Schedule of Investments - InfraCap MLP ETF
July 31, 2023 (unaudited)
| Security Description | | Shares | | | Value | |
| COMMON STOCKS - 135.7% | | | | | | | | |
| Energy - 135.7% | | | | | | | | |
| Cheniere Energy Partners LP(1)(2) | | | 441,786 | | | $ | 22,818,247 | |
| Cheniere Energy, Inc.(1)(2) | | | 31,087 | | | | 5,031,742 | |
| Crestwood Equity Partners LP(1) | | | 811,297 | | | | 23,633,082 | |
| Delek Logistics Partners LP | | | 53,334 | | | | 2,539,765 | |
| Energy Transfer LP(1)(2) | | | 4,202,443 | | | | 55,850,467 | |
| EnLink Midstream LLC*(1) | | | 2,413,650 | | | | 27,998,340 | |
| Enterprise Products Partners LP(1)(2) | | | 2,086,289 | | | | 55,307,521 | |
| Genesis Energy LP(1) | | | 736,272 | | | | 7,208,103 | |
| Hess Midstream LP Class A | | | 366,164 | | | | 11,420,655 | |
| Holly Energy Partners LP(1) | | | 294,662 | | | | 5,745,909 | |
| Kinder Morgan, Inc.(2) | | | 55,259 | | | | 978,637 | |
| Magellan Midstream Partners LP(1)(2) | | | 405,800 | | | | 26,892,366 | |
| MPLX LP(1)(2) | | | 1,167,570 | | | | 41,460,411 | |
| New Fortress Energy, Inc.(2) | | | 118,365 | | | | 3,379,321 | |
| NuStar Energy LP(1)(2) | | | 1,941,126 | | | | 34,882,034 | |
| Plains All American Pipeline LP(1)(2) | | | 4,066,346 | | | | 60,507,229 | |
| Targa Resources Corp.(2) | | | 3,122 | | | | 255,973 | |
| Western Midstream Partners LP(1)(2) | | | 1,410,405 | | | | 39,872,149 | |
| Williams Cos., Inc. (The)(2) | | | 22,672 | | | | 781,050 | |
| Total Energy | | | | | | | 426,563,001 | |
| Total Common Stocks | | | | | | | | |
| (Cost $297,565,268) | | | | | | | 426,563,001 | |
| | | | | | | | | |
| PREFERRED STOCKS - 0.4% | | | | | | | | |
| | | | | | | | | |
| Energy - 0.4% | | | | | | | | |
| Brookfield Infrastructure Finance ULC, 5.00% (Canada) | | | 900 | | | | 16,119 | |
| Crestwood Equity Partners LP, 9.25% | | | 141,379 | | | | 1,311,997 | |
| NuStar Energy LP, Series B, 11.15% | | | 992 | | | | 24,086 | |
| Total Energy | | | | | | | 1,352,202 | |
| Total Preferred Stocks | | | | | | | | |
| (Cost $1,354,606) | | | | | | | 1,352,202 | |
| | | | | | | | | |
| TOTAL INVESTMENTS - 136.1% | | | | | | | | |
| (Cost $298,919,874) | | | | | | | 427,915,203 | |
| Liabilities in Excess of Other Assets - (36.1)% | | | | | | | (113,520,481 | ) |
| Net Assets - 100.0% | | | | | | $ | 314,394,722 | |
| | | | | | | | | |
| Security Description | | Notional
Amount | | | Number
of
contracts | | | Value | |
| | | | | | | | | | |
| WRITTEN OPTIONS - (0.3)% | | | | | | |
| | | | | | | |
| Written Call Options | | | | | | | | | | | | |
Cheniere Energy Partners LP, Expires 09/15/23,
Strike Price $50.00 | | | (10,000 | ) | | | (100 | ) | | $ | (19,750 | ) |
Cheniere Energy, Inc., Expires 08/18/23,
Strike Price $165.00 | | | (25,000 | ) | | | (250 | ) | | | (61,250 | ) |
Cheniere Energy, Inc., Expires 09/15/23,
Strike Price $170.00 | | | (25,000 | ) | | | (250 | ) | | | (69,000 | ) |
Energy Transfer LP, Expires 08/04/23,
Strike Price $13.50 | | | (2,000 | ) | | | (20 | ) | | | (100 | ) |
Energy Transfer LP, Expires 08/11/23,
Strike Price $13.00 | | | (10,000 | ) | | | (100 | ) | | | (3,700 | ) |
Energy Transfer LP, Expires 10/20/23,
Strike Price $14.00 | | | (101,000 | ) | | | (1,010 | ) | | | (12,120 | ) |
Enterprise Products Partners LP, Expires 08/25/23,
Strike Price $27.00 | | | (112,000 | ) | | | (1,120 | ) | | | (17,920 | ) |
Enterprise Products Partners LP, Expires 09/01/23,
Strike Price $27.00 | | | (113,000 | ) | | | (1,130 | ) | | | (24,860 | ) |
Enterprise Products Partners LP, Expires 09/15/23,
Strike Price $27.00 | | | (101,000 | ) | | | (1,010 | ) | | | (30,300 | ) |
Kinder Morgan, Inc., Expires 09/15/23,
Strike Price $18.00 | | | (70,000 | ) | | | (700 | ) | | | (23,100 | ) |
MPLX LP, Expires 09/15/23,
Strike Price $36.00 | | | (100,000 | ) | | | (1,000 | ) | | | (15,000 | ) |
New Fortress Energy, Inc., Expires 09/15/23,
