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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 92 Infrastructure funds, based on risk-adjusted returns as of 05/31/2024

 

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 06/28/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $7.39 billion
NAV $37.02
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 06/27/24

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 199,650,000
Number of Holdings 99
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 06/28/24

30-Day SEC Yield 0.67%
Distribution Frequency Semi-Annually

ETF Prices As of 06/28/24

NAV $37.02 Daily Change $0.12 0.33%
Market Price $37.02 Daily Change $0.08 0.22%

Performance History

As of recent
(03/31/24)
As of recent
(03/31/24)
Fund NAV Market Price Index
1 Year 41.47% 41.42% 42.56%
3 Years 17.58% 17.50% 18.29%
5 Years 21.32% 21.30% 22.02%
Since Inception 15.53% 15.53% 16.16%
1 Year 42.90% 42.87% 44.07%
3 Years 14.30% 14.26% 15.01%
5 Years 22.01% 21.98% 22.72%
Since Inception 14.70% 14.70% 15.33%
Year-to-Date 15.59% 15.53% 15.73%
1 Month 5.54% 5.54% 5.56%
3 Months 15.59% 15.53% 15.73%
Since Inception 177.69% 177.69% 188.59%
Year-to-Date 12.40% 12.30% 12.65%
1 Month 3.31% 3.23% 3.38%
3 Months 2.62% 2.60% 2.75%
Since Inception 170.02% 169.95% 180.90%

