Schedule of Investments - InfraCap REIT Preferred ETF
July 31, 2025 (unaudited)
| Security Description | Shares | Value | ||||||
| PREFERRED STOCKS - 99.0% | ||||||||
| Financials - 36.1% | ||||||||
| ACRES Commercial Realty Corp., Series C, 10.23% | 16,936 | $ | 421,198 | |||||
| AG Mortgage Investment Trust, Inc., Series B, 8.00% | 24,436 | 531,102 | ||||||
| AG Mortgage Investment Trust, Inc., Series C, 11.05% | 9,752 | 246,530 | ||||||
| AGNC Investment Corp., Series D, 8.91% | 33,138 | 830,770 | ||||||
| AGNC Investment Corp., Series E, 9.57% | 711 | 18,266 | ||||||
| AGNC Investment Corp., Series F, 9.28% | 70,818 | 1,804,443 | ||||||
| AGNC Investment Corp., Series G, 7.75% | 6,309 | 157,725 | ||||||
| Annaly Capital Management, Inc., Series F, 9.56% | 53,842 | 1,397,738 | ||||||
| Annaly Capital Management, Inc., Series G, 8.73% | 43,845 | 1,119,363 | ||||||
| Annaly Capital Management, Inc., Series I, 9.55% | 46,067 | 1,192,675 | ||||||
| Arbor Realty Trust, Inc., Series D, 6.38% | 36,695 | 667,849 | ||||||
| Arbor Realty Trust, Inc., Series E, 6.25% | 19,588 | 348,275 | ||||||
| Arbor Realty Trust, Inc., Series F, 6.25% | 44,129 | 948,773 | ||||||
| ARMOUR Residential REIT, Inc., Series C, 7.00% | 23,920 | 523,370 | ||||||
| Chimera Investment Corp., Series A, 8.00% | 24,115 | 535,353 | ||||||
| Chimera Investment Corp., Series B, 10.35% | 40,144 | 1,003,600 | ||||||
| Chimera Investment Corp., Series C, 7.75% | 36,330 | 831,957 | ||||||
| Chimera Investment Corp., Series D, 9.90% | 28,511 | 703,651 | ||||||
| DigitalBridge Group, Inc., Series H, 7.13% | 74,968 | 1,659,791 | ||||||
| DigitalBridge Group, Inc., Series I, 7.15% | 114,568 | 2,541,118 | ||||||
| DigitalBridge Group, Inc., Series J, 7.13% | 101,450 | 2,250,161 | ||||||
| Dynex Capital, Inc., Series C, 10.04% | 7,464 | 193,840 | ||||||
| Ellington Financial, Inc., 10.05% | 8,298 | 209,027 | ||||||
| Ellington Financial, Inc., Series C, 8.63% | 523 | 13,122 | ||||||
| Franklin BSP Realty Trust, Inc., Series E, 7.50% | 36,444 | 789,377 | ||||||
| Granite Point Mortgage Trust, Inc., Series A, 7.00% | 27,858 | 547,967 | ||||||
| Inpoint Commercial Real Estate Income, Inc., Series A, 6.75% | 10,868 | 206,492 | ||||||
| Invesco Mortgage Capital, Inc., Series C, 7.50% | 27,556 | 668,508 | ||||||
| KKR Real Estate Finance Trust, Inc., Series A, 6.50% | 47,052 | 973,506 | ||||||
| MFA Financial, Inc., Series B, 7.50% | 29,972 | 658,485 | ||||||
| MFA Financial, Inc., Series C, 9.90% | 39,264 | 963,146 | ||||||
| New York Mortgage Trust, Inc., Series D, 8.00% | 22,284 | 484,231 | ||||||
| New York Mortgage Trust, Inc., Series E, 11.28% | 26,885 | 665,673 | ||||||
| New York Mortgage Trust, Inc., Series F, 6.88% | 19,987 | 435,717 | ||||||
| PennyMac Mortgage Investment Trust, Series A, 8.13% | 16,228 | 388,661 | ||||||
| PennyMac Mortgage Investment Trust, Series B, 8.00% | 27,527 | 663,125 | ||||||
| PennyMac Mortgage Investment Trust, Series C, 6.75% | 36,039 | 672,488 | ||||||
| Ready Capital Corp., 5.75% | 2,702 | 66,658 | ||||||
| Ready Capital Corp., Series E, 6.50% | 16,228 | 257,051 | ||||||
| Rithm Capital Corp., Series A, 10.36% | 7,480 | 192,610 | ||||||
