---
ticker: "IPAV"
name: "Global X Infrastructure Development ex-U.S. ETF"
url: "https://etf.net/etf/IPAV"
grade: "C"
score: 42
graded_at: "2026-10-12"
category: "Infrastructure"
category_rank: "21 of 34"
methodology: "https://etf.net/methodology"
---

# IPAV: Global X Infrastructure Development ex-U.S. ETF

Grade **C**, Score 42 of 100. Rank 21 of 34 in Infrastructure.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 55 | 15 of 34 |
| Mission | Not scored | — |
| Risk | 35 | 27 of 34 |
| Tradability | 16 | 32 of 34 |
| Holdings | 64 | 12 of 32 |
| Durability | 29 | 28 of 34 |

## Top holdings

The fund holds 103 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | Cash | 5.07% |
| 2 | 5803.T | Fujikura Ltd | 3.75% |
| 3 | CNR.TO | Canadian Natl Railway Co | 3.45% |
| 4 | CP.TO | Canadian Pacific Kansas City | 3.28% |
| 5 | MT.AS | Arcelormittal | 3.26% |
| 6 | LT.NS | Larsen & Toubro Ltd | 3.12% |
| 7 | 5401.T | Nippon Steel Corp | 2.98% |
| 8 | 4063.T | Shin-Etsu Chemical Co Ltd | 2.91% |
| 9 | DG.PA | Vinci SA | 2.84% |
| 10 | HOLN.SW | Holcim Ltd | 2.72% |
| 11 | PRY.MI | Prysmian Spa | 2.66% |
| 12 | 034020.KS | Doosan Enerbility Co Ltd | 2.64% |
| 13 | WEGE3.SA | Weg SA | 2.64% |
| 14 | HEI.DE | Heidelberg Materials AG | 2.63% |
| 15 | 005490.KS | Posco Holdings Inc | 2.59% |
| 16 | — | Tata Steel Ltd | 2.54% |
| 17 | CLNX.MC | Cellnex Telecom SA | 2.51% |
| 18 | FER.MC | Ferrovial NV | 2.47% |
| 19 | CX | Cemex Sab-Spons Adr Part Cer | 2.35% |
| 20 | — | Hindalco Industries Ltd | 2.23% |
| 21 | — | Ultratech Cement Ltd | 2.15% |
| 22 | 010120.KS | Ls Electric Co Ltd | 1.86% |
| 23 | — | Jsw Steel Ltd | 1.80% |
| 24 | ATRL.TO | Atkinsrealis Group Inc | 1.71% |
| 25 | FGR.PA | Eiffage | 1.63% |
| 26 | BSL.AX | Bluescope Steel Ltd | 1.55% |
| 27 | NKT.CO | Nkt A/S | 1.17% |
| 28 | IMCD.AS | Imcd NV | 1.12% |
| 29 | SPM.MI | Saipem Spa | 1.09% |
| 30 | — | Ssab Ab - B Shares | 1.08% |

Source: etf.net, https://etf.net/etf/IPAV. Please cite the page URL.