AI Infrastructure by the Numbers
As of 6/30/2026
AI doesn’t run on code alone. It runs on infrastructureTM.
| Performance as of 6/30/2026 | |||
|---|---|---|---|
| Total return | QTD | Calendar YTD | Since Inception* |
| Market Price | 61.43% | 88.35% | 120.79% |
| NAV | 61.42% | 88.98% | 120.98% |
| Benchmark | 15.20% | 10.21% | 19.81% |
*Inception: 8/4/2025.
The performance data quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment retum 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 returs you would receive if you traded shares at other times. For the fund’s most recent month end performance, please call (855) 994-4437 or visit https://tortoisecapital.com/etf/tortoise-ai-infrastructure-etf.
As stated in the Prospectus, the total annual operating expenses are 0.65%.
Past performance is no guarantee of future results.
One Year Later
One year ago, we launched TCAI with a simple belief: artificial intelligence would require far more than software and semiconductors.
It would require an entirely new generation of physical infrastructure.
Over the past twelve months, that thesis has become increasingly evident.
Hyperscale technology companies have continued to raise capital spending plans. New multi-gigawatt data center campuses have been announced across the United States and around the world. Demand for electricity has accelerated, shortages have emerged in critical infrastructure such as gas turbines and memory, and companies enabling AI—from power generation to cooling systems to data storage—have become essential participants in one of the largest infrastructure buildouts in decades.
Perhaps the most important lesson from TCAI’s first year isn’t simply that AI has grown.
It’s that AI cannot grow without infrastructure.
Performance Validated the Thesis
During its first year, TCAI generated exceptional returns while outperforming broader equity benchmarks. More importantly, the companies driving those returns were supported by improving fundamentals—not simply expanding valuations.
Leadership shifted throughout the year.
Early gains were driven by electricity producers and bitcoin miners positioned to monetize scarce power resources.
As hyperscaler spending accelerated, leadership rotated toward memory, networking, liquid cooling and data storage companies.
This rotation highlights one of the advantages of active management. Rather than attempting to predict a single winner in AI, TCAI has been able to allocate capital across the infrastructure stack as opportunities evolved.
The Fundamentals Are Even Stronger Today
1. Hyperscaler spending continues to surprise
Every quarter over the past year, expected capital spending has increased.
Only a year ago, investors debated whether AI spending would slow.
Instead, projected annual capital expenditures have continued moving higher, with expectations now approaching $1 trillion annually over the coming years.
2. Infrastructure shortages are appearing
Examples:
- natural gas turbines
- power availability
- memory
- storage
- cooling
- transmission
Supply shortages are creating pricing power for companies across the AI infrastructure value chain.
3. Electricity has become strategic
Electricity is the new oilTM.
Electricity is no longer simply an operating expense for technology companies.
It has become a strategic competitive advantage.
Access to reliable power increasingly determines where data centers can be built, how quickly AI capacity can be deployed and which companies are positioned to benefit from the next phase of AI adoption.
That message has become stronger over the last year.
Looking Ahead
While AI headlines often focus on the next chatbot or software application, we believe investors should continue watching the physical infrastructure being built underneath those innovations.
- Every new AI model requires additional computing.
- Every server requires storage.
- Every rack requires cooling.
- Every data center requires electricity.
Those relationships have not changed.
If anything, they have become even more important over the past year.
We continue to believe we remain in the early stages of a multi-year investment cycle driven by expanding AI infrastructure spending.
Conclusion
AI may be the brain.
Infrastructure remains the nervous system.
One year after launch, we believe the system is still being built.
At Tortoise Capital, we’ve spent more than two decades investing in essential infrastructure. Today, we believe AI infrastructure represents one of the most compelling long-term investment opportunities we’ve seen.
Want to learn more about TCAI?
Important Information
The performance data quoted represents past performance. 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.
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. This communication contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical fact, included herein are “forward-looking statements.” Although Tortoise Capital believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual events could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors. You should not place undue reliance on these forward-looking statements. This communication reflects our views and opinions as of the date herein, which are subject to change at any time based on market and other conditions. We disclaim any responsibility to update these views. These views should not be relied on as investment advice or an indication of trading intention. Discussion or analysis of any specific company-related news or investment sectors are meant primarily as a result of recent newsworthy events surrounding those companies or by way of providing updates on certain sectors of the market. Tortoise Capital, through its family of registered investment advisers, does provide investment advice to Tortoise-related funds and others that include investment into those sectors or companies discussed in this communication. As a result, Tortoise Capital does stand to beneficially profit from any rise in value of the sectors broadly discussed, including individual companies contained within.
