Tortoise North American Pipeline Fund

Tortoise North American Pipeline Fund (TPYP), since renamed Tortoise North American Pipeline ETF, is an index fund holding about 44 US and Canadian pipeline and gas-distribution companies, led by TC Energy, Enbridge and Williams. Its 0.40% expense ratio is less than half the 0.83% average of similar funds. It also limits master limited partnerships (MLPs) to 20% of its index, so it can keep the tax status of a regular fund.

• Over the year to Oct 27, 2026, TPYP returned +28.5%, 6th of 9 among similar funds.
• Its 5-year annualized return was +18.1% and its 10-year +11.5%.
• In the 2020 COVID crash it fell 50.8% and regained its old high 13.6 months after the low.
• Its worst full calendar year was 2020 (-21.0%); its best was 2016 (+40.4%).
• The deepest fall in its price history was 51.9% (Jul 11, 2019 to Mar 18, 2020), recovered by May 10, 2021.

As of May 31, 2026, the fund held 44 securities; the ten largest made up 59.1% of assets.

• Over the three months to May 31, 2026, investors added a net $5.2M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +3.01%, +2.44%, -4.79%.

TPYP is an index fund. It aims to match the total return, before fees, of the Tortoise North American Pipeline Index. Tortoise Capital Advisors, the fund's adviser, owns that index. A company qualifies in one of two ways. It can carry an energy-pipeline industry code. Or it can tie at least 50% of its assets, cash flow or revenue to pipelines that move, store, gather or process natural gas, crude oil or refined products, or to local gas distribution. It must also be based in the US or Canada, list on a major US exchange or the Toronto Stock Exchange, and be worth at least $200 million to join.

Each company's weight follows its float-adjusted market value. Bigger companies count for more, and only shares available to trade are counted. Caps hold any one company to 7.5% and MLPs (publicly traded partnerships common among pipeline businesses) to 20%. Both caps are checked at the quarterly rebalances in March, June, September and December. Between rebalances, weights can drift past the caps: TC Energy was 7.9% as of May 31, 2026. The index had 44 members as of March 25, 2026, and portfolio turnover was 6%.

The fund normally owns every stock in the index at its index weight, and it held no derivatives as of May 31, 2026. It is non-diversified and concentrated in one industry. The MLP cap helps it qualify for regular-fund tax treatment. If it failed to qualify, its income would be taxed at the fund level.

• TPYP charges 0.4% a year, versus an average of 0.83% for the similar funds below (2nd of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $41 in the first year and $505 over 10 years (assuming a 5% annual return).

It is a single-industry, non-diversified fund that lost about half its value in early 2020, so it fits a small slice of a portfolio rather than the core.

TPYP adds exposure to companies that move and store natural gas and oil, plus quarterly income. Its trailing 12-month yield was 3.17% as of October 27, 2026. The swings can be severe. Its deepest drop was 51.9%, from July 11, 2019, to March 18, 2020, and it took about 14 months to recover. Its worst calendar year was 2020, at -20.8%. It launched in 2015, so it has no 2008 record. It held up well in 2022, gaining 16.1% for the year. Even so, a 17.9% slide from June to September of that year took 15 months to recover. Someone drawing cash from it in a bad year could have to cash in shares at a deep loss. Costs are modest: 0.40% a year, or $505 over 10 years in the SEC's $10,000 example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.