ETFIS Series Trust I (PFFR) NPORT-P InfraCap REIT Preferred ETF (Jul 2021 report)

Schedule of Investments - InfraCap REIT Preferred ETF

July 31, 2021 (unaudited)

Security Description	Shares		Value
PREFERRED STOCKS - 98.5%
Financials - 30.9%
AG Mortgage Investment Trust, Inc., Series B, 8.00%		13,372	$	334,835
AG Mortgage Investment Trust, Inc., Series C, 8.00%		12,477		308,432
AGNC Investment Corp., Series C, 7.00%		41,582		1,091,943
AGNC Investment Corp., Series D, 6.88%		30,068		780,565
AGNC Investment Corp., Series E, 6.50%		51,458		1,325,044
AGNC Investment Corp., Series F, 6.13%		73,479		1,866,367
Annaly Capital Management, Inc., Series F, 6.95%		92,169		2,405,611
Annaly Capital Management, Inc., Series G, 6.50%		54,352		1,419,674
Annaly Capital Management, Inc., Series I, 6.75%		56,610		1,492,240
ARMOUR Residential REIT, Inc., Series C, 7.00%		18,507		494,137
Capstead Mortgage Corp., Series E, 7.50%		33,094		839,595
Chimera Investment Corp., Series A, 8.00%		18,610		473,625
Chimera Investment Corp., Series B, 8.00%		41,712		1,095,774
Chimera Investment Corp., Series C, 7.75%		33,363		861,766
Chimera Investment Corp., Series D, 8.00%		25,678		669,426
Dynex Capital, Inc., Series C, 6.90%		14,266		370,345
Invesco Mortgage Capital, Inc., Series B, 7.75%		19,887		496,578
Invesco Mortgage Capital, Inc., Series C, 7.50%		36,873		929,937
MFA Financial, Inc., Series B, 7.50%		25,645		647,023
MFA Financial, Inc., Series C, 6.50%		35,229		817,313
New Residential Investment Corp., Series A, 7.50%		19,902		510,884
New Residential Investment Corp., Series B, 7.13%		36,200		914,050
New Residential Investment Corp., Series C, 6.38%		51,549		1,215,525
New York Mortgage Trust, Inc., Series D, 8.00%		19,636		498,754
New York Mortgage Trust, Inc., Series E, 7.88%		23,760		602,316
PennyMac Mortgage Investment Trust, Series A, 8.13%		14,757		391,946
PennyMac Mortgage Investment Trust, Series B, 8.00%		25,009		676,494
Ready Capital Corp., 6.20%		13,092		346,938
Two Harbors Investment Corp., Series A, 8.13%		18,444		489,135
Two Harbors Investment Corp., Series B, 7.63%		36,864		944,824
Two Harbors Investment Corp., Series C, 7.25%		37,811		945,653
Total Financials				26,256,749
Real Estate - 67.6%
American Finance Trust, Inc., Series A, 7.50%		38,186		1,031,022
American Homes 4 Rent, Series F, 5.88%		29,442		768,142
Armada Hoffler Properties, Inc., Series A, 6.75%		32,549		890,215
Ashford Hospitality Trust, Inc., Series G, 7.38%		16,355		431,936

