TMLP vs XES

TMLPCTortoise MLP ETF

XESBState Street SPDR S&P Oil & Gas Equipment & Services ETF

In short

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.

XES Oilfield services without the two giants calling the shots. XES tracks a modified equal-weight index of about 30 drillers and equipment makers, so mid- and small-caps carry real weight, and it has been doing that since 2006 at 0.35%.

Stated mandate

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

XES The fund seeks to track, before fees and expenses, the total return performance of the S&P Oil & Gas Equipment & Services Select Industry Index.

Why people hold it

• 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

• XES Modified equal weighting, reset each quarter, spreads the fund across roughly 30 drillers and equipment names rather than letting the sector's largest two dominate.ssga.comspglobal.com
• 0.35% a year, well under the median for its energy peer group and under PXJ's 0.67% in the same oil services niche.
• A clean services play: holdings come only from the oil and gas drilling and equipment and services sub-industries, not producers, refiners or pipelines.ssga.com
• Trading since 2006, through multiple drilling booms and busts, with distributions paid quarterly.

Worth knowing

• 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

• XES About 30 stocks in one narrow, capex-driven industry, so moves tend to be sharper than a broad energy fund's.
• Equal weighting puts small and mid caps on the same footing as the majors, which cuts both ways on volatility.ssga.com
• A mid-sized fund with moderate trading rather than a category heavyweight, so execution costs matter more on larger orders.

Full TMLP profile⁠

Full XES profile⁠