M&A: Advisors Disciplined Trust 2245
Form Type: 497
Filing Date: 2024-12-23
Corporate Action: Merger
Type: New
Accession Number: 000183988224046762
Comments: Advisors Disciplined Trust 2245 filed this document as a supplement to the prospectus, announcing the merger of Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ), Tortoise Pipeline & Energy Fund, Inc. (NYSE:TTP), and Tortoise Energy Independence Fund, Inc. (NYSE:NDP) into a newly formed actively managed ETF also named Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ). In exchange for their shares in the closed-end fund, investors will receive newly issued shares of the ETF. The document outlines several risks associated with the ETF structure, including the potential for trading at a discount to net asset value, the non-redeemable nature of ETF shares, and the operating expenses incurred by both the trust and the ETF. The trustee retains voting rights over ETF shares, voting in general proportion to shareholders. The filing indicates that the supplement is dated December 23, 2024.
Document Link: View Document
Additional details:
Share Exchange: NYSE:TPZ
Merged Funds: Tortoise Power and Energy Infrastructure Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc.
Newly Issued Shares: Tortoise Power and Energy Infrastructure Fund ETF
Risk Management: management's ability to meet investment objectives and manage the ETF's portfolio during market turmoil
Trust Expenses: share of trust’s expenses and ETF expenses incurred by the trust
Voting Rights: only the trustee may vote shares of the ETFs held in the trust