The Tortoise Digital Payments Infrastructure Fund uses a passive management approach and seeks to track the total return performance of the Tortoise Global Digital Payments Infrastructure Index℠.

Fund Stats as of 8/23/2019:

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Market Price

$30.56

NAV

$30.47

NAV Change

$-0.75

Premium/Discount

0.30%

Listing Exchange

Cboe BZX

CUSIP

56167N548

Inception Date

1/31/2019

Market Price Change Dollars

$-0.78

Total Market Value

$6,112,000

Shares Outstanding

200000.000

Management Fee

0.40%

Total Expenses

0.40%

We believe digital infrastructure is important to the functioning of the economy. The Tortoise Digital Payments Infrastructure Fund uses a passive management approach and seeks to track the total return performance of the Tortoise Global Digital Payments Infrastructure Index℠.

TPAY Key Benefits

  • The fund invests in companies that have the potential to benefit as the world continues to evolve from traditional cash payments to the speed, accuracy and efficiency of digital payments
  • Access to all participants in the fee-based credit card value chain, including merchant acquirers, processors, networks and issuers
  • Exposure to new forms of digital payments, such as mobile, point-of-sale devices and P2P matching engines
  • Market cap and liquidity filters that provide a comparatively high level of liquidity

Potential Advantages for Investors

  • One 1099, no K-1s
  • No unrelated business taxable income (UBTI)
  • No leverage
  • Continuous liquidity

Fund Details

As of 8/23/2019

Net Assets

$6,094,643.48

Investment objective

Total Return

Fiscal Year End

November 30

Structure

Regulated Investment Company (RIC)

Daily Fund Holdings*

49 total, 8/26/2019

Security Name Stock Ticker Weight
FIDELITY NATL INFORMATION SVCS COM FIS 9.40%
FLEETCOR TECHNOLOGIES INC FLT 4.81%
MASTERCARD INC MA 4.54%
VISA INC V 4.50%
TOTAL SYS SVCS INC TSS 4.41%
GLOBAL PMTS INC GPN 4.38%
DISCOVER FINL SVCS DFS 4.35%
WIRECARD AG WDI GR 4.27%
AMERICAN EXPRESS CO AXP 4.25%
PAYPAL HLDGS INC PYPL 4.08%
SQUARE INC SQ 3.86%
HENRY JACK & ASSOC INC JKHY 3.55%
WESTERN UN CO WU 3.02%
WEX INC WEX 2.99%
PAGSEGURO DIGITAL LTD PAGS 2.86%
ADYEN NV ADYEN NA 2.73%
EURONET WORLDWIDE INC EEFT 2.46%
INGENICO GROUP ING FP 2.08%
FISERV INC FISV 10.38%
DOCUSIGN INC DOCU 1.79%
Q2 HLDGS INC QTWO 1.31%
NCR CORP NEW NCR 1.19%
STONECO LTD STNE 1.14%
NETWORK INTL HLDGS NETW LN 1.11%
GMO PAYMENT GATEWA 3769 JP 1.04%
ACI WORLDWIDE INC ACIW 1.01%
AFTERPAY TOUCH GRP APT AU 0.91%
Cash & Other Cash&Other 0.78%
EVERTEC INC EVTC 0.66%
CREDIT SAISON CO 8253 JP 0.58%
BOTTOMLINE TECH DEL INC EPAY 0.57%
CSG SYS INTL INC CSGS 0.54%
AEON FINANCIAL SER 8570 JP 0.53%
GREEN DOT CORP GDOT 0.46%
LENDINGCLUB CORP LC 0.39%
ZUORA INC ZUO 0.38%
PROVIDENT FINL PFG LN 0.38%
QIWI PLC QIWI 0.35%
IRESS LIMITED IRE AU 0.34%
EVO PMTS INC EVOP 0.30%
CHINA YOUZAN LTD 8083 HK 0.29%
CASS INFORMATION SYS INC CASS 0.20%
YIRENDAI LTD YRD 0.19%
ORIENT CORP 8585 JP 0.15%
ONESPAN INC OSPN 0.14%
GREENSKY INC GSKY 0.11%
PAX GLOBAL TECHNOL 327 HK 0.11%
HUIFU PAYMENT LTD 1806 HK 0.11%
PUSHPAY HOLDINGS PPH NZ 0.04%
Weight Total 100%

*Fund holdings are not a recommendation to buy or sell a security.

All weights calculated using U.S. dollars based on the latest closing exchange rate.

Total Return

Time Period:

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the Cboe BZX Exchange. Market performance is determined using the bid/ask midpoint at 4:00pm Eastern time, when the NAV is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. For the fund’s most recent month end performance, please call (844) TR-INDEX or (844) 874-6339.

