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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 05/02/25

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
3.99 HWM HOWMET AEROSPACE INC BKLJ8V2 154.07 1,992,032 306,912,370.24
3.60 FAST FASTENAL CO 2332262 82.12 3,372,149 276,920,875.88
3.36 DE DEERE & CO 2261203 481.67 535,973 258,162,114.91
3.30 TT TRANE TECHNOLOGIES PLC BK9ZQ96 399.59 635,691 254,015,766.69
3.24 CRH CRH PLC B01ZKD6 98.51 2,531,506 249,378,656.06
3.02 SRE SEMPRA 2138158 75.47 3,072,896 231,911,461.12
3.01 PH PARKER HANNIFIN CORP 2671501 619.02 374,381 231,749,326.62
3.00 PWR QUANTA SERVICES INC 2150204 321.14 717,363 230,373,953.82
2.91 UNP UNION PACIFIC CORP 2914734 218.29 1,025,882 223,939,781.78
2.90 NSC NORFOLK SOUTHERN CORP 2641894 224.36 993,428 222,885,506.08
2.82 CSX CSX CORP 2160753 28.70 7,557,957 216,913,365.90
2.79 URI UNITED RENTALS INC 2134781 665.40 322,649 214,690,644.60
2.73 EMR EMERSON ELECTRIC CO 2313405 108.32 1,940,108 210,152,498.56
2.73 VMC VULCAN MATERIALS CO 2931205 267.05 785,507 209,769,644.35
2.67 ETN EATON CORP PLC B8KQN82 298.67 688,282 205,569,184.94
2.53 MLM MARTIN MARIETTA MATERIALS 2572079 535.80 363,533 194,780,981.40
2.23 NUE NUCOR CORP 2651086 122.97 1,396,938 171,781,465.86
2.22 ROK ROCKWELL AUTOMATION INC 2754060 253.65 672,377 170,548,426.05
1.81 FTV FORTIVE CORP BYT3MK1 67.55 2,063,628 139,398,071.40
1.59 STLD STEEL DYNAMICS INC 2849472 134.94 905,800 122,228,652.00
1.53 EME EMCOR GROUP INC 2474164 430.19 273,738 117,759,350.22
1.48 HUBB HUBBELL INC BDFG6S3 355.91 319,615 113,754,174.65
1.36 CSL CARLISLE COS INC 2176318 386.23 269,693 104,163,527.39
1.25 RS RELIANCE INC 2729068 297.22 321,967 95,695,031.74
1.23 TRMB TRIMBLE INC 2903958 64.59 1,462,056 94,434,197.04
1.22 J JACOBS SOLUTIONS INC BNGC0D3 126.68 737,984 93,487,813.12
1.19 PNR PENTAIR PLC BLS09M3 93.29 983,178 91,720,675.62
1.10 RPM RPM INTERNATIONAL INC 2756174 110.31 765,183 84,407,336.73
1.09 GGG GRACO INC 2380443 83.23 1,004,774 83,627,340.02
1.06 IEX IDEX CORP 2456612 181.45 450,684 81,776,611.80
1.05 ACM AECOM B1VZ431 102.35 789,301 80,784,957.35
1.02 BLDR BUILDERS FIRSTSOURCE INC B0BV2M7 114.13 684,922 78,170,147.86
0.89 WWD WOODWARD INC 2948089 193.92 353,616 68,573,214.72
0.86 MTZ MASTEC INC 2155306 140.87 471,719 66,451,055.53
0.84 RBC RBC BEARINGS INC B0GLYB5 344.69 186,885 64,417,390.65
0.82 CRS CARPENTER TECHNOLOGY 2177504 213.01 296,578 63,174,079.78
0.80 LECO LINCOLN ELECTRIC HOLDINGS 2516851 183.50 335,700 61,600,950.00
0.80 WLK Westlake Corporation B01ZP20 79.85 766,064 61,170,210.40
0.77 X UNITED STATES STEEL CORP 2824770 44.05 1,340,377 59,043,606.85
0.74 CR CRANE CO BNYD4F8 167.93 340,641 57,203,843.13
0.74 ATI ATI Inc 2526117 66.57 849,374 56,542,827.18
0.70 WMS ADVANCED DRAINAG BP7RS59 116.02 461,563 53,550,539.26
0.69 BLD TOPBUILD CORP BZ0P3W2 301.21 175,640 52,904,524.40
0.67 MLI MUELLER INDUSTRIES INC 2609717 75.55 677,092 51,154,300.60
0.64 TTEK TETRA TECH INC 2883890 30.98 1,595,693 49,434,569.14
0.62 WCC WESCO INTERNATIONAL INC 2416973 163.03 291,761 47,565,795.83
0.61 EXP EAGLE MATERIALS INC 2191399 233.97 199,754 46,736,443.38
0.61 AYI ACUITY INC 2818461 252.73 184,781 46,699,702.13
0.57 RRX REGAL REXNORD CORP 2730082 111.73 393,933 44,014,134.09
0.52 BMI BADGER METER INC 2069128 229.64 175,154 40,222,364.56
