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PAVE

U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 98 Infrastructure funds, based on risk-adjusted returns as of 10/31/2023

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 Catalysts

The Infrastructure Investment and Jobs Act (2021) and the Inflation Reduction Act (2022) directed unprecedented levels of federal spending. But the scale and long-term nature of this issue will require additional investment from state and local governments, as well as public-private partnerships.

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 11/22/23

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $5.23 billion
NAV $31.21
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 11/22/23

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 167,510,000
Number of Holdings 98
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 11/22/23

30-Day SEC Yield 0.88%
Distribution Frequency Semi-Annually

ETF Prices As of 11/22/23

NAV $31.21 Daily Change $0.10 0.32%
Market Price $31.22 Daily Change $0.10 0.32%

Performance History

As of recent
(09/30/23)
As of recent
(09/30/23)
Fund NAV Market Price Index
1 Year 32.69% 32.78% 33.43%
3 Years 22.51% 22.48% 23.20%
5 Years 12.87% 12.91% 13.45%
Since Inception 12.02% 12.03% 12.59%
1 Year 12.12% 12.07% 12.70%
3 Years 18.94% 18.97% 19.62%
5 Years 14.62% 14.62% 15.21%
Since Inception 10.97% 10.97% 11.53%
Year-to-Date 14.86% 14.98% 15.30%
1 Month -5.89% -5.86% -5.85%
3 Months -3.37% -3.34% -3.24%
Since Inception 110.82% 110.96% 117.98%
Year-to-Date 8.92% 9.00% 9.40%
1 Month -5.17% -5.20% -5.12%
3 Months -11.09% -11.08% -10.97%
Since Inception 99.92% 99.99% 106.83%

