Tortoise North American Pipeline Index℠ (TNAP)
The Tortoise North American Pipeline Index℠ is a float-adjusted, capitalization-weighted index of pipeline companies headquartered in the United States and Canada.
Overview
The Tortoise North American Pipeline IndexSM 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).
Methodology Summary:
- Modified float-adjusted, market-capitalization weighting
- MLPs capped at 20%
- No single issuer greater than 7.5% and no affiliated MLP family greater than 15% in aggregate as of the rebalance reference date
Key Eligibility Requirements:
- Classification as an energy pipeline company based on assets, cash flow, revenue or SIC code
- Market capitalization of $200 million
- Domicile in the United States or Canada and listed on the New York Stock Exchange, NASDAQ, NYSE MKT or Toronto Stock Exchange
- Must pay a distribution greater than or equal to their minimum quarterly distribution at time of index inclusion
Fund Details 12/22/2025
| Price Return Ticker | TNAP |
|---|---|
| Base Date | 12/31/1999 |
| Calculated by | S&P Dow Jones Indices |
| Number of Constituents | 44 |
| Average Constituent Size | $19,560 million |
| Total Return Ticker | TNAPT |
|---|---|
| Inception Date | 6/27/2011 |
| Rebalancing | Quarterly |
| Market Capitalization | $861 billion |
| Median Constituent Size | $8,031 million |
Performance
| Index Performance (as of 12/31/2025) | QTD | Calendar YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception |
|---|---|---|---|---|---|---|---|
| Total Return | — | — | 4.78% | 17.42% | 20.79% | 12.39% | — |
| Price Return | — | — | 4.75% | 17.32% | 20.69% | 12.30% | — |
Portfolio
By Ownership Structure
as of 12/22/2025Due to rounding, totals may not equal 100%.
By Pipeline Type
as of 12/22/2025Due to rounding, totals may not equal 100%.
Top 10 Holdings
As of 12/22/2025
| Company | Index Weight |
|---|---|
| TC Energy Corp | 7.7% |
| Kinder Morgan Inc | 7.6% |
| Enbridge Inc | 7.5% |
| WMB.N | 7.3% |
| Cheniere Energy Inc | 7.2% |
| Company | Index Weight |
|---|---|
| ONEOK Inc | 6.7% |
| Atmos Energy Corp | 4.1% |
| Energy Transfer LP | 4.0% |
| Enterprise Products Partners LP | 4.0% |
| Nisource Inc | 4.0% |
60.10%
Top 10 Holdings is based on portfolio weight as of the date shown. Subject to change.