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IPAV

Infrastructure Development ex-U.S. ETF

 

Reasons to Consider IPAV

Compelling Need

Aging infrastructure is a prevalent concern around the world. Global infrastructure development is essential to support growing populations, cutting-edge technologies, and to address net-zero emissions targets.

Multiple Long-Term Catalysts

With nearly 70% of the global population forecasted to reside in cities by 2050, governments will likely need to invest heavily in a wide range of infrastructure.1

Unconstrained Approach

IPAV seeks to capture infrastructure development trends by investing in companies outside of the U.S. that are part of the infrastructure theme, regardless of sector or industry classification.

1World Bank Group, Apr 2023

Key Information As of 05/05/25

Inception Date 08/27/24
Total Expense Ratio 0.56%
Net Assets $3.31 million
NAV $25.45
Fact Sheet View the document

ETF Summary

The Global X Infrastructure Development ex-U.S. ETF (IPAV) seeks to invest in companies that stand to benefit from a potential increase in infrastructure activity in international markets, including emerging and developed markets but excluding the United States. This includes companies that are involved in engineering and construction services, the production of infrastructure raw materials and composites, heavy construction equipment, infrastructure transportation, and smart grid components.

ETF Objective

The Global X Infrastructure Development ex-U.S. ETF (IPAV) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X Infrastructure Development ex-U.S. Index.

Trading Details As of 05/05/25

Ticker IPAV
Bloomberg Index Ticker GXIPAVUN
CUSIP 37960A446
ISIN US37960A4461
Primary Exchange Cboe
Shares Outstanding 130,000
Number of Holdings 100
30-Day Median Bid-Ask Spread 0.50%

Distributions As of 05/05/25

30-Day SEC Yield 1.39%
Distribution Frequency Semi-Annually

ETF Prices As of 05/05/25

NAV $25.45 Daily Change $0.02 0.08%
Market Price $25.64 Daily Change $0.07 0.27%

Performance History

As of recent
(03/31/25)
Fund NAV Market Price Index
Year-to-Date 4.73% 5.69% 4.86%
1 Month 2.55% 2.92% 2.52%
3 Months 4.73% 5.69% 4.86%
Since Inception -2.44% -1.63% -2.14%
Year-to-Date 8.89% 9.38% 9.06%
1 Month 3.98% 3.49% 4.01%
3 Months 6.40% 7.15% 6.50%
Since Inception 1.44% 1.80% 1.78%

