNOW INC BMH0MV1 11.92 2,093,241 24,951,432.72
0.30 MRC MRC GLOBAL INC B7M66F1 12.41 1,990,303 24,699,660.23
0.29 MTX MINERALS TECHNOLOGIES INC 2595612 76.46 311,955 23,852,079.30
0.28 HAYN HAYNES INTERNATIONAL INC B02WVH7 60.30 389,323 23,476,176.90
0.28 GRC GORMAN-RUPP CO 2379281 37.36 621,448 23,217,297.28
0.28 AMTM AMENTUM HOLDINGS INC BMZLFJ5 29.65 781,584 23,173,965.60
0.27 HEES H&E EQUIPMENT SE B0WR848 55.46 405,637 22,496,628.02
0.27 TEX TEREX CORP 2884224 53.77 414,790 22,303,258.30
0.24 ATKR Atkore Inc BDHF495 85.58 229,095 19,605,950.10
0.23 CXT CRANE NXT CO BQ7W2W6 55.26 351,360 19,416,153.60
0.22 ASTE ASTEC INDUSTRIES INC 2060370 31.05 590,515 18,335,490.75
0.22 MTRN MATERION CORP 2149622 103.84 173,073 17,971,900.32
0.21 CMCO COLUMBUS MCKINNON CORP/NY 2211071 32.44 549,337 17,820,492.28
0.21 CALX CALIX INC B3S4L67 38.02 465,994 17,717,091.88
0.21 MYRG MYR GROUP INC/DELAWARE B3CLS18 114.36 149,746 17,124,952.56
0.20 IIIN INSTEEL INDUSTRIES INC 2325875 27.82 605,883 16,855,665.06
0.20 ROCK GIBRALTAR INDUSTRIES INC 2369226 65.33 257,479 16,821,103.07
0.18 WNC WABASH NATIONAL CORP 2932048 17.98 815,104 14,655,569.92
0.17 MTUS METALLUS INC BNBPMX1 14.09 1,014,688 14,296,953.92
0.16 RYI RYERSON HOLDING CORP B3TPPZ6 21.65 607,203 13,145,944.95
0.13 TITN TITAN MACHINERY INC B29H3T5 14.10 764,501 10,779,464.10
0.13 CTOS CUSTOM TRUCK ONE BL66YS4 3.24 3,209,779 10,399,683.96
0.10 CASH 1.00 7,986,254 7,986,253.90
0.02 OTHER PAYABLE & RECEIVABLES 1.00 1,704,417 1,704,416.98
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 09/30/24

Sector Weight (%)
Industrials 74.2
Materials 19.7
Utilities 3.3
Information Technology 1.8
Consumer Discretionary 1.0

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 65.4
Materials 19.7
Transportation 7.4
Utilities 3.3
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 10/25/24

Return on Equity 15.40%
Weighted Avg. Market Cap 39,701 M
2023 2024
Price-to-earnings 21.92 21.32
Price-to-book value 3.49 3.09

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 09/30/24

Versus Beta
S&P 500 1.23
NASDAQ-100 0.84
MSCI EAFE 1.17
MSCI Emg. Mkts 0.79
Standard Deviation 25.20%

Source: new windowAltaVista Research, LLC

ETF Research

U.S. Election Preview: Infrastructure Development is Something Both Sides Can Agree On

Read the Full ArticleRead More

View More Related Research

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 09/30 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.