United StatesInfrastructure – both seen and unseen – is part of the foundation of the modern economy and has become an important yet underappreciated force shaping global growth. It powers our homes and cities, underpins digital connectivity, and supports the systems that move people, goods, and data.
Yet many investors still associate “infrastructure” with aging bridges, heavily regulated utilities, or legacy industrials. Sustainable infrastructure, by contrast, looks forward. It includes infrastructure systems designed or adapted to operate efficiently in a resource-constrained world, while accounting for environmental and social risks. This can include renewable energy, modern power grids, water treatment and reuse, digital infrastructure, energy efficiency, and low-carbon transportation. The focus is shifting to efficiency, resilience, adaptability, and long-term demand.
In the same way that sustainable infrastructure reflects the future of how the world functions, the Impax Global Infrastructure ETF (BLDX) represents a modern evolution in how investors may access one of the most durable themes in global markets.
A Structural Upgrade with Strategic Benefits
Converting from a mutual fund to an ETF reflects the evolving needs of advisors who increasingly prioritize liquidity, transparency, and tax efficient portfolio construction. BLDX brings these characteristics together while preserving the active, research-led process that has guided the strategy since 2022.
The ETF wrapper allows investors to access the same disciplined approach now in a structure aligned with how investors may prefer to invest today.
A Strategy Designed for Potential Stability and Structural Growth
BLDX seeks to offer long-term growth and income by actively investing in global companies that provide infrastructure critical to a more sustainable economy.
The strategy seeks:
- Long-term capital growth with income
- A lower-beta* profile versus global equities
- Exposure to essential systems such as energy, water, digital infrastructure, transportation
- Avoidance of asset-heavy cyclicals* prone to unpriced environmental, financial, or regulatory risks
This combination is intentionally constructed to potentially weather varying conditions across market cycles while remaining aligned with powerful secular trends.
What BLDX Invests In and Why It Matters to Investors’ Daily Lives
Most people interact with sustainable infrastructure before they finish breakfast.
Turning on the lights, taking a shower, checking the weather on a smartphone, charging an EV, or connecting to Wi-Fi, each action depends on evolving infrastructure systems. These are precisely the areas where BLDX invests.
The portfolio includes companies modernizing power grids as electricity demand rises, treating and securing global water supplies, expanding digital networks that support cloud computing and AI, and developing renewable energy systems that supply low-cost electricity. For investors, this means exposure to businesses deeply embedded in daily life and potentially positioned for long-term, necessity-driven growth.
Finding Opportunity in a Concentrated Market
Today’s equity landscape remains heavily concentrated in a few mega-cap names. While this presents challenges, it also creates meaningful opportunities for active managers. BLDX has used this environment to add defensive compounders* and to initiate exposure in data center REITs*, which have continued to benefit from accelerating digital adoption.
This ability to selectively deploy capital into companies with durable earnings, pricing power, and clear long-term demand drivers is central to the strategy’s approach.
Why This Transition Matters Now
Investors are looking for stable allocations, clearer insights, and strategies aligned with long-term trends. Sustainable infrastructure offers all three rooted in essential services, long-term demographic forces, and the global shift toward efficiency and adaptation.
By converting to the BLDX ETF, the strategy becomes more accessible, easier to integrate into models, and better aligned with the investment frameworks many advisors use today.
Advisor Takeaway
The shift to BLDX provides efficient access to a strategy that seeks to generate long term capital growth with income, while avoiding the sustainability risks which dominate the traditional infrastructure universe.
Explore BLDX’s holdings >
Holdings subject to change.
Looking for a deeper dive into sustainable infrastructure themes? Visit Impax Asset Management for comprehensive research and analysis.
Definitions:
*Beta reflects the sensitivity of a Fund’s return to fluctuations in its benchmark; a beta for a benchmark is 1.00: a beta greater than 1.00 indicates above average volatility and risk.
*Asset-heavy cyclicals are companies that have significant physical assets (property, plant, and equipment) and whose financial performance is highly sensitive to the overall business cycle.
*Defensive compounders are companies that exhibit traits of both defensive stocks (stable earnings regardless of economic conditions) and compounders (steady, long-term growth). These are companies that generate reliable profits through essential products or services and reinvest those profits to consistently grow their value over time.
*Real estate investment trusts (REITs) are companies that own, operate, or finance income-producing real estate across a wide range of property sectors.
Important Information
Past performance cannot predict future results.
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.
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.
Impax funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services, LLC is not affiliated with Impax Asset Management LLC.