Global X Infrastructure Development ex-U.S. ETF (IPAV) Holdings
IPAV holdings summary
as of Oct 23, 2026- Holdings
- 93 positions listed
- Top 10 weight
- 29.5% of net assets
- Effective holdings
- 50 equal-weight equivalent
- Largest holding
- CNR 3.55% Canadian National Railway Co
- Annual turnover
- — of the portfolio traded
All IPAV holdings
| # | Name | ||||||
|---|---|---|---|---|---|---|---|
| 1 | CNR | Canadian National Railway Co | Industrials | 3.55% | $210,941.55 | — | — |
| 2 | MT | ArcelorMittal SA | Basic Materials | 3.23% | $191,453.23 | — | — |
| 3 | LT | Larsen & Toubro Limited | Industrials | 3.13% | $185,750.34 | — | — |
| 4 | 5401 | Nippon Steel Corp | Basic Materials | 3.05% | $180,729.90 | — | — |
| 5 | 5803 | Fujikura Ltd. | Industrials | 2.81% | $166,701.15 | — | — |
| 6 | DG | Vinci S.A. | Industrials | 2.77% | $164,677.55 | — | — |
| 7 | LHN | Holcim Ltd | Basic Materials | 2.77% | $164,226.54 | — | — |
| 8 | 005490 | POSCO Holdings | Basic Materials | 2.74% | $162,558.99 | — | — |
| 9 | 4063 | Shin-Etsu Chemical Co. Ltd. | Basic Materials | 2.74% | $162,541.19 | — | — |
| 10 | HEI | Heidelberg Materials AG | Basic Materials | 2.73% | $162,179.20 | — | — |
| 11 | CLNX | Cellnex Telecom SA | Real Estate | 2.68% | $159,004.33 | — | — |
| 12 | TATASTEEL | Tata Steel Limited | Basic Materials | 2.61% | $155,176.69 | — | — |
| 13 | CX | CEMEX, S.A.B. de C.V. | Basic Materials | 2.47% | $146,767.75 | $14.79B | 85.4 |
| 14 | WEGE3 | WEG S.A. | Industrials | 2.44% | $145,082.40 | — | — |
| 15 | FER | Ferrovial S.A. | Industrials | 2.38% | $141,242.89 | — | — |
| 16 | HINDALCO | HINDALCO INDUSTRIES LTD. | Basic Materials | 2.38% | $141,225.09 | — | — |
| 17 | PRY | Prysmian SpA | Industrials | 2.33% | $138,251.99 | — | — |
| 18 | 034020 | Doosan Heavy Ind. & Const. | Industrials | 2.21% | $131,059.59 | — | — |
| 19 | ULTRACEMCO | UltraTech Cement Limited | Basic Materials | 2.13% | $126,626.65 | — | — |
| 20 | JSWSTEEL | JSW Steel Limited | Basic Materials | 1.89% | $111,986.67 | — | — |
| 21 | BSL | Bluescope Steel Ltd | Basic Materials | 1.79% | $105,957.39 | — | — |
| 22 | FGR | Eiffage SA | Industrials | 1.71% | $101,755.89 | — | — |
| 23 | ATRL | AtkinsRealis Group Inc | Industrials | 1.70% | $100,782.66 | — | — |
| 24 | 010120 | LS Electric | Industrials | 1.60% | $94,670.30 | — | — |
| 25 | NKT | NKT A/S | Industrials | 1.19% | $70,428.58 | — | — |
| 26 | SSAB-B | SSAB AB (publ) | Basic Materials | 1.13% | $67,271.52 | — | — |
| 27 | IMCD | IMCD NV | Basic Materials | 1.13% | $67,057.88 | — | — |
| 28 | SPM | Saipem SpA | Energy | 1.13% | $66,767.10 | — | — |
| 29 | GGB | Gerdau S.A. | Basic Materials | 1.11% | $65,829.48 | $9.85B | 22.8 |
| 30 | POLYCAB | Polycab India Limited | Industrials | 1.07% | $63,657.52 | — | — |
| 31 | 5411 | JFE Holdings Inc. | Basic Materials | 1.05% | $62,274.82 | — | — |
| 32 | NEX | Nexans S.A. | Industrials | 1.01% | $59,877.35 | — | — |
| 33 | 1101 | Taiwan Cement Corp | Basic Materials | 0.98% | $58,085.18 | — | — |
| 34 | GET&D | GE T&D India Limited | Industrials | 0.91% | $53,972.69 | — | — |
| 35 | 2Y11 | China Tower Corporation Limited | Communication Services | 0.91% | $53,871.81 | — | — |
| 36 | VOE | Voestalpine AG | Basic Materials | 0.88% | $52,322.95 | — | — |
| 37 | INFRATEL | Indus Towers Limited | Communication Services | 0.82% | $48,495.31 | — | — |
| 38 | 5398 | Gamuda Bhd | Industrials | 0.81% | $48,121.45 | — | — |
| 39 | AZJ | Aurizon Holdings Ltd | Industrials | 0.75% | $44,370.96 | — | — |
| 40 | AALB | Aalberts Industries NV | Industrials | 0.73% | $43,201.89 | — | — |
| 41 | JINDALSTEL | Jindal Steel & Power Limited | Basic Materials | 0.69% | $41,213.89 | — | — |
| 42 | 1721 | Comsys Holdings Corp. | Industrials | 0.66% | $38,964.78 | — | — |
| 43 | ACX | Acerinox | Basic Materials | 0.60% | $35,653.43 | — | — |
| 44 | 6305 | Hitachi Construction Machinery Co | Industrials | 0.57% | $33,956.21 | — | — |
| 45 | WELCORP | Welspun Corp Limited | Basic Materials | 0.56% | $33,024.52 | — | — |
| 46 | BZU | Buzzi Unicem S.p.A. | Basic Materials | 0.53% | $31,647.76 | — | — |
