Global X - U.S. Infrastructure Development ETF
PAVE
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- Global X U.S. Infrastructure Development ETF (PAVE) is an exchange-traded fund that seeks investment results corresponding generally to the price and yield performance, before fees and expenses, of the Indxx U.S. Infrastructure Development Index; a market-cap-weighted index comprised of U.S.-listed companies that derive the majority of their revenue from or have a stated business purpose related to infrastructure development, including companies involved in the construction and engineering of infrastructure projects, the production of raw materials, composites and products used in building infrastructure projects, producers and distributors of heavy construction equipment, and companies engaged in the transportation of materials used in infrastructure projects. The ETF holds approximately 100 stocks across sectors such as industrials (72.4%), materials (21.3%), utilities (3.5%), information technology (2.0%), and consumer discretionary (0.9%), with top holdings including Howmet Aerospace Inc. (4.17%), Parker-Hannifin Corp. (3.51%), CRH plc (3.45%), Quanta Services Inc. (3.38%), and Norfolk Southern Corp. (3.14%). Launched on March 6, 2017, and issued by Global X Management Company LLC, headquartered in New York, PAVE trades primarily on the Cboe exchange, targets investors seeking exposure to U.S. infrastructure spending trends driven by acts such as the Infrastructure Investment and Jobs Act, Inflation Reduction Act, and CHIPS and Science Act, and operates with a total expense ratio of 0.47% and net assets exceeding $10 billion as of late 2025. In recent developments, PAVE has seen robust net inflows of approximately $255 million over the past year, reflecting strong investor interest amid bullish technical momentum and analyst upgrades citing favorable macro factors like rising copper prices, robust construction employment, and sustained government infrastructure commitments; the ETF also launched options trading availability and introduced UCITS versions for European and other international markets, expanding its global accessibility. Institutional ownership has grown significantly, with major holders including Bank of America Corp., Bank of Montreal, and JPMorgan Chase & Co. increasing positions in 2025, while semi-annual distributions continued, including a June 2025 ex-dividend payout of $0.11032 per share.