# EDGAR Filing Document

**Accession Number:** 0001559109
**File Stem:** 0001999371-26-000491
**Filing Date:** 2026-1
**Character Count:** 495079
**Document Hash:** 2d8338246331db095ba40f91cd53bebb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-000491.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001999371-26-000491

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260108

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETFis Series Trust I
- **CENTRAL INDEX KEY:** 0001559109

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22819
- **FILM NUMBER:** 26519716

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 AVENUE OF THE AMERICAS
- **STREET 2:** 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 2125934383

**MAIL ADDRESS:**
- **STREET 1:** 1301 AVENUE OF THE AMERICAS
- **STREET 2:** 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ETF Actively Managed Trust
- **DATE OF NAME CHANGE:** 20120926

## Series and Classes Contracts Data

### InfraCap MLP ETF (Series ID: S000045418)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000141421 | InfraCap MLP ETF | AMZA            |

### Virtus LifeSci Biotech Clinical Trials ETF (Series ID: S000047353)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000148681 | Virtus LifeSci Biotech Clinical Trials ETF | BBC             |

### Virtus LifeSci Biotech Products ETF (Series ID: S000047354)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000148682 | Virtus LifeSci Biotech Products ETF | BBP             |

### InfraCap REIT Preferred ETF (Series ID: S000047494)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000149129 | InfraCap REIT Preferred ETF | PFFR            |

### Virtus Newfleet Multi-Sector Bond ETF (Series ID: S000048895)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000153845 | Virtus Newfleet Multi-Sector Bond ETF | NFLT            |

### Virtus WMC International Dividend ETF (Series ID: S000058304)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000191094 | Virtus WMC International Dividend ETF | VWID            |

### Virtus InfraCap U.S. Preferred Stock ETF (Series ID: S000059080)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000193703 | Virtus InfraCap U.S. Preferred Stock ETF | PFFA            |

### Virtus Private Credit Strategy ETF (Series ID: S000064727)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000209670 | Virtus Private Credit Strategy ETF | VPC             |

### Virtus Real Asset Income ETF (Series ID: S000064728)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000209671 | Virtus Real Asset Income ETF | VRAI            |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **811-22819**

**ETFis Series Trust I**

------

(Exact name of registrant as specified in charter)

**1301 Avenue of the Americas, 14<sup>th</sup> Floor New York, NY 10019**

------

(Address of principal executive offices) (Zip code)

**ETFis Series Trust I c/o Corporation Service Company 2711 Centerville Road, Suite 400 Wilmington, DE 19808**

------

(Name and address of agent for service)

Registrant's telephone number, including area code: **(212) 593-4383**

Date of fiscal year end: **October 31**

Date of reporting period: **October 31, 2025**

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

# InfraCap REIT Preferred ETF
![Image](i6f0802e5ba0acf14510618eb.jpg)

# PFFR / NYSE Arca, Inc.

#### Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about the InfraCap REIT Preferred ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

## What were the Fund costs for the period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| InfraCap REIT Preferred ETF | $45 | 0.45% |

---

## **Portfolio Manager Commentary by Infrastructure Capital Advisors, LLC** 
For the fiscal year ended October 31, 2025, the Fund at NAV returned 1.15%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 20.86%, and the Indxx REIT Preferred Stock Index, which serves as the style-specific index, returned 1.52%.

## **What factors impacted Fund performance over the reporting period?** 
The Fund seeks exposure to preferred securities held by Real Estate Investment Trusts (REITs). During the period, exposure to sub-sectors, such as Mortgage REITs and Diversified REITs, were factors that contributed positively to the Fund's performance. AGNC Investment Corp (AGNC) and Rithm Capital (RITM) were two companies that were contributors to performance within these factors. During the period, exposure to the Hotels & Resort REIT and Self-Storage REIT sub-sectors were factors that detracted from relative performance because these sub-sectors underperformed versus other REIT sub-sectors. Overall, REIT preferreds benefited from the Fed's commencement of an interest rate cut cycle and continued tightening of corporate credit spreads.

#### FACTOR

#### IMPACT
&nbsp;&nbsp;&nbsp;&nbsp;

# SUMMARY
Mortgage REITs

# Positive

# AGNC Investment Corp (AGNC) and Rithm Capital (RITM) were two of the primary contributors for this factor's positive performance.

# Diversified REITS
Positive

# Among Diversified REITs, Global Net Lease Inc. (GNL) was the primary contributor for this factor's positive performance.

# Hotel & Resort REITs

# Negative

# The sector underperformed versus other REIT sub-sectors during the period.

# Self-Storage REITs

# Negative
The sector underperformed versus other REIT sub-sectors during the period.

InfraCap REIT Preferred ETF \| 1

The preceding information is the opinion of the investment adviser and/or sub-adviser, as appropriate, through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

## How has the Fund historically performed?
The following graph and table compare the initial and subsequent account values over the life of the Fund. It assumes a $10,000 initial investment from inception in an appropriate broad-based securities market index and style-specific index for the same period.

### Growth of $10,000
![A line chart as described in the following paragraph](i874b46c869dd9a2683d9ce38.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **InfraCap REIT Preferred ETF - NAV $13,274** | **FT Wilshire 5000 Index $33,160** | **Indxx REIT Preferred Stock Index $14,141** |
| **2/7/17** | $10000 | $10000 | $10000 |
| **2/28/17** | $10185 | $10310 | $10183 |
| **3/31/17** | $10215 | $10315 | $10223 |
| **4/30/17** | $10310 | $10423 | $10323 |
| **5/31/17** | $10369 | $10528 | $10390 |
| **6/30/17** | $10579 | $10619 | $10600 |
| **7/31/17** | $10638 | $10822 | $10663 |
| **8/31/17** | $10675 | $10848 | $10708 |
| **9/30/17** | $10690 | $11109 | $10732 |
| **10/31/17** | $10654 | $11349 | $10698 |
| **11/30/17** | $10636 | $11694 | $10685 |
| **12/31/17** | $10687 | $11820 | $10740 |
| **1/31/18** | $10317 | $12440 | $10365 |
| **2/28/18** | $10263 | $11981 | $10319 |
| **3/31/18** | $10325 | $11730 | $10382 |
| **4/30/18** | $10202 | $11776 | $10293 |
| **5/31/18** | $10362 | $12100 | $10459 |
| **6/30/18** | $10634 | $12179 | $10744 |
| **7/31/18** | $10739 | $12602 | $10856 |
| **8/31/18** | $10825 | $13044 | $10946 |
| **9/30/18** | $10623 | $13065 | $10741 |
| **10/31/18** | $10377 | $12112 | $10517 |
| **11/30/18** | $10108 | $12346 | $10242 |
| **12/31/18** | $9909 | $11197 | $10027 |
| **1/31/19** | $10566 | $12166 | $10708 |
| **2/28/19** | $10798 | $12589 | $10957 |
| **3/31/19** | $11062 | $12771 | $11238 |
| **4/30/19** | $11057 | $13284 | $11213 |
| **5/31/19** | $11146 | $12417 | $11319 |
| **6/30/19** | $11282 | $13282 | $11462 |
| **7/31/19** | $11537 | $13480 | $11721 |
| **8/31/19** | $11577 | $13204 | $11766 |
| **9/30/19** | $11715 | $13445 | $11930 |
| **10/31/19** | $11807 | $13739 | $12043 |
| **11/30/19** | $11737 | $14248 | $12001 |
| **12/31/19** | $11922 | $14665 | $12111 |
| **1/31/20** | $12154 | $14667 | $12339 |
| **2/29/20** | $11538 | $13464 | $11693 |
| **3/31/20** | $8412 | $11630 | $8439 |
| **4/30/20** | $9817 | $13173 | $10002 |
| **5/31/20** | $10063 | $13858 | $10267 |
| **6/30/20** | $10083 | $14183 | $10296 |
| **7/31/20** | $10568 | $14986 | $10794 |
| **8/31/20** | $10949 | $16081 | $11213 |
| **9/30/20** | $10893 | $15479 | $11152 |
| **10/31/20** | $10855 | $15139 | $11053 |
| **11/30/20** | $11580 | $16960 | $11913 |
| **12/31/20** | $11909 | $17720 | $12269 |
| **1/31/21** | $11897 | $17661 | $12271 |
| **2/28/21** | $11937 | $18200 | $12319 |
| **3/31/21** | $12413 | $18869 | $12840 |
| **4/30/21** | $12504 | $19865 | $13014 |
| **5/31/21** | $12621 | $19957 | $13139 |
| **6/30/21** | $12869 | $20458 | $13408 |
| **7/31/21** | $12888 | $20825 | $13434 |
| **8/31/21** | $12953 | $21438 | $13516 |
| **9/30/21** | $12915 | $20487 | $13481 |
| **10/31/21** | $12910 | $21867 | $13561 |
| **11/30/21** | $12539 | $21610 | $13150 |
| **12/31/21** | $12746 | $22450 | $13382 |
| **1/31/22** | $12500 | $21165 | $13114 |
| **2/28/22** | $11856 | $20648 | $12414 |
| **3/31/22** | $11866 | $21339 | $12429 |
| **4/30/22** | $11109 | $19409 | $11802 |
| **5/31/22** | $11326 | $19380 | $12039 |
| **6/30/22** | $10621 | $17759 | $11285 |
| **7/31/22** | $11390 | $19454 | $12117 |
| **8/31/22** | $10985 | $18717 | $11677 |
| **9/30/22** | $9773 | $16970 | $10393 |
| **10/31/22** | $9334 | $18362 | $9876 |
| **11/30/22** | $9914 | $19306 | $10505 |
| **12/31/22** | $9670 | $18175 | $10183 |
| **1/31/23** | $11036 | $19429 | $11662 |
| **2/28/23** | $10731 | $18975 | $11340 |
| **3/31/23** | $10003 | $19494 | $10563 |
| **4/30/23** | $10274 | $19697 | $10858 |
| **5/31/23** | $10050 | $19781 | $10609 |
| **6/30/23** | $10659 | $21138 | $11233 |
| **7/31/23** | $10849 | $21896 | $11445 |
| **8/31/23** | $10911 | $21471 | $11506 |
| **9/30/23** | $10658 | $20445 | $11252 |
| **10/31/23** | $10159 | $19901 | $10716 |
| **11/30/23** | $11128 | $21760 | $11765 |
| **12/31/23** | $11580 | $22919 | $12230 |
| **1/31/24** | $11764 | $23163 | $12433 |
| **2/29/24** | $11878 | $24412 | $12559 |
| **3/31/24** | $11779 | $25199 | $12460 |
| **4/30/24** | $11552 | $24101 | $12223 |
| **5/31/24** | $11868 | $25239 | $12565 |
| **6/30/24** | $11905 | $26032 | $12613 |
| **7/31/24** | $12068 | $26511 | $12797 |
| **8/31/24** | $12554 | $27086 | $13316 |
| **9/30/24** | $13143 | $27636 | $13952 |
| **10/31/24** | $13123 | $27436 | $13929 |
| **11/30/24** | $12938 | $29250 | $13728 |
| **12/31/24** | $12721 | $28364 | $13496 |
| **1/31/25** | $12704 | $29255 | $13489 |
| **2/28/25** | $12806 | $28686 | $13601 |
| **3/31/25** | $12466 | $26991 | $13256 |
| **4/30/25** | $12505 | $26814 | $13275 |
| **5/31/25** | $12411 | $28530 | $13158 |
| **6/30/25** | $12492 | $29990 | $13261 |
| **7/31/25** | $13025 | $30666 | $13790 |
| **8/31/25** | $13157 | $31378 | $13924 |
| **9/30/25** | $13383 | $32463 | $14212 |
| **10/31/25** | $13274 | $33160 | $14141 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **1 Year** | **5 Years** | **Since Inception 2/7/17** |
| **InfraCap REIT Preferred ETF - NAV** | 1.15 | 4.1 | 3.3 |
| **FT Wilshire 5000 Index** | 20.86 | 16.98 | 14.71 |
| **Indxx REIT Preferred Stock Index** | 1.52 | 5.05 | 4.05 |

---

\*The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

\*The Indxx REIT Preferred Stock Index is a market cap weighted index designed to provide diversified exposure to high yielding liquid preferred securities issued by Real Estate Investment Trusts listed in the U.S. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted.** Please visit virtus.com for performance data current to the most recent month end. Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

InfraCap REIT Preferred ETF \| 2

## KEY FUND STATISTICS (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $107254290 |
| Total number of portfolio holdings | 111 |
| Total advisory fees paid | $447385 |
| Portfolio turnover rate | 10% |

---

## ASSET ALLOCATION <sup>**Footnote Reference (1)**</sup>

---

| | |
|:---|:---|
| Real Estate | 62.7% |
| Financials | 37.0% |
| Money Market Funds | 0.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of October 31, 2025. |

---

## Where can I find additional information about the Fund?
For more information about the Fund, including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-888-383-0553, scan the QR code, or visit https://www.virtus.com/investor-resources/etf-documents.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](iffbf7f44323893db3e701e2b.jpg)

## **Householding** 
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this

consent or request additional copies by calling Virtus ETFs at 1-888-383-0553.

InfraCap REIT Preferred ETF \| 3

# Virtus InfraCap U.S. Preferred Stock ETF
![Image](i6f0802e5ba0acf14510618eb.jpg)

# PFFA / NYSE Arca, Inc.

#### Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about the Virtus InfraCap U.S. Preferred Stock ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

## What were the Fund costs for the period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus InfraCap U.S. Preferred Stock ETF | $215 | 2.11% |

---

## **Portfolio Manager Commentary by Infrastructure Capital Advisors, LLC** 
For the fiscal year ended October 31, 2025, the Fund at NAV returned 4.11%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 20.86%, and the S&P U.S. Preferred Stock Index, which serves as the style-specific index, returned 1.65%.

## **What factors impacted Fund performance over the reporting period?** 
Sector allocation, interest rate sensitives, and credit qualities were factors that positively contributed to the Fund's relative outperformance to the S&P U.S. Preferred Stock Index ("Benchmark") for the 12-month period. Overweight exposure to the Utilities and Real Estate sectors also positively contributed to the Fund's income and total return. Underweight exposure to the Technology and Hardware Sector detracted from relative performance. In addition, underweight exposure to convertible securities detracted from relative performance. Finally, factors such as interest rate sensitives, and credit qualities helped to increase income and total return as a result of the Fund's overweight exposure to non-investment grade securities and preferred securities with high yields.

#### FACTOR

#### IMPACT
&nbsp;&nbsp;&nbsp;&nbsp;

# SUMMARY
Utilities/Real Estate

# Positive

# Overweight exposure to utilities and Real Estate sectors relative to the benchmark contributed to outperformance.

# Credits/ Interest Rates
Positive

# Overweight higher yielding preferred securities and non-investment grade credits that provided enhanced income and relative outperformance.

# Technology and Hardware

# Negative

# Underweight exposure to Technology and Hardware sectors relative to the benchmark detracted from relative performance.

# Convertible Securities

# Negative
Underweight exposure to high beta mandatory convertible securities which performed well during the period detracted from relative performance.

Virtus InfraCap U.S. Preferred Stock ETF \| 1

The preceding information is the opinion of the investment adviser and/or sub-adviser, as appropriate, through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

## How has the Fund historically performed?
The following graph and table compare the initial and subsequent account values over the life of the Fund. It assumes a $10,000 initial investment from inception in an appropriate broad-based securities market index and style-specific index for the same period.

### Growth of $10,000
![A line chart as described in the following paragraph](iffb5b95dc537494a35677d8e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Virtus InfraCap U.S. Preferred Stock ETF - NAV $17,101** | **FT Wilshire 5000 Index $27,441** | **S&P U.S. Preferred Stock Index $13,507** |
| **5/15/18** | $10000 | $10000 | $10000 |
| **5/31/18** | $10087 | $10013 | $10085 |
| **6/30/18** | $10279 | $10078 | $10244 |
| **7/31/18** | $10444 | $10428 | $10295 |
| **8/31/18** | $10626 | $10794 | $10417 |
| **9/30/18** | $10421 | $10812 | $10265 |
| **10/31/18** | $10102 | $10023 | $10049 |
| **11/30/18** | $9687 | $10216 | $9829 |
| **12/31/18** | $9264 | $9266 | $9686 |
| **1/31/19** | $9990 | $10068 | $10178 |
| **2/28/19** | $10514 | $10418 | $10341 |
| **3/31/19** | $10787 | $10569 | $10463 |
| **4/30/19** | $10973 | $10993 | $10569 |
| **5/31/19** | $10980 | $10275 | $10582 |
| **6/30/19** | $11255 | $10991 | $10744 |
| **7/31/19** | $11537 | $11155 | $10959 |
| **8/31/19** | $11588 | $10926 | $11042 |
| **9/30/19** | $11819 | $11126 | $11143 |
| **10/31/19** | $11958 | $11369 | $11215 |
| **11/30/19** | $11963 | $11791 | $11190 |
| **12/31/19** | $12241 | $12136 | $11394 |
| **1/31/20** | $12426 | $12137 | $11565 |
| **2/29/20** | $11346 | $11142 | $11029 |
| **3/31/20** | $6004 | $9624 | $9695 |
| **4/30/20** | $8256 | $10901 | $10720 |
| **5/31/20** | $8784 | $11468 | $10916 |
| **6/30/20** | $8719 | $11737 | $10741 |
| **7/31/20** | $9247 | $12401 | $11333 |
| **8/31/20** | $9860 | $13308 | $11551 |
| **9/30/20** | $9612 | $12810 | $11504 |
| **10/31/20** | $9762 | $12528 | $11554 |
| **11/30/20** | $11050 | $14035 | $11988 |
| **12/31/20** | $11265 | $14664 | $12303 |
| **1/31/21** | $11359 | $14615 | $12190 |
| **2/28/21** | $11638 | $15061 | $12071 |
| **3/31/21** | $12612 | $15615 | $12399 |
| **4/30/21** | $12784 | $16439 | $12559 |
| **5/31/21** | $13042 | $16515 | $12700 |
| **6/30/21** | $13445 | $16930 | $12964 |
| **7/31/21** | $13524 | $17233 | $12992 |
| **8/31/21** | $13667 | $17741 | $12967 |
| **9/30/21** | $13573 | $16954 | $12969 |
| **10/31/21** | $13815 | $18095 | $13100 |
| **11/30/21** | $13448 | $17883 | $12779 |
| **12/31/21** | $13976 | $18578 | $13119 |
| **1/31/22** | $13632 | $17515 | $12598 |
| **2/28/22** | $13224 | $17087 | $12098 |
| **3/31/22** | $13625 | $17659 | $12061 |
| **4/30/22** | $13235 | $16062 | $11334 |
| **5/31/22** | $13317 | $16038 | $11631 |
| **6/30/22** | $12144 | $14696 | $11085 |
| **7/31/22** | $13118 | $16099 | $11792 |
| **8/31/22** | $12830 | $15489 | $11289 |
| **9/30/22** | $11355 | $14043 | $10862 |
| **10/31/22** | $11151 | $15195 | $10531 |
| **11/30/22** | $11711 | $15976 | $11118 |
| **12/31/22** | $11053 | $15041 | $10636 |
| **1/31/23** | $12987 | $16078 | $11912 |
| **2/28/23** | $12840 | $15702 | $11688 |
| **3/31/23** | $12051 | $16132 | $11082 |
| **4/30/23** | $12027 | $16300 | $11316 |
| **5/31/23** | $11875 | $16370 | $11053 |
| **6/30/23** | $12576 | $17493 | $11274 |
| **7/31/23** | $12847 | $18120 | $11452 |
| **8/31/23** | $13070 | $17768 | $11354 |
| **9/30/23** | $12665 | $16919 | $11242 |
| **10/31/23** | $12171 | $16469 | $10699 |
| **11/30/23** | $13079 | $18007 | $11623 |
| **12/31/23** | $13796 | $18966 | $11915 |
| **1/31/24** | $14111 | $19168 | $12357 |
| **2/29/24** | $14335 | $20201 | $12526 |
| **3/31/24** | $14370 | $20853 | $12581 |
| **4/30/24** | $14262 | $19945 | $12199 |
| **5/31/24** | $14904 | $20886 | $12537 |
| **6/30/24** | $14796 | $21542 | $12498 |
| **7/31/24** | $15188 | $21939 | $12582 |
| **8/31/24** | $15755 | $22414 | $12944 |
| **9/30/24** | $16451 | $22870 | $13365 |
| **10/31/24** | $16426 | $22704 | $13289 |
| **11/30/24** | $16651 | $24205 | $13414 |
| **12/31/24** | $16277 | $23472 | $13012 |
| **1/31/25** | $16398 | $24209 | $13143 |
| **2/28/25** | $16580 | $23738 | $13229 |
| **3/31/25** | $16027 | $22336 | $12807 |
| **4/30/25** | $15823 | $22190 | $12760 |
| **5/31/25** | $15752 | $23610 | $12847 |
| **6/30/25** | $16011 | $24818 | $13104 |
| **7/31/25** | $16785 | $25377 | $13410 |
| **8/31/25** | $17053 | $25966 | $13542 |
| **9/30/25** | $17288 | $26864 | $13624 |
| **10/31/25** | $17101 | $27441 | $13507 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **1 Year** | **5 Years** | **Since Inception 5/15/18** |
| **Virtus InfraCap U.S. Preferred Stock ETF - NAV** | 4.11 | 11.87 | 7.45 |
| **FT Wilshire 5000 Index** | 20.86 | 16.98 | 14.47 |
| **S&P U.S. Preferred Stock Index** | 1.65 | 3.17 | 4.11 |

---

\*The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

\*The S&P U.S. Preferred Stock Index measures performance of the U.S. preferred stock market. Preferred stocks pay dividends at a specified rate and receive preference over common stocks in terms of dividend payments and liquidation of assets. The index is calculated on a total return basis with dividend reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted.** Please visit virtus.com for performance data current to the most recent month end. Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

Virtus InfraCap U.S. Preferred Stock ETF \| 2

## KEY FUND STATISTICS (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1859608602 |
| Total number of portfolio holdings | 186 |
| Total advisory fees paid | $12461772 |
| Portfolio turnover rate | 58% |

---

## ASSET ALLOCATION <sup>**Footnote Reference (1)**</sup>

---

| | |
|:---|:---|
| Financials | 55.6%<sup>Footnote Reference+</sup> |
| Real Estate | 18.3% |
| Industrials | 8.5% |
| Utilities | 7.3% |
| Communication Services | 5.6% |
| Energy | 3.6% |
| Materials | 0.7% |
| Consumer Discretionary | 0.2% |
| Information Technology | 0.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>+</sup> | &nbsp;&nbsp;Amounts represent investments in particular sectors. No industry within these sectors represented more than 25% of the Fund's total assets at the time of investment. |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of October 31, 2025. |

---

## Where can I find additional information about the Fund?
For more information about the Fund, including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-888-383-0553, scan the QR code, or visit https://www.virtus.com/investor-resources/etf-documents.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](iffbf7f44323893db3e701e2b.jpg)

## **Householding** 
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this

consent or request additional copies by calling Virtus ETFs at 1-888-383-0553.

Virtus InfraCap U.S. Preferred Stock ETF \| 3

# Virtus LifeSci Biotech Clinical Trials ETF
![Image](i6f0802e5ba0acf14510618eb.jpg)

# BBC / NYSE Arca, Inc.

#### Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about the Virtus LifeSci Biotech Clinical Trials ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

## What were the Fund costs for the period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus LifeSci Biotech Clinical Trials ETF | $85 | 0.79% |

---

## **Portfolio Manager Commentary by Virtus Investment Advisers, LLC** 
For the fiscal year ended October 31, 2025, the Fund at NAV returned 15.21%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 20.86%, and the Lifesci Biotechnology Clinical Trials Index, which serves as the style-specific index, returned 14.06%.

## **What factors impacted Fund performance over the reporting period?** 
The Fund was more concentrated in the biotechnology and pharmaceuticals sectors relative to the Fund's broad-based securities market index, the FT Wilshire 5000 Index (the "Benchmark"), for the 12-month period. Security selection within these sectors contributed to relative performance. Underweight exposures to the software and semiconductors sectors and the momentum, quality, and size factors detracted from relative performance. The Fund seeks to reduce concentration risk by maintaining equal exposure to all of its holdings. However, certain securities had a larger impact on the Fund's overall returns due to their strong positive performance. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

#### FACTOR

#### IMPACT
&nbsp;&nbsp;&nbsp;&nbsp;

# SUMMARY
Biotechnology/ Pharmaceuticals

# Positive

# Issue selection, particularly in uniQure, Celcuity, and Praxis Precision Medicines, contributed to relative performance.

# Momentum
Negative

# Underweight exposure to the momentum factor detracted from relative performance, as it was a top-performing factor during the reporting period.

# Software and semiconductors

# Negative

# Lack of exposures to these sectors relative to the Benchmark detracted from relative performance.

# Quality and size factors

# Negative
Underweight exposure to these factors detracted from relative performance over the period, as they are more sensitive to economic changes including higher interest rates and tighter monetary policy.

Virtus LifeSci Biotech Clinical Trials ETF \| 1

The preceding information is the opinion of the investment adviser and/or sub-adviser, as appropriate, through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

## How has the Fund historically performed?
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index and a style-specific index for the same period.

### Growth of $10,000
![A line chart as described in the following paragraph](iab3f6bed62676b27d3539b7f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Virtus LifeSci Biotech Clinical Trials ETF - NAV $12,150** | **FT Wilshire 5000 Index $37,910** | **LifeSci Biotechnology Clinical Trials Index $12,553** |
| **10/31/15** | $10000 | $10000 | $10000 |
| **11/30/15** | $11573 | $10046 | $11583 |
| **12/31/15** | $10660 | $9848 | $10691 |
| **1/31/16** | $7043 | $9311 | $7061 |
| **2/29/16** | $6338 | $9306 | $6358 |
| **3/31/16** | $6980 | $9963 | $7011 |
| **4/30/16** | $7246 | $10028 | $7281 |
| **5/31/16** | $7683 | $10210 | $7725 |
| **6/30/16** | $6637 | $10242 | $6673 |
| **7/31/16** | $7318 | $10644 | $7363 |
| **8/31/16** | $7364 | $10669 | $7413 |
| **9/30/16** | $8313 | $10680 | $8372 |
| **10/31/16** | $6627 | $10463 | $6667 |
| **11/30/16** | $7277 | $10939 | $7341 |
| **12/31/16** | $6765 | $11165 | $6830 |
| **1/31/17** | $7273 | $11363 | $7346 |
| **2/28/17** | $8063 | $11787 | $8146 |
| **3/31/17** | $8505 | $11792 | $8600 |
| **4/30/17** | $8326 | $11916 | $8420 |
| **5/31/17** | $7695 | $12036 | $7777 |
| **6/30/17** | $8809 | $12140 | $8935 |
| **7/31/17** | $8892 | $12372 | $9022 |
| **8/31/17** | $10137 | $12401 | $10298 |
| **9/30/17** | $10684 | $12701 | $10862 |
| **10/31/17** | $10183 | $12974 | $10350 |
| **11/30/17** | $10361 | $13369 | $10518 |
| **12/31/17** | $10523 | $13513 | $10721 |
| **1/31/18** | $12048 | $14222 | $12288 |
| **2/28/18** | $12262 | $13698 | $12534 |
| **3/31/18** | $11900 | $13410 | $12169 |
| **4/30/18** | $11499 | $13463 | $11759 |
| **5/31/18** | $12871 | $13833 | $13164 |
| **6/30/18** | $12143 | $13923 | $12423 |
| **7/31/18** | $12127 | $14406 | $12410 |
| **8/31/18** | $13308 | $14912 | $13655 |
| **9/30/18** | $12868 | $14937 | $13201 |
| **10/31/18** | $9974 | $13847 | $10163 |
| **11/30/18** | $10189 | $14114 | $10395 |
| **12/31/18** | $8682 | $12801 | $8817 |
| **1/31/19** | $9297 | $13909 | $9466 |
| **2/28/19** | $9897 | $14392 | $10082 |
| **3/31/19** | $10585 | $14601 | $10790 |
| **4/30/19** | $10321 | $15186 | $10522 |
| **5/31/19** | $9848 | $14195 | $10045 |
| **6/30/19** | $10712 | $15184 | $10944 |
| **7/31/19** | $10330 | $15411 | $10556 |
| **8/31/19** | $9854 | $15095 | $10074 |
| **9/30/19** | $8859 | $15370 | $9058 |
| **10/31/19** | $9807 | $15707 | $10036 |
| **11/30/19** | $11942 | $16289 | $12234 |
| **12/31/19** | $14117 | $16766 | $14477 |
| **1/31/20** | $13170 | $16768 | $13497 |
| **2/29/20** | $12764 | $15393 | $13069 |
| **3/31/20** | $10915 | $13296 | $11167 |
| **4/30/20** | $13083 | $15060 | $13470 |
| **5/31/20** | $15279 | $15843 | $15769 |
| **6/30/20** | $16036 | $16214 | $16582 |
| **7/31/20** | $14431 | $17133 | $14925 |
| **8/31/20** | $15057 | $18385 | $15585 |
| **9/30/20** | $14476 | $17696 | $14985 |
| **10/31/20** | $14466 | $17307 | $14978 |
| **11/30/20** | $17464 | $19389 | $18109 |
| **12/31/20** | $18467 | $20258 | $19160 |
| **1/31/21** | $19529 | $20191 | $20285 |
| **2/28/21** | $20195 | $20807 | $20998 |
| **3/31/21** | $19057 | $21572 | $19818 |
| **4/30/21** | $18838 | $22711 | $19595 |
| **5/31/21** | $17856 | $22816 | $18572 |
| **6/30/21** | $18577 | $23388 | $19345 |
| **7/31/21** | $16426 | $23808 | $17087 |
| **8/31/21** | $17744 | $24509 | $18483 |
| **9/30/21** | $16989 | $23422 | $17696 |
| **10/31/21** | $16470 | $24999 | $17164 |
| **11/30/21** | $15092 | $24705 | $15720 |
| **12/31/21** | $14340 | $25666 | $14943 |
| **1/31/22** | $11131 | $24196 | $11562 |
| **2/28/22** | $10584 | $23605 | $10989 |
| **3/31/22** | $10374 | $24396 | $10773 |
| **4/30/22** | $8201 | $22189 | $8482 |
| **5/31/22** | $7172 | $22156 | $7399 |
| **6/30/22** | $8056 | $20303 | $8341 |
| **7/31/22** | $8948 | $22241 | $9290 |
| **8/31/22** | $9423 | $21398 | $9796 |
| **9/30/22** | $9119 | $19401 | $9479 |
| **10/31/22** | $9608 | $20992 | $9996 |
| **11/30/22** | $9430 | $22071 | $9814 |
| **12/31/22** | $9266 | $20779 | $9655 |
| **1/31/23** | $10277 | $22212 | $10651 |
| **2/28/23** | $9292 | $21693 | $9555 |
| **3/31/23** | $8159 | $22286 | $8340 |
| **4/30/23** | $8547 | $22518 | $8801 |
| **5/31/23** | $9047 | $22614 | $9346 |
| **6/30/23** | $8915 | $24166 | $9199 |
| **7/31/23** | $8975 | $25032 | $9261 |
| **8/31/23** | $7973 | $24546 | $8234 |
| **9/30/23** | $7295 | $23374 | $7535 |
| **10/31/23** | $6629 | $22752 | $6817 |
| **11/30/23** | $7283 | $24876 | $7524 |
| **12/31/23** | $9114 | $26202 | $9476 |
| **1/31/24** | $9435 | $26481 | $9819 |
| **2/29/24** | $11194 | $27908 | $11670 |
| **3/31/24** | $10858 | $28808 | $11326 |
| **4/30/24** | $9709 | $27553 | $10114 |
| **5/31/24** | $9883 | $28854 | $10303 |
| **6/30/24** | $9408 | $29760 | $9797 |
| **7/31/24** | $10754 | $30309 | $11181 |
| **8/31/24** | $10434 | $30966 | $10908 |
| **9/30/24** | $10397 | $31595 | $10852 |
| **10/31/24** | $10546 | $31366 | $11006 |
| **11/30/24** | $10217 | $33440 | $10596 |
| **12/31/24** | $9032 | $32427 | $9324 |
| **1/31/25** | $8659 | $33445 | $8939 |
| **2/28/25** | $7662 | $32795 | $7878 |
| **3/31/25** | $6626 | $30857 | $6811 |
| **4/30/25** | $7216 | $30655 | $7402 |
| **5/31/25** | $6846 | $32617 | $7024 |
| **6/30/25** | $7254 | $34286 | $7445 |
| **7/31/25** | $8142 | $35059 | $8372 |
| **8/31/25** | $8556 | $35872 | $8806 |
| **9/30/25** | $10299 | $37112 | $10623 |
| **10/31/25** | $12150 | $37910 | $12553 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus LifeSci Biotech Clinical Trials ETF - NAV** | 15.21 | -3.43 | 1.97 |
| **FT Wilshire 5000 Index** | 20.86 | 16.98 | 14.25 |
| **LifeSci Biotechnology Clinical Trials Index** | 14.06 | -3.47 | 2.3 |

---

\*The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

\*The LifeSci Biotechnology Clinical Trials Index is designed to track the performance of U.S.-listed biotechnology stocks with a lead drug in the clinical trial stage of development, typically a Phase 1, Phase 2 or Phase 3 trial, but prior to receiving marketing approval. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted.** Please visit virtus.com for performance data current to the most recent month end. Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

Virtus LifeSci Biotech Clinical Trials ETF \| 2

## KEY FUND STATISTICS (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $20987645 |
| Total number of portfolio holdings | 111 |
| Total advisory fees paid | $93802 |
| Portfolio turnover rate | 53% |

---

## ASSET ALLOCATION <sup>**Footnote Reference (1)**</sup>

---

| | |
|:---|:---|
| Health Care | 89.5% |
| Money Market Fund | 10.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of October 31, 2025. |

---

## Where can I find additional information about the Fund?
For more information about the Fund, including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-888-383-0553, scan the QR code, or visit https://www.virtus.com/investor-resources/etf-documents.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](iffbf7f44323893db3e701e2b.jpg)

## **Householding** 
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this

consent or request additional copies by calling Virtus ETFs at 1-888-383-0553.

Virtus LifeSci Biotech Clinical Trials ETF \| 3

# Virtus LifeSci Biotech Products ETF
![Image](i6f0802e5ba0acf14510618eb.jpg)

# BBP / NYSE Arca, Inc.

#### Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about the Virtus LifeSci Biotech Products ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

## What were the Fund costs for the period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus LifeSci Biotech Products ETF | $86 | 0.79% |

---

## **Portfolio Manager Commentary by Virtus Investment Advisers, LLC** 
For the fiscal year ended October 31, 2025, the Fund at NAV returned 17.96%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 20.86%, and the Lifesci Biotechnology Products Index, which serves as the style-specific index, returned 19.11%.

## **What factors impacted Fund performance over the reporting period?** 
The Fund underperformed the Fund's broad-based securities market index, the FT Wilshire 5000 Index (the "Benchmark"), for the 12-month period. Exposure to the biotechnology and pharmaceuticals sectors had a positive impact on the Fund's relative performance thanks to breakthrough treatments and regulatory approvals in select holdings. Also holding a less diversified portfolio than the Benchmark contributed to relative performance, while owning a higher concentration of smaller-capitalization companies had mixed effects. Underweighting quality factors detracted from relative performance. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

#### FACTOR

#### IMPACT
&nbsp;&nbsp;&nbsp;&nbsp;

# SUMMARY
Biotechnology and pharmaceuticals

# Positive

# Issue selection, particularly in Insmed and Bridgebio Pharma, enhanced total returns. In addition, Rhythm Pharmaceuticals and Travere Therapeutics contributed to the Fund's relative performance.

# Concentration
Positive

# While holding a less diversified portfolio than the Benchmark, the Fund produced higher idiosyncratic returns over the 12-month period.

# Size

# Mixed

# Owning a higher concentration of smaller-capitalization companies contributed to the Fund's relative performance. However, the Benchmark's inclusion of larger-capitalization companies and more diversified holdings led the Benchmark to outperform.

# Quality factor

# Negative
Underweight exposures to quality and more speculative biotech companies exposed the Fund to more risk and higher price-to-book ratios than the Benchmark.

Virtus LifeSci Biotech Products ETF \| 1

The preceding information is the opinion of the investment adviser and/or sub-adviser, as appropriate, through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

## How has the Fund historically performed?
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index and a style-specific index for the same period.

### Growth of $10,000
![A line chart as described in the following paragraph](i91e81ffc9e7853603ce33af3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Virtus LifeSci Biotech Products ETF - NAV $24,827** | **FT Wilshire 5000 Index $37,910** | **LifeSci Biotechnology Products Index $26,972** |
| **10/31/15** | $10000 | $10000 | $10000 |
| **11/30/15** | $10360 | $10046 | $10365 |
| **12/31/15** | $10223 | $9848 | $10240 |
| **1/31/16** | $8005 | $9311 | $8021 |
| **2/29/16** | $7595 | $9306 | $7615 |
| **3/31/16** | $8176 | $9963 | $8203 |
| **4/30/16** | $8580 | $10028 | $8615 |
| **5/31/16** | $9272 | $10210 | $9323 |
| **6/30/16** | $8990 | $10242 | $9048 |
| **7/31/16** | $10278 | $10644 | $10352 |
| **8/31/16** | $10060 | $10669 | $10133 |
| **9/30/16** | $11064 | $10680 | $11159 |
| **10/31/16** | $9603 | $10463 | $9672 |
| **11/30/16** | $11280 | $10939 | $11435 |
| **12/31/16** | $10887 | $11165 | $11048 |
| **1/31/17** | $11714 | $11363 | $11893 |
| **2/28/17** | $12617 | $11787 | $12814 |
| **3/31/17** | $12519 | $11792 | $12720 |
| **4/30/17** | $12616 | $11916 | $12820 |
| **5/31/17** | $11769 | $12036 | $11948 |
| **6/30/17** | $13125 | $12140 | $13335 |
| **7/31/17** | $13278 | $12372 | $13499 |
| **8/31/17** | $13617 | $12401 | $13852 |
| **9/30/17** | $13779 | $12701 | $14027 |
| **10/31/17** | $13068 | $12974 | $13306 |
| **11/30/17** | $13194 | $13369 | $13442 |
| **12/31/17** | $13477 | $13513 | $13739 |
| **1/31/18** | $14405 | $14222 | $14703 |
| **2/28/18** | $13703 | $13698 | $13998 |
| **3/31/18** | $13692 | $13410 | $14008 |
| **4/30/18** | $13398 | $13463 | $13710 |
| **5/31/18** | $14441 | $13833 | $14783 |
| **6/30/18** | $14568 | $13923 | $14915 |
| **7/31/18** | $14724 | $14406 | $15082 |
| **8/31/18** | $15154 | $14912 | $15538 |
| **9/30/18** | $15081 | $14937 | $15471 |
| **10/31/18** | $12089 | $13847 | $12369 |
| **11/30/18** | $12783 | $14114 | $13099 |
| **12/31/18** | $11617 | $12801 | $11932 |
| **1/31/19** | $13701 | $13909 | $14107 |
| **2/28/19** | $14708 | $14392 | $15158 |
| **3/31/19** | $14898 | $14601 | $15362 |
| **4/30/19** | $13939 | $15186 | $14380 |
| **5/31/19** | $12696 | $14195 | $13104 |
| **6/30/19** | $13679 | $15184 | $14130 |
| **7/31/19** | $12784 | $15411 | $13201 |
| **8/31/19** | $12381 | $15095 | $12787 |
| **9/30/19** | $11948 | $15370 | $12337 |
| **10/31/19** | $12599 | $15707 | $13028 |
| **11/30/19** | $14678 | $16289 | $15214 |
| **12/31/19** | $14508 | $16766 | $15034 |
| **1/31/20** | $13812 | $16768 | $14308 |
| **2/29/20** | $13807 | $15393 | $14312 |
| **3/31/20** | $12471 | $13296 | $12919 |
| **4/30/20** | $14562 | $15060 | $15123 |
| **5/31/20** | $15402 | $15843 | $16015 |
| **6/30/20** | $15773 | $16214 | $16420 |
| **7/31/20** | $14958 | $17133 | $15571 |
| **8/31/20** | $15645 | $18385 | $16306 |
| **9/30/20** | $15852 | $17696 | $16532 |
| **10/31/20** | $16035 | $17307 | $16733 |
| **11/30/20** | $17193 | $19389 | $17966 |
| **12/31/20** | $17728 | $20258 | $18543 |
| **1/31/21** | $18756 | $20191 | $19647 |
| **2/28/21** | $18237 | $20807 | $19106 |
| **3/31/21** | $17424 | $21572 | $18252 |
| **4/30/21** | $17903 | $22711 | $18774 |
| **5/31/21** | $17227 | $22816 | $18066 |
| **6/30/21** | $17758 | $23388 | $18647 |
| **7/31/21** | $16832 | $23808 | $17666 |
| **8/31/21** | $17507 | $24509 | $18402 |
| **9/30/21** | $16950 | $23422 | $17815 |
| **10/31/21** | $17247 | $24999 | $18146 |
| **11/30/21** | $16041 | $24705 | $16854 |
| **12/31/21** | $16268 | $25666 | $17116 |
| **1/31/22** | $14386 | $24196 | $15094 |
| **2/28/22** | $14018 | $23605 | $14706 |
| **3/31/22** | $14459 | $24396 | $15193 |
| **4/30/22** | $12877 | $22189 | $13485 |
| **5/31/22** | $12596 | $22156 | $13191 |
| **6/30/22** | $13770 | $20303 | $14474 |
| **7/31/22** | $14164 | $22241 | $14923 |
| **8/31/22** | $15730 | $21398 | $16605 |
| **9/30/22** | $15083 | $19401 | $15926 |
| **10/31/22** | $15543 | $20992 | $16429 |
| **11/30/22** | $16715 | $22071 | $17691 |
| **12/31/22** | $16426 | $20779 | $17399 |
| **1/31/23** | $17384 | $22212 | $18437 |
| **2/28/23** | $16453 | $21693 | $17449 |
| **3/31/23** | $16426 | $22286 | $17433 |
| **4/30/23** | $17114 | $22518 | $18182 |
| **5/31/23** | $17186 | $22614 | $18271 |
| **6/30/23** | $17509 | $24166 | $18637 |
| **7/31/23** | $18311 | $25032 | $19508 |
| **8/31/23** | $17639 | $24546 | $18799 |
| **9/30/23** | $16682 | $23374 | $17784 |
| **10/31/23** | $15529 | $22752 | $16557 |
| **11/30/23** | $17028 | $24876 | $18178 |
| **12/31/23** | $19290 | $26202 | $20628 |
| **1/31/24** | $19098 | $26481 | $20432 |
| **2/29/24** | $19827 | $27908 | $21218 |
| **3/31/24** | $18866 | $28808 | $20192 |
| **4/30/24** | $17599 | $27553 | $18838 |
| **5/31/24** | $18841 | $28854 | $20190 |
| **6/30/24** | $19576 | $29760 | $20990 |
| **7/31/24** | $20911 | $30309 | $22446 |
| **8/31/24** | $21377 | $30966 | $22970 |
| **9/30/24** | $20973 | $31595 | $22547 |
| **10/31/24** | $21047 | $31366 | $22645 |
| **11/30/24** | $21850 | $33440 | $23538 |
| **12/31/24** | $19989 | $32427 | $21533 |
| **1/31/25** | $20724 | $33445 | $22342 |
| **2/28/25** | $20703 | $32795 | $22332 |
| **3/31/25** | $19495 | $30857 | $21037 |
| **4/30/25** | $19637 | $30655 | $21201 |
| **5/31/25** | $18672 | $32617 | $20168 |
| **6/30/25** | $19438 | $34286 | $21013 |
| **7/31/25** | $20502 | $35059 | $22189 |
| **8/31/25** | $22424 | $35872 | $24309 |
| **9/30/25** | $23317 | $37112 | $25302 |
| **10/31/25** | $24827 | $37910 | $26972 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus LifeSci Biotech Products ETF - NAV** | 17.96 | 9.14 | 9.52 |
| **FT Wilshire 5000 Index** | 20.86 | 16.98 | 14.25 |
| **LifeSci Biotechnology Products Index** | 19.11 | 10.02 | 10.43 |

---

\*The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

\*The LifeSci Biotechnology Products Index is designed to track the performance of U.S.-listed biotechnology stocks with at least one drug therapy approved by the U.S. Food and Drug Administration for marketing. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted.** Please visit virtus.com for performance data current to the most recent month end. Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

Virtus LifeSci Biotech Products ETF \| 2

## KEY FUND STATISTICS (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $29845747 |
| Total number of portfolio holdings | 57 |
| Total advisory fees paid | $185950 |
| Portfolio turnover rate | 29% |

---

## ASSET ALLOCATION <sup>**Footnote Reference (1)**</sup>

---

| | |
|:---|:---|
| Health Care | 98.7% |
| Money Market Fund | 1.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of October 31, 2025. |

---

## Where can I find additional information about the Fund?
For more information about the Fund, including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-888-383-0553, scan the QR code, or visit https://www.virtus.com/investor-resources/etf-documents.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](iffbf7f44323893db3e701e2b.jpg)

## **Householding** 
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this

consent or request additional copies by calling Virtus ETFs at 1-888-383-0553.

Virtus LifeSci Biotech Products ETF \| 3

# Virtus Newfleet Multi-Sector Bond ETF
![Image](i6f0802e5ba0acf14510618eb.jpg)

# NFLT / NYSE Arca, Inc.

#### Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Bond ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

## What were the Fund costs for the period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Bond ETF | $51 | 0.49% |

---

## **Portfolio Manager Commentary by Newfleet Asset Management** 
For the fiscal year ended October 31, 2025, the Fund at NAV returned 8.01%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 6.16%.

## **What factors impacted Fund performance over the reporting period?** 
Sector allocation and issue selection contributed positively to Fund returns relative to the Bloomberg Aggregate Bond Index for the 12-month period. The Fund's underweight to U.S. Treasuries was a key contributor to the positive performance. Allocation to and issue selection within emerging markets sovereign debt was additive to performance. Issue selection within agency mortgage-backed securities had a positive impact on performance during the period, however the Fund's underweight detracted. In addition, the Fund's allocation to asset-backed securities had a negative impact, while selection was beneficial. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

#### FACTOR

#### IMPACT
&nbsp;&nbsp;&nbsp;&nbsp;

# SUMMARY
U.S. Treasuries

# Positive

# The Fund's underweight to U.S. Treasuries had a positive impact, as spread sectors posted positive returns during the period. Spread sectors are investments other than risk-free government debt.

# Emerging markets sovereign debt
Positive

# Allocation to and selection within emerging markets sovereign debt was additive to Fund performance.

# Agency mortgage- backed securities (MBS)

# Mixed

# The Fund's underweight to MBS had a negative impact on performance as spreads tightened during the period. Positioning within the sector was positive, however. Spread refers to the additional yield the market demands from lower-rated bonds versus higher-quality bonds.

# Asset-backed securities

# Mixed
The allocation to asset-backed securities had a negative impact on performance. However, positioning within the sector was positive.

Virtus Newfleet Multi-Sector Bond ETF \| 1

The preceding information is the opinion of the investment adviser and/or sub-adviser, as appropriate, through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

## How has the Fund historically performed?
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

### Growth of $10,000
![A line chart as described in the following paragraph](i91623cb3f76dcf6d3373df4c.jpg)

---

| | | |
|:---|:---|:---|
| | **Virtus Newfleet Multi-Sector Bond ETF - NAV $14,976** | **Bloomberg U.S. Aggregate Bond Index $12,071** |
| **10/31/15** | $10000 | $10000 |
| **11/30/15** | $9952 | $9974 |
| **12/31/15** | $9911 | $9941 |
| **1/31/16** | $9921 | $10078 |
| **2/29/16** | $9960 | $10150 |
| **3/31/16** | $10104 | $10243 |
| **4/30/16** | $10265 | $10282 |
| **5/31/16** | $10289 | $10285 |
| **6/30/16** | $10429 | $10470 |
| **7/31/16** | $10608 | $10536 |
| **8/31/16** | $10719 | $10524 |
| **9/30/16** | $10751 | $10517 |
| **10/31/16** | $10737 | $10437 |
| **11/30/16** | $10593 | $10190 |
| **12/31/16** | $10690 | $10205 |
| **1/31/17** | $10772 | $10225 |
| **2/28/17** | $10883 | $10293 |
| **3/31/17** | $10888 | $10288 |
| **4/30/17** | $10999 | $10367 |
| **5/31/17** | $11066 | $10447 |
| **6/30/17** | $11059 | $10437 |
| **7/31/17** | $11178 | $10481 |
| **8/31/17** | $11220 | $10575 |
| **9/30/17** | $11259 | $10525 |
| **10/31/17** | $11302 | $10531 |
| **11/30/17** | $11281 | $10518 |
| **12/31/17** | $11330 | $10566 |
| **1/31/18** | $11362 | $10444 |
| **2/28/18** | $11254 | $10345 |
| **3/31/18** | $11233 | $10412 |
| **4/30/18** | $11160 | $10334 |
| **5/31/18** | $11129 | $10408 |
| **6/30/18** | $11099 | $10395 |
| **7/31/18** | $11206 | $10398 |
| **8/31/18** | $11204 | $10465 |
| **9/30/18** | $11245 | $10397 |
| **10/31/18** | $11118 | $10315 |
| **11/30/18** | $11041 | $10377 |
| **12/31/18** | $11007 | $10567 |
| **1/31/19** | $11289 | $10679 |
| **2/28/19** | $11383 | $10673 |
| **3/31/19** | $11502 | $10878 |
| **4/30/19** | $11589 | $10881 |
| **5/31/19** | $11642 | $11074 |
| **6/30/19** | $11792 | $11213 |
| **7/31/19** | $11863 | $11238 |
| **8/31/19** | $11935 | $11529 |
| **9/30/19** | $11958 | $11468 |
| **10/31/19** | $11978 | $11502 |
| **11/30/19** | $12002 | $11496 |
| **12/31/19** | $12149 | $11488 |
| **1/31/20** | $12308 | $11709 |
| **2/29/20** | $12265 | $11920 |
| **3/31/20** | $11033 | $11850 |
| **4/30/20** | $11441 | $12061 |
| **5/31/20** | $11879 | $12117 |
| **6/30/20** | $12086 | $12193 |
| **7/31/20** | $12445 | $12375 |
| **8/31/20** | $12527 | $12275 |
| **9/30/20** | $12467 | $12269 |
| **10/31/20** | $12518 | $12214 |
| **11/30/20** | $12845 | $12334 |
| **12/31/20** | $13060 | $12351 |
| **1/31/21** | $13060 | $12262 |
| **2/28/21** | $12981 | $12085 |
| **3/31/21** | $12909 | $11934 |
| **4/30/21** | $13050 | $12028 |
| **5/31/21** | $13124 | $12068 |
| **6/30/21** | $13221 | $12153 |
| **7/31/21** | $13269 | $12288 |
| **8/31/21** | $13306 | $12265 |
| **9/30/21** | $13264 | $12159 |
| **10/31/21** | $13233 | $12155 |
| **11/30/21** | $13144 | $12191 |
| **12/31/21** | $13267 | $12160 |
| **1/31/22** | $13063 | $11898 |
| **2/28/22** | $12890 | $11765 |
| **3/31/22** | $12725 | $11439 |
| **4/30/22** | $12402 | $11005 |
| **5/31/22** | $12286 | $11076 |
| **6/30/22** | $11861 | $10902 |
| **7/31/22** | $12176 | $11168 |
| **8/31/22** | $12027 | $10853 |
| **9/30/22** | $11626 | $10384 |
| **10/31/22** | $11682 | $10249 |
| **11/30/22** | $12009 | $10626 |
| **12/31/22** | $12026 | $10578 |
| **1/31/23** | $12407 | $10904 |
| **2/28/23** | $12205 | $10622 |
| **3/31/23** | $12345 | $10891 |
| **4/30/23** | $12463 | $10957 |
| **5/31/23** | $12365 | $10838 |
| **6/30/23** | $12452 | $10800 |
| **7/31/23** | $12583 | $10792 |
| **8/31/23** | $12564 | $10723 |
| **9/30/23** | $12381 | $10451 |
| **10/31/23** | $12215 | $10286 |
| **11/30/23** | $12716 | $10751 |
| **12/31/23** | $13135 | $11163 |
| **1/31/24** | $13176 | $11132 |
| **2/29/24** | $13152 | $10975 |
| **3/31/24** | $13299 | $11076 |
| **4/30/24** | $13128 | $10797 |
| **5/31/24** | $13305 | $10980 |
| **6/30/24** | $13399 | $11084 |
| **7/31/24** | $13647 | $11343 |
| **8/31/24** | $13842 | $11505 |
| **9/30/24** | $14030 | $11660 |
| **10/31/24** | $13866 | $11370 |
| **11/30/24** | $14010 | $11491 |
| **12/31/24** | $13919 | $11303 |
| **1/31/25** | $14040 | $11363 |
| **2/28/25** | $14203 | $11613 |
| **3/31/25** | $14135 | $11617 |
| **4/30/25** | $14123 | $11663 |
| **5/31/25** | $14270 | $11579 |
| **6/30/25** | $14503 | $11757 |
| **7/31/25** | $14569 | $11726 |
| **8/31/25** | $14746 | $11866 |
| **9/30/25** | $14878 | $11996 |
| **10/31/25** | $14976 | $12071 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Multi-Sector Bond ETF - NAV** | 8.01 | 3.65 | 4.12 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | 1.9 |

---

\*The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted.** Please visit virtus.com for performance data current to the most recent month end. Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

Virtus Newfleet Multi-Sector Bond ETF \| 2

## KEY FUND STATISTICS (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $326624092 |
| Total number of portfolio holdings | 842 |
| Total advisory fees paid | $920619 |
| Portfolio turnover rate | 91% |

---

## ASSET ALLOCATION <sup>**Footnote Reference (1)**</sup>

---

| | |
|:---|:---|
| Corporate Bonds | 26.8% |
| Foreign Bonds | 23.7% |
| Mortgage Backed Securities | 22.5% |
| Asset Backed Securities | 9.6% |
| Term Loans | 7.9% |
| U.S. Government Securities | 6.1% |
| Money Market Fund | 2.8% |
| Exchange Traded Funds | 0.6% |
| Common Stocks | 0.0%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of October 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Amount rounds to less than 0.05%. |

---

## Where can I find additional information about the Fund?
For more information about the Fund, including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-888-383-0553, scan the QR code, or visit https://www.virtus.com/investor-resources/etf-documents.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](iffbf7f44323893db3e701e2b.jpg)

## **Householding** 
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this

consent or request additional copies by calling Virtus ETFs at 1-888-383-0553.

