IQ

TCAI Tortoise AI Infrastructure ETF

Share ▾
Share on XDownload as PDF
$42.01
+4.2% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

Between May 29, 2026 and Oct 16, 2026, TCAI lost 26.5%, against −24.0% for its own holdings.

What drove TCAI’s returns?What does TCAI hold that the S&P 500 does not?What does TCAI cost to hold and to trade?
Holds 43 stocks in aI infrastructure and chips, 63% of its weight in S&P 500 companiesTortoise ↗Expense ratio 0.65%Fund assets $217m net assets, latest filing (May 31, 2026)First traded Aug 5, 2025Benchmark Its own holdings, as of May 31, 2026; its prospectus names no index it tracksSEC filings ↗Every Tortoise fund ETFIQ coversDividend history

Promise check: Not measuredIts theme exposure is measured once ETFIQ defines its theme company by company.

Compare with…Trading costsPut to the committeeaskIQ about TCAIAdd to portfolioOverlapFlowsAlerts

TCAI risk and return scorecard

vs its own holdings

Not measured: its benchmark is its own holdings, which has no weekly price series.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Money in and out

Net fund flows · May 31, 2026
Since Aug 2025
+$149m
askIQ: what do these flows mean? ↗

What you earned

TCAI −9.6%: total return over one month to Oct 28, 2026.
TCAI−9.6%
TCAI +1.3%: total return over three months to Oct 28, 2026.
TCAI+1.3%
TCAI −2.5%: total return over six months to Oct 28, 2026.
TCAI−2.5%
TCAI +41.5%: total return over the year to Oct 28, 2026.
TCAI+41.5%
TCAI +29.3%: total return over one year to Oct 28, 2026.
TCAI+29.3%
TCAI +66.6%: total return since launch to Oct 28, 2026.
TCAI+66.6%
askIQ: what drove TCAI’s returns? ↗

What did you actually buy?

AI infrastructure and chips · holdings as of May 31, 2026
62.9%
Already in the S&P 500
Report
92.7%
Active share vs the S&P 500
Report
50.4%
Top ten holdings
Report
+29.3%
Total return, 1 year
Report
0.0%
12-month yield, capital gains included, on its starting price
Report
$0.0153
Last payment, ex-date Dec 31, 2025
Report
Share already in the S&P 500
62.9% of the fund by weight, holdings as of May 31, 2026.
Ten largest holdings
Dell Technologies Inc8.9%
Micron Technology Inc7.6%
Seagate Technology Holdings PL5.8%
Western Digital Corp5.1%
Ciena Corp5.1%
Vertiv Holdings Co4.5%
Quanta Services Inc3.6%
Sandisk Corp/DE3.5%
MYR Group Inc3.3%
nVent Electric PLC3.2%
askIQ: what does TCAI hold that the S&P 500 does not? ↗

More on TCAI

Every number below is on this page. Open what you need.

The week's ETF fund flows, by email on Sundays.

One-click unsubscribe. See Privacy.

Price, 1 year

$42.01+4.2%1 day, priceClose, Oct 28, 2026

Price only. Total return over the same days, distributions reinvested, was +29.3%. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Oct 28, 2026. Updated every trading night. Report a data error

Points (pts) are percentage points.

TCAI returns by window: total return, cash paid and price change
WindowTotal returnS&P 500 (SPY)
1M Sep 28 – Oct 28, 2026−9.6%+0.9%
3M Jul 29 – Oct 28, 2026+1.3%+6.1%
6M Apr 29 – Oct 28, 2026−2.5%+9.1%
YTD Dec 31, 2025 – Oct 28, 2026+41.5%+14.1%
1Y Oct 28, 2025 – Oct 28, 2026+29.3%+13.6%
Since launch Aug 5, 2025 – Oct 28, 2026+66.6%+24.7%
Since launch, annualised Aug 5, 2025 – Oct 28, 2026+51.5%–

Total returns, distributions reinvested. Listed Aug 2025: no 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

Where every fund in this set sits

How much of its weight does it not share with the S&P 500?

