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TMLP

GradeBNew York Stock Exchange Arca

Tortoise MLP ETF

Sectors · Tortoise · Inception 2025-12-23

$29.46−0.08 (−0.26%)

As of Sep 23, 2026, 1:50 PM EDT

History starts Dec 23, 2025.History starts Dec 23, 2025.
Intraday session: down, 5 prints from 29.53 to 29.46. Range 29.46 to 29.59. Use the arrow keys to read each point.$29.50$29.55$29.6010 AM12 PM2 PM4 PM
Expense ratio
0.50%
Fund size
$39M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$29.88
52W range
low $24.88high $31.08

The ETF.net TMLP Grade

B

58/ 100

Rank 2 of 7 in Energy Sector⁠

Confidence Medium

Six-pillar profile for TMLP. Scores out of 100: Cost 59, Risk 77, Mission 62, Tradability 40, Holdings not scored, Durability 36. Strongest: Risk (77). Weakest: Durability (36). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 58 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 59
    Category rank3/7 · top 43%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    BScore 62
    Category rank1/5 · top 20%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 77
    Category rank1/7 · top 14%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 40
    Category rank4/7 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 36
    Category rank5/7 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on TMLP

ETF.net Research

BMLP exposure without the K-1 envelope. TMLP takes its index exposure through total return swaps inside a RIC structure, so shareholders get a single Form 1099 and skip the fund-level deferred tax accrual that C-corp MLP funds carry.

Stated mandate

The Fund seeks to track, before fees and expenses, the total-return performance of the Tortoise MLP Index SM.

Why people hold it

  1. 01Full MLP index exposure via total return swaps in a RIC wrapper: one Form 1099, no K-1s, and none of the fund-level deferred tax liability legacy C-corp MLP funds accrue.tortoisecapital.com
  2. 02Tracks the Tortoise MLP Index, a rules-based benchmark with a 10-plus year history covering 20-some partnerships across energy transport, processing and storage.tortoisecapital.com
  3. 03Home-field advantage: Tortoise launched the first MLP closed-end fund in 2004 and built this index itself rather than licensing someone else's.tortoisecapital.com
  4. 04Pays quarterly, with distributions designed to line up with the cash-generating profile of the index's underlying MLPs.tortoisecapital.com

Worth knowing

  1. 010.50% a year sits a bit above the typical index-tracking ETF. That's the toll for the swap-based, K-1-free plumbing.
  2. 02Swaps carry counterparty risk. The fund may deal with one or a limited number of counterparties, and a counterparty default would reduce the value of your shares.tortoisecapital.com
  3. 03A December 2025 launch: still small and thinly traded, and non-diversified, so spreads can be wider and a short list of names drives the ride.tortoisecapital.com

TMLP Holdings

As of Sep 20, 2026, 9:17 AM
Asset class
Stocks
Holdings
—
Top-10 weight
189%
Largest holding
TORTOISE MLP TOTAL RETURN INDEX SWAP GS-L94.6%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—TORTOISE MLP TOTAL RETURN INDEX SWAP GS-L94.62%13,729$38M1
002—United States Treasury Bill 10/08/202688.15%35,000,000$35M1
003HESMHess Midstream LP5.49%54,159$2M54
004—U.S. Bank Money Market Deposit Account 06/01/20310.89%353,449$353K100

Showing 1–4 of 4 holdings

TMLP Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

TMLP$12,193
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. TMLP $12,193. SPY $11,430. Use the arrow keys to read each point.$9,013$11,042$13,070Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for TMLP. Periods over one year show the average yearly return.
PeriodTMLP
Year to date+21.9%
1 month−2.1%
3 months+8.1%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for TMLP
YearReturn barTMLP
2026 YTD+21.9%
2025+0.0%

Since listing, Dec 23, 2025

TMLP in the news

ETF.net Research hasn’t filed on TMLP yet — coverage lands here as it’s written.

TMLP Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.50 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 3 payments from 2025 to 2026 YTD. Dec 31, 2025 $0.01; Mar 26, 2026 $0.58; Jun 25, 2026 $0.50. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Jun 25, 2026Jun 26, 2026$0.50
Mar 26, 2026Mar 27, 2026$0.58
Dec 31, 2025Jan 2, 2026$0.01

TMLP Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Dec 2025; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Dec 2025; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Dec 2025; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.06
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

TMLP Cost

Expense ratio0.50%
  • The middle half of Energy Sector funds
  • Median 0.77%

2 of the 7 Energy Sector funds charge less.

TMLP costs $50.00 a year on $10,000. The median Energy Sector fund costs $77.00.