Tortoise Capital Announces Index Updates for Third Quarter 2024 and Change of Methodology for the Tortoise North American Pipeline Indexsm (TNAP)

Rhea-AI Summary

Tortoise Capital has announced index updates for Q3 2024 and a methodology change for the Tortoise North American Pipeline Index (TNAP). Key changes include:

1. Addition of TXO Partners LP (TXO) to the Tortoise MLP Index

2. Deletions from Ecofin Global Water ESG Index: California Water Service Group (CWT) and SJW Group (SJW)

3. Addition to Ecofin Global Water ESG Index: Fortune Brands Innovations Inc (FBIN)

4. Deletions from Recycling Decarbonization indices: China Everbright Greentech (1257 HK) and Gevo Inc (GEVO)

5. TNAP methodology change: Affiliated securities sharing significant cash flow now to 7.5% maximum weight

These changes will be effective after market close on September 20, 2024, with the TNAP change effective September 23, 2024.

Positive

• Addition of TXO Partners LP (TXO) to the Tortoise MLP Index, potentially increasing its visibility and liquidity
• Addition of Fortune Brands Innovations Inc (FBIN) to the Ecofin Global Water ESG Index, indicating its recognition in the water and ESG sector
• Methodology change in TNAP to limit affiliated securities to 7.5% maximum weight, potentially improving index diversification

Negative

• Deletion of California Water Service Group (CWT) and SJW Group (SJW) from the Ecofin Global Water ESG Index, potentially affecting their market visibility
• Removal of China Everbright Greentech (1257 HK) and Gevo Inc (GEVO) from Recycling Decarbonization indices, which may impact their exposure in the renewable energy sector

OVERLAND PARK, KS / ACCESSWIRE / September 13, 2024 / Tortoise Capital today announced upcoming additions and deletions to its indices as part of its regular quarterly rebalancing for the third quarter of 2024. Following the close of trading on Friday, Sept. 20, 2024, the indices will be rebalanced according to their stated methodologies and as a result, the following changes will become effective.

Tortoise MLP Index ® (TMLP/TMLPT)
Action	Company	Ticker
Addition	TXO Partners LP	TXO

Tortoise North American Pipeline IndexSM (TNAP/TNAPT)
Action	Company	Ticker
	No Changes

Ecofin Global Water ESG IndexSM (EGWESG/EGWESGT)
Action	Company	Ticker
Deletion	California Water Service Group	CWT
Deletion	SJW Group	SJW
Addition	Fortune Brands Innovations Inc	FBIN

Tortoise Decarbonization Infrastructure IndexSM (DCRBN/DCRBNT)
Action	Company	Ticker
	No Changes

Tortoise Recycling Decarbonization UCITS IndexSM (RECYCLE/RECYCLET)
Action	Company	Ticker
Deletion	China Everbright Greentech Ltd	1257 HK
Deletion	Gevo Inc	GEVO

Tortoise Recycling Decarbonization IndexSM (RCYCL/RCYCLT)
Action	Company	Ticker
Deletion	China Everbright Greentech Ltd	1257 HK
Deletion	Gevo Inc	GEVO

In addition, Tortoise Capital today announced a change to the concentration limits in the Tortoise North American Pipeline Index^SM (TNAP) methodology. Affiliated securities that share a significant amount of cash flow will now be limited to a 7.5% maximum weight. The change will be effective with the quarterly rebalance reference date of September 11, 2024, which begins trading at the open on September 23, 2024.

Full constituent lists for each index from the previous quarter rebalance can be found here:

Tortoise MLP Index^® (TMLP): https://tortoiseadvisors.com/media/1528/tmlp-factsheet-constituent-overview-backup-62424_values.pdf

Tortoise North American Pipeline Index^SM (TNAP): https://tortoiseadvisors.com/media/1530/tnap-factsheet-constituent-overview-backup-62424_values.pdf

Ecofin Global Water ESG Index ^SM (EGWESG): https://tortoiseadvisors.com/media/1260/egwesg-factsheet-constituent-overview-backup-62424_values.pdf

Tortoise Decarbonization Infrastructure Index ^SM (DCRBN): https://tortoiseadvisors.com/media/4984/dcrbn-factsheet-constituent-overview-backup-62424_values.pdf

Tortoise Recycling Decarbonization UCITS Index ^SM (RECYCLE) https://tortoiseadvisors.com/media/4927/recycle-factsheet-constituent-overview-backup-031824_values.pdf

Tortoise Recycling Decarbonization Index ^SM (RCYCL) https://tortoiseadvisors.com/media/4928/rcycl-factsheet-constituent-overview-backup-31824_values.pdf

About Tortoise Index Solutions (TIS)
TIS provides research-driven indices that can be used as a realistic basis for exchange-traded products and thought leadership in the universe of essential assets. Its indices are intended to fill a void in the market and provide benchmarks and investable asset class universes for use by investment professionals, research analysts and industry executives to analyze relative performance as well as to provide a basis for passively managed exchange-traded products. To learn more, please visit www.tortoiseadvisors.com.