| Rithm Capital Corp., Series B, 10.20% | 25,245 | 650,059 | ||||||
| Security Description | Shares | Value | ||||||
| PREFERRED STOCKS (continued) | ||||||||
| Financials (continued) | ||||||||
| Rithm Capital Corp., Series C, 9.56% | 57,967 | $ | 1,465,985 | |||||
| Rithm Capital Corp., Series D, 7.00% | 66,302 | 1,623,073 | ||||||
| TPG RE Finance Trust, Inc., Series C, 6.25% | 29,110 | 523,107 | ||||||
| Two Harbors Investment Corp., Series A, 8.13% | 17,741 | 411,236 | ||||||
| Two Harbors Investment Corp., Series B, 7.63% | 39,863 | 924,822 | ||||||
| Two Harbors Investment Corp., Series C, 9.57% | 45,084 | 1,071,196 | ||||||
| Total Financials | 35,452,870 | |||||||
| Real Estate - 62.9% | ||||||||
| Agree Realty Corp., Series A, 4.25% | 59,153 | 1,018,023 | ||||||
| American Homes 4 Rent, Series G, 5.88% | 30,250 | 690,002 | ||||||
| American Homes 4 Rent, Series H, 6.25% | 38,751 | 916,074 | ||||||
| Armada Hoffler Properties, Inc., Series A, 6.75% | 52,074 | 1,122,195 | ||||||
| Brookfield Property Partners LP, Series A2, 6.38% | 60,665 | 863,263 | ||||||
| Chatham Lodging Trust, Series A, 6.63% | 15,182 | 307,435 | ||||||
| City Office REIT, Inc., Series A, 6.63% | 17,323 | 430,130 | ||||||
| CTO Realty Growth, Inc., Series A, 6.38% | 31,950 | 685,966 | ||||||
| DiamondRock Hospitality Co., 8.25% | 42,715 | 1,081,117 | ||||||
| Digital Realty Trust, Inc., Series J, 5.25% | 69,363 | 1,487,143 | ||||||
| Digital Realty Trust, Inc., Series K, 5.85% | 69,962 | 1,686,784 | ||||||
| Digital Realty Trust, Inc., Series L, 5.20% | 112,616 | 2,388,585 | ||||||
| Diversified Healthcare Trust, 5.63% | 75,755 | 1,274,199 | ||||||
| Diversified Healthcare Trust, 6.25% | 108,004 | 1,899,790 | ||||||
| EPR Properties, Series G, 5.75% | 52,027 | 1,087,885 | ||||||
| Federal Realty Investment Trust, Series C, 5.00% | 51,903 | 1,043,250 | ||||||
| Gladstone Commercial Corp., Series E, 6.63% | 22,908 | 523,219 | ||||||
| Gladstone Commercial Corp., Series G, 6.00% | 14,317 | 290,635 | ||||||
| Gladstone Land Corp., Series B, 6.00% | 42,559 | 840,540 | ||||||
| Gladstone Land Corp., Series C, 6.00% | 65,888 | 1,306,559 | ||||||
| Global Medical REIT, Inc., Series A, 7.50% | 8,975 | 226,977 | ||||||
| Global Net Lease, Inc., Series A, 7.25% | 67,032 | 1,506,879 | ||||||
| Global Net Lease, Inc., Series B, 6.88% | 47,551 | 1,014,738 | ||||||
| Global Net Lease, Inc., Series D, 7.50% | 78,687 | 1,817,670 | ||||||
| Global Net Lease, Inc., Series E, 7.38% | 53,162 | 1,212,094 | ||||||
| Hudson Pacific Properties, Inc., Series C, 4.75% | 161,154 | 2,399,583 | ||||||
| Kimco Realty Corp., Series L, 5.13% | 75,142 | 1,536,654 | ||||||
| Kimco Realty Corp., Series M, 5.25% | 88,444 | 1,845,826 | ||||||
| National Storage Affiliates Trust, Series A, 6.00% | 71,962 | 1,619,865 | ||||||
| Office Properties Income Trust, 6.38% | 70,888 | 520,318 | ||||||
| Pebblebrook Hotel Trust, Series E, 6.38% | 17,261 | 323,644 | ||||||
| Pebblebrook Hotel Trust, Series F, 6.30% | 59,459 | 1,138,640 | ||||||
| Pebblebrook Hotel Trust, Series G, 6.38% | 98,931 | 1,855,946 | ||||||
