Tortoise Capital Launches the Tortoise MLP ETF (TMLP), Delivering Modern, Tax-Efficient Access to 100% MLP Exposure

Firm has drawn on its decades of experience in energy and MLP investing to provide investors with exposure to this important asset class without the compromises long inherent in legacy MLP products.

OVERLAND PARK, Kan.--(BUSINESS WIRE)--Tortoise Capital Advisors, L.L.C. (Tortoise Capital), a fund manager focused on energy and infrastructure investing, is today unveiling the newest addition to its growing lineup of Exchange Traded Funds (ETFs) with the launch of the Tortoise MLP ETF (NYSE Arca: TMLP), a new fund designed to provide investors with modern, low-cost, tax-efficient access to the master limited partnership (MLP) market without the structural compromises that have long weighed on legacy products.

TMLP was built to solve a longstanding challenge in MLP investing: how to access the space in a low-cost, efficient manner, without the complexity of K-1s or the drag of fund-level deferred tax liabilities.

Instead, TMLP provides economic exposure to MLPs via total return swaps in a registered investment company (RIC) structure, allowing shareholders to receive a single Form 1099 and avoid potential surprise NAV adjustments that can occur in traditional C-Corp MLP funds.

“MLPs remain an important part of the energy value chain but accessing them has long proven frustrating for many investors,” said Mark Marifian, Head of Product at Tortoise Capital. “For the investors who have been asking for a straightforward way to access MLPs without the K-1s, without the fund-level corporate tax, and without the NAV distortions that have plagued past structures, TMLP is our answer and we are able to offer it at a low-cost unitary fee of 0.50%. We see this as a modern enabler for a segment of the market that continues to evolve.”

The fund tracks the total return performance of the Tortoise MLP Index® (which has the updated ticker TCMLP), a float-adjusted, capitalization-weighted index of energy MLPs. The index, launched more than ten years ago, is comprised of publicly traded companies organized in the form of limited partnerships or limited liability companies engaged in transportation, production, processing and/or storage of energy commodities.

“We’ve spent more than a decade building and managing the Tortoise MLP Index,” said Matt Sallee, Head of Investments of Tortoise Capital. “Launching an ETF that pairs that index with a tax-efficient RIC structure is a natural next step. It lets us bring our MLP expertise to investors in a format they already understand and use every day.”

Tortoise has been shaping MLP investing since launching the first MLP closed-end fund in 2004 and later developing the Tortoise MLP Index® and Tortoise North American Pipeline Index®. With the introduction of TMLP, that legacy continues, this time with an ETF approach designed to remove the historical tradeoffs between exposure and efficiency.

“TMLP brings the MLP market into the modern ETF era at a cost that will meaningfully impact potential investment returns versus the competition,” added Tom Florence, Chairman and CEO of Tortoise Capital. “With this fund, investors can get 100% pure MLP exposure in a wrapper built for today’s expectations around tax efficiency and transparency.”

To learn more about TMLP and Tortoise Capital please visit www.tortoisecapital.com.

About Tortoise Capital

With approximately $9.1 billion in assets under management as of November 30, 2025, Tortoise Capital’s record of investment experience and research dates back more than 20 years. As an early investor in midstream energy, Tortoise Capital believes it is well-positioned to be at the forefront of the global energy evolution that is under way. Based in Overland Park, Kansas, Tortoise Capital Advisors, L.L.C. is an SEC-registered investment adviser who manages funds that invest primarily in publicly traded companies in the energy and power infrastructure sectors—from production to transportation to distribution. For more information about Tortoise Capital, visit www.tortoisecapital.com.

Disclosures

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

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 [e-mail]. 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.

The Tortoise North American Pipeline Index^SM is a float-adjusted, capitalization-weighted index of pipeline companies headquartered in the United States and Canada. Schedule K-1 is used to report the amount of income each party is responsible for in a pass-through entity, like an S corporation or partnership. Each shareholder or partner will receive a Schedule K-1.

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.

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NOT FDIC INSURED · NO BANK GUARANTEE · MAY LOSE VALUE