TMLP: Designed to Keep More of What Master Limited Partnerships (MLPs) Earn

Explore TMLP — The Tortoise MLP ETF

TMLP delivers economic exposure to master limited partnerships through a tax-efficient RIC structure, with no K-1 tax forms, no corporate tax drag, and no deferred tax liability surprises.

An MLP ETF Without the Corporate Tax Penalty — TMLP avoids the 21% fund-level corporate tax that reduces returns in C-corp MLP products.
No K-1 Tax Forms. No UBTI. — Shareholders receive a single 1099. No complicated partnership filings. Designed for taxable and retirement accounts.
20+ Years of Energy Infrastructure Expertise — Backed by Tortoise Capital and the rules-based Tortoise MLP Index®.

Most MLP ETFs Cost Investors More Than They Realize

C-corp MLP funds pay a 21% federal corporate tax at the fund level, reducing upside capture to roughly 79 cents on the dollar before fees and other frictions.
Deferred tax liabilities (DTLs) create artificial NAV volatility unrelated to actual MLP performance.
Direct MLP ownership triggers K-1 tax filings and can generate unrelated business taxable income (UBTI) in retirement accounts.

TMLP: The MLP ETF Structured for After-Tax Results

This master limited partnership ETF uses a regulated investment company (RIC) structure to deliver MLP economics without the tax drag of a C-corp fund.

From midstream pipelines and processing assets to energy transportation and storage, TMLP is designed to capture MLP income where it starts: in the essential infrastructure that moves energy across the country.

Tax-Efficient RIC Architecture

TMLP operates as a registered investment company, avoiding the fund-level corporate tax and deferred tax liability drag that reduce returns in C-corp MLP products. Shareholders receive 1099 tax reporting with no K-1s and no UBTI risk in retirement accounts.

The Tortoise MLP Index®

A rules-based, float-adjusted, capitalization-weighted index of energy MLPs focused on fee-based midstream infrastructure. The index applies a 7.5% issuer cap at rebalance, liquidity thresholds, and quarterly reconstitution to manage concentration risk.

Midstream Energy Infrastructure

Exposure to publicly traded master limited partnerships engaged in the transportation, production, processing, and storage of energy commodities. These companies operate essential infrastructure assets that generate fee-based revenue.

Not Ready to Invest? Start With the Research

TMLP vs. AMLP: How MLP ETF Structure Affects After-Tax Returns

Before choosing an MLP ETF, it helps to understand how fund structure shapes what investors actually keep. Our comparison page walks through the key differences.

Attribute	Details
Fund Name	Tortoise MLP ETF
Ticker	TMLP
Exchange	NYSE Arca
Fund Structure	Passive ETF (RIC)
Inception Date	12/23/2025
Benchmark	Tortoise MLP Index®
Distribution Frequency	Quarterly
Income Goal	Total Return
Tax Reporting	Form 1099; no K-1s, no UBTI
Expense Ratio	0.50 (Unitary Fee)

What makes TMLP different from other MLP ETFs?

Most MLP ETFs use a C-corp structure, which subjects fund earnings to a 21% federal corporate tax rate. This reduces the fund’s upside capture and introduces deferred tax liability (DTL) adjustments that can create NAV volatility unrelated to actual MLP performance. TMLP is structured as a regulated investment company (RIC), which avoids both the corporate tax layer and DTL drag. The result is a master limited partnership ETF designed to pass through more of the MLP economics to shareholders.

How does TMLP provide MLP exposure without K-1 tax forms?

TMLP uses total return swaps referenced to the Tortoise MLP Index® to gain economic exposure to MLPs. Because the fund holds swap agreements and Treasury collateral rather than MLP units directly, shareholders receive standard 1099 tax reporting instead of K-1 forms. This simplifies tax filing and avoids the UBTI issue that can arise when MLPs are held directly in retirement accounts.

Can I hold TMLP in an IRA or other retirement account?

TMLP is designed to avoid generating unrelated business taxable income (UBTI) because it gains MLP exposure through swaps rather than direct MLP ownership. This means TMLP can generally be held in IRAs, 401(k)s, and other tax-advantaged accounts without the tax complications associated with direct MLP ownership. Investors should consult a tax advisor for their specific situation.

Why consider an MLP ETF now?

Midstream energy infrastructure companies generate fee-based revenue tied to the transportation, processing, and storage of energy commodities. These businesses have generally been reducing leverage, increasing distribution coverage, and returning cash to unitholders. For investors seeking income-oriented exposure to the energy sector, an MLP ETF provides access to this asset class through a liquid, exchange-traded vehicle. Whether this is appropriate depends on individual investment objectives and risk tolerance.

What is the Tortoise MLP Index®?

The Tortoise MLP Index® is a float-adjusted, capitalization-weighted index of energy master limited partnerships. It focuses on fee-based midstream infrastructure companies and applies a 7.5% issuer cap at each quarterly rebalance. The index includes liquidity and market-cap thresholds to manage concentration risk and maintain investability. It has a 10+ year track record as a rules-based benchmark for MLP exposure.

What is the expense ratio, and are there other costs?

TMLP’s total expense ratio is 0.50%, structured as a unitary fee. The adviser covers most operating expenses. The fund’s swap arrangements involve a financing cost, which is embedded in the swap economics and is not a separate line item. This cost replaces the 21% corporate tax drag in C-corp structures, which for many return scenarios may represent a meaningful cost difference.

