Tortoise Capital Launches the Tortoise AI Infrastructure ETF (NYSE: TCAI), Providing Access to the Foundational Infrastructure Powering the AI Revolution

Tortoise Capital Advisors, L.L.C. (Tortoise Capital), a fund manager focused on energy investing, today unveiled the latest addition to its growing lineup of Exchange Traded Fund (ETF) solutions with the launch of the Tortoise AI Infrastructure ETF (TCAI).

TCAI offers an actively managed, energy-adjacent investment strategy that provides investors with exposure to the underlying infrastructure that is critical to both the near- and long-term growth of artificial intelligence (AI). From electric power generation to data centers and essential digital hardware, the fund targets the key systems and companies building and enabling the infrastructure that makes AI possible.

“AI is widely recognized as the fourth industrial revolution and its transformative effects are already being felt across virtually all sectors and industries,” said Matt Sallee, Head of Investments. “However, AI doesn’t run on code alone. It runs on infrastructure. Behind every AI breakthrough lies a foundation of essential infrastructure spanning energy systems, advanced technology platforms, data centers and more capable of storing and processing massive amounts of electricity, data, and information. Given this rapid growth of AI, data center expansion, and subsequent energy demand, we believe there’s a compelling opportunity to invest in the companies that are enabling this revolution.”

The approach underpinning TCAI sees the Tortoise team categorize AI infrastructure into three essential pillars:

1. Energy

Data centers, AI’s operational core, require massive amounts of electricity to run 24/7, 365 days a year without interruption. The strategy offers exposure to:

• Electricity generation and distribution assets that power data centers
• Pipeline infrastructure critical for fuel delivery
• Key energy inputs, including natural gas and uranium, that provide reliable and affordable energy at scale

2. Data Centers

This includes the infrastructure that house the vast amounts of data required for AI applications. TCAI also invests in construction companies expanding the national data center footprint to meet the exponential growth in AI-related computing needs.

3. Technology

This includes the critical internal components that enable data center operations:

• Racks and associated electrical equipment housing AI servers and GPUs - the compute engines powering AI workloads
• Cabling and switches enabling fast, efficient data transmission
• Data storage systems designed to manage immense volumes of information
• Cooling infrastructure critical to the performance and reliability of sensitive hardware

“There’s no AI without infrastructure, more specifically, electricity - which we believe is the new oil,” said Rob Thummel, Senior Portfolio Manager. “TCAI seeks to offer investors a comprehensive solution that taps into this AI theme. Rather than focusing on software platforms or headline grabbing tech names already trading at elevated valuations, the fund invests in the companies that power the technology, all of which have strong cash flows, essential service models, and strategic relevance in the AI race.”

TCAI employs a disciplined investment process where the portfolio management team takes a structured, risk-aware approach. This process, also utilized in additional Tortoise investment products, has proven successful across multiple market cycles, particularly in navigating energy market volatility and sector evolution while consistently aiming to deliver the best possible risk-adjusted returns for investors.

“With our long-standing focus on the energy and infrastructure sectors, we believe TCAI is a natural expansion of the products we offer here at Tortoise. We are proud that this innovative fund is the first ETF of its kind, focusing on the infrastructure supporting AI,” said Mark Marifian, Head of Product. “Our team’s deep knowledge of energy infrastructure investing trends put our investors in a position to not only capitalize, but to get in at the ground-level of a movement that’s in the early stages. Whether used as a core holding or a high active share satellite position, it’s designed with the goal of outperforming the S&P 500 while serving multiple roles, such as a thematic growth allocation, real assets diversifier, or a source of inflation hedged equity exposure.���

“We see AI infrastructure as one of the most transformative and defining themes of this generation,” said Tom Florence, CEO. “Just as the shale boom transformed global energy markets, the AI buildout is ushering in a new era of infrastructure demand. As AI becomes increasingly embedded in every aspect of business and daily life, the demand for infrastructure that supports it is growing exponentially. This isn’t a short-term trend, it’s a foundational shift that will require massive investment and could generate long-term, dependable returns to investors.”

To learn more about TCAI and Tortoise Capital please visit www.tortoisecapital.com.

About Tortoise Capital

With approximately $9.1 billion in assets under management as of June 30, 2025, Tortoise Capital’s record of investment experience and research dates back more than 20 years. As an early investor in midstream energy, Tortoise Capital believes it is well-positioned to be at the forefront of the global energy evolution that is under way. Based in Overland Park, Kansas, Tortoise Capital Advisors, L.L.C. is an SEC-registered investment adviser who manages funds that invest primarily in publicly traded companies in the energy and power infrastructure sectors—from production to transportation to distribution. For more information about Tortoise Capital, visit www.tortoisecapital.com.

