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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 05/05/25

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $7.66 billion
NAV $39.57
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 05/05/25

Ticker PAVE
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 193,680,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.06%

Distributions As of 05/05/25

30-Day SEC Yield 0.74%
Distribution Frequency Semi-Annually

ETF Prices As of 05/05/25

NAV $39.57 Daily Change -$0.12 -0.30%
Market Price $39.58 Daily Change -$0.08 -0.20%

Performance History

As of recent
(03/31/25)
As of recent
(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 3.06% 2.95% 3.57%
3 Years 14.25% 14.27% 14.92%
5 Years 23.49% 23.43% 24.23%
Since Inception 12.92% 12.91% 13.53%
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 -5.04% -5.02% -4.89%
1 Month 1.83% 1.72% 1.85%
3 Months -9.26% -9.25% -9.16%
Since Inception 169.36% 169.22% 181.41%

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 05/05/25

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
4.01 HWM HOWMET AEROSPACE INC BKLJ8V2 154.34 1,990,178 307,164,072.52
3.63 FAST FASTENAL CO 2332262 82.42 3,369,017 277,674,381.14
3.37 DE DEERE & CO 2261203 481.34 535,469 257,742,648.46
3.34 TT TRANE TECHNOLOGIES PLC BK9ZQ96 402.90 635,097 255,880,581.30
3.24 CRH CRH PLC B01ZKD6 98.25 2,529,148 248,488,791.00
3.02 SRE SEMPRA 2138158 75.36 3,070,034 231,357,762.24
3.02 PWR QUANTA SERVICES INC 2150204 322.62 716,697 231,220,786.14
3.01 PH PARKER HANNIFIN CORP 2671501 616.57 374,039 230,621,226.23
2.90 UNP UNION PACIFIC CORP 2914734 216.53 1,024,928 221,927,659.84
2.88 NSC NORFOLK SOUTHERN CORP 2641894 222.28 992,510 220,615,122.80
2.81 CSX CSX CORP 2160753 28.47 7,550,937 214,975,176.39
2.77 URI UNITED RENTALS INC 2134781 657.73 322,343 212,014,661.39
2.77 VMC VULCAN MATERIALS CO 2931205 270.04 784,769 211,919,020.76
2.74 EMR EMERSON ELECTRIC CO 2313405 108.38 1,938,308 210,073,821.04
2.68 ETN EATON CORP PLC B8KQN82 298.58 687,634 205,313,759.72
2.57 MLM MARTIN MARIETTA MATERIALS 2572079 542.19 363,191 196,918,528.29
2.23 ROK ROCKWELL AUTOMATION INC 2754060 253.84 671,747 170,516,258.48
2.20 NUE NUCOR CORP 2651086 120.49 1,395,642 168,160,904.58
1.82 FTV FORTIVE CORP BYT3MK1 67.59 2,061,720 139,351,654.80
1.57 STLD STEEL DYNAMICS INC 2849472 133.12 904,954 120,467,476.48
1.56 EME EMCOR GROUP INC 2474164 435.99 273,486 119,237,161.14
1.47 HUBB HUBBELL INC BDFG6S3 353.51 319,327 112,885,287.77
1.36 CSL CARLISLE COS INC 2176318 385.05 269,441 103,748,257.05
1.24 RS RELIANCE INC 2729068 294.97 321,661 94,880,345.17
1.22 TRMB TRIMBLE INC 2903958 64.09 1,460,706 93,616,647.54
1.22 J JACOBS SOLUTIONS INC BNGC0D3 126.63 737,300 93,364,299.00
1.19 PNR PENTAIR PLC BLS09M3 93.04 982,260 91,389,470.40
