PAVE — Global X U.S. Infrastructure Development ETF

PAVE Price Performance — Growth of $10,000

Value of a $10,000 investment in PAVE over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

PAVE Drawdown

The "underwater" chart: PAVE's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The Global X U.S. Infrastructure Development ETF (PAVE) is an Industrials category fund issued by Global X Funds with $13.5 billion in assets. It holds a C grade and ranks 6 of 9 within its category, placing it 289 of 458 across all tracked ETFs. The fund’s 0.47% expense ratio exceeds the category median of 0.35%, while its 0.79% dividend yield sits slightly above the 0.70% peer average. Top holdings account for 32.3% of assets, with QUANTA SERVICES, INC. representing the largest single position at 4.2%.

PAVE has delivered a 1-year return of +19.30%, outperforming the category median of +17.19%, though it has declined -5.47% over the last month. The fund’s price of $55.16 currently sits at 64.8% of its 52-week range, reflecting a recent downgrade from a B to a C grade on 2026-07-28. This rating change coincides with a limited price history of only 3.0 years, which constrains the depth of its long-term track record. While year-to-date returns stand at +13.12%, the short-term momentum has slowed compared to its three-year cumulative gain of +80.27%.

With a beta of 1.28, the fund exhibits higher sensitivity to market movements than the broader index. Its annualized volatility of 20.44% is labeled as Moderate, contributing to a maximum drawdown of -26.23% during the measured period. A Sharpe ratio of 0.70 suggests that the risk-adjusted returns have been reasonable relative to the volatility incurred. Liquidity is supported by an average daily volume of 1,890,484 shares, although the bid/ask spread of 0.82% indicates moderate trading costs.

AI-generated summary based on the data on this page.

PAVE Top Holdings

Holdings as of 2026-05-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 32.3% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how PAVE's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With PAVE

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with PAVE's top 10 — IYT overlaps most, holding 3 of the same companies as PAVE's top 10 (9.5% of PAVE's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.77% (as of 2026-09-03) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 14.32 (as of 2026-09-03) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-08-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

PAVE Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 0.82% and average daily volume is 1.9M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $13.5B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: PAVE is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

PAVE Performance History

How PAVE Compares to Other Industrials ETFs