As stated in the Prospectus, the total annual operating expenses are 0.40%. The advisor has agreed to pay all expenses incurred by the fund except for the advisory fee, interest, taxes, brokerage expenses and other fees, charges, taxes, levies or expenses (such as stamp taxes) incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions.

Index returns are for illustrative purposes only. Unlike the fund return, index return is pre-expenses and taxes. Index performance returns do not reflect any management fees, transaction costs or expenses.

Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns.

Price/NAV - Indexed Price Returns

(as of 8/23/2019)

Date NAV NAV Change Dollars Market Price Market Price Change Dollars Premium/Discount
8/23/2019 $30.47 $-0.75 $30.56 $-0.78 0.30%
8/22/2019 $31.22 $-0.09 $31.35 $0.09 0.41%
8/21/2019 $31.30 $0.32 $31.25 $0.24 -0.16%
8/20/2019 $30.98 $-0.04 $31.02 $0.04 0.11%
8/19/2019 $31.02 $0.27 $30.98 $0.22 -0.16%
8/16/2019 $30.76 $0.54 $30.76 $0.39 0.01%
8/15/2019 $30.21 $0.25 $30.37 $0.11 0.53%
8/14/2019 $29.96 $-0.85 $30.27 $-0.58 1.03%
8/13/2019 $30.81 $0.45 $30.85 $0.27 0.10%
8/12/2019 $30.36 $-0.60 $30.58 $-0.61 0.72%
8/09/2019 $30.96 $-0.18 $31.19 $-0.04 0.75%
8/08/2019 $31.14 $0.50 $31.23 $0.55 0.28%
8/07/2019 $30.64 $0.41 $30.68 $0.33 0.14%
8/06/2019 $30.22 $0.41 $30.35 $0.41 0.42%
8/05/2019 $29.81 $-1.24 $29.94 $-1.27 0.45%
8/02/2019 $31.05 $-0.54 $31.22 $-0.84 0.55%
8/01/2019 $31.59 $-0.18 $32.06 $0.19 1.48%
7/31/2019 $31.77 $-0.08 $31.87 $-0.06 0.32%
7/30/2019 $31.85 $-0.33 $31.93 $-0.63 0.26%
7/29/2019 $32.17 $-0.01 $32.56 $0.16 1.21%
7/26/2019 $32.18 $0.65 $32.40 $0.66 0.67%
7/25/2019 $31.54 $-0.03 $31.74 $0.07 0.63%
7/24/2019 $31.56 $0.13 $31.67 $-0.13 0.33%
7/23/2019 $31.43 $0.13 $31.79 $0.29 1.13%
7/22/2019 $31.31 $0.10 $31.50 $0.04 0.61%
7/19/2019 $31.21 $-0.24 $31.47 $-0.27 0.83%
7/18/2019 $31.45 $0.28 $31.74 $0.28 0.93%
7/17/2019 $31.16 $-0.05 $31.46 $0.17 0.94%
7/16/2019 $31.21 $-0.22 $31.29 $-0.48 0.25%
7/15/2019 $31.43 $0.13 $31.77 $0.08 1.06%
7/12/2019 $31.30 $0.14 $31.68 $0.50 1.22%
7/11/2019 $31.16 $0.18 $31.19 $-0.03 0.08%
7/10/2019 $30.98 $0.12 $31.22 $0.05 0.78%
7/09/2019 $30.86 $0.24 $31.17 $0.49 1.01%
7/08/2019 $30.63 $-0.12 $30.68 $-0.08 0.18%
7/05/2019 $30.75 $-0.06 $30.76 $-0.02 0.04%
7/03/2019 $30.81 $0.28 $30.78 $0.25 -0.08%
7/02/2019 $30.53 $0.10 $30.53 $0.12 0.01%
7/01/2019 $30.43 $0.24 $30.41 $0.28 -0.05%
6/28/2019 $30.19 $0.20 $30.14 $0.15 -0.17%
6/27/2019 $29.99 $0.24 $29.99 $0.11 -0.02%
6/26/2019 $29.75 $0.02 $29.88 $0.01 0.44%
6/25/2019 $29.73 $-0.33 $29.87 $-0.22 0.48%
6/24/2019 $30.06 $-0.15 $30.10 $-0.18 0.12%
6/21/2019 $30.21 $-0.18 $30.27 $-0.11 0.21%
6/20/2019 $30.38 $0.33 $30.38 $0.34 0.00%
6/19/2019 $30.05 $0.19 $30.04 $0.08 -0.05%
6/18/2019 $29.86 $0.12 $29.96 $0.27 0.34%
6/17/2019 $29.74 $-0.01 $29.69 $-0.10 -0.16%
6/14/2019 $29.75 $-0.06 $29.79 $-0.11 0.13%
6/13/2019 $29.81 $0.01 $29.89 $0.06 0.29%
6/12/2019 $29.80 $-0.03 $29.83 $-0.10 0.11%
6/11/2019 $29.83 $-0.05 $29.93 $-0.04 0.32%
6/10/2019 $29.87 $0.21 $29.97 $0.25 0.31%
6/07/2019 $29.66 $0.37 $29.71 $0.39 0.17%
6/06/2019 $29.29 $0.09 $29.32 $0.29 0.10%
6/05/2019 $29.20 $0.43 $29.04 $0.26 -0.57%
6/04/2019 $28.77 $0.72 $28.77 $0.67 0.00%
6/03/2019 $28.04 $-0.57 $28.10 $-0.39 0.20%
5/31/2019 $28.62 $-0.36 $28.49 $-0.53 -0.44%
5/30/2019 $28.97 $0.23 $29.02 $0.12 0.16%
5/29/2019 $28.75 $-0.37 $28.90 $-0.35 0.55%
