Global X U.S. Infrastructure Development ETF
ALTAR
Score™
6.0% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
22.9x P/Sales
ratio
1.0x
P/BV
ratio
2.0x Div.
yield
1.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Global X U.S. Infrastructure Development ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the INDXX U.S. Infrastructure Development Index.

FUND BASICS
Category US Equities
Fund Sponsor Global X
Website www.globalxfunds.com
Inception date Mar 08, 2017
Assets (mns) $105
Currency USD
Expense ratio 47 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 94
Wgt avg mkt cap (mns) $16,863
Large cap (>$10bn) 48.0%
Mid cap ($2-10bn) 35.7%
Small cap (<$2bn) 16.4%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
FASTENAL CO 4.2 %
ROCKWELL AUTOMATION INC 3.9 %
CSX CORP 3.4 %
UNION PACIFIC CORP 3.3 %
KANSAS CITY SOUTHERN 3.3 %
JACOBS ENGINEERING GROUP INC 3.2 %
UNITED RENTALS INC 3.2 %
EATON CORP PLC 3.2 %
NORFOLK SOUTHERN CORP 3.1 %
NUCOR CORP 3.0 %
Total 33.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.0 %
IRELAND 3.2 %
BRITAIN 2.0 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-17.5% 0.2% -- -- 0.4%

Market Correlations
versus... Beta R-squared
S&P500 1.36 89%
MSCI EAFE 1.40 82%
MSCI Emg. Mkts. 1.03 67%

Technical Indicators
Recent close $14.80
30d moving avg. $13.51
Annualized volatility 24.3%
Short interest (ETF) 0.0%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 179
Turnover 2.5%
Bid/Ask (% of price) 0.41%
ADV underlying (mns) $5,693

