MutualFundWire.com: Florence Actively Targets Nuclear Power

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Monday, December 22, 2025

Florence Actively Targets Nuclear Power

The team at an $8.7-billion-AUM* asset manager near Kansas City are rolling out an exchange-traded fund focused on the nuclear power ecosystem. Unlike similar recent LETF and index ETF launches by other boutiques, this new fund is an active one.

Last Thursday (December 18), Tom Florence, chairman and CEO of Tortoise Capital Advisors, L.L.C. [profile], unveiled the launch of the Tortoise Nuclear Renaissance ETF (TNUK on the NYSE Arca). Overland Park, Kansas-based Tortoise serves as investment advisor to the new ETF.

TNUK's inception date was last Thursday. The new fund comes with an expense ratio of 75 basis points.

The PM team for TNUK includes four senior portfolio managers and managing directors from Tortoise's investment committee. Those PMs are:

Brian Kessen;

James Mick;

Matt Sallee; and

Rob Thummel.

Florence describes TNUK as a natural fit for the Tortoise ETF lineup.

"It expands on what we've always aimed to do which is give investors access to energy and infrastructure themes that are essential to our way of life," Florence states. "Nuclear is becoming an integral part of that story, and we think this actively managed fund offers a unique way for investors to incorporate this renaissance into their energy framework."

Sallee, head of investments at Tortoise, puts the launch of TNUK in the context of what describes as the underway "nuclear cycle." Mark Marifian, adds that there is a "tonal shift" in nuclear energy.

"AI demand continues to surge, multiple U.S. reactors are restarting or extending their operational lifespans for 20 to 40 years, utilities are locking in long-term uranium contracts at the fastest pace in a decade, and the U.S. is reshoring the entire fuel cycle with tens of billions in federal support," Sallee states. "TNUK is built to give investors pure-play exposure to this structural shift as nuclear transforms from a legacy asset to a critical infrastructure growth story."

"Nuclear has moved from a long-term idea to a near-term solution, with even previously mothballed plants coming back into service to meet rising power demand. As AI and electrification accelerate, investors need an active manager with real energy expertise to navigate the opportunities emerging across the nuclear value chain," Marifian states. "This ETF expands our electrification-infrastructure suite at exactly the right moment."

Thummel notes "the engineers, OEMs, reactor vendors, operators, and safety equipment providers are all businesses that are seeing real growth."

"While TNUK offers exposure to uranium miners, we think the bigger story is the ecosystem around them," Thummel states. "We wanted an ETF that reflected the opportunity of the full value chain rather than leaning on just one part."

TNUK is an actively managed, non-diversified series of Tortoise Capital Series Trust. The new ETF's other service providers include:

Morrison & Foerster LLP as counsel to independent trustees;

ACA Foreside's Quasar Distributors LLC as distributor;

Tait, Weller & Baker LLP as independent accounting firm;

U.S. Bank Global Fund Services as administrator, accounting agent, dividend disbursing agent, and transfer agent;

U.S. Bank, N.A. as custodian; and

Vedder Price as counsel.