# EDGAR Filing Document

**Accession Number:** 0001648403
**File Stem:** 0001999371-26-007866
**Filing Date:** 2026-4
**Character Count:** 431791
**Document Hash:** a90b5f082c94b28607d4f257e9325b0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-007866.hdr.sgml**: 20260408

**ACCESSION NUMBER**: 0001999371-26-007866

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260408

**DATE AS OF CHANGE**: 20260408

**EFFECTIVENESS DATE**: 20260408

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23078
- **FILM NUMBER:** 26846813

**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 Securitized Income ETF (Series ID: S000070567)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000224134 | Virtus Newfleet Securitized Income 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 |  |

### VIRTUS ALPHASIMPLEX GLOBAL MACRO ETF (Series ID: S000093089)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000261160 | VIRTUS ALPHASIMPLEX GLOBAL MACRO ETF |  |

### Virtus International Dividend ETF (Series ID: S000096362)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000265195 | Virtus International Dividend ETF | VDI             |

### Virtus U.S. Dividend ETF (Series ID: S000096364)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000265197 | Virtus U.S. Dividend ETF | VUS             |

### VIRTUS SILVANT GROWTH OPPORTUNITIES ETF (Series ID: S000099009)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000268744 | VIRTUS SILVANT GROWTH OPPORTUNITIES ETF |  |

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

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

Investment Company Act file number: **<u>811-23078</u>**

**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: **<u>(212) 593-4383</u>**

Date of fiscal year end: **<u>July 31</u>**

Date of reporting period: **<u>January 31, 2026</u>**

**Item 1. Reports to Stockholders.**

# Virtus AlphaSimplex Global Macro ETF
![Image](i05a84030c976eebc799fc958.jpg)

# ASGM / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| January 31, 2026
This semi-annual shareholder report contains important information about the Virtus AlphaSimplex Global Macro ETF ("Fund") for the period of August 4, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus AlphaSimplex Global Macro ETF | $43<sup>Footnote Reference(a)</sup> | 0.80%<sup>Footnote Reference(b)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Based on the period August 4, 2025 (commencement of operations) through January 31, 2026. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Annualized. |

---

## % RISK ALLOCATION (includes futures contracts)

---

| | |
|:---|:---|
| Commodities | 32 |
| Currencies | 18 |
| Equities | 44 |
| Fixed Income | 6 |

---

## KEY FUND STATISTICS (as of January 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $7002418 |
| Total number of portfolio holdings | 13 |
| Portfolio turnover rate | 0% |

---

## Where can I find additional information about the Fund?
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](i86b9c4c68dca4b55c4021c4f.jpg)

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.

Virtus AlphaSimplex Global Macro ETF \| 1

# Virtus AlphaSimplex Managed Futures ETF
![Image](i05a84030c976eebc799fc958.jpg)

# ASMF / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| January 31, 2026
This semi-annual shareholder report contains important information about the Virtus AlphaSimplex Managed Futures ETF ("Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus AlphaSimplex Managed Futures ETF | $43 | 0.80%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## % RISK ALLOCATION (includes futures contracts)

---

| | |
|:---|:---|
| Commodities | 37 |
| Currencies | 22 |
| Equities | 32 |
| Fixed Income | 9 |

---

## KEY FUND STATISTICS (as of January 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $32420618 |
| Total number of portfolio holdings | 15 |
| Portfolio turnover rate | 0% |

---

## Where can I find additional information about the Fund?
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](i86b9c4c68dca4b55c4021c4f.jpg)

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.

Virtus AlphaSimplex Managed Futures ETF \| 1

# Virtus Duff & Phelps Clean Energy ETF
![Image](i05a84030c976eebc799fc958.jpg)

# VCLN / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| January 31, 2026
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Clean Energy ETF ("Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Clean Energy ETF | $36 | 0.59%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

---

| | |
|:---|:---|
| Utilities | 42.2% |
| Industrials | 42.0% |
| Information Technology | 14.7% |
| Energy | 1.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of January 31, 2026. |

---

## KEY FUND STATISTICS (as of January 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $5645558 |
| Total number of portfolio holdings | 45 |
| Portfolio turnover rate | 26% |

---

## Where can I find additional information about the Fund?
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](i86b9c4c68dca4b55c4021c4f.jpg)

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.

Virtus Duff & Phelps Clean Energy ETF \| 1

# Virtus International Dividend ETF
![Image](i05a84030c976eebc799fc958.jpg)

# VDI / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| January 31, 2026
This semi-annual shareholder report contains important information about the Virtus International Dividend ETF ("Fund") for the period of December 2, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus International Dividend ETF | $7<sup>Footnote Reference(a)</sup> | 0.39%<sup>Footnote Reference(b)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Based on the period December 2, 2025 (commencement of operations) through January 31, 2026. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Annualized. |

---

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

---

| | |
|:---|:---|
| Financials | 34.5% |
| Industrials | 14.5% |
| Information Technology | 8.3% |
| Health Care | 8.1% |
| Materials | 7.7% |
| Utilities | 5.8% |
| Energy | 5.4% |
| Consumer Discretionary | 4.6% |
| Real Estate | 4.3% |
| Consumer Staples | 4.2% |
| Communication Services | 2.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of January 31, 2026. |

---

## KEY FUND STATISTICS (as of January 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $18354580 |
| Total number of portfolio holdings | 122 |
| Portfolio turnover rate | 14% |

---

## Where can I find additional information about the Fund?
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](i86b9c4c68dca4b55c4021c4f.jpg)

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.

Virtus International Dividend ETF \| 1

# Virtus KAR Mid-Cap ETF
![Image](i05a84030c976eebc799fc958.jpg)

# KMID / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| January 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Mid-Cap ETF ("Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Mid-Cap ETF | $41 | 0.80%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

---

| | |
|:---|:---|
| Industrials | 50.1% |
| Financials | 14.5% |
| Information Technology | 13.1% |
| Consumer Discretionary | 11.7% |
| Health Care | 10.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of January 31, 2026. |

---

## KEY FUND STATISTICS (as of January 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $40369858 |
| Total number of portfolio holdings | 27 |
| Portfolio turnover rate | 8% |

---

## Where can I find additional information about the Fund?
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](i86b9c4c68dca4b55c4021c4f.jpg)

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.

Virtus KAR Mid-Cap ETF \| 1

# Virtus Newfleet Securitized Income ETF
![Image](i05a84030c976eebc799fc958.jpg)

# VABS / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| January 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Securitized Income ETF (formerly, Virtus Newfleet ABS/MBS ETF) ("Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Securitized Income ETF | $20 | 0.39%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

---

| | |
|:---|:---|
| Asset Backed Securities | 62.6% |
| Mortgage Backed Securities | 37.1% |
| Corporate Bond | 0.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of January 31, 2026. |

---

## KEY FUND STATISTICS (as of January 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $82703262 |
| Total number of portfolio holdings | 129 |
| Portfolio turnover rate | 16% |

---

## Where can I find additional information about the Fund?
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](i86b9c4c68dca4b55c4021c4f.jpg)

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.

Virtus Newfleet Securitized Income ETF \| 1

# Virtus Newfleet Short Duration Core Plus Bond ETF
![Image](i05a84030c976eebc799fc958.jpg)

# SDCP / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| January 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Short Duration Core Plus Bond ETF ("Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Short Duration Core Plus Bond ETF | $18 | 0.35%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

---

| | |
|:---|:---|
| Asset Backed Securities | 32.2% |
| Mortgage Backed Securities | 29.0% |
| Corporate Bonds | 23.7% |
| U.S. Government Securities | 10.3% |
| Foreign Bonds | 4.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of January 31, 2026. |

---

## KEY FUND STATISTICS (as of January 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $12893825 |
| Total number of portfolio holdings | 303 |
| Portfolio turnover rate | 22% |

---

## Where can I find additional information about the Fund?
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](i86b9c4c68dca4b55c4021c4f.jpg)

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.

Virtus Newfleet Short Duration Core Plus Bond ETF \| 1

# Virtus Newfleet Short Duration High Yield Bond ETF
![Image](i05a84030c976eebc799fc958.jpg)

# VSHY / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| January 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Short Duration High Yield Bond ETF ("Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Short Duration High Yield Bond ETF | $20 | 0.39%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

---

| | |
|:---|:---|
| Corporate Bonds | 84.0% |
| Foreign Bonds | 16.0% |
| 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 January 31, 2026. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Amount rounds to less than 0.05%. |

---

## KEY FUND STATISTICS (as of January 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $31236971 |
| Total number of portfolio holdings | 169 |
| Portfolio turnover rate | 20% |

---

## Where can I find additional information about the Fund?
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](i86b9c4c68dca4b55c4021c4f.jpg)

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.

Virtus Newfleet Short Duration High Yield Bond ETF \| 1

# Virtus Seix AAA Private Credit CLO ETF
![Image](i05a84030c976eebc799fc958.jpg)

# PCLO / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| January 31, 2026
This semi-annual shareholder report contains important information about the Virtus Seix AAA Private Credit CLO ETF ("Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix AAA Private Credit CLO ETF | $15 | 0.29%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

---

| | |
|:---|:---|
| Asset Backed Securities | 95.4% |
| Term Loan | 4.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of January 31, 2026. |

---

## KEY FUND STATISTICS (as of January 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $17487225 |
| Total number of portfolio holdings | 23 |
| Portfolio turnover rate | 24% |

---

## Where can I find additional information about the Fund?
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](i86b9c4c68dca4b55c4021c4f.jpg)

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.

Virtus Seix AAA Private Credit CLO ETF \| 1

# Virtus Seix Senior Loan ETF
![Image](i05a84030c976eebc799fc958.jpg)

# SEIX / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| January 31, 2026
This semi-annual shareholder report contains important information about the Virtus Seix Senior Loan ETF ("Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Senior Loan ETF | $29 | 0.57%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

---

| | |
|:---|:---|
| Term Loans | 95.2% |
| Corporate Bonds | 3.4% |
| Asset Backed Securities | 0.7% |
| Foreign Bond | 0.5% |
| Affiliated Exchange Traded Fund | 0.2% |
| 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 January 31, 2026. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Amount rounds to less than 0.05%. |

---

## KEY FUND STATISTICS (as of January 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $250291653 |
| Total number of portfolio holdings | 259 |
| Portfolio turnover rate | 90% |

---

## Where can I find additional information about the Fund?
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](i86b9c4c68dca4b55c4021c4f.jpg)

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.

Virtus Seix Senior Loan ETF \| 1

# Virtus Silvant Growth Opportunities ETF
![Image](i05a84030c976eebc799fc958.jpg)

# VGRO / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| January 31, 2026
This semi-annual shareholder report contains important information about the Virtus Silvant Growth Opportunities ETF ("Fund") for the period of December 22, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Silvant Growth Opportunities ETF | $4<sup>Footnote Reference(a)</sup> | 0.35%<sup>Footnote Reference(b)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Based on the period December 22, 2025 (commencement of operations) through January 31, 2026. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Annualized. |

---

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

---

| | |
|:---|:---|
| Information Technology | 48.3% |
| Communication Services | 16.7% |
| Consumer Discretionary | 13.1% |
| Industrials | 8.3% |
| Health Care | 7.8% |
| Financials | 4.0% |
| Materials | 1.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of January 31, 2026. |

---

## KEY FUND STATISTICS (as of January 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $3064812 |
| Total number of portfolio holdings | 22 |
| Portfolio turnover rate | 4% |

---

## Where can I find additional information about the Fund?
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](i86b9c4c68dca4b55c4021c4f.jpg)

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.

Virtus Silvant Growth Opportunities ETF \| 1

# Virtus Stone Harbor Emerging Markets High Yield Bond ETF
![Image](i05a84030c976eebc799fc958.jpg)

# VEMY / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| January 31, 2026
This semi-annual shareholder report contains important information about the Virtus Stone Harbor Emerging Markets High Yield Bond ETF ("Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Stone Harbor Emerging Markets High Yield Bond ETF | $29 | 0.55%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

---

| | |
|:---|:---|
| Corporate Bonds and Notes | 50.2% |
| Foreign Government Securities | 49.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of January 31, 2026. |

---

## KEY FUND STATISTICS (as of January 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $16964860 |
| Total number of portfolio holdings | 171 |
| Portfolio turnover rate | 54% |

---

## Where can I find additional information about the Fund?
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](i86b9c4c68dca4b55c4021c4f.jpg)

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.

Virtus Stone Harbor Emerging Markets High Yield Bond ETF \| 1

# Virtus Terranova U.S. Quality Momentum ETF
![Image](i05a84030c976eebc799fc958.jpg)

# JOET / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| January 31, 2026
This semi-annual shareholder report contains important information about the Virtus Terranova U.S. Quality Momentum ETF ("Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Terranova U.S. Quality Momentum ETF | $15 | 0.29%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

---

| | |
|:---|:---|
| Financials | 23.6% |
| Industrials | 19.1% |
| Information Technology | 17.2% |
| Health Care | 12.0% |
| Consumer Discretionary | 12.0% |
| Materials | 4.8% |
| Consumer Staples | 4.1% |
| Communication Services | 4.0% |
| Energy | 1.6% |
| Utilities | 0.8% |
| Real Estate | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of January 31, 2026. |

---

## KEY FUND STATISTICS (as of January 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $236578029 |
| Total number of portfolio holdings | 125 |
| Portfolio turnover rate | 62% |

---

## Where can I find additional information about the Fund?
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](i86b9c4c68dca4b55c4021c4f.jpg)

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.

Virtus Terranova U.S. Quality Momentum ETF \| 1

# Virtus U.S. Dividend ETF
![Image](i05a84030c976eebc799fc958.jpg)

# VUS / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| January 31, 2026
This semi-annual shareholder report contains important information about the Virtus U.S. Dividend ETF ("Fund") for the period of December 2, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus U.S. Dividend ETF | $4<sup>Footnote Reference(a)</sup> | 0.25%<sup>Footnote Reference(b)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Based on the period December 2, 2025 (commencement of operations) through January 31, 2026. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Annualized. |

---

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

---

| | |
|:---|:---|
| Information Technology | 33.8% |
| Financials | 17.5% |
| Industrials | 10.6% |
| Health Care | 7.5% |
| Energy | 6.1% |
| Communication Services | 5.9% |
| Consumer Discretionary | 5.7% |
| Utilities | 4.1% |
| Materials | 4.0% |
| Real Estate | 2.8% |
| Consumer Staples | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of January 31, 2026. |

---

## KEY FUND STATISTICS (as of January 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $19439682 |
| Total number of portfolio holdings | 88 |
| Portfolio turnover rate | 5% |

---

## Where can I find additional information about the Fund?
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](i86b9c4c68dca4b55c4021c4f.jpg)

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.

Virtus U.S. Dividend ETF \| 1

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

**Item 2. Code of Ethics.**

Not applicable.

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

Not applicable.

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

Not applicable.

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

Disclosure not required for open-end management investment companies.

