Tortoise Capital Advisors, L.L.C. (Tortoise Capital), a fund manager focused on energy investing, announced the completion of a strategic merger of three closed-end funds and conversion to an actively managed exchanged-traded fund (ETF). Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ), Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP), and Tortoise Energy Independence Fund, Inc. (NYSE: NDP) have merged into a newly formed ETF, with TPZ emerging as the surviving strategy. The Tortoise Power and Energy Infrastructure Fund (NYSE: TPZ) is adopting the accounting and performance history of the closed-end fund, offering continuity to existing shareholders while enhancing liquidity and accessibility. The ETF will maintain TPZ’s focus on uncovering high-quality investment opportunities within the energy sector, targeting growth while striving to provide a high level of current income and efficient access to the U.S. energy landscape.
Tortoise Pip & Nrg Fd
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