TPZ Fees and Costs — Tortoise Electrification Infrastructure ETF
Data updated: 2026-07-29
The net expense ratio is 0.85%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $53K in broker commissions, 0.0330% of average net assets, and portfolio turnover was 67%.
TPZ Fees and Expenses
Annual operating expenses and sales charges of TPZ. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.85% |
| Fee waiver | — |
| Net expense ratio | 0.85% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
TPZ Costs Over Time
On $10,000 invested in TPZ, assuming 5% a year before costs, total costs come to $554 over 5 years, cutting the return by 0.93% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.85%) | $89 | $279 | $484 |
| Trading costs (broker commissions) | $3 | $11 | $19 |
| Lost growth on money paid in costs | $0 | $14 | $51 |
| Total costs | $93 | $304 | $554 |
| Value after costs | $10,407 | $11,272 | $12,209 |
| Impact on return, per year | 0.93% | 0.93% | 0.93% |
TPZ Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0330%
- Total broker commissions: $53K
- Bought from dealers (principal trades, not a cost): $57.0M
- Portfolio turnover (prospectus): 67%
- Securities lending: none during the year
TPZ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $20K | 37.24% |
| GTS SECURITIES LLC | $15K | 29.04% |
| RAYMOND JAMES & ASSOCIATES INC | $7K | 13.58% |
| J.P. MORGAN SECURITIES LLC | $3K | 4.90% |
| WELLS FARGO SECURITIES, LLC | $2K | 4.62% |
| CITIBANK GROUP MARKETS | $2K | 3.16% |
| RBC CAPITAL MARKETS, LLC | $1K | 2.61% |
| VIRTU AMERICAS LLC | $992 | 1.88% |
| VIRTU FINANCIAL CAPITAL MARKETS LLC | $991 | 1.88% |
| LIQUIDNET, INC. | $577 | 1.09% |
TPZ Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $18.9M | 33.09% |
| GOLDMAN SACHS & CO. LLC | $16.5M | 28.91% |
| JONESTRADING INSTITUTIONAL SERVICES, LLC | $14.1M | 24.76% |
| MORGAN STANLEY & CO. LLC | $3.8M | 6.70% |
| RBC CAPITAL MARKETS LLC | $2.1M | 3.76% |
| UBS ASSET MANAGEMENT (US) INC. | $1.6M | 2.78% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.