At a glance
SCAP charges 2.2% a year. It has $19.9M in assets; it paid 8.18% of its price in distributions over the past 12 months, monthly. Over the past year it returned +9.2% with distributions reinvested (S&P 500: +11.5%). Its ten largest positions make up 34.1% of the fund, out of 73 in all.
The short version
Infrastructure Capital Small Cap Income ETF (SCAP) is an actively managed fund that invests mainly in the stocks, preferred stock and bonds of small US companies. It also uses options, short sales and borrowed money. It pays income monthly, with a 12-month yield of 8.18% as of October 27, 2026. The trade-offs are cost and complexity: its 2.20% annual expense ratio is high for an ETF, and leverage can deepen losses.
Price history
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SCAP +9.2% 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 | |
|---|---|---|---|---|---|---|
| SCAP official prospectus, to Dec 31, 2025 | — | +11.94% | — | — | — | +16.99% |
| SCAP price data to Oct 27, 2026 | +4.3% | +9.2% | — | — | — | +13.7% |
- Over the year to Oct 27, 2026, SCAP returned +9.2%.
- Its worst full calendar year was 2025 (+12.0%); its best was 2024 (+16.5%).
- The deepest fall in its price history was 24.1% (Nov 25, 2024 to Apr 8, 2025), recovered by Sep 11, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.3% | — |
| 2025 | +12.0% | +11.94% |
| 2024 | +16.5% | +16.23% |
| 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 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.2400 | |
| 2025 | $2.4500 | +1.2% |
| 2024 | $2.4200 |
What's inside
As of Aug 31, 2026, the fund held 73 securities; the ten largest made up 34.08% of assets.
| Holding | Weight | |
|---|---|---|
| SM Energy Co | 3.86% | |
| iShares Russell 2000 ETF | 3.69% | |
| Celsius Holdings Inc | 3.65% | |
| KKR & CO INC Preferred stock | 3.60% | |
| Halozyme Therapeutics Inc | 3.59% | |
| Kontoor Brands Inc | 3.22% | |
| Huntington Ingalls Industries | 3.18% | |
| KB Home | 3.11% | |
| Avient Corp | 3.11% | |
| Otter Tail Corp | 3.08% | |
| Bank of NT Butterfield & Son L | 2.88% | |
| Piper Sandler Cos | 2.86% | |
| Marvell Technology Inc | 2.81% | |
| Wynn Resorts Ltd | 2.76% | |
| StandardAero Inc | 2.76% |
By country
United States 112.08%Bermuda 2.88%United Kingdom 1.84%Puerto Rico 1.69%Italy 1.6%By asset type
Stocks 101.63%Preferred stock 16.6%Bonds and notes 3.44%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $378K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.93%, -3.47%, +2.34%.
How it works
SCAP doesn't track an index. Its adviser, Infrastructure Capital Advisors, picks investments using a top-down view of the global economy. Normally at least 80% of net assets goes to small companies, defined as those within or below the Russell 2000 Index's size range ($10 million to $39 billion as of February 28, 2026). That can include common and preferred stock, junk bonds (rated below investment grade), REITs (real estate trusts), utilities, master limited partnerships and foreign shares.
'Infrastructure Capital' is the adviser's name, not a sector limit. As of August 31, 2026, its largest holdings were SM Energy (3.9%), the iShares Russell 2000 ETF (3.7%), Celsius Holdings (3.6%), KKR & Co preferred stock (3.6%) and Halozyme Therapeutics (3.6%).
The manager purchases and writes options to earn income and hedge; writing calls gives up some gains in strong markets. It also uses total return swaps (contracts paying an asset's return without owning it) and short sales (bets on falling prices), capped at 20% of net assets. It may borrow up to one-third of total assets to invest more, usually aiming for leverage of 0% to 30% of net assets. On August 31, 2026, its options included calls on the iShares Russell 2000 ETF, and company holdings equaled about 118% of net assets, magnifying gains and losses.
What it really costs
- SCAP charges 2.2% a year.
- 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 $223 in the first year and $2,534 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SCAP | $223 | $688 | $1,180 | $2,534 |
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 a high monthly payout, but its leverage, small-company focus, 2.20% expense ratio and record dating only to December 2023 make it better suited to a small side position than a core holding.
SCAP could add monthly income: its 12-month yield was 8.18% as of October 27, 2026. It launched on December 12, 2023, so it has no record in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Of its two full calendar years, the weaker, 2025, still gained about 12%. But it fell 24.1% from November 25, 2024 to April 8, 2025, and took about five months, to September 11, 2025, to recover. Anyone cashing out shares during that drop would have locked in losses.
Cost and complexity also matter. The 2.20% expense ratio, the fund's yearly fee, works out to about $223 over one year on $10,000 in the SEC's standard example, and borrowed money can deepen losses in a sharp downturn. 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 (the 12-month yield was 8.18% as of October 27, 2026) and can live with sharp price swings.
- Investors wanting a hands-on manager mixing small-company stocks, preferred stock and junk bonds, rather than a plain Russell 2000 index fund.
- Investors seeking a small, higher-risk side holding who can tolerate drops like its 24.1% fall from November 2024 to April 2025.
Look elsewhere if
- Cost-focused investors: the 2.20% expense ratio adds up to $2,534 over 10 years on $10,000 in the SEC's standard example.
- Anyone wanting a long record: SCAP launched in December 2023, so it has no history in the 2008, 2020 or 2022 downturns.
- Those wanting simple, unleveraged exposure: SCAP borrows money, uses short sales and options, and held only $19.9 million in net assets as of August 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does SCAP pay monthly dividends?
Yes. SCAP pays distributions every month. Over the 12 months to October 27, 2026, it paid about $2.90 per share, a yield of 8.18%. The cash comes from dividends and interest on its stocks, preferred stock and bonds, plus writing options, where the fund collects a fee in exchange for giving up some gains. Income tied to options is usually taxed as ordinary income rather than as qualified dividends, which can matter in a taxable account.
What is SCAP's expense ratio?
SCAP's expense ratio is 2.20% a year, according to its prospectus filed March 30, 2026. That yearly cost comes out of fund assets and includes a 0.80% management fee; other fund expenses make up the rest. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares cashed out at the end of each period. On that basis, costs would total about $223 over one year, $1,180 over five years and $2,534 over ten. That is high for an ETF.
Is SCAP a leveraged ETF?
Not in the usual sense. SCAP doesn't aim for a fixed multiple of an index's daily return, and nothing resets each day. But it can borrow up to one-third of its total assets to invest more, and normally aims for leverage of 0% to 30% of net assets, though it may go outside that range. As of August 31, 2026, its holdings in companies equaled about 118% of net assets. Borrowing magnifies gains and losses, and interest on the loans adds cost.
Is SCAP good for retirement income?
It can supply monthly income, but it carries real stock-market risk. The 12-month yield was 8.18% as of October 27, 2026. The fund focuses on small companies and uses borrowed money. It fell 24.1% between November 25, 2024 and April 8, 2025, and took about five months to recover. It charges 2.20% a year and has traded only since December 2023. It may suit a small slice of a diversified retirement portfolio more than a core position.
How has SCAP performed since launch?
According to its prospectus, SCAP returned 16.99% a year on average from its December 2023 launch through December 31, 2025. It gained 16.23% in 2024 and 11.94% in 2025. Its strongest quarter was a 10.22% gain in the quarter ended September 30, 2024. Its weakest was a 4.41% loss in the quarter ended March 31, 2025. Over the year to October 27, 2026, it returned about 9.2%. Past results don't predict future returns.