NPORT-EX 2 smallcap.htm PART F

Infrastructure Capital Small Cap Income ETF
  
Schedule of Investments
  
August 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 90.3%
  
Shares
    
Value
 
Aerospace & Defense - 3.4%
        
StandardAero, Inc. (a)(b)
    
14,417
    
$
381,906
  
Woodward, Inc. (b)
    
489
      
120,695
  
             
502,601
  
                 
Banks - 16.4%
          
Bank of NT Butterfield & Son Ltd. (b)(c)
    
11,357
      
512,428
  
East West Bancorp, Inc. (b)
    
5,007
      
526,436
  
Pinnacle Financial Partners, Inc. (b)
    
3,400
      
330,548
  
Popular, Inc. (b)
    
2,637
      
331,312
  
Preferred Bank/Los Angeles CA (b)
    
5,595
      
528,168
  
Western Alliance Bancorp (b)
    
2,369
      
212,144
  
             
2,441,036
  
                 
Capital Markets - 7.5%
          
AllianceBernstein Holding LP (b)
    
4,466
      
176,764
  
Houlihan Lokey, Inc. (b)
    
813
      
161,990
  
Lazard, Inc. (b)
    
3,555
      
203,204
  
StoneX Group, Inc. (a)(b)
    
5,621
      
574,298
  
             
1,116,256
  
                 
Chemicals - 5.6%
          
AdvanSix, Inc. (b)
    
10,424
      
223,699
  
Avient Corp. (b)
    
6,760
      
252,824
  
Element Solutions, Inc. (b)
    
13,738
      
353,341
  
             
829,864
  
                 
Consumer Finance - 2.6%
          
SLM Corp. (b)(c)
    
12,365
      
386,777
  
                 
Consumer Staples Distribution & Retail - 3.2%
          
Casey's General Stores, Inc. (b)
    
952
      
470,783
  
                 
Diversified REITs - 3.5%
          
Global Net Lease, Inc. (b)
    
66,419
      
522,718
  
                 
Electric Utilities - 1.7%
          
Otter Tail Corp. (b)
    
2,990
      
251,130
  
                 
Electrical Equipment - 3.0%
          
nVent Electric PLC (b)
    
4,945
      
446,979
  
                 
Financial Services - 0.9%
          
Western Union Co. (b)
    
15,372
      
133,275
  
                 
Ground Transportation - 2.8%
          
Lyft, Inc. - Class A (a)(b)
    
25,771
      
418,006
  
                 
Hotel & Resort REITs - 1.3%
          
Park Hotels & Resorts, Inc. (b)
    
16,326
      
191,994
  
                 
Hotels, Restaurants & Leisure - 3.4%
          
Wynn Resorts Ltd. (b)
    
3,935
      
498,761
  
                 
Industrial REITs - 1.4%
          
STAG Industrial, Inc. (b)(c)
    
5,573
      
205,365
  
                 
Insurance - 1.1%
          
Old Republic International Corp. (b)
    
4,147
      
165,756
  
                 
Machinery - 3.0%
          
SPX Technologies, Inc. (a)(b)
    
2,345
    
$
438,773
  
                 
Media - 2.8%
          
New York Times Co. - Class A (b)
    
6,897
      
412,716
  
                 
Mortgage REITs - 4.6%
          
AGNC Investment Corp. (b)
    
35,212
      
343,669
  
Rithm Capital Corp. (b)
    
27,748
      
343,520
  
             
687,189
  
                 
Multi-Utilities - 3.4%
          
Northwestern Energy Group, Inc. (b)
    
8,848
      
508,848
  
                 
Office REITs - 2.6%
          
Kilroy Realty Corp. (b)(c)
    
9,405
      
391,154
  
                 
Oil, Gas & Consumable Fuels - 9.5%
          
Chord Energy Corp. (b)
    
4,719
      
518,571
  
Delek Logistics Partners LP (b)
    
9,463
      
414,669
  
Plains GP Holdings LP (b)
    
24,645
      
475,648
  
             
1,408,888
  
                 
Retail REITs - 2.4%
          
Brixmor Property Group, Inc. (b)(c)
    
12,542
      
351,051
  
                 
Semiconductors & Semiconductor Equipment - 2.8%
          
MKS, Inc. (b)
    
4,078
      
421,421
  
                 
Trading Companies & Distributors - 1.4%
          
Herc Holdings, Inc. (b)
    
1,610
      
210,572
  
TOTAL COMMON STOCKS (Cost $12,010,132)
      
13,411,913
  
                 
PREFERRED STOCKS - 16.3%
  
Shares
    
Value
 
Banks - 2.0%
          
Flagstar Financial, Inc., Series A., 6.38% to 03/17/2027 then 3 mo. SOFR + 3.82%, Perpetual Maturity  (b)(d)
    
13,883
      
300,151
  
                 
Diversified REITs - 1.9%
          
Global Net Lease, Inc., Series A, 7.25%, Perpetual Maturity (b)
    
12,012
      
283,483
  
                 
Financial Services - 0.8%
          
Merchants Bancorp/IN, 7.63%, Perpetual Maturity (b)
    
4,884
      
111,306
  
                 
Insurance - 1.6%
          
Brighthouse Financial, Inc.
    
