Tortoise Index Solutions begun trading the Tortoise North American Pipeline Fund (NYSEArca: TPYP) on Tuesday, June 30, 2015.
Here is a synopsis of the new ETF:
FUND INFORMATION:
| Symbol: TPYP | Exchange: NYSE Arca |
| Name: Tortoise North American Pipeline Fund | Net Expense Ratio: 0.70% |
FUND OBJECTIVE:
The Tortoise North American Pipeline Fund uses a passive management approach and seeks to track the total return performance of the Tortoise North American Pipeline Index.
REFERENCE INDEX:
The Tortoise North American Pipeline Index is a float-adjusted, capitalization-weighted index of pipeline companies headquartered in the United States and Canada.
A pipeline company is defined as a company that either:
1) has been assigned a standard industrial classification (SIC) system code that indicates the company operates in the energy pipeline industry or
2) has at least 50% of its assets, cash flow or revenue associated with the operation or ownership of energy pipelines.
Pipeline companies engage in the business of transporting natural gas, crude oil and refined products, storing, gathering and processing such gas, oil and products and local gas distribution. The index includes pipeline companies structured as corporations limited liability companies and master limited partnerships (MLPs).
No more than 20% of the Underlying Index may consist of MLPs and no constituent can exceed 7.5% of the Underlying Index.
Constituents are reviewed annually, at the December rebalance, to determine that they continue to meet the definition of Pipeline Company under the Index methodology.
As of the March 20, 2015 rebalance, the Underlying Index was comprised of 98 components.
Index Top Holdings (06/19/15):
| Kinder Morgan, Inc. | 7.5% |
| Enbridge, Inc. | 7.5% |
| TransCanada Corp. | 7.5% |
| The Williams Cos, Inc. | 7.5% |
| Spectra Energy Corp. | 7.2% |
| NiSource Inc. | 5.0% |
| Pembina Pipeline Corp. | 3.7% |
| Enterprise Products Partners L.P. | 3.1% |
| CenterPoint Energy, Inc. | 2.8% |
| ONEOK, Inc. | 2.7% |
Index Sector Weightings (06/19/15):
| By Structure Type: | |
| MLP affiliates/owners | 41% |
| Other pipeline C-corps/LLCs | 39% |
| MLPs | 20% |
| By Pipeline Type: | |
| Natural gas pipelines | 47% |
| Crude oil pipelines | 22% |
| Local gas distribution | 15% |
| Gathering & processing | 13% |
| Refined product pipelines | 3% |
Useful Links:
TPYP Home Page
Category: Equities> Regions> Canada/N.America