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Name

As of 12/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Tortoise North American Pipeline Fund

TPYP | Active ETF

$33.91

$690 M

4.06%

$1.35

0.40%

Vitals

YTD Return

35.3%

1 yr return

35.2%

3 Yr Avg Return

21.0%

5 Yr Avg Return

13.2%

Net Assets

$690 M

Holdings in Top 10

61.5%

52 WEEK LOW AND HIGH

$33.4
$25.32
$36.82

Expenses

OPERATING FEES

Expense Ratio 0.40%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 17.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 12/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Tortoise North American Pipeline Fund

TPYP | Active ETF

$33.91

$690 M

4.06%

$1.35

0.40%

TPYP - Profile

Distributions

  • YTD Total Return 35.3%
  • 3 Yr Annualized Total Return 21.0%
  • 5 Yr Annualized Total Return 13.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.20%
DIVIDENDS
  • Dividend Yield 4.1%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Tortoise North American Pipeline Fund
  • Fund Family Name
    Tortoise Capital Advisors, LLC
  • Inception Date
    Jun 29, 2015
  • Shares Outstanding
    21100000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Austin Wen

Fund Description

The Fund is an exchange-traded fund (“ETF”) and employs a “passive management” – or indexing – investment approach designed to track the performance of the Underlying Index. The Underlying Index is a float adjusted, capitalization weighted index of pipeline companies that are organized and have their principal place of business in the United States or Canada. The Fund will normally invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the types of securities suggested by its name (i.e., North American Pipeline Companies). A pipeline company is defined as a company that either 1) has been assigned a standard industrial classification (“SIC”) system code that indicates the company operates in the energy pipeline industry or 2) has at least 50% of its assets, cash flow or revenue associated with the operation or ownership of energy pipelines. Pipeline companies engage in the business of transporting natural gas, crude oil and refined products, storing, gathering and processing such gas, oil and products and local gas distribution.
To be included in the Underlying Index, a company must be a pipeline company that is organized and has its principal place of business in the United States or Canada (such pipeline companies are collectively referred to in this Prospectus as “North American Pipeline Companies”) and is listed on the New York Stock Exchange, NASDAQ, NYSE MKT or Toronto Stock Exchange. Eligible constituents must also have a total market capitalization of at least $200 million USD at the time of inclusion in the Underlying Index. In order to remain in the Underlying Index, a company must maintain an average equity market capitalization of at least $175 million USD for a minimum of 20 trading days prior to the rebalance reference date of the Underlying Index.
Underlying Index constituents may include the following equity securities of North American pipeline companies: 1) common stock; 2) interests in master limited partnerships (“MLPs”); 3) interests in North American Pipeline Companies structured as limited liability companies (“LLCs”); and 4) equity securities of MLP affiliates, including common shares of corporations that own, directly or indirectly, MLP general partner interests (collectively referred to herein as “MLP Affiliates”). MLP interests included in the Underlying Index must pay a distribution greater than or equal to their minimum quarterly distribution (“MQD”) at the time of inclusion in the Underlying Index. The Underlying Index will include a minimum of 30 securities. Should the number of securities that meet the Underlying Index inclusion criteria fall below 30, the Underlying Index may include additional securities to maintain an investible and diversified index. No more than 20% of the Underlying Index may consist of MLPs and no constituent can exceed 7.5% of the Underlying Index as of the reference date. Additionally, affiliated MLP families (e.g., related MLPs and/or MLP Affiliates) in aggregate may not comprise more than 15% of the Underlying Index at the rebalance reference date.
In seeking to achieve its objective as an index fund, the Fund will normally invest at least 80% of its total assets in securities that comprise the Underlying Index (or depository receipts based on such securities). Under normal conditions, the Fund generally will invest in all of the securities that comprise the Underlying Index in proportion to their weightings in the Underlying Index; however, under various circumstances, it may not be possible or practicable to purchase all of the securities in the Underlying Index in those weightings. In those circumstances, the Fund may purchase a sample of the securities in the Underlying Index or utilize various combinations of other available investment techniques in seeking performance that corresponds to the performance of the Underlying Index. The Fund may invest up to 20% of its assets in cash and cash equivalents, other investment companies, as well as in securities and other instruments
not included in the Underlying Index but which the Sub-Adviser believes will help the Fund track the Underlying Index.
As of March 25, 2024, the Underlying Index was comprised of 44 constituents. No constituents will be added to the Underlying Index between rebalance dates, which take place on a quarterly basis in March, June, September and December. Constituents in the Underlying Index may be deleted from the Underlying Index due to corporate events such as mergers, acquisitions, bankruptcies, takeovers, or delistings. Standard rebalances take place on a quarterly basis. Special rebalances are triggered by corporate actions and will be implemented as practically as possible on a case-by-case basis. Underlying Index constituent changes and updates, as well as any changes to the methodology, will be posted to http://tortoiseadvisors.com/. The Underlying Index was established by Tortoise Index Solutions, LLC, doing business as TIS Advisors, the investment adviser to the Fund (the “Adviser”), and is owned by the Adviser. The Adviser (also referred to herein as the “Index Provider”) provides the Underlying Index for use by the Fund at no cost to the Fund.
The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index concentrates in an industry or group of industries. The Underlying Index and the Fund will be concentrated in the energy pipeline industry. The Fund is a non-diversified fund.
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TPYP - Performance

