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

Schedule of Investments - InfraCap REIT Preferred ETF

July 31, 2023 (unaudited)

Security Description	Shares		Value
PREFERRED STOCKS - 99.1%
Financials - 33.7%
ACRES Commercial Realty Corp., Series C, 8.63%		11,074	$	250,051
AG Mortgage Investment Trust, Inc., Series B, 8.00%		4,558		75,663
AG Mortgage Investment Trust, Inc., Series C, 8.00%		11,305		219,091
AGNC Investment Corp., Series C, 10.68%		19,585		502,551
AGNC Investment Corp., Series D, 6.88%		21,666		497,885
AGNC Investment Corp., Series E, 6.50%		36,797		852,587
AGNC Investment Corp., Series F, 6.13%		51,951		1,103,439
AGNC Investment Corp., Series G, 7.75%		12,199		274,478
Annaly Capital Management, Inc., Series F, 10.53%		63,742		1,621,596
Annaly Capital Management, Inc., Series G, 9.71%		38,716		967,900
Annaly Capital Management, Inc., Series I, 6.75%		40,155		931,998
Arbor Realty Trust, Inc., Series D, 6.38%		21,213		404,108
Arbor Realty Trust, Inc., Series E, 6.25%		10,628		202,251
Arbor Realty Trust, Inc., Series F, 6.25%		25,755		524,629
ARMOUR Residential REIT, Inc., Series C, 7.00%		16,672		354,613
Chimera Investment Corp., Series A, 8.00%		15,665		338,677
Chimera Investment Corp., Series B, 8.00%		29,977		653,798
Chimera Investment Corp., Series C, 7.75%		26,020		520,920
Chimera Investment Corp., Series D, 8.00%		18,641		399,104
Dynex Capital, Inc., Series C, 6.90%		9,933		222,698
Ellington Financial, Inc., 6.75%		11,007		243,805
Franklin BSP Realty Trust, Inc., Series E, 7.50%		23,826		484,859
Granite Point Mortgage Trust, Inc., Series A, 7.00%		17,936		308,140
Inpoint Commercial Real Estate Income, Inc., Series A, 6.75%		7,889		150,364
Invesco Mortgage Capital, Inc., Series B, 7.75%		9,508		214,405
Invesco Mortgage Capital, Inc., Series C, 7.50%		23,138		502,095
KKR Real Estate Finance Trust, Inc., Series A, 6.50%		31,161		632,568
MFA Financial, Inc., Series B, 7.50%		18,445		378,860
MFA Financial, Inc., Series C, 6.50%		26,753		525,696
New York Mortgage Trust, Inc., Series D, 8.00%		14,563		309,682
New York Mortgage Trust, Inc., Series E, 7.88%		17,573		387,660
New York Mortgage Trust, Inc., Series F, 6.88%		13,186		252,512
PennyMac Mortgage Investment Trust, Series A, 8.13%		10,606		253,696
PennyMac Mortgage Investment Trust, Series B, 8.00%		17,993		423,555
PennyMac Mortgage Investment Trust, Series C, 6.75%		23,068		439,445
Ready Capital Corp., 5.75%		4,813		112,865
Ready Capital Corp., Series E, 6.50%		10,606		203,211
Rithm Capital Corp., Series A, 7.50%		14,318		323,444
Rithm Capital Corp., Series B, 7.13%		27,000		609,930
Rithm Capital Corp., Series C, 6.38%		36,970		738,291
Rithm Capital Corp., Series D, 7.00%		42,856		912,833
TPG RE Finance Trust, Inc., Series C, 6.25%		19,027		318,893
Two Harbors Investment Corp., Series A, 8.13%		14,078		304,085
Two Harbors Investment Corp., Series B, 7.63%		27,963		576,038
Two Harbors Investment Corp., Series C, 7.25%		28,163		580,158
Total Financials				21,105,127
Real Estate - 65.4%
Agree Realty Corp., Series A, 4.25%		35,788		641,865
American Homes 4 Rent, Series G, 5.88%		23,923		553,339
American Homes 4 Rent, Series H, 6.25%		23,888		564,951
Armada Hoffler Properties, Inc., Series A, 6.75%		7,900		183,517
Chatham Lodging Trust, Series A, 6.63%		11,618		225,273
City Office REIT, Inc., Series A, 6.63%		17,157		292,012
DiamondRock Hospitality Co., 8.25%		11,367		293,155
Digital Realty Trust, Inc., Series J, 5.25%		43,209		954,919
Digital Realty Trust, Inc., Series K, 5.85%		45,257		1,058,561
Digital Realty Trust, Inc., Series L, 5.20%		70,584		1,537,320
DigitalBridge Group, Inc., Series H, 7.13%		45,821		979,195
DigitalBridge Group, Inc., Series I, 7.15%		70,556		1,502,137
DigitalBridge Group, Inc., Series J, 7.13%		64,540		1,371,475
Diversified Healthcare Trust, 5.63%		78,150		1,030,798
Diversified Healthcare Trust, 6.25%		53,930		783,603
EPR Properties, Series G, 5.75%		31,749		618,788
Federal Realty Investment Trust, Series C, 5.00%		30,779		684,525
Gladstone Land Corp., Series B, 6.00%		9,612		202,333
Global Medical REIT, Inc., Series A, 7.50%		5,133		127,144
Global Net Lease, Inc., Series A, 7.25%		34,764		768,284
Global Net Lease, Inc., Series B, 6.88%		23,752		485,966
Hersha Hospitality Trust, Series D, 6.50%		43,996		857,042
Hersha Hospitality Trust, Series E, 6.50%		20,526		401,489
Hudson Pacific Properties, Inc., Series C, 4.75%		92,402		1,092,192
Kimco Realty Corp., Series L, 5.13%		47,093		1,084,552
Kimco Realty Corp., Series M, 5.25%		55,360		1,322,550
National Storage Affiliates Trust, Series A, 6.00%		45,418		1,071,865
Necessity Retail REIT, Inc., Series A, 7.50%		42,881		883,777
Necessity Retail REIT, Inc., Series C, 7.38%		23,561		503,263
Office Properties Income Trust, 6.38%		35,156		471,442
Pebblebrook Hotel Trust, Series E, 6.38%		16,999		339,130
Pebblebrook Hotel Trust, Series F, 6.30%		30,767		606,110
Pebblebrook Hotel Trust, Series G, 6.38%		47,388		926,435
Pebblebrook Hotel Trust, Series H, 5.70%		52,234		924,542
Public Storage, Series F, 5.15%		22,215		547,378
Public Storage, Series G, 5.05%		23,660		581,326
Public Storage, Series H, 5.60%		22,424		568,224
Public Storage, Series I, 4.88%		25,003		583,570
Public Storage, Series J, 4.70%		20,946		467,724
Public Storage, Series K, 4.75%		18,621		410,407
Public Storage, Series L, 4.63%		45,299		998,390
Public Storage, Series N, 3.88%		22,870		413,032

