Schedule of Investments - InfraCap MLP ETF
July 31, 2025 (unaudited)
| Security Description | Shares | Value | ||||||
| COMMON STOCKS - 129.0% | ||||||||
| Energy - 128.8% | ||||||||
| Cheniere Energy Partners LP(1) | 220,551 | $ | 12,719,176 | |||||
| Cheniere Energy, Inc.(1)(2) | 106,972 | 25,232,555 | ||||||
| Delek Logistics Partners LP | 193,279 | 8,912,095 | ||||||
| Enbridge, Inc. (Canada) | 1,510 | 68,388 | ||||||
| Energy Transfer LP(1)(2) | 3,754,134 | 67,724,577 | ||||||
| Enterprise Products Partners LP(1)(2) | 1,808,951 | 56,059,391 | ||||||
| Genesis Energy LP(1)(2) | 575,953 | 9,998,544 | ||||||
| Global Partners LP | 145,301 | 7,628,303 | ||||||
| Hess Midstream LP Class A | 1,388,075 | 60,422,905 | ||||||
| Kinder Morgan, Inc.(1)(2) | 475,860 | 13,352,632 | ||||||
| Marathon Petroleum Corp.(2) | 9,936 | 1,691,008 | ||||||
| MPLX LP(1)(2) | 1,182,455 | 62,078,888 | ||||||
| ONEOK, Inc.(1)(2) | 70,647 | 5,800,825 | ||||||
| Phillips 66(2) | 35,507 | 4,387,955 | ||||||
| Plains All American Pipeline LP(1)(2) | 3,083,185 | 56,268,126 | ||||||
| South Bow Corp. (Canada)(1) | 22,604 | 593,581 | ||||||
| Sunoco LP(1)(2) | 987,831 | 54,636,933 | ||||||
| Targa Resources Corp.(1)(2) | 74,047 | 12,322,161 | ||||||
| USA Compression Partners LP | 298,789 | 7,126,118 | ||||||
| Valero Energy Corp.(2) | 7,553 | 1,037,102 | ||||||
| Venture Global, Inc. Class A(2) | 118,530 | 1,817,065 | ||||||
| Western Midstream Partners LP(1)(2) | 1,377,834 | 56,119,179 | ||||||
| Williams Cos., Inc. (The)(1)(2) | 223,079 | 13,373,586 | ||||||
| Total Energy | 539,371,093 | |||||||
| Utilities - 0.2% | ||||||||
| Suburban Propane Partners LP | 43,452 | 818,201 | ||||||
| Total Common Stocks | ||||||||
| (Cost $504,772,309) | 540,189,294 | |||||||
| PREFERRED STOCKS - 0.7% | ||||||||
| Energy - 0.7% | ||||||||
| Brookfield Infrastructure Finance ULC, 5.00% (Canada) | 1,006 | 17,042 | ||||||
| Energy Transfer LP, Series I, 9.25% | 236,540 | 2,730,854 | ||||||
| Total Energy | 2,747,896 | |||||||
| Total Preferred Stocks | ||||||||
| (Cost $2,271,125) | 2,747,896 | |||||||
| TOTAL INVESTMENTS - 129.7% | ||||||||
| (Cost $507,043,434) | 542,937,190 | |||||||
| Liabilities in Excess of Other Assets - (29.7)% | (124,208,198 | ) | ||||||
| Net Assets - 100.0% | $ | 418,728,992 | ||||||
| Security Description | Notional Amount | Number of contracts | Value | |||||||||
| WRITTEN OPTIONS - (0.2)% | ||||||||||||
| Written Call Options | ||||||||||||
| Cheniere Energy Inc., Expires 08/04/25, Strike Price $270.00 | (5,000 | ) | (50 | ) | $ | 0 | ||||||
| Cheniere Energy, Inc., Expires 08/08/25, Strike Price $275.00 | (5,000 | ) | (50 | ) | (150 | ) | ||||||
| Cheniere Energy, Inc., Expires 08/15/25, Strike Price $250.00 | (5,000 | ) | (50 | ) | (8,350 | ) | ||||||
| Cheniere Energy, Inc., Expires 08/15/25, Strike Price $260.00 | (10,000 | ) | (100 | ) | (5,000 | ) | ||||||
| Security Description | Notional Amount | Number of contracts | Value | |||||||||
| WRITTEN OPTIONS (continued) | ||||||||||||
| Written Call Options (continued) | ||||||||||||
| Cheniere Energy, Inc., Expires 08/15/25, Strike Price $270.00 | (7,500 | ) | (75 | ) | $ | (1,875 | ) | |||||
| Cheniere Energy, Inc., Expires 08/22/25, Strike Price $265.00 | (10,000 | ) | (100 | ) | (6,250 | ) | ||||||
| Cheniere Energy, Inc., Expires 08/29/25, Strike Price $260.00 | (10,000 | ) | (100 | ) | (12,500 | ) | ||||||
| Cheniere Energy, Inc., Expires 08/29/25, Strike Price $270.00 | (10,000 | ) | (100 | ) | (6,000 | ) | ||||||
