NPORT-EX 2 small-cap.htm

Infrastructure Capital Small Cap Income ETF
  
Schedule of Investments
  
February 28, 2026 (Unaudited)
  
   
COMMON STOCKS - 103.5%
  
Shares
   
Value
 
Aerospace & Defense - 8.0%
        
Huntington Ingalls Industries, Inc.
    
1,850
    
$
822,362
  
StandardAero, Inc. (a)(b)
    
23,618
      
727,434
  
             
1,549,796
  
                   
Banks - 14.4%
          
Bank of NT Butterfield & Son Ltd. (b)(c)
    
14,914
      
756,886
  
East West Bancorp, Inc. (b)(d)
    
7,085
      
775,453
  
Popular, Inc. (b)
    
3,726
      
504,351
  
Preferred Bank/Los Angeles CA (b)
    
5,513
      
483,600
  
Western Alliance Bancorp (b)(d)
    
3,349
      
268,992
  
             
2,789,282
  
                   
Beverages - 3.3%
          
Celsius Holdings, Inc. (a)(b)
    
12,039
      
645,411
  
                   
Biotechnology - 3.0%
          
Halozyme Therapeutics, Inc. (a)(b)(d)
    
8,434
      
586,416
  
                   
Capital Markets - 7.7%
          
Houlihan Lokey, Inc. (b)
    
1,810
      
296,424
  
Lazard, Inc. (b)(d)
    
7,391
      
373,984
  
StoneX Group, Inc. (a)(b)
    
6,436
      
820,590
  
             
1,490,998
  
                   
Chemicals - 3.4%
          
AdvanSix, Inc. (b)
    
14,748
      
262,957
  
Avient Corp. (b)
    
9,568
      
392,958
  
             
655,915
  
                   
Communications Equipment - 2.8%
          
Viavi Solutions, Inc. (a)
    
18,355
      
545,327
  
                   
Consumer Staples Distribution & Retail - 3.0%
          
Casey's General Stores, Inc. (b)
    
833
      
571,097
  
                   
Diversified REITs - 4.8%
          
Global Net Lease, Inc. (b)
    
99,167
      
934,153
  
                   
Electric Utilities - 3.0%
          
Otter Tail Corp. (b)
    
6,794
      
578,169
  
                   
Electrical Equipment - 2.6%
          
Generac Holdings, Inc. (a)
    
425
      
95,782
  
nVent Electric PLC
    
47
      
5,563
  
Regal Rexnord Corp. (d)
    
1,840
      
406,603
  
             
507,948
  
                   
Financial Services - 2.3%
          
Western Union Co. (b)
    
46,387
      
446,707
  
                   
Hotel & Resort REITs - 4.7%
          
Braemar Hotels & Resorts, Inc. (b)
    
224,658
      
653,755
  
Park Hotels & Resorts, Inc. (b)
    
23,107
      
261,340
  
             
915,095
  
                   
Hotels, Restaurants & Leisure - 6.2%
          
DraftKings, Inc. - Class A (a)(b)(d)
    
16,493
      
393,193
  
Genius Sports Ltd. (a)
    
26,000
      
161,460
  
Wynn Resorts Ltd. (b)
    
6,039
      
653,360
  
             
1,208,013
  
Household Durables - 6.5%
          
KB Home (d)
    
10,130
    
$
644,065
  
Toll Brothers, Inc. (d)
    
3,916
      
615,752
  
             
1,259,817
  
                   
Insurance - 0.5%
          
Brighthouse Financial, Inc. (a)
    
1,529
      
91,710
  
                   
IT Services - 4.0%
          
GoDaddy, Inc. - Class A (a)
    
3,851
      
335,653
  
Okta, Inc. (a)(b)(d)
    
5,948
      
431,230
  
             
766,883
  
                   
Machinery - 0.9%
          
SPX Technologies, Inc. (a)
    
801
      
181,779
  
                   
Media - 3.3%
          
New York Times Co. - Class A (b)(d)
    
8,082
      
644,863
  
                   
Metals & Mining - 1.2%
          
Equinox Gold Corp. (a)(b)(d)
    
12,802
      
240,166
  
                   
Mortgage REITs - 3.9%
          
AGNC Investment Corp. (b)
    
42,072
      
471,627
  
Rithm Capital Corp. (b)
    
27,723
      
278,616
  
             
750,243
  
                   
Multi-Utilities - 3.1%
          
Northwestern Energy Group, Inc. (b)
    
8,650
      
605,154
  
                   
Office REITs - 2.1%
          
Kilroy Realty Corp. (b)(c)
    
13,312
      
396,964
  
                   
Oil, Gas & Consumable Fuels - 3.2%
          
Chord Energy Corp. (b)
    
5,465
      
592,242
  
Kinetik Holdings, Inc.
    
424
      
19,288
  
             
611,530
  
                   
Semiconductors & Semiconductor Equipment - 2.0%
          
MKS, Inc.
    
