United StatesOn February 2, 2026, the Impax Global Sustainable Infrastructure Fund, a mutual fund, was converted into the Impax Global Sustainable Infrastructure ETF. The ETF has the same investment objective, strategy, restrictions and portfolio managers as the predecessor mutual fund.
Impax Global Sustainable Infrastructure ETF shares are traded on the New York Stock Exchange (NYSE). ETF shareholders and potential investors should contact their financial advisor or brokerage firm with questions regarding their accounts or purchasing shares.
Information on the Impax Global Sustainable Infrastructure ETF, including performance, documents, distributions and the investment strategy can be found at etf.impaxam.com/bldx.
Financial advisors and investment professionals with questions can reach out to their Impax regional contact. Shareholder inquiries for the distributor can be directed to (888) 991-7723 or ETFInfo@impaxam.com.
An Exchange-Traded Fund (ETF) is an investment fund that pools money from investors to buy a basket of assets such as stocks, bonds, or commodities. ETFs trade on stock exchanges just like individual stocks, making them easy to buy and sell throughout the trading day.
While both ETFs and mutual funds give you diversified exposure to multiple securities, ETFs trade on exchanges in real time (like stocks), whereas mutual funds are only priced once at the end of the trading day. ETFs often have greater tax efficiency than mutual funds.
Shares are bought and sold just like any individual stock through your brokerage account.
ETFs are required to disclose their holdings every day on the funds website.
Yes, ETFs are much more tax efficient. The creation and redemption process allows the ETFs holdings to be transacted in-kind, which means the holdings are not bought or sold in the portfolio so capital gains realization is very minimal if any.
Expense Ratio: Annual fee expressed as a percentage of assets (e.g., 0.10%). In the case of the Impax Global Sustainable Infrastructure ETF (BLDX), the expense ratio is 0.60% (gross of fees and net of fees).
Trading Commissions: Some brokers charge per trade, though many now offer commission-free ETFs.
Bid-Ask Spread: The difference between buying and selling prices, which can affect trading costs.
NAV (Net Asset Value): The value of all assets in the ETF divided by the number of shares.
Market Price: The price at which the ETF trades on the exchange.
Sometimes ETFs trade at a small premium (above NAV) or discount (below NAV) due to supply and demand.
ETFs can trade slightly above (premium) or below (discount) to their NAV. Authorized Participants (APs) help keep ETF prices aligned with NAV by creating or redeeming ETF shares through arbitrage, but temporary mismatches can occur, especially in volatile markets.
Liquidity refers to how easily you can buy or sell shares without affecting the price. While daily trading volume is one indicator, the real driver is the liquidity of the underlying securities. Large ETFs tracking major indexes are usually highly liquid.
You should always consider Impax funds’ investment objectives, risks, and charges and expenses carefully before investing. For this and other important information, please obtain a fund prospectus by calling 800.767.1729 or visiting www.impaxam.com. Please read the prospectus carefully before investing.
Effective May 1, 2026, the Fund name was changed from Impax Global Infrastructure ETF to Impax Global Sustainable Infrastructure ETF.
Risks – Investing involves risk. Principal loss is possible. Non-US securities may have less liquidity and more volatile prices than domestic securities, which can make it difficult for the Fund to sell such securities at desired times or prices. Investments in emerging markets are likely to have greater exposure to the risks associated with investments in non-US securities generally. The values of growth securities may be more sensitive to changes in current or expected earnings than the values of other securities. Value securities are securities the investment adviser believes are selling at a price lower than their true value, perhaps due to adverse business developments or special risks. Investments in real estate investment trusts (REITs) and in securities of other companies principally engaged in the real estate industry subject a Fund to, among other things, risks similar to those of direct investments in real estate and the real estate industry in general.
ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF’s ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.
Nothing presented herein is intended to constitute investment advice and no investment decision should be made solely based on this information. Nothing presented should be construed as a recommendation to purchase or sell a particular type of security or follow any investment technique or strategy.
Impax funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services, LLC is not affiliated with Impax Asset Management LLC.