Tortoise Unveils Water ETF
Tortoise has rolled out a fund that targets U.S.- and Canada-listed companies involved in water-related business lines. The Tortoise Water Fund (TBLU) breaks companies out into “direct” and “indirect” categories, with the former bucket representing companies that derive at least 50% of their revenues from water-related operations and the latter bucket representing companies that derive less than half their revenues from water-related activities.
At rebalancings, the “direct” bucket receives a weighting of 70%, versus 30% for the “indirect” bucket. In December 2016, the index included 35 component companies.