**Item 6. Investments.**

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

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

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

(a) and (b): The registrant's (semi-annual) financial statements and financial highlights are as follows:

![](virtus-ncsrs_013126img001.gif)

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

**Virtus ETF Trust II** **January 31, 2026**

**VIRTUS ALPHASIMPLEX GLOBAL MACRO ETF**

**VIRTUS ALPHASIMPLEX MANAGED FUTURES ETF**

**VIRTUS DUFF & PHELPS CLEAN ENERGY ETF**

**VIRTUS INTERNATIONAL DIVIDEND ETF**

**VIRTUS KAR MID-CAP ETF**

**VIRTUS NEWFLEET SECURITIZED INCOME ETF (FORMERLY, 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 SILVANT GROWTH OPPORTUNITIES ETF**

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

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

**VIRTUS U.S. DIVIDEND ETF**

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page (s)** |
| [Consolidated Schedules of Investments](#virtus-ncsrs_013126a1565) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus AlphaSimplex Global Macro ETF](#virtus-ncsrs_013126a1565) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus AlphaSimplex Managed Futures ETF](#virtus-ncsrs_013126a1566) | 3 |
| [Schedules of Investments](#virtus-ncsrs_013126a1567) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Duff & Phelps Clean Energy ETF](#virtus-ncsrs_013126a1567) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus International Dividend ETF](#virtus-ncsrs_013126a1568) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus KAR Mid-Cap ETF](#virtus-ncsrs_013126a1569) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Newfleet Securitized Income ETF](#virtus-ncsrs_013126a1570) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Newfleet Short Duration Core Plus Bond ETF](#virtus-ncsrs_013126a1571) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Newfleet Short Duration High Yield Bond ETF](#virtus-ncsrs_013126a1572) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Seix AAA Private Credit CLO ETF](#virtus-ncsrs_013126a1573) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Seix Senior Loan ETF](#virtus-ncsrs_013126a1574) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Silvant Growth Opportunities ETF](#virtus-ncsrs_013126a1575) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Stone Harbor Emerging Markets High Yield Bond ETF](#virtus-ncsrs_013126a1576) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Terranova U.S. Quality Momentum ETF](#virtus-ncsrs_013126a1577) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus U.S. Dividend ETF](#virtus-ncsrs_013126a1578) | 37 |
| [Consolidated Statements of Assets and Liabilities](#virtus-ncsrs_013126a1583) | 39 |
| [Statements of Assets and Liabilities](#virtus-ncsrs_013126a1579) | 40 |
| [Consolidated Statements of Operations](#virtus-ncsrs_013126a1584) | 43 |
| [Statements of Operations](#virtus-ncsrs_013126a1580) | 44 |
| [Consolidated Statements of Changes in Net Assets](#virtus-ncsrs_013126a1585) | 47 |
| [Statements of Changes in Net Assets](#virtus-ncsrs_013126a1581) | 48 |
| [Consolidated Financial Highlights](#virtus-ncsrs_013126a1582) | 54 |
| [Financial Highlights](#virtus-ncsrs_013126a1586) | 56 |
| [Notes to Financial Statements](#virtus-ncsrs_013126a1587) | 68 |
| [Other Information](#virtus-ncsrs_013126a1588) | 80 |
| [Supplemental Information](#virtus-ncsrs_013126a1589) | 92 |

---

Consolidated Schedule of Investments - Virtus AlphaSimplex Global Macro ETF

January 31, 2026 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS — 50.1%** |  |  |
| **Equity Funds - 50.1%** |  |  |
| iShares Core MSCI EAFE ETF  | 11320 | $1064646<br>|
| iShares Core MSCI Emerging Markets ETF  | 7607 | 551964 |
| iShares Core S&P 500 ETF  | 2723 | 1892567 |
| Total Equity Funds  |  | **3509177** |
| **Total Exchange Traded Funds** |  |  |
| (Cost $3,156,203)  |  | **3509177** |
| **U.S. GOVERNMENT SECURITIES — 34.2%** |  |  |
| U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/03/26<sup>(1)</sup>  | 250000 | 249975 |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/05/26<sup>(1)</sup>  | 200000 | 199940 |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/10/26<sup>(1)</sup>  | 225000 | 224821 |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/12/26<sup>(1)</sup>  | 250000 | 249751 |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/17/26<sup>(1)</sup>  | 225000 | 224662 |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/24/26<sup>(1)</sup>  | 250000 | 249447 |
| &nbsp;&nbsp;&nbsp; 0.00%, 03/03/26<sup>(1)</sup>  | 250000 | 249271 |
| &nbsp;&nbsp;&nbsp; 0.00%, 03/10/26<sup>(1)</sup>  | 250000 | 249095 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **U.S. GOVERNMENT SECURITIES (continued)** | **U.S. GOVERNMENT SECURITIES (continued)** |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 03/17/26<sup>(1)</sup>  | 250000 | $248918<br>|
| &nbsp;&nbsp;&nbsp; 0.00%, 03/24/26<sup>(1)</sup>  | 250000 | 248738 |
| **Total U.S. Government Securities** |  |  |
| (Cost $2,394,511)  |  | **2394618** |
| **TOTAL INVESTMENTS — 84.3%** |  |  |
| (Cost $5,550,714)  |  | **5903795** |
| Other Assets in Excess of Liabilities — 15.7%  |  | 1098623 |
| **Net Assets — 100.0%**  |  | **$** **7002418**<br>|

---

(1)Issued with a zero coupon. Income is recognized through the accretion of discount.

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 01/31/2026 (based on net assets) | Asset Allocation as of 01/31/2026 (based on net assets) |
| Equity Funds  | 50.1% |
| U.S. Government Securities  | 34.2% |
| Other Assets in Excess of Liabilities  | 15.7% |
| **Total**  | **100.0%** |

---

At January 31, 2026, 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  | 3/16/2026 | 27 | $1882440<br>| $68557<br>|
| Brent Crude Future  | 2/27/2026 | 6 | 415920 | 19194 |
| British Pound Future  | 3/16/2026 | 16 | 1369700 | 14899 |
| Copper Future  | 3/27/2026 | 2 | 296200 | 12994 |
| Euro FX Currency Futures  | 3/16/2026 | 4 | 594650 | (1915) |
| Gold Future  | 4/28/2026 | 1 | 474510 | (36720) |
| Long Gilt Future  | 3/27/2026 | 10 | 1243141 | (8307) |
| MSCI EAFE Index Future  | 3/20/2026 | 9 | 1366560 | 70761 |
| MSCI Emerging Markets Index Future  | 3/20/2026 | 11 | 836440 | 46521 |
| S&P 500® E-Mini Future  | 3/20/2026 | 8 | 2786300 | 15382 |
| U.S. Treasury 10 Year Notes Future  | 3/20/2026 | 10 | 1118281 | (10211) |
| U.S. Treasury Ultra Bond Future  | 3/20/2026 | 1 | 117438 | 281 |
| WTI Crude Future  | 2/20/2026 | 3 | 195630 | 6624 |
|  |  |  |  | $198060<br>|
| <u>Short Contracts</u> |  |  |  |  |
| Corn Future  | 3/13/2026 | (28) | $599550<br>| $8848<br>|
| Japanese Yen Future  | 3/16/2026 | (16) | 1298700 | (18679) |
| U.S. Treasury 2 Year Notes Future  | 3/31/2026 | (14) | 2918891 | (2730) |
|  |  |  |  | $(12561) |

---

**Abbreviations:**

ETF — Exchange Traded Fund

MSCI — Morgan Stanley Capital International

S&P — Standard & Poor's

WTI — West Texas Intermediate

Consolidated Schedule of Investments - Virtus AlphaSimplex Global Macro ETF (continued)

January 31, 2026 (unaudited)

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

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of January 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | $3509177<br>| $—<br>| $—<br>| $3509177<br>|
| &nbsp;&nbsp;&nbsp; U.S. Government Securities  |  | 2394618 |  | 2394618 |
| &nbsp;&nbsp;&nbsp; Futures  | 264061 |  |  | 264061 |
| **Total**  | **$** **3773238**<br>| **$** **2394618**<br>| **$** **—**<br>| **$** **6167856**<br>|
| **Liability Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures  | $78562<br>| $—<br>| $—<br>| $78562<br>|
| **Total**  | **$** **78562**<br>| **$** **—**<br>| **$** **—**<br>| **$** **78562**<br>|

---

Consolidated Schedule of Investments - Virtus AlphaSimplex Managed Futures ETF

January 31, 2026 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **U.S. GOVERNMENT SECURITIES — 85.2%** | **U.S. GOVERNMENT SECURITIES — 85.2%** |  |
| U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/03/26<sup>(1)</sup>  | $1500000<br>| $1499851<br>|
| &nbsp;&nbsp;&nbsp; 0.00%, 02/05/26<sup>(1)</sup>  | 1500000 | 1499552 |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/10/26<sup>(1)</sup>  | 1500000 | 1498810 |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/12/26<sup>(1)</sup>  | 2000000 | 1998007 |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/17/26<sup>(1)</sup>  | 1500000 | 1497744 |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/19/26<sup>(1)</sup>  | 2300000 | 2296094 |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/24/26<sup>(1)</sup>  | 1400000 | 1396904 |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/26/26<sup>(1)</sup>  | 1500000 | 1496387 |
| &nbsp;&nbsp;&nbsp; 0.00%, 03/03/26<sup>(1)</sup>  | 3000000 | 2991258 |
| &nbsp;&nbsp;&nbsp; 0.00%, 03/05/26<sup>(1)</sup>  | 2000000 | 1993802 |
|  |  |  |
|  |  |  |
| **U.S. GOVERNMENT SECURITIES (continued)** | **U.S. GOVERNMENT SECURITIES (continued)** |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 03/10/26<sup>(1)</sup>  | $1500000<br>| $1494569<br>|
| &nbsp;&nbsp;&nbsp; 0.00%, 03/12/26<sup>(1)</sup>  | 1500000 | 1494252 |
| &nbsp;&nbsp;&nbsp; 0.00%, 03/17/26<sup>(1)</sup>  | 2500000 | 2489177 |
| &nbsp;&nbsp;&nbsp; 0.00%, 03/19/26<sup>(1)</sup>  | 1500000 | 1493213 |
| &nbsp;&nbsp;&nbsp; 0.00%, 03/26/26<sup>(1)</sup>  | 2500000 | 2486922 |
| **Total U.S. Government Securities** |  |  |
| (Cost $27,624,924)  |  | **27626542** |
| **TOTAL INVESTMENTS** **—** **85.2%** |  |  |
| (Cost $27,624,924)  |  | **27626542** |
| Other Assets in Excess of Liabilities — 14.8% |  | 4794076 |
| **Net Assets** **—** **100.0%**  |  | **$** **32420618**<br>|

---

(1)Issued with a zero coupon. Income is recognized through the accretion of discount.

At January 31, 2026, 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  | 3/16/2026 | 129 | $8993880<br>| $377345<br>|
| Brent Crude Future  | 2/27/2026 | 9 | 623880 | 31941 |
| British Pound Future  | 3/16/2026 | 50 | 4280312 | 62451 |
| Copper Future  | 3/27/2026 | 21 | 3110100 | 268521 |
| Euro FX Currency Futures  | 3/16/2026 | 19 | 2824588 | 11653 |
| EURO STOXX 50® Index Future  | 3/20/2026 | 86 | 6066475 | 51158 |
| Gold Future  | 4/28/2026 | 8 | 3796080 | (133782) |
| Long Gilt Future  | 3/27/2026 | 61 | 7583161 | (69677) |
| MSCI Emerging Markets Index Future  | 3/20/2026 | 73 | 5550920 | 319435 |
| S&P 500® E-Mini Future  | 3/20/2026 | 13 | 4527738 | 18577 |
| SPI 200 Future  | 3/19/2026 | 20 | 3073340 | 28027 |
| TOPIX Index Future  | 3/12/2026 | 24 | 5547170 | 162384 |
| U.S. Treasury 10 Year Notes Future  | 3/20/2026 | 35 | 3913984 | (16152) |
| WTI Crude Future  | 2/20/2026 | 2 | 130420 | 7041 |
|  |  |  |  | $1118922<br>|
| <u>Short Contracts</u> |  |  |  |  |
| Canadian Dollar Future  | 3/17/2026 | (30) | $2211900<br>| $(33613) |
| Corn Future  | 3/13/2026 | (106) | 2269725 | 22591 |
| Euro-Bund Future  | 3/06/2026 | (71) | 10786802 | (52136) |
| Japanese Yen Future  | 3/16/2026 | (126) | 10227263 | (92687) |
| U.S. Treasury 2 Year Notes Future  | 3/31/2026 | (19) | 3961352 | (3956) |
| U.S. Treasury Ultra Bond Future  | 3/20/2026 | (12) | 1409250 | 6031 |
|  |  |  |  | $(153770) |

---

**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

Consolidated Schedule of Investments - Virtus AlphaSimplex Managed Futures ETF (continued)

January 31, 2026 (unaudited)

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

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of January 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government Securities  | $—<br>| $27626542<br>| $—<br>| $27626542<br>|
| &nbsp;&nbsp;&nbsp; Futures  | 1367155 |  |  | 1367155 |
| **Total**  | **$** **1367155**<br>| **$** **27626542**<br>| **$** **—**<br>| **$** **28993697**<br>|
| **Liability Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures  | $402003<br>| $—<br>| $—<br>| $402003<br>|
| **Total**  | **$** **402003**<br>| **$** **—**<br>| **$** **—**<br>| **$** **402003**<br>|

---

Schedule of Investments — Virtus Duff & Phelps Clean Energy ETF

January 31, 2026 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 96.8**% |  |  |
| **Energy — 1.1**% |  |  |
| Cameco Corp. (Canada)  | 514 | $63422<br>|
| **Industrials — 41.4**% |  |  |
| ABB Ltd. (Switzerland)  | 1066 | 91921 |
| Array Technologies, Inc.\*  | 4313 | 48845 |
| Balfour Beatty PLC (United Kingdom)  | 9859 | 96322 |
| Bloom Energy Corp. Class A\*  | 3416 | 517080 |
| GE Vernova, Inc.  | 75 | 54478 |
| Hubbell, Inc.  | 146 | 71239 |
| Maire SpA (Italy)  | 6003 | 104600 |
| Nextpower, Inc. Class A\*  | 4690 | 549152 |
| Plug Power, Inc.\*  | 48753 | 103113 |
| Prysmian SpA (Italy)  | 1129 | 134429 |
| SPIE SA (France)  | 1406 | 76997 |
| Strabag SE (Austria)  | 729 | 75611 |
| Sungrow Power Supply Co., Ltd. Class A (China)  | 4920 | 106918 |
| Sunrun, Inc.\*  | 6493 | 123367 |
| Vestas Wind Systems A/S (Denmark)  | 4518 | 137433 |
| Xylem, Inc.  | 351 | 48392 |
| Total Industrials  |  | 2339897 |
| **Information Technology — 14.5**% |  |  |
| Enphase Energy, Inc.\*  | 4416 | 163304 |
| First Solar, Inc.\*  | 1638 | 369402 |
| Infineon Technologies AG (Germany)  | 1723 | 84983 |
| SolarEdge Technologies, Inc.\*  | 2128 | 65861 |
| TE Connectivity PLC (Switzerland)  | 303 | 67502 |
| Xinyi Solar Holdings Ltd. (China)  | 153461 | 66397 |
| Total Information Technology  |  | 817449 |
| **Utilities — 39.8**% |  |  |
| Axia Energia (Brazil)  | 11300 | 116741 |
| China Longyuan Power Group Corp. Ltd. Class H (China)  | 49000 | 44534 |
| China Yangtze Power Co., Ltd. Class A (China) | 59400 | 225341 |
| Chubu Electric Power Co., Inc. (Japan)  | 3200 | 46503 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Brazil)  | 4324 | 116030 |
| Clearway Energy, Inc. Class C  | 5303 | 191704 |
| Constellation Energy Corp.  | 338 | 94870 |
| EDP Renovaveis SA (Spain)  | 4477 | 67927 |
| EDP SA (Portugal)  | 33318 | 170494 |
| Fortum OYJ (Finland)  | 5781 | 136468 |
| Guangdong Investment Ltd. (China)  | 68000 | 64239 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Utilities (continued)** |  |  |
| Iberdrola SA (Spain)\*  | 190 | $5060<br>|
| Iberdrola SA (Spain)  | 12400 | 278167 |
| NextEra Energy, Inc.  | 1304 | 114622 |
| Ormat Technologies, Inc.  | 1601 | 200029 |
| Orsted AS (Denmark)\*<sup>(1)</sup>  | 1984 | 44590 |
| Pennon Group PLC (United Kingdom)  | 12606 | 94268 |
| Solaria Energia y Medio Ambiente SA (Spain)\*  | 3871 | 85300 |
| Southern Co. (The)  | 788 | 70376 |
| SSE PLC (United Kingdom)  | 2358 | 78147 |
| Total Utilities  |  | 2245410 |
| **Total Common Stocks** |  |  |
| (Cost $3,976,712)  |  | **5466178** |
| **PREFERRED STOCKS — 1.8**% |  |  |
| **Utilities — 1.8**% |  |  |
| Axia Energia, 0.00% (Brazil)\*  | 3023 | 30325 |
| Cia Energetica de Minas Gerais, 13.77% (Brazil)  | 33333 | 72712 |
| Total Utilities  |  | 103037 |
| **Total Preferred Stocks** |  |  |
| (Cost $91,545)  |  | 103037 |
| **TOTAL INVESTMENTS — 98.6%** |  |  |
| (Cost $4,068,257)  |  | 5569215 |
| Other Assets in Excess of Liabilities — 1.4%  |  | 76343 |
| **Net Assets — 100.0%**  |  | $5645558<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 January 31, 2026, the aggregate value of these securities was $44,590, or 0.8% of net assets.

