# EDGAR Filing Document

**Accession Number:** 0001648403
**File Stem:** 0001999371-25-014962
**Filing Date:** 2025-10
**Character Count:** 431712
**Document Hash:** a77398f340cb61ef153eea7754dd0537
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-014962.hdr.sgml**: 20251008

**ACCESSION NUMBER**: 0001999371-25-014962

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251008

**DATE AS OF CHANGE**: 20251008

**EFFECTIVENESS DATE**: 20251008

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus ETF Trust II
- **CENTRAL INDEX KEY:** 0001648403

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23078
- **FILM NUMBER:** 251382978

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 AVENUE OF THE AMERICAS
- **STREET 2:** 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-593-4383

**MAIL ADDRESS:**
- **STREET 1:** 1301 AVENUE OF THE AMERICAS
- **STREET 2:** 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Virtus EFT Trust II
- **DATE OF NAME CHANGE:** 20150717

## Series and Classes Contracts Data

### Virtus Newfleet Short Duration High Yield Bond ETF (Series ID: S000051570)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000162265 | Virtus Newfleet Short Duration High Yield Bond ETF | VSHY            |

### Virtus Seix Senior Loan ETF (Series ID: S000064735)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000209678 | Virtus Seix Senior Loan ETF | SEIX            |

### Virtus Terranova U.S. Quality Momentum ETF (Series ID: S000070014)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000222917 | Virtus Terranova U.S. Quality Momentum ETF | JOET            |

### Virtus Newfleet ABS/MBS ETF (Series ID: S000070567)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000224134 | Virtus Newfleet ABS/MBS ETF | VABS            |

### Virtus Duff & Phelps Clean Energy ETF (Series ID: S000072510)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000228821 | Virtus Duff & Phelps Clean Energy ETF | VCLN            |

### Virtus Stone Harbor Emerging Markets High Yield Bond ETF (Series ID: S000078276)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000239036 | Virtus Stone Harbor Emerging Markets High Yield Bond ETF | VEMY            |

### Virtus Newfleet Short Duration Core Plus Bond ETF (Series ID: S000082804)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000246126 | Virtus Newfleet Short Duration Core Plus Bond ETF | SDCP            |

### Virtus AlphaSimplex Managed Futures ETF (Series ID: S000083995)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000248117 | Virtus AlphaSimplex Managed Futures ETF |  |

### Virtus KAR Mid-Cap ETF (Series ID: S000088173)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000254229 | Virtus KAR Mid-Cap ETF | KMID            |

### Virtus Seix AAA Private Credit CLO ETF (Series ID: S000088950)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000255351 | Virtus Seix AAA Private Credit CLO ETF |  |

?xml version='1.0' encoding='ASCII'? N-CSR

**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 **811-23078**

**Virtus ETF Trust II**

(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)

**Virtus ETF Trust II**

**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: **July 31**

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

**Item 1. Reports to Stockholders.**

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

# Virtus AlphaSimplex Managed Futures ETF
![Image](icc561196c3b2cf5518722fb0.jpg)

# ASMF / NYSE Arca, Inc.

#### Annual Shareholder Report \| July 31, 2025
This annual shareholder report contains important information about the Virtus AlphaSimplex Managed Futures ETF ("Fund") for the period of August 1, 2024 to July 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 AlphaSimplex Managed Futures ETF | $76 | 0.80% |

---

## **Commentary by AlphaSimplex Group, LLC** 
For the fiscal year ended July 31, 2025, the Fund at NAV returned -10.15%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.67%, and the ICE BofA US Treasury Bill 3 Month Index, which serves as the style-specific index, returned 4.57%.

## **What factors impacted Fund performance over the reporting period?** 
The Fund seeks to provide capital appreciation consistent with the risk and return characteristics of a basket of the largest managed futures funds in the world. The Fund takes a diversified approach to identifying price trends by combining index replication techniques with insights from AlphaSimplex's own trend-following models. It takes positions in highly liquid futures contracts in 20 different assets across global equity, bond, currency, and commodity markets. For the fiscal year ended July 31, 2025, the Fund's losses were driven by long positions in equity markets, with additional losses from fixed income, currencies, and commodities as trends in these markets reversed multiple times.

#### FACTOR

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

# SUMMARY
Equities

# Negative

# As equity markets whipsawed, especially around tariff "Liberation Day" in April 2025, the Fund experienced losses from long positions in equities, particularly in international developed markets as represented by the EURO STOXX 50<sup>®</sup> Index and the Tokyo Stock Price Index.

# Fixed income
Negative

# The Fund moved between long and short positions in response to changing trends in bond markets. These positions led to losses, particularly from U.S. bonds.

# Currencies

# Negative

# Currency losses were driven by long positions in foreign currencies while being short the U.S. dollar. The largest losses came from the Japanese yen and the euro. Short positions in the Australian dollar and the Canadian dollar provided some gains.

# Commodities

# Negative
Commodities were more mixed. The Fund had gains from long positions in gold, but these gains were outweighed by losses from other commodity markets (especially energies).

Virtus AlphaSimplex Managed Futures 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 compares 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. Performance assumes reinvestment of dividends and capital gains distributions.

### Growth of $10,000
![A line chart as described in the following paragraph](i58d5918309467ba54ab41653.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Virtus AlphaSimplex Managed Futures ETF - NAV $9,053** | **FT Wilshire 5000 Index $12,048** | **ICE BofA US Treasury Bill 3 Month Index $10,574** |
| **5/15/24** | $10000 | $10000 | $10000 |
| **5/31/24** | $10076 | $9916 | $10026 |
| **6/30/24** | $10195 | $10228 | $10067 |
| **7/31/24** | $10075 | $10416 | $10112 |
| **8/31/24** | $9809 | $10642 | $10160 |
| **9/30/24** | $9977 | $10858 | $10204 |
| **10/31/24** | $9508 | $10779 | $10243 |
| **11/30/24** | $9478 | $11492 | $10282 |
| **12/31/24** | $9660 | $11144 | $10324 |
| **1/31/25** | $9822 | $11494 | $10362 |
| **2/28/25** | $9514 | $11270 | $10395 |
| **3/31/25** | $9415 | $10605 | $10429 |
| **4/30/25** | $9066 | $10535 | $10465 |
| **5/31/25** | $9109 | $11209 | $10503 |
| **6/30/25** | $9176 | $11783 | $10538 |
| **7/31/25** | $9053 | $12048 | $10574 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **1 Year** | **Since Inception 5/15/24** |
| **Virtus AlphaSimplex Managed Futures ETF - NAV** | -10.15 | -7.89 |
| **FT Wilshire 5000 Index** | 15.67 | 16.64 |
| **ICE BofA US Treasury Bill 3 Month Index** | 4.57 | 4.72 |

---

• 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 ICE BofA US Treasury Bill 3 Month Index measures performance of the three-month Treasury bill, based on monthly average auction rates. 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 AlphaSimplex Managed Futures ETF \| 2

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

---

| | |
|:---|:---|
| Fund net assets | $16137442 |
| Total number of portfolio holdings | 0 |
| Total advisory fees paid | $115350 |
| Portfolio turnover rate | 0% |

---

## % RISK ALLOCATION (includes futures contracts)

---

| | |
|:---|:---|
| Commodities | 37 |
| Currencies | 23 |
| Equities | 27 |
| Fixed Income | 13 |

---

## **Material Changes to the Fund** 
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 28, 2025, at https://www.virtus.com/investor-resources/etf-documents or upon special request at 1-888-383-0553.

On January 1, 2025, Virtus Alternative Investment Advisers, LLC ("VAIA") replaced Virtus ETF Advisers LLC ("VEA") as the investment adviser to the Fund. As a result, also on January 1, 2025, VEA's rights and obligations under the investment advisory and subadvisory agreements for the Trust transferred to, and were assumed by, VAIA. Both VAIA and VEA are wholly owned indirect subsidiaries of Virtus Investment Partners, Inc. No changes were made to (i) the investment advisory fee rates payable by the Fund or (ii) the Fund's subadviser or the portfolio managers managing the Fund.

## 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](i37bb7cefc020ad6fd26d3ca2.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.

8112

Virtus AlphaSimplex Managed Futures ETF \| 3

# Virtus Duff & Phelps Clean Energy ETF
![Image](icc561196c3b2cf5518722fb0.jpg)

# VCLN / NYSE Arca, Inc.

#### Annual Shareholder Report \| July 31, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Clean Energy ETF ("Fund") for the period of August 1, 2024 to July 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 Duff & Phelps Clean Energy ETF | $62 | 0.59% |

---

## **Commentary by Duff & Phelps Investment Management Co.** 
For the fiscal year ended July 31, 2025, the Fund at NAV returned 10.64%. For the same period, the S&P Global Broad Market Index (net), a broad-based securities market index, returned 15.04%, and the S&P Global Clean Energy Transition Index (net), which serves as the style-specific index, returned -2.92%.

## **What factors impacted Fund performance over the reporting period?** 
Individual stock selection contributed the vast majority to positive returns relative to the S&P Global Clean Energy Transition Index (net) ("Index"), which serves as the Fund's style-specific index, for the 12-month period ended July 31, 2025. By sector, exposure to industrials contributed the most to relative performance. Within this sector, an overweight position in a fuel cell manufacturer and specific out-of-benchmark holdings in engineering & construction and electrification equipment stocks were the largest contributors. An overweight to the energy sector also contributed to relative performance as the Fund owned out-of-benchmark holdings in a carbon capture solutions provider and a nuclear fuel company. Stock selection in the information technology sector detracted from performance. In terms of regional attribution, an underweight exposure to Brazil was slightly negative for relative performance during the period primarily due to utilities within that region.

#### FACTOR

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

# SUMMARY
Industrials

# Positive

# Stock selection contributed to relative returns, particularly an overweight position in Bloom Energy; holding out-of-benchmark names Argan Inc., GE Vernova, and Maire SpA; and an underweight position in Vestas Wind Systems.

# Energy
Positive

# An overweight exposure to and stock selection within the sector, particularly in out-of-benchmark names DT Midstream and Cameco Corp., were positive for performance.

# Information Technology

# Negative

# Sector allocation partially offset strong stock selection as the Fund was slightly overweight in information technology, which underperformed the Index.

# Brazil

# Negative
An underweight exposure to Brazil was slightly negative for relative performance during the period primarily due to utilities within that region, which outperformed the Index.

Virtus Duff & Phelps Clean Energy 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 compares 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. Performance assumes reinvestment of dividends and capital gains distributions.

### Growth of $10,000
![A line chart as described in the following paragraph](iae00efb14bea37175fc26e27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Virtus Duff & Phelps Clean Energy ETF - NAV $8,294** | **S&P Global Broad Market Index (net) $13,191** | **S&P Global Clean Energy Transition Index (net) $6,174** |
| **8/3/21** | $10000 | $10000 | $10000 |
| **8/31/21** | $10225 | $10170 | $10089 |
| **9/30/21** | $9547 | $9770 | $9377 |
| **10/31/21** | $10969 | $10231 | $10922 |
| **11/30/21** | $10249 | $9944 | $10140 |
| **12/31/21** | $9544 | $10332 | $9231 |
| **1/31/22** | $8320 | $9788 | $8107 |
| **2/28/22** | $9017 | $9565 | $9056 |
| **3/31/22** | $9341 | $9749 | $9406 |
| **4/30/22** | $8355 | $8971 | $8280 |
| **5/31/22** | $8735 | $8976 | $8711 |
| **6/30/22** | $8083 | $8205 | $8324 |
| **7/31/22** | $9624 | $8781 | $9786 |
| **8/31/22** | $9602 | $8477 | $9779 |
| **9/30/22** | $8393 | $7656 | $8438 |
| **10/31/22** | $8487 | $8115 | $8296 |
| **11/30/22** | $9344 | $8735 | $9210 |
| **12/31/22** | $8813 | $8407 | $8769 |
| **1/31/23** | $9217 | $9022 | $9118 |
| **2/28/23** | $8730 | $8771 | $8486 |
| **3/31/23** | $8840 | $8979 | $8715 |
| **4/30/23** | $8387 | $9091 | $8245 |
| **5/31/23** | $8171 | $8981 | $8080 |
| **6/30/23** | $8350 | $9503 | $8140 |
| **7/31/23** | $8320 | $9867 | $8111 |
| **8/31/23** | $7404 | $9580 | $7132 |
| **9/30/23** | $6792 | $9183 | $6500 |
| **10/31/23** | $6227 | $8872 | $5762 |
| **11/30/23** | $6811 | $9689 | $6305 |
| **12/31/23** | $7281 | $10199 | $6984 |
| **1/31/24** | $6616 | $10218 | $6225 |
| **2/29/24** | $6637 | $10650 | $6219 |
| **3/31/24** | $6992 | $10982 | $6251 |
| **4/30/24** | $6837 | $10613 | $5940 |
| **5/31/24** | $7913 | $11036 | $6688 |
| **6/30/24** | $7054 | $11230 | $6033 |
| **7/31/24** | $7497 | $11466 | $6359 |
| **8/31/24** | $7580 | $11727 | $6440 |
| **9/30/24** | $7938 | $12005 | $6625 |
| **10/31/24** | $7249 | $11727 | $5894 |
| **11/30/24** | $7262 | $12181 | $5574 |
| **12/31/24** | $6709 | $11856 | $5182 |
| **1/31/25** | $6834 | $12234 | $5183 |
| **2/28/25** | $6659 | $12125 | $5067 |
| **3/31/25** | $6675 | $11661 | $5174 |
| **4/30/25** | $6847 | $11773 | $5357 |
| **5/31/25** | $7393 | $12451 | $5769 |
| **6/30/25** | $7848 | $13014 | $5996 |
| **7/31/25** | $8294 | $13191 | $6174 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **1 Year** | **Since Inception 8/3/21** |
| **Virtus Duff & Phelps Clean Energy ETF - NAV** | 10.64 | -4.58 |
| **S&P Global Broad Market Index (net)** | 15.04 | 7.18 |
| **S&P Global Clean Energy Transition Index (net)** | -2.92 | -11.37 |

---

• The S&P Global Broad Market Index (net) is a float-adjusted market capitalization-weighted index that measures global stock market performance. 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 S&P Global Clean Energy Transition Index (net) is designed to measure the performance of companies in global clean energy-related businesses from both developed and emerging markets, with a target constituent count of 100, 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.

**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 Duff & Phelps Clean Energy ETF \| 2

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

---

| | |
|:---|:---|
| Fund net assets | $7138334 |
| Total number of portfolio holdings | 43 |
| Total advisory fees paid | $32950 |
| Portfolio turnover rate | 69% |

---

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

---

| | |
|:---|:---|
| Utilities | 46.5% |
| Industrials | 31.1% |
| Information Technology | 17.2% |
| Energy | 3.6% |
| Materials | 1.6% |

---

---

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

---

## **Material Changes to the Fund** 
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 28, 2025, at https://www.virtus.com/investor-resources/etf-documents or upon special request at 1-888-383-0553.

On January 1, 2025, Virtus Investment Advisers, LLC ("VIA") replaced Virtus ETF Advisers LLC ("VEA") as the investment adviser to the Fund. As a result, also on January 1, 2025, VEA's rights and obligations under the investment advisory and subadvisory agreements for the Trust transferred to, and were assumed by, VIA. Both VIA and VEA are wholly owned indirect subsidiaries of Virtus Investment Partners, Inc. No changes were made to (i) the investment advisory fee rates payable by the Fund or (ii) the Fund's subadviser or the portfolio managers managing the Fund.

## 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](i37bb7cefc020ad6fd26d3ca2.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.

8133

Virtus Duff & Phelps Clean Energy ETF \| 3

# Virtus KAR Mid-Cap ETF
![Image](icc561196c3b2cf5518722fb0.jpg)

# KMID / NYSE Arca, Inc.

#### Annual Shareholder Report \| July 31, 2025
This annual shareholder report contains important information about the Virtus KAR Mid-Cap ETF ("Fund") for the period of October 15, 2024 to July 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 KAR Mid-Cap ETF | $63<sup>Footnote Reference(a)</sup> | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Based on the period October 15, 2024 (commencement of operations) through July 31, 2025. Expenses would have been higher if the Fund had been in existence for the full reporting period. |

---

## **Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC** 
For the period October 15, 2024 (inception) to July 31, 2025, the Fund at NAV returned -1.68%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 9.74%, and the Russell Midcap<sup>®</sup> Index, which serves as the style-specific index, returned 6.16%.

## **What factors impacted Fund performance over the reporting period?** 
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund will be determined by market reactions, both positive and negative, to activity related to these companies. Stock selection and overweights in both health care and industrials detracted from performance relative to the Russell Midcap<sup>®</sup> Index, which serves as the Fund's style-specific index, from the Fund's inception through the end of the fiscal year on July 31, 2025. Stock selection and an overweight in information technology, as well as an underweight in materials, contributed to performance. The biggest contributors to relative performance from the Fund's inception to the end of the fiscal period were EMCOR Group, HEICO, Monolithic Power Systems, LPL Financial, and Teledyne Technologies. The biggest detractors from performance from inception to the end of the fiscal period were Align Technology, Old Dominion Freight Line, Cooper Companies, Fair Isaac, and West Pharmaceutical Companies.

#### FACTOR

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

# SUMMARY
EMCOR Group

# Positive

# EMCOR delivered strong growth and profit margin expansion, benefiting from strong demand for its U.S. construction services across various end markets, notably datacenters, while continuing to grow its pipeline for future work.

# HEICO
Positive

# HEICO continued to execute in all business segments as demand for the company's parts increased in both commercial and defense aircraft. The company continued to gain market share within the aviation industry.

# Align Technology

# Negative

# Align saw sluggish demand for its orthodontic aligners as high interest rates impeded customers from choosing the company's higher-priced alignment options over traditional bracket-and-wire braces.

# Old Dominion Freight Line

# Negative
Old Dominion Freight Line's share price declined due to ongoing softness in the trucking market, which caused revenues and profits to decline during the period. Despite these negatives, Old Dominion's recent quarterly results compared favorably to those of other carriers

Virtus KAR Mid-Cap 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. Performance assumes reinvestment of dividends and capital gains distributions.

### Growth of $10,000
![A line chart as described in the following paragraph](ic50d20ec767cdd9ab453ad5c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Virtus KAR Mid-Cap ETF - NAV $9,832** | **FT Wilshire 5000 Index $10,974** | **Russell Midcap<sup>®</sup> Index $10,616** |
| **10/15/24** | $10000 | $10000 | $10000 |
| **10/31/24** | $9813 | $9818 | $9827 |
| **11/30/24** | $10469 | $10467 | $10694 |
| **12/31/24** | $9713 | $10150 | $9942 |
| **1/31/25** | $10068 | $10469 | $10365 |
| **2/28/25** | $9860 | $10265 | $10070 |
| **3/31/25** | $9478 | $9659 | $9604 |
| **4/30/25** | $9445 | $9596 | $9504 |
| **5/31/25** | $9852 | $10210 | $10048 |
| **6/30/25** | $10029 | $10732 | $10423 |
| **7/31/25** | $9832 | $10974 | $10616 |

---

---

| | |
|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **Since Inception 10/15/24** |
| **Virtus KAR Mid-Cap ETF - NAV** | -1.68 |
| **FT Wilshire 5000 Index** | 9.74 |
| **Russell Midcap<sup>®</sup> Index** | 6.16 |

---

• 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 Russell Midcap<sup><sup>®</sup></sup> Index is a free float-adjusted market capitalization-weighted index of medium-capitalization stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. 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 KAR Mid-Cap ETF \| 2

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

---

| | |
|:---|:---|
| Fund net assets | $29483633 |
| Total number of portfolio holdings | 26 |
| Total advisory fees paid | $125418 |
| Portfolio turnover rate | 10% |

---

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

---

| | |
|:---|:---|
| Industrials | 49.5% |
| Information Technology | 16.3% |
| Financials | 12.4% |
| Consumer Discretionary | 12.1% |
| Health Care | 9.7% |

---

---

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

---

## **Material Changes to the Fund** 
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 28, 2025, at https://www.virtus.com/investor-resources/etf-documents or upon special request at 1-888-383-0553.

On January 1, 2025, Virtus Investment Advisers, LLC ("VIA") replaced Virtus ETF Advisers LLC ("VEA") as the investment adviser to the Fund. As a result, also on January 1, 2025, VEA's rights and obligations under the investment advisory and subadvisory agreements for the Trust transferred to, and were assumed by, VIA. Both VIA and VEA are wholly owned indirect subsidiaries of Virtus Investment Partners, Inc. No changes were made to (i) the investment advisory fee rates payable by the Fund or (ii) the Fund's subadviser or the portfolio managers managing the Fund.

## 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](i37bb7cefc020ad6fd26d3ca2.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.

8672

Virtus KAR Mid-Cap ETF \| 3

# Virtus Newfleet ABS/MBS ETF
![Image](icc561196c3b2cf5518722fb0.jpg)

# VABS / NYSE Arca, Inc.

#### Annual Shareholder Report \| July 31, 2025
This annual shareholder report contains important information about the Virtus Newfleet ABS/MBS ETF ("Fund") for the period of August 1, 2024 to July 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 ABS/MBS ETF | $40 | 0.39% |

---

## **Commentary by Newfleet Asset Management** 
For the fiscal year ended July 31, 2025, the Fund at NAV returned 6.43%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 3.38%, and the ICE BofA 1-3 Year A-BBB US Corporate Index, which serves as the style-specific index, returned 5.48%.

## **What factors impacted Fund performance over the reporting period?** 
The Fund's overweight in consumer, residential, and commercial loans contributed to the Fund's outperformance relative to the ICE BofA 1-3 Year A-BBB US Corporate Index, which serves as the Fund's style-specific index, for the 12-month period ended July 31, 2025. Due to a strong economy, consumer and commercial loan performance proved resilient. The Fund's consumer exposure, particularly bonds that were lower in the capital structure such as a subordinate tranche of Veros Auto, performed well as investor demand increased for these securities. In addition, the Fund's exposure to the U.S. housing market via non-agency mortgage-backed securities (MBS) including Progress Residential Trust benefited from the strong housing market. This exposure provided extra income and a better relative value play for the Fund versus agency MBS and investment grade corporate bonds. Lastly, the Fund's security selection within the commercial mortgage-backed securities market via investments in single-asset, single-borrower floating rate deals proved valuable over the fiscal year. The Fund's exposure to a senior-rated floating rate collateralized loan obligation (CLO) detracted from performance as interest rates moved lower.

#### FACTOR

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

# SUMMARY
Progress Residential Trust

# Positive

# This residential MBS investment was backed by a single loan collateralized by roughly 2,100 single family rental units. The values of the related properties experienced significant equity appreciation over the period. This allowed the sponsor to refinance the deal at the full price and earlier than the expected maturity.

# Veros Auto
Positive

# This subordinate tranche, or security whose principal payments are subordinate to senior tranches in the transaction, was backed by a pool of subprime auto receivables. The security's ratings were upgraded during the fiscal year driven by positive deal performance, which caused credit spreads to compress. Spread refers to the additional yield over the yield of a risk-free government bond.

# Residential housing/MBS

# Positive

# A lack of existing home supply and tight underwriting standards for residential mortgages positively impacted the Fund's performance by creating unmet demand.

# Collateralized loan obligation (CLO)

# Negative
The Fund's exposure to a senior-rated floating rate CLO lagged in performance, driven primarily by a move lower in interest rates during the fiscal year.

Virtus Newfleet ABS/MBS 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 compares 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. Performance assumes reinvestment of dividends and capital gains distributions.

### Growth of $10,000
![A line chart as described in the following paragraph](i84daced94a4f58eab8044e7a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Virtus Newfleet ABS/MBS ETF - NAV $11,424** | **Bloomberg U.S. Aggregate Bond Index $9,588** | **ICE BofA 1-3 Year A-BBB US Corporate Index $11,030** |
| **2/9/21** | $10000 | $10000 | $10000 |
| **2/28/21** | $10010 | $9882 | $9995 |
| **3/31/21** | $9987 | $9759 | $9986 |
| **4/30/21** | $10021 | $9836 | $10008 |
| **5/31/21** | $10047 | $9868 | $10030 |
| **6/30/21** | $10051 | $9937 | $10022 |
| **7/31/21** | $10085 | $10048 | $10039 |
| **8/31/21** | $10091 | $10029 | $10044 |
| **9/30/21** | $10082 | $9942 | $10041 |
| **10/31/21** | $10052 | $9940 | $10009 |
| **11/30/21** | $10047 | $9969 | $9993 |
| **12/31/21** | $10042 | $9943 | $9986 |
| **1/31/22** | $9994 | $9729 | $9911 |
| **2/28/22** | $9931 | $9621 | $9830 |
| **3/31/22** | $9792 | $9353 | $9661 |
| **4/30/22** | $9739 | $8998 | $9589 |
| **5/31/22** | $9703 | $9056 | $9645 |
| **6/30/22** | $9654 | $8914 | $9561 |
| **7/31/22** | $9669 | $9132 | $9633 |
| **8/31/22** | $9628 | $8874 | $9580 |
| **9/30/22** | $9504 | $8491 | $9440 |
| **10/31/22** | $9424 | $8381 | $9417 |
| **11/30/22** | $9472 | $8689 | $9545 |
| **12/31/22** | $9521 | $8650 | $9575 |
| **1/31/23** | $9705 | $8916 | $9677 |
| **2/28/23** | $9677 | $8685 | $9617 |
| **3/31/23** | $9753 | $8906 | $9696 |
| **4/30/23** | $9824 | $8960 | $9757 |
| **5/31/23** | $9822 | $8862 | $9740 |
| **6/30/23** | $9852 | $8831 | $9729 |
| **7/31/23** | $9922 | $8825 | $9797 |
| **8/31/23** | $9953 | $8768 | $9827 |
| **9/30/23** | $9994 | $8545 | $9821 |
| **10/31/23** | $10003 | $8411 | $9841 |
| **11/30/23** | $10110 | $8792 | $9987 |
| **12/31/23** | $10252 | $9128 | $10121 |
| **1/31/24** | $10342 | $9103 | $10175 |
| **2/29/24** | $10370 | $8974 | $10156 |
| **3/31/24** | $10451 | $9057 | $10210 |
| **4/30/24** | $10443 | $8828 | $10191 |
| **5/31/24** | $10524 | $8978 | $10274 |
| **6/30/24** | $10602 | $9063 | $10325 |
| **7/31/24** | $10733 | $9275 | $10457 |
| **8/31/24** | $10825 | $9408 | $10555 |
| **9/30/24** | $10926 | $9534 | $10652 |
| **10/31/24** | $10903 | $9298 | $10606 |
| **11/30/24** | $10975 | $9396 | $10653 |
| **12/31/24** | $11013 | $9242 | $10677 |
| **1/31/25** | $11093 | $9291 | $10732 |
| **2/28/25** | $11205 | $9496 | $10809 |
| **3/31/25** | $11213 | $9499 | $10853 |
| **4/30/25** | $11268 | $9537 | $10912 |
| **5/31/25** | $11307 | $9468 | $10932 |
| **6/30/25** | $11402 | $9614 | $11014 |
| **7/31/25** | $11424 | $9588 | $11030 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **1 Year** | **Since Inception 2/9/21** |
| **Virtus Newfleet ABS/MBS ETF - NAV** | 6.43 | 3.02 |
| **Bloomberg U.S. Aggregate Bond Index** | 3.38 | -0.94 |
| **ICE BofA 1-3 Year A-BBB US Corporate Index** | 5.48 | 2.21 |

---

• 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 ICE BofA 1-3 Year A-BBB US Corporate Index measures performance of U.S. corporate bond issues rated A through BBB, inclusive (based on an average of Moody's, S&P and Fitch), with a remaining term to final maturity less than 3 years. 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 ABS/MBS ETF \| 2

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

---

| | |
|:---|:---|
| Fund net assets | $52537407 |
| Total number of portfolio holdings | 118 |
| Total advisory fees paid | $120688 |
| Portfolio turnover rate | 70% |

---

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

---

| | |
|:---|:---|
| Asset Backed Securities | 59.8% |
| Mortgage Backed Securities | 39.7% |
| Corporate Bond | 0.5% |

---

---

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

---

## **Material Changes to the Fund** 
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 28, 2025, at https://www.virtus.com/investor-resources/etf-documents or upon special request at 1-888-383-0553.

On January 1, 2025, Virtus Investment Advisers, LLC ("VIA") replaced Virtus ETF Advisers LLC ("VEA") as the investment adviser to the Fund. As a result, also on January 1, 2025, VEA's rights and obligations under the investment advisory and subadvisory agreements for the Trust transferred to, and were assumed by, VIA. Both VIA and VEA are wholly owned indirect subsidiaries of Virtus Investment Partners, Inc. No changes were made to (i) the investment advisory fee rates payable by the Fund or (ii) the Fund's subadviser or the portfolio managers managing the Fund.

## 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](i37bb7cefc020ad6fd26d3ca2.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.

8256

Virtus Newfleet ABS/MBS ETF \| 3

# Virtus Newfleet Short Duration Core Plus Bond ETF
![Image](icc561196c3b2cf5518722fb0.jpg)

# SDCP / NYSE Arca, Inc.

#### Annual Shareholder Report \| July 31, 2025
This annual shareholder report contains important information about the Virtus Newfleet Short Duration Core Plus Bond ETF ("Fund") for the period of August 1, 2024 to July 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 Short Duration Core Plus Bond ETF | $36 | 0.35% |

---

## **Commentary by Newfleet Asset Management** 
For the fiscal year ended July 31, 2025, the Fund at NAV returned 5.57%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 3.38%, and the ICE BofA 1-5 Year Corporate & Government Bond Index, which serves as the style-specific index, returned 4.79%.

## **What factors impacted Fund performance over the reporting period?** 
Sector allocation and issue selection contributed positively to performance relative to the ICE BofA 1-5 Year Corporate & Government Bond Index, which serves as the Fund's style-specific index ("Index"), for the 12-month period ended July 31, 2025. The Fund's underweight in U.S. Treasuries was a key contributor to performance. Allocation to and issue selection within the asset-backed securities (ABS) sector had a positive impact on performance during the period. Allocation to high yield corporate bonds was a contributor to performance, however, issue selection within the sector detracted. The Fund's shorter duration, or sensitivity to changes in interest rates, versus the Index detracted from performance.

#### FACTOR

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

# SUMMARY
U.S. Treasuries

# Positive

# The Fund's underweight in U.S. Treasuries had a positive impact, as spread sectors (investments other than risk-free government debt) outperformed during the period.

# Asset-Backed Securities (ABS)
Positive

# Allocation to and issue selection within the sector had a positive impact on performance during the reporting period. Consumer strength remained resilient, bond structures remained solid, and ABS spreads were attractive relative to those of investment grade corporate bonds. Spread refers to the additional yield over the yield of a risk-free government bond.

# High yield corporate bonds

# Mixed

# Allocation to the sector had a positive impact on performance, however, issue selection within the sector detracted as lower-quality bonds outperformed. During the reporting period, the high yield market rallied due to positive trade developments, prospects for interest rate cuts, easing geopolitical tensions, robust inflows, and supportive corporate earnings.

# Duration

# Negative
The Fund's shorter duration relative to the Index detracted from performance. Duration measures a bond's or fund's sensitivity to interest rate or other changes (such as changes in a bond's yield) and is expressed as a number of years or days. The higher the number, the greater the risk.

Virtus Newfleet Short Duration Core Plus 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 compares 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. Performance assumes reinvestment of dividends and capital gains distributions.

### Growth of $10,000
![A line chart as described in the following paragraph](icc41cc3980d3dbc65877c31f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Virtus Newfleet Short Duration Core Plus Bond ETF - NAV $11,185** | **Bloomberg U.S. Aggregate Bond Index $11,104** | **ICE BofA 1-5 Year Corporate & Government Bond Index $11,010** |
| **11/15/23** | $10000 | $10000 | $10000 |
| **11/30/23** | $10067 | $10181 | $10081 |
| **12/31/23** | $10237 | $10571 | $10240 |
| **1/31/24** | $10307 | $10542 | $10280 |
| **2/29/24** | $10293 | $10393 | $10215 |
| **3/31/24** | $10360 | $10489 | $10261 |
| **4/30/24** | $10320 | $10224 | $10188 |
| **5/31/24** | $10407 | $10397 | $10283 |
| **6/30/24** | $10470 | $10496 | $10351 |
| **7/31/24** | $10594 | $10741 | $10506 |
| **8/31/24** | $10695 | $10895 | $10614 |
| **9/30/24** | $10788 | $11041 | $10712 |
| **10/31/24** | $10736 | $10767 | $10604 |
| **11/30/24** | $10802 | $10881 | $10650 |
| **12/31/24** | $10823 | $10703 | $10641 |
| **1/31/25** | $10890 | $10760 | $10697 |
| **2/28/25** | $10973 | $10996 | $10801 |
| **3/31/25** | $10990 | $11001 | $10854 |
| **4/30/25** | $11029 | $11044 | $10951 |
| **5/31/25** | $11070 | $10965 | $10929 |
| **6/30/25** | $11162 | $11133 | $11016 |
| **7/31/25** | $11185 | $11104 | $11010 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **1 Year** | **Since Inception 11/15/23** |
| **Virtus Newfleet Short Duration Core Plus Bond ETF - NAV** | 5.57 | 6.77 |
| **Bloomberg U.S. Aggregate Bond Index** | 3.38 | 6.32 |
| **ICE BofA 1-5 Year Corporate & Government Bond Index** | 4.79 | 5.79 |

---

• 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 ICE BofA 1-5 Year US Corporate & Government Bond Index tracks the performance of US dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities, with a remaining term to final maturity less than 5 years, 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 Short Duration Core Plus Bond ETF \| 2

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

---

| | |
|:---|:---|
| Fund net assets | $11647423 |
| Total number of portfolio holdings | 262 |
| Total advisory fees paid | $38568 |
| Portfolio turnover rate | 46% |

---

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

---

| | |
|:---|:---|
| Asset Backed Securities | 33.4% |
| Mortgage Backed Securities | 30.8% |
| Corporate Bonds | 23.6% |
| U.S. Government Securities | 7.7% |
| Foreign Bonds | 4.5% |

---

---

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

---

## **Material Changes to the Fund** 
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 28, 2025, at https://www.virtus.com/investor-resources/etf-documents or upon special request at 1-888-383-0553.

On January 1, 2025, Virtus Investment Advisers, LLC ("VIA") replaced Virtus ETF Advisers LLC ("VEA") as the investment adviser to the Fund. As a result, also on January 1, 2025, VEA's rights and obligations under the investment advisory and subadvisory agreements for the Trust transferred to, and were assumed by, VIA. Both VIA and VEA are wholly owned indirect subsidiaries of Virtus Investment Partners, Inc. No changes were made to (i) the investment advisory fee rates payable by the Fund or (ii) the Fund's subadviser or the portfolio managers managing the Fund

## 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](i37bb7cefc020ad6fd26d3ca2.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.

8285

Virtus Newfleet Short Duration Core Plus Bond ETF \| 3

# Virtus Newfleet Short Duration High Yield Bond ETF
![Image](icc561196c3b2cf5518722fb0.jpg)

# VSHY / NYSE Arca, Inc.

#### Annual Shareholder Report \| July 31, 2025
This annual shareholder report contains important information about the Virtus Newfleet Short Duration High Yield Bond ETF ("Fund") for the period of August 1, 2024 to July 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 Short Duration High Yield Bond ETF | $40 | 0.39% |

---

## **Commentary by Newfleet Asset Management** 
For the fiscal year ended July 31, 2025, the Fund at NAV returned 7.28%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 3.38%, and the ICE BofA 1-3Y BB US Cash Pay High Yield Index, a style-specific index, returned 6.80%.

## **What factors impacted Fund performance over the reporting period?** 
Issue selection in the wirelines, communications, media other, and media cable industries, as well as an allocation to CCC-rated securities, contributed positively to performance relative to the ICE BoFA 1-3Y BB US Cash Pay High Yield Index, which serves as the Fund's style-specific index, for the 12-month period ended July 31, 2025. The outperformance was partially offset by issue selection in the retail non food/drug, consumer products, and metals & mining industries, and an overweight allocation to B-rated securities. The biggest contributors to absolute performance for the 12-month period were Level 3, Millennium Escrow, Hertz, VistaJet, and Neptune Bidco. The biggest detractors from absolute performance for the 12-month period were Saks Global, Coronado Finance, Kronos Acquisition, Merlin Entertainments, and H-Food Holdings.

#### FACTOR

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

# SUMMARY
Communications

# Positive

# The Fund benefited as bonds issued by telecommunications firm Level 3 rallied throughout the year as the company's fiber lines became more valuable with increased demand for artificial intelligence applications.

# Media other
Positive

# The Fund benefited from its positions in television broadcasters as investors expected the Federal Communications Commission to loosen the rules that had restricted merger activity.

# Retail exposure

# Negative

# The Fund was hurt by a sharp decline in the bonds of luxury retailer Saks, which struggled due to working capital needs, tariff announcements, and impact of the volatile macroeconomic climate on consumer spending.

# Weak coking coal prices

# Negative
Coking coal is the coal used to make steel. The Fund was hurt by a decline in the bonds of coal producer Coronado Global Resources, which saw cash flows weaken as coking coal prices declined and the company spent its capital on expansion projects.

Virtus Newfleet Short Duration High Yield 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 compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund from inception. 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. Performance assumes reinvestment of dividends and capital gains distributions.

### Growth of $10,000
![A line chart as described in the following paragraph](i372b2a7aad13c6c0b0e5e870.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Virtus Newfleet Short Duration High Yield Bond ETF - NAV $14,029** | **Bloomberg U.S. Aggregate Bond Index $11,514** | **ICE BofA 1-3Y BB US Cash Pay High Yield Index $14,668** |
| **12/5/16** | $10000 | $10000 | $10000 |
| **12/31/16** | $10008 | $10020 | $10067 |
| **1/31/17** | $10030 | $10040 | $10105 |
| **2/28/17** | $10090 | $10107 | $10158 |
| **3/31/17** | $10081 | $10102 | $10166 |
| **4/30/17** | $10151 | $10180 | $10239 |
| **5/31/17** | $10198 | $10258 | $10291 |
| **6/30/17** | $10175 | $10248 | $10311 |
| **7/31/17** | $10279 | $10292 | $10358 |
| **8/31/17** | $10244 | $10385 | $10383 |
| **9/30/17** | $10312 | $10335 | $10430 |
| **10/31/17** | $10372 | $10341 | $10443 |
| **11/30/17** | $10361 | $10328 | $10431 |
| **12/31/17** | $10415 | $10375 | $10433 |
| **1/31/18** | $10512 | $10256 | $10448 |
| **2/28/18** | $10462 | $10158 | $10416 |
| **3/31/18** | $10433 | $10224 | $10409 |
| **4/30/18** | $10463 | $10148 | $10459 |
| **5/31/18** | $10459 | $10220 | $10483 |
| **6/30/18** | $10477 | $10207 | $10492 |
| **7/31/18** | $10553 | $10210 | $10561 |
| **8/31/18** | $10616 | $10276 | $10616 |
| **9/30/18** | $10680 | $10209 | $10656 |
| **10/31/18** | $10584 | $10129 | $10626 |
| **11/30/18** | $10472 | $10189 | $10643 |
| **12/31/18** | $10217 | $10376 | $10572 |
| **1/31/19** | $10521 | $10487 | $10801 |
| **2/28/19** | $10688 | $10480 | $10900 |
| **3/31/19** | $10724 | $10682 | $10971 |
| **4/30/19** | $10873 | $10684 | $11032 |
| **5/31/19** | $10859 | $10874 | $11012 |
| **6/30/19** | $10840 | $11011 | $11162 |
| **7/31/19** | $10884 | $11035 | $11211 |
| **8/31/19** | $10837 | $11321 | $11305 |
| **9/30/19** | $10941 | $11261 | $11325 |
| **10/31/19** | $10922 | $11294 | $11365 |
| **11/30/19** | $10996 | $11289 | $11425 |
| **12/31/19** | $11166 | $11281 | $11491 |
| **1/31/20** | $11206 | $11498 | $11506 |
| **2/29/20** | $11089 | $11705 | $11362 |
| **3/31/20** | $10173 | $11636 | $10597 |
| **4/30/20** | $10440 | $11843 | $10959 |
| **5/31/20** | $10731 | $11898 | $11249 |
| **6/30/20** | $10750 | $11973 | $11372 |
| **7/31/20** | $11113 | $12152 | $11705 |
| **8/31/20** | $11211 | $12054 | $11780 |
| **9/30/20** | $11108 | $12047 | $11697 |
| **10/31/20** | $11140 | $11993 | $11755 |
| **11/30/20** | $11530 | $12111 | $12003 |
| **12/31/20** | $11769 | $12128 | $12116 |
| **1/31/21** | $11837 | $12041 | $12131 |
| **2/28/21** | $11868 | $11867 | $12156 |
| **3/31/21** | $11887 | $11719 | $12220 |
| **4/30/21** | $12007 | $11811 | $12302 |
| **5/31/21** | $12054 | $11850 | $12333 |
| **6/30/21** | $12202 | $11933 | $12397 |
| **7/31/21** | $12200 | $12066 | $12408 |
| **8/31/21** | $12245 | $12044 | $12455 |
| **9/30/21** | $12273 | $11939 | $12446 |
| **10/31/21** | $12254 | $11936 | $12464 |
| **11/30/21** | $12140 | $11971 | $12398 |
| **12/31/21** | $12366 | $11941 | $12509 |
| **1/31/22** | $12110 | $11683 | $12317 |
| **2/28/22** | $11976 | $11553 | $12257 |
| **3/31/22** | $11905 | $11232 | $12172 |
| **4/30/22** | $11522 | $10806 | $11997 |
| **5/31/22** | $11445 | $10876 | $12110 |
| **6/30/22** | $10703 | $10705 | $11728 |
| **7/31/22** | $11189 | $10966 | $12100 |
| **8/31/22** | $11073 | $10657 | $11982 |
| **9/30/22** | $10679 | $10196 | $11805 |
| **10/31/22** | $10944 | $10064 | $12006 |
| **11/30/22** | $11164 | $10434 | $12145 |
| **12/31/22** | $11114 | $10387 | $12125 |
| **1/31/23** | $11535 | $10707 | $12352 |
| **2/28/23** | $11419 | $10430 | $12313 |
| **3/31/23** | $11468 | $10695 | $12397 |
| **4/30/23** | $11597 | $10760 | $12486 |
| **5/31/23** | $11448 | $10642 | $12444 |
| **6/30/23** | $11693 | $10605 | $12556 |
| **7/31/23** | $11894 | $10597 | $12683 |
| **8/31/23** | $11953 | $10529 | $12720 |
| **9/30/23** | $11837 | $10262 | $12690 |
| **10/31/23** | $11620 | $10100 | $12673 |
| **11/30/23** | $12114 | $10557 | $12987 |
| **12/31/23** | $12507 | $10961 | $13199 |
| **1/31/24** | $12500 | $10931 | $13239 |
| **2/29/24** | $12532 | $10777 | $13282 |
| **3/31/24** | $12717 | $10876 | $13383 |
| **4/30/24** | $12571 | $10602 | $13371 |
| **5/31/24** | $12706 | $10781 | $13481 |
| **6/30/24** | $12825 | $10883 | $13575 |
| **7/31/24** | $13077 | $11138 | $13734 |
| **8/31/24** | $13293 | $11298 | $13852 |
| **9/30/24** | $13408 | $11449 | $13976 |
| **10/31/24** | $13362 | $11165 | $13969 |
| **11/30/24** | $13528 | $11283 | $14080 |
| **12/31/24** | $13500 | $11098 | $14081 |
| **1/31/25** | $13647 | $11157 | $14223 |
| **2/28/25** | $13717 | $11403 | $14291 |
| **3/31/25** | $13589 | $11407 | $14280 |
| **4/30/25** | $13470 | $11452 | $14325 |
| **5/31/25** | $13756 | $11370 | $14487 |
| **6/30/25** | $13970 | $11545 | $14635 |
| **7/31/25** | $14029 | $11514 | $14668 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **1 Year** | **5 Years** | **Since Inception 12/5/16** |
| **Virtus Newfleet Short Duration High Yield Bond ETF - NAV** | 7.28 | 4.77 | 3.99 |
| **Bloomberg U.S. Aggregate Bond Index** | 3.38 | -1.07 | 1.64 |
| **ICE BofA 1-3Y BB US Cash Pay High Yield Index** | 6.8 | 4.62 | 4.52 |

---

• 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 ICE BofA 1-3 Year BB US Cash Pay High Yield Index is a subset of the ICE BofA US Cash Pay High Yield Index including all securities with a remaining term to final maturity less than 3 years and rated BB1 through BB3, inclusive. The ICE BofA US Cash Pay High Yield Index tracks the performance of U.S. dollar denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the U.S. domestic 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 Short Duration High Yield Bond ETF \| 2

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

---

| | |
|:---|:---|
| Fund net assets | $30648036 |
| Total number of portfolio holdings | 135 |
| Total advisory fees paid | $68037 |
| Portfolio turnover rate | 71% |

---

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

---

| | |
|:---|:---|
| Corporate Bonds | 79.7% |
| Foreign Bonds | 16.7% |
| Money Market Fund | 3.6% |
| Term Loan<sup>Footnote Reference(2)</sup> | 0.0% |
| Common Stock<sup>Footnote Reference(2)</sup> | 0.0% |

---

---

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

---

## **Material Changes to the Fund** 
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 28, 2025, at https://www.virtus.com/investor-resources/etf-documents or upon special request at 1-888-383-0553.