Virtus Newfleet Multi-Sector Bond ETF \| 3

# Virtus Private Credit Strategy ETF
![Image](i6f0802e5ba0acf14510618eb.jpg)

# VPC / NYSE Arca, Inc.

#### Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about the Virtus Private Credit Strategy ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

## What were the Fund costs for the period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Private Credit Strategy ETF | $73 | 0.75% |

---

## **Portfolio Manager Commentary by Virtus Investment Advisers, LLC** 
For the fiscal year ended October 31, 2025, the Fund at NAV returned -5.06%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 6.16%, and the Indxx Private Credit Index, which serves as the style-specific index, returned -4.80%.

## **What factors impacted Fund performance over the reporting period?** 
The Fund underperformed the Bloomberg U.S. Aggregate Bond Index (the "Benchmark") for the 12-month period. Overweight exposure in the asset management industry contributed the most to relative underperformance. Underweight exposure to fixed income and overweight exposure to cash also contributed to underperformance. The Fund's performance stalled in the third quarter of 2025 as performance in business development companies (BDCs) was softer due to expectations of rate cuts and elevated credit concerns. Bankruptcies during the reporting period increased investor scrutiny of private credit in general, and BDCs and closed-end funds that invest in similar assets were not immune. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

#### FACTOR

#### IMPACT
&nbsp;&nbsp;&nbsp;&nbsp;

# SUMMARY
Asset management/ Collateralized loan obligations (CLOs)

# Negative

# Overweight exposures to these sectors detracted from relative performance as credit quality concerns and a negative shift in investor sentiment caused these areas to lag the broader market in September 2025.

# Fixed income
Negative

# The Fund was underweight to Treasury, securitized, and government-related securities relative to the benchmark, which hurt relative performance as these sectors outperformed.

# Cash allocation

# Negative

# An overweight exposure to cash was somewhat of a drag on Fund performance relative to the benchmark.
Virtus Private Credit Strategy ETF \| 1

The preceding information is the opinion of the investment adviser and/or sub-adviser, as appropriate, through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

## How has the Fund historically performed?
The following graph and table compare the initial and subsequent account values over the life of the Fund. It assumes a $10,000 initial investment from inception in an appropriate broad-based securities market index and style-specific index for the same period.

### Growth of $10,000
![A line chart as described in the following paragraph](ibdb2b294a2843be520eecd09.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Virtus Private Credit Strategy ETF - NAV $14,648** | **Bloomberg U.S. Aggregate Bond Index $11,299** | **Indxx Private Credit Index $15,325** |
| **2/7/19** | $10000 | $10000 | $10000 |
| **2/28/19** | $10232 | $9991 | $10237 |
| **3/31/19** | $10156 | $10183 | $10163 |
| **4/30/19** | $10514 | $10185 | $10534 |
| **5/31/19** | $10183 | $10366 | $10203 |
| **6/30/19** | $10434 | $10496 | $10464 |
| **7/31/19** | $10588 | $10520 | $10628 |
| **8/31/19** | $10334 | $10792 | $10367 |
| **9/30/19** | $10583 | $10735 | $10629 |
| **10/31/19** | $10503 | $10767 | $10554 |
| **11/30/19** | $10737 | $10762 | $10800 |
| **12/31/19** | $10935 | $10754 | $11011 |
| **1/31/20** | $11046 | $10961 | $11129 |
| **2/29/20** | $10067 | $11158 | $10124 |
| **3/31/20** | $6634 | $11093 | $6588 |
| **4/30/20** | $7596 | $11290 | $7583 |
| **5/31/20** | $8074 | $11342 | $8161 |
| **6/30/20** | $8116 | $11414 | $8210 |
| **7/31/20** | $8173 | $11584 | $8281 |
| **8/31/20** | $8497 | $11491 | $8627 |
| **9/30/20** | $8499 | $11484 | $8642 |
| **10/31/20** | $8223 | $11433 | $8353 |
| **11/30/20** | $9715 | $11545 | $9916 |
| **12/31/20** | $9959 | $11561 | $10178 |
| **1/31/21** | $10316 | $11478 | $10555 |
| **2/28/21** | $11107 | $11313 | $11382 |
| **3/31/21** | $11551 | $11171 | $11853 |
| **4/30/21** | $12155 | $11260 | $12485 |
| **5/31/21** | $12363 | $11296 | $12707 |
| **6/30/21** | $12522 | $11376 | $12878 |
| **7/31/21** | $12494 | $11503 | $12849 |
| **8/31/21** | $12734 | $11481 | $13103 |
| **9/30/21** | $12711 | $11382 | $13081 |
| **10/31/21** | $13265 | $11379 | $13665 |
| **11/30/21** | $13151 | $11412 | $13545 |
| **12/31/21** | $13249 | $11383 | $13647 |
| **1/31/22** | $13293 | $11138 | $13693 |
| **2/28/22** | $13102 | $11013 | $13493 |
| **3/31/22** | $13322 | $10708 | $13732 |
| **4/30/22** | $12822 | $10301 | $13205 |
| **5/31/22** | $12386 | $10368 | $12751 |
| **6/30/22** | $11595 | $10205 | $11911 |
| **7/31/22** | $12392 | $10454 | $12758 |
| **8/31/22** | $12336 | $10159 | $12700 |
| **9/30/22** | $10890 | $9720 | $11171 |
| **10/31/22** | $11574 | $9594 | $11900 |
| **11/30/22** | $12237 | $9947 | $12604 |
| **12/31/22** | $11749 | $9902 | $12082 |
| **1/31/23** | $12656 | $10207 | $13035 |
| **2/28/23** | $12686 | $9943 | $13069 |
| **3/31/23** | $12210 | $10195 | $12584 |
| **4/30/23** | $12253 | $10257 | $12631 |
| **5/31/23** | $12089 | $10145 | $12452 |
| **6/30/23** | $12742 | $10109 | $13157 |
| **7/31/23** | $13487 | $10102 | $13943 |
| **8/31/23** | $13414 | $10038 | $13878 |
| **9/30/23** | $13523 | $9783 | $14002 |
| **10/31/23** | $12873 | $9628 | $13323 |
| **11/30/23** | $13669 | $10064 | $14178 |
| **12/31/23** | $14281 | $10450 | $14842 |
| **1/31/24** | $14521 | $10421 | $15101 |
| **2/29/24** | $14586 | $10274 | $15175 |
| **3/31/24** | $14889 | $10368 | $15501 |
| **4/30/24** | $14959 | $10107 | $15580 |
| **5/31/24** | $15406 | $10278 | $16059 |
| **6/30/24** | $15439 | $10375 | $16096 |
| **7/31/24** | $15640 | $10618 | $16309 |
| **8/31/24** | $15413 | $10770 | $16073 |
| **9/30/24** | $15506 | $10914 | $16179 |
| **10/31/24** | $15428 | $10644 | $16097 |
| **11/30/24** | $15930 | $10756 | $16646 |
| **12/31/24** | $15786 | $10580 | $16483 |
| **1/31/25** | $16321 | $10636 | $17054 |
| **2/28/25** | $16408 | $10870 | $17158 |
| **3/31/25** | $15662 | $10874 | $16370 |
| **4/30/25** | $14932 | $10917 | $15605 |
| **5/31/25** | $15382 | $10839 | $16088 |
| **6/30/25** | $15665 | $11006 | $16400 |
| **7/31/25** | $15710 | $10977 | $16447 |
| **8/31/25** | $15920 | $11108 | $16680 |
| **9/30/25** | $14917 | $11229 | $15609 |
| **10/31/25** | $14648 | $11299 | $15325 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **1 Year** | **5 Years** | **Since Inception 2/7/19** |
| **Virtus Private Credit Strategy ETF - NAV** | -5.06 | 12.24 | 5.83 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | 1.83 |
| **Indxx Private Credit Index** | -4.8 | 12.9 | 6.54 |

---

\*The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

\*The Indxx Private Credit Index is an index of listed business development companies ('BDCs') and closed end funds ('CEFs') with a private credit focus. The Index is designed to serve as a broad-based benchmark for long-only investments in private credit. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted.** Please visit virtus.com for performance data current to the most recent month end. Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

Virtus Private Credit Strategy ETF \| 2

## KEY FUND STATISTICS (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $51250767 |
| Total number of portfolio holdings | 60 |
| Total advisory fees paid | $414930 |
| Portfolio turnover rate | 32% |

---

## ASSET ALLOCATION <sup>**Footnote Reference (1)**</sup>

---

| | |
|:---|:---|
| Financials | 48.7% |
| Closed-End Funds | 32.5% |
| Money Market Fund | 18.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of October 31, 2025. |

---

## Where can I find additional information about the Fund?
For more information about the Fund, including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-888-383-0553, scan the QR code, or visit https://www.virtus.com/investor-resources/etf-documents.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](iffbf7f44323893db3e701e2b.jpg)

## **Householding** 
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this

consent or request additional copies by calling Virtus ETFs at 1-888-383-0553.

Virtus Private Credit Strategy ETF \| 3

# Virtus Real Asset Income ETF
![Image](i6f0802e5ba0acf14510618eb.jpg)

# VRAI / NYSE Arca, Inc.

#### Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about the Virtus Real Asset Income ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

## What were the Fund costs for the period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Real Asset Income ETF | $56 | 0.55% |

---

## **Portfolio Manager Commentary by Virtus Investment Advisers, LLC** 
For the fiscal year ended October 31, 2025, the Fund at NAV returned 4.20%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 20.86%, and the Indxx Real Asset Income Index, which serves as the style-specific index, returned 4.93%.

## **What factors impacted Fund performance over the reporting period?** 
The Fund underperformed the Fund's broad-based securities market index, the FT Wilshire 5000 Index (the "Benchmark"), for the 12-month period. Overweight exposures in the oil & gas industry and real estate investment trusts (REITs) sector detracted from relative performance. Underweighting momentum, value, and quality factors also detracted. An underweight to information technology was negative for relative performance. Additionally, the Fund's investments in companies, especially within the communication services sector, that experienced corporate restructuring and encountered regulatory challenges affected its relative performance. Exposure to non-U.S. companies contributed to relative returns. The Fund seeks to reduce concentration risk by maintaining equal exposure to all of its holdings. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

#### FACTOR

#### IMPACT
&nbsp;&nbsp;&nbsp;&nbsp;

# SUMMARY
Oil & gas and REITs

# Negative

# Issue selection, particularly in Northern Oil and Gas and Civitas Resources, detracted from relative returns.

# Momentum, value, and quality factors
Negative

# Underweight exposure to these factors detracted from the Fund's relative returns.

# Information technology and communication services sectors

# Negative

# Underweight exposures to the semiconductors and software industries within the information technology sector relative to the Benchmark harmed relative performance. Investments in companies within the communication services sector also affected relative performance due to corporate restructuring and regulatory challenges.

# Geographical exposure

# Positive
The Fund's exposure to companies based outside the U.S. resulted in gains relative to the Benchmark. However, this performance did not offset the results from other areas of asset allocation.

Virtus Real Asset Income ETF \| 1

The preceding information is the opinion of the investment adviser and/or sub-adviser, as appropriate, through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

## How has the Fund historically performed?
The following graph and table compare the initial and subsequent account values over the life of the Fund. It assumes a $10,000 initial investment from inception in an appropriate broad-based securities market index and style-specific index for the same period.

### Growth of $10,000
![A line chart as described in the following paragraph](i101a5a0c254c2771a0f8c150.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Virtus Real Asset Income ETF - NAV $12,839** | **FT Wilshire 5000 Index $27,193** | **Indxx Real Asset Income Index $13,378** |
| **2/7/19** | $10000 | $10000 | $10000 |
| **2/28/19** | $10201 | $10323 | $10205 |
| **3/31/19** | $10301 | $10473 | $10308 |
| **4/30/19** | $10309 | $10893 | $10322 |
| **5/31/19** | $9728 | $10182 | $9738 |
| **6/30/19** | $10246 | $10892 | $10271 |
| **7/31/19** | $10109 | $11054 | $10136 |
| **8/31/19** | $9712 | $10828 | $9740 |
| **9/30/19** | $10186 | $11025 | $10228 |
| **10/31/19** | $10187 | $11266 | $10238 |
| **11/30/19** | $10159 | $11684 | $10215 |
| **12/31/19** | $10571 | $12026 | $10646 |
| **1/31/20** | $10131 | $12027 | $10204 |
| **2/29/20** | $9166 | $11041 | $9215 |
| **3/31/20** | $6770 | $9537 | $6735 |
| **4/30/20** | $7938 | $10802 | $7964 |
| **5/31/20** | $8212 | $11364 | $8262 |
| **6/30/20** | $8302 | $11631 | $8365 |
| **7/31/20** | $8419 | $12289 | $8489 |
| **8/31/20** | $8543 | $13187 | $8619 |
| **9/30/20** | $8076 | $12694 | $8138 |
| **10/31/20** | $7994 | $12414 | $8058 |
| **11/30/20** | $9575 | $13908 | $9705 |
| **12/31/20** | $9930 | $14531 | $10076 |
| **1/31/21** | $9893 | $14483 | $10045 |
| **2/28/21** | $10305 | $14925 | $10478 |
| **3/31/21** | $10972 | $15473 | $11176 |
| **4/30/21** | $11497 | $16290 | $11716 |
| **5/31/21** | $11813 | $16366 | $12053 |
| **6/30/21** | $11667 | $16777 | $11905 |
| **7/31/21** | $11729 | $17077 | $11974 |
| **8/31/21** | $11782 | $17580 | $12034 |
| **9/30/21** | $11398 | $16801 | $11641 |
| **10/31/21** | $12004 | $17931 | $12271 |
| **11/30/21** | $11682 | $17721 | $11943 |
| **12/31/21** | $12314 | $18410 | $12600 |
| **1/31/22** | $12070 | $17356 | $12361 |
| **2/28/22** | $12284 | $16932 | $12623 |
| **3/31/22** | $13192 | $17499 | $13541 |
| **4/30/22** | $12477 | $15916 | $12796 |
| **5/31/22** | $12615 | $15892 | $12948 |
| **6/30/22** | $11331 | $14563 | $11608 |
| **7/31/22** | $11925 | $15954 | $12232 |
| **8/31/22** | $11374 | $15349 | $11659 |
| **9/30/22** | $10237 | $13916 | $10478 |
| **10/31/22** | $10773 | $15058 | $11040 |
| **11/30/22** | $11687 | $15832 | $12003 |
| **12/31/22** | $11161 | $14905 | $11457 |
| **1/31/23** | $11931 | $15932 | $12278 |
| **2/28/23** | $11173 | $15560 | $11474 |
| **3/31/23** | $11286 | $15986 | $11595 |
| **4/30/23** | $11460 | $16152 | $11772 |
| **5/31/23** | $10877 | $16221 | $11143 |
| **6/30/23** | $11349 | $17334 | $11654 |
| **7/31/23** | $11714 | $17956 | $12048 |
| **8/31/23** | $11236 | $17607 | $11533 |
| **9/30/23** | $10772 | $16766 | $11038 |
| **10/31/23** | $10541 | $16320 | $10792 |
| **11/30/23** | $11219 | $17844 | $11518 |
| **12/31/23** | $11797 | $18794 | $12138 |
| **1/31/24** | $11331 | $18995 | $11657 |
| **2/29/24** | $11501 | $20019 | $11842 |
| **3/31/24** | $12066 | $20664 | $12448 |
| **4/30/24** | $11712 | $19764 | $12072 |
| **5/31/24** | $11993 | $20697 | $12376 |
| **6/30/24** | $11803 | $21347 | $12178 |
| **7/31/24** | $12422 | $21740 | $12839 |
| **8/31/24** | $12580 | $22212 | $13013 |
| **9/30/24** | $12685 | $22663 | $13133 |
| **10/31/24** | $12322 | $22499 | $12749 |
| **11/30/24** | $12895 | $23986 | $13365 |
| **12/31/24** | $12126 | $23260 | $12546 |
| **1/31/25** | $12410 | $23990 | $12859 |
| **2/28/25** | $12580 | $23524 | $13045 |
| **3/31/25** | $12610 | $22134 | $13086 |
| **4/30/25** | $11762 | $21989 | $12197 |
| **5/31/25** | $12128 | $23396 | $12594 |
| **6/30/25** | $12524 | $24593 | $13021 |
| **7/31/25** | $12575 | $25148 | $13080 |
| **8/31/25** | $13056 | $25731 | $13601 |
| **9/30/25** | $13110 | $26621 | $13664 |
| **10/31/25** | $12839 | $27193 | $13378 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **1 Year** | **5 Years** | **Since Inception 2/7/19** |
| **Virtus Real Asset Income ETF - NAV** | 4.2 | 9.94 | 3.78 |
| **FT Wilshire 5000 Index** | 20.86 | 16.98 | 16.01 |
| **Indxx Real Asset Income Index** | 4.93 | 10.67 | 4.42 |

---

\*The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

\*The Indxx Real Asset Income Index tracks the performance of US-listed securities in the Real Asset space (Real Estate, Natural Resources and Infrastructure) emphasizing dividend growth. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted.** Please visit virtus.com for performance data current to the most recent month end. Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

Virtus Real Asset Income ETF \| 2

## KEY FUND STATISTICS (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $15282989 |
| Total number of portfolio holdings | 89 |
| Total advisory fees paid | $80761 |
| Portfolio turnover rate | 57% |

---

## ASSET ALLOCATION <sup>**Footnote Reference (1)**</sup>

---

| | |
|:---|:---|
| Energy | 40.5% |
| Real Estate | 29.8% |
| Utilities | 12.2% |
| Money Market Fund | 8.0% |
| Communication Services | 4.2% |
| Materials | 3.0% |
| Information Technology | 1.2% |
| Consumer Discretionary | 1.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of October 31, 2025. |

---

## Where can I find additional information about the Fund?
For more information about the Fund, including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-888-383-0553, scan the QR code, or visit https://www.virtus.com/investor-resources/etf-documents.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](iffbf7f44323893db3e701e2b.jpg)

## **Householding** 
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this

consent or request additional copies by calling Virtus ETFs at 1-888-383-0553.

Virtus Real Asset Income ETF \| 3

# Virtus WMC International Dividend ETF
![Image](i6f0802e5ba0acf14510618eb.jpg)

# VWID / Cboe BZX Exchange, Inc.

#### Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about the Virtus WMC International Dividend ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

## What were the Fund costs for the period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus WMC International Dividend ETF | $56 | 0.49% |

---

## **Portfolio Manager Commentary by Wellington Management Company LLP** 
For the fiscal year ended October 31, 2025, the Fund at NAV returned 26.77%. For the same period, the MSCI ACWI ex USA Index, a broad-based securities market index, returned 24.93%, and the MSCI World ex USA Value Index, a style-specific index, returned 29.49%.

## **What factors impacted Fund performance over the reporting period?** 
The Fund seeks to provide above market yield through a well-diversified portfolio. The Fund delivered yield in excess of its benchmark, the MSCI ACWI ex USA Index (the "Benchmark"), and above core equity indexes for the 12-month period. The Fund's European exposure contributed most to absolute yield and was supplemented by yield from exposures in other regions, notably the United Kingdom and Japan. Security selection was the key driver of outperformance, driven by our overweight position in Banco Bilbao Vizcaya (financials). Our overweight exposure to value stocks also contributed to relative performance. Not owning Taiwan Semiconductor (information technology) and SK Hynix (information technology) detracted from relative performance. Sector allocation, a fallout of our risk-based construction process as we look to provide above market yield over time through a broadly diversified portfolio, detracted from relative performance. Our underweight exposure to the information technology sector detracted from relative performance. From a regional perspective, our exposure in Developed Europe and the Middle East contributed, while our lack of exposure in Emerging Markets detracted. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

#### FACTOR

#### IMPACT
&nbsp;&nbsp;&nbsp;&nbsp;

# SUMMARY
Financials

# Positive

# An overweight exposure to financials contributed. Strong security selection, particularly in Banco Bilbao Vizcaya and CaixaBank, also contributed to relative performance.

# Developed Europe and the Middle East
Positive

# Exposure to Developed Europe and the Middle East names contributed to relative performance, driven by strong security selection in the region.

# Value Stocks

# Positive

# Our overweight exposure to value stocks contributed to relative performance as investors favored these names over other areas of the market.

# Information Technology

# Negative
Our underweight exposure to information technology stocks detracted from relative performance. This positioning is a natural byproduct of the portfolio's income focus as technology names tend to be lower yielding relative to other areas of the market.

Virtus WMC International Dividend ETF \| 1

The preceding information is the opinion of the investment adviser and/or sub-adviser, as appropriate, through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

## How has the Fund historically performed?
The following graph and table compare the initial and subsequent account values over the life of the Fund. It assumes a $10,000 initial investment from inception in an appropriate broad-based securities market index and style-specific indexes for the same period.

### Growth of $10,000
![A line chart as described in the following paragraph](ica6b635d655679871992f74f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Virtus WMC Internatinal Dividend ETF - NAV $20,267** | **MSCI ACWI ex USA Index $16,984** | **MSCI World ex USA Value Index $17,677** |
| **10/10/17** | $10000 | $10000 | $10000 |
| **10/31/17** | $10038 | $10053 | $10017 |
| **11/30/17** | $10289 | $10135 | $10108 |
| **12/31/17** | $10503 | $10362 | $10280 |
| **1/31/18** | $11080 | $10939 | $10796 |
| **2/28/18** | $10637 | $10423 | $10250 |
| **3/31/18** | $10457 | $10239 | $10021 |
| **4/30/18** | $10638 | $10402 | $10322 |
| **5/31/18** | $10632 | $10162 | $9928 |
| **6/30/18** | $10496 | $9971 | $9815 |
| **7/31/18** | $10765 | $10210 | $10088 |
| **8/31/18** | $10878 | $9996 | $9744 |
| **9/30/18** | $10943 | $10042 | $9928 |
| **10/31/18** | $10027 | $9225 | $9261 |
| **11/30/18** | $10181 | $9312 | $9215 |
| **12/31/18** | $9431 | $8891 | $8732 |
| **1/31/19** | $10204 | $9562 | $9370 |
| **2/28/19** | $10513 | $9749 | $9535 |
| **3/31/19** | $10545 | $9807 | $9473 |
| **4/30/19** | $10928 | $10066 | $9706 |
| **5/31/19** | $10316 | $9526 | $9145 |
| **6/30/19** | $10965 | $10100 | $9639 |
| **7/31/19** | $10962 | $9978 | $9435 |
| **8/31/19** | $10675 | $9669 | $9063 |
| **9/30/19** | $10875 | $9918 | $9500 |
| **10/31/19** | $11090 | $10264 | $9812 |
| **11/30/19** | $11379 | $10355 | $9864 |
| **12/31/19** | $11688 | $10803 | $10219 |
| **1/31/20** | $11629 | $10513 | $9854 |
| **2/29/20** | $10695 | $9682 | $8935 |
| **3/31/20** | $9091 | $8280 | $7280 |
| **4/30/20** | $10053 | $8908 | $7683 |
| **5/31/20** | $10571 | $9199 | $7907 |
| **6/30/20** | $10740 | $9615 | $8179 |
| **7/31/20** | $10840 | $10043 | $8217 |
| **8/31/20** | $11257 | $10473 | $8712 |
| **9/30/20** | $10881 | $10216 | $8289 |
| **10/31/20** | $10403 | $9996 | $7976 |
| **11/30/20** | $11840 | $11341 | $9483 |
| **12/31/20** | $12269 | $11954 | $9890 |
| **1/31/21** | $12184 | $11980 | $9832 |
| **2/28/21** | $12350 | $12217 | $10325 |
| **3/31/21** | $12875 | $12372 | $10713 |
| **4/30/21** | $13203 | $12736 | $10951 |
| **5/31/21** | $13740 | $13134 | $11360 |
| **6/30/21** | $13489 | $13049 | $11111 |
| **7/31/21** | $13632 | $12834 | $11062 |
| **8/31/21** | $13570 | $13078 | $11172 |
| **9/30/21** | $13059 | $12659 | $10992 |
| **10/31/21** | $13255 | $12961 | $11236 |
| **11/30/21** | $12872 | $12378 | $10562 |
| **12/31/21** | $13668 | $12889 | $11201 |
| **1/31/22** | $13835 | $12414 | $11373 |
| **2/28/22** | $13664 | $12168 | $11256 |
| **3/31/22** | $13948 | $12188 | $11375 |
| **4/30/22** | $13279 | $11423 | $10805 |
| **5/31/22** | $13561 | $11505 | $11092 |
| **6/30/22** | $12418 | $10515 | $9969 |
| **7/31/22** | $12482 | $10875 | $10192 |
| **8/31/22** | $11945 | $10525 | $9833 |
| **9/30/22** | $10902 | $9473 | $8949 |
| **10/31/22** | $11395 | $9756 | $9520 |
| **11/30/22** | $12822 | $10908 | $10503 |
| **12/31/22** | $12846 | $10826 | $10569 |
| **1/31/23** | $13599 | $11705 | $11413 |
| **2/28/23** | $13259 | $11294 | $11214 |
| **3/31/23** | $13594 | $11570 | $11164 |
| **4/30/23** | $14059 | $11771 | $11529 |
| **5/31/23** | $13236 | $11343 | $10896 |
| **6/30/23** | $13793 | $11852 | $11513 |
| **7/31/23** | $14350 | $12334 | $12030 |
| **8/31/23** | $13924 | $11777 | $11650 |
| **9/30/23** | $13775 | $11405 | $11535 |
| **10/31/23** | $13408 | $10934 | $11015 |
| **11/30/23** | $14396 | $11918 | $11899 |
| **12/31/23** | $15030 | $12517 | $12523 |
| **1/31/24** | $14828 | $12393 | $12484 |
| **2/29/24** | $14779 | $12707 | $12496 |
| **3/31/24** | $15212 | $13104 | $13051 |
| **4/30/24** | $14952 | $12868 | $12885 |
| **5/31/24** | $15525 | $13242 | $13405 |
| **6/30/24** | $15133 | $13229 | $13028 |
| **7/31/24** | $15820 | $13536 | $13656 |
| **8/31/24** | $16391 | $13921 | $14048 |
| **9/30/24** | $16646 | $14296 | $14291 |
| **10/31/24** | $15986 | $13595 | $13651 |
| **11/30/24** | $15827 | $13472 | $13648 |
| **12/31/24** | $15555 | $13210 | $13355 |
| **1/31/25** | $16171 | $13742 | $13987 |
| **2/28/25** | $16652 | $13933 | $14451 |
| **3/31/25** | $17178 | $13901 | $14729 |
| **4/30/25** | $17972 | $14403 | $15334 |
| **5/31/25** | $18652 | $15063 | $15971 |
| **6/30/25** | $19039 | $15574 | $16281 |
| **7/31/25** | $18960 | $15529 | $16335 |
| **8/31/25** | $20078 | $16068 | $17269 |
| **9/30/25** | $20276 | $16647 | $17564 |
| **10/31/25** | $20267 | $16984 | $17677 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **1 Year** | **5 Years** | **Since Inception 10/10/17** |
| **Virtus WMC International Dividend ETF - NAV** | 26.77 | 14.27 | 9.16 |
| **MSCI ACWI ex USA Index** | 24.93 | 11.18 | 6.79 |
| **MSCI World ex USA Value Index** | 29.49 | 17.25 | 7.32 |

---

\*The MSCI AC World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

\*The MSCI World Ex USA Value Index (net) captures large and mid cap securities exhibiting overall value style characteristics across 22 of 23 Developed Markets countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price, and dividend yield. The index is calculated on a total return basis with net dividends reinvested; it is unmanaged; its returns do not reflect any fees, expenses or sales charges; and it is not available for direct investment.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted.** Please visit virtus.com for performance data current to the most recent month end. Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

Virtus WMC International Dividend ETF \| 2

## KEY FUND STATISTICS (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $13494164 |
| Total number of portfolio holdings | 144 |
| Total advisory fees paid | $60849 |
| Portfolio turnover rate | 30% |

---

## ASSET ALLOCATION <sup>**Footnote Reference (1)**</sup>

---

| | |
|:---|:---|
| Financials | 37.9% |
| Industrials | 11.2% |
| Energy | 8.7% |
| Consumer Discretionary | 7.7% |
| Consumer Staples | 7.2% |
| Health Care | 5.3% |
| Materials | 5.0% |
| Communication Services | 5.0% |
| Real Estate | 4.6% |
| Utilities | 4.0% |
| Information Technology | 3.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of October 31, 2025. |

---

## Where can I find additional information about the Fund?
For more information about the Fund, including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-888-383-0553, scan the QR code, or visit https://www.virtus.com/investor-resources/etf-documents.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](iffbf7f44323893db3e701e2b.jpg)

## **Householding** 
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this

consent or request additional copies by calling Virtus ETFs at 1-888-383-0553.

Virtus WMC International Dividend ETF \| 3

# InfraCap MLP ETF
![Image](i6f0802e5ba0acf14510618eb.jpg)

# AMZA / NYSE Arca, Inc.

#### Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about the InfraCap MLP ETF ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

## What were the Fund costs for the period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| InfraCap MLP ETF | $176 | 1.72% |

---

## **Portfolio Manager Commentary by Infrastructure Capital Advisors, LLC** 
For the fiscal year ended October 31, 2025, the Fund at NAV returned 5.52%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 20.86%, and the Alerian MLP Infrastructure Index, which serves as the style-specific index, returned 11.44%.

## **What factors impacted Fund performance over the reporting period?** 
Natural Gas and Refining exposure were factors that positively contributed to the Fund's performance for the 12-month period. The Fund's overweight exposure to select companies with regulated natural gas pipelines and refining positively contributed to performance. The Fund's overweight exposure to C-Corps and underweight exposure to smaller size companies held in the the Alerian MLP Infrastructure Index (the "Benchmark") detracted from performance during the period. Overall, MLPs performed well during the period and continued to benefit from forecasted increases in energy demands from Artificial Intelligence and data centers.

#### FACTOR

#### IMPACT
&nbsp;&nbsp;&nbsp;&nbsp;

# SUMMARY
Natural Gas

# Positive

# Issue selection, particularly in MPLX, LP (MPLX), Williams Cos (WMB), and Enterprise Products Partners (EPD), enhanced relative returns due to outperformance from natural gas distribution companies.

# Refining & Marketing
Positive

# Overweight exposures to the MLP refining sector relative to Benchmark enhanced relative returns during the period.

# C-Corp

# Negative

# A small overweight to Oneoke Inc. (OKE) relative to Benchmark detracted from relative performance.

# Company Size

# Negative
Underweight exposure to small company issuers that performed well during the period due to strong MLP sector performance detracted from relative performance.

InfraCap MLP ETF \| 1

The preceding information is the opinion of the investment adviser and/or sub-adviser, as appropriate, through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

## How has the Fund historically performed?
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index and a style-specific index for the same period.

### Growth of $10,000
![A line chart as described in the following paragraph](ia4cea9ddb3c0b5404e67f47f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **InfraCap MLP ETF - NAV $11,210** | **FT Wilshire 5000 Index $37,910** | **Alerian MLP Infrastructure Index $18,998** |
| **10/31/15** | $10000 | $10000 | $10000 |
| **11/30/15** | $8791 | $10046 | $9205 |
| **12/31/15** | $7809 | $9848 | $9003 |
| **1/31/16** | $6247 | $9311 | $7824 |
| **2/29/16** | $6080 | $9306 | $7826 |
| **3/31/16** | $6747 | $9963 | $8494 |
| **4/30/16** | $8113 | $10028 | $9517 |
| **5/31/16** | $8529 | $10210 | $9709 |
| **6/30/16** | $8959 | $10242 | $10241 |
| **7/31/16** | $9199 | $10644 | $10295 |
| **8/31/16** | $9372 | $10669 | $10231 |
| **9/30/16** | $9457 | $10680 | $10431 |
| **10/31/16** | $9140 | $10463 | $9989 |
| **11/30/16** | $9374 | $10939 | $10253 |
| **12/31/16** | $9676 | $11165 | $10690 |
| **1/31/17** | $9898 | $11363 | $11177 |
| **2/28/17** | $10064 | $11787 | $11286 |
| **3/31/17** | $10045 | $11792 | $11129 |
| **4/30/17** | $9949 | $11916 | $10942 |
| **5/31/17** | $9520 | $12036 | $10424 |
| **6/30/17** | $9528 | $12140 | $10360 |
| **7/31/17** | $9665 | $12372 | $10455 |
| **8/31/17** | $9178 | $12401 | $9868 |
| **9/30/17** | $9280 | $12701 | $9924 |
| **10/31/17** | $8826 | $12974 | $9465 |
| **11/30/17** | $8601 | $13369 | $9330 |
| **12/31/17** | $9042 | $13513 | $9748 |
| **1/31/18** | $9655 | $14222 | $10327 |
| **2/28/18** | $8626 | $13698 | $9299 |
| **3/31/18** | $7887 | $13410 | $8625 |
| **4/30/18** | $8523 | $13463 | $9305 |
| **5/31/18** | $8998 | $13833 | $9706 |
| **6/30/18** | $8765 | $13923 | $9585 |
| **7/31/18** | $9452 | $14406 | $10237 |
| **8/31/18** | $9637 | $14912 | $10459 |
| **9/30/18** | $9346 | $14937 | $10255 |
| **10/31/18** | $8151 | $13847 | $9414 |
| **11/30/18** | $7956 | $14114 | $9365 |
| **12/31/18** | $6772 | $12801 | $8584 |
| **1/31/19** | $7909 | $13909 | $9697 |
| **2/28/19** | $7914 | $14392 | $9711 |
| **3/31/19** | $8212 | $14601 | $10076 |
| **4/30/19** | $8095 | $15186 | $9951 |
| **5/31/19** | $7536 | $14195 | $9854 |
| **6/30/19** | $8044 | $15184 | $10108 |
| **7/31/19** | $7899 | $15411 | $10063 |
| **8/31/19** | $7196 | $15095 | $9524 |
| **9/30/19** | $7412 | $15370 | $9596 |
| **10/31/19** | $6877 | $15707 | $8961 |
| **11/30/19** | $6379 | $16289 | $8408 |
| **12/31/19** | $7107 | $16766 | $9158 |
| **1/31/20** | $6472 | $16768 | $8616 |
| **2/29/20** | $5181 | $15393 | $7391 |
| **3/31/20** | $1848 | $13296 | $3838 |
| **4/30/20** | $3098 | $15060 | $5664 |
| **5/31/20** | $3520 | $15843 | $6153 |
| **6/30/20** | $3067 | $16214 | $5650 |
| **7/31/20** | $3010 | $17133 | $5445 |
| **8/31/20** | $3019 | $18385 | $5451 |
| **9/30/20** | $2463 | $17696 | $4724 |
| **10/31/20** | $2567 | $17307 | $4942 |
| **11/30/20** | $3417 | $19389 | $6121 |
| **12/31/20** | $3568 | $20258 | $6276 |
| **1/31/21** | $3865 | $20191 | $6626 |
| **2/28/21** | $4298 | $20807 | $7146 |
| **3/31/21** | $4657 | $21572 | $7647 |
| **4/30/21** | $5133 | $22711 | $8219 |
| **5/31/21** | $5539 | $22816 | $8807 |
| **6/30/21** | $5895 | $23388 | $9357 |
| **7/31/21** | $5414 | $23808 | $8739 |
| **8/31/21** | $5237 | $24509 | $8511 |
| **9/30/21** | $5373 | $23422 | $8770 |
| **10/31/21** | $5681 | $24999 | $9236 |
| **11/30/21** | $5168 | $24705 | $8530 |
| **12/31/21** | $5432 | $25666 | $8845 |
| **1/31/22** | $6148 | $24196 | $9827 |
| **2/28/22** | $6450 | $23605 | $10349 |
| **3/31/22** | $6507 | $24396 | $10548 |
| **4/30/22** | $6468 | $22189 | $10508 |
| **5/31/22** | $7077 | $22156 | $11321 |
| **6/30/22** | $5879 | $20303 | $9709 |
| **7/31/22** | $6770 | $22241 | $10931 |
| **8/31/22** | $7143 | $21398 | $11372 |
| **9/30/22** | $6429 | $19401 | $10521 |
| **10/31/22** | $7563 | $20992 | $12036 |
| **11/30/22** | $7651 | $22071 | $12191 |
| **12/31/22** | $7183 | $20779 | $11621 |
| **1/31/23** | $7791 | $22212 | $12327 |
| **2/28/23** | $7643 | $21693 | $12103 |
| **3/31/23** | $7512 | $22286 | $12017 |
| **4/30/23** | $7651 | $22518 | $12221 |
| **5/31/23** | $7558 | $22614 | $12220 |
| **6/30/23** | $8023 | $24166 | $12765 |
| **7/31/23** | $8270 | $25032 | $13542 |
| **8/31/23** | $8351 | $24546 | $13641 |
| **9/30/23** | $8566 | $23374 | $13964 |
| **10/31/23** | $8539 | $22752 | $13921 |
| **11/30/23** | $9342 | $24876 | $14894 |
| **12/31/23** | $8868 | $26202 | $14382 |
| **1/31/24** | $9293 | $26481 | $15010 |
| **2/29/24** | $9856 | $27908 | $15731 |
| **3/31/24** | $10504 | $28808 | $16502 |
| **4/30/24** | $10136 | $27553 | $16284 |
| **5/31/24** | $10118 | $28854 | $16374 |
| **6/30/24** | $10755 | $29760 | $17137 |
| **7/31/24** | $10906 | $30309 | $17263 |
| **8/31/24** | $10904 | $30966 | $17340 |
| **9/30/24** | $10803 | $31595 | $17262 |
| **10/31/24** | $10623 | $31366 | $17047 |
| **11/30/24** | $12758 | $33440 | $19644 |
| **12/31/24** | $11609 | $32427 | $18222 |
| **1/31/25** | $12792 | $33445 | $19836 |
| **2/28/25** | $13182 | $32795 | $20478 |
| **3/31/25** | $13097 | $30857 | $20451 |
| **4/30/25** | $11555 | $30655 | $18725 |
| **5/31/25** | $11733 | $32617 | $18999 |
| **6/30/25** | $12208 | $34286 | $19499 |
| **7/31/25** | $12479 | $35059 | $20132 |
| **8/31/25** | $12310 | $35872 | $19926 |
| **9/30/25** | $11615 | $37112 | $19107 |
| **10/31/25** | $11210 | $37910 | $18998 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **InfraCap MLP ETF - NAV** | 5.52 | 34.29 | 1.15 |
| **FT Wilshire 5000 Index** | 20.86 | 16.98 | 14.25 |
| **Alerian MLP Infrastructure Index** | 11.44 | 30.91 | 6.63 |

---

\*The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

\*The Alerian MLP Infrastructure Index is a composite of energy infrastructure Master Limited Partnerships (MLPs), whose constituents earn the majority of their cash flow from the transportation, storage, and processing of energy commodities. The index is calculated using a float-adjusted, capitalization-weighted methodology on a total-return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted.** Please visit virtus.com for performance data current to the most recent month end. Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

InfraCap MLP ETF \| 2

## KEY FUND STATISTICS (as of October 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $372979550 |
| Total number of portfolio holdings | 28 |
| Total advisory fees paid | $3933705 |
| Portfolio turnover rate | 237% |

---

## ASSET ALLOCATION <sup>**Footnote Reference (1)**</sup>

---

| | |
|:---|:---|
| Common Stocks | 97.5% |
| Money Market Funds | 1.9% |
| Preferred Stocks | 0.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of October 31, 2025. |

---

## Where can I find additional information about the Fund?
For more information about the Fund, including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-888-383-0553, scan the QR code, or visit https://www.virtus.com/investor-resources/etf-documents.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](iffbf7f44323893db3e701e2b.jpg)

## **Householding** 
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this

consent or request additional copies by calling Virtus ETFs at 1-888-383-0553.

InfraCap MLP ETF \| 3

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless
 of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

&nbsp;&nbsp;&nbsp;&nbsp;(c) There
 have been no amendments, during the period covered by this report, to a provision of the Code of Ethics that applies to the registrant's
 principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of
 ethics definition enumerated in Item 2(b) of Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any
 waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive
 officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless
 of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in Item
 2(b) of Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(f) A
 copy of the Code of Ethics is filed as an Exhibit.

**Item 3. Audit Committee Financial Expert.**

The registrant's board of trustees has determined that the registrant does not have an audit committee financial expert serving on its audit committee. At this time, the registrant's board of trustees believes that the collective experience provided by the members of the audit committee together offer the registrant adequate oversight for the registrant's level of financial complexity.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit
 Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $228,500 for 2025 and $227,321 for 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related
 Fees

The aggregate fees billed in each of the last two fiscal years for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for 2025 and $0 for 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax
 Fees

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice, and tax planning were $127,538 for 2025 and $208,817 for 2024.

"Tax Fees" are those primarily associated with review of the Trust's tax provision and qualification as a regulated investment company (RIC) in connection with audits of the Trust's financial statement, review of year-end distributions by the Fund to avoid excise tax for the Trust, periodic discussion with management on tax issues affecting the Trust, and reviewing and signing the Fund's federal income tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All
 Other Fees

The aggregate fees billed in each of the last two fiscal years for products and services rendered by the principal accountant to the registrant, which include but are not limited to accounting consultations concerning financial accounting and reporting standards, other than the services reported in paragraphs (a) through (c) of this Item were $0 for 2025 and $0 for 2024.

(e)(1) The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(e)(2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Less
 than 50% of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the
 most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent
 employees.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed
 by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser
 (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
 adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant
 for each of the last two fiscal years of the registrant were $192,502 for 2025 and $252,136 for 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not
 applicable.

**Item 5. Audit Committee of Listed registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant has a separately designated audit committee consisting of all the independent trustees of the registrant. The members of the
 audit committee are: James A. Simpson, Robert S. Tull, Jr., and Myles J. Edwards.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Please refer
 to Item 7(a).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The annual
 financial statements are attached herewith.

![](virtus-fs_103125img001.gif)

ANNUAL FINANCIALS

(FORM N-CSR Items 7-11)

ETFis Series Trust I

October 31, 2025

------

**INFRACAP REIT PREFERRED ETF**

**VIRTUS INFRACAP U.S. PREFERRED STOCK ETF**

**VIRTUS LIFESCI BIOTECH CLINICAL TRIALS ETF**

**VIRTUS LIFESCI BIOTECH PRODUCTS ETF**

**VIRTUS NEWFLEET MULTI-SECTOR BOND ETF**

**VIRTUS PRIVATE CREDIT STRATEGY ETF**

**VIRTUS REAL ASSET INCOME ETF**

**VIRTUS WMC INTERNATIONAL DIVIDEND ETF**

**INFRACAP MLP ETF**

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page (s)** |
| [Schedules of Investments](#virtus-fs_103125a9378) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [*InfraCap REIT Preferred ETF*](#virtus-fs_103125a9378) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [*Virtus InfraCap U.S. Preferred Stock ETF*](#virtus-fs_103125a9355) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [*Virtus LifeSci Biotech Clinical Trials ETF*](#virtus-fs_103125a9356) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; [*Virtus LifeSci Biotech Products ETF*](#virtus-fs_103125a9357) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; [*Virtus Newfleet Multi-Sector Bond ETF*](#virtus-fs_103125a9358) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [*Virtus Private Credit Strategy ETF*](#virtus-fs_103125a9359) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; [*Virtus Real Asset Income ETF*](#virtus-fs_103125a9360) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; [*Virtus WMC International Dividend ETF*](#virtus-fs_103125a9361) | 33 |
| [Statements of Assets and Liabilities](#virtus-fs_103125a9362) | 36 |
| [Statements of Operations](#virtus-fs_103125a9363) | 38 |
| [Statements of Changes in Net Assets](#virtus-fs_103125a9364) | 40 |
| [Statement of Cash Flows](#virtus-fs_103125a9365) | 44 |
| [Financial Highlights](#virtus-fs_103125a9366) | 45 |
| [Notes to Financial Statements](#virtus-fs_103125a9367) | 53 |
| [*InfraCap MLP ETF*](#virtus-fs_103125a9368) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#virtus-fs_103125a9368) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#virtus-fs_103125a9369) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#virtus-fs_103125a9370) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Changes in Net Assets](#virtus-fs_103125a9371) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Cash Flows](#virtus-fs_103125a9372) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#virtus-fs_103125a9373) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#virtus-fs_103125a9374) | 75 |
| [Reports of Independent Registered Public Accounting Firm](#virtus-fs_103125a9375) | 83 |
| [Other Information](#virtus-fs_103125a9376) | 85 |
| [Supplemental Information](#virtus-fs_103125a9377) | 86 |

---

Schedule of Investments — InfraCap REIT Preferred ETF

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **PREFERRED STOCKS — 99.3%** |  |  |
| **Financials — 36.8%** |  |  |
| ACRES Commercial Realty Corp., Series C, 9.82% | 18523 | $464927<br>|
| Adamas Trust, Inc., Series D, 8.00% | 24373 | 528407 |
| Adamas Trust, Inc., Series E, 11.28% | 29405 | 739536 |
| Adamas Trust, Inc., Series F, 6.88% | 21860 | 485729 |
| AG Mortgage Investment Trust, Inc., Series B, 8.00% | 26727 | 570087 |
| AG Mortgage Investment Trust, Inc., Series C, 10.63% | 10665 | 269074 |
| AGNC Investment Corp., Series C, 9.26% | 7420 | 188913 |
| AGNC Investment Corp., Series D, 8.50% | 36247 | 889864 |
| AGNC Investment Corp., Series E, 9.14% | 781 | 19627 |
| AGNC Investment Corp., Series F, 8.85% | 77457 | 1925581 |
| AGNC Investment Corp., Series G, 7.75% | 6899 | 170405 |
| Annaly Capital Management, Inc., Series F, 9.14% | 68298 | 1734769 |
| Annaly Capital Management, Inc., Series G, 8.44% | 47956 | 1203216 |
| Annaly Capital Management, Inc., Series I, 9.25% | 42102 | 1070233 |
| Arbor Realty Trust, Inc., Series D, 6.38% | 40135 | 712396 |
| Arbor Realty Trust, Inc., Series E, 6.25% | 21425 | 374938 |
| Arbor Realty Trust, Inc., Series F, 6.25% | 48268 | 1064792 |
| ARMOUR Residential REIT, Inc., Series C, 7.00% | 26163 | 564598 |
| Chimera Investment Corp., Series A, 8.00% | 26375 | 587371 |
| Chimera Investment Corp., Series B, 10.05% | 43906 | 1054183 |
| Chimera Investment Corp., Series C, 8.89% | 39738 | 880197 |
| Chimera Investment Corp., Series D, 9.60% | 31184 | 751223 |
| DigitalBridge Group, Inc., Series H, 7.13% | 81996 | 1757994 |
| DigitalBridge Group, Inc., Series I, 7.15% | 136908 | 2929831 |
| DigitalBridge Group, Inc., Series J, 7.13% | 122200 | 2571088 |
| Dynex Capital, Inc., Series C, 9.61% | 5490 | 141587 |
| Ellington Financial, Inc., 10.05% | 15612 | 394203 |
| Ellington Financial, Inc., Series C, 8.63% | 573 | 14508 |
| Franklin BSP Realty Trust, Inc., Series E, 7.50% | 39863 | 856257 |
| Granite Point Mortgage Trust, Inc., Series A, 7.00% | 30469 | 588966 |
| Inpoint Commercial Real Estate Income, Inc., Series A, 6.75% | 11888 | 259158 |
| Invesco Mortgage Capital, Inc., Series C, 7.50% | 30139 | 740817 |
| KKR Real Estate Finance Trust, Inc., Series A, 6.50% | 51463 | 1007131 |
| MFA Financial, Inc., Series B, 7.50% | 32783 | 697294 |
| MFA Financial, Inc., Series C, 9.50% | 42944 | 1019920 |
| PennyMac Mortgage Investment Trust, 9.00% | 6301 | 159415 |
| PennyMac Mortgage Investment Trust, Series A, 8.13% | 17750 | 425468 |
| PennyMac Mortgage Investment Trust, Series B, 8.00% | 30107 | 727686 |
| PennyMac Mortgage Investment Trust, Series C, 6.75% | 39418 | 743818 |
| Ready Capital Corp., 5.75% | 2952 | 73210 |
| Ready Capital Corp., 9.00% | 17175 | 407219 |
| Ready Capital Corp., Series E, 6.50% | 17750 | 263233 |
| Rithm Capital Corp., Series A, 9.95% | 8181 | 207388 |
| Rithm Capital Corp., Series B, 9.79% | 27612 | 691404 |
| Rithm Capital Corp., Series C, 9.12% | 65355 | 1600544 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **PREFERRED STOCKS (continued)** |  |  |
| **Financials (continued)** |  |  |
| Rithm Capital Corp., Series D, 7.00% | 72517 | $1784643<br>|
| TPG RE Finance Trust, Inc., Series C, 6.25% | 31840 | 557518 |
| Two Harbors Investment Corp., Series A, 8.13% | 19404 | 452113 |
| Two Harbors Investment Corp., Series B, 7.63% | 43603 | 978015 |
| Two Harbors Investment Corp., Series C, 9.16% | 49311 | 1161767 |
| Total Financials |  | 39462261 |
| **Real Estate — 62.5%** |  |  |
| Agree Realty Corp., Series A, 4.25% | 64698 | 1140626 |
| American Homes 4 Rent, Series G, 5.88% | 35884 | 884899 |
| American Homes 4 Rent, Series H, 6.25% | 42382 | 1052769 |
| Armada Hoffler Properties, Inc., Series A, 6.75% | 33808 | 722815 |
| Brookfield Property Partners LP, Series A2, 6.38% | 84588 | 1233293 |
| Chatham Lodging Trust, Series A, 6.63% | 16605 | 333760 |
| City Office REIT, Inc., Series A, 6.63% | 18946 | 472703 |
| CTO Realty Growth, Inc., Series A, 6.38% | 34945 | 732447 |
| DiamondRock Hospitality Co., 8.25% | 10874 | 276200 |
| Digital Realty Trust, Inc., Series J, 5.25% | 75866 | 1724434 |
| Digital Realty Trust, Inc., Series K, 5.85% | 78228 | 1893900 |
| Digital Realty Trust, Inc., Series L, 5.20% | 139189 | 3088604 |
| Diversified Healthcare Trust, 5.63% | 38163 | 648771 |
| Diversified Healthcare Trust, 6.25% | 133956 | 2377719 |
| EPR Properties, Series G, 5.75% | 35255 | 699812 |
| Federal Realty Investment Trust, Series C, 5.00% | 56769 | 1187607 |
| Gladstone Commercial Corp., Series E, 6.63% | 25055 | 561232 |
| Gladstone Commercial Corp., Series G, 6.00% | 15659 | 314276 |
| Gladstone Land Corp., Series B, 6.00% | 46550 | 924017 |
| Gladstone Land Corp., Series C, 6.00% | 90685 | 1786495 |
| Global Medical REIT, Inc., Series A, 7.50% | 9815 | 240369 |
| Global Net Lease, Inc., Series A, 7.25% | 73316 | 1689934 |
| Global Net Lease, Inc., Series B, 6.88% | 34829 | 774945 |
| Global Net Lease, Inc., Series D, 7.50% | 86065 | 2075888 |
| Global Net Lease, Inc., Series E, 7.38% | 33854 | 793876 |
| Hudson Pacific Properties, Inc., Series C, 4.75% | 181169 | 2715723 |
| Kimco Realty Corp., Series L, 5.13% | 82188 | 1718551 |
| Kimco Realty Corp., Series M, 5.25% | 110729 | 2358528 |
| National Storage Affiliates Trust, Series A, 6.00% | 86196 | 1973026 |
| Pebblebrook Hotel Trust, Series E, 6.38% | 18878 | 365289 |
| Pebblebrook Hotel Trust, Series F, 6.30% | 74404 | 1425581 |
| Pebblebrook Hotel Trust, Series G, 6.38% | 119622 | 2331433 |
| Pebblebrook Hotel Trust, Series H, 5.70% | 105597 | 1853227 |
| Public Storage, Series F, 5.15% | 27311 | 603846 |
| Public Storage, Series G, 5.05% | 38559 | 822849 |
| Public Storage, Series H, 5.60% | 28912 | 697357 |
| Public Storage, Series I, 4.88% | 40717 | 830220 |
| Public Storage, Series J, 4.70% | 32011 | 627736 |
| Public Storage, Series K, 4.75% | 27643 | 547884 |
| Public Storage, Series L, 4.63% | 63680 | 1223930 |
| Public Storage, Series M, 4.13% | 5603 | 96708 |
| Public Storage, Series N, 3.88% | 33725 | $544659 |
| Public Storage, Series O, 3.90% | 23007 | 374324 |
| Public Storage, Series P, 4.00% | 74171 | 1238656 |

---

Schedule of Investments — InfraCap REIT Preferred ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **PREFERRED STOCKS (continued)** |  |  |
| **Real Estate (continued)** |  |  |
| Public Storage, Series Q, 3.95% | 20394 | $340988<br>|
| Public Storage, Series R, 4.00% | 51111 | 854065 |
| Public Storage, Series S, 4.10% | 11909 | 203644 |
| Regency Centers Corp., Series B, 5.88% | 2369 | 55719 |
| Saul Centers, Inc., Series E, 6.00% | 28617 | 622992 |
| SL Green Realty Corp., Series I, 6.50% | 86559 | 1857556 |
| Summit Hotel Properties, Inc., Series E, 6.25% | 48632 | 963400 |
| Summit Hotel Properties, Inc., Series F, 5.88% | 16253 | 329123 |
| Sunstone Hotel Investors, Inc., Series H, 6.13% | 18747 | 392562 |
| Sunstone Hotel Investors, Inc., Series I, 5.70% | 19158 | 381053 |
| UMH Properties, Inc., Series D, 6.38% | 130041 | 2933725 |
| Vornado Realty Trust, Series L, 5.40% | 115977 | 2069030 |
| Vornado Realty Trust, Series M, 5.25% | 131988 | 2355986 |
| Vornado Realty Trust, Series N, 5.25% | 113173 | 2009952 |
| Vornado Realty Trust, Series O, 4.45% | 112032 | 1655833 |
| Total Real Estate |  | 67006546 |
| **Total Preferred Stocks** |  |  |
| (Cost $110,067,936) |  | 106468807 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **MONEY MARKET FUND** **S — 0.3%** |  |  |
| Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.96%<sup>(1)</sup> | 184036 | $184036<br>|
| RBC BlueBay Government Money Market Fund - Institutional Shares, 4.04%<sup>(1)</sup> | 184037 | 184037 |
| (Cost $368,073) |  | 368073 |
| **TOTAL INVESTMENTS — 99.6%** |  |  |
| (Cost $110,436,009) |  | **106836880** |
| Other Assets in Excess of Liabilities — 0.4% |  | 417410 |
| **Net Assets — 100.0%**  |  | **$** **107254290**<br>|

---

------

(1)The rate shown reflects the seven-day yield as of October 31, 2025.

---

| | |
|:---|:---|
| **Portfolio Compositio** **n** | **Portfolio Compositio** **n** |
| Asset Allocation as of 10/31/2025 (based on net assets) | Asset Allocation as of 10/31/2025 (based on net assets) |
| Real Estate  | 62.5% |
| Financials  | 36.8% |
| Money Market Funds  | 0.3% |
| Other Assets in Excess of Liabilities  | 0.4% |
| **Total**  | **100.0**% |

---

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | $106468807<br>| $—<br>| $—<br>| $106468807<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 368073 |  |  | 368073 |
| **Total** | **$** **106836880**<br>| **$** **—**<br>| **$** **—**<br>| **$** **106836880**<br>|

---

Schedule of Investments — Virtus InfraCap U.S. Preferred Stock ETF

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **PREFERRED STOCKS — 123.8%** |  |  |
| **Communication Services — 7.1%** |  |  |
| Array Digital Infrastructure, Inc., 5.50%<sup>(1)</sup> | 230445 | $4189804<br>|
| Array Digital Infrastructure, Inc., 6.25% | 50209 | 1077987 |
| Liberty Broadband Corp., Series A, 7.00%<sup>(1)</sup> | 142809 | 3470259 |
| Qwest Corp., 6.50%<sup>(1)</sup> | 1808513 | 35718132 |
| Qwest Corp., 6.75%<sup>(1)</sup> | 1558880 | 32019395 |
| Telephone and Data Systems, Inc., Series UU, 6.63%<sup>(1)</sup> | 666282 | 13418919 |
| Telephone and Data Systems, Inc., Series VV, 6.00%<sup>(1)</sup> | 2264133 | 41456275 |
| Total Communication Services |  | 131350771 |
| **Consumer Discretionary — 0.3%** |  |  |
| Ford Motor Co., 6.00%<sup>(1)</sup> | 217674 | 4801889 |
| **Energy — 4.5%** |  |  |
| Energy Transfer LP, Series I, 9.25%<sup>(1)</sup> | 4316873 | 50809595 |
| GasLog Partners LP, Series A, 8.63% (Greece)<sup>(1)</sup> | 590142 | 15107635 |
| TransCanada PipeLines Ltd., 6.25% (Canada)\* | 713065 | 17648359 |
| Total Energy |  | 83565589 |
| **Financials — 69.5%<sup>†</sup>** |  |  |
| Abacus Global Management, Inc., 9.88% | 97071 | 2453955 |
| ACRES Commercial Realty Corp., Series C, 9.82%<sup>(1)</sup> | 103384 | 2594938 |
| ACRES Commercial Realty Corp., Series D, 7.88% | 56051 | 1238727 |
| Adamas Trust, Inc., 9.13%<sup>(1)</sup> | 243488 | 6064069 |
| Adamas Trust, Inc., 9.88% | 273330 | 6898849 |
| Adamas Trust, Inc., Series D, 8.00%<sup>(1)</sup> | 1495027 | 32412185 |
| Adamas Trust, Inc., Series E, 11.28%<sup>(1)</sup> | 1037617 | 26096068 |
| AG Mortgage Investment Trust, Inc., 9.50%<sup>(1)</sup> | 199166 | 4985145 |
| AG Mortgage Investment Trust, Inc., Series A, 8.25% | 1201 | 26746 |
| AG Mortgage Investment Trust, Inc., Series B, 8.00%<sup>(1)</sup> | 474046 | 10111401 |
| AG Mortgage Investment Trust, Inc., Series C, 10.63%<sup>(1)</sup> | 518173 | 13073298 |
| AGNC Investment Corp., Series H, 8.75%\* | 498038 | 12650165 |
| American National Group, Inc., 7.38%<sup>(1)</sup> | 581305 | 14794212 |
| Angel Oak Mortgage REIT, Inc., 9.50% | 36449 | 912173 |
| Annaly Capital Management, Inc., Series J, 8.88%\* | 839761 | 21775003 |
| Apollo Global Management, Inc., 6.75%<sup>(1)</sup> | 584919 | 38218607 |
| Arbor Realty Trust, Inc., Series D, 6.38%<sup>(1)</sup> | 39689 | 704480 |
| Arbor Realty Trust, Inc., Series E, 6.25%<sup>(1)</sup> | 23926 | 418705 |
| Ares Management Corp., Series B, 6.75%<sup>(1)</sup> | 216101 | 10219416 |
| ARMOUR Residential REIT, Inc., Series C, 7.00%<sup>(1)</sup> | 197225 | 4256115 |
| Aspen Insurance Holdings Ltd., 5.63% (Bermuda)<sup>(1)</sup> | 27661 | 584754 |
| Aspen Insurance Holdings Ltd., 7.00% (Bermuda)<sup>(1)</sup> | 619664 | 15596943 |
| Atlanticus Holdings Corp., 9.25%<sup>(1)</sup> | 1389293 | 35496436 |
| Atlanticus Holdings Corp., Series B, 7.63%<sup>(1)</sup> | 58916 | 1415751 |
| Banc of California, Inc., Series F, 7.75%<sup>(1)</sup> | 1932167 | 48130280 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **PREFERRED STOCKS (continued)** |  |  |
| **Financials (continued)** |  |  |
| Brighthouse Financial, Inc., 6.25% | 40753 | $718068<br>|
| Brighthouse Financial, Inc., Series A, 6.60% | 373599 | 5723537 |
| Brighthouse Financial, Inc., Series B, 6.75% | 332546 | 5207670 |
| Brighthouse Financial, Inc., Series C, 5.38%<sup>(1)</sup> | 732355 | 9337526 |
| Brighthouse Financial, Inc., Series D, 4.63%<sup>(1)</sup> | 497276 | 5768402 |
| Brookfield Oaktree Holdings LLC, Series A, 6.63%<sup>(1)</sup> | 11953 | 260575 |
| Brookfield Oaktree Holdings LLC, Series B, 6.55%<sup>(1)</sup> | 22633 | 485931 |
| Chimera Investment Corp., 8.88% | 620954 | 15418288 |
| Chimera Investment Corp., 9.00% | 61671 | 1550705 |
| Chimera Investment Corp., 9.25% | 6615 | 166301 |
| Chimera Investment Corp., Series A, 8.00%<sup>(1)</sup> | 378893 | 8437947 |
| Chimera Investment Corp., Series B, 10.05%<sup>(1)</sup> | 747702 | 17952325 |
| Chimera Investment Corp., Series C, 8.89%<sup>(1)</sup> | 981181 | 21733159 |
| Chimera Investment Corp., Series D, 9.60%<sup>(1)</sup> | 951261 | 22915877 |
| CION Investment Corp., 7.50%<sup>(1)</sup> | 826972 | 20806616 |
| Citizens Financial Group, Inc., Series I, 6.50%\* | 291743 | 7401520 |
| Comerica, Inc., Series B, 6.88%\* | 481658 | 12359344 |
| Compass Diversified Holdings, Series A, 7.25%<sup>(1)</sup> | 950796 | 15830753 |
| Compass Diversified Holdings, Series B, 7.88%<sup>(1)</sup> | 1078278 | 19948143 |
| Compass Diversified Holdings, Series C, 7.88%<sup>(1)</sup> | 927787 | 17247560 |
| Corebridge Financial, Inc., 6.38%<sup>(1)</sup> | 956706 | 23726309 |
| DigitalBridge Group, Inc., Series H, 7.13%<sup>(1)</sup> | 907956 | 19466577 |
| DigitalBridge Group, Inc., Series I, 7.15%<sup>(1)</sup> | 959300 | 20529020 |
| DigitalBridge Group, Inc., Series J, 7.13%<sup>(1)</sup> | 134482 | 2829501 |
| Dime Community Bancshares, Inc., 5.50%<sup>(1)</sup> | 15688 | 299170 |
| Eagle Point Income Co., Inc., Series B, 7.75%<sup>(1)</sup> | 22810 | 572873 |
| Eagle Point Income Co., Inc., Series C, 8.00% | 40387 | 1018964 |
| Eagle Point Institutional Income Fund, Series A, 8.13% | 78028 | 1955382 |
| Ellington Financial, Inc., 10.05%<sup>(1)</sup> | 563486 | 14228021 |
| Enterprise Financial Services Corp., Series A, 5.00%<sup>(1)</sup> | 384074 | 7777498 |
| F&G Annuities & Life, Inc., 7.30%<sup>(1)</sup> | 388196 | 9359406 |
| Federal Agricultural Mortgage Corp., Series H, 6.50% | 635769 | 15760714 |
| First Busey Corp., Series B, 8.25% | 595576 | 15276524 |
| Flagstar Bank NA, 6.00%<sup>(1)</sup> | 969347 | 37804533 |
| Flagstar Bank NA, Series A, 6.38%<sup>(1)</sup> | 2076575 | 45123975 |
| Franklin BSP Realty Trust, Inc., Series E, 7.50%<sup>(1)</sup> | 235643 | 5061612 |
| Gladstone Investment Corp., 7.88%<sup>(1)</sup> | 118396 | 3016730 |
| Invesco Mortgage Capital, Inc., Series C, 7.50%<sup>(1)</sup> | 731648 | 17983908 |
| Kemper Corp., 5.88%<sup>(1)</sup> | 162582 | 3846690 |
| KeyCorp, Series E, 6.13% | 1316 | 32729 |
| KKR & Co., Inc., Series D, 6.25% | 791376 | 38793252 |
| KKR & Co., Inc., Series T, 6.88% | 74975 | 1920860 |
| Live Oak Bancshares, Inc., Series A, 8.38% | 657819 | 16787541 |
| M&T Bank Corp., Series K, 6.35%\* | 750000 | 18705000 |
| Medallion Bank/Salt Lake City UT, Series G, 9.00% | 358226 | 8995055 |

---

Schedule of Investments — Virtus InfraCap U.S. Preferred Stock ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **PREFERRED STOCKS (continued)** |  |  |
| **Financials (continued)** |  |  |
| Merchants Bancorp, 7.63% | 1484898 | $35192083<br>|
| Merchants Bancorp, Series C, 6.00%<sup>(1)</sup> | 244000 | 4938560 |
| MFA Financial, Inc., Series B, 7.50%<sup>(1)</sup> | 620458 | 13197142 |
| MFA Financial, Inc., Series C, 9.50%<sup>(1)</sup> | 1230148 | 29216015 |
| Midland States Bancorp, Inc., 7.75% | 19040 | 450296 |
| Navient Corp., 6.00%<sup>(1)</sup> | 367242 | 6966581 |
| NewtekOne, Inc., 8.63%<sup>(1)</sup> | 562054 | 13961421 |
| NewtekOne, Inc., Series B, 8.50% | 227209 | 5462104 |
| Oxford Lane Capital Corp., Series 2029, 6.00%<sup>(1)</sup> | 24540 | 571046 |
| Oxford Lane Capital Corp., Series 2032, 7.95% | 126034 | 3182359 |
| Oxford Square Capital Corp., 7.75% | 283221 | 7106015 |
| Pearl Diver Credit Co., Inc., Series A, 8.00% | 47809 | 1217217 |
| PennyMac Mortgage Investment Trust, 9.00% | 8 | 202 |
| PennyMac Mortgage Investment Trust, Series A, 8.13%<sup>(1)</sup> | 333511 | 7994259 |
| PennyMac Mortgage Investment Trust, Series B, 8.00%<sup>(1)</sup> | 1051287 | 25409607 |
| PennyMac Mortgage Investment Trust, Series C, 6.75%<sup>(1)</sup> | 185618 | 3502612 |
| Prospect Capital Corp., Series A, 5.35%<sup>(1)</sup> | 1101870 | 18180855 |
| Ready Capital Corp., 9.00%<sup>(1)</sup> | 446701 | 10591281 |
| Ready Capital Corp., Series E, 6.50% | 8972 | 133055 |
| Redwood Trust, Inc., 9.00%<sup>(1)</sup> | 461001 | 11603395 |
| Redwood Trust, Inc., 9.13%<sup>(1)</sup> | 182015 | 4567666 |
| Redwood Trust, Inc., 10.00% | 18420 | 452211 |
| Regions Financial Corp., 6.95%<sup>(1)</sup> | 279832 | 7172094 |
| Rithm Capital Corp., Series C, 9.12%<sup>(1)</sup> | 305811 | 7489311 |
| Rithm Capital Corp., Series D, 7.00%<sup>(1)</sup> | 32704 | 804845 |
| Rithm Capital Corp., Series E, 8.75%\* | 358616 | 8990503 |
| Rithm Property Trust, Inc., 9.88% | 223044 | 5509187 |
| RiverNorth Opportunities Fund, Inc., Series A, 6.00%<sup>(1)</sup> | 138631 | 3256442 |
| SLM Corp., Series B, 6.00%<sup>(1)</sup> | 360627 | 27223732 |
| Sound Point Meridian Capital, Inc., 8.00%<sup>(1)</sup> | 252306 | 6353065 |
| Synchrony Financial, Series A, 5.63%<sup>(1)</sup> | 714125 | 14318206 |
| TPG RE Finance Trust, Inc., Series C, 6.25%<sup>(1)</sup> | 36145 | 632899 |
| Trinity Capital, Inc., 7.88%<sup>(1)</sup> | 486750 | 12370652 |
| Two Harbors Investment Corp., Series B, 7.63%<sup>(1)</sup> | 1081599 | 24260266 |
| Two Harbors Investment Corp., Series C, 9.16%<sup>(1)</sup> | 1542684 | 36345635 |
| Valley National Bancorp, Series A, 8.11%<sup>(1)</sup> | 1168278 | 29639213 |
| Valley National Bancorp, Series B, 8.43%<sup>(1)</sup> | 128165 | 3236166 |
| Valley National Bancorp, Series C, 8.25%<sup>(1)</sup> | 698835 | 17904153 |
| WesBanco, Inc., Series B, 7.38%\* | 675442 | 17237280 |
| Western Alliance Bancorp, Series A, 4.25% | 690825 | 14624765 |
| Total Financials |  | 1292534908 |
| **Industrials — 9.3%** |  |  |
| Babcock & Wilcox Enterprises, Inc., 6.50% | 94199 | 2195779 |
| Babcock & Wilcox Enterprises, Inc., 8.13% | 14138 | 353309 |
| Babcock & Wilcox Enterprises, Inc., Series A, 7.75%<sup>(1)</sup> | 1647771 | 24123367 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **PREFERRED STOCKS (continued)** |  |  |
| **Industrials (continued)** |  |  |
| Boeing Co., 6.00%<sup>(1)</sup> | 315391 | $20412105<br>|
| Chart Industries, Inc., Series B, 6.75%<sup>(1)</sup> | 172605 | 12241147 |
| FTAI Aviation Ltd., Series C, 8.25% | 17728 | 453837 |
| Pitney Bowes, Inc., 6.70%<sup>(1)</sup> | 1150133 | 21772018 |
| Triton International Ltd., 6.88% (Bermuda)<sup>(1)</sup> | 606003 | 13956249 |
| Triton International Ltd., 7.38% (Bermuda)<sup>(1)</sup> | 1231349 | 30537455 |
| Triton International Ltd., 7.63% (Bermuda) | 1340381 | 33643563 |
| Triton International Ltd., Series E, 5.75% (Bermuda)<sup>(1)</sup> | 705808 | 13706791 |
| Total Industrials |  | 173395620 |
| **Information Technology — 0.2%** |  |  |
| Hewlett Packard Enterprise Co., 7.63% | 59802 | 4041419 |
| **Materials — 0.9%** |  |  |
| Albemarle Corp., 7.25% | 12800 | 566144 |
| Ramaco Resources, Inc., 8.25% | 372957 | 9491756 |
| Ramaco Resources, Inc., 8.38%<sup>(1)</sup> | 279128 | 7128929 |
| Total Materials |  | 17186829 |
| **Real Estate — 22.8%** |  |  |
| Armada Hoffler Properties, Inc., Series A, 6.75%<sup>(1)</sup> | 15967 | 341374 |
| Braemar Hotels & Resorts, Inc., Series B, 5.50%<sup>(1)</sup> | 496449 | 7635386 |
| Braemar Hotels & Resorts, Inc., Series D, 8.25%<sup>(1)</sup> | 168120 | 3479243 |
| City Office REIT, Inc., Series A, 6.63%<sup>(1)</sup> | 293729 | 7328538 |
| CTO Realty Growth, Inc., Series A, 6.38%<sup>(1)</sup> | 332480 | 6968781 |
| DiamondRock Hospitality Co., 8.25% | 3451 | 87655 |
| Diversified Healthcare Trust, 5.63%<sup>(1)</sup> | 2212461 | 37611837 |
| Diversified Healthcare Trust, 6.25%<sup>(1)</sup> | 1895652 | 33647823 |
| EPR Properties, Series E, 9.00%<sup>(1)</sup> | 226870 | 6837862 |
| EPR Properties, Series G, 5.75%<sup>(1)</sup> | 645381 | 12810813 |
| Gladstone Land Corp., Series B, 6.00% | 4 | 79 |
| Global Net Lease, Inc., Series A, 7.25%<sup>(1)</sup> | 954537 | 22002078 |
| Global Net Lease, Inc., Series B, 6.88%<sup>(1)</sup> | 787035 | 17511529 |
| Global Net Lease, Inc., Series D, 7.50%<sup>(1)</sup> | 1757255 | 42384991 |
| Global Net Lease, Inc., Series E, 7.38%<sup>(1)</sup> | 527527 | 12370508 |
| Hudson Pacific Properties, Inc., Series C, 4.75%<sup>(1)</sup> | 1254395 | 18803381 |
| LXP Industrial Trust, Series C, 6.50%<sup>(1)</sup> | 49073 | 2319681 |
| National Healthcare Properties, Series B, 7.13%<sup>(1)</sup> | 545064 | 9560423 |
| Office Properties Income Trust, 6.38%<sup>(1)</sup><sup>(2)</sup> | 638720 | 1188019 |
| Pebblebrook Hotel Trust, Series E, 6.38%<sup>(1)</sup> | 113124 | 2188949 |
| Pebblebrook Hotel Trust, Series F, 6.30%<sup>(1)</sup> | 707645 | 13558478 |
| Pebblebrook Hotel Trust, Series G, 6.38%<sup>(1)</sup> | 241171 | 4700423 |
| Pebblebrook Hotel Trust, Series H, 5.70%<sup>(1)</sup> | 150036 | 2633132 |
| Regency Centers Corp., Series B, 5.88%<sup>(1)</sup> | 191698 | 4508737 |
| RLJ Lodging Trust, Series A, 1.95%<sup>(1)</sup> | 1631841 | 40796025 |
| Saul Centers, Inc., Series E, 6.00%<sup>(1)</sup> | 967472 | 21061865 |
| SL Green Realty Corp., Series I, 6.50%<sup>(1)</sup> | 338667 | 7267794 |
| Summit Hotel Properties, Inc., Series E, 6.25%<sup>(1)</sup> | 596162 | 11809969 |

---

Schedule of Investments — Virtus InfraCap U.S. Preferred Stock ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **PREFERRED STOCKS (continued)** |  |  |
| **Real Estate (continued)** |  |  |
| Summit Hotel Properties, Inc., Series F, 5.88%<sup>(1)</sup> | 198994 | $4029628<br>|
| Sunstone Hotel Investors, Inc., Series H, 6.13%<sup>(1)</sup> | 10090 | 211285 |
| Sunstone Hotel Investors, Inc., Series I, 5.70%<sup>(1)</sup> | 137847 | 2741777 |
| Vornado Realty Trust, Series L, 5.40%<sup>(1)</sup> | 717505 | 12800289 |
| Vornado Realty Trust, Series M, 5.25%<sup>(1)</sup> | 1251156 | 22333135 |
| Vornado Realty Trust, Series N, 5.25%<sup>(1)</sup> | 991009 | 17600320 |
| Vornado Realty Trust, Series O, 4.45%<sup>(1)</sup> | 911401 | 13470507 |
| Total Real Estate |  | 424602314 |
| **Utilities — 9.2%** |  |  |
| Brookfield BRP Holdings Canada, Inc., 7.25% (Canada)<sup>(1)</sup> | 303020 | 7630044 |
| Brookfield Infrastructure Finance ULC, 7.25% (Canada)<sup>(1)</sup> | 120986 | 3045218 |
| DTE Energy Co., Series H, 6.25%\* | 1133866 | 28505391 |
| Eagle Point Credit Co., Inc., Series F, 8.00% | 65254 | 1645706 |
| NextEra Energy Capital Holdings, Inc., Series U, 6.50% | 85672 | 2192346 |
| PG&E Corp., Series A, 6.00% | 5719 | 235051 |
| SCE Trust IV, Series J, 7.43%<sup>(1)</sup> | 2790925 | 66284469 |
| SCE Trust V, Series K, 5.45% | 596678 | 14266571 |
| SCE Trust VI, 5.00%<sup>(1)</sup> | 560820 | 9180623 |
| Xcel Energy, Inc., 6.25%\* | 1514880 | 37872000 |
| Total Utilities |  | 170857419 |
| **Total Preferred Stocks** |  |  |
| (Cost $2,279,287,568) |  | 2302336758 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** |  |
| **CORPORATE BOND – 1.2%** | **CORPORATE BOND – 1.2%** |  |
| **Industrials – 1.2%** | **Industrials – 1.2%** |  |
| Babcock & Wilcox Enterprises, Inc., 8.75%, 06/30/30<sup>(3)</sup> |  |  |
| (Cost $22,605,000) | $22605000<br>| 22544744 |
|  | **Shares** |  |
| **COMMON STOCKS —0.0%<sup>(4)</sup>** |  |  |
| **Utilities — 0.0%<sup>(4)</sup>** |  |  |
| Algonquin Power & Utilities Corp. (Canada) | 24346 | 135851 |
| NextEra Energy, Inc. | 40 | 3256 |
| Total Utilities |  | 139107 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Total Common Stocks** |  |  |
| (Cost $121,979) |  | **$** **139107**<br>|
| **TOTAL INVESTMENTS — 125.0%** |  |  |
| (Cost $2,302,014,547) |  | **$** **2325020609**<br>|
| Liabilities in Excess of Other Assets — (25.0)% |  | (465412007) |
| **Net Assets — 100.0%** |  | **$** **1859608602**<br>|

---

------

\*Non-income producing security.

†Amounts represent investments in particular sectors. No industry within these sectors represented more than 25% of the Fund's total assets at the time of investment.

(1)Security, or a portion thereof, has been pledged as collateral for borrowings. The aggregate market value of the collateral at October 31, 2025 was $1,700,181,567, or 91.4% of net assets.

(2)Security in default, no interest payments are being received.

(3)Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. At October 31, 2025, the aggregate value of these securities was $22,544,744, or 1.2% of net assets.

(4)Amount rounds to less than 0.05%.

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 10/31/2025 (based on net assets) | Asset Allocation as of 10/31/2025 (based on net assets) |
| Financials | 69.5 |
| Real Estate | 22.8 |
| Industrials | 10.5 |
| Utilities | 9.2 |
| Communication Services | 7.1 |
| Energy | 4.5 |
| Materials | 0.9 |
| Consumer Discretionary | 0.3 |
| Information Technology | 0.2 |
| Liabilities in Excess of Other Assets | (25.0 |
| **Total** | **100.0** |

---

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | $2302336758<br>| $—<br>| $—<br>| $2302336758<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bond |  | 22544744 |  | 22544744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 139107 |  |  | 139107 |
| **Total** | **$** **2302475865**<br>| **$** **22544744**<br>| **$** **—**<br>| **$** **2325020609**<br>|

---

Schedule of Investments - Virtus LifeSci Biotech Clinical Trials ETF

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 99.4%** |  |  |
| **Health Care — 99.4%** |  |  |
| AbCellera Biologics, Inc. (Canada)\*<sup>(1)</sup> | 37931 | $210517<br>|
| Allogene Therapeutics, Inc.\* | 85345 | 105828 |
| Altimmune, Inc.\* | 16711 | 67680 |
| AnaptysBio, Inc.\* | 5104 | 186704 |
| Annexon, Inc.\* | 44089 | 139321 |
| Apogee Therapeutics, Inc.\* | 2854 | 161508 |
| Arbutus Biopharma Corp.\*<sup>(1)</sup> | 33375 | 157864 |
| Arcellx, Inc.\* | 1796 | 162089 |
| Arcturus Therapeutics Holdings, Inc.\* | 9453 | 94246 |
| Arcus Biosciences, Inc.\*<sup>(1)</sup> | 12779 | 252002 |
| Arcutis Biotherapeutics, Inc.\* | 8851 | 224019 |
| ArriVent Biopharma, Inc.\*<sup>(1)</sup> | 5056 | 94699 |
| Arrowhead Pharmaceuticals, Inc.\* | 7366 | 312245 |
| Arvinas, Inc.\* | 15784 | 160050 |
| Astria Therapeutics, Inc.\* | 21336 | 269474 |
| Autolus Therapeutics PLC (United Kingdom)\*<sup>(2)</sup> | 55573 | 86138 |
| Avidity Biosciences, Inc.\* | 3718 | 259702 |
| Beam Therapeutics, Inc.\* | 6851 | 171343 |
| Belite Bio, Inc.\*<sup>(1)</sup><sup>(2)</sup> | 1923 | 203655 |
| Bicara Therapeutics, Inc.\*<sup>(1)</sup> | 10327 | 167814 |
| Bicycle Therapeutics PLC (United Kingdom)\*<sup>(2)</sup> | 13749 | 110954 |
| Biohaven Ltd.\* | 7664 | 131821 |
| Capricor Therapeutics, Inc.\*<sup>(1)</sup> | 8571 | 55797 |
| Cartesian Therapeutics, Inc.\*<sup>(1)</sup> | 11668 | 95328 |
| Celcuity, Inc.\* | 9513 | 734023 |
| Celldex Therapeutics, Inc.\* | 5871 | 156932 |
| Centessa Pharmaceuticals PLC\*<sup>(2)</sup> | 9924 | 247108 |
| CG oncology, Inc.\* | 4509 | 195104 |
| Cogent Biosciences, Inc.\* | 16549 | 269749 |
| Compass Pathways PLC (United Kingdom)\*<sup>(1)</sup><sup>(2)</sup> | 26434 | 167063 |
| Corvus Pharmaceuticals, Inc.\*<sup>(1)</sup> | 28180 | 226567 |
| Crinetics Pharmaceuticals, Inc.\* | 3714 | 161559 |
| Cullinan Therapeutics, Inc.\* | 13350 | 115611 |
| CureVac NV (Germany)\* | 21336 | 113934 |
| Cytokinetics, Inc.\* | 3599 | 228860 |
| Denali Therapeutics, Inc.\*<sup>(1)</sup> | 8006 | 130338 |
| Dianthus Therapeutics, Inc.\* | 6194 | 216666 |
| Disc Medicine, Inc.\* | 2267 | 195461 |
| Dyne Therapeutics, Inc.\* | 8263 | 186579 |
| Edgewise Therapeutics, Inc.\* | 7749 | 141652 |
| Enliven Therapeutics, Inc.\* | 6077 | 142323 |
| Entrada Therapeutics, Inc.\* | 15221 | 105786 |
| Erasca, Inc.\* | 78093 | 188985 |
| EyePoint Pharmaceuticals, Inc.\* | 13486 | 176532 |
| GH Research PLC (Ireland)\* | 9313 | 133362 |
| Ideaya Biosciences, Inc.\* | 5363 | 170865 |
| Immatics NV (Germany)\* | 19460 | 198297 |
| Immunome, Inc.\*<sup>(1)</sup> | 12205 | 196134 |
| Immunovant, Inc.\* | 7496 | 185001 |
| Intellia Therapeutics, Inc.\* | 14309 | 180580 |
| Janux Therapeutics, Inc.\* | 4675 | 134219 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Health Care (continued)** |  |  |
| KalVista Pharmaceuticals, Inc.\*<sup>(1)</sup> | 9128 | $99586<br>|
| Keros Therapeutics, Inc.\*<sup>(1)</sup> | 8760 | 133327 |
| Kura Oncology, Inc.\* | 17940 | 184244 |
| Kymera Therapeutics, Inc.\* | 2527 | 156270 |
| LENZ Therapeutics, Inc.\*<sup>(1)</sup> | 4039 | 120039 |
| Liquidia Corp.\*<sup>(1)</sup> | 8269 | 201433 |
| Maze Therapeutics, Inc.\* | 8818 | 290200 |
| MBX Biosciences, Inc.\*<sup>(1)</sup> | 11146 | 244766 |
| Mereo Biopharma Group PLC (United Kingdom)\*<sup>(2)</sup> | 42979 | 81660 |
| Mind Medicine MindMed, Inc.\* | 16367 | 232411 |
| Mineralys Therapeutics, Inc.\* | 8008 | 327207 |
| Monte Rosa Therapeutics, Inc.\* | 24285 | 312062 |
| MoonLake Immunotherapeutics\* | 2714 | 27411 |
| Neurogene, Inc.\*<sup>(1)</sup> | 5857 | 200661 |
| Newamsterdam Pharma Co. NV (Netherlands)\* | 5682 | 215632 |
| Nurix Therapeutics, Inc.\* | 9990 | 129271 |
| Nuvalent, Inc. Class A\* | 1534 | 152357 |
| Nuvation Bio, Inc.\*<sup>(1)</sup> | 66012 | 344583 |
| Olema Pharmaceuticals, Inc.\* | 29429 | 263978 |
| ORIC Pharmaceuticals, Inc.\* | 12356 | 162605 |
| Pharvaris NV (Netherlands)\* | 6935 | 154096 |
| Praxis Precision Medicines, Inc.\* | 2653 | 527310 |
| Protagonist Therapeutics, Inc.\* | 2121 | 166753 |
| Prothena Corp. PLC (Ireland)\* | 23567 | 253345 |
| Rapport Therapeutics, Inc.\* | 10726 | 310303 |
| Recursion Pharmaceuticals, Inc. Class A\*<sup>(1)</sup> | 23111 | 127573 |
| REGENXBIO, Inc.\* | 11714 | 149588 |
| Relay Therapeutics, Inc.\* | 34633 | 247280 |
| Replimune Group, Inc.\* | 12087 | 117606 |
| Revolution Medicines, Inc.\* | 2906 | 170989 |
| Rocket Pharmaceuticals, Inc.\* | 38919 | 146725 |
| Sana Biotechnology, Inc.\* | 47040 | 232848 |
| Savara, Inc.\* | 52868 | 219402 |
| Scholar Rock Holding Corp.\* | 3586 | 106217 |
| Silence Therapeutics PLC (United Kingdom)\*<sup>(1)</sup><sup>(2)</sup> | 21393 | 153174 |
| Sionna Therapeutics, Inc.\*<sup>(1)</sup> | 7033 | 268731 |
| Soleno Therapeutics, Inc.\* | 1490 | 100068 |
| Spyre Therapeutics, Inc.\*<sup>(1)</sup> | 6747 | 165032 |
| Stoke Therapeutics, Inc.\* | 10108 | 303644 |
| Structure Therapeutics, Inc.\*<sup>(1)</sup><sup>(2)</sup> | 5377 | 179162 |
| Summit Therapeutics, Inc.\*<sup>(1)</sup> | 5927 | 112080 |
| Syndax Pharmaceuticals, Inc.\* | 11198 | 153413 |
| Tango Therapeutics, Inc.\*<sup>(1)</sup> | 23660 | 191883 |
| Taysha Gene Therapies, Inc.\* | 45088 | 223636 |
| Tectonic Therapeutic, Inc.\*<sup>(1)</sup> | 5325 | 97181 |
| Terns Pharmaceuticals, Inc.\*<sup>(1)</sup> | 30403 | 251129 |
| Tyra Biosciences, Inc.\* | 11567 | 183221 |
| uniQure NV (Netherlands)\* | 7472 | 505780 |
| Upstream Bio, Inc.\*<sup>(1)</sup> | 10336 | 267186 |
| Vaxcyte, Inc.\* | 3467 | 156986 |

---

Schedule of Investments - Virtus LifeSci Biotech Clinical Trials ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Health Care (continued)** |  |  |
| Vera Therapeutics, Inc.\* | 5306 | $151009<br>|
| Viking Therapeutics, Inc.\*<sup>(1)</sup> | 4181 | 159212 |
| Vir Biotechnology, Inc.\* | 22889 | 136418 |
| Viridian Therapeutics, Inc.\* | 7625 | 180179 |
| WaVe Life Sciences Ltd.\* | 16595 | 150019 |
| Xencor, Inc.\* | 12670 | 186376 |
| Xenon Pharmaceuticals, Inc. (Canada)\* | 3643 | 152715 |
| Xeris Biopharma Holdings, Inc.\* | 27032 | 262210 |
| Zymeworks, Inc.\* | 9121 | 174074 |
| Total Health Care |  | 20854344 |
| **Total Common Stocks** |  |  |
| (Cost $16,637,940) |  | **20854344** |
| **SECURITIES LENDING COLLATERAL — 11.6%** | **SECURITIES LENDING COLLATERAL — 11.6%** |  |
| **Money Market Fund — 11.6%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.00%<sup>(3)</sup><sup>(4)</sup> |  |  |
| (Cost $2,442,089) | 2442089 | **$** **2442089**<br>|
| **TOTAL INVESTMENTS — 111.0%** |  |  |
| (Cost $19,080,029) |  | **23296433** |
| Liabilities in Excess of Other Assets — (11.0)% |  | (2308788) |
| **Net Assets — 100.0%** |  | **$** **20987645**<br>|

---

------

\*Non-income producing security.

(1)All or a portion of the security was on loan. The aggregate market value of securities on loan was $4,452,671; total market value of collateral held by the Fund was $4,545,415. Market value of the collateral held includes non-cash U.S. Treasury securities having a value of $2,103,326.

(2)American Depositary Receipts.

(3)Represents securities purchased with cash collateral received for securities on loan.

(4)The rate shown reflects the seven-day yield as of October 31, 2025.

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 10/31/2025 (based on net assets) | Asset Allocation as of 10/31/2025 (based on net assets) |
| Health Care  | 99.4% |
| Money Market Fund  | 11.6% |
| Liabilities in Excess of Other Assets  | (11.0)% |
| **Total**  | **100.0**% |

---

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $20854344<br>| $—<br>| $—<br>| $20854344<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 2442089 |  |  | 2442089 |
| **Total** | **$** **23296433**<br>| **$** **—**<br>| **$** **—**<br>| **$** **23296433**<br>|

---

Schedule of Investments - Virtus LifeSci Biotech Products ETF

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 99.2%** |  |  |
| **Health Care — 99.2%** |  |  |
| ACADIA Pharmaceuticals, Inc.\* | 20441 | $464011<br>|
| ADMA Biologics, Inc.\* | 20574 | 318485 |
| Agios Pharmaceuticals, Inc.\* | 12881 | 556974 |
| Alnylam Pharmaceuticals, Inc.\* | 1459 | 665362 |
| Amgen, Inc. | 1495 | 446153 |
| Amicus Therapeutics, Inc.\* | 72025 | 650386 |
| Apellis Pharmaceuticals, Inc.\* | 23073 | 495377 |
| Ardelyx, Inc.\* | 119461 | 723934 |
| Ascendis Pharma A/S (Denmark)\*<sup>(1)</sup> | 2600 | 524160 |
| Aurinia Pharmaceuticals, Inc. (Canada)\* | 53997 | 711140 |
| Axsome Therapeutics, Inc.\* | 4183 | 564663 |
| BeOne Medicines Ltd.\*<sup>(1)</sup> | 1607 | 498941 |
| BioCryst Pharmaceuticals, Inc.\* | 42730 | 312784 |
| Biogen, Inc.\* | 3359 | 518193 |
| BioMarin Pharmaceutical, Inc.\* | 7758 | 415596 |
| BioNTech SE (Germany)\*<sup>(1)</sup> | 4236 | 440163 |
| Bridgebio Pharma, Inc.\* | 11208 | 702069 |
| CRISPR Therapeutics AG (Switzerland)\* | 10765 | 688852 |
| Day One Biopharmaceuticals, Inc.\* | 66427 | 494217 |
| Dynavax Technologies Corp.\* | 42730 | 438410 |
| Exelixis, Inc.\* | 10637 | 411333 |
| Geron Corp.\* | 284868 | 358934 |
| Gilead Sciences, Inc. | 3966 | 475087 |
| Halozyme Therapeutics, Inc.\* | 8148 | 531168 |
| Harmony Biosciences Holdings, Inc.\* | 13333 | 380924 |
| ImmunityBio, Inc.\*<sup>(2)</sup> | 139309 | 334342 |
| Immunocore Holdings PLC (United Kingdom)\*<sup>(1)</sup><sup>(2)</sup> | 12472 | 412698 |
| Incyte Corp.\* | 6420 | 600142 |
| Insmed, Inc.\* | 4587 | 869695 |
| Ionis Pharmaceuticals, Inc.\* | 12476 | 926967 |
| Iovance Biotherapeutics, Inc.\*<sup>(2)</sup> | 192378 | 378985 |
| Kiniksa Pharmaceuticals International PLC\* | 16026 | 593122 |
| Krystal Biotech, Inc.\*<sup>(2)</sup> | 3167 | 625514 |
| Legend Biotech Corp.\*<sup>(1)</sup> | 11722 | 379793 |
| Ligand Pharmaceuticals, Inc.\*<sup>(2)</sup> | 3883 | 742857 |
| Madrigal Pharmaceuticals, Inc.\* | 1495 | 626255 |
| Mirum Pharmaceuticals, Inc.\* | 9066 | 658645 |
| Moderna, Inc.\* | 16248 | 441296 |
| Neurocrine Biosciences, Inc.\* | 3555 | 509111 |
| Novavax, Inc.\*<sup>(2)</sup> | 62153 | 522085 |
| Omniab, Inc. - $12.50 Earnout\*<sup>(3)</sup> | 1295 | 0 |
| Omniab, Inc. - $15.00 Earnout\*<sup>(3)</sup> | 1295 | 0 |
| Phathom Pharmaceuticals, Inc.\*<sup>(2)</sup> | 44306 | 600346 |
| PTC Therapeutics, Inc.\* | 8717 | 595458 |
| Regeneron Pharmaceuticals, Inc. | 852 | 555334 |
| Rhythm Pharmaceuticals, Inc.\* | 7052 | 802235 |
| Roivant Sciences Ltd.\* | 38744 | 774493 |
| Sarepta Therapeutics, Inc.\* | 11911 | 285983 |
| Tarsus Pharmaceuticals, Inc.\* | 10852 | 746726 |
| TG Therapeutics, Inc.\*<sup>(2)</sup> | 11892 | 413604 |
| Theravance Biopharma, Inc.\* | 41884 | 614019 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Health Care (continued)** |  |  |
| Travere Therapeutics, Inc.\* | 29745 | $1045834<br>|
| Ultragenyx Pharmaceutical, Inc.\* | 11311 | 391361 |
| United Therapeutics Corp.\* | 1553 | 691753 |
| Vertex Pharmaceuticals, Inc.\* | 966 | 411101 |
| Zai Lab Ltd. (China)\*<sup>(1)</sup> | 10328 | 269871 |
| Total Health Care |  | 29606941 |
| **Total Common Stocks** |  |  |
| (Cost $21,714,650) |  | **29606941** |
| **SECURITIES LENDING <br>COLLATERAL - 1.3%** |  |  |
| **Money Market Fund — 1.3%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.00%<sup>(4)</sup><sup>(5)</sup> |  |  |
| (Cost $394,428) | 394428 | **$** **394428**<br>|
| **TOTAL INVESTMENTS - 100.5%** |  |  |
| (Cost $22,109,078) |  | **30001369** |
| Liabilities in Excess of Other Assets - (0.5)% |  | (155622) |
| **Net Assets - 100.0%** |  | **$** **29845747**<br>|

---

------

\*Non-income producing security.

(1)American Depositary Receipts.

(2)All or a portion of the security was on loan. The aggregate market value of securities on loan was $2,682,518; total market value of collateral held by the Fund was $2,709,076. Market value of the collateral held includes non-cash U.S. Treasury securities having a value of $2,314,648.

(3)Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

(4)Represents securities purchased with cash collateral received for securities on loan.

(5)The rate shown reflects the seven-day yield as of October 31, 2025.

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 10/31/2025 (based on net assets) | Asset Allocation as of 10/31/2025 (based on net assets) |
| Health Care  | 99.2% |
| Money Market Fund  | 1.3% |
| Liabilities in Excess of Other Assets  | (0.5)% |
| **Total**  | **100.0**% |

---

Schedule of Investments - Virtus LifeSci Biotech Products ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $29606941<br>| $—<br>| $0<br>\* | $29606941<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 394428 |  |  | 394428 |
| Total | **$** **30001369**<br>| **$** **—**<br>| **$** **—**<br>| **$** **30001369**<br>|

---

------

\*Includes internally fair valued securities currently priced at zero ($0).

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS — 26.8%** |  |  |
| **Communication Services — 2.2%** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 03/01/30<sup>(1)</sup> | $710000<br>| $675576<br>|
| CMG Media Corp., 8.88%, 06/18/29<sup>(1)</sup> | 390000 | 342895 |
| CSC Holdings LLC, 7.50%, 04/01/28<sup>(1)</sup> | 205000 | 137817 |
| CSC Holdings LLC, 11.75%, 01/31/29<sup>(1)</sup> | 600000 | 474351 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(1)</sup> | 590000 | 587155 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(1)</sup> | 45000 | 44790 |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27<sup>(1)</sup> | 56000 | 56038 |
| Gray Media, Inc., 9.63%, 07/15/32<sup>(1)</sup> | 400000 | 402444 |
| Gray Television, Inc., 5.38%, 11/15/31<sup>(1)</sup> | 600000 | 417229 |
| Hughes Satellite Systems Corp., 6.63%, 08/01/26 | 315000 | 298429 |
| Meta Platforms, Inc., 5.75%, 11/15/65 | 995000 | 987580 |
| Millennium Escrow Corp., 6.63%, 08/01/26<sup>(1)</sup> | 635000 | 613776 |
| Rackspace Technology Global, Inc., 5.38%, 12/01/28<sup>(1)</sup> | 65000 | 16900 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(1)</sup> | 350000 | 357096 |
| Snap, Inc., 6.88%, 03/01/33<sup>(1)</sup> | 305000 | 312221 |
| Snap, Inc., 6.88%, 03/15/34<sup>(1)</sup> | 170000 | 173467 |
| Sprint Capital Corp., 8.75%, 03/15/32 | 380000 | 462439 |
| T-Mobile USA, Inc., 5.05%, 07/15/33 | 96000 | 97659 |
| Univision Communications, Inc., 8.00%, 08/15/28<sup>(1)</sup> | 620000 | 638702 |
| Total Communication Services |  | 7096564 |
| **Consumer Discretionary – 1.9%** | **Consumer Discretionary – 1.9%** |  |
| Aptiv Swiss Holdings Ltd., 6.88%, (US 5 Year CMT T- Note + 3.39%), 12/15/54<sup>(2)</sup> | 450000 | 460088 |
| Ashton Woods USA LLC / Ashton Woods Finance Co., 4.63%, 04/01/30<sup>(1)</sup> | 445000 | 420073 |
| Churchill Downs, Inc., 6.75%, 05/01/31<sup>(1)</sup> | 660000 | 675636 |
| Clarios Global LP / Clarios US Finance Co., 6.75%, 02/15/30<sup>(1)</sup> | 15000 | 15561 |
| Clarios Global LP / Clarios US Finance Co., 6.75%, 09/15/32<sup>(1)</sup> | 100000 | 102395 |
| Dick's Sporting Goods, Inc., 4.10%, 01/15/52 | 525000 | 392051 |
| Ford Motor Co., 3.25%, 02/12/32 | 105000 | 91601 |
| Ford Motor Co., 4.75%, 01/15/43 | 80000 | 64423 |
| Ford Motor Credit Co. LLC, 6.05%, 11/05/31 | 120000 | 122726 |
| Ford Motor Credit Co. LLC, 6.50%, 02/07/35 | 370000 | 383097 |
| Meritage Homes Corp., 3.88%, 04/15/29<sup>(1)</sup> | 561000 | 549100 |
| New Home Co., Inc. (The), 9.25%, 10/01/29<sup>(1)</sup> | 375000 | 393756 |
| New Home Co., Inc. (The), 8.50%, 11/01/30<sup>(1)</sup> | 15000 | 15541 |
| Newell Brands, Inc., 6.38%, 09/15/27 | 260000 | 260123 |
| Newell Brands, Inc., 6.63%, 09/15/29 | 476000 | 466399 |
| Park River Holdings, Inc., 8.00%, 03/15/31<sup>(1)</sup> | 60000 | 61817 |
| Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp., 6.25%, 10/15/30<sup>(1)</sup> | 75000 | 75658 |
| Saks Global Enterprises LLC, 11.00%, 12/15/29<sup>(1)</sup> | 92500 | 21506 |
| SGUS LLC, 11.00%, 12/15/29<sup>(1)</sup> | 119409 | 103588 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Consumer Discretionary (continued)** |  |  |
| Stellantis Finance US, Inc., 6.45%, 03/18/35<sup>(1)</sup> | $460000<br>| $477677<br>|
| Under Armour, Inc., 7.25%, 07/15/30<sup>(1)</sup> | 235000 | 232549 |
| Wayfair LLC, 7.25%, 10/31/29<sup>(1)</sup> | 5000 | 5183 |
| Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/28<sup>(1)</sup> | 645000 | 630431 |
| WULF Compute LLC, 7.75%, 10/15/30<sup>(1)</sup> | 275000 | 285878 |
| Total Consumer Discretionary |  | 6306857 |
| **Consumer Durables — 0.0%** | **Consumer Durables — 0.0%** |  |
| White Capital Supply Holdings LLC, 7.38%, 11/15/30<sup>(1)</sup> | 120000 | 121465 |
| **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.88%, 02/15/30<sup>(1)</sup> | 790000 | 781177 |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.75%, 03/31/34<sup>(1)</sup> | 50000 | 50283 |
| Chobani Holdco II LLC, 8.75%, 10/01/29, (8.75% cash / 9.5% PIK)<sup>(1)</sup><sup>(3)</sup> | 218 | 231 |
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 5.60%, 01/15/31<sup>(1)</sup> | 175000 | 175732 |
| Pilgrim's Pride Corp., 6.25%, 07/01/33 | 633000 | 675748 |
| Post Holdings, Inc., 6.38%, 03/01/33<sup>(1)</sup> | 575000 | 583794 |
| Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 6.25%, 04/01/29<sup>(1)</sup> | 455000 | 456190 |
| Total Consumer Staples |  | 2723155 |
| **Energy — 4.1%** | **Energy — 4.1%** |  |
| Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/29<sup>(1)</sup> | 285000 | 301820 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 01/15/28<sup>(1)</sup> | 180000 | 180410 |
| Antero Resources Corp., 5.38%, 03/01/30<sup>(1)</sup> | 200000 | 201525 |
| Ascent Resources Utica Holdings LLC / Aru Finance Corp., 6.63%, 07/15/33<sup>(1)</sup> | 285000 | 290319 |
| BP Capital Markets PLC, 4.88%, (US 5 Year CMT T- Note + 4.40%), perpetual<sup>(2)</sup><sup>(4)</sup> | 495000 | 495513 |
| Buckeye Partners LP, 6.75%, 02/01/30<sup>(1)</sup> | 150000 | 156676 |
| Caturus Energy LLC, 8.50%, 02/15/30<sup>(1)</sup> | 270000 | 276046 |
| Civitas Resources, Inc., 8.75%, 07/01/31<sup>(1)</sup> | 280000 | 288205 |
| Columbia Pipelines Operating Co. LLC, 6.04%, 11/15/33<sup>(1)</sup> | 135000 | 144087 |
| Columbia Pipelines Operating Co. LLC, 5.44%, 02/15/35<sup>(1)</sup> | 415000 | 424371 |
| DT Midstream, Inc., 4.13%, 06/15/29<sup>(1)</sup> | 105000 | 102800 |
| DT Midstream, Inc., 4.38%, 06/15/31<sup>(1)</sup> | 455000 | 441938 |
| Energy Transfer LP, Series H, 6.50%, (US 5 Year CMT T- Note + 5.69%), perpetual<sup>(2)</sup><sup>(4)</sup> | 555000 | 558094 |
| Equities Corp., 6.38%, 04/01/29 | 285000 | 294683 |

---

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Energy (continued)** |  |  |
| Flex Intermediate Holdco LLC, 3.36%, 06/30/31<sup>(1)</sup> | $430000<br>| $395011<br>|
| Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/30 | 545000 | 574785 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(1)</sup> | 285000 | 291346 |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/29<sup>(1)</sup> | 385000 | 407236 |
| HF Sinclair Corp., 6.25%, 01/15/35 | 800000 | 836747 |
| Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/29<sup>(1)</sup> | 125000 | 122745 |
| Hilcorp Energy I LP / Hilcorp Finance Co., 7.25%, 02/15/35<sup>(1)</sup> | 395000 | 380873 |
| Kodiak Gas Services LLC, 6.75%, 10/01/35<sup>(1)</sup> | 185000 | 190635 |
| Kraken Oil & Gas Partners LLC, 7.63%, 08/15/29<sup>(1)</sup> | 555000 | 543843 |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32<sup>(1)</sup> | 845000 | 857536 |
| Mesquite Energy, Inc., Escrow, 7.25%, perpetual<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup> | 12000 | 61 |
| Nabors Industries Ltd., 7.50%, 01/15/28<sup>(1)</sup> | 420000 | 422228 |
| Nabors Industries, Inc., 7.38%, 05/15/27<sup>(1)</sup> | 357000 | 362598 |
| Ngl Energy Operating LLC / Ngl Energy Finance Corp., 8.13%, 02/15/29<sup>(1)</sup> | 20000 | 20487 |
| Ngl Energy Operating LLC / Ngl Energy Finance Corp., 8.38%, 02/15/32<sup>(1)</sup> | 415000 | 424706 |
| Occidental Petroleum Corp., 5.55%, 10/01/34 | 355000 | 359850 |
| Occidental Petroleum Corp., 6.20%, 03/15/40 | 370000 | 379281 |
| Tidewater, Inc., 9.13%, 07/15/30<sup>(1)</sup> | 230000 | 245675 |
| Transocean International Ltd., 8.75%, 02/15/30<sup>(1)</sup> | 56250 | 59068 |
| Transocean International Ltd., 7.88%, 10/15/32<sup>(1)</sup> | 20000 | 20616 |
| Transocean, Inc., 8.25%, 05/15/29<sup>(1)</sup> | 30000 | 30201 |
| Transocean, Inc., 8.50%, 05/15/31<sup>(1)</sup> | 195000 | 193761 |
| Venture Global Calcasieu Pass LLC, 4.13%, 08/15/31<sup>(1)</sup> | 125000 | 115663 |
| Venture Global LNG, Inc., 9.00%, (US 5 Year CMT T- Note + 5.44%), perpetual<sup>(1)</sup><sup>(2)</sup><sup>(4)</sup> | 380000 | 355538 |
| Venture Global LNG, Inc., 9.88%, 02/01/32<sup>(1)</sup> | 270000 | 288570 |
| VoltaGrid LLC, 7.38%, 11/01/30<sup>(1)</sup> | 90000 | 91591 |
| Western Midstream Operating LP, 5.25%, 02/01/50 | 935000 | 807231 |
| Williams Cos., Inc. (The), 5.15%, 03/15/34 | 425000 | 431924 |
| Total Energy |  | 13366293 |
| **Financials — 7.3%** | **Financials — 7.3%** |  |
| Acrisure LLC / Acrisure Finance, Inc., 8.25%, 02/01/29<sup>(1)</sup> | 135000 | 140739 |
| Acrisure LLC / Acrisure Finance, Inc., 6.00%, 08/01/29<sup>(1)</sup> | 530000 | 525168 |
| Ally Financial, Inc., 5.54%, (SOFR + 1.73%), 01/17/31<sup>(2)</sup> | 505000 | 514192 |
| American Express Co., 5.63%, (SOFR + 1.93%), 07/28/34<sup>(2)</sup> | 750000 | 787556 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Financials (continued)** |  |  |
| American National Group, Inc., 7.00%, (US 5 Year CMT T- Note + 3.18%), 12/01/55<sup>(2)</sup> | $110000<br>| $112788<br>|
| Apollo Debt Solutions BDC, 6.90%, 04/13/29 | 340000 | 356134 |
| Apollo Global Management, Inc., 6.00%, (US 5 Year CMT T- Note + 2.17%), 12/15/54<sup>(2)</sup> | 485000 | 482583 |
| Azorra Finance Ltd., 7.25%, 01/15/31<sup>(1)</sup> | 280000 | 293570 |
| Bank of America Corp., 2.97%, (SOFR + 1.33%), 02/04/33<sup>(2)</sup> | 110000 | 100349 |
| Bank of America Corp., 5.52%, (SOFR + 1.74%), 10/25/35<sup>(2)</sup> | 430000 | 441000 |
| Blackstone Private Credit Fund, 6.00%, 11/22/34 | 370000 | 375418 |
| Block, Inc., 6.50%, 05/15/32 | 475000 | 493166 |
| Block, Inc., 6.00%, 08/15/33<sup>(1)</sup> | 90000 | 92089 |
| Blue Owl Finance LLC, 3.13%, 06/10/31 | 510000 | 462267 |
| Blue Owl Finance LLC, 6.25%, 04/18/34 | 270000 | 280305 |
| BroadStreet Partners, Inc., 5.88%, 04/15/29<sup>(1)</sup> | 540000 | 538496 |
| Capital One Financial Corp., 2.36%, (SOFR + 1.34%), 07/29/32<sup>(2)</sup> | 345000 | 299864 |
| Capital One Financial Corp., 6.38%, (SOFR + 2.86%), 06/08/34<sup>(2)</sup> | 360000 | 389830 |
| Charles Schwab Corp. (The), Series H, 4.00%, (US 10 Year CMT T- Note + 3.08%), perpetual<sup>(2)</sup><sup>(4)</sup> | 497000 | 466622 |
| Charles Schwab Corp. (The), 6.14%, (SOFR + 2.01%), 08/24/34<sup>(2)</sup> | 180000 | 196191 |
| Citigroup, Inc., Series X, 3.88%, (US 5 Year CMT T- Note + 3.42%), perpetual<sup>(2)</sup><sup>(4)</sup> | 390000 | 388046 |
| Citigroup, Inc., 3.98%, (3-Month SOFR + 1.60%), 03/20/30<sup>(2)</sup> | 145000 | 143513 |
| Citigroup, Inc., 6.27%, (SOFR + 2.34%), 11/17/33<sup>(2)</sup> | 130000 | 141889 |
| Citigroup, Inc., 6.17%, (SOFR + 2.66%), 05/25/34<sup>(2)</sup> | 357000 | 379248 |
| Corebridge Financial, Inc., 6.38%, (US 5 Year CMT T- Note + 2.65%), 09/15/54<sup>(2)</sup> | 329000 | 339035 |
| Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance, 5.95%, 09/17/30<sup>(1)</sup> | 590000 | 571990 |
| F&G Annuities & Life, Inc., 6.50%, 06/04/29 | 570000 | 595492 |
| Fifth Third Bancorp, 4.34%, (SOFR + 1.66%), 04/25/33<sup>(2)</sup> | 220000 | 214542 |
| Global Atlantic Finance Co., 7.95%, 06/15/33<sup>(1)</sup> | 180000 | 206763 |
| Global Atlantic Finance Co., 7.95%, (US 5 Year CMT T- Note + 3.61%), 10/15/54<sup>(1)</sup><sup>(2)</sup> | 65000 | 68055 |
| Goldman Sachs Group, Inc. (The), 5.33%, (SOFR + 1.55%), 07/23/35<sup>(2)</sup> | 430000 | 442986 |
| Goldman Sachs Group, Inc. (The), 6.45%, 05/01/36 | 130000 | 142982 |
| HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/34 | 483000 | 488192 |
| HA Sustainable Infrastructure Capital, Inc., 6.75%, 07/15/35 | 290000 | 297481 |
| Huntington Bancshares, Inc./Oh, 5.71%, (SOFR + 1.87%), 02/02/35<sup>(2)</sup> | 240000 | 249628 |