Strike Price $35.00 | | | (7,500 | ) | | | (75 | ) | | | (3,375 | ) |
New Fortress Energy, Inc., Expires 09/15/23,
Strike Price $40.00 | | | (16,000 | ) | | | (160 | ) | | | (2,240 | ) |
New Fortress Energy, Inc., Expires 12/15/23,
Strike Price $35.00 | | | (16,000 | ) | | | (160 | ) | | | (20,800 | ) |
NuStar Energy LP, Expires 09/15/23,
Strike Price $17.50 | | | (222,000 | ) | | | (2,220 | ) | | | (159,840 | ) |
NuStar Energy LP, Expires 12/15/23,
Strike Price $20.00 | | | (125,000 | ) | | | (1,250 | ) | | | (23,750 | ) |
Plains All American Pipeline LP, Expires 08/18/23,
Strike Price $14.00 | | | (5,400 | ) | | | (54 | ) | | | (4,914 | ) |
Plains All American Pipeline LP, Expires 11/17/23,
Strike Price $14.00 | | | (101,000 | ) | | | (1,010 | ) | | | (126,250 | ) |
Plains All American Pipeline LP, Expires 11/17/23,
Strike Price $15.00 | | | (101,000 | ) | | | (1,010 | ) | | | (60,600 | ) |
Targa Resources Corp., Expires 08/18/23,
Strike Price $80.00 | | | (21,000 | ) | | | (210 | ) | | | (60,480 | ) |
Targa Resources Corp., Expires 10/20/23,
Strike Price $85.00 | | | (11,000 | ) | | | (110 | ) | | | (28,600 | ) |
Western Midstream Partners LP, Expires 08/18/23,
Strike Price $28.00 | | | (100,900 | ) | | | (1,009 | ) | | | (86,774 | ) |
Williams Cos., Inc. (The), Expires 09/15/23,
Strike Price $33.00 | | | (31,000 | ) | | | (310 | ) | | | (59,210 | ) |
| Written Put Options | | | | | | | | | | | | |
Energy Transfer LP, Expires 08/04/23,
Strike Price $12.50 | | | (100,000 | ) | | | (1,000 | ) | | | (2,000 | ) |
Schedule of Investments - InfraCap MLP ETF (continued)
July 31, 2023 (unaudited)
| Security Description | | Notional
Amount | | | Number
of
contracts | | | Value | |
| | | | | | | | | | |
| WRITTEN OPTIONS (continued) | | | | | | |
| | | | | | | |
| Written Put Options (continued) | | | | | | | | | | | | |
Energy Transfer LP, Expires 08/04/23,
Strike Price $13.00 | | | (110,000 | ) | | | (1,100 | ) | | $ | (5,500 | ) |
Energy Transfer LP, Expires 08/11/23,
Strike Price $12.50 | | | (102,000 | ) | | | (1,020 | ) | | | (3,060 | ) |
Kinder Morgan, Inc., Expires 08/04/23,
Strike Price $16.50 | | | (100,000 | ) | | | (1,000 | ) | | | 0 | |
Magellan Midstream Partners LP, Expires 08/18/23,
Strike Price $57.50 | | | (75,000 | ) | | | (750 | ) | | | (5,625 | ) |
Magellan Midstream Partners LP, Expires 08/18/23,
Strike Price $60.00 | | | (1,000 | ) | | | (10 | ) | | | (150 | ) |
Magellan Midstream Partners LP, Expires 10/20/23,
Strike Price $57.50 | | | (26,000 | ) | | | (260 | ) | | | (7,150 | ) |
New Fortress Energy, Inc., Expires 08/18/23,
Strike Price $35.00 | | | (50,000 | ) | | | (500 | ) | | | (6,000 | ) |
Plains All American Pipeline LP, Expires 08/04/23,
Strike Price $14.50 | | | (101,000 | ) | | | (1,010 | ) | | | (9,090 | ) |
Williams Cos., Inc. (The), Expires 08/04/23,
Strike Price $33.00 | | | (100,000 | ) | | | (1,000 | ) | | | (7,000 | ) |
Williams Cos., Inc. (The), Expires 08/18/23,
Strike Price $33.00 | | | (50,000 | ) | | | (500 | ) | | | (10,000 | ) |
| Total Written Options - (0.3)% | | | | | | | | | | | | |
| (Premiums Received $669,338) | | | | | | | | | | $ | (969,508 | ) |
| * | 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 July 31, 2023 was $338,463,539. |
| (2) | Subject to written call options. |
Schedule of Investments - InfraCap MLP ETF (continued)
July 31, 2023 (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 July 31, 2023.
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 426,563,001 | | | $ | — | | | $ | — | | | $ | 426,563,001 | |
| Preferred Stocks | | | 1,352,202 | | | | — | | | | — | | | | 1,352,202 | |
| Total | | $ | 427,915,203 | | | $ | — | | | $ | — | | | $ | 427,915,203 | |
| Liability Valuation Inputs | | | | | | | | | | | | | | | | |
| Written Options | | $ | 969,508 | | | $ | — | | | $ | — | | | $ | 969,508 | |
| Total | | $ | 969,508 | | | $ | — | | | $ | — | | | $ | 969,508 | |