On January 1, 2025, Virtus Investment Advisers, LLC ("VIA") replaced Virtus ETF Advisers LLC ("VEA") as the investment adviser to the Fund. As a result, also on January 1, 2025, VEA's rights and obligations under the investment advisory and subadvisory agreements for the Trust transferred to, and were assumed by, VIA. Both VIA and VEA are wholly owned indirect subsidiaries of Virtus Investment Partners, Inc. No changes were made to (i) the investment advisory fee rates payable by the Fund or (ii) the Fund's subadviser or the portfolio managers managing the Fund.

## 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](i37bb7cefc020ad6fd26d3ca2.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.

8290

Virtus Newfleet Short Duration High Yield Bond ETF \| 3

# Virtus Seix AAA Private Credit CLO ETF
![Image](icc561196c3b2cf5518722fb0.jpg)

# PCLO / NYSE Arca, Inc.

#### Annual Shareholder Report \| July 31, 2025
This annual shareholder report contains important information about the Virtus Seix AAA Private Credit CLO ETF ("Fund") for the period of December 2, 2024 to July 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 Seix AAA Private Credit CLO ETF | $19<sup>Footnote Reference(a)</sup> | 0.29% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Based on the period December 2, 2024 (commencement of operations) through July 31, 2025. Expenses would have been higher if the Fund had been in existence for the full reporting period. |

---

## **Portfolio Manager Commentary by Seix Investment Advisors** 
For the period December 2, 2024 (inception) to July 31, 2025, the Fund at NAV returned 3.51%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 1.98%, and the J.P. Morgan CLOIE AAA Index, which serves as the style-specific index, returned 3.66%.

## **What factors impacted Fund performance over the reporting period?** 
The Fund's focus on investing in AAA-rated tranches of private credit collateralized loan obligations (CLOs) contributed to relative performance from its inception on December 2, 2024, through July 31, 2025. The Fund's strategy was put to the test within its first four months as the Trump administration's tariff announcements created unexpected market dynamics. The Fund demonstrated resiliency during the volatility as its focus on high quality CLO tranches helped to mitigate the downside.

#### FACTOR

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

# SUMMARY
Ratings allocation

# Neutral

# The Fund's focus on AAA-rated private credit CLO tranches contributed to relative performance.

# Security selection
Positive

# The announcement of trade tariffs in March and April caused unexpected volatility in the market. However, the Fund's selection of high-quality CLO managers in the private sector space limited downside movement.
Virtus Seix AAA Private Credit CLO 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 compares 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. Performance assumes reinvestment of dividends and capital gains distributions.

### Growth of $10,000
![A line chart as described in the following paragraph](i6914bbf147144b8aa625952d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Virtus Seix AAA Private Credit CLO ETF - NAV $10,351** | **Bloomberg U.S. Aggregate Bond Index $10,198** | **J.P. Morgan CLOIE AAA Index $10,366** |
| **12/2/24** | $10000 | $10000 | $10000 |
| **12/31/24** | $10056 | $9830 | $10045 |
| **1/31/25** | $10106 | $9882 | $10108 |
| **2/28/25** | $10145 | $10099 | $10137 |
| **3/31/25** | $10151 | $10103 | $10154 |
| **4/30/25** | $10175 | $10143 | $10186 |
| **5/31/25** | $10263 | $10070 | $10261 |
| **6/30/25** | $10300 | $10225 | $10317 |
| **7/31/25** | $10351 | $10198 | $10366 |

---

---

| | |
|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **Since Inception 12/2/24** |
| **Virtus Seix AAA Private Credit CLO ETF - NAV** | 3.51 |
| **Bloomberg U.S. Aggregate Bond Index** | 1.98 |
| **J.P. Morgan CLOIE AAA Index** | 3.66 |

---

• 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 J.P. Morgan CLOIE AAA Index is designed to track the performance of broadly-syndicated, arbitrage US CLO debt from AAA tranches. 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.

**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 Seix AAA Private Credit CLO ETF \| 2

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

---

| | |
|:---|:---|
| Fund net assets | $18708387 |
| Total number of portfolio holdings | 25 |
| Total advisory fees paid | $34013 |
| Portfolio turnover rate | 87% |

---

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

---

| | |
|:---|:---|
| Asset Backed Securities | 95.7% |
| Term Loan | 4.3% |

---

---

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

---

## **Material Changes to the Fund** 
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 28, 2025, at https://www.virtus.com/investor-resources/etf-documents or upon special request at 1-888-383-0553.

On January 1, 2025, Virtus Investment Advisers, LLC ("VIA") replaced Virtus ETF Advisers LLC ("VEA") as the investment adviser to the Fund. As a result, also on January 1, 2025, VEA's rights and obligations under the investment advisory and subadvisory agreements for the Trust transferred to, and were assumed by, VIA. Both VIA and VEA are wholly owned indirect subsidiaries of Virtus Investment Partners, Inc. No changes were made to (i) the investment advisory fee rates payable by the Fund or (ii) the Fund's subadviser or the portfolio managers managing the Fund.

## 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](i37bb7cefc020ad6fd26d3ca2.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.

8673

Virtus Seix AAA Private Credit CLO ETF \| 3

# Virtus Seix Senior Loan ETF
![Image](icc561196c3b2cf5518722fb0.jpg)

# SEIX / NYSE Arca, Inc.

#### Annual Shareholder Report \| July 31, 2025
This annual shareholder report contains important information about the Virtus Seix Senior Loan ETF ("Fund") for the period of August 1, 2024 to July 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 Seix Senior Loan ETF | $59 | 0.57% |

---

## **Commentary by Seix Investment Advisors** 
For the fiscal year ended July 31, 2025, the Fund at NAV returned 6.70%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 3.38%, and the S&P UBS Leveraged Loan Index, which serves as the style-specific index, returned 7.60%.

## **What factors impacted Fund performance over the reporting period?** 
For the 12-month period ended July 31, 2025, performance relative to the S&P UBS Leveraged Loan Index, which serves as the Fund's style-specific benchmark, was negatively affected by security selection in chemicals, energy, and utilities. This was partially offset by positive security selection in telecommunications, information technology, and gaming & leisure. Unanticipated changes among specific issuers also negatively impacted Fund performance. The top contributors to performance for the reporting period were Altice France, Lumen, WaterBridge, Amneal Pharmaceuticals, and Creation Technologies. The biggest detractors were Ascend Performance, LaserShip, NewFortress Energy, Liberty Media, and First New Zealand. An additional headwind for the Fund was the rally in low-quality issuers as investors favored higher-risk securities throughout the period. The Fund's underweight to CCC-rated securities negatively affected overall performance.

#### FACTOR

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

# SUMMARY
Unanticipated changes among specific issuers

# Negative

# Three positions held in the Fund were significantly negatively impacted due to continued overstocking issues in chemicals, changes in delivery needs for retail purchases, and company management decisions.

# Security selection
Mixed

# Several issuers surprised with negative earnings, which hurt Fund performance during the reporting period. However, our conviction that Altice's and Lumen's lower prices were unwarranted was rewarded during the period, making a positive contribution to Fund performance.
Virtus Seix Senior Loan 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 compares 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. Performance assumes reinvestment of dividends and capital gain distributions.

### Growth of $10,000
![A line chart as described in the following paragraph](ic89ce4cb14ac028c679bfe25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Virtus Seix Senior Loan ETF - NAV $13,871** | **Bloomberg U.S. Aggregate Bond Index $10,793** | **S&P UBS Leveraged Loan Index $14,101** |
| **4/24/19** | $10000 | $10000 | $10000 |
| **4/30/19** | $10005 | $10015 | $10019 |
| **5/31/19** | $9973 | $10193 | $9997 |
| **6/30/19** | $10016 | $10321 | $10019 |
| **7/31/19** | $10108 | $10343 | $10097 |
| **8/31/19** | $10079 | $10611 | $10069 |
| **9/30/19** | $10105 | $10555 | $10111 |
| **10/31/19** | $10102 | $10587 | $10062 |
| **11/30/19** | $10179 | $10581 | $10117 |
| **12/31/19** | $10346 | $10574 | $10281 |
| **1/31/20** | $10371 | $10777 | $10335 |
| **2/29/20** | $10228 | $10971 | $10196 |
| **3/31/20** | $9497 | $10907 | $8925 |
| **4/30/20** | $9796 | $11101 | $9308 |
| **5/31/20** | $10045 | $11152 | $9661 |
| **6/30/20** | $10143 | $11222 | $9792 |
| **7/31/20** | $10321 | $11390 | $9976 |
| **8/31/20** | $10371 | $11298 | $10126 |
| **9/30/20** | $10374 | $11292 | $10195 |
| **10/31/20** | $10386 | $11242 | $10213 |
| **11/30/20** | $10582 | $11352 | $10431 |
| **12/31/20** | $10687 | $11367 | $10566 |
| **1/31/21** | $10777 | $11286 | $10700 |
| **2/28/21** | $10813 | $11123 | $10772 |
| **3/31/21** | $10820 | $10984 | $10778 |
| **4/30/21** | $10876 | $11071 | $10833 |
| **5/31/21** | $10947 | $11107 | $10889 |
| **6/30/21** | $11006 | $11185 | $10934 |
| **7/31/21** | $11037 | $11310 | $10934 |
| **8/31/21** | $11086 | $11289 | $10987 |
| **9/30/21** | $11147 | $11191 | $11058 |
| **10/31/21** | $11199 | $11188 | $11084 |
| **11/30/21** | $11188 | $11221 | $11067 |
| **12/31/21** | $11290 | $11192 | $11137 |
| **1/31/22** | $11283 | $10951 | $11177 |
| **2/28/22** | $11223 | $10829 | $11121 |
| **3/31/22** | $11223 | $10528 | $11126 |
| **4/30/22** | $11168 | $10129 | $11145 |
| **5/31/22** | $10921 | $10194 | $10865 |
| **6/30/22** | $10631 | $10034 | $10641 |
| **7/31/22** | $10834 | $10279 | $10840 |
| **8/31/22** | $10980 | $9989 | $11006 |
| **9/30/22** | $10766 | $9557 | $10768 |
| **10/31/22** | $10893 | $9433 | $10859 |
| **11/30/22** | $11006 | $9780 | $10980 |
| **12/31/22** | $11076 | $9736 | $11019 |
| **1/31/23** | $11342 | $10036 | $11302 |
| **2/28/23** | $11400 | $9776 | $11373 |
| **3/31/23** | $11404 | $10024 | $11362 |
| **4/30/23** | $11471 | $10085 | $11470 |
| **5/31/23** | $11426 | $9975 | $11460 |
| **6/30/23** | $11711 | $9940 | $11716 |
| **7/31/23** | $11858 | $9933 | $11869 |
| **8/31/23** | $11980 | $9870 | $12006 |
| **9/30/23** | $12085 | $9619 | $12111 |
| **10/31/23** | $12087 | $9467 | $12115 |
| **11/30/23** | $12250 | $9896 | $12259 |
| **12/31/23** | $12453 | $10274 | $12456 |
| **1/31/24** | $12541 | $10246 | $12554 |
| **2/29/24** | $12639 | $10101 | $12666 |
| **3/31/24** | $12700 | $10195 | $12771 |
| **4/30/24** | $12739 | $9937 | $12858 |
| **5/31/24** | $12877 | $10106 | $12974 |
| **6/30/24** | $12900 | $10201 | $13010 |
| **7/31/24** | $12999 | $10440 | $13105 |
| **8/31/24** | $13078 | $10590 | $13183 |
| **9/30/24** | $13152 | $10731 | $13280 |
| **10/31/24** | $13263 | $10465 | $13392 |
| **11/30/24** | $13406 | $10576 | $13505 |
| **12/31/24** | $13487 | $10403 | $13584 |
| **1/31/25** | $13571 | $10458 | $13682 |
| **2/28/25** | $13572 | $10688 | $13703 |
| **3/31/25** | $13511 | $10692 | $13667 |
| **4/30/25** | $13456 | $10734 | $13658 |
| **5/31/25** | $13645 | $10657 | $13875 |
| **6/30/25** | $13757 | $10821 | $13986 |
| **7/31/25** | $13871 | $10793 | $14101 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **1 Year** | **5 Years** | **Since Inception 4/24/19** |
| **Virtus Seix Senior Loan ETF - NAV** | 6.7 | 6.09 | 5.35 |
| **Bloomberg U.S. Aggregate Bond Index** | 3.38 | -1.07 | 1.22 |
| **S&P UBS Leveraged Loan Index** | 7.6 | 7.17 | 5.63 |

---

• 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 S&P UBS Leveraged Loan Index is a market-weighted index that tracks the investable universe of the U.S. dollar denominated leveraged loans. 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 Seix Senior Loan ETF \| 2

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

---

| | |
|:---|:---|
| Fund net assets | $310531786 |
| Total number of portfolio holdings | 315 |
| Total advisory fees paid | $1548322 |
| Portfolio turnover rate | 256% |

---

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

---

| | |
|:---|:---|
| Term Loans | 97.7% |
| Corporate Bonds | 1.6% |
| Asset Backed Securities | 0.7% |
| Common Stocks<sup>Footnote Reference(2)</sup> | 0.0% |

---

---

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

---

## **Material Changes to the Fund** 
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 28, 2025, at https://www.virtus.com/investor-resources/etf-documents or upon special request at 1-888-383-0553.

On January 1, 2025, Virtus Investment Advisers, LLC ("VIA") replaced Virtus ETF Advisers LLC ("VEA") as the investment adviser to the Fund. As a result, also on January 1, 2025, VEA's rights and obligations under the investment advisory and subadvisory agreements for the Trust transferred to, and were assumed by, VIA. Both VIA and VEA are wholly owned indirect subsidiaries of Virtus Investment Partners, Inc. No changes were made to (i) the investment advisory fee rates payable by the Fund or (ii) the Fund's subadviser or the portfolio managers managing the Fund.

## 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](i37bb7cefc020ad6fd26d3ca2.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.

8339

Virtus Seix Senior Loan ETF \| 3

# Virtus Stone Harbor Emerging Markets High Yield Bond ETF
![Image](icc561196c3b2cf5518722fb0.jpg)

# VEMY / NYSE Arca, Inc.

#### Annual Shareholder Report \| July 31, 2025
This annual shareholder report contains important information about the Virtus Stone Harbor Emerging Markets High Yield Bond ETF ("Fund") for the period of August 1, 2024 to July 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 Stone Harbor Emerging Markets High Yield Bond ETF | $58 | 0.55% |

---

## **Commentary by Stone Harbor Investment Partners** 
For the fiscal year ended July 31, 2025, the Fund at NAV returned 12.60%. For the same period, the Bloomberg Emerging Markets USD Aggregate Bond Index, a broad-based securities market index, returned 8.42%, and the J.P. Morgan Hard Currency Credit 50-50 High Yield Index, which serves as the style-specific index, returned 11.62%.

## **What factors impacted Fund performance over the reporting period?** 
Allocations to both hard currency sovereign debt and hard currency corporate debt contributed positively to returns relative to the J.P. Morgan Hard Currency Credit 50-50 High Yield Index, which serves as the Fund's style-specific benchmark, for the 12-month period ended July 31, 2025. Hard currency is generally issued by developed countries, globally traded, and seen as politically and economically stable. Within hard currency sovereign debt, country selection, particularly in Latin America, enhanced performance. Within hard currency corporate debt, issue selection enhanced total returns, particularly in Brazil. Some of the positive performance attribution was offset by country selection decisions in hard currency Ghana corporate debt, as well as issue selection in Zambia.

#### FACTOR

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

# SUMMARY
Ecuador

# Positive

# Overweight exposure in Ecuador enhanced relative returns. Rising oil prices improved Ecuador's fiscal position and external accounts. Additionally, the country executed a debt-for-nature swap and bond buyback that reduced near-term repayment pressures and improved its debt profile. These factors, along with a stable ratings outlook and expectations for continued policy efficacy, contributed to stronger investor confidence and bond price recovery.

# Brazil
Positive

# Issue selection in Brazilian corporate bonds enhanced performance due to a combination of favorable market conditions and liability management. Brazilian issuers with hard currency revenues—such as exporters and financial institutions—were able to tap into robust investor demand. Many issuers focused on liability management, refinancing existing debt at attractive rates and extending maturities, which improved credit profiles and reduced refinancing risk.

# Zambia

# Negative

# Issue selection detracted from Fund performance as delays in restructuring negotiations and investor concerns over fiscal sustainability affected longer-dated maturities. These issues remained volatile due to their sensitivity to restructuring outcomes and global rate movements.

# Ghana

# Negative
Country selection in hard currency Ghana corporate debt detracted from performance as volatility in oil prices contributed to lower bond prices of Ghanaian oil issuers.

Virtus Stone Harbor Emerging Markets High Yield 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 compares 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. Performance assumes reinvestment of dividends and capital gain distributions.

### Growth of $10,000
![A line chart as described in the following paragraph](i2b9c2f457764a92e703214ad.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Virtus Stone Harbor Emerging Markets High Yield Bond ETF - NAV $13,941** | **Bloomberg Emerging Markets USD Aggregate Bond Index $12,248** | **J.P. Morgan Hard Currency Credit 50-50 High Yield Index $13,647** |
| **12/12/22** | $10000 | $10000 | $10000 |
| **12/31/22** | $9958 | $9947 | $10012 |
| **1/31/23** | $10481 | $10265 | $10392 |
| **2/28/23** | $10135 | $10036 | $10180 |
| **3/31/23** | $10071 | $10161 | $10167 |
| **4/30/23** | $10073 | $10201 | $10169 |
| **5/31/23** | $10066 | $10124 | $10143 |
| **6/30/23** | $10410 | $10275 | $10469 |
| **7/31/23** | $10722 | $10396 | $10745 |
| **8/31/23** | $10587 | $10271 | $10634 |
| **9/30/23** | $10532 | $10038 | $10522 |
| **10/31/23** | $10443 | $9889 | $10429 |
| **11/30/23** | $10951 | $10414 | $10934 |
| **12/31/23** | $11395 | $10851 | $11364 |
| **1/31/24** | $11439 | $10790 | $11391 |
| **2/29/24** | $11693 | $10831 | $11638 |
| **3/31/24** | $12016 | $11017 | $11888 |
| **4/30/24** | $11961 | $10836 | $11779 |
| **5/31/24** | $12112 | $11022 | $11957 |
| **6/30/24** | $12147 | $11092 | $12020 |
| **7/31/24** | $12381 | $11297 | $12226 |
| **8/31/24** | $12647 | $11534 | $12468 |
| **9/30/24** | $12897 | $11737 | $12709 |
| **10/31/24** | $12851 | $11576 | $12663 |
| **11/30/24** | $13037 | $11704 | $12823 |
| **12/31/24** | $12974 | $11565 | $12774 |
| **1/31/25** | $13217 | $11688 | $12984 |
| **2/28/25** | $13378 | $11878 | $13132 |
| **3/31/25** | $13212 | $11835 | $13031 |
| **4/30/25** | $13073 | $11830 | $12925 |
| **5/31/25** | $13349 | $11909 | $13155 |
| **6/30/25** | $13687 | $12136 | $13445 |
| **7/31/25** | $13941 | $12248 | $13647 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **1 Year** | **Since Inception 12/12/22** |
| **Virtus Stone Harbor Emerging Markets High Yield Bond ETF - NAV** | 12.6 | 13.44 |
| **Bloomberg Emerging Markets USD Aggregate Bond Index** | 8.42 | 8.0 |
| **J.P. Morgan Hard Currency Credit 50-50 High Yield Index** | 11.62 | 12.52 |

---

• The Bloomberg Emerging Markets USD Aggregate Bond Index is a hard currency Emerging Markets debt benchmark that measures fixed and floating-rate U.S. dollar denominated debt issued from sovereign, quasi-sovereign, and corporate EM issuers. 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 J.P. Morgan Hard Currency Credit 50-50 (EMBIG Diversified and CEMBI Broad Diversified) High Yield Index tracks liquid, US-dollar emerging market fixed and floating-rate debt instruments issued by corporate, sovereign, and quasi-sovereign entities. The index tracks instruments that are classified as high yield (HY) in the established J.P. Morgan EMBI Global Diversified and J.P. Morgan CEMBI Broad Diversified indices and combines them with an equal weight (50-50). 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.

**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 Stone Harbor Emerging Markets High Yield Bond ETF \| 2

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

---

| | |
|:---|:---|
| Fund net assets | $15050987 |
| Total number of portfolio holdings | 162 |
| Total advisory fees paid | $66187 |
| Portfolio turnover rate | 107% |

---

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

---

| | |
|:---|:---|
| Foreign Bonds | 100.0% |

---

---

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

---

## **Material Changes to the Fund** 
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 28, 2025, at https://www.virtus.com/investor-resources/etf-documents or upon special request at 1-888-383-0553.

On January 1, 2025, Virtus Investment Advisers, LLC ("VIA") replaced Virtus ETF Advisers LLC ("VEA") as the investment adviser to the Fund. As a result, also on January 1, 2025, VEA's rights and obligations under the investment advisory and subadvisory agreements for the Trust transferred to, and were assumed by, VIA. Both VIA and VEA are wholly owned indirect subsidiaries of Virtus Investment Partners, Inc. No changes were made to (i) the investment advisory fee rates payable by the Fund or (ii) the Fund's subadviser or the portfolio managers managing the Fund.

## 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](i37bb7cefc020ad6fd26d3ca2.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.

8381

Virtus Stone Harbor Emerging Markets High Yield Bond ETF \| 3

# Virtus Terranova U.S. Quality Momentum ETF
![Image](icc561196c3b2cf5518722fb0.jpg)

# JOET / NYSE Arca, Inc.

#### Annual Shareholder Report \| July 31, 2025
This annual shareholder report contains important information about the Virtus Terranova U.S. Quality Momentum ETF ("Fund") for the period of August 1, 2024 to July 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 Terranova U.S. Quality Momentum ETF | $32 | 0.29% |

---

## **Commentary by Virtus ETF Advisers LLC** 
For the fiscal year ended July 31, 2025, the Fund at NAV returned 19.20%. For the same period, the S&P 500<sup>®</sup> Index, a broad-based securities market index, returned 16.33%, and the Terranova U.S. Quality Momentum Index, which serves as the style-specific index, returned 19.70%.

## **What factors impacted Fund performance over the reporting period?** 
Sector and style exposure contributed positively to returns relative to the S&P 500<sup>®</sup> Index ("Index"), the Fund's broad-based securities market index, for the 12-month period ended July 31, 2025. Exposures in the financials and information technology sectors contributed the most to relative performance. However, the Fund's equally weighted approach, which is designed to reduce concentration risk, limited its ability to benefit fully from gains in the information technology and communication services sectors during the period. Sector allocations and specific stock index weightings contributed positively to overall Fund performance, and tracking error to the Index was minimal. The Fund benefited from its overweights to momentum and value factors during the period. Underweight positions in large-cap technology stocks including NVIDIA and Broadcom, which were an outgrowth of the Fund's equal weighting, detracted from relative performance. In addition, communications stocks including Netflix experienced gains due to strong earnings growth, but detracted from Fund performance due to its underweight relative to the Index.

#### FACTOR

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

# SUMMARY
Financials/

Information Technology

# Positive

# Issuer selection, particularly in Interactive Brokers and Coinbase Global, enhanced relative returns. In addition, names like AppLovin Corp. and Palantir Technologies contributed to performance.

# Momentum/Value
Positive

# Overweight exposure to these factors enhanced relative returns.

# Communications

# Negative

# Underweight exposure to communications relative to the Index detracted from relative performance.

# Company Size

# Negative
The Fund's quarterly momentum-driven adjustments led it to hold companies with smaller market capitalizations. This positioning excluded larger-cap technology names, which detracted somewhat from performance during the reporting period.

Virtus Terranova U.S. Quality Momentum 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 compares 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. Performance assumes reinvestment of dividends and capital gains distributions.

### Growth of $10,000
![A line chart as described in the following paragraph](i1497bb5459b8cb3007c1b6fb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Virtus Terranova U.S. Quality Momentum ETF - NAV $17,120** | **S&P 500<sup>®</sup> Index $18,840** | **Terranova U.S. Quality Momentum Index $17,442** |
| **11/17/20** | $10000 | $10000 | $10000 |
| **11/30/20** | $10128 | $10040 | $10129 |
| **12/31/20** | $10500 | $10426 | $10504 |
| **1/31/21** | $10238 | $10321 | $10245 |
| **2/28/21** | $10294 | $10606 | $10303 |
| **3/31/21** | $10681 | $11070 | $10697 |
| **4/30/21** | $11217 | $11661 | $11242 |
| **5/31/21** | $11294 | $11742 | $11322 |
| **6/30/21** | $11674 | $12017 | $11710 |
| **7/31/21** | $12158 | $12302 | $12201 |
| **8/31/21** | $12590 | $12676 | $12642 |
| **9/30/21** | $11859 | $12087 | $11907 |
| **10/31/21** | $12869 | $12933 | $12932 |
| **11/30/21** | $12774 | $12844 | $12840 |
| **12/31/21** | $13307 | $13419 | $13379 |
| **1/31/22** | $11998 | $12725 | $12066 |
| **2/28/22** | $11730 | $12344 | $11798 |
| **3/31/22** | $12108 | $12802 | $12183 |
| **4/30/22** | $11017 | $11686 | $11081 |
| **5/31/22** | $11038 | $11707 | $11106 |
| **6/30/22** | $10177 | $10741 | $10236 |
| **7/31/22** | $11031 | $11731 | $11107 |
| **8/31/22** | $10709 | $11253 | $10782 |
| **9/30/22** | $9913 | $10216 | $9973 |
| **10/31/22** | $10871 | $11044 | $10953 |
| **11/30/22** | $11521 | $11661 | $11620 |
| **12/31/22** | $10925 | $10989 | $11012 |
| **1/31/23** | $11462 | $11679 | $11558 |
| **2/28/23** | $11180 | $11394 | $11274 |
| **3/31/23** | $11240 | $11813 | $11339 |
| **4/30/23** | $11254 | $11997 | $11355 |
| **5/31/23** | $11049 | $12049 | $11149 |
| **6/30/23** | $11746 | $12845 | $11866 |
| **7/31/23** | $12104 | $13258 | $12237 |
| **8/31/23** | $11889 | $13047 | $12018 |
| **9/30/23** | $11384 | $12425 | $11500 |
| **10/31/23** | $10893 | $12164 | $10996 |
| **11/30/23** | $11932 | $13275 | $12064 |
| **12/31/23** | $12686 | $13878 | $12838 |
| **1/31/24** | $12864 | $14111 | $13023 |
| **2/29/24** | $13811 | $14864 | $13992 |
| **3/31/24** | $14233 | $15343 | $14427 |
| **4/30/24** | $13495 | $14716 | $13677 |
| **5/31/24** | $13854 | $15446 | $14044 |
| **6/30/24** | $14210 | $16000 | $14412 |
| **7/31/24** | $14363 | $16195 | $14571 |
| **8/31/24** | $14901 | $16587 | $15126 |
| **9/30/24** | $15220 | $16942 | $15456 |
| **10/31/24** | $15228 | $16788 | $15469 |
| **11/30/24** | $16794 | $17774 | $17083 |
| **12/31/24** | $15730 | $17350 | $15995 |
| **1/31/25** | $16614 | $17833 | $16899 |
| **2/28/25** | $16141 | $17600 | $16414 |
| **3/31/25** | $15260 | $16609 | $15516 |
| **4/30/25** | $15403 | $16496 | $15666 |
| **5/31/25** | $16442 | $17534 | $16737 |
| **6/30/25** | $17042 | $18426 | $17357 |
| **7/31/25** | $17120 | $18840 | $17442 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **1 Year** | **Since Inception 11/17/20** |
| **Virtus Terranova U.S. Quality Momentum ETF - NAV** | 19.2 | 12.11 |
| **S&P 500<sup>®</sup> Index** | 16.33 | 14.41 |
| **Terranova U.S. Quality Momentum Index** | 19.7 | 12.55 |

---

• The S&P 500<sup><sup>®</sup></sup> Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. 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 Terranova U.S. Quality Momentum Index is an equally weighted index designed to provide diversified exposure to quality momentum large-cap equities listed in the United States. 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.

**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 Terranova U.S. Quality Momentum ETF \| 2

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

---

| | |
|:---|:---|
| Fund net assets | $207438554 |
| Total number of portfolio holdings | 125 |
| Total advisory fees paid | $449873 |
| Portfolio turnover rate | 117% |

---

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

---

| | |
|:---|:---|
| Financials | 35.2% |
| Information Technology | 18.4% |
| Industrials | 16.7% |
| Consumer Discretionary | 7.9% |
| Health Care | 6.4% |
| Communication Services | 5.6% |
| Utilities | 2.5% |
| Real Estate | 2.5% |
| Consumer Staples | 2.4% |
| Energy | 1.6% |
| Materials | 0.8% |

---

---

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

---

## **Material Changes to the Fund** 
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 28, 2025, at https://www.virtus.com/investor-resources/etf-documents or upon special request at 1-888-383-0553.

On January 1, 2025, Virtus Investment Advisers, LLC ("VIA") replaced Virtus ETF Advisers LLC ("VEA") as the investment adviser to the Fund. As a result, also on January 1, 2025, VEA's rights and obligations under the investment advisory and subadvisory agreements for the Trust transferred to, and were assumed by, VIA. Both VIA and VEA are wholly owned indirect subsidiaries of Virtus Investment Partners, Inc. No changes were made to (i) the investment advisory fee rates payable by the Fund or (ii) the Fund's subadviser or the portfolio managers managing the Fund.

## 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](i37bb7cefc020ad6fd26d3ca2.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.

8389

Virtus Terranova U.S. Quality Momentum 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.**

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 services that are normally provided by the
 accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $197,147 for 2025 and $133,664
 for 2024.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal
 accountant 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 are $0 for 2025 and $0 for 2024.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal
 accountant for tax compliance, tax advice, and tax planning are $64,964 for 2025 and $43,319 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.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal
 accountant, other than the services reported in paragraphs (a) through (c) of this Item are $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;&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 was $287,502
 for 2025 and $298,194 for 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee of the board of trustees has considered whether the provision of non-audit
 services that were 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 investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph
 (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

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

**Item 6. Investments.**

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

(b) Not applicable.

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

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

![](virtusii-fs_073125img001.gif)

**ANNUAL FINANCIALS** **(FORM N-CSR Items 7-11)**

**Virtus ETF Trust II** **July 31, 2025**

**VIRTUS ALPHASIMPLEX MANAGED FUTURES ETF**

**VIRTUS DUFF & PHELPS CLEAN ENERGY ETF**

**VIRTUS KAR MID-CAP ETF**

**VIRTUS NEWFLEET ABS/MBS ETF**

**VIRTUS NEWFLEET SHORT DURATION CORE PLUS BOND ETF**

**VIRTUS NEWFLEET SHORT DURATION HIGH YIELD BOND ETF**

**VIRTUS SEIX AAA PRIVATE CREDIT CLO ETF**

**VIRTUS SEIX SENIOR LOAN ETF**

**VIRTUS STONE HARBOR EMERGING MARKETS HIGH YIELD BOND ETF**

**VIRTUS TERRANOVA U.S. QUALITY MOMENTUM ETF**

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page (s)** |
| [Consolidated Schedule of Investments](#virtusii-fs_073125a771) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus AlphaSimplex Managed Futures ETF](#virtusii-fs_073125a771) | 1 |
| [Schedules of Investments](#virtusii-fs_073125a772) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Duff & Phelps Clean Energy ETF](#virtusii-fs_073125a772) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus KAR Mid-Cap ETF](#virtusii-fs_073125a773) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Newfleet ABS/MBS ETF](#virtusii-fs_073125a774) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Newfleet Short Duration Core Plus Bond ETF](#virtusii-fs_073125a775) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Newfleet Short Duration High Yield Bond ETF](#virtusii-fs_073125a776) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Seix AAA Private Credit CLO ETF](#virtusii-fs_073125a777) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Seix Senior Loan ETF](#virtusii-fs_073125a778) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Stone Harbor Emerging Markets High Yield Bond ETF](#virtusii-fs_073125a779) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Terranova U.S. Quality Momentum ETF](#virtusii-fs_073125a780) | 29 |
| [Consolidated Statement of Assets and Liabilities](#virtusii-fs_073125a781) | 31 |
| [Statements of Assets and Liabilities](#virtusii-fs_073125a783) | 32 |
| [Consolidated Statement of Operations](#virtusii-fs_073125a782) | 35 |
| [Statements of Operations](#virtusii-fs_073125a784) | 36 |
| [Consolidated Statement of Changes in Net Assets](#virtusii-fs_073125a785) | 39 |
| [Statements of Changes in Net Assets](#virtusii-fs_073125a786) | 40 |
| [Consolidated Financial Highlights](#virtusii-fs_073125a787) | 45 |
| [Financial Highlights](#virtusii-fs_073125a788) | 46 |
| [Notes to Financial Statements](#virtusii-fs_073125a789) | 55 |
| [Report of Independent Registered Public Accounting Firm](#virtusii-fs_073125a790) | 68 |
| [Other Information](#virtusii-fs_073125a791) | 69 |
| [Supplemental Information](#virtusii-fs_073125a795) | 73 |

---

Consolidated Schedule of Investments — Virtus AlphaSimplex Managed Futures ETF

July 31, 2025

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

---

| |
|:---|
| **Portfolio Composition** |
| Asset Allocation as of 07/31/2025 (based on net assets) |

---

---

| | |
|:---|:---|
| Other Assets in Excess of Liabilities | 100.0% |
| **Total** | **100.0%** |

---

At July 31, 2025, open exchange-traded futures contracts purchased were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration Date** | **Number of Contracts** | **Notional Amount** | **Unrealized Appreciation/(Depreciation)** |
| <u>Long Contracts</u> |  |  |  |  |
| Australian Dollar Future | 9/15/2025 | 12 | $772380<br>| $(13646) |
| Brent Crude Future | 9/30/2025 | 4 | 283200 | (1054) |
| British Pound Future | 9/15/2025 | 45 | 3719250 | (86838) |
| Canadian Dollar Future | 9/16/2025 | 34 | 2461090 | (27361) |
| Copper Future | 9/26/2025 | 5 | 544313 | (102619) |
| Euro FX Currency Futures | 9/15/2025 | 27 | 3867919 | (38248) |
| EURO STOXX 50® Index Future | 9/19/2025 | 17 | 1035982 | (2009) |
| Gold Future | 12/29/2025 | 6 | 2009160 | (51909) |
| MSCI Emerging Markets Index Future | 9/19/2025 | 31 | 1919365 | 28300 |
| S&P 500® E-Mini Future | 9/19/2025 | 5 | 1593563 | 38293 |
| SPI 200 Future | 9/18/2025 | 16 | 2237189 | 32937 |
| TOPIX Index Future | 9/11/2025 | 7 | 1368899 | 61868 |
| U.S. Treasury 10 Year Notes | 9/19/2025 | 8 | 888500 | (4033) |
| WTI Crude Future | 9/22/2025 | 6 | 409200 | (1615) |
|  |  |  |  | $(167934) |
| <u>Short Contracts</u> |  |  |  |  |
| Corn Future | 12/12/2025 | (45) | $930938<br>| $30560<br>|
| Euro-Bund Future | 9/08/2025 | (7) | 1036096 | 429 |
| Japanese Yen Future | 9/15/2025 | (3) | 249975 | 5057 |
| Long Gilt Future | 9/26/2025 | (14) | 1703962 | (6277) |
| U.S. Treasury 2 Year Notes | 9/30/2025 | (4) | 827938 | 621 |
| U.S. Treasury Ultra Bond | 9/19/2025 | (15) | 1759688 | (10178) |
|  |  |  |  | $20212<br>|

---

**Abbreviations:**

MSCI — Morgan Stanley Capital International

S&P — Standard & Poor's

SPI — Share Price Index

STOXX — Stock Index of the Eurozone

TOPIX — Tokyo Stock Price Index

WTI — West Texas Intermediate

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | $198065<br>| $—<br>| $—<br>| $198065<br>|
| **Total** | **$** **198065**<br>| **$** **—**<br>| **$** **—**<br>| **$** **198065**<br>|
| **Liability Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | $345787<br>| $—<br>| $—<br>| $345787<br>|
| **Total** | **$** **345787**<br>| **$** **—**<br>| **$** **—**<br>| **$** **345787**<br>|

---

Schedule of Investments — Virtus Duff & Phelps Clean Energy ETF

July 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS - 96.3**% |  |  |
| **Energy - 3.5**% |  |  |
| Cameco Corp. (Canada) | 1520 | $113894<br>|
| Technip Energies NV (France) | 3136 | 135565 |
| Total Energy |  | 249459 |
| **Industrials - 30.3**% |  |  |
| ABB Ltd. (Switzerland) | 1867 | 123019 |
| Array Technologies, Inc.\* | 4621 | 30036 |
| Balfour Beatty PLC (United Kingdom) | 17199 | 123337 |
| Bloom Energy Corp. Class A\* | 7691 | 287566 |
| GE Vernova, Inc. | 180 | 118852 |
| Hubbell, Inc. | 205 | 89683 |
| Maire SpA (Italy) | 10538 | 146116 |
| NEXTracker, Inc. Class A\* | 5171 | 301262 |
| Plug Power, Inc.\* | 27803 | 41705 |
| Prysmian SpA (Italy) | 1979 | 158949 |
| Strabag SE (Austria) | 1275 | 119895 |
| Sungrow Power Supply Co., Ltd. Class A (China) | 10120 | 101300 |
| Sunrun, Inc.\* | 6748 | 69234 |
| Vestas Wind Systems A/S (Denmark) | 19892 | 364949 |
| Xylem, Inc. | 618 | 89375 |
| Total Industrials |  | 2165278 |
| **Information Technology - 16.7**% |  |  |
| Enphase Energy, Inc.\* | 4505 | 145782 |
| First Solar, Inc.\* | 3416 | 596878 |
| Infineon Technologies AG (Germany) | 2505 | 99011 |
| SolarEdge Technologies, Inc.\* | 2570 | 65946 |
| TE Connectivity PLC (Switzerland) | 909 | 187027 |
| Xinyi Solar Holdings Ltd. (China) | 258000 | 100242 |
| Total Information Technology |  | 1194886 |
| **Materials - 1.6**% |  |  |
| MP Materials Corp.\* | 1816 | 111684 |
| **Utilities - 44.2**% |  |  |
| Centrais Eletricas Brasileiras SA (Brazil) | 22300 | 150577 |
| China Yangtze Power Co., Ltd. Class A (China) | 20700 | 80119 |
| Chubu Electric Power Co., Inc. (Japan) | 14500 | 177452 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Brazil) | 7100 | 137333 |
| Clearway Energy, Inc. Class C | 6891 | 224853 |
| Constellation Energy Corp. | 478 | 166267 |
| EDP Renovaveis SA (Spain) | 6181 | 72654 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Utilities (continued)** |  |  |
| EDP SA (Portugal) | 61250 | $264636<br>|
| Fortum OYJ (Finland) | 11740 | 215569 |
| Guangdong Investment Ltd. (China) | 128000 | 113977 |
| Iberdrola SA (Spain) | 21766 | 381409 |
| NextEra Energy, Inc. | 2290 | 162727 |
| Ormat Technologies, Inc. | 1135 | 101480 |
| Orsted AS (Denmark)\*<sup>(1)</sup> | 2202 | 103792 |
| Pennon Group PLC (United Kingdom) | 22120 | 145597 |
| Solaria Energia y Medio Ambiente SA (Spain)\* | 6797 | 87418 |
| Southern Co. (The) | 1388 | 131138 |
| SSE PLC (United Kingdom) | 18061 | 440911 |
| Total Utilities |  | 3157909 |
| **Total Common Stocks** |  |  |
| (Cost $5,979,912) |  | **6879216** |
| **PREFERRED STOCK - 1.2**% |  |  |
| **Utilities - 1.2**% |  |  |
| Cia Energetica de Minas Gerais, 13.77% (Brazil) |  |  |
| (Cost $91,386) | 45657 | **84228** |
| **TOTAL INVESTMENTS - 97.5%** |  |  |
| (Cost $6,071,298) |  | **6963444** |
| Other Assets in Excess of Liabilities - 2.5% |  | 174890 |
| **Net Assets - 100.0%** |  | **$** **7138334**<br>|

---

------

\*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 July 31, 2025, the aggregate value of these securities was $103,792, or 1.5% of net assets.

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 07/31/2025 (based on net assets) | Asset Allocation as of 07/31/2025 (based on net assets) |
| Utilities | 45.4% |
| Industrials | 30.3% |
| Information Technology | 16.7% |
| Energy | 3.5% |
| Materials | 1.6% |
| Other Assets in Excess of Liabilities | 2.5% |
| **Total** | **100.0%** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $6879216<br>| $—<br>| $—<br>| $6879216<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock | 84228 |  |  | 84228 |
| **Total** | **$** **6963444**<br>| **$** **—**<br>| **$** **—**<br>| **$** **6963444**<br>|

---

Schedule of Investments — Virtus KAR Mid-Cap ETF

July 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS - 93.5%** |  |  |
| **Consumer Discretionary - 11.4%** |  |  |
| Domino's Pizza, Inc. | 3188 | $1476713<br>|
| Pool Corp. | 3360 | 1035350 |
| Ross Stores, Inc. | 6103 | 833304 |
| Total Consumer Discretionary |  | 3345367 |
| **Financials - 11.6%** |  |  |
| Brown & Brown, Inc. | 7253 | 662706 |
| FactSet Research Systems, Inc. | 1632 | 657533 |
| LPL Financial Holdings, Inc. | 2694 | 1066097 |
| MSCI, Inc. | 1818 | 1020552 |
| Total Financials |  | 3406888 |
| **Health Care - 9.1%** |  |  |
| Align Technology, Inc.\* | 6098 | 786703 |
| Cooper Cos., Inc. (The)\* | 12288 | 868639 |
| West Pharmaceutical Services, Inc. | 4311 | 1031450 |
| Total Health Care |  | 2686792 |
| **Industrials - 46.2%** |  |  |
| AMETEK, Inc. | 9984 | 1845543 |
| Broadridge Financial Solutions, Inc. | 3936 | 974199 |
| EMCOR Group, Inc. | 1376 | 863426 |
| Equifax, Inc. | 4656 | 1118511 |
| HEICO Corp. Class A | 5808 | 1498987 |
| Lennox International, Inc. | 1968 | 1198512 |
| Nordson Corp. | 2811 | 602144 |
| Old Dominion Freight Line, Inc. | 7312 | 1091316 |
| Pentair PLC | 10656 | 1089043 |
| Rollins, Inc. | 20928 | 1198547 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Industrials (continued)** |  |  |
| Verisk Analytics, Inc. | 3888 | $1083625<br>|
| Westinghouse Air Brake Technologies Corp. | 5568 | 1069334 |
| Total Industrials |  | 13633187 |
| **Information Technology - 15.2%** |  |  |
| Bentley Systems, Inc. Class B | 15588 | 903792 |
| Fair Isaac Corp.\* | 581 | 834735 |
| Monolithic Power Systems, Inc. | 1822 | 1295879 |
| Teledyne Technologies, Inc.\* | 2640 | 1454693 |
| Total Information Technology |  | 4489099 |
| **TOTAL INVESTMENTS - 93.5%** |  |  |
| (Cost $28,207,425) |  | **27561333** |
| Other Assets in Excess of Liabilities - 6.5% |  | 1922300 |
| **Net Assets - 100.0%** |  | **$** **29483633**<br>|

---

------

\*Non-income producing security.

