At a glance
ICAP charges 2.47% a year, above the 0.73% average of the 2 funds most like it (the most expensive of 3). It has $119.6M in assets, the 2nd largest of that group; it paid 10.88% of its price in distributions over the past 12 months, monthly. Over the past year it returned +8.6% with distributions reinvested (S&P 500: +11.5%), 2nd of those 3 funds; over three years it returned +19.8% a year. At its worst it fell 23.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 22 months after the low. Its ten largest positions make up 43.6% of the fund, out of 84 in all.
The short version
Infrastructure Capital Equity Income ETF (ICAP) is an actively managed fund that holds dividend-paying stocks, preferred stocks and some bonds. It also sells options and can borrow money to raise its income. Its trailing 12-month yield was 10.88% as of October 27, 2026, paid monthly. Its 2.47% expense ratio is far above the 0.73% average of similar funds.
Price history
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ICAP +8.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ICAP official prospectus, to Dec 31, 2025 | — | +15.92% | — | — | — | +7.05% |
| ICAP price data to Oct 27, 2026 | +5.7% | +8.6% | +19.8% | — | — | +7.0% |
- Over the year to Oct 27, 2026, ICAP returned +8.6%, 2nd of 3 among similar funds.
- Its worst full calendar year was 2022 (-9.9%); its best was 2025 (+15.9%).
- The deepest fall in its price history was 24.1% (Apr 20, 2022 to Oct 30, 2023), recovered by Jul 15, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.7% | — |
| 2025 | +15.9% | +15.92% |
| 2024 | +14.9% | +14.57% |
| 2023 | +8.8% | +8.69% |
| 2022 | -9.9% | -9.35% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.4% over that stretch · deepest drop along the way 23.4%, back to its old high 21.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.2400 | |
| 2025 | $2.5000 | +13.6% |
| 2024 | $2.2000 | +1.9% |
| 2023 | $2.1600 | -6.5% |
| 2022 | $2.3100 |
What's inside
As of Aug 31, 2026, the fund held 84 securities; the ten largest made up 43.63% of assets.
| Holding | Weight | |
|---|---|---|
| Broadcom Inc | 5.64% | |
| Marvell Technology Inc | 5.25% | |
| KKR & Co Inc | 4.62% | |
| Lockheed Martin Corp | 4.44% | |
| NVIDIA Corp | 4.37% | |
| DR Horton Inc | 4.23% | |
| Celsius Holdings Inc | 4.06% | |
| Lennar Corp | 3.87% | |
| Oracle Corp | 3.68% | |
| Amazon.com Inc | 3.48% | |
| Advanced Micro Devices Inc | 2.38% | |
| ADAMAS TRUST INC Preferred stock | 2.06% | |
| NextEra Energy Inc | 2.03% | |
| GE Vernova Inc | 2.00% | |
| Xcel Energy Inc | 1.99% |
By country
United States 112.71%By asset type
Stocks 93.89%Preferred stock 11.87%Bonds and notes 6.96%By sector
Sectors of the companies held, for the 79.5% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $11.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.25%, +1.87%, +1.67%.
How it works
ICAP follows no index. Infrastructure Capital Advisors picks holdings from the top down, with global economic trends in mind, using quantitative, qualitative and relative-value factors. At least 80% of net assets goes into dividend-paying stocks, preferred stocks and convertible securities of companies of any size. Most are US companies, and the fund may also own REITs, utilities and MLPs. Up to 20% can go into bonds, including junk bonds. The word "Infrastructure" comes from the adviser's name. As of August 31, 2026, the largest holdings were Broadcom (5.6%), Marvell Technology (5.3%), KKR (4.6%), Lockheed Martin (4.4%) and NVIDIA (4.4%). The top 10 made up 43.6% of the fund.
The manager buys and sells (writes) put and call options to earn extra income, dampen swings and hedge. When the fund writes a call, it collects a fee called a premium but gives up gains above a set price. It held 92 derivative positions, including calls on Marvell, NVIDIA and Amazon. It may also use swaps, equity-linked notes and short sales of up to 20% of net assets.
