Model Portfolios | News | Contact

PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 82 Infrastructure funds, based on risk-adjusted returns as of 03/31/2025

 

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 2025 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, Mar 2025
2Politico, 2024

Key Information As of 04/22/25

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $7.17 billion
NAV $36.26
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 04/22/25

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 197,620,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.06%

Distributions As of 04/22/25

30-Day SEC Yield 0.72%
Distribution Frequency Semi-Annually

ETF Prices As of 04/22/25

NAV $36.26 Daily Change $0.96 2.72%
Market Price $36.23 Daily Change $0.93 2.63%

Performance History

As of recent month & quarter-end (03/31/25)
As of recent month & quarter-end (03/31/25)
Fund NAV Market Price Index
1 Year -4.74% -4.69% -4.26%
3 Years 10.88% 10.88% 11.53%
5 Years 25.73% 25.74% 26.47%
Since Inception 12.80% 12.81% 13.41%
1 Year -4.74% -4.69% -4.26%
3 Years 10.88% 10.88% 11.53%
5 Years 25.73% 25.74% 26.47%
Since Inception 12.80% 12.81% 13.41%
Year-to-Date -6.75% -6.63% -6.62%
1 Month -6.19% -6.17% -6.15%
3 Months -6.75% -6.63% -6.62%
Since Inception 164.52% 164.66% 176.29%
Year-to-Date -6.75% -6.63% -6.62%
1 Month -6.19% -6.17% -6.15%
3 Months -6.75% -6.63% -6.62%
Since Inception 164.52% 164.66% 176.29%