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 07/31/2025 (based on net assets) | Asset Allocation as of 07/31/2025 (based on net assets) |
| Industrials | 46.2% |
| Information Technology | 15.2% |
| Financials | 11.6% |
| Consumer Discretionary | 11.4% |
| Health Care | 9.1% |
| Other Assets in Excess of Liabilities | 6.5% |
| **Total** | **100.0%** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $27561333<br>| $—<br>| $—<br>| $27561333<br>|
| **Total** | $27561333<br>| $—<br>| $—<br>| $27561333<br>|

---

Schedule of Investments — Virtus Newfleet ABS/MBS ETF

July 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES – 59.0%** |  |  |
| Acm Auto Trust, Class A, Series 2024-2A, 6.06%, 02/20/29<sup>(1)</sup> | $36654<br>| $36734<br>|
| Affirm Asset Securitization Trust, Class A, Series 2023-B, 6.82%, 09/15/28<sup>(1)</sup> | 210000 | 210408 |
| Affirm Asset Securitization Trust, Class A, Series 2024-B, 4.62%, 09/15/29<sup>(1)</sup> | 55000 | 54983 |
| American Credit Acceptance Receivables Trust, Class C, Series 2025-1, 5.09%, 08/12/31<sup>(1)</sup> | 785000 | 789111 |
| American Credit Acceptance Receivables Trust, Class E, Series 2022-1, 3.64%, 03/13/28<sup>(1)</sup> | 160000 | 159884 |
| Amur Equipment Finance Receivables XV LLC, Class D, Series 2025-1A, 5.68%, 08/20/32<sup>(1)</sup> | 1005000 | 1014642 |
| Applebee's Funding LLC / Ihop Funding LLC, Class A2, Series 2023-1A, 7.82%, 03/05/53<sup>(1)</sup> | 1185000 | 1199346 |
| Aqua Finance Trust, Class B, Series 2024-A, 5.06%, 04/18/50<sup>(1)</sup> | 145000 | 144984 |
| Aqua Finance Trust, Class C, Series 2019-A, 4.01%, 07/16/40<sup>(1)</sup> | 56245 | 54751 |
| Auxilior Term Funding, Class B, Series 2024-1A, 5.69%, 07/15/31<sup>(1)</sup> | 88000 | 89743 |
| Auxilior Term Funding, Class D, Series 2023-1A, 7.27%, 12/16/30<sup>(1)</sup> | 710000 | 732098 |
| Avis Budget Rental Car Funding Aesop LLC, Class C, Series 2022-5A, 6.24%, 04/20/27<sup>(1)</sup> | 190000 | 190452 |
| Avis Budget Rental Car Funding Aesop LLC, Class D, Series 2020-1A, 3.34%, 08/20/26<sup>(1)</sup> | 56667 | 56571 |
| Avis Budget Rental Car Funding Aesop LLC, Class D, Series 2024-2A, 7.43%, 10/20/28<sup>(1)</sup> | 1000000 | 1011143 |
| Business Jet Securities LLC, Class A, Series 2024-1A, 6.20%, 05/15/39<sup>(1)</sup> | 295699 | 301649 |
| Carvana Auto Receivables Trust, Class B, Series 2024-N1, 5.63%, 05/10/30<sup>(1)</sup> | 146000 | 147412 |
| Castlelake Aircraft Structured Trust, Class A, Series 2025-1A, 5.78%, 02/15/50<sup>(1)</sup> | 967282 | 976713 |
| CPS Auto Receivables Trust, Class C, Series 2024-C, 5.76%, 10/15/30<sup>(1)</sup> | 145000 | 146542 |
| CPS Auto Receivables Trust, Class C, Series 2025-A, 5.25%, 04/15/31<sup>(1)</sup> | 1250000 | 1260757 |
| CPS Auto Receivables Trust, Class D, Series 2023-D, 7.80%, 01/15/30<sup>(1)</sup> | 535000 | 557803 |
| Elara HGV Timeshare Issuer LLC, Class A, Series 2023-A, 6.16%, 02/25/38<sup>(1)</sup> | 718462 | 737800 |
| FAT Brands Royalty LLC, Class A2, Series 2021-1A, 5.75%, 04/25/51<sup>(1)</sup> | 67200 | 59800 |
| FHF Trust, Class A2, Series 2023-1A, 6.57%, 06/15/28<sup>(1)</sup> | 6766 | 6819 |
| Finbe USA Trust, Class B, Series 2025-1A, 6.60%, 12/16/30<sup>(1)</sup> | 800000 | 803892 |
| Five Guys Holdings, Inc., Class A2, Series 2023-1A, 7.55%, 01/26/54<sup>(1)</sup> | 704675 | 725636 |
| Flagship Credit Auto Trust, Class C, Series 2023-2, 5.81%, 05/15/29<sup>(1)</sup> | 910000 | 916219 |
| GLS Auto Receivables Issuer Trust, Class D, Series 2025-1A, 5.61%, 11/15/30<sup>(1)</sup> | 1000000 | 1013421 |
| GLS Auto Receivables Issuer Trust, Class E, Series 2021-3A, 3.20%, 10/16/28<sup>(1)</sup> | 550000 | 539866 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| GLS Auto Select Receivables Trust, Class C, Series 2024-3A, 5.92%, 08/15/30<sup>(1)</sup> | $305000<br>| $312643<br>|
| Goldentree Loan Management US CLO 9 Ltd., Class AR, Series 2024-9A (Cayman Islands), 5.83%, (3-Month SOFR + 1.50%), 04/20/37<sup>(1)</sup><sup>(2)</sup> | 1000000 | 1005284 |
| Greensky Home Improvement Issuer Trust, Class A2, Series 2024-2, 5.25%, 10/27/59<sup>(1)</sup> | 421803 | 422460 |
| Hardee's Funding LLC, Class A2, Series 2024-1A, 7.25%, 03/20/54<sup>(1)</sup> | 311063 | 320993 |
| Hilton Grand Vacations Trust, Class D, Series 2024-1B, 8.85%, 09/15/39<sup>(1)</sup> | 699099 | 710076 |
| HIN Timeshare Trust, Class C, Series 2020-A, 3.42%, 10/09/39<sup>(1)</sup> | 126816 | 123362 |
| Jersey Mike's Funding LLC, Class A2, Series 2019-1A, 4.43%, 02/15/50<sup>(1)</sup> | 1293625 | 1281341 |
| Jersey Mike's Funding LLC, Class A2, Series 2024-1A, 5.64%, 02/15/55<sup>(1)</sup> | 219450 | 222057 |
| LAD Auto Receivables Trust, Class D, Series 2025-1A, 5.52%, 05/17/32<sup>(1)</sup> | 995000 | 1011175 |
| Lendbuzz Securitization Trust, Class A2, Series 2023-2A, 7.09%, 10/16/28<sup>(1)</sup> | 48838 | 49601 |
| Libra Solutions LLC, Class A, Series 2024-1A, 5.88%, 09/30/38<sup>(1)</sup> | 165000 | 163405 |
| Lobel Automobile Receivables Trust, Class B, Series 2023-1, 7.05%, 09/15/28<sup>(1)</sup> | 12816 | 12823 |
| Marlette Funding Trust, Class B, Series 2023-2A, 6.54%, 06/15/33<sup>(1)</sup> | 24618 | 24649 |
| Merchants Fleet Funding LLC, Class A, Series 2023-1A, 7.21%, 05/20/36<sup>(1)</sup> | 99132 | 99801 |
| Mercury Financial Credit Card Master Trust, Class A, Series 2024-2A, 6.56%, 07/20/29<sup>(1)</sup> | 280000 | 281893 |
| Metronet Infrastructure Issuer LLC, Class A2, Series 2025-2A, 5.40%, 08/20/55<sup>(1)</sup> | 525000 | 524956 |
| Momnt Technologies Trust, Class A, Series 2023-1A, 6.92%, 03/20/45<sup>(1)</sup> | 39142 | 39145 |
| Mvw LLC, Class A, Series 2020-1A, 1.74%, 10/20/37<sup>(1)</sup> | 247501 | 240435 |
| NBC Funding LLC, Class A2, Series 2021-1, 2.99%, 07/30/51<sup>(1)</sup> | 294750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285998  |
| NBC Funding LLC, Class A2, Series 2025-1A, 6.21%, 07/30/55<sup>(1)</sup> | 525000 | 528036 |
| Nmef Funding LLC, Class B, Series 2025-A, 5.18%, 07/15/32<sup>(1)</sup> | 190000 | 190714 |
| Oportun Issuance Trust, Class B, Series 2024-2, 5.83%, 02/09/32<sup>(1)</sup> | 78000 | 78203 |
| Peac Solutions Receivables LLC, Class C, Series 2025-1A, 5.49%, 07/20/32<sup>(1)</sup> | 1000000 | 1007441 |
| Powerpay Issuance Trust, Class A, Series 2024-1A, 6.53%, 02/18/39<sup>(1)</sup> | 95162 | 97253 |
| Purchasing Power Funding, Class B, Series 2024-A, 6.43%, 08/15/28<sup>(1)</sup> | 190000 | 191302 |
| Reach ABS Trust, Class A, Series 2025-1A, 4.96%, 08/16/32<sup>(1)</sup> | 248421 | 248492 |
| Reach ABS Trust, Class B, Series 2024-1A, 6.29%, 02/18/31<sup>(1)</sup> | 190000 | 191705 |
| Reach ABS Trust, Class B, Series 2024-2A, 5.84%, 07/15/31<sup>(1)</sup> | 100000 | 101336 |

---

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

Schedule of Investments — Virtus Newfleet ABS/MBS ETF (continued)

July 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| Subway Funding LLC, Class A2II, Series 2024-1A, 6.27%, 07/30/54<sup>(1)</sup> | $992500<br>| $1012593<br>|
| Switch ABS Issuer LLC, Class A2, Series 2024-2A, 5.44%, 06/25/54<sup>(1)</sup> | 1000000 | 1000903 |
| Taco Bell Funding LLC, Class A23, Series 2016-1A, 4.97%, 05/25/46<sup>(1)</sup> | 937500 | 936675 |
| Tricolor Auto Securitization Trust, Class C, Series 2024-2A, 6.93%, 04/17/28<sup>(1)</sup> | 325000 | 328217 |
| Tricolor Auto Securitization Trust, Class C, Series 2024-3A, 5.73%, 12/15/28<sup>(1)</sup> | 1000000 | 1001513 |
| TSC SPV Funding LLC, Class A2, Series 2024-1A, 6.29%, 08/20/54<sup>(1)</sup> | 99500 | 98008 |
| United Auto Credit Securitization Trust, Class C, Series 2024-1, 7.06%, 10/10/29<sup>(1)</sup> | 265000 | 266164 |
| United Auto Credit Securitization Trust, Class D, Series 2022-2, 6.84%, 01/10/28<sup>(1)</sup> | 353442 | 354186 |
| Upgrade Master Pass-Thru Trust, Class A, Series 2025-ST4, 5.50%, 08/16/32<sup>(1)</sup> | 320000 | 319492 |
| Veros Auto Receivables Trust, Class C, Series 2024-1, 7.57%, 12/15/28<sup>(1)</sup> | 195000 | 200466 |
| Veros Auto Receivables Trust, Class C, Series 2025-1, 6.17%, 12/17/29<sup>(1)</sup> | 1495000 | 1516473 |
| Westlake Automobile Receivables Trust, Class B, Series 2024-2A, 5.62%, 03/15/30<sup>(1)</sup> | 110000 | 110887 |
| ZAXBY'S Funding LLC, Class A2, Series 2021-1A, 3.24%, 07/30/51<sup>(1)</sup> | 148800 | 138732 |
| **Total Asset Backed Securities** |  |  |
| (Cost $30,853,985) |  | **30990067**  |
| **MORTGAGE BACKED SECURITIES - 39.2%** | **MORTGAGE BACKED SECURITIES - 39.2%** |  |
| **Commercial Mortgage Backed Securities - 14.0%** | **Commercial Mortgage Backed Securities - 14.0%** |  |
| Ala Trust, Class A, Series 2025-OANA, 6.08%, (1-Month SOFR + 1.74%), 06/15/40<sup>(1)</sup><sup>(2)</sup> | 1390000 | 1400165 |
| Citigroup Mortgage Loan Trust, Class A2, Series 2025-INV1, 6.00%, 01/25/55<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 1254787 | 1264256 |
| COMM Mortgage Trust, Class B, Series 2024-WCL1, 6.93%, (1-Month SOFR + 2.59%), 06/15/41<sup>(1)</sup><sup>(2)</sup> | 900000 | 899195 |
| Ride, Class C, Series 2025-SHRE, 6.12%, 02/14/47<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 990000 | 990402 |
| Rock Trust, Class A, Series 2024-CNTR, 5.39%, 11/13/41<sup>(1)</sup> | 1500000 | 1529056 |
| Rock Trust, Class C, Series 2024-CNTR, 6.47%, 11/13/41<sup>(1)</sup> | 110000 | 113916 |
| Thpt Mortgage Trust, Class A, Series 2023-THL, 6.99%, 12/10/34<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 132549 | 134644 |
| Wstn Trust, Class C, Series 2023-MAUI, 7.69%, 07/05/37<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 1000000 | 1013610 |
| Total Commercial Mortgage Backed Securities |  | 7345244 |
| **Residential Mortgage Backed Securities - 25.2%** | **Residential Mortgage Backed Securities - 25.2%** |  |
| A&d Mortgage Trust, Class A1, Series 2023-NQM3, 6.73%, 07/25/68<sup>(1)</sup><sup>(4)</sup> | 132594 | 133597 |
| American Homes 4 Rent, Class B, Series 2015-SFR2, 4.30%, 10/17/52<sup>(1)</sup> | 100000 | 99644 |
| Angel Oak Mortgage Trust, Class A2, Series 2021-3, 1.31%, 05/25/66<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 48467 | 41422 |
| COLT Mortgage Loan Trust, Class A1, Series 2023-3, 7.18%, 09/25/68<sup>(1)</sup><sup>(4)</sup> | 413916 | 419222 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES** **(continued)** | **MORTGAGE BACKED SECURITIES** **(continued)** |  |
| **Residential Mortgage Backed Securities** **(continued)** | **Residential Mortgage Backed Securities** **(continued)** |  |
| COLT Mortgage Loan Trust, Class A1, Series 2023-4, 7.16%, 10/25/68<sup>(1)</sup><sup>(4)</sup> | $65860<br>| $66885<br>|
| Colt Trust, Class A1, Series 2021-RPL1, 1.67%, 09/25/61<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 167008 | 152363 |
| Coopr Residential Mortgage Trust, Class A1A, Series 2025-CES1, 5.65%, 05/25/60<sup>(1)</sup><sup>(4)</sup> | 1509326 | 1516706  |
| Coopr Residential Mortgage Trust, Class A1A, Series 2025-CES2, 5.50%, 06/25/60<sup>(1)</sup><sup>(4)</sup> | 515252 | 516358 |
| CSMC Trust, Class A1, Series 2017-RPL1, 2.75%, 07/25/57<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 42367 | 41271 |
| Deephaven Residential Mortgage Trust, Class A1, Series 2021-4, 1.93%, 11/25/66<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 64663 | 56530 |
| Ellington Financial Mortgage Trust, Class A1, Series 2020-2, 1.18%, 10/25/65<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 103096 | 96515 |
| Ellington Financial Mortgage Trust, Class A2, Series 2021-1, 1.00%, 02/25/66<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 36452 | 31312 |
| Ellington Financial Mortgage Trust, Class A1, Series 2022-1, 2.21%, 01/25/67<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 1051571 | 913430 |
| Ellington Financial Mortgage Trust, Class A1, Series 2025-NQM2, 5.60%, 06/25/70<sup>(1)</sup><sup>(4)</sup> | 508610 | 509152 |
| Galton Funding Mortgage Trust, Class A23, Series 2018-1, 3.50%, 11/25/57<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 83663 | 75923 |
| JPMorgan Mortgage Trust, Class A1, Series 2025-CES1, 5.67%, 05/25/55<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 434341 | 435748 |
| JPMorgan Trust, Class A2, Series 2015-5, 5.92%, 05/25/45<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 201940 | 201233 |
| MetLife Securitization Trust, Class A1A, Series 2019-1A, 3.75%, 04/25/58<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 83059 | 81689 |
| MFA Trust, Class A1, Series 2023-INV2, 6.78%, 10/25/58<sup>(1)</sup><sup>(4)</sup> | 324931 | 327853 |
| MFA Trust, Class A1, Series 2024-NQM2, 5.27%, 08/25/69<sup>(1)</sup><sup>(4)</sup> | 1325859 | 1320774 |
| Mill City Mortgage Loan Trust, Class A1, Series 2019-GS2, 2.75%, 08/25/59<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 402371 | 389067 |
| New Residential Mortgage Loan Trust, Class A3, Series 2017-2A, 4.00%, 03/25/57<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 20921 | 20195 |
| OBX Trust, Class A2, Series 2018-1, 5.12%, (1-Month SOFR + 0.76%), 06/25/57<sup>(1)</sup><sup>(2)</sup> | 21642 | 21194 |
| OBX Trust, Class A1, Series 2022-NQM1, 2.31%, 11/25/61<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 102288 | 90958 |
| OBX Trust, Class A1A, Series 2023-NQM5, 6.57%, 06/25/63<sup>(1)</sup><sup>(4)</sup> | 143333 | 144253 |
| OBX Trust, Class A1, Series 2023-NQM9, 7.16%, 10/25/63<sup>(1)</sup><sup>(4)</sup> | 331249 | 336115 |
| OBX Trust, Class A1, Series 2023-NQM1, 5.93%, 11/25/63<sup>(1)</sup><sup>(4)</sup> | 69733 | 70054 |
| Onslow Bay Financial LLC, Class A1, Series 2024-NQM9, 6.03%, 01/25/64<sup>(1)</sup><sup>(4)</sup> | 1418902 | 1428938 |
| Pret Trust, Class A1, Series 2025-NPL1, 6.06%, 02/25/55<sup>(1)</sup><sup>(4)</sup> | 670565 | 671631 |
| RCKT Mortgage Trust, Class A1A, Series 2023-CES2, 6.81%, 09/25/43<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 72553 | 73217 |
| RCKT Mortgage Trust, Class A1A, Series 2023-CES3, 7.11%, 11/25/43<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 311628 | 316180 |
| RCKT Mortgage Trust, Class A1A, Series 2024-CES8, 5.49%, 11/25/44<sup>(1)</sup><sup>(4)</sup> | 1112803 | 1113331 |

---

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

Schedule of Investments — Virtus Newfleet ABS/MBS ETF (continued)

July 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES** **(continued)** | **MORTGAGE BACKED SECURITIES** **(continued)** |  |
| **Residential Mortgage Backed Securities** **(continued)** | **Residential Mortgage Backed Securities** **(continued)** |  |
| Residential Mortgage Loan Trust, Class A1, Series 2020-1, 2.38%, 01/26/60<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | $2423<br>| $2400<br>|
| Starwood Mortgage Residential Trust, Class A1, Series 2020-1, 2.28%, 02/25/50<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 45182 | 42987 |
| Starwood Mortgage Residential Trust, Class A1, Series 2021-3, 1.13%, 06/25/56<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 480062 | 419232 |
| Towd Point Mortgage Trust, Class A2, Series 2017-6, 3.00%, 10/25/57<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 420000 | 399038 |
| Verus Securitization Trust, Class A1, Series 2022-6, 4.91%, 06/25/67<sup>(1)</sup><sup>(4)</sup> | 209036 | 208559 |
| Verus Securitization Trust, Class A1, Series 2022-7, 5.15%, 07/25/67<sup>(1)</sup><sup>(4)</sup> | 236430 | 235695 |
| Verus Securitization Trust, Class A1, Series 2023-8, 6.26%, 12/25/68<sup>(1)</sup><sup>(4)</sup> | 174983 | 176581 |
| Visio Trust, Class A1, Series 2020-1R, 1.31%, 11/25/55<sup>(1)</sup> | 58994 | 56488 |
| Total Residential Mortgage Backed Securities |  | 13253740  |
| **Total Mortgage Backed Securities** |  |  |
| (Cost $20,542,782) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **20598984**  |
| **CORPORATE BOND – 0.5%** |  |  |
| **Industrials – 0.5%** |  |  |
| Alaska Airlines Pass-Through Trust, Class A, Series 2020-1, 4.80%, 08/15/27<sup>(1)</sup> |  |  |
| (Cost $237,837) | 239484 | **239641** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TOTAL INVESTMENTS - 98.7%** |  |  |
| (Cost $51,634,604) |  | **$51828692** |
| Other Assets in Excess of Liabilities - 1.3% |  | 708715 |
| **Net Assets - 100.0%** |  | **$** **52537407**<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 July 31, 2025, the aggregate value of these securities was $51,828,692, or 98.7% of net assets.

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

(3)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.

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

**Abbreviations:**

SOFR — Secured Overnight Financing Rate

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 07/31/2025 (based on net assets) | Asset Allocation as of 07/31/2025 (based on net assets) |
| Asset Backed Securities | 59.0% |
| Residential Mortgage Backed Securities | 25.2% |
| Commercial Mortgage Backed Securities | 14.0% |
| Corporate Bond | 0.5% |
| Other Assets in Excess of Liabilities | 1.3% |
| **Total** | **100.0%** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities | $—<br>| $30990067<br>| $—<br>| $30990067<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Backed Securities |  | 20598984 |  | 20598984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bond |  | 239641 |  | 239641 |
| **Total** | **$** **—**<br>| **$** **51828692**<br>| **$** **—**<br>| **$** **51828692**<br>|

---

Schedule of Investments — Virtus Newfleet Short Duration Core Plus Bond ETF

July 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES – 32.9%** |  |  |
| ACM Auto Trust, Class A, Series 2025-2A, 5.55%, 06/20/28<sup>(1)</sup> | $34597<br>| $34636<br>|
| Affirm Asset Securitization Trust, Class A, Series 2023-B, 6.82%, 09/15/28<sup>(1)</sup> | 150000 | 150291 |
| Affirm Asset Securitization Trust, Class A, Series 2025-X1, 5.08%, 04/15/30<sup>(1)</sup> | 24665 | 24681 |
| American Credit Acceptance Receivables Trust, Class C, Series 2025-1, 5.09%, 08/12/31<sup>(1)</sup> | 30000 | 30157 |
| American Heritage Auto Receivables Trust, Class A3, Series 2024-1A, 4.90%, 09/17/29<sup>(1)</sup> | 30000 | 30090 |
| Amur Equipment Finance Receivables XV LLC, Class D, Series 2025-1A, 5.68%, 08/20/32<sup>(1)</sup> | 35000 | 35336 |
| Auxilior Term Funding LLC, Class C, Series 2023-1A, 6.50%, 11/15/30<sup>(1)</sup> | 120000 | 121996 |
| Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2020-2A, 2.02%, 02/20/27<sup>(1)</sup> | 100000 | 99062 |
| Bridgecrest Lending Auto Securitization Trust, Class C, Series 2025-1, 5.15%, 12/17/29 | 25000 | 25069 |
| Bridgecrest Lending Auto Securitization Trust, Class D, Series 2025-2, 5.62%, 03/17/31 | 30000 | 30387 |
| Carvana Auto Receivables Trust, Class B, Series 2021-P3, 1.42%, 08/10/27 | 60000 | 57791 |
| Carvana Auto Receivables Trust, Class C, Series 2020-P1, 1.32%, 11/09/26 | 25000 | 24792 |
| Carvana Auto Receivables Trust, Class C, Series 2023-N4, 6.59%, 02/11/30<sup>(1)</sup> | 200000 | 204458 |
| CCG Receivables Trust, Class A2, Series 2023-1, 5.82%, 09/16/30<sup>(1)</sup> | 50467 | 50700 |
| CPS Auto Receivables Trust, Class C, Series 2024-A, 5.74%, 04/15/30<sup>(1)</sup> | 25000 | 25173 |
| CPS Auto Receivables Trust, Class C, Series 2025-A, 5.25%, 04/15/31<sup>(1)</sup> | 30000 | 30258 |
| Dext ABS LLC, Class B, Series 2023-2, 6.41%, 05/15/34<sup>(1)</sup> | 30000 | 30431 |
| Diamond Resorts Owner Trust, Class A, Series 2021-1A, 1.51%, 11/21/33<sup>(1)</sup> | 15995 | 15958 |
| Discover Card Execution Note Trust, Class A, Series 2023-A2, 4.93%, 06/15/28 | 205000 | 206026 |
| Drive Auto Receivables Trust, Class C, Series 2024-1, 5.43%, 11/17/31 | 25000 | 25254 |
| DT Auto Owner Trust, Class C, Series 2023-3A, 6.40%, 05/15/29<sup>(1)</sup> | 155000 | 157102 |
| Elara HGV Timeshare Issuer LLC, Class A, Series 2023-A, 6.16%, 02/25/38<sup>(1)</sup> | 117526 | 120690 |
| Exeter Automobile Receivables Trust, Class B, Series 2023-2A, 5.61%, 09/15/27 | 36343 | 36351 |
| Exeter Automobile Receivables Trust, Class B, Series 2024-5A, 4.48%, 04/16/29 | 30000 | 29928 |
| Exeter Automobile Receivables Trust, Class D, Series 2025-3A, 5.57%, 10/15/31 | 40000 | 40482 |
| FinBe USA Trust, Class A, Series 2025-1A, 5.70%, 12/15/28<sup>(1)</sup> | 28179 | 28199 |
| Flagship Credit Auto Trust, Class B, Series 2024-3, 5.35%, 07/16/29<sup>(1)</sup> | 30000 | 30233 |
| Foursight Capital Automobile Receivables Trust, Class A3, Series 2023-1, 5.39%, 12/15/27<sup>(1)</sup> | 46666 | 46678 |
| GLS Auto Select Receivables Trust, Class A3, Series 2023-2A, 6.38%, 02/15/29<sup>(1)</sup> | 300000 | 305934 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES** **(continued)** |  |  |
| GLS Auto Select Receivables Trust, Class C, Series 2024-3A, 5.92%, 08/15/30<sup>(1)</sup> | $30000<br>| $30752<br>|
| Greensky Home Improvement Issuer Trust, Class A2, Series 2024-2, 5.25%, 10/27/59<sup>(1)</sup> | 73816 | 73930 |
| Hilton Grand Vacations Trust, Class A, Series 2024-2A, 5.50%, 03/25/38<sup>(1)</sup> | 16226 | 16462 |
| HIN Timeshare Trust, Class C, Series 2020-A, 3.42%, 10/09/39<sup>(1)</sup> | 68285 | 66426 |
| Hinnt, Class A, Series 2024-A, 5.49%, 03/15/43<sup>(1)</sup> | 33656 | 34115 |
| Huntington Bank Auto Credit-Linked Notes, Class B1, Series 2024-1, 6.15%, 05/20/32<sup>(1)</sup> | 11217 | 11363 |
| LAD Auto Receivables Trust, Class C, Series 2024-3A, 4.93%, 03/15/30<sup>(1)</sup> | 35000 | 35200 |
| LAD Auto Receivables Trust, Class D, Series 2025-1A, 5.52%, 05/17/32<sup>(1)</sup> | 30000 | 30488 |
| LBZST, Class A, Series 2025-B, 5.57%, 06/17/30 | 90259 | 90159 |
| Lendbuzz Securitization Trust, Class A2, Series 2024-2A, 5.99%, 05/15/29<sup>(1)</sup> | 18904 | 19051 |
| Lendbuzz Securitization Trust, Class A2, Series 2025-1A, 5.10%, 10/15/30<sup>(1)</sup> | 100000 | 100307 |
| Marlette Funding Trust, Class B, Series 2024-1A, 6.07%, 07/17/34<sup>(1)</sup> | 25000 | 25163 |
| MMP Capital LLC, Class B, Series 2025-A, 5.72%, 12/15/31<sup>(1)</sup> | 35000 | 35373 |
| Momnt Technologies Trust, Class A, Series 2023-1A, 6.92%, 03/20/45<sup>(1)</sup> | 4893 | 4893 |
| Nmef Funding, Class A2, Series 2024-A, 5.15%, 12/15/31<sup>(1)</sup> | 40090 | 40214 |
| Octane Receivables Trust, Class B, Series 2024-1A, 5.66%, 05/20/30<sup>(1)</sup> | 25000 | 25265 |
| OneMain Financial Issuance Trust, Class A, Series 2022-3A, 5.94%, 05/15/34<sup>(1)</sup> | 107055 | 107846 |
| OneMain Financial Issuance Trust, Class B, Series 2025-1A, 5.05%, 07/14/38<sup>(1)</sup> | 30000 | 30155 |
| Oportun Issuance Trust, Class A, Series 2021-C, 2.18%, 10/08/31<sup>(1)</sup> | 135197 | 132079 |
| Oportun Issuance Trust, Class A, Series 2025-A, 5.01%, 02/08/33<sup>(1)</sup> | 20000 | 19986 |
| Oportun Issuance Trust, Class B, Series 2024-2, 5.83%, 02/09/32<sup>(1)</sup> | 30000 | 30078 |
| Own Equipment Fund I LLC, Class A, Series 2024-2M, 5.70%, 12/20/32<sup>(1)</sup> | 26836 | 27107 |
| Pawneee Equipment Receivables LLC, Class B, Series 2022-1, 5.40%, 07/17/28<sup>(1)</sup> | 40000 | 40039 |
| Peac Solutions Receivables, Class B, Series 2024-1A, 5.79%, 11/20/30<sup>(1)</sup> | 30000 | 30634 |
| Prestige Auto Receivables Trust, Class B, Series 2023-2A, 6.64%, 12/15/27<sup>(1)</sup> | 54960 | 55248 |
| Purchasing Power Funding, Class B, Series 2024-A, 6.43%, 08/15/28<sup>(1)</sup> | 30000 | 30206 |
| RCKT Trust, Class B, Series 2025-1A, 4.99%, 07/25/34<sup>(1)</sup> | 40000 | 39999 |
| Reach ABS Trust, Class B, Series 2023-1A, 7.33%, 02/18/31<sup>(1)</sup> | 10696 | 10738 |
| Reach ABS Trust, Class B, Series 2024-1A, 6.29%, 02/18/31<sup>(1)</sup> | 30000 | 30269 |

---

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

Schedule of Investments — Virtus Newfleet Short Duration Core Plus Bond ETF (continued)

July 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES** **(continued)** |  |  |
| Reach ABS Trust, Class B, Series 2025-2A, 5.12%, 08/18/32<sup>(1)</sup> | $40000<br>| $40056<br>|
| Regional Management Issuance Trust, Class A, Series 2024-2, 5.11%, 12/15/33<sup>(1)</sup> | 30000 | 30090 |
| Sbna Auto Receivables Trust, Class C, Series 2024-A, 5.59%, 01/15/30<sup>(1)</sup> | 18000 | 18222 |
| Scalelogix Abs US Issuer LLC, Class A2, Series 2025-1A, 5.67%, 07/25/55<sup>(1)</sup> | 30000 | 29772 |
| Sofi Consumer Loan Program Trust, Class A, Series 2025-1, 4.80%, 02/27/34<sup>(1)</sup> | 104206 | 104348 |
| Subway Funding LLC, Class A2II, Series 2024-1A, 6.27%, 07/30/54<sup>(1)</sup> | 29775 | 30378 |
| Taco Bell Funding LLC, Class A23, Series 2016-1A, 4.97%, 05/25/46<sup>(1)</sup> | 42188 | 42150 |
| Tricolor Auto Securitization Trust, Class C, Series 2024-2A, 6.93%, 04/17/28<sup>(1)</sup> | 30000 | 30297 |
| Tricolor Auto Securitization Trust, Class C, Series 2024-3A, 5.73%, 12/15/28<sup>(1)</sup> | 60000 | 60091 |
| TSC SPV Funding LLC, Class A2, Series 2024-1A, 6.29%, 08/20/54<sup>(1)</sup> | 34825 | 34303 |
| United Auto Credit Securitization Trust, Class C, Series 2024-1, 7.06%, 10/10/29<sup>(1)</sup> | 30000 | 30132 |
| United Auto Credit Securitization Trust, Class D, Series 2023-1, 8.00%, 07/10/28<sup>(1)</sup> | 39145 | 39486 |
| US Bank NA, Class B, Series 2023-1, 6.79%, 08/25/32<sup>(1)</sup> | 8931 | 9013 |
| Westlake Automobile Receivables Trust, Class B, Series 2024-2A, 5.62%, 03/15/30<sup>(1)</sup> | 30000 | 30242 |
| Westlake Automobile Receivables Trust, Class C, Series 2025-2A, 4.85%, 01/15/31<sup>(1)</sup> | 30000 | 30070 |
| **Total Asset Backed Securities** |  |  |
| (Cost $3,788,396) |  | **3830338** |
| **MORTGAGE BACKED SECURITIES - 30.3%** | **MORTGAGE BACKED SECURITIES - 30.3%** |  |
| **Agency Mortgage Backed Security - 6.0%** |  |  |
| Federal Home Loan Mortgage Corporation, 6.00%, 10/01/38 | 133535 | 137299 |
| Federal Home Loan Mortgage Corporation, 6.00%, 03/01/53 | 161462 | 163958 |
| Federal Home Loan Mortgage Corporation, 6.00%, 08/01/53 | 31270 | 31766 |
| Federal Home Loan Mortgage Corporation, 6.00%, 12/01/54 | 113487 | 115135 |
| Federal National Mortgage Association, 6.00%, 10/01/53 | 136339 | 138568 |
| Federal National Mortgage Association, 6.00%, 08/01/54 | 52818 | 53742 |
| Federal National Mortgage Association, 6.00%, 01/01/55 | 55449 | 56284 |
| Total Agency Mortgage Backed Security |  | 696752 |
| **Commercial Mortgage Backed Securities - 7.1%** | **Commercial Mortgage Backed Securities - 7.1%** |  |
| BBCMS Mortgage Trust, Class A, Series 2018-TALL, 5.26%, (1-Month SOFR + 0.92%), 03/15/37<sup>(1)</sup><sup>(2)</sup> | 110000 | 104703 |
| BBCMS Trust, Class A, Series 2018-CBM, 5.64%, (1-Month SOFR + 1.30%), 07/15/37<sup>(1)</sup><sup>(2)</sup> | 39000 | 38100 |
| Bx Trust, Class A, Series 2022-CLS, 5.76%, 10/13/27<sup>(1)</sup> | 110000 | 110852 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES** **(continued)** | **MORTGAGE BACKED SECURITIES** **(continued)** |  |
| **Commercial Mortgage Backed Securities** **(continued)** | **Commercial Mortgage Backed Securities** **(continued)** |  |
| Bx Trust, Class C, Series 2025-ROIC, 5.89%, (1-Month SOFR + 1.54%), 03/15/30<sup>(1)</sup><sup>(2)</sup> | $24903<br>| $24789<br>|
| Bx Trust, Class B, Series 2019-OC11, 3.61%, 12/09/41<sup>(1)</sup> | 120000 | 112951 |
| Citigroup Mortgage Loan Trust, Class A2, Series 2025-INV1, 6.00%, 01/25/55<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 92946 | 93648 |
| JPMorgan Mortgage Trust, Class A1, Series 2025-CES2, 5.59%, 06/25/55<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 31301 | 31375 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Class AS, Series 2015-C22, 3.56%, 04/15/48 | 60000 | 58544 |
| Mssg Trust, Class A, Series 2017-237P, 3.40%, 09/13/39<sup>(1)</sup> | 32000 | 30262 |
| NYC Commercial Mortgage Trust, Class A, Series 2025-300P, 4.88%, 07/13/42<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 40000 | 39780 |
| Thpt Mortgage Trust, Class A, Series 2023-THL, 6.99%, 12/10/34<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 176732 | 179525 |
| Total Commercial Mortgage Backed Securities |  | 824529 |
| **Residential Mortgage Backed Securities - 17.2%** | **Residential Mortgage Backed Securities - 17.2%** |  |
| Angel Oak Mortgage Trust, Class A1, Series 2021-8, 1.82%, 11/25/66<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 54807 | 48599 |
| Angel Oak Mortgage Trust, Class A1, Series 2022-5, 4.50%, 05/25/67<sup>(1)</sup> | 47075 | 46548 |
| Arroyo Mortgage Trust, Class A1, Series 2019-1, 3.81%, 01/25/49<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 17204 | 16699 |
| COLT Mortgage Loan Trust, Class A1, Series 2023-3, 7.18%, 09/25/68<sup>(1)</sup><sup>(4)</sup> | 195551 | 198058 |
| CSMC Trust, Class A1, Series 2020-RPL4, 2.00%, 01/25/60<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 138347 | 124275 |
| Ellington Financial Mortgage Trust, Class A1, Series 2020-2, 1.18%, 10/25/65<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 137670 | 128882 |
| Homes Trust, Class A1, Series 2023-NQM2, 6.46%, 02/25/68<sup>(1)</sup> | 235121 | 235775 |
| JPMorgan Mortgage Trust, Class A1A, Series 2024-CES1, 5.92%, 06/25/54<sup>(1)</sup> | 32365 | 32495 |
| JPMorgan Mortgage Trust, Class A1, Series 2025-CES1, 5.67%, 05/25/55<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 86868 | 87150 |
| MetLife Securitization Trust, Class A1A, Series 2019-1A, 3.75%, 04/25/58<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 179264 | 176306 |
| New Residential Mortgage Loan Trust, Class A1, Series 2016-4A, 3.75%, 11/25/56<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 35943 | 34315 |
| New Residential Mortgage Loan Trust, Class A1, Series 2018-3A, 4.50%, 05/25/58<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 27245 | 26474 |
| New Residential Mortgage Loan Trust, Class A1, Series 2021-NQ2R, 0.94%, 10/25/58<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 63915 | 60807 |
| OBX Trust, Class A2, Series 2018-1, 5.12%, (1-Month SOFR + 0.76%), 06/25/57<sup>(1)</sup><sup>(2)</sup> | 17313 | 16956 |
| OBX Trust, Class A1A, Series 2023-NQM5, 6.57%, 06/25/63<sup>(1)</sup><sup>(4)</sup> | 258623 | 260282 |
| PRKCM Trust, Class A1A, Series 2022-AFC1, 4.10%, 04/25/57<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 68722 | 67665 |
| RCKT Mortgage Trust, Class A1A, Series 2023-<br>CES3, 7 .11%, 11/25/43<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 61709 | 62610 |
| RCKT Mortgage Trust, Class A1A, Series 2024-CES1, 6.03%, 02/25/44<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 162769 | 163477 |
| Residential Mortgage Loan Trust, Class A1, Series 2020-1, 2.38%, 01/26/60<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 4342 | 4301 |

---

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

Schedule of Investments — Virtus Newfleet Short Duration Core Plus Bond ETF (continued)

July 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES** **(continued)** | **MORTGAGE BACKED SECURITIES** **(continued)** |  |
| **Residential Mortgage Backed Securities** **(continued)** | **Residential Mortgage Backed Securities** **(continued)** |  |
| Starwood Mortgage Residential Trust, Class A1, Series 2021-3, 1.13%, 06/25/56<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | $36928<br>| $32249<br>|
| Towd Point Mortgage Trust, Class A1A, Series 2018-6, 3.75%, 03/25/58<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 40457 | 40088 |
| Verus Securitization Trust, Class A1, Series 2021-R1, 0.82%, 10/25/63<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 41912 | 40466 |
| Verus Securitization Trust, Class A1, Series 2022-6, 4.91%, 06/25/67<sup>(1)</sup><sup>(4)</sup> | 104518 | 104279 |
| Total Residential Mortgage Backed Securities |  | 2008756 |
| **Total Mortgage Backed Securities** |  |  |
| (Cost $3,479,073) |  | **3530037** |
| **CORPORATE BONDS – 23.3%** |  |  |
| **Commercial & Residential Mortgage Finance – 0.0%** | **Commercial & Residential Mortgage Finance – 0.0%** |  |
| Rocket Cos., Inc., 6.13%, 08/01/30<sup>(1)</sup> | 5000 | 5073 |
| **Communication Services – 1.5%** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 02/01/28<sup>(1)</sup> | 32000 | 31422 |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27<sup>(1)</sup> | 33000 | 32839 |
| Gray Media, Inc., 7.25%, 08/15/33<sup>(1)</sup> | 15000 | 14934 |
| Nexstar Media, Inc., 5.63%, 07/15/27<sup>(1)</sup> | 35000 | 34954 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(1)</sup> | 10000 | 10207 |
| T-Mobile USA, Inc., 3.88%, 04/15/30 | 35000 | 33933 |
| Univision Communications, Inc., 8.00%, 08/15/28<sup>(1)</sup> | 15000 | 15423 |
| Total Communication Services |  | 173712 |
| **Consumer Discretionary – 2.0%** |  |  |
| Aptiv Swiss Holdings Ltd., 6.88%, (US 5 Year CMT T- Note + 3.39%), 12/15/54<sup>(2)</sup> | 20000 | 20182 |
| Dr Horton, Inc., 4.85%, 10/15/30 | 20000 | 20124 |
| Ford Motor Credit Co. LLC, 6.95%, 03/06/26 | 30000 | 30239 |
| Hilton Domestic Operating Co., Inc., 5.75%, 09/15/33<sup>(1)</sup> | 15000 | 15024 |
| Meritage Homes Corp., 3.88%, 04/15/29<sup>(1)</sup> | 30000 | 28984 |
| Newell Brands, Inc., 6.38%, 09/15/27 | 31000 | 31339 |
| Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 01/15/28<sup>(1)</sup> | 32000 | 32030 |
| Tractor Supply Co., 1.75%, 11/01/30 | 25000 | 21634 |
| Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/28<sup>(1)</sup> | 33000 | 31784 |
| Total Consumer Discretionary |  | 231340 |
| **Consumer Staples – 0.7%** |  |  |
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 01/15/29<sup>(1)</sup> | 32000 | 31422 |
| Mars, Inc., 4.80%, 03/01/30<sup>(1)</sup> | 20000 | 20205 |
| Post Holdings, Inc., 6.25%, 02/15/32<sup>(1)</sup> | 14000 | 14279 |
| Post Holdings, Inc., 6.38%, 03/01/33<sup>(1)</sup> | 15000 | 15026 |
| Total Consumer Staples |  | 80932 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS** **(continued)** |  |  |
| **Energy – 2.2%** |  |  |
| Buckeye Partners LP, 6.75%, 02/01/30<sup>(1)</sup> | $10000<br>| $10360<br>|
| Civitas Resources, Inc., 8.38%, 07/01/28<sup>(1)</sup> | 30000 | 30887 |
| DT Midstream, Inc., 4.13%, 06/15/29<sup>(1)</sup> | 34000 | 32765 |
| Energy Transfer LP, 4.20%, 04/15/27 | 20000 | 19887 |
| EQT Corp., 6.38%, 04/01/29<sup>(1)</sup> | 5000 | 5149 |
| Equities Corp., 7.50%, 06/01/27<sup>(1)</sup> | 30000 | 30541 |
| Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/30 | 10000 | 10595 |
| Hf Sinclair Corp., 5.75%, 01/15/31 | 15000 | 15361 |
| Nabors Industries, Inc., 7.38%, 05/15/27<sup>(1)</sup> | 35000 | 35356 |
| Ngpl Pipeco LLC, 4.88%, 08/15/27<sup>(1)</sup> | 30000 | 29787 |
| Occidental Petroleum Corp., 5.20%, 08/01/29 | 20000 | 20064 |
| Sabine Pass Liquefaction LLC, 4.50%, 05/15/30 | 20000 | 19914 |
| Total Energy |  | 260666 |
| **Financials – 7.7%** |  |  |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 6.75%, 04/15/28<sup>(1)</sup> | 30000 | 30430 |
| Allstate Corp. (The), Series B, 7.53%, (3-Month SOFR + 3.20%), 08/15/53<sup>(2)</sup> | 15000 | 15060 |
| Ally Financial, Inc., 5.54%, (SOFR + 1.73%), 01/17/31<sup>(2)</sup> | 15000 | 15209 |
| American Express Co., 5.09%, (SOFR + 0.75%), 04/23/27<sup>(2)</sup> | 10000 | 10029 |
| American Express Co., 5.28%, (SOFR + 0.93%), 07/26/28<sup>(2)</sup> | 3000 | 3022 |
| American Express Co., 5.09%, (SOFR + 1.02%), 01/30/31<sup>(2)</sup> | 5000 | 5108 |
| Bank of America Corp., 1.73%, (SOFR + 0.96%), 07/22/27<sup>(2)</sup> | 35000 | 34043 |
| Bank of New York Mellon Corp. (The), Series G, 4.70%, (US 5 Year CMT T- Note + 4.36%), perpetual<sup>(2)</sup><sup>(5)</sup> | 30000 | 30053 |
| Blackstone Private Credit Fund, 5.95%, 07/16/29 | 15000 | 15305 |
| Blue Owl Finance LLC, 3.13%, 06/10/31 | 35000 | 31268 |
| Charles Schwab Corp. (The), Series H, 4.00%, (US 10 Year CMT T- Note + 3.08%), perpetual<sup>(2)</sup><sup>(5)</sup> | 20000 | 18299 |
| Citigroup, Inc., Series X, 3.88%, (US 5 Year CMT T- Note + 3.42%), perpetual<sup>(2)</sup><sup>(5)</sup> | 30000 | 29722 |
| Citigroup, Inc., 5.62%, (SOFR + 1.28%), 02/24/28<sup>(2)</sup> | 35000 | 35325 |
| Citizens Financial Group, Inc., 5.84%, (SOFR + 2.01%), 01/23/30<sup>(2)</sup> | 19000 | 19624 |
| Corebridge Financial, Inc., 6.88%, (US 5 Year CMT T- Note + 3.85%), 12/15/52<sup>(2)</sup> | 30000 | 30820 |
| F&G Annuities & Life, Inc., 6.50%, 06/04/29 | 25000 | 25767 |
| Fifth Third Bancorp, 4.06%, (SOFR + 1.36%), 04/25/28<sup>(2)</sup> | 25000 | 24823 |
| Global Atlantic Finance Co., 7.95%, (US 5 Year CMT T- Note + 3.61%), 10/15/54<sup>(1)</sup><sup>(2)</sup> | 10000 | 10475 |
| Goldman Sachs Group, Inc. (The), Series G, 6.33%, (3-Month SOFR + 2.01%), 10/28/27<sup>(2)</sup> | 25000 | 25458 |
| HA Sustainable Infrastructure Capital, Inc., 6.15%, 01/15/31 | 10000 | 10099 |

