The Tortoise North American Pipeline Index℠ is a float-adjusted, capitalization-weighted index of pipeline companies headquartered in the United States and Canada.

Index Stats as of 9/23/2024:

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Price Return Ticker

TNAP

Total Return Ticker

TNAPT

Base Date

12/31/1999

Inception Date

6/27/2011

Calculated by

S&P Dow Jones Indices

Rebalancing

Quarterly

Number of Constituents

42

Market Capitalization

$756 billion

Average Constituent Size

$17,999 million

Median Constituent Size

$7,164 million

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

Performance

Index Performance (as of 9/30/2024) 1 Year 3 Year 5 Year 10 Year
Total Return 35.12% 19.31% 12.34% 6.34%
Price Return 29.36% 17.52% 11.28% 5.81%

Total Return History

(as of 11/19/2024)

Price Return History

(as of 11/19/2024)

Constituents

Sector Allocations

As of latest rebalance date (9/23/2024)

Top 10 Constituents

As of most recent rebalance date (9/23/2024)
Constituent Name Index Weight
ONEOK, Inc.
 7.6%
The Williams Companies Inc.
 7.5%
Enbridge Inc
 7.4%
TC Energy Corp
 7.4%
Kinder Morgan Inc
 7.0%
Constituent Name Index Weight
Cheniere Energy Inc
 6.8%
Targa Resources Corp
 4.1%
Energy Transfer LP
 4.0%
Nisource Inc
 4.0%
Atmos Energy Corp
 4.0%

Total: 59.8%

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9/13/2024

Tortoise Capital Announces Index Updates for Third Quarter 2024 and Change of Methodology for the Tortoise North American Pipeline IndexSM (TNAP)
7/22/2024

Tortoise Announces Constituent Changes Due to Corporate Action
6/14/2024

Tortoise Announces Index Updates for Second Quarter 2024
5/03/2024

Tortoise Announces Revision of Treatment of Constituent Changes Due to Corporate Action
5/02/2024

Tortoise Announces Constituent Changes Due to Corporate Action
3/08/2024

Tortoise Announces Index Updates for First Quarter 2024
12/08/2023

TortoiseEcofin Announces Index Updates for Fourth Quarter 2023
11/30/2023

TortoiseEcofin Announces Constituent Changes Due to Corporate Action
11/02/2023

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9/25/2023

TortoiseEcofin Announces Revision of Timing of Constituent Changes Due to Corporate Action

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