Tortoise Capital Advisors Plans Merger of Three Closed-End Funds into Active ETF
Tortoise Energy Independence Fund, Inc. (NDP)
US:NYSE Investor Relations:
closedendfunds.tortoiseadvisors.com/ndp/overview
Company Research
Source: PR Newswire
Actively Managed ETF Aims to Offer Investors Greater Liquidity at Net Asset Value OVERLAND PARK, Kan., Aug. 6, 2024 /PRNewswire/ -- Tortoise Capital Advisors, L.L.C. (Tortoise Capital), a fund manager focused on traditional energy and power infrastructure investing, today announced its plans to merge three of its closed-end funds into a newly formed actively managed exchange-traded fund (ETF), Tortoise Power and Energy Infrastructure ETF.The three similar funds merging into an active ETF are Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ), Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP), and Tortoise Energy Independence Fund, Inc. (NYSE: NDP), with TPZ as the surviving strategy. Tortoise Capital expects the ETF to adopt the accounting and performance history of TPZ as well as maintain a similar investment strategy, investing primarily in fixed income and dividend-paying equity securities of power and energy infrastructure companies.This merger of the closed-end fund
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Sec Filings
- 9/10/24 - Form SC
- 9/3/24 - Form N-PX
- 8/21/24 - Form 3
- NDP's page on the SEC website