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Global X U.S. Infrastructure Development ETF ETF based on the alternatives' overlap in portfolio holdings with PAVE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PAVE Expense: 47 bp ALTAR Score™: 6.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PAVE
Ticker Fund
Name
Overlap1
vs PAVE
(%)
Expense
ratio
(bp)
Savings
vs PAVE
(bp)
ALTAR
Score™
(%)
ALTAR
vs PAVE
(%)
IFRA iShares U.S. Infrastructure ETF 22.9 40 7 5.7 -0.3
RGI Invesco S&P 500 Equal Weight Industrials ETF 20.0 40 7 5.9 -0.1
JHMI John Hancock Multifactor Industrials ETF 18.2 40 7 6.1 +0.1
VIS Vanguard Industrials Index Fund 18.1 10 37 6.1 +0.1
XLI Industrial Select Sector SPDR Fund 17.9 13 34 6.0 +0.0
FIDU Fidelity MSCI Industrials Index ETF 17.9 8 39 6.1 +0.1
JHMA John Hancock Multifactor Materials ETF 15.2 40 7 7.0 +1.0
IYJ iShares U.S. Industrials ETF 14.8 42 5 6.0 +0.0
FXZ First Trust Materials AlphaDEX Fund 14.5 65 -18 7.4 +1.5
FXR First Trust Industrials/Producer Durables AlphaDEX Fund 14.2 63 -16 7.1 +1.1
IYT iShares Transportation Average ETF 13.1 42 5 5.6 -0.4
XTN SPDR S&P Transportation ETF 12.3 35 12 5.2 -0.8
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 11.9 39 8 6.3 +0.3
AIRR First Trust RBA American Industrial Renaissance ETF 11.8 70 -23 7.5 +1.5
FTXR First Trust Nasdaq Transportation ETF 11.7 60 -13 6.7 +0.7
TPHD Timothy Plan High Dividend Stock ETF 11.7 52 -5 7.3 +1.3
EXI iShares Global Industrials ETF 10.5 46 1 6.4 +0.4
FLM First Trust Global Engineering & Construction ETF 10.2 70 -23 10.2 +4.2
VAW Vanguard Materials Index Fund 10.1 10 37 6.3 +0.3
INFR Legg Mason Global Infrastructure ETF 10.0 40 7 6.2 +0.2
FMAT Fidelity MSCI Materials Index ETF 9.8 8 39 6.2 +0.3
FIW First Trust Water ETF 9.6 55 -8 3.9 -2.1
PYZ Invesco DWA Basic Materials Momentum ETF 9.4 60 -13 6.1 +0.1
XME SPDR S&P Metals & Mining ETF 9.2 35 12 7.5 +1.5
SLX VanEck Vectors Steel ETF 9.1 56 -9 16.0 +10.0
PHO Invesco Water Resources ETF 9.0 60 -13 3.9 -2.1
RWK Invesco S&P MidCap 400 Revenue ETF 8.9 39 8 7.6 +1.6
PKB Invesco Dynamic Building & Construction ETF 8.7 60 -13 7.7 +1.7
PVAL Principal Contrarian Value Index ETF 8.7 29 18 7.5 +1.5
RTM Invesco S&P 500 Equal Weight Materials ETF 8.4 40 7 6.5 +0.5
BIBL Inspire ETF 8.1 35 12 4.8 -1.2
IYM iShares U.S. Basic Materials ETF 7.7 42 5 5.6 -0.4
ONEY SPDR Russell 1000 Yield Focus ETF 7.0 20 27 8.6 +2.6
QVAL Alpha Architect U.S. Quantitative Value ETF 7.0 49 -2 11.2 +5.2
TPLC Timothy Plan US Large Cap Core ETF 7.0 52 -5 5.5 -0.5
PKW Invesco Buyback Achievers ETF 6.9 62 -15 7.0 +1.0
KLCD KFA Large Cap Quality Dividend Index ETF 6.8 41 6 5.3 -0.7
XKII SPDR Kensho Intelligent Structures ETF 6.8 45 2 6.3 +0.3
VBR Vanguard Small Cap Value Index Fund 6.7 7 40 8.5 +2.5
SDY SPDR S&P Dividend ETF 6.6 35 12 7.1 +1.1
VAMO Cambria Value & Momentum ETF 6.5 64 -17 7.4 +1.4
AFMC First Trust Active Factor Mid Cap ETF 6.5 65 -18 6.2 +0.2
QDIV Global X S&P 500 Quality Dividend ETF 6.4 20 27 8.4 +2.4
CGW Invesco S&P Global Water Index ETF 6.4 62 -15 4.3 -1.7
SDOG ALPS Sector Dividend Dogs ETF 6.4 40 7 10.3 +4.3
VETS Pacer Military Times Best Employers ETF 6.4 60 -13 6.4 +0.4
MAGA Point Bridge GOP Stock Tracker ETF 6.4 72 -25 6.7 +0.7
SPYB SPDR S&P 500 Buyback ETF 6.3 35 12 9.5 +3.5
QSY WisdomTree U.S. LargeCap Value Fund 6.1 38 9 6.9 +0.9
XLB Materials Select Sector SPDR Fund 6.1 13 34 6.0 0.0