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 01/31/2026 (based on net assets) | Asset Allocation as of 01/31/2026 (based on net assets) |
| Utilities | 41.6% |
| Industrials | 41.4% |
| Information Technology | 14.5% |
| Energy | 1.1% |
| Other Assets in Excess of Liabilities | 1.4% |
| **Total** | **100.0%** |

---

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of January 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Asset Valuation Inputs |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $5466178<br>| $—<br>| $—<br>| $5466178<br>|
| &nbsp;&nbsp;&nbsp; Preferred Stocks  | 103037 |  |  | 103037 |
| **Total**  | $5569215<br>| $—<br>| $—<br>| $5569215<br>|

---

Schedule of Investments - Virtus International Dividend ETF

January 31, 2026 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 99.3**% |  |  |
| **Communication Services — 2.6**% |  |  |
| 4imprint Group PLC (United Kingdom)  | 684 | $38187<br>|
| HKT Trust & HKT Ltd. (Hong Kong)  | 55000 | 82372 |
| SoftBank Corp. (Japan)  | 69400 | 93723 |
| Tele2 AB Class B (Sweden)  | 3641 | 66607 |
| Telenor ASA (Norway)  | 8415 | 141553 |
| WPP PLC (United Kingdom)  | 12894 | 53248 |
| Total Communication Services  |  | 475690 |
| **Consumer Discretionary — 4.6**% |  |  |
| JB Hi—Fi Ltd. (Australia)  | 1100 | 62160 |
| LVMH Moet Hennessy Louis Vuitton SE (France)  | 71 | 46027 |
| Magna International, Inc. (Canada)  | 2618 | 133837 |
| Mercedes—Benz Group AG (Germany)  | 2948 | 201943 |
| Subaru Corp. (Japan)  | 2200 | 47295 |
| Toyota Boshoku Corp. (Japan)  | 6600 | 110540 |
| Toyota Motor Corp. (Japan)  | 7200 | 163019 |
| Yue Yuen Industrial Holdings Ltd. (Hong Kong)  | 33000 | 73417 |
| Total Consumer Discretionary  |  | 838238 |
| **Consumer Staples — 4.1**% |  |  |
| British American Tobacco PLC (United Kingdom)  | 3740 | 223947 |
| First Resources Ltd. (Indonesia)  | 28600 | 48112 |
| Imperial Brands PLC (United Kingdom)  | 1364 | 57224 |
| Japan Tobacco, Inc. (Japan)  | 6000 | 216374 |
| Nestle SA  | 416 | 39515 |
| WH Group Ltd. (Hong Kong)<sup>(1)</sup>  | 148500 | 174502 |
| Total Consumer Staples  |  | 759674 |
| **Energy — 5.3**% |  |  |
| Aker BP ASA (Norway)  | 6358 | 185779 |
| Canadian Natural Resources Ltd. (Canada)  | 1683 | 62579 |
| d'Amico International Shipping SA (Italy)  | 11594 | 81839 |
| Eni SpA (Italy)  | 7336 | 149793 |
| Hafnia Ltd. (Singapore)  | 8305 | 51069 |
| OMV AG (Austria)  | 3553 | 210789 |
| Parex Resources, Inc. (Canada)  | 5121 | 75970 |
| Repsol SA (Spain)  | 3757 | 73726 |
| TotalEnergies SE (France)  | 1213 | 87923 |
| Total Energy  |  | 979467 |
| **Financials — 34.3**% |  |  |
| Admiral Group PLC (United Kingdom)  | 3366 | 126661 |
| Allianz SE (Germany)  | 638 | 281176 |
| AXA SA (France)  | 1210 | 55119 |
| Banca Mediolanum SpA (Italy)  | 7854 | 183961 |
| Banca Monte dei Paschi di Siena SpA (Italy)  | 9383 | 97141 |
| Banco BPM SpA (Italy)  | 13144 | 196623 |
| Bank Leumi Le—Israel BM (Israel)  | 6492 | 156517 |
| Bank of Montreal (Canada)  | 462 | 62895 |
| Bank of Nova Scotia (The) (Canada)  | 3421 | 255762 |
| BNP Paribas SA (France)  | 2823 | 305178 |
| Canadian Imperial Bank of Commerce (Canada)  | 1821 | 168292 |
| Credit Agricole SA (France)  | 8514 | 184383 |
| Daiwa Securities Group, Inc. (Japan)  | 20900 | 203044 |
| DBS Group Holdings Ltd. (Singapore)  | 2200 | 102382 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Financials (continued)** |  |  |
| HSBC Holdings PLC (United Kingdom)  | 23848 | $419455<br>|
| ING Groep NV (Netherlands)  | 3683 | 108356 |
| Intesa Sanpaolo SpA (Italy)  | 28969 | 204864 |
| Legal & General Group PLC (United Kingdom)  | 76408 | 277169 |
| M&G PLC (United Kingdom)  | 32047 | 135676 |
| Magellan Financial Group Ltd. (Australia)  | 7359 | 44736 |
| Mitsubishi UFJ Financial Group, Inc. (Japan)  | 11000 | 199338 |
| Mizuho Financial Group, Inc. (Japan)  | 5300 | 232294 |
| NN Group NV (Netherlands)  | 2431 | 192433 |
| Nomura Holdings, Inc. (Japan)  | 23100 | 210909 |
| Nordea Bank Abp (Finland)  | 12067 | 233364 |
| Partners Group Holding AG (Switzerland)  | 132 | 179290 |
| Phoenix Group Holdings PLC (United Kingdom)  | 15846 | 160344 |
| Poste Italiane SpA (Italy)<sup>(1)</sup>  | 7007 | 184388 |
| Sumitomo Mitsui Financial Group, Inc. (Japan)  | 8300 | 293471 |
| Sumitomo Mitsui Trust Group, Inc. (Japan)  | 3300 | 109133 |
| Swedbank AB Class A (Sweden)  | 5984 | 232911 |
| Talanx AG (Germany)  | 649 | 81930 |
| Toronto—Dominion Bank (The) (Canada)  | 3034 | 283558 |
| UBS Group AG (Switzerland)  | 1474 | 69386 |
| Unipol Assicurazioni SpA (Italy)  | 2744 | 61068 |
| Total Financials  |  | 6293207 |
| **Health Care — 8.1**% |  |  |
| Astellas Pharma, Inc. (Japan)  | 9900 | 137152 |
| AstraZeneca PLC (United Kingdom)  | 374 | 69600 |
| GSK PLC  | 9262 | 237820 |
| Novartis AG  | 2486 | 368599 |
| Novo Nordisk A/S Class B (Denmark)  | 1430 | 83877 |
| Roche Holding AG  | 935 | 424170 |
| Sanofi SA  | 1683 | 158000 |
| Total Health Care  |  | 1479218 |
| **Industrials — 14.4**% |  |  |
| ABB Ltd. (Switzerland)  | 3366 | 290250 |
| AP Moller — Maersk A/S Class A  | 77 | 189067 |
| AP Moller — Maersk A/S Class B  | 77 | 191023 |
| Atlas Copco AB Class A (Sweden)  | 2702 | 55739 |
| BAE Systems PLC (United Kingdom)  | 3795 | 102507 |
| Fuji Electric Co. Ltd. (Japan)  | 1100 | 78114 |
| Hitachi Ltd. (Japan)  | 4100 | 142027 |
| Idec Corp. (Japan)  | 6600 | 122524 |
| MPC Container Ships ASA (Norway)  | 78144 | 151290 |
| NSK Ltd. (Japan)  | 16700 | 115894 |
| Rexel SA (France)  | 1771 | 74608 |
| Rolls—Royce Holdings PLC (United Kingdom)  | 7172 | 118845 |
| Safran SA (France)  | 407 | 145214 |
| Siemens Energy AG (Germany)\*  | 539 | 92354 |
| Signify NV<sup>(1)</sup>  | 1452 | 30825 |
| SITC International Holdings Co., Ltd. (China)  | 60000 | 223807 |
| Vinci SA (France)  | 1496 | 214834 |
| Volvo AB Class B (Sweden)  | 1596 | 58053 |
| Wallenius Wilhelmsen ASA Class B (Norway)  | 20488 | 237631 |
| Total Industrials  |  | 2634606 |

---

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

Schedule of Investments - Virtus International Dividend ETF (continued)

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Information Technology — 8.3**% |  |  |
| Advantest Corp. (Japan)  | 1800 | $296646<br>|
| ASML Holding NV (Netherlands)  | 220 | 317001 |
| Ferrotec Corp. (Japan)  | 2200 | 84298 |
| Murata Manufacturing Co. Ltd. (Japan)  | 3300 | 66870 |
| Nippon Electric Glass Co. Ltd. (Japan)  | 2200 | 95372 |
| PAX Global Technology Ltd. (Hong Kong)  | 132000 | 83302 |
| SAP SE (Germany)  | 154 | 31135 |
| Shopify, Inc. Class A (Canada)\*  | 1180 | 154835 |
| Telefonaktiebolaget LM Ericsson Class B (Sweden)  | 19173 | 208056 |
| Tokyo Electron Ltd. (Japan)  | 400 | 106772 |
| VTech Holdings Ltd. (Hong Kong)  | 9900 | 77240 |
| Total Information Technology  |  | 1521527 |
| **Materials — 7.6**% |  |  |
| Agnico Eagle Mines Ltd. (Canada)  | 418 | 79459 |
| Barrick Mining Corp. (Canada)  | 2618 | 119667 |
| BHP Group Ltd. (Australia)  | 10140 | 357074 |
| Fortescue Ltd. (Australia)  | 13750 | 201071 |
| Holcim AG\*  | 1639 | 168638 |
| Rio Tinto Ltd. (Australia)  | 1342 | 141624 |
| Rio Tinto PLC (Australia)  | 3223 | 297157 |
| Toyobo Co. Ltd. (Japan)  | 4400 | 37700 |
| Total Materials  |  | 1402390 |
| **Real Estate — 4.3**% |  |  |
| CapitaLand Ascendas REIT (Singapore)  | 19800 | 44360 |
| CapitaLand Integrated Commercial Trust (Singapore)  | 52800 | 99200 |
| Charter Hall Group (Australia)  | 6240 | 99984 |
| GPT Group (The) (Australia)  | 43769 | 161231 |
| Klepierre SA (France)  | 2057 | 79097 |
| Land Securities Group PLC (United Kingdom)  | 17765 | 158128 |
| Stockland (Australia)  | 39468 | 148136 |
| Total Real Estate  |  | 790136 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Utilities — 5.7**% |  |  |
| Emera, Inc. (Canada)  | 2431 | $120492<br>|
| Enel SpA (Italy)  | 22165 | 244553 |
| Engie SA (France)  | 9515 | 283094 |
| Iberdrola SA (Spain)  | 12958 | 290684 |
| National Grid PLC (United Kingdom)  | 3773 | 63734 |
| Terna — Rete Elettrica Nazionale (Italy)  | 4752 | 51405 |
| Total Utilities  |  | 1053962 |
| **TOTAL INVESTMENTS — 99.3%** |  |  |
| (Cost $16,983,468)  |  | **18228115** |
| Other Assets in Excess of Liabilities — 0.7%  |  | 126465 |
| **Net Assets — 100.0%**  |  | **$** **18354580**<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 January 31, 2026, the aggregate value of these securities was $389,715, or 2.1% of net assets.

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 01/31/2026 (based on net assets) | Asset Allocation as of 01/31/2026 (based on net assets) |
| Financials  | 34.3% |
| Industrials  | 14.4% |
| Information Technology  | 8.3% |
| Health Care  | 8.1% |
| Materials  | 7.6% |
| Utilities  | 5.7% |
| Energy  | 5.3% |
| Consumer Discretionary  | 4.6% |
| Real Estate  | 4.3% |
| Consumer Staples  | 4.1% |
| Communication Services  | 2.6% |
| Other Assets in Excess of Liabilities  | 0.7% |
| **Total**  | **100.0%** |

---

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of January 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $18228115<br>| $—<br>| $—<br>| $18228115<br>|
| **Total**  | **$** **18228115**<br>| **$** **—**<br>| **$** **—**<br>| **$** **18228115**<br>|

---

Schedule of Investments — Virtus KAR Mid-Cap ETF

January 31, 2026 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 93.5**% |  |  |
| **Consumer Discretionary — 10.9**% |  |  |
| Domino's Pizza, Inc.  | 4244 | $1741441<br>|
| Pool Corp.  | 4480 | 1138323 |
| Ross Stores, Inc.  | 8135 | 1534668 |
| Total Consumer Discretionary  |  | 4414432 |
| **Financials — 13.6**% |  |  |
| Brown & Brown, Inc.  | 9669 | 697135 |
| Houlihan Lokey, Inc.  | 5107 | 859610 |
| Jack Henry & Associates, Inc.  | 6423 | 1151066 |
| LPL Financial Holdings, Inc.  | 3590 | 1308555 |
| MSCI, Inc.  | 2426 | 1477968 |
| Total Financials  |  | 5494334 |
| **Health Care — 9.9**% |  |  |
| Align Technology, Inc.\*  | 8130 | 1325434 |
| Cooper Cos., Inc. (The)\*  | 16384 | 1333330 |
| West Pharmaceutical Services, Inc.  | 5751 | 1329171 |
| Total Health Care  |  | 3987935 |
| **Industrials — 46.9**% |  |  |
| Allegion PLC  | 4463 | 738136 |
| AMETEK, Inc.  | 13312 | 2981622 |
| Broadridge Financial Solutions, Inc.  | 5248 | 1034433 |
| EMCOR Group, Inc.  | 1840 | 1326143 |
| Equifax, Inc.  | 4204 | 846686 |
| HEICO Corp. Class A  | 6353 | 1617410 |
| Lennox International, Inc.  | 2624 | 1299090 |
| Nordson Corp.  | 3755 | 1030860 |
| Old Dominion Freight Line, Inc.  | 9744 | 1687661 |
| Pentair PLC  | 14208 | 1497097 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Industrials (continued)** |  |  |
| Rollins, Inc.  | 27904 | $1767439<br>|
| Verisk Analytics, Inc.  | 6446 | 1401747 |
| Westinghouse Air Brake Technologies Corp.  | 7424 | 1708559 |
| Total Industrials  |  | 18936883 |
| **Information Technology — 12.2**% |  |  |
| Bentley Systems, Inc. Class B  | 20788 | 730074 |
| Monolithic Power Systems, Inc.  | 1792 | 2014477 |
| Teledyne Technologies, Inc.\*  | 3520 | 2183456 |
| Total Information Technology  |  | 4928007 |
| **TOTAL INVESTMENTS — 93.5%** |  |  |
| (Cost $37,089,334)  |  | **37761591** |
| Other Assets in Excess of Liabilities — 6.5%  |  | 2608267 |
| **Net Assets — 100.0%**  |  | **$** **40369858**<br>|

---

\*Non-income producing security.

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 01/31/2026 (based on net assets) | Asset Allocation as of 01/31/2026 (based on net assets) |
| Industrials | 46.9% |
| Financials | 13.6% |
| Information Technology | 12.2% |
| Consumer Discretionary | 10.9% |
| Health Care | 9.9% |
| 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 January 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $37761591<br>| $—<br>| $—<br>| $37761591<br>|
| **Total**  | **$** **37761591**<br>| **$** **—**<br>| **$** **—**<br>| **$** **37761591**<br>|

