US Infrastructure Development ETF - Global X ETFs - Australia
Australia
Search

PAVE

US Infrastructure Development ETF

Invest in PAVE Request Research
Overview Performance Holdings & Characteristics Research Documents Announcements FAQs

Reasons to Consider PAVE

Compelling Need

The American Society of Civil Engineers assigned a letter grade of C- to the state of US infrastructure in its 2021 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 US$1 trillion to fund critical infrastructure projects.

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 classification.

1 ASCE. (n.d.) Report Card For America’s Infrastructure.

Product Information As of 26 Mar 2025

Inception Date 3 Jun 2024
Management Costs (% p.a.) 0.47
Currency Hedged No
Domicile Australia
Legal Form Managed Investment Scheme
SMSF Eligible Yes

NAV Information As of 26 Mar 2025

NAV/Unit (A$) 10.88350000
Currency (NAV) AUD
Shares Outstanding 1,225,000
AUM (A$) 13,332,258.31
NAV History File View

Product Summary

The Global X US Infrastructure Development ETF (PAVE) aims to capture a resurging focus on infrastructure in the world’s largest economy. It does so by investing in US-domiciled companies involved in the construction, engineering, material procurement, transportation, and equipment distribution processes of infrastructure projects.

Product Objective

The Global X US Infrastructure Development ETF seeks to provide investors with a return that (before fees and expenses) tracks the performance of the Indxx U.S. Infrastructure Development Index.

Trading Details

Ticker PAVE
Bloomberg Code PAVE AU Equity
ISIN AU0000333247
Trading Hours 10:00AM – 4:00PM

Management & Administration

Issuer Global X Management (AUS) Limited
Custodian The Hongkong and Shanghai Banking Corporation Limited, Sydney Branch
Registrar Computershare Investor Services Pty Limited
Trustee Global X Management (AUS) Limited

Benchmark Information

Benchmark Indxx U.S. Infrastructure Development Index
Provider Indxx Inc.
Ticker PAVE

Distributions

Distribution Frequency Semi-Annually
Distribution History View

Performance Table As of 26 Mar 2025

Total Return (Fund) Total Return (Benchmark) Tracking Difference Tracking Error
1 Month -3.07% -3.02% -0.05% 0.02%
3 Months -6.97% -6.83% -0.14% 0.03%
1 Year -- -- -- --
3 Year p.a. -- -- -- --
5 Year p.a. -- -- -- --
10 Year p.a. -- -- -- --
Since Inception 8.83% 9.40% -0.56% 0.06%

