ETF Evaluator: Global X Infrastructure Dev ex-U.S. ETF () Follow This ETF

Global X Infrastructure Dev ex-U.S. ETF Overview

Global X Infrastructure Dev ex-U.S. ETF (IPAV) is a passively managed Sector Equity Infrastructure exchange-traded fund (ETF). Global X Funds launched the ETF in 2024.

The investment seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X Infrastructure Development ex-U.S. Index. The fund invests at least 80% of its net assets, plus borrowings for investment purposes, in the securities of the index, which may include common stocks, ADRs and GDRs based on the securities in the index. The index is designed to provide exposure to equity securities listed and domiciled in international markets, including developed and emerging markets but excluding the U.S., that provide exposure to infrastructure development. The fund is non-diversified.

About Global X Infrastructure Dev ex-U.S. ETF (IPAV)

There are 2 members of the management team with an average tenure of 1.93 years: Nam To (2024) and Wayne Xie (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and Global X Infra Dev ex-U.S. NR USD index with a weighting of 100%. Global X Infrastructure Dev ex-U.S. ETF has 101 securities in its portfolio. The top 10 holdings constitute 31.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

Global X Infrastructure Dev ex-U.S. ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Global X Infrastructure Dev ex-U.S. ETF has 96.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 3.4% There is 96.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Global X Infrastructure Dev ex-U.S. ETF has 0.0% of the portfolio in cash.

Assets Under Management

The fund has $5 million in total assets, which is below the $1 billion average for the Infrastructure category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

IPAV Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Global X Infrastructure Dev ex-U.S. ETF expense ratio is average compared to funds in the Infrastructure category. Global X Infrastructure Dev ex-U.S. ETF has an expense ratio of 0.55%, which is 3% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Global X Infrastructure Dev ex-U.S. ETF has a portfolio turnover rate of 45%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 40% for the Infrastructure category.

Recently, in the month of July 2026, Global X Infrastructure Dev ex-U.S. ETF returned -1.6%, which earned it a grade of D, as the Infrastructure category had an average return of -2.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

Global X Infrastructure Dev ex-U.S. ETF has a trailing yield of 1.52%, which is below the 2.04% category average. The fund normally distributes its income semi-annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Global X Infrastructure Dev ex-U.S. ETF Grades

Year to date, the ETF has returned 7.4%, 6.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 17.4% over the past year (grade of C).

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