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 06/28/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.59 TT TRANE TECHNOLOGIES PLC BK9ZQ96 328.93 804,102 264,493,270.86
3.56 ETN EATON CORP PLC B8KQN82 313.55 836,814 262,383,029.70
3.18 EMR EMERSON ELECTRIC CO 2313405 110.16 2,125,223 234,114,565.68
3.09 URI UNITED RENTALS INC 2134781 646.73 352,117 227,724,627.41
3.06 PWR QUANTA SERVICES INC 2150204 254.00 886,880 225,267,520.00
2.99 MLM MARTIN MARIETTA MATERIALS 2572079 541.80 406,857 220,435,122.60
2.98 PH PARKER HANNIFIN CORP 2671501 505.81 433,919 219,480,569.39
2.93 SRE SEMPRA 2138158 76.06 2,838,178 215,871,818.68
2.74 VMC VULCAN MATERIALS CO 2931205 248.68 811,120 201,709,321.60
2.66 DE DEERE & CO 2261203 373.63 525,371 196,294,366.73
2.65 CSX CSX CORP 2160753 33.45 5,834,187 195,153,555.15
2.65 HWM HOWMET AEROSPACE INC BKLJ8V2 77.63 2,513,516 195,124,247.08
2.57 UNP UNION PACIFIC CORP 2914734 226.26 836,539 189,275,314.14
2.54 NUE NUCOR CORP 2651086 158.08 1,185,239 187,362,581.12
2.50 ROK ROCKWELL AUTOMATION INC 2754060 275.28 668,979 184,156,539.12
2.50 FAST FASTENAL CO 2332262 62.84 2,928,426 184,022,289.84
2.46 NSC NORFOLK SOUTHERN CORP 2641894 214.69 842,680 180,914,969.20
2.16 FTV FORTIVE CORP BYT3MK1 74.10 2,145,328 158,968,804.80
1.74 STLD STEEL DYNAMICS INC 2849472 129.50 987,799 127,919,970.50
1.63 CSL CARLISLE COS INC 2176318 405.21 297,187 120,423,144.27
1.62 HUBB HUBBELL INC BDFG6S3 365.48 327,353 119,640,974.44
1.54 WLK Westlake Corporation B01ZP20 144.82 782,153 113,271,397.46
1.46 J JACOBS SOLUTIONS INC BNGC0D3 139.71 771,093 107,729,403.03
1.42 EME EMCOR GROUP INC 2474164 365.08 287,200 104,850,976.00
1.41 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 138.41 752,967 104,218,162.47
1.36 RS RELIANCE INC 2729068 285.60 350,822 100,194,763.20
1.26 IEX IDEX CORP 2456612 201.20 461,666 92,887,199.20
1.15 TRMB TRIMBLE INC 2903958 55.92 1,518,619 84,921,174.48
1.15 RPM RPM INTERNATIONAL INC 2756174 107.68 786,693 84,711,102.24
1.11 GGG GRACO INC 2380443 79.28 1,028,912 81,572,143.36
1.05 PNR PENTAIR PLC BLS09M3 76.67 1,009,061 77,364,706.87
1.04 WMS ADVANCED DRAINAG BP7RS59 160.39 475,586 76,279,238.54
1.01 BLD TOPBUILD CORP BZ0P3W2 385.27 193,955 74,725,042.85
0.99 ACM AECOM B1VZ431 88.14 828,991 73,067,266.74
0.90 TTEK TETRA TECH INC 2883890 204.48 325,064 66,469,086.72
0.89 LECO LINCOLN ELECTRIC HOLDINGS 2516851 188.64 349,160 65,865,542.40
0.87 WWD WOODWARD INC 2948089 174.38 366,024 63,827,265.12
0.74 RRX REGAL REXNORD CORP 2730082 135.22 403,876 54,612,112.72
0.71 TPC TUTOR PERINI CORP 2681760 21.78 2,397,598 52,219,684.44
0.70 X UNITED STATES STEEL CORP 2824770 37.80 1,362,151 51,489,307.80
0.70 MTZ MASTEC INC 2155306 106.99 481,185 51,481,983.15
0.68 CR CRANE CO BNYD4F8 144.98 346,844 50,285,443.12
0.67 WCC WESCO INTERNATIONAL INC 2416973 158.52 311,782 49,423,682.64
0.65 RBC RBC BEARINGS INC B0GLYB5 269.78 177,142 47,789,368.76
0.64 CLF CLEVELAND-CLIFFS INC BYVZ186 15.39 3,073,301 47,298,102.39
0.63 EXP EAGLE MATERIALS INC 2191399 217.46 212,956 46,309,411.76
0.62 AYI ACUITY BRANDS INC 2818461 241.44 188,138 45,424,038.72
0.59 ATI ATI Inc 2526117 55.45 778,803 43,184,626.35
0.59 AA ALCOA CORP BYNF418 39.78 1,084,367 43,136,119.26
0.54 SPXC SPX TECHNOLOGIES INC BQ1L7V3 142.14 278,660 39,608,732.40
0.54 MLI MUELLER INDUSTRIES INC 2609717 56.94 692,980 39,458,281.20
0.53 CMC COMMERCIAL METALS CO 2213260 54.81 708,051 38,808,275.31
0.51 POWL POWELL INDUSTRIES INC 2697422 143.40 259,637 37,231,945.80
0.49 LPX LOUISIANA-PACIFIC CORP 2535243 82.33 440,230 36,244,135.90
0.48 VMI VALMONT INDUSTRIES 2926825 274.45 127,542 35,003,901.90
0.46 AGX ARGAN INC 2804501 73.16 462,844 33,861,667.04
0.45 STRL STERLING INFRAST 2632876 118.34 282,351 33,413,417.34
0.45 BMI BADGER METER INC 2069128 186.35 179,150 33,384,602.50
0.45 CRS CARPENTER TECHNOLOGY 2177504 109.58 302,242 33,119,678.36
