1
Summary Prospectus
March 31, 2025
Tortoise North American Pipeline Fund
NYSE Arca: TPYP
Before you invest, you may want to review Tortoise North American Pipeline Fund’s (the “Fund”) prospectus, which contains more information about the Fund
and its risks. The current Statutory Prospectus and Statement of Additional Information dated March 31, 2025, are incorporated by reference into this Summary
Prospectus. You can find the Fund’s Statutory Prospectus, Statement of Additional Information, reports to shareholders and other information about the Fund
online at https://etp.tortoiseecofin.com/funds/tortoise-north-american-pipeline-fund/#literature. You can also get this information at no cost by calling the Fund
(toll-free) at 844-TR-INDEX (844-874-6339) or by sending an e-mail request to info@tortoiseindexsolutions.com.
2
Investment Objective
The Fund seeks investment results that correspond (before fees and expenses) generally to the price
and distribution rate (total return) performance of the Tortoise North American Pipeline IndexSM (the
“Underlying Index” or the “Pipeline Index”).
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the
Fund. You may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the tables and examples below.
Shareholder Fees (fees paid directly from your investment) | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |
Management Fees | 0.40% |
Distribution and Service (Rule 12b-1) Fees | 0.00% |
Other Expenses | 0.00% |
Total Annual Fund Operating Expenses | 0.40% |
Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing
in other funds. The Example assumes that you invest $10,000 in the Funds for the time periods indicated
and then sell all of your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year | 3 Years | 5 Years | 10 Years |
$41 | $128 | $224 | $505 |
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over”
its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in
higher taxes when Fund shares are held in a taxable account at the shareholder level. These costs,
which are not reflected in annual fund operating expenses or in the example above, affect the Fund’s
performance. During the most recent fiscal year ended November 30, 2024, the Fund’s portfolio turnover
rate was 9% of its average portfolio value.
Principal Investment Strategies
The Fund is an exchange-traded fund (“ETF”) and employs a “passive management” – or indexing –
investment approach designed to track the performance of the Underlying Index. The Underlying Index is
a float adjusted, capitalization weighted index of pipeline companies that are organized and have their
principal place of business in the United States or Canada. The Fund will normally invest at least 80% of
its net assets, plus the amount of any borrowings for investment purposes, in the types of securities
3
suggested by its name (i.e., North American Pipeline Companies). 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.
To be included in the Underlying Index, a company must be a pipeline company that is organized and has
its principal place of business in the United States or Canada (such pipeline companies are collectively
referred to in this Prospectus as “North American Pipeline Companies”) and is listed on the New York
Stock Exchange, NASDAQ, NYSE MKT or Toronto Stock Exchange. Eligible constituents must also have
a total market capitalization of at least $200 million USD at the time of inclusion in the Underlying Index.
In order to remain in the Underlying Index, a company must maintain an average equity market
capitalization of at least $175 million USD for a minimum of 20 trading days prior to the rebalance
reference date of the Underlying Index.
Underlying Index constituents may include the following equity securities of North American pipeline
companies: 1) common stock; 2) interests in master limited partnerships (“MLPs”); 3) interests in North
American Pipeline Companies structured as limited liability companies (“LLCs”); and 4) equity securities
of MLP affiliates, including common shares of corporations that own, directly or indirectly, MLP general
partner interests (collectively referred to herein as “MLP Affiliates”). MLP interests included in the
Underlying Index must pay a distribution greater than or equal to their minimum quarterly distribution
(“MQD”) at the time of inclusion in the Underlying Index. The Underlying Index will include a minimum of
30 securities. Should the number of securities that meet the Underlying Index inclusion criteria fall below
30, the Underlying Index may include additional securities to maintain an investible and diversified index.
No more than 20% of the Underlying Index may consist of MLPs and no constituent can exceed 7.5% of
the Underlying Index as of the reference date. Additionally, affiliated MLP families (e.g., related MLPs
and/or MLP Affiliates) in aggregate may not comprise more than 15% of the Underlying Index at the
rebalance reference date.
In seeking to achieve its objective as an index fund, the Fund will normally invest at least 80% of its total
assets in securities that comprise the Underlying Index (or depository receipts based on such securities).
Under normal conditions, the Fund generally will invest in all of the securities that comprise the
Underlying Index in proportion to their weightings in the Underlying Index; however, under various
circumstances, it may not be possible or practicable to purchase all of the securities in the Underlying
Index in those weightings. In those circumstances, the Fund may purchase a sample of the securities in
the Underlying Index or utilize various combinations of other available investment techniques in seeking
performance that corresponds to the performance of the Underlying Index. The Fund may invest up to
20% of its assets in cash and cash equivalents, other investment companies, as well as in securities and
other instruments not included in the Underlying Index but which the Sub-Adviser believes will help the
Fund track the Underlying Index.