Security Description	Shares		Value
PREFERRED STOCKS (continued)
Real Estate (continued)
Brookfield Property REIT, Inc., Series A, 6.38%		47,590	$	1,198,792
Cedar Realty Trust, Inc., Series C, 6.50%		23,795		610,342
City Office REIT, Inc., Series A, 6.63%		21,317		545,715
CorEnergy Infrastructure Trust, Inc., Series A, 7.38%		23,952		591,614
DiamondRock Hospitality Co., 8.25%		22,687		673,350
Digital Realty Trust, Inc., Series J, 5.25%		37,928		993,714
Digital Realty Trust, Inc., Series K, 5.85%		39,846		1,119,673
Digital Realty Trust, Inc., Series L, 5.20%		65,377		1,807,674
DigitalBridge Group, Inc., Series H, 7.13%		54,814		1,388,987
DigitalBridge Group, Inc., Series I, 7.15%		65,761		1,678,221
DigitalBridge Group, Inc., Series J, 7.13%		60,046		1,542,582
Diversified Healthcare Trust, 5.63%		66,328		1,625,036
Diversified Healthcare Trust, 6.25%		47,584		1,205,303
EPR Properties, Series G, 5.75%		28,487		728,128
Federal Realty Investment Trust, Series C, 5.00%		28,427		739,670
Gladstone Land Corp., Series B, 6.00%		28,298		727,542
Global Medical REIT, Inc., Series A, 7.50%		14,799		390,694
Global Net Lease, Inc., Series A, 7.25%		32,941		867,666
Global Net Lease, Inc., Series B, 6.88%		18,683		501,452
Hersha Hospitality Trust, Series D, 6.50%		36,684		863,908
Hersha Hospitality Trust, Series E, 6.50%		19,059		445,981
Kimco Realty Corp., Series L, 5.13%		42,656		1,121,426
Kimco Realty Corp., Series M, 5.25%		50,152		1,348,587
Monmouth Real Estate Investment Corp., Series C, 6.13%		104,522		2,650,678
National Retail Properties, Inc., Series F, 5.20%		65,445		1,670,156
National Storage Affiliates Trust, Series A, 6.00%		41,472		1,112,279
Office Properties Income Trust, 6.38%		30,806		837,923
Pebblebrook Hotel Trust, Series C, 6.50%		23,788		598,506
Pebblebrook Hotel Trust, Series D, 6.38%		23,781		597,854
Pebblebrook Hotel Trust, Series E, 6.38%		20,927		526,523
Pebblebrook Hotel Trust, Series F, 6.30%		28,529		727,204
PS Business Parks, Inc., Series X, 5.25%		43,615		1,160,595
PS Business Parks, Inc., Series Y, 5.20%		37,923		1,026,955
PS Business Parks, Inc., Series Z, 4.88%		61,552		1,712,992
Public Storage, Series E, 4.90%		66,343		1,703,025
Public Storage, Series F, 5.15%		53,080		1,402,374
Public Storage, Series I, 4.88%		34,607		964,843
Public Storage, Series J, 4.70%		48,982		1,369,537
Public Storage, Series M, 4.13%		43,505		1,142,006
QTS Realty Trust, Inc., Series A, 7.13%		20,383		519,970
Rexford Industrial Realty, Inc., Series A, 5.88%		17,104		430,337
Rexford Industrial Realty, Inc., Series C, 5.63%		16,361		456,963
Saul Centers, Inc., Series E, 6.00%		20,888		571,078
SITE Centers Corp., Series A, 6.38%		33,273		883,065
Spirit Realty Capital, Inc., Series A, 6.00%		32,771		859,583
Summit Hotel Properties, Inc., Series E, 6.25%		30,433		811,039
UMH Properties, Inc., Series C, 6.75%		47,044		1,234,905
UMH Properties, Inc., Series D, 6.38%		34,251		904,569
Urstadt Biddle Properties, Inc., Series H, 6.25%		21,946		574,546
Urstadt Biddle Properties, Inc., Series K, 5.88%		20,903		553,511

Schedule of Investments - InfraCap REIT Preferred ETF (continued)

July 31, 2021 (unaudited)

Security Description	Shares		Value
PREFERRED STOCKS (continued)
Real Estate (continued)
Vornado Realty Trust, Series K, 5.70%		56,966	$	1,494,788
Vornado Realty Trust, Series L, 5.40%		56,932		1,491,049
Vornado Realty Trust, Series M, 5.25%		60,585		1,607,926
Total Real Estate				57,434,151
TOTAL INVESTMENTS - 98.5%
(Cost $79,015,055)				83,690,900
Other Assets in Excess of Liabilities - 1.5%				1,298,909
Net Assets - 100.0%			$	84,989,809

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, 2021.
	Level 1		Level 2		Level 3		Total
Asset Valuation Inputs
Preferred Stocks	$	83,690,900	$	–	$	–	$	83,690,900
Total	$	83,690,900	$	–	$	–	$	83,690,900