Return Ranking - Trailing

Period TPYP Return Category Return Low Category Return High Rank in Category (%)
YTD 35.3% 7.4% 43.2% 47.00%
1 Yr 35.2% 8.2% 44.9% 47.00%
3 Yr 21.0%* 7.9% 39.0% 75.00%
5 Yr 13.2%* -2.3% 35.7% 70.53%
10 Yr N/A* -4.4% 12.6% 31.82%

* Annualized

Return Ranking - Calendar

Period TPYP Return Category Return Low Category Return High Rank in Category (%)
2023 5.1% -14.9% 18.2% 77.45%
2022 11.1% -7.0% 29.9% 78.57%
2021 28.3% 4.2% 42.7% 65.31%
2020 -26.3% -57.4% 155.1% 28.87%
2019 18.0% -8.9% 18.9% 5.75%

Total Return Ranking - Trailing

Period TPYP Return Category Return Low Category Return High Rank in Category (%)
YTD 35.3% 7.4% 43.2% 47.00%
1 Yr 35.2% 8.2% 44.9% 47.00%
3 Yr 21.0%* 7.9% 39.0% 75.00%
5 Yr 13.2%* -2.3% 35.7% 70.53%
10 Yr N/A* -4.4% 12.6% N/A

* Annualized

Total Return Ranking - Calendar

Period TPYP Return Category Return Low Category Return High Rank in Category (%)
2023 10.5% -9.3% 25.5% 86.27%
2022 16.1% -1.2% 38.8% 85.71%
2021 34.9% 14.5% 56.2% 84.69%
2020 -21.0% -53.9% 155.1% 29.90%
2019 22.4% -3.4% 22.4% 1.15%

TPYP - Holdings

Concentration Analysis

TPYP Category Low Category High TPYP % Rank
Net Assets 690 M 22 M 53.1 B 46.30%
Number of Holdings 43 17 89 22.55%
Net Assets in Top 10 388 M 23.7 M 3.63 B 50.98%
Weighting of Top 10 61.53% 39.1% 116.1% 70.59%

Top 10 Holdings

  1. TC Energy Corp 8.20%
  2. Enbridge Inc 7.86%
  3. ONEOK Inc 7.67%
  4. Williams Cos Inc/The 7.61%
  5. Kinder Morgan Inc 7.12%
  6. Cheniere Energy Inc 6.86%
  7. Targa Resources Corp 4.14%
  8. NiSource Inc 4.07%
  9. Pembina Pipeline Corp 4.04%
  10. Atmos Energy Corp 3.96%

Asset Allocation

Weighting Return Low Return High TPYP % Rank
Stocks 		99.09% 53.33% 136.34% 64.71%
Cash 		0.91% 0.00% 13.09% 57.84%
Preferred Stocks 		0.00% 0.00% 2.23% 92.16%
Other 		0.00% -36.30% 5.12% 82.35%
Convertible Bonds 		0.00% 0.00% 5.29% 90.20%
Bonds 		0.00% 0.00% 40.73% 91.18%