5/28/2019 $29.11 $0.17 $29.25 $0.29 0.48%
5/24/2019 $28.95 $0.32 $28.96 $0.35 0.06%
5/23/2019 $28.62 $-0.57 $28.61 $-0.53 -0.05%
5/22/2019 $29.19 $0.19 $29.14 $-0.06 -0.17%
5/21/2019 $29.00 $0.35 $29.20 $0.56 0.70%
5/20/2019 $28.65 $-0.04 $28.64 $-0.21 -0.04%
5/17/2019 $28.69 $-0.16 $28.85 $-0.20 0.54%
5/16/2019 $28.85 $0.44 $29.05 $0.59 0.68%
5/15/2019 $28.41 $0.22 $28.46 $0.18 0.17%
5/14/2019 $28.19 $0.44 $28.28 $0.37 0.31%
5/13/2019 $27.75 $-0.76 $27.91 $-0.85 0.57%
5/10/2019 $28.51 $0.10 $28.76 $0.28 0.86%
5/09/2019 $28.41 $-0.21 $28.47 $-0.43 0.23%
5/08/2019 $28.62 $0.10 $28.90 $0.26 0.97%
5/07/2019 $28.52 $-0.36 $28.64 $-0.30 0.41%
5/06/2019 $28.89 $-0.03 $28.94 $-0.27 0.17%
5/03/2019 $28.91 $0.22 $29.20 $0.46 1.00%
5/02/2019 $28.70 $-0.18 $28.74 $-0.21 0.15%
5/01/2019 $28.88 $-0.28 $28.95 $-0.26 0.24%
4/30/2019 $29.16 $0.25 $29.21 $0.08 0.18%
4/29/2019 $28.91 $0.18 $29.13 $0.39 0.79%
4/26/2019 $28.73 $0.18 $28.74 $0.08 0.04%
4/25/2019 $28.55 $0.03 $28.66 $0.07 0.37%
4/24/2019 $28.52 $0.06 $28.59 $0.12 0.23%
4/23/2019 $28.46 $0.34 $28.47 $0.38 0.04%
4/22/2019 $28.12 $0.13 $28.10 $-0.13 -0.10%
4/18/2019 $27.99 $-0.18 $28.23 $-0.28 0.83%
4/17/2019 $28.17 $0.00 $28.51 $0.17 1.20%
4/16/2019 $28.17 $-0.03 $28.34 $-0.24 0.60%
4/15/2019 $28.20 $0.07 $28.58 $0.45 1.37%
4/12/2019 $28.13 $0.19 $28.14 $0.10 0.01%
4/11/2019 $27.94 $-0.04 $28.04 $-0.04 0.32%
4/10/2019 $27.98 $0.04 $28.07 $-0.02 0.33%
4/09/2019 $27.95 $-0.08 $28.09 $-0.09 0.53%
4/08/2019 $28.02 $-0.01 $28.19 $0.06 0.59%
4/05/2019 $28.04 $0.10 $28.12 $0.04 0.31%
4/04/2019 $27.93 $-0.17 $28.08 $-0.08 0.52%
4/03/2019 $28.10 $0.10 $28.16 $0.13 0.19%
4/02/2019 $28.01 $0.06 $28.03 $-0.02 0.08%
4/01/2019 $27.95 $0.34 $28.04 $0.36 0.34%
3/29/2019 $27.61 $0.08 $27.69 $-0.23 0.29%
3/28/2019 $27.53 $0.11 $27.92 $0.44 1.42%
3/27/2019 $27.41 $-0.05 $27.48 $-0.17 0.22%
3/26/2019 $27.46 $0.58 $27.65 $0.71 0.68%
3/25/2019 $26.88 $-0.16 $26.94 $-0.24 0.22%
3/22/2019 $27.04 $-0.56 $27.17 $-0.62 0.50%
3/21/2019 $27.59 $0.44 $27.79 $0.24 0.72%
3/20/2019 $27.15 $-0.24 $27.55 $0.13 1.46%
3/19/2019 $27.40 $0.08 $27.42 $0.02 0.10%
3/18/2019 $27.31 $0.16 $27.41 $-0.06 0.34%
3/15/2019 $27.15 $0.09 $27.47 $0.25 1.15%
3/14/2019 $27.07 $-0.01 $27.22 $0.00 0.55%
3/13/2019 $27.08 $0.19 $27.22 $0.29 0.51%
3/12/2019 $26.89 $-0.01 $26.93 $0.04 0.15%
3/11/2019 $26.90 $0.51 $26.89 $0.68 -0.05%
3/08/2019 $26.39 $0.12 $26.21 $-0.09 -0.70%
3/07/2019 $26.27 $-0.26 $26.30 $-0.27 0.11%
3/06/2019 $26.53 $-0.17 $26.57 $-0.20 0.16%
3/05/2019 $26.70 $-0.03 $26.78 $0.24 0.28%
3/04/2019 $26.73 $-0.24 $26.53 $-0.68 -0.75%
3/01/2019 $26.97 $0.17 $27.22 $0.35 0.92%
2/28/2019 $26.80 $0.05 $26.87 $0.06 0.26%
2/27/2019 $26.75 $0.13 $26.81 $0.12 0.24%
2/26/2019 $26.61 $0.15 $26.69 $0.17 0.30%
2/25/2019 $26.46 $0.16 $26.52 $0.17 0.21%
2/22/2019 $26.30 $0.39 $26.35 $0.41 0.18%
2/21/2019 $25.91 $-0.22 $25.94 $-0.27 0.12%
2/20/2019 $26.13 $-0.03 $26.21 $-0.01 0.29%
2/19/2019 $26.16 $0.30 $26.22 $0.28 0.25%
2/15/2019 $25.86 $0.25 $25.94 $0.23 0.30%
2/14/2019 $25.62 $0.05 $25.71 0.40%
2/13/2019 $25.57 $0.12 $25.69 0.50%
2/12/2019 $25.45 $0.26 $25.53 0.30%
2/11/2019 $25.19 $0.07 $25.25 0.20%
2/08/2019 $25.12 $0.05 $25.15 0.10%
2/07/2019 $25.07 $-0.31 $24.96 -0.50%
2/06/2019 $25.38 $-0.12 $25.41 0.10%
2/05/2019 $25.50 $0.22 $25.54 0.10%
2/04/2019 $25.28 $0.40 $25.29 0.00%
2/01/2019 $24.88 $-0.12 $25.09 0.80%
1/31/2019 $25.00 $0.00 $25.00 0.00%
  1. The fund commenced operations on 1/31/2019.

