Reasons to Consider PAVE

Compelling Need

The American Society of Civil Engineers assigned a letter grade of C to the state of U.S. infrastructure in its 2025 report card, highlighting the need for investment (Source: American Society of Engineers, 2025 Report Card for America’s Infrastructure).

Multiple Catalysts

In addition to the prospect of federal stimulus, infrastructure investments may be catalysed by state, local and public-private partnerships on an ongoing basis.

Unconstrained Approach

As the economy evolves, so do infrastructure needs. The ETF seeks to capture this trend by investing in companies that are part of the infrastructure theme, regardless of sector or industry classification.

Capital at Risk. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed.

Reasons to Consider

Key Information

As of 05 Jan 2026

Inception Date

02 Nov 2021

Total Expense Ratio

0.47%

Ongoing Charges

0.47%

Fund AUM

$566,858,145.01

Product Profile

Domicile

Ireland

Investment Manager

Global X Management Company LLC

Custodian

BBH

Asset Class

Equity

Key Information

ETF Summary

The Global X U.S. Infrastructure Development UCITS ETF (PAVE LN) seeks to invest in companies that stand to benefit from a potential increase in infrastructure activity in the United States, including those involved in the production of raw materials, heavy equipment, engineering, and construction.

ETF Summary

ETF Objective

This is the objectiveThe Global X U.S. Infrastructure Development UCITS ETF (PAVE LN) 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 v2 Index.

ETF Objective

Trading Details

As of 05 Jan 2026

Primary Ticker

PAVE

Primary ISIN

IE00BLCHJ534

Bloomberg Index Ticker

IPAVEN2

Number of Holdings

Index Provider

Indxx

Management Style

Physical - Full Replication – Passively Managed Index Tracking

Trading Details

Distributions(Distributing Share Class Only)

As of 06 Jan 2026

Distribution Frequency

Semi-Annually

Distribution Calendar

Regulatory

SFDR Classification

Article 6

UCITS Compliant

Yes

ISA Eligibility

Yes

SIPP Eligibility

Yes

UK Reporting Status

Yes

Regulatory

Authorized Participants & Market Makers

Citigroup Global Markets, DRW Europe BV, Flow Traders BV, GHCO LLP, HSBC Bank PLC, Jane Street Financial Ltd, Mirae Asset Securities UK Ltd, Societe Generale SA, Susquehanna Intl Ltd, Virtu Financial Ireland Ltd, JP Morgan Securities PLC

Market Makers

Registered Countries

United Kingdom, Austria, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, Singapore, Spain, Sweden, Switzerland

Trading Information

As of 05 Jan 2026

USD Accumulating (ISIN: IE00BLCHJ534)

Exchange	Trading Currency	Ticker	Listing Date	SEDOL	Net Asset Value (NAV)	Shares Outstanding	Net Assets
London Stock Exchange	USD	PAVE LN	04 Nov 2021	BP49DF3	$46.20 (1.14%)	11,790,000	$544,649,095.10

USD Distributing (ISIN: IE00BLCHJ641)

Exchange	Trading Currency	Ticker	Listing Date	SEDOL	Net Asset Value (NAV)	Shares Outstanding	Net Assets
London Stock Exchange	GBP	PAVG LN	04 Nov 2021	BP6JGG3	$45.32 (1.12%)	490,000	$22,209,049.91

Trading Information

Exchange	Trading Currency	Ticker	Listing Date	SEDOL	Net Asset Value (NAV)	Shares Outstanding	Net Assets

Performance History

USD Accumulating

As of recent Month End & Quarter End (31 Dec 2025)	ETF	Index	Difference
1 Year	19.02%	19.63%	-0.60%
3 Years	22.48%	23.10%	-0.62%
Since Inception	14.45%	15.04%	-0.59%

Top Holdings

As of 05 Jan 2026

Net Assets (%)	Ticker	Name	Country	SEDOL	Market Price ($)	Shares Held	Market Value ($)
4.47	HWM	HOWMET AEROSPACE INC	US	BKLJ8V2	212.92	119,179	25,375,592.68
3.59	PH	PARKER HANNIFIN CORP	US	2671501	906.89	22,451	20,360,587.39
3.43	CRH	CRH PLC	IE	B01ZKD6	128.31	151,726	19,467,963.06
3.30	PWR	QUANTA SERVICES INC	US	2150204	435.82	42,940	18,714,110.80
3.02	NSC	NORFOLK SOUTHERN CORP	US	2641894	287.92	59,564	17,149,666.88
3.01	URI	UNITED RENTALS INC	US	2134781	887.01	19,280	17,101,552.80
2.93	FAST	FASTENAL CO	US	2332262	41.15	403,845	16,618,221.75
2.93	EMR	EMERSON ELECTRIC CO	US	2313405	142.85	116,270	16,609,169.50
2.87	ROK	ROCKWELL AUTOMATION INC	US	2754060	404.73	40,242	16,287,144.66
2.86	CSX	CSX CORP	US	2160753	35.91	452,867	16,262,453.97