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 11/24/23

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.90 ETN EATON CORP PLC B8KQN82 228.72 894,618 204,617,028.96
3.77 PH PARKER HANNIFIN CORP 2671501 433.67 456,106 197,799,489.02
3.63 TT TRANE TECHNOLOGIES PLC BK9ZQ96 228.56 832,190 190,205,346.40
3.38 FAST FASTENAL CO 2332262 60.96 2,902,983 176,965,843.68
3.24 URI UNITED RENTALS INC 2134781 467.31 363,010 169,638,203.10
2.89 UNP UNION PACIFIC CORP 2914734 224.28 676,639 151,756,594.92
2.80 MLM MARTIN MARIETTA MATERIALS 2572079 462.00 318,097 146,960,814.00
2.77 NUE NUCOR CORP 2651086 157.16 924,374 145,274,617.84
2.76 CSX CSX CORP 2160753 32.64 4,438,352 144,867,809.28
2.75 VMC VULCAN MATERIALS CO 2931205 211.68 681,073 144,169,532.64
2.70 EMR EMERSON ELECTRIC CO 2313405 88.51 1,597,889 141,429,155.39
2.69 ROK ROCKWELL AUTOMATION INC 2754060 273.00 516,178 140,916,594.00
2.55 PWR QUANTA SERVICES INC 2150204 182.58 732,233 133,691,101.14
2.52 SRE SEMPRA 2138158 73.67 1,791,680 131,993,065.60
2.45 DE DEERE & CO 2261203 370.19 347,643 128,693,962.17
2.34 FTV FORTIVE CORP BYT3MK1 67.55 1,812,406 122,428,025.30
2.18 NSC NORFOLK SOUTHERN CORP 2641894 215.86 529,954 114,395,870.44
2.11 HWM HOWMET AEROSPACE INC BKLJ8V2 52.27 2,119,652 110,794,210.04
1.94 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 134.71 753,771 101,540,491.41
1.91 STLD STEEL DYNAMICS INC 2849472 111.50 899,943 100,343,644.50
1.61 WLK Westlake Corporation B01ZP20 129.42 653,668 84,597,712.56
1.58 HUBB HUBBELL INC BDFG6S3 300.53 275,009 82,648,454.77
1.54 RS RELIANCE STEEL & ALUMINUM 2729068 268.00 300,851 80,628,068.00
1.53 J JACOBS SOLUTIONS INC BNGC0D3 123.37 649,090 80,078,233.30
1.47 IEX IDEX CORP 2456612 199.21 386,522 76,999,047.62
1.39 CSL CARLISLE COS INC 2176318 275.80 263,834 72,765,417.20
1.34 GGG GRACO INC 2380443 81.48 863,186 70,332,395.28
1.29 RPM RPM INTERNATIONAL INC 2756174 102.35 661,557 67,710,358.95
1.19 ACM AECOM B1VZ431 87.59 710,720 62,251,964.80
1.10 LECO LINCOLN ELECTRIC HOLDINGS 2516851 195.84 294,890 57,751,257.60
1.01 EME EMCOR GROUP INC 2474164 216.50 244,707 52,979,065.50
1.01 PNR PENTAIR PLC BLS09M3 63.22 837,036 52,917,415.92
0.98 CASH 1.00 51,391,786 51,391,786.45
0.98 TRMB TRIMBLE INC 2903958 44.14 1,163,377 51,351,460.78
0.97 WMS ADVANCED DRAINAG BP7RS59 119.57 424,768 50,789,509.76
0.92 BLD TOPBUILD CORP BZ0P3W2 296.49 162,789 48,265,310.61
0.85 TTEK TETRA TECH INC 2883890 164.62 269,338 44,338,421.56
0.79 X UNITED STATES STEEL CORP 2824770 34.85 1,192,172 41,547,194.20
0.77 WWD WOODWARD INC 2948089 132.99 303,701 40,389,195.99
0.77 WCC WESCO INTERNATIONAL INC 2416973 154.35 261,243 40,322,857.05
0.75 RRX REGAL REXNORD CORP 2730082 115.35 339,889 39,206,196.15
0.74 CLF CLEVELAND-CLIFFS INC BYVZ186 16.78 2,302,566 38,637,057.48
0.69 RBC RBC BEARINGS INC B0GLYB5 245.58 148,090 36,367,942.20
0.64 EXP EAGLE MATERIALS INC 2191399 179.32 186,997 33,532,302.04
0.60 CR CRANE CO BNYD4F8 108.85 287,440 31,287,844.00
0.59 POWL POWELL INDUSTRIES INC 2697422 85.79 360,931 30,964,270.49
0.56 AYI ACUITY BRANDS INC 2818461 180.47 162,789 29,378,530.83
0.55 ATI ATI Inc 2526117 44.14 656,404 28,973,672.56
0.54 STRL STERLING INFRAST 2632876 65.39 435,802 28,497,092.78
0.53 ZWS Zurn Elkay Water Solution BMV1ZD3 30.20 924,508 27,920,141.60
0.51 ATKR Atkore Inc BDHF495 132.20 202,566 26,779,225.20
0.50 CMC COMMERCIAL METALS CO 2213260 44.05 596,511 26,276,309.55
0.45 MLI MUELLER INDUSTRIES INC 2609717 41.24 573,734 23,660,790.16
0.44 ROAD CONSTRUCTION P-A BDT5M66 43.13 532,663 22,973,755.19
0.44 VMI VALMONT INDUSTRIES 2926825 211.92 108,322 22,955,598.24
0.44 LPX LOUISIANA-PACIFIC CORP 2535243 61.46 372,123 22,870,679.58
0.42 BMI BADGER METER INC 2069128 149.55 148,612 22,224,924.60
0.41 CRS CARPENTER TECHNOLOGY 2177504 68.56 316,845 21,722,893.20
0.40 SUM SUMMIT MATERIA-A BW9JPS4 34.91 601,563 21,000,564.33