JKG iShares Morningstar Mid-Cap ETF 6.1 25 22 6.1 +0.1
GMAN Goldman Sachs Motif Manufacturing Revolution ETF 6.1 50 -3 4.3 -1.7
PICK iShares MSCI Global Metals & Mining Producers ETF 6.1 39 8 7.8 +1.8
PXMV Invesco S&P MidCap Value with Momentum ETF 6.1 39 8 9.5 +3.6
LOUP Innovator Loup Frontier Tech ETF 6.0 70 -23 3.2 -2.8
MDYG SPDR S&P 400 Mid Cap Growth ETF 5.9 15 32 4.9 -1.1
IJK iShares S&P Mid-Cap 400 Growth ETF 5.9 24 23 4.8 -1.2
EWMC Invesco S&P MidCap 400 Equal Weight ETF 5.8 40 7 6.8 +0.9
CZA Invesco Zacks Mid-Cap ETF 5.8 76 -29 6.3 +0.3
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 5.7 35 12 8.4 +2.4
AVUV Avantis U.S. Small Cap Value ETF 5.7 25 22 9.1 +3.1
MDY SPDR S&P Midcap 400 ETF Trust 5.7 23 24 6.3 +0.3
SPMD SPDR Portfolio Mid Cap ETF 5.7 5 42 6.5 +0.5
IJH iShares Core S&P Mid-Cap ETF 5.7 6 41 6.5 +0.5
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 5.7 15 32 4.8 -1.2
LSAF LeaderShares AlphaFactor US Core Equity ETF 5.7 75 -28 7.4 +1.4
IVOO Vanguard S&P Mid-Cap 400 ETF 5.6 10 37 6.3 +0.3
DURA VanEck Vectors Morningstar Durable Dividend ETF 5.6 29 18 7.0 +1.0
EES WisdomTree SmallCap Earnings Fund 5.5 38 9 11.5 +5.5
PLCY EventShares U.S. Legislative Opportunities ETF 5.5 75 -28 3.8 -2.2
MDYV SPDR S&P 400 Mid Cap Value ETF 5.5 15 32 8.4 +2.4
IJJ iShares S&P Mid-Cap 400 Value ETF 5.4 25 22 8.3 +2.3
IVOV Vanguard S&P Mid-Cap 400 Value ETF 5.4 15 32 8.5 +2.5
PWC Invesco Dynamic Market ETF 5.4 59 -12 7.0 +1.0
ETHO Etho Climate Leadership U.S. ETF 5.3 47 0 4.4 -1.6
FYT First Trust Small Cap Value AlphaDEX Fund 5.2 72 -25 9.4 +3.4
PRNT The 3D Printing ETF 5.2 66 -19 1.1 -4.9
DSTL Distillate US Fundamental Stability & Value ETF 5.2 39 8 6.5 +0.6
EZM WisdomTree U.S. MidCap Earnings Fund 5.2 38 9 9.3 +3.3
BUY USCF SummerHaven SHPEI Index Fund 5.2 80 -33 10.6 +4.7
PSCI Invesco S&P SmallCap Industrials ETF 5.2 29 18 6.9 +0.9
TMDV ProShares Russell US Dividend Growers ETF 5.2 35 12 5.3 -0.7
JKJ iShares Morningstar Small-Cap ETF 5.1 25 22 6.5 +0.5
TPSC Timothy Plan US Small Cap Core ETF 5.0 52 -5 7.9 +1.9
YLDE ClearBridge Dividend Strategy ESG ETF 4.9 60 -13 5.0 -1.0
KNG Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF 4.9 75 -28 5.8 -0.2
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 4.9 40 7 6.2 +0.2
TBLU Tortoise Water Fund 4.9 40 7 5.2 -0.8
NOBL ProShares S&P 500 Dividend Aristocrats ETF 4.9 35 12 6.2 +0.2
VFMF Vanguard U.S. Multifactor ETF 4.9 18 29 7.4 +1.4
FNDA Schwab Fundamental U.S. Small Co. Index ETF 4.9 25 22 6.5 +0.5
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 4.8 17 30 4.9 -1.1
EQRR ProShares Equities for Rising Rates ETF 4.8 35 12 6.1 +0.1
AMCA iShares Russell 1000 Pure U.S. Revenue ETF 4.8 15 32 6.8 +0.8
FSMD Fidelity Small-Mid Factor ETF 4.8 29 18 7.0 +1.1
BFOR Barron's 400 ETF 4.8 66 -19 6.4 +0.4
LVHD Legg Mason Low Volatility High Dividend ETF 4.7 27 20 8.8 +2.8
FYX First Trust Small Cap Core AlphaDEX Fund 4.7 63 -16 6.7 +0.7
RFG Invesco S&P Midcap 400 Pure Growth ETF 4.7 35 12 3.8 -2.2

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Global X U.S. Infrastructure Development ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.1 %
Divided by: Fwd. P/BV 1.9 x
Less: Expense ratio 47 bp
Equals: ALTAR Score 6.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.57 CATEGORY
AVERAGE
1.53
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.