Schedule of Investments - InfraCap MLP ETF
January 31, 2022 (unaudited)
Security Description | | Shares | | | Value | |
| COMMON STOCKS - 130.3% | | | | | | | | |
| Energy - 130.3% | | | | | | | | |
| BP Midstream Partners LP(1) | | | 149,442 | | | $ | 2,624,202 | |
| Cheniere Energy Partners LP(1) | | | 39,064 | | | | 1,923,511 | |
| Cheniere Energy, Inc.(1) | | | 791 | | | | 88,513 | |
| Crestwood Equity Partners LP(1)(2) | | | 793,253 | | | | 21,798,592 | |
| DCP Midstream LP(1) | | | 597,942 | | | | 16,987,532 | |
| Enbridge, Inc. (Canada) | | | 1,498 | | | | 63,320 | |
| Energy Transfer LP(1)(2) | | | 2,910,147 | | | | 27,850,107 | |
| EnLink Midstream LLC*(1) | | | 720,325 | | | | 5,733,787 | |
| Enterprise Products Partners LP(1)(2) | | | 1,702,966 | | | | 40,258,116 | |
| Genesis Energy LP(1) | | | 1,472 | | | | 16,619 | |
| Hess Midstream LP Class A | | | 4,716 | | | | 138,462 | |
| Holly Energy Partners LP(1) | | | 595,532 | | | | 11,142,404 | |
| Kinder Morgan, Inc.(1)(2) | | | 18,759 | | | | 325,656 | |
| Magellan Midstream Partners LP(1) | | | 1,111,926 | | | | 54,339,824 | |
| Marathon Petroleum Corp.(1) | | | 758 | | | | 54,387 | |
| MPLX LP(1) | | | 1,690,794 | | | | 55,491,859 | |
| NuStar Energy LP(1) | | | 2,047,971 | | | | 34,364,953 | |
| ONEOK, Inc.(1) | | | 36 | | | | 2,185 | |
| Phillips 66 Partners LP(1) | | | 783,848 | | | | 32,827,554 | |
| Plains All American Pipeline LP(1) | | | 3,027,313 | | | | 32,604,161 | |
| Shell Midstream Partners LP(1) | | | 1,138,760 | | | | 14,485,027 | |
| TC Energy Corp. (Canada) | | | 8,069 | | | | 416,764 | |
| Western Midstream Partners LP(1) | | | 1,498,556 | | | | 35,725,575 | |
| Williams Cos., Inc. (The)(1)(2) | | | 35,129 | | | | 1,051,762 | |
| | | | | | | | | |
| TOTAL INVESTMENTS - 130.3% | | | | | | | | |
| (Cost $328,675,818) | | | | | | | 390,314,872 | |
| Liabilities in Excess of Other Assets - (30.3)% | | | | | | | (90,682,605 | ) |
| Net Assets - 100.0% | | | | | | $ | 299,632,267 | |
| Security Description | | Notional Amount | | | Number of contracts | | | | |
| WRITTEN OPTIONS - (0.0)%(3) | | | | | | |
| Written Call Options | | | | | | | | | | | | |
| Crestwood Equity Partners LP, Expires 04/14/22, Strike Price $30.00 | | | (1,000 | ) | | | (10 | ) | | $ | (880 | ) |
| Energy Transfer LP, Expires 02/18/22, Strike Price $10.00 | | | (206,800 | ) | | | (2,068 | ) | | | (28,952 | ) |
| Enterprise Products Partners LP, Expires 03/04/22, Strike Price $25.50 | | | (100,000 | ) | | | (1,000 | ) | | | (17,000 | ) |
| Enterprise Products Partners LP, Expires 03/11/22, Strike Price $25.50 | | | (101,000 | ) | | | (1,010 | ) | | | (14,645 | ) |
| Enterprise Products Partners LP, Expires 03/18/22, Strike Price $25.00 | | | (10,000 | ) | | | (100 | ) | | | (2,700 | ) |
| Kinder Morgan, Inc., Expires 03/18/22, Strike Price $18.00 | | | (101,800 | ) | | | (1,018 | ) | | | (35,630 | ) |
| Williams Cos., Inc. (The), Expires 02/18/22, Strike Price $29.00 | | | (28,000 | ) | | | (280 | ) | | | (37,800 | ) |
| Total Written Options - (0.0)% | | | | | | | | | | | | |
| (Premiums Received $79,205) | | | | | | | | | | $ | (137,607 | ) |
| * | Non-income producing security. |
| (1) | Security, or a portion thereof, has been pledged as collateral for borrowings. The aggregate market value of the collateral at January 31, 2022 was $376,280,613. |
| (2) | Subject to written call options. |
| (3) | Amount rounds to less than 0.05%. |
Schedule of Investments - InfraCap MLP ETF (continued)
January 31, 2022 (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 January 31, 2022.
| | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 390,314,872 | | | $ | — | | | $ | — | | | $ | 390,314,872 | |
| Total | | $ | 390,314,872 | | | $ | — | | | $ | — | | | $ | 390,314,872 | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | |
| Written Options | | $ | 137,607 | | | $ | — | | | $ | — | | | $ | 137,607 | |
| Total | | $ | 137,607 | | | $ | — | | | $ | — | | | $ | 137,607 | |