---

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Financials (continued)** |  |  |
| Huntington Bancshares, Inc./Oh, 6.14%, (US 5 Year CMT T- Note + 1.70%), 11/18/39<sup>(2)</sup> | $405000<br>| $419662<br>|
| Ion Platform Finance US, Inc. / Ion Platform Finance Sarl, 8.75%, 05/01/29<sup>(1)</sup> | 290000 | 295428 |
| Ion Platform Finance US, Inc. / Ion Platform Finance Sarl, 9.50%, 05/30/29<sup>(1)</sup> | 375000 | 383156 |
| J.P. Morgan Chase & Co., 5.72%, (SOFR + 2.58%), 09/14/33<sup>(2)</sup> | 230000 | 244355 |
| J.P. Morgan Chase & Co., 5.35%, (SOFR + 1.85%), 06/01/34<sup>(2)</sup> | 480000 | 501217 |
| J.P. Morgan Chase & Co., 6.25%, (SOFR + 1.81%), 10/23/34<sup>(2)</sup> | 110000 | 121185 |
| J.P. Morgan Chase & Co., 5.58%, (SOFR + 1.64%), 07/23/36<sup>(2)</sup> | 415000 | 430567 |
| KeyCorp., 4.79%, (SOFR + 2.06%), 06/01/33<sup>(2)</sup> | 100000 | 99666 |
| KeyCorp., 6.40%, (SOFR + 2.42%), 03/06/35<sup>(2)</sup> | 450000 | 487949 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27<sup>(1)</sup> | 565000 | 559716 |
| Liberty Mutual Group, Inc., 4.13%, (US 5 Year CMT T- Note + 3.32%), 12/15/51<sup>(1)</sup><sup>(2)</sup> | 675000 | 659967 |
| M&T Bank Corp., 5.40%, (US 5 Year CMT T- Note + 1.43%), 07/30/35<sup>(2)</sup> | 580000 | 584348 |
| Midcap Financial Issuer Trust, 6.50%, 05/01/28<sup>(1)</sup> | 440000 | 432485 |
| Morgan Stanley, 6.34%, (SOFR + 2.56%), 10/18/33<sup>(2)</sup> | 130000 | 143011 |
| Morgan Stanley, 5.25%, (SOFR + 1.87%), 04/21/34<sup>(2)</sup> | 190000 | 196161 |
| Morgan Stanley, 5.42%, (SOFR + 1.88%), 07/21/34<sup>(2)</sup> | 205000 | 213951 |
| Morgan Stanley, 5.95%, (US 5 Year CMT T- Note + 2.43%), 01/19/38<sup>(2)</sup> | 97000 | 101777 |
| MSCI, Inc., 3.63%, 09/01/30<sup>(1)</sup> | 459000 | 436880 |
| National Rural Utilities Cooperative Finance Corp., 7.01%, (3-Month SOFR + 3.17%), 04/30/43<sup>(2)</sup> | 88000 | 88066 |
| Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/31<sup>(1)</sup> | 185000 | 186222 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(1)</sup> | 77000 | 83209 |
| Onemain Finance Corp., 6.13%, 05/15/30 | 65000 | 65805 |
| Onemain Finance Corp., 6.75%, 03/15/32 | 135000 | 137169 |
| Onemain Finance Corp., 6.50%, 03/15/33 | 315000 | 314600 |
| OneMain Finance Corp., 7.13%, 11/15/31 | 325000 | 337067 |
| PNC Financial Services Group, Inc. (The), 5.58%, (SOFR + 1.39%), 01/29/36<sup>(2)</sup> | 840000 | 878147 |
| Prudential Financial, Inc., 5.13%, (US 5 Year CMT T- Note + 3.16%), 03/01/52<sup>(2)</sup> | 99000 | 98767 |
| Prudential Financial, Inc., 6.50%, (US 5 Year CMT T- Note + 2.40%), 03/15/54<sup>(2)</sup> | 450000 | 479628 |
| Reinsurance Group of America, Inc., 6.65%, (US 5 Year CMT T- Note + 2.39%), 09/15/55<sup>(2)</sup> | 395000 | 412712 |
| Rocket Cos., Inc., 6.38%, 08/01/33<sup>(1)</sup> | 260000 | 271175 |
| State Street Corp., Series I, 6.70%, (US 5 Year CMT T- Note + 2.61%), perpetual<sup>(2)</sup><sup>(4)</sup> | 100000 | 104346 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Financials (continued)** |  |  |
| State Street Corp., 6.12%, (SOFR + 1.96%), 11/21/34<sup>(2)</sup> | $405000<br>| $439032<br>|
| Texas Capital Bancshares, Inc., 4.00%, (US 5 Year CMT T- Note + 3.15%), 05/06/31<sup>(2)</sup> | 70000 | 68870 |
| Truist Financial Corp., 5.12%, (SOFR + 1.85%), 01/26/34<sup>(2)</sup> | 145000 | 146921 |
| Truist Financial Corp., 5.87%, (SOFR + 2.36%), 06/08/34<sup>(2)</sup> | 505000 | 534800 |
| Wells Fargo & Co., Series BB, 3.90%, (US 5 Year CMT T- Note + 3.45%), perpetual<sup>(2)</sup><sup>(4)</sup> | 115000 | 114315 |
| Wells Fargo & Co., 5.39%, (SOFR + 2.02%), 04/24/34<sup>(2)</sup> | 215000 | 223365 |
| Wells Fargo & Co., 6.49%, (SOFR + 2.06%), 10/23/34<sup>(2)</sup> | 475000 | 527606 |
| Total Financials |  | 23841472 |
| **Health Care — 2.7%** | **Health Care — 2.7%** |  |
| Amgen, Inc., 5.65%, 03/02/53 | 635000 | 634161 |
| AMN Healthcare, Inc., 6.50%, 01/15/31<sup>(1)</sup> | 5000 | 5015 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<sup>(1)</sup> | 20000 | 20994 |
| CHS/Community Health Systems, Inc., 5.25%, 05/15/30<sup>(1)</sup> | 45000 | 42222 |
| CHS/Community Health Systems, Inc., 4.75%, 02/15/31<sup>(1)</sup> | 635000 | 567497 |
| CVS Health Corp., 5.05%, 03/25/48 | 335000 | 299754 |
| CVS Health Corp., 6.75%, (US 5 Year CMT T- Note + 2.52%), 12/10/54<sup>(2)</sup> | 331000 | 344289 |
| DENTSPLY Sirona, Inc., 3.25%, 06/01/30 | 860000 | 797735 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(1)</sup> | 435000 | 461610 |
| Global Medical Response, Inc., 7.38%, 10/01/32<sup>(1)</sup> | 240000 | 251302 |
| HCA, Inc., 5.50%, 06/01/33 | 170000 | 177332 |
| HCA, Inc., 5.60%, 04/01/34 | 365000 | 380124 |
| ICON Investments Six Designated Activity Company, 6.00%, 05/08/34 | 645000 | 677002 |
| Iqvia, Inc., 5.70%, 05/15/28 | 200000 | 206229 |
| Iqvia, Inc., 6.25%, 02/01/29 | 320000 | 337340 |
| LifePoint Health, Inc., 9.88%, 08/15/30<sup>(1)</sup> | 330000 | 356685 |
| LifePoint Health, Inc., 10.00%, 06/01/32<sup>(1)</sup> | 195000 | 207653 |
| Medline Borrower LP, 5.25%, 10/01/29<sup>(1)</sup> | 430000 | 428645 |
| Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/29<sup>(1)</sup> | 40000 | 41200 |
| Molina Healthcare, Inc., 6.25%, 01/15/33<sup>(1)</sup> | 105000 | 105799 |
| Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/28<sup>(1)</sup> | 535000 | 509343 |
| Par Pharmaceutical, Inc., 0.00%, 04/01/27<sup>(1)</sup><sup>(5)</sup><sup>(6)</sup><sup>(7)</sup> | 35000 | 0 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29<sup>(1)</sup> | 265000 | 279017 |
| Royalty Pharma PLC, 5.40%, 09/02/34 | 750000 | 767053 |
| Universal Health Services, Inc., 5.05%, 10/15/34 | 745000 | 730207 |
| Total Health Care |  | 8628208 |

---

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Industrials — 2.9%** | **Industrials — 2.9%** |  |
| Alaska Airlines Pass-Through Trust, Class A, Series 2020-1, 4.80%, 08/15/27<sup>(1)</sup> | $325919<br>| $327111<br>|
| Aviation Capital Group LLC, 3.50%, 11/01/27<sup>(1)</sup> | 146000 | 143446 |
| Aviation Capital Group LLC, 6.75%, 10/25/28<sup>(1)</sup> | 80000 | 84973 |
| Aviation Capital Group LLC, 6.38%, 07/15/30<sup>(1)</sup> | 210000 | 224401 |
| Bnsf Funding Trust I, 6.61%, 12/15/55 | 185000 | 186131 |
| Boeing Co. (The), 5.81%, 05/01/50 | 95000 | 94443 |
| Boeing Co. (The), 5.93%, 05/01/60 | 473000 | 470573 |
| Builders FirstSource, Inc., 6.38%, 03/01/34<sup>(1)</sup> | 570000 | 591018 |
| Chart Industries, Inc., 9.50%, 01/01/31<sup>(1)</sup> | 80000 | 85952 |
| Cornerstone Building Brands, Inc., 9.50%, 08/15/29<sup>(1)</sup> | 360000 | 332580 |
| CoStar Group, Inc., 2.80%, 07/15/30<sup>(1)</sup> | 403000 | 368930 |
| CRH America Finance, Inc., 5.40%, 05/21/34 | 450000 | 466917 |
| Delta Air Lines Through Trust, Series 2015-1, 3.63%, 07/30/27 | 70475 | 69555 |
| Fortress Transportation And Infrastructure Investors LLC, 7.00%, 06/15/32<sup>(1)</sup> | 475000 | 497932 |
| Global Infrastructure Solutions, Inc., 7.50%, 04/15/32<sup>(1)</sup> | 320000 | 335314 |
| Herc Holdings, Inc., 7.25%, 06/15/33<sup>(1)</sup> | 110000 | 116057 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 05/15/27 | 90000 | 88501 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 10.00%, 11/15/29<sup>(1)</sup> | 425000 | 427088 |
| L3harris Technologies, Inc., 5.40%, 07/31/33 | 525000 | 547742 |
| LBM Acquisition LLC, 6.25%, 01/15/29<sup>(1)</sup> | 625000 | 570738 |
| Neptune Bidco US, Inc., 9.29%, 04/15/29<sup>(1)</sup> | 605000 | 597988 |
| Regal Rexnord Corp., 6.40%, 04/15/33 | 485000 | 520594 |
| Science Applications International Corp., 4.88%, 04/01/28<sup>(1)</sup> | 80000 | 79438 |
| Sempra Global, 3.25%, 01/15/32<sup>(1)</sup> | 233000 | 207355 |
| Standard Building Solutions, Inc., 6.50%, 08/15/32<sup>(1)</sup> | 165000 | 169787 |
| TransDigm, Inc., 6.63%, 03/01/32<sup>(1)</sup> | 400000 | 414132 |
| TransDigm, Inc., 6.00%, 01/15/33<sup>(1)</sup> | 265000 | 269479 |
| United Airlines Pass-Through Trust, Class A, Series 2023-1, 5.80%, 01/15/36 | 151141 | 158277 |
| United Airlines Pass-Through Trust, Series AA, 5.45%, 02/15/37 | 299312 | 309939 |
| Veralto Corp., 5.45%, 09/18/33 | 505000 | 529332 |
| WESCO Distribution, Inc., 6.63%, 03/15/32<sup>(1)</sup> | 60000 | 62787 |
| Total Industrials |  | 9348510 |
| **Information Technology – 1.3%** | **Information Technology – 1.3%** |  |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(1)</sup> | 95000 | 100997 |
| Booz Allen Hamilton, Inc., 3.88%, 09/01/28<sup>(1)</sup> | 130000 | 127540 |
| Booz Allen Hamilton, Inc., 4.00%, 07/01/29<sup>(1)</sup> | 110000 | 107309 |
| Booz Allen Hamilton, Inc., 5.95%, 08/04/33 | 515000 | 538611 |
| Broadcom, Inc., 3.14%, 11/15/35<sup>(1)</sup> | 600000 | 520257 |
| Cloud Software Group, Inc., 9.00%, 09/30/29<sup>(1)</sup> | 630000 | 652173 |
| Consensus Cloud Solutions, Inc., 6.50%, 10/15/28<sup>(1)</sup> | 100000 | 99924 |
| Foundry Jv Holdco LLC, 5.88%, 01/25/34<sup>(1)</sup> | 480000 | 496067 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Information Technology (continued)** | **Information Technology (continued)** |  |
| Gartner, Inc., 3.75%, 10/01/30<sup>(1)</sup> | $735000<br>| $695618<br>|
| Oracle Corp., 6.25%, 11/09/32 | 170000 | 182194 |
| Oracle Corp., 5.50%, 08/03/35 | 245000 | 247949 |
| Oracle Corp., 5.55%, 02/06/53 | 120000 | 107907 |
| Rocket Software, Inc., 9.00%, 11/28/28<sup>(1)</sup> | 405000 | 417670 |
| Total Information Technology |  | 4294216 |
| **Materials – 1.6%** | **Materials – 1.6%** |  |
| Asp Unifrax Holdings, Inc., 5.25%, 09/30/28<sup>(1)</sup> | 305000 | 79300 |
| Bayport Polymers LLC, 5.14%, 04/14/32<sup>(1)</sup> | 455000 | 446339 |
| Cleveland-Cliffs, Inc., 7.63%, 01/15/34<sup>(1)</sup> | 205000 | 213288 |
| Graham Packaging Co., Inc., 7.13%, 08/15/28<sup>(1)</sup> | 345000 | 343658 |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/28<sup>(1)</sup> | 465000 | 466631 |
| Jh North America Holdings, Inc., 6.13%, 07/31/32<sup>(1)</sup> | 650000 | 667114 |
| LSB Industries, Inc., 6.25%, 10/15/28<sup>(1)</sup> | 705000 | 695496 |
| Mauser Packaging Solutions Holding Co., 9.25%, 04/15/27<sup>(1)</sup> | 330000 | 326139 |
| New Enterprise Stone & Lime Co., Inc., 9.75%, 07/15/28<sup>(1)</sup> | 85000 | 85372 |
| Sealed Air Corp., 6.50%, 07/15/32<sup>(1)</sup> | 65000 | 67329 |
| Solstice Advanced Materials, Inc., 5.63%, 09/30/33<sup>(1)</sup> | 25000 | 25038 |
| Sonoco Products Co., 5.00%, 09/01/34 | 560000 | 553183 |
| Windsor Holdings III LLC, 8.50%, 06/15/30<sup>(1)</sup> | 430000 | 454478 |
| WR Grace Holdings LLC, 5.63%, 08/15/29<sup>(1)</sup> | 700000 | 641200 |
| Total Materials |  | 5064565 |
| **Real Estate – 0.2%** | **Real Estate – 0.2%** |  |
| Iron Mountain, Inc., 6.25%, 01/15/33<sup>(1)</sup> | 390000 | 399214 |
| Millrose Properties, Inc., 6.25%, 09/15/32<sup>(1)</sup> | 275000 | 276559 |
| Office Properties Income Trust, 9.00%, 09/30/29<sup>(1)</sup><sup>(7)</sup> | 131000 | 95139 |
| Total Real Estate |  | 770912 |
| **Utilities – 1.8%** | **Utilities – 1.8%** |  |
| AES Corp. (The), 7.60%, (US 5 Year CMT T- Note + 3.20%), 01/15/55<sup>(2)</sup> | 285000 | 292296 |
| Alpha Generation LLC, 6.25%, 01/15/34<sup>(1)</sup> | 140000 | 141724 |
| Black Hills Corp., 6.15%, 05/15/34 | 405000 | 434344 |
| CMS Energy Corp., 4.75%, (US 5 Year CMT T- Note + 4.12%), 06/01/50<sup>(2)</sup> | 370000 | 364581 |
| Dominion Energy, Inc., Series B, 7.00%, (US 5 Year CMT T- Note + 2.51%), 06/01/54<sup>(2)</sup> | 180000 | 196770 |
| Dominion Energy, Inc., 6.20%, (US 5 Year CMT T- Note + 2.01%), 02/15/56<sup>(2)</sup> | 365000 | 369319 |
| Entergy Corp., 7.13%, (US 5 Year CMT T- Note + 2.67%), 12/01/54<sup>(2)</sup> | 475000 | 500656 |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/29<sup>(1)</sup> | 470000 | 447101 |
| KeySpan Gas East Corp., 5.99%, 03/06/33<sup>(1)</sup> | 546000 | 579437 |
| Nextera Energy Capital Holdings, Inc., 6.50%, (US 5 Year CMT T- Note + 1.98%), 08/15/55<sup>(2)</sup> | 455000 | 487024 |

---

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Utilities (continued)** | **Utilities (continued)** |  |
| NRG Energy, Inc., 7.00%, 03/15/33<sup>(1)</sup> | $651000<br>| $719205<br>|
| Puget Energy, Inc., 4.22%, 03/15/32 | 275000 | 264129 |
| Southern California Edison Co., 6.00%, <br>01/15/34 | 360000 | 377824 |
| Vistra Corp., 8.00%, (US 5 Year CMT T- <br>Note + 6.93%), perpetual<sup>(1)</sup><sup>(2)</sup><sup>(4)</sup> | 51000 | 52447 |
| Vistra Operations Co. LLC, 6.88%, <br>04/15/32<sup>(1)</sup> | 310000 | 325843 |
| Vistra Operations Co. LLC, 5.70%, <br>12/30/34<sup>(1)</sup> | 425000 | 436918 |
| Total Utilities |  | 5989618 |
| **Total Corporate Bonds** |  |  |
| (Cost $85,680,839) |  | **87551835** |
| **FOREIGN BONDS — 23.8% †** | **FOREIGN BONDS — 23.8% †** | **FOREIGN BONDS — 23.8% †** |
| **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** |
| Altice Financing SA, 5.00%, 01/15/28 (Luxembourg)<sup>(1)</sup> | 680000 | 507495 |
| Altice France SA, 6.88%, 10/15/30 (France)<sup>(1)</sup> | 770100 | 753845 |
| Altice France SA, 6.50%, 03/15/32 (France)<sup>(1)</sup> | 154020 | 147608 |
| IHS Holding Ltd., 8.25%, 11/29/31 (Nigeria)<sup>(1)</sup> | 120000 | 125244 |
| Telesat Canada / Telesat LLC, 6.50%, 10/15/27 (Canada)<sup>(1)</sup> | 35000 | 17762 |
| Turkcell Iletisim Hizmetleri AS, 7.65%, 01/24/32 (Turkey)<sup>(1)</sup> | 150000 | 157715 |
| Total Communication Services |  | 1709669 |
| **Consumer Discretionary — 1.1%** | **Consumer Discretionary — 1.1%** | **Consumer Discretionary — 1.1%** |
| Ashtead Capital, Inc., 5.80%, 04/15/34 (United Kingdom)<sup>(1)</sup> | 540000 | 566347 |
| Flutter Treasury DAC, 5.88%, 06/04/31 (Ireland)<sup>(1)</sup> | 720000 | 729450 |
| Forvia Se, 6.75%, 09/15/33 <br>(France)<sup>(1)</sup> | 360000 | 365498 |
| Great Canadian Gaming Corp. / Raptor LLC, 8.75%, 11/15/29 (Canada)<sup>(1)</sup> | 265000 | 259331 |
| Melco Resorts Finance Ltd., 5.38%, 12/04/29 (Hong Kong)<sup>(1)</sup> | 200000 | 197856 |
| Merlin Entertainments Group US Holdings, Inc., 7.38%, 02/15/31 (United Kingdom)<sup>(1)</sup> | 320000 | 268461 |
| Ontario Gaming GTA LP/OTG Co.-Issuer LLC, 8.00%, 08/01/30 (Canada)<sup>(1)</sup> | 390000 | 385029 |
| Opal Bidco SAS, 6.50%, 03/31/32 (France)<sup>(1)</sup> | 35000 | 36078 |
| Sodexo, Inc., 5.80%, 08/15/35 (France)<sup>(1)</sup> | 615000 | 644137 |
| Total Consumer Discretionary |  | 3452187 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Consumer Staples — 0.6%** | **Consumer Staples — 0.6%** | **Consumer Staples — 0.6%** |
| Alimentation Couche-Tard, Inc., 5.08%, 09/29/35 (Canada)<sup>(1)</sup> | $785000<br>| $787875<br>|
| Froneri Lux FinCo Sarl, 6.00%, 08/01/32 (United Kingdom)<sup>(1)</sup> | 430000 | 434301 |
| Imperial Brands Finance PLC, 5.63%, 07/01/35 (United Kingdom)<sup>(1)</sup> | 645000 | 658585 |
| Total Consumer Staples |  | 1880761 |
| **Energy — 2.1%** | **Energy — 2.1%** | **Energy — 2.1%** |
| Azule Energy Finance PLC, 8.13%, 01/23/30 (Angola)<sup>(1)</sup> | 125000 | 125745 |
| Comision Ejecutiva Hidroelectrica del Rio Lempa, 8.65%, 01/24/33 (El Salvador)<sup>(1)</sup> | 111000 | 117882 |
| Constellation Oil Services Holding SA, 9.38%, 11/07/29 (Brazil)<sup>(1)</sup> | 88000 | 91058 |
| Coronado Finance Pty Ltd., 9.25%, 10/01/29 (Australia)<sup>(1)</sup> | 480000 | 442786 |
| Ecopetrol SA, 4.63%, 11/02/31 (Colombia) | 128000 | 114867 |
| Enbridge, Inc., 8.50%, (US 5 Year CMT T- Note + 4.43%), 01/15/84 (Canada)<sup>(2)</sup> | 235000 | 270390 |
| Energean Israel Finance Ltd., 5.88%, 03/30/31 (Israel)<sup>(1)</sup> | 78000 | 75391 |
| FS Luxembourg Sarl, 8.88%, 02/12/31 (Brazil)<sup>(1)</sup> | 188000 | 196142 |
| Geopark Ltd., 8.75%, 01/31/30 (Colombia)<sup>(1)</sup> | 171000 | 162065 |
| Harbour Energy PLC, 6.33%, 04/01/35 (United Kingdom)<sup>(1)</sup> | 560000 | 573990 |
| KazMunayGas National Co. JSC, 6.38%, 10/24/48 (Kazakhstan)<sup>(1)</sup> | 101000 | 102036 |
| Pertamina Persero PT, 6.45%, 05/30/44 (Indonesia)<sup>(1)</sup> | 350000 | 379426 |
| Petroleos de Venezuela SA, 6.00%, 05/16/24 (Venezuela)<sup>(7)</sup> | 2246000 | 503666 |
| Petroleos del Peru SA, 4.75%, 06/19/32 (Peru) | 579000 | 495780 |
| Petroleos Mexicanos, 5.95%, 01/28/31 (Mexico) | 413000 | 405236 |
| Petroleos Mexicanos, 6.70%, 02/16/32 (Mexico) | 209000 | 209314 |
| Petroleos Mexicanos, 6.35%, 02/12/48 (Mexico) | 147000 | 117933 |
| Petroleos Mexicanos, 7.69%, 01/23/50 (Mexico) | 370000 | 336534 |
| Petroleos Mexicanos, 6.95%, 01/28/60 (Mexico) | 424000 | 349516 |
| Petronas Capital Ltd., 3.50%, 04/21/30 (Malaysia)<sup>(1)</sup> | 311000 | 302208 |
| Petronas Capital Ltd., 5.85%, 04/03/55 (Malaysia)<sup>(1)</sup> | 420000 | 449093 |

---

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| South Bow Canadian Infrastructure Holdings Ltd., 7.50%, (US 5 Year CMT T- Note + 3.67%), 03/01/55 (Canada)<sup>(2)</sup> | $505000<br>| $540681<br>|
| South Bow USA Infrastructure Holdings LLC, 5.58%, 10/01/34 (Canada) | 140000 | 140588 |
| Teine Energy Ltd., 6.88%, 04/15/29 (Canada)<sup>(1)</sup> | 110000 | 109825 |
| YPF SA, 9.50%, 01/17/31 (Argentina)<sup>(1)</sup> | 112000 | 117964 |
| Total Energy |  | 6730116 |
| **Financials — 2.3%** | **Financials — 2.3%** | **Financials — 2.3%** |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.95%, (US 5 Year CMT T- Note + 2.72%), 03/10/55 (Ireland)<sup>(2)</sup> | 150000 | 157794 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.50%, (US 5 Year CMT T- Note + 2.44%), 01/31/56 (Ireland)<sup>(2)</sup> | 240000 | 248167 |
| Albion Financing 1 Sarl / Aggreko Holdings, Inc., 7.00%, 05/21/30 (Luxembourg)<sup>(1)</sup> | 345000 | 356931 |
| Allianz SE, 6.35%, (US 5 Year CMT T- Note + 3.23%), 09/06/53 (Germany)<sup>(1)</sup><sup>(2)</sup> | 205000 | 220855 |
| Allianz SE, 5.60%, (US 5 Year CMT T- Note + 2.77%), 09/03/54 (Germany)<sup>(1)</sup><sup>(2)</sup> | 180000 | 185713 |
| Ascot Group Ltd., 4.25%, 12/15/30 (Bermuda)<sup>(1)</sup> | 195000 | 180155 |
| Banco de Credito del Peru SA, 6.45%, (US 5 Year CMT T- Note + 2.49%), 07/30/35 (Peru)<sup>(1)</sup><sup>(2)</sup> | 72000 | 74988 |
| Banco de Credito e Inversiones SA, 7.50%, (US 5 Year CMT T- Note + 3.77%), perpetual (Chile)<sup>(1)</sup><sup>(2)</sup><sup>(4)</sup> | 221000 | 232658 |
| Banco Mercantil del Norte SA, 8.38%, (US 5 Year CMT T- Note + 4.07%), perpetual (Mexico)<sup>(1)</sup><sup>(2)</sup><sup>(4)</sup> | 119000 | 125158 |
| Barclays, 7.44%, (US 1 Year CMT T- Note + 3.50%), 11/02/33 (United Kingdom)<sup>(2)</sup> | 465000 | 533797 |
| Bbva Mexico SA Institucion de Banca Multiple Grupo Financiero Bbva Mexico, 8.13%, (US 5 Year CMT T- Note + 4.21%), 01/08/39 (Mexico)<sup>(1)</sup><sup>(2)</sup> | 147000 | 160039 |
| BPCE SA, 7.00%, (SOFR + 2.59%), 10/19/34 (France)<sup>(1)</sup><sup>(2)</sup> | 315000 | 351909 |
| BPCE SA, 6.92%, (SOFR + 2.61%), 01/14/46 (France)<sup>(1)</sup><sup>(2)</sup> | 70000 | 75288 |
| Brookfield Asset Management Ltd., 5.80%, 04/24/35 (Canada) | 680000 | 711745 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| Deutsche Bank AG/New York NY, 5.40%, (SOFR + 2.05%), 09/11/35 (Germany)<sup>(2)</sup> | $640000<br>| $652422<br>|
| Lloyds Banking Group PLC, 6.63%, (US 5 Year CMT T- Note + 2.68%), perpetual (United Kingdom)<sup>(2)</sup><sup>(4)</sup> | 40000 | 39792 |
| Natwest Group PLC, 6.48%, (US 5 Year CMT T- Note + 2.20%), 06/01/34 (United Kingdom)<sup>(2)</sup> | 435000 | 456400 |
| Nippon Life Insurance Co., 6.25%, (US 5 Year CMT T- Note + 2.95%), 09/13/53 (Japan)<sup>(1)</sup><sup>(2)</sup> | 200000 | 213232 |
| Nippon Life Insurance Co., 6.50%, (US 5 Year CMT T- Note + 3.19%), 04/30/55 (Japan)<sup>(1)</sup><sup>(2)</sup> | 345000 | 374162 |
| Societe Generale SA, 6.07%, (US 1 Year CMT T- Note + 2.10%), 01/19/35 (France)<sup>(1)</sup><sup>(2)</sup> | 380000 | 399514 |
| Sumitomo Life Insurance Co., 5.88%, (US 5 Year CMT T- Note + 2.65%), 09/10/55 (Japan)<sup>(1)</sup><sup>(2)</sup> | 590000 | 603016 |
| Toronto-Dominion Bank (The), 8.13%, (US 5 Year CMT T- Note + 4.08%), 10/31/82 (Canada)<sup>(2)</sup> | 775000 | 819549 |
| UBS Group AG, 4.99%, (US 1 Year CMT T- Note + 2.40%), 08/05/33 (Switzerland)<sup>(1)</sup><sup>(2)</sup> | 230000 | 233693 |
| Total Financials |  | 7406977 |
| **Government — 14.4%** | **Government — 14.4%** | **Government — 14.4%** |
| Abu Dhabi Government International Bond, 5.00%, 04/30/34 (United Arab Emirates)<sup>(1)</sup> | 131000 | 139351 |
| Abu Dhabi Government International Bond, 3.13%, 09/30/49 (United Arab Emirates)<sup>(1)</sup> | 415000 | 307911 |
| Angolan Government International Bond, 8.00%, 11/26/29 (Angola)<sup>(1)</sup> | 231000 | 222049 |
| Angolan Government International Bond, 9.24%, 01/15/31 (Angola)<sup>(1)</sup> | 283000 | 276986 |
| Angolan Government International Bond, 8.75%, 04/14/32 (Angola)<sup>(1)</sup> | 500000 | 471085 |
| Angolan Government International Bond, 9.13%, 11/26/49 (Angola)<sup>(1)</sup> | 295000 | 249104 |
| Argentine Republic Government International Bond, 0.75%, 07/09/30 (Argentina)<sup>(6)</sup> | 1952000 | 1600640 |
| Argentine Republic Government International Bond, 4.13%, 07/09/35 (Argentina)<sup>(6)</sup> | 470000 | 330410 |
| Argentine Republic Government International Bond, 4.13%, 07/09/46 (Argentina)<sup>(6)</sup> | 82091 | 56396 |
| Benin Government International Bond, 7.96%, 02/13/38 (Benin)<sup>(1)</sup> | 244000 | 254736 |

---

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** | **FOREIGN BONDS (continued)** |  |  |
| **Government (continued)** | **Government (continued)** | **Government (continued)** | **Government (continued)** |
| Benin Government International Bond, 8.38%, 01/23/41 (Benin)<sup>(1)</sup> |  | $167000<br>| $178517<br>|
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/31 (Brazil) | BRL | 7260000 | 1187297 |
| Brazilian Government International Bond, 6.25%, 03/18/31 (Brazil) |  | 85000 | 89505 |
| Brazilian Government International Bond, 6.00%, 10/20/33 (Brazil) |  | 607000 | 621568 |
| Brazilian Government International Bond, 6.63%, 03/15/35 (Brazil) |  | 727000 | 759533 |
| Brazilian Government International Bond, 7.25%, 01/12/56 (Brazil) |  | 215000 | 218369 |
| Chile Government International Bond, 3.50%, 01/31/34 (Chile) |  | 161000 | 148643 |
| Chile Government International Bond, 3.25%, 09/21/71 (Chile) |  | 166000 | 106572 |
| Colombia Government International Bond, 7.38%, 04/25/30 (Colombia) |  | 332000 | 356900 |
| Colombia Government International Bond, 8.00%, 11/14/35 (Colombia) |  | 878000 | 960532 |
| Colombia Government International Bond, 7.75%, 11/07/36 (Colombia) |  | 186000 | 198788 |
| Colombia Government International Bond, 8.75%, 11/14/53 (Colombia) |  | 82000 | 94546 |
| Costa Rica Government International Bond, 7.30%, 11/13/54 (Costa Rica)<sup>(1)</sup> |  | 224000 | 251378 |
| Czech Republic Government Bond, Series 138, 1.75%, 06/23/32 (Czech Republic) | CZK | 28060000 | 1142497 |
| DAE Funding LLC, 3.38%, 03/20/28 (United Arab Emirates)<sup>(1)</sup> |  | 523000 | 510187 |
| Dominican Republic International Bond, 6.60%, 06/01/36 (Dominican Republic)<sup>(1)</sup> |  | 234000 | 247693 |
| Dominican Republic International Bond, 6.95%, 03/15/37 (Dominican Republic) |  | 399000 | 427728 |
| Dominican Republic International Bond, 6.95%, 03/15/37 (Dominican Republic)<sup>(1)</sup> |  | 325000 | 348400 |
| Eagle Funding Luxco Sarl, 5.50%, 08/17/30 (Mexico)<sup>(1)</sup> |  | 393000 | 399331 |
| Ecuador Government International Bond, 6.90%, 07/31/30 <br>(Ecuador)<sup>(6)</sup> |  | 951045 | 869255 |
| Ecuador Government International Bond, 5.00%, 07/31/40 <br>(Ecuador)<sup>(6)</sup> |  | 180000 | 123120 |
| Egypt Government International Bond, 5.88%, 02/16/31 (Egypt)<sup>(1)</sup> |  | 388000 | 374517 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Government (continued)** | **Government (continued)** | **Government (continued)** |
| Egypt Government International Bond, 8.50%, 01/31/47 <br>(Egypt)<sup>(1)</sup> | $499000<br>| $462331<br>|
| Egypt Government International Bond, 8.75%, 09/30/51 <br>(Egypt)<sup>(1)</sup> | 389000 | 362843 |
| El Salvador Government International Bond, 8.63%, 02/28/29 (El Salvador)<sup>(1)</sup> | 113000 | 120825 |
| El Salvador Government International Bond, 9.25%, 04/17/30 (El Salvador) | 141000 | 153299 |
| El Salvador Government International Bond, 8.25%, 04/10/32 (El Salvador)<sup>(1)</sup> | 99000 | 106623 |
| El Salvador Government International Bond, 7.65%, 06/15/35 (El Salvador) | 308000 | 320936 |
| El Salvador Government International Bond, 7.63%, 02/01/41 (El Salvador) | 94000 | 93327 |
| Ethiopia International Bond, 6.63%, 12/11/25 (Ethiopia)<sup>(1)</sup><sup>(7)</sup> | 71000 | 74905 |
| Gabon Government International Bond, Series 4Y, 9.50%, 02/18/29 (Gabon) | 234000 | 211463 |
| Gabon Government International Bond, 6.63%, 02/06/31 (Gabon)<sup>(1)</sup> | 521000 | 408985 |
| Gabon Government International Bond, 7.00%, 11/24/31 (Gabon)<sup>(1)</sup> | 144000 | 111763 |
| Ghana Government International Bond, 5.28%, 07/03/26 (Ghana)<sup>(8)</sup> | 3200 | 3136 |
| Ghana Government International Bond, 5.12%, 01/03/30 (Ghana)<sup>(8)</sup> | 9065 | 7864 |
| Ghana Government International Bond, 5.00%, 07/03/35 (Ghana)<sup>(6)</sup> | 797600 | 686933 |
| Guatemala Government Bond, 6.88%, 08/15/55 (Guatemala)<sup>(1)</sup> | 245000 | 264198 |
| Honduras Government International Bond, 8.63%, 11/27/34 <br>(Honduras)<sup>(1)</sup> | 146000 | 157406 |
| Hungary Government International Bond, 6.25%, 09/22/32 <br>(Hungary)<sup>(1)</sup> | 764000 | 822977 |
| Hungary Government International Bond, 5.50%, 06/16/34 <br>(Hungary)<sup>(1)</sup> | 215000 | 219623 |
| Hungary Government International Bond, 6.00%, 09/26/35 <br>(Hungary)<sup>(1)</sup> | 323000 | 339150 |
| Hungary Government International Bond, 5.50%, 03/26/36 <br>(Hungary)<sup>(1)</sup> | 580000 | 586090 |
| Indonesia Government International Bond, 4.55%, 01/11/28 (Indonesia) | 200000 | 201988 |

---

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** | **FOREIGN BONDS (continued)** |  |  |
| **Government (continued)** | **Government (continued)** | **Government (continued)** | **Government (continued)** |
| Indonesia Government International Bond, 2.85%, 02/14/30 (Indonesia) |  | $218000<br>| $206787<br>|
| Indonesia Government International Bond, 4.75%, 09/10/34 (Indonesia) |  | 304000 | 304950 |
| Indonesia Government International Bond, 5.60%, 01/15/35 (Indonesia) |  | 894000 | 952110 |
| Indonesia Government International Bond, 4.20%, 10/15/50 (Indonesia) |  | 200000 | 168500 |
| Indonesia Government International Bond, 5.10%, 02/10/54 (Indonesia) |  | 60000 | 58275 |
| Indonesia Government International Bond, 3.20%, 09/23/61 (Indonesia) |  | 68000 | 45305 |
| Ivory Coast Government International Bond, 6.13%, 06/15/33 (Ivory Coast)<sup>(1)</sup> |  | 444000 | 431790 |
| Ksa Ijarah Sukuk Ltd., 4.88%, 09/09/35 (Saudi Arabia)<sup>(1)</sup> |  | 248000 | 251595 |
| Kyrgyz Republic International Bond, 7.75%, 06/03/30 (Kyrgyzstan)<sup>(1)</sup> |  | 341000 | 343771 |
| Lebanon Government International Bond, 7.00%, 03/23/32 <br>(Lebanon)<sup>(7)</sup> |  | 259000 | 59570 |
| Leviathan Bond Ltd., 6.75%, 06/30/30 (Israel)<sup>(1)</sup> |  | 98000 | 99271 |
| Malaysia Government Bond, Series 0220, 2.63%, 04/15/31 (Malaysia) | MYR | 4920000 | 1132023 |
| Mexican Bonos, Series M, 8.50%, 05/31/29 (Mexico) | MXN | 9990000 | 547296 |
| Mexican Bonos, Series M, 7.75%, 11/13/42 (Mexico) | MXN | 13000000 | 603958 |
| Mexico Government International Bond, 5.38%, 03/22/33 (Mexico) |  | 535000 | 536204 |
| Mexico Government International Bond, 3.50%, 02/12/34 (Mexico) |  | 126000 | 110156 |
| Mexico Government International Bond, 6.35%, 02/09/35 (Mexico) |  | 84000 | 88956 |
| Mexico Government International Bond, 6.88%, 05/13/37 (Mexico) |  | 196000 | 212464 |
| Mexico Government International Bond, 3.77%, 05/24/61 <br>(Mexico) |  | 248000 | 160952 |
| Mexico Government International Bond, 3.75%, 04/19/71 <br>(Mexico) |  | 1248000 | 778128 |
| Mozambique International <br>Bond, 9.00%, 09/15/31 (Mozambique)<sup>(1)</sup><sup>(6)</sup> |  | 276000 | 240319 |
| Nigeria Government International Bond, 7.38%, 09/28/33 <br>(Nigeria)<sup>(1)</sup> |  | 261000 | 252371 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Government (continued)** | **Government (continued)** | **Government (continued)** |
| Nigeria Government International Bond, 10.38%, 12/09/34 <br>(Nigeria)<sup>(1)</sup> | $707000<br>| $795375<br>|
| Oman Government International Bond, 6.50%, 03/08/47 (Oman)<sup>(1)</sup> | 691000 | 760401 |
| Pakistan Government International Bond, 7.38%, 04/08/31 <br>(Pakistan)<sup>(1)</sup> | 342000 | 338176 |
| Panama Government International Bond, 7.50%, 03/01/31 <br>(Panama) | 293000 | 326109 |
| Panama Government International Bond, 8.00%, 03/01/38 <br>(Panama) | 109000 | 127476 |
| Panama Government International Bond, 3.87%, 07/23/60 <br>(Panama) | 391000 | 266980 |
| Peruvian Government International Bond, 2.78%, 01/23/31 (Peru) | 96000 | 89064 |
| Peruvian Government International Bond, 5.38%, 02/08/35 (Peru) | 574000 | 590359 |
| Peruvian Government International Bond, 3.60%, 01/15/72 (Peru) | 124000 | 80290 |
| Philippine Government International Bond, 5.50%, 02/04/35 (Philippines) | 322000 | 343603 |
| Philippine Government International Bond, 4.75%, 03/05/35 (Philippines) | 426000 | 430308 |
| Philippine Government International Bond, 3.70%, 03/01/41 (Philippines) | 279000 | 238545 |
| Port of Spain, 7.88%, 02/19/40 (Trinidad & Tobago) | 96667 | 98304 |
| Republic of Armenia International Bond, 3.60%, 02/02/31 <br>(Armenia)<sup>(1)</sup> | 100000 | 91500 |
| Republic of Cameroon International Bond, Series 7Y, 9.50%, 07/31/31 (Cameroon) | 618000 | 588698 |
| Republic of Kenya Government International Bond, 7.88%, 10/09/33 (Kenya)<sup>(1)</sup> | 309000 | 302820 |
| Republic of Kenya Government International Bond, 9.50%, 03/05/36 (Kenya)<sup>(1)</sup> | 199000 | 204512 |
| Republic of Poland Government International Bond, 4.88%, 10/04/33 (Poland) | 182000 | 185085 |
| Republic of Poland Government International Bond, 5.13%, 09/18/34 (Poland) | 302000 | 310426 |
| Republic of Poland Government International Bond, 5.38%, 02/12/35 (Poland) | 1048000 | 1097256 |

---

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** | **FOREIGN BONDS (continued)** |  |  |
| **Government (continued)** | **Government (continued)** | **Government (continued)** | **Government (continued)** |
| Republic of Poland Government International Bond, Series 30Y, 5.50%, 04/04/53 (Poland) |  | $65000<br>| $63933<br>|
| Republic of South Africa Government Bond, Series 2048, 8.75%, 02/28/48 (South Africa) | ZAR | 23700000 | 1218623 |
| Republic of South Africa Government International Bond, 5.88%, 06/22/30 (South Africa) |  | 101000 | 104668 |
| Republic of South Africa Government International Bond, Series 30Y, 5.38%, 07/24/44 (South Africa) |  | 78000 | 66266 |
| Republic of South Africa Government International Bond, Series 30Y, 5.65%, 09/27/47 (South Africa) |  | 1040000 | 878800 |
| Republic of South Africa Government International Bond, 7.95%, 11/19/54 (South Africa)<sup>(1)</sup> |  | 230000 | 245877 |
| Republic of Uzbekistan International Bond, 6.90%, 02/28/32 (Uzbekistan)<sup>(1)</sup> |  | 328000 | 356208 |
| Romanian Government International Bond, 5.88%, 01/30/29 <br>(Romania)<sup>(1)</sup> |  | 142000 | 146398 |
| Romanian Government International Bond, 7.13%, 01/17/33 <br>(Romania)<sup>(1)</sup> |  | 346000 | 373898 |
| Romanian Government International Bond, 6.38%, 01/30/34 <br>(Romania)<sup>(1)</sup> |  | 328000 | 336587 |
| Romanian Government International Bond, 5.75%, 03/24/35 <br>(Romania)<sup>(1)</sup> |  | 556000 | 545162 |
| Romanian Government International Bond, 6.63%, 05/16/36 <br>(Romania)<sup>(1)</sup> |  | 473000 | 486996 |
| Saudi Government International Bond, 4.88%, 07/18/33 <br>(Saudi Arabia)<sup>(1)</sup> |  | 386000 | 394241 |
| Saudi Government International Bond, 5.63%, 01/13/35 <br>(Saudi Arabia)<sup>(1)</sup> |  | 976000 | 1047187 |
| Saudi Government International Bond, 5.63%, 01/13/35 <br>(Saudi Arabia) |  | 395000 | 423810 |
| Senegal Government International Bond, 7.75%, 06/10/31 <br>(Senegal) |  | 200000 | 158410 |
| Senegal Government International Bond, 6.25%, 05/23/33 <br>(Senegal)<sup>(1)</sup> |  | 543000 | 388245 |
| Sri Lanka Government International Bond, 4.00%, 04/15/28 <br>(Sri Lanka)<sup>(1)</sup> |  | 28073 | 26960 |
| Sri Lanka Government International Bond, 3.10%, 01/15/30 <br>(Sri Lanka)<sup>(1)</sup><sup>(6)</sup> |  | 58040 | 54819 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Government (continued)** | **Government (continued)** | **Government (continued)** |
| Sri Lanka Government International Bond, 3.35%, 03/15/33 <br>(Sri Lanka)<sup>(1)</sup><sup>(6)</sup> | $58925<br>| $51508<br>|
| Sri Lanka Government International Bond, 3.60%, 06/15/35 <br>(Sri Lanka)<sup>(1)</sup><sup>(6)</sup> | 666787 | 517593 |
| Sri Lanka Government International Bond, 3.60%, 02/15/38 <br>(Sri Lanka)<sup>(1)</sup><sup>(6)</sup> | 55250 | 51141 |
| Trinidad & Tobago Government International Bond, 5.95%, 01/14/31 (Trinidad & Tobago)<sup>(1)</sup> | 95000 | 94668 |
| Trinidad & Tobago Government International Bond, 6.40%, 06/26/34 (Trinidad & Tobago)<sup>(1)</sup> | 45000 | 44640 |
| Trinidad & Tobago Government International Bond, 6.40%, 06/26/34 (Trinidad & Tobago) | 105000 | 104160 |
| Turkey Government International Bond, 7.63%, 04/26/29 (Turkey) | 150000 | 160650 |
| Turkiye Government International Bond, 7.25%, 05/29/32 (Turkey) | 152000 | 159369 |
| Turkiye Government International Bond, 7.63%, 05/15/34 (Turkey) | 775000 | 829545 |
| Turkiye Government International Bond, 6.50%, 01/03/35 (Turkey) | 731000 | 723690 |
| Turkiye Government International Bond, 6.95%, 09/16/35 (Turkey) | 251000 | 254765 |
| Turkiye Government International Bond, Series 31Y, 6.63%, 02/17/45 (Turkey) | 214000 | 196147 |
| UAE International Government Bond, 4.95%, 07/07/52 (United Arab Emirates)<sup>(1)</sup> | 145000 | 143525 |
| Ukraine Government International Bond, 4.50%, 02/01/29 <br>(Ukraine)<sup>(1)</sup><sup>(6)</sup> | 14422 | 9966 |
| Ukraine Government International Bond, 4.50%, 02/01/29 <br>(Ukraine)<sup>(6)</sup> | 14422 | 9966 |
| Ukraine Government International Bond, 16.34%, 02/01/30 <br>(Ukraine)<sup>(1)</sup><sup>(6)</sup> | 2626 | 1398 |
| Ukraine Government International Bond, 16.34%, 02/01/30 (Ukraine)<sup>(6)</sup> | 2626 | 1398 |
| Ukraine Government International Bond, 12.84%, 02/01/34 <br>(Ukraine)<sup>(6)</sup> | 9813 | 4136 |
| Ukraine Government International Bond, 4.50%, 02/01/34 <br>(Ukraine)<sup>(1)</sup><sup>(6)</sup> | 491000 | 277906 |
| Ukraine Government International Bond, 8.84%, 02/01/35 <br>(Ukraine)<sup>(6)</sup> | 8292 | 4258 |

---

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Government (continued)** | **Government (continued)** | **Government (continued)** |
| Ukraine Government International Bond, 1.75%, 02/01/35 <br>(Ukraine)<sup>(6)</sup> | $507000<br>| $260345<br>|
| Ukraine Government International Bond, 4.50%, 02/01/35 <br>(Ukraine)<sup>(6)</sup> | 354825 | 198702 |
| Ukraine Government International Bond, 4.50%, 02/01/35 <br>(Ukraine)<sup>(1)</sup><sup>(6)</sup> | 119825 | 67102 |
| Ukraine Government International Bond, 8.21%, 02/01/36 <br>(Ukraine)<sup>(1)</sup><sup>(6)</sup> | 6910 | 3541 |
| Ukraine Government International Bond, 4.50%, 02/01/36 <br>(Ukraine)<sup>(1)</sup><sup>(6)</sup> | 4403 | 2437 |
| Ukraine Government International Bond, 4.50%, 02/01/36 <br>(Ukraine)<sup>(6)</sup> | 2403 | 1330 |
| Uruguay Government International Bond, 5.10%, 06/18/50 <br>(Uruguay) | 864000 | 836784 |
| Uruguay Government International Bond, 4.98%, 04/20/55 (Uruguay) | 77000 | 71918 |
| Uzbekneftegaz JSC, 8.75%, 05/07/30 (Uzbekistan)<sup>(1)</sup> | 227000 | 242464 |
| Venezuela Government International Bond, 9.38%, 01/13/34 (Venezuela)<sup>(7)</sup> | 702000 | 226395 |
| Zambia Government International Bond, 5.75%, 06/30/33 (Zambia)<sup>(1)</sup><sup>(6)</sup> | 187371 | 180344 |
| Total Government |  | 47139126 |
| **Health Care — 0.7%** | **Health Care — 0.7%** | **Health Care — 0.7%** |
| 180 Medical, Inc., 5.30%, 10/08/35 (United Kingdom)<sup>(1)</sup> | 780000 | 773420 |
| Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28 (Germany)<sup>(1)</sup> | 496000 | 488119 |
| Grifols SA, 4.75%, 10/15/28 <br>(Spain)<sup>(1)</sup> | 490000 | 474156 |
| Smith & Nephew PLC, 5.40%, 03/20/34 (United Kingdom) | 595000 | 615714 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 (Israel) | 32000 | 31540 |
| Total Health Care |  | 2382949 |
| **Industrials – 0.8%** | **Industrials – 0.8%** | **Industrials – 0.8%** |
| Adani Ports & Special Economic Zone Ltd., 4.38%, 07/03/29 <br>(India)<sup>(1)</sup> | 220000 | 215050 |
| Avolon Holdings Funding Ltd., 5.75%, 11/15/29 (Ireland)<sup>(1)</sup> | 355000 | 368213 |
| British Airways Pass-Through Trust, Class A, Series 2021-1, 2.90%, 03/15/35 (United Kingdom)<sup>(1)</sup> | 277107 | 254738 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Cimpress PLC, 7.38%, 09/15/32 (Ireland)<sup>(1)</sup> | $590000<br>| $600377<br>|
| DP World PLC, 6.85%, 07/02/37 (United Arab Emirates)<sup>(1)</sup> | 92000 | 106145 |
| Garda World Security Corp., 8.38%, 11/15/32 (Canada)<sup>(1)</sup> | 245000 | 249568 |
| Limak Yenilenebilir Enerji As, 9.63%, 08/12/30 (Turkey)<sup>(1)</sup> | 100000 | 99162 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30 (Ireland)<sup>(1)</sup> | 250000 | 263584 |
| VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.50%, 06/01/28 (Switzerland)<sup>(1)</sup> | 490000 | 509926 |
| Wrangler Holdco Corp., 6.63%, 04/01/32 (Canada)<sup>(1)</sup> | 105000 | 109822 |
| Total Industrials |  | 2776585 |
| **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** |
| Capstone Copper Corp., 6.75%, 03/31/33 (Canada)<sup>(1)</sup> | 275000 | 284774 |
| Corp. Nacional del Cobre de Chile, 5.95%, 01/08/34 (Chile)<sup>(1)</sup> | 82000 | 86554 |
| Corp. Nacional del Cobre de Chile, 6.44%, 01/26/36 (Chile) | 330000 | 360195 |
| Fortescue Treasury Pty Ltd., 5.88%, 04/15/30 (Australia)<sup>(1)</sup> | 50000 | 51625 |
| INEOS Quattro Finance 2 PLC, 9.63%, 03/15/29 (United Kingdom)<sup>(1)</sup> | 510000 | 478604 |
| Maxam Prill Sarl, 7.75%, 07/15/30 (Luxembourg)<sup>(1)</sup> | 415000 | 424145 |
| OCP SA, 6.88%, 04/25/44 <br>(Morocco)<sup>(1)</sup> | 106000 | 111691 |
| OCP SA, 7.50%, 05/02/54 <br>(Morocco)<sup>(1)</sup> | 136000 | 152157 |
| Samarco Mineracao SA, 9.50%, 06/30/31, (9.5% PIK) <br>(Brazil)<sup>(1)</sup><sup>(3)</sup> | 99484 | 99424 |
| Smurfit Kappa Treasury Ulc, 5.44%, 04/03/34 (Ireland) | 425000 | 440264 |
| Taseko Mines Ltd., 8.25%, 05/01/30 (Canada)<sup>(1)</sup> | 150000 | 158777 |
| Trivium Packaging Finance BV, 8.25%, 07/15/30 (Netherlands)<sup>(1)</sup> | 35000 | 36292 |
| Trivium Packaging Finance BV, 12.25%, 01/15/31 (Netherlands)<sup>(1)</sup> | 165000 | 172314 |
| Total Materials |  | 2856816 |
| **Utilities – 0.4%** | **Utilities – 0.4%** | **Utilities – 0.4%** |
| Capital Power US Holdings, Inc., 6.19%, 06/01/35 (Canada)<sup>(1)</sup> | 415000 | 434738 |
| Electricite de France SA, 6.90%, 05/23/53 (France)<sup>(1)</sup> | 235000 | 263050 |
| ENEL Finance International NV, 7.50%, 10/14/32 (Italy)<sup>(1)</sup> | 200000 | 230821 |

