At a glance
TBLU charges 0.4% a year, below the 0.56% average of the 8 funds most like it (the cheapest of 9). It has $52.9M in assets, the 6th largest of that group; it paid 3.54% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −4.8% with distributions reinvested (S&P 500: +11.5%), 8th of those 9 funds. Its ten largest positions make up 60.2% of the fund, out of 59 in all.
The short version
Tortoise Global Water ETF (TBLU) is an index fund that tracks the Tortoise Global Water Net Total Return Index. The index holds water utilities, makers of pipes, pumps and valves, and water treatment companies listed on developed-market exchanges. Its 0.40% expense ratio was the lowest of nine similar water funds compared, against a peer average of 0.56%. It is small, with about $53 million in net assets as of May 31, 2026.
Price history
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TBLU -4.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TBLU official prospectus, to Dec 31, 2025 | — | +11.48% | — | +7.29% | — | +10.26% |
| TBLU price data to Oct 27, 2026 | -0.5% | -4.8% | — | — | — | +2.3% |
- Over the year to Oct 27, 2026, TBLU returned -4.8%, 8th of 9 among similar funds.
- Its worst full calendar year was 2025 (+11.8%); its best was 2025 (+11.8%).
- The deepest fall in its price history was 15.4% (Dec 9, 2024 to Apr 8, 2025), recovered by May 15, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.5% | — |
| 2025 | +11.8% | +11.48% |
| 2024 | — | +9.19% |
| 2023 | — | +20.15% |
| 2022 | — | -24.94% |
| 2021 | — | +29.49% |
| 2020 | — | +15.44% |
| 2019 | — | +36.61% |
| 2018 | — | -11.87% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Sep 30, 2024 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Not in the price data, which starts Sep 30, 2024 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5000 | |
| 2025 | $1.6700 |
What's inside
As of May 31, 2026, the fund held 59 securities; the ten largest made up 60.23% of assets.
| Holding | Weight | |
|---|---|---|
| Veolia Environnement SA | 8.20% | |
| Ferguson Enterprises Inc | 7.65% | |
| Ecolab Inc | 7.12% | |
| American Water Works Co Inc | 7.07% | |
| Geberit AG | 7.01% | |
| Xylem Inc/NY | 6.89% | |
| IDEX Corp | 4.45% | |
| United Utilities Group PLC | 4.18% | |
| Cia de Saneamento Basico do Es | 3.96% | |
| Veralto Corp | 3.70% | |
| Pentair PLC | 3.20% | |
| Severn Trent PLC | 3.10% | |
| Belimo Holding AG | 3.05% | |
| Stantec Inc | 2.52% | |
| Kurita Water Industries Ltd | 1.73% |
By country
United States 53.59%United Kingdom 11.7%Switzerland 11.32%France 8.2%Japan 5.79%By asset type
Stocks 98.57%What changed recently
- Over the three months to May 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -10.59%, +4.81%, -5.11%.
How it works
TBLU is an index fund tracking the Tortoise Global Water Net Total Return Index, which its adviser, Tortoise Capital Advisors, owns. To qualify, a company must list on a developed-country exchange, pass size and liquidity (ease of trading) tests, and earn at least half its revenue from water businesses: utilities; engineering and construction; pipes, pumps and valves; or filtration, treatment and testing. Top-five companies in a segment can qualify at 40% if water is their main revenue source.
The index's 58 members (as of March 25, 2026) are weighted by market value, with adjustments, counting only freely traded shares. As of May 31, 2026, Veolia Environnement (8.2%), Ferguson Enterprises (7.6%) and Ecolab (7.1%) led the fund, and the top 10 made up about 60% of assets. Normally, the fund keeps at least 40% in companies with substantial ties abroad.
The index rebalances each March, June, September and December, with an eligibility review every March. Being passive, TBLU generally won't sell a lagging stock the index still holds. Sub-adviser Exchange Traded Concepts may hold just a sample of index stocks, plus up to 20% in cash, other funds or non-index securities. It uses no leverage or options but is non-diversified, so a few stocks can weigh heavily.
What it really costs
- TBLU charges 0.4% a year, versus an average of 0.56% for the similar funds below (1st of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $41 in the first year and $505 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TBLU | $41 | $128 | $224 | $505 |
In a retirement portfolio
It holds one industry, is non-diversified and lost 24.94% in 2022, so it fits as a small add-on to a broad core rather than a foundation.