---

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

Schedule of Investments — Virtus Newfleet Short Duration Core Plus Bond ETF (continued)

July 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS** **(continued)** |  |  |
| **Financials** **(continued)** |  |  |
| Hat Holdings I LLC / Hat Holdings II LLC, 8.00%, 06/15/27<sup>(1)</sup> | $6000<br>| $6222<br>|
| Huntington Bancshares, Inc./Oh, 6.21%, (SOFR + 2.02%), 08/21/29<sup>(2)</sup> | 25000 | 26161 |
| JPMorgan Chase & Co., 1.58%, (SOFR + 0.89%), 04/22/27<sup>(2)</sup> | 25000 | 24465 |
| JPMorgan Chase & Co., Series ., 5.52%, (SOFR + 1.18%), 02/24/28<sup>(2)</sup> | 40000 | 40391 |
| KeyCorp, Series G, 5.12%, (SOFR + 1.23%), 04/04/31<sup>(2)</sup> | 20000 | 20221 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27<sup>(1)</sup> | 27000 | 26522 |
| MetLife, Inc., Series G, 3.85%, (US 5 Year CMT T- Note + 3.58%), perpetual<sup>(2)</sup><sup>(5)</sup> | 15000 | 14985 |
| Morgan Stanley, 3.59%, 07/22/28<sup>(2)</sup><sup>(3)</sup> | 60000 | 58985 |
| MSCI, Inc., 3.63%, 09/01/30<sup>(1)</sup> | 35000 | 32863 |
| Onemain Finance Corp., 6.63%, 01/15/28 | 35000 | 35861 |
| PNC Financial Services Group, Inc. (The), 5.22%, (SOFR + 1.07%), 01/29/31<sup>(2)</sup> | 25000 | 25658 |
| Rga Global Funding, 5.45%, 05/24/29<sup>(1)</sup> | 21000 | 21607 |
| State Street Corp., Series I, 6.70%, (US 5 Year CMT T- Note + 2.61%), perpetual<sup>(2)</sup><sup>(5)</sup> | 10000 | 10335 |
| State Street Corp., 5.75%, (SOFR + 1.35%), 11/04/26<sup>(2)</sup> | 15000 | 15039 |
| Synchrony Financial, 3.70%, 08/04/26 | 20000 | 19801 |
| Truist Financial Corp., 7.16%, (SOFR + 2.45%), 10/30/29<sup>(2)</sup> | 30000 | 32390 |
| US Bancorp, 5.05%, (SOFR + 1.06%), 02/12/31<sup>(2)</sup> | 30000 | 30486 |
| Wells Fargo & Co., 3.53%, (SOFR + 1.51%), 03/24/28<sup>(2)</sup> | 20000 | 19686 |
| Wells Fargo & Co., 6.30%, (SOFR + 1.79%), 10/23/29<sup>(2)</sup> | 15000 | 15788 |
| Total Financials |  | 897405 |
| **Health Care – 2.2%** |  |  |
| AdaptHealth LLC, 6.13%, 08/01/28<sup>(1)</sup> | 15000 | 14919 |
| CHS/Community Health Systems, Inc., 5.25%, 05/15/30<sup>(1)</sup> | 30000 | 26272 |
| CVS Health Corp., 7.00%, (US 5 Year CMT T- Note + 2.89%), 03/10/55<sup>(2)</sup> | 30000 | 30940 |
| DENTSPLY Sirona, Inc., 3.25%, 06/01/30 | 35000 | 31817 |
| HCA, Inc., 5.45%, 04/01/31 | 30000 | 30845 |
| Iqvia, Inc., 6.25%, 02/01/29 | 20000 | 20914 |
| IQVIA, Inc., 6.25%, 06/01/32<sup>(1)</sup> | 20000 | 20534 |
| Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/29<sup>(1)</sup> | 20000 | 20418 |
| Royalty Pharma PLC, 5.15%, 09/02/29 | 25000 | 25466 |
| Universal Health Services, Inc., 1.65%, 09/01/26 | 30000 | 28963 |
| Total Health Care |  | 251088 |
| **Industrials – 2.2%** |  |  |
| Alaska Airlines Pass-Through Trust, Class A, Series 2020-1, 4.80%, 08/15/27<sup>(1)</sup> | 25890 | 25907 |
| Aviation Capital Group LLC, 5.38%, 07/15/29<sup>(1)</sup> | 20000 | 20358 |
| Boeing Co. (The), 6.26%, 05/01/27 | 10000 | 10260 |
| Boeing Co. (The), 6.39%, 05/01/31 | 10000 | 10763 |
| Builders FirstSource, Inc., 4.25%, 02/01/32<sup>(1)</sup> | 10000 | 9237 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS** **(continued)** |  |  |
| **Industrials** **(continued)** |  |  |
| CoStar Group, Inc., 2.80%, 07/15/30<sup>(1)</sup> | $35000<br>| $31588<br>|
| Herc Holdings, Inc., 7.00%, 06/15/30<sup>(1)</sup> | 5000 | 5171 |
| Hexcel Corp., 4.20%, 02/15/27 | 32000 | 31750 |
| Huntington Ingalls Industries, Inc., 2.04%, 08/16/28 | 20000 | 18559 |
| Quikrete Holdings, Inc., 6.38%, 03/01/32<sup>(1)</sup> | 5000 | 5131 |
| Regal Rexnord Corp., 6.05%, 02/15/26 | 15000 | 15053 |
| Regal Rexnord Corp., 6.05%, 04/15/28 | 15000 | 15458 |
| TransDigm, Inc., 6.75%, 08/15/28<sup>(1)</sup> | 30000 | 30648 |
| United Airlines, Inc., 4.38%, 04/15/26<sup>(1)</sup> | 32000 | 31830 |
| Total Industrials |  | 261713 |
| **Information Technology – 1.4%** |  |  |
| Booz Allen Hamilton, Inc., 3.88%, 09/01/28<sup>(1)</sup> | 25000 | 24254 |
| Booz Allen Hamilton, Inc., 4.00%, 07/01/29<sup>(1)</sup> | 5000 | 4841 |
| Broadcom, Inc., 4.35%, 02/15/30 | 25000 | 24827 |
| Cloud Software Group, Inc., 9.00%, 09/30/29<sup>(1)</sup> | 20000 | 20712 |
| Foundry Jv Holdco LLC, 5.90%, 01/25/30<sup>(1)</sup> | 15000 | 15654 |
| Kyndryl Holdings, Inc., 2.70%, 10/15/28 | 25000 | 23567 |
| Oracle Corp., 6.25%, 11/09/32 | 25000 | 26919 |
| Vontier Corp., 2.40%, 04/01/28 | 24000 | 22596 |
| Total Information Technology |  | 163370 |
| **Materials – 1.1%** |  |  |
| Berry Global, Inc., 5.80%, 06/15/31 | 30000 | 31473 |
| JH North America Holdings, Inc., 5.88%, 01/31/31<sup>(1)</sup> | 20000 | 20081 |
| LSB Industries, Inc., 6.25%, 10/15/28<sup>(1)</sup> | 15000 | 14760 |
| Silgan Holdings, Inc., 1.40%, 04/01/26<sup>(1)</sup> | 35000 | 34229 |
| Sonoco Products Co., 4.60%, 09/01/29 | 25000 | 24889 |
| Total Materials |  | 125432 |
| **Real Estate – 0.2%** |  |  |
| Epr Properties, 4.95%, 04/15/28 | 20000 | 20014 |
| **Transaction & Payment Processing Services – 0.2%** | **Transaction & Payment Processing Services – 0.2%** |  |
| Block, Inc., 6.50%, 05/15/32 | 20000 | 20536 |
| **Utilities – 1.9%** |  |  |
| American Electric Power Co., Inc., 5.70%, 08/15/25 | 25000 | 25004 |
| Entergy Corp., 7.13%, (US 5 Year CMT T- Note + 2.67%), 12/01/54<sup>(2)</sup> | 20000 | 20756 |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.38%, 04/01/26<sup>(1)</sup> | 32000 | 31793 |
| Nextera Energy Capital Holdings, Inc., 6.38%, (US 5 Year CMT T- Note + 2.05%), 08/15/55<sup>(2)</sup> | 20000 | 20570 |
| NiSource, Inc., 6.95%, (US 5 Year CMT T- Note + 2.45%), 11/30/54<sup>(2)</sup> | 10000 | 10387 |
| Puget Energy, Inc., 2.38%, 06/15/28 | 25000 | 23530 |
| Southern California Edison Co., 5.45%, 06/01/31 | 15000 | 15283 |
| Southern Co. (The), Series 21-A, 3.75%, (US 5 Year CMT T- Note + 2.92%), 09/15/51<sup>(2)</sup> | 40000 | 39425 |
| Vistra Operations Co. LLC, 5.63%, 02/15/27<sup>(1)</sup> | 31000 | 30984 |
| Total Utilities |  | 217732 |
| **Total Corporate Bonds** |  |  |
| (Cost $2,644,739) |  | **2709013** |

---

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

Schedule of Investments — Virtus Newfleet Short Duration Core Plus Bond ETF (continued)

July 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **U.S. GOVERNMENT SECURITIES – 7.6%** |  |  |
| U.S. Treasury Note |  |  |
| 4.63%, 06/30/26 | $155000<br>| $155566<br>|
| 4.63%, 11/15/26 | 40000 | 40263 |
| 3.75%, 08/15/27 | 220000 | 219209 |
| 4.00%, 07/31/29 | 220000 | 220675 |
| 4.00%, 02/28/30 | 250000 | 250718 |
| **Total U.S. Government Securities** |  |  |
| (Cost $887,922) |  | **886431** |
| **FOREIGN BONDS – 4.4%** |  |  |
| **Consumer Discretionary – 0.5%** |  |  |
| Ashtead Capital, Inc., 4.25%, 11/01/29<br>(United Kingdom)<sup>(1)</sup> | 25000 | 24428 |
| Flutter Treasury DAC, 5.88%, 06/04/31<br>(Ireland)<sup>(1)</sup> | 10000 | 10072 |
| Sodexo, Inc., 5.15%, 08/15/30 (France)<sup>(1)</sup> | 25000 | 25340 |
| Total Consumer Discretionary |  | 59840 |
| **Consumer Staples – 0.4%** |  |  |
| Imperial Brands Finance PLC, 5.50%, 02/01/30 (United Kingdom)<sup>(1)</sup> | 20000 | 20568 |
| Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31 (Canada)<sup>(1)</sup> | 25000 | 21731 |
| Total Consumer Staples |  | 42299 |
| **Energy – 0.9%** |  |  |
| BP Capital Markets PLC, 4.88%, (US 5 Year CMT T- Note + 4.40%), perpetual<sup>(2)</sup><sup>(5)</sup> | 45000 | 44407 |
| Enbridge, Inc., 7.38%, (US 5 Year CMT T- Note + 3.71%), 01/15/83 (Canada)<sup>(2)</sup> | 20000 | 20647 |
| South Bow Canadian Infrastructure Holdings Ltd., 7.63%, (US 5 Year CMT T- Note + 3.95%), 03/01/55 (Canada)<sup>(1)</sup><sup>(2)</sup> | 20000 | 20673 |
| South Bow USA Infrastructure Holdings LLC, 5.03%, 10/01/29 (Canada)<sup>(1)</sup> | 20000 | 19990 |
| Total Energy |  | 105717 |
| **Financials – 1.0%** |  |  |
| 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> | 25000 | 25368 |
| Barclays, 7.39%, (US 1 Year CMT T- Note + 3.30%), 11/02/28 (United Kingdom)<sup>(2)</sup> | 20000 | 21155 |
| Deutsche Bank AG/New York NY, 5.00%, (SOFR + 1.70%), 09/11/30 (Germany)<sup>(2)</sup> | 25000 | 25215 |
| Societe Generale SA, 5.63%, (US 1 Year CMT T- Note + 1.75%), 01/19/30 (France)<sup>(1)</sup><sup>(2)</sup> | 20000 | 20477 |
| UBS AG/London, 5.65%, 09/11/28 (Switzerland) | 25000 | 25961 |
| Total Financials |  | 118176 |
| **Health Care – 0.2%** |  |  |
| Smith & Nephew PLC, 2.03%, 10/14/30<br>(United Kingdom) | 30000 | 26285 |
| **Industrials – 0.3%** |  |  |
| Avolon Holdings Funding Ltd., 5.75%, 11/15/29 (Ireland)<sup>(1)</sup> | 25000 | 25763 |
| Wrangler Holdco Corp., 6.63%, 04/01/32 (Canada)<sup>(1)</sup> | 10000 | 10340 |
| Total Industrials |  | 36103 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Materials – 0.6%** |  |  |
| Ineos Finance PLC, 6.75%, 05/15/28 (Luxembourg)<sup>(1)</sup> | $32000<br>| $31544<br>|
| INEOS Quattro Finance 2 PLC, 9.63%, 03/15/29 (United Kingdom)<sup>(1)</sup> | 15000 | 15292 |
| Smurfit Kappa Treasury ULC, 5.20%, 01/15/30 (Ireland) | 25000 | 25628 |
| Total Materials |  | 72464 |
| **Utilities – 0.5%** |  |  |
| Algonquin Power & Utilities Corp., 5.37%, 06/15/26 (Canada)<sup>(4)</sup> | 10000 | 10055 |
| ENEL Finance International NV, 5.13%, 06/26/29 (Italy)<sup>(1)</sup> | 20000 | 20319 |
| National Grid PLC, 5.60%, 06/12/28 (United Kingdom) | 20000 | 20577 |
| Total Utilities |  | 50951 |
| **Total Foreign Bonds** |  |  |
| (Cost $505,702) |  | **511835** |
| **TOTAL INVESTMENTS - 98.5%** |  |  |
| (Cost $11,305,832) |  | **11467654** |
| Other Assets in Excess of Liabilities - 1.5% |  | 179769 |
| **Net Assets - 100.0%**  |  | **$** **11647423**<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 July 31, 2025, the aggregate value of these securities was $7,381,268, or 63.4% of net assets.

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

(3)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.

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

(5)Perpetual security with no stated maturity date.

**Abbreviations:**

CMT — Constant Maturity Treasury Index

SOFR — Secured Overnight Financing Rate

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

Schedule of Investments — Virtus Newfleet Short Duration Core Plus Bond ETF (continued)

July 31, 2025

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 07/31/2025 (based on net assets) | Asset Allocation as of 07/31/2025 (based on net assets) |
| Asset Backed Securities | 32.9% |
| Mortgage Backed Securities | 30.3% |
| Corporate Bonds | 23.3% |
| U.S. Government Securities | 7.6% |
| Foreign Bonds | 4.4% |
| Other Assets in Excess of Liabilities | 1.5% |
| **Total** | **100.0%** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities | $—<br>| $3830338<br>| $—<br>| $3830338<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Backed Securities |  | 3530037 |  | 3530037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 2709013 |  | 2709013 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities |  | 886431 |  | 886431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Bonds |  | 511835 |  | 511835 |
| **Total** | **$** **—**<br>| **$** **11467654**<br>| **$** **—**<br>| **$** **11467654**<br>|

---

Schedule of Investments — Virtus Newfleet Short Duration High Yield Bond ETF

July 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS – 78.9%** |  |  |
| **Broadline Retail – 0.2%** |  |  |
| Saks Global Enterprises LLC, 11.00%, 12/15/29<sup>(1)</sup> | $240000<br>| $55200<br>|
| **Commercial & Residential Mortgage Finance – 0.2%** | **Commercial & Residential Mortgage Finance – 0.2%** |  |
| Rocket Cos., Inc., 6.13%, 08/01/30<sup>(1)</sup> | 55000 | 55802 |
| **Communication Services – 9.7%** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 6.38%, 09/01/29<sup>(1)</sup> | 332000 | 335276 |
| CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 03/01/31<sup>(1)</sup> | 25000 | 25717 |
| CSC Holdings LLC, 11.25%, 05/15/28<sup>(1)</sup> | 335000 | 337077 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(1)</sup> | 170000 | 165699 |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27<sup>(1)</sup> | 315000 | 313466 |
| Gray Media, Inc., 9.63%, 07/15/32<sup>(1)</sup> | 150000 | 151424 |
| Gray Media, Inc., 7.25%, 08/15/33<sup>(1)</sup> | 55000 | 54759 |
| McGraw-Hill Education, Inc., 5.75%, 08/01/28<sup>(1)</sup> | 230000 | 229290 |
| Millennium Escrow Corp., 6.63%, 08/01/26<sup>(1)</sup> | 300000 | 283281 |
| Nexstar Media, Inc., 5.63%, 07/15/27<sup>(1)</sup> | 460000 | 459395 |
| Rackspace Technology Global, Inc., 5.38%, 12/01/28<sup>(1)</sup> | 50000 | 13410 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(1)</sup> | 145000 | 147994 |
| Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 10.50%, 02/15/28<sup>(1)</sup> | 279000 | 295059 |
| Univision Communications, Inc., 8.00%, 08/15/28<sup>(1)</sup> | 155000 | 159365 |
| Total Communication Services |  | 2971212 |
| **Consumer Discretionary – 7.9%** |  |  |
| Aptiv Swiss Holdings Ltd., 6.88%, (US 5 Year CMT T- Note + 3.39%), 12/15/54<sup>(2)</sup> | 335000 | 338046 |
| Churchill Downs, Inc., 5.75%, 04/01/30<sup>(1)</sup> | 340000 | 339414 |
| Ford Motor Co., 3.25%, 02/12/32 | 95000 | 80528 |
| Ford Motor Credit Co. LLC, 6.95%, 03/06/26 | 375000 | 377984 |
| Light & Wonder International, Inc., 7.00%, 05/15/28<sup>(1)</sup> | 335000 | 335563 |
| New Home Co., Inc. (The), 9.25%, 10/01/29<sup>(1)</sup> | 70000 | 72653 |
| New Home Co., Inc. (The), 8.50%, 11/01/30<sup>(1)</sup> | 10000 | 10222 |
| Newell Brands, Inc., 6.38%, 09/15/27 | 60000 | 60657 |
| Newell Brands, Inc., 6.63%, 09/15/29 | 324000 | 323170 |
| Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 01/15/28<sup>(1)</sup> | 20000 | 20019 |
| Under Armour, Inc., 7.25%, 07/15/30<sup>(1)</sup> | 120000 | 122732 |
| Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/28<sup>(1)</sup> | 350000 | 337105 |
| Total Consumer Discretionary |  | 2418093 |
| **Consumer Staples – 3.0%** |  |  |
| Energizer Holdings, Inc., 6.50%, 12/31/27<sup>(1)</sup> | 455000 | 462102 |
| Post Holdings, Inc., 5.50%, 12/15/29<sup>(1)</sup> | 155000 | 153753 |
| Post Holdings, Inc., 6.25%, 02/15/32<sup>(1)</sup> | 60000 | 61196 |
| Post Holdings, Inc., 6.38%, 03/01/33<sup>(1)</sup> | 25000 | 25044 |
| Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 6.25%, 04/01/29<sup>(1)</sup> | 230000 | 230751 |
| Total Consumer Staples |  | 932846 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Energy – 20.0%** |  |  |
| Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/29<sup>(1)</sup> | $355000<br>| $376354<br>|
| Antero Midstream Partners LP / Antero Midstream Finance Corp., 6.63%, 02/01/32<sup>(1)</sup> | 335000 | 344663 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp., 6.63%, 10/15/32<sup>(1)</sup> | 195000 | 198522 |
| Buckeye Partners LP, 6.75%, 02/01/30<sup>(1)</sup> | 335000 | 347069 |
| Citgo Petroleum Corp., 6.38%, 06/15/26<sup>(1)</sup> | 455000 | 454669 |
| Civitas Resources, Inc., 8.75%, 07/01/31<sup>(1)</sup> | 40000 | 40544 |
| Energy Transfer LP, 8.00%, (US 5 Year CMT T- Note + 4.02%), 05/15/54<sup>(2)</sup> | 170000 | 181269 |
| Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 02/01/28 | 45000 | 45482 |
| Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/30 | 320000 | 339021 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(1)</sup> | 325000 | 330690 |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/29<sup>(1)</sup> | 305000 | 318767 |
| Hess Midstream Operations LP, 5.88%, 03/01/28<sup>(1)</sup> | 215000 | 218702 |
| Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/29<sup>(1)</sup> | 350000 | 344099 |
| Kimmeridge Texas Gas LLC, 8.50%, 02/15/30<sup>(1)</sup> | 115000 | 118262 |
| Kraken Oil & Gas Partners LLC, 7.63%, 08/15/29<sup>(1)</sup> | 335000 | 328769 |
| Nabors Industries, Inc., 7.38%, 05/15/27<sup>(1)</sup> | 335000 | 338403 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(1)</sup> | 330000 | 336878 |
| Sunoco LP / Sunoco Finance Corp., 7.00%, 09/15/28<sup>(1)</sup> | 365000 | 376268 |
| Tidewater, Inc., 9.13%, 07/15/30<sup>(1)</sup> | 45000 | 47229 |
| Transocean, Inc., 8.75%, 02/15/30<sup>(1)</sup> | 296000 | 307149 |
| USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/29<sup>(1)</sup> | 325000 | 332452 |
| Venture Global LNG, Inc., 7.00%, 01/15/30<sup>(1)</sup> | 335000 | 339960 |
| Venture Global LNG, Inc., 9.88%, 02/01/32<sup>(1)</sup> | 50000 | 53978 |
| Total Energy |  | 6119199 |
| **Financials – 12.4%** |  |  |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 6.75%, 04/15/28<sup>(1)</sup> | 235000 | 238366 |
| Apollo Debt Solutions BDC, 6.90%, 04/13/29 | 322000 | 336487 |
| Azorra Finance Ltd., 7.25%, 01/15/31<sup>(1)</sup> | 130000 | 133007 |
| Blue Owl Credit Income Corp., 3.13%, 09/23/26 | 400000 | 390310 |
| Blue Owl Credit Income Corp., 6.65%, 03/15/31 | 69000 | 71028 |
| F&G Annuities & Life, Inc., 6.50%, 06/04/29 | 180000 | 185520 |
| FS KKR Capital Corp., 6.88%, 08/15/29 | 315000 | 325245 |
| Global Atlantic Finance Co., 7.95%, (US 5 Year CMT T- Note + 3.61%), 10/15/54<sup>(1)</sup><sup>(2)</sup> | 320000 | 335202 |
| Hub International Ltd., 7.25%, 06/15/30<sup>(1)</sup> | 325000 | 338995 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27<sup>(1)</sup> | 350000 | 343811 |
| Midcap Financial Issuer Trust, 6.50%, 05/01/28<sup>(1)</sup> | 355000 | 352236 |

---

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

Schedule of Investments — Virtus Newfleet Short Duration High Yield Bond ETF (continued)

July 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Financials (continued)** |  |  |
| OneMain Finance Corp., 7.88%, 03/15/30 | $315000<br>| $331882<br>|
| OneMain Finance Corp., 7.13%, 11/15/31 | 80000 | 82659 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(1)</sup> | 330000 | 341463 |
| Total Financials |  | 3806211 |
| **Health Care – 7.8%** |  |  |
| Acadia Healthcare Co., Inc., 5.50%, 07/01/28<sup>(1)</sup> | 240000 | 237147 |
| AdaptHealth LLC, 6.13%, 08/01/28<sup>(1)</sup> | 215000 | 213848 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<sup>(1)</sup> | 10000 | 10162 |
| CHS/Community Health Systems, Inc., 5.63%, 03/15/27<sup>(1)</sup> | 235000 | 235517 |
| CHS/Community Health Systems, Inc., 4.75%, 02/15/31<sup>(1)</sup> | 20000 | 16753 |
| CVS Health Corp., 7.00%, (US 5 Year CMT T- Note + 2.89%), 03/10/55<sup>(2)</sup> | 335000 | 345499 |
| DENTSPLY SIRONA, Inc., 8.38%, (US 5 Year CMT T- Note + 4.38%), 09/12/55<sup>(2)</sup> | 160000 | 161712 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(1)</sup> | 310000 | 330175 |
| IQVIA, Inc., 6.25%, 06/01/32<sup>(1)</sup> | 90000 | 92403 |
| LifePoint Health, Inc., 11.00%, 10/15/30<sup>(1)</sup> | 300000 | 330104 |
| Medline Borrower LP, 5.25%, 10/01/29<sup>(1)</sup> | 345000 | 338475 |
| Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/29<sup>(1)</sup> | 65000 | 66358 |
| Total Health Care |  | 2378153 |
| **Industrials – 4.6%** |  |  |
| Cornerstone Building Brands, Inc., 9.50%, 08/15/29<sup>(1)</sup> | 325000 | 298241 |
| FTAI Aviation Investors LLC, 5.50%, 05/01/28<sup>(1)</sup> | 195000 | 194676 |
| FTAI Aviation Investors LLC, 7.00%, 05/01/31<sup>(1)</sup> | 85000 | 88261 |
| Global Infrastructure Solutions, Inc., 5.63%, 06/01/29<sup>(1)</sup> | 240000 | 239267 |
| Herc Holdings, Inc., 7.00%, 06/15/30<sup>(1)</sup> | 35000 | 36196 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 10.00%, 11/15/29<sup>(1)</sup> | 165000 | 167257 |
| QXO Building Products, Inc., 6.75%, 04/30/32<sup>(1)</sup> | 5000 | 5161 |
| TransDigm, Inc., 6.75%, 08/15/28<sup>(1)</sup> | 385000 | 393321 |
| Total Industrials |  | 1422380 |
| **Information Technology – 3.9%** |  |  |
| Cloud Software Group, Inc., 9.00%, 09/30/29<sup>(1)</sup> | 115000 | 119093 |
| Consensus Cloud Solutions, Inc., 6.00%, 10/15/26<sup>(1)</sup> | 320000 | 317889 |
| Consensus Cloud Solutions, Inc., 6.50%, 10/15/28<sup>(1)</sup> | 45000 | 44789 |
| Neptune Bidco US, Inc., 9.29%, 04/15/29<sup>(1)</sup> | 390000 | 377812 |
| Rocket Software, Inc., 9.00%, 11/28/28<sup>(1)</sup> | 325000 | 336295 |
| Total Information Technology |  | 1195878 |
| **Materials – 4.3%** |  |  |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/28<sup>(1)</sup> | 335000 | 335464 |
| JH North America Holdings, Inc., 5.88%, 01/31/31<sup>(1)</sup> | 150000 | 150607 |
| LSB Industries, Inc., 6.25%, 10/15/28<sup>(1)</sup> | 340000 | 334554 |
| Mauser Packaging Solutions Holding Co., 7.88%, 04/15/27<sup>(1)</sup> | 325000 | 328242 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Materials (continued)** |  |  |
| Windsor Holdings III LLC, 8.50%, 06/15/30<sup>(1)</sup> | $150000<br>| $159180<br>|
| Total Materials |  | 1308047 |
| **Real Estate – 0.2%** |  |  |
| HAT Holdings I LLC / Hat Holdings II LLC, 3.38%, 06/15/26<sup>(1)</sup> | 71000 | 69710 |
| **Transaction & Payment Processing Services – 0.8%** | **Transaction & Payment Processing Services – 0.8%** |  |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(1)</sup> | 220000 | 238534 |
| **Utilities – 3.9%** |  |  |
| American Electric Power Co., Inc., 7.05%, (US 5 Year CMT T-Note + 2.75%), 12/15/54<sup>(2)</sup> | 150000 | 156937 |
| Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.00%, 07/15/29<sup>(1)</sup> | 330000 | 342489 |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.38%, 04/01/26<sup>(1)</sup> | 205000 | 203674 |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/29<sup>(1)</sup> | 178000 | 164531 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(1)</sup> | 320000 | 334790 |
| Total Utilities |  | 1202421 |
| **Total Corporate Bonds** |  |  |
| (Cost $24,209,505) |  | **24173686** |
| **FOREIGN BONDS – 16.5%** |  |  |
| **Communication Services – 0.0%<sup>(3)</sup>** |  |  |
| Telesat Canada / Telesat LLC, 6.50%, 10/15/27 (Canada)<sup>(1)</sup> | 20000 | 7600 |
| **Consumer Discretionary – 4.2%** |  |  |
| 1011778 BC ULC / New Red Finance, Inc., 6.13%, 06/15/29 (Canada)<sup>(1)</sup> | 235000 | 240445 |
| Aston Martin Capital Holdings Ltd., 10.00%, 03/31/29 (Jersey Island)<sup>(1)</sup> | 160000 | 152728 |
| Flutter Treasury DAC, 5.88%, 06/04/31 (Ireland)<sup>(1)</sup> | 120000 | 120866 |
| Great Canadian Gaming Corp. / Raptor LLC, 8.75%, 11/15/29 (Canada)<sup>(1)</sup> | 40000 | 39196 |
| Merlin Entertainments Group US Holdings, Inc., 7.38%, 02/15/31 (United Kingdom)<sup>(1)</sup> | 340000 | 297087 |
| Ontario Gaming GTA LP/OTG Co.-Issuer LLC, 8.00%, 08/01/30 (Canada)<sup>(1)</sup> | 330000 | 334025 |
| Opal Bidco SAS, 6.50%, 03/31/32 (France)<sup>(1)</sup> | 100000 | 101066 |
| Total Consumer Discretionary |  | 1285413 |
| **Consumer Staples – 0.7%** |  |  |
| Froneri Lux FinCo Sarl, 6.00%, 08/01/32 (United Kingdom)<sup>(1)</sup> | $45000 | $44867 |
| Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31 (Canada)<sup>(1)</sup> | 195000 | 169504 |
| Total Consumer Staples |  | 214371 |
| **Energy – 3.0%** |  |  |
| Coronado Finance Pty Ltd., 9.25%, 10/01/29 (Australia)<sup>(1)</sup> | 325000 | 248625 |
| South Bow Canadian Infrastructure Holdings Ltd., 7.63%, (US 5 Year CMT T- Note + 3.95%), 03/01/55 (Canada)<sup>(1)</sup><sup>(2)</sup> | 322000 | 332844 |
| Teine Energy Ltd., 6.88%, 04/15/29 (Canada)<sup>(1)</sup> | 345000 | 339555 |
| Total Energy |  | 921024 |

---

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

Schedule of Investments — Virtus Newfleet Short Duration High Yield Bond ETF (continued)

July 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Financials – 1.6%** |  |  |
| Albion Financing 1 Sarl / Aggreko Holdings, Inc., 7.00%, 05/21/30 (Luxembourg)<sup>(1)</sup> | $150000<br>| $154768<br>|
| GGAM Finance Ltd., 6.88%, 04/15/29 (Ireland)<sup>(1)</sup> | 330000 | 340795 |
| Total Financials |  | 495563 |
| **Health Care – 1.2%** |  |  |
| Grifols SA, 4.75%, 10/15/28 (Spain)<sup>(1)</sup> | 235000 | 226580 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 (Israel) | 138000 | 135240 |
| Total Health Care |  | 361820 |
| **Industrials – 1.3%** |  |  |
| Cimpress PLC, 7.38%, 09/15/32 (Ireland)<sup>(1)</sup> | 335000 | 327875 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30 (Ireland)<sup>(1)</sup> | 80000 | 83895 |
| Total Industrials |  | 411770 |
| **Materials – 4.5%** |  |  |
| Capstone Copper Corp., 6.75%, 03/31/33 (Canada)<sup>(1)</sup> | 250000 | 254956 |
| Fortescue Treasury Pty Ltd., 5.88%, 04/15/30 (Australia)<sup>(1)</sup> | 338000 | 342488 |
| INEOS Quattro Finance 2 PLC, 9.63%, 03/15/29 (United Kingdom)<sup>(1)</sup> | 320000 | 326230 |
| Maxam Prill Sarl, 7.75%, 07/15/30<br>(Luxembourg)<sup>(1)</sup> | 200000 | 195734 |
| Taseko Mines Ltd., 8.25%, 05/01/30 (Canada)<sup>(1)</sup> | 160000 | 167261 |
| Trivium Packaging Finance BV, 8.25%, 07/15/30 (Netherlands)<sup>(1)</sup> | 85000 | 89562 |
| Total Materials |  | 1376231 |
| **Total Foreign Bonds** |  |  |
| (Cost $5,207,172) |  | **5073792** |
| **Common Stock - 0.0%** | **Shares** |  |
| **Health Care - 0.0%** |  |  |
| Lannett Co., Inc.\*<sup>(4)</sup><br>(Cost $462) | 416 | **0** |
| **TERM LOAN – 0.0%** | **Principal** |  |
| **Financials – 0.0%<sup>(3)</sup>** |  |  |
| Lannett Co., Inc., 2.00%, (3-Month SOFR + 2.00%), 06/16/30<sup>(2)</sup><sup>(4)</sup><br>(Cost $58) | 2253 | **675** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MONEY MARKET FUND - 3.6%** |  |  |
| JP Morgan U.S. Government Money Market Institutional Shares, 4.17%<sup>(5)</sup><br>(Cost $1,093,203) | $1093203<br>| $1093203<br>|
| **TOTAL INVESTMENTS - 99.0%** |  |  |
| (Cost $30,510,400) |  | **30341356** |
| Other Assets in Excess of Liabilities - 1.0% |  | 306680 |
| **Net Assets - 100.0%** |  | **$30648036** |

---

------

\*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 July 31, 2025, the aggregate value of these securities was $24,978,802, or 81.5% of net assets.

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

(3)Amount rounds to less than 0.05%.

(4)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.

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

**Abbreviations:**

CMT — Constant Maturity Treasury Index

SOFR — Secured Overnight Financing Rate

---

| | | |
|:---|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |  |
| Asset Allocation as of 07/31/2025 (based on net assets) | Asset Allocation as of 07/31/2025 (based on net assets) |  |
| Corporate Bonds | 78.9 | % |
| Foreign Bonds | 16.5 | % |
| Money Market Fund | 3.6 | % |
| Term Loan | 0.0 | %\* |
| Common Stock | 0.0 | %\* |
| Other Assets in Excess of Liabilities | 1.0 | % |
| **Total** | **100.0** | **%** |

---

------

\*Amount rounds to less than 0.05%

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $—<br>| $24173686<br>| $—<br>| $24173686<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Bonds |  | 5073792 |  | 5073792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan |  |  | 675 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock |  |  | —<br><sup>(1)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 1093203 |  |  | 1093203 |
| **Total** | **$** **1093203**<br>| **$** **29247478**<br>| **$** **675**<br>| **$** **30341356**<br>|

---

<sup>(1)</sup> Includes internally fair valued securities currently priced at zero ($0).

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 July 31, 2025.

Schedule of Investments — Virtus Seix AAA Private Credit CLO ETF

July 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES – 94.1**% |  |  |
| Antares CLO 2018-3 Ltd., Class A1R, Series 2024-3A (Cayman Islands), 5.92%, (3-Month SOFR + 1.59%), 07/20/36<sup>(1)</sup><sup>(2)</sup> | $600000<br>| $598745<br>|
| Antares CLO 2019-2 Ltd., Class A1R, Series 2024-2A (Cayman Islands), 6.27%, (3-Month SOFR + 1.95%), 01/23/36<sup>(1)</sup><sup>(2)</sup> | 670000 | 672321 |
| BCC Middle Market CLO 2024-1 LLC, Class A1, Series 2024-1A (Cayman Islands), 6.07%, (3-Month SOFR + 1.75%), 07/17/36<sup>(1)</sup><sup>(2)</sup> | 900000 | 902339 |
| BCC Middle Market CLO 2025-1 LLC, Class A1, Series 2025-1A, 5.73%, (3-Month SOFR + 1.62%), 07/17/37<sup>(1)</sup><sup>(2)</sup> | 1000000 | 1003250 |
| Bcred CLO 2024-2 LLC, Class A, Series 2024-2A, 5.83%, (3-Month SOFR + 1.50%), 01/20/37<sup>(1)</sup><sup>(2)</sup> | 800000 | 800580 |
| BCRED MML CLO 2022-1 LLC, Class A1, Series 2022-1A, 5.98%, (3-Month SOFR + 1.65%), 04/20/35<sup>(1)</sup><sup>(2)</sup> | 1000000 | 1002074 |
| BlackRock Maroon Bells CLO XI LLC, Class AR, Series 2024-1A, 5.92%, (3-Month SOFR + 1.60%), 01/15/38<sup>(1)</sup><sup>(2)</sup> | 1250000 | 1252095 |
| BlackRock Shasta CLO XIII LLC, Class A1, Series 2024-1A, 6.17%, (3-Month SOFR + 1.85%), 07/15/36<sup>(1)</sup><sup>(2)</sup> | 600000 | 603404 |
| Cerberus Loan Funding XLVIII LLC, Class AN, Series 2024-4A, 5.97%, (3-Month SOFR + 1.65%), 10/15/36<sup>(1)</sup><sup>(2)</sup> | 750000 | 753244 |
| Churchill Middle Market CLO IV Ltd., Class AR, Series 2024-1A (Cayman Islands), 6.25%, (3-Month SOFR + 1.93%), 04/23/36<sup>(1)</sup><sup>(2)</sup> | 600000 | 602340 |
| Deerpath Capital CLO 2021-1 Ltd., Class A1R, Series 2024-1A (Cayman Islands), 6.12%, (3-Month SOFR + 1.80%), 07/15/36<sup>(1)</sup><sup>(2)</sup> | 800000 | 800856 |
| Deerpath Capital CLO 2023-2 Ltd., Class A2A, Series 2023-2A (Jersey Island), 7.37%, (3-Month SOFR + 3.05%), 01/15/36<sup>(1)</sup><sup>(2)</sup> | 500000 | 507010 |
| Fortress Credit Opportunities XXI CLO LLC, Class A1TR, Series 2025-21A, 5.90%, (3-Month SOFR + 1.57%), 01/21/37<sup>(1)</sup><sup>(2)</sup> | 600000 | 601406 |
| Golub Capital Partners CLO 42m-R, Class A2R, Series 2024-42RA, 7.06%, (3-Month SOFR + 2.75%), 01/20/36<sup>(1)</sup><sup>(2)</sup> | 500000 | 503140 |
| Golub Capital Partners CLO 46M Ltd., Class A1R, Series 2024-46A, 6.14%, (3-Month SOFR + 1.81%), 04/20/37<sup>(1)</sup><sup>(2)</sup> | 157000 | 157499 |
| Golub Capital Partners CLO 67M, Class A1, Series 2023-67A, 6.80%, (3-Month SOFR + 2.50%), 05/09/36<sup>(1)</sup><sup>(2)</sup> | 438000 | 438610 |
| HIG Whitehorse Trinity CLO Ltd., Class A, Series 2024-1A (Jersey Island), 6.47%, (3-Month SOFR + 2.15%), 04/25/36<sup>(1)</sup><sup>(2)</sup> | 750000 | 756353 |
| Hlend CLO 2025-3 LLC, Class A, Series 2025-3A, 5.67%, (3-Month SOFR + 1.40%), 01/20/37<sup>(1)</sup><sup>(2)</sup> | 600000 | 601298 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** |  |  |
| HPS Private Credit CLO 2025-3 LLC, Class A1, Series 2025-3A, 5.91%, (3-Month SOFR + 1.65%), 07/20/37<sup>(1)</sup><sup>(2)</sup> | $1000000 | $1001538<br>|
| IVY Hill Middle Market Credit Fund Xii Ltd., Class A1R2, Series 2025-12A (Cayman Islands), 5.73%, (3-Month SOFR + 1.40%), 04/20/37<sup>(1)</sup><sup>(2)</sup> | 850000 | 849553 |
| MCF CLO IX Ltd., Class A1RR, Series 2024-1A (Cayman Islands), 6.32%, (3-Month SOFR + 2.00%), 04/17/36<sup>(1)</sup><sup>(2)</sup> | 800000 | 797226 |
| Owl Rock CLO III Ltd., Class AR, Series 2024-3A (Cayman Islands), 6.18%, (3-Month SOFR + 1.85%), 04/20/36<sup>(1)</sup><sup>(2)</sup> | 1000000 | 1002537 |
| Owl Rock CLO VII LLC, Class AR, Series 2025-7A, 5.73%, (3-Month SOFR + 1.40%), 04/20/38<sup>(1)</sup><sup>(2)</sup> | 400000 | 397521 |
| Woodmont 2022-9 Trust, Class A1R, Series 2024-9A, 6.02%, (3-Month SOFR + 1.70%), 10/25/36<sup>(1)</sup><sup>(2)</sup> | 1000000 | 1002546 |
| **Total Asset Backed Securities** |  |  |
| (Cost $17,649,997) |  | **17607485** |
| **TERM LOAN – 4.3**% |  |  |
| **Utilities – 4.3**% |  |  |
| Calpine Corp., 6.11%, (1-Month SOFR + 1.75%), 02/15/32<sup>(1)</sup> |  |  |
| (Cost $797,000) | 800000 | **800668** |
| **TOTAL INVESTMENTS - 98.4%** |  |  |
| (Cost $18,446,997) |  | **18408153** |
| Other Assets in Excess of Liabilities - 1.6% |  | 300234 |
| **Net Assets - 100.0%** |  | **$18708387** |

---

------

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

(2)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 July 31, 2025, the aggregate value of these securities was $17,607,485, or 94.1% of net assets.

