Global economic growth and stability, as the ETF invests in global infrastructure equities, meaning overall economic health impacts demand for infrastructure projects and the profitability of underlying companies.

Interest rate environment and inflation, with rising interest rates potentially increasing borrowing costs for infrastructure projects and impacting valuation models, while inflation can affect the cost of materials and labor for these projects. US March CPI Inflation Jumps to 3.3% Y/Y and dimming Fed Rate Cut Expectations suggest a challenging rate environment.

Geopolitical stability and commodity price volatility, particularly relevant for energy and transportation infrastructure components within the ETF's holdings. The Middle East Conflict Fuels Oil Price Volatility & Supply Risks, which can directly affect energy-related infrastructure investments.