At a glance
PAVE charges 0.47% a year, above the 0.27% average of the 6 funds most like it (the 6th cheapest of 7). It has $13.50B in assets, the 2nd largest of that group; it paid 0.79% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +13.8% with distributions reinvested (S&P 500: +11.5%), the best of those 7 funds; over three years it returned +23.2% a year. At its worst it fell 22.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months after the low. Its ten largest positions make up 31.7% of the fund, out of 100 in all.
The short version
Global X US Infrastructure Development ETF (PAVE) is an index fund that tracks the Indxx U.S. Infrastructure Development Index. The index holds about 100 U.S.-listed construction, materials, equipment and rail companies, including Deere, Nucor and Union Pacific. Its 0.47% expense ratio is well above the 0.27% average of similar funds. Even so, it had the highest one- and three-year returns in that group through October 29, 2026.
Price history
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PAVE +13.8% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PAVE official prospectus, to Dec 31, 2025 | — | +19.23% | — | +18.47% | — | +14.80% |
| PAVE price data to Nov 2, 2026 | +14.1% | +13.8% | +23.2% | +15.0% | — | +22.9% |
- Over the year to Nov 2, 2026, PAVE returned +13.8%, 1st of 7 among similar funds.
- Its 5-year annualized return was +15.0%.
- Its worst full calendar year was 2022 (-7.2%); its best was 2021 (+36.4%).
- The deepest fall in its price history was 26.2% (Nov 25, 2024 to Apr 8, 2025), recovered by Jul 23, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.1% | — |
| 2025 | +19.4% | +19.23% |
| 2024 | +17.9% | +18.08% |
| 2023 | +31.0% | +30.88% |
| 2022 | -7.2% | -7.08% |
| 2021 | +36.4% | +36.26% |
| 2020 | — | +20.10% |
| 2019 | — | +32.49% |
| 2018 | — | -18.62% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.5% over that stretch · deepest drop along the way 22.6%, back to its old high 7.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1000 | |
| 2025 | $0.4400 | +100.0% |
| 2024 | $0.2200 | -8.3% |
| 2023 | $0.2400 | +9.1% |
| 2022 | $0.2200 | +57.1% |
| 2021 | $0.1400 |
What's inside
As of Aug 31, 2026, the fund held 100 securities; the ten largest made up 31.74% of assets.
| Holding | Weight | |
|---|---|---|
| DEERE & COMPANY | 3.38% | |
| FASTENAL COMPANY | 3.36% | |
| EMERSON ELECTRIC CO. | 3.32% | |
| NUCOR CORPORATION | 3.26% | |
| PARKER-HANNIFIN CORPORATION | 3.13% | |
| UNION PACIFIC CORPORATION | 3.11% | |
| NORFOLK SOUTHERN CORPORATION | 3.09% | |
| EATON CORPORATION PUBLIC LIMITED COMPANY | 3.05% | |
| CRH PUBLIC LIMITED COMPANY | 3.03% | |
| CSX Corporation | 3.01% | |
| QUANTA SERVICES, INC. | 2.93% | |
| TRANE TECHNOLOGIES PUBLIC LIMITED COMPANY | 2.92% | |
| ROCKWELL AUTOMATION, INC. | 2.90% | |
| UNITED RENTALS, INC. | 2.87% | |
| SEMPRA | 2.75% |
By country
United States 99.89%By asset type
Stocks 99.89%By sector
Sectors of the companies held, for the 44.8% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $1.23B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.88%, -4.36%, +4.77%.
How it works
PAVE tracks an index built by Indxx, LLC, a company independent of Global X Management Company LLC, which runs the fund. To be eligible, a company must be listed in the U.S. As of January 31, 2026, it also needed a market value of at least $300 million and at least $1 million in average daily trading over six months. Indxx sorts companies into four themes: construction and engineering services, raw materials and composites, products and equipment, and industrial transportation. A company qualifies if a significant share of its revenue comes from those themes, or if they are its main business. It must also earn more than half its revenue in the U.S.
The index uses modified market-cap weighting. Bigger companies get bigger weights, but a cap trims the largest positions at each rebalance, which happens twice a year. As of August 31, 2026, the fund held 100 stocks. None was much above 3.4%, and the top 10 made up 31.7% of assets. Portfolio turnover was 9.98%.
The fund usually buys every index stock in roughly the index's proportions. It may lend up to one-third of its assets to other investors for a fee. It held no derivatives as of August 31, 2026, uses no leverage or options, and does not move to cash when markets fall.