**Abbreviations:**

SOFR — Secured Overnight Financing Rate

---

| | |
|:---|:---|
| **Portfolio Compositio** **n** | **Portfolio Compositio** **n** |
| Asset Allocation as of 07/31/2025 (based on net assets) | Asset Allocation as of 07/31/2025 (based on net assets) |
| Asset Backed Securities | 94.1% |
| Term Loan | 4.3% |
| Other Assets in Excess of Liabilities | 1.6% |
| **Total** | **100.0%** |

---

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

Schedule of Investments — Virtus Seix AAA Private Credit CLO ETF (continued)

July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities | $—<br>| $17607485<br>| $—<br>| $17607485<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan |  | 800668 |  | 800668 |
| **Total** | **$** **—**<br>| **$** **18408153**<br>| **$** **—**<br>| **$** **18408153**<br>|

---

Schedule of Investments — Virtus Seix Senior Loan ETF

July 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS – 96.2%** | **TERM LOANS – 96.2%** |  |
| **Basic Materials – 7.6%** | **Basic Materials – 7.6%** |  |
| Ahlstrom Holding 3 Oy, 8.48%, (3-Month SOFR + 4.18%), 05/23/30<sup>(1)</sup> | $305000 | $307350 |
| Arc Falcon I, Inc., 7.96%, (1-Month SOFR + 3.60%), 09/30/28<sup>(1)</sup> | 1002718 | 1007356 |
| Arc Falcon I, Inc., 11.46%, (1-Month SOFR + 7.10%), 09/30/29<sup>(1)</sup> | 1380000 | 1355850 |
| Bakelite US Holdco, Inc., 8.05%, (3-Month SOFR + 3.75%), 12/23/31<sup>(1)</sup> | 1756175 | 1751126 |
| Chemours (The), Co., 7.36%, (1-Month SOFR + 3.00%), 08/18/28<sup>(1)</sup> | 1233684 | 1235226 |
| Consolidated Energy Finance SA, 8.83%, (3-Month SOFR + 4.50%), 11/15/30<sup>(1)</sup> | 1550400 | 1473934 |
| Covia Holdings LLC, 7.55%, (3-Month SOFR + 3.25%), 02/26/32<sup>(1)</sup> | 640000 | 643699 |
| Domtar Corp., 9.97%, (1-Month SOFR + 5.61%), 11/30/28<sup>(1)</sup> | 602309 | 564915 |
| Hexion Holdings Corp., 8.34%, (1-Month SOFR + 4.00%), 03/15/29<sup>(1)</sup> | 2203258 | 2200229 |
| Hexion Holdings Corp., 11.89%, (1-Month SOFR + 7.54%), 03/15/30<sup>(1)</sup> | 77647 | 76871 |
| INEOS Styrolution US Holding LLC, 6.46%, (1-Month SOFR + 2.10%), 01/29/27<sup>(1)</sup> | 1937056 | 1857966 |
| INEOS US Finance LLC, 7.61%, (1-Month SOFR + 3.25%), 02/18/30<sup>(1)</sup> | 1823719 | 1698903 |
| INEOS US Finance LLC, 7.36%, (1-Month SOFR + 3.00%), 02/07/31<sup>(1)</sup> | 2198922 | 2029418 |
| INEOS US Petrochem LLC, 8.61%, (1-Month SOFR + 4.25%), 10/01/31<sup>(1)</sup> | 1102238 | 1003036 |
| M2S Group Intermediate Holdings, Inc., 9.06%, (3-Month SOFR + 4.75%), 08/25/31<sup>(1)</sup> | 866523 | 850276 |
| Magnera Corp., 8.58%, (3-Month SOFR + 4.25%), 11/04/31<sup>(1)</sup> | 1741250 | 1733632 |
| Manchester Acquisition Sub LLC, 10.22%, (3-Month SOFR + 5.90%), 12/01/26<sup>(1)</sup> | 739846 | 702547 |
| Mativ Holdings, Inc., 8.22%, (1-Month SOFR + 0.00%), 04/20/28<sup>(1)</sup> | 762389 | 758577 |
| Natgasoline LLC, 9.86%, (1-Month SOFR + 5.50%), 03/29/30<sup>(1)</sup> | 919219 | 923815 |
| Spa US HoldCo, Inc., 0.00%, (SOFR + 0.00%), 02/04/28<sup>(2)</sup> | 1323758 | 1328722 |
| Trinseo Materials Operating SCA, 7.09%, (3-Month SOFR + 2.76%), 05/03/28<sup>(1)</sup> | 491049 | 212585 |
| Total Basic Materials |  | 23716033 |
| **Communications – 16.5%** | **Communications – 16.5%** |  |
| 2Degrees Group Ltd., 7.57%, (3-Month SOFR + 3.25%), 05/11/29<sup>(1)</sup> | 493304 | 495770 |
| Altice Financing SA, 0.00%, (SOFR + 0.00%), 10/31/27<sup>(2)</sup> | 623402 | 544541 |
| Altice Financing SA, 9.32%, (3-Month SOFR + 5.00%), 10/31/27<sup>(1)</sup> | 2034114 | 1776798 |
| Altice France SA, 9.82%, (3-Month SOFR + 5.50%), 08/15/28<sup>(1)</sup> | 521320 | 486050 |
| Cable One, Inc., 6.47%, (1-Month SOFR + 2.11%), 05/03/28<sup>(1)</sup> | 376519 | 364094 |
| Cengage Learning, Inc., 7.83%, (3-Month SOFR + 3.50%), 03/22/31<sup>(1)</sup> | 638840 | 639422 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | **TERM LOANS (continued)** |  |
| **Communications (continued)** | **Communications (continued)** |  |
| Cengage Learning, Inc., 7.85%, (1-Month SOFR + 3.50%), 03/22/31<sup>(1)</sup> | $372650 | $372989 |
| Charter Communications Operating LLC, 6.54%, (3-Month SOFR + 2.25%), 12/15/31<sup>(1)</sup> | 2198950 | 2201424 |
| Cogeco Communications USA II LP, 7.61%, (1-Month SOFR + 3.25%), 09/18/30<sup>(1)</sup> | 1394153 | 1392787 |
| Connect Finco SARL, 0.00%, (SOFR + 0.00%), 09/27/29<sup>(2)</sup> | 270000 | 265486 |
| Connect Finco SARL, 8.86%, (1-Month SOFR + 4.50%), 09/27/29<sup>(1)</sup> | 2065652 | 2031115 |
| Coral-US Co-Borrower LLC, 7.57%, (3-Month SOFR + 3.25%), 01/31/32<sup>(1)</sup> | 2070000 | 2067040 |
| Crown Subsea Communications Holding, Inc., 7.82%, (3-Month SOFR + 3.50%), 01/30/31<sup>(1)</sup> | 891000 | 898057 |
| Digital Media Solutions LLC, 0.00%, (1-Month SOFR + 0.00%), 05/25/26<sup>(1)</sup><sup>(4)</sup> | 37454 | 0 |
| Digital Media Solutions LLC, 15.43%, (3-Month SOFR + 0.00%), 05/25/26<sup>(1)</sup><sup>(3)</sup><sup>(4)</sup> | 416979 | 0 |
| Directv Financing LLC, 9.82%, (3-Month SOFR + 5.51%), 08/02/29<sup>(1)</sup> | 950549 | 944471 |
| Directv Financing LLC, 9.81%, (3-Month SOFR + 5.50%), 02/17/31<sup>(1)</sup> | 188000 | 181961 |
| DMS Purchaser LLC, 11.80%, (3-Month SOFR + 7.50%), 02/28/30<sup>(1)</sup><sup>(4)</sup> | 173551 | 175026 |
| Ensono, Inc., 8.47%, (1-Month SOFR + 4.11%), 05/19/28<sup>(1)</sup> | 1028670 | 1032312 |
| Ensono, Inc., 8.35%, (1-Month SOFR + 4.00%), 05/26/28<sup>(1)</sup> | 124818 | 125260 |
| Gray Television, Inc., 0.00%, (SOFR + 0.00%), 12/01/28<sup>(2)</sup> | 579856 | 580018 |
| Houghton Mifflin Harcourt Co., 9.71%, (1-Month SOFR + 5.35%), 04/09/29<sup>(1)</sup> | 1600885 | 1520344 |
| LendingTree LLC, 8.47%, (1-Month SOFR + 4.11%), 09/15/28<sup>(1)</sup> | 1236661 | 1242844 |
| Level 3 Financing, Inc., 8.61%, (1-Month SOFR + 4.25%), 03/27/32<sup>(1)</sup> | 1330000 | 1343819 |
| Lumen Technologies, Inc., 10.36%, (1-Month SOFR + 6.00%), 06/01/28<sup>(1)</sup> | 3001923 | 3076971 |
| Lumen Technologies, Inc., 6.82%, (1-Month SOFR + 2.46%), 04/15/29<sup>(1)</sup> | 1027382 | 1023370 |
| Lumen Technologies, Inc., 6.82%, (1-Month SOFR + 2.46%), 04/15/30<sup>(1)</sup> | 542153 | 539740 |
| Magnite, Inc., 7.36%, (1-Month SOFR + 3.00%), 02/06/31<sup>(1)</sup> | 1418897 | 1425693 |
| MH Sub I LLC, 8.61%, (1-Month SOFR + 4.25%), 05/03/28<sup>(1)</sup> | 229924 | 219880 |
| Neptune Bidco US, Inc., 9.18%, (3-Month SOFR + 4.85%), 10/11/28<sup>(1)</sup> | 227023 | 217820 |
| Neptune Bidco US, Inc., 9.43%, (3-Month SOFR + 5.10%), 04/11/29<sup>(1)</sup> | 2811934 | 2708680 |
| Nexstar Media, Inc., 6.86%, (1-Month SOFR + 2.50%), 06/24/32<sup>(1)</sup> | 615000 | 616768 |
| Nielsen Holdings Ltd., 14.18%, (3-Month SOFR + 9.85%), 10/11/29<sup>(1)</sup> | 880544 | 871739 |
| Summer BC Holdco B SARL, 9.56%, (3-Month SOFR + 5.26%), 02/15/29<sup>(1)</sup> | 1399750 | 1405874 |

---

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

Schedule of Investments — Virtus Seix Senior Loan ETF (continued)

July 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | **TERM LOANS (continued)** |  |
| **Communications (continued)** | **Communications (continued)** |  |
| Sunrise Financing Partnership, 6.69%, (6-Month SOFR + 2.50%), 02/15/32<sup>(1)</sup> | $1108398 | $1109007 |
| team.blue Finco SARL, 7.55%, (1-Month SOFR + 3.25%), 07/12/32<sup>(1)</sup> | 670000 | 672831 |
| Telenet Financing USD LLC, 6.46%, (1-Month SOFR + 2.11%), 04/30/28<sup>(1)</sup> | 1000000 | 981750 |
| Thryv, Inc., 11.11%, (1-Month SOFR + 6.75%), 05/01/29<sup>(1)</sup> | 98000 | 98490 |
| TripAdvisor, Inc., 7.11%, (1-Month SOFR + 2.75%), 07/08/31<sup>(1)</sup> | 1376416 | 1366093 |
| Univision Communications, Inc., 7.97%, (1-Month SOFR + 3.61%), 01/31/29<sup>(1)</sup> | 1961570 | 1957901 |
| Venga Finance Sarl, 8.34%, (3-Month SOFR + 4.01%), 06/28/29<sup>(1)</sup> | 1965795 | 1978090 |
| Virgin Media Bristol LLC, 0.00%, (SOFR + 0.00%), 01/31/28<sup>(2)</sup> | 560318 | 554482 |
| Virgin Media Bristol LLC, 7.71%, (1-Month SOFR + 3.36%), 01/31/29<sup>(1)</sup> | 1500000 | 1493100 |
| Virgin Media Bristol LLC, 7.37%, (6-Month SOFR + 3.28%), 03/31/31<sup>(1)</sup> | 1900000 | 1867225 |
| Wasserman Media Group LLC, 7.35%, (1-Month SOFR + 3.00%), 06/11/32<sup>(1)</sup> | 670000 | 672931 |
| Zacapa SARL, 8.05%, (3-Month SOFR + 3.75%), 03/22/29<sup>(1)</sup> | 4034991 | 4047600 |
| Ziggo Financing Partnership, 0.00%, (SOFR + 0.00%), 04/30/28<sup>(2)</sup> | 95000 | 91926 |
| Ziggo Financing Partnership, 6.96%, (1-Month SOFR + 2.61%), 04/30/28<sup>(1)</sup> | 1707442 | 1652189 |
| Total Communications |  | 51331778 |
| **Consumer, Cyclical – 10.6%** | **Consumer, Cyclical – 10.6%** |  |
| ABG Intermediate Holdings 2 LLC, 6.61%, (1-Month SOFR + 2.25%), 12/21/28<sup>(1)</sup> | 1650757 | 1649725 |
| ABG Intermediate Holdings 2 LLC, 6.61%, (1-Month SOFR + 2.25%), 02/13/32<sup>(1)</sup> | 224438 | 223982 |
| Allen Media LLC, 9.95%, (3-Month SOFR + 5.65%), 02/10/27<sup>(1)</sup> | 361988 | 220813 |
| Allwyn Entertainment Financing US LLC, 6.33%, (3-Month SOFR + 2.00%), 06/02/31<sup>(1)</sup> | 1030455 | 1027451 |
| AP Core Holdings II LLC, 0.00%, (SOFR + 0.00%), 09/01/27<sup>(2)</sup> | 620000 | 595533 |
| AP Core Holdings II LLC, 9.97%, (1-Month SOFR + 5.61%), 09/01/27<sup>(1)</sup> | 1590000 | 1527060 |
| Autokiniton US Holdings, Inc., 0.00%, (SOFR + 0.00%), 04/06/28<sup>(2)</sup> | 240000 | 232543 |
| Autokiniton US Holdings, Inc., 8.47%, (1-Month SOFR + 4.11%), 04/06/28<sup>(1)</sup> | 1484925 | 1438788 |
| Beach Acquisition Bidco LLC, 0.00%, (SOFR + 0.00%), 06/25/32<sup>(2)</sup> | 625000 | 629687 |
| Bombardier Recreational Products, Inc., 7.11%, (1-Month SOFR + 2.75%), 01/22/31<sup>(1)</sup> | 2010782 | 2016071 |
| Boots Group Finco LP, 0.00%, (SOFR + 0.00%), 07/22/32<sup>(2)</sup> | 845000 | 845532 |
| Clarios Global LP, 7.11%, (1-Month SOFR + 2.75%), 01/28/32<sup>(1)</sup> | 630000 | 630917 |
| CWGS Group LLC, 0.00%, (SOFR + 0.00%), 06/03/28<sup>(2)</sup> | 140000 | 138221 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | **TERM LOANS (continued)** |  |
| **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |  |
| CWGS Group LLC, 6.97%, (1-Month SOFR + 2.61%), 06/03/28<sup>(1)</sup> | $766972 | $757224 |
| EOC Borrower LLC, 7.36%, (1-Month SOFR + 3.00%), 03/24/32<sup>(1)</sup> | 1415000 | 1420087 |
| Fitness International LLC, 8.86%, (1-Month SOFR + 4.50%), 02/12/29<sup>(1)</sup> | 246278 | 248485 |
| Foundation Building Materials, Inc., 9.55%, (3-Month SOFR + 5.25%), 01/29/31<sup>(1)</sup> | 715000 | 701197 |
| GBT US III LLC, 6.81%, (3-Month SOFR + 2.50%), 07/25/31<sup>(1)</sup> | 756200 | 759463 |
| Golden State Foods LLC, 8.59%, (1-Month SOFR + 4.25%), 12/04/31<sup>(1)</sup> | 992525 | 999115 |
| LC Ahab US Bidco LLC, 7.36%, (1-Month SOFR + 3.00%), 05/01/31<sup>(1)</sup> | 994987 | 997480 |
| LCI Industries, 6.86%, (1-Month SOFR + 2.50%), 03/19/32<sup>(1)</sup> | 802988 | 808010 |
| Light & Wonder International, Inc., 6.59%, (1-Month SOFR + 2.25%), 04/14/29<sup>(1)</sup> | 496250 | 497987 |
| Oravel Stays Singapore Pte Ltd., 0.00%, (SOFR + 0.00%), 12/20/29<sup>(2)</sup> | 330000 | 327937 |
| Oravel Stays Singapore Pte Ltd., 12.30%, (3-Month SOFR + 8.00%), 12/20/29<sup>(1)</sup> | 1675800 | 1665326 |
| Peer Holding III BV, 6.80%, (3-Month SOFR + 2.50%), 07/01/31<sup>(1)</sup> | 681575 | 684240 |
| QXO Building Products, Inc., 7.30%, (3-Month SOFR + 3.00%), 04/30/32<sup>(1)</sup> | 1101222 | 1112014 |
| Restoration Hardware, Inc., 6.97%, (1-Month SOFR + 2.61%), 10/20/28<sup>(1)</sup> | 139637 | 135309 |
| Restoration Hardware, Inc., 7.71%, (1-Month SOFR + 3.35%), 10/20/28<sup>(1)</sup> | 1020995 | 998982 |
| Sabre GLBL, Inc., 0.00%, (SOFR + 0.00%), 12/17/27<sup>(2)</sup> | 126746 | 126455 |
| Sabre GLBL, Inc., 7.97%, (1-Month SOFR + 3.61%), 12/17/27<sup>(1)</sup> | 648127 | 646643 |
| Sabre GLBL, Inc., 8.71%, (1-Month SOFR + 4.35%), 06/30/28<sup>(1)</sup> | 190995 | 190709 |
| Sabre GLBL, Inc., 9.46%, (1-Month SOFR + 5.10%), 06/30/28<sup>(1)</sup> | 795786 | 793796 |
| Sabre GLBL, Inc., 0.00%, (SOFR + 0.00%), 11/15/29<sup>(2)</sup> | 292403 | 283631 |
| Topgolf Callaway Brands Corp., 0.00%, (SOFR + 0.00%), 03/15/30<sup>(2)</sup> | 354056 | 350349 |
| Topgolf Callaway Brands Corp., 7.36%, (1-Month SOFR + 3.00%), 03/15/30<sup>(1)</sup> | 837766 | 828995 |
| Varsity Brands, Inc., 7.33%, (3-Month SOFR + 3.00%), 08/26/31<sup>(1)</sup> | 997500 | 1001365 |
| Victra Holdings LLC, 8.55%, (3-Month SOFR + 4.25%), 03/29/29<sup>(1)</sup> | 1751100 | 1758490 |
| Voyager Parent LLC, 9.04%, (2-Month SOFR + 4.75%), 07/01/32<sup>(1)</sup> | 1170000 | 1172503 |
| WH Borrower LLC, 9.07%, (3-Month SOFR + 4.75%), 02/12/32<sup>(1)</sup> | 2620000 | 2623485 |
| Total Consumer, Cyclical |  | 33065600 |

---

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

Schedule of Investments — Virtus Seix Senior Loan ETF (continued)

July 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | **TERM LOANS (continued)** |  |
| **Consumer, Non-cyclical – 14.2%** | **Consumer, Non-cyclical – 14.2%** |  |
| A-AG US GSI Bidco, Inc., 9.30%, (3-Month SOFR + 5.00%), 10/31/31<sup>(1)</sup> | $1137150 | $1131464 |
| AHP Health Partners, Inc., 7.11%, (1-Month SOFR + 2.75%), 08/24/28<sup>(1)</sup> | 853889 | 856557 |
| American Public Education, Inc., 9.97%, (1-Month SOFR + 5.61%), 09/01/27<sup>(1)</sup> | 720000 | 714600 |
| Amneal Pharmaceuticals LLC, 9.86%, (1-Month SOFR + 5.50%), 05/04/28<sup>(1)</sup> | 2889405 | 2947193 |
| Aspire Bakeries Holdings LLC, 7.85%, (1-Month SOFR + 3.50%), 12/23/30<sup>(1)</sup> | 596985 | 603143 |
| Camelot US Acquisition LLC, 0.00%, (SOFR + 0.00%), 01/31/31<sup>(2)</sup> | 20000 | 20017 |
| Camelot US Acquisition LLC, 7.11%, (1-Month SOFR + 2.75%), 01/31/31<sup>(1)</sup> | 1000000 | 1000875 |
| Catawba Nation Gaming Authority, 9.05%, (3-Month SOFR + 4.75%), 03/28/32<sup>(1)</sup> | 1035000 | 1056994 |
| Froneri US, Inc., 0.00%, (SOFR + 0.00%), 07/16/32<sup>(2)</sup> | 930000 | 929247 |
| Fugue Finance LLC, 7.10%, (1-Month SOFR + 2.75%), 01/09/32<sup>(1)</sup> | 809973 | 814238 |
| HAH Group Holding Co. LLC, 9.36%, (1-Month SOFR + 5.00%), 09/17/31<sup>(1)</sup> | 674605 | 654367 |
| LifePoint Health, Inc, 7.82%, (3-Month SOFR + 3.50%), 05/16/31<sup>(1)</sup> | 384035 | 382716 |
| LifePoint Health, Inc, 8.07%, (3-Month SOFR + 3.75%), 05/16/31<sup>(1)</sup> | 2685804 | 2684971 |
| LifePoint Health, Inc., 0.00%, (SOFR + 0.00%), 05/16/31<sup>(2)</sup> | 139649 | 139169 |
| Medline Borrower LP, 6.61%, (1-Month SOFR + 2.25%), 10/23/28<sup>(1)</sup> | 1773578 | 1777151 |
| Mister Car Wash Holdings, Inc., 6.86%, (1-Month SOFR + 2.50%), 03/21/31<sup>(1)</sup> | 310989 | 311849 |
| Neon Maple US Debt Mergersub, Inc., 7.11%, (1-Month SOFR + 0.00%), 11/17/31<sup>(1)</sup> | 1625925 | 1629128 |
| NorthAB LLC, 6.80%, (3-Month SOFR + 2.50%), 11/24/28<sup>(1)</sup> | 1027438 | 1018556 |
| Nourish Buyer I, Inc., 8.83%, (3-Month SOFR + 4.50%), 07/08/32<sup>(1)</sup> | 525000 | 525000 |
| Opal US LLC, 0.00%, (SOFR + 0.00%), 04/28/32<sup>(2)</sup> | 2705000 | 2720053 |
| Organon & Co., 6.60%, (1-Month SOFR + 2.25%), 05/19/31<sup>(1)</sup> | 1796927 | 1737782 |
| Primary Products Finance LLC, 7.54%, (3-Month SOFR + 3.25%), 04/01/29<sup>(1)</sup> | 1617110 | 1591503 |
| Primo Brands Corp., 6.55%, (3-Month SOFR + 2.25%), 03/31/28<sup>(1)</sup> | 1449303 | 1454339 |
| Priority Holdings LLC, 9.08%, (1-Month SOFR + 4.75%), 05/16/31<sup>(1)</sup> | 1547072 | 1552147 |
| Priority Holdings LLC, 0.00%, (SOFR + 0.00%), 07/22/32<sup>(2)</sup> | 250000 | 250469 |
| Prometric Holdings, Inc., 8.22%, (1-Month SOFR + 3.86%), 06/18/32<sup>(1)</sup> | 670000 | 675444 |
| Quirch Foods Holdings LLC, 9.57%, (3-Month SOFR + 5.26%), 10/27/27<sup>(1)</sup> | 1593398 | 1555555 |
| Savor Acquisition, Inc., 7.61%, (1-Month SOFR + 3.25%), 02/04/32<sup>(1)</sup> | 726466 | 731006 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | **TERM LOANS (continued)** |  |
| **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |  |
| Savor Acquisition, Inc., 0.00%, (3-Month SOFR + 0.00%), 02/19/32<sup>(1)</sup> | $68534 | $68963 |
| Sazerac Co., Inc., 6.84%, (1-Month SOFR + 2.50%), 07/09/32<sup>(1)</sup> | 730000 | 733424 |
| Team Health Holdings, Inc., 9.61%, (1-Month SOFR + 5.25%), 03/02/27<sup>(1)</sup> | 1580952 | 1581940 |
| Team Health Holdings, Inc., 0.00%, (SOFR + 0.00%), 06/23/28<sup>(2)</sup> | 1185000 | 1186481 |
| Team Public Choices LLC, 9.41%, (3-Month SOFR + 5.10%), 12/20/27<sup>(1)</sup> | 865538 | 861981 |
| Team Public Choices LLC, 9.56%, (3-Month SOFR + 5.25%), 12/20/27<sup>(1)</sup> | 482575 | 483178 |
| Transnetwork LLC, 9.05%, (3-Month SOFR + 4.75%), 12/29/30<sup>(1)</sup> | 997468 | 1000590 |
| TTF Lower Intermediate LLC, 0.00%, (SOFR + 0.00%), 07/18/31<sup>(2)</sup> | 365000 | 362719 |
| TTF Lower Intermediate LLC, 8.00%, (6-Month SOFR + 3.75%), 07/18/31<sup>(1)</sup> | 942716 | 936824 |
| University Support Services LLC, 7.11%, (1-Month SOFR + 2.75%), 02/10/29<sup>(1)</sup> | 2485492 | 2443562 |
| Veritiv Operating Co., 8.30%, (3-Month SOFR + 4.00%), 11/30/30<sup>(1)</sup> | 948408 | 953449 |
| Vestis Corp., 6.58%, (3-Month SOFR + 2.25%), 02/22/31<sup>(1)</sup> | 1626635 | 1561570 |
| VM Consolidated, Inc., 6.61%, (1-Month SOFR + 2.25%), 03/24/28<sup>(1)</sup> | 626356 | 628705 |
| Total Consumer, Non-cyclical |  | 44268919 |
| **Diversified – 0.4%** | **Diversified – 0.4%** |  |
| Emerald X, Inc., 8.11%, (1-Month SOFR + 3.75%), 01/23/32<sup>(1)</sup> | 400000 | 403582 |
| First Eagle Holdings, Inc., 7.30%, (3-Month SOFR + 3.00%), 03/05/29<sup>(1)</sup> | 740625 | 741051 |
| Total Diversified |  | 1144633 |
| **Energy – 6.6%** | **Energy – 6.6%** |  |
| AL NGPL Holdings LLC, 6.78%, (3-Month SOFR + 2.50%), 04/13/28<sup>(1)</sup> | 1352951 | 1358363 |
| Brazos Delaware II LLC, 7.34%, (1-Month SOFR + 3.00%), 02/11/30<sup>(1)</sup> | 467578 | 468857 |
| CPPIB OVM Member US LLC, 7.05%, (3-Month SOFR + 2.75%), 08/20/31<sup>(1)</sup> | 899284 | 903407 |
| EMG Utica Midstream Holdings LLC, 0.00%, (SOFR + 0.00%), 04/01/30<sup>(2)</sup> | 250000 | 250938 |
| EMG Utica Midstream Holdings LLC, 8.30%, (3-Month SOFR + 4.00%), 04/01/30<sup>(1)</sup> | 633413 | 635788 |
| EPIC Crude Services LP, 6.83%, (3-Month SOFR + 2.50%), 10/15/31<sup>(1)</sup> | 930833 | 937065 |
| Goodnight Water Solutions Holdings LLC, 8.36%, (1-Month SOFR + 4.00%), 06/04/29<sup>(1)</sup> | 2418782 | 2436923 |
| NGL Energy Operating LLC, 8.11%, (1-Month SOFR + 3.75%), 02/03/31<sup>(1)</sup> | $668308 | $669895 |
| Oxbow Carbon LLC, 7.86%, (1-Month SOFR + 3.50%), 05/10/30<sup>(1)</sup> | 1826537 | 1828819 |
| Par Petroleum LLC, 8.03%, (3-Month SOFR + 3.75%), 02/28/30<sup>(1)</sup> | 1145000 | 1145595 |
| Pasadena Performance Products LLC, 7.80%, (3-Month SOFR + 3.50%), 02/27/32<sup>(1)</sup> | 1995000 | 2012456 |

---

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

Schedule of Investments — Virtus Seix Senior Loan ETF (continued)

July 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | **TERM LOANS (continued)** |  |
| **Energy (continued)** | **Energy (continued)** |  |
| Rockpoint Gas Storage Partners LP, 7.30%, (3-Month SOFR + 3.00%), 09/18/31<sup>(1)</sup> | $1766125 | $1774117 |
| WaterBridge Midstream Operating LLC, 9.31%, (3-Month SOFR + 5.01%), 06/27/29<sup>(1)</sup> | 4140591 | 4154048 |
| WaterBridge NDB Operating LLC, 8.30%, (3-Month SOFR + 4.00%), 05/10/29<sup>(1)</sup> | 997487 | 1001747 |
| West Deptford Energy Holdings LLC, 8.32%, (1-Month SOFR + 4.00%), 07/23/32<sup>(1)</sup> | 850000 | 847875 |
| Total Energy |  | 20425893 |
| **Financials – 14.0%** | **Financials – 14.0%** |  |
| Apex Group Treasury LLC, 7.82%, (1-Month SOFR + 3.50%), 02/27/32<sup>(1)</sup> | 1162488 | 1164377 |
| Apollo Commercial Real Estate Finance, Inc., 7.59%, (1-Month SOFR + 3.25%), 06/13/30<sup>(1)</sup> | 1190000 | 1198925 |
| Aretec Group, Inc., 7.86%, (1-Month SOFR + 3.50%), 08/09/30<sup>(1)</sup> | 2693284 | 2701700 |
| Asurion LLC, 9.72%, (1-Month SOFR + 5.36%), 01/20/29<sup>(1)</sup> | 2015000 | 1899772 |
| Asurion LLC, 0.00%, (SOFR + 0.00%), 09/19/30<sup>(2)</sup> | 1826481 | 1791321 |
| Asurion LLC, 8.61%, (1-Month SOFR + 4.25%), 09/19/30<sup>(1)</sup> | 395213 | 387605 |
| Asurion LLC, 8.61%, (1-Month SOFR + 4.25%), 09/19/30<sup>(1)</sup> | 1713483 | 1688552 |
| Blackhawk Network Holdings, Inc., 8.36%, (1-Month SOFR + 4.00%), 03/12/29<sup>(1)</sup> | 811821 | 816070 |
| Blackstone Mortgage Trust, Inc., 7.86%, (1-Month SOFR + 3.50%), 05/09/29<sup>(1)</sup> | 200258 | 200759 |
| Blackstone Mortgage Trust, Inc., 7.36%, (1-Month SOFR + 3.00%), 12/10/30<sup>(1)</sup> | 768075 | 772553 |
| Brookfield Properties Retail Holding LLC, 7.86%, (1-Month SOFR + 3.50%), 05/28/30<sup>(1)</sup> | 885000 | 889314 |
| DRW Holdings LLC, 7.86%, (1-Month SOFR + 3.50%), 06/26/31<sup>(1)</sup> | 1965150 | 1967606 |
| EIG Management Co. LLC, 9.35%, (1-Month SOFR + 5.00%), 05/17/29<sup>(1)</sup> | 424625 | 424625 |
| FinCo I LLC, 0.00%, (3-Month SOFR + 0.00%), 06/27/29<sup>(1)</sup> | 589537 | 590215 |
| FinCo I LLC, 0.00%, (SOFR + 0.00%), 06/27/29<sup>(2)</sup> | 199000 | 199229 |
| FNZ USA FinCo LLC, 9.26%, (3-Month SOFR + 5.00%), 11/05/31<sup>(1)</sup> | 1231913 | 1005241 |
| Forest City Enterprises LLC, 0.00%, (SOFR + 0.00%), 12/08/25<sup>(2)</sup> | 45000 | 43855 |
| Forest City Enterprises LLC, 7.97%, (1-Month SOFR + 3.61%), 12/08/25<sup>(1)</sup> | 3445000 | $3357376 |
| Franklin Square Holdings LP, 6.61%, (1-Month SOFR + 2.25%), 04/25/31<sup>(1)</sup> | 514800 | 518018 |
| GC Ferry Acquisition I, Inc., 0.00%, (SOFR + 0.00%), 06/06/32<sup>(2)</sup> | 2365000 | 2333593 |
| Hightower Holding LLC, 7.26%, (3-Month SOFR + 3.00%), 02/03/32<sup>(1)</sup> | 1139485 | 1142094 |
| Hudson River Trading LLC, 7.34%, (1-Month SOFR + 3.00%), 03/18/30<sup>(1)</sup> | 1553995 | 1559846 |
| Jane Street Group LLC, 6.33%, (3-Month SOFR + 2.00%), 12/15/31<sup>(1)</sup> | 1558096 | 1553087 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | **TERM LOANS (continued)** |  |
| **Financials (continued)** | **Financials (continued)** |  |
| Jefferies Finance LLC, 7.35%, (1-Month SOFR + 3.00%), 10/21/31<sup>(1)</sup> | $3144212 | $3154054 |
| Jump Financial LLC, 8.55%, (3-Month SOFR + 4.25%), 02/20/32<sup>(1)</sup> | 997500 | 999994 |
| Mermaid Bidco, Inc., 7.51%, (3-Month SOFR + 3.25%), 07/03/31<sup>(1)</sup> | 1861405 | 1866579 |
| OEG Borrower LLC, 7.81%, (3-Month SOFR + 3.50%), 06/30/31<sup>(1)</sup> | 1488750 | 1503638 |
| Osaic Holdings, Inc., 7.86%, (1-Month SOFR + 3.50%), 08/17/28<sup>(1)</sup> | 2254774 | 2259825 |
| Osaic Holdings, Inc., 0.00%, (SOFR + 0.00%), 07/16/32<sup>(2)</sup> | 1790000 | 1792801 |
| Russell Investments US Institutional Holdco, Inc., 10.81%, (3-Month SOFR + 6.50%), 05/30/27<sup>(1)</sup> | 1044730 | 1014694 |
| SK Neptune Husky Finance Sarl, 0.00%, (3-Month SOFR + 0.00%), 01/03/29<sup>(1)</sup><sup>(3)</sup> | 862908 | 28044 |
| Starwood Property Mortgage LLC, 6.36%, (1-Month SOFR + 2.00%), 01/02/30<sup>(1)</sup> | 1208925 | 1211947 |
| Superannuation & Investments US LLC, 7.36%, (1-Month SOFR + 3.00%), 12/01/28<sup>(1)</sup> | 671111 | 674215 |
| VFH Parent LLC, 6.86%, (1-Month SOFR + 2.50%), 06/21/31<sup>(1)</sup> | 641769 | 644977 |
| Total Financials |  | 43356501 |
| **Industrials – 11.4%** | **Industrials – 11.4%** |  |
| AIT Worldwide Logistics Holdings, Inc., 8.26%, (3-Month SOFR + 4.00%), 04/08/30<sup>(1)</sup> | 477600 | 479692 |
| Alliance Laundry Systems LLC, 6.86%, (1-Month SOFR + 2.50%), 08/19/31<sup>(1)</sup> | 1000000 | 999970 |
| AMG Critical Materials NV, 0.00%, (SOFR + 0.00%), 11/30/28<sup>(2)</sup> | 44884 | 44856 |
| AMG Critical Materials NV, 7.97%, (1-Month SOFR + 3.61%), 11/30/28<sup>(1)</sup> | 1310601 | 1309783 |
| Clue Opco LLC, 8.81%, (3-Month SOFR + 4.50%), 12/19/30<sup>(1)</sup> | 808822 | 811305 |
| Clydesdale Acquisition Holdings, Inc., 7.61%, (1-Month SOFR + 3.25%), 04/01/32<sup>(1)</sup> | 900000 | 900392 |
| Cobham Ultra SeniorCo Sarl, 8.18%, (6-Month SOFR + 3.93%), 08/03/29<sup>(1)</sup> | 2309564 | 2315742 |
| Construction Partners, Inc., 6.86%, (1-Month SOFR + 2.50%), 11/03/31<sup>(1)</sup> | 694380 | 698432 |
| Creation Technologies, Inc., 10.05%, (3-Month SOFR + 5.76%), 10/05/28<sup>(1)</sup> | $1330252 | $1328595 |
| Crown Equipment Corp., 6.58%, (1-Month SOFR + 2.25%), 10/10/31<sup>(1)</sup> | 891685 | 896424 |
| Dynamo US Bidco, Inc., 7.83%, (1-Month SOFR + 3.50%), 10/01/31<sup>(1)</sup> | 1491244 | 1500102 |
| Dynasty Acquisition Co, Inc., 6.36%, (1-Month SOFR + 2.00%), 10/31/31<sup>(1)</sup> | 1029825 | 1033594 |
| Foley Products Co. LLC, 9.20%, (3-Month SOFR + 4.90%), 12/29/28<sup>(1)</sup> | 465832 | 469471 |
| Frontdoor, Inc., 6.61%, (1-Month SOFR + 2.25%), 12/17/31<sup>(1)</sup> | 427850 | 429989 |
| Goat Holdco LLC, 7.36%, (1-Month SOFR + 3.00%), 01/27/32<sup>(1)</sup> | 877800 | 879994 |
| HDI Aerospace Intermediate Holding III Corp., 8.83%, (3-Month SOFR + 4.50%), 02/11/32<sup>(1)</sup> | 1695750 | 1703169 |

---

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

Schedule of Investments — Virtus Seix Senior Loan ETF (continued)

July 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | **TERM LOANS (continued)** |  |
| **Industrials (continued)** | **Industrials (continued)** |  |
| JSG II, Inc., 8.96%, (1-Month SOFR + 4.60%), 06/28/26<sup>(1)</sup> | $17820 | $17809 |
| JSG II, Inc., 8.96%, (1-Month SOFR + 4.60%), 06/28/26<sup>(1)</sup> | 1399271 | 1398396 |
| LSF11 Trinity Bidco, Inc., 7.35%, (1-Month SOFR + 3.00%), 06/14/30<sup>(1)</sup> | 1512221 | 1516946 |
| Lsf12 Crown US Commercial Bidco LLC, 7.86%, (1-Month SOFR + 3.50%), 12/02/31<sup>(1)</sup> | 1080000 | 1087879 |
| Oscar Acquisitionco LLC, 8.55%, (3-Month SOFR + 4.25%), 04/29/29<sup>(1)</sup> | 1289461 | 1177671 |
| Pregis TopCo LLC, 8.36%, (1-Month SOFR + 4.00%), 02/01/29<sup>(1)</sup> | 852863 | 862351 |
| Quikrete Holdings, Inc., 6.61%, (1-Month SOFR + 2.25%), 04/14/31<sup>(1)</sup> | 743632 | 743993 |
| Quikrete Holdings, Inc., 6.61%, (1-Month SOFR + 2.25%), 02/10/32<sup>(1)</sup> | 324188 | 324309 |
| Rand Parent LLC, 7.30%, (3-Month SOFR + 3.00%), 03/18/30<sup>(1)</sup> | 1784179 | 1769487 |
| Red SPV LLC, 6.59%, (1-Month SOFR + 2.25%), 03/15/32<sup>(1)</sup> | 780000 | 781950 |
| Stonepeak Nile Parent LLC, 7.08%, (3-Month SOFR + 2.75%), 04/09/32<sup>(1)</sup> | 665000 | 667327 |
| Third Coast Infrastructure LLC, 8.61%, (1-Month SOFR + 4.25%), 09/25/30<sup>(1)</sup> | 2852393 | 2859524 |
| Tidal Waste & Recycling Holdings LLC, 7.30%, (3-Month SOFR + 3.00%), 10/24/31<sup>(1)</sup> | 897750 | 904627 |
| TransDigm, Inc., 7.05%, (3-Month SOFR + 2.75%), 03/22/30<sup>(1)</sup> | 627063 | 630028 |
| TransDigm, Inc., 6.80%, (3-Month SOFR + 2.50%), 01/19/32<sup>(1)</sup> | 2074325 | 2082612 |
| TRC Cos LLC, 7.36%, (1-Month SOFR + 3.00%), 12/08/28<sup>(1)</sup> | 1414639 | 1416584 |
| Vertex Aerospace Services LLC, 6.61%, (1-Month SOFR + 2.25%), 12/06/30<sup>(1)</sup> | 1243750 | 1246281 |
| Total Industrials |  | 35289284 |
| **Technology – 10.2%** | **Technology – 10.2%** |  |
| Adeia, Inc., 6.86%, (1-Month SOFR + 2.50%), 06/08/28<sup>(1)</sup> | 1941971 | 1951681 |
| Ahead DB Holdings LLC, 7.30%, (3-Month SOFR + 3.00%), 02/01/31<sup>(1)</sup> | 1481306 | 1484395 |
| Allegro MicroSystems, Inc., 6.36%, (1-Month SOFR + 2.00%), 10/31/30<sup>(1)</sup> | 1409614 | 1411820 |
| Amentum Holdings, Inc., 6.61%, (1-Month SOFR + 2.25%), 09/29/31<sup>(1)</sup> | 934538 | 936173 |
| Bingo Holdings I LLC, 9.05%, (3-Month SOFR + 4.75%), 06/14/32<sup>(1)</sup> | 685000 | 687569 |
| CACI International, Inc., 6.11%, (1-Month SOFR + 1.75%), 10/17/31<sup>(1)</sup> | 30217 | 30311 |
| CACI International, Inc., 6.08%, (1-Month SOFR + 1.75%), 10/30/31<sup>(1)</sup> | 457333 | 458763 |
| Cloud Software Group, Inc., 8.05%, (3-Month SOFR + 3.75%), 03/24/31<sup>(1)</sup> | 2729417 | 2742300 |
| Clover Holdings 2 LLC, 0.00%, (SOFR + 0.00%), 12/09/31<sup>(2)</sup> | 365000 | 365075 |
| Clover Holdings 2 LLC, 8.06%, (3-Month SOFR + 3.75%), 12/09/31<sup>(1)</sup> | 623438 | 623565 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | **TERM LOANS (continued)** |  |
| **Technology (continued)** | **Technology (continued)** |  |
| Dayforce, Inc., 6.31%, (3-Month SOFR + 2.00%), 02/26/31<sup>(1)</sup> | $871222 | $875578 |
| EverCommerce Solutions, Inc., 0.00%, (SOFR + 0.00%), 07/06/28<sup>(2)</sup> | 795000 | 798645 |
| Finastra USA, Inc., 0.00%, (SOFR + 0.00%), 09/01/32<sup>(2)</sup> | 710000 | 701125 |
| Foundever Worldwide Corp., 8.11%, (1-Month SOFR + 3.75%), 08/28/28<sup>(1)</sup> | 492327 | 268412 |
| Inmar, Inc., 8.80%, (3-Month SOFR + 4.50%), 10/30/31<sup>(1)</sup> | 933969 | 941749 |
| KBR, Inc., 6.36%, (1-Month SOFR + 2.00%), 01/17/31<sup>(1)</sup> | 726132 | 727947 |
| KnowBe4, Inc., 8.07%, (3-Month SOFR + 3.75%), 07/23/32<sup>(1)</sup> | 685000 | 686288 |
| Leia Finco US LLC, 7.57%, (3-Month SOFR + 3.25%), 10/09/31<sup>(1)</sup> | 1311713 | 1315536 |
| MaxLinear, Inc., 6.72%, (1-Month SOFR + 2.36%), 06/23/28<sup>(1)</sup> | 1201483 | 1117379 |
| MKS Instruments, Inc., 6.35%, (1-Month SOFR + 2.00%), 08/17/29<sup>(1)</sup> | 1593276 | 1595865 |
| Modena Buyer LLC, 8.81%, (3-Month SOFR + 4.50%), 07/01/31<sup>(1)</sup> | 610388 | 599813 |
| Perforce Software, Inc., 9.11%, (1-Month SOFR + 4.75%), 07/02/29<sup>(1)</sup> | 496198 | 484033 |
| Perforce Software, Inc., 9.11%, (1-Month SOFR + 4.75%), 03/21/31<sup>(1)</sup> | 495000 | 482239 |
| Pitney Bowes, Inc., 8.11%, (1-Month SOFR + 3.75%), 03/19/32<sup>(1)</sup> | 1999988 | 2004987 |
| Red Planet Borrower LLC, 8.21%, (1-Month SOFR + 3.85%), 10/02/28<sup>(1)</sup> | 1880730 | 1877786 |
| Red Planet Borrower LLC, 9.61%, (1-Month SOFR + 5.25%), 10/02/28<sup>(1)</sup> | 99750 | 100873 |
| Starlight Parent LLC, 8.34%, (1-Month SOFR + 4.00%), 04/16/32<sup>(1)</sup> | 810000 | 801900 |
| UKG, Inc., 7.32%, (3-Month SOFR + 3.00%), 02/10/31<sup>(1)</sup> | 1634246 | 1635930 |
| Ultra Clean Holdings, Inc., 7.61%, (1-Month SOFR + 3.25%), 02/28/28<sup>(1)</sup> | 961052 | 966006 |
| UST Global, Inc., 7.34%, (1-Month SOFR + 3.00%), 11/20/28<sup>(1)</sup> | 968324 | 974981 |
| X Corp., 0.00%, (SOFR + 0.00%), 10/26/29<sup>(2)</sup> | 840000 | 816144 |
| X Corp., 10.96%, (3-Month SOFR + 6.65%), 10/26/29<sup>(1)</sup> | 1164821 | 1137063 |
| Total Technology |  | 31601931 |
| **Utilities – 4.7%** | **Utilities – 4.7%** |  |
| Alpha Generation LLC, 6.36%, (1-Month SOFR + 2.00%), 09/30/31<sup>(1)</sup> | 1018908 | 1018842 |
| Astoria Energy LLC, 7.11%, (1-Month SOFR + 2.75%), 06/16/32<sup>(1)</sup> | 488889 | 490950 |
| Carroll County Energy LLC, 7.55%, (3-Month SOFR + 3.25%), 06/30/31<sup>(1)</sup> | 896435 | 901943 |
| Compass Power Generation LLC, 7.61%, (1-Month SOFR + 3.25%), 04/14/29<sup>(1)</sup> | 1103422 | 1109976 |
| Cornerstone Generation LLC, 0.00%, (SOFR + 0.00%), 10/28/31<sup>(2)</sup> | 1620000 | 1633365 |

