At a glance
IPAV charges 0.55% a year, above the 0.46% average of the 2 funds most like it (the most expensive of 3). It has $5.5M in assets, the 3rd largest of that group; it paid 1.61% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +2.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 3 funds. Its ten largest positions make up 31.5% of the fund, out of 100 in all.
The short version
The Global X Infrastructure Development ex-U.S. ETF (IPAV) tracks an index of 100 non-U.S. companies that build and supply infrastructure, led by ArcelorMittal, Fujikura, Canadian National Railway and Larsen & Toubro. It may suit investors who want focused exposure to construction, materials and transport companies abroad, with about 20% in India. It costs 0.55% a year, above the 0.46% average for similar funds, and held only about $5.5 million as of August 31, 2026.
Price history
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IPAV +2.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IPAV official prospectus, to Dec 31, 2025 | — | +29.16% | — | — | — | +14.74% |
| IPAV price data to Oct 27, 2026 | +1.5% | +2.8% | — | — | — | +10.0% |
- Over the year to Oct 27, 2026, IPAV returned +2.8%, 3rd of 3 among similar funds.
- Its worst full calendar year was 2025 (+29.8%); its best was 2025 (+29.8%).
- The deepest fall in its price history was 17.2% (May 6, 2026 to Oct 23, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +1.5% | — |
| 2025 | +29.8% | +29.16% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2300 | |
| 2025 | $0.3800 |
What's inside
As of Aug 31, 2026, the fund held 100 securities; the ten largest made up 31.48% of assets.
| Holding | Weight | |
|---|---|---|
| ArcelorMittal SA | 3.53% | |
| Fujikura Ltd. | 3.52% | |
| Canadian National Railway Company | 3.42% | |
| Canadian Pacific Kansas City Limited | 3.36% | |
| LARSEN AND TOUBRO LIMITED | 3.24% | |
| Heidelberg Materials AG | 2.95% | |
| NIPPON STEEL CORPORATION | 2.93% | |
| Holcim AG | 2.92% | |
| VINCI SA | 2.91% | |
| Ferrovial N.V. | 2.70% | |
| Cellnex Telecom S.A. | 2.69% | |
| Shin-Etsu Chemical Co., Ltd. | 2.67% | |
| POSCO Holdings Inc. | 2.62% | |
| DOOSAN ENERBILITY CO., LTD. | 2.56% | |
| TATA STEEL LIMITED | 2.55% |
By country
India 19.83%Japan 13.46%Canada 8.33%South Korea 8.25%Spain 6.64%By asset type
Stocks 99.9%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $208K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.49%, -1.57%, -5.72%.
How it works
IPAV tracks the Global X Infrastructure Development ex-U.S. Index, which is owned by Global X, the fund's adviser. To qualify, a company must be listed and based outside the U.S. and earn at least half its revenue from five activities outside the U.S.: engineering and construction; materials such as steel and cement; heavy equipment and cables; hauling those materials; and smart-grid parts. As of January 31, 2026, new entrants also needed a market value of at least $200 million and average daily trading of at least $2 million.
Holdings are weighted by free-float market value (the value of shares open to public trading). Each company is capped at 3% when the index rebalances twice a year. Between rebalances, holdings can drift past the cap. ArcelorMittal and Fujikura were each about 3.5% as of August 31, 2026, and the top 10 made up 31.5% of assets.
Most ETFs swap securities with large traders when shares are created or redeemed. IPAV plans to use cash for much of that, which can force it to unload holdings. That may make it less tax-efficient, with a higher chance of taxable capital gains payouts. The prospectus also flags a possible conflict of interest because the adviser owns the index. Returns are measured in dollars, so a stronger dollar can reduce them.
What it really costs
- IPAV charges 0.55% a year, versus an average of 0.46% for the similar funds below (3rd of 3, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $56 in the first year and $689 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IPAV | $56 | $176 | $307 | $689 |
In a retirement portfolio
IPAV is a narrow, single-theme fund focused on industrial companies in India, Japan and other non-U.S. markets, with a short track record and very small assets.
IPAV could add something a U.S.-only stock fund leaves out: companies abroad that build and supply railways, power grids and other infrastructure. But it launched on August 27, 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 29.16%, so its worst-year figure says little. More telling is its 17.2% fall from May 6 to October 23, 2026, which had not been recovered as of October 27, 2026. Anyone forced to draw cash from it during a slide like that would lock in losses.
Income is modest: the yield was 1.61% as of October 27, 2026, paid twice a year. The 0.55% annual fee adds up to $689 over 10 years in the SEC's standard $10,000 example. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want non-U.S. infrastructure builders and suppliers, such as Larsen & Toubro, VINCI and Holcim, that a U.S.-only portfolio leaves out.
- Those comfortable with about 20% in India and 13% in Japan (as of August 31, 2026), plus steel and cement makers tied to economic cycles.
- Patient investors who can keep it a small slice and ride out drops like its 17.2% slide from May to October 2026.
Look elsewhere if
- Cost-focused investors: its 0.55% fee is higher than NFRA's 0.47% and TOLZ's 0.46%, the two most similar funds by holdings.
- Anyone relying on steady income: the yield was 1.61% as of October 27, 2026, paid only twice a year.
- Those wanting a long record or a sizable fund: launched in August 2024, it held about $5.5 million as of August 31, 2026.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
What does IPAV invest in?
IPAV holds 100 non-U.S. companies that build and supply infrastructure, as picked by the Global X Infrastructure Development ex-U.S. Index. As of August 31, 2026, its largest holdings were ArcelorMittal (3.5%), Fujikura (3.5%), Canadian National Railway (3.4%), Canadian Pacific Kansas City (3.4%) and Larsen & Toubro (3.2%). The top 10 made up 31.5% of assets. India (19.8%) and Japan (13.5%) were the biggest country weights, followed by Canada and South Korea at about 8% each.
How has IPAV performed since it launched?
Strongly at first, then less so. According to its prospectus, IPAV returned 29.16% in 2025, its first full calendar year, and averaged 14.74% a year from its August 27, 2024 launch through December 31, 2025. As of October 27, 2026, its one-year return was 2.8%, and it had not recovered from a 17.2% drop between May 6 and October 23, 2026. With only about two years of history, these figures say little about how it might hold up over a full market cycle.
Does IPAV pay monthly dividends?
No. IPAV pays distributions twice a year, not monthly. Over the 12 months through October 27, 2026, it paid about $0.48 per share, a trailing yield of 1.61% (the past year's payouts divided by the share price). Because the money comes from dividends on the fund's stocks, payment sizes can vary. With a modest yield and a twice-yearly schedule, it is a minor income source at most for anyone who needs steady monthly cash.
What's the difference between IPAV and NFRA?
They hold mostly different companies: only about 8% of their holdings overlap, based on the funds' latest SEC holdings reports. IPAV excludes U.S. companies and targets builders, materials makers, equipment suppliers and freight transport. NFRA, the FlexShares STOXX Global Broad Infrastructure Index Fund, follows a STOXX global infrastructure index. NFRA is cheaper at 0.47% a year versus 0.55%. It is far larger at about $3.0 billion (July 31, 2026) versus about $5.5 million (August 31, 2026). It returned 6.2% over the year to October 27, 2026, versus IPAV's 2.8%.
Is IPAV good for retirement?
It fits more naturally as a small add-on to a broader portfolio than as a core holding. IPAV is a narrow, industrial-heavy fund that launched in August 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its yield was 1.61% as of October 27, 2026. In taxable accounts, its plan to handle many redemptions in cash may make it less tax-efficient than typical ETFs. Past results don't predict future ones, and the whole portfolio matters more than any one fund.