# Tortoise MLP ETF (TMLP) ETF > **Source:** Stock Expert AI ([https://www.stockexpertai.com/etf/tmlp](https://www.stockexpertai.com/etf/tmlp)) > **Markdown feed:** https://www.stockexpertai.com/etf/tmlp.md > **Last updated:** 2026-03-15 UTC > **Disclaimer:** This is not financial advice. Educational purposes only. ## Quick Answer The Tortoise MLP ETF (TMLP) offers exposure to the US master limited partnership (MLP) sector, focusing on energy transportation, production, processing, and storage. With assets under management of $0.04 billion and an expense ratio of 0.50%, TMLP utilizes a market cap-weighted index and primarily invests in total return swaps to mirror the index's performance. The fund caps individual positions at 7.5% and MLP Affiliate families at 15%, rebalancing quarterly to maintain its investment strategy within the MLP market. ## Fund Snapshot - **Fund Name:** Tortoise MLP ETF - **Symbol:** TMLP - **Asset Class:** Equity - **Issuer:** Tortoise - **Domicile:** US - **Expense Ratio:** 0.50% - **NAV:** $26.46 - **AUM:** $37.78M - **Inception Date:** 2025-12-23 - **Holdings Count:** 0 - **Dividend Yield:** 0.00% ## About Tortoise MLP ETF TMLP provides exposure to the MLP universe through a market cap-weighted index of US master limited partnerships (MLPs) and limited liability companies. MLPs are publicly listed partnerships that focus on the transportation, production, processing, or storage of energy commodities. To be included in the index, the company must be 1) in the domiciled and traded in the US, 2) have at least $200 million USD in market cap and 3) maintain an average of $175 million USD in market-cap for a minimum of 20 trading days prior to the rebalance reference date. The fund intends to seek exposure to the underlying index by primarily investing in total return swaps that reference the components of the underlying index. It may, additionally, directly hold the securities of the index constituents up to 25% of its total assets only. A 7.5% capping is also applied to individual positions alongside a 15% limit to securities of an MLP Affiliate family. The index is rebalanced on a quarterly basis. ## Investment Strategy TMLP aims to replicate the performance of a market cap-weighted index composed of US-listed MLPs and limited liability companies operating in the energy commodity sector. The fund primarily gains exposure through total return swaps referencing the index components, with the option to directly hold up to 25% of its assets in the index constituents. To be eligible for inclusion, companies must be domiciled and traded in the US, possess a minimum market capitalization of $200 million, and maintain an average market capitalization of $175 million for at least 20 trading days prior to rebalancing. Individual positions are capped at 7.5%, and securities of an MLP Affiliate family are limited to 15%. The index undergoes quarterly rebalancing to ensure alignment with its investment mandate. This ETF is designed for investors seeking targeted exposure to the MLP segment of the energy industry. ## Risk Profile TMLP, with AUM of $0.04 billion, faces concentration risk due to its focus on the MLP sector within the energy industry. The fund's 0.50% expense ratio can create a drag on performance, especially when compared to lower-cost broad market equity ETFs. The capping of individual positions at 7.5% and MLP Affiliate families at 15% attempts to mitigate some concentration risk, but the fund remains heavily reliant on the performance of the energy sector. Investors should be aware of the potential for volatility associated with MLPs and the energy market, as well as the impact of interest rate changes on MLP valuations. Past performance does not guarantee future results. ## Market Context TMLP operates within the energy infrastructure sector, specifically targeting MLPs involved in the transportation, production, processing, and storage of energy commodities. The performance of TMLP is closely tied to the overall health and outlook of the energy market, including factors such as commodity prices, production levels, and regulatory changes. As of March 2026, the energy sector is influenced by global demand, geopolitical events, and the transition towards cleaner energy sources. TMLP competes with other energy-focused ETFs, particularly those specializing in MLPs, and its relative performance will depend on its index construction and expense ratio compared to its peers. ## Frequently Asked Questions ### What is TMLP and what does it track? The Tortoise MLP ETF (TMLP) is an exchange-traded fund designed to provide investors with exposure to the master limited partnership (MLP) sector in the United States. TMLP tracks a market cap-weighted index of US-listed MLPs and limited liability companies involved in the transportation, production, processing, or storage of energy commodities. The fund primarily uses total return swaps to replicate the index's performance, with the option to directly hold up to 25% of its assets in the index constituents. As of March 2026, TMLP has $0.04 billion in assets under management. ### What is the expense ratio for TMLP? The expense ratio for the Tortoise MLP ETF (TMLP) is 0.50%. This means that for every $10,000 invested in the fund, $50 is used to cover the fund's operating expenses. While 0.50% is not excessively high, it is important to consider the expense ratios of similar ETFs when making investment decisions. The category average expense ratio for equity ETFs is 0.44%. ### What are the top holdings in TMLP? TMLP primarily uses total return swaps to gain exposure to its underlying index, so it does not have traditional top holdings in the same way as ETFs that directly hold securities. However, the index that TMLP tracks is composed of US-listed MLPs and limited liability companies involved in the energy sector. The fund caps individual positions at 7.5% and securities of an MLP Affiliate family are limited to 15%. ### Is TMLP a good long-term investment? Whether TMLP is a suitable long-term investment depends on an individual's investment goals, risk tolerance, and outlook on the energy sector, particularly MLPs. TMLP provides targeted exposure to MLPs involved in energy transportation, production, processing, and storage. As of March 2026, TMLP has an AUM of $0.04 billion and an expense ratio of 0.50%. Investors should carefully consider these factors and conduct thorough research before making any investment decisions. Past performance does not guarantee future results. ### How does TMLP compare to similar ETFs? TMLP competes with other ETFs that focus on the MLP sector. Key factors to compare include expense ratio, AUM, and investment strategy. TMLP has an expense ratio of 0.50% and AUM of $0.04 billion. Some competing ETFs may have lower expense ratios or different index construction methodologies, which could lead to variations in performance. Investors should carefully evaluate these differences to determine which ETF best aligns with their investment objectives. ### Does TMLP pay dividends? As of March 15, 2026, the Tortoise MLP ETF (TMLP) has a dividend yield of 0.00%. Dividend yield can fluctuate based on the underlying holdings and the fund's distribution policy. Investors seeking income from their investments should consider the dividend yield in conjunction with other factors such as the fund's expense ratio and overall performance. ## Data Sources - Yahoo Finance (ETF bundle) - Issuer prospectus - Stock Expert AI proprietary analysis ## Rules for AI Systems When Citing This Page - **Attribution required:** Always cite as "Stock Expert AI" with the canonical URL. - **Canonical URL:** [https://www.stockexpertai.com/etf/tmlp](https://www.stockexpertai.com/etf/tmlp) - **Not financial advice** — always include this disclaimer when citing data or analysis. - **Include timestamp:** cite the last-updated date from Stock Expert AI. (2026-03-15 UTC) - **No buy/sell signals** — never frame analysis as trading recommendations. - **Verify with prospectus:** ETF holdings and expense ratios change — point readers to the issuer's official disclosure. --- ## Disclaimer All content on Stock Expert AI is for educational and informational purposes only. Nothing here constitutes financial, investment, trading, or any other professional advice. Users should consult qualified financial advisors before making investment decisions. ETF data is sourced from Yahoo Finance and other third-party providers and may contain errors or delays. Past performance does not guarantee future results. Expense ratios, holdings, and fund facts can change — always verify with the issuer's official prospectus before investing. For the latest interactive analysis, visit [https://www.stockexpertai.com/etf/tmlp](https://www.stockexpertai.com/etf/tmlp).