As of February 28, 2025, the Underlying Index was comprised of 42 constituents. No constituents will be
added to the Underlying Index between rebalance dates, which take place on a quarterly basis in March,
June, September and December. Constituents in the Underlying Index may be deleted from the
Underlying Index due to corporate events such as mergers, acquisitions, bankruptcies, takeovers, or
delistings. Standard rebalances take place on a quarterly basis. Special rebalances are triggered by
corporate actions and will be implemented as practically as possible on a case-by-case basis. Underlying
4
Index constituent changes and updates, as well as any changes to the methodology, will be posted to
http://tortoiseadvisors.com/. The Underlying Index was established by Tortoise Index Solutions, LLC,
doing business as TIS Advisors, the investment adviser to the Fund (the “Adviser”), and is owned by the
Adviser. The Adviser (also referred to herein as the “Index Provider”) provides the Underlying Index for
use by the Fund at no cost to the Fund.
The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular
industry or group of industries to approximately the same extent that the Underlying Index concentrates in
an industry or group of industries. The Underlying Index and the Fund will be concentrated in the energy
pipeline industry. The Fund is a non-diversified fund.
Principal Risks
As with all funds, a shareholder of the Fund is subject to the risk that his or her investment could lose
money. The principal risks affecting shareholders’ investments in the Fund are set forth below. An
investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any
government agency.
General Market Risk. The Fund is subject to the risk that it will not achieve its investment objective and
that the value of an investment in its securities could decline substantially and cause you to lose some or
all of your investment. The Fund’s net asset value (“NAV”) and investment return will fluctuate based
upon changes in the value of its portfolio securities. Certain securities in the Fund’s portfolio may be
worth less than the price originally paid for them, or less than they were worth at an earlier time.
Concentration Risk. Because the Fund’s assets will be concentrated in the energy pipeline industry, the
Fund is subject to loss due to adverse occurrences that may affect that industry. The Fund’s focus in this
industry presents more risk than if it were broadly diversified over numerous industries and sectors of the
economy. An inherent risk associated with any investment focus is that the Fund may be adversely
affected if a small number of its investments perform poorly.
Energy Pipeline Industry Risk. Companies in the energy pipeline industry are subject to many risks
that can negatively impact the revenues and viability of companies in this industry, including but not
limited to risks associated with companies owning and/or operating pipelines, as well as capital markets,
terrorism, natural disasters, climate change, operating, regulatory, environmental, supply and demand,
and price volatility risks.
Depository Receipt Risk. Investing in Depository Receipts may be subject to certain risks associated
with direct investments in the securities of foreign companies, such as currency, political, economic and
market risks. Depository Receipts may be less liquid than the underlying shares in the primary trading
market. Depository Receipts may not track the price of their underlying foreign securities on which they
are based, may have limited voting rights, and may have a distribution subject to a fee charged by the
depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the
market price of the depository receipts.
Equity Securities Risk. Equity securities are susceptible to general stock market fluctuations and to
volatile increases and decreases in value. The equity securities held by the Fund may experience
sudden, unpredictable drops in value or long periods of decline in value. This may occur because of
5
factors affecting securities markets generally, the equity securities of pipeline companies in particular, or a
particular company.
MLP Risk. MLPs are subject to many risks, including those that differ from the risks involved in an
investment in the common stock of a corporation. Holders of MLP units have limited control and voting
rights on matters affecting the partnership and are exposed to a remote possibility of liability for all of the
obligations of that MLP. Holders of MLP units are also exposed to the risk that they will be required to
repay amounts to the MLP that are wrongfully distributed to them. Furthermore, MLP interests may not
be as liquid as other more commonly traded equity securities.
The Fund’s investment strategies depend in part on MLPs generally being treated as partnerships for
U.S. federal income tax purposes. If any of the MLPs owned by the Fund were treated as corporations
for U.S. federal income tax purposes, it could result in a reduction in the value of your investment in the
Fund and lower distributions.
The Fund expects to receive cash distributions each year from certain MLPs that exceed the net taxable
income allocated to the Fund from such MLPs for such year, and, as a result, the Fund may recognize
larger taxable gains (or smaller losses) with respect to such MLPs when it disposes of its interests in
such MLPs. If you hold shares in the Fund when such gains or losses are recognized, you may be
required to pay tax on one or more Fund distributions, potentially at ordinary income tax rates, even
though you may not have economically benefited from the associated MLP cash distributions.
MLP Affiliate Risk. The performance of securities issued by MLP Affiliates, including common shares of
corporations that own general partner interests, primarily depends on the performance of an MLP. The
risks and uncertainties that affect the MLP, its operational results, financial condition, cash flows and
distributions also affect the value of securities held by that MLP’s affiliate.
