Mulden.
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Fund · Global X U.S. Infrastructure Development ETF · measured from SEC filings

PAVE holdings

PAVE reports 100 holdings and behaves like 50.5 equally weighted ones, computed from its SEC Form N-PORT filing for 2026-05-31. The fact sheet publishes the first number; this page computes the second, and traces it across 27 quarters of filings.

Measured concentration

as of 2026-05-31
100 Positions reported
50.5 Effective holdings
2× Concentration multiple
32.34% Top ten weight

Computed by this site from the fund's SEC Form N-PORT filing; what the measure does not tell you · every fund in one table · hold it with other funds? X-ray the mix. Pricing: 100% at a quoted market price (level 1), one issuer country.

What stands out

as of 2026-05-31

PAVE's largest investment is Quanta Services Inc at 4.18% of net assets. CSX Corp and Eaton Corp PLC follow; the three together are 10.97%. Ten companies are 32.34% of the fund; the other 90 share the rest. Among the 721 equity funds measured here, PAVE behaves like 50.5 holdings against a median of 42.4 — close to the median. Across 27 quarterly filings PAVE has held roughly steady since 2019-11-30 (48.2 then, 50.5 now).

Each sentence is read from the fund's own SEC filing; the class median is computed across the comparable equity funds on this site. Nothing here is a view on the fund.

Every filing since 2019

27

Between 2019-11-30 and 2026-05-31, PAVE went from behaving like 48.2 equally weighted positions to 50.5 — 5% more, while its top ten went from 32.73% to 32.34% of net assets. Read across the funds on the concentration-over-time table.

PeriodHoldingsEffective Top 10Largest
2026-05-31 100 50.5 32.34% 4.18%
2026-02-28 100 50.8 32.46% 3.39%
2025-11-30 99 50 32.58% 4.39%
2025-08-31 100 50.3 32.45% 3.9%
2025-05-31 101 49.7 32.55% 4.21%
2025-02-28 100 51.4 32.01% 3.49%
2024-11-30 101 53 31.99% 3.69%
2024-08-31 99 52.7 31.24% 3.71%
Earlier filings (19 more, back to 2019-11-30)
PeriodHoldingsEffectiveTop 10Largest
2024-05-31 100 53.5 30.75% 3.62%
2024-02-29 99 52 30.48% 3.25%
2023-11-30 98 50 32.22% 3.9%
2023-08-31 98 51.8 31.28% 3.82%
2023-05-31 98 52.2 30.5% 3.44%
2023-02-28 98 53 30.77% 3.44%
2022-11-30 99 51.6 31% 4.55%
2022-08-31 99 52 30.63% 4.38%
2022-05-31 99 52.6 30.53% 4.35%
2022-02-28 100 53.5 30.34% 4.15%
2021-11-30 99 52.1 30.33% 3.51%
2021-08-31 98 51.3 31% 3.87%
2021-05-31 99 52.7 29.99% 3.45%
2021-02-28 101 53.3 29.95% 3.33%
2020-11-30 94 48 32.66% 3.82%
2020-08-31 93 45.3 34.44% 4.31%
2020-05-31 94 45.9 33.82% 4.18%
2020-02-29 94 48.4 31.42% 3.4%
2019-11-30 93 48.2 32.73% 3.77%

One row per filed reporting period, newest first, read from EDGAR. Quarterly because that is the public filing cadence. Rows marked * are published but held out of the comparison above; the methodology page says when and why.

Compared with, in the essays

4
XLU · 2 IFRA · 1 GRID · 1 VPU · 1

Overlap with other funds

4

Measured against every other fund on this site, from the same filings. Combined effective holdings is how the pair behaves held in equal size.

WithOverlapSharedCombined effective
PAVE vs IFRA 34.03% 50 75.4
PAVE vs VPU 3.13% 2 62.6
PAVE vs XLU 2.86% 1 55.4
PAVE vs GRID 2.52% 9 61.9

Largest positions, as filed

as of 2026-05-31

The 15 largest of 100 positions in PAVE's Form N-PORT, weight as a share of net assets, securities-lending collateral excluded. Every position, every quarter: PAVE.csv.gz.