Active share against the S&P 500
USNZ 23.1%IQSZ 49.1%TNXT 51.6%IETC 59.8%XIGV 60.7%CRTC 61.8%AIX 64.0%LQAI 64.9%ALAI 65.2%IVES 66.3%ILDR 67.0%PEXL 67.1%JHAI 68.1%AGIX 68.8%AIEQ 69.0%AOTG 69.1%XT 69.2%FAI 70.1%AIQ 70.2%CHAT 70.9%WTAI 71.5%XAIX 72.0%THMZ 73.5%AIFD 74.4%FRWD 74.4%CARZ 74.5%WUGI 75.2%FDTX 75.5%BAI 75.9%AIUP 76.1%TEKY 77.7%PNQI 78.9%FMET 79.1%IGPT 79.2%FDCF 79.8%ARKW 79.9%AINT 80.3%ARKQ 80.3%SHOC 80.5%SMH 80.7%SOXQ 80.8%FTXL 80.9%GGME 81.5%KNCT 81.7%PBOT 82.1%SOXX 82.3%CBOT 82.4%OGIG 82.9%UFOX 83.1%ARTY 83.2%ABOT 83.7%ARKX 83.7%MILN 83.9%SUPP 84.2%CHPX 84.3%RACK 84.3%CHPS 84.8%AGIQ 85.2%FDN 85.5%AIPO 85.8%CLOD 86.1%XDAT 86.2%BUYZ 86.3%SMHX 87.2%FOWF 88.4%NRSH 88.6%PCLN 89.5%DTCR 90.8%CIBR 90.9%FCLD 91.6%TMAT 91.6%RBLD 91.9%PSI 92.2%IGV 92.4%NEWZ 94.6%TSES 94.7%MADE 94.8%PBPH 95.0%GDOC 95.4%BMED 95.6%EPAI 95.6%IFRA 95.7%PPA 96.4%WR 96.6%POWR 96.9%VOLT 96.9%YUNG 97.1%FPWR 97.2%, and 2 more at this point: IVEP 97.2%, PAVE 97.2%MISL 97.4%HVAC 97.5%, and 1 more at this point: RIFR 97.5%AV 97.6%, and 1 more at this point: TSSD 97.6%IPAY 97.7%, and 4 more at this point: ITA 97.7%, NATO 97.7%, KYC 97.8%, ZAP 97.8%DUTY 98.1%WNDR 98.1%DRES 98.2%, and 2 more at this point: TPZ 98.3%, SRVR 98.5%NFRX 98.2%IHI 98.7%DOCK 98.8%BBH 99.0%PHO 99.4%LGHT 99.5%TCAI 92.7%TCAI 92.7%23.1%99.5%
23.1% to 99.5% across 112

That is the share of the 112 thematic ETFs with at least half their money in S&P 500 companies sitting at or below TCAI.

Weight not shared with the S&P 500 only; it says nothing about returns, fees or whether the theme pays off. Where the fund sits in this set, not a rating. Do not average it with another category's score.

66.5
IQ Themes ScoreETFIQ S&P 500 Difference Score38th of 112 · Oct 28, 2026
0.4 · lowest of 112 thematic ETFs with at least half their money in S&P 500 companies99.6 · highest

How different its holdings are from the S&P 500, ranked against 112 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed

TCAI shares 23 of its 43 holdings with the S&P 500. Counting each at the smaller of its two weights, the two overlap by 7.3%.

active share against the S&P 50092.7% · 66th pct
All 112 ranked by this score →

Money in and out

Monthly data · as of May 31, 2026

TCAI: in the month to May 31, 2026, net $48.9m came in, by its SEC filing.

Since Aug 2025
+$149m
Aug 1, 2025 to May 31, 2026
monthly, from SEC filings

Computed by ETFIQ from the monthly sales and redemptions TCAI files with the SEC on Form N-PORT.

How this is computed

ETFIQ reads no daily data for this fund, so its flows are monthly, and the latest month filed is May 2026. Every day and month ETFIQ holds for TCAI, back to Aug 2025, is in its flows file. Flows across every fund · How these flows are computed · Compare TCAI with other funds in the flows tool

Month by month, money in and money outAug 2025 to May 2026

TCAI, money in and money out each month from Aug 2025 to May 2026: two bars a month, money in above the line and money out below. Every bar is from TCAI’s SEC filings (N-PORT item B.6). Of the 10 months listed, money came in on net in 9 and went out in 0.

