ETFIS Series Trust I (PFFR) NPORT-P InfraCap REIT Preferred ETF (Jan 2024 report)

Schedule of Investments - InfraCap REIT Preferred ETF

January 31, 2024 (unaudited)

Security Description	Shares		Value
PREFERRED STOCKS - 99.2%
Financials - 30.9%
ACRES Commercial Realty Corp., Series C, 8.63%		11,711	$	278,136
AG Mortgage Investment Trust, Inc., Series B, 8.00%		3,752		71,438
AG Mortgage Investment Trust, Inc., Series C, 8.00%		6,746		159,206
AGNC Investment Corp., Series D, 6.88%		22,913		560,681
AGNC Investment Corp., Series E, 6.50%		38,914		945,221
AGNC Investment Corp., Series F, 6.13%		56,455		1,303,546
AGNC Investment Corp., Series G, 7.75%		13,880		315,215
Annaly Capital Management, Inc., Series F, 10.58%		3,178		81,103
Annaly Capital Management, Inc., Series G, 9.76%		42,246		1,062,909
Annaly Capital Management, Inc., Series I, 6.75%		42,465		1,060,776
Arbor Realty Trust, Inc., Series D, 6.38%		22,434		406,055
Arbor Realty Trust, Inc., Series E, 6.25%		13,547		241,001
Arbor Realty Trust, Inc., Series F, 6.25%		27,236		503,866
ARMOUR Residential REIT, Inc., Series C, 7.00%		16,544		350,898
Chimera Investment Corp., Series A, 8.00%		14,442		315,413
Chimera Investment Corp., Series B, 8.00%		31,700		763,653
Chimera Investment Corp., Series C, 7.75%		25,120		513,704
Chimera Investment Corp., Series D, 8.00%		19,714		471,165
Dynex Capital, Inc., Series C, 6.90%		10,504		248,840
Ellington Financial, Inc., 6.75%		16,622		398,263
Ellington Financial, Inc., Series C, 8.63%		9,862		239,548
Franklin BSP Realty Trust, Inc., Series E, 7.50%		25,197		531,153
Granite Point Mortgage Trust, Inc., Series A, 7.00%		25,311		449,270
Inpoint Commercial Real Estate Income, Inc., Series A, 6.75%		7,509		149,427
Invesco Mortgage Capital, Inc., Series B, 7.75%		11,129		259,528
Invesco Mortgage Capital, Inc., Series C, 7.50%		19,059		421,585
KKR Real Estate Finance Trust, Inc., Series A, 6.50%		32,536		621,763
MFA Financial, Inc., Series B, 7.50%		20,716		427,578
MFA Financial, Inc., Series C, 6.50%		27,155		577,044
New York Mortgage Trust, Inc., Series D, 8.00%		15,401		333,124
New York Mortgage Trust, Inc., Series E, 7.88%		18,583		428,524
PennyMac Mortgage Investment Trust, Series A, 8.13%		11,216		267,614
PennyMac Mortgage Investment Trust, Series B, 8.00%		19,027		448,657
PennyMac Mortgage Investment Trust, Series C, 6.75%		24,916		488,354
Ready Capital Corp., 5.75%		19,873		475,958
Ready Capital Corp., Series E, 6.50%		11,216		215,347
Rithm Capital Corp., Series A, 7.50%		15,140		366,237
Rithm Capital Corp., Series B, 7.13%		28,451		675,711
Rithm Capital Corp., Series C, 6.38%		39,618		868,030
Rithm Capital Corp., Series D, 7.00%		45,850		1,049,506
TPG RE Finance Trust, Inc., Series C, 6.25%		20,121		318,515
Two Harbors Investment Corp., Series A, 8.13%		12,274		275,674
Two Harbors Investment Corp., Series B, 7.63%		27,559		599,408
Two Harbors Investment Corp., Series C, 7.25%		34,050		743,993
Total Financials				21,282,637
Real Estate - 68.3%
Agree Realty Corp., Series A, 4.25%		40,904		759,587
American Homes 4 Rent, Series G, 5.88%		14,336		337,613
American Homes 4 Rent, Series H, 6.25%		26,802		656,917
Armada Hoffler Properties, Inc., Series A, 6.75%		22,083		510,338
Chatham Lodging Trust, Series A, 6.63%		24,906		537,970
City Office REIT, Inc., Series A, 6.63%		15,793		301,962
DiamondRock Hospitality Co., 8.25%		25,757		654,228
Digital Realty Trust, Inc., Series J, 5.25%		46,879		1,052,902
Digital Realty Trust, Inc., Series K, 5.85%		48,380		1,184,342
Digital Realty Trust, Inc., Series L, 5.20%		77,864		1,757,390
DigitalBridge Group, Inc., Series H, 7.13%		49,333		1,136,139
DigitalBridge Group, Inc., Series I, 7.15%		78,709		1,806,372
DigitalBridge Group, Inc., Series J, 7.13%		70,159		1,610,149
Diversified Healthcare Trust, 5.63%		83,386		1,219,103
Diversified Healthcare Trust, 6.25%		66,278		1,029,960
EPR Properties, Series G, 5.75%		35,149		687,163
Federal Realty Investment Trust, Series C, 5.00%		35,058		814,047
Gladstone Commercial Corp., Series E, 6.63%		37,623		803,627
Gladstone Land Corp., Series B, 6.00%		29,428		593,563
Global Medical REIT, Inc., Series A, 7.50%		13,168		325,250
Global Net Lease, Inc., Series A, 7.25%		46,117		960,156
Global Net Lease, Inc., Series B, 6.88%		27,281		564,989
Global Net Lease, Inc., Series D, 7.50%		49,575		1,074,290
Global Net Lease, Inc., Series E, 7.38%		11,571		247,041
Hudson Pacific Properties, Inc., Series C, 4.75%		100,878		1,437,511
Kimco Realty Corp., Series L, 5.13%		51,954		1,207,930
Kimco Realty Corp., Series M, 5.25%		61,154		1,437,731
National Storage Affiliates Trust, Series A, 6.00%		49,767		1,161,064
Office Properties Income Trust, 6.38%		40,541		450,005
Pebblebrook Hotel Trust, Series E, 6.38%		8,105		174,501
Pebblebrook Hotel Trust, Series F, 6.30%		35,961		760,935
Pebblebrook Hotel Trust, Series G, 6.38%		53,446		1,111,677
Pebblebrook Hotel Trust, Series H, 5.70%		54,279		1,034,015
Public Storage, Series F, 5.15%		23,493		580,042
Public Storage, Series G, 5.05%		25,021		616,768
Public Storage, Series H, 5.60%		23,714		599,727
Public Storage, Series I, 4.88%		26,442		615,305
Public Storage, Series J, 4.70%		22,151		483,999
Public Storage, Series K, 4.75%		19,691		436,549
Public Storage, Series L, 4.63%		46,709		1,031,802
Public Storage, Series N, 3.88%		24,187		433,673
Public Storage, Series O, 3.90%		14,552		263,246
Public Storage, Series P, 4.00%		49,050		934,893
Public Storage, Series Q, 3.95%		12,893		234,266
Public Storage, Series R, 4.00%		35,394		668,947

