Do PAVE and TOLZ hold the same stocks?

By their latest filings, 3% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, PAVE or TOLZ?

PAVE has 64% of its weight in S&P 500 names and TOLZ has 34%, so TOLZ differs more from the index.

Which is cheaper, PAVE or TOLZ?

PAVE charges 0.47% a year and TOLZ charges 0.46%, so TOLZ is cheaper. Fees come from each fund's prospectus.

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PAVE vs TOLZ: which is really different?

PAVE and TOLZ hold 3% of their weight in the same names, and PAVE returned +13.2% over the year. Global X U.S. Infrastructure Development ETF and ProShares DJ Brookfield Global Infrastructure ETF.

TOLZ costs 0.01 points a year less; their one-year returns differ by 5.1 points; PAVE is far larger, $13.6bn against $162m.

	PAVE	TOLZ
Expense ratio	0.47%	0.46%
Net assets, PAVE as of Oct 8, 2026 and TOLZ as of Oct 9, 2026	$13.6bn	$162m
Total return, 1 year	+13.2%	+8.1%
What it tracks	Infrastructure	Infrastructure
Holdings in common	3%
S&P 500, total return, 1 year	+17.3%
Against the S&P 500, 1 year	behind by 4.1 pts	behind by 9.2 pts
Below its all-time high	10.8%, high on Jun 25, 2026	7.5%, high on Mar 2, 2026

Holdings in common uses holdings dated Oct 8, 2026.

63.9%

PAVE in the S&P 500

33.9%

TOLZ in the S&P 500

+13.2%

PAVE total return, 1 year

+8.1%

TOLZ total return, 1 year

PAVE · 1 year to Oct 9, 202636% of its weight is outside the S&P 500

64% of PAVE's weight is in S&P 500 companies and 36% is outside the index. Holdings as of Oct 8, 2026.

TOLZ · 1 year to Oct 9, 202666% of its weight is outside the S&P 500

34% of TOLZ's weight is in S&P 500 companies and 66% is outside the index. Holdings as of Oct 8, 2026.

ETFIQ Off-Index Score · TOLZ scores higherHow much of it is not the index it is sold as an alternative to?

PAVE 40.2

TOLZ 60.6

0.1, the lowest in this set92.3, the highest

A percentile among the 391 thematic ETFs with a holdings filing. All thematic ETFs ranked by it → How it is computed →

What they hold in common

By the books each fund has filed, PAVE and TOLZ hold 3% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Oct 8, 2026.

50%

half

3% in common

Positions both hold, largest shared weight first

Holding PAVE TOLZ

SEMPRA 2.77% 2.59%

TRINITY INDUSTRIES INC 0.22% 1.02%

Only in PAVE

EMERSON ELECTRIC CO 3.56%

FASTENAL CO 3.55%

DEERE & CO 3.47%

QUANTA SERVICES INC 3.40%

EATON CORP PLC 3.31%

NUCOR CORP 3.31%

TRANE TECHNOLOGIES PLC 3.18%

PARKER HANNIFIN CORP 3.11%

Only in TOLZ

ENBRIDGE INC 5.80%

NATIONAL GRID PLC 5.40%

WILLIAMS COS INC 4.38%

VINCI SA 4.16%

AMERICAN TOWER CORP 3.85%

TC ENERGY CORP 3.51%

ENERGY TRANSFER LP 3.16%

KINDER MORGAN INC 3.13%

3% of the two portfolios are the same securities at the same weight.

Performance, window by window

	Total return		vs the S&P 500		vs the Nasdaq-100
Window	PAVE	TOLZ	PAVE	TOLZ	PAVE	TOLZ
3 months	−5.7%	−5.5%	−9.1 pts	−8.8 pts	−9.4 pts	−9.1 pts
6 months	−2.0%	−6.9%	−17.2 pts	−22.1 pts	−25.2 pts	−30.1 pts
1 year	+13.2%	+8.1%	−4.1 pts	−9.2 pts	−10.4 pts	−15.5 pts
3 years	+78.0%	+51.4%	−7.8 pts	−34.4 pts	−29.3 pts	−55.9 pts
Since launch PAVE Mar 2017 · TOLZ Mar 2014	+285.0%	+111.3%	+1.6 pts	−308.8 pts	−228.9 pts	−740.8 pts

Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

PAVE

Global X U.S. Infrastructure Development ETF · Holds 100 stocks in infrastructure, 64% of its weight in S&P 500 companies

TOLZ

ProShares DJ Brookfield Global Infrastructure ETF · Holds 115 stocks in infrastructure, 34% of its weight in S&P 500 companies

Issuer Global X ProShares

Theme Infrastructure Infrastructure

In the S&P 500 63.9% 33.9%

Active share vs the S&P 500 97.2% 98.9%

In the Nasdaq-100 6.5% 2.1%

Holdings 100 115

Top ten, share of the fund 32.9% 39.4%

Expense ratio 0.47% 0.46%

Fee for the differing part 0.48% 0.47%

Total return, 1 year +13.2% +8.1%

vs the S&P 500 −4.1 pts −9.2 pts

vs the Nasdaq-100 −10.4 pts −15.5 pts

Below its high −10.8% −7.5%

Net assets, PAVE as of Oct 8, 2026 and TOLZ as of Oct 9, 2026 $13.6bn $162m

As of Oct 9, 2026. Source: ETFIQ.

PAVE in plain words

By weight, 64% of PAVE's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 33% of the fund across 100 positions, as published by its issuer for Oct 8, 2026. Over the year to Oct 9, 2026 the fund returned +13.2% with distributions reinvested against +17.3% for the S&P 500, so a holder was behind by 4.1 pts. It sits 10.8% below its all-time high of Jun 25, 2026.

TOLZ in plain words

By weight, 34% of TOLZ's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 39% of the fund across 115 positions, as published by its issuer for Oct 8, 2026. Over the year to Oct 9, 2026 the fund returned +8.1% with distributions reinvested against +17.3% for the S&P 500, so a holder was behind by 9.2 pts. It sits 7.5% below its all-time high of Mar 2, 2026.

Questions people ask

Do PAVE and TOLZ hold the same stocks?: By their latest filings, 3% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, PAVE or TOLZ?: PAVE has 64% of its weight in S&P 500 names and TOLZ has 34%, so TOLZ differs more from the index.
Which is cheaper, PAVE or TOLZ?: PAVE charges 0.47% a year and TOLZ charges 0.46%, so TOLZ is cheaper. Fees come from each fund's prospectus.

Other comparisons

PAVE vs BLDX PAVE vs BILT PAVE vs NFRX PAVE vs RIFR TOLZ vs IGF TOLZ vs IFRA TOLZ vs GII TOLZ vs GLIX

PAVE on its own →TOLZ on its own →How every figure is computed →Standards and sources →

Where these figures came from

PAVE filings on SEC EDGAR ↗PAVE prospectus with the expense ratio (SEC) ↗Global X page for PAVE ↗TOLZ filings on SEC EDGAR ↗ProShares page for TOLZ ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a position in a set, not a rating, and neither end of it is a recommendation.

Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, PAVE against TOLZ, data as of Oct 9, 2026. https://etfiq.com/compare/themes/pave-vs-tolz

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.