---

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

Schedule of Investments — Virtus Seix Senior Loan ETF (continued)

July 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)** | **TERM LOANS (continued)** |  |
| **Utilities (continued)** | **Utilities (continued)** |  |
| Eastern Power LLC, 9.61%, (1-Month SOFR + 5.25%), 04/03/28<sup>(1)</sup> | $1372448 | $1381136 |
| Invenergy Thermal Operating I LLC, 7.91%, (1-Month SOFR + 3.61%), 05/06/32<sup>(1)</sup> | 1875000 | 1896562 |
| Invenergy Thermal Operating I LLC, 7.93%, (1-Month SOFR + 3.61%), 05/06/32<sup>(1)</sup> | 125000 | 126438 |
| Kestrel Acquisition LLC, 7.80%, (3-Month SOFR + 3.50%), 11/06/31<sup>(1)</sup> | 603678 | 606006 |
| Lackawanna Energy Center LLC, 8.61%, (1-Month SOFR + 4.25%), 08/06/29<sup>(1)</sup> | 768573 | 771455 |
| Lackawanna Energy Center LLC, 0.00%, (SOFR + 0.00%), 07/23/32<sup>(2)</sup> | 675000 | 679219 |
| MRP Buyer LLC, 7.57%, (3-Month SOFR + 3.25%), 05/24/32<sup>(1)</sup> | 1357258 | 1336478 |
| MRP Buyer LLC, 0.00%, (3-Month SOFR + 0.00%), 06/04/32<sup>(1)</sup> | 172742 | 170097 |
| Potomac Energy Center LLC, 0.00%, (SOFR + 0.00%), 03/14/32<sup>(2)</sup> | 1250000 | 1252344 |
| Talen Energy Supply LLC, 6.81%, (3-Month SOFR + 2.50%), 05/17/30<sup>(1)</sup> | 270667 | 271640 |
| Talen Energy Supply LLC, 6.81%, (3-Month SOFR + 2.50%), 12/12/31<sup>(1)</sup> | 870625 | 873685 |
| Total Utilities |  | 14520136 |
| **Total Term Loans** |  |  |
| (Cost $298,906,939) |  | **298720708** |
| **CORPORATE BONDS – 1.6%** | **CORPORATE BONDS – 1.6%** |  |
| **Communications – 0.1%** | **Communications – 0.1%** |  |
| Gray Television, Inc., 4.75%, 10/15/30<sup>(5)</sup> | 300000 | 224625 |
| **Consumer, Cyclical – 0.2%** | **Consumer, Cyclical – 0.2%** |  |
| Warnermedia Holdings, Inc., 4.28%, 03/15/32 | 857000 | 720193 |
| **Consumer, Non-cyclical – 0.5%** | **Consumer, Non-cyclical – 0.5%** |  |
| Emergent BioSolutions, Inc., 3.88%, 08/15/28<sup>(5)</sup> | 2000000 | 1536365 |
| **Industrial – 0.3%** | **Industrial – 0.3%** |  |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/32<sup>(5)</sup> | 1000000 | 996396 |
| **Technology – 0.5%** | **Technology – 0.5%** |  |
| CoreWeave, Inc., 9.25%, 06/01/30<sup>(5)</sup> | 1000000 | 1005801 |
| CoreWeave, Inc., 9.00%, 02/01/31<sup>(5)</sup> | 500000 | 498493 |
| Total Technology |  | 1504294 |
| **Total Corporate Bonds** |  |  |
| (Cost $5,135,632) |  | **4981873** |
| **ASSET BACKED SECURITIES – 0.7%** | **ASSET BACKED SECURITIES – 0.7%** |  |
| Churchill Middle Market CLO V LLC, Class D, Series 2025-1A, 7.62%, (3-Month SOFR + 3.30%), 04/25/37<sup>(1)</sup><sup>(5)</sup> | 500000 | 493856 |
| Mountain View CLO XVI Ltd., Class ER, Series 2024-1A (Cayman Islands), 11.65%, (3-Month SOFR + 7.33%), 04/15/34<sup>(1)</sup><sup>(5)</sup> | 1000000 | 1003963 |
| Mountain View CLO XVIII Ltd., Class D1, Series 2024-1A (Cayman Islands), 7.97%, (3-Month SOFR + 3.65%), 10/16/37<sup>(1)</sup><sup>(5)</sup> | 500000 | 503988 |
| **Total Asset Backed Securities** |  |  |
| (Cost $1,987,500) |  | **2001807** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS - 0.0%** |  |  |
| **Communications - 0.0%<sup>(6)</sup>** |  |  |
| Digital Media Solutions, Inc.\*<sup>(4)</sup>  | 1585 | $66364 |
| **Financials - 0.0%<sup>(6)</sup>** |  |  |
| Altisource Portfolio Solutions SA\*  | 403 | 4481 |
| **Total Common Stocks** |  |  |
| (Cost $64,095)  |  | **70845** |
| **TOTAL INVESTMENTS - 98.5%** |  |  |
| (Cost $306,094,166)  |  | **305775233** |
| Other Assets in Excess of Liabilities - 1.5%  |  | 4756553 |
| **Net Assets - 100.0%**  |  | **$310531786** |

---

------

\*Non-income producing security.

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

(2)The loan will settle after July 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.

(3)Security in default, no interest payments are being received during the bankruptcy proceedings.

(4)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.

(5)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 July 31, 2025, the aggregate value of these securities was $6,263,487, or 2.0% of net assets.

(6)Amount rounds to less than 0.05%.

**Abbreviations:**

SOFR — Secured Overnight Financing Rate

---

| | | |
|:---|:---|:---|
| **Portfolio Composition**  | **Portfolio Composition**  | **Portfolio Composition**  |
| Asset Allocation as of 07/31/2025 (based on net assets) | Asset Allocation as of 07/31/2025 (based on net assets) |  |
| Term Loans | 96.2 | % |
| Corporate Bonds | 1.6 | % |
| Asset Backed Securities | 0.7 | % |
| Common Stocks | 0.0 | %\* |
| Other Assets in Excess of Liabilities | 1.5 | % |
| **Total** | **100.0** | **%** |

---

------

\*Amount rounds to less than 0.05%.

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

Schedule of Investments — Virtus Seix Senior Loan ETF (continued)

July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loans | $—<br>| $298545682<br>| $175026<br>| $298720708<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 4981873 |  | 4981873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities |  | 2001807 |  | 2001807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 4481 |  | 66364 | 70845 |
| **Total** | **$** **4481**<br>| **$** **305529362**<br>| **$** **241390**<br>| **$** **305775233**<br>|

---

Some of the Fund's investments that were categorized as Level 3 were valued utilizing third party pricing information without adjustment.If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.

---

| | |
|:---|:---|
| Balance as of July 31, 2024 | $1176781<br>|
| Realized gain (loss) | (55570) |
| Change in unrealized appreciation (depreciation) | (1005973) |
| Purchases | 277455 |
| Sales | (151303) |
| Amortization (accretion) |  |
| Transfers into Level 3 |  |
| Transfers out of Level 3 |  |
| Balance as of July 31, 2025 | 241390 |
| Net change in unrealized appreciation (depreciation) from investments still held as of July 31, 2025:  | $(370560) |

---

Schedule of Investments — Virtus Stone Harbor Emerging Markets High Yield Bond ETF

July 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS — 97.2%** |  |  |
| **Angola — 2.4%** |  |  |
| Angolan Government International Bond, 8.00%, 11/26/29<sup>(1)</sup> | $46000<br>| $43064<br>|
| Angolan Government International Bond, 8.75%, 04/14/32<sup>(1)</sup> | 261000 | 238113 |
| Azule Energy Finance PLC, 8.13%, 01/23/30<sup>(1)</sup> | 78000 | 78638 |
| Total Angola |  | 359815 |
| **Argentina — 7.9%** |  |  |
| Argentine Republic Government International Bond, 1.00%, 07/09/29 | 254400 | 206446 |
| Argentine Republic Government International Bond, 0.75%, 07/09/30<sup>(2)</sup> | 196000 | 151116 |
| Argentine Republic Government International Bond, 3.50%, 07/09/41<sup>(2)</sup> | 263000 | 160693 |
| Argentine Republic Government International Bond, 4.13%, 07/09/46<sup>(2)</sup> | 164182 | 104789 |
| MSU Energy SA, 9.75%, 12/05/30<sup>(1)</sup> | 94000 | 87277 |
| Provincia de Buenos Aires, 6.63%, 09/01/37<sup>(2)</sup> | 277566 | 197488 |
| Telecom Argentina SA, 9.50%, 07/18/31<sup>(1)</sup> | 39000 | 41094 |
| Telecom Argentina SA, 9.25%, 05/28/33<sup>(1)</sup> | 34000 | 35041 |
| YPF SA, 6.95%, 07/21/27 | 68000 | 68306 |
| YPF SA, 9.50%, 01/17/31<sup>(1)</sup> | 115000 | 121763 |
| Total Argentina |  | 1174013 |
| **Armenia — 0.2%** |  |  |
| Republic of Armenia International Bond, 3.60%, 02/02/31<sup>(1)</sup> | 28000 | 24430 |
| **Benin — 0.4%** |  |  |
| Benin Government International Bond, 7.96%, 02/13/38<sup>(1)</sup> | 32000 | 31077 |
| Benin Government International Bond, 8.38%, 01/23/41<sup>(1)</sup> | 35000 | 34570 |
| Total Benin |  | 65647 |
| **Bolivia — 0.5%** |  |  |
| Bolivia Government International Bond, 4.50%, 03/20/28 | 103000 | 79052 |
| **Brazil — 13.8%** |  |  |
| 3r Lux Sarl, 9.75%, 02/05/31<sup>(1)</sup> | 130000 | 134192 |
| Ambipar Lux Sarl, 10.88%, 02/05/33<sup>(1)</sup> | 80000 | 72908 |
| Braskem Netherlands Finance BV, 8.00%, 10/15/34<sup>(1)</sup> | 223000 | 159166 |
| Brazilian Government International Bond, 5.50%, 11/06/30 | 100000 | 100287 |
| Brazilian Government International Bond, 6.00%, 10/20/33 | 68000 | 67202 |
| Brazilian Government International Bond, 6.63%, 03/15/35 | 170000 | 171317 |
| Brazilian Government International Bond, 7.13%, 05/13/54 | 133000 | 127946 |
| Constellation Oil Services Holding SA, 9.38%, 11/07/29<sup>(1)</sup> | 44000 | 45281 |
| FS Luxembourg Sarl, 8.88%, 02/12/31<sup>(1)</sup> | 132000 | 136534 |
| Iochpe-Maxion Austria GMBH / Maxion Wheels de Mexico S de RL de CV, 5.00%, 05/07/28<sup>(1)</sup> | 78000 | 75160 |
| MC Brazil Downstream Trading Sarl, 7.25%, 06/30/31<sup>(1)</sup> | 80274 | 65424 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Brazil (continued)** |  |  |
| Minerva Luxembourg SA, 4.38%, 03/18/31 | $220000<br>| $197106<br>|
| Movida Europe SA, 7.85%, 04/11/29<sup>(1)</sup> | 183000 | 172020 |
| MV24 Capital BV, 6.75%, 06/01/34<sup>(1)</sup> | 54924 | 54608 |
| OHI Group SA, 13.00%, 07/22/29<sup>(1)</sup> | 123000 | 130081 |
| Samarco Mineracao SA, 9.50%, 06/30/31<sup>(1)</sup><sup>(3)</sup> | 158165 | 156780 |
| Trident Energy Finance PLC, 12.50%, 11/30/29<sup>(1)</sup> | 75000 | 77508 |
| Yinson Boronia Production BV, 8.95%, 07/31/42<sup>(1)</sup> | 129506 | 140010 |
| Total Brazil |  | 2083530 |
| **Cameroon — 1.3%** |  |  |
| Republic of Cameroon International Bond, Series 7Y, 9.50%, 07/31/31 | 200000 | 188612 |
| **Chile — 0.4%** |  |  |
| Banco de Credito e Inversiones SA, 7.50%, (US 5 Year CMT T- Note + 3.77%), perpetual<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup> | 54000 | 55255 |
| **China — 2.5%** |  |  |
| Melco Resorts Finance Ltd. (Macau), 5.38%, 12/04/29 | 238000 | 227141 |
| Studio City Finance Ltd. (Macau), 5.00%, 01/15/29<sup>(1)</sup> | 161000 | 151139 |
| Total China |  | 378280 |
| **Colombia — 5.6%** |  |  |
| AI Candelaria Spain SA, 5.75%, 06/15/33 | 157000 | 136196 |
| Colombia Government International Bond, 7.38%, 04/25/30 | 267000 | 280083 |
| Colombia Government International Bond, 3.13%, 04/15/31 | 44000 | 37081 |
| Colombia Government International Bond, 8.00%, 11/14/35 | 27000 | 27776 |
| Colombia Government International Bond, 5.20%, 05/15/49 | 282000 | 195587 |
| Gran Tierra Energy, Inc., 9.50%, 10/15/29<sup>(1)</sup> | 124000 | 102920 |
| SierraCol Energy Andina LLC, 6.00%, 06/15/28<sup>(1)</sup> | 72000 | 67833 |
| Total Colombia |  | 847476 |
| **Dominican Republic — 1.4%** |  |  |
| Dominican Republic International Bond, 4.88%, 09/23/32<sup>(1)</sup> | 52000 | 48204 |
| Dominican Republic International Bond, 6.00%, 02/22/33 | 82000 | 81785 |
| Dominican Republic International Bond, 6.95%, 03/15/37 | 58000 | 59508 |
| Dominican Republic International Bond, 6.95%, 03/15/37<sup>(1)</sup> | 25000 | 25650 |
| Total Dominican Republic |  | 215147 |
| **Ecuador — 2.7%** |  |  |
| Ecuador Government International Bond, 6.90%, 07/31/30<sup>(2)</sup> | 469000 | 411782 |
| **Egypt — 3.0%** |  |  |
| Egypt Government International Bond, 3.88%, 02/16/26<sup>(1)</sup> | 118000 | 116289 |
| Egypt Government International Bond, 8.63%, 02/04/30<sup>(1)</sup> | 28000 | 28581 |

---

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

Schedule of Investments — Virtus Stone Harbor Emerging Markets High Yield Bond ETF (continued)

July 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| Egypt Government International Bond, 5.88%, 02/16/31<sup>(1)</sup> | $71000<br>| $62977<br>|
| **Egypt (continued)** |  |  |
| Egypt Government International Bond, 7.90%, 02/21/48<sup>(1)</sup> | 123000 | 95795 |
| Egypt Government International Bond, 8.88%, 05/29/50<sup>(1)</sup> | 12000 | 10080 |
| Egypt Government International Bond, 8.75%, 09/30/51<sup>(1)</sup> | 159000 | 131374 |
| Total Egypt |  | 445096 |
| **El Salvador — 2.2%** |  |  |
| Comision Ejecutiva Hidroelectrica del Rio Lempa, 8.65%, 01/24/33<sup>(1)</sup> | 39000 | 39308 |
| El Salvador Government International Bond, 8.63%, 02/28/29<sup>(1)</sup> | 14000 | 14581 |
| El Salvador Government International Bond, 8.63%, 02/28/29 | 21000 | 21872 |
| El Salvador Government International Bond, 9.25%, 04/17/30 | 40000 | 42300 |
| El Salvador Government International Bond, 8.25%, 04/10/32<sup>(1)</sup> | 88000 | 90195 |
| El Salvador Government International Bond, 7.65%, 06/15/35 | 114000 | 109611 |
| El Salvador Government International Bond, 7.63%, 02/01/41 | 15000 | 13678 |
| Total El Salvador |  | 331545 |
| **Ethiopia — 0.8%** |  |  |
| Ethiopia International Bond, 6.63%, 12/11/25<sup>(1)</sup> | 127000 | 117475 |
| **Gabon — 1.1%** |  |  |
| Gabon Government International Bond, 6.63%, 02/06/31<sup>(1)</sup> | 122000 | 100413 |
| Gabon Government International Bond, 7.00%, 11/24/31<sup>(1)</sup> | 74000 | 60698 |
| Total Gabon |  | 161111 |
| **Georgia — 0.1%** |  |  |
| Georgian Railway JSC, 4.00%, 06/17/28<sup>(1)</sup> | 14000 | 12916 |
| **Ghana — 2.1%** |  |  |
| Ghana Government International Bond, 4.79%, 07/03/26<sup>(1)</sup><sup>(6)</sup> | 3200 | 3096 |
| Ghana Government International Bond, 5.17%, 01/03/30<sup>(1)</sup><sup>(6)</sup> | 19692 | 16443 |
| Ghana Government International Bond, 5.00%, 07/03/35<sup>(1)</sup><sup>(2)</sup> | 118600 | 95592 |
| Kosmos Energy Ltd., 7.13%, 04/04/26 | 116000 | 113680 |
| Kosmos Energy Ltd., 7.75%, 05/01/27 | 96000 | 90960 |
| Total Ghana |  | 319771 |
| **Guatemala — 1.8%** |  |  |
| Guatemala Government Bond, 6.60%, 06/13/36<sup>(1)</sup> | 112000 | 115080 |
| Guatemala Government Bond, 6.88%, 08/15/55<sup>(1)</sup> | 25000 | 24875 |
| Investment Energy Resources Ltd., 6.25%, 04/26/29<sup>(1)</sup> | 125000 | 123040 |
| Total Guatemala |  | 262995 |
| **Honduras — 0.5%** |  |  |
| Honduras Government International Bond, 8.63%, 11/27/34<sup>(1)</sup> | 75000 | 78601 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **India — 2.5%** |  |  |
| Adani Ports & Special Economic Zone Ltd., 3.83%, 02/02/32 | $111000<br>| $96170<br>|
| Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharash, 4.63%, 10/15/39<sup>(1)</sup> | 58450 | 47345 |
| JSW Hydro Energy Ltd., 4.13%, 05/18/31 | 106500 | 98938 |
| ReNew Wind Energy AP2 / ReNew Power Pvt Ltd., 4.50%, 07/14/28 | 56000 | 53445 |
| Vedanta Resources Finance II PLC, 10.88%, 09/17/29<sup>(1)</sup> | 32000 | 32768 |
| Vedanta Resources Finance II PLC, 9.48%, 07/24/30<sup>(1)</sup> | 60000 | 59543 |
| Total India |  | 388209 |
| **Indonesia — 1.2%** |  |  |
| LLPL Capital Pte Ltd., 6.88%, 02/04/39 | 43632 | 44970 |
| Minejesa Capital BV, 5.63%, 08/10/37<sup>(1)</sup> | 134000 | 131454 |
| Total Indonesia |  | 176424 |
| **Israel — 2.0%** |  |  |
| Energean Israel Finance Ltd., 5.88%, 03/30/31<sup>(1)</sup> | 76000 | 71167 |
| Energean PLC, 6.50%, 04/30/27 | 30000 | 29568 |
| Leviathan Bond Ltd., 6.75%, 06/30/30<sup>(1)</sup> | 52000 | 51596 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 | 40000 | 39200 |
| Teva Pharmaceutical Finance Netherlands III BV, 4.10%, 10/01/46 | 149000 | 105648 |
| Total Israel |  | 297179 |
| **Ivory Coast — 2.0%** |  |  |
| Ivory Coast Government International Bond, 7.63%, 01/30/33<sup>(1)</sup> | 125000 | 125531 |
| Ivory Coast Government International Bond, 8.08%, 04/01/36<sup>(1)</sup> | 17000 | 16792 |
| Ivory Coast Government International Bond, 8.25%, 01/30/37<sup>(1)</sup> | 163000 | 161290 |
| Total Ivory Coast |  | 303613 |
| **Jordan — 0.6%** |  |  |
| Jordan Government International Bond, 7.50%, 01/13/29<sup>(1)</sup> | 16000 | 16565 |
| Jordan Government International Bond, 5.85%, 07/07/30<sup>(1)</sup> | 45000 | 43893 |
| Jordan Government International Bond, 7.38%, 10/10/47<sup>(1)</sup> | 35000 | 31859 |
| Total Jordan |  | 92317 |
| **Kazakhstan — 0.7%** |  |  |
| KazMunayGas National Co. JSC, 6.38%, 10/24/48<sup>(1)</sup> | 109000 | 102555 |
| **Kenya — 0.9%** |  |  |
| Republic of Kenya Government International Bond, 9.50%, 03/05/36<sup>(1)</sup> | 142000 | 137013 |
| **Kyrgyzstan — 0.6%** |  |  |
| Kyrgyz Republic International Bond, 7.75%, 06/03/30<sup>(1)</sup> | 95000 | 95416 |

---

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

Schedule of Investments — Virtus Stone Harbor Emerging Markets High Yield Bond ETF (continued)

July 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Lebanon — 0.3%** |  |  |
| Lebanon Government International Bond, 8.25%, 04/12/21<sup>(7)</sup> | $200000<br>| $37500<br>|
| **Mexico — 7.2%** |  |  |
| Banco Mercantil del Norte SA, 6.63%, (US 10 Year CMT T- Note + 5.03%), perpetual<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup> | 82000 | 76322 |
| Banco Mercantil del Norte SA, 8.38%, (US 5 Year CMT T- Note + 4.07%), perpetual<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup> | 186000 | 190790 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, 5.13%, (US 5 Year CMT T- Note + 2.65%), 01/18/33<sup>(1)</sup><sup>(4)</sup> | 57000 | 55090 |
| Braskem Idesa SAPI, 6.99%, 02/20/32<sup>(1)</sup> | 20000 | 13450 |
| Cemex SAB de CV, 5.13%, (US 5 Year CMT T- Note + 4.53%), perpetual<sup>(4)</sup><sup>(5)</sup> | 153000 | 151759 |
| Grupo Aeromexico SAB de CV, 8.63%, 11/15/31<sup>(1)</sup> | 90000 | 87862 |
| Petroleos Mexicanos, 5.35%, 02/12/28 | 41000 | 40014 |
| Petroleos Mexicanos, 6.84%, 01/23/30 | 188000 | 185120 |
| Petroleos Mexicanos, 5.95%, 01/28/31 | 118000 | 109563 |
| Petroleos Mexicanos, 6.70%, 02/16/32 | 98000 | 93345 |
| Saavi Energia Sarl, 8.88%, 02/10/35<sup>(1)</sup> | 67000 | 70132 |
| Total Mexico |  | 1073447 |
| **Morocco — 1.2%** |  |  |
| Morocco Government International Bond, 3.00%, 12/15/32<sup>(1)</sup> | 17000 | 14473 |
| OCP SA, 3.75%, 06/23/31<sup>(1)</sup> | 5000 | 4522 |
| OCP SA, 6.88%, 04/25/44<sup>(1)</sup> | 122000 | 119713 |
| OCP SA, 7.50%, 05/02/54<sup>(1)</sup> | 45000 | 45675 |
| Total Morocco |  | 184383 |
| **Nigeria — 2.5%** |  |  |
| IHS Holding Ltd., 5.63%, 11/29/26<sup>(1)</sup> | 25000 | 24656 |
| IHS Holding Ltd., 7.88%, 05/29/30<sup>(1)</sup> | 40000 | 40620 |
| IHS Holding Ltd., 8.25%, 11/29/31<sup>(1)</sup> | 50000 | 51160 |
| IHS Netherlands Holdco BV, 8.00%, 09/18/27<sup>(1)</sup> | 37124 | 37356 |
| Nigeria Government International Bond, 6.13%, 09/28/28<sup>(1)</sup> | 56000 | 54572 |
| Nigeria Government International Bond, 9.63%, 06/09/31<sup>(1)</sup> | 150000 | 160791 |
| Nigeria Government International Bond, 10.38%, 12/09/34<sup>(1)</sup> | 3000 | 3227 |
| Total Nigeria |  | 372382 |
| **Pakistan — 1.3%** |  |  |
| Pakistan Government International Bond, 6.88%, 12/05/27 | 200000 | 196125 |
| **Peru — 0.7%** |  |  |
| Petroleos del Peru SA, 4.75%, 06/19/32 | 122000 | 98025 |
| **Senegal — 1.3%** |  |  |
| Senegal Government International Bond, 6.25%, 05/23/33<sup>(1)</sup> | 268000 | 200582 |
| **Serbia — 0.4%** |  |  |
| Serbia International Bond, 6.00%, 06/12/34<sup>(1)</sup> | 64000 | 65362 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **South Africa — 5.6%** |  |  |
| Eskom Holdings SOC Ltd., 8.45%, 08/10/28<sup>(1)</sup> | $162000<br>| $171588<br>|
| Eskom Holdings SOC Ltd., 6.35%, 08/10/28<sup>(1)</sup> | 43000 | 43847 |
| Prosus NV, 3.06%, 07/13/31 | 79000 | 70538 |
| Prosus NV, 3.83%, 02/08/51<sup>(1)</sup> | 251000 | 162612 |
| Republic of South Africa Government International Bond, Series 30Y, 5.65%, 09/27/47 | 136000 | 102650 |
| Republic of South Africa Government International Bond, Series 30Y, 6.30%, 06/22/48 | 125000 | 101813 |
| Sasol Financing USA LLC, 4.38%, 09/18/26 | 90000 | 88965 |
| Sasol Financing USA LLC, 6.50%, 09/27/28 | 105000 | 101325 |
| Total South Africa |  | 843338 |
| **Sri Lanka — 0.9%** |  |  |
| Sri Lanka Government International Bond, 3.35%, 03/15/33<sup>(1)</sup><sup>(2)</sup> | 166000 | 136224 |
| **Tanzania — 0.6%** |  |  |
| HTA Group Ltd., 7.50%, 06/04/29<sup>(1)</sup> | 84000 | 86987 |
| **Trinidad and Tobago — 1.0%** |  |  |
| Trinidad & Tobago Government International Bond, 6.40%, 06/26/34 | 158000 | 154169 |
| **Turkey — 6.5%** |  |  |
| Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27<sup>(1)</sup> | 63900 | 63358 |
| Istanbul Metropolitan Municipality, 10.50%, 12/06/28<sup>(1)</sup> | 82000 | 89193 |
| Turkcell Iletisim Hizmetleri AS, 7.65%, 01/24/32<sup>(1)</sup> | 10000 | 10344 |
| Turkiye Government International Bond, Series 10Y, 5.95%, 01/15/31 | 382000 | 372068 |
| Turkiye Government International Bond, Series 7Y, 7.13%, 02/12/32 | 33000 | 33429 |
| Turkiye Government International Bond, 7.25%, 05/29/32 | 195000 | 198851 |
| WE Soda Investments Holding PLC, 9.50%, 10/06/28<sup>(1)</sup> | 88000 | 92170 |
| Yapi VE Kredi Bankasi AS, 9.25%, (US 5 Year CMT T- Note + 5.28%), 01/17/34<sup>(1)</sup><sup>(4)</sup> | 50000 | 52610 |
| Zorlu Enerji Elektrik Uretim AS, 11.00%, 04/23/30<sup>(1)</sup> | 81000 | 79167 |
| Total Turkey |  | 991190 |
| **Ukraine — 2.0%** |  |  |
| Ukraine Government International Bond, 0.00%, 02/01/30<sup>(1)</sup><sup>(2)</sup> | 8035 | 3837 |
| Ukraine Government International Bond, 4.50%, 02/01/34<sup>(1)</sup><sup>(2)</sup> | 152197 | 79125 |
| Ukraine Government International Bond, 4.50%, 02/01/35<sup>(2)</sup> | 60000 | 31050 |
| Ukraine Government International Bond, 0.00%, 02/01/36<sup>(1)</sup><sup>(2)</sup> | 113146 | 54027 |
| Ukraine Government International Bond, 4.50%, 02/01/36<sup>(2)</sup> | 27000 | 13770 |

---

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

Schedule of Investments — Virtus Stone Harbor Emerging Markets High Yield Bond ETF (continued)

July 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| Ukraine Government International Bond, 4.50%, 02/01/36<sup>(1)</sup><sup>(2)</sup> | $15421<br>| $7865<br>|
| VF Ukraine PAT via VFU Funding PLC, 9.63%, 02/11/27<sup>(1)</sup> | 127538 | 122437 |
| Total Ukraine |  | 312111 |
| **Uzbekistan — 0.5%** |  |  |
| Republic of Uzbekistan International Bond, 3.90%, 10/19/31<sup>(1)</sup> | 89000 | 79321 |
| **Venezuela — 2.5%** |  |  |
| Petroleos de Venezuela SA, 9.00%, 11/17/21<sup>(7)</sup> | 408000 | 58650 |
| Petroleos de Venezuela SA, 6.00%, 05/16/24<sup>(7)</sup> | 1510000 | 211400 |
| Petroleos de Venezuela SA, 9.75%, 05/17/35<sup>(7)</sup> | 525000 | 85969 |
| Venezuela Government International Bond, 12.75%, 08/23/22<sup>(7)</sup> | 44000 | 8800 |
| Total Venezuela |  | 364819 |
| **Vietnam — 0.8%** |  |  |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 | 94864 | 93172 |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29<sup>(1)</sup> | 27782 | 27286 |
| Total Vietnam |  | 120458 |
| **Zambia — 0.7%** |  |  |
| Zambia Government International Bond, 0.50%, 12/31/53<sup>(1)</sup> | 137000 | 100361 |
| **TOTAL INVESTMENTS — 97.2%** |  |  |
| (Cost $14,088,955) |  | **14622059** |
| Other Assets in Excess of Liabilities - 2.8% |  | 428928 |
| **Net Assets — 100.0%** |  | **$** **15050987**<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 July 31, 2025, the aggregate value of these securities was $7,846,650, or 52.1% of net assets.

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

(3)Payment in-kind security.

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

(5)Perpetual security with no stated maturity date.

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

(7)Security in default, no interest payments are being received during the bankruptcy proceedings.

**Abbreviations:**

CMT — Constant Maturity Treasury Index

---

| | |
|:---|:---|
| **Industry Breakdown** | **Industry Breakdown** |
| As of July 31, 2025 (based on net assets) | As of July 31, 2025 (based on net assets) |
| Sovereign | 47.0% |
| Oil & Gas | 14.1% |
| Electric | 6.9% |
| Chemicals | 3.5% |
| Banks | 2.9% |
| Lodging | 2.5% |
| Energy-Alternate Sources | 1.8% |
| Oil & Gas Services | 1.8% |
| Commercial Services | 1.7% |
| Engineering & Construction | 1.6% |
| Internet | 1.6% |
| Telecommunications | 1.4% |
| Food | 1.3% |
| Government | 1.3% |
| Mining | 1.2% |
| Iron/Steel | 1.0% |
| Building Materials | 1.0% |
| Pharmaceuticals | 1.0% |
| Pipelines | 0.9% |
| Municipal | 0.6% |
| Airlines | 0.6% |
| Environmental Control | 0.5% |
| Auto Parts & Equipment | 0.5% |
| Transportation | 0.5% |
| Other Assets in Excess of Liabilities | 2.8% |
| **Total** | **100.0%** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Bonds | $—<br>| $14622059<br>| $—<br>| $14622059<br>|
| **Total** | **$** **—**<br>| **$** **14622059**<br>| **$** **—**<br>| **$** **14622059**<br>|

---

Schedule of Investments — Virtus Terranova U.S. Quality Momentum ETF

July 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 99.0%** |  |  |
| **Communication Services — 5.5%** |  |  |
| Alphabet, Inc. Class A | 8633 | $1656673<br>|
| Electronic Arts, Inc. | 10938 | 1667936 |
| Fox Corp. Class A | 29478 | 1643693 |
| Meta Platforms, Inc. Class A | 2317 | 1792060 |
| Netflix, Inc.\* | 1415 | 1640551 |
| Spotify Technology SA\* | 2372 | 1486153 |
| TKO Group Holdings, Inc. Class A | 9737 | 1635913 |
| Total Communication Services |  | 11522979 |
| **Consumer Discretionary — 7.8%** |  |  |
| Amazon.com, Inc.\* | 7142 | 1672014 |
| Doordash, Inc. Class A\* | 6746 | 1688186 |
| Garmin Ltd. | 7034 | 1538758 |
| MercadoLibre, Inc. (Brazil)\* | 706 | 1675966 |
| Royal Caribbean Cruises Ltd. | 4723 | 1501300 |
| Tesla, Inc.\* | 5106 | 1574027 |
| TJX Cos., Inc. (The) | 13259 | 1651143 |
| Ulta Beauty, Inc.\* | 3202 | 1649062 |
| Williams-Sonoma, Inc. | 8832 | 1652026 |
| Yum China Holdings, Inc. (China) | 35418 | 1653312 |
| Total Consumer Discretionary |  | 16255794 |
| **Consumer Staples — 2.4%** |  |  |
| Costco Wholesale Corp. | 1780 | 1672559 |
| Monster Beverage Corp.\* | 27612 | 1622205 |
| Walmart, Inc. | 17032 | 1668796 |
| Total Consumer Staples |  | 4963560 |
| **Energy — 1.6%** |  |  |
| Baker Hughes Co. | 35715 | 1608961 |
| Texas Pacific Land Corp. | 1702 | 1647757 |
| Total Energy |  | 3256718 |
| **Financials — 34.8%** |  |  |
| Allstate Corp. (The) | 8659 | 1759942 |
| American Express Co. | 5350 | 1601308 |
| Ameriprise Financial, Inc. | 3207 | 1661835 |
| Aon PLC Class A | 4504 | 1602118 |
| Apollo Global Management, Inc. | 11180 | 1624678 |
| Arthur J Gallagher & Co. | 5378 | 1544831 |
| Bank of New York Mellon Corp. (The) | 16521 | 1676055 |
| Berkshire Hathaway, Inc. Class B\* | 3451 | 1628458 |
| Block, Inc.\* | 20635 | 1594260 |
| Brown & Brown, Inc. | 16207 | 1480834 |
| Capital One Financial Corp. | 7762 | 1668830 |
| Charles Schwab Corp. (The) | 16980 | 1659455 |
| Chubb Ltd. | 6250 | 1662750 |
| Cincinnati Financial Corp. | 11302 | 1667158 |
| Citizens Financial Group, Inc. | 33702 | 1608259 |
| CME Group, Inc. | 6065 | 1687768 |
| Coinbase Global, Inc. Class A\* | 4381 | 1654967 |
| Fifth Third Bancorp | 39091 | 1625013 |
| First Citizens BancShares, Inc. Class A | 811 | 1617750 |
| Hartford Insurance Group, Inc. (The) | 13713 | 1705760 |
| Huntington Bancshares, Inc. | 99912 | 1641554 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Financials (continued)** |  |  |
| Interactive Brokers Group, Inc. Class A | 25425 | $1666863<br>|
| JPMorgan Chase & Co. | 5574 | 1651242 |
| LPL Financial Holdings, Inc. | 4318 | 1708762 |
| M&T Bank Corp. | 8563 | 1615838 |
| Markel Group, Inc.\* | 826 | 1658848 |
| Mastercard, Inc. Class A | 2926 | 1657491 |
| Moody's Corp. | 3276 | 1689531 |
| Morgan Stanley | 11662 | 1661369 |
| Northern Trust Corp. | 12810 | 1665300 |
| PayPal Holdings, Inc.\* | 21255 | 1461494 |
| PNC Financial Services Group, Inc. (The) | 8571 | 1630804 |
| Progressive Corp. (The) | 6899 | 1669834 |
| Raymond James Financial, Inc. | 9930 | 1659601 |
| Regions Financial Corp. | 63214 | 1601211 |
| Robinhood Markets, Inc. Class A\* | 15571 | 1604592 |
| S&P Global, Inc. | 3134 | 1727147 |
| State Street Corp. | 14785 | 1652224 |
| Synchrony Financial | 22815 | 1589521 |
| Tradeweb Markets, Inc. Class A | 12065 | 1671606 |
| Travelers Cos., Inc. (The) | 6522 | 1697285 |
| US Bancorp | 36072 | 1621797 |
| Visa, Inc. Class A | 4677 | 1615763 |
| W R Berkley Corp. | 24449 | 1682336 |
| Total Financials |  | 72234042 |
| **Health Care — 6.3%** |  |  |
| Boston Scientific Corp.\* | 15708 | 1648083 |
| Cencora, Inc. | 5809 | 1661839 |
| IDEXX Laboratories, Inc.\* | 2935 | 1568200 |
| Insulet Corp.\* | 5688 | 1640419 |
| Intuitive Surgical, Inc.\* | 3366 | 1619349 |
| ResMed, Inc. | 6079 | 1653123 |
| Stryker Corp. | 4149 | 1629437 |
| Veeva Systems, Inc. Class A\* | 5682 | 1614824 |
| Total Health Care |  | 13035274 |
| **Industrials — 16.6%** |  |  |
| Automatic Data Processing, Inc. | 5417 | 1676562 |
| Axon Enterprise, Inc.\* | 2258 | 1705896 |
| Cintas Corp. | 7544 | 1678917 |
| Cummins, Inc. | 4485 | 1648776 |
| Delta Air Lines, Inc. | 29896 | 1590766 |
| Eaton Corp. PLC | 4233 | 1628520 |
| Fastenal Co. | 35524 | 1638722 |
| HEICO Corp. | 5133 | 1677464 |
| Howmet Aerospace, Inc. | 8835 | 1588268 |
| Hubbell, Inc. | 3793 | 1659362 |
| Lennox International, Inc. | 2540 | 1546860 |
| Parker-Hannifin Corp. | 2250 | 1646775 |
| Paychex, Inc. | 11367 | 1640599 |
| Quanta Services, Inc. | 4035 | 1638735 |
| Rollins, Inc. | 29035 | 1662834 |
| Trane Technologies PLC | 3518 | 1541165 |

---

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

Schedule of Investments — Virtus Terranova U.S. Quality Momentum ETF (continued)

July 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Industrials (continued)** |  |  |
| Uber Technologies, Inc.\* | 18350 | $1610213<br>|
| United Rentals, Inc. | 1848 | 1631673 |
| Vertiv Holdings Co. Class A | 11663 | 1698133 |
| Westinghouse Air Brake Technologies Corp. | 8439 | 1620710 |
| WW Grainger, Inc. | 1586 | 1648710 |
| Total Industrials |  | 34379660 |
| **Information Technology — 18.2%** |  |  |
| Amphenol Corp. Class A | 15581 | 1659532 |
| AppLovin Corp. Class A\* | 4482 | 1751117 |
| Arista Networks, Inc.\* | 14143 | 1742701 |
| Autodesk, Inc.\* | 5460 | 1654981 |
| Broadcom, Inc. | 5649 | 1659111 |
| Cadence Design Systems, Inc.\* | 4981 | 1815923 |
| Check Point Software Technologies Ltd. (Israel)\* | 7616 | 1418099 |
| Cisco Systems, Inc. | 24478 | 1666462 |
| Datadog, Inc. Class A\* | 11027 | 1543559 |
| Docusign, Inc.\* | 20681 | 1564311 |
| Fortinet, Inc.\* | 15852 | 1583615 |
| Intuit, Inc. | 2081 | 1633856 |
| KLA Corp. | 1801 | 1583133 |
| LAM Research Corp. | 16858 | 1598813 |
| Microsoft Corp. | 3244 | 1730674 |
| NVIDIA Corp. | 9406 | 1673045 |
| Oracle Corp. | 6712 | 1703304 |
| Palantir Technologies, Inc. Class A\* | 10530 | 1667426 |
| Palo Alto Networks, Inc.\* | 8130 | 1411368 |
| PTC, Inc.\* | 8150 | 1750702 |
| ServiceNow, Inc.\* | 1687 | 1591043 |
| Tyler Technologies, Inc.\* | 2988 | 1746665 |
| Zoom Communications, Inc.\* | 22052 | 1632951 |
| Total Information Technology |  | 37782391 |
| **Materials — 0.8%** |  |  |
| Newmont Corp. | 26116 | 1621804 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Real Estate — 2.5%** |  |  |
| CoStar Group, Inc.\* | 17808 | $1695143<br>|
| VICI Properties, Inc. | 51171 | 1668175 |
| Welltower, Inc. | 10503 | 1733730 |
| Total Real Estate |  | 5097048 |
| **Utilities — 2.5%** |  |  |
| Atmos Energy Corp. | 10748 | 1675828 |
| Constellation Energy Corp. | 5059 | 1759723 |
| Vistra Corp. | 8488 | 1770087 |
| Total Utilities |  | 5205638 |
| **Total Common Stocks** |  |  |
| (Cost $183,329,736) |  | **205354908** |
| **TOTAL INVESTMENTS — 99.0%** |  |  |
| (Cost $183,329,736) |  | **205354908** |
| Other Assets in Excess of Liabilities - 1.0% |  | 2083646 |
| **Net Assets — 100.0%** |  | **$** **207438554**<br>|

---

------

\*Non-income producing security.

