ETFIS Series Trust I (PFFR) NPORT-P InfraCap REIT Preferred ETF (Jan 2023 report)

Schedule of Investments - InfraCap REIT Preferred ETF

January 31, 2023 (unaudited)

Security Description	Shares		Value
PREFERRED STOCKS - 99.5%
Financials - 32.6%
ACRES Commercial Realty Corp., Series C, 8.63%		10,756	$	244,054
AG Mortgage Investment Trust, Inc., Series B, 8.00%		9,195		168,728
AG Mortgage Investment Trust, Inc., Series C, 8.00%		15,021		279,541
AGNC Investment Corp., Series C, 9.90%		30,575		771,713
AGNC Investment Corp., Series D, 6.88%		21,048		468,739
AGNC Investment Corp., Series E, 6.50%		36,025		806,960
AGNC Investment Corp., Series F, 6.13%		51,638		1,115,381
Annaly Capital Management, Inc., Series F, 9.72%		68,082		1,691,838
Annaly Capital Management, Inc., Series G, 6.50%		38,076		914,966
Annaly Capital Management, Inc., Series I, 6.75%		41,690		969,292
Arbor Realty Trust, Inc., Series D, 6.38%		20,606		420,568
Arbor Realty Trust, Inc., Series E, 6.25%		9,084		187,585
Arbor Realty Trust, Inc., Series F, 6.25%		25,018		506,865
ARMOUR Residential REIT, Inc., Series C, 7.00%		16,194		349,952
Chimera Investment Corp., Series A, 8.00%		12,990		287,079
Chimera Investment Corp., Series B, 8.00%		29,118		651,370
Chimera Investment Corp., Series C, 7.75%		24,687		504,109
Chimera Investment Corp., Series D, 8.00%		17,927		392,243
Dynex Capital, Inc., Series C, 6.90%		9,650		221,467
Ellington Financial, Inc., 6.75%		10,691		234,347
Franklin BSP Realty Trust, Inc., Series E, 7.50%		23,146		491,621
Granite Point Mortgage Trust, Inc., Series A, 7.00%		12,113		221,547
Inpoint Commercial Real Estate Income, Inc., Series A, 6.75%		8,063		160,292
Invesco Mortgage Capital, Inc., Series B, 7.75%		10,167		231,198
Invesco Mortgage Capital, Inc., Series C, 7.50%		26,824		601,394
KKR Real Estate Finance Trust, Inc., Series A, 6.50%		30,807		596,115
MFA Financial, Inc., Series B, 7.50%		17,918		366,781
MFA Financial, Inc., Series C, 6.50%		25,989		507,825
New York Mortgage Trust, Inc., Series D, 8.00%		14,145		294,357
New York Mortgage Trust, Inc., Series E, 7.88%		17,069		379,444
New York Mortgage Trust, Inc., Series F, 6.88%		12,809		242,218
PennyMac Mortgage Investment Trust, Series A, 8.13%		10,303		249,333
PennyMac Mortgage Investment Trust, Series B, 8.00%		17,477		413,506
PennyMac Mortgage Investment Trust, Series C, 6.75%		22,407		444,779
Ready Capital Corp., 5.75%		1,614		37,122
Ready Capital Corp., Series E, 6.50%		10,303		206,782
Rithm Capital Corp., Series A, 7.50%		13,909		309,197
Rithm Capital Corp., Series B, 7.13%		26,227		573,847
Rithm Capital Corp., Series C, 6.38%		38,146		760,250
Rithm Capital Corp., Series D, 7.00%		44,096		933,071
TPG RE Finance Trust, Inc., Series C, 6.25%		18,765		321,820
Two Harbors Investment Corp., Series A, 8.13%		13,674		304,930
Two Harbors Investment Corp., Series B, 7.63%		27,352		575,213
Two Harbors Investment Corp., Series C, 7.25%		28,034		595,442
Total Financials				21,004,881
Real Estate - 66.9%
Agree Realty Corp., Series A, 4.25%		34,868		638,433
American Homes 4 Rent, Series G, 5.88%		23,237		556,758
American Homes 4 Rent, Series H, 6.25%		23,206		584,791
Armada Hoffler Properties, Inc., Series A, 6.75%		22,576		515,410
City Office REIT, Inc., Series A, 6.63%		17,693		389,423
CorEnergy Infrastructure Trust, Inc., Series A, 7.38%		25,819		425,497
DiamondRock Hospitality Co., 8.25%		4,613		118,831
Digital Realty Trust, Inc., Series J, 5.25%		41,973		1,000,217
Digital Realty Trust, Inc., Series K, 5.85%		44,093		1,119,962
Digital Realty Trust, Inc., Series L, 5.20%		68,767		1,616,712
DigitalBridge Group, Inc., Series H, 7.13%		44,549		1,000,571
DigitalBridge Group, Inc., Series I, 7.15%		68,739		1,547,315
DigitalBridge Group, Inc., Series J, 7.13%		62,787		1,397,011
Diversified Healthcare Trust, 5.63%		74,178		975,441
Diversified Healthcare Trust, 6.25%		49,832		712,099
EPR Properties, Series G, 5.75%		30,840		623,585
Federal Realty Investment Trust, Series C, 5.00%		29,898		678,087
Global Net Lease, Inc., Series A, 7.25%		33,869		809,469
Global Net Lease, Inc., Series B, 6.88%		23,074		543,854
Healthcare Trust, Inc., Series A, 7.38%		19,609		455,909
Hersha Hospitality Trust, Series D, 6.50%		59,309		1,221,172
Hersha Hospitality Trust, Series E, 6.50%		19,939		413,934
Hudson Pacific Properties, Inc., Series C, 4.75%		66,638		995,572
Kimco Realty Corp., Series L, 5.13%		45,880		1,074,051
Kimco Realty Corp., Series M, 5.25%		53,933		1,274,976
National Storage Affiliates Trust, Series A, 6.00%		43,519		1,091,892
Necessity Retail REIT, Inc., Series A, 7.50%		41,746		993,555
Necessity Retail REIT, Inc., Series C, 7.38%		22,885		532,992
Office Properties Income Trust, 6.38%		32,625		673,380
Pebblebrook Hotel Trust, Series E, 6.38%		16,236		340,956
Pebblebrook Hotel Trust, Series F, 6.30%		29,886		634,928
Pebblebrook Hotel Trust, Series G, 6.38%		46,032		970,815
Pebblebrook Hotel Trust, Series H, 5.70%		49,811		957,865
Public Storage, Series F, 5.15%		23,061		557,615
Public Storage, Series G, 5.05%		24,704		591,414
Public Storage, Series H, 5.60%		22,412		571,282
Public Storage, Series I, 4.88%		24,882		564,324
Public Storage, Series J, 4.70%		20,347		441,326
Public Storage, Series K, 4.75%		18,087		396,286
Public Storage, Series L, 4.63%		44,431		951,268
Public Storage, Series N, 3.88%		22,214		407,405
Public Storage, Series O, 3.90%		13,369		246,524

