ETF Education Report: Tortoise MLP ETF (TMLP)

What this ETF is trying to do

The Tortoise MLP ETF (TMLP) is an exchange-traded fund listed on the NYSE. Based on its top holdings, it focuses on midstream energy companies and related financial instruments. This includes companies involved in moving energy products, such as Hess Midstream LP Class A and Williams Companies Inc.

What the numbers show

As of October 5, 2026, the current price of TMLP is $28.38. When looking at how the fund has performed so far this year (Year-to-Date), it is important to look at two different numbers:

• YTD Price Return: This is approximately 12.82%. This number only measures how much the share price has moved up.

• YTD Total Return: This is approximately 19.52%. This number reflects the overall return, which includes both the share price movement and the distributions paid out to investors.

Because the total return is higher than the price return, it shows that distributions have added to the overall value.

Income and distribution explanation

This ETF provides cash distributions to investors. The distribution yield is approximately 5.87%. This means the amount of cash paid out is about 5.87% relative to the current share price. Over the last 12 months, there were 4 payouts. These distributions usually happen on a quarterly basis, often on Thursdays.

It is important to remember that a high distribution yield is not the same thing as total return. While distributions provide cash income, they do not guarantee that your original investment will stay the same value.

NAV erosion explanation

"NAV erosion" refers to a situation where the Net Asset Value (the actual value of the assets held by the fund) decreases over time. While a falling share price can sometimes be a sign of erosion, they are not the same thing. For TMLP, there is no severe erosion-risk flag active, and the erosion score is currently withheld due to insufficient verified price history.

Pros

• The fund has shown a positive YTD total return of approximately 19.52%.

• It provides regular cash distributions (usually quarterly).

Cons

• Total return and price return data for one year or three years were not supplied.

• The income rating grade is a "D," which suggests a lower score in that specific category.

Beginner takeaway

When looking at TMLP, it is helpful to distinguish between the share price and the total return. The share price tells you what one unit costs, while the total return shows how much you actually gained when including cash payments. Always remember that high yields provide cash, but they do not protect the principal investment from price changes.

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*Note: This report is for educational purposes only and does not constitute financial advice. It does not recommend buying, selling, or holding this ETF.*