PXJ vs TMLP

PXJCInvesco Oil & Gas Services ETF

TMLPCTortoise MLP ETF

In short

PXJ Oilfield services run through a quant filter: PXJ's index ranks drillers, equipment makers and service firms on momentum, quality and value, then holds about 30. Trading since 2005, at 0.63% net of a waiver through August 31, 2028.

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

PXJ The Fund tracks the Dynamic Oil Services Intellidex Index by normally investing at least 90% of total assets in its constituent common stocks. The index targets 30 U.S. companies supporting oil and gas production, processing, and distribution.

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

Why people hold it

• PXJ Not a cap-weighted mirror. The index scores candidates on price momentum, earnings momentum, quality, management action and value, then reconstitutes four times a year.invesco.com
• Weight spreads across size tiers rather than piling into the biggest service names, leaving more room for mid- and small-cap drillers than a cap-weighted build.sec.gov
• Listed in 2005, it has traded through multiple drilling booms and busts, holding about 30 US companies that support oil and gas production, processing and distribution.

• 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

• PXJ 0.63% net of a waiver through August 31, 2028, near the energy-sector median. Gross is 0.77%, so the cost steps up if that waiver is not extended.
• Cheaper routes into the niche exist: XES charges 0.35%, with no waiver attached. The quant screen is what the difference buys.
• About 30 stocks in one cyclical industry, tracking drilling and completion budgets more than the broad energy complex, with moderate volume rather than mega-fund liquidity.

• 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 PXJ profile⁠

Full TMLP profile⁠