| Energy Transfer LP, Expires 08/04/25, Strike Price $19.50 | (50,000 | ) | (500 | ) | 0 | |||||||
| Energy Transfer LP, Expires 08/15/25, Strike Price $18.00 | (200,000 | ) | (2,000 | ) | (58,000 | ) | ||||||
| Energy Transfer LP, Expires 08/15/25, Strike Price $20.00 | (50,000 | ) | (500 | ) | (1,000 | ) | ||||||
| Energy Transfer LP, Expires 08/22/25, Strike Price $18.50 | (32,000 | ) | (320 | ) | (4,480 | ) | ||||||
| Energy Transfer LP, Expires 08/22/25, Strike Price $19.00 | (1,000 | ) | (10 | ) | (50 | ) | ||||||
| Energy Transfer LP, Expires 08/29/25, Strike Price $18.50 | (100,000 | ) | (1,000 | ) | (18,000 | ) | ||||||
| Energy Transfer LP, Expires 08/29/25, Strike Price $19.00 | (202,000 | ) | (2,020 | ) | (14,140 | ) | ||||||
| Enterprise Products Partners LP, Expires 08/15/25, Strike Price $33.00 | (150,000 | ) | (1,500 | ) | (3,000 | ) | ||||||
| Enterprise Products Partners LP, Expires 08/29/25, Strike Price $32.00 | (103,000 | ) | (1,030 | ) | (20,600 | ) | ||||||
| Genesis Energy LP, Expires 08/15/25, Strike Price $17.50 | (50,000 | ) | (500 | ) | (23,500 | ) | ||||||
| Kinder Morgan, Inc., Expires 08/04/25, Strike Price $31.00 | (25,000 | ) | (250 | ) | 0 | |||||||
| Kinder Morgan, Inc., Expires 08/08/25, Strike Price $31.00 | (50,000 | ) | (500 | ) | 0 | |||||||
| Kinder Morgan, Inc., Expires 08/15/25, Strike Price $28.00 | (50,000 | ) | (500 | ) | (28,500 | ) | ||||||
| Kinder Morgan, Inc., Expires 08/15/25, Strike Price $30.00 | (50,000 | ) | (500 | ) | (2,500 | ) | ||||||
| Kinder Morgan, Inc., Expires 08/15/25, Strike Price $31.00 | (30,000 | ) | (300 | ) | (300 | ) | ||||||
| Kinder Morgan, Inc., Expires 08/22/25, Strike Price $28.00 | (50,000 | ) | (500 | ) | (33,000 | ) | ||||||
Schedule of Investments - InfraCap MLP ETF (continued)
July 31, 2025 (unaudited)
| Security Description | Notional Amount | Number of contracts | Value | |||||||||
| WRITTEN OPTIONS (continued) | ||||||||||||
| Written Call Options (continued) | ||||||||||||
| Kinder Morgan, Inc., Expires 08/22/25, Strike Price $30.00 | (50,000 | ) | (500 | ) | $ | (4,500 | ) | |||||
| Kinder Morgan, Inc., Expires 08/29/25, Strike Price $29.00 | (100,000 | ) | (1,000 | ) | (35,000 | ) | ||||||
| Marathon Petroleum Corp., Expires 08/15/25, Strike Price $192.50 | (5,000 | ) | (50 | ) | (650 | ) | ||||||
| MPLX LP, Expires 08/15/25, Strike Price $55.00 | (25,000 | ) | (250 | ) | (1,750 | ) | ||||||
| MPLX LP, Expires 09/19/25, Strike Price $55.00 | (1,800 | ) | (18 | ) | (522 | ) | ||||||
| ONEOK, Inc., Expires 08/15/25, Strike Price $85.00 | (10,000 | ) | (100 | ) | (8,200 | ) | ||||||
| ONEOK, Inc., Expires 08/15/25, Strike Price $90.00 | (55,000 | ) | (550 | ) | (6,600 | ) | ||||||
| Phillips 66, Expires 08/15/25, Strike Price $139.00 | (30,000 | ) | (300 | ) | (1,800 | ) | ||||||
| Plains All American Pipeline LP, Expires 08/15/25, Strike Price $19.00 | (200,000 | ) | (2,000 | ) | (24,000 | ) | ||||||
| Plains All American Pipeline LP, Expires 08/22/25, Strike Price $19.00 | (100,000 | ) | (1,000 | ) | (15,000 | ) | ||||||
| Sunoco LP, Expires 08/15/25, Strike Price $55.00 | (75,000 | ) | (750 | ) | (75,000 | ) | ||||||
| Sunoco LP, Expires 08/15/25, Strike Price $57.50 | (20,000 | ) | (200 | ) | (3,500 | ) | ||||||
| Targa Resources Corp., Expires 08/15/25, Strike Price $180.00 | (10,000 | ) | (100 | ) | (13,000 | ) | ||||||
| Targa Resources Corp., Expires 08/15/25, Strike Price $185.00 | (10,000 | ) | (100 | ) | (5,500 | ) | ||||||
