TPYP
Tortoise North American Pipeline Fund
The Tortoise North American Pipeline ETF tracks an index of listed equities related to North American pipeline entities organized as MLP affiliates, MLPs, LLCs and corporations.
Global
EQUITY
Passive
MANAGEMENT STYLE
651.1 M
ASSETS UNDER MGMT
40 bp
EXPENSES
Fund Basics
| Fund sponsor | Montage Managers |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Jun 29, 2015 |
| Assets (mns) | $651 |
| Expense ratio | 40 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-End Investment Company |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| WILLIAMS COS INC | 8.1 % |
| KINDER MORGAN INC | 7.8 % |
| ONEOK INC | 7.6 % |
| CHENIERE ENERGY INC | 7.2 % |
| ENBRIDGE INC | 6.9 % |
| TRANSCANADA CORP | 6.7 % |
| TARGA RESOURCES CORP | 4.5 % |
| ENERGY TRANSFER, L.P. | 4.2 % |
| ENTERPRISE PRODUCTS PARTNERS | 3.9 % |
| NISOURCE INC | 3.8 % |
Constituent Breakdown
| Number of holdings | 43 |
| Herfindahl-Hirschman Index | 472 |
| Wgt avg mkt cap (mns) | $40,613 |
| Large cap (>$10bn) | 77.3% |
| Mid cap ($2-10bn) | 20.0% |
| Small cap (<$2bn) | 1.9% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 76.3 % |
 |
CANADA | 22.9 % |
Historical Performance
Standardized Performance (as of 11/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 46.8% | 47.1% | 24.4% | 25.6% | 16.8% | -- | 9.1% | Volatility | 12.1% | 12.6% | 14.5% | 17.6% | 26.7% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.75 | 54% |
| MSCI EAFE | 0.62 | 36% |
| MSCI Emg Mkts | 0.41 | 16% |
Liquidity Measures
| Avg. volume (000) | 56 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.17% |
| ADV of underlying (mns) | $3,433 |
Technical Indicators
| Recent close | $33.91 |
| 30d moving avg. | $35.75 |
| Annualized volatility | 17.9% |
| Relative strength (RSI) | 61 |
| Short interest (ETF) | 0.0% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. TPYP |
Expenses vs. TPYP |
ALTAR Score™ vs. TPYP |
|---|---|---|---|---|
| USAI | Pacer American Energy Independence ETF | 65.9% | +35 bp | -1.4% |
| EINC | VanEck Energy Income ETF | 64.7% | +8 bp | -0.7% |
| MLPX | Global X MLP & Energy Infrastructure ETF | 64.6% | +5 bp | -0.6% |
| ENFR | Alerian Energy Infrastructure ETF | 59.1% | -5 bp | -0.4% |
| UMI | USCF Midstream Energy Income Fund ETF | 58.2% | +45 bp | -0.6% |
| EIPI | FT Energy Income Partners Enhanced Income ETF | 37.9% | +70 bp | +0.9% |
| EMLP | First Trust North American Energy Infrastructure Fund | 37.2% | +55 bp | +0.4% |
| TOLZ | ProShares DJ Brookfield Global Infrastructure ETF | 33.4% | +6 bp | +0.6% |
| NDIV | Amplify Natural Resources Dividend Income ETF | 32.8% | +19 bp | +6.5% |
| EIPX | FT Energy Income Partners Strategy ETF | 28.9% | +55 bp | +2.0% |
Risk and Returns: TPYP vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 12/20/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
TPYP
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
ALTAR Score™
TPYP
4.6%
Cat. Avg
4.2%
ALTAR Score™ Calculation
Category Overview
There are 374 funds in the Global Equity category, with an average ALTAR Score™
of 4.2% and a standard deviation of
4.8%. TPYP's ALTAR Score™ is approximately
0.1 standard deviations
above
the category average. This places TPYP in the 53rd percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
TPYPSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Passive Global Equity ETFs |
| # of ETFs | 53 |
| Avg. Expense Ratio | 50.8 bp |
| Std. Deviation | 22.4 bp |
| TPYP (40 bp) Percentile rank | 33 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| TPYP | 40.0 | 17.2 | 57.2 |
| Peer Avg. | 49.1 | 28.8 | 77.9 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .