| Date | Market Price | NAV | NAV Change | Premium/Discount |
|---|---|---|---|---|
| 11/06/2025 | $32.35 | $32.32 | $-0.94 | 0.09% |
| 11/05/2025 | $33.38 | $33.26 | $0.92 | 0.35% |
| 11/04/2025 | $32.95 | $32.34 | $-1.17 | 1.88% |
| 11/03/2025 | $33.63 | $33.51 | $0.81 | 0.36% |
| 10/31/2025 | $32.89 | $32.70 | $0.10 | 0.57% |
| 10/30/2025 | $32.80 | $32.60 | $-0.45 | 0.61% |
| 10/29/2025 | $33.18 | $33.05 | $0.59 | 0.38% |
| 10/28/2025 | $32.52 | $32.46 | $-0.06 | 0.17% |
| 10/27/2025 | $32.58 | $32.52 | $0.35 | 0.18% |
| 10/24/2025 | $32.27 | $32.17 | $1.11 | 0.31% |
| 10/23/2025 | $31.16 | $31.06 | $0.91 | 0.32% |
| 10/22/2025 | $30.21 | $30.16 | $-0.79 | 0.18% |
| 10/21/2025 | $31.07 | $30.94 | $-0.64 | 0.41% |
| 10/20/2025 | $31.64 | $31.58 | $0.14 | 0.16% |
| 10/17/2025 | $31.54 | $31.45 | $-0.35 | 0.30% |
| 10/16/2025 | $31.85 | $31.80 | $-0.53 | 0.16% |
| 10/15/2025 | $32.58 | $32.33 | $0.47 | 0.77% |
| 10/14/2025 | $31.80 | $31.86 | $0.01 | -0.18% |
| 10/13/2025 | $32.09 | $31.85 | $1.05 | 0.75% |
| 10/10/2025 | $31.05 | $30.80 | $-0.91 | 0.81% |
| 10/09/2025 | $31.92 | $31.71 | $-0.03 | 0.67% |
| 10/08/2025 | $31.87 | $31.73 | $0.80 | 0.43% |
| 10/07/2025 | $31.06 | $30.94 | $-0.14 | 0.42% |
| 10/06/2025 | $31.35 | $31.08 | $0.41 | 0.87% |
| 10/03/2025 | $30.83 | $30.67 | $0.02 | 0.54% |
| 10/02/2025 | $30.76 | $30.65 | $0.41 | 0.36% |
| 10/01/2025 | $30.43 | $30.24 | $0.67 | 0.63% |
| 9/30/2025 | $29.65 | $29.56 | $0.35 | 0.29% |
| 9/29/2025 | $29.31 | $29.21 | $0.53 | 0.34% |
| 9/26/2025 | $28.72 | $28.68 | $0.07 | 0.12% |
| 9/25/2025 | $28.69 | $28.61 | $-0.46 | 0.28% |
| 9/24/2025 | $29.20 | $29.07 | $0.10 | 0.45% |
| 9/23/2025 | $29.07 | $28.97 | $-0.27 | 0.37% |
| 9/22/2025 | $29.34 | $29.24 | $0.70 | 0.36% |
| 9/19/2025 | $28.75 | $28.53 | $0.21 | 0.77% |
| 9/18/2025 | $28.41 | $28.32 | $0.26 | 0.33% |
| 9/17/2025 | $28.15 | $28.06 | $0.15 | 0.34% |
| 9/16/2025 | $27.97 | $27.91 | $-0.09 | 0.23% |
| 9/15/2025 | $28.05 | $28.00 | $0.49 | 0.18% |
| 9/12/2025 | $27.58 | $27.50 | $0.01 | 0.29% |
| 9/11/2025 | $27.58 | $27.49 | $0.01 | 0.33% |
| 9/10/2025 | $27.49 | $27.48 | $1.13 | 0.06% |
| 9/09/2025 | $26.42 | $26.35 | $0.51 | 0.26% |
| 9/08/2025 | $25.95 | $25.84 | $-0.02 | 0.42% |
| 9/05/2025 | $25.92 | $25.87 | $-0.01 | 0.20% |
| 9/04/2025 | $25.89 | $25.88 | $0.30 | 0.03% |
| 9/03/2025 | $25.60 | $25.58 | $0.00 | 0.06% |
| 9/02/2025 | $25.60 | $25.58 | $-0.05 | 0.08% |
| 8/29/2025 | $25.64 | $25.63 | $-0.42 | 0.01% |
| 8/28/2025 | $26.11 | $26.05 | $0.54 | 0.21% |
| 8/27/2025 | $25.57 | $25.51 | $0.07 | 0.22% |
| 8/26/2025 | $25.48 | $25.44 | $0.28 | 0.17% |
| 8/25/2025 | $25.17 | $25.16 | $-0.01 | 0.05% |
| 8/22/2025 | $25.23 | $25.16 | $0.36 | 0.26% |
| 8/21/2025 | $24.82 | $24.81 | $-0.07 | 0.05% |
| 8/20/2025 | $24.92 | $24.88 | $-0.11 | 0.15% |
| 8/19/2025 | $24.98 | $25.00 | $-0.35 | -0.07% |
| 8/18/2025 | $25.36 | $25.34 | $0.09 | 0.08% |
| 8/15/2025 | $25.29 | $25.26 | $-0.06 | 0.11% |
| 8/14/2025 | $25.35 | $25.32 | $-0.11 | 0.10% |
| 8/13/2025 | $25.42 | $25.43 | $-0.22 | -0.03% |
| 8/12/2025 | $25.71 | $25.66 | $0.45 | 0.21% |
| 8/11/2025 | $25.12 | $25.21 | $-0.10 | -0.35% |
| 8/08/2025 | $25.31 | $25.31 | $0.02 | 0.02% |
| 8/07/2025 | $25.31 | $25.29 | $0.08 | 0.07% |
| 8/06/2025 | $25.21 | $25.21 | $0.01 | 0.03% |
| 8/05/2025 | $25.22 | $25.20 | $-0.14 | 0.09% |
| 8/04/2025 | $25.34 | $25.34 | 0.00% |
TCAI provides investors with a comprehensive way to participate in the long-term, secular growth of AI by investing in the enabling infrastructure that makes AI possible. From electricity generation to physical facilities and internal components, it focuses on the critical infrastructure needed to sustain and scale AI’s revolutionary impact.
Fund Stats as of 11/06/2025:
Market Price
$32.35
NAV
$32.32
Premium/Discount
0.09%
NAV Change
$-0.94
Market Price Change Dollars
$-1.03
CUSIP
890930803
Symbol
TCAI
Listing Exchange
NYSE
Inception Date
8/04/2025
Total Market Value
$53,377,500
Shares Outstanding
1650000.000
Management Fee
0.65%
TCAI
The Tortoise AI Infrastructure ETF seeks to provide primarily long-term capital appreciation with a secondary objective of current income.
The TCAI Advantage
Comprehensive AI Solution
TCAI strategically captures the convergence of energy infrastructure, data centers, and tech infrastructure that fuels the AI revolution, offering a more robust solution than standard technology ETFs.
Emphasis on Foundational
Infrastructure
AI doesn’t run on code alone. It runs on infrastructure. Billions are being invested into the framework supporting AI growth. TCAI owns the physical infrastructure, hard assets, and contracted cash flows essential for the entire system’s functionality.
Structured for Total Return
Designed to be a high active share investment aiming to outperform the S&P 500, TCAI focuses on AI to generate total return, helping to make it a strong core or satellite position in a portfolio.
Poised for Secular, Long-Term Growth
The AI buildout may be the next major infrastructure cycle, generating structural demand similar to what drove the shale revolution in the 2000s and spurred decades of growth.
Fund Details
As of 11/06/2025
Net Assets
$53,330,679.41
Investment Objective
Long-term capital appreciation and current income
Fiscal Year End
November 30
Structure
Regulated investment company (RIC)
TCAI: Investing in the AI Intersection of Energy, Technology, and Data Center Infrastructure
Artificial intelligence (AI) is widely regarded as the catalyst for the Fourth Industrial Revolution, or Industry 4.0—a revolutionary shift expected to unfold over the coming decades. The United States has emerged as the global leader in AI, driven by its technological innovation and access to abundant, low-cost energy. To maintain this leadership position, the U.S. is expected to accelerate efforts to support the rapid expansion of AI applications, as new use cases continue to emerge at an unprecedented pace.
AI Doesn’t Run on Code Alone: It Runs on Infrastructure
The rise of AI has intricately connected the technology and energy sectors. The future of artificial intelligence is a function of the technology inside the data center and the energy that ensures the data centers maintain low-cost operations 24 hours a day/7 days a week/365 days a year.
There’s No AI Without Infrastructure
This includes the energy infrastructure, technology infrastructure, and data center infrastructure that house the massive data necessary for AI computing. AI relies on technology infrastructure such as graphics processing units (GPUs)—specialized processors powering AI workloads—and the central processing units (CPUs) that support them. It also depends on vast energy inputs and data centers equipped with servers, memory, storage, and cooling systems.
There’s no AI without infrastructure.
Nothing in this article should be considered a solicitation to buy or an offer to sell any shares of the portfolio in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation.
Daily Fund Holdings *
43 total, 11/07/2025
| Security Name | Stock Ticker | CUSIP | Shares | Market Value | Weight |
|---|---|---|---|---|---|
| Vertiv Holdings Co | VRT | 92537N108 | 18228.000000 | $3,336,088.56 | 6.26% |
| Seagate Technology Holdings PLC | STX | G7997R103 | 11271.000000 | $3,138,635.37 | 5.89% |
| IREN Ltd | IREN | Q4982L109 | 38559.000000 | $2,581,910.64 | 4.84% |
| Dell Technologies Inc | DELL | 24703L202 | 16273.000000 | $2,427,606.14 | 4.55% |
| Quanta Services Inc | PWR | 74762E102 | 4846.000000 | $2,146,293.40 | 4.02% |
| NRG Energy Inc | NRG | 629377508 | 12570.000000 | $2,138,157 | 4.01% |
| nVent Electric PLC | NVT | G6700G107 | 18277.000000 | $2,009,921.69 | 3.77% |
| Cipher Mining Inc | CIFR | 17253J106 | 90669.000000 | $1,968,423.99 | 3.69% |
| Ciena Corp | CIEN | 171779309 | 9446.000000 | $1,902,991.16 | 3.57% |
| Western Digital Corp | WDC | 958102105 | 10964.000000 | $1,793,710.40 | 3.36% |
| Evergy Inc | EVRG | 30034W106 | 23645.000000 | $1,786,616.20 | 3.35% |
| EQT Corp | EQT | 26884L109 | 31039.000000 | $1,746,874.92 | 3.28% |
| Core Scientific Inc | CORZ | 21874A106 | 75498.000000 | $1,554,503.82 | 2.91% |
| Schneider Electric SE | SU FP | 4834108 | 5503.000000 | $1,494,347.77 | 2.80% |
| MasTec Inc | MTZ | 576323109 | 6972.000000 | $1,371,113.52 | 2.57% |
| Fermi Inc | FRMI | 314911108 | 52836.000000 | $1,354,715.04 | 2.54% |
| Terawulf Inc | WULF | 88080T104 | 92416.000000 | $1,319,700.48 | 2.47% |
| Expand Energy Corp | EXE | 165167735 | 11773.000000 | $1,302,329.26 | 2.44% |
| Pure Storage Inc | PSTG | 74624M102 | 13601.000000 | $1,266,117.09 | 2.37% |
| Constellation Energy Corp | CEG | 21037T109 | 3326.000000 | $1,168,423.80 | 2.19% |
| Vistra Corp | VST | 92840M102 | 6294.000000 | $1,161,998.28 | 2.18% |
| Primoris Services Corp | PRIM | 74164F103 | 9114.000000 | $1,153,650.12 | 2.16% |
| GE Vernova Inc | GEV | 36828A101 | 1996.000000 | $1,098,139.32 | 2.06% |
| Riot Platforms Inc | RIOT | 767292105 | 62387.000000 | $1,081,790.58 | 2.03% |
| Williams Cos Inc/The | WMB | 969457100 | 18234.000000 | $1,056,477.96 | 1.98% |
| Arista Networks Inc | ANET | 040413205 | 7462.000000 | $1,000,057.24 | 1.88% |
| MYR Group Inc | MYRG | 55405W104 | 3826.000000 | $892,911.88 | 1.67% |
| Modine Manufacturing Co | MOD | 607828100 | 5230.000000 | $779,740.70 | 1.46% |
| Energy Transfer LP | ET | 29273V100 | 46600.000000 | $770,647.50 | 1.45% |
| Entergy Corp | ETR | 29364G103 | 7966.000000 | $762,346.20 | 1.43% |
| Cummins Inc | CMI | 231021106 | 1500.000000 | $694,200.00 | 1.30% |
| Digital Realty Trust Inc | DLR | 253868103 | 4034.000000 | $679,123.90 | 1.27% |
| Super Micro Computer Inc | SMCI | 86800U302 | 15086.000000 | $608,493.81 | 1.14% |
| Amphenol Corp | APH | 032095101 | 3977.000000 | $549,263.47 | 1.03% |
| Talen Energy Corp | TLN | 87422Q109 | 1327.000000 | $512,129.11 | 0.96% |
| First American Government Obligations Fund 12/01/2031 | FGXXX | 31846V336 | 490393.060000 | $490,393.06 | 0.92% |
| NVIDIA Corp | NVDA | 67066G104 | 2498.000000 | $469,823.84 | 0.88% |
| DT Midstream Inc | DTM | 23345M107 | 3811.000000 | $425,421.93 | 0.80% |
| Applied Digital Corp | APLD | 038169207 | 13433.000000 | $417,497.64 | 0.78% |
| Celestica Inc | CLS | 15101Q207 | 1002.000000 | $341,441.52 | 0.64% |
| Equinix Inc | EQIX | 29444U700 | 381.000000 | $312,164.73 | 0.59% |
| Rockpoint Gas Storage Inc | RGSI CN | BNNSTV5 | 14790.000000 | $263,375.67 | 0.49% |
| Cash & Other | Cash&Other | Cash&Other | -1623.250000 | $-1,623.25 | 0.00% |
| Weight Total | 100% |
|---|
*Holdings are subject to change and should not be considered a recommendation to buy or sell any security.