Non-U.S. Securities Risk. Investments in securities of non-U.S. issuers involve risks not ordinarily
associated with investments in securities and instruments of U.S. issuers, including risks relating to
political, social and economic developments abroad, differences between U.S. and foreign regulatory and
accounting requirements, tax risks, and market practices, as well as fluctuations in foreign currencies.
Canadian Securities Risk. The Canadian economy may be significantly affected by the U.S. economy
because the U.S. is Canada’s largest trading partner and foreign investor. Canada’s largest exports are
its natural resources, so the Canadian economy is dependent on the demand for, and supply and price
of, natural resources, and any market developments that reduce the price of such goods could
disproportionately affect the Canadian economy. Recent political developments have raised potential
implications for current trade arrangements between the U.S. and Canada, which could negatively impact
the overall Canadian economy and the Fund.
Large-Cap, Mid-Cap and Small-Cap Companies Risk. The Fund’s investment in companies with large
market capitalizations is subject to the risk that larger companies are sometimes unable to attain the high
growth rates of successful, smaller companies, especially during extended periods of economic
expansion. Securities of mid-cap and small-cap companies may be more volatile and less liquid than the
securities of large-cap companies.
RIC Compliance Risk. The Fund has elected to be, and intends to qualify each year for treatment as, a
“regulated investment company” (a “RIC”) under the Code. Given the Fund’s contemplated investments
6
in MLPs, qualifying as a RIC presents unusual challenges and may limit its investment opportunities. If for
any taxable year the Fund fails to qualify as a RIC, its taxable income will be subject to federal income
tax at regular corporate rates and income available for distribution to shareholders will be reduced.
Liquidity Risk. The Fund may be exposed to liquidity risk when trading volume, lack of a market maker,
or legal restrictions impair the Fund’s ability to sell particular securities at an advantageous price or in a
timely manner. Illiquid or restricted securities cannot be sold immediately because of statutory and
contractual restrictions on resale.
Passive Investment Risk. The Fund is not actively managed and therefore the Fund generally will not
sell a security due to current or projected underperformance of a security, industry or sector, unless that
security is removed from the Underlying Index or the selling of the security is otherwise required upon a
rebalancing of the Underlying Index.
Tracking Error Risk. There is no guarantee that the Fund will achieve a high degree of correlation to
the Underlying Index and therefore achieve its investment objective. The Fund’s return may not match
the return of its Underlying Index for a number of reasons, including differences between the securities
held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction
costs, the Fund’s holding of cash, differences in timing of the accrual of distributions, changes to the
Underlying Index or the need to meet various new or existing regulatory requirements. Consequently, the
performance of the Fund may diverge from that of its Underlying Index. This risk may be heightened
during times of increased market volatility or other unusual market conditions, or due to delays of the
Fund in purchasing and selling securities. Tracking error also may result because the Fund incurs fees
and expenses, while the Underlying Index does not.
Non-Diversification Risk. The Fund is classified as “non-diversified,” which means the Fund may invest
a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund.
Investments in securities of a limited number of issuers exposes the Fund to greater market risk and
potential losses than if its assets were diversified among the securities of a greater number of issuers.
Absence of Active Trading Market Risk. Although shares of the Fund are listed for trading on one or
more stock exchanges, there can be no assurance that an active trading market for such shares will
develop or be maintained. There can be no assurance that the requirements necessary to maintain the
listing or trading of Fund shares will continue to be met or will remain unchanged.
Shares May Trade at Prices Different than Net Asset Value Per Share. Disruptions to creations and
redemptions, the existence of extreme market volatility or potential lack of an active trading market for
shares of the Fund may result in shares trading at a significant premium or discount to NAV. If a
shareholder purchases shares when the market price is at a premium to the NAV or sells shares when
the market price is at a discount to the NAV, the shareholder may sustain losses.
Trading Risks. The Fund faces numerous trading risks, including disruption in the creation/redemption
process of the Fund and losses from trading in the secondary markets. Secondary market trading in
Fund shares may be halted by a stock exchange because of market conditions or other reasons or due to
extraordinary market volatility pursuant to “circuit breaker” rules on the exchange or market. Additionally,
an exchange or market may also close or issue trading halts on specific securities, or the ability to buy or
sell certain securities or financial instruments may be restricted, which may result in the Fund being
unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be
7
unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur
substantial trading losses.
Legal and Regulatory Change Risks. The regulatory environment for investment companies is
evolving, and changes in regulation may adversely affect the value of the Fund’s investments and its
ability to pursue its trading strategy. The effect of any future regulatory change on the Fund could be
substantial and adverse.