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 ($) Shares Held Market Value ($)
4.53 HEI GR HEIDELBERG MATERIALS AG 5120679 203.88 735 149,855.42
3.70 DG FP VINCI SA B1XH026 142.08 862 122,476.78
3.53 FER SM FERROVIAL SE BRS7CF0 49.44 2,361 116,728.77
3.33 CLNX SM CELLNEX TELECOM SA BX90C05 40.28 2,734 110,120.18
3.16 HOLN SW HOLCIM LTD 7110753 113.82 917 104,369.63
3.08 6301 JP KOMATSU LTD 6496584 29.60 3,438 101,774.56
3.01 UTCEM IN ULTRATECH CEMENT LTD B01GZF6 138.48 718 99,428.87
2.90 EPIA SS EPIROC AB-A BMD58R8 22.10 4,339 95,873.33
2.87 5401 JP NIPPON STEEL CORP 6642569 20.83 4,549 94,764.24
2.85 TATA IN TATA STEEL LTD BPQWCZ3 1.69 55,869 94,193.53
2.76 CP CN CANADIAN PACIFIC BMBQR09 73.97 1,233 91,208.34
2.73 MT NA ARCELORMITTAL BYPBS67 30.51 2,963 90,415.06
2.61 LT IN LARSEN & TOUBRO LTD B0166K8 39.52 2,186 86,384.87
2.53 005490 KS POSCO HOLDINGS INC 6693233 181.71 460 83,585.80
2.52 FGR FP EIFFAGE B13X013 139.93 595 83,258.30
2.50 CNR CN CANADIAN NATL RAILWAY CO 2180632 98.69 839 82,803.45
2.50 TS TENARIS SA-ADR 2167367 33.43 2,469 82,538.67
2.47 PRY IM PRYSMIAN SPA B1W4V69 57.38 1,423 81,649.00
2.36 4063 JP SHIN-ETSU CHEMICAL CO LTD 6804585 31.49 2,478 78,043.99
2.12 JSTL IN JSW STEEL LTD BZBYJJ7 11.34 6,198 70,274.78
1.91 CX CEMEX SAB-SP ADR 2488671 6.11 10,322 63,067.42
1.71 ATRL CN ATKINSREALIS GROUP INC BRJNZ47 51.11 1,104 56,421.07
1.63 EN FP BOUYGUES SA 4002121 42.81 1,258 53,850.91
1.35 788 HK CHINA TOWER CORP LTD-H BTVMCY5 1.45 30,940 44,713.29
1.33 1101 TT TCC GROUP HOLDINGS CO LTD 6869937 1.02 43,083 43,925.63
1.32 5411 JP JFE HOLDINGS INC 6543792 11.60 3,770 43,725.92
1.16 INDUSTOW IN INDUS TOWERS LTD B92P9G4 4.56 8,432 38,431.92
1.10 GF SW FISCHER (GEORG)-REG BM8J5G3 73.01 500 36,503.01
1.05 ACEM IN AMBUJA CEMENTS LTD B09QQ11 6.42 5,429 34,878.30
0.97 NKT DC NKT A/S 7106354 83.42 386 32,201.13
0.95 POLYCAB IN POLYCAB INDIA LTD BHKDY38 68.77 455 31,288.31
0.93 GAM MK GAMUDA BHD 6359881 1.04 29,600 30,868.57
0.86 JSP IN JINDAL STEEL & POWER LTD 6726816 10.73 2,649 28,411.59
0.83 INW IM INFRASTRUTTURE W BZ0P4R4 12.11 2,262 27,394.24
0.81 SSABB SS SSAB AB - B SHARES B17H3F6 6.44 4,174 26,892.84
0.80 BZU IM BUZZI SPA 5782206 53.48 492 26,310.82
0.77 1102 TT ASIA CEMENT CORP 6056331 1.52 16,840 25,557.66
0.76 NEX FP NEXANS SA 7130836 110.67 228 25,233.65
0.73 914 HK CONCH CEMENT-H 6080396 2.82 8,607 24,266.19
0.72 AZJ AU AURIZON HOLDINGS LTD B87CVM3 2.01 11,779 23,667.17
0.72 GGB GERDAU SA -SPON ADR 2297606 2.55 9,273 23,646.15
0.70 SRCM IN SHREE CEMENT LTD 6100357 349.70 66 23,080.29
0.68 ANA SM ACCIONA SA 5579107 146.96 153 22,484.95
0.66 6305 JP HITACHI CONST MA 6429405 29.96 723 21,659.32
0.64 AALB NA AALBERTS NV B1W8P14 32.79 646 21,184.89
0.60 SPM IM SAIPEM SPA BMY36H7 2.33 8,475 19,777.92
0.59 5233 JP TAIHEIYO CEMENT CORP 6660204 26.47 731 19,351.64
0.58 VOE AV VOESTALPINE AG 4943402 26.97 715 19,280.28
0.52 010120 KS LS ELECTRIC CO LTD 6378217 149.70 115 17,216.06
0.51 RVNL IN RAIL VIKAS NIGAM LTD BJLJGN3 4.21 3,970 16,707.35
0.47 3323 HK CHINA NATL BDG-H B0Y91C1 0.50 31,200 15,459.10
0.46 028050 KS SAMSUNG E&A CO LTD 6765239 13.56 1,127 15,276.74
0.46 BDX PW BUDIMEX 4149330 171.50 89 15,263.36
0.45 KEII IN KEI INDUSTRIES LTD B1L9PJ6 38.09 387 14,741.67
0.43 JKCE IN JK CEMENT LTD B0CJ800 61.24 234 14,329.30
0.43 1721 JP COMSYS HOLDINGS CORP 6687247 22.33 637 14,226.94
0.41 SAIL IN STEEL AUTHORITY OF INDIA 6121499 1.36 10,030 13,662.25
0.41 ACX SM ACERINOX SA B01ZVZ5 11.73 1,157 13,565.92
0.39 241560 KS DOOSAN BOBCAT INC BYX9GP8 34.35 375 12,881.37
0.39 5444 JP YAMATO KOGYO CO LTD 6985446 58.21 221 12,864.64
0.39 JDSL IN JINDAL STAINLESS LTD 6743257 6.95 1,850 12,864.31
0.38 1951 JP EXEO GROUP INC 6499420 11.62 1,086 12,622.29
0.38 SCYR SM SACYR SA 5504789 3.72 3,372 12,541.71
0.36 390 HK CHINA RAILWAY GROUP LTD-H B297KM7 0.44 27,300 11,906.32
0.35 DALBHARA IN DALMIA BHARAT LTD BFN2YR2 23.03 502 11,562.36
0.34 004020 KS HYUNDAI STEEL CO 6461850 17.57 646 11,347.84
0.34 AFRY SS AFRY AB BN791J6 17.76 635 11,276.03
0.34 LAND SW LANDIS + GYR GROUP AG BF41XY8 64.37 174 11,199.85
0.34 BREE LN BREEDON GROUP PLC BM8NFJ8 5.96 1,868 11,136.21
0.32 MAIRE IM MAIRE SPA BBGTNT7 11.25 931 10,477.93
0.31 NMDC UH NMDC GROUP PJSC 6625838 6.81 1,488 10,127.82
0.30 IJM MK IJM CORP BHD 6455217 0.55 17,900 9,759.76
0.27 5076 JP INFRONEER HOLDINGS INC BLGYFQ3 8.49 1,059 8,993.80
0.27 PEABB SS PEAB AB-CLASS B 4407760 8.24 1,074 8,850.29
0.26 TRCL IN RAMCO CEMENTS LTD/THE 6698153 11.23 778 8,739.49
0.26 552 HK CHINA COMM SER-H B1HVJ16 0.53 15,900 8,432.13
0.25 5463 JP MARUICHI STEEL TUBE LTD 6569505 23.37 351 8,203.10
0.25 1414 JP SHO-BOND HOLDINGS CO LTD B29T1W0 36.16 224 8,100.27
0.24 OTHER PAYABLE & RECEIVABLES 1.00 8,085 8,084.51
0.24 KPIL IN KALPATARU PROJEC B02N266 11.44 698 7,984.12
0.24 WBD IM WEBUILD SPA B09MRX8 3.80 2,063 7,841.49
0.23 NJCC IN NCC LTD B0FXGP0 2.62 2,940 7,715.63
0.23 TX TERNIUM SA-SPONSORED ADR B0XGGY0 29.68 259 7,687.12
0.23 IRB IN IRB INFRASTRUCTU BMTY040 0.54 14,014 7,594.70
0.23 1157 HK ZOOMLION HEAVY-H B544N70 0.74 10,200 7,541.42
0.22 CSNA3 BZ SID NACIONAL B019KX8 1.63 4,400 7,158.33
0.22 KECI IN KEC INTERNATIONAL LTD B0YJJ27 8.31 861 7,157.47
0.20 2006 TT TUNG HO STEEL 6907310 2.21 3,030 6,703.50
0.20 001440 KS TAIHAN ELEC WIRE 6512479 8.36 785 6,565.39
0.19 SPEN IT SHAPIR ENGINEERI BTF8CZ0 6.97 900 6,275.91
0.19 2504 TT GOLDSUN BUILDING 6375564 1.42 4,300 6,103.36
0.18 052690 KS KEPCO ENGINEERIN B4LW1M1 46.94 123 5,773.42
0.17 3996 HK CHINA ENERGY E-H BZ1JH10 0.13 44,200 5,589.16
0.13 OYAKC TI OYAK CIMENTO FABRIKALARI B03MVZ4 0.57 7,751 4,402.05
0.13 IRCON IN IRCON INTERNATIONAL LTD BM7SZX8 1.88 2,320 4,369.00
0.13 TECHNOE IN TECHNO ELECTRIC BDFFZP0 12.82 324 4,152.27
0.12 ACCE IN ACTION CONSTRUCT B131PK1 14.19 272 3,859.30
0.11 CASH 1.00 3,575 3,574.79
0.11 2128 HK CHINA LESSO BCDBKF8 0.54 6,500 3,489.03
0.10 1313 HK CHINA RESOURCES BUILDING B41XC98 0.21 15,600 3,281.03
0.08 RITE IN RITES LTD B2QRR85 2.70 913 2,467.87
0.07 BRSAN TI BORUSAN BIRLESIK B03MQ15 9.34 229 2,137.92
0.00 CANADIAN DOLLAR 1.00 0 0.01
0.00 ISRAELI SHEKEL 0.00 0 0.00
0.00 KOREAN WON 0.00 0 0.00
0.00 TAIWAN DOLLAR 0.05 0 -0.01
-0.05 INDIA RUPEE 0.01 -138,966 -1,649.02
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 04/30/25