What it really costs
- PAVE charges 0.47% a year, versus an average of 0.27% for the similar funds below (6th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $48 in the first year and $591 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PAVE | $48 | $151 | $263 | $591 |
In a retirement portfolio
It is a concentrated bet on U.S. building, heavy equipment and rail companies, so it fits alongside a broad core fund rather than replacing one.
PAVE could add focused exposure to U.S. infrastructure spending, but it falls hard in bad stretches. It launched in 2017, so it has no 2008 record. It lost 30.24% in the first quarter of 2020 and 18.62% in 2018, its worst calendar year. In 2022 it fell 22.6% and recovered by January 31, 2023. Its deepest drop since mid-2020 was 26.2%, from November 2024 to April 2025, with recovery taking 3.5 months. Selling shares during drops like these would lock in losses.
Income is small: the trailing yield was 0.79% as of October 29, 2026, paid twice a year. The fund costs 0.47% a year, or $48 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a targeted slice of U.S. construction, equipment, materials and rail firms like Deere, Nucor and Union Pacific beside a broad core fund.
- Long-term holders who can accept volatility near 20% a year and drops like the 26.2% fall from November 2024 to April 2025.
- People who want a large theme fund, with $13.5 billion in net assets as of August 31, 2026, spread across 100 capped stocks.
Look elsewhere if
- Cost-focused investors: the 0.47% expense ratio is several times the 0.08% to 0.09% charged by XLI, VIS and FIDU.
- Retirees seeking meaningful income: the trailing yield was 0.79% as of October 29, 2026, and it pays only twice a year.
- Anyone wanting broad diversification: it holds mainly U.S. industrials and materials companies and lost 18.62% in 2018.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PAVE this fund | — | 0.47% | $13.50B | +13.8% | +23.2% |
| IFRA iShares U.S. Infrastructure ETF | 37% | 0.3% | $4.62B | +8.6% | +20.8% |
| FIDU Fidelity MSCI Industrial Index ETF | 27% | 0.084% | $2.30B | +7.5% | +21.8% |
| VIS Vanguard Industrials ETF | 26% | 0.09% | $8.56B | +7.5% | +21.9% |
| XLI Industrial Select Sector SPDR Fund | 26% | 0.08% | $33.96B | +9.4% | +21.3% |
| RBLD First Trust Alerian US NextGen Infrastructu… | 24% | 0.65% | $40.5M | +11.8% | +22.0% |
| MADE iShares U.S. Manufacturing ETF | 21% | 0.4% | $62.7M | +11.3% | — |
Questions investors ask
What does PAVE ETF invest in?
PAVE holds U.S.-listed companies tied to building and maintaining American infrastructure. It tracks the Indxx U.S. Infrastructure Development Index, which covers construction and engineering, raw materials, equipment and industrial transportation. Each company must earn more than half its revenue in the U.S. As of August 31, 2026, its 100 holdings included Deere, Fastenal, Emerson Electric, Nucor, Parker-Hannifin, Union Pacific, Norfolk Southern and CSX. Each was about 3% of assets.
What is PAVE's expense ratio?
PAVE's expense ratio is 0.47% a year, according to its prospectus filed March 27, 2026. Under the SEC's standard example, which assumes $10,000 invested and a 5% annual return, costs would total about $48 after one year, $263 after five years and $591 after ten. That is above the 0.27% average of similar funds. It ranks sixth of seven on cost in that group.
What's the difference between PAVE and IFRA?
Both track U.S. infrastructure stocks, but IFRA, the iShares U.S. Infrastructure ETF, is cheaper at 0.30% a year versus PAVE's 0.47%. About 37% of their holdings overlap, so they are not the same portfolio. PAVE returned 13.2% over one year through October 29, 2026. IFRA returned 8.6% through October 27. PAVE is also larger, at $13.5 billion versus IFRA's $4.6 billion.
Does PAVE pay dividends?
Yes, but not much, and only twice a year. PAVE paid $0.43 per share over the 12 months to October 29, 2026, for a trailing yield of 0.79%. The dividends come from the companies it holds, such as Deere and Union Pacific. Investors seeking steady income usually look at funds built around dividends rather than an infrastructure theme like this one.
How has PAVE performed over the long term?
PAVE has had strong returns but with big swings. According to its prospectus, it returned 19.23% in 2025 and averaged 18.47% a year over five years. Since its 2017 launch, it averaged 14.8% a year, all as of December 31, 2025. It also lost 18.62% in 2018 and 7.08% in 2022, and it fell 30.24% in the first quarter of 2020.