Tortoise Launches Two Digital Infrastructure Exchange-Traded Funds: TCLD and TPAY

LEAWOOD, Kan.–(BUSINESS WIRE)–Tortoise today announced the launch of two digital infrastructure ETFs,
Tortoise Cloud Infrastructure Fund (Cboe BZX: TCLD) and Tortoise Digital
Payments Infrastructure Fund (Cboe BZX: TPAY).

Tortoise invests in essential assets across the infrastructure spectrum.
These are assets that are indispensable to the economy and society.
Digital infrastructure is the backbone of the digital revolution,
including everything that transfers, stores and processes digital
information. TCLD and TPAY isolate what Tortoise believes are the
fastest areas of growth in technology, that are also essential assets.

“Digital infrastructure is essential to our everyday lives,” said Matt
Weglarz, Tortoise portfolio manager of passive investment strategies.
“As the world economy becomes increasingly reliant on instant, mobile
payments and flexible, efficient and lower-cost technology, we believe
these two products offer investors access to participate in this
potential growth.”

Tortoise offers passively managed products based on actively researched
indices. Tortoise’s full suite of indices are designed to fill market
voids across the essential assets universe.

Tortoise Cloud Infrastructure Fund is an exchange-traded fund designed
to track the Tortoise Global Cloud Infrastructure Index℠, which
represents the existing global cloud infrastructure landscape. It is a
proprietary, rules-based, modified market capitalization-weighted,
float-adjusted index comprised of companies that are materially engaged
in the cloud infrastructure industry, including cloud systems/services,
cloud management software, cloud hosting, cloud security, cloud hardware
and cloud data centers.

Tortoise Digital Payments Infrastructure Fund is an exchange-traded fund
designed to track the Tortoise Global Digital Payments Infrastructure
Index℠, which represents the existing global digital payments landscape.
It is a proprietary, rules-based, modified market
capitalization-weighted, float-adjusted index comprised of companies
that are materially engaged in digital payments, including merchant
processing and settlement, real time record keeping, settlement
networks, and Fintech products/services that facilitate the ease,
efficiency, and speed of electronic transactions. This includes
companies whose primary business is comprised of one or a combination of
the following categories: credit card networks, electronic transaction
processing and associated products/services, credit card issuers,
electronic transaction processing software (payments Fintech) or online
financial services marketplaces.

The funds’ investment objectives, risks, charges and expenses must
be considered carefully before investing. The summary and statutory
prospectus contains this and other important information about the funds
and may be obtained by calling 844-TR-INDEX (844-874-6339) or visiting
www.tortoiseadvisors.com.
Read it carefully before investing.

Shares of exchange-traded funds (ETFs) are not individually
redeemable and owners of the shares may acquire those shares from the
ETF and tender those shares for redemption to the ETF in Creation Units
only; see the ETF prospectus for additional information regarding
Creation Units. Investors may purchase or sell ETF shares throughout the
day through any brokerage account, which will result in typical
brokerage commissions.

Investing involves risk. Principal loss is possible. Investing in
specific sectors such as digital infrastructure may involve greater risk
and volatility than less concentrated investments.

TCLD:
Risks include, but are not limited to, risks
associated with investing in cloud infrastructure industry including
disruption of service, security breaches, evolving internet regulation
and technology risk. Investments in non-U.S. companies (including
Canadian issuers) involve risk not ordinarily associated with
investments in securities and instruments of U.S. issuers, including
risks related to political, social and economic developments abroad,
differences between U.S. and foreign regulatory and accounting
requirements, tax risk and market practices, as well as fluctuations in
foreign currencies. The fund invests in small and mid-cap companies,
which involve additional risks such as limited liquidity and greater
volatility than larger companies. The fund is not actively managed and
therefore the fund generally will not sell a security due to current or
projected underperformance of a security, industry or sector, unless
that security is removed from the index or the selling of the security
is otherwise required upon a rebalancing of the index. There is no
guarantee that the fund will achieve a high degree of correlation to the
index and therefore achieve its investment objective. Shares may trade
at prices different than net asset value per share.

TPAY:
Risks include, but are not limited to, risks
associated with investing in digital payments industry including major
changes in technology, security considerations, taxes, government
regulations, economic conditions, competition, political influences, the
cyclical nature of the industry, and consumer preferences. Investments
in non-U.S. companies (including Canadian issuers) involve risk not
ordinarily associated with investments in securities and instruments of
U.S. issuers, including risks related to political, social and economic
developments abroad, differences between U.S. and foreign regulatory and
accounting requirements, tax risk and market practices, as well as
fluctuations in foreign currencies. The fund invests in small and
mid-cap companies, which involve additional risks such as limited
liquidity and greater volatility than larger companies. The fund is not
actively managed and therefore the fund generally will not sell a
security due to current or projected underperformance of a security,
industry or sector, unless that security is removed from the index or
the selling of the security is otherwise required upon a rebalancing of
the index. There is no guarantee that the fund will achieve a high
degree of correlation to the index and therefore achieve its investment
objective. Shares may trade at prices different than net asset value per
share.

Nothing on this communication should be considered a solicitation to buy
or an offer to sell any shares of the portfolio in any jurisdiction
where the offer or solicitation would be unlawful under the securities
laws of such jurisdiction. Nothing contained in this communication
constitutes tax, legal or investment advice. Investors must consult
their tax advisor or legal counsel for advice and information concerning
their particular situation.

Quasar Distributors, LLC, distributor

  • NOT FDIC INSURED
  • NO BANK GUARANTEE
  • MAY LOSE VALUE

The indices mentioned above are the exclusive property of Tortoise
Index Solutions, LLC and are 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 communication 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 communication 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.

About Tortoise

Tortoise invests in essential assets – those assets and services that
are indispensable to the economy and society. With a steady wins
approach and a long-term perspective, Tortoise strives to make a
positive impact on clients and communities. To learn more, please visit www.tortoiseadvisors.com.

Tortoise Index Solutions, LLC is the advisor to the funds and is a
registered investment advisor providing 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.

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.

Contacts

Tortoise
Pam Kearney, 844-872-1562
Investor and Media
Relations
info@tortoiseadvisors.com

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