Overview
Companies that build America — construction materials, heavy equipment, rail, engineering and the electrical grid — positioned for the domestic capex boom.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| PWR | Quanta Services | 3.6% |
| ETN | Eaton Corp. | 3.4% |
| PH | Parker Hannifin | 3.2% |
| EME | EMCOR Group | 3.1% |
| URI | United Rentals | 3.0% |
| MLM | Martin Marietta | 2.9% |
| VMC | Vulcan Materials | 2.8% |
| DE | Deere & Co. | 2.7% |
| UNP | Union Pacific | 2.5% |
| FAST | Fastenal Co. | 2.4% |
Fund Details
Investment Thesis
Reshoring, grid electrification, AI data-centre construction and federal infrastructure money all land on the same companies: the ones pouring concrete and stringing wire. PAVE owns the pick-and-shovel layer — deliberately domestic, revenue-weighted toward US projects — which is why it became the definitive infrastructure fund at $15B. The cycle risk is real: these are industrials, and capex booms end.
Who It's For
Investors playing the American build-out super-cycle — electrification, reshoring, data centres — through the contractors and materials suppliers rather than the tech names everyone already owns.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | $16.56 | -- |
| 2018 | $13.25 | -20.0% |
| 2019 | $17.75 | +34.0% |
| 2020 | $21.30 | +20.0% |
| 2021 | $28.97 | +36.0% |
| 2022 | $26.65 | -8.0% |
| 2023 | $35.18 | +32.0% |
| 2024 | $40.45 | +15.0% |
| 2025 | $44.50 | +10.0% |
| Year | Yield |
|---|---|
| 2016 | -- |
| 2017 | 1.10% |
| 2018 | 1.40% |
| 2019 | 1.10% |
| 2020 | 0.90% |
| 2021 | 0.60% |
| 2022 | 0.80% |
| 2023 | 0.60% |
| 2024 | 0.60% |
| 2025 | 0.60% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | $0.0B | -- |
| 2018 | $0.1B | +Infinity% |
| 2019 | $0.2B | +100.0% |
| 2020 | $0.4B | +100.0% |
| 2021 | $3.5B | +775.0% |
| 2022 | $4B | +14.3% |
| 2023 | $7B | +75.0% |
| 2024 | $9B | +28.6% |
| 2025 | $13B | +44.4% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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