ETF Evaluator:
Impax Global Sustainable Infras ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Infrastructure Over the Last Year
| 30.0% | Themes US Infrastructure ETF () |
| 27.5% | First Trust NASDAQ® Cln Edge®StGidIfsETF (GRID) |
| 25.2% | Xtrackers US Green Infras Sel Eq ETF (UPGR) |
| 24.3% | Global X US Infrastructure Dev ETF (PAVE) |
| 21.8% | iShares US Infrastructure ETF (IFRA) |
Risk
Index
Risk
Index
ETF Details
Impax Global Sustainable Infras ETF Overview
Impax Global Sustainable Infras ETF (BLDX) is an actively managed Sector Equity Infrastructure exchange-traded fund (ETF). Impax Asset Management launched the ETF in 2016.
The investment seeks capital appreciation and income.
Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies that the Adviser determines derive significant revenues from owning, operating, developing or distributing sustainable infrastructure-related goods, services or assets. The Adviser defines “sustainable infrastructure” to mean infrastructure that conserves, enables or increases access to vital resources such as clean energy, water, food and agriculture healthcare, education, finance, transportation, and data and communications.
About Impax Global Sustainable Infras ETF (BLDX)
There are 2 members of the management team with an average tenure of 2.63 years: Justin Winter (2023) and Harry Boyle (2023). 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 FTSE Global Infra Opportunities TR USD index with a weighting of 100%. Impax Global Sustainable Infras ETF has 45 securities in its portfolio. The top 10 holdings constitute 38.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is considered to have an ESG focus with its investment selection and management.
Impax Global Sustainable Infras ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Impax Global Sustainable Infras ETF has 54.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 43.2% There is 54.8% 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). Impax Global Sustainable Infras ETF has 2.0% of the portfolio in cash.
Assets Under Management
The fund has $118 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.
BLDX 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 Impax Global Sustainable Infras ETF expense ratio is above average compared to funds in the Infrastructure category. Impax Global Sustainable Infras ETF has an expense ratio of 0.60%, which is 12% higher than its category average, making the fund expense ratio grade a D. 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. Impax Global Sustainable Infras ETF has a portfolio turnover rate of 53%, 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, Impax Global Sustainable Infras ETF returned 0.3%, which earned it a grade of B, 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.
Impax Global Sustainable Infras ETF has a trailing yield of 2.14%, which is above 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.
Impax Global Sustainable Infras ETF Grades
Year to date, the ETF has returned 10.5%, 3.4 percentage points worse than the category, which translates into a grade of D. The fund has returned 13.3% over the past year (grade of F), 9.2% over the past three years (grade of D) and 4.6% per year over the past five years (grade of F).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Impax Global Sustainable Infras ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
BLDX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BLDX Return (NAV) | 0.3% | -3.7% | 13.3% | 9.2% | 4.6% | na |
| BLDX Return (Price) | 0.1% | -3.8% | 13.6% | 9.3% | 4.7% | na |
| NAV +/- Price Return | 0.193% | 0.129% | -0.296% | -0.095% | -0.055% | na |
| Infrastructure Avg | -2.8% | -1.9% | 18.7% | 13.0% | 10.2% | 9.3% |
| BLDX Grade (NAV) | B | D | F | D | F | na |
| +/- Category (NAV) | 3.0% | -1.8% | -5.4% | -3.7% | -5.6% | na |
| BLDX Tax-Cost Ratio | na | na | 0.9% | 1.0% | 2.9% | na |
BLDX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BLDX Return (NAV) | 10.5% | 18.7% | -1.3% | 9.5% | -13.3% | 14.2% | 14.5% | 26.2% | -3.8% | 19.4% | na |
| BLDX Return (Price) | 10.8% | 18.7% | -1.3% | 9.5% | -13.3% | 14.2% | 14.5% | 26.2% | -3.8% | 19.4% | na |
| NAV +/- Price Ret | 0.028% | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.0% | 0.0% | 0.0% | na |
| Infrastructure Avg | 13.9% | 21.7% | 7.2% | 11.3% | -4.1% | 20.7% | 6.3% | 27.8% | -11.8% | 18.0% | 14.9% |
| BLDX Grade (NAV) | D | D | F | B | F | D | B | D | A | B | na |
| +/- Category | -3.4% | -2.9% | -8.5% | -1.7% | -9.2% | -6.6% | 8.3% | -1.6% | 7.9% | 1.4% | na |
| Risk Measures | |
| Beta: | 0.80 |
| R-Squared: | 49% |
| Standard Deviation: | 14.5% |
| Category Risk Index: | 0.88 |
| Category Risk Rating: | Average |
| Total Risk Index: | 1.18 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 2.1% |
| Total Assets: | $ 119 Mil |
| Share Class Assets: | $ 119 Mil |
| Turnover: | 53.0% |
| Expense Ratio: | 0.60% |
| Index Fund: | No |
| Index Tracked: | MSCI ACWI NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | Yes |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Semi-Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.6 years | |||
| Average Tenure: 2.6 years | |||
| Managers (Year): Winter Justin (2023), Boyle Harry (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 45 |
| % in Top 10 Holdings: | 38.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 54.8% |
Portfolio Allocation |
|
| Domestic Stock: | 43.2% |
| Foreign Stock: | 54.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Impax Asset Management |
| Phone Number: | 800-767-1729 |
| Website: | www.impaxam.com |
| Inception Date: | December 16, 2016 |
Expenses and Fees
| Expense Ratio (%): | 0.60% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.53% |
