Tortoise Essential Energy Fund

Tortoise Essential Energy Fund (TPZ), now named Tortoise Electrification Infrastructure ETF in its March 30, 2026 prospectus, is an actively managed ETF that owns power utilities and pipeline companies and sells a limited number of covered call options. Its large utility slice sets it apart from pipeline-focused peers. It puts income first, with a 3.54% trailing yield paid quarterly as of October 27, 2026, and charges 0.85% a year.

• Over the year to Oct 27, 2026, TPZ returned +3.1%, 6th of 6 among similar funds.
• Its worst full calendar year was 2025 (+5.8%); its best was 2025 (+5.8%).
• The deepest fall in its price history was 17.8% (Jan 21, 2025 to Apr 8, 2025), recovered by Nov 28, 2025.

As of May 31, 2026, the fund held 31 securities; the ten largest made up 52.72% of assets.

By sector

• Over the three months to May 31, 2026, investors withdrew a net $5.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -2.95%, +4.23%, -5.16%.

Tortoise Essential Energy Fund (TPZ) was renamed Tortoise Electrification Infrastructure ETF in its prospectus filed March 30, 2026. It is actively managed and does not track an index. Its adviser, Tortoise Capital Advisors, aims for high income first and price growth second. It favors power and energy infrastructure companies with steady dividends and smaller price swings, with the goal of limiting losses in down markets. Normally, at least 80% of assets go to companies that earn more than half their revenue from power or electric energy infrastructure.

The fund may own both stocks and bonds. It can put up to 25% in master limited partnerships (MLPs), which are publicly traded partnerships common among pipeline companies. It can also put up to 25% in lower-rated "junk" bonds and up to 10% in non-US companies. As of May 31, 2026, stocks made up 98.5% of assets across 31 holdings. The top 10 made up 52.7%, led by Energy Transfer (7.2%), Entergy (5.9%) and Targa Resources (5.6%).

TPZ also sells covered calls. These are contracts that give buyers the right to buy some of the fund's stocks at a set, higher price. The fund collects a fee, called a premium, but gives up any gains above that price. The prospectus expects calls to cover less than about 20% of the portfolio. They usually last one to three months and are set 5% to 15% above the stock's price. The May 31, 2026 holdings report listed no option positions.

• TPZ charges 0.85% a year, versus an average of 0.84% for the similar funds below (3rd of 6, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).

It is a concentrated, actively managed bet on power and pipeline companies whose record includes very sharp losses, so it fits better as a small add-on than as a core holding.

TPZ could add quarterly income to a portfolio. The trailing yield was 3.54% ($0.74 a share) as of October 27, 2026. The swings can be large, though. The prospectus record reaches back before the ETF's December 2024 launch. It shows a 23.11% loss in 2020, including a 51.94% drop in the first quarter of that year alone. In 2022 the fund gained 6.89%. The record does not cover 2008. Since launch, the deepest fall was 17.8%, from January 21 to April 8, 2025, and full recovery took about 7.7 months. A retiree who had to sell during a slump like early 2020 would have locked in heavy losses. In the SEC's standard example, $10,000 invested would cost about $87 in the first year. 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.