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Name

As of 04/18/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

InfraCap Equity Income Fund ETF

ICAP | Active ETF

$23.48

$51 M

0.00%

2.96%

Vitals

YTD Return

-3.9%

1 yr return

5.7%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$51 M

Holdings in Top 10

34.3%

52 WEEK LOW AND HIGH

$23.4
$20.72
$25.38

Expenses

OPERATING FEES

Expense Ratio 2.96%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 04/18/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

InfraCap Equity Income Fund ETF

ICAP | Active ETF

$23.48

$51 M

0.00%

2.96%

ICAP - Profile

Distributions

  • YTD Total Return -3.9%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    InfraCap Equity Income Fund ETF
  • Fund Family Name
    N/A
  • Inception Date
    Dec 28, 2021
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jay Hatfield

Fund Description

The Fund, under normal conditions, invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies that pay dividends during normal market conditions. The Fund’s investments in equity
securities may include common stocks, preferred stocks and convertible securities. The Fund may invest in the equity securities of companies of any market capitalization. To assist the Adviser’s portfolio management process, the Adviser may purchase and write put and call options in an effort to (i) generate additional income and reduce volatility in the portfolio, (ii) remove or add securities from the portfolio (i.e., convertible securities), (iii) facilitate total return opportunities, and (iv) hedge against market risks or other risks in the Fund’s portfolio.
The Fund invests primarily in securities of U.S. companies, but may invest in foreign securities, including securities of companies located in emerging markets. The Fund’s investments in foreign securities may include sponsored and unsponsored American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), International Depositary Receipts (“IDRs”), U.S. dollar-denominated foreign securities, direct foreign securities (purchased on a foreign exchange), and securities of companies incorporated outside the U.S. but whose securities are publicly traded on a U.S. exchange. The Fund may also invest in real estate investment trusts (“REITs”), companies in the utilities industry, companies whose business is related to commodities, or in registered investment companies or other companies that invest directly or indirectly in commodities, and master limited partnerships (“MLPs”). A REIT is a corporation, trust or association dedicated to owning, operating or financing income-producing real estate. MLPs are businesses organized as limited partnerships that trade their proportionate shares of the partnership (units) on a public exchange. Utilities companies include companies that produce or distribute gas, electricity or water.
The Fund may purchase and write put and call options on equity securities and equity security indices in an effort to generate additional income, reduce volatility or hedge against market or other risks in the Fund’s portfolio. The Fund intends to enter into swap agreements, including total return swaps. The Fund may utilize swap agreements in an attempt to gain exposure to the securities in a market without actually purchasing those securities. The Fund may engage in short sales of securities in its portfolio to hedge against market, interest-rate, commodity, inflation and credit risk and to facilitate total return opportunities. In a short sale transaction, the Fund will borrow a security and sell it at the current market price in the anticipation of buying the security at a lower price prior to the time the Fund is obligated to return the security to the owner. The Fund will not sell a security short if, as a result of such short sale, the aggregate market value of all securities sold short exceeds 20% of the Fund’s net assets.
The Fund may invest up to 20% of its net assets in fixed income securities of varying duration, maturity and credit quality, including debt securities that have been rated below investment grade by a nationally recognized statistical ratings organization (“NRSRO”), commonly referred to as “junk bonds” or “high yield bonds”. The Fund’s investments in fixed income securities may also include investments in equity-linked notes (“ELNs”) in an effort to generate income. ELNs are structured as notes that are issued by counterparties, including banks, broker-dealers or their affiliates, and that are designed to offer a return linked to the underlying instruments within the ELN. The Fund is also authorized to borrow from banks for investment purposes an amount up to 33 1/3% of its total assets (including the amount borrowed), in compliance with the Investment Company Act of 1940 (the “1940 Act”). The use of borrowings to purchase additional securities is known as leverage.The Fund’s use of leverage will vary depending on market conditions. However, under normal market conditions, the Fund will employ leverage in an amount of between 15% and 25% of the Fund’s net assets.
The Adviser is a top-down manager, making investment decisions with global macroeconomic factors in mind. The Adviser actively manages the assets of the portfolio pursuant to a variety of quantitative, qualitative, and relative valuation factors. As an example, when selecting securities that are subject to a call provision, the Adviser generally seeks to underweight or eliminate those that trade above the call price and exhibit a low or negative yield-to-call (i.e., the rate of return that an investor would earn if the security was held until its call date). As part of its quantitative analysis when selecting securities and constructing the portfolio, the Adviser will evaluate potential investments with respect to key variables, including, without limitation, the competitive position of a company, the perceived ability of the company to earn a high return on capital, the historical and projected stability and reliability of the profits of the company, the anticipated ability of the company to generate cash in excess of its growth needs, and the company’s ability to obtain additional capital. The Adviser will also consider data points such as current yield, market capitalization, financial risk profiles, and relative values based on various time horizons.
To obtain high yield and total return, the Adviser will favor sectors and industries that it currently views are undervalued on a relative basis. For example, the Adviser may overweight issuers in the real estate sector over the financial sector, when the market has oversold a real estate sector or has overbought a financial sector. In addition, to reduce volatility, the Adviser may add preferred equity securities, which, under normal market conditions, have historically lower volatility than common equity securities. In addition, when constructing and maintaining the portfolio, the Adviser will consider macroeconomic factors and outlook with the goal of achieving diversification and the Fund’s objectives.
Depending on the current market environment, the Adviser may select investments in sectors such as Utilities, REITs, Industrials and Pipelines, when it believes equity securities of these sectors offer high dividends and total return opportunities on a relative basis. The Fund may invest in limited partnership interest through MLP units, securities of companies holding primarily general partner or managing member interests in MLPs, and other investment companies that invest in MLPs.
In addition to quantitative, qualitative, and relative valuation factors, the Adviser aims to achieve an investment philosophy that is: (1) driven by discipline, (2) applied consistently, and (3) centered around risk management. The Adviser will execute a transaction after considering the time horizon for the investment and the portfolio’s positioning. Factors considered as part of the sell discipline include excessive valuation, opportunities to shift to more favorable investments, lack of confidence in the original thesis, changes in the company’s fundamental position, and whether a better opportunity exists to further the Fund’s strategy. The Adviser expects to engage in active trading with high portfolio turnover of the Fund’s portfolio investments to achieve the Fund’s investment objective.
Read More