1,550
      
378,913
  
                   
Software - 1.0%
          
JFrog Ltd. (a)
    
4,962
      
199,224
  
                   
Textiles, Apparel & Luxury Goods - 1.5%
          
Kontoor Brands, Inc.
    
4,514
      
294,358
  
                   
Trading Companies & Distributors - 1.1%
          
Herc Holdings, Inc. (b)(d)
    
1,522
      
212,760
  
TOTAL COMMON STOCKS (Cost $18,685,061)
      
20,058,691
  
                   
PREFERRED STOCKS - 5.2%
  
Shares
   
Value
 
Insurance - 2.0%
          
Brighthouse Financial, Inc.
    
–
    
$
–
  
Series B, 6.75%, Perpetual Maturity (b)
    
12,919
      
220,527
  
Series C, 5.38%, Perpetual Maturity
    
11,163
      
153,268
  
               
373,795
  
                   
Mortgage REITs - 3.2%
          
AGNC Investment Corp., Series D, 8.27% (3 mo. Term SOFR + 4.59%), Perpetual Maturity (b)(c)
    
10,963
      
273,417
  
Chimera Investment Corp., Series B, 9.74% (3 mo. Term SOFR + 6.05%), Perpetual Maturity (b)
    
10,375
      
245,265
  
TPG Mortgage Investment Trust, Inc., Series B, 8.00%, Perpetual Maturity
    
4,573
      
105,454
  
               
624,136
  
TOTAL PREFERRED STOCKS (Cost $1,011,914)
      
997,931
  
                   
CONVERTIBLE PREFERRED STOCKS - 5.0%
  
Shares
   
Value
 
Capital Markets - 2.2%
          
KKR & Co., Inc., Series D, 6.25%, 03/01/2028 (b)
    
10,552
    
$
418,809
  
                   
Financial Services - 1.9%
          
Apollo Global Management, Inc., 6.75%, 07/31/2026 (b)
    
6,632
      
371,790
  
                   
Household Durables - 0.9%
          
Whirlpool Corp., Series A, 8.50%, 02/15/2029 (a)
    
3,500
      
174,475
  
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,160,020)
      
965,074
  
                   
BABY BONDS(e) - 0.2%
  
Shares
   
Value
 
Mortgage REITs - 0.2%
          
Redwood Trust, Inc., 9.13%, 03/01/2030
    
1,885
      
46,446
  
TOTAL BABY BONDS (Cost $46,778)
      
46,446
  
                   
EXCHANGE TRADED FUNDS - 0.2%
  
Shares
   
Value
 
iShares Russell 2000 ETF (d)
    
122
      
31,892
  
TOTAL EXCHANGE TRADED FUNDS (Cost $29,449)
      
31,892
  
                   
PURCHASED OPTIONS(a) - 0.0% (f)
Notional Amount  
  
Contracts(g)
   
Value
 
Call Options - 0.0% (f)
                
iShares Russell 2000 ETF
                
Expiration: 03/20/2026; Exercise Price: $300.00
  5,228,200
    
200
      
400
  
Expiration: 04/17/2026; Exercise Price: $300.00
  2,614,100
    
100
      
1,800
  
Expiration: 04/17/2026; Exercise Price: $310.00
  5,228,200
    
200
      
1,600
  
Expiration: 04/17/2026; Exercise Price: $315.00
  5,228,200
    
200
      
1,000
  
Expiration: 05/15/2026; Exercise Price: $330.00
  7,842,300
    
300
      
2,550
  
TOTAL PURCHASED OPTIONS (Cost $59,305)
      
7,350
  
                   
SHORT-TERM INVESTMENTS - 0.0% (f)
  
Shares
   
Value
 
Money Market Funds – 0.0% (f)
                
First American Government Obligations Fund - Class X, 3.60% (h)
    
247
      
247
  
First American Treasury Obligations Fund - Class X, 3.60% (h)
    
248
      
248
  
TOTAL SHORT-TERM INVESTMENTS (Cost $495)
      
495
  
                   
TOTAL INVESTMENTS - 114.1% (Cost $20,993,022)
      
22,107,879
  
Liabilities in Excess of Other Assets - (14.1)%
      
(2,732,704
)
TOTAL NET ASSETS - 100.0%
            
$
19,375,175
  
           
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.
  

ETF – Exchange Traded Fund
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 February 28, 2026 was $11,421,354.
(c)
All or a portion of this security has been committed as collateral for open written options. The total value of assets committed as collateral as of February 28, 2026 was $134,328.
(d)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(e)
Baby bonds are preferred stocks which have been deemed to be fixed income securities based upon certain intrinsic characteristics.
(f)
Represents less than 0.05% of net assets.
(g)
100 shares per contract.
(h)
The rate shown represents the 7-day annualized yield as of February 28, 2026.
Infrastructure Capital Small Cap Income ETF
  
Schedule of Written Options
  
February 28, 2026 (Unaudited)
  
   
WRITTEN OPTIONS(b) - (0.1)%
  
Notional Amount
    
Contracts(a)
    
Value
  
Written Call Options - (0.1)%
  
DraftKings, Inc.
                  