Top Holdings As of 27 Mar 2025

Full Holdings (.xlsx)
Net Assets (%) Name SEDOL Market Price (Local) Shares Held Market Value (A$)
3.54 Howmet Aerospace Inc BKLJ8V2 134.14 2,220 472,309
3.45 Fastenal Co 2332262 77.09 3,759 459,606
3.43 Deere & Co 2261203 483.62 597 457,924
3.24 Union Pacific Corp 2914734 238.03 1,143 431,512
3.18 CRH PLC B01ZKD6 94.58 2,822 423,322
3.16 Parker-Hannifin Corp 2671501 637.51 417 421,636
3.10 Norfolk Southern Corp 2641894 235.76 1,107 413,935
3.00 CSX Corp 2160753 29.90 8,425 399,536
2.97 Trane Technologies PLC BK9ZQ96 352.06 708 395,335
2.92 Emerson Electric Co 2313405 113.59 2,162 389,503
2.88 Sempra 2138158 70.77 3,425 384,437
2.74 United Rentals Inc 2134781 641.60 359 365,320
2.61 Eaton Corp PLC B8KQN82 285.52 767 347,334
2.48 Quanta Services Inc 2150204 260.64 799 330,296
2.47 Vulcan Materials Co 2931205 237.06 875 328,989
2.40 Rockwell Automation Inc 275406 269.28 749 319,890
2.36 Nucor Corp 2651086 127.30 1,557 314,363
2.33 Martin Marietta Materials Inc 2572079 482.87 405 310,170
2.06 Fortive Corp BYT3MK1 75.19 2,300 274,285
1.54 Steel Dynamics Inc 2849472 128.34 1,009 205,385
1.46 Hubbell Inc BDFG6S3 346.63 355 195,168
1.42 EMCOR Group Inc 2474164 392.25 305 189,748
1.34 Trimble Inc 2903958 68.94 1,629 178,118
1.25 Reliance Inc 2729068 294.33 358 167,122
1.24 Carlisle Cos Inc 2176318 346.80 300 165,012
1.21 Jacobs Solutions Inc BNGC0D3 123.97 822 161,623
1.18 RPM International Inc 2756174 116.09 852 156,873
1.17 Builders FirstSource Inc B0BV2M7 128.99 763 156,097
1.17 Pentair PLC BLS09M3 90.13 1,095 156,530
1.13 Graco Inc 2380443 84.60 1,119 150,147
1.10 IDEX Corp 2456612 184.74 502 147,089
1.03 Westlake Corp B01ZP2 101.59 853 137,441
0.99 AECOM B1VZ431 94.60 879 131,885
0.88 Woodward Inc 2948089 188.19 393 117,302
0.88 Lincoln Electric Holdings Inc 2516851 197.26 374 117,011
0.82 RBC Bearings Inc B0GLYB5 332.36 208 109,645
0.77 MasTec Inc 2155306 122.72 525 102,186
0.76 United States Steel Corp 282477 42.96 1,493 101,728
0.74 Carpenter Technology Corp 2177504 189.12 330 98,984
0.72 TopBuild Corp BZ0P3W2 311.82 195 96,439
0.71 Mueller Industries Inc 2609717 78.89 754 94,343
0.70 Crane Co BNYD4F8 156.07 379 93,815
0.69 Advanced Drainage Systems Inc BP7RS59 112.18 514 91,452
0.68 Alcoa Corp BYNF418 33.34 1,713 90,581
0.66 Acuity Inc 2818461 271.28 205 88,204
0.64 WESCO International Inc 2416973 165.31 324 84,949
0.64 Regal Rexnord Corp 2730082 122.92 439 85,586
0.62 Tetra Tech Inc 288389 29.33 1,777 82,664
0.61 ATI Inc 2526117 54.00 945 80,936
0.60 Eagle Materials Inc 2191399 228.85 222 80,578
0.52 Louisiana-Pacific Corp 2535243 94.76 465 69,886
0.50 SPX Technologies Inc BQ1L7V3 136.08 307 66,259
0.47 Valmont Industries Inc 2926825 300.72 132 62,958
0.45 Badger Meter Inc 2069128 192.38 195 59,499
0.45 Zurn Elkay Water Solutions Cor BMV1ZD3 33.96 1,125 60,595
0.44 Commercial Metals Co 221326 48.82 753 58,305
0.43 Knife River Corp BPLL4V5 95.95 375 57,068
0.42 DNOW Inc BMH0MV1 17.15 2,055 55,897
0.40 CSW Industrials Inc BYQD1J6 299.76 111 52,773
0.39 Ryerson Holding Corp B3TPPZ6 23.53 1,381 51,538
0.38 Mueller Water Products Inc B15RZR4 26.62 1,196 50,496
0.38 Titan Machinery Inc B29H3T5 17.90 1,796 50,989
0.37 Preformed Line Products Co 2798466 144.90 216 49,641
0.36 Cleveland-Cliffs Inc BYVZ186 9.14 3,275 47,476
0.36 H&E Equipment Services Inc B0WR848 95.67 319 48,404
0.36 Dycom Industries Inc 2289841 157.77 193 48,294
0.35 Astec Industries Inc 206037 36.52 807 46,743
0.34 Gibraltar Industries Inc 2369226 61.81 461 45,193
0.32 Exponent Inc 2330318 80.41 336 42,851
0.32 Century Aluminum Co 2186254 19.00 1,432 43,153
0.32 Tutor Perini Corp 268176 25.05 1,064 42,273
0.32 Insteel Industries Inc 2325875 27.78 978 43,091
0.32 Gorman-Rupp Co/The 2379281 36.13 744 42,634
0.31 Calix Inc B3S4L67 36.27 717 41,246
0.31 Arcosa Inc BGPZ5W8 81.36 323 41,680
0.31 Construction Partners Inc BDT5M66 76.39 343 41,557
0.31 MDU Resources Group Inc 2547323 16.78 1,569 41,757
0.31 Herc Holdings Inc BZBZ02 140.81 188 41,986
0.31 Metallus Inc BNBPMX1 13.67 1,915 41,520
0.30 Sterling Infrastructure Inc 2632876 125.56 203 40,426
0.30 Custom Truck One Source Inc BL66YS4 4.74 5,282 39,709
0.29 Minerals Technologies Inc 2595612 65.39 374 38,788
0.29 Northwest Pipe Co 2035925 42.82 568 38,575
0.29 Materion Corp 2149622 86.92 277 38,187
0.28 Terex Corp 2884224 40.39 580 37,155
0.28 Granite Construction Inc 2381189 77.24 305 37,364
0.27 MRC Global Inc B7M66F1 12.00 1,882 35,819
0.27 DXP Enterprises Inc/TX 2276627 85.72 265 36,026
0.26 Primoris Services Corp B1GC2 61.01 356 34,448
0.26 MYR Group Inc B3CLS18 120.97 183 35,111
0.26 Centuri Holdings Inc BMDPVF7 16.57 1,307 34,349
0.26 United States Lime & Minerals 2724115 91.02 239 34,502
0.26 Greenbrier Cos Inc/The 238753 53.32 403 34,081
0.25 Trinity Industries Inc 2904627 29.37 721 33,586
0.24 Atkore Inc BDHF495 62.95 327 32,648
0.24 Wabash National Corp 2932048 11.16 1,802 31,896
0.23 Argan Inc 2804501 119.52 162 30,709
0.21 Powell Industries Inc 2697422 185.34 97 28,514
0.16 Columbus McKinnon Corp/NY 2211071 18.13 764 21,969
Holdings are subject to change.