| Pebblebrook Hotel Trust, Series H, 5.70% | 86,569 | 1,450,031 | ||||||
| Public Storage, Series F, 5.15% | 24,970 | 531,611 | ||||||
| Public Storage, Series G, 5.05% | 35,254 | 730,110 | ||||||
| Public Storage, Series H, 5.60% | 26,433 | 619,325 | ||||||
| Public Storage, Series I, 4.88% | 37,227 | 735,233 | ||||||
| Public Storage, Series J, 4.70% | 29,268 | 559,897 | ||||||
| Public Storage, Series K, 4.75% | 25,274 | 483,239 | ||||||
| Public Storage, Series L, 4.63% | 58,221 | 1,102,124 | ||||||
Schedule of Investments - InfraCap REIT Preferred ETF (continued)
July 31, 2025 (unaudited)
| Security Description | Shares | Value | ||||||
| PREFERRED STOCKS (continued) | ||||||||
| Real Estate (continued) | ||||||||
| Public Storage, Series M, 4.13% | 5,123 | $ | 84,888 | |||||
| Public Storage, Series N, 3.88% | 30,834 | 484,094 | ||||||
| Public Storage, Series O, 3.90% | 21,033 | 330,639 | ||||||
| Public Storage, Series P, 4.00% | 67,814 | 1,109,437 | ||||||
| Public Storage, Series Q, 3.95% | 18,647 | 295,182 | ||||||
| Public Storage, Series R, 4.00% | 46,730 | 762,634 | ||||||
| Public Storage, Series S, 4.10% | 10,889 | 181,193 | ||||||
| Regency Centers Corp., Series B, 5.88% | 2,169 | 49,063 | ||||||
| Saul Centers, Inc., Series E, 6.00% | 26,164 | 580,579 | ||||||
| SL Green Realty Corp., Series I, 6.50% | 78,269 | 1,755,574 | ||||||
| Summit Hotel Properties, Inc., Series E, 6.25% | 69,149 | 1,288,937 | ||||||
| Summit Hotel Properties, Inc., Series F, 5.88% | 14,860 | 274,316 | ||||||
| Sunstone Hotel Investors, Inc., Series H, 6.13% | 17,140 | 357,026 | ||||||
| Sunstone Hotel Investors, Inc., Series I, 5.70% | 17,515 | 342,418 | ||||||
| UMH Properties, Inc., Series D, 6.38% | 104,526 | 2,342,428 | ||||||
| Vornado Realty Trust, Series L, 5.40% | 103,231 | 1,857,126 | ||||||
| Vornado Realty Trust, Series M, 5.25% | 120,675 | 2,122,673 | ||||||
| Vornado Realty Trust, Series N, 5.25% | 103,471 | 1,810,742 | ||||||
| Security Description | Shares | Value | ||||||
| PREFERRED STOCKS (continued) | ||||||||
| Real Estate (continued) | ||||||||
| Vornado Realty Trust, Series O, 4.45% | 102,429 | $ | 1,526,192 | |||||
| Total Real Estate | 61,728,339 | |||||||
| Total Preferred Stocks | ||||||||
| (Cost $102,369,511) | 97,181,209 | |||||||
| MONEY MARKET FUNDS - 1.0% | ||||||||
| Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.20%(1) | 466,961 | 466,961 | ||||||
| RBC BlueBay Government Money Market Fund - Institutional Shares, 4.25%(1) | 466,961 | 466,961 | ||||||
| (Cost $933,922) | 933,922 | |||||||
| TOTAL INVESTMENTS - 100.0% | ||||||||
| (Cost $103,303,433) | 98,115,131 | |||||||
| Other Assets in Excess of Liabilities - 0.0%(2) | 113 | |||||||
| Net Assets - 100.0% | $ | 98,115,244 | ||||||
| (1) | The rate shown reflects the seven-day yield as of July 31, 2025. |
| (2) | Amount rounds to less than 0.05%. |
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 | ||||||||||||||||
| Preferred Stocks | $ | 97,181,209 | $ | — | $ | — | $ | 97,181,209 | ||||||||
| Money Market Funds | 933,922 | — | — | 933,922 | ||||||||||||
| Total | $ | 98,115,131 | $ | — | $ | — | $ | 98,115,131 | ||||||||