The fund can borrow up to 33 1/3% of total assets. It normally aims for leverage of 0% to 30% of net assets. Holdings totaled about 113% of net assets, so gains and losses are magnified. Trading is heavy: portfolio turnover was 253%.
What it really costs
- ICAP charges 2.47% a year, versus an average of 0.73% for the similar funds below (3rd of 3, cheapest first).
- Of that, 0.8% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $250 in the first year and $2,806 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ICAP | $250 | $770 | $1,316 | $2,806 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
It offers high monthly income, but its leverage, option trading, heavy turnover and 2.47% expense ratio make it a small add-on rather than a foundation.
ICAP could add a large stream of monthly income. Its trailing 12-month yield was 10.88% ($2.95 a share) as of October 27, 2026. Much of that income may come from option premiums, which are usually taxed as ordinary income. The fund launched in December 2021, so it has no record in 2008 or 2020. In the 2022 bear market it fell 23.4% between April 20 and September 29, 2022. Its deepest drop, 24.1%, didn't recover until July 15, 2024. Its worst calendar year was 2022, at -9.35%. Anyone drawing income during a stretch like that would have been selling shares at low prices. Cost is a steady drag: under the SEC's standard example, a $10,000 investment would pay $2,806 in expenses over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income seekers who want monthly payouts and accept that the 10.88% trailing yield (as of October 27, 2026) relies partly on option writing and borrowing.
- Investors comfortable with an actively traded, tech-heavy dividend portfolio led by Broadcom, Marvell Technology and KKR as of August 31, 2026.
- Holders using a tax-advantaged account, where option premiums taxed as ordinary income may matter less.
Look elsewhere if
- Cost-conscious investors: the 2.47% expense ratio compares with a 0.73% average for similar funds.
- Anyone wanting to avoid leverage, short sales, swaps and junk bonds. The prospectus allows all four.
- Retirees who can't wait out long slumps: the fund fell 24.1% from its April 2022 peak and didn't regain it until July 2024.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does ICAP pay monthly dividends?
Yes. ICAP pays distributions every month. Over the 12 months to October 27, 2026, it paid $2.95 a share, a trailing yield of 10.88%. Part of that income comes from writing options, not just stock dividends. Option premiums are usually taxed as ordinary income rather than at the lower qualified-dividend rate. Monthly amounts can vary with markets and with the manager's trading.
Why is ICAP's expense ratio so high?
ICAP's total expense ratio is 2.47%, according to its prospectus filed March 30, 2026. Only 0.80% of that is the management fee. The rest comes from other fund costs, and a fund that borrows to invest, as ICAP may, can also pay interest. Under the SEC's standard example, $10,000 invested would pay $250 in expenses in the first year and $2,806 over 10 years. Similar funds average 0.73%.
Is ICAP an infrastructure fund?
Not in the usual sense. "Infrastructure" comes from the adviser's name, Infrastructure Capital Advisors. As of August 31, 2026, its largest holdings were Broadcom, Marvell Technology, KKR, Lockheed Martin and NVIDIA. Technology made up 25.5% of the fund and utilities 6.7%, among the holdings assigned a sector. It does own some utility and power names, including NextEra Energy, GE Vernova and Xcel Energy, at about 2% each.
ICAP vs SCAP: what's the difference?
Both come from Infrastructure Capital Advisors and use a similar income strategy. SCAP is the firm's small-cap income ETF. SCAP lists a 0.80% expense ratio, while ICAP's is 2.47%. Over the year to October 27, 2026, SCAP returned 9.2% and ICAP 8.6%. SCAP is much smaller, with $19.9 million in net assets versus ICAP's $119.6 million as of August 31, 2026. The two funds share only 14% of their holdings.
Is ICAP a leveraged ETF?
It can use leverage, but it isn't a daily-reset leveraged ETF. It may borrow up to 33 1/3% of total assets and normally aims for 0% to 30% of net assets. As of August 31, 2026, holdings totaled about 113% of net assets. Borrowing magnifies both gains and losses. Official calendar-year returns were -9.35% in 2022, 8.69% in 2023, 14.57% in 2024 and 15.92% in 2025.