Top Holdings

Net Assets (%)	Ticker	Name	Country	SEDOL	Market Price	Shares Held	Market Value

Sector Breakdown

As of 31 Dec 2025

	Sector	Weight (%)
	Industrials	71.5
	Materials	22.5
	Utilities	3.2
	Information Technology	1.9
	Consumer Discretionary	0.8
	Other	0.1

Source: AltaVista Research, LLC

ETF Characteristics

As of 05 Jan 2026

Return on Equity	15.30%
Average Market Cap	45,289 M
	2025	2026
Price to Earnings	27.39	22.58
Price to Book	3.65	3.27

Source: AltaVista Research, LLC

Securities LendingSecurities Lending Active? Yes

As of 06 Jan 2026

ISIN	Security Description	Currency	Weight	Asset Class	Country of Issue
CH0224397346	SWITZERLAND (GOVERNMENT OF) 0% SNR 22/06/2029 CHF1000	CHF	17.15%	Sovereign	CH
FR001400NBC6	FRANCE(GOVT OF) 2.5% BDS 24/09/27 EUR1'144A	EUR	17.14%	Sovereign	FR
DE000BU22072	GERMANY(FEDERAL REPUBLIC) 2% NTS 10/12/2026 EUR0.01	EUR	16.60%	Sovereign	DE
NL00150006U0	NETHERLANDS (KINGDOM OF) 0% BDS 15/07/2031 EUR1	EUR	14.55%	Sovereign	NL
GB00BMF9LG83	UNITED KINGDOM(GOVERNMENT OF) 4.5% BDS 07/06/2028 GBP1000	GBP	10.26%	Sovereign	GB
FR001400BKZ3	FRANCE(GOVT OF) 2% BDS 25/11/2032 EUR1'REGS	EUR	10.00%	Sovereign	FR
FR0129132702	FRANCE(GOVT OF) 0% T-BILL 11/03/2026 EUR1	EUR	9.06%	Sovereign	FR
DE0001102564	GERMANY(FEDERAL REPUBLIC) 0% BDS 15/08/2031 EUR0.01	EUR	3.36%	Sovereign	DE
FR0013407236	FRANCE(GOVT OF) 0.5% SNR 25/05/29 EUR1'REGS	EUR	1.04%	Sovereign	FR
FR0013508470	FRANCE(GOVT OF) 0% SNR 25/02/2026 EUR1'REGS	EUR	0.84%	Sovereign	FR

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PAVE

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Reasons to Consider PAVE

Compelling Need

Multiple Catalysts

Unconstrained Approach

Reasons to Consider

Key Information

Key Information

ETF Summary

ETF Summary

ETF Objective

ETF Objective

Trading Details

Trading Details

Distributions(Distributing Share Class Only)

Regulatory

Regulatory

Authorized Participants & Market Makers

Market Makers

Registered Countries

Trading Information

USD Accumulating (ISIN: IE00BLCHJ534)

USD Distributing (ISIN: IE00BLCHJ641)

Trading Information

Performance History

Top Holdings

Top Holdings

Sector Breakdown

ETF Characteristics

Securities LendingSecurities Lending Active? Yes

ETF Insights

America’s Infrastructure Report Card in 2025: Still Behind and Still Underfunded?

Election Implications in Focus: Catalysts, Clean Energy, and Infrastructure

Fund Documents

Index Methodology Overviews

Prospectus

Supplementary Prospectus

Dealing Calendar

Country Supplement - Austria

Country Supplement - Denmark

Country Supplement - Germany

Country Supplement - Luxembourg

Country Supplement - Switzerland

Country Supplement - UK

German Consolidated Prospectus

Consolidated Prospectus Switzerland

Country Supplement - Polish

Country Supplement - English (PL)

Additional Documents

PAVE

Reasons to Consider PAVE

Compelling Need

Multiple Catalysts

Unconstrained Approach

ETF Summary

ETF Objective

Trading Details

Regulatory

Authorized Participants & Market Makers

Top Holdings

Key Information

Trading Information

USD Accumulating (ISIN: IE00BLCHJ534)

USD Distributing (ISIN: IE00BLCHJ641)