Infrastructure Capital Nasdaq Option Income ETF
Schedule of Investments
August 31, 2026 (Unaudited)

COMMON STOCKS - 88.7%

Shares  

Value  
Beverages - 0.2%

Monster Beverage Corp. (a)(b)

            2,506

    $        115,075






Biotechnology - 2.5%

Alnylam Pharmaceuticals, Inc. (a)

            282

             67,875
Amgen, Inc.

            1,110

             477,167
Gilead Sciences, Inc.

            2,442

             357,362
Regeneron Pharmaceuticals, Inc.

            381

             304,449




             1,206,853






Broadline Retail - 5.6%

Amazon.com, Inc. (a)(b)

            6,332

             1,644,864
MercadoLibre, Inc. (a)

            315

             609,903
PDD Holdings, Inc. - ADR (a)(b)

            5,542

             465,528




             2,720,295






Communications Equipment - 2.3%

Cisco Systems, Inc. (b)

            8,751

             966,898
Lumentum Holdings, Inc. (a)

            161

             147,276




             1,114,174






Consumer Staples Distribution & Retail - 0.2%

Walmart, Inc. (b)

            1,052

             110,323






Diversified Telecommunication Services - 0.8%

Comcast Corp. - Class A

            7,500

             199,650
Space Exploration Technologies Corp. - Class A (a)(b)

            1,286

             184,785




             384,435






Electric Utilities - 0.5%

Constellation Energy Corp.

            902

             247,843






Entertainment - 2.3%

Netflix, Inc. (a)(b)

            12,691

             1,028,606
Take-Two Interactive Software, Inc. (a)

            410

             90,077




             1,118,683






Financial Services - 0.1%

PayPal Holdings, Inc.

            1,253

             65,989






Ground Transportation - 2.2%

Uber Technologies, Inc. (a)(b)

            14,115

             1,067,800






Health Care Equipment & Supplies - 0.2%

Dexcom, Inc. (a)

            1,103

             100,439






Hotels, Restaurants & Leisure - 3.9%

Airbnb, Inc. - Class A (a)

            1,050

             192,381
Booking Holdings, Inc.

            3,345

             665,956
DoorDash, Inc. - Class A (a)(b)

            3,380

             783,281
Starbucks Corp. (b)

            2,351

             249,794






             1,891,412






Interactive Media & Services - 9.5%

Alphabet, Inc. - Class A (b)

            8,873

             3,011,052
Meta Platforms, Inc. - Class A

            2,843

             1,627,163




             4,638,215






IT Services - 2.0%

CoreWeave, Inc. - Class A (a)(b)

            11,490

             975,386






Media - 0.7%

AppLovin Corp. - Class A (a)

            1,161

             362,302






Oil, Gas & Consumable Fuels - 0.6%

Diamondback Energy, Inc.

            1,431

             286,887






Semiconductors & Semiconductor Equipment - 32.7% (c)

Advanced Micro Devices, Inc. (a)(b)

            4,173

             1,964,315
Analog Devices, Inc.

            981

             355,259
Applied Materials, Inc. (b)

            2,333

             1,069,424
ARM Holdings PLC - ADR (a)

            342

             82,733
ASML Holding NV

            364

             617,348
Broadcom, Inc. (b)

            8,463

             3,134,187
GLOBALFOUNDRIES, Inc. (b)

            2,511

             112,217
Intel Corp. (a)(b)

            14,961

             1,339,159
KLA Corp. (b)

            2,410

             422,834
Lam Research Corp.

            2,602

             784,477
Marvell Technology, Inc. (b)

            5,906

             1,250,064
Microchip Technology, Inc. (b)

            4,023

             295,489
Micron Technology, Inc. (b)

            2,133

             2,044,971
NVIDIA Corp.

            4,795

             1,058,640
NXP Semiconductors NV

            945

             212,285
ON Semiconductor Corp. (a)

            1,884

             139,586
QUALCOMM, Inc. (b)

            3,440

             586,451
Texas Instruments, Inc.

            1,881

             490,772




             15,960,211






Software - 13.6%

Autodesk, Inc. (a)

            421

             108,841
Cadence Design Systems, Inc. (a)

            768

             260,183
Crowdstrike Holdings, Inc. - Class A (a)(b)

            400

             92,400
Fortinet, Inc. (a)(b)

            1,625

             277,761
Intuit, Inc.

            645

             231,749
Microsoft Corp.

            2,222

             1,127,198
Nebius Group NV (a)

            1,052

             217,049
Oracle Corp. (b)

            16,125

             2,404,560
Palantir Technologies, Inc. - Class A (a)(b)

            3,605

             671,900
Palo Alto Networks, Inc. (a)

            1,795

             685,923
Synopsys, Inc. (a)

            587

             258,039
Workday, Inc. - Class A (a)

            1,470

             290,252




             6,625,855






Specialty Retail - 0.2%

O'Reilly Automotive, Inc. (a)

            1,174

             104,251






Technology Hardware, Storage & Peripherals - 7.6%

Apple, Inc. (b)

            6,486

             2,055,089


Sandisk Corp./DE (a)

            552

             864,819
Seagate Technology Holdings PLC

            482

             399,279
Western Digital Corp. (b)

            806

             363,143




             3,682,330






Wireless Telecommunication Services - 1.0%

T-Mobile US, Inc.

            2,822

             509,202
TOTAL COMMON STOCKS (Cost $43,428,293)

             43,287,960






PURCHASED OPTIONS(a) - 1.8%
Notional Amount  

Contracts(d)  

Value  
Call Options - 1.8%




Marvell Technology, Inc.




Expiration: 03/19/2027; Exercise Price: $290.00
         $    3,174,900

            150

             304,500
Expiration: 03/19/2027; Exercise Price: $300.00
             1,058,300

            50

             95,100
NVIDIA Corp.
      Expiration: 03/19/2027; Exercise Price: $240.00
             5,961,060

            270

             498,150
TOTAL PURCHASED OPTIONS (Cost $1,313,898)

             897,750






SHORT-TERM INVESTMENTS - 7.7%
Shares  

Value  
Money Market Funds – 7.7%




First American Government Obligations Fund - Class X, 3.59% (e)

            1,872,124

             1,872,124
First American Treasury Obligations Fund - Class X, 3.60% (e)

            1,872,124

             1,872,124
TOTAL SHORT-TERM INVESTMENTS (Cost $3,744,248)

             3,744,248






TOTAL INVESTMENTS - 98.2% (Cost $48,486,439)

             47,929,958
Other Assets in Excess of Liabilities - 1.8%
0.01753
            855,282
TOTAL NET ASSETS - 100.0%




    $        48,785,240


Percentages are stated as a percent of net assets.




ADR - American Depositary Receipt
ETF – Exchange Traded Fund
PLC – Public Liability Company
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.



(a)

Non-income producing security.
(b)

Held in connection with written option contracts. See Schedule of Written Options for further information.
(c)

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector. The Semiconductors & Semiconductor Equipment sector may be more sensitive to changes in domestic and international competition, economic cycles, financial resources, personnel availability, rapid innovation and intellectual property issues.
(d)

100 shares per contract.
(e)

The rate shown represents the 7-day annualized yield as of August 31, 2026.
















Infrastructure Capital Nasdaq Option Income ETF
Schedule of Written Options
August 31, 2026 (Unaudited)

WRITTEN OPTIONS(b) - (0.3)%
Notional Amount

Contracts(a)

Value
Written Call Options - (0.3)%
Advanced Micro Devices, Inc.





Expiration: 09/04/2026; Exercise Price: $650.00
    $        (470,720)

(10)

    $        (10)
Expiration: 09/04/2026; Exercise Price: $700.00
             (470,720)

(10)

             (20)
Expiration: 09/11/2026; Exercise Price: $650.00
             (470,720)

(10)

             (30)
Expiration: 09/18/2026; Exercise Price: $650.00
             (470,720)

(10)

             (160)
Expiration: 09/25/2026; Exercise Price: $665.00
             (470,720)

(10)

             (410)
Expiration: 10/02/2026; Exercise Price: $650.00
             (470,720)

(10)

             (700)
Expiration: 10/09/2026; Exercise Price: $650.00
             (470,720)

(10)

             (1,150)
Alphabet, Inc.