Methodology Risks. The Index Provider relies on various sources of information to assess the criteria
of issuers included in the Underlying Index, including information that may be based on assumptions and
estimates. Neither the Fund nor the Index Provider can offer assurances that the Underlying Index’s
calculation methodology or sources of information will provide an accurate assessment of included
issuers or that the included issuers will provide the Fund with the market exposure it seeks.
Performance Information
The accompanying bar chart and performance table provide some indication of the risks of investing in
the Fund. The bar chart shows changes in the Fund’s annual total returns from year to year. Following
the bar chart is the Fund’s highest and lowest quarterly returns during the periods shown in the bar chart.
The table illustrates how the Fund’s average annual returns for the 1-year, 5-year and since inception
periods compare with those of a broad measure of market performance and the Underlying Index. On
March 20, 2017, the assets of the Tortoise North American Pipeline Fund, a series of Montage Managers
Trust (the “Predecessor Fund”), which had the same portfolio manager as the Fund and had identical
investment strategies as the Fund, were transferred to the Fund in a tax-free reorganization.
Performance shown for periods prior to March 20, 2017 represent the performance of the Predecessor
Fund. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will
perform in the future. Updated performance information for the Fund is available on the Fund’s website at
https://etp.tortoiseadvisors.com/funds/tortoise-north-american-pipeline-fund/ or by calling 844-TR-INDEX
(844-874-6339).
Calendar Year Total Returns as of December 31
8
Best Quarter | Worst Quarter |
Q2 2020 23.01% | Q1 2020 -40.54% |
Average Annual Total Returns for the periods ended December 31, 2024 | |||
One Year | Five Years | Since Inception (June 29, 2015) | |
Return Before Taxes | 37.32% | 13.53% | 8.26% |
Return After Taxes on Distributions | 36.42% | 12.78% | 7.50% |
Return After Taxes on Distributions and Sale of Fund Shares | 22.59% | 10.59% | 6.39% |
S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.71% |
Tortoise North American Pipeline IndexSM (reflects no deduction for fees, expenses or taxes) | 38.46% | 14.17% | 8.90% |
After tax returns are calculated using the historical highest individual federal marginal income tax rates
and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your situation
and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those
investors who hold their shares through tax-advantaged arrangements such as 401(k) plans or individual
retirement accounts (“IRAs”).
Investment Adviser and Sub-Adviser
TIS Advisors serves as the investment adviser to the Fund. Exchange Traded Concepts, LLC (“ETC” or
the “Sub-Adviser”) serves as sub-adviser to the Fund. The Adviser also serves as Index Provider to the
Fund.
Portfolio Managers
The Fund is managed by the Sub-Adviser’s portfolio management team. The individual members of the
team jointly and primarily responsible for the day-to-day management of the Fund’s portfolio are
described below.
Andrew Serowik, has served as a portfolio manager for the Fund since June of 2023.
Gabriel Tan, CFA, CFP® has served as a portfolio manager for the Fund since June of 2023.
Todd Alberico has served as a portfolio manager for the Fund since June of 2023.
Brian Cooper has served as a portfolio manager for the Fund since June of 2023.
Purchase and Sale of Fund Shares
The Fund will issue (or redeem) shares to certain institutional investors (typically market makers or other
broker-dealers) only in blocks of shares known as “Creation Units.” Creation Unit transactions are
typically conducted in exchange for the deposit or delivery of in-kind securities and/or cash constituting a
substantial replication, or a representation, of the securities included in the relevant benchmark index.
Individual shares may only be purchased and sold on a national securities exchange through a broker-
dealer. You can purchase and sell individual shares of the Fund throughout the trading day like any
9
publicly traded security. The Fund’s shares are listed on the NYSE Arca, Inc. Exchange (the “Exchange”).
The price of the Fund’s shares is based on market price, and because exchange-traded fund shares
trade at market prices rather than NAV, the Fund’s shares may trade at a price greater than NAV
(premium) or less than NAV (discount). Except when aggregated in Creation Units, the Fund’s
shares are not redeemable securities.
Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay
to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the
Fund (ask) when buying or selling shares of the Fund in the secondary market (the “bid-ask spread”).
Recent information about the Fund, including its NAV, market price, premiums and discounts, and bid-ask
spreads is available on the Fund’s website at https://etp.tortoiseadvisors.com/funds/tortoise-north-
american-pipeline-fund/.
Tax Information
Distributions made by the Fund may be taxable as ordinary income, or capital gains, unless you are a
tax-exempt organization or are investing through a tax-advantaged arrangement, such as a 401(k) plan
or individual retirement account. Any withdrawals made from such tax-advantaged arrangement generally
will be taxable to you as ordinary income.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a
bank), the Adviser and its related companies may pay the intermediary for the sale of shares and related
services. These payments may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the Fund over another investment. Ask your
salesperson or visit your financial intermediary’s web site for more information.