Where does TMLP fit in a portfolio?

Energy / Real Asset Sleeve: As midstream infrastructure exposure within a broader real asset or commodity allocation.
Income-Focused Allocation: For investors seeking income from an asset class with historically attractive distribution yields.
Tax-Efficient MLP Access: For taxable accounts seeking MLP exposure without K-1 complexity, or retirement accounts seeking MLP income without UBTI risk.
Complement to Broader Equity Holdings: As a sector-specific position with different return drivers than traditional equity indices.

Why Tortoise Capital?

Deep Expertise Across the Entire Energy Value Chain

Long-tenured team.

By investing in the energy value chain since our founding in 2002, our team is deeply familiar with the companies, their management teams, and their performance throughout multiple recessions.

Active, hands-on approach.

With our deep market knowledge and key relationships, we partner with companies for the long term who maintain good governance, strong environmental practices, and sound business strategies.

Deep, proprietary research and detailed financial models.

Taking to heart the phrase “trust, but verify,” we also lean heavily on our own in-depth research and financial analysis.

Alerian MLP ETF Important Information

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the New York Stock Exchange. Market performance is determined using the bid/ask midpoint at 4:00pm Eastern time, when the NAV is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. For standardized performance current to the most recent month end for AMLP, please call 1-866-759-5679 or visit www.alpsfunds.com.

The investment objectives, strategies, policies or restrictions of AMLP may differ, and more information can be found in its prospectus. Therefore, we generally do not believe it is possible to make direct fund comparisons in an effort to highlight the benefits of a fund versus another.

AMLP Investment Objective: The Alerian MLP ETF (AMLP) seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Alerian MLP Infrastructure Index (AMZI).

Click here for standardized performance, ETF fees, and prospectus.

AMLP Expense Ratio: 1.01%

Distributed by LPS Portfolio Solutions Distributor, Inc.

Important Information

Tortoise Capital Advisors, LLC is the advisor to the Tortoise MLP ETF. Exchange Traded Concepts, LLC serves as sub-adviser to the Tortoise MLP ETF

Before investing in the funds, investors should consider their investment goals, time horizons and risk tolerance. The funds’ investment objective, risks, charges and expenses must be considered carefully before investing. The statutory prospectuses and the summary prospectuses (click here) contain this and other important information about the funds. Copies of the funds’ prospectus may be obtained by calling 855-994-4437 or by emailing info@tortoisecapital.com. Read it carefully before investing.

As stated in the Prospectus, the total annual operating expenses are 0.50%. The adviser has agreed to pay all expenses incurred by the fund except for the advisory fee, interest, taxes, brokerage expenses and other fees, charges, taxes, levies or expenses (such as stamp taxes) incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions.

Investing involves risk. Principal loss is possible. The Fund is classified as “non-diversified,” which means the Fund will expose a larger percentage of its assets to a smaller number of issuers than would a diversified fund. Exposure to a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among a greater number of issuers. Because the Fund’s investment exposure will be concentrated in the energy infrastructure industry, the Fund is subject to loss due to adverse occurrences that may affect that industry. The Fund’s focus in this industry presents more risk than if it were broadly diversified over numerous industries and sectors of the economy. Companies in the energy infrastructure industry are subject to many risks that can negatively impact the revenues and viability of companies in this industry, including, but not limited to risks associated with companies owning and/or operating pipelines, gathering and processing assets, power infrastructure, propane assets, as well as capital markets, terrorism, natural disasters, climate change, operating, regulatory, environmental, supply and demand, and price volatility risks.

The Fund is classified as “non-diversified,” which means the Fund will expose a larger percentage of its assets to a smaller number of issuers than would a diversified fund. The Fund is a recently organized investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base an investment decision.

MLPs are subject to many risks, including those that differ from the risks involved in an investment in the common stock of a corporation. Holders of MLP units have limited control and voting rights on matters affecting the partnership and are exposed to a remote possibility of liability for all of the obligations of that MLP. Holders of MLP units are also exposed to the risk that they will be required to repay amounts to the MLP that are wrongfully distributed to them. MLPs generally do not pay U.S. federal income tax at the partnership level, although under the centralized audit regime, MLPs are audited and imputed underpayments at the partnership level. The performance of securities issued by MLP Affiliates, including common shares of corporations that own general partner interests, primarily depends on the performance of an MLP. The risks and uncertainties that affect the MLP, its operational results, financial condition, cash flows and distributions also affect the value of securities held by that MLP’s affiliate.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. The Fund’s use of derivatives instruments, including OTC swap arrangements, involves

risks that are different from those associated with direct investments in portfolio securities. For example, if a swap agreement counterparty defaults on its payment obligations to the Fund, this default will cause the value of your investment in the Fund to decrease. The Fund may enter into derivatives arrangements with one or a limited number of counterparties.

Shares of exchange-traded funds (ETFs) are not individually redeemable and owners of the shares may acquire those shares from the ETF and tender those shares for redemption to the ETF in Creation Units only, see the ETF prospectus for additional information regarding Creation Units. Investors may purchase or sell ETF shares throughout the day through any brokerage account, which will result in typical brokerage commissions.

Nothing on this website should be considered a solicitation to buy or an offer to sell any shares of the portfolio in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation.

Quasar Distributors, LLC, distributor

NOT FDIC INSURED · NO BANK GUARANTEE · MAY LOSE VALUE