ETF Evaluator:
Tortoise AI Infrastructure ETF ()
Follow This ETF
(as of Nov 13)
Best Performing in Infrastructure Over the Last Year
| 18.6% | Tortoise AI Infrastructure ETF (TCAI) |
| 16.6% | ProShares DJ Brookfield Global Infras (TOLZ) |
| 16.0% | iShares Infrastructure Active ETF (BILT) |
| 15.0% | Russell Inv Global Infrastructure ETF (RIFR) |
| 13.7% | Lazard Listed Infrastructure ETF (GLIX) |
Risk
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Risk
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ETF Details
Tortoise AI Infrastructure ETF Overview
Tortoise AI Infrastructure ETF (TCAI) is an actively managed Sector Equity Infrastructure exchange-traded fund (ETF). Tortoise Capital Advisors, LLC launched the ETF in 2025.
The investment seeks long-term capital appreciation with a secondary objective of current income.
Under normal circumstances, the fund will invest at least 80% of its total assets in equity securities of artificial intelligence (“AI”) infrastructure companies. AI infrastructure companies are companies that derive a significant portion of their revenue from long-term assets, products, or services critical to AI output. The fund is non-diversified.
About Tortoise AI Infrastructure ETF (TCAI)
There are 4 members of the management team with an average tenure of 1.24 years: Brian Kessens (2025), James Mick (2025), Matthew Sallee (2025) and Robert Thummel (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Tortoise AI Infrastructure ETF has 47 securities in its portfolio. The top 10 holdings constitute 43.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Tortoise AI Infrastructure ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Tortoise AI Infrastructure ETF has 11.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 88.5% There is 11.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Tortoise AI Infrastructure ETF has -5.9% of the portfolio in cash.
Assets Under Management
The fund has $211 million in total assets, which is below the $1 billion average for the Infrastructure category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TCAI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Tortoise AI Infrastructure ETF expense ratio is above average compared to funds in the Infrastructure category. Tortoise AI Infrastructure ETF has an expense ratio of 0.65%, which is 13% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Tortoise AI Infrastructure ETF has a portfolio turnover rate of 31%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 42% for the Infrastructure category.
Recently, in the month of October 2026, Tortoise AI Infrastructure ETF returned -17.2%, which earned it a grade of F, as the Infrastructure category had an average return of 3.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Tortoise AI Infrastructure ETF has a trailing yield of 0.04%, which is below the 2.22% category average.
The fund normally distributes its income semi-annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Tortoise AI Infrastructure ETF Grades
Year to date, the ETF has returned 30.9%, 21.1 percentage points better than the category, which translates into a grade of A. The fund has returned 18.6% over the past year (grade of A).
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TCAI Trailing NAV Total Returns Data as of 10/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TCAI Return (NAV) | -17.2% | -16.0% | 18.6% | na | na | na |
| TCAI Return (Price) | -17.0% | -15.5% | 18.5% | na | na | na |
| NAV +/- Price Return | -0.184% | -0.485% | 0.074% | na | na | na |
| Infrastructure Avg | 3.3% | -2.8% | 9.0% | 17.1% | 8.7% | 9.2% |
| TCAI Grade (NAV) | F | F | A | na | na | na |
| +/- Category (NAV) | -20.4% | -13.2% | 9.6% | na | na | na |
| TCAI Tax-Cost Ratio | na | na | 0.0% | na | na | na |
TCAI Annual NAV Total ReturnsData as of 10/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TCAI Return (NAV) | 30.9% | na | na | na | na | na | na | na | na | na | na |
| TCAI Return (Price) | 31.2% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.011% | na | na | na | na | na | na | na | na | na | na |
| Infrastructure Avg | 9.8% | 21.8% | 7.2% | 11.3% | -4.1% | 20.7% | 6.3% | 27.8% | -11.8% | 18.0% | 14.9% |
| TCAI Grade (NAV) | A | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 21.1% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 211 Mil |
| Share Class Assets: | $ 211 Mil |
| Turnover: | 31.0% |
| Expense Ratio: | 0.65% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Semi-Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 1.2 years | |||
| Average Tenure: 1.2 years | |||
| Managers (Year): Kessens Brian (2025), Mick James (2025), Sallee Matthew (2025), Thummel Robert (2025) | |||
Portfolio Composition (as of 10/30/26)
| # of Holdings: | 47 |
| % in Top 10 Holdings: | 43.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 11.2% |
Portfolio Allocation |
|
| Domestic Stock: | 88.5% |
| Foreign Stock: | 11.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 6.2% |
| Cash: | -5.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Tortoise Capital Advisors, LLC |
| Phone Number: | 855-994-4437 |
| Website: | |
| Inception Date: | August 4, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.65% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.57% |