---

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| ENEL Finance International NV, 5.50%, 06/26/34 (Italy)<sup>(1)</sup> | $110000<br>| $114345<br>|
| Eskom Holdings SOC Ltd., 8.45%, 08/10/28 (South Africa)<sup>(1)</sup> | 188000 | 201611 |
| Total Utilities |  | 1244565 |
| **Total Foreign Bonds** |  |  |
| (Cost $74,010,090) |  | **77579751** |
| **MORTGAGE BACKED SECURITIES — 22.6%** | **MORTGAGE BACKED SECURITIES — 22.6%** | **MORTGAGE BACKED SECURITIES — 22.6%** |
| **Agency Mortgage Backed Security — 11.4%** |  |  |
| Federal Home Loan Mortgage Corporation, 6.00%, 10/01/38 | 109170 | 112912 |
| Federal Home Loan Mortgage Corporation, 5.50%, 01/01/53 | 1973043 | 2003308 |
| Federal Home Loan Mortgage Corporation, 6.00%, 03/01/53 | 488775 | 501832 |
| Federal Home Loan Mortgage Corporation, 6.00%, 07/01/53 | 881413 | 904148 |
| Federal Home Loan Mortgage Corporation, 4.50%, 08/01/53 | 804888 | 791383 |
| Federal Home Loan Mortgage Corporation, 6.00%, 08/01/53 | 965775 | 990403 |
| Federal Home Loan Mortgage Corporation, 5.00%, 12/01/53 | 2990907 | 2984736 |
| Federal Home Loan Mortgage Corporation, 6.00%, 10/01/54 | 2672211 | 2740902 |
| Federal Home Loan Mortgage Corporation, 6.00%, 12/01/54 | 2677948 | 2739866 |
| Federal Home Loan Mortgage Corporation, 5.50%, 01/01/55 | 3097920 | 3131979 |
| Federal Home Loan Mortgage Corporation, 5.50%, 01/01/55 | 3476202 | 3515722 |
| Federal Home Loan Mortgage Corporation, 5.00%, 01/01/55 | 4092924 | 4075191 |
| Federal National Mortgage Association, 3.50%, 05/01/49 | 20774 | 19393 |
| Federal National Mortgage Association, 4.50%, 11/01/52 | 354935 | 347639 |
| Federal National Mortgage Association, 5.00%, 11/01/52 | 360450 | 360505 |
| Federal National Mortgage Association, 4.00%, 03/01/53 | 1140143 | 1084975 |
| Federal National Mortgage Association, 6.00%, 04/01/53 | 479921 | 493545 |
| Federal National Mortgage Association, 5.50%, 07/01/53 | 233141 | 235710 |
| Federal National Mortgage Association, 4.50%, 08/01/53 | 1263600 | 1239783 |
| Federal National Mortgage Association, 6.00%, 10/01/53 | 1841999 | 1887946 |
| Federal National Mortgage Association, 6.00%, 08/01/54 | 1781454 | 1826928 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** |
| **Agency Mortgage Backed Security (continued)** | **Agency Mortgage Backed Security (continued)** | **Agency Mortgage Backed Security (continued)** |
| Federal National Mortgage Association, 6.00%, 01/01/55 | $2501690<br>| $2562242<br>|
| Federal National Mortgage Association, 4.00%, 03/01/55 | 2687788 | 2557718 |
| Total Agency Mortgage Backed Security |  | 37108766 |
| **Commercial Mortgage Backed Securities — 4.3%** | **Commercial Mortgage Backed Securities — 4.3%** | **Commercial Mortgage Backed Securities — 4.3%** |
| Ala Trust, Class A, Series 2025-OANA, 5.78%, (1-Month SOFR + 1.74%), 06/15/40<sup>(1)</sup><sup>(2)</sup> | 800000 | 804332 |
| BBCMS Mortgage Trust, Class A, Series 2018-TALL, 4.95%, (1-Month SOFR + 0.92%), 03/15/37<sup>(1)</sup><sup>(2)</sup> | 585000 | 552405 |
| BBCMS Trust, Class A, Series 2018-CBM, 5.33%, (1-Month SOFR + 1.30%), <br>07/15/37<sup>(1)</sup><sup>(2)</sup> | 805000 | 786390 |
| Bx Commercial Mortgage Trust, Class A, Series 2024-XL5, 5.42%, (1-Month SOFR + 1.39%), 03/15/41<sup>(1)</sup><sup>(2)</sup> | 577698 | 578673 |
| Bx Trust, Class A, Series 2022-CLS, 5.76%, 10/13/27<sup>(1)</sup> | 410000 | 413171 |
| Bx Trust, Class C, Series 2025-ROIC, 5.58%, (1-Month SOFR + 1.54%), 03/15/30<sup>(1)</sup><sup>(2)</sup> | 473155 | 472266 |
| Bx Trust, Class B, Series 2019-OC11, 3.61%, 12/09/41<sup>(1)</sup> | 370000 | 353349 |
| Bx Trust, Class D, Series 2019-OC11, 3.94%, 12/09/41<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 595000 | 564368 |
| Cent City, Class A, Series 2025, 4.92%, 07/10/40<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 820000 | 831314 |
| CF Hippolyta LLC, Class A1, Series 2020-1, 1.69%, 07/15/60<sup>(1)</sup> | 89316 | 76898 |
| Fashion Show Mall LLC, Class A, Series 2024-SHOW, 5.10%, 10/10/41<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 685000 | 695392 |
| Fontainebleau Miami Beach Mortgage Trust, Class A, Series 2024-FBLU, 5.48%, (1-Month SOFR + 1.45%), 12/15/39<sup>(1)</sup><sup>(2)</sup> | 350000 | 350895 |
| Houston Galleria Mall Trust, Class A, Series 2025-HGLR, 5.46%, 02/05/45<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 650000 | 676271 |
| Hudson Yards Mortgage Trust, Class A, Series 2025-SPRL, 5.47%, 01/13/40<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 900000 | 932587 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Class A, Series 2024-OMNI, 5.80%, 10/05/39<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 440000 | 447969 |
| MIRA Trust, Class A, Series 2023-MILE, 6.75%, 06/10/38<sup>(1)</sup> | 270000 | 280884 |
| Mssg Trust, Class A, Series 2017-237P, 3.40%, 09/13/39<sup>(1)</sup> | 901000 | 858078 |
| New York Commercial Mortgage Trust, Class A, Series 2025-300P, 4.88%, 07/13/42<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 1000000 | 1005503 |
| New York Commercial Mortgage Trust, Class A, Series 2025-299P, 5.66%, 02/10/47<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 590000 | 621011 |
| RFR Trust, Class A, Series 2025-SGRM, 5.38%, 03/11/41<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 600000 | 613689 |
| Ride, Class C, Series 2025-SHRE, 6.12%, 02/14/47<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 600000 | 611645 |

---

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** |
| **Commercial Mortgage Backed Securities (continued)** | **Commercial Mortgage Backed Securities (continued)** | **Commercial Mortgage Backed Securities (continued)** |
| Rock Trust, Class A, Series 2024-CNTR, 5.39%, 11/13/41<sup>(1)</sup> | $455000<br>| $467395<br>|
| Rock Trust, Class C, Series 2024-CNTR, 6.47%, 11/13/41<sup>(1)</sup> | 420000 | 437281 |
| Thpt Mortgage Trust, Class A, Series 2023-THL, 6.99%, 12/10/34<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 539034 | 546685 |
| Total Commercial Mortgage Backed <br>Securities |  | 13978451 |
| **Residential Mortgage Backed Securities — 6.9%** | **Residential Mortgage Backed Securities — 6.9%** |  |
| A&d Mortgage Trust, Class A1, Series 2023-NQM3, 6.73%, 07/25/68<sup>(1)</sup><sup>(6)</sup> | 130648 | 131731 |
| A&d Mortgage Trust, Class A1, Series 2025-NQM2, 5.79%, 06/25/70<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 405689 | 409109 |
| Ajax Mortgage Loan Trust, Class A1, Series 2019-D, 2.96%, 09/25/65<sup>(1)</sup><sup>(6)</sup> | 37573 | 36390 |
| AMSR Trust, Class D, Series 2021-SFR3, 2.18%, 10/17/38<sup>(1)</sup> | 100000 | 97366 |
| Angel Oak Mortgage Trust, Class A1, Series 2023-1, 4.75%, 09/26/67<sup>(1)</sup><sup>(6)</sup> | 819276 | 815624 |
| Arroyo Mortgage Trust, Class A1, Series 2019-1, 3.81%, 01/25/49<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 66472 | 64909 |
| Arroyo Mortgage Trust, Class A1, Series 2019-2, 3.35%, 04/25/49<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 519650 | 506715 |
| Arroyo Mortgage Trust, Class A3, Series 2020-1, 3.33%, 03/25/55<sup>(1)</sup> | 810000 | 748112 |
| Chase Mortgage Finance Corp., Class M4, Series 2016-SH2, 3.75%, 12/25/45<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 286466 | 266195 |
| CIM Trust, Class A1, Series 2022-R2, 3.75%, 12/25/61<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 196212 | 187777 |
| Citigroup Mortgage Loan Trust, Class A2, Series 2025-INV1, 6.00%, 01/25/55<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 381032 | 386822 |
| Colt Mortgage Loan Trust, Class A1, Series 2022-4, 4.30%, 03/25/67<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 354803 | 353816 |
| Colt Mortgage Loan Trust, Class A1, Series 2024-5, 5.12%, 08/25/69<sup>(1)</sup><sup>(6)</sup> | 418048 | 418381 |
| Coopr Residential Mortgage Trust, Class A1A, Series 2025-CES2, 5.50%, 06/25/60<sup>(1)</sup><sup>(6)</sup> | 346663 | 349851 |
| Coopr Residential Mortgage Trust, Class A1A, Series 2025-CES3, 4.84%, 09/25/60<sup>(1)</sup><sup>(6)</sup> | 773045 | 770688 |
| CSMC Trust, Class A1, Series 2017-RPL1, 2.75%, 07/25/57<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 441961 | 432780 |
| CSMC Trust, Class A1, Series 2020-RPL4, 2.00%, 01/25/60<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 463072 | 421088 |
| Deephaven Residential Mortgage Trust, Class A1, Series 2022-1, 2.21%, 01/25/67<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 58753 | 54406 |
| Ellington Financial Mortgage Trust, Class A1, Series 2025-NQM2, 5.60%, 06/25/70<sup>(1)</sup><sup>(6)</sup> | 477142 | 481130 |
| Federal Home Loan Mortgage Corporation, 5.50%, 07/01/53 | 1089146 | 1104965 |
| GCAT Trust, Class A1, Series 2020-NQM1, 3.25%, 01/25/60<sup>(1)</sup><sup>(6)</sup> | 160788 | 158451 |
| J.P. Morgan Mortgage Trust, Class A1, Series 2025-CES1, 5.67%, 05/25/55<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 292931 | 295247 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** |
| **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** |
| J.P. Morgan Mortgage Trust, Class A1, Series 2025-CES2, 5.59%, 06/25/55<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | $491095<br>| $494656<br>|
| J.P. Morgan Mortgage Trust, Class A3, Series 2024-NQM1, 5.95%, 02/25/64<sup>(1)</sup><sup>(6)</sup> | 257124 | 258787 |
| J.P. Morgan Seasoned Mortgage Trust, Class A4, Series 2024-1, 4.41%, 01/25/63<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 332368 | 326433 |
| LHome Mortgage Trust, Class A1, Series 2024-RTL1, 7.02%, 01/25/29<sup>(1)</sup><sup>(6)</sup> | 560000 | 563181 |
| MetLife Securitization Trust, Class A1A, Series 2019-1A, 3.75%, 04/25/58<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 230299 | 227628 |
| MFA Trust, Class A1, Series 2022-INV2, 4.95%, 07/25/57<sup>(1)</sup><sup>(6)</sup> | 558376 | 557240 |
| MFA Trust, Class A1, Series 2024-NQM2, 5.27%, 08/25/69<sup>(1)</sup><sup>(6)</sup> | 439233 | 439680 |
| Mill City Mortgage Loan Trust, Class A1, Series 2019-GS2, 2.75%, 08/25/59<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 279247 | 271957 |
| New Residential Mortgage Loan Trust, Class A3, Series 2017-2A, 4.00%, 03/25/57<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 342548 | 333538 |
| New Residential Mortgage Loan Trust, Class A1, Series 2024-NQM3, 5.47%, 11/25/64<sup>(1)</sup><sup>(6)</sup> | 228288 | 230563 |
| New York Mortgage Trust, Class A1, Series 2024-CP1, 3.75%, 02/25/68<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 249515 | 233500 |
| OBX Trust, Class A1A, Series 2023-NQM5, 6.57%, 06/25/63<sup>(1)</sup><sup>(6)</sup> | 308550 | 310490 |
| OBX Trust, Class A1, Series 2023-NQM9, 7.16%, 10/25/63<sup>(1)</sup><sup>(6)</sup> | 565874 | 574596 |
| OBX Trust, Class A1, Series 2024-NQM3, 6.13%, 12/25/63<sup>(1)</sup><sup>(6)</sup> | 104747 | 105900 |
| OBX Trust, Class A1, Series 2024-NQM9, 6.03%, 01/25/64<sup>(1)</sup><sup>(6)</sup> | 427957 | 433928 |
| Pmt Loan Trust, Class A7, Series 2025-INV7, 6.00%, 06/25/56<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 797698 | 811622 |
| Pmt Loan Trust, Class A2, Series 2024-INV1, 6.00%, 10/25/59<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 606579 | 617350 |
| Pmt Loan Trust, Class A1, Series 2024-INV2, 6.00%, 12/25/59<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 285404 | 289740 |
| Pret Trust, Class A1, Series 2025-NPL1, 6.06%, 02/25/55<sup>(1)</sup><sup>(6)</sup> | 520935 | 523008 |
| Pretium Mortgage Credit Partners, Class A1, Series 2024-RPL1, 3.90%, 10/25/63<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 912565 | 884690 |
| PRKCM Trust, Class A1A, Series 2022-AFC1, 4.10%, 04/25/57<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 1311059 | 1307153 |
| RCKT Mortgage Trust, Class A1A, Series 2023-CES1, 6.52%, 06/25/43<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 138047 | 138798 |
| RCKT Mortgage Trust, Class A1A, Series 2024-CES1, 6.03%, 02/25/44<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 204540 | 206116 |
| RCKT Mortgage Trust, Class A1A, Series 2025-CES5, 5.69%, 05/25/55<sup>(1)</sup><sup>(6)</sup> | 465521 | 471245 |
| Sequoia Mortgage Trust, Class B1, Series 2013-8, 3.48%, 06/25/43<sup>(2)</sup><sup>(9)</sup> | 40530 | 39478 |
| SG Residential Mortgage Trust, Class A1, Series 2021-1, 1.16%, 07/25/61<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 956687 | 800976 |
| Starwood Mortgage Residential Trust, Class A1, Series 2020-1, 2.28%, 02/25/50<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 33153 | 31924 |

---

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** |
| **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** |
| Towd Point Mortgage Trust, Class A2, Series 2017-4, 3.00%, 06/25/57<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | $525000<br>| $499856<br>|
| Towd Point Mortgage Trust, Class A2, Series 2017-6, 3.00%, 10/25/57<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 655000 | 630447 |
| Towd Point Mortgage Trust, Class A2, Series 2018-6, 3.75%, 03/25/58<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 100000 | 92944 |
| Towd Point Mortgage Trust, Class A2, Series 2019-2, 3.75%, 12/25/58<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 940000 | 858081 |
| Towd Point Mortgage Trust, Class A2, Series 2021-1, 2.75%, 11/25/61<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 100000 | 86503 |
| Verus Securitization Trust, Class A1, Series 2023-8, 6.26%, 12/25/68<sup>(1)</sup><sup>(6)</sup> | 287357 | 290829 |
| Visio Trust, Class A1, Series 2019-2, 2.72%, 11/25/54<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 31093 | 30887 |
| Visio Trust, Class A2, Series 2022-1, 5.85%, 08/25/57<sup>(1)</sup><sup>(6)</sup> | 63632 | 63441 |
| Total Residential Mortgage Backed Securities |  | 22528718 |
| **Total Mortgage Backed Securities** |  |  |
| (Cost $72,908,179) |  | **73615935** |
| **ASSET BACKED SECURITIES — 9.7%** | **ASSET BACKED SECURITIES — 9.7%** |  |
| ACHV ABS Trust, Class A, Series 2024-1PL, 5.90%, 04/25/31<sup>(1)</sup> | 33891 | 34178 |
| ACM Auto Trust, Class A, Series 2024-2A, 6.06%, 02/20/29<sup>(1)</sup> | 113210 | 113149 |
| ACM Auto Trust, Class A, Series 2025-2A, 5.55%, 06/20/28<sup>(1)</sup> | 417277 | 416037 |
| American Credit Acceptance Receivables Trust, Class C, Series 2024-1, 5.63%, 01/14/30<sup>(1)</sup> | 117314 | 117767 |
| American Credit Acceptance Receivables Trust, Class C, Series 2024-4, 4.91%, 08/12/31<sup>(1)</sup> | 535000 | 536743 |
| Applebee's Funding LLC / Ihop Funding LLC, Class A2, Series 2023-1A, 7.82%, <br>03/05/53<sup>(1)</sup> | 549000 | 557260 |
| Aqua Finance Issuer Trust, Class A, Series 2025-A, 5.25%, 12/19/50<sup>(1)</sup> | 465265 | 473569 |
| Aqua Finance Trust, Class B, Series 2024-A, 5.06%, 04/18/50<sup>(1)</sup> | 520000 | 525247 |
| Arivo Acceptance Auto Loan Receivables Trust, Class A2, Series 2025-1A, 4.92%, <br>05/15/29<sup>(1)</sup> | 800000 | 798614 |
| Arivo Acceptance Auto Loan Receivables Trust, Class B, Series 2024-1A, 6.87%, <br>06/17/30<sup>(1)</sup> | 228000 | 233340 |
| Auxilior Term Funding, Class B, Series 2024-1A, 5.69%, 07/15/31<sup>(1)</sup> | 360000 | 369750 |
| Avis Budget Rental Car Funding Aesop LLC, Class C, Series 2022-5A, 6.24%, <br>04/20/27<sup>(1)</sup> | 160000 | 160523 |
| Avis Budget Rental Car Funding Aesop LLC, Class D, Series 2024-2A, 7.43%, <br>10/20/28<sup>(1)</sup> | 614000 | 626667 |
| Bhg Securitization Trust, Class A, Series 2024-1CON, 5.81%, 04/17/35<sup>(1)</sup> | 66480 | 67943 |
| Bojangles Issuer LLC, Class A2, Series 2024-1A, 6.58%, 11/20/54<sup>(1)</sup> | 460000 | 465903 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| Bridgecrest Lending Auto Securitization Trust, Class C, Series 2025-1, 5.15%, 12/17/29 | $520000<br>| $522088<br>|
| Business Jet Securities LLC, Class A, Series 2024-2A, 5.36%, 09/15/39<sup>(1)</sup> | 314354 | 316922 |
| Carvana Auto Receivables Trust, Class B, Series 2024-N1, 5.63%, 05/10/30<sup>(1)</sup> | 200000 | 201879 |
| Commercial Equipment Finance 2025-1 LLC, Class A, Series 2025-1A, 4.83%, <br>05/15/31<sup>(1)</sup> | 705000 | 705000 |
| Credit Acceptance Auto Loan Trust, Class A, Series 2024-1A, 5.68%, 03/15/34<sup>(1)</sup> | 162000 | 163478 |
| Dext ABS LLC, Class A2, Series 2023-1, 5.99%, 03/15/32<sup>(1)</sup> | 27082 | 27207 |
| Drive Auto Receivables Trust, Class C, Series 2024-1, 5.43%, 11/17/31 | 300000 | 303802 |
| DT Auto Owner Trust, Class D, Series 2023-1A, 6.44%, 11/15/28<sup>(1)</sup> | 155000 | 157447 |
| Exeter Automobile Receivables Trust, Class B, Series 2024-5A, 4.48%, 04/16/29 | 385000 | 384754 |
| Exeter Automobile Receivables Trust, Class C, Series 2024-2A, 5.74%, 05/15/29 | 263000 | 265448 |
| FAT Brands Royalty LLC, Class A2, Series 2021-1A, 5.75%, 04/25/51<sup>(1)</sup> | 48000 | 28966 |
| FHF Trust, Class A2, Series 2023-1A, 6.57%, 06/15/28<sup>(1)</sup> | 25081 | 25188 |
| Finbe USA Trust, Class B, Series 2025-1A, 6.60%, 12/16/30<sup>(1)</sup> | 675000 | 674508 |
| First Help Financial LLC, Class C, Series 2024-3A, 5.43%, 03/17/31<sup>(1)</sup> | 570000 | 536177 |
| Five Guys Holdings, Inc., Class A2, Series 2023-1A, 7.55%, 01/26/54<sup>(1)</sup> | 697950 | 724533 |
| Flagship Credit Auto Trust, Class D, Series 2023-1, 6.46%, 05/15/29<sup>(1)</sup> | 510000 | 494180 |
| Foundation Finance Trust, Class A, Series 2024-2A, 4.60%, 03/15/50<sup>(1)</sup> | 250034 | 250702 |
| GLS Auto Receivables Issuer Trust, Class C, Series 2024-2A, 6.03%, 02/15/30<sup>(1)</sup> | 245000 | 250153 |
| GLS Auto Receivables Issuer Trust, Class D, Series 2022-2A, 6.15%, 04/17/28<sup>(1)</sup> | 58410 | 58914 |
| GLS Auto Receivables Issuer Trust, Class D, Series 2025-1A, 5.61%, 11/15/30<sup>(1)</sup> | 900000 | 911111 |
| GLS Auto Select Receivables Trust, Class C, Series 2024-3A, 5.92%, 08/15/30<sup>(1)</sup> | 425000 | 438508 |
| Hardee's Funding LLC, Class A2, Series 2024-1A, 7.25%, 03/20/54<sup>(1)</sup> | 842175 | 873303 |
| Hilton Grand Vacations Trust, Class A, Series 2024-2A, 5.50%, 03/25/38<sup>(1)</sup> | 216315 | 220997 |
| Hinnt, Class A, Series 2024-A, 5.49%, 03/15/43<sup>(1)</sup> | 430345 | 436462 |
| Jersey Mike's Funding LLC, Class A2, Series 2024-1A, 5.64%, 02/15/55<sup>(1)</sup> | 537300 | 546356 |
| LAD Auto Receivables Trust, Class D, Series 2021-1A, 3.99%, 11/15/29<sup>(1)</sup> | 37881 | 37843 |
| LAD Auto Receivables Trust, Class D, Series 2023-2A, 6.30%, 02/15/31<sup>(1)</sup> | 135000 | 137589 |
| Lendbuzz Securitization Trust, Class A2, Series 2023-2A, 7.09%, 10/16/28<sup>(1)</sup> | 41386 | 41842 |

---

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| Lendbuzz Securitization Trust, Class A2, Series 2024-2A, 5.99%, 05/15/29<sup>(1)</sup> | $148274<br>| $149013<br>|
| Lendbuzz Securitization Trust, Class B, Series 2024-3A, 5.03%, 11/15/30<sup>(1)</sup> | 437000 | 431694 |
| Libra Solutions LLC, Class A, Series 2024-1A, 5.88%, 09/30/38<sup>(1)</sup> | 360000 | 359667 |
| Mariner Finance Issuance, Class A, Series 2025-AA, 4.98%, 05/20/38<sup>(1)</sup> | 780000 | 787167 |
| Mercury Financial Credit Card Master Trust, Class A, Series 2024-2A, 6.56%, <br>07/20/29<sup>(1)</sup> | 525000 | 528280 |
| Metronet Infrastructure Issuer LLC, Class A2, Series 2025-2A, 5.40%, 08/20/55<sup>(1)</sup> | 560000 | 567463 |
| MMP Capital LLC, Class B, Series 2025-A, 5.72%, 12/15/31<sup>(1)</sup> | 835000 | 851810 |
| Momnt Technologies Trust, Class A, Series 2023-1A, 6.92%, 03/20/45<sup>(1)</sup> | 20563 | 20592 |
| Mpower Education Trust, Class A, Series 2025-A, 6.62%, 07/21/42<sup>(1)</sup> | 445971 | 451818 |
| MVW LLC, Class A, Series 2024-1A, 5.32%, 02/20/43<sup>(1)</sup> | 128445 | 130259 |
| MVW LLC, Class B, Series 2021-1WA, 1.44%, 01/22/41<sup>(1)</sup> | 279469 | 268276 |
| Octane Receivables Trust 2025-1, Class A2, Series 2025-1A, 4.25%, 02/20/31<sup>(1)</sup> | 810000 | 808776 |
| OneMain Direct Auto Receivables Trust, Class C, Series 2022-1A, 5.31%, 06/14/29<sup>(1)</sup> | 355000 | 355347 |
| OneMain Financial Issuance Trust, Class A, Series 2022-3A, 5.94%, 05/15/34<sup>(1)</sup> | 128803 | 129904 |
| Oportun Issuance Trust, Class B, Series 2024-2, 5.83%, 02/09/32<sup>(1)</sup> | 380000 | 381191 |
| Peac Solutions Receivables, Class B, Series 2024-1A, 5.79%, 11/20/30<sup>(1)</sup> | 270000 | 277287 |
| Planet Fitness Master Issuer LLC, Class A2I, Series 2024-1A, 5.77%, 06/05/54<sup>(1)</sup> | 564300 | 572633 |
| Powerpay Issuance Trust, Class A, Series 2024-1A, 6.53%, 02/18/39<sup>(1)</sup> | 105186 | 108440 |
| Purchasing Power Funding, Class B, Series 2024-A, 6.43%, 08/15/28<sup>(1)</sup> | 180000 | 181327 |
| RCKT Mortgage Trust, Class A1A, Series 2023-CES3, 7.11%, 11/25/43<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 597393 | 606545 |
| RCKT Mortgage Trust, Class A1A, Series 2024-CES3, 6.59%, 05/25/44<sup>(1)</sup><sup>(2)</sup><sup>(9)</sup> | 351186 | 356368 |
| RCKT Trust, Class C, Series 2025-1A, 5.16%, 07/25/34<sup>(1)</sup> | 840000 | 839060 |
| Reach ABS Trust, Class B, Series 2024-1A, 6.29%, 02/18/31<sup>(1)</sup> | 160000 | 161262 |
| Reach ABS Trust, Class B, Series 2024-2A, 5.84%, 07/15/31<sup>(1)</sup> | 310000 | 314528 |
| Santander Drive Auto Receivables Trust, Class C, Series 2022-5, 4.74%, 10/16/28 | 39341 | 39369 |
| Scalelogix Abs US Issuer LLC, Class A2, Series 2025-1A, 5.67%, 07/25/55<sup>(1)</sup> | 700000 | 694407 |
| Star Trust, Class A, Series 2025-SFR5, 5.48%, (1-Month SOFR + 1.45%), 02/17/42<sup>(1)</sup><sup>(2)</sup> | 339552 | 339913 |
| Switch ABS Issuer LLC, Class A2, Series 2024-2A, 5.44%, 06/25/54<sup>(1)</sup> | 700000 | 702991 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| Taco Bell Funding LLC, Class A2I, Series 2025-1A, 4.82%, 08/25/55<sup>(1)</sup> | $755000<br>| $753058<br>|
| Trafigura Securitisation Finance PLC, Class A2, Series 2024-1A, 5.98%, 11/15/27<sup>(1)</sup> | 635000 | 644984 |
| TSC SPV Funding LLC, Class A2, Series 2024-1A, 6.29%, 08/20/54<sup>(1)</sup> | 317600 | 322296 |
| United Auto Credit Securitization Trust, Class D, Series 2022-2, 6.84%, 01/10/28<sup>(1)</sup> | 386740 | 387615 |
| Upgrade Master Pass-Through Trust, Class A, Series 2025-ST4, 5.50%, 08/16/32<sup>(1)</sup> | 611621 | 613443 |
| Upx Hil Issuer Trust, Class A, Series 2025-1, 5.16%, 01/25/47<sup>(1)</sup> | 399127 | 400554 |
| Usq Rail III LLC, Class A, Series 2024-1A, 4.99%, 09/28/54<sup>(1)</sup> | 374331 | 375510 |
| Veros Auto Receivables Trust, Class C, Series 2024-1, 7.57%, 12/15/28<sup>(1)</sup> | 250000 | 256055 |
| Westlake Automobile Receivables Trust, Class B, Series 2024-1A, 5.55%, 11/15/27<sup>(1)</sup> | 218000 | 219152 |
| Westlake Automobile Receivables Trust, Class C, Series 2025-2A, 4.85%, 01/15/31<sup>(1)</sup> | 700000 | 703227 |
| ZAXBY'S Funding LLC, Class A2, Series 2021-1A, 3.24%, 07/30/51<sup>(1)</sup> | 225970 | 211675 |
| **Total Asset Backed Securities** |  |  |
| (Cost $31,362,038) |  | **31535003** |
| **TERM LOANS — 7.9%** | **TERM LOANS — 7.9%** |  |
|  |  |  |
| **Aerospace — 0.0%<sup>(10)</sup>** | **Aerospace — 0.0%<sup>(10)</sup>** |  |
| Rand Parent LLC, 7.00%, (3-Month SOFR + 3.00%), 03/17/30<sup>(2)</sup> | 149623 | 147130 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** |  |
| INEOS US Finance LLC, 7.21%, (1-Month SOFR + 3.25%), 02/18/30<sup>(2)</sup> | 288409 | 248438 |
| Lummus Technology Holdings V LLC, 0.00%, (SOFR + 0.00%), 12/31/29<sup>(11)</sup> | 220000 | 219886 |
| Lummus Technology Holdings V LLC, 6.46%, (1-Month SOFR + 2.50%), 12/31/29<sup>(2)</sup> | 142559 | 142485 |
| Nouryon Finance BV, 7.04%, (1-Month SOFR + 3.25%), 04/03/28<sup>(2)</sup> | 298589 | 298775 |
| Total Chemicals |  | 909584 |
| **Consumer Durables — 0.2%** | **Consumer Durables — 0.2%** |  |
| Beach Acquisition Bidco LLC, 7.31%, (1-Month SOFR + 3.25%), 09/12/32<sup>(2)</sup> | 270000 | 271800 |
| Gloves Buyer, Inc., 7.96%, (1-Month SOFR + 4.00%), 05/21/32<sup>(2)</sup> | 155000 | 153159 |
| White Cap Supply Holdings LLC, 7.21%, (1-Month SOFR + 3.25%), 10/19/29<sup>(2)</sup> | 178200 | 178839 |
| Total Consumer Durables |  | 603798 |
| **Consumer Non-Durables – 0.2%** | **Consumer Non-Durables – 0.2%** |  |
| Aggreko Holdings, Inc., 7.22%, (1-Month SOFR + 3.00%), 05/21/31<sup>(2)</sup> | 362992 | 365716 |

---

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | **TERM LOANS (continued)** | **TERM LOANS (continued)** |
| **Consumer Non-Durables (continued)** |  |  |
| AI Aqua Merger Sub, Inc., 7.13%, (1-Month SOFR + 3.00%), 07/31/28<sup>(2)</sup> | $223027<br>| $223766<br>|
| Total Consumer Non-Durables |  | 589482 |
| **Consumer, Cyclical — 0.1%** | **Consumer, Cyclical — 0.1%** |  |
| TRQ Sales LLC, 0.00%, (SOFR + 0.00%), 08/13/32<sup>(11)</sup> | 160000 | 158266 |
| **Energy — 0.5%** | **Energy — 0.5%** |  |
| AL GCX Fund VIII Holdings LLC, 0.00%, (SOFR + 0.00%), 01/30/32(11) | 180000 | 179943 |
| Blackfin Pipeline LLC, 7.00%, (1-Month SOFR + 3.00%), 10/01/32<sup>(2)</sup> | 290000 | 290273 |
| CVR CHC LP, 8.00%, (3-Month SOFR + 4.00%), 12/30/27<sup>(2)</sup> | 332743 | 333991 |
| EPIC Crude Services LP, 6.34%, (1-Month SOFR + 2.50%), 10/15/31<sup>(2)</sup> | 157846 | 158791 |
| Freeport LNG Investments LLLP, 7.12%, (3-Month SOFR + 3.25%), 12/21/28<sup>(2)</sup> | 253388 | 254258 |
| M6 ETX Holdings II Midco LLC, 6.46%, (1-Month SOFR + 2.50%), 04/01/32<sup>(2)</sup> | 173325 | 173840 |
| Traverse Midstream Partners LLC, 6.34%, (3-Month SOFR + 2.50%), 02/16/28<sup>(2)</sup> | 98688 | 99119 |
| Total Energy |  | 1490215 |
| **Financials — 0.7%** | **Financials — 0.7%** |  |
| Acrisure LLC, 6.96%, (1-Month SOFR + 3.00%), 11/06/30<sup>(2)</sup> | 232270 | 232415 |
| Ardonagh Group Finco Pty Ltd., 6.95%, (1-Month SOFR + 2.75%), 02/15/31<sup>(2)</sup> | 115855 | 115710 |
| Ardonagh Group Finco Pty Ltd., 6.95%, (1-Month SOFR + 2.75%), 02/15/31<sup>(2)</sup> | 98072 | 97949 |
| Broadstreet Partners Group LLC, 6.71%, (1-Month SOFR + 2.75%), 06/13/31<sup>(2)</sup> | 357057 | 358293 |
| CRC Insurance Group LLC, 0.00%, (SOFR + 0.00%), 05/06/31<sup>(11)</sup> | 310000 | 310197 |
| CRC Insurance Group LLC, 6.75%, (3-Month SOFR + 2.75%), 05/06/31<sup>(2)</sup> | 265000 | 265168 |
| Focus Financial Partners LLC, 6.71%, (1-Month SOFR + 2.75%), 09/15/31<sup>(2)</sup> | 259347 | 260252 |
| PAC Aviation International, Inc., 7.11%, (1-Month SOFR + 3.25%), 10/28/30<sup>(2)</sup> | 470000 | 466329 |
| PEX Holdings LLC, 6.75%, (3-Month SOFR + 2.75%), 11/20/31<sup>(2)</sup> | 233825 | 234215 |
| Total Financials |  | 2340528 |
| **Food/Tobacco — 0.2%** | **Food/Tobacco — 0.2%** |  |
| Aspire Bakeries Holdings LLC, 7.47%, (1-Month SOFR + 3.50%), 12/23/30<sup>(2)</sup> | 203460 | 204987 |
| Dechra Finance US LLC, 7.45%, (6-Month SOFR + 3.25%), 01/27/32<sup>(2)</sup> | 228850 | 229756 |
| Del Monte Foods Corp II, Inc., 13.63%, (1-Month SOFR + 9.60%), 04/02/26<sup>(2)</sup> | 23918 | 19673 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | **TERM LOANS (continued)** | **TERM LOANS (continued)** |
| **Food/Tobacco (continued)** |  |  |
| Del Monte Foods Corp II, Inc., 13.65%, (1-Month SOFR + 9.60%), 04/02/26<sup>(2)</sup> | $16355<br>| $15803<br>|
| Del Monte Foods, Inc., 8.42%, (3-Month SOFR + 4.40%), 08/02/28<sup>(2)</sup><sup>(5)</sup><sup>(7)</sup> | 4389 | 192 |
| Del Monte Foods, Inc., 8.57%, (3-Month SOFR + 4.40%), 08/02/28<sup>(2)</sup><sup>(5)</sup><sup>(7)</sup> | 27045 | 1183 |
| Del Monte Foods, Inc., 8.92%, (3-Month SOFR + 0.00%), 08/02/28<sup>(2)</sup><sup>(7)</sup> | 72377 | 1493 |
| Del Monte Foods, Inc., 12.32%, (3-Month SOFR + 0.00%), 08/02/28<sup>(2)</sup><sup>(7)</sup> | 13808 | 6918 |
| Red SPV LLC, 6.28%, (1-Month SOFR + 2.25%), 03/15/32<sup>(2)</sup> | 234413 | 234412 |
| Total Food/Tobacco |  | 714417 |
| **Forest Prod/Containers — 0.2%** | **Forest Prod/Containers — 0.2%** |  |
| Clydesdale Acquisition Holdings, Inc., 7.14%, (1-Month SOFR + 3.18%), 04/13/29<sup>(2)</sup> | 285000 | 285151 |
| Kloeckner Pentaplast of America, Inc., 9.02%, (6-Month SOFR + 4.98%), 02/12/26<sup>(2)</sup> | 289005 | 127706 |
| Mauser Packaging Solutions Holding Co., 7.13%, (1-Month SOFR + 3.00%), 04/15/27<sup>(2)</sup> | 241590 | 242062 |
| Total Forest Prod/Containers |  | 654919 |
| **Gaming/Leisure — 0.2%** | **Gaming/Leisure — 0.2%** |  |
| Catawba Nation Gaming Authority, 8.71%, (3-Month SOFR + 4.75%), 03/28/32<sup>(2)</sup> | 160000 | 163750 |
| Motion Finco Sarl, 7.50%, (3-Month SOFR + 3.50%), 11/12/29<sup>(2)</sup> | 152887 | 132930 |
| Playtika Holding Corp., 6.83%, (1-Month SOFR + 2.86%), 03/13/28<sup>(2)</sup> | 304204 | 298065 |
| TKO Worldwide Holdings LLC, 6.04%, (3-Month SOFR + 2.00%), 11/21/31<sup>(2)</sup> | 139650 | 140120 |
| Total Gaming/Leisure |  | 734865 |
| **Health Care — 0.9%** |  |  |
| Agiliti Health, Inc., 6.86%, (3-Month SOFR + 3.00%), 05/01/30<sup>(2)</sup> | 136402 | 130179 |
| Amneal Pharmaceuticals LLC, 7.46%, (1-Month SOFR + 3.50%), 08/02/32<sup>(2)</sup> | 170000 | 171629 |
| Bausch & Lomb Corp., 7.96%, (1-Month SOFR + 4.00%), 09/29/28<sup>(2)</sup> | 44100 | 44293 |
| Endo Finance Holdings, Inc., 7.96%, (1-Month SOFR + 4.00%), 04/23/31<sup>(2)</sup> | 29700 | 29570 |
| Financiere Mendel SASU, 6.98%, (3-Month SOFR + 2.75%), 11/08/30<sup>(2)</sup> | 54588 | 54869 |
| Gainwell Acquisition Corp., 8.10%, (3-Month SOFR + 4.10%), 10/01/27<sup>(2)</sup> | 420210 | 417058 |
| Global Medical Response, Inc., 7.38%, (1-Month SOFR + 3.50%), 10/01/32<sup>(2)</sup> | 304680 | 306322 |
| Grifols Worldwide Operations USA, Inc., 6.06%, (3-Month SOFR + 2.10%), 11/15/27<sup>(2)</sup> | 500000 | 500720 |
| Lannett Co., Inc., 2.00%, (SOFR + 0.00%), 06/16/30<sup>(2)</sup><sup>(5)</sup> | 1279 | 982 |
| LifePoint Health, Inc., 7.65%, (3-Month SOFR + 3.75%), 05/16/31<sup>(2)</sup> | 237386 | 237842 |

---

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | **TERM LOANS (continued)** | **TERM LOANS (continued)** |
| **Health Care (continued)** | **Health Care (continued)** |  |
| LifePoint Health, Inc., 7.78%, (3-Month SOFR + 3.75%), 05/16/31<sup>(2)</sup> | $599<br>| $601<br>|
| LifePoint Health, Inc., 7.66%, (3-Month SOFR + 3.50%), 05/19/31<sup>(2)</sup> | 24751 | 24772 |
| ModivCare, Inc, 6.00%, (3-Month SOFR + 2.00%), 07/01/31<sup>(2)</sup><sup>(7)</sup> | 60264 | 26240 |
| Radiology Partners, Inc., 8.50%, (1-Month SOFR + 4.50%), 06/30/32<sup>(2)</sup> | 255000 | 254974 |
| Snacking Investments US LLC, 0.00%, (SOFR + 0.00%), 10/12/32(11) | 75000 | 75390 |
| Southern Veterinary Partners LLC, 6.37%, (3-Month SOFR + 2.50%), 12/04/31<sup>(2)</sup> | 273501 | 273635 |
| Star Parent, Inc., 0.00%, (SOFR + 0.00%), 09/27/30(11) | 294253 | 295106 |
| Upstream Newco, Inc., 8.35%, (3-Month SOFR + 4.51%), 11/20/26<sup>(2)</sup> | 21544 | 18812 |
| VetStrategy Canada Holdings, Inc., 7.75%, (3-Month SOFR + 3.75%), 12/12/28<sup>(2)</sup> | 104207 | 104780 |
| Total Health Care |  | 2967774 |
| **Housing — 0.2%** | **Housing — 0.2%** |  |
| Chariot Buyer LLC, 6.96%, (1-Month SOFR + 3.00%), 09/08/32<sup>(2)</sup> | 267823 | 268995 |
| Cornerstone Building Brands, Inc., 7.38%, (1-Month SOFR + 3.35%), 04/12/28<sup>(2)</sup> | 103376 | 94948 |
| Cornerstone Building Brands, Inc., 8.53%, (1-Month SOFR + 4.50%), 05/15/31<sup>(2)</sup> | 79200 | 69845 |
| Green Infrastructure Partners, Inc., 6.75%, (1-Month SOFR + 2.75%), 09/24/32<sup>(2)</sup> | 150000 | 150422 |
| Hunter Douglas, Inc., 7.25%, (3-Month SOFR + 3.25%), 01/17/32<sup>(2)</sup> | 84932 | 85273 |
| Total Housing |  | 669483 |
| **Information Technology — 0.9%** | **Information Technology — 0.9%** |  |
| Applied Systems, Inc., 6.50%, (3-Month SOFR + 2.25%), 02/24/31<sup>(2)</sup> | 513713 | 515287 |
| Applied Systems, Inc., 8.50%, (3-Month SOFR + 4.50%), 02/23/32<sup>(2)</sup> | 10000 | 10243 |
| Central Parent LLC, 7.25%, (3-Month SOFR + 3.25%), 07/06/29<sup>(2)</sup> | 255347 | 211037 |
| Cloud Software Group, Inc., 7.25%, (3-Month SOFR + 3.25%), 03/21/31<sup>(2)</sup> | 379000 | 379504 |
| ConnectWise LLC, 7.76%, (3-Month SOFR + 3.76%), 09/29/28<sup>(2)</sup> | 132282 | 132636 |
| Delivery Hero Finco LLC, 9.23%, (3-Month SOFR + 5.00%), 12/12/29<sup>(2)</sup> | 177300 | 178888 |
| ECL Entertainment LLC, 6.96%, (1-Month SOFR + 3.00%), 08/30/30<sup>(2)</sup> | 218550 | 218209 |
| Genesys Cloud Services, Inc., 6.46%, (1-Month SOFR + 2.50%), 01/30/32<sup>(2)</sup> | 99749 | 98801 |
| Indicor LLC, 6.75%, (3-Month SOFR + 2.75%), 11/22/29<sup>(2)</sup> | 341204 | 342664 |
| ION Platform Finance US, Inc., 7.69%, (1-Month SOFR + 3.75%), 09/30/32<sup>(2)</sup> | 220000 | 215875 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | **TERM LOANS (continued)** | **TERM LOANS (continued)** |
| **Information Technology (continued)** | **Information Technology (continued)** |  |
| Project Ruby Ultimate Parent Corp., 6.83%, (1-Month SOFR + 2.86%), 03/10/28<sup>(2)</sup> | $122642<br>| $123102<br>|
| Proofpoint, Inc, 0.00%, (SOFR + 0.00%), 08/31/28<sup>(11)</sup> | 45000 | 45276 |
| Proofpoint, Inc, 6.96%, (1-Month SOFR + 3.00%), 08/31/28<sup>(2)</sup> | 217200 | 218532 |
| Rocket Software, Inc., 7.71%, (1-Month SOFR + 3.75%), 11/28/28<sup>(2)</sup> | 187382 | 186897 |
| UKG, Inc., 6.34%, (1-Month SOFR + 2.50%), 02/10/31<sup>(2)</sup> | 166763 | 166933 |
| Total Information Technology |  | 3043884 |
| **Manufacturing — 0.5%** | **Manufacturing — 0.5%** |  |
| Arcline FM Holdings LLC, 6.68%, (3-Month SOFR + 2.75%), 06/24/30<sup>(2)</sup> | 245555 | 246691 |
| CPM Holdings, Inc, 8.63%, (1-Month SOFR + 4.50%), 09/28/28<sup>(2)</sup> | 230604 | 230172 |
| Dynamo US Bidco, Inc., 7.36%, (3-Month SOFR + 3.25%), 09/30/31<sup>(2)</sup> | 69300 | 69690 |
| Innio Holding GmbH, 0.00%, (SOFR + 0.00%), 11/02/28(11) | 270000 | 270506 |
| Lsf12 Crown US Commercial Bidco, LLC, 7.66%, (1-Month SOFR + 3.50%), 12/02/31<sup>(2)</sup> | 259350 | 261213 |
| Magnera Corp., 8.45%, (3-Month SOFR + 4.25%), 11/04/31<sup>(2)</sup> | 256109 | 242791 |
| TK Elevator Midco Gmbh, 7.20%, (1-Month SOFR + 3.00%), 04/30/30<sup>(2)</sup> | 208951 | 210476 |
| Total Manufacturing |  | 1531539 |
| **Media/Telecom - Broadcasting — 0.4%** | **Media/Telecom - Broadcasting — 0.4%** |  |
| CMG Media Corp., 7.60%, (3-Month SOFR + 3.60%), 06/18/29<sup>(2)</sup> | 233903 | 216945 |
| Directv Financing LLC, 9.35%, (3-Month SOFR + 5.51%), 08/02/29<sup>(2)</sup> | 269315 | 270101 |
| EOC Borrower LLC, 6.96%, (1-Month SOFR + 3.00%), 03/24/32<sup>(2)</sup> | 284288 | 286124 |
| Gray Media, Inc., 7.25%, (1-Month SOFR + 3.00%), 12/01/28<sup>(2)</sup> | 183544 | 184066 |
| Univision Communications, Inc., 7.58%, (1-Month SOFR + 3.50%), 01/31/29<sup>(2)</sup> | 226925 | 225251 |
| Total Media/Telecom - Broadcasting |  | 1182487 |
| **Media/Telecom - Cable/Wireless Video – 0.2%** | **Media/Telecom - Cable/Wireless Video – 0.2%** |  |
| Cogeco Communications USA II LP, 7.21%, (1-Month SOFR + 3.25%), 09/18/30<sup>(2)</sup> | 187962 | 185518 |
| CSC Holdings LLC, 8.53%, (1-Month SOFR + 4.50%), 01/18/28<sup>(2)</sup> | 235777 | 233982 |
| Eagle Broadband Investments LLC, 7.26%, (3-Month SOFR + 3.26%), 11/12/27<sup>(2)</sup> | 364530 | 360103 |
| Total Media/Telecom - Cable/Wireless Video |  | 779603 |

---

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | **TERM LOANS (continued)** | **TERM LOANS (continued)** |
| **Media/Telecom - Diversified Media — 0.2%** | **Media/Telecom - Diversified Media — 0.2%** |  |
| Century DE Buyer LLC, 6.84%, (3-Month SOFR + 3.00%), 10/30/30<sup>(2)</sup> | $220681<br>| $221729<br>|
| McGraw-Hill Education, Inc., 6.81%, (1-Month SOFR + 2.85%), 08/06/31<sup>(2)</sup> | 175000 | 175000 |
| Neptune Bidco US, Inc., 9.01%, (3-Month SOFR + 5.10%), 04/11/29<sup>(2)</sup> | 404345 | 391558 |
| Total Media/Telecom - Diversified Media |  | 788287 |
| **Media/Telecom - Wireless Communications – 0.1%** | **Media/Telecom - Wireless Communications – 0.1%** |  |
| Viasat, Inc., 8.58%, (1-Month SOFR + 4.61%), 03/02/29<sup>(2)</sup> | 216694 | 215475 |
| **Retail — 0.2%** | **Retail — 0.2%** |  |
| CNT Holdings I Corp., 6.09%, (3-Month SOFR + 2.25%), 11/08/32<sup>(2)</sup> | 263403 | 264159 |
| Harbor Freight Tools USA, Inc, 6.21%, (1-Month SOFR + 2.25%), 06/11/31<sup>(2)</sup> | 221170 | 218584 |
| Petco Health & Wellness Co., Inc., 7.51%, (3-Month SOFR + 3.51%), 03/03/28<sup>(2)</sup> | 270000 | 266638 |
| Total Retail |  | 749381 |
| **Service — 1.3%** | **Service — 1.3%** |  |
| AlixPartners LLP, 5.96%, (1-Month SOFR + 2.00%), 08/12/32<sup>(2)</sup> | 420000 | 418891 |
| Allied Universal Holdco LLC, 7.31%, (1-Month SOFR + 3.35%), 08/20/32<sup>(2)</sup> | 270000 | 271400 |
| Amentum Holdings, Inc., (SOFR + 0.00%), 09/29/31(11) | 325000 | 325325 |
| Ascend Learning LLC, 6.96%, (1-Month SOFR + 3.00%), 12/11/28<sup>(2)</sup> | 182474 | 182607 |
| BIFM CA Buyer, Inc., 7.21%, (1-Month SOFR + 3.25%), 05/31/28<sup>(2)</sup> | 168801 | 169487 |
| Cotiviti, Inc., 6.88%, (1-Month SOFR + 2.75%), 05/01/31<sup>(2)</sup> | 207298 | 200216 |
| DG Investment Intermediate Holdings 2, Inc., 7.71%, (1-Month SOFR + 3.75%), 07/09/32<sup>(2)</sup> | 218016 | 218835 |
| Fugue Finance LLC, 6.95%, (1-Month SOFR + 2.75%), 01/09/32<sup>(2)</sup> | 174363 | 175031 |
| Garda World Security Corp., 7.05%, (1-Month SOFR + 3.00%), 02/01/29<sup>(2)</sup> | 222315 | 222732 |
| Husky Injection Molding Systems Ltd., 7.59%, (3-Month SOFR + 3.75%), 02/15/29<sup>(2)</sup> | 76801 | 77146 |
| Husky Injection Molding Systems Ltd., 7.92%, (3-Month SOFR + 3.75%), 02/15/29<sup>(2)</sup> | 76801 | 77146 |
| KUEHG Corp., 6.75%, (1-Month SOFR + 2.75%), 06/12/30<sup>(2)</sup> | 83003 | 82855 |
| Lernen US Finco LLC, 7.83%, (1-Month SOFR + 3.50%), 10/27/31<sup>(2)</sup> | 153840 | 154161 |
| Lernen US Finco LLC, 7.84%, (1-Month SOFR + 3.50%), 10/27/31<sup>(2)</sup> | 204488 | 204914 |
| NorthAB LLC, 6.50%, (3-Month SOFR + 2.50%), 11/24/28<sup>(2)</sup> | 430667 | 421900 |
| OMNIA Partners LLC, 6.36%, (3-Month SOFR + 2.50%), 07/25/30<sup>(2)</sup> | 79200 | 79355 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | **TERM LOANS (continued)** | **TERM LOANS (continued)** |
| **Service (continued)** | **Service (continued)** |  |
| OPENLANE, Inc., 6.59%, (1-Month SOFR + 2.50%), 10/08/32<sup>(2)</sup> | $75000<br>| $75187<br>|
| TMF Sapphire Bidco BV, 6.69%, (3-Month SOFR + 2.75%), 05/03/28<sup>(2)</sup> | 351104 | 353006 |
| TMF Sapphire Bidco BV, 6.70%, (3-Month SOFR + 2.75%), 05/03/28<sup>(2)</sup> | 887 | 891 |
| TruGreen LP, 8.06%, (1-Month SOFR + 4.10%), 11/02/27<sup>(2)</sup> | 236949 | 232802 |
| Win Waste Innovations Holdings, Inc., 6.83%, (1-Month SOFR + 2.86%), 03/24/28<sup>(2)</sup> | 326849 | 327626 |
| Total Service |  | 4271513 |
| **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |  |
| Level 3 Financing, Inc., 7.21%, (1-Month SOFR + 3.25%), 03/29/32<sup>(2)</sup> | 215000 | 215000 |
| Numericable US LLC, 8.11%, (1-Month SOFR + 0.00%), 04/30/28<sup>(2)</sup> | 186603 | 183805 |
| Numericable US LLC, 9.05%, (1-Month SOFR + 0.00%), 10/30/28<sup>(2)</sup> | 37098 | 36603 |
| Total Telecommunications |  | 435408 |
| **Transportation - Automotive — 0.2%** | **Transportation - Automotive — 0.2%** |  |
| Mavis Tire Express Services Topco Corp., 7.20%, (3-Month SOFR + 3.00%), 05/04/28<sup>(2)</sup> | 203975 | 204626 |
| Wand NewCo 3, Inc., 6.46%, (1-Month SOFR + 2.50%), 01/30/31<sup>(2)</sup> | 296263 | 295945 |
| Total Transportation - Automotive |  | 500571 |
| **Utilities – 0.1%** | **Utilities – 0.1%** |  |
| Hamilton Projects Acquiror LLC, 6.46%, (1-Month SOFR + 2.50%), 05/30/31<sup>(2)</sup> | 145161 | 146068 |
| WEC US Holdings, Inc., 6.38%, (1-Month SOFR + 2.25%), 01/27/31<sup>(2)</sup> | 153446 | 153975 |
| Total Utilities |  | 300043 |
| **Total Term Loans** |  |  |
| (Cost $26,063,449) |  | **25778652** |
| **U.S. GOVERNMENT SECURITIES – 6.0%** | **U.S. GOVERNMENT SECURITIES – 6.0%** |  |
| U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/55 | 5545000 | 5506012 |
| U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/30/26 | 2440000 | 2452906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/31/29 | 1065000 | 1078000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/30 | 4280000 | 4375882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/34 | 5530000 | 5534968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/35 | 720000 | 751219 |
| **Total U.S. Government Securities** |  |  |
| (Cost $19,364,830) |  | **19698987** |

---

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **EXCHANGE TRADED FUNDS — 0.6%** |  |  |
| **Debt Funds — 0.6%** |  |  |
| iShares iBoxx $ High Yield Corporate Bond ETF | $12928<br>| $1044583<br>|
| SPDR Bloomberg Barclays High Yield Bond ETF | 9747 | 949260 |
| **Total Debt Funds** |  | **1993843** |
| **Total Exchange Traded Funds** |  |  |
| (Cost $1,932,770) |  | **1993843** |
|  | **Shares** |  |
| **COMMON STOCKS — 0.0%<sup>(10)</sup>** |  |  |
| **Communication Services — 0.0%<sup>(10)</sup>** |  |  |
| Altice France SA\* | 6745 | 113159 |
| **Consumer Discretionary — 0.0%<sup>(10)</sup>** |  |  |
| West Marine (Rising Tide)\*<sup>(5)</sup> | 38 |  |
| **Health Care — 0.0%<sup>(10)</sup>** |  |  |
| Lannett Co., Inc.\*<sup>(5)</sup> | 277 | 7172 |
| **Total Common Stocks** |  |  |
| (Cost $99,201) |  | **120331** |
| **MONEY MARKET FUND — 2.8%** |  |  |
| JP Morgan U.S. Government Money Market Institutional Shares, 3.95%<sup>(12)</sup><br>(Cost $9,241,538) | 9241538 | 9241538 |
| **TOTAL INVESTMENTS — 100.2%** |  |  |
| (Cost $320,662,934) |  | **327115875** |
| Liabilities in Excess of Other Assets **—** (0.2)% |  | (491783) |
| **Net Assets - 100.0%** |  | **$** **326624092**<br>|

---

------

† Principal disclosed in USD unless otherwise stated.

