Tortoise Global Water ETF (TBLU) Wheel Strategy

Running a TBLU wheel strategy lets you generate consistent premium income on Tortoise Global Water ETF while setting your own entry and exit prices on the underlying. Tortoise Global Water ETF's wheel combines cash-secured puts and covered calls into a repeatable cycle: sell puts at strikes where you'd be happy to own TBLU, and if assigned, sell calls at strikes where you'd be happy to sell. Use our scanner to find the best TBLU wheel strategy setups in real time.

The wheel works best on liquid, high-quality names with stable fundamentals and active options markets — exactly the profile many large-cap leaders fit. The mechanics are simple: sell a cash-secured put on TBLU, collect premium, and either keep the premium if it expires worthless or take assignment at a discount to current price. Once assigned, sell covered calls against the shares to keep collecting premium until they're called away. Choosing the right strikes, expirations, and IV environment is what separates a profitable TBLU wheel from a losing one.

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.

The difference between a wheel that compounds and one that bleeds comes down to strike selection, IV timing, and discipline on assignment. Our scanner handles the heavy lifting: it ranks every leg of the TBLU wheel strategy by delta, premium yield, IV rank, and days to expiration, so you can deploy capital where the math works. Build your TBLU wheel strategy on data, not gut feel — and let the options wheel do what it does best: pay you to wait.