BNDS

THE INFRASTRUCTURE CAPITAL BOND INCOME ETF

The Infrastructure Capital Bond income ETF (the "Fund") seeks to maximize current income with a secondary objective to pursue strategic opportunities for capital appreciation. The Fund aims to achieve high yield by investing at least 80% of its total assets in fixed-income securities. 

KEY FEATURES

  • Diversified Income: Targeting high yield investments across fixed-income securities, predominately focusing on corporate bonds. 
  • Actively Managed: Seek positive security selection versus the benchmark using a mix of quantitative and qualitative analysis with an emphasis on fixed-income securities that the Adviser believes are undervalued when considering factors such as term premium, credit premium, liquidity premium, industry, sector, and market capitalization.
  • Enhanced Yield: Opportunistically employ an option-writing strategy to enhance income while maintaining upside market exposure by allocating to ETFs.
FUND DOCUMENTS
FUND DETAILS
Inception Date 1/15/2025
Ticker BNDS
Primary Exchange NYSE
CUSIP 81752T437
IOPV Symbol BNDS.IV
NAV Symbol BNDS.NV
Management Fee 0.80%
Gross Expense Ratio 0.81%
30 Day Sec Yield * 7.66%

* As of 03/31/2025 - SEC 30-day yield reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses.

FUND DATA & PRICING
Net Assets as of 04/15/2025 $13.01m
NAV $47.32
Shares Outstanding 275,000
Premium/discount Percentage 0.00%
Closing Price $47.32
Median 30 Day Spread 0.16%

Data as of 04/15/2025

Median 30 Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

PERFORMANCE
1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years Since Inception
NAV -1.98 - - - - - NA 0.06
MKT Price -1.92 - - - - - NA 0.43
Bloomberg US Aggregate Bond Index¹ 0.04 - - - - - NA 3.89
Bloomberg High Yield Very Liquid Index² -1.16 - - - - - NA 0.91

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling 800-617-0004.

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns.

Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

ETFs may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

¹ The Bloomberg US Aggregate Bond Index, or the Agg, is a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. Investors frequently use the index as a stand-in for measuring the performance of the US bond market.

² The Bloomberg US High Yield Very Liquid Index is a component of the broad US Corporate High Yield Index that is designed to track a more liquid component of the USD-denominated, high yield, fixed-rate corporate bond market.

DISTRIBUTION DETAIL
EX-DATE RECORD DATE 1 YEAR PAYABLE DATE
03/28/2025 03/28/2025 $4.01 per share on an annualized basis 03/31/2025
DOWNLOAD PREMIUM DISCOUNT INFORMATION
TOP 10 HOLDINGS
% OF NET ASSETS NAME TICKER CUSIP SHARES HELD MARKET VALUE
3.86% Plains All American Pipeline LP 8.6946% 12/31/2199 726503AE5 726503AE5 515,000 503,063.51
2.54% Warnermedia Holdings Inc 5.391% 03/15/2062 55903VBF9 55903VBF9 485,000 330,839.91
2.48% BW Real Estate Inc 9.5% 06/30/2173 05614HAA7 05614HAA7 335,000 323,720.48
2.48% Charter Communications Operating LLC / Charter Communications Operating Capital 6.834% 10/23/2055 161175BC7 161175BC7 345,000 323,090.27
2.48% Lincoln National Corp 6.9421% 05/17/2066 534187AS8 534187AS8 426,000 323,082.06
2.47% Crescent Energy Finance LLC 7.375% 01/15/2033 45344LAE3 45344LAE3 373,000 321,724.97
2.43% Organon & Co / Organon Foreign Debt Co-Issuer BV 7.875% 05/15/2034 68622FAB7 68622FAB7 358,000 317,365.68
2.33% Genesis Energy LP / Genesis Energy Finance Corp 7.875% 05/15/2032 37185LAQ5 37185LAQ5 311,000 304,431.46
2.29% Land O' Lakes Inc 7.25% 06/15/2173 514666AM8 514666AM8 351,000 298,788.75
2.08% Freedom Mortgage Corp 12.25% 10/01/2030 35640YAL1 35640YAL1 251,000 271,168.10

Data as of 04/17/2025. Holdings are subject to change.

DOWNLOAD FULL HOLDINGS

FUND DOCUMENTS

Fund Literature

Fact Sheet
Monthly Dividend Press Release

Supplemental Information

Regulatory Documents

Prospectus
SAI
Summary Prospectus