\*Non-income producing security.

------

(1)Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. At October 31, 2025, the aggregate value of these securities was $151,987,668, or 46.5% of net assets.

(2)Variable rate instrument. The interest rate shown reflects the rate in effect at October 31, 2025.

(3)Payment in-kind security, which may pay interest/dividends in additional par/shares and/or in cash.

(4)Perpetual security with no contractual maturity date.

(5)Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

(6)Represents step coupon bond. Rate shown reflects the rate in effect as of October 31, 2025.

(7)Security in default, no interest payments are being received.

(8)Represents a zero coupon bond. Rate shown reflects the effective yield.

(9)Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.

(10) Amount rounds to less than 0.05%.

(11) The loan will settle after October 31, 2025, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected.

(12) The rate shown reflects the seven-day yield as of October 31, 2025.

**Abbreviations:**

CMT — Constant Maturity Treasury Index

ETF — Exchange Traded Fund

SOFR — Secured Overnight Financing Rate

**Currency Abbreviations**

BRL Brazilian Real

CZK Czech Koruna

MXN Mexican Peso

MYR Malaysian Ringgit

USD United States Dollar

ZAR South African Rand

**Centrally cleared credit default swaps outstanding as of October 31, 2025 were** **as follows:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Pay/Receive** | **Expiration Date** | **Notional Amount** | **(Pay)/ Receive Fixed Rate<sup>(1)</sup>** | **Payment Frequency**  | **Counterparty** | **Value** | **Unrealized Appreciation/ (Depreciation)<sup>(2)</sup>** |
| CDX.NA.HY.45-V1 | Receive | 12/20/30 | $(5945000) | 5.00% | Quarterly | CITI Group Global Markets, Inc. | $431972 | $8391 |

---

------

(1)The annual fixed rate represents the interest received by the Portfolio (as a seller of protection) or paid by the Portfolio (as a buyer of protection) annually on the notional amount of the credit default swap contract.

(2)Represents the difference between the value of the credit default swap contracts at the time they were opened and the value at October 31, 2025.

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 10/31/2025 (based on net assets) | Asset Allocation as of 10/31/2025 (based on net assets) |
| Corporate Bonds  | 26.8% |
| Foreign Bonds | 23.8% |
| Mortgage Backed Securities | 22.6% |
| Asset Backed Securities | 9.7% |
| Term Loans | 7.9% |

---

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| U.S. Government Securities | 6.0 |
| Money Market Fund | 2.8 |
| Exchange Traded Funds | 0.6 |
| Common Stocks | 0.0 |
| Liabilities in Excess of Other Assets | (0.2 |
| **Total**  | **100.0** |

---

------

\* Amount rounds to less than 0.05%

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $—<br>| $87551774<br>| $61<br><sup>(1)</sup> | $87551835<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Bonds |  | 77579751 |  | 77579751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Backed Securities |  | 73615935 |  | 73615935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities |  | 31535003 |  | 31535003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loans |  | 25776295 | 2357 | 25778652 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities |  | 19698987 |  | 19698987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange Traded Funds | 1993843 |  |  | 1993843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 113159 |  | 7172<sup>(1)</sup> | 120331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 9241538 |  |  | 9241538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps<sup>(2)</sup> |  | 8391 |  | 8391 |
| **Total** | **$** **11348540**<br>| **$** **315766136**<br>| **$** **9590**<br>| **$** **327124266**<br>|

---

------

(1) Includes internally fair valued securities currently priced at zero ($0).

(2) Swap contracts are valued at the net unrealized appreciation (depreciation).

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the year ended October 31, 2025.

Schedule of Investments — Virtus Private Credit Strategy ETF

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS - 58.7**% |  |  |
| **Financials - 58.7**% |  |  |
| Ares Capital Corp. | 29979 | $610073<br>|
| Bain Capital Specialty Finance, Inc. | 54918 | 772696 |
| Barings BDC, Inc. | 84597 | 761373 |
| BCP Investment Corp. | 45070 | 530474 |
| BlackRock TCP Capital Corp. | 195091 | 1108117 |
| Blackstone Secured Lending Fund<sup>(1)</sup> | 25277 | 668324 |
| Capital Southwest Corp.<sup>(1)</sup> | 39476 | 802152 |
| Carlyle Secured Lending, Inc. | 67875 | 857940 |
| CION Investment Corp. | 94937 | 868674 |
| Crescent Capital BDC, Inc.<sup>(1)</sup> | 61886 | 873830 |
| Fidus Investment Corp. | 39165 | 804449 |
| FS KKR Capital Corp. | 68462 | 1033092 |
| Gladstone Capital Corp.<sup>(1)</sup> | 17396 | 337135 |
| Gladstone Investment Corp.<sup>(1)</sup> | 69056 | 954354 |
| Goldman Sachs BDC, Inc.<sup>(1)</sup> | 105949 | 1057371 |
| Golub Capital BDC, Inc.<sup>(1)</sup> | 56610 | 797635 |
| Hercules Capital, Inc. | 40296 | 722104 |
| Horizon Technology Finance Corp.<sup>(1)</sup> | 207669 | 1345695 |
| Main Street Capital Corp.<sup>(1)</sup> | 6744 | 383869 |
| MidCap Financial Investment Corp.<sup>(1)</sup> | 69035 | 838085 |
| Monroe Capital Corp. | 76165 | 531632 |
| Morgan Stanley Direct Lending Fund<sup>(1)</sup> | 29785 | 504856 |
| MSC Income Fund, Inc. | 29644 | 378257 |
| New Mountain Finance Corp. | 96241 | 930650 |
| Nuveen Churchill Direct Lending Corp. | 27530 | 397533 |
| Oaktree Specialty Lending Corp.<sup>(1)</sup> | 78044 | 1087933 |
| OFS Capital Corp. | 65155 | 388975 |
| Oxford Square Capital Corp.<sup>(1)</sup> | 245651 | 466737 |
| PennantPark Floating Rate Capital Ltd. | 91259 | 833195 |
| PennantPark Investment Corp.<sup>(1)</sup> | 136745 | 892945 |
| Prospect Capital Corp.<sup>(1)</sup> | 646367 | 1719336 |
| Runway Growth Finance Corp.<sup>(1)</sup> | 106892 | 1057162 |
| Saratoga Investment Corp.<sup>(1)</sup> | 35666 | 802842 |
| Sixth Street Specialty Lending, Inc. | 26530 | 600109 |
| SLR Investment Corp. | 43994 | 671788 |
| Stellus Capital Investment Corp.<sup>(1)</sup> | 57299 | 686442 |
| TriplePoint Venture Growth BDC Corp.<sup>(1)</sup> | 275590 | 1507477 |
| WhiteHorse Finance, Inc.<sup>(1)</sup> | 64083 | 460116 |
| Total Financials |  | 30045427 |
| Total Common Stocks |  |  |
| (Cost $37,404,175) |  | **30045427** |
| **CLOSED-END FUNDS<sup>(2</sup>**<sup>**)**</sup> **- 39.1%** |  |  |
| Ares Dynamic Credit Allocation Fund, Inc. | 49685 | 677206 |
| BlackRock Debt Strategies Fund, Inc.<sup>(1)</sup> | 76897 | 794346 |
| BlackRock Floating Rate Income Trust | 66017 | 784282 |
| BlackRock Income Trust, Inc. | 76804 | 856365 |
| BlackRock Limited Duration Income Trust | 50037 | 695514 |
| BlackRock Technology and Private Equity <br>Term Trust | 132212 | 922840 |
| Blackstone Senior Floating Rate Term Fund | 48571 | 673680 |
| Blackstone Strategic Credit Term Fund | 54408 | 644191 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **CLOSED-END FUNDS<sup>(2)</sup>** **(continued)** |  |  |
| Eagle Point Credit Co., Inc.<sup>(1)</sup> | 296965 | $1844153<br>|
| Eaton Vance Floating-Rate Income Trust | 67955 | 780803 |
| Eaton Vance Senior Income Trust | 156081 | 845959 |
| First Trust Senior Floating Rate Income Fund II | 82855 | 804522 |
| FS Credit Opportunities Corp. | 88023 | 579191 |
| Invesco Senior Income Trust | 302332 | 994672 |
| KKR Income Opportunities Fund | 72277 | 875274 |
| Nuveen Credit Strategies Income Fund | 157874 | 809894 |
| Nuveen Floating Rate Income Fund<sup>(1)</sup> | 107838 | 851920 |
| OFS Credit Co., Inc.<sup>(1)</sup> | 410313 | 1977709 |
| Oxford Lane Capital Corp.<sup>(1)</sup> | 127004 | 1977452 |
| Sound Point Meridian Capital, Inc. | 27088 | 448848 |
| XAI Octagon Floating Rate Alternative Income Trust<sup>(1)</sup> | 244342 | 1209493 |
| Total Closed-End Funds |  |  |
| (Cost $23,696,968) |  | **20048314** |
| **SECURITIES LENDING COLLATERAL - 22.6%** | **SECURITIES LENDING COLLATERAL - 22.6%** |  |
| **Money Market Fund - 22.6%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.00%<sup>(3)</sup><sup>(4)</sup> |  |  |
| (Cost $11,592,961) | 11592961 | **11592961** |
| **TOTAL INVESTMENTS - 120.4%** |  |  |
| (Cost $72,694,104) | (Cost $72,694,104) | **61686702** |
| Liabilities in Excess of Other Assets - (20.4)% | Liabilities in Excess of Other Assets - (20.4)% | (10435935) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$** **51250767**<br>|

---

------

(1)All or a portion of the security was on loan. The aggregate market value of securities on loan was $13,878,812; total market value of collateral held by the Fund was $14,165,324. Market value of the collateral held includes non-cash U.S. Treasury securities having a value of $2,572,363.

(2)Shares of each fund are publicly offered, and each prospectus and annual report are publicly available.

(3)Represents securities purchased with cash collateral received for securities on loan.

(4)The rate shown reflects the seven-day yield as of October 31, 2025.

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 10/31/2025 (based on net assets) | Asset Allocation as of 10/31/2025 (based on net assets) |
| Financials | 58.7% |
| Closed-End Funds | 39.1% |
| Money Market Fund | 22.6% |
| Liabilities in Excess of Other Assets | (20.4)% |
| **Total** | **100.0**% |

---

Schedule of Investments — Virtus Private Credit Strategy ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $30045427<br>| $—<br>| $—<br>| $30045427<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Closed-End Funds | 20048314 |  |  | 20048314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 11592961 |  |  | 11592961 |
| **Total** | $61686702<br>| $—<br>| $—<br>| $61686702<br>|

---

Schedule of Investments — Virtus Real Asset Income ETF

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS - 96.9%** |  |  |
| **Communication Services - 4.5%** |  |  |
| America Movil SAB de CV (Mexico)<sup>(1)</sup> | 8402 | $191314<br>|
| KT Corp. (South Korea)<sup>(1)</sup> | 8891 | 164928 |
| Mobile TeleSystems PJSC (Russia)\*<sup>(2)</sup> | 387202 | 0 |
| Spok Holdings, Inc. | 9866 | 140985 |
| TIM SA (Brazil)<sup>(1)</sup> | 7982 | 180313 |
| Total Communication Services |  | 677540 |
| **Consumer Discretionary - 1.1%** |  |  |
| Cosan SA (Brazil)\*<sup>(1)</sup><sup>(3)</sup> | 37131 | 170431 |
| **Energy - 42.6%** |  |  |
| Alliance Resource Partners LP | 7420 | 181567 |
| APA Corp.<sup>(3)</sup> | 7313 | 165639 |
| Berry Corp. | 44499 | 149962 |
| Black Stone Minerals LP<sup>(3)</sup> | 13364 | 176271 |
| California Resources Corp. | 3154 | 148774 |
| Canadian Natural Resources Ltd. (Canada) | 5377 | 172172 |
| Cenovus Energy, Inc. (Canada) | 10103 | 170943 |
| Cheniere Energy Partners LP<sup>(3)</sup> | 3348 | 174665 |
| Chord Energy Corp. | 1722 | 156220 |
| Civitas Resources, Inc. | 5296 | 152684 |
| CVR Energy, Inc.\* | 4881 | 173715 |
| Diamondback Energy, Inc. | 1244 | 178128 |
| Dorchester Minerals LP<sup>(3)</sup> | 6868 | 173486 |
| Ecopetrol SA (Colombia)<sup>(1)</sup><sup>(3)</sup> | 19163 | 178599 |
| Energy Transfer LP | 10079 | 169630 |
| EOG Resources, Inc. | 1496 | 158337 |
| Equinor ASA (Norway)<sup>(1)</sup> | 7067 | 169325 |
| Expand Energy Corp. | 1757 | 181516 |
| Geopark Ltd. (Colombia)<sup>(3)</sup> | 28491 | 230492 |
| Hess Midstream LP Class A | 4913 | 166796 |
| HF Sinclair Corp. | 3294 | 169970 |
| Imperial Oil Ltd. (Canada)<sup>(3)</sup> | 1863 | 164335 |
| Kimbell Royalty Partners LP | 12742 | 168704 |
| MPLX LP | 3450 | 175122 |
| Murphy Oil Corp.<sup>(3)</sup> | 6373 | 180356 |
| Northern Oil & Gas, Inc.<sup>(3)</sup> | 6822 | 150971 |
| Ovintiv, Inc. | 4182 | 156867 |
| Patterson-UTI Energy, Inc. | 32033 | 200847 |
| Permian Basin Royalty Trust<sup>(3)</sup> | 9597 | 177161 |
| Petroleo Brasileiro SA - Petrobras (Brazil)<sup>(1)</sup> | 13574 | 158001 |
| Plains All American Pipeline LP | 10229 | 168267 |
| Plains GP Holdings LP Class A\*<sup>(3)</sup> | 9529 | 164566 |
| Sabine Royalty Trust | 2217 | 159491 |
| Suncor Energy, Inc. (Canada) | 4133 | 164535 |
| Tenaris SA<sup>(1)</sup><sup>(3)</sup> | 4966 | 197647 |
| Viper Energy, Inc. Class A | 4624 | 173677 |
| Western Midstream Partners LP<sup>(3)</sup> | 4507 | 168877 |
| Woodside Energy Group Ltd. (Australia)<sup>(1)</sup><sup>(3)</sup> | 11449 | 185588 |
| Total Energy |  | 6513903 |
| **Information Technology - 1.2%** |  |  |
| Ituran Location and Control Ltd. (Israel) | 4849 | 186735 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Materials - 3.2%** |  |  |
| CVR Partners LP | 1912 | $181048<br>|
| Mosaic Co. (The) | 5165 | 141779 |
| Ryerson Holding Corp. | 7650 | 168759 |
| Total Materials |  | 491586 |
| **Real Estate - 31.4%** |  |  |
| American Assets Trust, Inc. | 8321 | 159014 |
| American Tower Corp. | 894 | 160008 |
| Apple Hospitality REIT, Inc. | 14083 | 157589 |
| Brixmor Property Group, Inc. | 6304 | 164913 |
| Camden Property Trust | 1596 | 158770 |
| Crown Castle, Inc. | 1831 | 165193 |
| CubeSmart | 4309 | 162320 |
| EastGroup Properties, Inc. | 1024 | 178719 |
| EPR Properties | 3062 | 150099 |
| Equity LifeStyle Properties, Inc. | 2859 | 174542 |
| Essential Properties Realty Trust, Inc. | 5746 | 171690 |
| Extra Space Storage, Inc. | 1246 | 166391 |
| First Industrial Realty Trust, Inc. | 3320 | 183530 |
| Gaming and Leisure Properties, Inc. | 3772 | 168458 |
| InvenTrust Properties Corp. | 5865 | 160701 |
| Invitation Homes, Inc. | 5815 | 163692 |
| Kimco Realty Corp. | 7931 | 163854 |
| Kite Realty Group Trust | 7820 | 173135 |
| LXP Industrial Trust | 18666 | 177140 |
| Mid-America Apartment Communities, Inc. | 1222 | 156697 |
| National Storage Affiliates Trust | 5784 | 168257 |
| Public Storage | 617 | 171872 |
| Rexford Industrial Realty, Inc. | 4092 | 169081 |
| SITE Centers Corp. | 19665 | 144144 |
| Tanger, Inc. | 5188 | 168921 |
| Terreno Realty Corp.<sup>(3)</sup> | 2935 | 167677 |
| Urban Edge Properties | 8451 | 162513 |
| VICI Properties, Inc. | 5493 | 164735 |
| Weyerhaeuser Co. | 7117 | 163691 |
| Total Real Estate |  | 4797346 |
| **Utilities - 12.9%** |  |  |
| Alliant Energy Corp. | 2689 | 179679 |
| American Electric Power Co., Inc. | 1613 | 193979 |
| Brookfield Infrastructure Partners LP (Canada) | 5530 | 188960 |
| Cia Energetica de Minas Gerais (Brazil)<sup>(1)</sup> | 83409 | 174325 |
| Dominion Energy, Inc. | 2886 | 169379 |
| Enel Chile SA (Chile)<sup>(1)</sup> | 44963 | 173108 |
| Entergy Corp. | 1935 | 185934 |
| Evergy, Inc. | 2391 | 183653 |
| National Grid PLC (United Kingdom)<sup>(1)</sup><sup>(3)</sup> | 2433 | 183083 |
| New Jersey Resources Corp. | 3708 | 164264 |
| WEC Energy Group, Inc. | 1572 | 175640 |
| Total Utilities |  | 1972004 |
| Total Common Stocks |  |  |
| (Cost $16,601,599) |  | **14809545** |

---

Schedule of Investments — Virtus Real Asset Income ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **SECURITIES LENDING COLLATERAL - 8.4%** |  |  |
| **Money Market Fund - 8.4%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.00%<sup>(4)</sup><sup>(5)</sup> |  |  |
| (Cost $1,283,054) | 1283054 | **$** **1283054**<br>|
| **TOTAL INVESTMENTS - 105.3%** |  |  |
| (Cost $17,884,653) | (Cost $17,884,653) | **16092599** |
| Liabilities in Excess of Other Assets - (5.3)% | Liabilities in Excess of Other Assets - (5.3)% | (809610) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$** **15282989**<br>|

---

------

\*Non-income producing security.

(1)American Depositary Receipts.

(2)Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

(3)All or a portion of the security was on loan. The aggregate market value of securities on loan was $2,505,664; total market value of collateral held by the Fund was $2,591,356. Market value of the collateral held includes non-cash U.S. Treasury securities having a value of $1,308,302.

(4)Represents securities purchased with cash collateral received for securities on loan.

(5)The rate shown reflects the seven-day yield as of October 31, 2025.

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 10/31/2025 (based on net assets) | Asset Allocation as of 10/31/2025 (based on net assets) |
| Energy | 42.6% |
| Real Estate | 31.4% |
| Utilities | 12.9% |
| Communication Services | 4.5% |
| Materials | 3.2% |
| Information Technology | 1.2% |
| Consumer Discretionary | 1.1% |
| Money Market Fund | 8.4% |
| Liabilities in Excess of Other Assets | (5.3)% |
| **Total** | **100.0**% |

---

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $14809545<br>| $—<br>| $—<br><sup>(1)</sup> | $14809545<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 1283054 |  |  | 1283054 |
| **Total** | **$** **16092599**<br>| **$** **—**<br>| **$** **—**<br>| **$** **16092599**<br>|

---

------

(1)Includes internally fair valued securities currently priced at zero ($0). The value of level 3 security represents valuations of Russian Common Stock for which Management has determined include significant unobservable inputs as of October 31, 2025.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the year ended October 31, 2025.

Schedule of Investments — Virtus WMC International Dividend ETF

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS - 97.7%** |  |  |
| **Australia - 7.4%** |  |  |
| ANZ Group Holdings Ltd. | 997 | $23908<br>|
| APA Group | 23429 | 140726 |
| BHP Group Ltd. | 2768 | 78692 |
| CAR Group Ltd. | 564 | 13174 |
| Fortescue Ltd. | 6819 | 94989 |
| Rio Tinto PLC | 3444 | 248207 |
| Sonic Healthcare Ltd. | 2235 | 30944 |
| Stockland | 38601 | 159370 |
| Transurban Group | 14450 | 136903 |
| Vicinity Ltd. | 42898 | 70732 |
| Total Australia |  | 997645 |
| **Austria - 1.1%** |  |  |
| Mondi PLC | 1106 | 12353 |
| OMV AG | 2550 | 139497 |
| Total Austria |  | 151850 |
| **Belgium - 1.2%** |  |  |
| Ageas SA/NV | 418 | 27655 |
| Groupe Bruxelles Lambert NV | 1573 | 138250 |
| Total Belgium |  | 165905 |
| **Canada - 13.0%** |  |  |
| Bank of Montreal | 818 | 101615 |
| Bank of Nova Scotia (The) | 3778 | 247790 |
| BCE, Inc. | 4807 | 109880 |
| Canadian Imperial Bank of Commerce | 2764 | 229015 |
| Canadian Natural Resources Ltd. | 711 | 22746 |
| Emera, Inc. | 984 | 46781 |
| Enbridge, Inc. | 4711 | 219671 |
| IGM Financial, Inc. | 421 | 16194 |
| Manulife Financial Corp. | 6288 | 203495 |
| Open Text Corp. | 1424 | 54633 |
| Pembina Pipeline Corp. | 1805 | 68285 |
| Royal Bank of Canada | 139 | 20363 |
| TC Energy Corp. | 3219 | 161530 |
| TELUS Corp. | 8271 | 120950 |
| Toronto-Dominion Bank (The) | 1650 | 135478 |
| Total Canada |  | 1758426 |
| **China - 2.1%** |  |  |
| BOC Hong Kong Holdings Ltd. | 27446 | 134854 |
| SITC International Holdings Co., Ltd. | 21207 | 78108 |
| Yangzijiang Shipbuilding Holdings Ltd. | 25109 | 67904 |
| Total China |  | 280866 |
| **Finland - 1.6%** |  |  |
| Elisa OYJ | 1067 | 47030 |
| Kesko OYJ Class B | 1158 | 24426 |
| Kone OYJ Class B | 622 | 41526 |
| UPM-Kymmene OYJ | 3729 | 100062 |
| Total Finland |  | 213044 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **France - 8.2%** |  |  |
| Amundi SA<sup>(1)</sup> | 811 | $60107<br>|
| AXA SA | 4086 | 177226 |
| Bouygues SA | 3078 | 138827 |
| Carrefour SA | 5144 | 77376 |
| Covivio SA/France | 845 | 54154 |
| FDJ UNITED | 2210 | 64397 |
| Gecina SA | 984 | 91360 |
| Orange SA | 3063 | 48845 |
| Publicis Groupe SA | 256 | 25613 |
| Teleperformance SE | 190 | 13569 |
| TotalEnergies SE | 3870 | 240657 |
| Vinci SA | 891 | 119030 |
| Total France |  | 1111161 |
| **Germany - 5.0%** |  |  |
| Allianz SE | 797 | 319877 |
| BASF SE | 1762 | 86905 |
| Deutsche Post AG | 1779 | 81612 |
| Evonik Industries AG | 640 | 10719 |
| Mercedes-Benz Group AG | 1171 | 75869 |
| Siemens AG | 351 | 99344 |
| Total Germany |  | 674326 |
| **Hong Kong - 0.8%** |  |  |
| Hang Seng Bank Ltd. | 3512 | 68518 |
| Link REIT | 4466 | 23265 |
| Sino Land Co., Ltd. | 11425 | 14188 |
| Total Hong Kong |  | 105971 |
| **Italy - 7.8**% |  |  |
| Banco BPM SpA | 10060 | 146163 |
| BPER Banca SpA | 11334 | 135278 |
| Enel SpA | 10805 | 109249 |
| Eni SpA | 5002 | 91926 |
| Generali | 3135 | 120512 |
| Intesa Sanpaolo SpA | 37900 | 243589 |
| Mediobanca Banca di Credito Finanziario SpA | 3171 | 60436 |
| Snam SpA | 23610 | 145540 |
| Total Italy |  | 1052693 |
| **Japan - 17.5**% |  |  |
| Astellas Pharma, Inc. | 5103 | 53427 |
| Canon, Inc. | 2563 | 73725 |
| Chugai Pharmaceutical Co., Ltd. | 286 | 13082 |
| Daito Trust Construction Co., Ltd. | 2195 | 40970 |
| Disco Corp. | 64 | 21433 |
| Honda Motor Co., Ltd. | 13879 | 140492 |
| Isuzu Motors Ltd. | 5081 | 62478 |
| Japan Tobacco, Inc. | 5821 | 202645 |
| Komatsu Ltd. | 4028 | 135025 |
| Lasertec Corp. | 111 | 20463 |
| Marubeni Corp. | 2927 | 72173 |
| Mitsubishi Corp. | 707 | 17029 |

---

Schedule of Investments — Virtus WMC International Dividend ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Japan (continued)** |  |  |
| Mitsubishi UFJ Financial Group, Inc. | 5269 | $79662<br>|
| Mitsui & Co., Ltd. | 2780 | 68585 |
| Mizuho Financial Group, Inc. | 2530 | 84530 |
| MS&AD Insurance Group Holdings, Inc. | 3581 | 74032 |
| Murata Manufacturing Co. Ltd. | 878 | 19325 |
| Obayashi Corp. | 1965 | 33305 |
| Otsuka Corp. | 666 | 13181 |
| SBI Holdings, Inc. | 1610 | 72231 |
| SCREEN Holdings Co., Ltd. | 277 | 26395 |
| SCSK Corp. | 2861 | 105280 |
| Sekisui House Ltd. | 6180 | 132775 |
| Subaru Corp. | 810 | 17255 |
| Sumitomo Corp. | 2804 | 81622 |
| Sumitomo Mitsui Financial Group, Inc. | 3793 | 102461 |
| Takeda Pharmaceutical Co., Ltd. | 3837 | 103401 |
| Tokio Marine Holdings, Inc. | 1709 | 64119 |
| Tokyo Electron Ltd. | 397 | 88051 |
| Toyota Motor Corp. | 12490 | 254322 |
| Toyota Tsusho Corp. | 3014 | 92253 |
| Total Japan |  | 2365727 |
| **Netherlands - 0.3**% |  |  |
| ASML Holding NV | 18 | 19048 |
| Koninklijke Ahold Delhaize NV | 315 | 12893 |
| Total Netherlands |  | 31941 |
| **Norway - 3.1**% |  |  |
| Aker BP ASA | 5671 | 147188 |
| Norsk Hydro ASA | 3377 | 22850 |
| Salmar ASA | 2033 | 114302 |
| Telenor ASA | 8416 | 125128 |
| Total Norway |  | 409468 |
| **Singapore - 3.8%** |  |  |
| CapitaLand Ascendas REIT | 5951 | 12893 |
| CapitaLand Integrated Commercial Trust | 7695 | 14012 |
| DBS Group Holdings Ltd. | 3476 | 144023 |
| Oversea-Chinese Banking Corp. Ltd. | 13682 | 179014 |
| United Overseas Bank Ltd. | 5980 | 159286 |
| Total Singapore |  | 509228 |
| **Spain - 4.9%** |  |  |
| ACS Actividades de Construccion y Servicios SA | 749 | 61469 |
| Banco Bilbao Vizcaya Argentaria SA | 11694 | 235007 |
| CaixaBank SA | 13047 | 137783 |
| Iberdrola SA | 922 | 18667 |
| Industria de Diseno Textil SA | 2016 | 111307 |
| Repsol SA | 2660 | 48674 |
| Telefonica SA | 8760 | 44296 |
| Total Spain |  | 657203 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Sweden - 2.0%** |  |  |
| Swedbank AB Class A | 653 | $19864<br>|
| Tele2 AB Class B | 6358 | 100688 |
| Volvo AB Class B | 5535 | 152646 |
| Total Sweden |  | 273198 |
| **Switzerland - 2.8%** |  |  |
| Partners Group Holding AG | 62 | 75687 |
| SGS SA | 354 | 39863 |
| Swisscom AG | 23 | 16848 |
| Zurich Insurance Group AG | 351 | 243813 |
| Total Switzerland |  | 376211 |
| **United Kingdom - 10.1%** |  |  |
| Admiral Group PLC | 2859 | 123042 |
| British American Tobacco PLC | 4851 | 248792 |
| HSBC Holdings PLC | 9563 | 133594 |
| Imperial Brands PLC | 4199 | 166866 |
| Land Securities Group PLC | 16771 | 136929 |
| Legal & General Group PLC | 44517 | 139070 |
| M&G PLC | 11411 | 39470 |
| National Grid PLC | 3259 | 48807 |
| NatWest Group PLC | 2072 | 15896 |
| Phoenix Group Holdings PLC | 15414 | 136481 |
| Reckitt Benckiser Group PLC | 1178 | 90005 |
| Schroders PLC | 10516 | 52414 |
| Severn Trent PLC | 367 | 13408 |
| Unilever PLC | 214 | 12901 |
| WPP PLC | 2477 | 9355 |
| Total United Kingdom |  | 1367030 |
| **United States - 5.0%** |  |  |
| Aegon Ltd. | 2625 | 19988 |
| BP PLC | 5452 | 31679 |
| Novartis AG | 1379 | 170106 |
| Roche Holding AG | 593 | 190777 |
| Sanofi SA | 1450 | 146409 |
| Swiss Re AG | 643 | 117134 |
| Total United States |  | 676093 |
| Total Common Stocks |  |  |
| (Cost $10,538,302) |  | **13177986** |

---

Schedule of Investments — Virtus WMC International Dividend ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **PREFERRED STOCKS - 1.3%** |  |  |
| **Germany - 1.3%** |  |  |
| Bayerische Motoren Werke AG, 5.61% | 1171 | $101298<br>|
| Volkswagen AG, 6.91% | 733 | 76226 |
| Total Germany |  | 177524 |
| Total Preferred Stocks |  |  |
| (Cost $184,306) |  | 177524 |
| **TOTAL INVESTMENTS - 99.0%** |  |  |
| (Cost $10,722,608) |  | **13355510** |
| Other Assets in Excess of Liabilities - 1.0% |  | 138654 |
| **Net Assets - 100.0%** |  | **$** **13494164**<br>|

---

------

(1)Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. At October 31, 2025, the aggregate value of these securities was $60,107, or 0.4% of net assets.

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 10/31/2025 (based on net assets) | Asset Allocation as of 10/31/2025 (based on net assets) |
| Financials | 37.5% |
| Industrials | 11.3% |
| Energy | 8.7% |
| Consumer Discretionary | 7.7% |
| Consumer Staples | 7.0% |
| Health Care | 5.2% |
| Materials | 4.9% |
| Communication Services | 4.9% |
| Real Estate | 4.6% |
| Utilities | 3.9% |
| Information Technology | 3.3% |
| Other Assets in Excess of Liabilities | 1.0% |
| **Total** | **100.0**% |

---

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $13177986<br>| $—<br>| $—<br>| $13177986<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 177524 |  |  | 177524 |
| **Total** | $13355510<br>| $—<br>| $—<br>| $13355510<br>|

---

Statements of Assets and Liabilities (FORM N-CSR ITEM 7)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **InfraCap REIT Preferred ETF** | **Virtus InfraCap U.S. Preferred Stock ETF** | **Virtus LifeSci Biotech Clinical Trials ETF** | **Virtus LifeSci Biotech Products ETF** |
| **Assets:** |  |  |  |  |
| Investments, at cost | $110436009<br>| $2302014547<br>| $19080029<br>| $22109078<br>|
| Investments, at value (including securities <br>on loan)<sup>(a)</sup> | 106836880 | 2325020609 | 23296433 | 30001369 |
| Cash | 328040 |  | 139032 | 256346 |
| Due from broker |  | 23395 |  |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 916703 | 1064459 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 123725 | 1479147 | 99 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending |  |  | 3122 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim |  | 120099 | 3637 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold |  | 3405012 |  |  |
| Prepaid expenses | 345 | 345 | 345 | 345 |
| **Total Assets** | 108205693 | 2331113066 | 23442668 | 30259490 |
| **Liabilities:** |  |  |  |  |
| Due to custodian |  | 15373915 |  |  |
| Bank borrowings |  | 452913455 |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 910187 | 1955887 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities on loan |  |  | 2442089 | 394428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 41216 | 1261207 | 12934 | 19315 |
| **Total Liabilities** | 951403 | 471504464 | 2455023 | 413743 |
| **Net Assets** | **$** **107254290**<br>| **$** **1859608602**<br>| **$** **20987645**<br>| **$** **29845747**<br>|
| **Net Assets Consist of:** |  |  |  |  |
| Paid-in capital | $124267651<br>| $1856049348<br>| $78210192<br>| $38797696<br>|
| Total distributable earnings <br>(accumulated deficit) | (17013361) | 3559254 | (57222547) | (8951949) |
| **Net Assets** | **$** **107254290**<br>| **$** **1859608602**<br>| **$** **20987645**<br>| **$** **29845747**<br>|
| Shares outstanding (unlimited number of shares of beneficial interest authorized, no <br>par value) | 5850004 | 87350004 | 650004 | 400004 |
| Net asset value per share | $18.33<br>| $21.29<br>| $32.29<br>| $74.61<br>|
| <sup>(a)</sup>Market value of securities on loan | $—<br>| $—<br>| $4452671<br>| $2682518<br>|

---

Statements of Assets and Liabilities (FORM N-CSR ITEM 7) (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus Newfleet Multi-Sector Bond ETF** | **Virtus Private Credit Strategy ETF** | **Virtus Real Asset Income ETF** | **Virtus WMC International Dividend ETF** |
| **Assets:** |  |  |  |  |
| Investments, at cost | $320662934<br>| $72694104<br>| $17884653<br>| $10722608<br>|
| Investments, at value (including securities on loan)<sup>(a)</sup> | 327115875 | 61686702 | 16092599 | 13355510 |
| Cash | 77963 | 1042644 | 416062 | 10608 |
| Foreign currency<sup>(b)</sup> |  |  |  | 15222 |
| Due from brokers | 431972 |  |  |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 3303819 | 118831 | 52579 | 44163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 1737416 |  | 7988 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending |  | 28368 | 1373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim |  |  | 2316 | 73898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on swap contracts | 91624 |  |  |  |
| Prepaid expenses | 21236 | 288 | 288 | 345 |
| **Total Assets** | 332779905 | 62876833 | 16573205 | 13499754 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 5820635 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities on loan |  | 11592961 | 1283054 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 2813 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 65478 | 33105 | 7162 | 5590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 52820 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting and administration fees | 97312 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 10410 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 42671 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 44468 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Report to shareholder fees | 5149 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 13828 |  |  |  |
| Other accrued expenses | 229 |  |  |  |
| **Total Liabilities** | 6155813 | 11626066 | 1290216 | 5590 |
| **Net Assets** | **$** **326624092**<br>| **$** **51250767**<br>| **$** **15282989**<br>| **$** **13494164**<br>|
| **Net Assets Consist of:** |  |  |  |  |
| Paid-in capital | $324940124<br>| $73623709<br>| $62421694<br>| $10670514<br>|
| Total distributable earnings <br>(accumulated deficit) | 1683968 | (22372942) | (47138705) | 2823650 |
| **Net Assets** | **$** **326624092**<br>| **$** **51250767**<br>| **$** **15282989**<br>| **$** **13494164**<br>|
| Shares outstanding (unlimited number of shares of beneficial interest authorized, no par value) | 14150004 | 2750004 | 650004 | 400004 |
| Net asset value per share | $23.08<br>| $18.64<br>| $23.51<br>| $33.74<br>|
| <sup>(a)</sup>Market value of securities on loan | $—<br>| $13878812<br>| $2505664<br>| $—<br>|
| <sup>(b)</sup>Foreign currency, at cost | $—<br>| $—<br>| $—<br>| $15339<br>|

---

Statements of Operations (FORM N-CSR ITEM 7)

For the Year Ended October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **InfraCap REIT Preferred ETF** | **Virtus InfraCap U.S. Preferred Stock ETF** | **Virtus LifeSci Biotech Clinical Trials ETF** | **Virtus LifeSci Biotech Products ETF** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income (net of foreign withholding taxes) | $6186557<br>| $129747438<br>| $—<br>| $27974<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 19799 | 1036887 | 1687 | 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending, net of fees |  |  | 55900 | 21790 |
| **Total Investment Income** | 6206356 | 130784325 | 57587 | 51713 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 447385 | 12461772 | 93802 | 185950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expenses |  | 20399413 |  |  |
| **Total Expenses** | 447385 | 32861185 | 93802 | 185950 |
| **Net Investment Income (Loss)** | **5758971** | **97923140** | **(36215)** | **(134237)** |
| **Net Realized Gain (Loss) on:** |  |  |  |  |
| Investments | (1091133) | 27146213 | (2316059) | (224338) |
| In-kind redemptions | 1690736 | 5596199 | 1369338 |  |
| Written options |  | 7562 |  |  |
| Securities sold short |  | 5549 |  |  |
| **Total Net Realized Gain (Loss)** | 599603 | 32755523 | (946721) | (224338) |
| **Change in Net Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| Investments | (5493114) | (61568355) | 5638213 | 5305906 |
| **Total Change in Net Unrealized Appreciation (Depreciation)** | (5493114) | (61568355) | 5638213 | 5305906 |
| Net Realized and Change in Unrealized Gain (Loss) | (4893511) | (28812832) | 4691492 | 5081568 |
| **Net Increase in Net Assets Resulting from Operations** | **$** **865460**<br>| **$** **69110308**<br>| **$** **4655277**<br>| **$** **4947331**<br>|
| Foreign withholding taxes | $9782<br>| $6296<br>| $—<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.*

Statements of Operations (FORM N-CSR ITEM 7) (continued)

For the Year Ended October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus Newfleet Multi-Sector Bond ETF** | **Virtus Private Credit Strategy ETF** | **Virtus Real Asset Income ETF** | **Virtus WMC International Dividend ETF** |
| **Investment Income:** |  |  |  |  |
| Dividend income (net of foreign withholding taxes) | $515721<br>| $6833999<br>| $530425<br>| $573801<br>|
| Interest income | 16034361 | 13228 | 3474 | 1138 |
| Securities lending, net of fees |  | 313047 | 17677 |  |
| **Total Investment Income** | 16550082 | 7160274 | 551576 | 574939 |
| **Expenses:** |  |  |  |  |
| Advisory fees | 1146775 | 414930 | 80761 | 60849 |
| Accounting and administration fees | 115574 |  |  |  |
| Pricing fees | 83644 |  |  |  |
| Transfer agent fees | 38103 |  |  |  |
| Professional fees | 35550 |  |  |  |
| Report to shareholders fees | 20928 |  |  |  |
| Custody fees | 12995 |  |  |  |
| Trustee fees | 9648 |  |  |  |
| Exchange listing fees | 8776 |  |  |  |
| Insurance fees | 3184 |  |  |  |
| Other expenses | 647 |  |  |  |
| **Total Expenses** | 1475824 | 414930 | 80761 | 60849 |
| Less expense waivers/reimbursements | (226156) |  |  |  |
| **Net Expenses** | 1249668 | 414930 | 80761 | 60849 |
| **Net Investment Income** | **15300414** | **6745344** | **470815** | **514090** |
| **Net Realized Gain (Loss) on:** |  |  |  |  |
| Investments | (627266) | (1807261) | (514305) | 397062 |
| In-kind redemptions |  | (429059) | 73675 | 189658 |
| Foreign currency transactions | (11618) |  | 41 | 4240 |
| **Total Net Realized Gain (Loss)** | (638884) | (2236320) | (440589) | 590960 |
| **Change in Net Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| Investments | 5815712 | (8317090) | 552577 | 1772587 |
| Swaps | 8391 |  |  |  |
| Foreign currency translations | 532 |  | (4) | 4352 |
| **Total Change in Net Unrealized Appreciation (Depreciation)** | 5824635 | (8317090) | 552573 | 1776939 |
| Net Realized and Change in Unrealized Gain (Loss) | 5185751 | (10553410) | 111984 | 2367899 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **$** **20486165**<br>| **$** **(3808066)** | **$** **582799**<br>| **$** **2881989**<br>|
| Foreign withholding taxes | $231<br>| $—<br>| $11227<br>| $91436<br>|

---

Statements of Changes in Net Assets (FORM N-CSR ITEM 7)

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **InfraCap REIT Preferred ETF** | **InfraCap REIT Preferred ETF** | **Virtus InfraCap <br>U.S. Preferred Stock ETF** | **Virtus InfraCap <br>U.S. Preferred Stock ETF** |
|  | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |  |
| Net investment income | $5758971<br>| $3937810<br>| $97923140<br>| $52049209<br>|
| Net realized gain | 599603 | 520945 | 32755523 | 20231645 |
| Net change in unrealized appreciation (depreciation) | (5493114) | 14154080 | (61568355) | 189977170 |
| Net increase in net assets resulting from operations | 865460 | 18612835 | 69110308 | 262258024 |
| Distributions to Shareholders | (7600118) | (4553044) | (131265207) | (86513987) |
| Distributions to Shareholders from return of capital | (109888) | (1776962) | (16802176) | (5386521) |
| Total distributions | (7710006) | (6330006) | (148067383) | (91900508) |
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | 21862552 | 51203831 | 590076217 | 604985491 |
| Cost of shares redeemed | (22408631) | (5405900) | (31774788) | (4357175) |
| Net increase (decrease) in net assets resulting from shareholder transactions | (546079) | 45797931 | 558301429 | 600628316 |
| Increase (decrease) in net assets | (7390625) | 58080760 | 479344354 | 770985832 |
| **Net Assets:** |  |  |  |  |
| Beginning of year | 114644915 | 56564155 | 1380264248 | 609278416 |
| End of year | $107254290<br>| $114644915<br>| $1859608602<br>| $1380264248<br>|
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares outstanding, beginning of year | 5850004 | 3450004 | 61400004 | 33250004 |
| Shares sold | 1200000 | 2700000 | 27450000 | 28350000 |
| Shares redeemed | (1200000) | (300000) | (1500000) | (200000) |
| Shares outstanding, end of year | 5850004 | 5850004 | 87350004 | 61400004 |

---

Statements of Changes in Net Assets (FORM N-CSR ITEM 7) (continued)

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus LifeSci Biotech <br>Clinical Trials ETF** | **Virtus LifeSci Biotech <br>Clinical Trials ETF** | **Virtus LifeSci Biotech Products ETF** | **Virtus LifeSci Biotech Products ETF** |
|  | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |  |
| Net investment loss | $(36215) | $(5707) | $(134237) | $(91698) |
| Net realized loss | (946721) | (1461281) | (224338) | (109599) |
| Net change in unrealized appreciation | 5638213 | 6019638 | 5305906 | 5326277 |
| Net increase in net assets resulting from operations | 4655277 | 4552650 | 4947331 | 5124980 |
| Distributions to Shareholders | (83816) | (37035) |  |  |
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | 21952395 |  | 2759530 | 3012729 |
| Cost of shares redeemed | (16857035) | (1229884) |  |  |
| Net increase (decrease) in net assets resulting from shareholder transactions | 5095360 | (1229884) | 2759530 | 3012729 |
| Increase in net assets | 9666821 | 3285731 | 7706861 | 8137709 |
| **Net Assets:** |  |  |  |  |
| Beginning of year | 11320824 | 8035093 | 22138886 | 14001177 |
| End of year | $20987645<br>| $11320824<br>| $29845747<br>| $22138886<br>|
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares outstanding, beginning of year | 400004 | 450004 | 350004 | 300004 |
| Shares sold | 1150000 |  | 50000 | 50000 |
| Shares redeemed | (900000) | (50000) |  |  |
| Shares outstanding, end of year | 650004 | 400004 | 400004 | 350004 |

---

Statements of Changes in Net Assets (FORM N-CSR ITEM 7) (continued)

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus Newfleet <br>Multi-Sector Bond ETF** | **Virtus Newfleet <br>Multi-Sector Bond ETF** | **Virtus Private Credit Strategy ETF** | **Virtus Private Credit Strategy ETF** |
|  | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |  |
| Net investment income | $15300414<br>| $5986080<br>| $6745344<br>| $4460918<br>|
| Net realized gain (loss) | (638884) | 317159 | (2236320) | (152174) |
| Net change in unrealized appreciation (depreciation) | 5824635 | 3071811 | (8317090) | 1518420 |
| Net increase (decrease) in net assets resulting from operations | 20486165 | 9375050 | (3808066) | 5827164 |
| Distributions to Shareholders | (14753080) | (5718315) | (6549071) | (3995609) |
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | 149969920 | 143291682 | 18633928 | 36986561 |
| Cost of shares redeemed | (20366290) | (3279674) | (8922535) | (13515596) |
| Net increase in net assets resulting from shareholder transactions | 129603630 | 140012008 | 9711393 | 23470965 |
| Increase (decrease) in net assets | 135336715 | 143668743 | (645744) | 25302520 |
| **Net Assets:** |  |  |  |  |
| Beginning of year | 191287377 | 47618634 | 51896511 | 26593991 |
| End of year | $326624092<br>| $191287377<br>| $51250767<br>| $51896511<br>|
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares outstanding, beginning of year | 8450004 | 2250004 | 2350004 | 1300004 |
| Shares sold | 6600000 | 6350000 | 850000 | 1650000 |
| Shares redeemed | (900000) | (150000) | (450000) | (600000) |
| Shares outstanding, end of year | 14150004 | 8450004 | 2750004 | 2350004 |

---

Statements of Changes in Net Assets (FORM N-CSR ITEM 7) (continued)

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus Real Asset <br>Income ETF** | **Virtus Real Asset <br>Income ETF** | **Virtus WMC <br>International Dividend ETF** | **Virtus WMC <br>International Dividend ETF** |
|  | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |  |
| Net investment income | $470815<br>| $812801<br>| $514090<br>| $446806<br>|
| Net realized gain (loss) | (440589) | (1088231) | 590960 | 154790 |
| Net change in unrealized appreciation | 552573 | 3027091 | 1776939 | 948103 |
| Net increase in net assets resulting from operations | 582799 | 2751661 | 2881989 | 1549699 |
| Distributions to Shareholders | (839499) | (993505) | (524256) | (467150) |
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | 1163414 | 1182735 |  | 2860707 |
| Cost of shares redeemed | (1154515) | (4730049) | (1349902) |  |
| Net increase (decrease) in net assets resulting from shareholder transactions | 8899 | (3547314) | (1349902) | 2860707 |
| Increase (decrease) in net assets | (247801) | (1789158) | 1007831 | 3943256 |
| **Net Assets:** |  |  |  |  |
| Beginning of year | 15530790 | 17319948 | 12486333 | 8543077 |
| End of year | $15282989<br>| $15530790<br>| $13494164<br>| $12486333<br>|
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares outstanding, beginning of year | 650004 | 800004 | 450004 | 350004 |
| Shares sold | 50000 | 50000 |  | 100000 |
| Shares redeemed | (50000) | (200000) | (50000) |  |
| Shares outstanding, end of year | 650004 | 650004 | 400004 | 450004 |

---

Statement of Cash Flows (FORM N-CSR ITEM 7)

For the Year Ended October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | |
|:---|:---|
|  | **Virtus InfraCap U.S. Preferred Stock ETF** |
| **Cash Flows From Operating Activities:** |  |
| Net increase (decrease) in net assets from operations | $69110308<br>|
| **Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of long-term investment securities | (1138840917) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from long-term sales of investments | 1144244853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from purchased and written options | 7562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in payable for investment securities purchased | (9495382) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in receivable for investment securities sold | (98746) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds (purchases) of short-term investment securities | 5625760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments | (27146213) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on securities sold short | (5549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on written options | (7562) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on in-kind redemptions | (5596199) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net amortization of premium/(discount accretion) | (298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on investments | 61568355 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in due from broker | (20753) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in dividends and interest receivable | (1425270) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid expenses | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in tax reclaim receivable | (6737) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in advisory fees payable | 337093 |
| **Net cash provided by (used in) operating activities** | **98250247** |
| **Cash Flows provided by (used in) Financing Activities:** |  |
| Due to custodian | 15373915 |
| Proceeds from borrowings | 142141443 |
| Payments for fund shares sold in excess of in-kind creations | (107735774) |
| Distributions paid | (148067383) |
| **Net cash provided by (used in) financing activities** | **(98287799)** |
| **Net increase (decrease) in cash** | **(37552)** |
| Cash, beginning of year | 37552 |
| **Cash, end of year** | **$** **—**<br>|
| **Supplemental information:** |  |
| Interest paid on borrowings | $20399413<br>|
| **Non-cash financing activities:** |  |
| In-kind creations — Issued | 704176477 |
| In-kind creations — Redeemed | 38079738 |

---

Financial Highlights (FORM N-CSR ITEM 7)

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **I** **nfraCap REIT Preferred ETF** | **I** **nfraCap REIT Preferred ETF** | **I** **nfraCap REIT Preferred ETF** | **I** **nfraCap REIT Preferred ETF** | **I** **nfraCap REIT Preferred ETF** |
|  | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2023** | **For the<br>Year Ended<br>October 31, 2022** | **For the<br>Year Ended<br>October 31, 2021** |
| **Per Share Data for a Share Outstanding throughout each year presented:** |  |  |  |  |  |
| Net asset value, beginning of year | $19.60<br>| $16.40<br>| $16.38<br>| $24.32<br>| $21.71<br>|
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 1.07 | 0.91 | 1.13 | 0.68 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.90) | 3.73 | 0.33 | (7.18) | 3.42 |
| Total from investment operations | 0.17 | 4.64 | 1.46 | (6.50) | 4.05 |
| **Less Distributions from:** |  |  |  |  |  |
| Net investment income | (1.42) | (1.04) | (1.07) | (0.96) | (1.44) |
| Return of capital | (0.02) | (0.40) | (0.37) | (0.48) |  |
| Total distributions | (1.44) | (1.44) | (1.44) | (1.44) | (1.44) |
| **Net Asset Value, End of year** | $18.33<br>| $19.60<br>| $16.40<br>| $16.38<br>| $24.32<br>|
| Net Asset Value Total Return<sup>2</sup> | 1.15% | 29.17% | 8.84% | (27.70)% | 18.93% |
| Net assets, end of year (000's omitted) | $107254<br>| $114645<br>| $56564<br>| $54064<br>| $87539<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Expenses | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| Net investment income | 5.79% | 4.89% | 6.51% | 3.25% | 2.61% |
| Portfolio turnover rate<sup>3</sup> | 10% | 14% | 14% | 79% | 144% |

---

------

1Based on average shares outstanding.

2Net Asset Value Total Return is calculated assuming an initial investment made at the net asset value on the first day of the year, reinvestment of dividends and distributions at net asset value during the year, and redemptions at net asset value on the last day of the year.

3Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

Financial Highlights (FORM N-CSR ITEM 7) (continued)

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Virtus InfraCap U.S. Preferred Stock ETF** | **Virtus InfraCap U.S. Preferred Stock ETF** | **Virtus InfraCap U.S. Preferred Stock ETF** | **Virtus InfraCap U.S. Preferred Stock ETF** | **Virtus InfraCap U.S. Preferred Stock ETF** |
|  | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2023** | **For the<br>Year Ended<br>October 31, 2022** | **For the<br>Year Ended<br>October 31, 2021** |
| **Per Share Data for a Share Outstanding throughout each year presented:** |  |  |  |  |  |
| Net asset value, beginning of year | $22.48<br>| $18.32<br>| $18.62<br>| $25.16<br>| $19.26<br>|
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 1.35 | 1.15 | 1.48 | 1.50 | 1.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.50) | 5.02 | 0.20<br><sup>2</sup> | (6.09) | 6.62 |
| Total from investment operations | 0.85 | 6.17 | 1.68 | (4.59) | 7.80 |
| **Less Distributions from:** |  |  |  |  |  |
| Net investment income | (1.60) | (1.58) | (1.62) | (1.95) | (1.59) |
| Net realized gains | (0.21) | (0.31) |  |  | (0.26) |
| Return of capital | (0.23) | (0.12) | (0.36) |  | (0.05) |
| Total distributions | (2.04) | (2.01) | (1.98) | (1.95) | (1.90) |
| **Net Asset Value, End of year** | $21.29<br>| $22.48<br>| $18.32<br>| $18.62<br>| $25.16<br>|
| Net Asset Value Total Return<sup>3</sup> | 4.11% | 34.95% | 9.15% | (19.28)% | 41.52% |
| Net assets, end of year (000's omitted) | $1859609<br>| $1380264<br>| $609278<br>| $456136<br>| $527121<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Expenses | 2.11%<sup>4</sup> | 2.48%<sup>5</sup> | 2.52%<sup>6</sup> | 1.40%<sup>7</sup> | 1.21%<sup>8</sup> |
| Net investment income | 6.29% | 5.44% | 7.71% | 6.64% | 4.93% |
| Portfolio turnover rate<sup>9</sup> | 58% | 62% | 26% | 22% | 35% |

---

------

1Based on average shares outstanding.

2The per share amount of realized and unrealized gain (loss) on investments does not accord with the amounts reported in the Statements of Changes in Net Assets due to the timing of creation of Fund shares in relation to fluctuating market values.

3Net Asset Value Total Return is calculated assuming an initial investment made at the net asset value on the first day of the year, reinvestment of dividends and distributions at net asset value during the year, and redemptions at net asset value on the last day of the year.

4The ratios of expenses to average net assets include interest expense fees of 1.31%.

5The ratios of expenses to average net assets include interest expense fees of 1.68%.

6The ratios of expenses to average net assets include interest expense fees of 1.72%.

7The ratios of expenses to average net assets include interest expense fees of 0.60%.

8The ratios of expenses to average net assets include interest expense fees of 0.41%.

9Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

Financial Highlights (FORM N-CSR ITEM 7) (continued)

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Virtus LifeSci Biotech Clinical Trials ETF** | **Virtus LifeSci Biotech Clinical Trials ETF** | **Virtus LifeSci Biotech Clinical Trials ETF** | **Virtus LifeSci Biotech Clinical Trials ETF** | **Virtus LifeSci Biotech Clinical Trials ETF** |
|  | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2023** | **For the<br>Year Ended<br>October 31, 2022** | **For the<br>Year Ended<br>October 31, 2021** |
| **Per Share Data for a Share Outstanding throughout each year presented:** |  |  |  |  |  |
| Net asset value, beginning of year | $28.30<br>| $17.86<br>| $25.88<br>| $44.36<br>| $38.97<br>|
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> | (0.07) | (0.01) | 0.05 | (0.16) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.30 | 10.53 | (8.07) | (18.32) | 5.65 |
| Total from investment operations | 4.23 | 10.52 | (8.02) | (18.48) | 5.39 |
| **Less Distributions from:** |  |  |  |  |  |
| Net investment income | (0.24) | (0.08) |  |  |  |
| Total distributions | (0.24) | (0.08) |  |  |  |
| **Net Asset Value, End of year** | $32.29<br>| $28.30<br>| $17.86<br>| $25.88<br>| $44.36<br>|
| Net Asset Value Total Return<sup>2</sup> | 15.21% | 59.09% | (31.01)% | (41.66)% | 13.85% |
| Net assets, end of year (000's omitted) | $20988<br>| $11321<br>| $8035<br>| $18116<br>| $35490<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Expenses | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
| Net investment income (loss) | (0.31)% | (0.05)% | 0.22% | (0.56)% | (0.53)% |
| Portfolio turnover rate<sup>3</sup> | 53% | 77% | 66% | 61% | 76% |

---

------

1Based on average shares outstanding.

2Net Asset Value Total Return is calculated assuming an initial investment made at the net asset value on the first day of the year, reinvestment of dividends and distributions at net asset value during the year, and redemptions at net asset value on the last day of the year.

3Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

Financial Highlights (FORM N-CSR ITEM 7) (continued)

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Virtus LifeSci Biotech Products ETF** | **Virtus LifeSci Biotech Products ETF** | **Virtus LifeSci Biotech Products ETF** | **Virtus LifeSci Biotech Products ETF** | **Virtus LifeSci Biotech Products ETF** |
|  | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2023** | **For the<br>Year Ended<br>October 31, 2022** | **For the<br>Year Ended<br>October 31, 2021** |
| **Per Share Data for a Share Outstanding throughout each year presented:** |  |  |  |  |  |
| Net asset value, beginning of year | $63.25<br>| $46.67<br>| $46.71<br>| $51.83<br>| $48.19<br>|
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1</sup> | (0.36) | (0.27) | (0.32) | (0.26) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 11.72 | 16.85 | 0.28 | (4.86) | 3.94 |
| Total from investment operations | 11.36 | 16.58 | (0.04) | (5.12) | 3.64 |
| **Net Asset Value, End of year** | $74.61<br>| $63.25<br>| $46.67<br>| $46.71<br>| $51.83<br>|
| Net Asset Value Total Return<sup>2</sup> | 17.96% | 35.53% | (0.09)% | (9.88)% | 7.56% |
| Net assets, end of year (000's omitted) | $29846<br>| $22139<br>| $14001<br>| $16349<br>| $23325<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Expenses | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
| Net investment loss | (0.57)% | (0.47)% | (0.63)% | (0.59)% | (0.57)% |
| Portfolio turnover rate<sup>3</sup> | 29% | 46% | 49% | 48% | 44% |

---

------

1Based on average shares outstanding.

2Net Asset Value Total Return is calculated assuming an initial investment made at the net asset value on the first day of the year, reinvestment of dividends and distributions at net asset value during the year, and redemptions at net asset value on the last day of the year.

3Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

Financial Highlights (FORM N-CSR ITEM 7) (continued)

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Virtus Newfleet Multi-Sector Bond ETF** | **Virtus Newfleet Multi-Sector Bond ETF** | **Virtus Newfleet Multi-Sector Bond ETF** | **Virtus Newfleet Multi-Sector Bond ETF** | **Virtus Newfleet Multi-Sector Bond ETF** |
|  | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2023** | **For the<br>Year Ended<br>October 31, 2022** | **For the<br>Year Ended<br>October 31, 2021** |
| **Per Share Data for a Share Outstanding throughout each year presented:** |  |  |  |  |  |
| Net asset value, beginning of year | $22.64<br>| $21.16<br>| $21.43<br>| $25.21<br>| $24.66<br>|
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 1.36 | 1.36 | 1.31 | 0.90 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.38 | 1.45 | (0.33) | (3.80) | 0.50 |
| Total from investment operations | 1.74 | 2.81 | 0.98 | (2.90) | 1.39 |
| **Less Distributions from:** |  |  |  |  |  |
| Net investment income | (1.30) | (1.33) | (1.25) | (0.88) | (0.84) |
| Total distributions | (1.30) | (1.33) | (1.25) | (0.88) | (0.84) |
| **Net Asset Value, End of year** | $23.08<br>| $22.64<br>| $21.16<br>| $21.43<br>| $25.21<br>|
| Net Asset Value Total Return<sup>2</sup> | 8.01% | 13.51% | 4.56% | (11.72)% | 5.71% |
| Net assets, end of year (000's omitted) | $326624<br>| $191287<br>| $47619<br>| $41793<br>| $20171<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Expenses, net of expense waivers | 0.49% | 0.49% | 0.49% | 0.49% | 0.49%<sup>3</sup> |
| Expenses, prior to expense waivers | 0.58% | 0.72% | 0.80% | 1.02% | 1.21%<sup>3</sup> |
| Net investment income | 6.00% | 6.07% | 5.95% | 3.92% | 3.52% |
| Portfolio turnover rate<sup>4</sup> | 91% | 92% | 138% | 84% | 107% |

---

------

1Based on average shares outstanding.

2Net Asset Value Total Return is calculated assuming an initial investment made at the net asset value on the first day of the year, reinvestment of dividends and distributions at net asset value during the year, and redemptions at net asset value on the last day of the year.

3The ratios of expenses to average net assets includes tax expense fees of less than 0.01%.

4Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

Financial Highlights (FORM N-CSR ITEM 7) (continued)

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Virtus Private Credit Strategy ETF** | **Virtus Private Credit Strategy ETF** | **Virtus Private Credit Strategy ETF** | **Virtus Private Credit Strategy ETF** | **Virtus Private Credit Strategy ETF** |
|  | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2023** | **For the<br>Year Ended<br>October 31, 2022** | **For the<br>Year Ended<br>October 31, 2021** |
| **Per Share Data for a Share Outstanding throughout each year presented:** |  |  |  |  |  |
| Net asset value, beginning of year | $22.08<br>| $20.46<br>| $20.70<br>| $25.99<br>| $17.37<br>|
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 2.55 | 2.52 | 2.51 | 2.13 | 1.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.52) | 1.43 | (0.30) | (5.33) | 8.62 |
| Total from investment operations | (0.97) | 3.95 | 2.21 | (3.20) | 10.33 |
| **Less Distributions from:** |  |  |  |  |  |
| Net investment income | (2.47) | (1.57) | (2.45) | (2.09) | (1.71) |
| Net realized gains |  | (0.76) |  |  |  |
| Total distributions | (2.47) | (2.33) | (2.45) | (2.09) | (1.71) |
| **Net Asset Value, End of year** | $18.64<br>| $22.08<br>| $20.46<br>| $20.70<br>| $25.99<br>|
| Net Asset Value Total Return<sup>2</sup> | (5.06)% | 19.85% | 11.22% | (12.75)% | 61.32% |
| Net assets, end of year (000's omitted) | $51251<br>| $51897<br>| $26594<br>| $21735<br>| $31189<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Expenses | 0.75%<sup>3</sup> | 0.75%<sup>3</sup> | 0.75%<sup>3</sup> | 0.75% | 0.75% |
| Net investment income | 12.19%<sup>3</sup> | 11.26%<sup>3</sup> | 11.85%<sup>3</sup> | 8.97% | 7.27% |
| Portfolio turnover rate<sup>4</sup> | 32% | 29% | 40% | 27% | 34% |

---

------

1Based on average shares outstanding.

2Net Asset Value Total Return is calculated assuming an initial investment made at the net asset value on the first day of the year, reinvestment of dividends and distributions at net asset value during the year, and redemptions at net asset value on the last day of the year.

3The fund indirectly bears its proportionate shares of expenses and net investment income of any underlying funds in which the Fund invests. Such expenses and income are not included in the calculation of this ratio.

4Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

Financial Highlights (FORM N-CSR ITEM 7) (continued)

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Virtus Real Asset Income ETF** | **Virtus Real Asset Income ETF** | **Virtus Real Asset Income ETF** | **Virtus Real Asset Income ETF** | **Virtus Real Asset Income ETF** |
|  | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2023** | **For the<br>Year Ended<br>October 31, 2022** | **For the<br>Year Ended<br>October 31, 2021** |
| **Per Share Data for a Share Outstanding throughout each year presented:** |  |  |  |  |  |
| Net asset value, beginning of year | $23.89<br>| $21.65<br>| $23.29<br>| $26.84<br>| $18.67<br>|
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.75 | 1.13 | 0.73 | 0.93 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.20 | 2.47 | (1.17)<sup>2</sup> | (3.61) | 8.66 |
| Total from investment operations | 0.95 | 3.60 | (0.44) | (2.68) | 9.23 |
| **Less Distributions from:** |  |  |  |  |  |
| Net investment income | (1.33) | (1.36) | (1.20) | (0.87) | (1.06) |
| Total distributions | (1.33) | (1.36) | (1.20) | (0.87) | (1.06) |
| **Net Asset Value, End of year** | $23.51<br>| $23.89<br>| $21.65<br>| $23.29<br>| $26.84<br>|
| Net Asset Value Total Return<sup>3</sup> | 4.20% | 16.89% | (2.15)% | (10.25)% | 50.16% |
| Net assets, end of year (000's omitted) | $15283<br>| $15531<br>| $17320<br>| $45420<br>| $139583<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Expenses | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| Net investment income | 3.21% | 4.80% | 3.06% | 3.52% | 2.30% |
| Portfolio turnover rate<sup>4</sup> | 57% | 67% | 88% | 70% | 66% |

---

------

1Based on average shares outstanding.

2The per share amount of realized and unrealized gain (loss) on investments does not accord with the amounts reported in the Statements of Changes in Net Assets due to the timing of creation of Fund shares in relation to fluctuating market values.

3Net Asset Value Total Return is calculated assuming an initial investment made at the net asset value on the first day of the year, reinvestment of dividends and distributions at net asset value during the year, and redemptions at net asset value on the last day of the year.

4Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

Financial Highlights (FORM N-CSR ITEM 7) (continued)

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Virtus WMC International Dividend ETF** | **Virtus WMC International Dividend ETF** | **Virtus WMC International Dividend ETF** | **Virtus WMC International Dividend ETF** | **Virtus WMC International Dividend ETF** |
|  | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2023** | **For the<br>Year Ended<br>October 31, 2022** | **For the<br>Year Ended<br>October 31, 2021** |
| **Per Share Data for a Share Outstanding throughout each year presented:** |  |  |  |  |  |
| Net asset value, beginning of year | $27.75<br>| $24.41<br>| $21.69<br>| $28.57<br>| $23.94<br>|
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 1.26 | 1.23 | 1.20 | 1.50 | 1.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 6.01 | 3.40 | 2.65 | (5.13) | 5.18 |
| Total from investment operations | 7.27 | 4.63 | 3.85 | (3.63) | 6.47 |
| **Less Distributions from:** |  |  |  |  |  |
| Net investment income | (1.28) | (1.29) | (1.13) | (1.69) | (1.15) |
| Net realized gains |  |  |  | (1.56) | (0.69) |
| Total distributions | (1.28) | (1.29) | (1.13) | (3.25) | (1.84) |
| **Net Asset Value, End of year** | $33.74<br>| $27.75<br>| $24.41<br>| $21.69<br>| $28.57<br>|
| Net Asset Value Total Return<sup>2</sup> | 26.77% | 19.23% | 17.67% | (14.03)% | 27.41% |
| Net assets, end of year (000's omitted) | $13494<br>| $12486<br>| $8543<br>| $6507<br>| $7142<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Expenses | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
| Net investment income | 4.14% | 4.54% | 4.77% | 5.87% | 4.47% |
| Portfolio turnover rate<sup>3</sup> | 30% | 41% | 61% | 50% | 68% |

---

------

1Based on average shares outstanding.

2Net Asset Value Total Return is calculated assuming an initial investment made at the net asset value on the first day of the year, reinvestment of dividends and distributions at net asset value during the year, and redemptions at net asset value on the last day of the year.

3Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

Notes to Financial Statements

October 31, 2025

**1. ORGANIZATION**

The ETFis Series Trust I (the "Trust") was organized as a Delaware statutory trust on September 20, 2012 and is registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940 (the "1940 Act").

As of October 31, 2025, ten funds of the Trust are offered for sale. The InfraCap REIT Preferred ETF, Virtus InfraCap U.S. Preferred Stock ETF, Virtus LifeSci Biotech Clinical Trials ETF, Virtus LifeSci Biotech Products ETF, Virtus Newfleet Multi-Sector Bond ETF, Virtus Private Credit Strategy ETF, Virtus Real Asset Income ETF and Virtus WMC International Dividend ETF (each a "Fund" and collectively, the "Funds") are presented in this annual report. The offering of each Fund's shares is registered under the Securities Act of 1933 (the "Securities Act").

---

| | |
|:---|:---|
| **Funds** | **Investment objective(s)** |
| InfraCap REIT Preferred ETF | Seeks investment results that correspond, before fees and expenses, to the price and yield performance of the Indxx REIT Preferred Stock Index. |
| Virtus InfraCap U.S. Preferred Stock ETF | Seeks current income and, secondarily, capital appreciation. |
| Virtus LifeSci Biotech Clinical Trials ETF | Seeks investment results that correspond, before fees and expenses, to the price and yield performance of the LifeSci Biotechnology Clinical Trials Index. |
| Virtus LifeSci Biotech Products ETF | Seeks investment results that correspond, before fees and expenses, to the price and yield performance of the LifeSci Biotechnology Products Index. |
| Virtus Newfleet Multi-Sector Bond ETF | Seeks to provide a high level of current income and, secondarily, capital appreciation. |
| Virtus Private Credit Strategy ETF | Seeks investment results that correspond, before fees and expenses, to the price and yield performance of the Indxx Private Credit Index. |
| Virtus Real Asset Income ETF | Seeks investment results that correspond, before fees and expenses, to the price and yield performance of the Indxx Real Asset Income Index. |
| Virtus WMC International Dividend ETF | Seeks income. |

---

There is no guarantee that a Fund will achieve its objective(s).

InfraCap REIT Preferred ETF and Virtus InfraCap U.S. Preferred Stock ETF are "non-diversified" Funds, as defined under the 1940 Act, as of the year ended October 31, 2025. Virtus Private Credit Strategy ETF is a "fund of funds," meaning it will generally invest its assets in other registered investment companies.

**2. SIGNIFICANT ACCOUNTING POLICIES**

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services — Investment Companies. Each Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

**(a) Use of Estimates**

Management makes certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.

**(b) Indemnification**

In the normal course of business, the Funds may enter into contracts that contain a variety of representations which provide general indemnifications for certain liabilities. The Funds' maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

**(c) Security Valuation**

A description of the valuation techniques applied to the Funds' major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities and exchange-traded funds are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded. Securities regularly traded in an over-the-counter market are valued at the latest quoted sale price in such market or in the case of the New York Stock Exchange ("NYSE"), at the NYSE Official Closing Price. Such valuations are typically

Notes to Financial Statements (continued)

October 31, 2025

categorized as Level 1 in the fair value hierarchy. The Board of Trustees of the Trust (the "Board") has designated Virtus Investment Advisers, LLC ("VIA" or the "Adviser") with respect to each Fund to serve as its valuation designee, pursuant to Rule 2a-5 under the 1940 Act, to perform the fair value determinations relating to any of the Funds' investments. Accordingly, if market quotations are not readily available, or if it is determined that a quotation of a security does not represent fair value, then the security is valued by the Adviser at fair value as determined in good faith using procedures approved by the Board. Such valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy.

Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, and current day trade information, as well as dealer-supplied prices. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. Such valuations are typically categorized as Level 2 in the fair value hierarchy. Debt securities that are not widely traded, are illiquid, or are internally fair valued by the Adviser are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include options, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy. Centrally cleared swaps listed or traded on a bilateral or trade facility platform, such as a registered exchange, are valued at the last posted settlement price determined by the respective exchange. These securities are generally categorized as Level 2 within the hierarchy.

Investments in other open-end investment companies are valued based on their net asset value ("NAV") each business day. Investments in closed-end funds are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the fair value hierarchy.

**(d) Fair Value Measurement**

Accounting Standards Codification, Fair Value Measurements and Disclosures ("ASC 820") defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and requires disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into fair value measurement. Under ASC 820, various inputs are used in determining the value of the Funds' investments. The Adviser, on behalf of each Fund, utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. These inputs are summarized in the following hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy classification of inputs used to value each Fund's investments at October 31, 2025, is disclosed at the end of each Fund's Schedule of Investments.

**(e) Security Transactions and Investment Income**

Security transactions are accounted for on the trade date. Realized gains and losses on sales of investment securities are calculated using specific identification. Dividend income is recognized on the ex-dividend date. Expenses and interest income are recognized on the accrual basis. Amortization of premium and accretion of discount on debt securities are included in interest income. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method.

Notes to Financial Statements (continued)

October 31, 2025

Dividend income from REIT investments is recorded using management's estimate of the income included in distributions received from the REIT investments. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each domestic REIT after its fiscal year-end, and may differ from the estimated amounts.

**(f) Foreign Taxes**

Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on stock dividends are presented as "Other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**(g) Expenses**

Each Fund pays all of its expenses not assumed by its Sub-Adviser, if any, as defined in Note 3, or the Adviser. General Trust expenses that are allocated among and charged to the assets of the Funds and other series of the Trust are done so on a basis that the Board deems fair and equitable, which may be on a basis of relative net assets of each Fund and other series of the Trust or the nature of the services performed and relative applicability to each Fund and other series of the Trust.

**(h) Short Sales**

The Virtus InfraCap U.S. Preferred Stock ETF may sell securities short. A short sale is a transaction in which the Fund sells a security it does not own in anticipation of a decline in market price. To sell a security short, the Fund must borrow the security. The Fund's obligation to replace the security borrowed and sold short will be fully collateralized at all times by the proceeds from the short sale retained by the broker and by cash and securities deposited in a segregated account with the Fund's custodian. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss, and if the price declines during the period, the Fund will realize a gain. Any realized gain will be decreased, and any realized loss increased, by the amount of transaction costs. On the ex-dividend date, dividends on short sales are recorded as an expense to the Fund.

In accordance with the terms of its prime brokerage agreement, the Fund may receive rebate income or be charged a fee on borrowed securities which is reported as "Interest Expense" on the Statement of Operations. Such income or fee is calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security.

**(i) Distributions to Shareholders**

Distributions are recorded by the Funds on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from GAAP in the United States of America.

**(j) Foreign Currency Translation**

Non-U.S. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date the income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Notes to Financial Statements (continued)

October 31, 2025

**(k) Cash and Cash Equivalents**

Cash is comprised of demand deposits. Cash equivalents are highly liquid investments with original maturities of 90 days or less. The carrying amount of cash equivalents, primarily representing money market funds is a reasonable estimate of fair value. These assets are considered to be Level 1 securities, per Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures.

**(l) Loan Agreements**

The Virtus Newfleet Multi-Sector Bond ETF may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Loan agreements are generally non-investment grade and often involve borrowers that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. Loan agreements are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the "lender") that acts as agent for all holders. The lender administers the terms of the loan, as specified in the loan agreement. The Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan.

The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Loan agreements may involve foreign borrowers, and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due.

The loan agreements have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally the London Interbank Offered Rate ("LIBOR"), Secured Overnight Financing Rate ("SOFR"), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a loan agreement is purchased, the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.

**(m) Securities Lending**

Certain Funds may loan securities to qualified brokers through an agreement with The Bank of New York Mellon ("BNY Mellon"), as a third party lending agent. Under the terms of the agreement, a Fund doing so is required to maintain collateral with a market value not less than 102% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by a Fund net of fees and rebates charged by BNY Mellon for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.

At October 31, 2025, the following Funds had securities on loan:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Market Value** | **Cash<br>Collateral** | **Non Cash<br>Collateral<sup>(a)</sup>** | **Net <br>Amount<sup>(b)</sup>** |
| Virtus LifeSci Biotech Clinical Trials ETF | $4452671 | $2442089 | $2103325 | $0 |
| Virtus LifeSci Biotech Products ETF | 2682518 | 394428 | 2314648 | 0 |
| Virtus Private Credit Strategy ETF | 13878812 | 11592961 | 2572363 | 0 |
| Virtus Real Asset Income ETF | 2505664 | 1283054 | 1308302 | 0 |

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------

(a)Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's statement of assets and liabilities.

(b)Net amount represents the net amount receivable due from the counterparty in the event of default.

Funds not listed in table above did not have any securities on loan at October 31, 2025.

Notes to Financial Statements (continued)

October 31, 2025

The following table presents the contract value of securities lending transactions and the type of collateral provided to counterparties.

Remaining Contractual Maturity of the Agreements, as of October 31, 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight and<br>Continuous** | **Between** | **Between** | **Between** |  |
|  | **Overnight and<br>Continuous** | **<30 Days** | **30 & 90 days** | **>90 days** | **Total** |
| Virtus LifeSci Biotech Clinical Trials ETF |  |  |  |  |  |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $4545415 | $— | $— | $— | $4545415 |
| Gross amount of recognized liabilities for securities lending transactions: | Gross amount of recognized liabilities for securities lending transactions: | Gross amount of recognized liabilities for securities lending transactions: | Gross amount of recognized liabilities for securities lending transactions: |  | $4545415  |
| Virtus LifeSci Biotech Products ETF |  |  |  |  |  |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $2709076 | $— | $— | $— | $2709076 |
| Gross amount of recognized liabilities for securities lending transactions: | Gross amount of recognized liabilities for securities lending transactions: | Gross amount of recognized liabilities for securities lending transactions: |  |  | $2709076  |
| Virtus Private Credit Strategy ETF |  |  |  |  |  |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $14165324 | $— | $— | $— | $14165324 |
| Gross amount of recognized liabilities for securities lending transactions: | Gross amount of recognized liabilities for securities lending transactions: | Gross amount of recognized liabilities for securities lending transactions: |  |  | $14165324  |
| Virtus Real Asset Income ETF |  |  |  |  |  |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $2591356 | $— | $— | $— | $2591356 |
| Gross amount of recognized liabilities for securities lending transactions:  | Gross amount of recognized liabilities for securities lending transactions:  | Gross amount of recognized liabilities for securities lending transactions:  | Gross amount of recognized liabilities for securities lending transactions:  |  | $2591356 |

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**(n) Mortgage-Related and Other Asset-Back Securities**

Certain Funds may invest in mortgage-related and other asset-backed securities, which collectively are securities backed by mortgages, installment contracts, credit card receivables or other financial assets. Asset-backed securities represent interests in "pools" of assets in which payments of both interest and principal on the securities are made periodically, thus in effect "passing through" such payments made by the individual borrowers on the assets that underlie the securities, net of any fees paid to the issuer or guarantor of the securities. The average life of asset-backed securities varies with the maturities of the underlying instruments, and the average life of a mortgage-backed instrument, in particular, is likely to be less than the original maturity of the mortgage pools underlying the securities as a result of mortgage prepayments, where applicable. For this and other reasons, an asset-backed security's stated maturity may be different, and the security's total return may be difficult to predict precisely.

Mortgage-related securities are issued or guaranteed by the U.S. Government, its agencies and instrumentalities, or issued by non-government entities, such as commercial banks and other private lenders. Mortgage-related securities represent ownership in "pools" of mortgage loans assembled for sale to investors by various government agencies, such as the Government National Mortgage Association ("GNMA"), and government-related organizations, such as the Federal National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corporation ("FHLMC"), as well as by non-government issuers such as commercial banks, savings and loan institutions, mortgage bankers and private mortgage insurance companies.

Prepayments of principal of mortgage-related securities by mortgagors or mortgage foreclosures affect the average life of the mortgage-related securities in the Fund's portfolio. Mortgage prepayments are affected by the level of interest rates and other factors, including general economic conditions and the underlying location and age of the mortgage. In periods of rising interest rates, the prepayment rate tends to decrease, lengthening the average life of a pool of mortgage-related securities. The longer the remaining maturity of a security the greater the effect of interest rate changes will be. Changes in the ability of an issuer to make payments of interest and principal and in the market's perception of its creditworthiness also affect the market value of that issuer's debt securities.

Notes to Financial Statements (continued)

October 31, 2025

**3. INVESTMENT MANAGEMENT RELATED PARTIES AND OTHER AGREEMENTS** 

**Investment Advisory Agreements**

Effective January 1, 2025, VIA replaced Virtus ETF Advisers LLC ("VEA") as the investment adviser to each Fund. References to the "Adviser" shall mean VIA.

The Trust, on behalf of each Fund, has entered into Investment Advisory Agreements (collectively, the "Advisory Agreement") with the Adviser, an indirect wholly-owned subsidiary of Virtus Investment Partners, Inc. (Ticker: VRTS) (together with its affiliates, "Virtus"). Pursuant to the Advisory Agreement, the Adviser has overall supervisory responsibility for the general management and investment of the Funds' securities portfolios. The Adviser has agreed to pay all of the ordinary operating expenses of the Virtus LifeSci Biotech Clinical Trials ETF, Virtus LifeSci Biotech Products ETF, Virtus Private Credit Strategy ETF, Virtus Real Asset Income ETF, and Virtus WMC International Dividend ETF, except for each Fund's management fee; payments under any 12b-1 plan; taxes and other governmental fees; brokerage fees, commissions and other transaction expenses; interest and other costs of borrowing; litigation or arbitration expenses; acquired fund fees and expenses; and extraordinary or other non-routine expenses of the Funds. The Adviser is entitled to receive a fee from each Fund (unless otherwise noted below) based on each Fund's average daily net assets, computed and accrued daily and payable monthly, at an annual rate as follows:

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| | |
|:---|:---|
| **Funds** | **Rate** |
| InfraCap REIT Preferred ETF | 0.45%, subject to a minimum annual fee of $25,000 per year |
| Virtus InfraCap U.S. Preferred Stock ETF | 0.80% |
| Virtus LifeSci Biotech Clinical Trials ETF | 0.79% |
| Virtus LifeSci Biotech Products ETF | 0.79% |
| Virtus Newfleet Multi-Sector Bond ETF | 0.45% |
| Virtus Private Credit Strategy ETF | 0.75% |
| Virtus Real Asset Income ETF | 0.55% |
| Virtus WMC International Dividend ETF | 0.49% |

---

The Advisory Agreement may be terminated by the Trust on behalf of a Fund with the approval of a Fund's Board or by a vote of the majority of a Fund's shareholders. The Advisory Agreement may also be terminated by the Adviser by not more than 60 days' nor less than 30 days' written notice.

**Expense Limitation Agreement**

The Adviser has contractually agreed to reduce its fees and reimburse expenses in order to limit Virtus Newfleet Multi-Sector Bond ETF's total operating expenses (excluding interest, taxes, brokerage fees and commissions, other expenditures that are capitalized in accordance with generally accepted accounting principles, acquired fund fees and expenses, other extraordinary expenses not incurred in the ordinary course of the Funds' business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) from exceeding 0.49% of the Fund's average daily net assets through at least February 28, 2026. The expense limitation agreement with respect to Virtus Newfleet Multi-Sector Bond ETF will be terminated upon termination of the Advisory Agreement between the Adviser and the Fund. In addition, while the Adviser or the Fund may discontinue the expense limitation agreement after the contractual period, it may only be terminated during its term with the approval of the Fund's Board.

Under certain conditions, the Adviser may recapture operating expenses waived or reimbursed under the expense limitation agreement for a period of three years following the date on which such waiver or reimbursement occurred; provided that such recapture may not cause the Fund's total operating expenses to exceed 0.49% of the average daily net assets of the Fund (or any lower expense limitation or limitations to which the Fund and the Adviser may otherwise agree). All or a portion of the following expenses reimbursed by the Adviser may be recaptured during the fiscal years indicated:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2026** | **2027** | **2028** |
| Virtus Newfleet Multi-Sector Bond ETF | $168746 | $225718 | $226156 |

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**Sub-Advisory Agreement**

Each Sub-Adviser provides investment advice and management services to its respective Fund. Pursuant to an investment sub-advisory agreement among the Trust, the respective Sub-Adviser and the Adviser, the Adviser pays each Fund's Sub-Adviser a sub-advisory fee calculated as shown below. The Adviser has delegated to the InfraCap REIT Preferred ETF and Virtus InfraCap U.S. Preferred Stock ETF's sub-adviser the obligation to pay all of the ordinary operating expenses of each of those Funds, except for the management fee paid to the Adviser; payments under any 12b-1 plan adopted by the Fund; taxes and other governmental fees; brokerage fees, commissions

Notes to Financial Statements (continued)

October 31, 2025

and other transaction expenses; interest and other costs of borrowing; litigation or arbitration expenses; acquired fund fees and expenses; and extraordinary or other non-routine expenses of the Fund. The Sub-Advisers and sub-advisory fees for each Fund are listed below.

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| | | |
|:---|:---|:---|
| **Funds** | **Sub-Advisers** | **Sub-Advisory Fees** |
| InfraCap REIT Preferred ETF | Infrastructure Capital Advisors, LLC | 0.375%\* |
| Virtus InfraCap U.S. Preferred Stock ETF | Infrastructure Capital Advisors, LLC | 0.66%\* |
| Virtus Newfleet Multi-Sector Bond ETF | Virtus Fixed Income Advisers, LLC, operating through its division Newfleet Asset Management<sup>(1)</sup> | 50% of the net advisory fee\*+ |
| Virtus WMC International Dividend ETF | Wellington Management Company LLP | 0.21%\* |

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(1) An indirect wholly-owned subsidiary of Virtus.

\*InfraCap REIT Preferred ETF, Virtus InfraCap U.S. Preferred Stock ETF, Virtus Newfleet Multi-Sector Bond ETF and Virtus WMC International Dividend ETF's sub-advisory fees are paid for by the Adviser, not the Funds.

+Net advisory fee: In the event the Adviser waives its entire fee and also assumes expenses of the Trust pursuant to an applicable expense limitation agreement, the Sub-Adviser will similarly waive its entire fee and will share in the expense assumption by promptly paying to the Adviser (or its designee) 50% of the assumed amount. If during the term of the Sub-Advisory Agreement the Adviser later recaptures some or all of fees waived or expenses reimbursed by the Adviser and the Sub-Adviser together, then the Adviser will pay to the Sub-Adviser 50% of the amount recaptured.

**Principal Underwriter**

Pursuant to the terms of a Distribution Agreement with the Trust, VP Distributors, LLC (the "Distributor") serves as the Funds' principal underwriter. The Distributor receives compensation from the Adviser for the statutory underwriting services it provides to the Funds. The Distributor will not distribute shares in less than Creation Units (as hereinafter defined), and does not maintain a secondary market in shares. The shares are traded in the secondary market. The Distributor is an indirect wholly-owned subsidiary of Virtus.

**Distribution and Service (12b-1 Plan)**

The Board of Trustees has adopted a distribution and service plan, under which InfraCap REIT Preferred ETF, Virtus InfraCap U.S. Preferred Stock ETF, Virtus LifeSci Biotech Clinical Trials ETF, Virtus LifeSci Biotech Products ETF, Virtus Private Credit Strategy ETF, Virtus Real Asset Income ETF, and Virtus WMC International Dividend ETF (collectively, the "12b-1 Funds") are authorized to pay an amount up to 0.25% of their average daily net assets each year to finance activities primarily intended to result in the sale of Creation Units of the 12b-1 Funds or the provision of investor services. No 12b-1 fees are currently paid by the 12b-1 Funds and there are no current plans to impose these fees.

**Operational Administrator**

Virtus ETF Solutions LLC (the "Administrator") serves as the Funds' operational administrator. The Administrator supervises the overall administration of the Trust and the Funds including, among other responsibilities, the coordination and day-to-day oversight of the Funds' operations, the service providers' communications with the Funds and each other and assistance with Trust, Board and contractual matters related to the Funds and other series of the Trust. The Administrator also provides persons satisfactory to the Board to serve as officers of the Trust. The Administrator is an indirect wholly-owned subsidiary of Virtus.

**Accounting Services Administrator, Custodian and Transfer Agent**

The Bank of New York Mellon ("BNY Mellon") provides administrative, accounting, tax and financial reporting for the maintenance and operations of the Trust as the Funds' accounting services administrator. BNY Mellon also serves as the custodian for the Funds' assets, and serves as transfer agent and dividend paying agent for the Funds.

**Affiliated Shareholders**

At October 31, 2025, Virtus Partners, Inc. held shares of the Fund below which may be sold at any time that aggregated as follows:

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| | | |
|:---|:---|:---|
|  | **Shares** | **% of share<br>outstanding** |
| Virtus WMC International Dividend ETF | 184507 | 46.1% |

---

At October 31, 2025, the sub-adviser of the below Funds held shares of such Fund which may be redeemed at any time that aggregated as follows:

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| | | |
|:---|:---|:---|
|  | **Shares** | **% of share<br>outstanding** |
| InfraCap REIT Preferred ETF | 2599 | &nbsp;&nbsp; 0.0%\* |
| Virtus InfraCap U.S. Preferred Stock ETF | 289300 | 0.3% |

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------

\*Rounds to less than 0.01%.

Notes to Financial Statements (continued)

October 31, 2025

**4. CREATION AND REDEMPTION TRANSACTIONS**

The Funds issue and redeem shares on a continuous basis at NAV in aggregate blocks of shares or multiples thereof called "Creation Units." The Funds' Creation Units may be issued and redeemed generally for cash or an in-kind deposit of securities held by the Funds. In each instance of cash creations or redemptions, the Trust may impose transaction fees based on transaction expenses related to the particular exchange that will be higher than the transaction fees associated with in-kind purchases or redemptions.

Only "Authorized Participants" who have entered into contractual arrangements with the Distributor may purchase or redeem shares directly from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

Authorized participants pay a fixed transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a Fund. The transaction fee is used to defray the costs associated with the issuance and redemption of Creation Units.

The following table discloses each Fund's transaction fee:

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| | |
|:---|:---|
| **Funds** | **Creation/Redemption<br>Transaction Fee** |
| InfraCap REIT Preferred ETF | $500<br>|
| Virtus InfraCap U.S. Preferred Stock ETF | 600 |
| Virtus LifeSci Biotech Clinical Trials ETF | 500 |
| Virtus LifeSci Biotech Products ETF | 500 |
| Virtus Newfleet Multi-Sector Bond ETF | 500 |
| Virtus Private Credit Strategy ETF | 500 |
| Virtus Real Asset Income ETF | 500 |
| Virtus WMC International Dividend ETF | 1200 |

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**5. FEDERAL INCOME TAX**

Each Fund intends to qualify as a "regulated investment company" under Sub-chapter M of the Internal Revenue Code of 1986 (the "Code"), as amended. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders. Therefore, no federal income or excise tax provision is required. Accounting for Uncertainty in Income Taxes as issued by the FASB provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements, and requires the evaluation of tax positions taken or expected to be taken in the course of preparing a Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Interest and penalties related to income taxes would be recorded as income tax expense. Management of the Funds is required to analyze all open tax years (2022, 2023 and 2024), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of October 31, 2025, the Funds did not have a liability for any unrecognized tax benefits or uncertain tax positions that would require recognition in the financial statements. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Funds recognize interest accrued related to unrecognized tax benefits and penalties as income tax expense. For the year ended October 31, 2025, the Funds had no accrued penalties or interest.

Notes to Financial Statements (continued)

October 31, 2025

At October 31, 2025, the adjusted cost basis of investments and gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax Cost<br>Of Investments** | **Gross Unrealized<br>Appreciation** | **Gross Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| InfraCap REIT Preferred ETF | $110543561<br>| $3136016<br>| $(6842697) | $(3706681) |
| Virtus InfraCap U.S. Preferred Stock ETF | 2321461355 | 78288758 | (74729504) | 3559254 |
| Virtus LifeSci Biotech Clinical Trials ETF | 20236255 | 6788842 | (3728664) | 3060178 |
| Virtus LifeSci Biotech Products ETF | 22568779 | 11030793 | (3598203) | 7432590 |
| Virtus Newfleet Multi-Sector Bond ETF | 320786466 | 8172587 | (1842645) | 6329942 |
| Virtus Private Credit Strategy ETF | 73733253 | 188756 | (12235307) | (12046551) |
| Virtus Real Asset Income ETF | 17963653 | 1427863 | (3298948) | (1871085) |
| Virtus WMC International Dividend ETF | 10768324 | 2944512 | (353702) | 2590810 |

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At October 31, 2025, the components of accumulated earnings/loss on a tax-basis were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Tax-Exempt<br>Income** | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Capital Loss<br>Carryforwards** | **Net Unrealized<br>Appreciation/<br>(Depreciation)** | **Post October<br>Losses<br>Deferrals** | **Total<br>Accumulated<br>Earnings (Loss)** |
| InfraCap REIT Preferred ETF | $—<br>| $—<br>| $—<br>| $(13306680) | $(3706681) | $—<br>| $(17013361) |
| Virtus InfraCap U.S. Preferred Stock ETF |  |  |  |  | 3559254 |  | 3559254 |
| Virtus LifeSci Biotech Clinical Trials ETF |  | 524351 |  | (60807076) | 3060178 |  | (57222547) |
| Virtus LifeSci Biotech Products ETF |  |  |  | (16297126) | 7432590 | 87413 | (8951949) |
| Virtus Newfleet Multi-Sector Bond ETF |  | 898956 |  | (5544930) | 6329942 |  | 1683968 |
| Virtus Private Credit Strategy ETF | 557397 | 489618 |  | (11373406) | (12046551) |  | (22372942) |
| Virtus Real Asset Income ETF |  | 101758 |  | (45369378) | (1871085) |  | (47138705) |
| Virtus WMC International Dividend ETF |  | 117022 | 115818 |  | 2590810 |  | 2823650 |

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Ordinary losses incurred after December 31 ("Late Year Ordinary Losses") within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. During the fiscal year ended October 31, 2025, the Fund incurred and elected to defer Late Year Ordinary Losses as follows:

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| | |
|:---|:---|
| Virtus LifeSci Biotech Products ETF | $87413<br>|

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The tax character of dividends and distributions paid during the fiscal years ended October 31, 2025 and October 31, 2024 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Distributions<br>Paid From<br>Ordinary<br>Income** | **Return of<br>Capital** | **Distributions<br>Paid From<br>Long-Term<br>Capital Gains** | **Distributions<br>Paid From<br>Ordinary<br>Income** | **Return of<br>Capital** | **Distributions<br>Paid From<br>Long-Term<br>Capital Gains** |
| InfraCap REIT Preferred ETF | $7600118<br>| $109888<br>| $—<br>| $4553044<br>| $1776962<br>| $—<br>|
| Virtus InfraCap U.S. Preferred Stock ETF | 115841568 | 16802176 | 15423639 | 72248861 | 5386521 | 14265126 |
| Virtus LifeSci Biotech Clinical Trials ETF | 83816 |  |  | 37035 |  |  |
| Virtus LifeSci Biotech Products ETF |  |  |  |  |  |  |
| Virtus Newfleet Multi-Sector Bond ETF | 14753080 |  |  | 5718315 |  |  |
| Virtus Private Credit Strategy ETF | 6549071 |  |  | 3995609 |  |  |
| Virtus Real Asset Income ETF | 839499 |  |  | 993505 |  |  |
| Virtus WMC International Dividend ETF | 524256 |  |  | 467150 |  |  |

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Notes to Financial Statements (continued)

October 31, 2025

Short-term gain distributions if any, are reported as ordinary income for federal tax purposes.

At October 31, 2025, for federal income tax purposes, the following Funds have capital loss carryforwards available to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders:

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| | | | |
|:---|:---|:---|:---|
|  | **Short-Term<br>No Expiration** | **Long-Term<br>No Expiration** | **Total** |
| InfraCap REIT Preferred ETF | $11865785<br>| $1440895<br>| $13306680<br>|
| Virtus InfraCap U.S. Preferred Stock ETF |  |  |  |
| Virtus LifeSci Biotech Clinical Trials ETF | 24969166 | 35837910 | 60807076 |
| Virtus LifeSci Biotech Products ETF | 2526100 | 13771026 | 16297126 |
| Virtus Newfleet Multi-Sector Bond ETF | 1644664 | 3900266 | 5544930 |
| Virtus Private Credit Strategy ETF | 3731914 | 7641492 | 11373406 |
| Virtus Real Asset Income ETF | 26198783 | 19170595 | 45369378 |
| Virtus WMC International Dividend ETF |  |  |  |

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For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. Reclassifications are primarily due to tax treatment of redemptions in kind. At October 31, 2025, the effect of permanent book/tax reclassifications resulted in increases (decreases) to the components of net assets as follows:

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| | | |
|:---|:---|:---|
|  | **Distributable Earnings (Accumulated Deficit)** | **Paid-In-Capital** |
| InfraCap REIT Preferred ETF | $327790<br>| $(327790) |
| Virtus InfraCap U.S. Preferred Stock ETF | 19058815 | (19058815) |
| Virtus LifeSci Biotech Clinical Trials ETF | (982776) | 982776 |
| Virtus LifeSci Biotech Products ETF |  |  |
| Virtus Newfleet Multi-Sector Bond ETF | (740) | 740 |
| Virtus Private Credit Strategy ETF | 747266 | (742266) |
| Virtus Real Asset Income ETF | (64421) | 64421 |
| Virtus WMC International Dividend ETF | (187004) | 187004 |

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**6. INVESTMENT TRANSACTIONS**

Purchases and sales of investments (excluding short-term investments), subscriptions in-kind and redemptions in-kind for the year ended October 31, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Subscriptions In-Kind** | **Redemptions In-Kind** |
| InfraCap REIT Preferred ETF | $10309411<br>| $10718665<br>| $21664246<br>| $22193642<br>|
| Virtus InfraCap U.S. Preferred Stock ETF | 1138840917 | 1123692354 | 704176477 | 38079738 |
| Virtus LifeSci Biotech Clinical Trials ETF | 6565526 | 6599693 | 21946112 | 16847029 |
| Virtus LifeSci Biotech Products ETF | 6961056 | 7170231 | 2760302 |  |
| Virtus Newfleet Multi-Sector Bond ETF | 310926466 | 195881882 |  |  |
| Virtus Private Credit Strategy ETF | 17849359 | 17283747 | 18634371 | 8915205 |
| Virtus Real Asset Income ETF | 8221796 | 8371416 | 1163258 | 1154682 |
| Virtus WMC International Dividend ETF | 3722992 | 3761552 |  | 1276772 |

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Purchases and sales of investments in long-term U.S. Government Securities for the year ended October 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Virtus Newfleet Multi-Sector Bond ETF | $40031186<br>| $31274037<br>|

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Notes to Financial Statements (continued)

October 31, 2025

**7. DERIVATIVE FINANCIAL INSTRUMENTS**

**Swaps**

The Virtus Newfleet Multi-Sector Bond ETF may enter into swap agreements, in which the Fund and a counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps"). The value of the swap is reflected on the Statement of Assets and Liabilities as "Over-the-counter swap at value" for OTC swaps and as "variation margin receivable/payable on cleared swaps" for centrally cleared swaps. Swaps are marked-to-market daily and changes in value are recorded as "Net change in unrealized appreciation (depreciation) on swaps" in the Statement of Operations.

Any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown under "Over-the-counter swaps at value" in the Statement of Assets and Liabilities and are amortized over the term of the swap for OTC swaps. When a swap is terminated, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contracts is the unamortized premium received or paid. Cash settlements between the Fund and the counterparty are recognized as "Net realized gain (loss) on swaps" in the Statement of Operations. Swap contracts outstanding at period end, if any, are listed after the Fund's Schedule of Investments.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is submitted to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a clearing broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the clearing broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap.

Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as "Cash pledged as collateral for derivatives and securities sold short." Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Total return swaps– Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (coupons plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. The Fund may enter into total return swaps to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk).

The Fund may enter into equity basket swaps to obtain exposure to a portfolio of long and short securities. Under the terms of the agreement, the swap is designed to function as a portfolio of direct investments in long and short equity or fixed income positions. This means that the Fund has the ability to trade in and out of long and short positions within the swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions, and dividends and interest received and paid, all of which are reflected in the swap value. The swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on defined market rates plus or minus a specified spread and are referred to herein as "financing costs". Positions within the swap are reset periodically, and financing costs are reset monthly.

During a reset, any unrealized gains (losses) on positions and accrued financing costs become available for cash settlement between the Fund and the swap counterparty. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement, and is generally determined based on limits and thresholds established as part of the ISDA Master Agreement (defined below in "Derivative Risks") between the Fund and the counterparty.

The value of the swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing prices on the principal exchange on which the securities are traded; (ii) financing costs; (iii) the value of dividends or accrued interest; (iv)cash balances within the swap; and (v) other factors, as applicable. The swap involves additional risks than if the Fund has invested in the underlying positions directly, including: the risk that changes in the swap may not correlate perfectly with the underlying long and short securities; credit risk related to the counterparty's failure to perform under contract terms; and liquidity risk related to the lack of a liquid market for the swap contract, which may limit the ability of the Fund to close out its position(s).

Notes to Financial Statements (continued)

October 31, 2025

During the year ended October 31, 2025, the Fund utilized swaps to gain exposure to broad markets or to hedge the risk of individual securities within the portfolio and to obtain long or short exposure to the underlying reference instrument.

The following is a summary of derivative instruments categorized by primary risk exposure, and location as presented in the Statement of Assets and Liabilities at October 31, 2025.

**Virtus Newfleet Multi-Sector Bond ETF**

---

| | |
|:---|:---|
| **Asset** | **Credit Risk** |
| Swaps<sup>(1)</sup>, at value | $8391<br>|

---

The following is a summary of derivative instruments categorized by primary risk exposure, and location as presented in the Statement of Operations for the year ended October 31, 2025.

**Virtus Newfleet Multi-Sector Bond ETF**

---

| | |
|:---|:---|
| **Net Realized Gain (Loss) on:** | **Credit Risk** |
| Swaps | $—<br>|
| **Net Change in Net Unrealized Appreciation (Depreciation) on:** | **Credit Risk** |
| Swaps | $8391<br>|

---

------

<sup>(1)</sup> Represents cumulative appreciation (depreciation) on swap contracts as reported in the Schedule of Investments. Only current day's variation margin is shown in the Statement of Assets and Liabilities for centrally cleared swap contracts.

The table below shows the quarterly average volume (unless otherwise specified) of the derivatives held by the Fund for the year ended October 31, 2025.

**Virtus Newfleet Multi-Sector Bond ETF**

---

| | |
|:---|:---|
| Swaps<sup>(1)</sup> | $5945000<br>|

---

------

<sup>(1)</sup> Average notional amount.

**8. BORROWINGS**

The Virtus InfraCap U.S. Preferred Stock ETF entered into Lending Agreements (the "Agreements") with commercial banks (the "Banks") that allows the Fund to borrow cash from the Banks. Borrowings under the Agreements are collateralized by investments of the Fund. If the Fund defaults with respect to any of its obligations under the Agreements, the Banks may foreclose on assets of the Fund and/ or the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the Agreements, necessitating the sale of securities at potentially inopportune times. Interest is charged at the Overnight Bank Funding Rate ("OBFR") plus an additional percentage rate on the amount borrowed. The Agreements have an on-demand commitment term. For the year ended October 31, 2025, the average daily borrowings under the Agreements and the weighted average interest rate were $369,204,286 and 5.43%, respectively.

**9. INVESTMENT RISKS**

As with any investment, an investment in the Funds could result in a loss or the performance of the Funds could be inferior to that of other investments. An investor should consider each Fund's investment objectives, risks, and charges and expenses carefully before investing. Each Fund's prospectus and statement of additional information contain this and other important information.

**Derivative Risks**

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

The Fund's risk of loss from counterparty credit risk on derivatives bought or sold OTC, rather than traded on a securities exchange, is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund. For OTC purchased options, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform.

Notes to Financial Statements (continued)

October 31, 2025

With exchange traded purchased options and futures and centrally cleared swaps generally speaking, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTCderivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

**Credit Risk**

Junk Bonds or High Yield Securities: High yield securities are generally subject to greater levels of credit quality risk than investment grade securities. The retail secondary market for these "junk bonds" may be less liquid than that of higher-rated fixed income securities, and adverse conditions could make it difficult at times to sell these securities or could result in lower prices than higher-rated fixed income securities. These risks can reduce the value of the Fund's shares and the income it earns.

**Cash Concentration Risk**

At various times, the Funds may have cash and cash collateral balances that exceed federally insured limits.

**Market Risk**

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on each Fund and its investments, including hampering the ability of the Fund's portfolio manager(s) to invest the Fund's assets as intended.

**10. 1** **0% SHAREHOLDERS**

As of October 31, 2025, certain Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of such Fund as detailed below:

---

| | | |
|:---|:---|:---|
| **Funds** | **% of Shares<br>Outstanding** | **Number of<br>Accounts** |
| InfraCap REIT Preferred ETF | 57% | 2 |
| Virtus InfraCap U.S. Preferred Stock ETF | 59% | 2 |
| Virtus LifeSci Biotech Clinical Trials ETF | 40% | 2 |
| Virtus LifeSci Biotech Products ETF | 65% | 3 |
| Virtus Newfleet Multi-Sector Bond ETF | 77% | 3 |
| Virtus Private Credit Strategy ETF | 71% | 2 |
| Virtus Real Asset Income ETF | 64% | 1 |
| Virtus WMC International Dividend ETF | 78% | 3\* |

---

------

\* Includes affiliated shareholder account.

Notes to Financial Statements (continued)

October 31, 2025

**11. RECENT ACCOUNTING PRONOUNCEMENTS**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact.

**12. SEGMENT REPORTING**

Accounting Standards Codification ("ASC") 280, Segment Reporting, established disclosure requirements relating to operating segments in financial statements. The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to enhance reportable operating segment disclosure requirements. Operating segments are defined as components of a reporting entity about which separate financial information, including disclosures about income and expenses, is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess its performance. The Trust is organized as a series of Funds, each of which is structured as an investment company and represents a single operating segment. Subject to the oversight and, when applicable, approval of the Trust's Board of Trustees, each Fund's Adviser acts as the respective Fund's CODM. The CODM monitors the Fund's operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on its defined investment objective. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Funds financial statement note disclosures only and did not affect any Fund's financial position or the results of its operations.

**13. SUBSEQUENT EVENTS**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance, and has determined that there are no subsequent events, requiring recognition or disclosure in these financial statements.