1.10 RPM RPM INTERNATIONAL INC 2756174 109.97 764,481 84,069,975.57
1.08 GGG GRACO INC 2380443 82.22 1,003,838 82,535,560.36
1.07 IEX IDEX CORP 2456612 181.73 450,270 81,827,567.10
1.05 ACM AECOM B1VZ431 102.18 788,563 80,575,367.34
1.00 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 111.86 684,292 76,544,903.12
0.90 WWD WOODWARD INC 2948089 195.98 353,292 69,238,166.16
0.88 MTZ MASTEC INC 2155306 143.57 471,287 67,662,674.59
0.84 RBC RBC BEARINGS INC B0GLYB5 342.80 186,705 64,002,474.00
0.82 CRS CARPENTER TECHNOLOGY 2177504 211.92 296,308 62,793,591.36
0.80 LECO LINCOLN ELECTRIC HOLDINGS 2516851 182.77 335,394 61,299,961.38
0.78 WLK Westlake Corporation B01ZP20 78.22 765,362 59,866,615.64
0.75 X UNITED STATES STEEL CORP 2824770 42.89 1,339,135 57,435,500.15
0.75 ATI ATI Inc 2526117 67.38 848,582 57,177,455.16
0.74 CR CRANE CO BNYD4F8 167.31 340,317 56,938,437.27
0.69 WMS ADVANCED DRAINAG BP7RS59 115.09 461,131 53,071,566.79
0.67 BLD TOPBUILD CORP BZ0P3W2 292.00 175,478 51,239,576.00
0.66 MLI MUELLER INDUSTRIES INC 2609717 75.16 676,462 50,842,883.92
0.64 TTEK TETRA TECH INC 2883890 30.58 1,594,217 48,751,155.86
0.62 WCC WESCO INTERNATIONAL INC 2416973 162.59 291,491 47,393,521.69
0.61 EXP EAGLE MATERIALS INC 2191399 234.90 199,574 46,879,932.60
0.61 AYI ACUITY INC 2818461 252.52 184,619 46,619,989.88
0.57 RRX REGAL REXNORD CORP 2730082 110.28 393,573 43,403,230.44
0.53 SPXC SPX TECHNOLOGIES INC BQ1L7V3 147.58 275,495 40,657,552.10
0.52 BMI BADGER METER INC 2069128 228.59 174,992 40,001,421.28
0.50 AA ALCOA CORP BYNF418 25.07 1,537,153 38,536,425.71
0.48 LPX LOUISIANA-PACIFIC CORP 2535243 87.53 417,834 36,573,010.02
0.48 VMI VALMONT INDUSTRIES 2926825 306.59 119,157 36,532,344.63
0.46 ZWS Zurn Elkay Water Solution BMV1ZD3 34.76 1,010,006 35,107,808.56
0.43 KNF KNIFE RIVER CORP BPLL4V5 96.91 336,607 32,620,584.37
0.42 CSWI CSW INDUSTRIALS INC BYQD1J6 317.94 100,076 31,818,163.44
0.42 DY DYCOM INDUSTRIES INC 2289841 182.96 173,666 31,773,931.36
0.40 CMC COMMERCIAL METALS CO 2213260 45.62 676,361 30,855,588.82
0.40 IIIN INSTEEL INDUSTRIES INC 2325875 35.08 878,707 30,825,041.56
0.40 STRL STERLING INFRAST 2632876 166.66 183,020 30,502,113.20
0.39 DNOW DNOW INC BMH0MV1 16.07 1,845,154 29,651,624.78
0.38 TITN TITAN MACHINERY INC B29H3T5 18.00 1,612,871 29,031,678.00
0.38 MWA MUELLER WATER-A B15RZR4 27.04 1,073,643 29,031,306.72
0.36 ASTE ASTEC INDUSTRIES INC 2060370 38.14 724,681 27,639,333.34
0.36 ROAD CONSTRUCTION P-A BDT5M66 89.35 308,426 27,557,863.10
0.35 CALX CALIX INC B3S4L67 41.99 644,045 27,043,449.55
0.34 HEES H&E EQUIPMENT SE B0WR848 90.38 286,883 25,928,485.54
0.34 PLPC PREFORMED LINE 2798466 132.31 194,208 25,695,660.48
0.33 RYI RYERSON HOLDING CORP B3TPPZ6 20.63 1,240,323 25,587,863.49
0.33 CLF CLEVELAND-CLIFFS INC BYVZ186 8.67 2,941,639 25,504,010.13