| 47 | AMBUJACEM | Ambuja Cements Limited | Basic Materials | 0.53% | $31,297.64 | — | — |
| 48 | DOW | Downer Edi Ltd | Industrials | 0.52% | $30,621.12 | — | — |
| 49 | KEI | KEI Industries Limited | Industrials | 0.50% | $29,855.59 | — | — |
| 50 | 1102 | Asia Cement Corp | Basic Materials | 0.49% | $29,001.05 | — | — |
| 51 | 1951 | Kyowa Exeo Corp | Industrials | 0.48% | $28,205.85 | — | — |
| 52 | STR | Strabag SE | Industrials | 0.46% | $27,470.00 | — | — |
| 53 | GEKTERNA | GEK TERNA Holdings Real Estate Construction S.A | Industrials | 0.45% | $26,609.52 | — | — |
| 54 | SAIL | Steel Authority of India Limited | Basic Materials | 0.45% | $26,562.04 | — | — |
| 55 | SCYR | Sacyr SA | Industrials | 0.44% | $26,022.02 | — | — |
| 56 | TX | Ternium S.A. | Basic Materials | 0.44% | $25,962.68 | $11.21B | 15.9 |
| 57 | 1963 | JGC Corp. | Industrials | 0.43% | $25,660.03 | — | — |
| 58 | BDX | Budimex S.A. | Industrials | 0.42% | $24,841.09 | — | — |
| 59 | 0914 | Anhui Conch Cement | Basic Materials | 0.41% | $24,449.42 | — | — |
| 60 | EREGL | Eregli Demir ve Celik Fabrikalari TAS | Basic Materials | 0.41% | $24,443.49 | — | — |
| 61 | 5076 | Infroneer Holdings Inc | Industrials | 0.41% | $24,366.34 | — | — |
| 62 | HTWS | Helios Towers Plc | Communication Services | 0.40% | $23,879.73 | — | — |
| 63 | SHREECEM | SHREE CEMENT LIMITED | Basic Materials | 0.39% | $23,339.70 | — | — |
| 64 | 5444 | Yamato Kogyo Co Ltd | Basic Materials | 0.39% | $23,037.05 | — | — |
| 65 | INW | Infrastrutture Wireless Italiane S.p.A | Real Estate | 0.39% | $22,853.09 | — | — |
| 66 | OUT1V | Outokumpu Oyj | Basic Materials | 0.38% | $22,514.83 | — | — |
| 67 | JKCEMENT | JK Cement Limited | Basic Materials | 0.37% | $22,081.63 | — | — |
| 68 | SPEN | Shapir Engineering Industry | Industrials | 0.36% | $21,511.93 | — | — |
| 69 | 1893 | Penta-Ocean Const Co Ltd | Industrials | 0.35% | $20,882.89 | — | — |
| 70 | JSL | Jindal Stainless Limited | Basic Materials | 0.35% | $20,526.83 | — | — |
| 71 | SKBN | Shikun & Binui | Industrials | 0.34% | $20,200.45 | — | — |
| 72 | 001440 | Taihan Electric Wire Co Ltd | Industrials | 0.33% | $19,375.57 | — | — |
| 73 | MT | Maire Tecnimont S.p.A. | Industrials | 0.32% | $19,049.19 | — | — |
| 74 | TITC | Titan Cement International SA | Basic Materials | 0.31% | $18,396.41 | — | — |
| 75 | 004020 | Hyundai Steel | Basic Materials | 0.29% | $17,096.79 | — | — |
| 76 | 0390 | China Railway | Industrials | 0.29% | $17,096.79 | — | — |
| 77 | CENER | Cenergy Holdings SA | Industrials | 0.27% | $15,797.18 | — | — |
| 78 | OCL | Odisha Cement Limited | Other | 0.23% | $13,518.39 | — | — |
| 79 | 052690 | KEPCO Engineering & Construction | Industrials | 0.22% | $13,298.82 | — | — |
| 80 | DEME | DEME Group NV | Industrials | 0.22% | $12,984.31 | — | — |
| 81 | ENKAI | ENKA Insaat ve Sanayi AS | Industrials | 0.22% | $12,954.63 | — | — |
| 82 | 0552 | China Communications Services Corp Ltd | Communication Services | 0.21% | $12,752.87 | — | — |
| 83 | 103590 | Iljin Electric Co | Industrials | 0.21% | $12,491.76 | — | — |
| 84 | RVNL | Rail Vikas Nigam Limited | Industrials | 0.21% | $12,462.08 | — | — |
| 85 | VCT | Vicat S.A. | Basic Materials | 0.19% | $11,530.40 | — | — |
| 86 | 000500 | Gaon Cable | Technology | 0.18% | $10,480.02 | — | — |
| 87 | GRE | Grenergy Renovables S.A | Industrials | 0.17% | $9,975.60 | — | — |
| 88 | 3996 | China Energy Engineering Corp | Industrials | 0.16% | $9,589.87 | — | — |
| 89 | 1157 | Zoomlion Heavy Industry | Industrials | 0.15% | $9,162.60 | — | — |
| 90 | 0371 | Beijing Enterprises Water Group Ltd | Utilities | 0.13% | $7,684.95 | — | — |
| 91 | VIO | Viohalco S.A. | Industrials | 0.13% | $7,459.45 | — | — |
| 92 | RC0_old | Rowan Companies plc | Other | 0.10% | $5,685.08 | — | — |
| 93 | L52 | REPT BATTERO Energy Co., Ltd. | Consumer Cyclical | 0.09% | $5,329.02 | — | — |
Weights as a percentage of net assets. Value held = weight × net assets ($5.9M). Market cap and P/E from each company's latest fundamentals (U.S.-listed stocks).
