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, trading under the ticker PAVE, is an Industrials category fund managed by Global X Funds. With assets under management totaling $14.6 billion and a share price of $57.10, the fund demonstrates significant investor adoption relative to its category peers. It holds an overall rank of #201 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of C with a score of 62.5 out of 100. The fund charges an expense ratio of 0.47% and currently offers a dividend yield of 0.73%. While the fund tracks within a category containing nine other ETFs, its substantial asset size places it among the larger vehicles in the sector. The combination of its high AUM and moderate grade suggests a widely held instrument that has yet to achieve top-tier performance ratings.

Recent price action shows a decline of 0.66% over the last day, following a 1.60% gain in the previous week. Over the past month, the fund recorded a loss of 2.79%, though this was followed by a recovery to a 1.65% gain over the three-month period. The six-month return accelerated significantly to 11.89%, contributing to a year-to-date increase of 17.09%. This upward momentum continued over the last year, resulting in a 22.89% return, while the three-year horizon reflects a substantial cumulative gain of 80.43%. The data indicates a divergence between short-term volatility and strong long-term growth, with the fund recovering from recent monthly losses to post robust annual and multi-year results.

The fund carries a Moderate volatility label and exhibits a beta of 1.24, indicating that its price movements tend to be more pronounced than the broader market. A Sharpe ratio of 0.89 suggests the fund has generated a moderate amount of excess return relative to the risk taken during the measured period. However, the maximum drawdown of -26.23% highlights the potential for significant temporary losses during market downturns. This combination of a beta above 1.0 and a deep drawdown implies the fund amplifies market swings, offering higher potential returns alongside greater downside exposure. Investors should note that while the Sharpe ratio reflects positive risk-adjusted performance, the magnitude of the drawdown underscores the fund's sensitivity to market corrections.

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

PAVE Top Holdings

Holdings as of 2026-02-28 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 32.4% 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 (9.6% 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: 4.65% (as of 2026-07-27) — 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): 18.67 (as of 2026-07-27) — 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 2026-06-01) — 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 — 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 $14.6B 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