ETF Trading Under T. Boone Pickens' Moniker to Replace Crude Stocks With ‘low-carbon Economy' Leaders

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."A guy that was a good old-fashioned wildcatter is now saying that solar and wind and geothermal and biomass, that we need to embrace it," Toby Loftin, the firm's founder, said in an interview in Houston. "He's been saying that for 11 years publicly, but this just puts the cherry on top."BP Capital, a spinoff of Pickens' shuttered hedge fund, launched the oil ETF just last year, offering investors exposure to companies that benefited from a rise in global crude prices. Brent oil futures are down about 15% in the last year while BP Capital's ETF, which trades under the ticker BOON, is down almost 20%.  Continue reading...