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 07/31/2025 (based on net assets) | Asset Allocation as of 07/31/2025 (based on net assets) |
| Financials | 34.8% |
| Information Technology | 18.2% |
| Industrials | 16.6% |
| Consumer Discretionary | 7.8% |
| Health Care | 6.3% |
| Communication Services | 5.5% |
| Utilities | 2.5% |
| Real Estate | 2.5% |
| Consumer Staples | 2.4% |
| Energy | 1.6% |
| Materials | 0.8% |
| 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 July 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $205354908<br>| $—<br>| $—<br>| $205354908<br>|
| **Total** | **$** **205354908**<br>| **$** **—**<br>| **$** **—**<br>| **$** **205354908**<br>|

---

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

July 31, 2025

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

---

| | |
|:---|:---|
|  | **Virtus<br>AlphaSimplex<br>Managed<br>Futures ETF** |
| **Assets:** |  |
| Cash | 15375731 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash pledged as collateral for futures contracts | 1106675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 5335 |
| Prepaid expenses | 30 |
| **Total Assets** | 16487771 |
| **Liabilities:** |  |
| Variation margin on futures contracts | 338710 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 11619 |
| Total Liabilities | 350329 |
| **Net Assets** | **$** **16137442**<br>|
| **Net Assets Consist of:** |  |
| Paid-in capital | $17601632<br>|
| Total distributable earnings (accumulated deficit) | (1464190) |
| **Net Assets** | **$** **16137442**<br>|
| Shares outstanding (unlimited number of shares of beneficial interest authorized, no par value) | 725004 |
| Net asset value per share | $22.26<br>|

---

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

July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus<br>Duff & Phelps<br>Clean Energy<br>ETF** | **Virtus<br>KAR Mid-Cap<br>ETF** | **Virtus<br>Newfleet<br>ABS/MBS<br>ETF** | **Virtus Newfleet<br>Short Duration<br>Core Plus Bond<br>ETF** |
| **Assets:** |  |  |  |  |
| Investments, at cost | $6071298<br>| $28207425<br>| $51634604<br>| $11305832<br>|
| Investments, at value | 6963444 | 27561333 | 51828692 | 11467654 |
| Cash | 135227 | 1938056 | 1582963 | 234957 |
| Foreign currency<sup>(a)</sup> | 5 |  |  |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 26608 | 5033 | 192936 | 79008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim | 17606 |  |  |  |
| Prepaid expenses | 116 |  | 146 | 44 |
| **Total Assets** | 7143006 | 29504422 | 53604737 | 11781663 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased |  |  | 1049956 | 130775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 4672 | 20789 | 17374 | 3465 |
| **Total Liabilities** | 4672 | 20789 | 1067330 | 134240 |
| **Net Assets** | **$** **7138334**<br>| **$** **29483633**<br>| **$** **52537407**<br>| **$** **11647423**<br>|
| **Net Assets Consist of:** |  |  |  |  |
| Paid-in capital | $7771383<br>| $30131433<br>| $52852446<br>| $11409272<br>|
| Total distributable earnings (accumulated deficit) | (633049) | (647800) | (315039) | 238151 |
| **Net Assets** | **$** **7138334**<br>| **$** **29483633**<br>| **$** **52537407**<br>| **$** **11647423**<br>|
| Shares outstanding (unlimited number of shares of beneficial interest authorized, no par value) | 350004 | 1200004 | 2150004 | 450004 |
| Net asset value per share | $20.40<br>| $24.57<br>| $24.44<br>| $25.88<br>|
| <sup>(a)</sup> Foreign currency, at cost | $125<br>| $—<br>| $—<br>| $—<br>|

---

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

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

July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus<br>Newfleet<br>Short Duration<br>High Yield Bond<br>ETF** | **Virtus<br>Seix AAA<br>Private Credit<br>CLO<br>ETF** | **Virtus<br>Seix Senior Loan<br>ETF** | **Virtus<br>Stone Harbor<br>Emerging<br>Markets High<br>Yield Bond<br>ETF** |
| **Assets:** |  |  |  |  |
| Investments, at cost | $30510400<br>| $18446997<br>| $306094166<br>| $14088955<br>|
| Investments, at value | 30341356 | 18408153 | 305775233 | 14622059 |
| Cash |  | 243858 | 15399863 | 414583 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 627250 | 61066 | 1430260 | 232340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 190344 | 125 | 14118757 | 105646 |
| Prepaid expenses | 58 |  | 15577 | 102 |
| **Total Assets** | 31159008 | 18713202 | 336739690 | 15374730 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 500656 | 125 | 26060305 | 317179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 10316 | 4690 | 147599 | 6564 |
| **Total Liabilities** | 510972 | 4815 | 26207904 | 323743 |
| **Net Assets** | **$** **30648036**<br>| **$** **18708387**<br>| **$** **310531786**<br>| **$** **15050987**<br>|
| **Net Assets Consist of:** |  |  |  |  |
| Paid-in capital | $34040097<br>| $18751600<br>| $318640724<br>| $14332238<br>|
| Total distributable earnings (accumulated deficit) | (3392061) | (43213) | (8108938) | 718749 |
| **Net Assets** | **$** **30648036**<br>| **$** **18708387**<br>| **$** **310531786**<br>| **$** **15050987**<br>|
| Shares outstanding (unlimited number of shares of beneficial interest authorized, no par value) | 1404000 | 750004 | 13150004 | 550004 |
| Net asset value per share | $21.83<br>| $24.94<br>| $23.61<br>| $27.37<br>|

---

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

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

July 31, 2025

---

| | |
|:---|:---|
|  | **Virtus Terranova U.S. Quality Momentum ETF** |
| **Assets:** |  |
| Investments, at cost | $183329736<br>|
| Investments, at value | 205354908 |
| Cash | 1807395 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 93690542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 39331190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 100044 |
| Prepaid expenses | 160 |
| **Total Assets** | 340284239 |
| **Liabilities:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 93770771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares payable | 39023063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 51851 |
| **Total Liabilities** | 132845685 |
| **Net Assets** | **$** **207438554**<br>|
| **Net Assets Consist of:** |  |
| Paid-in capital | $229077448<br>|
| Total distributable earnings (accumulated deficit) | (21638894) |
| **Net Assets** | **$** **207438554**<br>|
| Shares outstanding (unlimited number of shares of beneficial interest authorized, no par value) | 5050004 |
| Net asset value per share | $41.08<br>|

---

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

Consolidated Statement of Operations (FORM N-CSR ITEM 7)

For the Year Ended July 31, 2025

---

| | |
|:---|:---|
|  | **Virtus<br>AlphaSimplex<br>Managed<br>Futures<br>ETF** |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $131054<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 135057 |
| **Total Investment Income** | 266111 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 115350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 30 |
| **Total Expenses** | 115380 |
| **Net Investment Income** | **150731** |
| **Net Realized Gain (Loss) on:** |  |
| Futures | (1406446) |
| Foreign currency transactions | (21626) |
| **Total Net Realized Loss** | (1428072) |
| **Change in Net Unrealized Appreciation (Depreciation) on:** |  |
| Futures | (126496) |
| Foreign currency translations | 5342 |
| **Total Change in Net Unrealized Depreciation** | (121154) |
| Net Realized and Change in Unrealized Loss | (1549226) |
| **Net Decrease in Net Assets Resulting from Operations** | **$** **(1398495)** |

---

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

Statements of Operations (FORM N-CSR ITEM 7)

For the Year Ended July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus<br>Duff & Phelps Clean Energy ETF** | **Virtus<br>KAR Mid-Cap ETF<sup>1</sup>** | **Virtus<br>Newfleet<br>ABS/MBS<br>ETF** | **Virtus<br>Newfleet<br>Short Duration Core Plus Bond ETF** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income (net of foreign withholding taxes) | $136511<br>| $114375<br>| $—<br>| $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 2066 | 8513 | 1773387 | 540366 |
| **Total Investment Income** | 138577 | 122888 | 1773387 | 540366 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 36859 | 125418 | 151633 | 44078 |
| **Total Expenses** | 36859 | 125418 | 151633 | 44078 |
| Less expense waivers/reimbursements | (3909) |  | (30945) | (5510) |
| **Net Expenses** | 32950 | 125418 | 120688 | 38568 |
| **Net Investment Income (Loss)** | **105627** | **(2530)** | **1652699** | **501798** |
| **Net Realized Gain (Loss) on:** |  |  |  |  |
| Investments | (74676) | 6113 | 10756 | 114851 |
| In-kind redemptions | 54849 | 242979 |  |  |
| Securities sold short |  | (11) |  |  |
| Foreign currency transactions | 1089 |  |  |  |
| **Total Net Realized Gain (Loss)** | (18738) | 249081 | 10756 | 114851 |
| **Change in Net Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| Investments | 616981 | (646092) | 251520 | (21021) |
| Foreign currency translations | 314 |  |  |  |
| **Total Change in Net Unrealized Appreciation (Depreciation)** | 617295 | (646092) | 251520 | (21021) |
| Net Realized and Change in Unrealized Gain (Loss) | 598557 | (397011) | 262276 | 93830 |
| **Net Increase (Decrease) in Net Assets Resulting<br>from Operations** | **$** **704184**<br>| **$** **(399541)** | **$** **1914975**<br>| **$** **595628**<br>|
| Foreign withholding taxes | $10914<br>| $—<br>| $—<br>| $—<br>|

---

------

1From October 15, 2024 (commencement of operations) through July 31, 2025.

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

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

For the Year Ended July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus<br>Newfleet<br>Short Duration<br>High Yield Bond<br>ETF** | **Virtus<br>Seix AAA<br>Private Credit<br>CLO<br>ETF<sup>1</sup>** | **Virtus<br>Seix Senior Loan<br>ETF** | **Virtus<br>Stone Harbor<br>Emerging<br>Markets High<br>Yield Bond ETF** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $1245301<br>| $687998<br>| $22759837<br>| $1035743<br>|
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 68037 | 34013 | 1575958 | 66187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees |  |  | 27651 |  |
| **Total Expenses** | 68037 | 34013 | 1603609 | 66187 |
| Less expense waivers/reimbursements |  |  | (27636) |  |
| **Net Expenses** | 68037 | 34013 | 1575973 | 66187 |
| **Net Investment Income** | **1177264** | **653985** | **21183864** | **969556** |
| **Net Realized Gain (Loss) on:** |  |  |  |  |
| Investments | (6144) | (4369) | (5694313) | 248779 |
| **Total Net Realized Gain (Loss)** | (6144) | (4369) | (5694313) | 248779 |
| **Change in Net Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| Investments | (81799) | (38844) | 1058430 | 193928 |
| **Total Change in Net Unrealized Appreciation (Depreciation)** | (81799) | (38844) | 1058430 | 193928 |
| Net Realized and Change in Unrealized Gain (Loss) | (87943) | (43213) | (4635883) | 442707 |
| **Net Increase in Net Assets Resulting from Operations** | **$** **1089321**<br>| **$** **610772**<br>| **$** **16547981**<br>| **$** **1412263**<br>|

---

------

1From December 2, 2024 (commencement of operations) through July 31, 2025.

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

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

For the Year Ended July 31, 2025

---

| | |
|:---|:---|
|  | **Virtus<br>Terranova<br>U.S. Quality<br>Momentum<br>ETF** |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income (net of foreign withholding taxes) | $1774277<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 15481 |
| **Total Investment Income** | 1789758 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 449873 |
| **Total Expenses** | 449873 |
| **Net Investment Income** | **1339885** |
| **Net Realized Gain (Loss) on:** |  |
| Investments | (11665310) |
| In-kind redemptions | 29014569 |
| **Total Net Realized Gain** | 17349259 |
| **Change in Net Unrealized Appreciation (Depreciation) on:** |  |
| Investments | 5502064 |
| **Total Change in Net Unrealized Appreciation** | 5502064 |
| Net Realized and Change in Unrealized Gain | 22851323 |
| **Net Increase in Net Assets Resulting from Operations** | **$** **24191208**<br>|
| Foreign withholding taxes | $607<br>|

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Virtus AlphaSimplex<br>Managed Futures ETF** | **Virtus AlphaSimplex<br>Managed Futures ETF** |
|  | **For the<br>Year Ended<br>July 31, 2025** | **For the Period<br>May 16, 2024<sup>1</sup>** **<br>Through<br>July 31, 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |
| Net investment income | $150731<br>| $61179<br>|
| Net realized loss | (1428072) | (52696) |
| Net change in unrealized depreciation | (121154) | (21122) |
| Net decrease in net assets resulting from operations | (1398495) | (12639) |
| Distributions to Shareholders | (187522) |  |
| **Shareholder Transactions:** |  |  |
| Proceeds from shares sold | 27976745 | 8828292 |
| Cost of shares redeemed | (19068939) |  |
| Net increase in net assets resulting from shareholder transactions | 8907806 | 8828292 |
| Increase in net assets | 7321789 | 8815653 |
| **Net Assets:** |  |  |
| Beginning of period/year | 8815653 |  |
| End of period/year | $16137442<br>| $8815653<br>|
| **Changes in Shares Outstanding:** |  |  |
| Shares outstanding, beginning of period/year | 350004 |  |
| Shares sold | 1225000 | 350004 |
| Shares redeemed | (850000) |  |
| Shares outstanding, end of period/year | 725004 | 350004 |

---

------

1Commencement of operations.

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Virtus Duff & Phelps<br>Clean Energy ETF** | **Virtus Duff & Phelps<br>Clean Energy ETF** | **Virtus KAR<br>Mid-Cap ETF** |
|  | **For the<br>Year Ended<br>July 31, 2025** | **For the<br>Year Ended<br>July 31, 2024** | **For the Period<br>October 15, 2024<sup>1</sup>** **<br>Through<br>July 31, 2025** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |
| Net investment income (loss) | $105627<br>| $71266<br>| $(2530) |
| Net realized gain (loss) | (18738) | (790710) | 249081 |
| Net change in unrealized appreciation (depreciation) | 617295 | 339326 | (646092) |
| Net increase (decrease) in net assets resulting from operations | 704184 | (380118) | (399541) |
| Distributions to Shareholders | (91033) | (64720) | (7397) |
| **Shareholder Transactions:** |  |  |  |
| Proceeds from shares sold | 1356433 | 4647138 | 31777393 |
| Cost of shares redeemed | (448102) | (1734729) | (1886822) |
| Net increase in net assets resulting from shareholder transactions | 908331 | 2912409 | 29890571 |
| Increase in net assets | 1521482 | 2467571 | 29483633 |
| **Net Assets:** |  |  |  |
| Beginning of year | 5616852 | 3149281 |  |
| End of year | $7138334<br>| $5616852<br>| $29483633<br>|
| **Changes in Shares Outstanding:** |  |  |  |
| Shares outstanding, beginning of year | 300004 | 150004 |  |
| Shares sold | 75000 | 250000 | 1275004 |
| Shares redeemed | (25000) | (100000) | (75000) |
| Shares outstanding, end of year | 350004 | 300004 | 1200004 |

---

------

1Commencement of operations.

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 ABS/MBS ETF** | **Virtus Newfleet ABS/MBS ETF** | **Virtus Newfleet Short Duration<br>Core Plus Bond ETF** | **Virtus Newfleet Short Duration<br>Core Plus Bond ETF** |
|  | **For the<br>Year Ended<br>July 31, 2025** | **For the<br>Year Ended<br>July 31, 2024** | **For the<br>Year Ended<br>July 31, 2025** | **For the Period<br>November 15, 2023<sup>1</sup>** **<br>Through<br>July 31, 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |  |
| Net investment income | $1652699<br>| $484810<br>| $501798<br>| $388849<br>|
| Net realized gain (loss) | 10756 | (229295) | 114851 | 20676 |
| Net change in unrealized appreciation (depreciation) | 251520 | 530111 | (21021) | 182843 |
| Net increase in net assets resulting from operations | 1914975 | 785626 | 595628 | 592368 |
| Distributions to Shareholders | (1534956) | (471849) | (596090) | (353755) |
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | 47359149 |  | 1297466 | 10111806 |
| Cost of shares redeemed | (4879219) | (3522243) |  |  |
| Net increase (decrease) in net assets resulting from shareholder transactions | 42479930 | (3522243) | 1297466 | 10111806 |
| Increase (decrease) in net assets | 42859949 | (3208466) | 1297004 | 10350419 |
| **Net Assets:** |  |  |  |  |
| Beginning of period/year | 9677458 | 12885924 | 10350419 |  |
| End of period/year | $52537407<br>| $9677458<br>| $11647423<br>| $10350419<br>|
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares outstanding, beginning of period/year | 400004 | 550004 | 400004 |  |
| Shares sold | 1950000 |  | 50000 | 400004 |
| Shares redeemed | (200000) | (150000) |  |  |
| Shares outstanding, end of period/year | 2150004 | 400004 | 450004 | 400004 |

---

------

1Commencement of operations.

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 Short Duration<br>High Yield Bond ETF** | **Virtus Newfleet Short Duration<br>High Yield Bond ETF** | **Virtus Seix AAA Private Credit CLO ETF** |
|  | **For the<br>Year Ended<br>July 31, 2025** | **For the<br>Year Ended<br>July 31, 2024** | **For the Period<br>December 2, 2024<sup>1</sup>** **<br>Through<br>July 31, 2025** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |
| Net investment income | $1177264<br>| $252553<br>| $653985<br>|
| Net realized loss | (6144) | (150211) | (4369) |
| Net change in unrealized appreciation (depreciation) | (81799) | 213529 | (38844) |
| Net increase in net assets resulting from operations | 1089321 | 315871 | 610772 |
| Distributions to Shareholders | (1118714) | (249125) | (656978) |
| **Shareholder Transactions:** |  |  |  |
| Proceeds from shares sold | 30596427 |  | 21246959 |
| Cost of shares redeemed | (3261968) | (1062972) | (2492366) |
| Net increase (decrease) in net assets resulting from shareholder transactions | 27334459 | (1062972) | 18754593 |
| Increase (decrease) in net assets | 27305066 | (996226) | 18708387 |
| **Net Assets:** |  |  |  |
| Beginning of period/year | 3342970 | 4339196 |  |
| End of period/year | $30648036<br>| $3342970<br>| $18708387<br>|
| **Changes in Shares Outstanding:** |  |  |  |
| Shares outstanding, beginning of period/year | 154000 | 204000 |  |
| Shares sold | 1400000 |  | 850004 |
| Shares redeemed | (150000) | (50000) | (100000) |
| Shares outstanding, end of period/year | 1404000 | 154000 | 750004 |

---

------

1Commencement of operations.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus Seix Senior Loan ETF** | **Virtus Seix Senior Loan ETF** | **Virtus Stone Harbor Emerging Markets High Yield Bond ETF** | **Virtus Stone Harbor Emerging Markets High Yield Bond ETF** |
|  | **For the<br>Year Ended<br>July 31, 2025** | **For the<br>Year Ended<br>July 31, 2024** | **For the<br>Year Ended<br>July 31, 2025** | **For the<br>Year Ended<br>July 31, 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |  |
| Net investment income | $21183864<br>| $10343138<br>| $969556<br>| $642265<br>|
| Net realized gain (loss) | (5694313) | (285094) | 248779 | 254202 |
| Net change in unrealized appreciation (depreciation) | 1058430 | (210398) | 193928 | 314040 |
| Net increase in net assets resulting from operations | 16547981 | 9847646 | 1412263 | 1210507 |
| Distributions to Shareholders | (20533283) | (9929284) | (1214959) | (616640) |
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | 254358461 | 93240770 | 5453402 | 6334412 |
| Variable fees (see Note 6) |  |  | 8952 |  |
| Cost of shares redeemed | (110286080) |  |  | (1318037) |
| Net increase in net assets resulting from<br>shareholder transactions | 144072381 | 93240770 | 5462354 | 5016375 |
| Increase in net assets | 140087079 | 93159132 | 5659658 | 5610242 |
| **Net Assets:** |  |  |  |  |
| Beginning of year | 170444707 | 77285575 | 9391329 | 3781087 |
| End of year | $310531786<br>| $170444707<br>| $15050987<br>| $9391329<br>|
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares outstanding, beginning of year | 7150004 | 3250004 | 350004 | 150004 |
| Shares sold | 10700000 | 3900000 | 200000 | 250000 |
| Shares redeemed | (4700000) |  |  | (50000) |
| Shares outstanding, end of year | 13150004 | 7150004 | 550004 | 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 Terranova U.S. Quality Momentum ETF** | **Virtus Terranova U.S. Quality Momentum ETF** |
|  | **For the<br>Year Ended<br>July 31, 2025** | **For the<br>Year Ended<br>July 31, 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |
| Net investment income | $1339885<br>| $797940<br>|
| Net realized gain | 17349259 | 5058087 |
| Net change in unrealized appreciation | 5502064 | 8077068 |
| Net increase in net assets resulting from operations | 24191208 | 13933095 |
| Distributions to Shareholders | (1027759) | (1115017) |
| **Shareholder Transactions:** |  |  |
| Proceeds from shares sold | 205563493 | 71708712 |
| Cost of shares redeemed | (132330219) | (74248089) |
| Net increase (decrease) in net assets resulting from shareholder transactions | 73233274 | (2539377) |
| Increase in net assets | 96396723 | 10278701 |
| **Net Assets:** |  |  |
| Beginning of period/year | 111041831 | 100763130 |
| End of period/year | $207438554<br>| $111041831<br>|
| **Changes in Shares Outstanding:** |  |  |
| Shares outstanding, beginning of period/year | 3200004 | 3400004 |
| Shares sold | 5250000 | 2200000 |
| Shares redeemed | (3400000) | (2400000) |
| Shares outstanding, end of period/year | 5050004 | 3200004 |

---

Consolidated Financial Highlights (FORM N-CSR ITEM 7)

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

---

| | | |
|:---|:---|:---|
|  | **Virtus AlphaSimplex<br>Managed Futures ETF** | **Virtus AlphaSimplex<br>Managed Futures ETF** |
|  | **For the<br>Year Ended<br>July 31, 2025** | **For the Period<br>May 16, 2024<sup>1</sup>** **<br>Through<br>July 31, 2024** |
| **Per Share Data for a Share Outstanding throughout each period presented:** |  |  |
| Net asset value, beginning of period | $25.19<br>| $25.00<br>|
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup> | 0.24 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (2.78) | (0.02) |
| Total from investment operations | (2.54) | 0.19 |
| **Less Distributions from:** |  |  |
| Net investment income | (0.39) |  |
| Total distributions | (0.39) |  |
| **Net Asset Value, End of period** | $22.26<br>| $25.19<br>|
| Net Asset Value Total Return<sup>3</sup> | (10.15)% | 0.75% |
| Net assets, end of period (000's omitted) | $16137<br>| $8816<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| **Ratios to Average Net Assets:** |  |  |
| Expenses | 0.80% | 0.92%<sup>4</sup> |
| Net investment income | 1.05% | 4.02%<sup>4</sup> |
| Portfolio turnover rate<sup>5</sup> | 0% | 0%<sup>6</sup> |

---

------

1Commencement of operations.

2Based on average shares outstanding.

3Net Asset Value Total Return is calculated assuming an initial investment made at the net asset value on the first day of the period, reinvestment of dividends and distributions at net asset value during the period, and redemptions at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized.

4Annualized.

5Portfolio 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. Due to the short-term nature of the portfolio of investments there is no portfolio turnover calculation.

6Not annualized.

Financial Highlights (FORM N-CSR ITEM 7)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus Duff & Phelps Clean Energy ETF** | **Virtus Duff & Phelps Clean Energy ETF** | **Virtus Duff & Phelps Clean Energy ETF** | **Virtus Duff & Phelps Clean Energy ETF** |
|  | **For the<br>Year Ended<br>July 31, 2025** | **For the<br>Year Ended<br>July 31, 2024** | **For the<br>Year Ended<br>July 31, 2023** | **For the Period<br>August 3, 2021<sup>1</sup>** **<br>Through** **<br>July 31, 2022** |
| **Per Share Data for a Share Outstanding throughout each period presented:** |  |  |  |  |
| Net asset value, beginning of period | $18.72<br>| $20.99<br>| $24.46<br>| $25.55<br>|
| Investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup> | 0.34 | 0.20 | 0.20 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.62 | (2.28) | (3.52) | (1.12) |
| Total from investment operations | 1.96 | (2.08) | (3.32) | (0.98) |
| **Less Distributions from:** |  |  |  |  |
| Net investment income | (0.28) | (0.19) | (0.15) | (0.11) |
| Total distributions | (0.28) | (0.19) | (0.15) | (0.11) |
| **Net Asset Value, End of period** | $20.40<br>| $18.72<br>| $20.99<br>| $24.46<br>|
| Net Asset Value Total Return<sup>3</sup> | 10.64% | (9.90)% | (13.55)% | (3.76)% |
| Net assets, end of period (000's omitted) | $7138<br>| $5617<br>| $3149<br>| $3669<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |
| Expenses, net of expense waivers | 0.59% | 0.59% | 0.59% | 0.59%<sup>4</sup> |
| Expenses, prior to expense waivers | 0.66% | 0.66% | 0.66% | 0.66%<sup>4</sup> |
| Net investment income | 1.89% | 1.17% | 0.89% | 0.62%<sup>4</sup> |
| Portfolio turnover rate<sup>5</sup> | 69% | 96% | 58% | 39%<sup>6</sup> |

---

------

1Commencement of operations.

2Based on average shares outstanding.

3Net Asset Value Total Return is calculated assuming an initial investment made at the net asset value on the first day of the period, reinvestment of dividends and distributions at net asset value during the period, and redemptions at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized.

4Annualized.

5Portfolio 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.

6Not annualized.

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

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

---

| | |
|:---|:---|
|  | **Virtus KAR<br>Mid-Cap ETF** |
|  | **For the Period<br>October 15, 2024<sup>1</sup>** **<br>Through<br>July 31, 2025** |
| **Per Share Data for a Share Outstanding throughout the period presented:** |  |
| Net asset value, beginning of period | $25.00<br>|
| Investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>2</sup> | 0.00<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (0.42) |
| Total from investment operations | (0.42) |
| **Less Distributions from:** |  |
| Net investment income | (0.01) |
| Total distributions | (0.01) |
| **Net Asset Value, End of period** | $24.57<br>|
| Net Asset Value Total Return<sup>4</sup> | (1.68)% |
| Net assets, end of period (000's omitted) | $29484<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| **Ratios to Average Net Assets:** |  |
| Expenses | 0.80%<sup>5</sup> |
| Net investment loss | (0.02)%<sup>5</sup> |
| Portfolio turnover rate<sup>6</sup> | 10%<sup>7</sup> |

---

------

1Commencement of operations.

2Based on average shares outstanding.

3Less than $0.005.

4Net Asset Value Total Return is calculated assuming an initial investment made at the net asset value on the first day of the period, reinvestment of dividends and distributions at net asset value during the period, and redemptions at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized.

5Annualized.

6Portfolio 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.

7Not annualized.

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Virtus Newfleet ABS/MBS ETF** | **Virtus Newfleet ABS/MBS ETF** | **Virtus Newfleet ABS/MBS ETF** | **Virtus Newfleet ABS/MBS ETF** | **Virtus Newfleet ABS/MBS ETF** |
|  | **For the<br>Year Ended<br>July 31, 2025** | **For the<br>Year Ended<br>July 31, 2024** | **For the<br>Year Ended<br>July 31, 2023** | **For the<br>Year Ended<br>July 31, 2022** | **For the Period** **<br>February 9, 2021<sup>1</sup>** **<br>Through<br>July 31, 2021** |
| **Per Share Data for a Share Outstanding throughout each period presented:** |  |  |  |  |  |
| Net asset value, beginning of period | $24.19<br>| $23.43<br>| $23.57<br>| $25.03<br>| $25.00<br>|
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup> | 1.30 | 1.13 | 0.77 | 0.38 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.22 | 0.73 | (0.17) | (1.41) | 0.04 |
| Total from investment operations | 1.52 | 1.86 | 0.60 | (1.03) | 0.21 |
| **Less Distributions from:** |  |  |  |  |  |
| Net investment income | (1.27) | (1.10) | (0.74) | (0.43) | (0.18) |
| Total distributions | (1.27) | (1.10) | (0.74) | (0.43) | (0.18) |
| **Net Asset Value, End of period** | $24.44<br>| $24.19<br>| $23.43<br>| $23.57<br>| $25.03<br>|
| Net Asset Value Total Return<sup>3</sup> | 6.43% | 8.17% | 2.62% | (4.12)% | 0.85% |
| Net assets, end of period (000's omitted) | $52537<br>| $9677<br>| $12886<br>| $12966<br>| $15017<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Expenses, net of expense waivers | 0.39% | 0.39% | 0.39% | 0.39% | 0.39%<sup>4</sup> |
| Expenses, prior to expense waivers | 0.49% | 0.49% | 0.49% | 0.49% | 0.49%<sup>4</sup> |
| Net investment income | 5.34% | 4.79% | 3.32% | 1.56% | 1.49%<sup>4</sup> |
| Portfolio turnover rate<sup>5</sup> | 70% | 60% | 42% | 47% | 24%<sup>6</sup> |

---

------

1Commencement of operations.

2Based on average shares outstanding.

3Net Asset Value Total Return is calculated assuming an initial investment made at the net asset value on the first day of the period, reinvestment of dividends and distributions at net asset value during the period, and redemptions at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized.

4Annualized.

5Portfolio 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.

6Not annualized.

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

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

---

| | | |
|:---|:---|:---|
|  | **Virtus Newfleet Short Duration<br>Core Plus Bond ETF** | **Virtus Newfleet Short Duration<br>Core Plus Bond ETF** |
|  | **For the<br>Year Ended<br>July 31, 2025** | **For the Period<br>November 15, 2023<sup>1</sup>** **<br>Through<br>July 31, 2024** |
| **Per Share Data for a Share Outstanding throughout each period presented:** |  |  |
| Net asset value, beginning of period | $25.88<br>| $25.28<br>|
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup> | 1.18 | 0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 0.22 | 0.51 |
| Total from investment operations | 1.40 | 1.48 |
| **Less Distributions from:** |  |  |
| Net investment income | (1.37) | (0.88) |
| Net realized gains | (0.03) |  |
| Total distributions | (1.40) | (0.88) |
| Net Asset Value, End of period | $25.88<br>| $25.88<br>|
| Net Asset Value Total Return<sup>3</sup> | 5.57% | 5.94% |
| Net assets, end of period (000's omitted) | $11647<br>| $10350<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| **Ratios to Average Net Assets:** |  |  |
| Expenses, net of expense waivers | 0.35% | 0.35%<sup>4</sup> |
| Expenses, prior to expense waivers | 0.40% | 0.40%<sup>4</sup> |
| Net investment income | 4.55% | 5.35%<sup>4</sup> |
| Portfolio turnover rate<sup>5</sup> | 46% | 24%<sup>6</sup> |

---

------

1Commencement of operations.

2Based on average shares outstanding.

3Net Asset Value Total Return is calculated assuming an initial investment made at the net asset value on the first day of the period, reinvestment of dividends and distributions at net asset value during the period, and redemptions at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized.

4Annualized.

5Portfolio 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.

6Not annualized.

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Virtus Newfleet Short Duration High Yield Bond ETF** | **Virtus Newfleet Short Duration High Yield Bond ETF** | **Virtus Newfleet Short Duration High Yield Bond ETF** | **Virtus Newfleet Short Duration High Yield Bond ETF** | **Virtus Newfleet Short Duration High Yield Bond ETF** |
|  | **For the<br>Year Ended<br>July 31, 2025** | **For the<br>Year Ended<br>July 31, 2024** | **For the<br>Year Ended<br>July 31, 2023** | **For the<br>Year Ended<br>July 31, 2022** | **For the<br>Year Ended<br>July 31, 2021** |
| **Per Share Data for a Share Outstanding throughout each year presented:** |  |  |  |  |  |
| Net asset value, beginning of year | $21.71<br>| $21.27<br>| $21.43<br>| $24.69<br>| $23.51<br>|
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 1.46 | 1.58 | 1.39 | 1.29 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.07<br><sup>2</sup> | 0.44 | (0.11) | (3.27) | 1.21 |
| Total from investment operations | 1.53 | 2.02 | 1.28 | (1.98) | 2.25 |
| **Less Distributions from:** |  |  |  |  |  |
| Net investment income | (1.41) | (1.58) | (1.44) | (1.28) | (1.07) |
| Total distributions | (1.41) | (1.58) | (1.44) | (1.28) | (1.07) |
| **Net Asset Value, End of year** | $21.83<br>| $21.71<br>| $21.27<br>| $21.43<br>| $24.69<br>|
| Net Asset Value Total Return<sup>3</sup> | 7.28% | 9.94% | 6.31% | (8.29)% | 9.78% |
| Net assets, end of year (000's omitted) | $30648<br>| $3343<br>| $4339<br>| $4371<br>| $6272<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Expenses, net of expense waivers | 0.39% | 0.42% | 0.49% | 0.49% | 0.62% |
| Expenses, prior to expense waivers | 0.39% | 1.55% | 2.88% | 2.32% | 1.88% |
| Net investment income | 6.75% | 7.40% | 6.62% | 5.51% | 4.27% |
| Portfolio turnover rate<sup>4</sup> | 71% | 32% | 46% | 67% | 121% |

---

------

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 Seix AAA Private Credit CLO ETF** |
|  | **For the Period<br>December 2, 2024<sup>1</sup>** **<br>Through<br>July 31, 2025** |
| **Per Share Data for a Share Outstanding throughout the period presented:** |  |
| Net asset value, beginning of period | $25.00<br>|
| Investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup> | 0.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (0.05) |
| Total from investment operations | 0.86 |
| **Less Distributions from:** |  |
| Net investment income | (0.92) |
| Total distributions | (0.92) |
| **Net Asset Value, End of period** | $24.94<br>|
| Net Asset Value Total Return<sup>3</sup> | 3.51% |
| Net assets, end of period (000's omitted) | $18708<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| **Ratios to Average Net Assets:** |  |
| Expenses | 0.29%<sup>4</sup> |
| Net investment income | 5.58%<sup>4</sup> |
| Portfolio turnover rate<sup>5</sup> | 87%<sup>6</sup> |

---

------

1Commencement of operations.

2Based on average shares outstanding.

3Net Asset Value Total Return is calculated assuming an initial investment made at the net asset value on the first day of the period, reinvestment of dividends and distributions at net asset value during the period, and redemptions at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized.

4Annualized.

5Portfolio 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.

6Not annualized.

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Virtus Seix Senior Loan ETF** | **Virtus Seix Senior Loan ETF** | **Virtus Seix Senior Loan ETF** | **Virtus Seix Senior Loan ETF** | **Virtus Seix Senior Loan ETF** |
|  | **For the<br>Year Ended<br>July 31, 2025** | **For the<br>Year Ended<br>July 31, 2024** | **For the<br>Year Ended<br>July 31, 2023** | **For the<br>Year Ended<br>July 31, 2022** | **For the<br>Year Ended<br>July 31, 2021** |
| **Per Share Data for a Share Outstanding throughout each year presented:** |  |  |  |  |  |
| Net asset value, beginning of year | $23.84<br>| $23.78<br>| $23.45<br>| $25.06<br>| $24.26<br>|
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 1.81 | 2.22 | 1.91 | 1.12 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.27) | (0.03) | 0.23 | (1.57) | 0.86 |
| Total from investment operations | 1.54 | 2.19 | 2.14 | (0.45) | 1.65 |
| **Less Distributions from:** |  |  |  |  |  |
| Net investment income | (1.77) | (2.13) | (1.81) | (1.03) | (0.85) |
| Net realized gains |  |  |  | (0.13) |  |
| Total distributions | (1.77) | (2.13) | (1.81) | (1.16) | (0.85) |
| **Net Asset Value, End of year** | $23.61<br>| $23.84<br>| $23.78<br>| $23.45<br>| $25.06<br>|
| Net Asset Value Total Return<sup>2</sup> | 6.70% | 9.62% | 9.46% | (1.93)% | 6.94% |
| Net assets, end of year (000's omitted) | $310532<br>| $170445<br>| $77286<br>| $73852<br>| $38839<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Expenses, net of expense waivers | 0.57%<sup>3</sup> | 0.57%<sup>3</sup> | 0.62%<sup>4</sup> | 0.57% | 0.57% |
| Expenses, prior to expense waivers | 0.58%<sup>3</sup> | 0.58%<sup>3</sup> | 0.63%<sup>4</sup> | 0.57% | 0.57% |
| Net investment income | 7.66% | 9.31% | 8.12% | 4.58% | 3.20% |
| Portfolio turnover rate<sup>5</sup> | 256% | 286% | 364% | 592% | 851% |

---

------

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/line of credit commitment fees of 0.01%.

4The ratios of expenses to average net assets include interest expense fees of 0.05%.

5Portfolio 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 Stone Harbor Emerging Markets<br>High Yield Bond ETF** | **Virtus Stone Harbor Emerging Markets<br>High Yield Bond ETF** | **Virtus Stone Harbor Emerging Markets<br>High Yield Bond ETF** |
|  | **For the<br>Year Ended<br>July 31, 2025** | **For the<br>Year Ended<br>July 31, 2024** | **For the Period<br>December 12, 2022<sup>1</sup>** **<br>Through<br>July 31, 2023** |
| **Per Share Data for a Share Outstanding throughout each period presented:** |  |  |  |
| Net asset value, beginning of period | $26.83<br>| $25.21<br>| $25.00<br>|
| Investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup> | 2.17 | 2.19 | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 1.06 | 1.49 | 0.13 |
| Total from investment operations | 3.23 | 3.68 | 1.73 |
| **Less Distributions from:** |  |  |  |
| Net investment income | (2.69) | (2.06) | (1.52) |
| Total distributions | (2.69) | (2.06) | (1.52) |
| **Net Asset Value, End of period** | $27.37<br>| $26.83<br>| $25.21<br>|
| Net Asset Value Total Return<sup>3</sup> | 12.60% | 15.38% | 7.22% |
| Net assets, end of period (000's omitted) | $15051<br>| $9391<br>| $3781<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |
| Expenses | 0.55% | 0.55% | 0.58%<sup>4,5</sup> |
| Net investment income | 8.06% | 8.48% | 10.24%<sup>4</sup> |
| Portfolio turnover rate<sup>6</sup> | 107% | 126% | 57%<sup>7</sup> |

---

------

1Commencement of operations.

2Based on average shares outstanding.

3Net Asset Value Total Return is calculated assuming an initial investment made at the net asset value on the first day of the period, reinvestment of dividends and distributions at net asset value during the period, and redemptions at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized.

4Annualized.

5The ratios of expenses to average net assets includes tax expense fees of 0.03%.

6Portfolio 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.

7Not annualized.

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Virtus Terranova U.S. Quality Momentum ETF** | **Virtus Terranova U.S. Quality Momentum ETF** | **Virtus Terranova U.S. Quality Momentum ETF** | **Virtus Terranova U.S. Quality Momentum ETF** | **Virtus Terranova U.S. Quality Momentum ETF** |
|  | **For the<br>Year Ended<br>July 31, 2025** | **For the<br>Year Ended<br>July 31, 2024** | **For the<br>Year Ended<br>July 31, 2023** | **For the<br>Year Ended<br>July 31, 2022** | **For the Period<br>November 17, 2020<sup>1</sup>** **<br>Through<br>July 31, 2021** |
| **Per Share Data for a Share Outstanding throughout each period presented:** |  |  |  |  |  |
| Net asset value, beginning of period | $34.70<br>| $29.64<br>| $27.35<br>| $30.28<br>| $24.92<br>|
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup> | 0.33 | 0.26 | 0.36 | 0.26 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 6.32 | 5.21 | 2.26 | (3.05) | 5.26 |
| Total from investment operations | 6.65 | 5.47 | 2.62 | (2.79) | 5.38 |
| **Less Distributions from:** |  |  |  |  |  |
| Net investment income | (0.27) | (0.41) | (0.33) | (0.14) | (0.02) |
| Total distributions | (0.27) | (0.41) | (0.33) | (0.14) | (0.02) |
| **Net Asset Value, End of period** | $41.08<br>| $34.70<br>| $29.64<br>| $27.35<br>| $30.28<br>|
| Net Asset Value Total Return<sup>3</sup> | 19.20% | 18.66% | 9.72% | (9.27)% | 21.58% |
| Net assets, end of period (000's omitted) | $207439<br>| $111042<br>| $100763<br>| $87516<br>| $84775<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Expenses | 0.29% | 0.29% | 0.29% | 0.29% | 0.29%<sup>4</sup> |
| Net investment income | 0.86% | 0.84% | 1.31% | 0.88% | 0.62%<sup>4</sup> |
| Portfolio turnover rate<sup>5</sup> | 117% | 99% | 121% | 117% | 89%<sup>6</sup> |

---

------

1Commencement of operations.

2Based on average shares outstanding.

3Net Asset Value Total Return is calculated assuming an initial investment made at the net asset value on the first day of the period, reinvestment of dividends and distributions at net asset value during the period, and redemptions at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized.

4Annualized.

5Portfolio 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.

6Not annualized.

Notes to Financial Statements

July 31, 2025

**1.** **ORGANIZATION**

Virtus ETF Trust II (the "Trust") was organized as a Delaware statutory trust on July 14, 2015 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, as amended (the "1940 Act").

As of July 31, 2025, ten funds of the Trust are offered for sale. Virtus AlphaSimplex Managed Futures ETF, Virtus Duff & Phelps Clean Energy ETF, Virtus KAR Mid-Cap ETF, Virtus Newfleet ABS/MBS ETF, Virtus Newfleet Short Duration Core Plus Bond ETF, Virtus Newfleet Short Duration High Yield Bond ETF, Virtus Seix AAA Private Credit CLO ETF, Virtus Seix Senior Loan ETF, Virtus Stone Harbor Emerging Markets High Yield Bond ETF and Virtus Terranova U.S. Quality Momentum ETF (each a "Fund" and, collectively, the "Funds"), each a separate investment portfolio of the Trust, are presented in this annual report. The offering of each Fund's shares is registered under the Securities Act of 1933, as amended (the "Securities Act").

---

| | |
|:---|:---|
| **Funds** | **Investment objective(s)** |
| Virtus AlphaSimplex Managed Futures ETF | Seeks to generate positive absolute returns over time. |
| Virtus Duff & Phelps Clean Energy ETF | Seeks capital appreciation. |
| Virtus KAR Mid-Cap ETF | Seeks long-term capital appreciation. |
| Virtus Newfleet ABS/MBS ETF | Seeks income. |
| Virtus Newfleet Short Duration Core Plus Bond ETF | Seeks to provide a high level of total return, including current income, while limiting fluctuations in net asset value. |
| Virtus Newfleet Short Duration High Yield Bond ETF | Seeks to provide a high level of current income and, secondarily, capital appreciation. |
| Virtus Seix AAA Private Credit CLO ETF | Seeks current income and capital preservation. |
| Virtus Seix Senior Loan ETF | Seeks to provide a high level of current income. |
| Virtus Stone Harbor Emerging Markets High Yield Bond ETF | Seeks current income and, secondarily, capital appreciation. |
| Virtus Terranova U.S. Quality Momentum ETF | Seeks investment results that correspond, before fees and expenses, to the price and yield performance of the Terranova U.S. Quality Momentum Index. |

---

The Virtus KAR Mid-Cap ETF commenced operations on October 15, 2024. The Virtus Seix AAA Private Credit CLO ETF commenced operations on December 2, 2024. There is no guarantee that a Fund will achieve its objective(s).

Virtus Duff & Phelps Clean Energy ETF, Virtus KAR Mid-Cap ETF, Virtus Seix AAA Private Credit CLO ETF, Virtus Seix Senior Loan ETF and Virtus Stone Harbor Emerging Markets High Yield Bond ETF each are "non-diversified" Funds, as defined under the 1940 Act.

**2. BASIS of CONSOLIDATION**

The Virtus AlphaSimplex Managed Futures ETF invests in commodity-related instruments through VATS Offshore Fund, Ltd., a wholly-owned subsidiary of Virtus AlphaSimplex Managed Futures ETF, organized under the laws of the Cayman Islands (the "Subsidiary"). A subscription agreement was entered into between the Fund and Subsidiary with the intent that the Fund will remain the sole shareholder and primary beneficiary of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is governed by a separate Board of Directors that is independent of the Fund's Board. As of July 31, 2025, the value of the Fund's investment in the Subsidiary was as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investment in Subsidiary** | **Percentage of Total Assets** |
| Virtus AlphaSimplex Managed Futures ETF | $759710<br>| 4.6% |

---

**3.** **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 net assets from operations during the reporting period. Actual results could differ from those estimates.

Notes to Financial Statements (continued)

July 31, 2025

**(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 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") with respect to each Fund (other than the Virtus AlphaSimplex Managed Futures ETF) and Virtus Alternative Investment Advisers, LLC ("VAIA") with respect to the Virtus AlphaSimplex Managed Futures ETF (VIA and VAIA, each an "Adviser") 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.References to the "Adviser" shall mean VIA or VAIA, as the case may be, with respect to the applicable Fund.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 using procedures adopted by the Board are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as futures, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy.

Investments in other open-end investment companies are valued based on their net asset value each business day and are typically 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 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:

&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 July 31, 2025, is disclosed at the end of each Fund's Schedule of Investments or Consolidated Schedule of Investments.

Notes to Financial Statements (continued)

July 31, 2025

**(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 securities are amortized to interest income to the earliest call date using the effective interest method.

**(f)** **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 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 or the nature of the services performed and relative applicability to each Fund.