All weights calculated using U.S. dollars based on the latest closing exchange rate.
Portfolio
as of 9/30/2025
Total Return
| Class/Name | QTD | Calendar YTD | Since Inception 1 |
|---|---|---|---|
| Market Price | N/A | N/A | 17.01% |
| NAV | N/A | N/A | 16.67% |
| S&P 500 Total Return Index | N/A | N/A | 5.90% |
| Class/Name | QTD | Calendar YTD | Since Inception 2 |
|---|---|---|---|
| Market Price | N/A | N/A | 29.79% |
| NAV | N/A | N/A | 29.06% |
| S&P 500 Total Return Index | N/A | N/A | 8.38% |
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 New York Stock 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 (855) 994-4437.
As stated in the Prospectus, the total annual operating expenses are 0.65%. The adviser 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.
Premium/(Discount)
Period from fund inception (8/04/2025) through 9/30/2025.
Period from fund inception (8/04/2025) through 10/31/2025.
Note: For periods over one year, performance reflected is for the average annual returns.
The S&P 500® Index is an unmanaged, market-value weighted index of stocks that is widely regarded as the standard for measuring large-cap U.S. stock market performance.
Price/NAV History
| Date | Market Price | NAV | NAV Change | Premium/Discount |
|---|---|---|---|---|
| 11/06/2025 | $32.35 | $32.32 | $-0.94 | 0.09% |
| 11/05/2025 | $33.38 | $33.26 | $0.92 | 0.35% |
| 11/04/2025 | $32.95 | $32.34 | $-1.17 | 1.88% |
| 11/03/2025 | $33.63 | $33.51 | $0.81 | 0.36% |
| 10/31/2025 | $32.89 | $32.70 | $0.10 | 0.57% |
| 10/30/2025 | $32.80 | $32.60 | $-0.45 | 0.61% |
| 10/29/2025 | $33.18 | $33.05 | $0.59 | 0.38% |
| 10/28/2025 | $32.52 | $32.46 | $-0.06 | 0.17% |
| 10/27/2025 | $32.58 | $32.52 | $0.35 | 0.18% |
| 10/24/2025 | $32.27 | $32.17 | $1.11 | 0.31% |
| 10/23/2025 | $31.16 | $31.06 | $0.91 | 0.32% |
| 10/22/2025 | $30.21 | $30.16 | $-0.79 | 0.18% |
| 10/21/2025 | $31.07 | $30.94 | $-0.64 | 0.41% |
| 10/20/2025 | $31.64 | $31.58 | $0.14 | 0.16% |
| 10/17/2025 | $31.54 | $31.45 | $-0.35 | 0.30% |
| 10/16/2025 | $31.85 | $31.80 | $-0.53 | 0.16% |
| 10/15/2025 | $32.58 | $32.33 | $0.47 | 0.77% |
| 10/14/2025 | $31.80 | $31.86 | $0.01 | -0.18% |
| 10/13/2025 | $32.09 | $31.85 | $1.05 | 0.75% |
| 10/10/2025 | $31.05 | $30.80 | $-0.91 | 0.81% |
| 10/09/2025 | $31.92 | $31.71 | $-0.03 | 0.67% |
| 10/08/2025 | $31.87 | $31.73 | $0.80 | 0.43% |
| 10/07/2025 | $31.06 | $30.94 | $-0.14 | 0.42% |
| 10/06/2025 | $31.35 | $31.08 | $0.41 | 0.87% |
| 10/03/2025 | $30.83 | $30.67 | $0.02 | 0.54% |