---

Schedule of Investments - Virtus Newfleet Securitized Income ETF

January 31, 2026 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES — 62.5%** | **ASSET BACKED SECURITIES — 62.5%** |  |
| ACM Auto Trust, Class A, Series 2024-2A, 6.06%, 02/20/29<sup>(1)</sup>  | $8784<br>| $8790<br>|
| ACM Auto Trust, Class A, Series 2025-2A, 5.55%, 06/20/28<sup>(1)</sup>  | 515451 | 516188 |
| Affirm Master Trust, Class A, Series 2025-3A, 4.45%, 10/16/34<sup>(1)</sup>  | 1180000 | 1183165 |
| American Credit Acceptance Receivables Trust, Class C, Series 2025-1, 5.09%, 08/12/31<sup>(1)</sup>  | 785000 | 792077 |
| Amur Equipment Finance Receivables XV LLC, Class D, Series 2025-1A, 5.68%, 08/20/32<sup>(1)</sup>  | 1005000 | 1025760 |
| Applebee's Funding LLC / Ihop Funding LLC, Class A2, Series 2023-1A, 7.82%, 03/05/53<sup>(1)</sup>  | 1185000 | 1203121 |
| Aqua Finance Trust, Class B, Series 2024-A, 5.06%, 04/18/50<sup>(1)</sup>  | 145000 | 146327 |
| Aqua Finance Trust, Class C, Series 2019-A, 4.01%, 07/16/40<sup>(1)</sup>  | 47442 | 46636 |
| Auxilior Term Funding, Class B, Series 2024-1A, 5.69%, 07/15/31<sup>(1)</sup>  | 88000 | 90336 |
| Avis Budget Rental Car Funding Aesop LLC, Class C, Series 2022-5A, 6.24%, 04/20/27<sup>(1)</sup>  | 95000 | 95232 |
| Avis Budget Rental Car Funding Aesop LLC, Class D, Series 2024-2A, 7.43%, 10/20/28<sup>(1)</sup>  | 1000000 | 1026725 |
| Carmax Select Receivables Trust, Class C, Series 2025-B, 4.83%, 06/16/31  | 1180000 | 1186084 |
| Carvana Auto Receivables Trust, Class B, Series 2024-N1, 5.63%, 05/10/30<sup>(1)</sup>  | 146000 | 147335 |
| Castlelake Aircraft Structured Trust, Class A, Series 2025-1A, 5.78%, 02/15/50<sup>(1)</sup>  | 928248 | 943430 |
| Commercial Equipment Finance LLC, Class A, Series 2024-1A, 5.97%, 07/16/29<sup>(1)</sup>  | 144905 | 146538 |
| CPS Auto Receivables Trust, Class C, Series 2024-C, 5.76%, 10/15/30<sup>(1)</sup>  | 145000 | 146952 |
| CPS Auto Receivables Trust, Class C, Series 2025-A, 5.25%, 04/15/31<sup>(1)</sup>  | 1250000 | 1265900 |
| CPS Auto Receivables Trust, Class D, Series 2023-D, 7.80%, 01/15/30<sup>(1)</sup>  | 535000 | 559197 |
| Databank Issuer, Class A2, Series 2026-1A, 5.81%, 02/25/56<sup>(1)</sup>  | 825000 | 838019 |
| DB Master Finance LLC, Class A2I, Series 2025-1A, 4.89%, 08/20/55<sup>(1)</sup>  | 1250000 | 1250254 |
| Elara HGV Timeshare Issuer LLC, Class A, Series 2023-A, 6.16%, 02/25/38<sup>(1)</sup>  | 617682 | 638894 |
| Exeter Automobile Receivables Trust, Class D, Series 2025-3A, 5.57%, 10/15/31  | 1200000 | 1225490 |
| FAT Brands Royalty LLC, Class A2, Series 2021-1A, 5.75%, 04/25/51<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup>  | 67200 | 36960 |
| FHF Trust, Class A2, Series 2023-1A, 6.57%, 06/15/28<sup>(1)</sup>  | 3414 | 3432 |
| Finbe USA Trust, Class B, Series 2025-1A, 6.60%, 12/16/30<sup>(1)</sup>  | 800000 | 800707 |
| Five Guys Holdings, Inc., Class A2, Series 2023-1A, 7.55%, 01/26/54<sup>(1)</sup>  | 898625 | 924441 |
| Flagship Credit Auto Trust, Class C, Series 2023-2, 5.81%, 05/15/29<sup>(1)</sup>  | 910000 | 909891 |
| GLS Auto Receivables Issuer Trust, Class D, Series 2025-1A, 5.61%, 11/15/30<sup>(1)</sup>  | 1800000 | 1832614 |
| GLS Auto Receivables Issuer Trust, Class E, Series 2021-3A, 3.20%, 10/16/28<sup>(1)</sup>  | 550000 | 548532 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **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>| $315329<br>|
| Goldentree Loan Management US CLO 9 Ltd., Class AR, Series 2024-9A (Cayman Islands), 5.17%, (3-Month SOFR + 1.50%), 04/20/37<sup>(1)</sup><sup>(4)</sup>  | 1000000 | 1002712 |
| Greensky Home Improvement Issuer Trust, Class A2, Series 2024-2, 5.25%, 10/27/59<sup>(1)</sup>  | 112290 | 112553 |
| Greensky Home Improvement Issuer Trust, Class B, Series 2025-3A, 4.66%, 12/27/60<sup>(1)</sup>  | 350000 | 351358 |
| Hardee's Funding LLC, Class A2, Series 2024-1A, 7.25%, 03/20/54<sup>(1)</sup>  | 1095488 | 1136916 |
| Hilton Grand Vacations Trust, Class D, Series 2024-1B, 8.85%, 09/15/39<sup>(1)</sup>  | 494028 | 509827 |
| Jersey Mike's Funding LLC, Class A2, Series 2019-1A, 4.43%, 02/15/50<sup>(1)</sup>  | 1287075 | 1288343 |
| Jersey Mike's Funding LLC, Class A2, Series 2024-1A, 5.64%, 02/15/55<sup>(1)</sup>  | 1210850 | 1237472 |
| LAD Auto Receivables Trust, Class D, Series 2025-1A, 5.52%, 05/17/32<sup>(1)</sup>  | 995000 | 1017132 |
| Lendbuzz Securitization Trust, Class A2, Series 2023-2A, 7.09%, 10/16/28<sup>(1)</sup>  | 31515 | 31917 |
| Lendbuzz Securitization Trust, Class B, Series 2024-3A, 5.03%, 11/15/30<sup>(1)</sup>  | 1900000 | 1894290 |
| Libra Solutions 2025-1 LLC, Class A, Series 2025-1A, 6.36%, 08/15/39<sup>(1)</sup>  | 600000 | 604498 |
| Libra Solutions LLC, Class A, Series 2024-1A, 5.88%, 09/30/38<sup>(1)</sup>  | 165000 | 165131 |
| Merchants Fleet Funding LLC, Class A, Series 2023-1A, 7.21%, 05/20/36<sup>(1)</sup>  | 59758 | 59984 |
| Mercury Financial Credit Card Master Trust, Class A, Series 2024-2A, 6.56%, 07/20/29<sup>(1)</sup>  | 380000 | 381366 |
| Metronet Infrastructure Issuer LLC, Class A2, Series 2025-2A, 5.40%, 08/20/55<sup>(1)</sup>  | 1375000 | 1397273 |
| MMP Capital LLC, Class B, Series 2025-A, 5.72%, 12/15/31<sup>(1)</sup>  | 2100000 | 2135912 |
| Momnt Technologies Trust, Class A, Series 2023-1A, 6.92%, 03/20/45<sup>(1)</sup>  | 19544 | 19587 |
| Mpower Education Trust, Class A, Series 2025-A, 6.62%, 07/21/42<sup>(1)</sup>  | 393558 | 404365 |
| Mvw LLC, Class A, Series 2020-1A, 1.74%, 10/20/37<sup>(1)</sup>  | 204438 | 201780 |
| Nmef Funding LLC, Class B, Series 2025-A, 5.18%, 07/15/32<sup>(1)</sup>  | 190000 | 192569 |
| Oportun Issuance Trust, Class B, Series 2024-2, 5.83%, 02/09/32<sup>(1)</sup>  | 73125 | 73251 |
| Peac Solutions Receivables LLC, Class C, Series 2025-1A, 5.49%, 07/20/32<sup>(1)</sup>  | 1000000 | 1017196 |
| Powerpay Issuance Trust, Class A, Series 2024-1A, 6.53%, 02/18/39<sup>(1)</sup>  | 640810 | 661424 |
| Powerpay Issuance Trust, Class A, Series 2025-1A, 5.23%, 11/18/41<sup>(1)</sup>  | 390973 | 392317 |
| Prestige Auto Receivables Trust, Class C, Series 2025-1A, 5.52%, 02/15/30<sup>(1)</sup>  | 2000000 | 1990719 |
| Purchasing Power Funding, Class B, Series 2024-A, 6.43%, 08/15/28<sup>(1)</sup>  | 190000 | 190780 |
| RCKT Mortgage Trust, Class A1A, Series 2023-CES3, 7.11%, 11/25/43<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 1429736 | 1449307 |
| Reach ABS Trust, Class A, Series 2025-1A, 4.96%, 08/16/32<sup>(1)</sup>  | 149688 | 150128 |

---

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

Schedule of Investments - Virtus Newfleet Securitized Income ETF (continued)

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |  |
| Reach ABS Trust, Class B, Series 2024-1A, 6.29%, 02/18/31<sup>(1)</sup>  | $152101<br>| $153101<br>|
| Reach ABS Trust, Class B, Series 2024-2A, 7.25%, 07/15/31<sup>(1)</sup>  | 100000 | 101409 |
| Sierra Timeshare Receivables Funding LLC, Class A, Series 2025-3A, 4.44%, 08/22/44<sup>(1)</sup>  | 718895 | 714630 |
| Sotheby's Artfi Master Trust, Class A1, Series 2026-1A, 4.80%, 06/20/33<sup>(1)</sup>  | 825000 | 827321 |
| Star Trust, Class A, Series 2025-SFR5, 5.13%, (TSFR1M + 1.45%), 02/17/42<sup>(1)</sup><sup>(4)</sup>  | 1647825 | 1650441 |
| Subway Funding LLC, Class A2II, Series 2024-1A, 6.27%, 07/30/54<sup>(1)</sup>  | 990000 | 1011285 |
| Switch ABS Issuer LLC, Class A2, Series 2024-2A, 5.44%, 06/25/54<sup>(1)</sup>  | 1000000 | 999464 |
| Switch ABS Issuer LLC, Class A2, Series 2025-1A, 5.04%, 03/25/55<sup>(1)</sup>  | 1000000 | 985267 |
| Taco Bell Funding LLC, Class A2I, Series 2025-1A, 4.82%, 08/25/55<sup>(1)</sup>  | 2100000 | 2094235 |
| Tricolor Auto Securitization Trust, Class C, Series 2024-2A, 6.93%, 04/17/28<sup>(1)</sup>  | 325000 | 156006 |
| TSC SPV Funding LLC, Class A2, Series 2024-1A, 6.29%, 08/20/54<sup>(1)</sup>  | 99000 | 101045 |
| United Auto Credit Securitization Trust, Class C, Series 2024-1, 7.06%, 10/10/29<sup>(1)</sup>  | 136196 | 136443 |
| United Auto Credit Securitization Trust, Class D, Series 2022-2, 6.84%, 01/10/28<sup>(1)</sup>  | 172594 | 173019 |
| Upgrade Master Pass-Through Trust, Class A, Series 2025-ST4, 5.50%, 08/16/32<sup>(1)</sup>  | 253271 | 254539 |
| Upx Hil Issuer Trust, Class A, Series 2025-1, 5.16%, 01/25/47<sup>(1)</sup>  | 444118 | 446862 |
| Veros Auto Receivables Trust, Class C, Series 2024-1, 7.57%, 12/15/28<sup>(1)</sup>  | 195000 | 200990 |
| Veros Auto Receivables Trust, Class C, Series 2025-1, 6.17%, 12/17/29<sup>(1)</sup>  | 1495000 | 1518236 |
| Westlake Automobile Receivables Trust, Class B, Series 2024-2A, 5.62%, 03/15/30<sup>(1)</sup>  | 110000 | 111040 |
| ZAXBY'S Funding LLC, Class A2, Series 2021-1A, 3.24%, 07/30/51<sup>(1)</sup>  | 135127 | 128963 |
| **Total Asset Backed Securities**  |  |  |
| (Cost $51,719,827)  |  | **51688759** |
| **MORTGAGE BACKED SECURITIES - 37.0%** |  |  |
| **Agency Mortgage Backed Security - 4.5%** |  |  |
| Federal Home Loan Mortgage Corporation, 6.00%, 12/01/54  | 3671561 | 3760944 |
| **Commercial Mortgage Backed Securities — 8.0%**  |  |  |
| Ala Trust, Class A, Series 2025-OANA, 5.42%, (TSFR1M + 1.74%), 06/15/40<sup>(1)</sup><sup>(4)</sup>  | 1390000 | 1403372 |
| Cent City, Class A, Series 2025, 4.92%, <br>07/10/40<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 1500000 | 1522933 |
| Ride, Class C, Series 2025-SHRE, 6.32%, 02/14/47<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 990000 | 1009650 |
| Rock Trust, Class A, Series 2024-CNTR, 5.39%, 11/13/41<sup>(1)</sup>  | 1500000 | 1544228 |
| Thpt Mortgage Trust, Class A, Series 2023-THL, 6.99%, 12/10/34<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 131390 | 132845 |
| Wstn Trust, Class C, Series 2023-MAUI, 7.69%, 07/05/37<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 1000000 | 1015128 |
| Total Commercial Mortgage Backed Securities  |  | 6628156 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES** **(continued)** | **MORTGAGE BACKED SECURITIES** **(continued)** |  |
| **Residential Mortgage Backed Securities — 24.5%** |  |  |
| A&d Mortgage Trust, Class A1, Series 2023-NQM3, 6.73%, 07/25/68<sup>(1)</sup><sup>(6)</sup>  | $111387<br>| $112298<br>|
| Angel Oak Mortgage Trust, Class A2, Series 2021-3, 1.31%, 05/25/66<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 44670 | 39430 |
| Citigroup Mortgage Loan Trust, Class A2, Series 2025-INV1, 6.00%, 01/25/55<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 1104241 | 1122920 |
| Citigroup Mortgage Loan Trust, Class A1, Series 2019-RP1, 3.50%, 01/25/66<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 400766 | 394958 |
| COLT Mortgage Loan Trust, Class A1, Series 2023-3, 7.18%, 09/25/68<sup>(1)</sup><sup>(6)</sup>  | 359783 | 364152 |
| COLT Mortgage Loan Trust, Class A1, Series 2023-4, 7.16%, 10/25/68<sup>(1)</sup><sup>(6)</sup>  | 55467 | 56309 |
| Colt Trust, Class A1, Series 2021-RPL1, 1.67%, 09/25/61<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 150458 | 139723 |
| Coopr Residential Mortgage Trust, Class A1A, Series 2025-CES1, 5.65%, 05/25/60<sup>(1)</sup><sup>(6)</sup>  | 1389757 | 1409515 |
| Coopr Residential Mortgage Trust, Class A1A, Series 2025-CES2, 5.50%, 06/25/60<sup>(1)</sup><sup>(6)</sup>  | 480130 | 486082 |
| Coopr Residential Mortgage Trust, Class A1A, Series 2025-CES3, 4.84%, 09/25/60<sup>(1)</sup><sup>(6)</sup>  | 1408799<br>| 1410347 |
| CSMC Trust, Class A1, Series 2017-RPL1, 2.75%, 07/25/57<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 836290 | 822544 |
| CSMC Trust, Class A1, Series 2020-RPL4, 2.00%, 01/25/60<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 634708 | 577549 |
| Deephaven Residential Mortgage Trust, Class A1, Series 2021-4, 1.93%, 11/25/66<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 59898 | 53568 |
| Ellington Financial Mortgage Trust, Class A1, Series 2020-2, 1.18%, 10/25/65<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 86465 | 82542 |
| Ellington Financial Mortgage Trust, Class A2, Series 2021-1, 1.00%, 02/25/66<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 34574 | 30637 |
| Ellington Financial Mortgage Trust, Class A1, Series 2025-NQM2, 5.60%, 06/25/70<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 1083737 | 1098374 |
| Galton Funding Mortgage Trust, Class A23, Series 2018-1, 3.50%, 11/25/57<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 81298 | 74940 |
| J.P. Morgan Mortgage Trust, Class A1, Series 2025-CES1, 5.67%, 05/25/55<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 354513 | 359030 |
| J.P. Morgan Mortgage Trust, Class A1, Series 2025-CES2, 5.59%, 06/25/55<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 1368941 | 1385468 |
| JPMorgan Trust, Class A2, Series 2015-5, 5.51%, 05/25/45<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 180346 | 179944 |
| LHome Mortgage Trust, Class A1, Series 2024-RTL1, 7.02%, 01/25/29<sup>(1)</sup><sup>(6)</sup>  | 800000 | 805108 |
| MetLife Securitization Trust, Class A1A, Series 2019-1A, 3.75%, 04/25/58<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 64402 | 63852 |
| MFA Trust, Class A1, Series 2023-INV2, 6.78%, 10/25/58<sup>(1)</sup><sup>(6)</sup>  | 299549 | 302234 |
| MFA Trust, Class A1, Series 2024-NQM2, 5.27%, 08/25/69<sup>(1)</sup><sup>(6)</sup>  | 936141 | 941894 |
| MFA Trust, Class A1, Series 2025-NQM5, 5.19%, 11/25/70<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 247181 | 248879 |
| Mill City Mortgage Loan Trust, Class A1, Series 2019-GS2, 2.75%, 08/25/59<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 331382 | 324011 |
| New Residential Mortgage Loan Trust, Class A3, Series 2017-2A, 4.00%, 03/25/57<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 19310 | 18913 |
| New Residential Mortgage Loan Trust, Class A1, Series 2024-NQM3, 5.47%, 11/25/64<sup>(1)</sup><sup>(6)</sup>  | 82650 | 83974 |

---

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

Schedule of Investments - Virtus Newfleet Securitized Income ETF (continued)

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES** **(continued)** | **MORTGAGE BACKED SECURITIES** **(continued)** |  |
| **Residential Mortgage Backed Securities** **(continued)** | **Residential Mortgage Backed Securities** **(continued)** |  |
| OBX Trust, Class A1, Series 2024-HYB1, 3.63%, 03/25/53<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | $1975957<br>| $1980718<br>|
| OBX Trust, Class A2, Series 2018-1, 4.44%, (1-Month SOFR + 0.76%), 06/25/57<sup>(1)</sup><sup>(4)</sup>  | 19415 | 19255 |
| OBX Trust, Class A1A, Series 2023-NQM5, 6.57%, 06/25/63<sup>(1)</sup><sup>(6)</sup>  | 123775 | 124392 |
| OBX Trust, Class A1, Series 2023-NQM9, 7.16%, 10/25/63<sup>(1)</sup><sup>(6)</sup>  | 267281 | 270910 |
| OBX Trust, Class A1, Series 2023-NQM1, 5.93%, 11/25/63<sup>(1)</sup><sup>(6)</sup>  | 57811 | 58290 |
| OBX Trust, Class A1, Series 2024-NQM9, 6.03%, 01/25/64<sup>(1)</sup><sup>(6)</sup>  | 1186466 | 1203000 |
| Pret Trust, Class A1, Series 2025-NPL1, 6.06%, 02/25/55<sup>(1)</sup><sup>(6)</sup>  | 547299 | 548197 |
| RCKT Mortgage Trust, Class A1A, Series 2023-CES2, 6.81%, 09/25/43<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 54083 | 54544 |
| RCKT Mortgage Trust, Class A1A, Series 2024-CES8, 5.49%, 11/25/44<sup>(1)</sup><sup>(6)</sup>  | 1294654 | 1307014 |
| Residential Mortgage Loan Trust, Class A1, Series 2020-1, 2.38%, 01/26/60<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 875 | 873 |
| Santander Mortgage Asset Receivable Trust, Class A1A, Series 2025-CES1, 5.04%, 09/25/55<sup>(1)</sup><sup>(6)</sup>  | 628656 | 631143 |
| Starwood Mortgage Residential Trust, Class A1, Series 2020-1, 2.28%, 02/25/50<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 40408 | 39109 |
| Starwood Mortgage Residential Trust, Class A1, Series 2021-3, 1.13%, 06/25/56<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 450667 | 401943 |
| Towd Point Mortgage Trust, Class A2, Series 2017-6, 3.00%, 10/25/57<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 420000 | 406443 |
| Verus Securitization Trust, Class A1, Series 2023-8, 6.26%, 12/25/68<sup>(1)</sup><sup>(6)</sup>  | 142227 | 143859 |
| Visio Trust, Class A1, Series 2020-1R, 1.31%, 11/25/55<sup>(1)</sup>  | 42898 | 41756 |
| Total Residential Mortgage Backed Securities  |  | 20220641 |
| **Total Mortgage Backed Securities** |  |  |
| (Cost $30,364,482)  |  | **30609741** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BOND — 0.3%** | **CORPORATE BOND — 0.3%** |  |
| **Industrials — 0.3%** | **Industrials — 0.3%** |  |
| Alaska Airlines Pass-Through Trust, Class A, Series 2020-1, 4.80%, 08/15/27<sup>(1)</sup>  | $224982<br>| $226188<br>|
| (Cost $223,800)  |  |  |
| **TOTAL INVESTMENTS — 99.8%** |  |  |
| (Cost $82,308,109)  |  | **82524688** |
| Other Assets in Excess of Liabilities - 0.2%  |  | 178574 |
| **Net Assets - 100.0%**  |  | **$** **82703262**<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 January 31, 2026, the aggregate value of these securities was $76,352,170, or 92.3% of net assets.