–
    
$
–
  
Series B, 6.75%, Perpetual Maturity  (b)
    
8,386
      
154,973
  
Series C, 5.38%, Perpetual Maturity
    
5,683
      
84,904
  
             
239,877
  
Mortgage REITs - 10.0%
          
AG Mortgage Investment Trust, Inc., Series B, 8.00%, Perpetual Maturity (b)
    
18,579
      
419,328
  
AGNC Investment Corp., Series D, 8.91% (3 mo. Term SOFR + 4.59%), Perpetual Maturity (b)(c)
    
9,954
      
249,746
  
Annaly Capital Management, Inc., Series J, 8.88%, Perpetual Maturity (a)(b)
    
4,884
      
125,372
  
Chimera Investment Corp.
    
–
    
$
–
  
Series A, 8.00%, Perpetual Maturity  (b)
    
11,936
      
273,334
  
Series B, 10.35% (3 mo. Term SOFR + 6.05%), Perpetual Maturity  (b)
    
11,062
      
273,785
  
Rithm Capital Corp., Series D, 7.00% to 11/15/2026 then 5 yr. CMT Rate + 6.22%, Perpetual Maturity  (b)(c)(d)
    
5,836
      
142,457
  
             
1,484,022
  
TOTAL PREFERRED STOCKS (Cost $2,319,385)
      
2,418,839
  
                 
EXCHANGE TRADED FUNDS - 10.1%
  
Shares
    
Value
 
iShares Russell 2000 ETF(b)(e)
    
6,356
      
1,494,740
  
TOTAL EXCHANGE TRADED FUNDS (Cost $1,482,702)
      
1,494,740
  
                 
BABY BONDS(g) – 8.4%
  
Shares
    
Value
 
Commercial Services & Supplies – 0.9%
                
Pitney Bowes, Inc., 6.70%, 03/07/2043 (b)
    
6,876
      
133,944
  
                 
Consumer Finance - 2.5%
                
Atlanticus Holdings Corp., Series *, 9.25%, 01/31/2029 (b)
    
14,472
    
$
369,760
  
                 
Diversified Telecommunications Services – 0.4%
                
Qwest Corp., 6.75%, 06/15/2057 (b)
    
3,212
      
63,919
  
                 
Health Care REITs – 2.7%
                
Diversified Healthcare Trust
                
  6.25%, 02/01/2046   (b)
    
18,470
      
326,919
  
  5.63%, 08/01/2042   (b)
    
4,394
      
71,183
  
             
398,102
  
Mortgage REITs – 1.0%
                
Redwood Trust, Inc., 9.13%, 03/01/2030 (b)
    
6,459
      
155,791
  
                 
Trust, Fiduciary, and Custody Activities - 0.9%
                
SCE Trust IV, Series J, 5.38% to 09/15/2025 then 3 mo. Term SOFR + 3.39%, Perpetual Maturity  (b)(c)(d)
    
5,386
      
126,948
  
TOTAL BABY BONDS (Cost $1,219,506)
      
1,248,464
  
                 
CONVERTIBLE PREFERRED STOCKS - 2.9%
  
Shares
    
Value
 
Capital Markets - 1.8%
          
KKR & Co., Inc., Series D, 6.25%, 03/01/2028 (b)
    
5,000
      
272,750
  
                 
Electric Utilities - 1.1%
          
NextEra Energy, Inc., 6.93%, 09/01/2025 (b)
    
4,000
      
164,040
  
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $381,752)
      
436,790
  
                 
SHORT-TERM INVESTMENTS - 3.2%
  
Shares
    
Value
 
Money Market Funds – 3.2%
                
First American Government Obligations Fund - Class X, 4.22%(f)
    
235,180
      
235,180
  
First American Treasury Obligations Fund - Class X, 4.19%(f)
    
235,181
      
235,181
  
TOTAL SHORT-TERM INVESTMENTS (Cost $470,361)
      
470,361
  
                 
TOTAL INVESTMENTS - 131.2% (Cost $17,883,838)
      
19,481,107
  
Liabilities in Excess of Other Assets - (31.2)%
      
(4,636,227
)
TOTAL NET ASSETS - 100.0%
          
$
14,844,880
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%
   
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use.
  

CMT - Constant Maturity Treasury
ETF – Exchange Traded Fund
LP - Limited Partnership
PLC - Public Limited Company
REIT - Real Estate Investment Trust
SOFR - Secured Overnight Financing Rate

(a)
Non-income producing security.
(b)
All or a portion of this security has been committed as collateral for a borrowing facility. The total value of assets committed as collateral as of August 31, 2025 is $17,888,658.
(c)
All or a portion of this security has been committed as collateral for open written options contracts. The total value of assets committed as collateral as of August 31, 2025 is $336,027.
(d)
This security has a fixed-to-variable rate feature.
(e)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(f)
The rate shown represents the 7-day annualized effective yield as of August 31, 2025.
(g)       Baby bonds are preferred stocks which have been deemed to be fixed income securities based upon certain intrinsic characteristics.
   
