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TCAI

GradeCNew York Stock Exchange

Tortoise AI Infrastructure ETF

Themes · Tortoise · Inception 2025-08-04

$48.40−0.47 (−0.96%)

As of Sep 23, 2026, 2:06 PM EDT

History starts Aug 5, 2025.
Intraday session: down, 34 prints from 48.87 to 48.40. Range 48.03 to 48.87. Use the arrow keys to read each point.$48.00$48.20$48.60$48.8010 AM12 PM2 PM4 PM
Expense ratio
0.65%
Fund size
$265M
1Y return
+66.6%
Yield · Last 12 months
Data unavailable
Volume · 30D
0.1M sh
NAV per share
$48.29
52W range
low $27.46high $58.63

The ETF.net TCAI Grade

C

54/ 100

Rank 4 of 14 in AI Data Infrastructure⁠

Confidence Medium

Six-pillar profile for TCAI. Scores out of 100: Cost 50, Risk 50, Mission 31, Tradability 60, Holdings 70, Durability 58. Strongest: Holdings (70). Weakest: Mission (31). Leans toward Holdings.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 54 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 50
    Category rank9/14 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    DScore 31
    Category rank4/4 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 50
    Category rank3/8 · top 38%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 60
    Category rank5/14 · top 36%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 70
    Category rank3/10 · top 30%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 58
    Category rank7/14 · top 50%

Graded as of Sep 22, 2026

Our read on TCAI

ETF.net Research

CA stock picker's run at the AI buildout. TCAI is actively managed with no index to follow, aiming at the companies that supply AI infrastructure, and it prices right at the middle of its small niche.

Stated mandate

The Fund invests with an emphasis on companies involved in AI infrastructure. It is actively managed and does not seek to track an index.

Why people hold it

  1. 01No index, no rulebook. The managers pick the AI infrastructure names themselves, so the portfolio can shift as the buildout does rather than wait for a quarterly reconstitution.
  2. 02At 0.65% a year it lands on the median fee for its AI infrastructure cohort, and under the 0.69% charged by Defiance's AIPO, despite being run actively.
  3. 03In a crowded new corner (seven funds chasing AI infrastructure), this one grades out in the upper half on our review.
  4. 04Liquidity is a bright spot: it changes hands often enough that getting in and out is one of the smoother parts of owning it, unusual for a fund this new.

Worth knowing

  1. 01Launched in August 2025, so the track record is thin. There is not yet enough history to judge how it behaves through a full market cycle.
  2. 02Active costs more here. Index-run peers in the same niche, Franklin's XDAT at 0.50% and ProShares' DAT at 0.58%, undercut it.
  3. 03Distributions come once or twice a year, and the fund is still mid-sized rather than a giant. This is a growth-theme holding, not an income line item.

TCAI Holdings

As of Sep 20, 2026, 9:17 AM
Asset class
Stocks
Holdings
—
Top-10 weight
43%
Largest holding
DELL7.5%

Sectors

  • Technology48.1%
  • Industrials29.1%
  • Utilities7.0%
  • Financials6.7%
  • Energy4.9%
  • Communication2.6%
  • Consumer Discr.1.7%

Geography

  • United States78.78%
  • Germany3.67%
  • Singapore3.63%
  • United Kingdom3.36%
  • Netherlands2.65%
  • Korea (the Republic of)2.35%
  • Australia2.22%
  • Cayman Islands1.55%
  • Other countries (2)1.80%

Developed 82% · Emerging 18% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 4.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001DELLDell Technologies Inc7.54%34,717$20M427
002MUMicron Technology Inc5.31%13,667$14M655
003VRTVertiv Holdings Co5.12%53,663$13M384
004SNDKSandisk Corp4.61%6,728$12M450
005STXSeagate Technology Holdings PLC3.76%11,461$10M434
006PWRQuanta Services Inc3.63%14,899$9M355
007CIENCiena Corp3.47%26,010$9M384
008NVTnVent Electric PLC3.40%56,369$9M252
009CIFRCipher Digital Inc3.38%481,685$9M111
010GEVGE Vernova Inc3.03%8,421$8M473
011WDCWestern Digital Corp2.95%17,492$8M478
012CEGConstellation Energy Corp2.70%27,747$7M353
013NBISNebius Group NV2.63%30,780$7M185
014HPEHewlett Packard Enterprise Co2.63%113,236$7M379
015ANETArista Networks Inc2.41%31,599$6M490

Showing 1–15 of 48 holdings

TCAI Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

TCAI$16,665
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. TCAI $16,665. SPY $11,723. Use the arrow keys to read each point.$8,704$14,704$20,705Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for TCAI. Periods over one year show the average yearly return.
PeriodTCAI
Year to date+64.6%
1 month+5.4%
3 months−16.2%
1 year+66.6%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for TCAI
YearReturn barTCAI
2026 YTD+64.6%
2025+17.8%

History from Aug 5, 2025

TCAI in the news

TCAI Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.02 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 31, 2025 $0.02. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 31, 2025Jan 2, 2026$0.02

TCAI Risk

How much the fund’s monthly returns vary, scaled to a year.
46.9%
Annualised · 12 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.36
vs 3-month T-bills · 12 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−28.8%
13 months · trough Jul 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
2.70
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

TCAI Cost

Expense ratio0.65%
  • The middle half of AI Data Infrastructure funds
  • Median 0.65%

5 of the 12 AI Data Infrastructure funds charge less.

TCAI costs $65.00 a year on $10,000. The median AI Data Infrastructure fund costs $65.00.