Kansas-based Tortoise Capital Advisors, a fund manager focused on traditional energy and power infrastructure investing, has 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 merging into an active ETF are Tortoise Power and Energy Infrastructure Fund, Tortoise Pipeline & Energy Fund and Tortoise Energy Independence Fund, with TPZ as the surviving strategy.
Tortoise Capital expects the ETF to adopt the accounting and performance history of TPZ and maintain a similar investment strategy, investing primarily in fixed income and dividend-paying equity securities of power and energy infrastructure companies.
Tortoise Capital, the manager of TPZ, TTP, and NDP, will continue as manager of Tortoise Power and Energy Infrastructure ETF with the same investment team that has been in place at the closed-end funds. The combined assets in the three funds to