Expiration: 09/18/2026; Exercise Price: $395.00
             (339,350)

(10)

             (250)
Expiration: 09/25/2026; Exercise Price: $400.00
             (339,350)

(10)

             (340)
Amazon.com, Inc.





Expiration: 09/02/2026; Exercise Price: $270.00
             (779,310)

(30)

             (450)
Expiration: 09/04/2026; Exercise Price: $270.00
             (259,770)

(10)

             (540)
Expiration: 09/09/2026; Exercise Price: $270.00
             (259,770)

(10)

             (1,070)
Expiration: 09/11/2026; Exercise Price: $270.00
             (259,770)

(10)

             (1,560)
Expiration: 09/14/2026; Exercise Price: $270.00
             (259,770)

(10)

             (1,820)
Expiration: 09/18/2026; Exercise Price: $272.50
             (259,770)

(10)

             (2,250)
Expiration: 09/25/2026; Exercise Price: $275.00
             (259,770)

(10)

             (2,980)
Expiration: 10/02/2026; Exercise Price: $280.00
             (259,770)

(10)

             (2,500)
Expiration: 10/09/2026; Exercise Price: $285.00
             (519,540)

(20)

             (5,040)
Apple, Inc.





Expiration: 09/04/2026; Exercise Price: $330.00
             (316,850)

(10)

             (250)
Expiration: 09/11/2026; Exercise Price: $330.00
             (316,850)

(10)

             (1,440)
Expiration: 09/18/2026; Exercise Price: $340.00
             (316,850)

(10)

             (920)
Expiration: 09/25/2026; Exercise Price: $340.00
             (633,700)

(20)

             (2,800)
Expiration: 10/02/2026; Exercise Price: $340.00
             (316,850)

(10)

             (1,990)
Expiration: 10/16/2026; Exercise Price: $345.00
             (316,850)

(10)

             (2,600)
Expiration: 11/20/2026; Exercise Price: $350.00
             (316,850)

(10)

             (5,200)
Applied Materials, Inc.
         Expiration: 09/04/2026; Exercise Price: $675.00
             (458,390)

(10)

             (110)
Broadcom, Inc.
         Expiration: 09/04/2026; Exercise Price: $470.00
             (370,340)

(10)

             (310)
Cisco Systems, Inc.





Expiration: 09/04/2026; Exercise Price: $127.00
             (220,980)

(20)

             (520)
Expiration: 09/11/2026; Exercise Price: $128.00
             (220,980)

(20)

             (220)
Expiration: 09/25/2026; Exercise Price: $129.00
             (331,470)

(30)

             (3,330)
Expiration: 10/02/2026; Exercise Price: $129.00
             (220,980)

(20)

             (630)
CoreWeave, Inc.





Expiration: 09/04/2026; Exercise Price: $120.00
             (169,780)

(20)

             (20)
Expiration: 09/11/2026; Exercise Price: $121.00
             (84,890)

(10)

             (60)
Expiration: 09/11/2026; Exercise Price: $125.00
             (84,890)

(10)

             (30)
Expiration: 09/25/2026; Exercise Price: $125.00
             (84,890)

(10)

             (240)
Expiration: 10/02/2026; Exercise Price: $125.00
             (84,890)

(10)

             (370)
Expiration: 10/16/2026; Exercise Price: $125.00
             (84,890)

(10)

             (970)
Expiration: 10/16/2026; Exercise Price: $130.00
             (169,780)

(20)

             (1,460)
Expiration: 11/20/2026; Exercise Price: $135.00
             (84,890)

(10)

             (2,180)
Crowdstrike Holdings, Inc.
         Expiration: 09/18/2026; Exercise Price: $260.00
             (92,400)

(4)

             (996)
DoorDash, Inc.
         Expiration: 09/18/2026; Exercise Price: $260.00
             (463,480)

(20)

             (2,540)
Fortinet, Inc.







