Global X U.S. Infrastructure Development
ALTAR
Score™
5.8% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
18.0x P/Sales
ratio
1.1x
P/BV
ratio
2.3x Div.
yield
1.3%


  • 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) $176
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 93
Wgt avg mkt cap (mns) $17,099
Large cap (>$10bn) 48.5%
Mid cap ($2-10bn) 40.0%
Small cap (<$2bn) 11.5%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MARTIN MARIETTA MATERIALS 3.6 %
VULCAN MATERIALS CO 3.6 %
KANSAS CITY SOUTHERN 3.5 %
ARCONIC INC. 3.3 %
EATON CORP PLC 3.3 %
ROCKWELL AUTOMATION INC 3.2 %
FASTENAL CO 3.1 %
JACOBS ENGINEERING GROUP INC 3.0 %
EMERSON ELECTRIC CO 3.0 %
NORFOLK SOUTHERN CORP 3.0 %
Total 32.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.7 %
IRELAND 3.3 %
BRITAIN 1.7 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
23.7% 11.0% -- -- 5.2%

Market Correlations
versus... Beta R-squared
S&P500 1.43 85%
MSCI EAFE 1.35 63%
MSCI Emg. Mkts. 0.94 49%

Technical Indicators
Recent close $17.19
30d moving avg. $16.88
Annualized volatility 19.8%
Short interest (ETF) 0.0%
Relative strength (RSI) 74

Liquidity measures
Avg. volume (thou.) 36
Turnover 0.4%
Bid/Ask (% of price) 0.22%
ADV underlying (mns) $4,810

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Global X U.S. Infrastructure Development 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™: 5.8%


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 23.1 40 7 5.9 +0.1
RGI Invesco S&P Equal Weight Industrials 22.5 40 7 6.7 +0.8
FXZ First Trust Materials Alphadex 18.0 64 -17 8.2 +2.4
JHMI John Hancock Multifactor Industrials 17.4 40 7 6.7 +0.8
FIDU Fidelity Industrials 17.3 8 39 6.0 +0.2
VIS Vanguard Industrials 16.8 10 37 6.3 +0.5
XLI Industrials Select Sector SPDR 16.5 13 34 6.2 +0.4
FXR First Trust Industrials/Producer Durables 15.2 62 -15 7.0 +1.2
JHMA John Hancock Multifactor Materials 15.0 40 7 7.6 +1.8
IYJ iShares DJ US Industrials 15.0 42 5 5.4 -0.4
IYT iShares Transportation Average 12.2 42 5 8.8 +3.0
XLTY Cushing Transportation & MLP 12.2 65 -18 7.9 +2.0
XTN SPDR S&P Transportation 12.0 35 12 8.4 +2.6
FMAT Fidelity MSCI Materials 11.4 8 39 8.8 +2.9
VAW Vanguard Materials 11.3 10 37 8.7 +2.9
AIRR First Trust RBA American Industrial Renaissance 11.1 70 -23 5.4 -0.4
TPHD Timothy Plan High Dividend Stock 11.0 52 -5 6.8 +0.9
FTXR First Trust Nasdaq Transportation 10.6 60 -13 10.5 +4.7
PKB Invesco Dynamic Building & Construction 10.6 60 -13 6.5 +0.7
FLM First Trust ISE Global Engineering & Construction 9.9 70 -23 7.7 +1.9

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

  2014 2015 2016 2017 2018 2019E 2020E
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

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
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
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 13.2 %
Divided by: Fwd. P/BV 2.1 x
Less: Expense ratio 47 bp
Equals: ALTAR Score 5.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.57 CATEGORY
AVERAGE
1.55
 
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.