TBLU adds targeted exposure to water utilities and equipment makers, and a large share of the fund is in companies outside the US. The fund launched in 2017, so it has no 2008 record. Its prospectus shows a 20.44% drop in the first quarter of 2020 and a 24.94% loss in 2022, its worst calendar year. Price data starts in September 2024. In that period, its deepest decline was 15.4%, from December 9, 2024 to April 8, 2025, and it had recovered by May 15, 2025. Anyone forced to sell in a year like 2022 would have locked in losses. The trailing yield was 3.54% as of October 27, 2026, paid twice a year. Under the SEC's standard example, the 0.40% expense ratio costs $41 in the first year on $10,000. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a low-cost water theme: its 0.40% expense ratio was the lowest of nine water funds compared, against a 0.56% peer average.
- Those comfortable with concentration: the top 10 holdings, led by Veolia, Ferguson and Ecolab, made up about 60% of assets as of May 31, 2026.
- People seeking global water exposure in one fund, with sizable stakes in UK, Swiss, French and Japanese companies alongside US names.
Look elsewhere if
- Anyone uneasy with sharp swings: the fund lost 24.94% in 2022 and 20.44% in the first quarter of 2020.
- Investors preferring larger funds: TBLU had about $53 million in assets, while PHO held about $2.0 billion and FIW about $1.9 billion.
- Those wanting steady monthly income: TBLU pays twice a year, and its 3.54% trailing yield as of October 27, 2026, can change.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| TBLU this fund | — | 0.4% | $52.9M | -4.8% | — |
| CGW Invesco S&P Global Water Index ETF | 53% | 0.59% | $1.05B | -1.3% | +14.8% |
| AQWA Global X Clean Water ETF | 49% | 0.5% | $21.4M | -5.3% | +12.3% |
| EFRA iShares Environmental Infrastructure and In… | 47% | 0.47% | $5.7M | +3.3% | +15.7% |
| PHO Invesco Water Resources ETF | 46% | 0.59% | $2.00B | -1.6% | +13.9% |
| PIO Invesco Global Water ETF | 46% | 0.75% | $273.4M | -3.9% | +12.8% |
| FIW First Trust Water ETF | 42% | 0.53% | $1.86B | -3.2% | +13.4% |
| EVX VanEck Environmental Services ETF | 29% | 0.55% | $101.2M | +2.4% | +15.4% |
Questions investors ask
What stocks are in TBLU?
As of May 31, 2026, TBLU held 59 stocks of water-related companies. The largest were Veolia Environnement (8.2%), Ferguson Enterprises (7.6%), Ecolab (7.1%), American Water Works (7.1%), Geberit (7.0%) and Xylem (6.9%). The top 10 made up about 60% of assets. US companies were about 54% of the fund, followed by the UK (11.7%), Switzerland (11.3%), France (8.2%) and Japan (5.8%).
What's the difference between TBLU and CGW?
Both hold global water stocks, and about 53% of their holdings overlap, based on their latest N-PORT reports. TBLU charges 0.40% a year, while Invesco S&P Global Water Index ETF (CGW) charges 0.59%. CGW is much larger, with about $1.05 billion in net assets as of July 31, 2026. TBLU had about $53 million as of May 31, 2026. Over the year through October 27, 2026, CGW returned -1.3% and TBLU returned -4.8%.
Does TBLU pay monthly dividends?
No. TBLU pays distributions twice a year. Over the 12 months through October 27, 2026, it paid about $1.77 per share, a trailing yield of 3.54%. A stock fund's payouts depend on the dividends its holdings pay, so the amount can change from one distribution to the next. Investors who need regular monthly cash would have to plan around the gaps between payments.
How has TBLU performed?
Results have been uneven. Its prospectus shows average annual returns through December 31, 2025, of 10.26% since its 2017 inception and 7.29% over five years, plus an 11.48% gain in 2025. Calendar years ranged from a 36.61% gain in 2019 to a 24.94% loss in 2022. Over the year through October 27, 2026, it returned -4.8%, ranking 8th of 9 similar water funds.
What is TBLU's expense ratio?
TBLU's expense ratio is 0.40%, according to its prospectus filed March 30, 2026, and all of it is the management fee. That was the lowest of nine water funds compared, where the average was 0.56%. Invesco Global Water ETF (PIO), for example, charges 0.75%. In the SEC's standard example of $10,000 invested with a 5% yearly return, costs would total about $41 after one year, $224 after five and $505 after ten.