#PositionWeightCumulative
1QUANTA SERVICES, INC.4.18%4.2%
2CSX Corporation3.48%7.7%
3EATON CORPORATION PUBLIC LIMITED COMPANY3.30%11.0%
4HOWMET AEROSPACE INC.3.27%14.2%
5TRANE TECHNOLOGIES PLC3.19%17.4%
6UNION PACIFIC CORPORATION3.12%20.5%
7NUCOR CORPORATION3.10%23.6%
8ROCKWELL AUTOMATION, INC.2.92%26.6%
9NORFOLK SOUTHERN CORPORATION2.90%29.5%
10UNITED RENTALS, INC.2.87%32.3%
11DEERE & COMPANY2.86%35.2%
12SEMPRA2.86%38.1%
13FASTENAL COMPANY2.71%40.8%
14EMERSON ELECTRIC CO.2.64%43.4%
15PARKER-HANNIFIN CORPORATION2.48%45.9%

Returns the fund reported

2019-09 – 2026-05

Monthly total returns from Item B.5 of PAVE's own filings, 81 months on record. Not computed here and not from a price feed.

16.1%Best month
-20.6%Worst month

No compounded figure is shown. This site's two readings of PAVE's monthly returns — the filed figures and a series computed from prices — differ by a median of 3.48 percentage points over 81 months, more than distributions explain. Which is wrong cannot be told from the filings; the others in the same position are listed here.

Who borrows PAVE's shares

2026-05-31

The fund lends its holdings, and Item B.4.a of the filing names every firm holding them. At 2026-05-31, $12m was out to 1 borrower, 0.09% of net assets.

BorrowerOn loanShare of the loan
MORGAN STANLEY & CO LLC $12m 100.0%

Cash collateral reported against the loan: 0.09% of net assets, 102.6% of the amount lent. That is a floor on the collateral, not the whole of it — collateral the fund does not hold as a position is not in this filing, so a figure under 100% is not evidence of under-collateralisation. How that figure behaves across all funds. Every quarter PAVE has filed, with each borrower: PAVE.json · all funds.

Since the previous filing

2026-02-28 → 2026-05-31

100 positions became 100: 0 added (0.0% of the fund at the later date), 0 dropped (0.0% at the earlier date). Half the sum of all weight changes, a turnover proxy: 7.0%. Positions are matched on identifiers, so a security whose identifier changed shows as one drop and one add. Every filing of PAVE compared this way, as a feed: changes.xml · all funds: filings received.

Largest increases2026-02-282026-05-31Largest decreases2026-02-282026-05-31
NUCOR CORPORATION2.24%3.10% PARKER-HANNIFIN CORPORATION3.02%2.48%
QUANTA SERVICES, INC.3.38%4.18% DEERE & COMPANY3.39%2.86%
STERLING INFRASTRUCTURE, INC.0.73%1.43% Amrize AG1.98%1.63%
STEEL DYNAMICS, INC.1.56%2.06% MARTIN MARIETTA MATERIALS, INC.2.25%1.90%
UNITED RENTALS, INC.2.47%2.87% CRH PUBLIC LIMITED COMPANY2.71%2.41%
MASTEC, INC.1.30%1.62% SEMPRA3.16%2.86%

Asset categories and pricing

as of 2026-05-31

99.91% equity, 0.09% short-term investment as filed; 100.0% carried at a quoted market price (fair-value level 1). Categories and levels are the filer's; what a low level-1 share does and does not mean is in the measure's page.

Neighbours by effective holdings, equity funds

10

Every measured equity fund lined up by how many holdings it behaves like; these sit either side of PAVE (50.5). Same filings, same arithmetic. Position in this list says nothing about which fund is better.

FundReportsBehaves likeTop tenAs of
CGGO Capital Group Global Growth Equity ETF 108 49.9 35.03% 2026-05-31
BKLC BNY Mellon US Large Cap Core Equity ETF 507 49.9 37.08% 2026-07-31
NFTY First Trust India NIFTY 50 Equal Weight ETF 50 50 20.68% 2026-06-30
MOAT VanEck Morningstar Wide Moat ETF 55 50.1 25.32% 2026-06-30
APUE ActivePassive U.S. Equity ETF 449 50.3 38.42% 2026-05-31
SCHX Schwab U.S. Large-Cap ETF 750 50.6 37.28% 2026-05-31
GSLC Goldman Sachs ActiveBeta(R) U.S. Large Cap Equity ETF 436 50.6 36.16% 2026-05-31
AVTM Avantis Total Equity Markets ETF 1,546 50.7 37.35% 2026-05-31
TSPA T. Rowe Price U.S. Equity Research ETF 329 50.8 36.33% 2026-06-30
VV Vanguard Large-Cap Index Fund 444 51.3 36.62% 2026-06-30

Measures applied in the essays

8

Essays that examine PAVE

8

Mentions are detected across the full text of every article, so an appearance may be a passing comparison rather than the subject. Nothing here is a recommendation to buy or sell — see the disclaimer.