Tortoise Creates ETF From Closed-End Funds [Yahoo! Finance]
Tortoise Power and Energy Infrastructure Fund, Inc (TPZ)
US:NYSE Investor Relations:
closedendfunds.tortoiseadvisors.com/tpz/overview
Company Research
Source: Yahoo! Finance
Overland Park, Kan.-based Tortoise has $8 billion under management and sees the three closed-end funds that combine for $313 million as an ideal entry point to active ETFs. The new ETF, which is now in the proxy drafting stage and could be available by November, has already proved fortuitous to investors in the closed-end funds slated for the conversion. The funds being merged into the ETF are the Tortoise Power & Energy Infrastructure Fund (TPZ), the Tortoise Energy Independence Fund (NDP) and the Tortoise Pipeline & Energy Fund (TTP). All three funds have seen their discounts to the underlying net asset values shrink from the mid-teens to the 5% range since the conversion was announced on Aug. 6. On the date of full conversion to the new ETF, the discount will disappear, and all funds will be priced at their respective net asset values. “When you have smaller funds that are trading at discounts you get pressure from investors to do something,” said Tortoise Chief Executiv
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TPZ
News
- Tortoise Capital Announces Index Updates for Third Quarter 2024 and Change of Methodology for the Tortoise North American Pipeline Indexsm (TNAP)Accesswire
- Tortoise Power and Energy Infrastructure Fund, Inc. (TPZ) Declares Monthly Distribution Accesswire
- Tortoise Capital Announces Tortoise Decarbonization Infrastructure Index Constituent Changes Due to Corporate ActionAccesswire
- Tortoise Capital Advisors Plans Merger of Three Closed-End Funds into Active ETFAccesswire
- Tortoise Power and Energy Infrastructure Fund, Inc. Provides Section 19(a) NoticeAccesswire
TPZ
Sec Filings
- 9/17/24 - Form SCHEDULE
- 9/3/24 - Form N-PX
- 8/8/24 - Form N-CSRS
- TPZ's page on the SEC website