Tortoise MLP ETF
ALTAR
Score™		 6.6% info Recommen-
dation		 OVERWEIGHT
2025E    2026E
P/E
ratio		 15.9x P/Sales
ratio		 1.1x
P/BV
ratio		 3.2x Div.
yield		 4.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Tortoise MLP ETF seeks to provide investors with exposure to a diversified portfolio of midstream master limited partnerships (MLPs) that generate income and capital appreciation.

FUND BASICS
Category US Equities
Fund Sponsor Tortoise
Website etp.tortoisecapital.com/
Inception date Dec 22, 2025
Assets (mns) $44
Currency USD
Expense ratio 50 bp
Distributions

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 1
Wgt avg mkt cap (mns) $31,363
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 0.0%
Small cap (<$2bn) 0.0%
Developed mkts 0.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
TORTOISE MLP TOTAL RETURN INDEX SW 94.8 %
UNITED STATES TREASURY BILL 10/08/ 89.1 %
HESS MIDSTREAM LP - CLASS A 5.7 %
CASH & OTHER -89.7 %
Total 100.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 5.7 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
22.7% -- -- -- 22.8%

Market Correlations
versus... Beta R-squared
S&P500 -- --
MSCI EAFE -- --
MSCI Emg. Mkts. -- --

Technical Indicators
Recent close $29.45
30d moving avg. $28.39
Annualized volatility 0.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.1%
Bid/Ask (% of price) 0.23%
ADV underlying (mns) $0

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 44 potential alternatives to the Tortoise MLP ETF ETF based on the alternatives' overlap in portfolio holdings with TMLP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: TMLP Expense: 50 bp ALTAR Score™: 6.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH TMLP
Ticker Fund
Name		 Overlap1
vs TMLP
(%)		 Expense
ratio
(bp)		 Savings
vs TMLP
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs TMLP
(%)
MLPA Global X MLP ETF 5.7 45 5 7.9 +1.3
AMZA InfraCap MLP ETF 5.0 164 -114 5.5 -1.1
FCG First Trust Natural Gas ETF 4.8 60 -10 14.3 +7.6
UMI USCF Midstream Energy Income Fund ETF 2.7 85 -35 3.9 -2.7
WBIY WBI Power Factor High Dividend ETF 2.5 100 -50 11.3 +4.7
ENFR Alerian Energy Infrastructure ETF 2.2 35 15 4.2 -2.4
DIV Global X SuperDividend US ETF 2.2 45 5 9.4 +2.8
ABLD Abacus FCF Real Assets Leaders ETF 2.1 69 -19 6.6 -0.1
BOUT Innovator IBD Breakout Opportunities ETF 2.0 81 -31 2.9 -3.8
MLPI NEOS MLP & Engy Infras Hi Inc ETF 1.9 68 -18 4.3 -2.3
SMCF Themes US Small Cap Cash Flow Champions ETF 1.7 29 21 9.1 +2.5
ECML Euclidean Fundamental Value ETF 1.5 95 -45 8.4 +1.8
MLPX Global X MLP & Energy Infrastructure ETF 1.5 45 5 4.3 -2.4
USAI Pacer American Energy Independence ETF 1.3 75 -25 3.5 -3.1
NBCT Neuberger Berman Carbon Transition Infrastructure ETF 1.1 55 -5 4.8 -1.9
SRHQ SRH U.S. Quality ETF 1.1 35 15 5.7 -0.9
VRAI Virtus Real Asset Income ETF 0.9 55 -5 8.2 +1.6
NDIV Amplify Natural Resources Dividend Income ETF 0.9 59 -9 11.7 +5.1
EINC VanEck Energy Income ETF 0.8 48 2 4.4 -2.3
ABFL Abacus FCF Leaders ETF 0.6 59 -9 3.8 -2.9
TPYP Tortoise North American Pipeline Fund 0.6 40 10 4.9 -1.7
SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF 0.5 20 30 5.4 -1.2
NUSC Nuveen ESG Small-Cap ETF 0.3 31 19 4.6 -2.0
FLDZ RiverNorth Patriot ETF 0.3 75 -25 5.4 -1.3
VDE Vanguard Energy ETF 0.2 9 41 6.7 +0.1
BFOR ALPS Barron's 400 ETF 0.2 65 -15 20.5 +13.9
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 0.2 46 4 5.2 -1.5
FENY Fidelity MSCI Energy Index ETF 0.2 8 42 6.7 +0.1
AVMV Avantis U.S. Mid Cap Value ETF 0.1 20 30 7.0 +0.4
STXM Strive Mid-Cap ETF 0.1 18 32 5.9 -0.7
BKMC BNY Mellon US Mid Cap Core Equity ETF 0.1 4 46 16.4 +9.8
ESML iShares ESG Aware MSCI USA Small-Cap ETF 0.1 17 33 4.7 -1.9
TXS Texas Capital Texas Equity Index ETF 0.1 49 1 4.8 -1.8
AVLV Avantis U.S. Large Cap Value ETF 0.1 15 35 5.6 -1.0
AVMC Avantis U.S. Mid Cap Equity ETF 0.1 18 32 5.8 -0.8
PTL Inspire 500 ETF 0.1 9 41 4.3 -2.3
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.1 47 3 5.0 -1.7
WSML iShares MSCI World Small-Cap ETF 0.0 15 35 5.2 -1.5
STXD Strive 1000 Dividend Growth ETF 0.0 35 15 4.2 -2.4
AVIE Avantis  Inflation Focused Equity ETF 0.0 25 25 5.9 -0.7
AVUS Avantis U.S. Equity ETF 0.0 15 35 4.6 -2.1
STXV Strive 1000 Value ETF 0.0 18 32 6.6 -0.1
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF 0.0 11 39 4.0 -2.6
STXG Strive 1000 Growth ETF 0.0 18 32 3.2 -3.5

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Tortoise MLP ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 21.8 %
Divided by: Fwd. P/BV 3.1 x
Less: Expense ratio 50 bp
Equals: ALTAR Score 6.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.59 CATEGORY
AVERAGE		 1.57
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.