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

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

(4)Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2026.

(5)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.

(6)Represents step coupon bond. Rate shown reflects the rate in effect as of January 31, 2026.

**Abbreviations:**

SOFR — Secured Overnight Financing Rate

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 01/31/2026 (based on net assets) | Asset Allocation as of 01/31/2026 (based on net assets) |
| Asset Backed Securities  | 62.5% |
| Mortgage Backed Securities  | 37.0% |
| Corporate Bond  | 0.3% |
| Other Assets in Excess of Liabilities  | 0.2% |
| **Total**  | **100.0%** |

---

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of January 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset Backed Securities  | $—<br>| $51651799<br>| $36960<br>| $51688759<br>|
| &nbsp;&nbsp;&nbsp; Mortgage Backed Securities  |  | 30609741 |  | 30609741 |
| &nbsp;&nbsp;&nbsp; Corporate Bond  |  | 226188 |  | 226188 |
| **Total**  | **$** **—**<br>| **$** **82487728**<br>| **$** **36960**<br>| **$** **82524688**<br>|

---

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 period ended January 31, 2026.

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

January 31, 2026 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES – 31.1%** |  |  |
| ACM Auto Trust, Class A, Series 2025-2A, 5.55%, 06/20/28<sup>(1)</sup>  | $20618<br>| $20648<br>|
| ACM Auto Trust, Class A, Series 2025-3A, 5.01%, 01/22/30<sup>(1)</sup>  | 20518 | 20495 |
| Affirm Asset Securitization Trust, Class A, Series 2025-X1, 5.08%, 04/15/30<sup>(1)</sup>  | 8132 | 8145 |
| Affirm Master Trust, Class A, Series 2025-3A, 4.45%, 10/16/34<sup>(1)</sup>  | 130000 | 130349 |
| American Credit Acceptance Receivables <br>Trust, Class C, Series 2025-1, 5.09%, 08/12/31<sup>(1)</sup>  | 30000 | 30270 |
| American Credit Acceptance Receivables <br>Trust, Class C, Series 2026-1, 4.55%, 01/12/33<sup>(1)</sup>  | 40000 | 40096 |
| American Express Credit Account Master <br>Trust, Class A, Series 2025-5, 4.51%, <br>07/15/32  | 125000 | 127661 |
| Amur Equipment Finance Receivables XV LLC, Class D, Series 2025-1A, 5.68%, 08/20/32<sup>(1)</sup>  | 35000 | 35723 |
| Auxilior Term Funding LLC, Class C, Series 2023-1A, 6.50%, 11/15/30<sup>(1)</sup>  | 120000 | 123656 |
| Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2020-2A, 2.02%, 02/20/27<sup>(1)</sup>  | 16667 | 16647 |
| Bridgecrest Lending Auto Securitization Trust, Class C, Series 2025-1, 5.15%, 12/17/29  | 25000 | 25313 |
| Bridgecrest Lending Auto Securitization Trust, Class C, Series 2026-1, 4.44%, 11/17/31  | 40000 | 40143 |
| Bridgecrest Lending Auto Securitization Trust, Class D, Series 2025-2, 5.62%, 03/17/31  | 30000 | 30575 |
| Carmax Select Receivables Trust, Class C, Series 2025-B, 4.83%, 06/16/31  | 100000 | 100516 |
| Carvana Auto Receivables Trust, Class B, Series 2021-P3, 1.42%, 08/10/27  | 60000 | 58958 |
| Carvana Auto Receivables Trust, Class C, Series 2023-N4, 6.59%, 02/11/30<sup>(1)</sup>  | 200000 | 204896 |
| CPS Auto Receivables Trust, Class C, Series 2024-A, 5.74%, 04/15/30<sup>(1)</sup>  | 25000 | 25200 |
| CPS Auto Receivables Trust, Class C, Series 2025-A, 5.25%, 04/15/31<sup>(1)</sup>  | 30000 | 30382 |
| Dext ABS LLC, Class B, Series 2023-2, 6.41%, 05/15/34<sup>(1)</sup>  | 30000 | 30464 |
| Discover Card Execution Note Trust, Class A, Series 2023-A2, 4.93%, 06/15/28  | 205000 | 205860 |
| Drive Auto Receivables Trust, Class C, Series 2024-1, 5.43%, 11/17/31  | 25000 | 25338 |
| DT Auto Owner Trust, Class C, Series 2023-3A, 6.40%, 05/15/29<sup>(1)</sup>  | 155000 | 156637 |
| Elara HGV Timeshare Issuer LLC, Class A, Series 2023-A, 6.16%, 02/25/38<sup>(1)</sup>  | 101041 | 104510 |
| Exeter Automobile Receivables Trust, Class B, Series 2024-5A, 4.48%, 04/16/29  | 30000 | 30053 |
| Exeter Automobile Receivables Trust, Class D, Series 2025-3A, 5.57%, 10/15/31  | 40000 | 40850 |
| FinBe USA Trust, Class A, Series 2025-1A, 5.70%, 12/15/28<sup>(1)</sup>  | 17496 | 17502 |
| Flagship Credit Auto Trust, Class B, Series 2024-3, 5.35%, 07/16/29<sup>(1)</sup>  | 30000 | 30019 |
| GLS Auto Select Receivables Trust, Class A3, Series 2023-2A, 6.38%, 02/15/29<sup>(1)</sup>  | 300000 | 304417 |

---

---

| | | |
|:---|:---|:---|
| **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>  | $30000<br>| $31016<br>|
| Greensky Home Improvement Issuer Trust, Class A2, Series 2024-2, 5.25%, 10/27/59<sup>(1)</sup>  | 19651 | 19697 |
| Hilton Grand Vacations Trust, Class A, Series 2024-2A, 5.50%, 03/25/38<sup>(1)</sup>  | 40149 | 41014 |
| Hinnt, Class A, Series 2024-A, 5.49%, <br>03/15/43<sup>(1)</sup>  | 26936 | 27526 |
| Huntington Bank Auto Credit-Linked Notes, Class B1, Series 2024-1, 6.15%, 05/20/32<sup>(1)</sup>  | 8337 | 8477 |
| LAD Auto Receivables Trust, Class C, Series 2024-3A, 4.93%, 03/15/30<sup>(1)</sup>  | 35000 | 35490 |
| LAD Auto Receivables Trust, Class D, Series 2025-1A, 5.52%, 05/17/32<sup>(1)</sup>  | 30000 | 30667 |
| LBZST, Class A, Series 2025-B, 5.57%, 06/17/30 | 67832 | 68067 |
| Lendbuzz Securitization Trust, Class A2, Series 2024-2A, 5.99%, 05/15/29<sup>(1)</sup>  | 12553 | 12638 |
| Lendbuzz Securitization Trust, Class A2, Series 2025-1A, 5.10%, 10/15/30<sup>(1)</sup>  | 72764 | 73020 |
| Lendmark Funding Trust, Class A, Series 2025-3A, 4.51%, 05/21/35<sup>(1)</sup>  | 50000 | 50110 |
| Mariner Finance Issuance, Class A, Series 2025-AA, 4.98%, 05/20/38<sup>(1)</sup>  | 65000 | 65942 |
| Marlette Funding Trust, Class B, Series 2024-1A, 6.07%, 07/17/34<sup>(1)</sup>  | 14014 | 14085 |
| MMP Capital LLC, Class B, Series 2025-A, 5.72%, 12/15/31<sup>(1)</sup>  | 35000 | 35598 |
| Momnt Technologies Trust, Class A, Series 2023-1A, 6.92%, 03/20/45<sup>(1)</sup>  | 2443 | 2448 |
| Nmef Funding, Class A2, Series 2024-A, 5.15%, 12/15/31<sup>(1)</sup>  | 27907 | 28099 |
| Octane Receivables Trust, Class B, Series 2024-1A, 5.66%, 05/20/30<sup>(1)</sup>  | 25000 | 25371 |
| OneMain Financial Issuance Trust, Class A, Series 2022-3A, 5.94%, 05/15/34<sup>(1)</sup>  | 40820 | 41048 |
| OneMain Financial Issuance Trust, Class B, Series 2025-1A, 5.05%, 07/14/38<sup>(1)</sup>  | 30000 | 30434 |
| Oportun Issuance Trust, Class A, Series 2021-C, 2.18%, 10/08/31<sup>(1)</sup>  | 78865 | 77627 |
| Oportun Issuance Trust, Class B, Series 2024-2, 5.83%, 02/09/32<sup>(1)</sup>  | 28125 | 28173 |
| Own Equipment Fund I LLC, Class A, Series 2024-2M, 5.70%, 12/20/32<sup>(1)</sup>  | 24115 | 24476 |
| Pawneee Equipment Receivables LLC, Class B, Series 2022-1, 5.40%, 07/17/28<sup>(1)</sup>  | 21914 | 21956 |
| Peac Solutions Receivables, Class B, Series 2024-1A, 5.79%, 11/20/30<sup>(1)</sup>  | 30000 | 30846 |
| Prestige Auto Receivables Trust, Class B, Series 2023-2A, 6.64%, 12/15/27<sup>(1)</sup>  | 18101 | 18104 |
| Purchasing Power Funding, Class B, Series 2024-A, 6.43%, 08/15/28<sup>(1)</sup>  | 30000 | 30123 |
| RCKT Mortgage Trust, Class A1A, Series 2023-CES3, 7.11%, 11/25/43<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup>  | 47578 | 48230 |
| RCKT Mortgage Trust, Class A1A, Series 2024-CES3, 6.59%, 05/25/44<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup>  | 58874 | 59868 |
| RCKT Trust, Class B, Series 2025-1A, 4.99%, 07/25/34<sup>(1)</sup>  | 40000 | 40255 |
| Reach ABS Trust, Class B, Series 2024-1A, 6.29%, 02/18/31<sup>(1)</sup>  | 24016 | 24174 |

---

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

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)**  | **ASSET BACKED SECURITIES (continued)**  | **ASSET BACKED SECURITIES (continued)**  |
| Reach ABS Trust, Class B, Series 2025-2A, 5.12%, 08/18/32<sup>(1)</sup>  | $40000<br>| $40374<br>|
| Regional Management Issuance Trust, Class A, Series 2024-2, 5.11%, 12/15/33<sup>(1)</sup>  | 30000 | 30219 |
| Sbna Auto Receivables Trust, Class C, Series 2024-A, 5.59%, 01/15/30<sup>(1)</sup>  | 18000 | 18254 |
| Scalelogix Abs US Issuer LLC, Class A2, Series 2025-1A, 5.67%, 07/25/55<sup>(1)</sup>  | 30000 | 30109 |
| Sofi Consumer Loan Program Trust, Class A, Series 2025-1, 4.80%, 02/27/34<sup>(1)</sup>  | 59482 | 59806 |
| Sofi Consumer Loan Program Trust, Class C, Series 2026-1, 4.74%, 12/26/35<sup>(1)</sup>  | 40000 | 40127 |
| Subway Funding LLC, Class A2II, Series 2024-1A, 6.27%, 07/30/54<sup>(1)</sup>  | 29700 | 30339 |
| Taco Bell Funding LLC, Class A2I, Series 2025-1A, 4.82%, 08/25/55<sup>(1)</sup>  | 50000 | 49863 |
| Tesla Lease Electric Vehicle Securitization LLC, Class A2, Series 2025-A, 4.14%, <br>06/20/28<sup>(1)</sup>  | 47949 | 48077 |
| Tricolor Auto Securitization Trust, Class C, Series 2024-2A, 6.93%, 04/17/28<sup>(1)</sup>  | 30000 | 14401 |
| TSC SPV Funding LLC, Class A2, Series 2024-1A, 6.29%, 08/20/54<sup>(1)</sup>  | 34650 | 35366 |
| United Auto Credit Securitization Trust, Class C, Series 2024-1, 7.06%, 10/10/29<sup>(1)</sup>  | 15418 | 15446 |
| United Auto Credit Securitization Trust, Class D, Series 2023-1, 8.00%, 07/10/28<sup>(1)</sup>  | 19876 | 20021 |
| Upstart Securitization Trust, Class A2, Series 2025-3, 4.60%, 09/20/35<sup>(1)</sup>  | 150000 | 150334 |
| US Bank NA, Class B, Series 2023-1, 6.79%, 08/25/32<sup>(1)</sup>  | 5255 | 5301 |
| Veros Auto Receivables Trust, Class B, Series 2026-1, 4.84%, 05/15/29<sup>(1)</sup>  | 40000 | 40066 |
| VFI ABS LLC, Class A, Series 2025-1A, 4.78%, 06/24/30<sup>(1)</sup>  | 41029 | 41250 |
| Westlake Automobile Receivables Trust, Class A3, Series 2025-3A, 4.22%, 06/15/29<sup>(1)</sup>  | 65000 | 65235 |
| Westlake Automobile Receivables Trust, Class B, Series 2024-2A, 5.62%, 03/15/30<sup>(1)</sup>  | 30000 | 30284 |
| Westlake Automobile Receivables Trust, Class C, Series 2025-2A, 4.85%, 01/15/31<sup>(1)</sup>  | 30000 | 30369 |
| Westlake Automobile Receivables Trust, Class C, Series 2026-1A, 4.37%, 06/16/31<sup>(1)</sup>  | 40000 | 40053 |
| Wingspire Equipment Finance LLC, Class A2, Series 2025-1A, 4.33%, 09/20/33<sup>(1)</sup>  | 65000 | 65209 |
| Wingstop Funding LLC, Class A2, Series 2020-1A, 2.84%, 12/05/50<sup>(1)</sup>  | 49250 | 47808 |
| **Total Asset Backed Securities**  |  |  |
| (Cost $3,983,183)  |  | **4008213** |
| **MORTGAGE BACKED SECURITIES - 28.0%** |  |  |
| **Agency Mortgage Backed Security - 7.9%** |  |  |
| Federal Home Loan Mortgage Corporation, 6.00%, 10/01/38  | 112313 | 116502 |
| Federal Home Loan Mortgage Corporation, 6.00%, 03/01/53  | 141893 | 146265 |
| Federal Home Loan Mortgage Corporation, 6.00%, 08/01/53  | 26789 | 27561 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** |
| **Agency Mortgage Backed Security (continued)** |  |  |
| Federal Home Loan Mortgage Corporation, 6.00%, 12/01/54 | $101742<br>| $104219<br>|
| Federal Home Loan Mortgage Corporation, 5.00%, 01/01/55 | 55587 | 55632 |
| Federal Home Loan Mortgage Corporation, 5.00%, 01/01/55 | 252906 | 253561 |
| Federal National Mortgage Association, 6.00%, 10/01/53 | 121729 | 125191 |
| Federal National Mortgage Association, 6.00%, 08/01/54 | 44754 | 45836 |
| Federal National Mortgage Association, 6.00%, 01/01/55 | 47509 | 48754 |
| Federal National Mortgage Association, 4.00%, 03/01/55 | 99258 | 95181 |
| Total Agency Mortgage Backed Security |  | 1018702 |
| **Commercial Mortgage Backed Securities - 4.6%** |  |  |
| BBCMS Trust, Class A, Series 2018-CBM, 4.98%, (1-Month SOFR + 1.30%), <br>07/15/37<sup>(1)</sup><sup>(2)</sup> | 39000 | 38129 |
| Bx Commercial Mortgage Trust, Class A, Series 2024-XL5, 5.07%, (1-Month SOFR + 1.39%), 03/15/41<sup>(1)</sup><sup>(2)</sup> | 63184 | 63324 |
| Bx Trust, Class A, Series 2022-CLS, 5.76%, 10/13/27<sup>(1)</sup> | 110000 | 110703 |
| Bx Trust, Class C, Series 2025-ROIC, 5.22%, (1-Month SOFR + 1.54%), 03/15/30<sup>(1)</sup><sup>(2)</sup> | 24610 | 24555 |
| Bx Trust, Class B, Series 2019-OC11, 3.61%, 12/09/41<sup>(1)</sup> | 120000 | 115011 |
| Mssg Trust, Class A, Series 2017-237P, 3.40%, 09/13/39<sup>(1)</sup> | 32000 | 30758 |
| New York Commercial Mortgage Trust, Class A, Series 2025-300P, 4.88%, 07/13/42<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 40000 | 40411 |
| Thpt Mortgage Trust, Class A, Series 2023-THL, 6.99%, 12/10/34<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 175187 | 177126 |
| Total Commercial Mortgage Backed Securities |  | 600017 |
| **Residential Mortgage Backed Securities - 15.5%** |  |  |
| Ajax Mortgage Loan Trust, Class A1, Series 2019-D, 2.96%, 09/25/65<sup>(1)</sup> | 31841 | 30987 |
| Angel Oak Mortgage Trust, Class A1, Series 2021-8, 1.82%, 11/25/66<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 0 | 0 |
| Angel Oak Mortgage Trust, Class A1, Series 2022-5, 4.50%, 05/25/67<sup>(1)</sup> | 45137 | 44977 |
| Arroyo Mortgage Trust, Class A1, Series 2019-1, 3.81%, 01/25/49<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 13530 | 13273 |
| Citigroup Mortgage Loan Trust, Class A2, Series 2025-INV1, 6.00%, 01/25/55<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 81795 | 83179 |
| Citigroup Mortgage Loan Trust, Class A1, Series 2019-RP1, 3.50%, 01/25/66<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 31324 | 30870 |
| Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2018-RP1, 3.00%, 09/25/64<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 67245 | 66484 |
| COLT Mortgage Loan Trust, Class A1, Series 2023-3, 7.18%, 09/25/68<sup>(1)</sup> | 169976 | 172040 |
| Coopr Residential Mortgage Trust, Class A1A, Series 2025-CES3, 4.84%, 09/25/60<sup>(1)</sup> | 95837 | 95942 |
| CSMC Trust, Class A1, Series 2020-RPL4, 2.00%, 01/25/60<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup> | 126942 | 115510 |

