GII vs PAVE

GIIAState Street SPDR S&P Global Infrastructure ETF

PAVEAGlobal X U.S. Infrastructure Development ETF

In short

GII Toll roads, airports, pipelines and power grids in one ticker. GII has tracked the S&P Global Infrastructure Index since 2007, an early entrant in the category, and charges less than the typical infrastructure fund.

PAVE Most infrastructure funds own the toll roads and pipelines. PAVE owns the US companies that build them, tracking the Indxx U.S. Infrastructure Development Index since its 2017 launch.

Stated mandate

GII The fund seeks to track the total return of the S&P Global Infrastructure Index. That index provides exposure to large publicly listed infrastructure companies across transportation, utilities, and energy infrastructure.

PAVE The fund seeks to track, before fees and expenses, the price and yield performance of the Indxx U.S. Infrastructure Development Index.

Why people hold it

• GII Tracks an index of 75 of the largest listed infrastructure companies, screened for float and liquidity, spread across transportation, utilities and energy infrastructure in developed and emerging markets.ssga.com
• 0.40% a year against a 0.55% median for infrastructure ETFs. The cheap end of a category that often is not cheap.
• Live since 2007, so the record covers the financial crisis, a decade of low rates and the 2022 rate shock. It rates among the strongest implementations in its infrastructure peer group.

• PAVE Charges 0.47% a year, undercutting the typical fee among infrastructure ETFs.
• A multi-billion-dollar fund that trades actively, which generally means tight spreads at everyday order sizes.
• About 100 US-listed names, so the exposure is domestic build-out rather than the global utility-and-pipeline basket you get in IGF or GII.
• Live since 2017 and one of the stronger implementations in its infrastructure peer group.

Worth knowing

• GII IGF follows the same index for 0.37%, three basis points less. GII's own trading is moderate rather than heavy, so spreads count alongside the fee gap.
• Roughly 70 stocks across three sectors and several currencies. A focused, globally scattered book that can behave quite differently from a broad world equity fund.ssga.com
• Distributions arrive on an annual or semiannual schedule, so cash lands in lumps rather than monthly.

• PAVE Builders, machinery and materials names move with the economic cycle, and this fund screens as riskier than the infrastructure category norm.
• US-only by mandate, so no overseas airports or toll roads; peers like IGF and GII cover that ground.
• Distributions land once or twice a year, so income is a side effect here, not the design.

Full GII profile⁠

Full PAVE profile⁠