Stocks traded lower this morning, if the trend continues through the close this will be the third straight day of losses for the Dow. Adding to tension on Wall Street, today is the quarterly “quadruple witching” where options and futures on indexes and equities expire. In light of this event, volatility can be expected.
Meanwhile, on Capitol Hill, a bipartisan infrastructure finally seems to be making progress. Eleven Republican senators now support a bipartisan infrastructure framework, which would give the bill enough votes if all Democrats are on board. In a statement yesterday, 21 Democratic and GOP senators backed the roughly $1 trillion in proposed infrastructure spending.
The plan would revamp broadband, water, roads & bridges and include allocations for things like healthcare and clean energy. While some cash is earmarked for certain sectors, it can be difficult to predict the individual companies that will benefit.
In today’s trade we’ll highlight a pure play on domestic infrastructure that allows investors to cast a wide net to potentially benefit from the broader trend in infrastructure spending.
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The Global X U.S. Infrastructure Development ETF (PAVE) is the largest purely domestic infrastructure ETF with roughly $3.7 billion in assets under management. PAVE’s definition of infrastructure includes many players in the construction supply chain, construction equipment producers, industrial transportation, producers of raw materials and engineering services.
There’s a wide array of individual stocks that make up the fund’s roughly 100 holdings. Unlike most other infrastructure themed funds, PAVE focuses on domestic infrastructure, as companies must be listed in and derive more than 50% of their revenue from the U.S.. The fund is diversified across all market capitalizations and excludes MLPs, REITs and BDCs.
The infrastructure fund is up about 65% in the last 12 months, nearly doubling the performance of the S&P 500 over the same period, so momentum is on PAVE’s side.
The Global X U.S. Infrastructure Development ETF (PAVE)
- Weighted Average Market Cap $28.76B
- Price / Earnings Ratio 41.02
- Price / Book Ratio 3.69
- YTD Daily Total Return 24.13%
- Yield 0.35%
- Expense Ratio 0.47%
- Net Assets 3.69B
- Number of Holdings 101
Where to invest $1,000 right now...
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Find that to be extraordinary?
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