Stock Sector Breakdown

Weighting Return Low Return High TPYP % Rank
Energy 		78.00% 53.73% 100.00% 93.14%
Utilities 		22.00% 0.00% 41.78% 7.84%
Technology 		0.00% 0.00% 2.43% 92.16%
Real Estate 		0.00% 0.00% 0.00% 90.20%
Industrials 		0.00% 0.00% 4.54% 95.10%
Healthcare 		0.00% 0.00% 0.00% 90.20%
Financial Services 		0.00% 0.00% 0.66% 90.20%
Communication Services 		0.00% 0.00% 0.00% 90.20%
Consumer Defense 		0.00% 0.00% 0.82% 90.20%
Consumer Cyclical 		0.00% 0.00% 1.07% 90.20%
Basic Materials 		0.00% 0.00% 6.40% 93.14%

Stock Geographic Breakdown

Weighting Return Low Return High TPYP % Rank
US 		89.40% 48.92% 136.34% 72.55%
Non US 		9.70% 0.00% 39.30% 19.61%

TPYP - Expenses

Operational Fees

TPYP Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.40% 0.35% 8.81% 99.01%
Management Fee 0.40% 0.35% 1.38% 1.85%
12b-1 Fee 0.00% 0.00% 1.00% 15.52%
Administrative Fee N/A 0.04% 0.15% N/A

Sales Fees

TPYP Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 4.50% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

TPYP Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

TPYP Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 17.00% 6.00% 166.00% 5.21%

TPYP - Distributions

Dividend Yield Analysis

TPYP Category Low Category High TPYP % Rank
Dividend Yield 4.06% 0.00% 15.34% 77.78%

Dividend Distribution Analysis

TPYP Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Quarterly Quarterly Quarterly

Net Income Ratio Analysis

TPYP Category Low Category High TPYP % Rank
Net Income Ratio 2.20% -2.83% 5.84% 11.88%

Capital Gain Distribution Analysis

TPYP Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

TPYP - Fund Manager Analysis

Managers

Austin Wen

Start Date

Tenure

Tenure Rank

Mar 30, 2020

2.17

2.2%

Austin Wen, CFA has seven years of investment management experience. Mr. Wen is a Portfolio Manager at Vident, specializing in portfolio management and trading of equity portfolios and commodities based portfolios, as well as risk monitoring and investment analysis. Previously, Mr. Wen was an analyst for Vident Financial, working on the development and review of investment solutions. He began his career as a State Examiner for the Georgia Department of Banking and Finance. Mr. Wen obtained a BA in Finance from the University of Georgia and holds the Chartered Financial Analyst designation.

Rafael Zayas

Start Date

Tenure

Tenure Rank

Jun 30, 2020

1.92

1.9%

Rafael Zayas, CFA, is Senior Vice President, Head of Portfolio Management and Trading at Vident Investment Advisory, LLC since June 2020. Mr. Zayas became SVP, Head of Portfolio Management and Trading in June 2020. From 2017 to 2020, he was a Senior Portfolio Manager – International Equity at Vident and has over 15 years of experience that includes managing international equity portfolios, including in emerging and frontier markets. Prior to joining Vident, he was a Portfolio Manager – Direct Investments for seven years at Russell Investments, a global asset manager, where he co-managed more than $4 billion in quantitative strategies across global markets, including the Russell Strategic Call Overwriting Fund, a mutual fund. Mr. Zayas also helped Russell Investments launch its sponsored ETF initiative and advised on index methodologies. Prior to joining Russell Investments, Mr. Zayas was a Portfolio Manager – Equity Indexing at Mellon Capital Management, where he managed assets for internationally listed global equity ETFs. Mr. Zayas graduated with a B.S. in Electrical Engineering from Cornell University and obtained a Certificate in Computational Finance and Risk Management from the University of Washington. He also attained the Chartered Financial Analyst designation in 2010.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 15.78 7.75 12.18

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