Tortoise Electrification Infrastructure ETF

Frequently Asked Questions About TPZ

What does TPZ invest in?

TPZ invests in equity and fixed income securities, mainly in US electrification infrastructure companies that are expected to provide consistent income regardless of the economic cycle. The fund invests in companies that use long-lived assets for the generation, transmission, and distribution of electric power, and related energy infrastructure such as utilities, pipelines, LNG facilities, and renewable energy assets. Fixed income investments may be of any maturity, comprising up to 50% of the portfolio. The fund caps junk bonds to 25%, MLPs to 25%, and non-US issuers to 10%. In addition, the actively managed fund employs a covered call strategy against select equity positions. Starting with $313 million in assets, the ETF is the product of the merger of three closed-end funds: Tortoise Power and Energy Infrastructure (TPZ), Tortoise Energy Independence Fund, Inc. (NDP), and Tortoise Pipeline & Energy Fund, Inc. Before Jan 1, 2026, the fund was named Tortoise Essential Energy Fund.

What is the expense ratio of TPZ?

Tortoise Electrification Infrastructure ETF (TPZ) charges an expense ratio of 0.85%. This is the annual fee deducted from fund assets to cover management and operations.

What is TPZ's distribution yield?

TPZ's trailing-twelve-month yield is 2.42%, calculated from the sum of distributions over the past year divided by the current price.

How does TPZ's covered-call strategy work?

TPZ sells call options against the stocks (or index) it holds, collecting premium income that gets passed through to shareholders as distributions. The strategy generates above-market income in flat or rising markets but caps upside — when the underlying rallies past the strike, the gains above the strike go to the option buyer, not the fund.

How big is TPZ?

Tortoise Electrification Infrastructure ETF (TPZ) manages $129.1M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.

Is TPZ actively managed or an index fund?

TPZ's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.