Sector Weight (%)
Materials 46.3
Industrials 44.3
Communication Services 5.3
Energy 3.1
Utilities 0.7
Real Estate 0.3

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Materials 46.1
Capital Goods 37.8
Transportation 6.3
Telecommunication Services 5.3
Energy 3.1
Utilities 0.7
Commercial & Professional Services 0.3
Equity Real Estate Investment Trusts (REITs) 0.3
Other 0.1

Source: new windowAltaVista Research, LLC

Country Weight (%)
India 19.6
Japan 12.9
France 8.7
Spain 8.4
Canada 7.2
Luxembourg 5.5
Italy 5.3
South Korea 4.7
Switzerland 4.6
Germany 4.6
Sweden 4.4
Other 14.1

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 8.80%
Weighted Avg. Market Cap 23,421 M
2024 2025
Price-to-earnings 16.87 14.01
Price-to-book value 1.26 1.20

Source: new windowAltaVista Research, LLC

ETF Research

Introducing IPAV: The Case for International Infrastructure Development

Read the Full ArticleRead More

ETF Documents

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. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. IPAV 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. The 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, and do not represent the returns you would receive if you traded shares at other times. NAVs are calculated using prices as of 4:00 PM Eastern Time. 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 Global X Infrastructure Development ex-U.S. Index is owned and was developed by Global X Management Company LLC for use by 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.