Schedule of Investments - InfraCap REIT Preferred ETF (continued)

January 31, 2024 (unaudited)

Security Description	Shares		Value
PREFERRED STOCKS (continued)
Real Estate (continued)
Realty Income Corp., Series A, 6.00%		40,427	$	1,006,632
Saul Centers, Inc., Series E, 6.00%		9,646		220,315
SITE Centers Corp., Series A, 6.38%		39,004		912,694
SL Green Realty Corp., Series I, 6.50%		54,122		1,215,580
Summit Hotel Properties, Inc., Series E, 6.25%		37,592		803,717
Sunstone Hotel Investors, Inc., Series H, 6.13%		26,586		571,599
Sunstone Hotel Investors, Inc., Series I, 5.70%		7,549		150,225
UMH Properties, Inc., Series D, 6.38%		61,351		1,411,687
Vornado Realty Trust, Series L, 5.40%		71,375		1,170,550
Vornado Realty Trust, Series M, 5.25%		76,109		1,201,761
Vornado Realty Trust, Series N, 5.25%		71,551		1,129,075
Vornado Realty Trust, Series O, 4.45%		70,839		957,743
Total Real Estate				47,051,262
TOTAL INVESTMENTS - 99.2%
(Cost $72,846,087)				68,333,899
Other Assets in Excess of Liabilities - 0.8%				521,861
Net Assets - 100.0%			$	68,855,760

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, 2024.

	Level 1		Level 2		Level 3		Total
Asset Valuation Inputs
Preferred Stocks	$	68,333,899	$	—	$	—	$	68,333,899
Total	$	68,333,899	$	—	$	—	$	68,333,899