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 04/22/25

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.91 FAST FASTENAL CO 2332262 81.44 3,396,161 276,583,351.84
3.53 HWM HOWMET AEROSPACE INC BKLJ8V2 124.30 2,006,246 249,376,377.80
3.47 DE DEERE & CO 2261203 454.66 539,837 245,442,290.42
3.17 UNP UNION PACIFIC CORP 2914734 216.90 1,033,196 224,100,212.40
3.16 SRE SEMPRA 2138158 72.31 3,094,838 223,787,735.78
3.11 NSC NORFOLK SOUTHERN CORP 2641894 220.00 1,000,466 220,102,520.00
3.09 CRH CRH PLC B01ZKD6 85.72 2,549,584 218,550,340.48
3.02 PH PARKER HANNIFIN CORP 2671501 566.65 377,003 213,628,749.95
3.01 TT TRANE TECHNOLOGIES PLC BK9ZQ96 332.62 640,245 212,958,291.90
2.99 CSX CSX CORP 2160753 27.78 7,611,777 211,455,165.06
2.76 EMR EMERSON ELECTRIC CO 2313405 99.79 1,953,908 194,980,479.32
2.69 VMC VULCAN MATERIALS CO 2931205 240.57 791,165 190,330,564.05
2.67 PWR QUANTA SERVICES INC 2150204 261.85 722,469 189,178,507.65
2.64 URI UNITED RENTALS INC 2134781 574.76 324,995 186,794,126.20
2.62 ETN EATON CORP PLC B8KQN82 266.91 693,250 185,035,357.50
2.54 MLM MARTIN MARIETTA MATERIALS 2572079 491.00 366,155 179,782,105.00
2.24 ROK ROCKWELL AUTOMATION INC 2754060 234.42 677,207 158,750,864.94
2.18 NUE NUCOR CORP 2651086 109.62 1,406,874 154,221,527.88
1.94 FTV FORTIVE CORP BYT3MK1 65.99 2,078,256 137,144,113.44
1.55 HUBB HUBBELL INC BDFG6S3 340.52 321,823 109,587,167.96
1.51 STLD STEEL DYNAMICS INC 2849472 117.39 912,286 107,093,253.54
1.45 EME EMCOR GROUP INC 2474164 373.20 275,670 102,880,044.00
1.37 CSL CARLISLE COS INC 2176318 355.60 271,625 96,589,850.00
1.28 RS RELIANCE INC 2729068 280.09 324,313 90,836,828.17
1.24 J JACOBS SOLUTIONS INC BNGC0D3 118.39 743,228 87,990,762.92
1.21 TRMB TRIMBLE INC 2903958 58.01 1,472,406 85,414,272.06
1.21 PNR PENTAIR PLC BLS09M3 86.24 990,216 85,396,227.84
1.13 RPM RPM INTERNATIONAL INC 2756174 104.02 770,565 80,154,171.30
1.13 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 116.10 689,752 80,080,207.20
1.13 GGG GRACO INC 2380443 78.98 1,011,950 79,923,811.00
1.07 IEX IDEX CORP 2456612 166.40 453,858 75,521,971.20
1.06 ACM AECOM B1VZ431 94.00 794,959 74,726,146.00
1.02 WLK Westlake Corporation B01ZP20 93.39 771,446 72,045,341.94
0.85 RBC RBC BEARINGS INC B0GLYB5 318.51 188,265 59,964,285.15
0.85 LECO LINCOLN ELECTRIC HOLDINGS 2516851 177.00 338,046 59,834,142.00
0.85 WWD WOODWARD INC 2948089 167.81 356,100 59,757,141.00
0.77 X UNITED STATES STEEL CORP 2824770 40.58 1,349,899 54,778,901.42
0.77 MTZ MASTEC INC 2155306 114.25 475,031 54,272,291.75
0.75 CRS CARPENTER TECHNOLOGY 2177504 177.38 298,648 52,974,182.24
0.72 BLD TOPBUILD CORP BZ0P3W2 288.25 176,882 50,986,236.50
0.70 TTEK TETRA TECH INC 2883890 30.65 1,607,009 49,254,825.85
0.69 WMS ADVANCED DRAINAG BP7RS59 104.72 464,875 48,681,710.00
0.68 CR CRANE CO BNYD4F8 140.41 343,125 48,178,181.25
0.68 MLI MUELLER INDUSTRIES INC 2609717 70.28 681,922 47,925,478.16
0.62 WCC WESCO INTERNATIONAL INC 2416973 149.76 293,831 44,004,130.56
0.61 AYI ACUITY INC 2818461 232.01 186,023 43,159,196.23
0.61 EXP EAGLE MATERIALS INC 2191399 213.53 201,134 42,948,143.02
0.57 RRX REGAL REXNORD CORP 2730082 101.20 396,693 40,145,331.60
0.55 ATI ATI Inc 2526117 45.61 855,446 39,016,892.06
0.53 AA ALCOA CORP BYNF418 24.32 1,549,477 37,683,280.64
0.52 BMI BADGER METER INC 2069128 208.53 176,396 36,783,857.88
0.50 LPX LOUISIANA-PACIFIC CORP 2535243 84.11 421,266 35,432,683.26
0.50 SPXC SPX TECHNOLOGIES INC BQ1L7V3 126.63 277,679 35,162,491.77
0.47 VMI VALMONT INDUSTRIES 2926825 278.28 120,093 33,419,480.04
0.45 ZWS Zurn Elkay Water Solution BMV1ZD3 31.13 1,018,118 31,694,013.34
0.43 CSWI CSW INDUSTRIALS INC BYQD1J6 298.87 100,856 30,142,832.72
0.42 KNF KNIFE RIVER CORP BPLL4V5 88.35 339,259 29,973,532.65
0.41 CMC COMMERCIAL METALS CO 2213260 42.81 681,821 29,188,757.01
0.41 DNOW DNOW INC BMH0MV1 15.52 1,859,974 28,866,796.48