---

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

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)**  | **MORTGAGE BACKED SECURITIES (continued)**  | **MORTGAGE BACKED SECURITIES (continued)**  |
| **Residential Mortgage Backed Securities (continued)**  | **Residential Mortgage Backed Securities (continued)**  |  |
| Ellington Financial Mortgage Trust, Class A1, Series 2020-2, 1.18%, 10/25/65<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup>  | $115462<br>| $110224<br>|
| Homes Trust, Class A1, Series 2023-NQM2, 6.46%, 02/25/68<sup>(1)</sup>  | 205371 | 205840 |
| J.P. Morgan Mortgage Trust, Class A1, Series 2025-CES1, 5.67%, 05/25/55<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup>  | 70903 | 71806 |
| J.P. Morgan Mortgage Trust, Class A1, Series 2025-CES2, 5.59%, 06/25/55<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup>  | 25217 | 25522 |
| JPMorgan Mortgage Trust, Class A1A, Series 2024-CES1, 5.92%, 06/25/54<sup>(1)</sup>  | 25300 | 25566 |
| MetLife Securitization Trust, Class A1A, Series 2019-1A, 3.75%, 04/25/58<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup>  | 138996 | 137811 |
| MFA 2020-NQM3 Trust, Class A1, Series 2020-NQM3, 1.01%, 01/26/65<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup>  | 13167 | 12631 |
| New Residential Mortgage Loan Trust, Class A1, Series 2016-4A, 3.75%, 11/25/56<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup>  | 33559 | 32533 |
| New Residential Mortgage Loan Trust, Class A1, Series 2018-3A, 4.50%, 05/25/58<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup>  | 49019 | 48282 |
| New Residential Mortgage Loan Trust, Class A1, Series 2021-NQ2R, 0.94%, 10/25/58<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup>  | 54135 | 52199 |
| NYMT Loan Trust, Class A1, Series 2021-CP1, 2.04%, 07/25/61<sup>(1)</sup>  | 41495 | 39336 |
| OBX Trust, Class A2, Series 2018-1, 4.44%, (1-Month SOFR + 0.76%), 06/25/57<sup>(1)</sup><sup>(2)</sup>  | 15532 | 15404 |
| OBX Trust, Class A1A, Series 2023-NQM5, 6.57%, 06/25/63<sup>(1)</sup>  | 223333 | 224446 |
| PRKCM Trust, Class A1A, Series 2022-AFC1, 4.10%, 04/25/57<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup>  | 63459 | 63638 |
| RCKT Mortgage Trust, Class A1A, Series 2024-CES1, 6.03%, 02/25/44<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup>  | 126739 | 127967 |
| RCKT Mortgage Trust, Class A1A, Series 2024-CES6, 5.34%, 09/25/44<sup>(1)</sup>  | 68130 | 68580 |
| Residential Mortgage Loan Trust, Class A1, Series 2020-1, 2.38%, 01/26/60<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup>  | 1568 | 1563 |
| Starwood Mortgage Residential Trust, Class A1, Series 2021-3, 1.13%, 06/25/56<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup>  | 34667 | 30919 |
| Towd Point Mortgage Trust, Class A1A, Series 2018-6, 3.75%, 03/25/58<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup>  | 18135 | 18072 |
| Verus Securitization Trust, Class A1, Series 2021-R1, 0.82%, 10/25/63<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup>  | 28313 | 27552 |
| Total Residential Mortgage Backed Securities  |  | 1993153 |
| **Total Mortgage Backed Securities**  |  |  |
| (Cost $3,547,569)  |  | **3611872** |
| **CORPORATE BONDS – 22.9%** | **CORPORATE BONDS – 22.9%** |  |
| **Commercial & Residential Mortgage Finance – 0.0%** | **Commercial & Residential Mortgage Finance – 0.0%** |  |
| Rocket Cos., Inc., 6.13%, 08/01/30<sup>(1)</sup>  | 5000 | 5122 |
| **Communication Services – 1.2%** | **Communication Services – 1.2%** |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 02/01/28<sup>(1)</sup>  | 32000 | 31839 |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27<sup>(1)</sup>  | 14000 | 14075 |
| Gray Media, Inc., 7.25%, 08/15/33<sup>(1)</sup>  | 15000 | 15368 |
|  |  |  |
|  |  |  |
|  |  |  |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)**  | **CORPORATE BONDS (continued)**  | **CORPORATE BONDS (continued)**  |
| **Communication Services (continued)**  |  |  |
| Nexstar Media, Inc., 5.63%, 07/15/27<sup>(1)</sup>  | $35000<br>| $35026<br>|
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(1)</sup>  | 10000 | 10350 |
| Snap, Inc., 6.88%, 03/15/34<sup>(1)</sup>  | 5000 | 5111 |
| T-Mobile USA, Inc., 3.88%, 04/15/30  | 25000 | 24579 |
| Univision Communications, Inc., 8.00%, 08/15/28<sup>(1)</sup>  | 20000 | 20652 |
| Total Communication Services  |  | 157000 |
| **Consumer Discretionary – 1.4%** | **Consumer Discretionary – 1.4%** |  |
| Aptiv Swiss Holdings Ltd., 6.88%, (US 5 Year CMT T- Note + 3.39%), 12/15/54<sup>(2)</sup>  | 20000 | 20902 |
| Ford Motor Credit Co. LLC, 4.97%, 04/06/29  | 25000 | 25138 |
| Hilton Domestic Operating Co., Inc., 5.75%, 09/15/33<sup>(1)</sup>  | 15000 | 15289 |
| Meritage Homes Corp., 3.88%, 04/15/29<sup>(1)</sup>  | 30000 | 29524 |
| Newell Brands, Inc., 6.38%, 09/15/27  | 31000 | 31359 |
| Tractor Supply Co., 1.75%, 11/01/30  | 25000 | 22247 |
| Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/28<sup>(1)</sup>  | 33000 | 32593 |
| Total Consumer Discretionary  |  | 177052 |
| **Consumer Staples – 0.8%** | **Consumer Staples – 0.8%** |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.88%, 02/15/30<sup>(1)</sup>  | 20000 | 19743 |
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 01/15/29<sup>(1)</sup>  | 32000 | 31687 |
| Mars, Inc., 4.80%, 03/01/30<sup>(1)</sup>  | 20000 | 20440 |
| Post Holdings, Inc., 6.25%, 02/15/32<sup>(1)</sup>  | 14000 | 14393 |
| Post Holdings, Inc., 6.38%, 03/01/33<sup>(1)</sup>  | 15000 | 15128 |
| Total Consumer Staples  |  | 101391 |
| **Energy – 1.5%** | **Energy – 1.5%** |  |
| Buckeye Partners LP, 6.75%, 02/01/30<sup>(1)</sup>  | 10000 | 10483 |
| DBR Land Holdings LLC, 6.25%, 12/01/30<sup>(1)</sup>  | 10000 | 10250 |
| DT Midstream, Inc., 4.13%, 06/15/29<sup>(1)</sup>  | 34000 | 33621 |
| Equities Corp., 6.38%, 04/01/29  | 5000 | 5174 |
| Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/30  | 10000 | 10530 |
| Hf Sinclair Corp., 5.75%, 01/15/31  | 15000 | 15558 |
| Kodiak Gas Services LLC, 6.50%, 10/01/33<sup>(1)</sup>  | 10000 | 10248 |
| Ngpl Pipeco LLC, 4.88%, 08/15/27<sup>(1)</sup>  | 30000 | 30171 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(1)</sup>  | 20000 | 20860 |
| Occidental Petroleum Corp., 6.13%, 01/01/31  | 10000 | 10579 |
| Occidental Petroleum Corp., 7.88%, 09/15/31  | 10000 | 11522 |
| Sabine Pass Liquefaction LLC, 4.50%, 05/15/30  | 20000 | 20111 |
| Total Energy  |  | 189107 |
| **Financials – 8.2%** | **Financials – 8.2%** |  |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 6.75%, 04/15/28<sup>(1)</sup>  | 30000 | 30513 |
| Allstate Corp. (The), Series B, 7.05%, (3-Month SOFR + 3.20%), 08/15/53<sup>(2)</sup>  | 10000 | 10036 |
| Ally Financial, Inc., 8.00%, 11/01/31  | 20000 | 22685 |
| American Express Co., 4.42%, (SOFR + 0.75%), 04/23/27<sup>(2)</sup>  | 10000 | 10007 |
| American Express Co., 4.60%, (SOFR + 0.93%), 07/26/28<sup>(2)</sup>  | 18000 | 18093 |
| American Express Co., 5.09%, (SOFR + 1.02%), 01/30/31<sup>(2)</sup>  | 5000 | 5138 |

---

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

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)**  | **CORPORATE BONDS (continued)**  | **CORPORATE BONDS (continued)**  |
| **Financials (continued)**  |  |  |
| American National Group, Inc., 7.00%, <br>(US 5 Year CMT T- Note + 3.18%), <br>12/01/55<sup>(2)</sup>  | $6000<br>| $6064<br>|
| Apollo Debt Solutions BDC, 5.20%, <br>12/08/28<sup>(1)</sup>  | 15000 | 15009 |
| Atlas Warehouse Lending Co. LP, 5.25%, 01/15/33<sup>(1)</sup>  | 25000 | 25044 |
| Bank of America Corp., Series TT, 6.13%, <br>(US 5 Year CMT T- Note + 3.23%), <br>perpetual<sup>(2)</sup><sup>(4)</sup>  | 20000 | 20269 |
| Bank of America Corp., 1.73%, (SOFR + 0.96%), 07/22/27<sup>(2)</sup>  | 35000 | 34636 |
| Bank of New York Mellon Corp. (The), Series F, 4.63%, (3-Month SOFR + 3.39%), <br>perpetual<sup>(2)</sup><sup>(4)</sup>  | 25000 | 25011 |
| Blackstone Private Credit Fund, 5.95%, 07/16/29  | 15000 | 15257 |
| Blue Owl Finance LLC, 3.13%, 06/10/31  | 35000 | 31763 |
| Capital One Financial Corp., 4.49%, (SOFR + 1.25%), 09/11/31<sup>(2)</sup>  | 35000 | 34778 |
| Charles Schwab Corp. (The), Series I, 4.00%, (US 5 Year CMT T- Note + 3.17%), <br>perpetual<sup>(2)</sup><sup>(4)</sup>  | 15000 | 14947 |
| Charles Schwab Corp. (The), Series H, 4.00%, (US 10 Year CMT T- Note + 3.08%), perpetual<sup>(2)</sup><sup>(4)</sup>  | 20000 | 18776 |
| Citigroup, Inc., Series X, 3.88%, (US 5 Year CMT T- Note + 3.42%), perpetual<sup>(2)</sup><sup>(4)</sup>  | 30000 | 29964 |
| Citigroup, Inc., 5.04%, (SOFR + 1.28%), 02/24/28<sup>(2)</sup>  | 35000 | 35275 |
| Corebridge Financial, Inc., 6.88%, (US 5 Year CMT T- Note + 3.85%), 12/15/52<sup>(2)</sup>  | 30000 | 30822 |
| Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance, 5.95%, 09/17/30<sup>(1)</sup>  | 20000 | 19109 |
| F&G Annuities & Life, Inc., 6.50%, 06/04/29  | 25000 | 25992 |
| Fifth Third Bancorp, 4.06%, (SOFR + 1.36%), 04/25/28<sup>(2)</sup>  | 25000 | 24995 |
| Global Atlantic Finance Co., 7.95%, (US 5 Year CMT T- Note + 3.61%), 10/15/54<sup>(1)</sup><sup>(2)</sup>  | 10000 | 10344 |
| Goldman Sachs Group, Inc. (The), Series G, 5.68%, (3-Month SOFR + 2.01%), <br>10/28/27<sup>(2)</sup>  | 25000 | 25271 |
| Goldman Sachs Group, Inc. (The), Series ., 4.63%, (SOFR + 0.96%), 01/21/32<sup>(2)</sup>  | 10000 | 10008 |
| HA Sustainable Infrastructure Capital, Inc., 6.15%, 01/15/31  | 15000 | 15398 |
| Hat Holdings I LLC / Hat Holdings II LLC, 8.00%, 06/15/27<sup>(1)</sup>  | 6000 | 6223 |
| Hub International Ltd., 7.25%, 06/15/30<sup>(1)</sup>  | 20000 | 20878 |
| Huntington Bancshares, Inc., 6.21%, (SOFR + 2.02%), 08/21/29<sup>(2)</sup>  | 25000 | 26208 |
| Iron Mountain, Inc., 5.25%, 07/15/30<sup>(1)</sup>  | 15000 | 14863 |
| JPMorgan Chase & Co., 1.58%, (SOFR + 0.89%), 04/22/27<sup>(2)</sup>  | 25000 | 24868 |
| JPMorgan Chase & Co., Series ., 4.94%, (SOFR + 1.18%), 02/24/28<sup>(2)</sup>  | 40000 | 40291 |
|  |  |  |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)**  | **CORPORATE BONDS (continued)**  | **CORPORATE BONDS (continued)**  |
| **Financials (continued)**  |  |  |
| KeyCorp, Series G, 5.12%, (SOFR + 1.23%), 04/04/31<sup>(2)</sup>  | $20000<br>| $20495<br>|
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27<sup>(1)</sup>  | 27000 | 26866 |
| Morgan Stanley, 3.59%, 07/22/28<sup>(2)</sup><sup>(3)</sup>  | 60000 | 59623 |
| MSCI, Inc., 3.63%, 09/01/30<sup>(1)</sup>  | 35000 | 33476 |
| Onemain Finance Corp., 6.63%, 01/15/28  | 35000 | 35940 |
| PNC Financial Services Group, Inc. (The), 5.22%, (SOFR + 1.07%), 01/29/31<sup>(2)</sup>  | 25000 | 25813 |
| Rga Global Funding, 4.60%, 11/25/30<sup>(1)</sup>  | 25000 | 25065 |
| State Street Corp., Series I, 6.70%, (US 5 Year CMT T- Note + 2.61%), perpetual<sup>(2)</sup><sup>(4)</sup>  | 10000 | 10378 |
| Synchrony Financial, 2.88%, 10/28/31  | 20000 | 17870 |
| Truist Financial Corp., 7.16%, (SOFR + 2.45%), 10/30/29<sup>(2)</sup>  | 30000 | 32310 |
| US Bancorp, 5.05%, (SOFR + 1.06%), 02/12/31<sup>(2)</sup>  | 30000 | 30811 |
| Wells Fargo & Co., 3.53%, (SOFR + 1.51%), 03/24/28<sup>(2)</sup>  | 20000 | 19897 |
| Wells Fargo & Co., 6.30%, (SOFR + 1.79%), 10/23/29<sup>(2)</sup>  | 15000 | 15844 |
| Total Financials  |  | 1052923 |
| **Health Care – 2.5%** | **Health Care – 2.5%** |  |
| Acadia Healthcare Co., Inc., 5.50%, 07/01/28<sup>(1)</sup>  | 15000 | 14831 |
| AdaptHealth LLC, 6.13%, 08/01/28<sup>(1)</sup>  | 15000 | 15065 |
| Baxter International, Inc., 4.90%, 12/15/30  | 25000 | 25202 |
| CHS/Community Health Systems, Inc., 5.25%, 05/15/30<sup>(1)</sup>  | 30000 | 28310 |
| CVS Health Corp., 7.00%, (US 5 Year CMT T- Note + 2.89%), 03/10/55<sup>(2)</sup>  | 30000 | 31413 |
| DENTSPLY Sirona, Inc., 3.25%, 06/01/30  | 35000 | 32586 |
| HCA, Inc., 5.45%, 04/01/31  | 30000 | 31198 |
| Iqvia, Inc., 6.25%, 02/01/29  | 20000 | 21058 |
| IQVIA, Inc., 6.25%, 06/01/32<sup>(1)</sup>  | 25000 | 26005 |
| Medline Borrower LP, 5.25%, 10/01/29<sup>(1)</sup>  | 5000 | 5012 |
| Medline Borrower LP/Medline Co. Issuer, Inc., 6.25%, 04/01/29<sup>(1)</sup>  | 20000 | 20667 |
| Royalty Pharma PLC, 5.15%, 09/02/29  | 25000 | 25754 |
| Tenet Healthcare Corp., 5.50%, 11/15/32<sup>(1)</sup>  | 10000 | 10108 |
| Universal Health Services, Inc., 1.65%, 09/01/26  | 30000 | 29563 |
| Total Health Care  |  | 316772 |
| **Industrials – 2.3%** | **Industrials – 2.3%** |  |
| Alaska Airlines Pass-Through Trust, Class A, Series 2020-1, 4.80%, 08/15/27<sup>(1)</sup>  | 24322 | 24453 |
| Aviation Capital Group LLC, 5.38%, 07/15/29<sup>(1)</sup>  | 25000 | 25699 |
| BlueLinx Holdings, Inc., 6.00%, 11/15/29<sup>(1)</sup>  | 20000 | 19823 |
| Boeing Co. (The), 6.26%, 05/01/27  | 10000 | 10258 |
| Boeing Co. (The), 6.39%, 05/01/31  | 10000 | 10853 |
| Builders FirstSource, Inc., 4.25%, 02/01/32<sup>(1)</sup>  | 10000 | 9539 |
| CoStar Group, Inc., 2.80%, 07/15/30<sup>(1)</sup>  | 35000 | 32237 |
| Flowserve Corp., 3.50%, 10/01/30  | 20000 | 19130 |
| Herc Holdings, Inc., 7.00%, 06/15/30<sup>(1)</sup>  | 15000 | 15753 |
| Hexcel Corp., 4.20%, 02/15/27  | 32000 | 31963 |
| Huntington Ingalls Industries, Inc., 2.04%, 08/16/28  | 20000 | 19008 |

