Water funds attract $35 billion as drought drains reservoirs. A new report asks if they are worth it
As extreme drought and water shortages plague the U.S. West and beyond, water funds have attracted about $35 billion of assets under management, according to a new Morningstar report. The trend comes as much of California faces voluntary water rationing this summer as drought parches the land, forces some farmers to destroy crops and drains reservoirs. This month, the U.S. also declared the first-ever water shortage for the Colorado River, a key supplier of water and hydropower to households and farms in seven U.S. states and Mexico.