Expiration: 09/18/2026; Exercise Price: $185.00
             (85,465)

(5)

             (1,100)
Expiration: 09/18/2026; Exercise Price: $190.00
             (170,930)

(10)

             (1,390)
GLOBALFOUNDRIES, Inc.
         Expiration: 10/16/2026; Exercise Price: $80.00
             (89,380)

(20)

             (100)
Intel Corp.





Expiration: 09/18/2026; Exercise Price: $120.00
             (268,530)

(30)

             (480)
Expiration: 09/25/2026; Exercise Price: $120.00
             (268,530)

(30)

             (900)
Expiration: 10/02/2026; Exercise Price: $120.00
             (268,530)

(30)

             (1,590)
KLA Corp.
         Expiration: 09/18/2026; Exercise Price: $225.00
             (175,450)

(10)

             (3,550)
Marvell Technology, Inc.





Expiration: 09/04/2026; Exercise Price: $225.00
             (211,660)

(10)

             (1,810)
Expiration: 09/04/2026; Exercise Price: $240.00
             (211,660)

(10)

             (430)
Expiration: 09/11/2026; Exercise Price: $227.50
             (423,320)

(20)

             (6,700)
Expiration: 09/11/2026; Exercise Price: $250.00
             (211,660)

(10)

             (800)
Expiration: 09/18/2026; Exercise Price: $230.00
             (211,660)

(10)

             (4,750)
Expiration: 09/18/2026; Exercise Price: $255.00
             (211,660)

(10)

             (1,400)
Expiration: 09/25/2026; Exercise Price: $235.00
             (423,320)

(20)

             (10,360)
Expiration: 09/25/2026; Exercise Price: $260.00
             (423,320)

(20)

             (3,800)
Expiration: 10/02/2026; Exercise Price: $265.00
             (423,320)

(20)

             (4,520)
Microchip Technology, Inc.
         Expiration: 09/25/2026; Exercise Price: $90.00
             (146,900)

(20)

             (400)
Micron Technology, Inc.





Expiration: 09/04/2026; Exercise Price: $1,300.00
             (958,730)

(10)

             (40)
Expiration: 09/11/2026; Exercise Price: $1,300.00
             (958,730)

(10)

             (170)
Expiration: 09/11/2026; Exercise Price: $1,350.00
             (1,917,460)

(20)

             (220)
Expiration: 09/18/2026; Exercise Price: $1,350.00
             (958,730)

(10)

             (490)
Monster Beverage Corp.
         Expiration: 09/18/2026; Exercise Price: $50.00
             (68,880)

(15)

             (75)
Netflix, Inc.





Expiration: 09/18/2026; Exercise Price: $80.00
             (81,050)

(10)

             (2,780)
Expiration: 10/16/2026; Exercise Price: $82.50
             (81,050)

(10)

             (3,610)
Oracle Corp.





Expiration: 09/04/2026; Exercise Price: $165.00
             (149,120)

(10)

             (300)
Expiration: 09/18/2026; Exercise Price: $175.00
             (149,120)

(10)

             (2,790)
Expiration: 09/25/2026; Exercise Price: $190.00
             (149,120)

(10)

             (1,740)
Expiration: 10/02/2026; Exercise Price: $195.00
             (149,120)

(10)

             (1,840)
Expiration: 10/16/2026; Exercise Price: $190.00
             (149,120)

(10)

             (3,230)
Expiration: 11/20/2026; Exercise Price: $200.00
             (149,120)

(10)

             (4,650)
Expiration: 12/18/2026; Exercise Price: $200.00
             (149,120)

(10)

             (7,280)
Palantir Technologies, Inc.