Infrastructure Capital Small Cap Income ETF
  
Schedule of Written Options
  
August 31, 2025 (Unaudited)
  
   
WRITTEN OPTIONS (b)
  
Notional Amount
    
Contracts(a)
    
Value
  
Written Call Options
  
iShares Russell 2000 ETF 
                  
Expiration: 09/05/2025; Exercise Price: $238.00
  
$
(235,170
)
    
(10
)
  
$
(1,280
)
Expiration: 09/05/2025; Exercise Price: $245.00
    
(1,058,265
)
    
(45
)
    
(495
)
Expiration: 09/12/2025; Exercise Price: $237.00
    
(352,755
)
    
(15
)
    
(4,425
)
Expiration: 09/12/2025; Exercise Price: $239.00
    
(470,340
)
    
(20
)
    
(4,300
)
Expiration: 09/12/2025; Exercise Price: $242.00
    
(235,170
)
    
(10
)
    
(1,270
)
Expiration: 09/19/2025; Exercise Price: $244.00
    
(235,170
)
    
(10
)
    
(1,450
)
Expiration: 09/19/2025; Exercise Price: $245.00
    
(587,925
)
    
(25
)
    
(3,050
)
Expiration: 09/19/2025; Exercise Price: $248.00
    
(587,925
)
    
(25
)
    
(1,950
)
Expiration: 09/26/2025; Exercise Price: $245.00
    
(235,170
)
    
(10
)
    
(1,560
)
Expiration: 09/26/2025; Exercise Price: $250.00
    
(823,095
)
    
(35
)
    
(2,870
)
Expiration: 09/26/2025; Exercise Price: $255.00
    
(352,755
)
    
(15
)
    
(615
)
Total Written Call Options
                    
(23,265
)
TOTAL WRITTEN OPTIONS (Premiums received $12,558)
                  
$
(23,265
)
   
ETF – Exchange Traded Fund
  

(a)
100 shares per contact.
(b)
Non-income producing security.
Investment Valuation
 
The following is a summary of the Fund’s pricing procedures. It is intended to be a general discussion and may not necessarily reflect all the pricing procedures followed by the Fund.
 
Equity securities, including common stocks, preferred stocks, and real estate investment trusts (“REITS”) that are traded on a national securities exchange, except those listed on the Nasdaq Global Market®, Nasdaq Global Select Market® and the Nasdaq Capital Market® exchanges (collectively “Nasdaq”), are valued at the last reported sale price on that exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price (“NOCP”). If, on a particular day, an exchange traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter (“OTC”) market. If a non-exchanged traded equity security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. 
 
In the case of foreign securities, the occurrence of events after the close of foreign markets, but prior to the time the Fund’s NAV is calculated will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. The Fund will value foreign securities at fair value, taking into account such events in calculating the NAV. In such cases, use of fair valuation can reduce an investor’s ability to seek profit by estimating the Fund’s NAV in advance of the time the NAV is calculated. These securities are categorized in Level 2 of the fair value hierarchy. 
 
Exchange traded funds and closed-end funds are valued at the last reported sale price on the exchange on which the security is principally traded. If, on a particular day, an exchange-traded fund does not trade, then the mean between the most recent quoted bid and asked prices will be used. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.
 
Investments in registered open-end investment companies (including money market funds), other than exchange traded funds, are valued at their reported NAVs. To the extent these securities are valued at their NAVs per share, they are categorized in Level 1 of the fair value hierarchy.
 
Exchange traded options are valued at the last reported sale price on the exchange on which the security is principally traded. If the last sale price is not available the composite mean price can be used, which calculates the mean price of the highest bid price and the lowest ask price across the exchanges where the option is principally traded. For non-exchange traded options, models such as Black-Scholes can be used to value the options. On the last trading day prior to expiration, expiring options may be priced at intrinsic value. These securities are categorized in Level 2 of the fair value hierarchy.
 
The Board of Trustees (the "Board”) has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated Infrastructure Capital Advisors, LLC as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of the portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.
 
The Fund has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of August 31, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
13,411,913
    
$
–
    
$
–
    
$
13,411,913
  
  Preferred Stocks
    
2,418,839
      
–
      
–
      
2,418,839
  
  Exchange Traded Funds
    
1,494,740
      
–
      
–
      
1,494,740
  
  Baby Bonds
    
1,248,464
      
–
      
–
      
1,248,464
  
  Convertible Preferred Stocks
    
436,790
      
–
      
–
      
436,790
  
  Money Market Funds
    
470,361
      
–
      
–
      
470,361
  
Total Investments
  
$
19,481,107
    
$
–
    
$
–
    
$
19,481,107
  
                                 
Liabilities:
                                
Investments:
                                
  Written Options
  
$
(23,265
)
  
$
–
    
$
–
    
$
(23,265
)
Total Investments
  
$
(23,265
)
  
$
–
    
$
–
    
$
(23,265
)
   
For the period ended August 31, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3 securities. Refer to the Schedule of Investments for further information on the classification of investments.