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
47 bp
EXPENSES
$7.7 B
ASSETS UNDER MGMT
Fund Basics
Fund sponsor | Global X |
Category | US |
Asset class | Equity |
Website | link... |
Inception date | Mar 06, 2017 |
Assets (mns) | $7,718 |
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 +
TRANE TECHNOLOGIES PLC | 3.4 % |
EATON CORP PLC | 3.4 % |
UNITED RENTALS INC | 3.3 % |
EMERSON ELECTRIC CO | 3.2 % |
PARKER HANNIFIN CORP | 3.1 % |
QUANTA SERVICES INC | 3.0 % |
MARTIN MARIETTA MATERIALS | 2.9 % |
SEMPRA ENERGY | 2.8 % |
VULCAN MATERIALS CO | 2.7 % |
UNION PACIFIC CORP | 2.6 % |
Constituent Breakdown
Number of holdings | 99 |
Herfindahl-Hirschman Index | 188 |
Wgt avg mkt cap (mns) | $35,977 |
Large cap (>$10bn) | 75.8% |
Mid cap ($2-10bn) | 17.8% |
Small cap (<$2bn) | 6.4% |
Developed mkts. | 100.0% |
Emerging mkts. | 0.0% |
Country Exposure
UNITED STATES | 92.1 % | |
IRELAND | 6.8 % | |
BRITAIN | 1.0 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
---|---|---|---|---|---|---|---|
Total Returns | 1.8% | 12.1% | 24.9% | 11.6% | 17.2% | -- | 13.3% | Volatility | 15.5% | 16.5% | 21.1% | 21.2% | 27.7% | -- | -- |
Market Correlations
versus... | Beta | R-squared |
S&P 500 | 1.24 | 80% |
MSCI EAFE | 1.20 | 69% |
MSCI Emg Mkts | 0.75 | 28% |
Liquidity Measures
Avg. volume (000) | 1,117 |
Turnover | 0.6% |
Avg. Bid/Ask (% of price) | 0.03% |
ADV of underlying (mns) | $23,616 |
Technical Indicators
Recent close | $38.49 |
30d moving avg. | $37.51 |
Annualized volatility | 25.0% |
Relative strength (RSI) | 48 |
Short interest (ETF) | 0.5% |
Short interest (underlying) | 2.6% |
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. PAVE |
Expenses vs. PAVE |
ALTAR Score™ vs. PAVE |
---|---|---|---|---|
RBLD | First Trust Alerian US NextGen Infrastructure ETF | 26.0% | +18 bp | -0.5% |
XLI | Industrial Select Sector SPDR Fund | 24.9% | -38 bp | -1.3% |
IFRA | iShares U.S. Infrastructure ETF | 24.9% | -17 bp | +0.7% |
PRN | Invesco Dorsey Wright Industrials Momentum ETF | 24.5% | +13 bp | -0.9% |
FIDU | Fidelity MSCI Industrial Index ETF | 24.4% | -39 bp | -0.9% |
VIS | Vanguard Industrials ETF | 24.2% | -37 bp | -1.3% |
RSPN | Invesco S&P 500 Equal Weight Industrials ETF | 24.2% | -7 bp | -2.0% |
RSHO | Tema American Reshoring ETF | 22.7% | +28 bp | -2.1% |
FXR | First Trust Industrials/Producer Durables AlphaDEX Fund | 22.3% | +14 bp | +0.8% |
IYJ | iShares U.S. Industrials ETF | 20.3% | -7 bp | -0.7% |
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.
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Results & Estimates
2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
---|---|---|---|---|---|---|---|---|
Sales per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Book value per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
2023 | 2024E | Fwd Est | 2025E | |
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 7/25/2024
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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
PAVE
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
PAVE
5.7%
Cat. Avg
5.7%
Fund Category: US
Avg. Return on Equity | --% |
Divided by: Fwd. P/BV | --x |
Less: Expenses | -- bp |
Equals: ALTAR Score™ | 5.7% |
Recommendation
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.
Category Overview
There are 899 funds in the US category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. PAVE's ALTAR Score™ is approximately
0.0 standard deviations
below
the category average. This places PAVE in the 49th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
PAVE
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
Peer Group | Passive US Equity ETFs |
# of ETFs | 192 |
Avg. Expense Ratio | 31.0 bp |
Std. Deviation | 25.7 bp |
PAVE (47 bp) Percentile rank | 73 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
---|---|---|---|
PAVE | 47.0 | 3.4 | 50.4 |
Peer Avg. | 24.7 | 9.9 | 34.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .