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HWAY is a passively managed exchange-traded fund designed to provide exposure to a broad spectrum of U.S. infrastructure companies. It targets U.S.-domiciled businesses that generate at least 50% of their revenue from activities essential to infrastructure development and maintenance, including the provision of building materials, specialized equipment, logistics, construction, and engineering services. The initial screening process involves establishing a universe of U.S.-headquartered securities of various market capitalizations, which must also satisfy specific market-cap and liquidity thresholds. Only one share class is included per company. To identify companies truly aligned with the infrastructure theme, the fund utilizes the FactSet RBICS industry classification system. This includes sectors such as Transportation Infrastructure Construction, Transportation Operators, Telecommunication Infrastructure, Water and Energy Infrastructure, Infrastructure Materials and Components, general Infrastructure Construction, and Construction Machinery. Ultimately, the fund selects the top 100 securities by market capitalization from this filtered pool, ensuring that no single holding accounts for more than 4.5% of the portfolio. The portfolio undergoes rebalancing semi-annually.
| Symbol | Name | Weight | Market Value |
|---|---|---|---|
| CAT | Caterpillar Inc | 5.37% | $189.07K |
| PWR | Quanta Services Inc | 5.03% | $177.18K |
| CSX | CSX Corp | 4.48% | $157.81K |
| UNP | Union Pacific Corp | 4.45% | $156.53K |
| DE | Deere & Co | 4.14% | $145.63K |
| EMR | Emerson Electric Co | 4.03% | $141.68K |
| PH | Parker-Hannifin Corp | 4.03% | $141.68K |
| CRH | CRH PLC | 3.66% | $128.90K |
| NSC | Norfolk Southern Corp | 3.57% | $125.71K |
| URI | United Rentals Inc | 3.54% | $124.62K |
| FIX | Comfort Systems USA Inc | 3.43% | $120.82K |
| GWW | WW Grainger Inc | 2.92% | $102.85K |
| FAST | Fastenal Co | 2.73% | $96.17K |
| NUE | Nucor Corp | 2.64% | $93.03K |
| WAB | Westinghouse Air Brake Technologies Corp | 2.28% | $80.22K |
| VMC | Vulcan Materials Co | 1.99% | $69.88K |
| EME | EMCOR Group Inc | 1.80% | $63.52K |
| MLM | Martin Marietta Materials Inc | 1.78% | $62.77K |
| STLD | Steel Dynamics Inc | 1.59% | $56.09K |
| DOV | Dover Corp | 1.50% | $52.86K |
| CRS | Carpenter Technology Corp | 1.48% | $52.20K |
| XYL | Xylem Inc/NY | 1.44% | $50.78K |
| ATI | ATI Inc | 1.37% | $48.04K |
| AMRZ | Amrize Ltd | 1.36% | $47.89K |
| STRL | Sterling Infrastructure Inc | 1.20% | $42.32K |