Expiration: 09/04/2026; Exercise Price: $190.00
             (186,380)

(10)

             (2,390)
Expiration: 09/11/2026; Exercise Price: $192.50
             (186,380)

(10)

             (3,340)
Expiration: 09/18/2026; Exercise Price: $197.50
             (186,380)

(10)

             (3,500)
PDD Holdings, Inc.
         Expiration: 09/18/2026; Exercise Price: $93.00
             (252,000)

(30)

             (720)
QUALCOMM, Inc.
         Expiration: 09/18/2026; Exercise Price: $220.00
             (511,440)

(30)

             (420)
Space Exploration Technologies Corp.





Expiration: 09/04/2026; Exercise Price: $155.00
             (143,690)

(10)

             (430)
Expiration: 09/11/2026; Exercise Price: $157.50
             (143,690)

(10)

             (970)
Expiration: 09/18/2026; Exercise Price: $160.00
             (143,690)

(10)

             (1,540)
Expiration: 09/25/2026; Exercise Price: $165.00
             (143,690)

(10)

             (1,610)
Starbucks Corp.
         Expiration: 09/18/2026; Exercise Price: $113.00
             (106,250)

(10)

             (530)
Uber Technologies, Inc.





Expiration: 09/04/2026; Exercise Price: $79.00
             (189,125)

(25)

             (575)
Expiration: 09/11/2026; Exercise Price: $80.00
             (189,125)

(25)

             (1,075)
Walmart, Inc.





Expiration: 09/11/2026; Exercise Price: $113.00
             (104,870)

(10)

             (70)


Expiration: 09/11/2026; Exercise Price: $114.00
             (104,870)

(10)

             (60)
Expiration: 09/18/2026; Exercise Price: $115.00
             (209,740)

(20)

             (220)
Expiration: 09/25/2026; Exercise Price: $115.00
             (314,610)

(30)

             (570)
Expiration: 10/02/2026; Exercise Price: $117.00
             (314,610)

(30)

             (570)
Expiration: 10/16/2026; Exercise Price: $115.00
             (314,610)

(30)

             (1,890)
Expiration: 10/16/2026; Exercise Price: $120.00
             (314,610)

(30)

             (810)
Expiration: 11/20/2026; Exercise Price: $120.00
             (209,740)

(20)

             (2,200)
Western Digital Corp.
       Expiration: 09/18/2026; Exercise Price: $590.00
             (270,330)

(6)

             (624)
Total Written Call Options




            (147,875)






Written Put Options - (0.0)% (c)
Apple, Inc.





Expiration: 09/02/2026; Exercise Price: $300.00
             (316,850)

(10)

             (40)
Expiration: 09/04/2026; Exercise Price: $300.00
             (633,700)

(20)

             (260)
Space Exploration Technologies Corp.





Expiration: 09/04/2026; Exercise Price: $120.00
             (143,690)

(10)

             (50)
Expiration: 09/11/2026; Exercise Price: $120.00
             (143,690)

(10)

             (230)
Total Written Put Options




            (580)
TOTAL WRITTEN OPTIONS (Premiums received $244,113)




    $        (148,455)



(a)

100 shares per contract.
(b)

Non-income producing security.
(c)

Represents less than 0.05% of net assets.






















Summary of Fair Value Disclosure as of August 31, 2026 (Unaudited)

Infrastructure Capital Nasdaq Option Income ETF 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 August 31, 2026:



Level 1

Level 2

Level 3

Total
Assets:







Investments:







  Common Stocks
    $        43,287,960

    $        –

    $        –

    $        43,287,960
  Purchased Options
            897,750

            –

            –

            897,750
  Money Market Funds
            3,744,248

            –

            –

            3,744,248
Total Investments
    $        47,929,958

    $        –

    $        –

    $        47,929,958








Liabilities:







Investments:







  Written Options
    $        (139,705)

    $        (8,750)

    $        –

    $        (148,455)
Total Investments
    $        (139,705)

    $        (8,750)

    $        –

    $        (148,455)





 

As of the period ended August 31, 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 and Schedule of Written Options for further information on the classification of investments.