T. Boone Pickens ETF to Replace Crude Stocks With Renewables
- BP Capital Fund Advisors sees bleak future for oil investing
- ‘The puck is heading toward renewables,’ firm’s founder says
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Oil tycoon T. Boone Pickens’ eponymous fund is swapping out one of its crude investment vehicles for renewables, seeing an opportunity in clean energy as fossil fuels get pummeled in the capital markets.
BP Capital Fund Advisors LLC plans to revamp an oil-focused exchange-traded fund with a shift to renewables in mid-August, according to a Friday filing. The underlying index was co-developed by BP Capital’s investment adviser and Morningstar Inc., and is made up of North American companies that are “leaders in the transition to a low-carbon economy,” according to a regulatory filing.