Infrastructure Capital Advisors, LLC (the “Advisor”) was organized as a limited liability company under the laws of the State of New York in 2012 and has offices in New York, New York. The Advisor is registered as an investment advisor with the Securities and Exchange Commission. Infrastructure Capital Management, LLC principally owns the Advisor. The Advisor serves as an Adviser for two exchange traded funds, called the InfraCap Small Cap Income ETF (NYSE Arca: SCAP) (“SCAP”) and the InfraCap Equity Income Fund ETF (NYSE Arca: ICAP) (“ICAP”). SCAP seeks total return through a blended approach of capital appreciation and current income. Under normal conditions, SCAP invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of small-capitalization companies. SCAP defines a small-capitalization (“Small Cap”) company as a company with a market capitalization, at the time of initial investment, that is within or below the range of companies in the Russell 2000® Index. As of September 30, 2023, the market capitalization range of companies comprising the Russell 2000® Index was between $25.5 million and $14.3 billion. SCAP’s investments in securities of Small Cap companies may include common stocks, preferred stocks, convertible securities, debt instruments, equity-linked notes (“ELNs”), other investment companies or exchange-traded funds (“ETFs”). SCAP considers investments in other investment companies and ETFs to be investments in Small Cap companies if the underlying investment company or ETF also has a policy of investing at least 80% of its net assets in small capitalization companies. The Fund’s investments in other investment companies and ETFs will typically be less than 20% of the Fund’s net assets. SCAP’s initial investments may appreciate beyond the Small Cap market capitalization range described above, however, the Fund will not sell an investment simply because it does not meet the original small-capitalization definition. The Fund may, on occasion, purchase securities of companies with market capitalizations outside of the range described above when the Adviser believes the company has value and income qualities similar to small-capitalization companies sought out by SCAP. SCAP is a separate series of Series Portfolio Trust (“SPT”), a Delaware statutory trust organized on July 27, 2015, and is registered with the U.S. Securities and Exchange Commission (“SEC”) as an open-end management investment company. For more information about SPT, please refer to SCAP’s Statement of Additional Information, which can be found on SCAP’s web site. Shares of ICAP are continuously offered and sold in an offering registered under the Securities Act of 1933. Please see the prospectus for a discussion of risks, SCAP’s distributor is Quasar Distributors, LLC. SCAP’s web site is https://www.infracapfund.com/scap. ICAP seeks to maximize income and pursue total return opportunities. Under normal market conditions, ICAP 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. ICAP’s investments in equity securities may include common stocks, preferred stocks and convertible securities. ICAP may invest in the equity securities of companies of any market capitalization. To assist the Advisor’s portfolio management process, the Advisor 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. ICAP is a separate series of Series Portfolio Trust (“SPT”), a Delaware statutory trust organized on July 27, 2015, and is registered with the U.S. Securities and Exchange Commission (“SEC”) as an open-end management investment company. For more information about SPT, please refer to ICAP’s Statement of Additional Information, which can be found on ICAP’s web site. Shares of ICAP are continuously offered and sold in an offering registered under the Securities Act of 1933. Please see the prospectus for a discussion of risks, ICAP’s distributor is Quasar Distributors, LLC. ICAP’s web site is https://www.infracapfund.com/ICAP. The Advisor serves as sub-advisor to an exchange-traded fund called InfraCap MLP

ETF (NYSE Arca: AMZA) (“AMZA”). Launched in 2014, AMZA seeks total return primarily through investments in equity securities of publicly traded master limited partnerships and limited liability companies taxed as partnerships (each an “ MLP”). The investment advisor to AMZA is Virtus ETF Advisers LLC, a Delaware limited liability company (“ Virtus”). AMZA is a separate series of ETFis Series Trust I, a Delaware statutory trust that is registered as an investment company under the Investment Company Act of 1940 (“ ETFis”). Shares of AMZA are continuously offered and sold in an offering registered under the Securities Act of 1933. Please see AMZA’s prospectus for a discussion of risks, AMZA’s distributor is VP Distributors, LLC. The Advisor serves as sub-advisor to an exchange-traded fund called InfraCap REIT Preferred ETF (NYSE Arca: PFFR) (“PFFR”). PFFR seeks investment results that correspond, before fees and expenses, to the price and yield performance of the Indxx REIT Preferred Stock Index (the “ Underlying Index”). Under normal market conditions, PFFR invests not less than 90% of its total assets in component securities of the Underlying Index. The Underlying Index is composed of preferred securities listed on U.S. securities exchanges that are issued by real estate investment trusts (each a “REIT”). A preferred security is a class of equity securities that typically pays fixed or floating dividends to investors and has preference over common stock (but is subordinated to bonds) in the payment of dividends and in the event of the bankruptcy or liquidation of the assets of the issuer. Preferred securities in the Underlying Index may include, without limitation, floating-rate and fixed-rate preferred securities, callable preferred securities, cumulative and non-cumulative preferred securities, convertible preferred securities, trust preferred securities, and depositary preferred securities. As is the case with AMZA, the investment advisor to PFFR is Virtus, and PFFR is a separate series of ETFis. Shares of PFFR are continuously offered and sold in an offering registered under the Securities Act of 1933. Please see PFFR’s prospectus for a discussion of risks, PFFR’s distributor is VP Distributors, LLC. The Advisor serves as a sub-advisor to an exchange traded fund called Virtus InfraCap U.S. Preferred Stock ETF (NYSE Arca: PFFA) (“PFFA”). PFFA seeks current income and secondarily, capital appreciation. Under normal market conditions, the Fund will invest not less than 80% of its assets in preferred securities listed on U.S. exchanges. Preferred securities are a class of equity security that typically pay fixed or floating dividends to investors and have “preference” over common stock (but are subordinated to bonds), in that the company issuing the preferred and common stock must pay dividends to preferred stockholders before common stockholders, and, in the event of a bankruptcy or liquidation of the company’s assets, must put the claims of the preferred stockholders ahead of the claims of the common stockholders. PFFA’s portfolio will primarily consist of preferred securities issued by companies with market capitalizations of over $100 million, which may include small and mid-capitalization companies. Similar to AMZA, and PFFR, the investment advisor to PFFA is Virtus, and PFFA is a separate series of ETFis. Shares of PFFA are continuously offered and sold in an offering registered under the Securities Act of 1933. Please see PFFA’s prospectus for a discussion of risks, PFFA’s distributor is VP Distributors, LLC. For more information about SCAP, ICAP, AMZA, PFFR, and PFFA, please refer to the ETFs’ offering documents. In addition, the Advisor serves as investment advisor to one private investment partnerships (each a “Fund”): Infrastructure Macro Income Fund, LP (the “Macro Fund”). Interests in the Funds are offered only in private placements to investors who meet specific criteria. The Advisor also manages separate accounts for high net-worth individuals and entities associated with these individuals. In this firm brochure and brochure supplement, SCAP, ICAP, AMZA, PFFR, PFFA, the Funds, the separately managed accounts, and any other future clients of the Advisor are individually called an “Account.” The Advisor manages the assets of the Accounts on a fully discretionary basis. The Advisor does not call any of the services that it provides financial planning or any similar term. The Advisor tailors its investment advice to the particular needs, investment objectives, and investment guidelines of each Account. Clients may not impose restrictions on investing in particular securities or types of securities. As of February 28, 2024, the Advisor managed approximately 1,717,108,000 on a discretionary basis and no assets on a nondiscretionary basis.