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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 88 Infrastructure funds, based on risk-adjusted returns as of 02/28/2025

 

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 $1T to fund critical infrastructure projects.2

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.

1American Society of Engineers, 2021
2Politico, 2024

Key Information As of 03/28/25

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $7.65 billion
NAV $37.61
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 03/28/25

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 203,560,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 03/28/25

30-Day SEC Yield 0.63%
Distribution Frequency Semi-Annually

ETF Prices As of 03/28/25

NAV $37.61 Daily Change -$0.94 -2.44%
Market Price $37.61 Daily Change -$0.95 -2.46%

Performance History

As of recent
(12/31/24)
As of recent
(12/31/24)
Fund NAV Market Price Index
1 Year 18.08% 17.93% 18.65%
3 Years 12.82% 12.77% 13.51%
5 Years 18.64% 18.58% 19.32%
Since Inception 14.25% 14.24% 14.86%
1 Year 7.17% 7.20% 7.69%
3 Years 15.35% 15.35% 16.03%
5 Years 21.59% 21.55% 22.30%
Since Inception 13.86% 13.86% 14.47%
Year-to-Date 18.08% 17.93% 18.65%
1 Month -11.22% -11.33% -11.21%
3 Months -1.39% -1.48% -1.28%
Since Inception 183.67% 183.46% 195.86%
Year-to-Date -0.59% -0.49% -0.49%
1 Month -5.01% -4.92% -4.96%
3 Months -11.75% -11.77% -11.65%
Since Inception 181.99% 182.06% 194.41%