ICAP - Performance

Return Ranking - Trailing

Period ICAP Return Category Return Low Category Return High Rank in Category (%)
YTD -3.9% -21.2% 27.4% 91.60%
1 Yr 5.7% -61.1% 51.5% N/A
3 Yr N/A* -22.7% 64.3% N/A
5 Yr N/A* -17.2% 29.8% N/A
10 Yr N/A* -16.4% 14.3% N/A

* Annualized

Return Ranking - Calendar

Period ICAP Return Category Return Low Category Return High Rank in Category (%)
2023 -0.7% -65.1% 38.0% N/A
2022 -17.2% -25.3% 29.0% N/A
2021 N/A -8.4% 56.7% N/A
2020 N/A -24.3% 10.4% N/A
2019 N/A -9.4% 21.9% N/A

Total Return Ranking - Trailing

Period ICAP Return Category Return Low Category Return High Rank in Category (%)
YTD -3.9% -21.2% 27.4% 97.15%
1 Yr 5.7% -61.1% 61.5% N/A
3 Yr N/A* -22.7% 64.3% N/A
5 Yr N/A* -16.2% 32.9% N/A
10 Yr N/A* -3.7% 21.1% N/A

* Annualized

Total Return Ranking - Calendar

Period ICAP Return Category Return Low Category Return High Rank in Category (%)
2023 8.8% -65.1% 38.0% N/A
2022 -10.1% -25.3% 29.0% N/A
2021 N/A -8.4% 56.7% N/A
2020 N/A -24.3% 10.4% N/A
2019 N/A -8.9% 21.9% N/A

ICAP - Holdings

Concentration Analysis

ICAP Category Low Category High ICAP % Rank
Net Assets 51 M 390 K 151 B 94.50%
Number of Holdings 225 2 1727 15.77%
Net Assets in Top 10 16.8 M 2.1 K 32.3 B 91.96%
Weighting of Top 10 34.29% 5.0% 99.2% 63.83%