About Tortoise Capital
With approximately $8 billion in assets under management as of August 31, 2024, Tortoise Capital's solid record of investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise Capital believes it is well-positioned to be at the forefront of the global energy evolution that is under way. Based in Overland Park, Kansas, Tortoise Capital Advisors, L.L.C. is an SEC-registered fund manager that invests primarily in publicly traded companies in the energy and power infrastructure sectors-from production to transportation to distribution. For more information about Tortoise Capital, visit www.TortoiseAdvisors.com.

The Tortoise MLP Index^® is a float-adjusted, capitalization weighted index of energy master limited partnerships (MLPs). The index is comprised of publicly traded companies organized in the form of limited partnerships or limited liability companies engaged in transportation, production, processing and/or storage of energy commodities.

The Tortoise North American Pipeline Index^SM is a float-adjusted, capitalization weighted index of pipeline companies that are organized and have their principal place of business in the United States or Canada. A pipeline company is defined as a company that either 1) has been assigned a standard industrial classification ("SIC") system code that indicates the company operates in the energy pipeline industry or 2) has at least 50% of its assets, cash flow or revenue associated with the operation or ownership of energy pipelines. Pipeline companies engage in the business of transporting natural gas, crude oil and refined products, storing, gathering and processing such gas, oil and products and local gas distribution. The index includes pipeline companies structured as corporations, limited liability companies and master limited partnerships (MLPs).

The Ecofin Global Water ESG Index^SM is a proprietary, rules-based, modified capitalization-weighted, float-adjusted index comprised of companies that are materially engaged in the water infrastructure or water management industries.

The indices mentioned above are the exclusive property of TIS, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Tortoise MLP Index®, Tortoise North American Pipeline Index^SM, and Ecofin Global Water ESG Index^SM (the "Indices"). The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by TIS and its affiliates. S&P^® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones").

The Tortoise Decarbonization Infrastructure IndexSM is a float-adjusted, capitalization weighted index of decarbonizing infrastructure companies that are organized and have their principal place of business in the United States or Canada. We define a decarbonization infrastructure company as a company that primarily owns natural gas and/ or natural gas liquids infrastructure including pipelines and local distribution companies, electric generation, transmission and distribution, battery storage, electric charging infrastructure, residential rooftop solar facilities and/ or renewable fuels.

The Tortoise Recycling Decarbonization IndexSM is a modified capitalization weighted index that tracks the performance of companies involved in waste-to-energy and recycling technologies that trade on developed and developing market exchanges. Waste-to-Energy is the process of generating energy from waste such as garbage, animal manure, agriculture products and/or animal fats and thus includes companies that produce renewable natural gas and diesel as well as ethanol. Recycling includes companies that recycle plastic waste, lithium-ion batteries as well as carbon capture sequestration.

The Tortoise Recycling Decarbonization UCITS IndexSM is a modified capitalization weighted index that tracks the performance of companies involved in waste-to-energy and recycling technologies that trade on developed and developing market exchanges. The Index includes an assessment of environmental, social, and governance (ESG) considerations.Waste-to-Energy is the process of generating energy from waste such as garbage, animal manure, agriculture products and/or animal fats and thus includes companies that produce renewable natural gas and diesel as well as ethanol. Recycling includes companies that recycle plastic waste, lithium-ion batteries as well as carbon capture sequestration.

The indices mentioned above are the exclusive property of TIS and is calculated by Solactive AG ("Solactive"). The financial instruments that are based on the Index are not sponsored, endorsed, promoted or sold by Solactive AG ("Solactive") in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or the completeness of the Index or the calculations thereof; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index.

This data is provided for informational purposes only and is not intended for trading purposes. This document shall not constitute an offering of any security, product or service. The addition, removal or inclusion of a security in the index is not a recommendation to buy, sell or hold that security, nor is it investment advice. The information contained in this document is current as of the publication date. Tortoise makes no representations with respect to the accuracy or completeness of these materials and will not accept responsibility for damages, direct or indirect, resulting from an error or omission in this document. The methodology involves rebalancing and maintenance of the index that is made periodically during each year and may not, therefore, reflect real time information.

Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Contact Information
For more information contact Eva Lipner at (913) 981-1020 or info@tortoiseadvisors.com.

SOURCE: Tortoise

View the original press release on accesswire.com

FAQ

When will the Tortoise Capital index updates for Q3 2024 become effective?

The index updates will become effective after the close of trading on Friday, September 20, 2024.

What is the new addition to the Tortoise MLP Index (TMLP) for Q3 2024?

TXO Partners LP (TXO) will be added to the Tortoise MLP Index in the Q3 2024 rebalancing.

What changes were made to the Ecofin Global Water ESG Index (EGWESG) for Q3 2024?

California Water Service Group (CWT) and SJW Group (SJW) were deleted, while Fortune Brands Innovations Inc (FBIN) was added to the Ecofin Global Water ESG Index.

What methodology change was announced for the Tortoise North American Pipeline Index (TNAP)?

Affiliated securities that share a significant amount of cash flow will now be to a 7.5% maximum weight in the TNAP index.

When will the TNAP methodology change take effect?

The TNAP methodology change will be effective with the quarterly rebalance reference date of September 11, 2024, which begins trading at the open on September 23, 2024.