Schedule of Investments - InfraCap REIT Preferred ETF (continued)

January 31, 2023 (unaudited)

Security Description	Shares		Value
PREFERRED STOCKS (continued)
Real Estate (continued)
Public Storage, Series P, 4.00%		47,498	$	911,012
Public Storage, Series Q, 3.95%		11,841		218,703
Public Storage, Series R, 4.00%		15,118		284,974
SITE Centers Corp., Series A, 6.38%		34,662		867,936
SL Green Realty Corp., Series I, 6.50%		40,253		914,548
Spirit Realty Capital, Inc., Series A, 6.00%		36,056		871,834
Summit Hotel Properties, Inc., Series E, 6.25%		33,621		768,906
Summit Hotel Properties, Inc., Series F, 5.88%		12,637		276,877
Sunstone Hotel Investors, Inc., Series H, 6.13%		22,923		491,698
Sunstone Hotel Investors, Inc., Series I, 5.70%		19,924		410,235
UMH Properties, Inc., Series D, 6.38%		42,902		991,894
Vornado Realty Trust, Series L, 5.40%		59,774		1,140,488
Vornado Realty Trust, Series M, 5.25%		67,066		1,263,523
Vornado Realty Trust, Series N, 5.25%		61,217		1,112,313
Vornado Realty Trust, Series O, 4.45%		62,940		1,020,257
Total Real Estate				43,158,105
TOTAL INVESTMENTS - 99.5%
(Cost $68,896,293)				64,162,986
Other Assets in Excess of Liabilities - 0.5%				339,004
Net Assets - 100.0%			$	64,501,990

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, 2023.

	Level 1		Level 2		Level 3		Total
Asset Valuation Inputs
Preferred Stocks	$	64,162,986	$	—	$	—	$	64,162,986
Total	$	64,162,986	$	—	$	—	$	64,162,986