Every bar is from TCAI’s SEC filings (N-PORT item B.6). Of the 10 months listed, money came in on net in 9 and went out in 0.

MonthInOutNet
May 2026 SEC Form N-PORT+$48.9m$0+$48.9m
Apr 2026 SEC Form N-PORT+$14.7m$0+$14.7m
Mar 2026 SEC Form N-PORT+$19.2m$0+$19.2m
Feb 2026 SEC Form N-PORT+$11.4m$0+$11.4m
Jan 2026 SEC Form N-PORT+$4.0m−$1.3m+$2.7m
Dec 2025 SEC Form N-PORT$0$0$0
Nov 2025 SEC Form N-PORT+$8.2m−$884k+$7.3m
Oct 2025 SEC Form N-PORT+$16.6m−$2.5m+$14.0m
Sep 2025 SEC Form N-PORT+$26.9m$0+$26.9m
Aug 2025 SEC Form N-PORT+$3.5m$0+$3.5m

Most recent first.

How this is computed

N-PORT months: money in is sales plus reinvestments; money out is redemptions.

N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.

Source: ETFIQ, from the fund’s SEC N-PORT filings. Data as of May 31, 2026. Updated when the fund files its next report.

TCAI key stats

52-week high, daily closes to Oct 28, 2026 (ETFIQ)$58.29 on Jun 22, 2026
52-week low, daily closes to Oct 28, 2026 (ETFIQ)$28.32 on Nov 21, 2025
Close on Oct 28, 2026, within that range (ETFIQ)$42.01, 46% of the way from the low to the high
Holdings43
Top ten holdings weight50.4%
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Feb 13, 2026
Trading · TCAIas of Feb 13, 2026
·
Not scored1 of 6 measured · Feb 13, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

TCAI top ten by weight, 50.4% of the fund, of its 43 equity positions, from the holdings filed for May 31, 2026. Source: the fund’s SEC filing.

Dell Technologies Inc DELL 8.91%
Micron Technology Inc MU 7.61%
Seagate Technology Holdings PL STX 5.75%
Western Digital Corp WDC 5.12%
Ciena Corp CIEN 5.08%
Vertiv Holdings Co VRT 4.46%
Quanta Services Inc PWR 3.57%
Sandisk Corp SNDK 3.46%
MYR Group Inc MYRG 3.28%
nVent Electric PLC NVT 3.17%
Fund filings on SEC EDGAR ↗See all 43 holdings →Check overlap with another fund →

Source: Holdings filing (SEC Form N-PORT).

About TCAI

Theme (ETFIQ, editorial)AI infrastructure and chips
First tradedAug 5, 2025
Already in the S&P 500, by weight (ETFIQ)62.9%
Outside the S&P 500, by weight (ETFIQ)37%
Active share vs the S&P 500 (ETFIQ)92.7%
Already in the Nasdaq-100, by weight (ETFIQ)26.1%
Active share vs the Nasdaq-100 (ETFIQ)91.2%
Top ten holdings weight50.4%
Holdings43
Holdings as of (SEC N-PORT)May 31, 2026
Top holdingsDell Technologies Inc 8.9%, Micron Technology Inc 7.6%, Seagate Technology Holdings PL 5.8%, Western Digital Corp 5.1%, Ciena Corp 5.1%, Vertiv Holdings Co 4.5%, Quanta Services Inc 3.6%, Sandisk Corp/DE 3.5%, MYR Group Inc 3.3%, nVent Electric PLC 3.2%
Net assets (SEC filing, whole fund, as filed for May 31, 2026)$217mReport
Benchmark (ETFIQ, from its filings)Its own holdings, as of May 31, 2026; its prospectus names no index it tracks
TCAI, May 29, 2026 to Oct 16, 2026−26.52%
Its book of May 29, 2026, the same days (ETFIQ, measured on 98% of the book by weight)−23.97%
Against its own holdings (ETFIQ)−2.55 pts
Below its all-time high (ETFIQ)−27.9%
Expense ratio (485BPOS XBRL, Mar 30, 2026)0.65%Report
Fee for the part that differs from the S&P 500, active expense ratio (ETFIQ)0.70%
Closest funds by holdings overlapRACK 34%, IVEP 22%, AIS 22%, AIPO 20%, DISK 19%
Below its all-time high27.9%, high on Jun 22, 2026
How we measure
The top ten holdings are 50% of the fund across 43 positions, as filed for May 31, 2026. Over the year to Oct 28, 2026 the fund returned +29.3% with distributions reinvested. It sits 27.9% below its all-time high of Jun 22, 2026.
Holdings from the fund’s latest public SEC N-PORT filing; overlap and active share computed by ETFIQ against the IVV and QQQM books; returns from Tiingo end-of-day prices with distributions reinvested. Method
IQ Investment Committee on TCAI