Source: Bloomberg for TPAYMENT

The Tortoise Global Digital Payments Infrastructure Index℠ represents the existing global digital payments landscape. It is a proprietary, rules-based, modified market capitalization-weighted, float-adjusted index comprised of companies that are materially engaged in digital payments, including merchant processing and settlement, real time record keeping, settlement networks, and fintech products/services that facilitate the ease, efficiency and speed of electronic transactions. This includes companies whose primary business is comprised of one or a combination of the following categories: credit card networks, electronic transaction processing and associated products/services, credit card issuers, electronic transaction processing software (payments fintech) or online financial services market places. The Tortoise Global Digital Payments Infrastructure Index℠ (the “Index”) is the exclusive property of Tortoise Index Solutions, LLC. The Index is calculated by Solactive AG (“Solactive”). The financial instruments that are based on the Index are not sponsored, endorsed, promoted or sold by Solactive in any way, and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or completeness of the Index or the calculations thereof; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index. No portion of this publication may be reproduced in any format or by any means including electronically or mechanically, by photocopying, or by any other form or manner whatsoever, without the prior written consent of Tortoise Index Solutions, LLC. It is not possible to invest directly in an index.

Tortoise Global Digital Payments Infrastructure Index℠

Sector Allocations

As of most recent rebalance date (6/21/2019)

Top 10 Constituents

As of most recent rebalance date (6/21/2019)
Name TPMT Index Weight
Total System Services, Inc.
5.7%
Wirecard AG
5.2%
Worldpay, Inc. - Class A
5.2%
Global Payments Inc.
5.1%
FleetCor Technologies, Inc.
5%
Name TPMT Index Weight
PayPal Holdings, Inc.
4.9%
Mastercard Incorporated - Class A
4.8%
Visa Inc. - Class A
4.8%
Fidelity National Information Services, Inc.
4.7%
American Express Company
4.7%

Distribution History

Ticker Declare Ex-Date Record Date Payment Date Amount
TPAY 12/27/2019 12/30/2019 12/31/2019 1/2/2020 TBD
2019 Total: $0.00