ETF Evaluator: Infrastructure Capital Equity Income ETF () Follow This ETF

Infrastructure Capital Equity Income ETF Overview

Infrastructure Capital Equity Income ETF (ICAP) is an actively managed U.S. Equity Mid-Cap Value exchange-traded fund (ETF). InfraCap launched the ETF in 2021.

The investment seeks to maximize income and pursue total return opportunities. The fund, under normal conditions, will invest 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 invests primarily in securities of U.S. companies, but may invest in foreign securities, including securities of companies located in emerging markets. To obtain high yield and total return, the adviser will favor sectors and industries that it currently views are undervalued on a relative basis.

About Infrastructure Capital Equity Income ETF (ICAP)

There are 1 members of the management team with an average tenure of 4.59 years: Jay Hatfield (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Bloomberg 500 Dividend Yield TR USD index with a weighting of 100%. Infrastructure Capital Equity Income ETF has 175 securities in its portfolio. The top 10 holdings constitute 46.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

Infrastructure Capital Equity Income ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Infrastructure Capital Equity Income ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 105.9% There is 0.0% allocated to foreign stock, and 20.6% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Infrastructure Capital Equity Income ETF has -0.6% of the portfolio in cash.

Assets Under Management

The fund has $117 million in total assets, which is below the $2 billion average for the Mid-Cap Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

ICAP Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Infrastructure Capital Equity Income ETF expense ratio is high compared to funds in the Mid-Cap Value category. Infrastructure Capital Equity Income ETF has an expense ratio of 2.47%, which is 427% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Infrastructure Capital Equity Income ETF has a portfolio turnover rate of 253%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 72% for the Mid-Cap Value category.

Recently, in the month of July 2026, Infrastructure Capital Equity Income ETF returned 1.9%, which earned it a grade of D, as the Mid-Cap Value category had an average return of 3.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

Infrastructure Capital Equity Income ETF has a trailing yield of 9.98%, which is above the 2.05% category average. The fund normally distributes its income monthly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Infrastructure Capital Equity Income ETF Grades

Year to date, the ETF has returned 8.3%, 7.1 percentage points worse than the category, which translates into a grade of F. The fund has returned 16.9% over the past year (grade of D) and 15.2% over the past three years (grade of B).

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