0.41 IIIN INSTEEL INDUSTRIES INC 2325875 32.53 885,727 28,812,699.31
0.40 RYI RYERSON HOLDING CORP B3TPPZ6 22.60 1,250,307 28,256,938.20
0.39 MWA MUELLER WATER-A B15RZR4 25.15 1,082,223 27,217,908.45
0.38 DY DYCOM INDUSTRIES INC 2289841 154.60 175,070 27,065,822.00
0.38 PLPC PREFORMED LINE 2798466 137.77 195,768 26,970,957.36
0.37 TITN TITAN MACHINERY INC B29H3T5 16.19 1,625,819 26,322,009.61
0.37 HEES H&E EQUIPMENT SE B0WR848 89.30 289,223 25,827,613.90
0.35 ASTE ASTEC INDUSTRIES INC 2060370 33.84 730,453 24,718,529.52
0.35 STRL STERLING INFRAST 2632876 133.92 184,424 24,698,062.08
0.35 CALX CALIX INC B3S4L67 37.61 649,193 24,416,148.73
0.34 EXPO EXPONENT INC 2330318 79.53 304,663 24,229,848.39
0.34 ROAD CONSTRUCTION P-A BDT5M66 77.06 310,922 23,959,649.32
0.34 MDU MDU RESOURCES GROUP INC 2547323 16.76 1,420,169 23,802,032.44
0.32 MTUS METALLUS INC BNBPMX1 13.22 1,733,885 22,921,959.70
0.32 ACA ARCOSA INC BGPZ5W8 76.73 292,801 22,466,620.73
0.31 GRC GORMAN-RUPP CO 2379281 32.98 673,701 22,218,658.98
0.30 CLF CLEVELAND-CLIFFS INC BYVZ186 7.24 2,965,351 21,469,141.24
0.30 ROCK GIBRALTAR INDUSTRIES INC 2369226 51.22 417,324 21,375,335.28
0.30 GVA GRANITE CONSTRUCTION INC 2381189 76.63 276,648 21,199,536.24
0.30 NWPX NORTHWEST PIPE CO 2035925 41.12 514,925 21,173,716.00
0.30 CENX CENTURY ALUMINUM COMPANY 2186254 16.07 1,297,215 20,846,245.05
0.28 MTRN MATERION CORP 2149622 79.97 251,109 20,081,186.73
0.28 CTRI CENTURI HOLDINGS INC BMDPVF7 16.72 1,184,284 19,801,228.48
0.28 AGX ARGAN INC 2804501 134.01 146,828 19,676,420.28
0.28 TPC TUTOR PERINI CORP 2681760 20.18 963,558 19,444,600.44
0.27 MTX MINERALS TECHNOLOGIES INC 2595612 57.23 338,459 19,370,008.57
0.27 USLM US LIME & MINERA 2724115 88.39 216,468 19,133,606.52
0.27 DXPE DXP ENTERPRISES INC 2276627 79.18 239,528 18,965,827.04
0.27 MYRG MYR GROUP INC/DELAWARE B3CLS18 113.28 166,084 18,813,995.52
0.26 ATKR Atkore Inc BDHF495 62.66 296,552 18,581,948.32
0.26 MRC MRC GLOBAL INC B7M66F1 10.89 1,704,855 18,565,870.95
0.26 CTOS CUSTOM TRUCK ONE BL66YS4 3.84 4,784,645 18,373,036.80
0.25 TEX TEREX CORP 2884224 34.02 525,446 17,875,672.92
0.25 PRIM PRIMORIS SERVICES CORP B1GC200 55.44 322,098 17,857,113.12
0.25 HRI HERC HOLDINGS INC BZBZ020 102.34 170,591 17,458,282.94
0.23 WNC WABASH NATIONAL CORP 2932048 10.07 1,632,884 16,443,141.88
0.23 TRN TRINITY INDUSTRIES INC 2904627 24.70 653,366 16,138,140.20
0.22 GBX GREENBRIER COMPANIES INC 2387530 42.60 365,221 15,558,414.60
0.21 POWL POWELL INDUSTRIES INC 2697422 165.85 88,493 14,676,121.59
0.13 CMCO COLUMBUS MCKINNON CORP/NY 2211071 13.55 694,378 9,408,821.90
0.07 CASH 1.00 5,064,767 5,064,766.89
0.03 RTYM5 Index E-MINI RUSS 2000 JUN25 94,945.00 19 1,803,955.00
-0.05 OTHER PAYABLE & RECEIVABLES 1.00 -3,307,172 -3,307,172.04
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 03/31/25

Sector Weight (%)
Industrials 71.7
Materials 22.2
Utilities 3.3
Information Technology 2.1
Consumer Discretionary 0.7

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 61.2
Materials 22.2
Transportation 9.5
Utilities 3.3
Technology Hardware & Equipment 2.1
Commercial & Professional Services 1.0
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 04/22/25

Return on Equity 14.50%
Weighted Avg. Market Cap 39,461 M
2024 2025
Price-to-earnings 20.02 18.58
Price-to-book value 2.85 2.57

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 03/31/25

Versus Beta
S&P 500 1.29
NASDAQ-100 0.87
MSCI EAFE 1.13
MSCI Emg. Mkts 0.75
Standard Deviation 26.00%

Source: new windowAltaVista Research, LLC

ETF Research

Three Themes Driving America’s Manufacturing Revival

Read the Full ArticleRead More

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

Read the Full ArticleRead More

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 3/31 PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 82 during the last 3 years, 75 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.