But what is the free float of water rights? Most water rights...

But what is the free float of water rights?
Most water rights aren't traded but held by irrigators or grazers.
2.2% or market when only, for example, 5% are traded would distort the market. That's something not addressed by Blue Sky, what is the free float %?

Look what happened with rare earths back in 2010. Chinese speculators were buying the commodities to drive up the price so that the miners share prices (which they held) soared. They made more money on the miners share prices than trading the rare earths themselves. Easy to distort a market with limited supply.