Tortoise Index Solutions Announces Constituent Change to Indices Due to Merger and Acquisition Activity
Tortoise Index Solutions today announced that Targa Resources
Partners (NYSE: NGLS) will be removed from the Tortoise North American
Pipeline IndexSM (TNAP), the Tortoise MLP Index®
(TMLP) and the Tortoise Real Yield IndexSM (TYLD) with
today’s NGLS unitholders meeting resulting in approval for the merger
with Targa Resources Corp. (NYSE: TRGP). NGLS will cease trading on the
NYSE and rebalancing of TNAP, TMLP and TYLD constituents will occur
following the close of the transaction which is expected to occur on
Feb. 17, 2016, consistent with the indices’ methodologies.
Additionally, Canadian Oil Sands Limited (TSX: COS) is expected to be
removed from the Tortoise North American Oil & Gas Producers IndexSM
(TNEP) following the completion of its acquisition by Suncor Energy Inc
(NYSE: SU). COS will cease trading on the TSX and rebalancing of TNEP
constituents will occur following the close of the transaction, which is
expected to occur on Feb. 22, 2016.
About Tortoise Index Solutions
Tortoise Index Solutions, LLC 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 investible 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. Tortoise
Index Solutions, LLC is affiliated with Tortoise Capital Advisors,
L.L.C., a registered investment manager specializing in actively managed
listed energy investments. As of Jan. 31, 2016, Tortoise Capital
Advisors had approximately $11.6 billion in assets under management
across listed closed-end funds, mutual funds, private funds and separate
accounts. For more information about Tortoise Index Solutions, LLC visit www.tortoiseindexsolutions.com.
For more information about Tortoise Capital Advisors, L.L.C., visit www.tortoiseadvisors.com.
In partnership with Montage Investments
Through a family of independent asset managers, driven by deep market
insight, proprietary research and collaboration, Montage Investments
offers customized solutions across the spectrum of asset classes and
strategies for investors and financial professionals, including mutual
funds, closed-end funds, exchange traded funds and separate accounts.
About Tortoise North American Pipeline Index℠
The Tortoise North American Pipeline IndexSM 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.
About Tortoise MLP Index®
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.
About Tortoise Real Yield IndexSM
The Tortoise Real Yield IndexSM is a new differentiated index
that aims to track real asset exposure anchored in current income. It
provides an efficient benchmark for real yielding, tax pass-through,
liquid companies that distribute substantial cash flow streams to
investors by investing in REITs (real estate investment trusts), MLPs
(master limited partnerships) and BDCs (business development companies).
The index provides a benchmark of companies with tangible essential
assets that are supportive of economic activity with no commodity
futures, precious metals, TIPs (Treasury Inflation-Protected
Securities) or foreign currency exposure.
About Tortoise North American Oil & Gas Producers IndexSM
The Tortoise North American Oil & Gas Producers IndexSM
is a float-adjusted, capitalization weighted index of North American
energy companies primarily engaged in the production of crude oil,
condensate, natural gas or natural gas liquids (NGLs). The index
includes exploration and production companies structured as
corporations, limited liability companies and master limited
partnerships but excludes United States royalty trusts.
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.
The indices are the exclusive property of Tortoise Index Solutions, LLC,
which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones
Indices LLC) (“S&P Dow Jones Indices”) to calculate and maintain the
Tortoise MLP Index®, Tortoise North American Pipeline IndexSM and
Tortoise North American Oil and Gas Producers IndexSM (each
an “Index”). S&P® is a registered trademark of Standard &
Poor’s Financial Services LLC (“SPFS”); Dow Jones® is a
registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”);
and, these trademarks have been licensed to S&P Dow Jones Indices.
“Calculated by S&P Dow Jones Indices” and its related stylized mark(s)
have been licensed for use by Tortoise Index Solutions, LLC and its
affiliates. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of
their affiliates sponsor and promote the Index and none shall be liable
for any errors or omissions in calculating the Index.
The Tortoise Real Yield IndexSM is calculated by NYSE or its
affiliates (“NYSE”). NYSE MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND
HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE WITH RESPECT TO THE TORTOISE REAL YIELD INDEXSM
OR ANY DATA INCLUDED THEREIN. IN NO EVENT SHALL NYSE HAVE ANY LIABILITY
FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING
LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
No portion of this publication may be reproduced in any format or by any
means including electronically or mechanically, by photocopying, or by
any other form or manner whatsoever, without the prior written consent
of Tortoise Index Solutions, LLC.
Forward-Looking Statement
This press release contains certain statements that may include
“forward-looking statements” within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. All statements, other than statements of historical fact, included
herein are "forward-looking statements." Although the fund and Tortoise
Index Solutions believe that the expectations reflected in these
forward-looking statements are reasonable, they do involve assumptions,
risks and uncertainties, and these expectations may prove to be
incorrect. Actual results could differ materially from those anticipated
in these forward-looking statements as a result of a variety of factors,
including those discussed in the funds’ reports that are filed with the
Securities and Exchange Commission. You should not place undue reliance
on these forward-looking statements, which speak only as of the date of
this press release. Other than as required by law, the fund and Tortoise
Index Solutions do not assume a duty to update this forward-looking
statement.
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