---

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

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)**  | **CORPORATE BONDS (continued)**  | **CORPORATE BONDS (continued)**  |
| **Industrials (continued)**  |  |  |
| Quikrete Holdings, Inc., 6.38%, 03/01/32<sup>(1)</sup>  | $5000<br>| $5188<br>|
| Regal Rexnord Corp., 6.05%, 02/15/26 | 15000 | 15007 |
| TransDigm, Inc., 6.75%, 08/15/28<sup>(1)</sup>  | 30000 | 30542 |
| United Airlines, Inc., 4.38%, 04/15/26<sup>(1)</sup>  | 32000 | 31995 |
| Total Industrials  |  | 301448 |
| **Information Technology – 1.8%** | **Information Technology – 1.8%** |  |
| Booz Allen Hamilton, Inc., 3.88%, 09/01/28<sup>(1)</sup>  | 25000 | 24599 |
| Booz Allen Hamilton, Inc., 4.00%, 07/01/29<sup>(1)</sup>  | 5000 | 4912 |
| Broadcom, Inc., 4.35%, 02/15/30  | 25000 | 25148 |
| Cloud Software Group, Inc., 9.00%, 09/30/29<sup>(1)</sup>  | 25000 | 25274 |
| Consensus Cloud Solutions, Inc., 6.50%, 10/15/28<sup>(1)</sup>  | 20000 | 20069 |
| Foundry Jv Holdco LLC, 5.90%, 01/25/30<sup>(1)</sup>  | 15000 | 15732 |
| Gartner, Inc., 3.75%, 10/01/30<sup>(1)</sup>  | 25000 | 23709 |
| Kyndryl Holdings, Inc., 2.70%, 10/15/28  | 25000 | 24020 |
| Neptune Bidco US, Inc., 9.29%, 04/15/29<sup>(1)</sup>  | 14000 | 14386 |
| Oracle Corp., 6.25%, 11/09/32  | 25000 | 26105 |
| Vontier Corp., 2.40%, 04/01/28  | 24000 | 23087 |
| Total Information Technology  |  | 227041 |
| **Materials – 1.2%** | **Materials – 1.2%** |  |
| Bayport Polymers LLC, 4.74%, 04/14/27<sup>(1)</sup>  | 25000 | 25082 |
| Berry Global, Inc., 5.80%, 06/15/31  | 30000 | 31753 |
| JH North America Holdings, Inc., 5.88%, 01/31/31<sup>(1)</sup>  | 20000 | 20354 |
| LSB Industries, Inc., 6.25%, 10/15/28<sup>(1)</sup>  | 15000 | 15029 |
| Silgan Holdings, Inc., 1.40%, 04/01/26<sup>(1)</sup>  | 35000 | 34811 |
| Sonoco Products Co., 4.60%, 09/01/29  | 25000 | 25228 |
| Total Materials  |  | 152257 |
| **Real Estate – 0.2%** | **Real Estate – 0.2%** |  |
| Epr Properties, 4.95%, 04/15/28  | 20000 | 20194 |
| Millrose Properties, Inc., 6.38%, 08/01/30<sup>(1)</sup>  | 10000 | 10214 |
| Total Real Estate  |  | 30408 |
| **Telecommunication Services – 0.1%** | **Telecommunication Services – 0.1%** |  |
| CSC Holdings LLC, 5.50%, 04/15/27<sup>(1)</sup>  | 20000 | 17668 |
| **Transaction & Payment Processing Services – 0.3%** | **Transaction & Payment Processing Services – 0.3%** |  |
| Block, Inc., 6.50%, 05/15/32  | 20000 | 20790 |
| Global Payments, Inc., 4.88%, 11/15/30  | 25000 | 25012 |
| Total Transaction & Payment Processing Services  |  | 45802 |
| **Transportation – 0.0%** | **Transportation – 0.0%** |  |
| FedEx Freight Holding Co., Inc., 4.65%, 03/15/31<sup>(1)</sup> | 5000 | 4998 |
| **Utilities – 1.4%** | **Utilities – 1.4%** |  |
| Entergy Corp., 7.13%, (US 5 Year CMT T- Note + 2.67%), 12/01/54<sup>(2)</sup>  | 20000 | 20950 |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/29<sup>(1)</sup>  | 20000 | 19250 |
| Nextera Energy Capital Holdings, Inc., 6.38%, (US 5 Year CMT T- Note + 2.05%), 08/15/55<sup>(2)</sup>  | 20000 | 20666 |
| NiSource, Inc., 6.95%, (US 5 Year CMT T- Note + 2.45%), 11/30/54<sup>(2)</sup>  | 10000 | 10423 |
| Puget Energy, Inc., 2.38%, 06/15/28  | 25000 | 24016 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)**  | **CORPORATE BONDS (continued)**  | **CORPORATE BONDS (continued)**  |
| **Utilities (continued)**  | **Utilities (continued)**  | **Utilities (continued)**  |
| Southern Co. (The), Series 21-A, 3.75%, (US 5 Year CMT T- Note + 2.92%), 09/15/51<sup>(2)</sup>  | $40000<br>| $39848<br>|
| Spire, Inc., 6.25%, (US 5 Year CMT T- Note + 2.56%), 06/01/56<sup>(2)</sup>  | 10000 | 9970 |
| Vistra Operations Co. LLC, 5.63%, <br>02/15/27<sup>(1)</sup>  | 31000 | 31037 |
| Total Utilities  |  | 176160 |
| **Total Corporate Bonds** |  |  |
| (Cost $2,885,347)  |  | **2955149** |
| **U.S. GOVERNMENT SECURITIES – 9.9%** | **U.S. GOVERNMENT SECURITIES – 9.9%** |  |
| U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/30/26  | 155000 | 155611 |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/26  | 40000 | 40310 |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/27  | 350000 | 351155 |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/31/27  | 220000 | 219863 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/31/29  | 220000 | 222432 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/28/30  | 250000 | 252573 |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/30  | 35000 | 34781 |
| **Total U.S. Government Securities** |  |  |
| (Cost $1,272,780)  |  | **1276725** |
| **FOREIGN BONDS – 4.7%** **†** | **FOREIGN BONDS – 4.7%** **†** | **FOREIGN BONDS – 4.7%** **†** |
| **Consumer Discretionary – 0.8%** | **Consumer Discretionary – 0.8%** | **Consumer Discretionary – 0.8%** |
| Ashtead Capital, Inc., 4.25%, 11/01/29 (United Kingdom)<sup>(1)</sup>  | 25000 | 24785 |
| Daimler Truck Finance North America LLC, 4.50%, 04/12/31 (Germany)<sup>(1)</sup>  | 10000 | 9974 |
| Flutter Treasury DAC, 5.88%, 06/04/31 <br>(Ireland)<sup>(1)</sup>  | 25000 | 25337 |
| Ontario Gaming GTA LP/OTG Co. Issuer LLC, 8.00%, 08/01/30 (Canada)<sup>(1)</sup>  | 20000 | 19221 |
| Sodexo, Inc., 5.15%, 08/15/30 (France)<sup>(1)</sup>  | 25000 | 25609 |
| Total Consumer Discretionary  |  | 104926 |
| **Consumer Staples – 0.2%** | **Consumer Staples – 0.2%** | **Consumer Staples – 0.2%** |
| Imperial Brands Finance PLC, 5.50%, 02/01/30 (United Kingdom)<sup>(1)</sup>  | 20000 | 20770 |
| **Consumer, Non-cyclical – 0.2%** | **Consumer, Non-cyclical – 0.2%** | **Consumer, Non-cyclical – 0.2%** |
| 180 Medical, Inc., 3.88%, 10/15/29 (United Kingdom)<sup>(1)</sup>  | 25000 | 24418 |
| **Energy – 0.7%** | **Energy – 0.7%** | **Energy – 0.7%** |
| BP Capital Markets PLC, 4.88%, (US 5 Year CMT T- Note + 4.40%), perpetual (United Kingdom)<sup>(2)</sup><sup>(4)</sup>  | 30000 | 29794 |
| Enbridge, Inc., 7.38%, (US 5 Year CMT T- Note + 3.71%), 01/15/83 (Canada)<sup>(2)</sup>  | 20000 | 20610 |
| South Bow Canadian Infrastructure Holdings Ltd., 7.63%, (US 5 Year CMT T- Note + 3.95%), 03/01/55 (Canada)<sup>(2)</sup>  | 20000 | 20863 |
| South Bow USA Infrastructure Holdings LLC, 5.03%, 10/01/29 (Canada)  | 20000 | 20312 |
| Total Energy  |  | 91579 |

---

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

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)**  |  |  |
| **Financials – 1.1%** |  |  |
| 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<br>| $25718<br>|
| Barclays, 7.39%, (US 1 Year CMT T- Note + 3.30%), 11/02/28 (United Kingdom)<sup>(2)</sup>  | 20000 | 21109 |
| Deutsche Bank AG/New York NY, 5.00%, (SOFR + 1.70%), 09/11/30 (Germany)<sup>(2)</sup>  | 25000 | 25438 |
| Societe Generale SA, 5.63%, (US 1 Year CMT T- Note + 1.75%), 01/19/30 (France)<sup>(1)</sup><sup>(2)</sup>  | 20000 | 20709 |
| Toronto-Dominion Bank (The), 8.13%, (US 5 Year CMT T- Note + 4.08%), 10/31/82 (Canada)<sup>(2)</sup>  | 25000 | 26206 |
| UBS AG/London, 5.65%, 09/11/28 <br>(Switzerland)  | 25000 | 26096 |
| Total Financials  |  | 145276 |
| **Health Care – 0.2%** | **Health Care – 0.2%** | **Health Care – 0.2%** |
| Smith & Nephew PLC, 2.03%, 10/14/30 (United Kingdom)  | 30000 | 27008 |
| **Industrials – 0.3%** | **Industrials – 0.3%** | **Industrials – 0.3%** |
| Avolon Holdings Funding Ltd., 5.75%, 11/15/29 (Ireland)<sup>(1)</sup>  | 25000 | 25993 |
| Wrangler Holdco Corp., 6.63%, 04/01/32 (Canada)<sup>(1)</sup>  | 10000 | 10412 |
| Total Industrials  |  | 36405 |
| **Materials – 0.6%** | **Materials – 0.6%** | **Materials – 0.6%** |
| Fortescue Treasury Pty Ltd., 5.88%, 04/15/30 (Australia)<sup>(1)</sup>  | 10000 | 10298 |
| Ineos Finance PLC, 6.75%, 05/15/28 (Luxembourg)<sup>(1)</sup>  | 32000 | 28077 |
| INEOS Quattro Finance 2 PLC, 9.63%, 03/15/29 (United Kingdom)<sup>(1)</sup>  | 15000 | 11921 |
| Smurfit Kappa Treasury ULC, 5.20%, 01/15/30 (Ireland)  | 25000 | 25776 |
| Total Materials  |  | 76072 |
| **Utilities – 0.6%** | **Utilities – 0.6%** | **Utilities – 0.6%** |
| Algonquin Power & Utilities Corp., 5.37%, 06/15/26 (Canada)<sup>(5)</sup>  | 10000 | 10046 |
| Electricite de France SA, 5.70%, 05/23/28 (France)<sup>(1)</sup>  | 25000 | 25856 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)**  |  |  |
| **Utilities (continued)** |  |  |
| ENEL Finance International NV, 5.13%, 06/26/29 (Italy)<sup>(1)</sup>  | $20000<br>| $20531<br>|
| National Grid PLC, 5.60%, 06/12/28 (United Kingdom)  | 20000 | 20683 |
| Total Utilities  |  | 77116 |
| **Total Foreign Bonds** |  |  |
| (Cost $599,002)  |  | **603570** |
| **TOTAL INVESTMENTS - 96.6%** |  |  |
| (Cost $12,287,881)  |  | **12455529** |
| Other Assets in Excess of Liabilities - 3.4%  |  | 438296 |
| **Net Assets - 100.0%**  |  | **$** **12893825**<br>|

---

†Principal disclosed in USD unless otherwise stated.

(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 January 31, 2026, the aggregate value of these securities was $7,433,674, or 57.7% of net assets.

(2)Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2026.

(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)Perpetual security with no contractual maturity date.

(5)Represents step coupon bond. Rate shown reflects the rate in effect as of January 31, 2026.

**Abbreviations:**

CMT — Constant Maturity Treasury Index

SOFR — Secured Overnight Financing Rate

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 01/31/2026 (based on net assets) | Asset Allocation as of 01/31/2026 (based on net assets) |
| Asset Backed Securities  | 31.1% |
| Mortgage Backed Securities  | 28.0% |
| Corporate Bonds  | 22.9% |
| U.S. Government Securities  | 9.9% |
| Foreign Bonds  | 4.7% |
| Other Assets in Excess of Liabilities  | 3.4% |
| **Total**  | **100.0**% |

---

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of January 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset Backed Securities  | $—<br>| $4008213<br>| $—<br>| $4008213<br>|
| &nbsp;&nbsp;&nbsp; Mortgage Backed Securities  |  | 3611872 |  | 3611872 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  |  | 2955149 |  | 2955149 |
| &nbsp;&nbsp;&nbsp; U.S. Government Securities  |  | 1276725 |  | 1276725 |
| &nbsp;&nbsp;&nbsp; Foreign Bonds  |  | 603570 |  | 603570 |
| **Total** | **$** **—**<br>| **$** **12455529**<br>| **$** **—**<br>| **$** **12455529**<br>|