IPAV sector breakdown
| Sector | Weight | Holdings | Largest |
|---|---|---|---|
| Basic Materials | 44.6% | 36 | MT, 5401, LHN |
| Industrials | 42.4% | 45 | CNR, LT, 5803 |
| Real Estate | 3.1% | 2 | CLNX, INW |
| Communication Services | 2.3% | 4 | 2Y11, INFRATEL, HTWS |
| Energy | 1.1% | 1 | SPM |
| Other | 0.3% | 2 | OCL, RC0_old |
| Technology | 0.2% | 1 | 000500 |
| Utilities | 0.1% | 1 | 0371 |
| Consumer Cyclical | 0.1% | 1 | L52 |
Sum of the weights of the holdings in each sector.
IPAV top industries
IPAV overlap with other ETFs
| ETF | Fund | Overlap | Shared holdings | Expense ratio |
|---|---|---|---|---|
| VXUS | Vanguard Total International Stock ETF | 1.8% | 91 of 8,035 | 0.05% |
| SPY | SPDR S&P 500 ETF | 0.2% | 3 of 502 | 0.09% |
| QQQ | Invesco QQQ ETF | 0.2% | 1 of 101 | 0.17% |
| IWM | iShares Russell 2000 ETF | 0.1% | 1 of 1,962 | 0.19% |
| VTI | Vanguard Total Stock Market ETF | 0.1% | 6 of 2,941 | 0.03% |
| DIA | SPDR Dow Jones Industrial Average ETF | 0.0% | 0 of 30 | 0.16% |
Overlap = sum over shared holdings of the smaller of the two weights. 100% means identical portfolios.
About the IPAV portfolio
Global X Infrastructure Development ex-U.S. ETF holds 93 positions. The ten largest make up 29.5% of the fund and the top 50 81.1%, so it behaves like a portfolio of about 50 equally weighted positions. The biggest positions are Canadian National Railway Co (3.55%), ArcelorMittal SA (3.23%), Larsen & Toubro Limited (3.13%), Nippon Steel Corp (3.05%), Fujikura Ltd. (2.81%).
By sector, Basic Materials is 44.6%, Industrials is 42.4%, Real Estate is 3.1%. Holdings data is from the fund's latest portfolio as reported by EODHD on October 23, 2026; positions change as the fund rebalances.
Related: IPAV chart, IPAV performance, IPAV dividends, IPAV overview.
IPAV holdings FAQ
How many holdings does IPAV have?
IPAV holds 93 positions as of October 23, 2026.
What are the top 10 holdings of IPAV?
The ten largest holdings are Canadian National Railway Co (3.55%), ArcelorMittal SA (3.23%), Larsen & Toubro Limited (3.13%), Nippon Steel Corp (3.05%), Fujikura Ltd. (2.81%), Vinci S.A. (2.77%), Holcim Ltd (2.77%), POSCO Holdings (2.74%), Shin-Etsu Chemical Co. Ltd. (2.74%), Heidelberg Materials AG (2.73%). Together they are 29.5% of the fund.
What percentage of IPAV is Canadian National Railway Co?
Canadian National Railway Co is the largest holding at 3.55% of net assets, about $210,941.55 of the fund's $5.9M.
Which sector is the largest in IPAV?
Basic Materials is the largest sector at 44.6%, followed by Industrials (42.4%) and Real Estate (3.1%), based on the sectors of the individual holdings.
How concentrated is IPAV?
The top 10 holdings are 29.5% of the fund. By the effective number of holdings (1 divided by the sum of squared weights) IPAV behaves like a portfolio of about 50 equally weighted positions.