0.33 MYRG MYR GROUP INC/DELAWARE B3CLS18 152.90 164,836 25,203,424.40
0.32 MDU MDU RESOURCES GROUP INC 2547323 17.41 1,408,781 24,526,877.21
0.32 ACA ARCOSA INC BGPZ5W8 84.02 290,461 24,404,533.22
0.32 GRC GORMAN-RUPP CO 2379281 36.48 668,397 24,383,122.56
0.31 AGX ARGAN INC 2804501 165.38 145,580 24,076,020.40
0.30 ROCK GIBRALTAR INDUSTRIES INC 2369226 56.27 414,048 23,298,480.96
0.30 GVA GRANITE CONSTRUCTION INC 2381189 82.99 274,464 22,777,767.36
0.30 EXPO EXPONENT INC 2330318 75.38 302,167 22,777,348.46
0.30 MTUS METALLUS INC BNBPMX1 13.19 1,720,001 22,686,813.19
0.28 TPC TUTOR PERINI CORP 2681760 22.76 955,914 21,756,602.64
0.28 DXPE DXP ENTERPRISES INC 2276627 91.29 237,656 21,695,616.24
0.28 CTRI CENTURI HOLDINGS INC BMDPVF7 18.41 1,174,768 21,627,478.88
0.28 PRIM PRIMORIS SERVICES CORP B1GC200 67.07 319,602 21,435,706.14
0.28 USLM US LIME & MINERA 2724115 99.54 214,752 21,376,414.08
0.28 TEX TEREX CORP 2884224 40.49 521,234 21,104,764.66
0.28 CENX CENTURY ALUMINUM COMPANY 2186254 16.38 1,286,919 21,079,733.22
0.27 MRC MRC GLOBAL INC B7M66F1 12.10 1,691,283 20,464,524.30
0.26 CTOS CUSTOM TRUCK ONE BL66YS4 4.20 4,746,581 19,935,640.20
0.26 MTRN MATERION CORP 2149622 79.56 249,081 19,816,884.36
0.26 ATKR Atkore Inc BDHF495 66.89 294,212 19,679,840.68
0.26 NWPX NORTHWEST PIPE CO 2035925 38.47 510,869 19,653,130.43
0.25 HRI HERC HOLDINGS INC BZBZ020 113.90 169,187 19,270,399.30
0.23 MTX MINERALS TECHNOLOGIES INC 2595612 52.98 335,807 17,791,054.86
0.22 POWL POWELL INDUSTRIES INC 2697422 191.96 87,713 16,837,387.48
0.21 TRN TRINITY INDUSTRIES INC 2904627 24.68 648,218 15,998,020.24
0.21 GBX GREENBRIER COMPANIES INC 2387530 43.78 362,257 15,859,611.46
0.17 WNC WABASH NATIONAL CORP 2932048 8.08 1,619,936 13,089,082.88
0.14 CMCO COLUMBUS MCKINNON CORP/NY 2211071 15.36 688,918 10,581,780.48
0.03 OTHER PAYABLE & RECEIVABLES 1.00 2,585,496 2,585,496.02
0.03 RTYM5 Index E-MINI RUSS 2000 JUN25 100,545.00 19 1,910,355.00
0.02 CASH 1.00 1,626,640 1,626,639.63
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 04/30/25

Sector Weight (%)
Industrials 71.6
Materials 22.3
Utilities 3.3
Information Technology 2.1
Consumer Discretionary 0.7

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Capital Goods 62.0
Materials 22.3
Transportation 8.6
Utilities 3.3
Technology Hardware & Equipment 2.1
Commercial & Professional Services 0.9
Consumer Durables & Apparel 0.7
Other 0.1

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 05/05/25

Return on Equity 14.40%
Weighted Avg. Market Cap 37,674 M
2024 2025
Price-to-earnings 21.87 20.51
Price-to-book value 3.11 2.81

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 04/30/25

Versus Beta
S&P 500 1.34
NASDAQ-100 0.92
MSCI EAFE 1.10
MSCI Emg. Mkts 0.73
Standard Deviation 25.60%

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 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.