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 03/28/25

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.54 HWM HOWMET AEROSPACE INC BKLJ8V2 129.69 2,091,805 271,286,190.45
3.52 FAST FASTENAL CO 2332262 76.17 3,541,091 269,724,901.47
3.41 DE DEERE & CO 2261203 463.69 562,836 260,981,424.84
3.27 UNP UNION PACIFIC CORP 2914734 232.15 1,077,236 250,080,337.40
3.14 NSC NORFOLK SOUTHERN CORP 2641894 230.55 1,043,255 240,522,440.25
3.09 PH PARKER HANNIFIN CORP 2671501 601.43 392,944 236,328,309.92
3.06 CRH CRH PLC B01ZKD6 88.14 2,658,235 234,296,832.90
3.02 CSX CSX CORP 2160753 29.11 7,936,161 231,021,646.71
2.94 SRE SEMPRA 2138158 69.73 3,226,734 225,000,161.82
2.89 TT TRANE TECHNOLOGIES PLC BK9ZQ96 332.00 667,517 221,615,644.00
2.89 EMR EMERSON ELECTRIC CO 2313405 108.64 2,037,145 221,315,432.80
2.78 URI UNITED RENTALS INC 2134781 627.65 338,809 212,653,468.85
2.59 ETN EATON CORP PLC B8KQN82 274.17 722,733 198,151,706.61
2.51 VMC VULCAN MATERIALS CO 2931205 232.94 824,825 192,134,735.50
2.50 PWR QUANTA SERVICES INC 2150204 254.29 753,239 191,541,145.31
2.38 ROK ROCKWELL AUTOMATION INC 2754060 258.63 705,988 182,589,676.44
2.38 MLM MARTIN MARIETTA MATERIALS 2572079 478.00 381,726 182,465,028.00
2.33 NUE NUCOR CORP 2651086 121.40 1,466,704 178,057,865.60
2.06 FTV FORTIVE CORP BYT3MK1 72.63 2,167,190 157,403,009.70
1.53 STLD STEEL DYNAMICS INC 2849472 123.47 950,922 117,410,339.34
1.45 HUBB HUBBELL INC BDFG6S3 332.01 335,247 111,305,356.47
1.39 EME EMCOR GROUP INC 2474164 370.87 287,109 106,480,114.83
1.31 TRMB TRIMBLE INC 2903958 65.52 1,535,331 100,594,887.12
1.27 CSL CARLISLE COS INC 2176318 342.61 283,114 96,997,687.54
1.26 RS RELIANCE INC 2729068 286.28 337,997 96,761,781.16
1.23 J JACOBS SOLUTIONS INC BNGC0D3 121.22 774,648 93,902,830.56
1.20 RPM RPM INTERNATIONAL INC 2756174 114.13 802,530 91,592,748.90
1.17 PNR PENTAIR PLC BLS09M3 86.84 1,032,036 89,622,006.24
1.17 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 124.51 718,291 89,434,412.41
1.15 GGG GRACO INC 2380443 83.42 1,054,652 87,979,069.84
1.12 IEX IDEX CORP 2456612 180.91 472,643 85,505,845.13
1.04 WLK Westlake Corporation B01ZP20 99.12 803,422 79,635,188.64
1.00 ACM AECOM B1VZ431 92.54 828,455 76,665,225.70
0.89 WWD WOODWARD INC 2948089 183.29 370,809 67,965,581.61
0.87 LECO LINCOLN ELECTRIC HOLDINGS 2516851 189.54 352,309 66,776,647.86
0.83 RBC RBC BEARINGS INC B0GLYB5 325.60 196,144 63,864,486.40
0.79 X UNITED STATES STEEL CORP 2824770 43.00 1,404,950 60,412,850.00
0.74 MTZ MASTEC INC 2155306 115.25 494,618 57,004,724.50
0.74 CRS CARPENTER TECHNOLOGY 2177504 181.28 311,233 56,420,318.24
0.74 BLD TOPBUILD CORP BZ0P3W2 305.63 184,115 56,271,067.45
0.71 MLI MUELLER INDUSTRIES INC 2609717 76.59 709,526 54,342,596.34
0.71 CR CRANE CO BNYD4F8 152.02 357,428 54,336,204.56
0.68 WMS ADVANCED DRAINAG BP7RS59 108.21 483,586 52,328,841.06
0.66 AYI ACUITY INC 2818461 261.97 193,574 50,710,580.78
0.65 AA ALCOA CORP BYNF418 30.66 1,612,140 49,428,212.40
0.64 TTEK TETRA TECH INC 2883890 29.15 1,672,468 48,752,442.20
0.64 RRX REGAL REXNORD CORP 2730082 117.68 413,473 48,657,502.64
0.63 WCC WESCO INTERNATIONAL INC 2416973 156.43 305,758 47,829,723.94
0.61 EXP EAGLE MATERIALS INC 2191399 220.97 209,524 46,298,518.28
0.59 ATI ATI Inc 2526117 50.96 889,775 45,342,934.00
0.52 LPX LOUISIANA-PACIFIC CORP 2535243 91.55 437,854 40,085,533.70
0.49 SPXC SPX TECHNOLOGIES INC BQ1L7V3 129.43 289,425 37,460,277.75
0.47 VMI VALMONT INDUSTRIES 2926825 289.56 125,127 36,231,774.12
0.46 BMI BADGER METER INC 2069128 190.21 183,517 34,906,768.57
0.46 ZWS Zurn Elkay Water Solution BMV1ZD3 32.96 1,058,931 34,902,365.76
0.43 DNOW DNOW INC BMH0MV1 17.05 1,934,211 32,978,297.55
0.43 CMC COMMERCIAL METALS CO 2213260 46.00 708,919 32,610,274.00
0.41 KNF KNIFE RIVER CORP BPLL4V5 89.66 353,522 31,696,782.52
0.40 CSWI CSW INDUSTRIALS INC BYQD1J6 290.19 105,051 30,484,749.69
0.39 RYI RYERSON HOLDING CORP B3TPPZ6 23.04 1,300,034 29,952,783.36