**(g)** **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.

**(h)** **When-issued Purchases and Forward Commitments (Delayed Delivery)**

The Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date, ordinarily up to 90 days later. When-issued or forward commitments enable a Fund to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. The Funds record when-issued and delayed delivery securities on the trade date. The Funds maintain collateral for the securities purchased. Securities purchased on a when-issued or delayed delivery basis begin earning interest on the settlement date.

**(i)** **Loan Agreements**

The Funds 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 Funds 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. A Fund's investment 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, a 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. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When a Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan.

A 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 SOFR (Secured Overnight Financing Rate), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a loan agreement is purchased, a Fund may pay an assignment fee. On an ongoing basis, a 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.

**(j)** **Private Credit CLOs**

CLOs are generally privately-issued securities, and are normally purchased pursuant to Rule 144A or Regulation S under the Securities Act of 1933, as amended. Privately-issued securities typically may be resold only to qualified institutional buyers, in a privately negotiated transaction, to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met for an exemption from registration. Because there may be relatively few potential purchasers for such securities, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, a Fund may find it more difficult to sell such securities when it may be advisable to do so or it may be able to sell such securities

Notes to Financial Statements (continued)

July 31, 2025

only at prices lower than if such securities were more widely held and traded. At times, it also may be more difficult to determine the fair value of such securities for purposes of computing the Fund's net asset value per share ("NAV") due to the absence of an active trading market. There can be no assurance that a privately-issued security previously deemed to be liquid when purchased will continue to be liquid for as long as it is held by the Fund, and its value may decline as a result.

The risks of investing in CLOs include both the economic risks of the underlying loans, which are rated below investment grade (i.e., junk bonds), combined with the risks associated with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche in which a Fund is invested.

There are certain risks inherent in investing in CLOs that provide exposure to private credit, in particular the risks of their underlying investments, which include liquidity risk, industry risk, foreign security risk, currency risk, valuation risk and credit risk. Private credit securities also carry risks associated with unclear ownership.

**(k)** **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.

**4. Derivative Financial Instruments and Transactions**

Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why the Virtus AlphaSimplex Managed Futures ETF uses derivatives, how derivatives are accounted for, and how derivative instruments affect the Fund's results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instrument used by the Fund.

**Futures Contracts**

A futures contract is an agreement between two parties to purchase (long) or sell (short) a security at a set price for delivery on a future date. Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or securities equal to the "initial margin" requirements of the futures exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund for financial statement purposes on a daily basis as unrealized appreciation or depreciation. When the contract expires or is closed, gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed is realized. This is presented in the Consolidated Statement of Operations as "Net realized gain (loss) on futures." During the year ended July 31, 2025, the Fund utilized futures to optimize performance by gaining exposure to broad markets or to hedge the risk of securities within the portfolio. The potential risks of doing so are that 1) the use of futures may result in larger losses or smaller gains than the use of more traditional investments, 2) the prices of futures and the price movements of the securities that the future is intended to simulate may not correlate well, 3) the Fund's success in using futures will be dependent upon the sub adviser's ability to correctly predict such price movements, 4) liquidity of futures can be adversely affected by market factors, and the prices of such securities may move in unexpected ways, and5) if the Fund cannot close out a futures position, it

Notes to Financial Statements (continued)

July 31, 2025

may be compelled to continue to make daily cash payments to the broker to meet margin requirements, thus increasing transaction costs. Futures contracts outstanding at period end are listed after the Fund's Consolidated Schedule of Investments. Cash deposited as margin is recorded on the Consolidated Statement of Assets and Liabilities as "Cash pledged as collateral for futures contracts, if any.

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

**Virtus AlphaSimplex Managed Futures ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement Line Description:** | **Commodity** | **Equity** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate** | **Total** |
| **Asset Derivatives:** |  |  |  |  |  |
| Unrealized appreciation on futures contracts\* | $30560<br>| $161398<br>| $5057<br>| $1050<br>| $198065<br>|
| **Total Asset Derivatives** | $30560<br>| $161398<br>| $5057<br>| $1050<br>| $198065<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement Line Description:** | **Commodity** | **Equity** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate** | **Total** |
| **Liability Derivatives:** |  |  |  |  |  |
| Unrealized depreciation on futures contracts\* | $157197<br>| $2009<br>| $166093<br>| $20488<br>| $345787<br>|
| **Total Liability Derivatives** | $157197<br>| $2009<br>| $166093<br>| $20488<br>| $345787<br>|

---

------

\*Represents cumulative appreciation (depreciation) on futures contracts as reported in the Consolidated Schedule of Investments. Only current day's variation margin is shown in the Consolidated Statement of Assets and Liabilities for exchange-traded futures contracts.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement Line Description:** | **Commodity** | **Equity** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate** | **Total** |
| **Net realized gain (loss) on:** |  |  |  |  |  |
| Futures | $(93644) | $(603306) | $(319616) | $(389880) | $(1406446) |
| **Total net realized gain (loss)** | $(93644) | $(603306) | $(319616) | $(389880) | $(1406446) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement Line Description:** | **Commodity** | **Equity** | **Foreign Exchange Contracts** | **Interest<br>Rate** | **Total** |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |
| Futures | $(182323) | $144325<br>| $(78248) | $(10250) | $(126496) |
| **Total net change in unrealized appreciation (depreciation) on:** | $(182323) | $144325<br>| $(78248) | $(10250) | $(126496) |

---

The table below shows the quarterly average volume of the derivatives held for the year ended July 31, 2025.

---

| | |
|:---|:---|
|  | **Virtus AlphaSimplex Managed Futures ETF** |
| Futures Contracts - Long Positions<sup>(1)</sup> | $209<br>|
| Futures Contracts - Short Positions<sup>(1)</sup> | (20849) |

---

------

(1)Average unrealized for the period.

Notes to Financial Statements (continued)

July 31, 2025

**5.** **INVESTMENT MANAGEMENT, RELATED PARTIES AND OTHER AGREEMENTS**

**Investment Advisory Agreement**

Effective January 1, 2025, VIA replaced Virtus ETF Advisers LLC ("VEA") as the investment adviser to each Fund (other than the Virtus AlphaSimplex Managed Futures ETF) and VAIA replaced VEA as the investment adviser to the Virtus AlphaSimplex Managed Futures ETF.References to the "Adviser" shall mean VIA or VAIA, as the case may be, with respect to the applicable Fund.

The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement (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 each Fund, except for the following expenses, each of which is paid by the applicable Fund: the Adviser's 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 Fund. The Adviser is entitled to receive a fee from each Fund 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** |
| Virtus AlphaSimplex Managed Futures ETF | 0.80% |
| Virtus Duff & Phelps Clean Energy ETF | 0.66%<sup>(1)</sup> |
| Virtus KAR Mid-Cap ETF | 0.80% |
| Virtus Newfleet ABS/MBS ETF | 0.49%<sup>(2)</sup> |
| Virtus Newfleet Short Duration Core Plus Bond ETF | 0.40%<sup>(3)</sup> |
| Virtus Newfleet Short Duration High Yield Bond ETF | 0.39% |
| Virtus Seix AAA Private Credit CLO ETF | 0.29% |
| Virtus Seix Senior Loan ETF | 0.57%<sup>(4)</sup> |
| Virtus Stone Harbor Emerging Markets High Yield Bond ETF | 0.55% |
| Virtus Terranova U.S. Quality Momentum ETF | 0.29% |

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1The Adviser has contractually agreed to waive a portion of the Fund's advisory fee equal to 0.07% of the Fund's average daily net assets through at least November 28, 2025, which will have the effect of reducing the Fund's expenses (the "Fee Waiver Agreement"). While the Adviser or the Fund may discontinue the Fee Waiver Agreement after the contractual period, it may only be terminated during its term by either party upon written notice; provided that such termination shall require the approval of the Fund's Board of Trustees.

2The Adviser has contractually agreed to waive a portion of the Fund's advisory fee equal to 0.10% of the Fund's average daily net assets through at least November 28, 2025, which will have the effect of reducing the Fund's expenses (the "Fee Waiver Agreement"). While the Adviser or the Fund may discontinue the Fee Waiver Agreement after the contractual period, it may only be terminated during its term by either party upon written notice; provided that such termination shall require the approval of the Fund's Board of Trustees.

3The Adviser has contractually agreed to waive a portion of the Fund's advisory fee equal to 0.05% of the Fund's average daily net assets through at least November 30, 2025, which will have the effect of reducing the Fund's expenses (the "Fee Waiver Agreement"). While the Adviser or the Fund may discontinue the Fee Waiver Agreement after the contractual period, it may only be terminated during its term by either party upon written notice; provided that such termination shall require the approval of the Fund's Board of Trustees.

4The Adviser has contractually agreed to waive a portion of the Fund's advisory fee equal to 0.01% of the Fund's average daily net assets through at least November 28, 2025, which will have the effect of reducing the Fund's expenses (the "Fee Waiver Agreement"). While the Adviser or the Fund may discontinue the Fee Waiver Agreement after the contractual period, it may only be terminated during its term by either party upon written notice; provided that such termination shall require the approval of the Fund's Board of Trustees.

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

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| | |
|:---|:---|
| **Funds** | **Sub-Advisers** |
| Virtus AlphaSimplex Managed<br>Futures ETF | AlphaSimplex Group, LLC<sup>(1)</sup><br> 50% of the net advisory fee<sup>(2)</sup> |
| Virtus Duff & Phelps Clean Energy ETF | Duff & Phelps Investment Management Co.<sup>(1)</sup><br> 50% of the net advisory fee<sup>(2)</sup> |
| Virtus KAR Mid-Cap ETF | Kayne Anderson Rudnick Investment Management, LL<br> 50% of the net advisory fee<sup>(2)</sup> |

---

Notes to Financial Statements (continued)

July 31, 2025

---

| |
|:---|
| **Funds** |
| Virtus Newfleet ABS/MBS ETF<br> Virtus Fixed Income Advisers, LLC, operating through its division Newfleet Asset Management<sup>(1)</sup><br> 50% of the net advisory fee<sup>(2)</sup> |
| Virtus Newfleet Short Duration Core Plus Bond ETF<br>Virtus Fixed Income Advisers, LLC, operating through its division Newfleet Asset Management<sup>(1)</sup><br> 50% of the net advisory fee<sup>(2)</sup> |
| Virtus Newfleet Short Duration High Yield Bond ETF<br>Virtus Fixed Income Advisers, LLC, operating through its division Newfleet Asset Management<sup>(1)</sup><br> 50% of the net advisory fee<sup>(3)</sup> |
| Virtus Seix AAA Private Credit CLO ETF<br> Virtus Fixed Income Advisers, LLC, operating through its division Seix Investment Advisors<sup>(1)</sup><br> 50% of the net advisory fee<sup>(2)</sup> |
| Virtus Seix Senior Loan ETF<br> Virtus Fixed Income Advisers, LLC, operating through its division Seix Investment Advisors<sup>(1)</sup><br> 50% of the net advisory fee<sup>(2)</sup> |
| Virtus Stone Harbor Emerging Markets High Yield Bond ETF<br>Virtus Fixed Income Advisers, LLC, operating through its division Stone Harbor Investment Partners<sup>(1)</sup><br> 50% of the net advisory fee<sup>(2)</sup> |

---

------

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

(2)Net advisory fee: The advisory fee paid by the Fund to the Adviser for investment advisory services under the Adviser's investment advisory agreement with the Fund, after deducting the payment of all of the ordinary operating expenses of the Fund under the Adviser's unified fee arrangement. In the event that the Adviser waives all or a portion of its fee pursuant to an applicable waiver agreement, then the Sub-Adviser will waive its fee in the same proportion as the Adviser.

(3)Net advisory fee: The advisory fee paid by the Fund to the Adviser for investment advisory services under the Adviser's investment advisory agreement with the Fund, after accounting for any applicable fee waiver and/or expense limitation agreement, which will not include reimbursement of the Adviser for any expenses or recapture of prior waivers. In the event the Adviser waives its entire fee and also assumes expenses of the Fund 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 each of Virtus AlphaSimplex Managed Futures ETF, Virtus Duff & Phelps Clean Energy ETF, Virtus KAR Mid-Cap ETF, Virtus Newfleet ABS/MBS ETF, Virtus Newfleet Short Duration Core Plus Bond ETF, Virtus Seix AAA Private Credit CLO ETF ,Virtus Seix Senior Loan ETF, Virtus Stone Harbor Emerging Markets High Yield Bond ETF and Virtus Terranova U.S. Quality Momentum ETF is authorized to pay an amount up to 0.25% of its average daily net assets each year to finance activities primarily intended to result in the sale of Creation Units of the Funds or the provision of investor services. No 12b-1 fees are currently paid by the 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.

Notes to Financial Statements (continued)

July 31, 2025

**Affiliated Shareholders**

At July 31, 2025, Virtus Partners, Inc. held shares of the following funds which may be sold at any time that aggregated to the following:

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| | | |
|:---|:---|:---|
| **Funds** | **Shares** | **% of shares<br>outstanding** |
| Virtus AlphaSimplex Managed Futures ETF  | 200004 | 27.6% |
| Virtus Duff & Phelps Clean Energy ETF | 65504 | 18.7% |
| Virtus KAR Mid-Cap | 100004 | 8.3% |
| Virtus Newfleet ABS/MBS ETF | 150004 | 7.0% |
| Virtus Newfleet Short Duration Core Plus Bond ETF | 392004 | 87.1% |
| Virtus Newfleet Short Duration High Yield Bond ETF | 54000 | 3.8% |
| Virtus Seix AAA Private Credit CLO ETF | 400004 | 53.3% |
| Virtus Stone Harbor Emerging Markets High Yield Bond ETF  | 98804 | 18.0% |

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**6.** **CREATION AND REDEMPTION TRANSACTIONS**

The Funds issue and redeem shares on a continuous basis at net asset value 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 of $500 to the shareholder servicing agent when purchasing and redeeming Creation Units of the Funds. The transaction fee is used to defray the costs associated with the issuance and redemption of Creation Units. In addition to the fixed transaction fee, the Funds may charge an additional variable fee to the extent a Fund permits or requires Authorized Participants to purchase Creation Units for cash, or otherwise substitute cash for any Deposit Security. Such cash-in-lieu fees are payable to a Fund and are charged to defray the transaction costs incurred by a Fund when buying Deposit Securities, and also to cover spreads and slippage costs and protect existing shareholders. Variable fees received by a Fund, if any, is disclosed in the shareholder transaction section of the Statement of Changes in Net Assets.

**7.** **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. Virtus AlphaSimplex Managed Futures ETF's investment in its Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods. Accounting for Uncertainty in Income Taxes as issued by the Financial Accounting Standards Board 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 July 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. Certain Funds may be subject to foreign taxes on income and gains on investments, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests.

Notes to Financial Statements (continued)

July 31, 2025

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

At July 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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| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Federal<br>Tax Cost of<br>Investments** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| Virtus AlphaSimplex Managed Futures ETF | $— | $94805 | $— | $94805 |
| Virtus Duff & Phelps Clean Energy ETF | 6153240  | 1451288 | (641084) | 810204  |
| Virtus KAR Mid-Cap ETF | 28249175 | 1604851 | (2292693) | (687842) |
| Virtus Newfleet ABS/MBS ETF | 51634604 | 306435  | (112347) | 194088 |
| Virtus Newfleet Short Duration Core Plus Bond ETF | 11305832 | 173751 | (11929) | 161822 |
| Virtus Newfleet Short Duration High Yield Bond ETF | 30511033 | 283724 | (453401) | (169677) |
| Virtus Seix AAA Private Credit CLO ETF | 18446997 | 10477 | (49321) | (38844) |
| Virtus Seix Senior Loan ETF | 306126929 | 3076008 | (3427704) | (351696) |
| Virtus Stone Harbor Emerging Markets High Yield Bond ETF | 14108355 | 668761 | (155057) | 513704 |
| Virtus Terranova U.S. Quality Momentum ETF | 184827795  | 23449780 | (2922667) | 20527113  |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Undistributed<br>Ordinary<br>Income** | **Accumulated<br>Capital and<br>Other Gain<br>(Loss)** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Total<br>Accumulated<br>Earnings<br>(Loss)** |
| Virtus AlphaSimplex Managed Futures ETF | $6582<br>| $(1444386) | $(26386) | $(1464190) |
| Virtus Duff & Phelps Clean Energy ETF | 40612 | (1484130) | 810469 | (633049) |
| Virtus KAR Mid-Cap ETF | 40042 |  | (687842) | (647800) |
| Virtus Newfleet ABS/MBS ETF | 202584 | (711711) | 194088 | (315039) |
| Virtus Newfleet Short Duration Core Plus Bond ETF | 76329 |  | 161822 | 238151 |
| Virtus Newfleet Short Duration High Yield Bond ETF | 68598 | (3290982) | (169677) | (3392061) |
| Virtus Seix AAA Private Credit CLO ETF |  | (4369) | (38844) | (43213) |
| Virtus Seix Senior Loan ETF | 888487 | (8645729) | (351696) | (8108938) |
| Virtus Stone Harbor Emerging Markets High Yield Bond ETF | 141277 | 63768 | 513704 | 718749 |
| Virtus Terranova U.S. Quality Momentum ETF | 922333 | (43088340) | 20527113 | (21638894) |

---

Capital losses incurred after October 31 ("Post-October Losses") and 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 July 31, 2025, the Funds incur and or elect to defer Post-October Losses and Late Year Ordinary Losses as follows:

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| | | |
|:---|:---|:---|
|  | **Capital Post-October Losses** | **Late-year Ordinary Losses** |
| Virtus AlphaSimplex Managed Futures ETF |  | 2,949 |
| Virtus KAR Mid-Cap ETF |  | 7,494 |

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Notes to Financial Statements (continued)

July 31, 2025

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| **Funds** | **Distributions<br>Paid From<br>Ordinary<br>Income\*** | **Distributions<br>Paid From<br>Long-Term<br>Capital Gains** | **Distributions<br>Paid From<br>Ordinary<br>Income\*** | **Distributions<br>Paid From<br>Long-Term<br>Capital Gains** |
| Virtus AlphaSimplex Managed Futures ETF | $187522<br>| $—<br>| $—<br>| $—<br>|
| Virtus Duff & Phelps Clean Energy ETF | 91033 |  | 64720 |  |
| Virtus KAR Mid-Cap ETF | 7397 |  |  |  |
| Virtus Newfleet ABS/MBS ETF | 1534956 |  | 471849 |  |
| Virtus Newfleet Short Duration Core Plus Bond ETF | 596090 |  | 353755 |  |
| Virtus Newfleet Short Duration High Yield Bond ETF | 1118714 |  | 249125 |  |
| Virtus Seix AAA Private Credit CLO ETF | 656978 |  |  |  |
| Virtus Seix Senior Loan ETF | 20533283 |  | 9929284 |  |
| Virtus Stone Harbor Emerging Markets High Yield Bond ETF | 1181319 | 33640 | 616640 |  |
| Virtus Terranova U.S. Quality Momentum ETF | 1027759 |  | 1115017 |  |

---

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

At July 31, 2025, for Federal income tax purposes, the following Funds had 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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| | | | |
|:---|:---|:---|:---|
| **Funds** | **Short-Term<br>No Expiration** | **Long-Term<br>No Expiration** | **Total** |
| Virtus AlphaSimplex Managed Futures ETF | $718889  | $725497 | $1444386 |
| Virtus Duff & Phelps Clean Energy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1159007  | 1484130  |
| Virtus KAR Mid-Cap ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Virtus Newfleet ABS/MBS ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92289  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619422  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711711  |
| Virtus Newfleet Short Duration Core Plus Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Virtus Newfleet Short Duration High Yield Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541376  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2749606  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3290982  |
| Virtus Seix AAA Private Credit CLO ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4369  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4369  |
| Virtus Seix Senior Loan ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4338500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4307229  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8645729  |
| Virtus Stone Harbor Emerging Markets High Yield Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Virtus Terranova U.S. Quality Momentum ETF | 39173619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3914721  | 43088340 |

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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. At July 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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| | | |
|:---|:---|:---|
| **Funds** | **Distributable<br>Earnings<br>(Accumulated<br>Deficit)** | **Paid-in-<br>Capital** |
| Virtus AlphaSimplex Managed Futures ETF | $134466<br>| $(134466) |
| Virtus Duff & Phelps Clean Energy ETF | (22841) | 22841 |
| Virtus KAR Mid-Cap ETF | (240862) | 240862 |
| Virtus Newfleet ABS/MBS ETF |  |  |
| Virtus Newfleet Short Duration Core Plus Bond ETF |  |  |
| Virtus Newfleet Short Duration High Yield Bond ETF |  |  |
| Virtus Seix AAA Private Credit CLO ETF | 2993 | (2993) |
| Virtus Seix Senior Loan ETF |  |  |
| Virtus Stone Harbor Emerging Markets High Yield Bond ETF |  |  |
| Virtus Terranova U.S. Quality Momentum ETF | (27939400) | 27939400 |

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Notes to Financial Statements (continued)

July 31, 2025

**8.** **INVESTMENT TRANSACTIONS**

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Purchases** | **Sales** | **Subscriptions<br>In-Kind** | **Redemptions<br>In-Kind** |
| Virtus AlphaSimplex Managed Futures ETF | $— | $— | $— | $— |
| Virtus Duff & Phelps Clean Energy ETF | 3960925 | 3809503 | 1184084 | 414513 |
| Virtus KAR Mid-Cap ETF | 1964276 | 2582257 | 30371047 | 1794722 |
| Virtus Newfleet ABS/MBS ETF | 63234956 | 21434228 |  |  |
| Virtus Newfleet Short Duration Core Plus Bond ETF | 5489642 | 4298361 |  |  |
| Virtus Newfleet Short Duration High Yield Bond ETF | 37337878 | 11321775 |  |  |
| Virtus Seix AAA Private Credit CLO ETF | 34328336 | 15873671 |  |  |
| Virtus Seix Senior Loan ETF | 821774386 | 686911761 |  |  |
| Virtus Stone Harbor Emerging Markets High Yield Bond ETF | 13224233 | 12360763 | 3727367 |  |
| Virtus Terranova U.S. Quality Momentum ETF | 181110772 | 180329496 | 205716976 | 133627889 |

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

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Virtus Newfleet Short Duration Core Plus Bond ETF | $693243<br>| $681457<br>|

---

**9.** **BORROWINGS**

The Virtus Seix Senior Loan ETF ("Seix Fund") and one other affiliated fund entered into a $125,000,000 unsecured syndicated line of credit agreement dated March 15, 2018, as amended,("Seix Credit Agreement"), with two commercial banks. On March 8, 2024, the unsecured line of credit was renewed as a bilateral credit agreement with one of the commercial banks and the credit amount was reduced to $100,000,000. The Seix Credit Agreement allows the Seix Fund to borrow cash from the bank to manage large, unexpected redemptions and trade fails, up to a limit of one-fifth its total net assets. Each fund, that is a party to the Seix Credit Agreement, is individually, and not jointly, liable for its borrowings, if any. The lending bank could require repayment of outstanding borrowings upon certain circumstances such as an event of default. Unless renewed, the Seix Credit Agreement will terminate on March 6, 2026.

Under the Credit Agreement interest is charged at the higher of a SOFR or the Federal Funds Rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the year ended July 31, 2025, are included in the "Interest expense and/or commitment fees" line on the Statements of Operations.

For the year ended July 31, 2025, the Seix Fund did not have outstanding borrowings.

**10.** **INVESTMENT RISKS**

As with any investment, an investment in a Fund could result in a loss or the performance of a Fund could be inferior to that of other investments. An investor should consider a 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. Local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Fund and its investments, including hampering the ability of each Fund's portfolio manager(s) to invest each Fund's assets as intended.

Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation.

Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. They may also have policies that restrict investment by foreigners, or that prevent foreign investors from withdrawing their money at will.

Certain emerging markets may also face other significant internal or external risks, including the risk of war and civil unrest. Each of these factors can affect the value and liquidity of the assets of a Fund. Failure to generate adequate earnings from foreign trade would make it difficult for an emerging market country to service foreign debt. Disruptions resulting from social and political factors may cause the securities markets of emerging market countries to close. If this were to occur, the liquidity and value of a Fund's assets invested in corporate debt obligations of emerging market companies would decline.

Notes to Financial Statements (continued)

July 31, 2025

The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance.

Sanctions threatened or imposed may result in a decline in the value and liquidity of a Fund's assets. The securities of the Fund may be deemed to have a zero value. A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds' investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

For all these reasons, investments in emerging markets may be considered speculative. To the extent that a Fund invests a significant portion of its assets in a particular emerging market, the Fund will be more vulnerable to financial, economic, political and other developments in that country, and conditions that negatively impact that country will have a greater impact on the Fund as compared with a fund that does not have its holdings concentrated in a particular country.

**11.** **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 a Fund's shares and the income it earns.

**12. 10% SHAREHOLDERS**

As of July 31, 2025, the 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 the Funds as detailed below:

---

| | | |
|:---|:---|:---|
| **Funds** | **% of Shares<br>Outstanding** | **Number of<br>Account** |
| Virtus AlphaSimplex Managed Futures ETF | 84% | 3<br> \* |
| Virtus Duff & Phelps Clean Energy ETF | 82 | 1 |
| Virtus KAR Mid-Cap ETF | 85 | 2 |
| Virtus Newfleet ABS/MBS ETF | 93 | 3<br> \* |
| Virtus Newfleet Short Duration Core Plus Bond ETF | 87 | 1<br> \* |
| Virtus Newfleet Short Duration High Yield Bond ETF | 85 | 1 |
| Virtus Seix AAA Private Credit CLO ETF | 72 | 2 |
| Virtus Seix Senior Loan ETF | 82 | 3 |
| Virtus Stone Harbor Emerging Markets High Yield Bond ETF | 84 | 3 |
| Virtus Terranova U.S. Quality Momentum ETF | 70 | 4 |

---

------

\*Includes affiliated shareholder accounts

Notes to Financial Statements (continued)

July 31, 2025

**13.** **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.

**14.** **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.

**15.** **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.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Virtus ETF Trust II and Shareholders of Virtus AlphaSimplex Managed Futures ETF, Virtus Duff & Phelps Clean Energy ETF, Virtus KAR Mid-Cap ETF, Virtus Newfleet ABS/MBS ETF, Virtus Newfleet Short Duration Core Plus Bond ETF, Virtus Newfleet Short Duration High Yield Bond ETF, Virtus Seix AAA Private Credit CLO ETF, Virtus Seix Senior Loan ETF, Virtus Stone Harbor Emerging Markets High Yield Bond ETF, and Virtus Terranova U.S. Quality Momentum ETF.

*Opinions on the Financial Statements*

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (constituting Virtus ETF Trust II, hereafter collectively referred to as the "Funds") as of July 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (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 <u>listed in the table below</u> as of July 31, 2025, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| Virtus AlphaSimplex Managed Futures ETF<sup>(1)</sup>\* |
| Virtus Duff & Phelps Clean Energy ETF<sup>(2)</sup> |
| Virtus KAR Mid-Cap ETF<sup>(3)</sup> |
| Virtus Newfleet ABS/MBS ETF<sup>(2)</sup> |
| Virtus Newfleet Short Duration Core Plus Bond ETF<sup>(4)</sup> |
| Virtus Newfleet Short Duration High Yield Bond ETF<sup>(2)</sup> |
| Virtus Seix AAA Private Credit CLO ETF<sup>(5)</sup> |
| Virtus Seix Senior Loan ETF<sup>(2)</sup> |
| Virtus Stone Harbor Emerging Markets High Yield Bond ETF<sup>(2)</sup> |
| Virtus Terranova U.S. Quality Momentum ETF<sup>(2)</sup> |

---

------

(1) Consolidated statement of operations for the year ended July 31, 2025 and consolidated statement of changes in net assets for the year ended July 31, 2025 and the period May 16, 2024 (commencement of operations) through July 31, 2024.

(2) Statement of operations for the year ended July 31, 2025 and statement of changes in net assets for each of the years ended July 31, 2025 and July 31, 2024.

(3) Statement of operations and statement of changes in net assets for the period October 15, 2024 (commencement of operations) through July 31, 2025.

(4) Statement of operations for the year ended July 31, 2025, and statement of changes in net assets for the year ended July 31, 2025 and the period November 15, 2023 (commencement of operations) through July 31, 2024.

(5) Statement of operations and statement of changes in net assets for the period December 2, 2024 (commencement of operations) through July 31, 2025.

\*The financial statements for Virtus AlphaSimplex Managed Futures ETF are presented on a consolidated basis

*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 July 31, 2025 by correspondence with the custodian, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

**/s/PricewaterhouseCoopers LLP Philadelphia, Pennsylvania September** **25, 2025**

<u>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</u> <u>as auditor.</u>

Other Information (unaudited)

**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**

(1) No remuneration was paid by the company during the period covered by the report to any Trustee on the company's Board of Trustees for regular compensation.

(2) No remuneration was paid by the company during the period covered by the report to any Trustee on the company's Board of Trustees for special compensation.

(3) No remuneration was paid by the company during the period covered by the report to any Officer of the company.

(4) No remuneration was paid by the company during the period covered by the report to any Officer or Trustee of the company who is an affiliated person.

**FORM** **N-CSR ITEM 11 - Statement Regarding Basis for Approval of Investment** **Advisory Contract**

**Board Considerations for Virtus KAR Mid-Cap ETF**

During executive session, the Independent Trustees of Virtus ETF Trust II (the "Trust") considered the following factors in connection with their approval of the continuance of the advisory and sub-advisory agreements as listed below for the Trust.

**August 15, 2024 Consideration of Approval of Advisory Agreement and Sub-Advisory Agreement for Virtus KAR Mid-Cap ETF (the "Fund")**

On August 15, 2024, at a meeting (the "Meeting") at which all of the Trustees were present and could hear and be heard, including all of the Trustees who were not "interested persons" (as that term is defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees"), the Board of Trustees (the "Board") of the Trust, including the Independent Trustees voting separately, reviewed and unanimously approved an investment advisory agreement between Virtus ETF Advisers LLC (the "Adviser") and the Trust (the "Advisory Agreement"), and an investment sub-advisory agreement among Kayne Anderson Rudnick Investment Management, LLC (the "Sub-Adviser"), the Adviser and the Trust (the "Sub-Advisory Agreement"), each with respect to the Fund.

At the Meeting, the Board received and reviewed information provided by the Adviser and the Sub-Adviser in response to requests of the Board and its counsel, including a memorandum from the Adviser that included a description of the Adviser's business, a copy of the Adviser's Form ADV, and certain other information about the Adviser to be considered in connection with the Trustees' review process (the "Adviser Memorandum"), and a memorandum from the Sub-Adviser that included a description of the Sub-Adviser's business, a copy of the Sub-Adviser's Form ADV and certain other information about the Sub-Adviser to be considered in connection with the Trustees' review process (the "Sub-Adviser Memorandum"). The Board also engaged with representatives of the Adviser and the Sub-Adviser to discuss the Fund.

Other Information (unaudited) (continued)

**Advisory Agreement** 

In deciding on whether to approve the Advisory Agreement with the Adviser on behalf of the Fund, the Board considered numerous factors, including:

*The nature, extent, and quality of the services to be provided by the Adviser*. The Board considered the responsibilities the Adviser would have under the Advisory Agreement, and the services that would be provided by the Adviser to the Fund, including, without limitation, the management, oversight, and administrative services that the Adviser and its employees will provide to the Fund, the services already provided by the Adviser related to organizing the Fund, the Adviser's coordination of services for the Fund by the Trust's service providers, its compliance procedures and practices, and its efforts to promote the Fund. The Board also considered the quality of the services that the Adviser provides to other Virtus exchange-traded funds ("ETFs"), including other series of the Trust. The Board noted that many of the Trust's executive officers are employees of the Adviser, and serve the Trust without additional compensation from the Fund. The Board also considered the information in the Adviser Memorandum, including descriptions of the Adviser's investment advisory services and its related non-advisory business. The Board concluded that the quality, extent, and nature of the services proposed to be provided by the Adviser would be satisfactory and adequate for the Fund.

*Investment performance of the Fund and the Adviser*. The Board evaluated the investment management experience of the Adviser, in light of the services it will be providing. In conducting its review, the Board considered the fact that the Fund had not yet commenced operations and therefore had no investment performance to consider. Therefore, the Board received information from the Adviser regarding, among other things, the Adviser's experience in organizing, managing and overseeing other Virtus ETFs and coordinating their operation and administration. After consideration of these factors, the Board determined that the Adviser possessed adequate capabilities and experience for the management of the Fund.

*The costs of the services to be provided and profits to be realized by the Adviser from its relationship with the Fund*. The Board examined and evaluated the proposed arrangements between the Adviser and the Fund under the Advisory Agreement. The Board considered that the Advisory Agreement provided for a "unified fee" structure pursuant to which the Fund's ordinary operating expenses (subject to customary exclusions) would be paid from the Adviser's management fee. The Board noted that, under the unified fee arrangement, the Adviser would likely supplement a portion of the cost of operating the Fund for some period of time and considered the benefits that would accrue to the Fund.

The Board also considered the financial condition of the Adviser and the level of commitment to the Fund by the Adviser, including the Adviser's payment of startup costs for the Fund; potential benefits to the Adviser in managing the Fund, including promotion of the Adviser's name; and the interests of the Adviser in providing management and oversight services to the Fund. In addition, at the Meeting, the Board compared the proposed management fee and anticipated net expense ratio of the Fund to the management fees and net expense ratios of other funds considered by the Adviser to have similar investment objectives and strategies to the Fund, and assets under management ("AUM") comparable to the projected asset levels of the Fund (the "Peer Group"). Specifically, the Board noted that the proposed management fee for the Fund was above the average and median management fees and expense ratios, but below the highest, of its Peer Group. The Board noted that the Peer Group was comprised of only two actively managed exchange-traded funds with explicit mid-cap objectives and, therefore, also considered the Fund's proposed fees and expenses relative to a broader mutual fund peer group (the "Secondary Peer Group") to create an adequate sample size. The Board noted that although the proposed management fee for the Fund was above the average and median management fee for the Secondary Peer Group it was below the average and median expense ratio for the Secondary Peer Group.

Following these comparisons and upon further consideration and discussion of the foregoing, the Board concluded that the fees proposed to be paid to the Adviser by the Fund would be appropriate and representative of arm's-length negotiations.

The extent to which economies of scale would be realized as the Fund grows and whether management fee levels reflect these economies of scale for the benefit of the Fund's investors. The Board considered the fees proposed to be paid to the Adviser. The Board also considered that the Fund would likely experience benefits from the proposed unified fee arrangement and would continue to do so even after the Adviser reaches firm-wide profitability. Accordingly, the Board concluded that the Fund's proposed fee arrangement would provide benefits through the unified fee structure, and that, at the Fund's projected asset levels, the Fund's proposed arrangement with the Adviser would be appropriate.

*Other benefits to be derived by the Adviser from its relationship with the Fund*. The Board considered material "fall-out" or ancillary benefits that would accrue to the Adviser as a result of its relationship with the Fund (other than the advisory fee). The Board noted that affiliates of the Adviser will serve as principal underwriter and operational administrator for the Fund, and that the association could result in non-quantifiable reputational benefits for those entities. Based on the foregoing information, the Board concluded that such potential benefits are immaterial to its consideration and approval of the Advisory Agreement.

Other Information (unaudited) (continued)

*Conclusion*. The Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors. The Board reviewed with counsel to the Independent Trustees the legal standards applicable to its consideration of the Advisory Agreement. Based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the Advisory Agreement was fair and reasonable in light of the services to be performed, expenses to be incurred and such other matters as the Board considered relevant.

After full consideration of the above factors as well as other factors, the Board, including the Independent Trustees, unanimously approved the Advisory Agreement on behalf of the Fund.

**Sub-Advisory Agreement** 

In deciding on whether to approve the Sub-Advisory Agreement with the Sub-Adviser on behalf of the Fund, the Board considered numerous factors, including:

*The nature, extent, and quality of the services to be provided by the Sub-Adviser*. The Board considered the responsibilities the Sub-Adviser would have under the Sub-Advisory Agreement and the services that would be provided by the Sub-Adviser, including, without limitation, the investment advisory services, the Sub-Adviser's compliance procedures and practices, and its efforts to promote the Fund. The Board also considered the quality of the services that the Sub-Adviser provides to other funds, including certain Virtus mutual funds. After reviewing the foregoing information and further information in the materials, including the Sub-Adviser Memorandum (which included descriptions of the Sub-Adviser's business), the Board concluded that the quality, extent, and nature of the services proposed to be provided by the Sub-Adviser would be satisfactory and adequate for the Fund.

*The investment management capabilities and experience of the Sub-Adviser*. The Board evaluated the investment management experience of the Sub-Adviser. In particular, the Board considered the Sub-Adviser's experience, including specifically expertise in mid-cap strategies and the experience of the Sub-Adviser's portfolio managers. The Board discussed with the Sub-Adviser the investment objective and strategies for the Fund and the Sub-Adviser's plans for implementing the strategies. After consideration of these factors, the Board determined that the Sub-Adviser would be an appropriate sub-adviser to the Fund.

*The costs of the services to be provided and profits to be realized by the Sub-Adviser from its relationship with the Fund*. The Board examined and evaluated the proposed arrangement between the Sub-Adviser and the Adviser under the Sub-Advisory Agreement. The Board considered the fact that the Advisory Agreement provided for a "unified fee" structure pursuant to which the Fund's ordinary operating expenses (subject to customary exclusions) would be paid from the Adviser's management fee. The Board considered the extent to which the Sub-Adviser would bear a portion of Fund expenses. The Board noted that, under the unified fee arrangement, the Sub-Adviser would likely supplement a portion of the cost of operating the Fund for some period of time and considered the benefits that would accrue to the Fund.

The Board considered the Sub-Adviser's staffing, personnel, and methods of operating; the Sub-Adviser's compliance policies and procedures; the financial condition of the Sub-Adviser and the level of commitment to the Fund by the Sub-Adviser; the projected asset levels of the Fund; and the overall projected expenses of the Fund. The Board also considered potential benefits to the Sub-Adviser in sub-advising the Fund, including promotion of the name of the Sub-Adviser.

The Board compared the proposed fees and anticipated expenses of the Fund (including the sub-advisory fee) to other funds considered by the Adviser to have investment objectives and strategies similar to the Fund and AUM comparable to the Fund's projected asset levels, as noted above. The Board also considered the proposed fees of the Fund as they relate to other mutual funds sponsored by the Sub-Adviser. The Board also noted that the Sub-Adviser was an affiliate of the Adviser. Following these comparisons and upon further consideration and discussion of the foregoing, the Board concluded that the fees proposed to be paid to the Sub-Adviser (pursuant to the Advisory Agreement) would be appropriate and representative of arm's-length negotiations.

The extent to which economies of scale would be realized as the Fund grows and whether sub-advisory fee levels reflect these economies of scale for the benefit of the Fund's investors. The Board considered the fees proposed to be paid to the Sub-Adviser. The Board considered that the Fund would likely experience benefits from the proposed unified fee arrangement, particularly where the Sub-Adviser is paying or contributing to Fund expenses in excess of its sub-advisory fee. The Board considered that the Fund would likely continue to experience such benefits even after the Fund's assets grow to a level where the Sub-Adviser is no longer required to pay or contribute to the Fund's expenses in excess of the amount received by the Sub-Adviser under the Sub-Advisory Agreement. Accordingly, the Board concluded that the Fund's proposed fee arrangement would provide benefits through the unified fee structure, and that, at the Fund's projected asset levels, the Fund's proposed arrangement with the Sub-Adviser would be appropriate.

Other Information (unaudited) (continued)

*Other benefits to be derived by the Sub-Adviser from its relationship with the Fund.* The Board considered material "fall-out" or ancillary benefits that would accrue to the Sub-Adviser as a result of its relationship with the Fund (other than the sub-advisory fees). For example, the Board noted that the Sub-Adviser may obtain reputational benefits from the success of the Fund or other Virtus ETFs. Based on their review and other considerations, the Board concluded that such potential benefits are immaterial to its consideration and approval of the Sub-Advisory Agreement.

*Conclusion*. The Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors. The Board reviewed with counsel to the Independent Trustees the legal standards applicable to its consideration of the Sub-Advisory Agreement. Based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the sub-advisory arrangement, as outlined in the Sub-Advisory Agreement, was fair and reasonable in light of the services to be performed, expenses to be incurred, and such other matters as the Board considered relevant.

After full consideration of the above factors as well as other factors, the Board, including the Independent Trustees, unanimously approved the Sub-Advisory Agreement on behalf of the Fund.

Supplemental Information (unaudited)

**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 <u>www.sec.gov</u>, 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 <u>www.sec.gov</u>.

**TAX INFORMATION**

For the fiscal year ended July 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** |
| Virtus AlphaSimplex Managed Futures ETF, | 0% | 0% |
| Virtus Duff & Phelps Clean Energy ETF | 93% | 27% |
| Virtus KAR Mid-Cap ETF | 85% | 87% |
| Virtus Newfleet ABS/MBS ETF | 0% | 0% |
| Virtus Newfleet Short Duration Core Plus Bond ETF | 0% | 0% |
| Virtus Newfleet Short Duration High Yield Bond ETF | 0% | 0% |
| Virtus Seix AAA Private Credit CLO ETF | 0% | 0% |
| Virtus Seix Senior Loan ETF | 0% | 0% |
| Virtus Stone Harbor Emerging Markets High Yield Bond ETF | 0% | 0% |
| Virtus Terranova U.S Momentum ETF | 100% | 98% |

---

8572(09/25)

![](virtusii-fs_073125img002.gif)

**c/o VP Distributors, LLC** One Financial Plaza

Hartford, Connecticut 06103

&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) Disclosure not required for open-end management investment companies.

(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

(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) | Virtus ETF Trust II |
| By (Signature and Title)\* | /s/ William J. Smalley |
|  | William J. Smalley, President and Principal Executive Officer |
|  | (Principal Executive Officer) |
| Date | October 8, 2025 |

---

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 and Principal Executive Officer |
|  | (Principal Executive Officer) |
| Date | October 8, 2025 |
| 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 | October 8, 2025 |

---

 

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

[Virtus ETF Trust II N-CSR](virtusii-ncsr_073125.htm)

**EX-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:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● 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;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● 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:

● 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;

● 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;

● 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

● 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:

● service as a trustee on the board of any public company;

● the receipt of non-nominal gifts (currently gifts in excess of $200.00);

● 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;

● 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

● 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** 

● each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust;

● 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;

● 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

● 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:

● 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;

● annually thereafter affirm to the Board that he has complied with the requirements of the Code;

● 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

● 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:

● 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;

● if, after such investigation, the Investigator believes that no violation has occurred, the Investigator is not required to take any further action;

● 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;

● the Board will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

<sup>1</sup> Virtus Alternative Investment Advisers, LLC, or Virtus Investment Advisers, LLC. (2025.01)

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

**Exhibit A**

<u>Persons Covered by this Code of Ethics</u>

William J. Smalley, President and Principal Executive Officer

Brinton W. Frith, Treasurer and Principal Financial Officer

## Ex-99.Cert

[Virtus ETF Trust II N-CSR](virtusii-ncsr_073125.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 Virtus ETF Trust II;

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: | October 8, 2025 | /s/ William J. Smalley |
|  |  | William J. Smalley, President 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 Virtus ETF Trust II;

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: | October 8, 2025 | /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

[Virtus ETF Trust II N-CSR](virtusii-ncsr_073125.htm)

**Exhibit 99.906CERT**

**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 Virtus ETF Trust II (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: | October 8, 2025 | /s/ William J. Smalley |
|  |  | William J. Smalley, President and Principal Executive Officer |
|  |  | (Principal Executive Officer) |

---

I, W. Patrick Bradley, Executive Vice President, Treasurer, Chief Financial Officer & Principal Financial Officer of Virtus ETF Trust II (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: | October 8, 2025 | /s/ W. Patrick Bradley |
|  |  | W. Patrick Bradley, Executive Vice President, Treasurer, Chief Financial Officer & Principal Financial Officer |
|  |  | (Principal Financial Officer/Principal Accounting Officer) |

---