| 10/02/2025 | $30.76 | $30.65 | $0.41 | 0.36% |
| 10/01/2025 | $30.43 | $30.24 | $0.67 | 0.63% |
| 9/30/2025 | $29.65 | $29.56 | $0.35 | 0.29% |
| 9/29/2025 | $29.31 | $29.21 | $0.53 | 0.34% |
| 9/26/2025 | $28.72 | $28.68 | $0.07 | 0.12% |
| 9/25/2025 | $28.69 | $28.61 | $-0.46 | 0.28% |
| 9/24/2025 | $29.20 | $29.07 | $0.10 | 0.45% |
| 9/23/2025 | $29.07 | $28.97 | $-0.27 | 0.37% |
| 9/22/2025 | $29.34 | $29.24 | $0.70 | 0.36% |
| 9/19/2025 | $28.75 | $28.53 | $0.21 | 0.77% |
| 9/18/2025 | $28.41 | $28.32 | $0.26 | 0.33% |
| 9/17/2025 | $28.15 | $28.06 | $0.15 | 0.34% |
| 9/16/2025 | $27.97 | $27.91 | $-0.09 | 0.23% |
| 9/15/2025 | $28.05 | $28.00 | $0.49 | 0.18% |
| 9/12/2025 | $27.58 | $27.50 | $0.01 | 0.29% |
| 9/11/2025 | $27.58 | $27.49 | $0.01 | 0.33% |
| 9/10/2025 | $27.49 | $27.48 | $1.13 | 0.06% |
| 9/09/2025 | $26.42 | $26.35 | $0.51 | 0.26% |
| 9/08/2025 | $25.95 | $25.84 | $-0.02 | 0.42% |
| 9/05/2025 | $25.92 | $25.87 | $-0.01 | 0.20% |
| 9/04/2025 | $25.89 | $25.88 | $0.30 | 0.03% |
| 9/03/2025 | $25.60 | $25.58 | $0.00 | 0.06% |
| 9/02/2025 | $25.60 | $25.58 | $-0.05 | 0.08% |
| 8/29/2025 | $25.64 | $25.63 | $-0.42 | 0.01% |
| 8/28/2025 | $26.11 | $26.05 | $0.54 | 0.21% |
| 8/27/2025 | $25.57 | $25.51 | $0.07 | 0.22% |
| 8/26/2025 | $25.48 | $25.44 | $0.28 | 0.17% |
| 8/25/2025 | $25.17 | $25.16 | $-0.01 | 0.05% |
| 8/22/2025 | $25.23 | $25.16 | $0.36 | 0.26% |
| 8/21/2025 | $24.82 | $24.81 | $-0.07 | 0.05% |
| 8/20/2025 | $24.92 | $24.88 | $-0.11 | 0.15% |
| 8/19/2025 | $24.98 | $25.00 | $-0.35 | -0.07% |
| 8/18/2025 | $25.36 | $25.34 | $0.09 | 0.08% |
| 8/15/2025 | $25.29 | $25.26 | $-0.06 | 0.11% |
| 8/14/2025 | $25.35 | $25.32 | $-0.11 | 0.10% |
| 8/13/2025 | $25.42 | $25.43 | $-0.22 | -0.03% |
| 8/12/2025 | $25.71 | $25.66 | $0.45 | 0.21% |
| 8/11/2025 | $25.12 | $25.21 | $-0.10 | -0.35% |
| 8/08/2025 | $25.31 | $25.31 | $0.02 | 0.02% |
| 8/07/2025 | $25.31 | $25.29 | $0.08 | 0.07% |
| 8/06/2025 | $25.21 | $25.21 | $0.01 | 0.03% |
| 8/05/2025 | $25.22 | $25.20 | $-0.14 | 0.09% |
| 8/04/2025 | $25.34 | $25.34 | 0.00% |
Performance data quoted represents past performance; past performance does not guarantee future results. Like any other stock, total return and market value will fluctuate so that an investment, when sold, may be worth more or less than its original cost. Due to market volatility, current performance may be lower or higher than the figures shown.
Tortoise AI Infrastructure ETF TCAI
Tax information for this fund is not currently available.