0.38 CSWI CSW INDUSTRIALS INC BYQD1J6 177.60 112,759 20,025,998.40
0.38 SPXC SPX TECHNOLOGIES INC BQ1L7V3 86.72 228,903 19,850,468.16
0.38 EXPO EXPONENT INC 2330318 77.58 255,394 19,813,466.52
0.38 MDU MDU RESOURCES GROUP INC 2547323 19.01 1,035,195 19,679,056.95
0.37 MYRG MYR GROUP INC/DELAWARE B3CLS18 128.21 150,025 19,234,705.25
0.37 ACA ARCOSA INC BGPZ5W8 74.10 259,013 19,192,863.30
0.35 GBX GREENBRIER COMPANIES INC 2387530 37.46 495,123 18,547,307.58
0.35 HRI HERC HOLDINGS INC BZBZ020 124.34 148,570 18,473,193.80
0.35 MTZ MASTEC INC 2155306 57.18 320,115 18,304,175.70
0.35 AA ALCOA CORP BYNF418 26.24 695,155 18,240,867.20
0.34 MTRN MATERION CORP 2149622 114.69 156,038 17,895,998.22
0.33 AGX ARGAN INC 2804501 46.18 374,007 17,271,643.26
0.33 TEX TEREX CORP 2884224 49.94 342,259 17,092,414.46
0.32 IIIN INSTEEL INDUSTRIES INC 2325875 34.08 498,534 16,990,038.72
0.32 PRIM PRIMORIS SERVICES CORP B1GC200 30.84 547,991 16,900,042.44
0.31 GVA GRANITE CONSTRUCTION INC 2381189 45.98 357,560 16,440,608.80
0.31 GRC GORMAN-RUPP CO 2379281 31.75 513,281 16,296,671.75
0.30 MWA MUELLER WATER-A B15RZR4 13.34 1,158,909 15,459,846.06
0.29 DXPE DXP ENTERPRISES INC 2276627 31.73 482,247 15,301,697.31
0.29 KNF KNIFE RIVER CORP BPLL4V5 58.75 258,872 15,208,715.31
0.29 CXT CRANE NXT CO BQ7W2W6 52.83 287,729 15,200,723.07
0.29 DY DYCOM INDUSTRIES INC 2289841 101.34 149,076 15,107,361.84
0.28 TMST TIMKENSTEEL CORP BNBPMX1 20.73 713,701 14,795,021.73
0.27 CMCO COLUMBUS MCKINNON CORP/NY 2211071 35.10 399,481 14,021,783.10
0.26 ROCK GIBRALTAR INDUSTRIES INC 2369226 68.96 200,201 13,805,860.96
0.26 TPC TUTOR PERINI CORP 2681760 8.36 1,613,121 13,485,691.56
0.25 HAYN HAYNES INTERNATIONAL INC B02WVH7 49.50 265,029 13,118,935.50
0.24 HEES H&E EQUIPMENT SE B0WR848 45.09 283,442 12,778,982.57
0.24 TRN TRINITY INDUSTRIES INC 2904627 24.74 512,410 12,677,023.40
0.24 CALX CALIX INC B3S4L67 38.08 330,514 12,585,973.12
0.24 RYI RYERSON HOLDING CORP B3TPPZ6 30.12 417,090 12,562,750.80
0.24 MRC MRC GLOBAL INC B7M66F1 10.68 1,162,598 12,416,546.64
0.23 CTOS CUSTOM TRUCK ONE BL66YS4 5.93 2,046,836 12,137,737.48
0.23 WNC WABASH NATIONAL CORP 2932048 21.68 549,124 11,905,008.32
0.22 ASTE ASTEC INDUSTRIES INC 2060370 32.08 356,036 11,421,634.88
0.21 DNOW NOW INC BMH0MV1 10.36 1,084,112 11,231,400.32
0.20 NWPX NORTHWEST PIPE CO 2035925 26.86 393,838 10,578,488.68
0.18 TITN TITAN MACHINERY INC B29H3T5 26.85 343,765 9,230,090.25
0.14 MTX MINERALS TECHNOLOGIES INC 2595612 61.96 118,595 7,348,146.20
0.08 CENX CENTURY ALUMINUM COMPANY 2186254 7.95 519,513 4,130,128.35
0.06 OTHER PAYABLE & RECEIVABLES 1.00 3,032,563 3,032,562.52
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 10/31/23

Sector Weight (%)
Industrials 73.1
Materials 21.1
Utilities 3.0
Information Technology 1.8
Consumer Discretionary 0.8
Financials 0.2

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Electrical Products 13.1
Industrial Machinery 11.2
Steel 10.6
Engineering & Construction 10.5
Railroads 8.0
Construction Materials 6.6
Wholesale Distributors 5.0
Trucks/Construction/Farm Machinery 4.8
Finance/Rental/Leasing 4.0
Industrial Conglomerates 3.8
Electronic Equipment/Instruments 3.7
Other 18.7

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 11/22/23

Return on Equity 18.10%
Weighted Avg. Market Cap 29,935 M
2022 2023
Price-to-earnings 15.37 17.28
Price-to-book value 3.28 3.00

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 10/31/23

Versus Beta
S&P 500 1.27
NASDAQ-100 0.84
MSCI EAFE 1.14
MSCI Emg. Mkts 0.75
Standard Deviation 25.30%

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 10/31, PAVE was rated against the following numbers of Infrastructure funds over the following time periods: 98 during the last 3 years, 83 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. PAVE is non-diversified.

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.