0.52 SPXC SPX TECHNOLOGIES INC BQ1L7V3 144.73 275,747 39,908,863.31
0.51 AA ALCOA CORP BYNF418 25.53 1,538,575 39,279,819.75
0.48 VMI VALMONT INDUSTRIES 2926825 307.43 119,265 36,665,638.95
0.48 LPX LOUISIANA-PACIFIC CORP 2535243 87.54 418,230 36,611,854.20
0.46 ZWS Zurn Elkay Water Solution BMV1ZD3 34.97 1,010,942 35,352,641.74
0.42 KNF KNIFE RIVER CORP BPLL4V5 96.33 336,913 32,454,829.29
0.42 CSWI CSW INDUSTRIALS INC BYQD1J6 320.94 100,166 32,147,276.04
0.41 CMC COMMERCIAL METALS CO 2213260 46.47 676,991 31,459,771.77
0.41 DY DYCOM INDUSTRIES INC 2289841 180.53 173,828 31,381,168.84
0.40 IIIN INSTEEL INDUSTRIES INC 2325875 35.02 879,517 30,800,685.34
0.40 DNOW DNOW INC BMH0MV1 16.53 1,846,864 30,528,661.92
0.40 STRL STERLING INFRAST 2632876 165.64 183,182 30,342,266.48
0.38 TITN TITAN MACHINERY INC B29H3T5 18.25 1,614,365 29,462,161.25
0.38 MWA MUELLER WATER-A B15RZR4 27.21 1,074,633 29,240,763.93
0.36 ASTE ASTEC INDUSTRIES INC 2060370 38.13 725,347 27,657,481.11
0.36 ROAD CONSTRUCTION P-A BDT5M66 89.57 308,714 27,651,512.98
0.35 CALX CALIX INC B3S4L67 42.00 644,639 27,074,838.00
0.35 PLPC PREFORMED LINE 2798466 137.36 194,388 26,701,135.68
0.34 CLF CLEVELAND-CLIFFS INC BYVZ186 8.88 2,944,375 26,146,050.00
0.34 RYI RYERSON HOLDING CORP B3TPPZ6 21.05 1,241,475 26,133,048.75
0.34 HEES H&E EQUIPMENT SE B0WR848 90.72 287,153 26,050,520.16
0.33 MYRG MYR GROUP INC/DELAWARE B3CLS18 154.57 164,980 25,500,958.60
0.32 MDU MDU RESOURCES GROUP INC 2547323 17.52 1,410,095 24,704,864.40
0.32 GRC GORMAN-RUPP CO 2379281 36.85 669,009 24,652,981.65
0.32 ACA ARCOSA INC BGPZ5W8 84.09 290,731 24,447,569.79
0.31 ROCK GIBRALTAR INDUSTRIES INC 2369226 58.02 414,426 24,044,996.52
0.31 AGX ARGAN INC 2804501 163.77 145,724 23,865,219.48
0.30 EXPO EXPONENT INC 2330318 76.78 302,455 23,222,494.90
0.29 MTUS METALLUS INC BNBPMX1 13.12 1,721,603 22,587,431.36
0.29 GVA GRANITE CONSTRUCTION INC 2381189 81.15 274,716 22,293,203.40
0.29 CENX CENTURY ALUMINUM COMPANY 2186254 17.29 1,288,107 22,271,370.03
0.29 TPC TUTOR PERINI CORP 2681760 22.94 956,796 21,948,900.24
0.29 DXPE DXP ENTERPRISES INC 2276627 92.02 237,872 21,888,981.44
0.28 CTRI CENTURI HOLDINGS INC BMDPVF7 18.58 1,175,866 21,847,590.28
0.28 USLM US LIME & MINERA 2724115 99.81 214,950 21,454,159.50
0.28 PRIM PRIMORIS SERVICES CORP B1GC200 66.18 319,890 21,170,320.20
0.27 TEX TEREX CORP 2884224 39.83 521,720 20,780,107.60
0.27 MRC MRC GLOBAL INC B7M66F1 12.09 1,692,849 20,466,544.41
0.27 MTRN MATERION CORP 2149622 81.93 249,315 20,426,377.95
0.26 NWPX NORTHWEST PIPE CO 2035925 38.54 511,337 19,706,927.98
0.26 HRI HERC HOLDINGS INC BZBZ020 116.20 169,349 19,678,353.80
0.25 CTOS CUSTOM TRUCK ONE BL66YS4 4.10 4,750,973 19,478,989.30
0.25 ATKR Atkore Inc BDHF495 65.90 294,482 19,406,363.80
0.23 MTX MINERALS TECHNOLOGIES INC 2595612 53.01 336,113 17,817,350.13
0.22 POWL POWELL INDUSTRIES INC 2697422 193.23 87,803 16,966,173.69
0.21 TRN TRINITY INDUSTRIES INC 2904627 24.99 648,812 16,213,811.88
0.21 GBX GREENBRIER COMPANIES INC 2387530 43.91 362,599 15,921,722.09
0.17 WNC WABASH NATIONAL CORP 2932048 8.19 1,621,430 13,279,511.70
0.14 CMCO COLUMBUS MCKINNON CORP/NY 2211071 15.76 689,548 10,867,276.48
0.04 OTHER PAYABLE & RECEIVABLES 1.00 2,928,644 2,928,644.36
0.03 RTYM5 Index E-MINI RUSS 2000 JUN25 101,340.00 19 1,925,460.00
0.02 CASH 1.00 1,600,204 1,600,203.57
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.