Schedule of Investments — InfraCap MLP ETF

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS - 122.5%** |  |  |
| **Energy - 122.3%** |  |  |
| Cheniere Energy Partners LP<sup>(1)</sup> | 226930 | $11838938<br>|
| Cheniere Energy, Inc.<sup>(1)</sup><sup>(2)</sup> | 122553 | 25981236 |
| Delek Logistics Partners LP | 158408 | 7057076 |
| Enbridge, Inc. (Canada) | 1554 | 72448 |
| Energy Transfer LP<sup>(1)</sup><sup>(2)</sup> | 3102317 | 52211995 |
| Enterprise Products Partners LP<sup>(1)</sup><sup>(2)</sup> | 1375943 | 42365285 |
| Genesis Energy LP<sup>(1)</sup><sup>(2)</sup> | 567353 | 9281895 |
| Global Partners LP | 98987 | 4475202 |
| Hess Midstream LP Class A<sup>(2)</sup> | 1404438 | 47680670 |
| Kinder Morgan, Inc.<sup>(1)</sup><sup>(2)</sup> | 633655 | 16595425 |
| Marathon Petroleum Corp. | 131 | 25533 |
| MPLX LP<sup>(1)</sup><sup>(2)</sup> | 1112122 | 56451313 |
| ONEOK, Inc.<sup>(1)</sup><sup>(2)</sup> | 117896 | 7899032 |
| Phillips 66<sup>(2)</sup> | 11167 | 1520275 |
| Plains All American Pipeline LP<sup>(1)</sup><sup>(2)</sup> | 3253913 | 53526869 |
| Sunoco LP<sup>(1)</sup> | 648427 | 33860858 |
| Targa Resources Corp.<sup>(1)</sup><sup>(2)</sup> | 108881 | 16772029 |
| TC Energy Corp. (Canada)<sup>(2)</sup> | 50000 | 2508000 |
| USA Compression Partners LP | 307431 | 6785002 |
| Valero Energy Corp. | 21123 | 3581616 |
| Venture Global, Inc. Class A<sup>(2)</sup> | 106563 | 913245 |
| Western Midstream Partners LP<sup>(1)</sup><sup>(2)</sup> | 1045716 | 39182979 |
| Williams Cos., Inc. (The)<sup>(1)</sup><sup>(2)</sup> | 267776 | 15496197 |
| Total Energy |  | 456083118 |
| **Utilities - 0.2%** |  |  |
| Suburban Propane Partners LP | 44707 | 815009 |
| **Total Common Stocks** |  |  |
| (Cost $456,823,853) |  | **456898127** |
| **PREFERRED STOCKS - 0.7%** |  |  |
| **Energy - 0.7%** |  |  |
| Brookfield Infrastructure Finance ULC, 5.00% (Canada) | 1039 | 17559 |
| Energy Transfer LP, Series I, 9.25% | 243382 | 2864606 |
| Total Energy |  | 2882165 |
| **Total Preferred Stocks** |  |  |
| (Cost $2,349,624) |  | 2882165 |
| **MONEY MARKET FUNDS - 2.4%** |  |  |
| Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.96%<sup>(3)</sup> | 4397772 | 4397772 |
| RBC BlueBay Government Money Market Fund - Institutional Shares, 4.04%<sup>(3)</sup> | 4397772 | 4397772 |
| (Cost $8,795,544) |  | 8795544 |
| **TOTAL INVESTMENTS - 125.6%** |  |  |
| (Cost $467,969,021) |  | **468575836** |
| Liabilities in Excess of Other Assets - (25.6)% |  | (95596286) |
| **Net Assets - 100.0%** |  | **$372979550** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Notional<br>Amount** | **Number of<br>contracts** | **Value** |
| **WRITTEN OPTIONS - (0.3)%** | **WRITTEN OPTIONS - (0.3)%** |  |  |
| **Written Call Options** |  |  |  |
| Cheniere Energy, Inc., Expires 11/07/25,<br>Strike Price $240.00 | (20000) | (200) | $(800) |
| Cheniere Energy, Inc., Expires 11/14/25,<br>Strike Price $245.00 | (20000) | (200) | (1200) |
| Cheniere Energy, Inc., Expires 11/21/25,<br>Strike Price $230.00 | (20000) | (200) | (18200) |
| Cheniere Energy, Inc., Expires 11/21/25,<br>Strike Price $245.00 | (25000) | (250) | (4250) |
| Cheniere Energy, Inc., Expires 11/28/25,<br>Strike Price $235.00 | (10000) | (100) | (6800) |
| Cheniere Energy, Inc., Expires 11/28/25,<br>Strike Price $255.00 | (10000) | (100) | (1100) |
| Cheniere Energy, Inc., Expires 12/05/25,<br>Strike Price $235.00 | (20000) | (200) | (25000) |
| Energy Transfer LP, Expires 11/07/25,<br>Strike Price $17.50 | (100000) | (1000) | (5000) |
| Energy Transfer LP, Expires 11/14/25,<br>Strike Price $17.50 | (100000) | (1000) | (7000) |
| Energy Transfer LP, Expires 11/21/25,<br>Strike Price $17.50 | (100000) | (1000) | (5000) |
| Energy Transfer LP, Expires 11/21/25,<br>Strike Price $18.00 | (300) | (3) | (12) |
| Energy Transfer LP, Expires 11/28/25,<br>Strike Price $17.50 | (100000) | (1000) | (14000) |
| Energy Transfer LP, Expires 12/05/25,<br>Strike Price $18.00 | (100000) | (1000) | (7000) |
| Energy Transfer LP, Expires 12/19/25,<br>Strike Price $18.00 | (200000) | (2000) | (22000) |
| Enterprise Products Partners LP, Expires 11/14/25,<br>Strike Price $32.00 | (50000) | (500) | (3000) |
| Enterprise Products Partners LP, Expires 11/21/25,<br>Strike Price $31.00 | (27000) | (270) | (13500) |
| Enterprise Products Partners LP, Expires 11/21/25,<br>Strike Price $32.00 | (100000) | (1000) | (12000) |
| Enterprise Products Partners LP, Expires 11/28/25,<br>Strike Price $32.00 | (100000) | (1000) | (15000) |
| Enterprise Products Partners LP, Expires 12/05/25,<br>Strike Price $32.00 | (100000) | (1000) | (22000) |

---

Schedule of Investments — InfraCap MLP ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Notional<br>Amount** | **Number of<br>contracts** | **Value** |
| **WRITTEN OPTIONS (continued)** | **WRITTEN OPTIONS (continued)** | **WRITTEN OPTIONS (continued)** | **WRITTEN OPTIONS (continued)** |
| **Written Call Options (continued)** |  |  |  |
| Enterprise Products Partners LP, Expires 12/19/25,<br>Strike Price $32.00 | (100000) | (1000) | $(32000) |
| Genesis Energy LP, Expires 11/21/25,<br>Strike Price $17.50 | (100000) | (1000) | (10000) |
| Genesis Energy LP, Expires 12/19/25,<br>Strike Price $17.50 | (100000) | (1000) | (26000) |
| Hess Midstream LP, Expires 11/21/25,<br>Strike Price $34.00 | (125000) | (1250) | (100000) |
| Hess Midstream LP, Expires 11/21/25,<br>Strike Price $35.00 | (150000) | (1500) | (75000) |
| Kinder Morgan, Inc., Expires 11/07/25,<br>Strike Price $29.00 | (100000) | (1000) | (2000) |
| Kinder Morgan, Inc., Expires 11/14/25,<br>Strike Price $27.00 | (75000) | (750) | (8250) |
| Kinder Morgan, Inc., Expires 11/21/25,<br>Strike Price $29.00 | (100000) | (1000) | (4000) |
| Kinder Morgan, Inc., Expires 11/21/25,<br>Strike Price $29.50 | (100000) | (1000) | (1000) |
| Kinder Morgan, Inc., Expires 11/28/25,<br>Strike Price $27.00 | (75000) | (750) | (24000) |
| Kinder Morgan, Inc., Expires 11/28/25,<br>Strike Price $28.00 | (300) | (3) | (33) |
| Kinder Morgan, Inc., Expires 12/19/25,<br>Strike Price $28.00 | (50000) | (500) | (11000) |
| Kinder Morgan, Inc., Expires 12/19/25,<br>Strike Price $29.00 | (50000) | (500) | (7000) |
| MPLX LP, Expires 11/21/25,<br>Strike Price $50.00 | (50000) | (500) | (52500) |
| ONEOK, Inc., Expires 11/21/25,<br>Strike Price $70.00 | (12500) | (125) | (6625) |
| ONEOK, Inc., Expires 11/21/25,<br>Strike Price $75.00 | (55000) | (550) | (6600) |
| ONEOK, Inc., Expires 11/21/25,<br>Strike Price $80.00 | (50000) | (500) | (2500) |
| Phillips 66, Expires 11/07/25,<br>Strike Price $141.00 | (10000) | (100) | (7600) |
| Plains All American Pipeline LP, Expires 11/21/25,<br>Strike Price $17.00 | (300000) | (3000) | (36000) |
| Targa Resources Corp., Expires 11/21/25,<br>Strike Price $160.00 | (25000) | (250) | (85000) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Notional<br>Amount** | **Number of<br>contracts** | **Value** |
| **WRITTEN OPTIONS (continued)** | **WRITTEN OPTIONS (continued)** | **WRITTEN OPTIONS (continued)** | **WRITTEN OPTIONS (continued)** |
| **Written Call Options (continued)** |  |  |  |
| Targa Resources Corp., Expires 11/21/25,<br>Strike Price $165.00 | (25000) | (250) | $(53750) |
| Targa Resources Corp., Expires 11/21/25,<br>Strike Price $170.00 | (50000) | (500) | (57500) |
| TC Energy Corp., Expires 11/21/25,<br>Strike Price $52.50 | (25000) | (250) | (10000) |
| Venture Global, Inc., Expires 11/07/25,<br>Strike Price $10.00 | (100000) | (1000) | (5000) |
| Western Midstream Partners LP, Expires 11/21/25,<br>Strike Price $39.00 | (100000) | (1000) | (30000) |
| Western Midstream Partners LP, Expires 11/21/25,<br>Strike Price $40.00 | (100000) | (1000) | (13000) |
| Williams Cos., Inc. (The), Expires 11/07/25,<br>Strike Price $67.00 | (25000) | (250) | (750) |
| Williams Cos., Inc. (The), Expires 11/14/25,<br>Strike Price $61.00 | (25000) | (250) | (10625) |
| Williams Cos., Inc. (The), Expires 11/21/25,<br>Strike Price $67.00 | (50000) | (500) | (4000) |
| Williams Cos., Inc. (The), Expires 11/21/25,<br>Strike Price $68.00 | (25000) | (250) | (1500) |
| Williams Cos., Inc. (The), Expires 11/21/25,<br>Strike Price $69.00 | (25000) | (250) | (1000) |
| Williams Cos., Inc. (The), Expires 11/28/25,<br>Strike Price $61.00 | (50000) | (500) | (32500) |
| Williams Cos., Inc. (The), Expires 11/28/25,<br>Strike Price $64.00 | (50000) | (500) | (15000) |
| **Written Put Options** |  |  |  |
| DT Midstream, Inc., Expires 11/21/25,<br>Strike Price $110.00 | (10000) | (100) | (24800) |
| Genesis Energy LP, Expires 11/21/25,<br>Strike Price $15.00 | (50000) | (500) | (7500) |
| Genesis Energy LP, Expires 12/19/25,<br>Strike Price $15.00 | (5000) | (50) | (2450) |
| Marathon Petroleum Corp., Expires 11/21/25,<br>Strike Price $160.00 | (10000) | (100) | (3200) |
| Marathon Petroleum Corp., Expires 11/21/25,<br>Strike Price $170.00 | (10000) | (100) | (7700) |

---

Schedule of Investments — InfraCap MLP ETF (continued)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Notional<br>Amount** | **Number of<br>contracts** | **Value** |
| **WRITTEN OPTIONS (continued)** | **WRITTEN OPTIONS (continued)** | **WRITTEN OPTIONS (continued)** | **WRITTEN OPTIONS (continued)** |
| **Written Put Options (continued)** |  |  |  |
| Marathon Petroleum Corp., Expires 11/21/25,<br>Strike Price $175.00 | (10000) | (100) | $(9250) |
| Marathon Petroleum Corp., Expires 11/21/25,<br>Strike Price $180.00 | (10000) | (100) | (18300) |
| Marathon Petroleum Corp., Expires 12/19/25,<br>Strike Price $155.00 | (10000) | (100) | (6500) |
| Phillips 66, Expires 11/07/25,<br>Strike Price $119.00 | (12500) | (125) | (1000) |
| Phillips 66, Expires 11/14/25,<br>Strike Price $122.00 | (10000) | (100) | (2800) |
| Phillips 66, Expires 11/14/25,<br>Strike Price $128.00 | (12500) | (125) | (11250) |
| Phillips 66, Expires 11/21/25,<br>Strike Price $118.00 | (10000) | (100) | (4000) |
| Phillips 66, Expires 11/21/25,<br>Strike Price $120.00 | (10000) | (100) | (4500) |
| Phillips 66, Expires 11/28/25,<br>Strike Price $120.00 | (10000) | (100) | (6500) |
| Phillips 66, Expires 12/05/25,<br>Strike Price $121.00 | (10000) | (100) | (7500) |
| Sunoco LP, Expires 11/21/25,<br>Strike Price $47.50 | (100000) | (1000) | (18000) |
| Sunoco LP, Expires 11/21/25,<br>Strike Price $50.00 | (50000) | (500) | (27500) |
| TC Energy Corp., Expires 11/21/25,<br>Strike Price $47.50 | (25000) | (250) | (11875) |
| Valero Energy Corp., Expires 11/07/25,<br>Strike Price $145.00 | (10000) | (100) | (500) |
| Valero Energy Corp., Expires 11/07/25,<br>Strike Price $160.00 | (10000) | (100) | (6100) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Notional<br>Amount** | **Number of<br>contracts** | **Value** |
| **WRITTEN OPTIONS (continued)** | **WRITTEN OPTIONS (continued)** | **WRITTEN OPTIONS (continued)** | **WRITTEN OPTIONS (continued)** |
| **Written Put Options (continued)** |  |  |  |
| Valero Energy Corp., Expires 11/14/25,<br>Strike Price $160.00 | (20000) | (200) | $(24800) |
| Valero Energy Corp., Expires 11/21/25,<br>Strike Price $148.00 | (10000) | (100) | (5800) |
| Valero Energy Corp., Expires 11/21/25,<br>Strike Price $152.50 | (10000) | (100) | (9900) |
| Valero Energy Corp., Expires 11/28/25,<br>Strike Price $155.00 | (10000) | (100) | (17100) |
| **Total Written Options - (0.3)%** |  |  |  |
| (Premiums Received $1,257,794) |  |  | **$** **(1153420)** |

---

------

(1)Security, or a portion thereof, has been pledged as collateral for borrowings. The aggregate market value of the collateral at October 31, 2025 was $291,394,637, or 78.1% of net assets.

(2)Subject to written call options.

(3)The rate shown reflects the seven-day yield as of October 31, 2025.

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| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 10/31/2025 (based on net assets) | Asset Allocation as of 10/31/2025 (based on net assets) |
| Common Stocks | 122.5% |
| Preferred Stocks | 0.7% |
| Money Market Funds | 2.4% |
| Written Options | (0.3)% |
| Liabilities in Excess of Other Assets | (25.3)% |
| **Total** | **100.0%** |

---

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $456898127<br>| $—<br>| $—<br>| $456898127<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 2882165 |  |  | 2882165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 8795544 |  |  | 8795544 |
| **Total** | **$** **468575836**<br>| **$** **—**<br>| **$** **—**<br>| **$** **468575836**<br>|
| **Liability Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | $1117570<br>| $35850<br>| $—<br>| $1153420<br>|
| **Total** | **$** **1117570**<br>| **$** **35850**<br>| **$** **—**<br>| **$** **1153420**<br>|

---

Statement of Assets and Liabilities (FORM N-CSR ITEM 7)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | |
|:---|:---|
|  | **InfraCap** **MLP ETF** |
| **Assets:** |  |
| Investments, at cost | $469141567<br>|
| Investments, at value | 468575836 |
| Due from broker | 1954086 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 13701816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 123591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim | 22785 |
| Prepaid taxes | 232066 |
| Prepaid expenses | 2860 |
| **Total Assets** | 484613040 |
| **Liabilities:** |  |
| Bank borrowings | 87433794 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 9786500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 392236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Advisory fees | 307661 |
| Written options, at value<sup>(a)</sup> | 1153420 |
| Current income tax liability | 12399498 |
| Deferred income tax liability | 160381 |
| **Total Liabilities** | 111633490 |
| **Net Assets** | **$** **372979550**<br>|
| **Net Assets Consist of:** |  |
| Paid-in capital | $489606875<br>|
| Total distributable earnings (accumulated deficit), net of income taxes | (116627325) |
| **Net Assets** | **$** **372979550**<br>|
| Shares outstanding (unlimited number of shares of beneficial interest authorized, no par value) | 9665000 |
| Net asset value per share | $38.59<br>|
| <sup>(a)</sup>Premiums received from written options | $1257794<br>|

---

Statement of Operations (FORM N-CSR ITEM 7)

For the Year Ended October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | |
|:---|:---|
|  | **InfraCap <br>MLP ETF** |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from master limited partnerships | $32197091 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income (net of foreign withholding taxes) | 4908456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 243874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Return of capital distributions | (33783382) |
| **Total Investment Income** | 3566039 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expenses | 5675108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Advisory fees | 3933705 |
| **Total Expenses** | 9608813 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment (Loss) Before Income Taxes** | (6042774) |
| **Current and Deferred Income Tax Benefit / (Expense)** | 2498184 |
| **Net Investment (Loss), Net of Income Taxes** | **(3544590)** |
| **Net Realized Gain (Loss) on:** |  |
| Investments | 225952332 |
| Written options | 6812378 |
| Foreign currency transactions | (32) |
| Current and Deferred Income Tax Benefit (Expense) | (96228815) |
| **Total Net Realized Gain, Net of Income Taxes** | 136535863 |
| **Change in Net Unrealized Appreciation (Depreciation) on:** |  |
| Investments | (189855783) |
| Written options | 18631 |
| Foreign currency translations | 22 |
| Current and Deferred Income Tax Benefit (Expense) | 78481848 |
| **Total Change in Net Unrealized Depreciation** | (111355282) |
| Net Realized and Change in Unrealized Gain, Net of Income Taxes | 25180581 |
| **Net Increase in Net Assets Resulting from Operations** | **$** **21635991**<br>|
| Foreign withholding taxes | $24473<br>|

---

Statement of Changes in Net Assets (FORM N-CSR ITEM 7)

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
|  | **InfraCap MLP ETF** | **InfraCap MLP ETF** |
|  | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |
| Net investment loss, net of income taxes | $(3544590) | $(8291800) |
| Net realized gain, net of income taxes | 136535863 | 27167668 |
| Net change in unrealized appreciation (depreciation), net of income taxes | (111355282) | 60203016 |
| Net increase in net assets resulting from operations | 21635991 | 79078884 |
| Distributions to Shareholders | (32611052) | (29650201) |
| **Shareholder Transactions:** |  |  |
| Proceeds from shares sold | 24246713 | 22770177 |
| Cost of shares redeemed | (17836203) | (21266939) |
| Net increase in net assets resulting from shareholder transactions | 6410510 | 1503238 |
| Increase (decrease) in net assets | (4564551) | 50931921 |
| **Net Assets:** |  |  |
| Beginning of year | 377544101 | 326612180 |
| End of year | $372979550<br>| $377544101<br>|
| **Changes in Shares Outstanding:** |  |  |
| Shares outstanding, beginning of year | 9540000 | 9490000 |
| Shares sold | 550000 | 600000 |
| Shares redeemed | (425000) | (550000) |
| Shares outstanding, end of year | 9665000 | 9540000 |

---

Statement of Cash Flows (FORM N-CSR ITEM 7)

For the Year Ended October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | |
|:---|:---|
|  | **InfraCap** **MLP ETF** |
| **Cash Flows From Operating Activities:** |  |
| Net increase (decrease) in net assets from operations | $21635991<br>|
| **Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investment securities | (1234450874) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of investments | 1339435024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from purchased and written options | 9000562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (225952332) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on written options | (6812378) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in money market funds | 349251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital distributions | 1586291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on investments | 189855783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on written options | (18631) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in due from brokers | (500188) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in dividends and interest receivable | 23988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in tax reclaim receivable | (15278) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in sub-advisory fees payable | (5389) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in current income tax liability . | 10982305 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in deferred income tax liability | (17325619) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest expense | (193696) |
| **Net cash provided by (used in) operating activities** | **87594810** |
| **Cash Flows provided by (used in) Financing Activities:** |  |
| Due to custodian | (8000000) |
| Proceeds from borrowings | (22610612) |
| Payments for fund shares sold in excess of in-kind creations | (24373146) |
| Distributions paid | (32611052) |
| **Net cash provided by (used in) financing activities** | **(87594810)** |
| **Net increase (decrease) in cash** |  |
| Cash, beginning of year |  |
| **Cash, end of year** | $—<br>|
| **Supplemental information:** |  |
| Interest paid on borrowings | $5868804<br>|
| Taxes paid | 21595645 |
| **Non-cash financing activities:** |  |
| In-kind creations — Issued | 30783656 |
| In-kind creations — Redeemed |  |

---

Financial Highlights (FORM N-CSR ITEM 7)

October 31, 2025

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **InfraCap MLP ETF<sup>1</sup>** | **InfraCap MLP ETF<sup>1</sup>** | **InfraCap MLP ETF<sup>1</sup>** | **InfraCap MLP ETF<sup>1</sup>** | **InfraCap MLP ETF<sup>1</sup>** |
|  | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2023** | **For the<br>Year Ended<br>October 31, 2022** | **For the<br>Year Ended<br>October 31, 2021** |
| **Per Share Data for a Share Outstanding throughout each year presented:** |  |  |  |  |  |
| Net asset value, beginning of year | $39.57<br>| $34.42<br>| $33.22<br>| $27.31<br>| $13.78<br>|
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1</sup> | (0.37) | (0.86) | (0.65) | (0.31) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 2.81 | 9.09 | 4.69 | 8.86 | 16.50 |
| Total from investment operations | 2.44 | 8.23 | 4.04 | 8.55 | 16.17 |
| **Less Distributions from:**) |  |  |  |  |  |
| Net investment income | (3.42) | (3.08) | (2.84) |  |  |
| Net realized gains |  |  |  | (2.64) |  |
| Return of capital |  |  |  |  | (2.64) |
| Total distributions | (3.42) | (3.08) | (2.84) | (2.64) | (2.64) |
| **Net Asset Value, End of year** | $38.59<br>| $39.57<br>| $34.42<br>| $33.22<br>| $27.31<br>|
| Net Asset Value Total Return<sup>2</sup> | 5.52% | 24.40% | 12.91% | 33.13% | 121.30% |
| Net assets, end of year (000's omitted) | $372980<br>| $377544<br>| $326612<br>| $333536<br>| $294628<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Expenses, including current and deferred income tax expense/benefit | 1.72%<sup>3,4</sup> | 2.75%<sup>5</sup> | 2.18%<sup>7</sup> | 1.64%<sup>9</sup> | 1.40%<sup>10</sup> |
| Expenses, excluding current and deferred income tax expense/benefit | 2.32%<sup>3</sup> | 3.01%<sup>6</sup> | 2.99%<sup>8</sup> | 1.64%<sup>9</sup> | 1.40%<sup>10</sup> |
| Net investment loss | (0.86)% | (2.21)% | (1.98)% | (1.06)% | (1.31)% |
| Portfolio turnover rate<sup>11</sup> | 237% | 59% | 69% | 62% | 99% |

---

------

1Based on average shares outstanding.

2Net Asset Value Total Return is calculated assuming an initial investment made at the net asset value on the first day of the year, reinvestment of dividends and distributions at net asset value during the year, and redemptions at net asset value on the last day of the year.

3The ratios of expenses to average net assets include interest expense fees of 1.37%.

4The ratios of expenses to average net assets include current and deferred income tax benefit / expense of 0.60%.

5The ratios of expenses to average net assets include interest expense of 2.06% and current and deferred income tax benefit / expense of 0.26%.

6The ratios of expenses to average net assets include interest expense fees of 2.06%.

7The ratios of expenses to average net assets include interest expense of 2.04% and current and deferred income tax benefit / expense of 0.81%.

8The ratios of expenses to average net assets include interest expense fees of 2.04%.

9The ratios of expenses to average net assets include interest expense fees of 0.69%.

10The ratios of expenses to average net assets include interest expense fees of 0.45%.

11Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

Notes to Financial Statements

October 31, 2025

**1. ORGANIZATION**

The ETFis Series Trust I (the "Trust") was organized as a Delaware statutory trust on September 20, 2012 and is registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940 (the "1940 Act").

As of October 31, 2025, ten funds of the Trust are offered for sale. The InfraCap MLP ETF (the "Fund") is presented in this annual report. The offering of the Fund's shares is registered under the Securities Act of 1933 (the "Securities Act").

---

| | |
|:---|:---|
| **Fund** | **Investment objective** |
| InfraCap MLP ETF | Seeks total return primarily through investments in equity securities of publicly traded master limited partnerships and limited liability companies taxed as partnerships ("MLPs"). |

---

There is no guarantee that the Fund will achieve its objective(s).

The Fund is "non-diversified," as defined under the 1940 Act, as of the year ended October 31, 2025.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services — Investment Companies. The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

**(a) Use of Estimates**

Management makes certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.

**(b) Indemnification**

In the normal course of business, the Fund may enter into contracts that contain a variety of representations which provide general indemnifications for certain liabilities. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**(c) Security Valuation**

A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities and exchange-traded funds are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded. Securities regularly traded in an over-the-counter market are valued at the latest quoted sale price in such market or in the case of the New York Stock Exchange ("NYSE"), at the NYSE Official Closing Price. Such valuations are typically categorized as Level 1 in the fair value hierarchy. The Board of Trustees of the Trust (the "Board") has designated Virtus Investment Advisers, LLC ("VIA" or the "Adviser") with respect to each Fund to serve as its valuation designee, pursuant to Rule 2a-5 under the 1940 Act, to perform the fair value determinations relating to any of the Funds' investments. Accordingly, if market quotations are not readily available, or if it is determined that a quotation of a security does not represent fair value, then the security is valued by the Adviser at fair value as determined in good faith using procedures approved by the Board. Such valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy.

Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include options, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

**(d) Fair Value Measurement**

Accounting Standards Codification, Fair Value Measurements and Disclosures ("ASC 820") defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and requires disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction

Notes to Financial Statements (continued)

October 31, 2025

is not orderly, and how that information must be incorporated into fair value measurement. Under ASC 820, various inputs are used in determining the value of the Fund's investments. The Adviser, on behalf of the Fund, utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. These inputs are summarized in the following hierarchy:

• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

• Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

• Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed at the end of the Fund's Schedule of Investments.

**(e) Security Transactions, Investment Income and Return of Capital Estimates**

Security transactions are accounted for on the trade date. Realized gains and losses on sales of investment securities are calculated using specific identification. Dividend income is recognized on the ex-dividend date. Expenses are recognized on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method.

The Fund invests in master limited partnerships ("MLPs") which make distributions that are primarily attributable to return of capital. The Fund records investment income and return of capital in the Statement of Operations using management's estimate of the percentage of income included in the distributions received from each MLP based on historical information from the MLPs and other industry sources. These estimates may be adjusted based on information received from the MLPs after the tax and fiscal year ends.

The return of capital portion of the MLP distributions is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed its cost basis, the distributions are treated as realized gains. The actual amounts of income and return of capital are only determined by each MLP after its fiscal year-end and may differ from the estimated amounts.

**(f) Foreign Taxes**

The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on stock dividends are presented as "Other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories . Foreign taxes payable or deferred as of October 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**(g) Expenses**

The Fund pays all of its expenses not assumed by Infrastructure Capital Advisors, LLC (the "Sub-Adviser") or the Adviser. General Trust expenses that are allocated among and charged to the assets of the Fund and other series of the Trust are done so on a basis that the Board deems fair and equitable, which may be on a basis of relative net assets of the Fund and other series of the Trust or the nature of the services performed and relative applicability to the Fund and other series of the Trust.

**(h) Short Sales**

The Fund may sell securities short. A short sale is a transaction in which the Fund sells a security it does not own in anticipation of a decline in market price. To sell a security short, the Fund must borrow the security. The Fund's obligation to replace the security borrowed and sold short will be fully collateralized at all times by the proceeds from the short sale retained by the broker and by cash and securities deposited in a segregated account with the Fund's custodian. If the price of the security sold short increases between the

Notes to Financial Statements (continued)

October 31, 2025

time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss, and if the price declines during the period, the Fund will realize a gain. Any realized gain will be decreased, and any realized loss increased, by the amount of transaction costs. On the ex-dividend date, dividends on short sales are recorded as an expense to the Fund.

In accordance with the terms of its prime brokerage agreement, the Fund may receive rebate income or be charged a fee on borrowed securities which is reported as "Interest Expense" on the Statement of Operations. Such income or fee is calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security.

**(i) Distributions to Shareholders**

Distributions to shareholders are declared and paid on a monthly basis and are recorded on the ex-dividend date. The Fund uses a cash flow-based distribution approach based on the Fund's net cash flow received from portfolio investments.

The estimated character of the distributions paid will either be a dividend (ordinary income eligible to be treated as qualified dividend income) or a return of capital. Distributions made from current or accumulated earnings and profits of the Fund will be taxable to shareholders as dividend income. Distributions that are in an amount greater than the Fund's current and accumulated earnings and profits will represent a return of capital to the extent of a shareholder's basis in their common shares, and such distributions will correspondingly increase the realized gain upon the sale of their common shares. Additionally, distributions not paid from current or accumulated earnings and profits that exceed a shareholder's tax basis in their common shares will generally be taxed as a capital gain. This estimate is based on the Fund's operating results during the period.

**(j) Cash and Cash Equivalents**

Cash is comprised of demand deposits. Cash equivalents are highly liquid investments with original maturities of 90 days or less. The carrying amount of cash equivalents, primarily representing money market funds is a reasonable estimate of fair value. These assets are considered to be Level 1 securities, per Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures.

**3. INVESTMENT MANAGEMENT RELATED PARTIES AND OTHER AGREEMENTS**

**Investment Advisory Agreement**

The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Adviser, an indirect wholly-owned subsidiary of Virtus Investment Partners, Inc. (Ticker: VRTS) (together with its affiliates, "Virtus"). Pursuant to the Advisory Agreement, the Adviser has overall supervisory responsibility for the general management and investment of the Fund's securities portfolio. For its services to the Fund, the Adviser is entitled to receive a fee, payable monthly, at an annual rate of 0.075% of the Fund's average daily net assets, subject to a minimum annual fee of $25,000. The Sub-Adviser pays the Adviser's fee out of the Sub-Adviser's fee, pursuant to the Sub-Adviser's unified fee arrangement with the Fund, as described below.

The Advisory Agreement may be terminated by the Trust on behalf of a Fund with the approval of a Fund's Board or by a vote of the majority of a Fund's shareholders. The Advisory Agreement may also be terminated by the Adviser by not more than 60 days' nor less than 30 days' written notice.

**Sub-Advisory Agreement**

Infrastructure Capital Advisors, LLC (the "Sub-Adviser") provides investment advice and management services to the Fund. Pursuant to an investment sub-advisory agreement among the Trust, the Sub-Adviser and the Adviser, the Fund pays the Sub-Adviser a fee, payable monthly, at an annual rate of 0.95% of the Fund's average daily net assets. The Sub-Adviser has agreed to pay all expenses of the Fund, except the Sub-Adviser's fee, brokerage expenses, taxes, interest, litigation expenses, payments under any 12b-1 plan adopted by the Fund, and other non-routine or extraordinary expenses of the Fund.

**Principal Underwriter**

Pursuant to the terms of a Distribution Agreement with the Trust, VP Distributors, LLC (the "Distributor") serves as the Fund's principal underwriter. The Distributor receives compensation from the Adviser for the statutory underwriting services it provides to the Fund. The Distributor will not distribute shares in less than Creation Units (as hereinafter defined), and does not maintain a secondary market in shares. The shares are traded in the secondary market. The Distributor is an indirect wholly-owned subsidiary of Virtus.

**Operational Administrator**

Virtus ETF Solutions LLC (the "Administrator") serves as the Fund's operational administrator. The Administrator supervises the overall administration of the Trust and the Fund including, among other responsibilities, the coordination and day-to-day oversight of the Fund's operations, the service providers' communications with the Fund and each other and assistance with Trust, Board and contractual matters related to the Fund. The Administrator also provides persons satisfactory to the Board to serve as officers of the Trust. The Administrator is an indirect wholly-owned subsidiary of Virtus.

Notes to Financial Statements (continued)

October 31, 2025

**Accounting Services Administrator, Custodian and Transfer Agent**

The Bank of New York Mellon ("BNY Mellon") provides administrative, accounting, tax and financial reporting for the maintenance and operations of the Trust as the Fund's accounting services administrator. BNY Mellon also serves as the custodian for the Fund's assets, and serves as transfer agent and dividend paying agent for the Fund.

**Affiliated Shareholders**

At October 31, 2025, the Sub-Adviser held shares of the Fund which may be redeemed at any time that aggregated to the following:

---

| | | |
|:---|:---|:---|
| **Fund** | **Shares** | **% of shares<br>outstanding** |
| InfraCap MLP ETF | 38845 | 0.4% |

---

**4. CREATION AND REDEMPTION TRANSACTIONS**

The Fund issues and redeems shares on a continuous basis at NAV in aggregate blocks of shares or multiples thereof called "Creation Units." The Fund's Creation Units may be issued and redeemed generally for cash or an in-kind deposit of securities held by the Fund. In each instance of cash creations or redemptions, the Trust may impose transaction fees based on transaction expenses related to the particular exchange that will be higher than the transaction fees associated with in-kind purchases or redemptions.

Only "Authorized Participants" who have entered into contractual arrangements with the Distributor may purchase or redeem shares directly from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

Authorized participants pay a fixed transaction fee of $500 to the shareholder servicing agent when purchasing and redeeming Creation Units of the Fund. The transaction fee is used to defray the costs associated with the issuance and redemption of Creation Units.

**5. FEDERAL INCOME TAX**

The Fund is taxed as a regular C-corporation for federal income tax purposes and as such is obligated to pay federal and applicable state and foreign corporate taxes on its taxable income. Currently, the federal income tax rate for a corporation is 21 percent. This treatment differs from most investment companies, which elect to be treated as "regulated investment companies" under the Code in order to avoid paying entity level income taxes. Under current law, the Fund is not eligible to elect treatment as a regulated investment company due to its investments primarily in MLPs invested in energy assets. The Fund expects that substantially all of the distributions it receives from MLPs may be treated as a tax-deferred return of capital, thus reducing the Fund's current tax liability. However, the amount of taxes paid by the Fund will vary depending on the amount of income and gains derived from investments and/or sales of MLP interests and such taxes will reduce your return from an investment in the Fund.

Cash distributions from MLPs to the Fund that exceed the Fund's allocable share of such MLP's net taxable income are considered a tax deferred return of capital that will reduce the Fund's adjusted tax basis in the equity securities of the MLP. These reductions in the Fund's adjusted tax basis in the MLP equity securities will increase the amount of any taxable gain (or decrease the amount of any tax loss) recognized by the Fund on a subsequent sale of the securities. The Fund will accrue deferred income taxes for any future tax liability associated with (i) that portion of MLP distributions considered to be a tax-deferred return of capital as well as (ii) capital appreciation of its investments. Upon the sale of an MLP security, the Fund may be liable for previously deferred taxes. The Fund will rely to some extent on information provided by the MLPs, which is not necessarily timely, to estimate the deferred tax liability for purposes of financial statement reporting and determining the Fund's NAV. From time to time, the Adviser will modify the estimates or assumptions related to the Fund's deferred tax liability as new information becomes available. The Fund will generally compute deferred income taxes based on the federal income tax rate applicable to corporations and an assumed rate attributable to state taxes.

The Fund's income tax expense/(benefit) consists of the following:

---

| | | | |
|:---|:---|:---|:---|
| **As of October 31, 2025** | **Current** | **Deferred** | **Total** |
| Federal | $31324162 | $(2033348) | $29290814 |
| State | 1250241 | (89691) | 1160550 |
| Valuation Allowance |  | (15202581) | (15202581) |
| Total Tax Expense/(Benefit) | $32574403 | $(17325620) | $15248783 |

---

Notes to Financial Statements (continued)

October 31, 2025

Components of the Fund's deferred tax assets and liabilities are as follows:

---

| | |
|:---|:---|
|  | **As of <br>October 31, 2025** |
| Deferred Tax Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Loss Carryforward | $3621283<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 93744 |
| **Total Deferred Tax Assets** | 3715027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less Valuation Allowance | (1517235) |
| **Net Deferred Tax Assets** | $2197792<br>|
| **Deferred Tax Liabilities**: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Gain on Investment | $2135354<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Book vs tax deferred income from MLP Investments | 222819 |
| **Total Deferred Tax Liabilities** | 2358173 |
| **Total Net Deferred Tax Asset/(Liability)** | $(160381) |

---

The Fund reviews the recoverability of its deferred tax assets based upon the weight of available evidence. When assessing the recoverability of its deferred tax assets, significant weight was given to the effects of potential future realized and unrealized gains on investments and the period over which these deferred tax assets can be realized. Currently, any capital losses that may be generated by the Fund in the future are eligible to be carried back up to three years and can be carried forward for five years to offset capital gains recognized by the Fund in those years. As of the year ended October 31, 2025, the Fund has a capital loss carryforward of $16,565,798 which expires in 2026. A valuation allowance has been recorded against the capital loss carryforwards not expected to be utilized.

Based upon the Fund's assessment, it has determined that it is "more-likely-than-not" that a portion of its deferred tax assets will not be realized through future taxable income of the appropriate character. Accordingly, a valuation allowance has been established for the Fund's deferred tax assets. The Fund will continue to assess the need for a valuation allowance in the future. Significant changes in the fair value of its portfolio of investments may change the Fund's assessment of the recoverability of these assets and may result in an adjustment of the valuation allowance against all or a portion of the Fund's gross deferred tax assets.

Total income tax (benefit)/expense (current and deferred) differs from the amount computed by applying the federal statutory income tax rate of 21% to net investment and realized and unrealized gain/(losses) on investment before taxes as follows for the Fund:

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Rate** |
| Income Tax (Benefit) at Statutory Rate | $7745803<br>| 21.00% |
| State Income Taxes (Net of Federal Benefit) | 317209 | 0.86% |
| Permanent Differences, Net | (253036) | (0.69)% |
| Effect of State Tax Rate Change | (9348) | (0.03)% |
| Capital Loss Carryforward Expiration | 22158242 | 60.07% |
| Other | 492495 | 1.33% |
| Valuation Allowance | (15202582) | (41.22)% |
| Net Income Tax Expense/(Benefit) | $15248783<br>| 41.32% |

---

The Fund recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. For the period from inception to October 31, 2025, the Fund does not have any accrued penalties or interest.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more-likely-than-not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since inception of the Fund. The Fund's tax years, October 31, 2022 through October 31, 2024, remain subject to examination by tax authorities in the United States. Due to the nature of the Fund's investments, the Fund may be required to file income tax returns in several states. As of the year ended October 31, 2025, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially over the next fiscal year.

Notes to Financial Statements (continued)

October 31, 2025

At October 31, 2025, the adjusted cost basis of investments and gross unrealized appreciation and depreciation of investments, excluding written options, for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Federal Tax<br>Cost Of<br>Investments** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| InfraCap MLP ETF | $457922482<br>| $31309083<br>| $(20655729) | $10653354<br>|

---

The tax character of dividends and distributions paid during the fiscal years ended October 31, 2025 and October 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **2025** | **2024** |
| **Fund** | **Distributions<br>Paid From<br>Ordinary<br>Income** | **Distributions<br>Paid From<br>Ordinary<br>Income** |
| InfraCap MLP ETF | $32611052<br>| $29650201<br>|

---

**6. INVESTMENT TRANSACTIONS**

Purchases and sales of investments (excluding short-term investments), subscriptions in-kind and redemptions in-kind for the year ended October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Subscriptions<br>In-Kind** | **Redemptions<br>In-Kind** |
| InfraCap MLP ETF | $1241382817<br>| $1316822621<br>| $30783656<br>| $—<br>|

---

**7. DERIVATIVE FINANCIAL INSTRUMENTS**

**Options**

The Fund may write covered call and put options on portfolio securities and other financial instruments. Premiums received are recorded as liabilities. The liabilities are subsequently adjusted to reflect the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or are closed are added to or offset against the proceeds or amount paid on the transactions to determine the net realized gain or loss. By writing a covered call option, the Fund, in exchange for the premium, foregoes the opportunity for capital appreciation above the exercise price should the market price of the underlying security increase. By writing a put option, the Fund, in exchange for the premium, accepts the risk of having to purchase a security at an exercise price that is above the current price. Changes in value of written options are reported as change in unrealized gain (loss) on written options in the Statement of Operations. When the written option expires, is terminated or is sold, the Fund will record a gain or loss, which is reported as realized gain (loss) on written options in the Statement of Operations. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund may purchase call and put options on the portfolio securities or other financial instruments. The Fund may purchase call options to protect against an increase in the price of the security or financial instrument it anticipates purchasing. The Fund may purchase put options on securities which it holds or other financial instruments to protect against a decline in the value of the security or financial instrument or to close out covered written positions. Changes in value of purchased options are reported as part of change in unrealized gain (loss) on investments in the Statement of Operations. When the purchased option expires, is terminated or is sold, the Fund will record a gain or loss, which is reported as part of realized gain (loss) on investments in the Statement of Operations. Risks may arise from an imperfect correlation between the change in market value of the securities held by the Fund and the prices of options relating to the securities purchased or sold by the Fund and from the possible lack of liquid secondary market for an option. The maximum exposure to loss for any purchased option is limited to the premium initially paid for the option.

Transactions in derivative instruments reflected on the Statement of Assets and Liabilities at October 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Liabilities** | **Equity Risk** |
| Written options, at value | $1153420<br>|

---

Transactions in derivative instruments reflected on the Statement of Operations during the year ended October 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Net Realized Gain (Loss) on:** | **Equity Risk** |
| Written options | 6,812,378 |

---

Notes to Financial Statements (continued)

October 31, 2025

---

| | |
|:---|:---|
| **Net Change in Net Unrealized Appreciation (Depreciation) on:** | **Equity Risk** |
| Written options | $18631<br>|

---

For the year ended October 31, 2025, the monthly average market value of the written options contracts held by the Fund was $542,419.

**8. BORROWINGS**

The Fund entered into Lending Agreements (the "Agreements") with commercial banks (the "Banks") that allows the Fund to borrow cash from the Banks. Borrowings under the Agreements are collateralized by investments of the Fund. If the Fund defaults with respect to any of its obligations under the Agreements, the Banks may foreclose on assets of the Fund and/or the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the Agreements, necessitating the sale of securities at potentially inopportune times. Interest is charged at the Overnight Bank Funding Rate ("OBFR") plus an additional percentage rate on the amount borrowed. The Agreements have an on-demand commitment term. For the year ended October 31, 2025, the average daily borrowings under the Agreements and the weighted average interest rate were $95,745,228 and 5.44%, respectively.

**9. INVESTMENT RISKS**

As with any investment, an investment in the Fund could result in a loss or the performance of the Fund could be inferior to that of other investments. An investor should consider the Fund's investment objectives, risks, and charges and expenses carefully before investing. The Fund's prospectus and statement of additional information contain this and other important information.

**MLP Risk**

Investments in securities of MLPs involve risks that differ from investments in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner and cash flow risks. MLP common units and other equity securities can be affected by macro-economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards MLPs or the energy sector, changes in a particular issuer's financial condition or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs and other equity securities also can be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios.

The Fund is taxed as a corporation for federal income tax purposes. This differs from most investment companies, which elect to be treated as "regulated investment companies" under the Code in order to avoid paying entity level income taxes. As a "C" corporation, the Fund is subject to U.S. federal income tax on its taxable income at the corporate income tax rate as well as state and local income taxes. The Fund will not benefit from the current favorable federal income tax rates on long-term capital gains and Fund income, losses and expenses will not be passed through to the Fund's shareholders. As a "C" corporation, the Fund will accrue deferred income taxes for any future tax liability associated with (i) that portion of MLP distributions considered to be a tax-deferred return of capital as well as (ii) capital appreciation of its investments. Upon the sale of an MLP security, the Fund may be liable for previously deferred taxes. The Fund's accrued deferred tax liability will be reflected each day in the Fund's net asset value ("NAV"). Changes in the Fund's estimate or assumptions regarding its deferred tax liability could have a material impact on the Fund's NAV.

**Market Risk**

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Fund's portfolio manager(s) to invest the Fund's assets as intended.

**10. 10% SHAREHOLDERS**

As of October 31, 2025, the Fund had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of the Fund as detailed below:

---

| | | |
|:---|:---|:---|
| **Fund** | **% of Shares<br>Outstanding** | **Number of<br>Accounts** |
| InfraCap MLP ETF | 60% | 2 |

---

**11. RECENT ACCOUNTING PRONOUNCEMENTS** 

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No.2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements.The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted.Management is currently evaluating the impact.

Notes to Financial Statements (continued)

October 31, 2025

**12. SEGMENT REPORTING** 

Accounting Standards Codification ("ASC") 280, Segment Reporting, established disclosure requirements relating to operating segments in financial statements. The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to enhance reportable operating segment disclosure requirements. Operating segments are defined as components of a reporting entity about which separate financial information, including disclosures about income and expenses, is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess its performance. The Trust is organized as a series of Funds, each of which is structured as an investment company and represents a single operating segment. Subject to the oversight and, when applicable, approval of the Trust's Board of Trustees, the Fund's Adviser acts as the respective Fund's CODM. The CODM monitors the Fund's operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on its defined investment objective. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**13. SUBSEQUENT EVENTS**

Management has evaluated subsequent events through the issuance of these financial statements and has determined that there are no material events that would require disclosure.

Report of Independent Registered Public Accounting Firm

![](virtus-fs_103125img002.gif)

To the Board of Trustees of ETFis Series Trust I and Shareholders of InfraCap REIT Preferred ETF, Virtus InfraCap U.S. Preferred Stock ETF, Virtus LifeSci Biotech Clinical Trials ETF, Virtus LifeSci Biotech Products ETF, Virtus Newfleet Multi-Sector Bond ETF, Virtus Private Credit Strategy ETF, Virtus Real Asset Income ETF, and Virtus WMC International Dividend ETF

*Opinions on the Financial Statements*

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of InfraCap REIT Preferred ETF, Virtus InfraCap U.S. Preferred Stock ETF, Virtus LifeSci Biotech Clinical Trials ETF, Virtus LifeSci Biotech Products ETF, Virtus Newfleet Multi-Sector Bond ETF, Virtus Private Credit Strategy ETF, Virtus Real Asset Income ETF and Virtus WMC International Dividend ETF (eight of the funds constituting ETFis Series Trust I, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statement of cash flows for Virtus InfraCap U.S. Preferred Stock ETF for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations and the cash flows for Virtus InfraCap U.S. Preferred Stock ETF for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinions*

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2025

We have served as the auditor of one or more of the investment companies in the Virtus group of investment companies since at least 1977. We have not been able to determine the specific year we began serving as auditor.

Report of Independent Registered Public Accounting Firm (continued)

![](virtus-fs_103125img002.gif)

To the Board of Trustees of ETFis Series Trust I and Shareholders of InfraCap MLP ETF

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of InfraCap MLP ETF (one of the funds constituting ETFis Series Trust I, hereafter referred to as the "Fund") as of October 31, 2025, the related statements of operations and cash flows for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinion*

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent, and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2025

We have served as the auditor of one or more of the investment companies in the Virtus group of investment companies since at least 1977. We have not been able to determine the specific year we began serving as auditor.

Other Information (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FORM N-CSR ITEM 8 - Changes in and Disagreements with Accountants** 

None.

**FORM N-CSR ITEM 9 - Proxy Disclosure**

None.

**FORM N-CSR ITEM 10 - Remuneration Paid to Trustees**

For the year ended October 31, 2025, the Funds incurred independent Trustee's fees totaling $9,648 which are included in the Statement of Operations within the line item "Trustees fees". No remuneration was paid to the officers or affiliated trustee.

**FORM N-CSR ITEM 11 - Statement Regarding Basis for Approval of Investment Advisory Contract**

None.

Supplemental Information (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Discount & Premium Information**

The Funds' premium/discount information for the most recently completed calendar year, and the most recently completed calendar quarters since that year is available by visiting <u>www.virtusetfs.com</u> or by calling (888) 383-4184.

**INFORMATION ABOUT PROXY VOTING**

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the SAI. The SAI is available without charge upon request by calling toll-free at (888) 383-0553, by accessing the SEC's website at www.sec .gov, or by accessing the Funds' website at <u>www.virtusetfs .com.</u>

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30th is available by calling toll-free at (888) 383-0553 or by accessing the SEC's website at www.sec.gov.

**TAX INFORMATION** 

For the fiscal year ended October 31, 2025, the Funds make the following disclosures for federal income tax purposes. Below is listed the percentages, or the maximum amount allowable, of its ordinary income dividends ("QDI") to qualify for the lower tax rates applicable to individual shareholders, and the percentage of ordinary income dividends earned by each Fund which qualifies for the dividends received deduction ("DRD") for corporate shareholders. The actual percentage of QDI and DRD for the calendar year will be designated in year-end tax statements.

---

| | | |
|:---|:---|:---|
| **Funds** | **QDI** | **DRD** |
| InfraCap REIT Preferred ETF | 0.00% | 0.00% |
| Virtus InfraCap U.S. Preferred Stock ETF | 66.91% | 58.03% |
| Virtus LifeSci Biotech Clinical Trials ETF | 0.00% | 0.00% |
| Virtus LifeSci Biotech Products ETF | 0.00% | 0.00% |
| Virtus Newfleet Multi-Sector Bond ETF | 1.03% | 1.03% |
| Virtus Private Credit Strategy ETF | 7.25% | 7.07% |
| Virtus Real Asset Income ETF | 50.09% | 31.66% |
| Virtus WMC International Dividend ETF | 87.90% | 0.00% |

---

**c/o VP Distributors, LLC**

One Financial Plaza

Hartford, Connecticut 06103

8572(12/25)

![](virtus-fs_103125img003.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) The Financial Highlights are attached herewith above under Item 7(a).

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Please refer to the Other Information Section in Item 7a.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Please refer to the Other Information Section in Item 7a.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Please refer to the Other Information Section in Item 7a.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Please refer to the Other Information Section in Item 7a.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Disclosure not required for open-end management investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Disclosure not required for open-end management investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Disclosure not required for open-end management investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness
 of the design and operation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation
 of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR
 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules
 and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated
 and communicated to the registrant's management, including its principal executive and principal financial officers, as appropriate
 to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially
 affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Disclosure not required for open-end management investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

Not applicable.

**Item 19. Exhibits.**

(a)(1) [The registrant's Code of Ethics is attached hereto.](ex99-coe.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-cert.htm)

(a)(4) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) ETFis
 Series Trust I

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ William J. Smalley |
|  | William J. Smalley, President, Chief Executive Officer and Principal Executive Officer |
|  | (Principal Executive Officer) |

---

Date <u>January 8, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ William J. Smalley |
|  | William J. Smalley, President, Chief Executive Officer and Principal Executive Officer |
|  | (Principal Executive Officer) |

---

Date <u>January 8, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, Treasurer, Chief Financial |
|  | Officer & Principal Financial Officer |
|  | (Principal Financial Officer/Principal Accounting Officer) |

---

Date <u>January 8, 2026</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**[ETFis Series Trust I N-CSR](etfis-ncsr_103125.htm)**

**Exhibit 99.CODE ETH**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**PRINCIPAL FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

This code of ethics (this "Code") for ETFis Series Trust I and Virtus ETF Trust II (each, a "Trust") applies to a Trust's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer(s) (the "Covered Officers", each of whom is set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest in any material respect interferes with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest of the Trust) with the Trust because of their status as "affiliated persons" of the Trust. The Trust's and the investment advisor's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment advisor/administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the advisor/administrator, or for both), be involved in establishing policies and implementing decisions that may have different effects on the advisor/administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the advisor/administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually any affiliations or other relationships related to conflicts of interest that the Trust's Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the Audit Committee of the Trust if such situations might have a material adverse effect on the Trust. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a trustee on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of non-nominal gifts (currently gifts in excess of $200.00);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of entertainment from any company with which the Trust has current or prospective business dealings, including investments in such companies, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment advisor, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Trust and the advisor/administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that he has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Audit Committee for the Trust promptly if he/she knows of any material violation of this Code.

The Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In addition, the Audit Committee will consider any approvals or waivers sought by a Covered Officer.

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the compliance officer of the investment advisor to the Trust<sup>1</sup> (or such other Trust officer or other investigator as the Audit Committee may from time to time designate) (the "Investigator"), shall take appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the Investigator believes that no violation has occurred, the Investigator is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment advisor/administrator or its board; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

Any potential violation of this Code by the Investigator shall be reported to the Audit Committee and the Audit Committee shall appoint an alternative Trust officer or other investigator to investigate the matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's advisor, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code, such matters shall not be disclosed to anyone other than the Board and the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

Date: May 17, 2017

<u> </u>

<sup>1</sup> Virtus Alternative Investment Advisers, LLC, or Virtus Investment Advisers, LLC. (2025.01)

**Exhibit A**

<u>Persons Covered by this Code of Ethics</u>

William J. Smalley, President, Chief Executive Officer and Principal Executive Officer

W. Patrick Bradley, Executive Vice President, Treasurer, Chief Financial Officer & Principal Financial Officer

## Ex-99.Cert

**[ETFis Series Trust I N-CSR](etfis-ncsr_103125.htm)**

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, William J. Smalley, certify that:

1. I
 have reviewed this report on Form N-CSR of ETFis Series Trust I;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | January 8, 2026 | /s/ William J. Smalley |
|  |  | William J. Smalley, President, Chief Executive Officer and Principal Executive Officer |
|  |  | (Principal Executive Officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, W. Patrick Bradley, certify that:

1. I
 have reviewed this report on Form N-CSR of ETFis Series Trust I;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | January 8, 2026 | /s/ W. Patrick Bradley |
|  |  | W. Patrick Bradley, Executive Vice President, Treasurer, Chief Financial Officer & Principal Financial Officer |
|  |  | (Principal Financial Officer/Principal Accounting Officer) |

---

## Exhibit 99.906

**[ETFis Series Trust I N-CSR](etfis-ncsr_103125.htm)**

**Exhibit 99.906 CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, William J. Smalley, President and Principal Executive Officer of ETFis Series Trust I (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Form N-CSR of the Registrant (the "Report") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | January 8, 2026 | /s/ William J. Smalley |
|  |  | William J. Smalley, President, Chief Executive Officer and Principal Executive Officer |
|  |  | (Principal Executive Officer) |

---

I, W. Patrick Bradley, Executive Vice President, Treasurer, Chief Financial Officer and Principal Financial Officer of ETFis Series Trust I (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Form N-CSR of the Registrant (the "Report") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | January 8, 2026 | /s/ W. Patrick Bradley |
|  |  | W. Patrick Bradley, Executive Vice President, Treasurer, Chief Financial Officer & Principal Financial Officer |
|  |  | (Principal Financial Officer/Principal Accounting Officer) |

---