| Targa Resources Corp., Expires 08/15/25, Strike Price $190.00 | (35,000 | ) | (350 | ) | (19,250 | ) | ||||||
| Targa Resources Corp., Expires 08/15/25, Strike Price $195.00 | (10,000 | ) | (100 | ) | (1,500 | ) | ||||||
| Valero Energy Corp., Expires 08/15/25, Strike Price $160.00 | (5,000 | ) | (50 | ) | (925 | ) | ||||||
| Venture Global, Inc., Expires 08/15/25, Strike Price $17.50 | (20,000 | ) | (200 | ) | (8,000 | ) | ||||||
| Venture Global, Inc., Expires 08/15/25, Strike Price $20.00 | (62,500 | ) | (625 | ) | (9,375 | ) | ||||||
| Venture Global, Inc., Expires 08/15/25, Strike Price $22.50 | (12,500 | ) | (125 | ) | (875 | ) | ||||||
| Western Midstream Partners LP, Expires 08/15/25, Strike Price $40.00 | (25,000 | ) | (250 | ) | (20,500 | ) | ||||||
| Western Midstream Partners LP, Expires 08/15/25, Strike Price $41.00 | (75,000 | ) | (750 | ) | (25,500 | ) | ||||||
| Security Description | Notional Amount | Number of contracts | Value | |||||||||
| WRITTEN OPTIONS (continued) | ||||||||||||
| Written Call Options (continued) | ||||||||||||
| Williams Cos., Inc. (The), Expires 08/04/25, Strike Price $62.00 | (10,000 | ) | (100 | ) | $ | (1,400 | ) | |||||
| Williams Cos., Inc. (The), Expires 08/04/25, Strike Price $64.00 | (20,000 | ) | (200 | ) | 0 | |||||||
| Williams Cos., Inc. (The), Expires 08/15/25, Strike Price $62.00 | (20,000 | ) | (200 | ) | (18,000 | ) | ||||||
| Williams Cos., Inc. (The), Expires 08/15/25, Strike Price $65.00 | (30,000 | ) | (300 | ) | (6,300 | ) | ||||||
| Williams Cos., Inc. (The), Expires 08/22/25, Strike Price $62.00 | (20,000 | ) | (200 | ) | (19,000 | ) | ||||||
| Williams Cos., Inc. (The), Expires 08/22/25, Strike Price $63.00 | (30,000 | ) | (300 | ) | (21,000 | ) | ||||||
| Williams Cos., Inc. (The), Expires 08/29/25, Strike Price $63.00 | (50,000 | ) | (500 | ) | (40,000 | ) | ||||||
| Written Put Options | ||||||||||||
| Cheniere Energy Inc., Expires 08/04/25, Strike Price $215.00 | (5,000 | ) | (50 | ) | (250 | ) | ||||||
| Cheniere Energy, Inc., Expires 08/04/25, Strike Price $232.50 | (3,000 | ) | (30 | ) | (1,800 | ) | ||||||
| Cheniere Energy, Inc., Expires 08/08/25, Strike Price $220.00 | (5,000 | ) | (50 | ) | (4,650 | ) | ||||||
| Cheniere Energy, Inc., Expires 08/15/25, Strike Price $210.00 | (5,000 | ) | (50 | ) | (2,500 | ) | ||||||
| Cheniere Energy, Inc., Expires 08/15/25, Strike Price $217.50 | (5,000 | ) | (50 | ) | (6,850 | ) | ||||||
| Cheniere Energy, Inc., Expires 08/15/25, Strike Price $220.00 | (7,500 | ) | (75 | ) | (10,875 | ) | ||||||
| Cheniere Energy, Inc., Expires 08/22/25, Strike Price $215.00 | (5,000 | ) | (50 | ) | (6,000 | ) | ||||||
| Marathon Petroleum Corp., Expires 08/08/25, Strike Price $152.50 | (5,000 | ) | (50 | ) | (1,875 | ) | ||||||
| Marathon Petroleum Corp., Expires 08/08/25, Strike Price $155.00 | (5,000 | ) | (50 | ) | (2,250 | ) | ||||||
| Marathon Petroleum Corp., Expires 08/15/25, Strike Price $155.00 | (10,000 | ) | (100 | ) | (8,100 | ) | ||||||
| Marathon Petroleum Corp., Expires 08/15/25, Strike Price $157.50 | (10,000 | ) | (100 | ) | (10,750 | ) | ||||||
| Marathon Petroleum Corp., Expires 08/22/25, Strike Price $150.00 | (10,000 | ) | (100 | ) | (7,100 | ) | ||||||
Schedule of Investments - InfraCap MLP ETF (continued)
July 31, 2025 (unaudited)
| Security Description | Notional Amount | Number of contracts | Value | |||||||||
| WRITTEN OPTIONS (continued) | ||||||||||||
