PAVE
Global X U.S. Infrastructure Development ETF
The Global X U.S. Infrastructure Development ETF 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.
US
EQUITY
Passive
MANAGEMENT STYLE
9.4 B
ASSETS UNDER MGMT
47 bp
EXPENSES
Fund Basics
| Fund sponsor | Global X |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Mar 06, 2017 |
| Assets (mns) | $9,378 |
| Expense ratio | 47 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| HOWMET AEROSPACE INC. | 4.5 % |
| PARKER HANNIFIN CORP | 3.5 % |
| QUANTA SERVICES INC | 3.4 % |
| SEMPRA ENERGY | 3.2 % |
| NORFOLK SOUTHERN CORP | 3.1 % |
| CRH PLC | 3.1 % |
| FASTENAL CO | 3.0 % |
| UNITED RENTALS INC | 3.0 % |
| TRANE TECHNOLOGIES PLC | 3.0 % |
| CSX CORP | 2.9 % |
Constituent Breakdown
| Number of holdings | 98 |
| Herfindahl-Hirschman Index | 201 |
| Wgt avg mkt cap (mns) | $45,608 |
| Large cap (>$10bn) | 80.9% |
| Mid cap ($2-10bn) | 13.5% |
| Small cap (<$2bn) | 4.9% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 90.1 % |
 |
IRELAND | 8.8 % |
 |
BRITAIN | 1.1 % |
Historical Performance
Standardized Performance (as of 10/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 19.4% | 17.4% | 29.4% | 23.1% | 22.6% | -- | -- | 14.7% |
| Dividend Yield | 0.3% | 0.7% | 0.8% | 0.8% | 0.8% | -- | -- | 0.7% |
| Total Returns | 19.7% | 18.1% | 30.3% | 23.9% | 23.4% | -- | -- | 15.4% | Ann. Volatility | 23.4% | 23.4% | 20.7% | 20.7% | 22.0% | -- | -- | 24.6% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.28 | 62% |
| MSCI EAFE | 0.79 | 31% |
| MSCI Emg Mkts | 0.54 | 17% |
Liquidity Measures
| Avg. volume (000) | 1,066 |
| ADV traded (mns) | $49 |
| Turnover | 0.5% |
| Avg. Bid/Ask (% of price) | 0.02% |
Technical Indicators
| Recent close | $46.28 |
| 30d moving avg. | $47.78 |
| Annualized volatility | 21.0% |
| Relative strength (RSI) | 49 |
| Short interest | 0.9% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| HWAY | Themes US Infrastructure ETF | 60.8% | -18 bp | +6.3% |
| FIDU | Fidelity MSCI Industrial Index ETF | 27.8% | -39 bp | +4.6% |
| XLI | The Industrial Select Sector SPDR Fund | 25.4% | -39 bp | +4.5% |
| RSPN | Invesco S&P 500 Equal Weight Industrials ETF | 24.5% | -7 bp | +5.4% |
| VIS | Vanguard Industrials ETF | 24.2% | -38 bp | +4.7% |
| IFRA | iShares U.S. Infrastructure ETF | 23.8% | -17 bp | +6.5% |
| RBLD | First Trust Alerian US NextGen Infrastructure ETF | 22.7% | +18 bp | +5.0% |
| MADE | iShares U.S. Manufacturing ETF | 21.6% | -7 bp | +5.0% |
| RSHO | Tema American Reshoring ETF | 21.5% | +28 bp | +4.7% |
| PRN | Invesco Dorsey Wright Industrials Momentum ETF | 21.4% | +13 bp | +2.1% |
Risk and Returns: PAVE vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
Content on this tab for Individual & Professional subscribers only. Start your FREE trial
Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
Content on this tab for Individual & Professional subscribers only. Start your FREE trial
Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 11/18/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
Some content on this tab for Individual & Professional subscribers only. Start your FREE trial
ETF Research Center Rating
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
ALTAR Score™
PAVE
5.3%
Cat. Avg
5.8%
ALTAR Score™ Calculation
Category Overview
There are 1003 funds in the US Equity category, with an average ALTAR Score™
of 5.8% and a standard deviation of
2.4%. PAVE's ALTAR Score™ is approximately
0.2 standard deviations
below
the category average. This places PAVE in the 43rd percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
PAVESELL
U/W
HOLD
O/W
BUY