0.44 USLM US LIME & MINERA 2724115 364.18 89,015 32,417,482.70
0.42 MDU MDU RESOURCES GROUP INC 2547323 25.10 1,243,133 31,202,638.30
0.42 PRIM PRIMORIS SERVICES CORP B1GC200 49.89 624,922 31,177,358.58
0.42 ZWS Zurn Elkay Water Solution BMV1ZD3 29.40 1,054,710 31,008,474.00
0.41 ATKR Atkore Inc BDHF495 134.93 226,136 30,512,530.48
0.41 DY DYCOM INDUSTRIES INC 2289841 168.76 179,096 30,224,240.96
0.41 CENX CENTURY ALUMINUM COMPANY 2186254 16.75 1,791,405 30,006,033.75
0.40 EXPO EXPONENT INC 2330318 95.12 309,009 29,392,936.08
0.39 DXPE DXP ENTERPRISES INC 2276627 45.84 632,740 29,004,801.60
0.38 DNOW DNOW INC BMH0MV1 13.73 2,047,930 28,118,078.90
0.38 GVA GRANITE CONSTRUCTION INC 2381189 61.97 448,682 27,804,823.54
0.36 ROAD CONSTRUCTION P-A BDT5M66 55.21 484,851 26,768,623.71
0.36 SUM SUMMIT MATERIA-A BW9JPS4 36.61 729,484 26,706,409.24
0.35 MWA MUELLER WATER-A B15RZR4 17.92 1,431,464 25,651,834.88
0.35 MTX MINERALS TECHNOLOGIES INC 2595612 83.16 307,920 25,606,627.20
0.34 CSWI CSW INDUSTRIALS INC BYQD1J6 265.31 95,655 25,378,228.05
0.34 MRC MRC GLOBAL INC B7M66F1 12.91 1,943,963 25,096,562.33
0.34 ACA ARCOSA INC BGPZ5W8 83.41 295,545 24,651,408.45
0.33 KNF KNIFE RIVER CORP BPLL4V5 70.14 345,324 24,221,025.36
0.33 NWPX NORTHWEST PIPE CO 2035925 33.97 706,535 24,000,993.95
0.32 TRN TRINITY INDUSTRIES INC 2904627 29.92 789,173 23,612,056.16
0.31 CASH 1.00 23,069,321 23,069,320.51
0.31 HRI HERC HOLDINGS INC BZBZ020 133.29 172,454 22,986,393.66
0.31 GRC GORMAN-RUPP CO 2379281 36.71 613,109 22,507,231.39
0.30 TEX TEREX CORP 2884224 54.84 409,141 22,437,292.44
0.30 HAYN HAYNES INTERNATIONAL INC B02WVH7 58.70 379,838 22,296,490.60
0.30 GBX GREENBRIER COMPANIES INC 2387530 49.55 439,829 21,793,526.95
0.29 CXT CRANE NXT CO BQ7W2W6 61.42 346,787 21,299,657.54
0.27 MTUS METALLUS INC BNBPMX1 20.27 991,323 20,094,117.21
0.27 MYRG MYR GROUP INC/DELAWARE B3CLS18 135.71 146,391 19,866,722.61
0.25 CMCO COLUMBUS MCKINNON CORP/NY 2211071 34.54 536,612 18,534,578.48
0.25 IIIN INSTEEL INDUSTRIES INC 2325875 30.96 597,813 18,508,290.48
0.25 MTRN MATERION CORP 2149622 108.13 170,652 18,452,600.76
0.24 HEES H&E EQUIPMENT SE B0WR848 44.17 396,445 17,510,975.65
0.24 ROCK GIBRALTAR INDUSTRIES INC 2369226 68.55 253,982 17,410,466.10
0.24 WNC WABASH NATIONAL CORP 2932048 21.84 795,688 17,377,825.92
0.23 ASTE ASTEC INDUSTRIES INC 2060370 29.66 576,572 17,101,125.52
0.22 CALX CALIX INC B3S4L67 35.43 453,873 16,080,720.39
0.19 CTOS CUSTOM TRUCK ONE BL66YS4 4.35 3,166,470 13,774,144.50
0.16 TITN TITAN MACHINERY INC B29H3T5 15.90 754,279 11,993,036.10
0.16 RYI RYERSON HOLDING CORP B3TPPZ6 19.50 599,395 11,688,202.50
-0.19 OTHER PAYABLE & RECEIVABLES 1.00 -13,902,078 -13,902,078.30
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 05/31/24

Sector Weight (%)
Industrials 72.2
Materials 21.6
Utilities 3.2
Information Technology 1.8
Consumer Discretionary 1.0
Financials 0.2

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Electrical Products 12.5
Engineering & Construction 11.7
Industrial Machinery 10.2
Steel 9.6
Railroads 7.7
Construction Materials 6.9
Trucks/Construction/Farm Machinery 4.7
Wholesale Distributors 4.2
Industrial Conglomerates 4.0
Finance/Rental/Leasing 3.9
Miscellaneous Manufacturing 3.8
Other 20.8

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 06/27/24

Return on Equity 15.70%
Weighted Avg. Market Cap 35,828 M
2023 2024
Price-to-earnings 20.10 19.18
Price-to-book value 3.21 2.83

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 05/31/24

Versus Beta
S&P 500 1.26
NASDAQ-100 0.87
MSCI EAFE 1.19
MSCI Emg. Mkts 0.76
Standard Deviation 24.80%

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 05/31, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 92 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.

© 2023 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.