🤝 BFF Take
PAVE for Infrastructure Spending Tailwinds. IGF for Defensive Income.
PAVE (Global X US Infrastructure Development) holds roughly 100 US companies that benefit from infrastructure construction spending: materials companies, construction firms, engineering services, and industrials. IGF (iShares Global Infrastructure) holds about 75 global companies that operate infrastructure assets: utilities, airports, pipelines, and toll roads providing stable, regulated cash flows. PAVE is a growth and cyclical play on infrastructure spending bills and reshoring investment. IGF is a defensive, income-oriented play on infrastructure assets that generate utility-like returns. PAVE has delivered stronger returns in recent years as US infrastructure spending has accelerated. IGF provides more stable income (3%+ yield) with lower volatility. These two funds do not directly compete. They are different instruments for different portfolio roles.
📋 Quick Takeaways
🏗️PAVE: US companies that BUILD infrastructure (construction, materials, engineering). IGF: companies that OPERATE it (utilities, airports, toll roads).
📈PAVE: higher growth potential, more cyclical. IGF: more defensive, ~3% dividend yield, lower volatility.
🎯Benefiting from infrastructure spending bills: PAVE. Stable infrastructure income with global diversification: IGF.
📊 Data-Based Take: PAVE has the lower fee
Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.
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Reviewed by a CFA® Charterholder · Data updated Jun 2026 · Educational only, not financial advice
PAVE
Global X US Infrastructure Development ETF
IGF
iShares Global Infrastructure ETF
📋 PAVE vs IGF — Key Facts Side by Side
| Metric |
PAVE |
IGF |
| Fund Name |
Global X US Infrastructure Development ETF |
iShares Global Infrastructure ETF |
| Issuer |
Global X |
iShares |
| Tracks Index |
Indxx US Infrastructure Development Index |
FTSE Global Core Infrastructure 50/50 |
| Expense Ratio |
0.47% |
0.40% ✓ |
| Cost per $10K/yr |
$47.00 |
$40.00 |
| AUM |
$7B |
$4B |
| Holdings |
100 |
75 |
| Inception |
2017 |
2007 |
| 1-Year Return |
+28.50% |
+12.00% |
| 3-Year Return |
+11.20% |
+6.50% |
| 5-Year Return |
+17.80% |
+9.80% |
| Avg Bid-Ask Spread |
0.04% |
0.06% |
Data from ETF BFF database. Returns are annualised. Not investment advice.
📊 PAVE vs IGF — Annualised Returns
Annualised returns (trailing, price-based). Past performance does not guarantee future results.
🎯 Should You Buy PAVE or IGF?
Choose if...
PAVE
- You already use Global X and prefer staying within their fund family
Choose if...
IGF
- You want the lowest fees — saves ~$7/yr per $10K vs PAVE
- You want geographic diversification beyond US stocks
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❓ PAVE vs IGF — Frequently Asked Questions
What is the difference between PAVE and IGF?
PAVE holds US companies in the business of building and supplying infrastructure: construction companies, cement and steel producers, engineering firms, and heavy equipment manufacturers. IGF holds global companies that operate existing infrastructure: electrical utilities, airports, toll road operators, pipelines, and water utilities. PAVE is a cyclical growth play tied to construction spending; IGF is a defensive income play tied to regulated asset returns.
Does PAVE benefit from US infrastructure bills?
Yes. PAVE is directly positioned to benefit from large-scale US infrastructure investment. The 2021 Infrastructure Investment and Jobs Act and subsequent spending programs have driven contracts for road and bridge repair, water system upgrades, grid modernization, and broadband expansion. PAVE's holdings in construction materials (Vulcan Materials, Martin Marietta), engineering (Jacobs Solutions, Aecom), and industrial companies benefit from this spending cycle.
Is IGF a good dividend ETF?
IGF is not primarily a dividend ETF, but its infrastructure utility holdings naturally generate dividend income: the fund yields approximately 3%. Infrastructure operators (utilities, airports, pipelines) pay out stable cash flows as dividends. IGF provides lower volatility than equity-focused funds, making it suitable for conservative investors who want international diversification and moderate income. Its 0.40% expense ratio is reasonable for a globally diversified thematic fund.
How do PAVE and IGF perform in recessions?
In recessions, IGF typically holds up better than PAVE. Infrastructure operators: utilities, airports, pipelines, provide essential services with regulated or contracted cash flows that continue regardless of the economic cycle. PAVE's construction and materials companies are more economically sensitive and fall harder in recessions as construction projects are delayed. PAVE has higher upside in infrastructure spending cycles; IGF has more downside protection.
New to ETF investing? See answers to the most common ETF questions →
ℹ️ Data shown is for educational purposes and may not reflect the most current figures. Returns are trailing price-based and exclude dividend reinvestment. Past performance does not guarantee future results. ETF BFF is not a licensed financial advisor — this is not personalized financial advice.