Disclosures

Tortoise Capital Advisors, LLC is the advisor to the Tortoise AI Infrastructure ETF.

Nothing in this press release 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.

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.

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.

Investing involves risk. Principal loss is possible. The fund is registered as a non-diversified, open-end management investment company under the 1940 Act. Accordingly, there are no regulatory limits under the 1940 Act on the number or size of securities that we hold, and we may invest more assets in fewer issuers compared to a diversified fund. An investment in MLP securities involves some risks that differ from the risks involved in an investment in the common stock of a corporation, including risks relating to the ownership structure of MLPs, the risk that MLPs might lose their partnership status for tax purposes and the risk that MLPs will not make distributions to holders (including us) at anticipated levels or with the expected tax character.

The Fund’s strategy of concentrating its assets in the power and energy infrastructure industries means that the performance of the Fund will be closely tied to the performance of these particular market sectors. 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. 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.

Investment advisers, including the Adviser, must rely in part on digital and network technologies (collectively “cyber networks”) to conduct their businesses. Such cyber networks might in some circumstances be at risk of cyber-attacks that could potentially seek unauthorized access to digital systems for purposes such as misappropriating sensitive information, corrupting data, or causing operational disruption.

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. The use of derivatives could increase or decrease the Fund’s exposure to the risks of the underlying instrument. Using derivatives can have a leveraging effect and increase fund volatility.

We may invest a portion of our assets in fixed income securities rated “investment grade” by nationally recognized statistical rating organizations (“NRSROs”) or judged by our investment adviser, Tortoise Capital Advisors, L.L.C. (the “Adviser”), to be of comparable credit quality. Non-investment grade securities are rated Ba1 or lower by Moody’s, BB+ or lower by S&P or BB or lower by Fitch or, if unrated, are determined by our Adviser to be of comparable credit quality. Investments in the securities of non-U.S. issuers may involve risks not ordinarily associated with investments in securities and instruments of U.S. issuers, including different accounting, auditing and financial standards, less government supervision and regulation, additional tax withholding and taxes, difficulty enforcing rights in foreign countries, less publicly available information, difficulty effecting transactions, higher expenses, and exchange rate risk.

Restricted securities (including Rule 144A securities) are less liquid than freely tradable securities because of statutory and contractual restrictions on resale. This lack of liquidity creates special risks for us. Rule 144A provides an exemption from the registration requirements of the Securities Act of 1933 (the “1933 Act”), for the resale of certain restricted securities to qualified institutional buyers, such as the Fund. We cannot guarantee that our covered call option strategy will be effective. There are several risks associated with transactions in options on securities. For example, the significant differences between the securities and options markets could result in an imperfect correlation between these markets. Certain securities may trade less frequently than those of larger companies that have larger market capitalizations.

Risks include, but are not limited to, risks associated with companies owning and/or operating energy pipelines, as well as master limited partnerships (MLPs), MLP affiliates, capital markets, terrorism, natural disasters, climate change, operating, regulatory, environmental, supply and demand, and price volatility risks. The tax benefits received by an investor investing in the fund differ from that of a direct investment in an MLP by an investor. The value of the fund’s investment in an MLP will depend largely on the MLP’s treatment as a partnership for U.S. federal income tax purposes. If the MLP is deemed to be a corporation then its income would be subject to federal taxation, reducing the amount of cash available for distribution to the fund which could result in a reduction of the fund’s value. Investments in non-U.S. companies (including Canadian issuers) involve risk not ordinarily associated with investments in securities and instruments of U.S. issuers, including risks related to political, social and economic developments abroad, differences between U.S. and foreign regulatory and accounting requirements, tax risk and market practices, as well as fluctuations in foreign currencies. The fund invests in small and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility than larger companies. Shares may trade at prices different than net asset value per share.

A master limited partnership (MLP) is a limited partnership investment vehicle that is traded on public exchanges. MLPs are traded in units rather than shares and consist of a general partner and limited partners. There are certain tax advantages as well as opportunity for more liquidity.

Diversification does not assure a profit or protect against a loss in a declining market.

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NOT FDIC INSURED · NO BANK GUARANTEE · MAY LOSE VALUE

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“There’s no AI without infrastructure, more specifically, electricity - which we believe is the new oil... TCAI seeks to offer investors a comprehensive solution that taps into this AI theme," Rob Thummel, Senior Portfolio Manager Tortoise Capital.