Top 10 Holdings

  1. Southern Co/The 3.88%
  2. Alexandria Real Estate Equities Inc 3.62%
  3. Morgan Stanley 3.58%
  4. New Fortress Energy Inc 3.50%
  5. Boston Properties Inc 3.48%
  6. Truist Financial Corp 3.44%
  7. Enbridge Inc 3.41%
  8. Honeywell International Inc 3.23%
  9. Bloomin' Brands Inc 3.21%
  10. US Bancorp 2.94%

Asset Allocation

Weighting Return Low Return High ICAP % Rank
Stocks 		101.09% 28.02% 125.26% 99.07%
Preferred Stocks 		30.56% 0.00% 19.30% 0.08%
Cash 		1.47% -88.20% 71.98% 83.22%
Convertible Bonds 		0.00% 0.00% 3.66% 6.26%
Bonds 		0.00% 0.00% 80.18% 7.89%
Other 		-0.50% -2.02% 26.80% 1.55%

Stock Sector Breakdown

Weighting Return Low Return High ICAP % Rank
Utilities 		0.00% 0.00% 27.04% 25.00%
Technology 		0.00% 0.00% 54.02% 98.21%
Real Estate 		0.00% 0.00% 90.54% 0.16%
Industrials 		0.00% 0.00% 42.76% 99.38%
Healthcare 		0.00% 0.00% 30.77% 98.68%
Financial Services 		0.00% 0.00% 58.05% 26.63%
Energy 		0.00% 0.00% 54.00% 2.25%
Communication Services 		0.00% 0.00% 26.58% 7.30%
Consumer Defense 		0.00% 0.00% 34.10% 91.85%
Consumer Cyclical 		0.00% 0.00% 22.74% 98.60%
Basic Materials 		0.00% 0.00% 21.69% 26.55%

Stock Geographic Breakdown

Weighting Return Low Return High ICAP % Rank
US 		101.09% 24.51% 121.23% 96.21%
Non US 		0.00% 0.00% 45.02% 39.21%

ICAP - Expenses

Operational Fees

ICAP Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.96% 0.01% 4.02% 50.00%
Management Fee 0.80% 0.00% 1.50% 91.39%
12b-1 Fee N/A 0.00% 1.00% 0.77%
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

ICAP Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 0.95% 5.00% N/A

Trading Fees

ICAP Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

ICAP Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 488.00% N/A

ICAP - Distributions

Dividend Yield Analysis

ICAP Category Low Category High ICAP % Rank
Dividend Yield 0.00% 0.00% 42.27% 2.31%

Dividend Distribution Analysis

ICAP Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Quarterly Annually

Net Income Ratio Analysis

ICAP Category Low Category High ICAP % Rank
Net Income Ratio N/A -1.51% 4.28% N/A

Capital Gain Distribution Analysis

ICAP Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Quarterly Annually

Distributions History

View More +

ICAP - Fund Manager Analysis

Managers

Jay Hatfield

Start Date

Tenure

Tenure Rank

Dec 28, 2021

0.42

0.4%

Mr. Hatfield is the Chief Executive Officer of Infrastructure Capital Management, LLC (“ICM”), a private investment company that he founded in 2002. Mr. Hatfield also is a co-founder of, and holds a significant interest in the general partner of, NGL Energy Partners, LP, an NYSE-listed master limited partnership (Symbol: NGL). Prior to founding ICM, Mr. Hatfield was a portfolio manager with SAC Capital Advisors. Before joining SAC, Mr. Hatfield was a Managing Director and Head of Fixed Income Research at Zimmer Lucas Partners. Mr. Hatfield began his investment banking career at Morgan Stanley & Co. Inc., where he spent over 10 years as an investment banker advising clients in the utility, power and energy industries. Mr. Hatfield began his career as an auditor and consultant at Arthur Young & Co. (now Ernst & Young), where he was a Certified Public Accountant and consultant, auditing and providing consulting services to companies in the technology, biotechnology and retailing industries. Mr. Hatfield has a Master of Business Administration degree from the Wharton School, University of Pennsylvania, where he specialized in Finance and graduated with distinction and as a member of the Beta Gamma Sigma honor society. Mr. Hatfield also has a Bachelor of Science degree in Managerial Economics from the University of California, Davis.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 86.59 7.9 16.42

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