Tortoise Global Water ETF (TBLU) Straddle

Trading a TBLU straddle lets you take a pure volatility position on Tortoise Global Water ETF without committing to a direction. Tortoise Global Water ETF's straddle involves buying (or selling) a call and a put at the same strike and expiration, profiting when the stock moves more (or less) than the combined premium implies. Use our scanner to evaluate TBLU straddle pricing in real time and find the moments when expected moves are mispriced.

A long straddle on TBLU profits from large moves in either direction and is a classic play into binary events like earnings, product announcements, or macro releases. A short straddle profits when Tortoise Global Water ETF stays range-bound and implied volatility contracts. The breakeven points are simple: strike plus total premium on the upside, strike minus total premium on the downside. Comparing the TBLU straddle price to historical realized moves helps you judge whether the market is overpaying or underpaying for volatility.

TBLU offers exposure to developed-market all-cap water companies. The fund selects firms that derive at least 40% of gross revenues from either water infrastructure or water equipment and/or services. Water infrastructure companies are those that provide public water distribution, engineering, construction or consulting. Water equipment companies are those who provide water pipes, valves, pumps or water efficiency products such as filtration, treatment, and testing of water. Service companies provide technologies that facilitate management of water distribution, usage, treatment, and irrigation.

The resulting portfolio includes a few dozen names, heavily weighted towards the US. Prior to June 5, 2018, the fund tracked the Tortoise Water Index, providing exposure to water companies in North America. Prior to the merger with Ecofin on Aug. 21, 2020, the fund name was Tortoise Global Water ESG Fund and traded under the ticker: TBLU. After the merger, the fund name changed to Ecofin Global Water ESG Fund and traded under the ticker: EBLU. On September 17, 2024, the fund name and ticker reverted to Tortoise Global Water ESG Fund and TBLU, respectively.

Earnings, product cycles, macro prints — any time volatility itself is the trade, the TBLU straddle is the cleanest expression of that view. Our scanner prices every TBLU straddle against historical realized moves, flags expirations where the market is overpaying or underpaying for vol, and ranks setups by breakeven width and IV rank. Whether you're long a TBLU straddle into a catalyst or short a TBLU straddle to harvest decay, the options straddle setups that matter are all in one place.