12 seats on TCAI, as of Oct 28, 2026: 1 Mixed, 9 Challenges, 2 Not enough data.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyChallenges
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityChallenges
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianNot enough data
In the tradition ofRay DalioDalio-style All-WeatherChallenges
In the tradition ofHoward MarksMarks-style Cycles & RiskChallenges
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityChallenges
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationChallenges
In the tradition ofJesse LivermoreLivermore-style Trend FollowingChallenges
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatMixed
Put TCAI to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about TCAI

How much of TCAI is in S&P 500 companies?
By its holdings filed for May 31, 2026, 63% of TCAI by weight is stocks the S&P 500 already holds. Its active share against the index is 93%, so that share is the part doing something different.
What does TCAI hold?
43 positions as filed for May 31, 2026, with the top ten at 50% of the fund. The largest are Dell Technologies Inc at 8.9%, Micron Technology Inc at 7.6%, Seagate Technology Holdings PL at 5.8%.
Has TCAI beaten the S&P 500?
Over the year to Oct 28, 2026 TCAI returned +29.3% with distributions reinvested, against +13.6% for the S&P 500, so it finished ahead of the index by 15.7 points.
What does TCAI cost?
The prospectus expense ratio is 0.65% a year. Because 93% of the fund differs from the S&P 500, the fee on that differing part works out at 0.70%.
Sources and dates
Prices, TCAI and S&P 500 (SPY)Tiingo end-of-day · Oct 28, 2026
Fee, 0.65%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $217mSEC filing, whole fund · May 31, 2026
HoldingsHoldings filing (SEC Form N-PORT) · May 31, 2026 ↗
IssuerTortoise website ↗
All fund filingsFund filings on SEC EDGAR ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, TCAI, thematic ETFs, data as of Oct 28, 2026. https://etfiq.com/funds/tcai

The difference bar for TCAI, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Active share
How differently the money is placed, counting weights: one minus the sum of the smaller weight of each security across the fund and the index. 100% means nothing in common; 0% means the index itself. Two funds can hold the same names and still have a high active share if they weight them very differently.
Weight overlap
The share of money two portfolios hold in the same securities at the same weight.
Already in the index
The fund’s weight in securities the S&P 500 holds at all. A fund can be made entirely of index names and still have high active share, because it holds them at different weights.
Top ten
The weight of the ten largest holdings. Above 50% the fund is a bet on a handful of companies, whatever the theme.
Full definitions: thematic ETFs vocabulary page. →
Embed this chart

Free to use with the credit link. Paste this where the chart should go; it updates every trading night.

TCAI: 63% of TCAI's weight is in S&P 500 companies and 37% is outside the index. Holdings as of May 31, 2026.
<figure style="margin:0;max-width:640px">
<a href="https://etfiq.com/funds/tcai"><img src="https://etfiq.com/assistant/api/embed/themes/tcai.svg" alt="TCAI: 63% of TCAI&#x27;s weight is in S&amp;P 500 companies and 37% is outside the index. Holdings as of May 31, 2026." width="640" style="max-width:100%;height:auto"></a>
<figcaption style="font:13px/1.5 sans-serif">TCAI: 63% of TCAI&#x27;s weight is in S&amp;P 500 companies and 37% is outside the index. Holdings as of May 31, 2026. Data: <a href="https://etfiq.com/funds/tcai">ETFIQ</a></figcaption>
</figure>

How to embed ETFIQ charts

Get the ETFIQ Daily

The day's ETF flows, a comparison and one number. Every trading morning. About the Daily

The ETFIQ Daily and our other emails. Unsubscribe from any one in a click. See Privacy.

Snapshot, Oct 28, 2026. More on the tabs above.