Tortoise Capital Advisors, LLC is the advisor to the Tortoise AI Infrastructure ETF.
Before investing in the funds, investors should consider their investment goals, time horizons and risk tolerance. The funds’ investment objective, risks, charges and expenses must be considered carefully before investing. The statutory prospectuses and the summary prospectuses (click here) contain this and other important information about the funds. Copies of the funds’ prospectus may be obtained by calling 855-994-4437 or by emailing info@tortoisecapital.com. Read it carefully before investing.
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.
Investing involves risk. Principal loss is possible. Because the fund is “non-diversified” and may invest a greater percentage of its assets in the securities of a single issuer, a decline in the value of an investment in a single issuer could cause the fund’s overall value to decline to a greater degree than if the fund held a more diversified portfolio. The fund’s strategy of emphasizing investments in AI infrastructure companies means that the performance of the fund will be closely tied to the performance of one or more industries that are expected to benefit from the growth of AI-capable data centers and related technology and energy infrastructure. Investing in companies that are expected to benefit from the same macro theme means that some of the fund’s investments may be similarly affected by certain market, economic, political, or social developments. Companies in the energy infrastructure sector are subject to many risks that can negatively impact the revenues and viability of companies in this sector, including, but not limited to risks associated with companies owning and/or operating pipelines, gathering and processing assets, power infrastructure, propane assets, as well as capital markets, terrorism, natural disasters, climate change, operating, regulatory, environmental, supply and demand, and price volatility risks. Companies in the technology infrastructure sector are subject to many risks that can negatively impact the revenues and viability of companies in this sector, including, but not limited to risks associated with emerging technology that renders existing products or services obsolete, reliance on outdated technology, intellectual property theft, supply chain disruption, vulnerabilities to third-party vendors and suppliers, business interruption, difficulty in retaining skilled talent, and regulatory compliance. Companies in the industrial sector face a variety of risks, including commodity price volatility, supply chain disruptions, potential obsolescence of technologies, economic downturns, and increasing competition.
Investment advisers, including the Adviser, must rely in part on digital and network technologies (collectively “cyber networks”) to conduct their businesses. Derivatives include instruments and contracts that are based on and valued in relation to one or more underlying securities, financial benchmarks, indices, or other reference obligations or measures of value. If the fund writes a covered call option, during the option’s life the fund gives up the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but retains the risk of loss should the price of the underlying security decline. Investments in securities of foreign companies involve risks not ordinarily associated with investments in securities and instruments of U.S. issuers, including risks relating to political, social and economic developments abroad, differences between U.S. and foreign regulatory and accounting requirements, tax risks, and market practices, as well as fluctuations in foreign currencies.
The fund may be exposed to liquidity risk when trading volume, lack of a market maker, or legal restrictions impair the fund’s ability to sell particular securities or close call option positions at an advantageous price or in a timely manner. Illiquid investments may include restricted securities that cannot be sold immediately because of statutory and contractual restrictions on resale. Mid-cap and small-cap companies may not have the management experience, financial resources, product or business diversification and competitive strengths of large cap companies.
Shares of exchange-traded funds (ETFs) are not individually redeemable and owners of the shares may acquire those shares from the ETF and tender those shares for redemption to the ETF in Creation Units only, see the ETF prospectus for additional information regarding Creation Units. Investors may purchase or sell ETF shares throughout the day through any brokerage account, which will result in typical brokerage commissions.
There is no guarantee the fund will pay distributions in the future and distributions, if any, may be less than the current distribution.
Nothing on this communication 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.
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NOT FDIC INSURED · NO BANK GUARANTEE · MAY LOSE VALUE
The S&P 500® Total Return Index is a total return index that reflects both changes in the prices of stocks in the S&P 500 Index as well as the reinvestment of the dividend income from its underlying stocks.
Capital expenditures (CapEx) are funds used by a company to acquire, upgrade, and maintain physical assets such as property, plants, buildings, technology, or equipment.