        Expiration: 03/20/2026; Exercise Price: $27.50
  
$
(119,200
)
    
(50
)
  
$
(1,500
)
East West Bancorp, Inc.
                        
         Expiration: 03/20/2026; Exercise Price: $130.00
    
(273,625
)
    
(25
)
    
(3,188
)
Equinox Gold Corp.
                        
Expiration: 03/20/2026; Exercise Price: $20.00
    
(93,800
)
    
(50
)
    
(3,250
)
Expiration: 03/20/2026; Exercise Price: $22.50
    
(93,800
)
    
(50
)
    
(1,100
)
Halozyme Therapeutics, Inc.
                        
Expiration: 03/20/2026; Exercise Price: $80.00
    
(173,825
)
    
(25
)
    
(400
)
Expiration: 03/20/2026; Exercise Price: $90.00
    
(173,825
)
    
(25
)
    
(125
)
Herc Holdings, Inc.
                        
         Expiration: 03/20/2026; Exercise Price: $175.00
    
(139,790
)
    
(10
)
    
(1,375
)
iShares Russell 2000 ETF
                        
Expiration: 03/06/2026; Exercise Price: $271.00
    
(653,525
)
    
(25
)
    
(800
)
Expiration: 03/06/2026; Exercise Price: $276.00
    
(653,525
)
    
(25
)
    
(125
)
Expiration: 03/13/2026; Exercise Price: $275.00
    
(653,525
)
    
(25
)
    
(1,075
)
Expiration: 03/13/2026; Exercise Price: $278.00
    
(653,525
)
    
(25
)
    
(500
)
Expiration: 03/20/2026; Exercise Price: $281.00
    
(653,525
)
    
(25
)
    
(675
)
Expiration: 03/27/2026; Exercise Price: $285.00
    
(653,525
)
    
(25
)
    
(700
)
KB Home
                        
         Expiration: 03/20/2026; Exercise Price: $75.00
    
(158,950
)
    
(25
)
    
(500
)
Lazard, Inc.
                        
Expiration: 03/20/2026; Exercise Price: $60.00
    
(253,000
)
    
(50
)
    
(500
)
Expiration: 04/17/2026; Exercise Price: $60.00
    
(101,200
)
    
(20
)
    
(800
)
New York Times Co.
                        
Expiration: 03/20/2026; Exercise Price: $80.00
    
(159,580
)
    
(20
)
    
(4,080
)
Expiration: 03/20/2026; Exercise Price: $85.00
    
(319,160
)
    
(40
)
    
(1,400
)
Okta, Inc.
                        
         Expiration: 03/06/2026; Exercise Price: $100.00
    
(72,500
)
    
(10
)
    
(175
)
Regal Rexnord Corp.
                        
         Expiration: 03/20/2026; Exercise Price: $250.00
    
(220,980
)
    
(10
)
    
(1,625
)
Toll Brothers, Inc.
                        
         Expiration: 03/20/2026; Exercise Price: $180.00
    
(157,240
)
    
(10
)
    
(525
)
Western Alliance Bancorp
                        
        Expiration: 03/20/2026; Exercise Price: $105.00
    
(200,800
)
    
(25
)
    
(375
)
Total Written Call Options
                    
(24,793
)
TOTAL WRITTEN OPTIONS (Premiums received $26,093)
                  
$
(24,793
)
ETF – Exchange Traded Fund
  

(a)
100 shares per contract.
(b)
Non-income producing security.
Summary of Fair Value Disclosure as of February 28, 2026 (Unaudited)
 
Infrastructure Capital Small Cap Income ETF (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. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
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 following is a summary of the fair valuation hierarchy of the Fund’s securities as of February 28, 2026:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
20,058,691
    
$
–
    
$
–
    
$
20,058,691
  
  Preferred Stocks
    
997,931
      
–
      
–
      
997,931
  
  Convertible Preferred Stocks
    
965,074
      
–
      
–
      
965,074
  
  Baby Bonds
    
46,446
      
–
      
–
      
46,446
  
  Exchange Traded Funds
    
31,892
      
–
      
–
      
31,892
  
  Purchased Options
    
4,800
      
2,550
      
–
      
7,350
  
  Money Market Funds
    
495
      
–
      
–
      
495
  
Total Investments
  
$
22,105,329
    
$
2,550
    
$
–
    
$
22,107,879
  
                                 
Liabilities:
                                
Investments:
                                
  Written Options
  
$
(14,730
)
  
$
(10,063
)
  
$
–
    
$
(24,793
)
Total Investments
  
$
(14,730
)
  
$
(10,063
)
  
$
–
    
$
(24,793
)
   
As of the period ended February 28, 2026, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. Refer to the Fund’s Schedule of Investments for further information on the classification of investments.