COAL vs TMLP

COALFRange Global Coal Index ETF

TMLPCTortoise MLP ETF

In short

COAL Coal, and only coal. Most energy ETFs blend oil, gas and pipelines; this 2024 launch tracks a global coal index instead, giving the fuel its own line item.

TMLP MLP 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

COAL The Fund seeks to track, before fees and expenses, the total return of the Range Global Coal Index.

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

Why people hold it

• COAL A pure play: it tracks the Range Global Coal Index rather than diluting the theme with oil, gas and midstream names the way most energy sector funds do.
• Rules over hunches. It is an index-tracking stock fund in a standard 1940 Act wrapper, so what it owns follows a published methodology.
• The mandate is global, not US-only, so the coal exposure is not tied to a single country's producers.

• TMLP Full 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
• Tracks 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
• Home-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
• Pays quarterly, with distributions designed to line up with the cash-generating profile of the index's underlying MLPs.tortoisecapital.com

Worth knowing

• COAL The 0.85% fee sits at the back of the energy ETF pack, above cheaper neighbors like XES (0.35%) and MLPX (0.45%).
• One industry, one commodity. Coal equities can swing harder than diversified energy funds, with no oil or pipeline ballast to soften the ride.
• Young and small: launched in 2024 with a modest asset base, and it distributes once or twice a year rather than quarterly.

• TMLP 0.50% a year sits a bit above the typical index-tracking ETF. That's the toll for the swap-based, K-1-free plumbing.
• Swaps 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
• A 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

Full COAL profile⁠

Full TMLP profile⁠