0.38 TITN TITAN MACHINERY INC B29H3T5 17.27 1,690,467 29,194,365.09
0.38 PLPC PREFORMED LINE 2798466 142.72 203,552 29,050,941.44
0.38 MWA MUELLER WATER-A B15RZR4 25.51 1,125,523 28,712,091.73
0.38 HEES H&E EQUIPMENT SE B0WR848 95.43 300,531 28,679,673.33
0.37 DY DYCOM INDUSTRIES INC 2289841 153.89 181,994 28,007,056.66
0.35 ASTE ASTEC INDUSTRIES INC 2060370 35.03 759,624 26,609,628.72
0.34 CLF CLEVELAND-CLIFFS INC BYVZ186 8.52 3,081,422 26,253,715.44
0.34 EXPO EXPONENT INC 2330318 82.23 316,376 26,015,598.48
0.34 ROCK GIBRALTAR INDUSTRIES INC 2369226 59.49 434,943 25,874,759.07
0.33 CENX CENTURY ALUMINUM COMPANY 2186254 18.56 1,348,262 25,023,742.72
0.32 GRC GORMAN-RUPP CO 2379281 35.32 700,537 24,742,966.84
0.32 HRI HERC HOLDINGS INC BZBZ020 138.93 176,985 24,588,526.05
0.32 MDU MDU RESOURCES GROUP INC 2547323 16.65 1,475,928 24,574,201.20
0.32 MTUS METALLUS INC BNBPMX1 13.59 1,801,906 24,487,902.54
0.32 ACA ARCOSA INC BGPZ5W8 79.97 304,298 24,334,711.06
0.32 IIIN INSTEEL INDUSTRIES INC 2325875 26.34 921,251 24,265,751.34
0.31 CALX CALIX INC B3S4L67 35.04 675,018 23,652,630.72
0.31 TPC TUTOR PERINI CORP 2681760 23.52 1,001,349 23,551,728.48
0.30 ROAD CONSTRUCTION P-A BDT5M66 71.33 323,123 23,048,363.59
0.29 MTX MINERALS TECHNOLOGIES INC 2595612 63.61 352,722 22,436,646.42
0.29 STRL STERLING INFRAST 2632876 116.15 191,975 22,297,896.25
0.29 NWPX NORTHWEST PIPE CO 2035925 41.55 535,361 22,244,249.55
0.29 CTOS CUSTOM TRUCK ONE BL66YS4 4.45 4,970,710 22,119,659.50
0.28 MTRN MATERION CORP 2149622 83.41 260,793 21,752,744.13
0.28 GVA GRANITE CONSTRUCTION INC 2381189 75.07 287,607 21,590,657.49
0.27 AGX ARGAN INC 2804501 138.12 152,178 21,018,825.36
0.27 TEX TEREX CORP 2884224 38.48 545,694 20,998,305.12
0.27 DXPE DXP ENTERPRISES INC 2276627 82.88 249,596 20,686,516.48
0.27 MRC MRC GLOBAL INC B7M66F1 11.64 1,771,204 20,616,814.56
0.27 CTRI CENTURI HOLDINGS INC BMDPVF7 16.56 1,230,157 20,371,399.92
0.26 MYRG MYR GROUP INC/DELAWARE B3CLS18 116.31 172,796 20,097,902.76
0.26 USLM US LIME & MINERA 2724115 89.11 224,948 20,045,116.28
0.26 GBX GREENBRIER COMPANIES INC 2387530 51.92 378,949 19,675,032.08
0.25 TRN TRINITY INDUSTRIES INC 2904627 28.45 678,768 19,310,949.60
0.25 PRIM PRIMORIS SERVICES CORP B1GC200 57.19 335,522 19,188,503.18
0.24 WNC WABASH NATIONAL CORP 2932048 11.03 1,696,055 18,707,486.65
0.24 ATKR Atkore Inc BDHF495 60.59 308,191 18,673,292.69
0.21 POWL POWELL INDUSTRIES INC 2697422 176.72 91,500 16,169,880.00
0.16 CMCO COLUMBUS MCKINNON CORP/NY 2211071 17.04 719,743 12,264,420.72
0.09 RTYM5 Index E-MINI RUSS 2000 JUN25 101,855.00 68 6,926,140.00
0.08 OTHER PAYABLE & RECEIVABLES 1.00 6,192,890 6,192,890.00
0.06 CASH 1.00 4,578,027 4,578,027.04
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 02/28/25

Sector Weight (%)
Industrials 71.4
Materials 22.7
Utilities 3.1
Information Technology 2.1
Consumer Discretionary 0.7

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 61.0
Materials 22.7
Transportation 9.5
Utilities 3.1
Technology Hardware & Equipment 2.1
Commercial & Professional Services 0.9
Consumer Durables & Apparel 0.7

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 03/28/25

Return on Equity 14.50%
Weighted Avg. Market Cap 42,294 M
2024 2025
Price-to-earnings 20.33 18.65
Price-to-book value 2.85 2.56

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 02/28/25

Versus Beta
S&P 500 1.30
NASDAQ-100 0.88
MSCI EAFE 1.13
MSCI Emg. Mkts 0.75
Standard Deviation 25.80%

Source: new windowAltaVista Research, LLC

ETF Research

U.S. Infrastructure Growth Expected to Continue Post-Election

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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 2/28 PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 88 during the last 3 years, 81 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.

© 2025 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.