| Written Put Options (continued) | ||||||||||||
| Marathon Petroleum Corp., Expires 08/22/25, Strike Price $155.00 | (10,000 | ) | (100 | ) | $ | (12,000 | ) | |||||
| Marathon Petroleum Corp., Expires 08/29/25, Strike Price $155.00 | (10,000 | ) | (100 | ) | (16,000 | ) | ||||||
| ONEOK, Inc., Expires 08/15/25, Strike Price $70.00 | (25,000 | ) | (250 | ) | (3,750 | ) | ||||||
| ONEOK, Inc., Expires 08/15/25, Strike Price $75.00 | (27,900 | ) | (279 | ) | (11,718 | ) | ||||||
| ONEOK, Inc., Expires 09/19/25, Strike Price $70.00 | (20,000 | ) | (200 | ) | (9,400 | ) | ||||||
| Phillips 66, Expires 08/04/25, Strike Price $112.00 | (10,000 | ) | (100 | ) | 0 | |||||||
| Phillips 66, Expires 08/15/25, Strike Price $110.00 | (10,000 | ) | (100 | ) | (2,300 | ) | ||||||
| Phillips 66, Expires 08/15/25, Strike Price $114.00 | (20,000 | ) | (200 | ) | (9,600 | ) | ||||||
| Phillips 66, Expires 08/22/25, Strike Price $114.00 | (12,500 | ) | (125 | ) | (11,500 | ) | ||||||
| Phillips 66, Expires 08/22/25, Strike Price $115.00 | (10,000 | ) | (100 | ) | (11,000 | ) | ||||||
| Phillips 66, Expires 08/29/25, Strike Price $105.00 | (20,000 | ) | (200 | ) | (5,800 | ) | ||||||
| Plains All American Pipeline LP, Expires 08/15/25, Strike Price $17.00 | (11,000 | ) | (110 | ) | (330 | ) | ||||||
| Valero Energy Corp., Expires 08/04/25, Strike Price $129.00 | (10,000 | ) | (100 | ) | (700 | ) | ||||||
| Valero Energy Corp., Expires 08/15/25, Strike Price $110.00 | (10,000 | ) | (100 | ) | (500 | ) | ||||||
| Valero Energy Corp., Expires 08/15/25, Strike Price $120.00 | (10,000 | ) | (100 | ) | (5,050 | ) | ||||||
| Valero Energy Corp., Expires 08/15/25, Strike Price $125.00 | (10,000 | ) | (100 | ) | (4,400 | ) | ||||||
| Valero Energy Corp., Expires 08/22/25, Strike Price $128.00 | (20,000 | ) | (200 | ) | (24,800 | ) | ||||||
| Valero Energy Corp., Expires 08/29/25, Strike Price $120.00 | (10,000 | ) | (100 | ) | (4,000 | ) | ||||||
| Valero Energy Corp., Expires 08/29/25, Strike Price $130.00 | (10,000 | ) | (100 | ) | (20,000 | ) | ||||||
| Total Written Options - (0.2)% | ||||||||||||
| (Premiums Received $901,550) | $ | (849,690 | ) | |||||||||
| (1) | Security, or a portion thereof, has been pledged as collateral for borrowings. The aggregate market value of the collateral at July 31, 2025 was $320,752,663, or 76.6% of net assets. |
| (2) | Subject to written call options. |
Schedule of Investments - InfraCap MLP ETF (continued)
July 31, 2025 (unaudited)
Fair Value Measurements
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Level 2 includes 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 securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 includes 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 would be based on the best information available. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes valuation of the Fund’s investments under the fair value hierarchy levels as of July 31, 2025.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Asset Valuation Inputs | ||||||||||||||||
| Common Stocks | $ | 540,189,294 | $ | — | $ | — | $ | 540,189,294 | ||||||||
| Preferred Stocks | 2,747,896 | — | — | 2,747,896 | ||||||||||||
| Total | $ | 542,937,190 | $ | — | $ | — | $ | 542,937,190 | ||||||||
| Liability Valuation Inputs | ||||||||||||||||
| Written Options | $ | 811,260 | $ | 38,430 | $ | — | $ | 849,690 | ||||||||
| Total | $ | 811,260 | $ | 38,430 | $ | — | $ | 849,690 | ||||||||