IEO vs TPYP

IEOBiShares U.S. Oil & Gas Exploration & Production ETF

TPYPCTortoise North American Pipeline ETF

In short

IEO One of the original ways to own U.S. upstream energy: since 2006 this iShares fund has tracked a single index of about 50 American oil and gas exploration and production stocks. Pure upstream, pure U.S.

TPYP Most energy ETFs chase drilling. TPYP buys the plumbing: roughly 60 US and Canadian pipeline and midstream companies, tracked through a Tortoise index, in a plain 1940 Act fund that sends a 1099 instead of a partnership K-1.

Stated mandate

IEO The Fund seeks to track an index of U.S. equities in the oil and gas exploration and production sector. It uses a sampling-based indexing approach and normally invests at least 80% of net assets in components of the Underlying Index.

TPYP The Fund seeks to track, before fees and expenses, the price and total-return performance of the Tortoise North American Pipeline Index.

Why people hold it

• IEO Tight mandate: at least 80% of net assets sit in components of the Dow Jones U.S. Select Oil Exploration & Production Index. Upstream U.S. energy, not a mixed energy basket.ishares.com
• About 50 holdings: concentrated enough to move with drilling economics, broad enough that one blown-up producer is not the whole story.
• Trading since 2006, so its index record spans multiple oil cycles, with the iShares platform running the plumbing.
• Producer dividends are passed along on a quarterly schedule.

• TPYP Owns the plumbing rather than the drill bits: roughly 60 pipeline and midstream names across the US and Canada, in one ticker.
• Built as a 1940 Act registered fund, so shareholders get a 1099 at tax time instead of the partnership K-1 that comes with owning MLPs directly.
• Trading since 2015 with a mid-size asset base, and it distributes on a quarterly schedule.

Worth knowing

• IEO The 0.37% fee sits right at the middle of the E&P shelf: XOP and OIH charge 0.35%, PBOG 0.13%.
• One country, one sector, about 50 stocks. Crude and gas price swings pass straight through to the portfolio.
• Moderately traded rather than the busiest ticker in the category, which can matter on larger orders.

• TPYP The 0.40% fee sits a shade above the typical fund in its energy cohort and well above the cheapest name there, PBOG at 0.13%.
• The benchmark is Tortoise's own North American Pipeline Index, so the fund and the rulebook it follows come from the same house.
• One sector, two countries: energy infrastructure in the US and Canada, with Canadian holdings adding currency exposure.

Full IEO profile⁠

Full TPYP profile⁠