Sector Breakdown As of 27 Mar 2025

Sector Weight (%)
Industrials 71.4
Materials 22.3
Utilities 3.2
Information Technology 2.1
Consumer Discretionary 0.7
Other/Cash 0.3

Country Breakdown As of 27 Mar 2025

Country Weight (%)
United States 95.6
Ireland 3.0
Britain 1.2
Other/Cash 0.2

Research

Introducing PAVE: The Resurgence of US Infrastructure

Read More

Documents

FAQs

  • Why invest in US infrastructure development?

    Infrastructure is one of the backbones of economic prosperity and societal well-being, and in the fast-paced modern era, it has never been more crucial. Despite being the world’s leading economy, the US’s outdated infrastructure assets are in dire need of a 21st century overhaul.

    According to the World Infrastructure Hub, the US currently requires at least US$3.8 trillion in additional investment to adequately repair existing infrastructure and keep pace with economic expansion.1 This figure marks the largest single country infrastructure investment gap in the world.2 However, these circumstances may soon change, as the US has sought to aggressively address these issues over the past few years. The IIJA, IRA, and CHIPS Acts introduced by the US government over the past three years offer billions in funding and incentives, showcasing an intent to foster a resurgence in US infrastructure investment. Backed by government policy, infrastructure development firms such as those focused on engineering, procurement of raw materials, and distribution of heavy machinery, could see a significant increase in demand, thus providing exposure to revenues derived from increased spending on both publicly and privately funded infrastructure projects.

    1. Global X ETFs. (June 3, 2023). Introducing PAVE: The Resurgence of US Infrastructure.
    2. Ibid.

  • How are the companies in the index identified and weighted?

    Global X US Infrastructure Development ETF (PAVE) seeks to track the Indxx U.S. Infrastructure Development Index which aims to capture the performance of companies that have or are expected to have significant exposure to infrastructure development in the United States.

    Companies are only eligible for inclusion if:

    • They have a minimum total market capitalisation of US$300 million.

    • They have a primary listing in the US.

    • They generate at least 50% of their revenues from the US.

    • They derive a significant portion of their revenues from construction and engineering, raw materials, products and equipment, or industrial transportation.

    The top 100 identified infrastructure development companies by market capitalisation will form the final index. Components are weighted according to market capitalisation subject to a maximum weight of 3% and minimum weight of 0.3%.

    For more information on the index methodology, please visit https://www.indxx.com/

  • How does PAVE invest in infrastructure companies?

    PAVE is a full replication ETF which tracks the Indxx U.S. Infrastructure Development Index by holding all securities in the same weighting as the index. PAVE shares an index with the CBOE-listed (US) Global X U.S. Infrastructure Development ETF (PAVE), which is managed by the Global X team in New York. PAVE (CBOE) is the largest infrastructure development ETF in the world with more than US$7.7 billion in assets under management as of June 2024.3

    3. Bloomberg. (n.d.) Accurate as of April 2024.

  • What are the benefits of using an ETF to access infrastructure development?

    An ETF allows diversified access to infrastructure companies at a low cost and reduced risk compared to individual stock picking. For example, the Global X US Infrastructure Development ETF (PAVE) seeks to invest in the full value-chain of companies that stand to benefit from the increased investment in infrastructure including construction and engineering, the production of raw materials, producers and distributors of heavy construction equipment, and companies engaged in the transportation of materials.

  • How can you use PAVE in a portfolio?

    • As a satellite portfolio component to gain exposure to increased infrastructure spending in the US.

    • As a thematic tilt towards other megatrends such as clean energy, electrification, and infrastructure for disruptive technologies.

    • As an alternative for traditional global infrastructure exposures or a diversification tool for major indices such as the S&P 500 and ASX 200.

    • To capture the resurgence of US infrastructure through companies that can derive additional revenues from increased spending infrastructure projects and stand to earn these additional revenues regardless of whether the project is maintenance of existing assets or developing new infrastructure.

    • It must be noted PAVE’s targeted approach may expose investors to sector concentration risk and is designed to be used as a satellite holding as a part of a well-diversified portfolio.

Global X Management (AUS) Limited (“Global X”) (Australian Financial Services Licence Number 466778, ACN 150 433 828) is the product issuer. Offers of interests in any retail product will only be made in, or accompanied by, a Product Disclosure Statement (PDS). In respect of each retail product, Global X has prepared a target market determination (TMD). Each PDS and TMD is available at www.globalxetfs.com.au. The information on this website is general in nature only and does not take into account your personal objectives, financial situations or needs. Before acting on any information, you should consider the appropriateness of the information having regard to your objectives, financial situation or needs and consider seeking independent financial, legal, tax and other relevant advice having regard to your particular circumstances. Any investment decision should only be made after obtaining and considering the relevant PDS and TMD. Investments in any product issued by Global X are subject to investment risk, including possible delays in repayment and loss of income and principal invested. The value or return of an investment will fluctuate and an investor may lose some or all of their investment. Past performance is not a reliable indicator of future performance.

Back to Top