Schedule of Investments - InfraCap REIT Preferred ETF (continued)

July 31, 2023 (unaudited)

Security Description	Shares		Value
PREFERRED STOCKS (continued)
Real Estate (continued)
Public Storage, Series O, 3.90%		13,762	$	254,597
Public Storage, Series P, 4.00%		46,383		880,349
Public Storage, Series Q, 3.95%		12,192		224,577
Public Storage, Series R, 4.00%		15,564		288,712
Saul Centers, Inc., Series E, 6.00%		10,719		244,073
SITE Centers Corp., Series A, 6.38%		35,576		860,228
SL Green Realty Corp., Series I, 6.50%		45,746		857,738
Spirit Realty Capital, Inc., Series A, 6.00%		37,010		843,828
Summit Hotel Properties, Inc., Series E, 6.25%		34,511		685,043
Summit Hotel Properties, Inc., Series F, 5.88%		3,243		60,450
Sunstone Hotel Investors, Inc., Series H, 6.13%		23,597		516,066
Sunstone Hotel Investors, Inc., Series I, 5.70%		20,511		413,092
UMH Properties, Inc., Series D, 6.38%		45,617		982,590
Vornado Realty Trust, Series L, 5.40%		64,423		1,004,999
Vornado Realty Trust, Series M, 5.25%		69,465		1,039,196
Vornado Realty Trust, Series N, 5.25%		65,225		969,896
Vornado Realty Trust, Series O, 4.45%		65,225		887,060
Total Real Estate				40,926,094
TOTAL INVESTMENTS - 99.1%
(Cost $69,890,548)				62,031,221
Other Assets in Excess of Liabilities - 0.9%				560,204
Net Assets - 100.0%			$	62,591,425

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, 2023.

	Level 1		Level 2		Level 3		Total
Asset Valuation Inputs
Preferred Stocks	$	62,031,221	$	—	$	—	$	62,031,221
Total	$	62,031,221	$	—	$	—	$	62,031,221