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By clicking on the button "I agree" you certify that you are a qualified investor within the meaning of Art. 10 para 3 of the federal Act on Collective Investment Schemes of 23 June 2006, as amended (CISA), at the exclusion of qualified investors with an opting-out pursuant to Art. 5 para. 1 of the Swiss Federal Act on Financial Services of 15 June 2018, as amended (FinSA), domiciled in Switzerland and that you have read, understood and accepted the legal terms and conditions following below. Qualified investors are:
The following pages contain information on the foreign collective investment schemes managed by entities of the BlackRock Group, which have been approved by the Swiss Financial Market Supervisory Authority (FINMA) for offering to non-qualified investors in Switzerland in accordance with Article 119 CISA (“Approved Funds”), on collective investment schemes which have not been approved by FINMA (“Not Approved Funds”), Swiss domiciled iShares ETF Funds and BlackRock Investment Funds Switzerland as well as further financial instruments permitted for offering to retail and professional clients (such as iShares Exchange Traded Products).
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The world is entering what could be the largest construction period in human history. As much as $85 trillion in new infrastructure investment may be needed over the next 15 years to modernize aging systems and build new energy, digital and AI‑era infrastructure.1 With public balance sheets constrained, private capital will need to play a central role.
Across developed economies, roads, bridges, power grids and water systems built decades ago are reaching the end of their useful lives. At the same time, urbanization and population growth are driving demand for new infrastructure in emerging markets.
Additionally, shifts in global trade, including nearshoring and supply-chain diversification, are increasing the need for new manufacturing, logistics and energy capacity. AI will further amplify demand, particularly for data centers and electricity, with global power consumption set to rise sharply.
Infrastructure underpins economic growth and everyday life. Reliable transportation, energy, communications and water systems allow people and businesses to operate more efficiently, connect to markets and access opportunities.
Each dollar invested generates outsized economic impact and expands access to opportunity, especially in communities with limited connectivity to economic hubs. We believe AI will quickly become part of the world’s critical infrastructure, driving innovation that itself accelerates economic growth.
Infrastructure relies on electricians, plumbers, HVAC technicians, welders, carpenters and other trades to design, build, operate and maintain physical assets. The US Labor Department projects that employment in infrastructure-related skilled trades will grow by more than 5% between 2024 and 2034, considerably faster than the 3% national average, translating to hundreds of thousands of net new jobs in these trades.2 Similar dynamics can be seen in the UK and Europe, where demand is being driven by the energy transition and higher defense spending.
Demographics add urgency: nearly one-fifth of the US construction workforce is over 55,3 and 70% of supervisors in the electrical industry are baby boomers nearing retirement.4 Multi-year apprenticeships and licensing requirements further constrain a rapid increase in supply.
This underscores the importance of workforce development as a critical enabler of the next phase of global growth.
Skilled trades can provide a durable pathway to stable employment and financial security. Infrastructure-related trades often pay above-average wages in the US and in many developed economies.5
Most trades do not require a four-year college degree, relying instead on apprenticeships that allow workers to earn while they learn, lowering upfront costs and student debt. Structured training, mentorship and certification pathways support career progression. And hands-on skills are difficult to offshore or automate, offering resilience in an increasingly AI-driven economy.
Companies and governments need to collaborate to expand the skilled trades workforce needed for the global infrastructure buildout. They can strengthen the pipeline by expanding apprenticeships; collaborating with schools to promote vocational training; broadening recruitment; and tailoring training to match local businesses’ needs.
This coordination will be essential to ensure that training addresses the fast-changing needs of the labor market and supports the global infrastructure buildout.
1. McKinsey, The infrastructure moment: Investing in the expanding foundations of modern society, 2025. Note: $85 trillion illustrates the combined estimates for transportation, energy, digital, and water and waste needs.
2. Bureau of Labor Statistics, Occupational outlook handbook, data last modified August 2025; BlackRock, 2025. Calculation includes employment change from 2024-34 for Welders, Carpenters, HVAC, Electricians, Plumbers, Pipefitters and Steamfitters.
3. Bureau of Labor Statistics, Labor force statistics from the Current Population Survey, 2025; Source 2: Center for Strategic & International Studies, GenAI’s human infrastructure challenge, 2025.
4. McKinsey, Tradespeople wanted: The feed for critical trade skills in the US, 2024.
5. I. BLS Occupational Outlook Handbook; BlackRock, 2025. Data last modified by the BLS as of August 2025. HVAC includes heating, ventilation and air conditioning technicians. Plumbers include pipefitters and steamfitters. “All workers” refers to wage and salary workers in nonfarm establishments; self-employed and unpaid family workers are excluded. 2. Eurostat, Office of National Labor Statistics, Statistics Canada. UK: Skilled labor refers to roles classified under SOC Major Group 5 (Skilled Trades Occupations); non-skilled labor refers to SOC Major Group 9 (Elementary Occupations). Year: 2022.EU: Skilled labor refers to roles under ISCO Major Groups 3–8 (Technicians, Trades, etc.); non-skilled labor refers to ISCO Major Group 9 (Elementary Occupations). Year: 2022 Canada: Skilled labor refers to NOC Skill Groups 72–75 (Trades, Transport, etc.); non-skilled labor refers to NOC Skill Groups 62–65 (Sales, Service). Year: 2022. Data is latest available.
This document is marketing material: Before investing please read the Prospectus and the PRIIPs KID available on www.blackrock.com/it, which contain a summary of investors’ rights.
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