---

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

January 31, 2026 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS — 82.0%** |  |  |
| **Commercial & Residential Mortgage Finance — 0.5%** | **Commercial & Residential Mortgage Finance — 0.5%** |  |
| Rocket Cos., Inc., 6.13%, 08/01/30<sup>(1)</sup>  | $150000<br>| $153661<br>|
| **Communication Services — 8.4%** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 6.38%, 09/01/29<sup>(1)</sup>  | 332000 | 335374 |
| CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 03/01/31<sup>(1)</sup>  | 75000 | 77201 |
| Cipher Compute LLC, 7.13%, 11/15/30<sup>(1)</sup>  | 15000 | 15475 |
| CSC Holdings LLC, 11.25%, 05/15/28<sup>(1)</sup>  | 260000 | 208601 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(1)</sup>  | 20000 | 20275 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(1)</sup>  | 90000 | 91247 |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27<sup>(1)</sup>  | 130000 | 130700 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(1)</sup>  | 125000 | 129434 |
| Gray Media, Inc., 9.63%, 07/15/32<sup>(1)</sup>  | 150000 | 154764 |
| Gray Media, Inc., 7.25%, 08/15/33<sup>(1)</sup>  | 55000 | 56349 |
| McGraw-Hill Education, Inc., 5.75%, 08/01/28<sup>(1)</sup>  | 230000 | 231162 |
| Millennium Escrow Corp., 6.63%, 08/01/26<sup>(1)</sup>  | 300000 | 293940 |
| Nexstar Media, Inc., 5.63%, 07/15/27<sup>(1)</sup>  | 460000 | 460348 |
| Rackspace Technology Global, Inc., 5.38%, 12/01/28<sup>(1)</sup>  | 50000 | 9616 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(1)</sup>  | 145000 | 150070 |
| Univision Communications, Inc., 8.00%, 08/15/28<sup>(1)</sup>  | 175000 | 180701 |
| Univision Communications, Inc., 7.38%, 06/30/30<sup>(1)</sup>  | 75000 | 76035 |
| Total Communication Services  |  | 2621292 |
| **Consumer Discretionary — 8.1%** |  |  |
| Aptiv Swiss Holdings Ltd., 6.88%, (US 5 Year CMT T- Note + 3.39%), 12/15/54<sup>(2)</sup>  | 225000 | 235147 |
| Caesars Entertainment, Inc., 4.63%, 10/15/29<sup>(1)</sup>  | 80000 | 76867 |
| Churchill Downs, Inc., 5.75%, 04/01/30<sup>(1)</sup>  | 340000 | 342003 |
| Ford Motor Co., 3.25%, 02/12/32  | 95000 | 84417 |
| Ford Motor Credit Co. LLC, 6.95%, 03/06/26  | 275000 | 275476 |
| Hilton Domestic Operating Co., Inc., 4.00%, 05/01/31<sup>(1)</sup>  | 165000 | 157622 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 5.00%, 06/01/29<sup>(1)</sup>  | 65000 | 63231 |
| New Home Co., Inc. (The), 9.25%, 10/01/29<sup>(1)</sup>  | 135000 | 142422 |
| New Home Co., Inc. (The), 8.50%, 11/01/30<sup>(1)</sup>  | 15000 | 15643 |
| Newell Brands, Inc., 6.38%, 09/15/27  | 60000 | 60694 |
| Newell Brands, Inc., 6.63%, 09/15/29  | 324000 | 324616 |
| Newell Brands, Inc., 6.38%, 05/15/30  | 80000 | 79154 |
| Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp., 6.25%, 10/15/30<sup>(1)</sup>  | 75000 | 76172 |
| Taylor Morrison Communities, Inc., 5.75%, 11/15/32<sup>(1)</sup>  | 10000 | 10269 |
| Under Armour, Inc., 7.25%, 07/15/30<sup>(1)</sup>  | 120000 | 122853 |
| Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/28<sup>(1)</sup>  | 350000 | 345687 |
| WULF Compute LLC, 7.75%, 10/15/30<sup>(1)</sup>  | 110000 | 114835 |
| Total Consumer Discretionary  |  | 2527108 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Consumer Staples — 1.7%** |  |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.88%, 02/15/30<sup>(1)</sup>  | $135000<br>| $133266<br>|
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.50%, 03/31/31<sup>(1)</sup>  | 80000 | 80242 |
| Post Holdings, Inc., 6.25%, 02/15/32<sup>(1)</sup>  | 60000 | 61683 |
| Post Holdings, Inc., 6.38%, 03/01/33<sup>(1)</sup>  | 25000 | 25213 |
| Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 6.25%, 04/01/29<sup>(1)</sup>  | 230000 | 230372 |
| Total Consumer Staples  |  | 530776 |
| **Energy — 16.6%** |  |  |
| Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/29<sup>(1)</sup>  | 355000 | 375078 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp., 6.63%, 02/01/32<sup>(1)</sup> | 335000 | 348201 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp., 6.63%, 10/15/32<sup>(1)</sup>  | 230000 | 238500 |
| Bristow Group, Inc., 6.75%, 02/01/33<sup>(1)</sup>  | 25000 | 25305 |
| Buckeye Partners LP, 6.75%, 02/01/30<sup>(1)</sup>  | 335000 | 351197 |
| Caturus Energy LLC, 8.50%, 02/15/30<sup>(1)</sup>  | 165000 | 172147 |
| DBR Land Holdings LLC, 6.25%, 12/01/30<sup>(1)</sup>  | 75000 | 76875 |
| Energy Transfer LP, 8.00%, (US 5 Year CMT T- Note + 4.02%), 05/15/54<sup>(2)</sup>  | 170000 | 181761 |
| Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 02/01/28  | 45000 | 45217 |
| Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/30  | 320000 | 336961 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(1)</sup>  | 325000 | 335574 |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/29<sup>(1)</sup>  | 305000 | 321313 |
| Hess Midstream Operations LP, 5.88%, 03/01/28<sup>(1)</sup>  | 95000 | 96848 |
| Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/29<sup>(1)</sup>  | 350000 | 350275 |
| Kodiak Gas Services LLC, 6.50%, 10/01/33<sup>(1)</sup>  | 150000 | 153713 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(1)</sup>  | 330000 | 344190 |
| SM Energy Co., 8.75%, 07/01/31<sup>(1)</sup>  | 20000 | 21032 |
| Sunoco LP / Sunoco Finance Corp., 7.00%, 09/15/28<sup>(1)</sup>  | 365000 | 377054 |
| Tidewater, Inc., 9.13%, 07/15/30<sup>(1)</sup>  | 85000 | 92003 |
| Transocean International Ltd., 8.75%, 02/15/30<sup>(1)</sup>  | 277500 | 289416 |
| Transocean International Ltd., 7.88%, 10/15/32<sup>(1)</sup>  | 10000 | 10553 |
| USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/29<sup>(1)</sup>  | 325000 | 336695 |
| Venture Global LNG, Inc., 7.00%, 01/15/30<sup>(1)</sup>  | 245000 | 246678 |
| Venture Global LNG, Inc., 9.88%, 02/01/32<sup>(1)</sup>  | 50000 | 52896 |
| Total Energy  |  | 5179482 |
| **Financials — 14.2%** |  |  |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 6.75%, 04/15/28<sup>(1)</sup>  | 235000 | 239018 |
| Ally Financial, Inc., 8.00%, 11/01/31  | 110000 | 124766 |

---

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

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Financials (continued)** |  |  |
| American National Group, Inc., 7.00%, (US 5 Year CMT T- Note + 3.18%), 12/01/55<sup>(2)</sup>  | $78000<br>| $78830<br>|
| Apollo Debt Solutions BDC, 6.90%, 04/13/29  | 149000 | 155520 |
| Apollo Debt Solutions BDC, 5.88%, 08/30/30  | 178000 | 179405 |
| Azorra Finance Ltd., 7.25%, 01/15/31<sup>(1)</sup>  | 130000 | 136246 |
| Blue Owl Credit Income Corp., 3.13%, 09/23/26  | 400000 | 396268 |
| Blue Owl Credit Income Corp., 6.65%, 03/15/31  | 69000 | 70617 |
| F&G Annuities & Life, Inc., 6.50%, 06/04/29  | 180000 | 187139 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(1)</sup>  | 225000 | 230496 |
| FS KKR Capital Corp., 6.88%, 08/15/29  | 315000 | 317207 |
| Global Atlantic Finance Co., 7.95%, (US 5 Year CMT T- Note + 3.61%), 10/15/54<sup>(1)</sup><sup>(2)</sup>  | 320000 | 331014 |
| Hub International Ltd., 7.25%, 06/15/30<sup>(1)</sup>  | 325000 | 339269 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27<sup>(1)</sup>  | 350000 | 348268 |
| Liberty Mutual Group, Inc., 4.13%, (US 5 Year CMT T- Note + 3.32%), 12/15/51<sup>(1)</sup><sup>(2)</sup>  | 190000 | 188079 |
| Midcap Financial Issuer Trust, 6.50%, 05/01/28<sup>(1)</sup>  | 355000 | 355946 |
| OneMain Finance Corp., 7.88%, 03/15/30  | 315000 | 332455 |
| OneMain Finance Corp., 7.13%, 11/15/31  | 80000 | 82956 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(1)</sup>  | 330000 | 340080 |
| Total Financials  |  | 4433579 |
| **Health Care — 9.6%** |  |  |
| Acadia Healthcare Co., Inc., 5.50%, 07/01/28<sup>(1)</sup>  | 240000 | 237294 |
| AdaptHealth LLC, 6.13%, 08/01/28<sup>(1)</sup>  | 215000 | 215930 |
| AMN Healthcare, Inc., 6.50%, 01/15/31<sup>(1)</sup>  | 60000 | 60834 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<sup>(1)</sup>  | 10000 | 10542 |
| CHS/Community Health Systems, Inc., 4.75%, 02/15/31<sup>(1)</sup>  | 20000 | 17956 |
| CVS Health Corp., 7.00%, (US 5 Year CMT T- Note + 2.89%), 03/10/55<sup>(2)</sup>  | 335000 | 350775 |
| DaVita, Inc., 4.63%, 06/01/30<sup>(1)</sup>  | 203000 | 195425 |
| DENTSPLY SIRONA, Inc., 8.38%, (US 5 Year CMT T- Note + 4.38%), 09/12/55<sup>(2)</sup>  | 160000 | 158056 |
| Endo Finance Holdings LP, 8.50%, 04/15/31<sup>(1)</sup>  | 310000 | 328401 |
| Global Medical Response, Inc., 7.38%, 10/01/32<sup>(1)</sup>  | 75000 | 77604 |
| IQVIA, Inc., 6.25%, 06/01/32<sup>(1)</sup>  | 180000 | 187236 |
| LifePoint Health, Inc., 11.00%, 10/15/30<sup>(1)</sup>  | 300000 | 327548 |
| Medline Borrower LP, 5.25%, 10/01/29<sup>(1)</sup>  | 345000 | 345817 |
| Medline Borrower LP/Medline Co. Issuer, Inc., 6.25%, 04/01/29<sup>(1)</sup>  | 65000 | 67168 |
| Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/28<sup>(1)</sup>  | 220000 | 215908 |
| Tenet Healthcare Corp., 5.50%, 11/15/32<sup>(1)</sup>  | 200000 | 202153 |
| Total Health Care  |  | 2998647 |
| **Industrials — 6.8%** |  |  |
| Arsenal AIC Parent LLC, 8.00%, 10/01/30<sup>(1)</sup>  | 70000<br>| 74221<br>|
| Builders FirstSource, Inc., 5.00%, 03/01/30<sup>(1)</sup>  | 185000 | 184432 |
| Cornerstone Building Brands, Inc., 9.50%, 08/15/29<sup>(1)</sup>  | 185000 | 139891 |
| FTAI Aviation Investors LLC, 5.50%, 05/01/28<sup>(1)</sup> | 195000 | 195302 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Industrials** **(continued)** |  |  |
| FTAI Aviation Investors LLC, 7.00%, <br>05/01/31<sup>(1)</sup>  | $85000<br>| $89486<br>|
| GFL Environmental, Inc., 4.75%, 06/15/29<sup>(1)</sup>  | 155000 | 154092 |
| Global Infrastructure Solutions, Inc., 5.63%, 06/01/29<sup>(1)</sup>  | 240000 | 240704 |
| Herc Holdings, Inc., 7.00%, 06/15/30<sup>(1)</sup>  | 175000 | 183782 |
| Herc Holdings, Inc., 5.75%, 03/15/31<sup>(1)</sup>  | 5000 | 5038 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 05/15/27  | 30000 | 29697 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 10.00%, 11/15/29<sup>(1)</sup>  | 175000 | 176861 |
| Standard Industries, Inc., 4.75%, 01/15/28<sup>(1)</sup>  | 155000 | 154277 |
| Synergy Infrastructure Holdings LLC, 7.88%, 12/01/30<sup>(1)</sup>  | 95000 | 99336 |
| TransDigm, Inc., 6.75%, 08/15/28<sup>(1)</sup>  | 385000 | 391960 |
| United Airlines Holdings, Inc., 5.38%, 03/01/31 | 10000 | 10112 |
| Total Industrials  |  | 2129191 |
| **Information Technology — 4.4%** |  |  |
| Cloud Software Group, Inc., 9.00%, 09/30/29<sup>(1)</sup>  | 220000 | 222409 |
| Consensus Cloud Solutions, Inc., 6.50%, 10/15/28<sup>(1)</sup>  | 185000 | 185633 |
| Insight Enterprises, Inc., 6.63%, 05/15/32<sup>(1)</sup>  | 90000 | 92210 |
| Neptune Bidco US, Inc., 9.29%, 04/15/29<sup>(1)</sup>  | 345000 | 354519 |
| Rocket Software, Inc., 9.00%, 11/28/28<sup>(1)</sup>  | 325000 | 324605 |
| UKG, Inc., 6.88%, 02/01/31<sup>(1)</sup>  | 195000 | 194999 |
| Total Information Technology  |  | 1374375 |
| **Materials — 3.4%** |  |  |
| Cleveland-Cliffs, Inc., 7.63%, 01/15/34<sup>(1)</sup>  | 75000 | 78601 |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/28<sup>(1)</sup>  | 71000 | 71312 |
| JH North America Holdings, Inc., 5.88%, 01/31/31<sup>(1)</sup>  | 150000 | 152652 |
| LSB Industries, Inc., 6.25%, 10/15/28<sup>(1)</sup>  | 340000 | 340656 |
| Mauser Packaging Solutions Holding Co., 7.88%, 04/15/30<sup>(1)</sup>  | 260000 | 265087 |
| Solstice Advanced Materials, Inc., 5.63%, 09/30/33<sup>(1)</sup>  | 10000 | 10058 |
| Windsor Holdings III LLC, 8.50%, 06/15/30<sup>(1)</sup>  | 150000 | 158248 |
| Total Materials  |  | 1076614 |
| **Real Estate — 1.4%** |  |  |
| HAT Holdings I LLC / Hat Holdings II LLC, 3.38%, 06/15/26<sup>(1)</sup>  | 71000 | 70685 |
| Iron Mountain, Inc., 5.25%, 07/15/30<sup>(1)</sup>  | 155000 | 153580 |
| Millrose Properties, Inc., 6.38%, 08/01/30<sup>(1)</sup> | 90000 | 91923 |
| Outfront Media Capital LLC / Outfront Media Capital Corp., 7.38%, 02/15/31<sup>(1)</sup>  | 100000 | 105378 |
| Total Real Estate  |  | 421566 |
| **Transaction & Payment Processing Services — 1.7%** | **Transaction & Payment Processing Services — 1.7%** |  |
| Block, Inc., 5.63%, 08/15/30<sup>(1)</sup>  | 300000 | 305504 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(1)</sup>  | 220000 | 235888 |
| Total Transaction & Payment Processing Services  |  | 541392 |

---

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

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Utilities — 5.2%** |  |  |
| American Electric Power Co., Inc., 7.05%, (US 5 Year CMT T- Note + 2.75%), 12/15/54<sup>(2)</sup>  | $150000<br>| $157151<br>|
| Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.00%, 07/15/29<sup>(1)</sup>  | 330000 | 344075 |
| CenterPoint Energy, Inc., Series A, 7.00%, (US 5 Year CMT T- Note + 3.25%), 02/15/55<sup>(2)</sup>  | 100000 | 104903 |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/29<sup>(1)</sup>  | 178000 | 171328 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(1)</sup>  | 320000 | 340776 |
| Sempra, 6.38%, (US 5 Year CMT T- Note + 2.63%), 04/01/56<sup>(2)</sup>  | 150000 | 153526 |
| Spire, Inc., 6.25%, (US 5 Year CMT T- Note + 2.56%), 06/01/56<sup>(2)</sup>  | 65000 | 64802 |
| Vistra Operations Co. LLC, 6.88%, 04/15/32<sup>(1)</sup>  | 175000 | 183969 |
| VoltaGrid LLC, 7.38%, 11/01/30<sup>(1)</sup>  | 95000 | 96271 |
| Total Utilities  |  | 1616801 |
| **Total Corporate Bonds** |  |  |
| (Cost $25,405,849)  |  | **25604484** |
| **FOREIGN BONDS — 15.6%** **†** |  |  |
| **Communication Services — 0.3%** |  |  |
| Telesat Canada / Telesat LLC, 6.50%, 10/15/27 (Canada)<sup>(1)</sup>  | 20000 | 9100 |
| Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (United Kingdom)<sup>(1)</sup>  | 80000 | 80000 |
| Total Communication Services  |  | 89100 |
| **Consumer Discretionary — 3.2%** |  |  |
| 1011778 BC ULC / New Red Finance, Inc., 6.13%, 06/15/29 (Canada)<sup>(1)</sup>  | 235000 | 241086 |
| Flutter Treasury DAC, 5.88%, 06/04/31 (Ireland)<sup>(1)</sup>  | 250000 | 253371 |
| Great Canadian Gaming Corp. / Raptor LLC, 8.75%, 11/15/29 (Canada)<sup>(1)</sup>  | 40000 | 40701 |
| Ontario Gaming GTA LP/OTG Co. Issuer LLC, 8.00%, 08/01/30 (Canada)<sup>(1)</sup>  | 330000 | 317149 |
| Opal Bidco SAS, 6.50%, 03/31/32 (France)<sup>(1)</sup>  | 150000 | 153159 |
| Total Consumer Discretionary  |  | 1005466 |
| **Consumer Staples — 0.5%** |  |  |
| Froneri Lux FinCo Sarl, 6.00%, 08/01/32 (United Kingdom)<sup>(1)</sup>  | 155000 | 157109 |
| **Energy — 3.0%** |  |  |
| Coronado Finance Pty Ltd., 9.25%, 10/01/29 (Australia)<sup>(1)</sup>  | 275000 | 260506 |
| South Bow Canadian Infrastructure Holdings Ltd., 7.63%, (US 5 Year CMT T- Note + 3.95%), 03/01/55 (Canada)<sup>(2)</sup>  | 322000 | 335894 |
| Teine Energy Ltd., 6.88%, 04/15/29 (Canada)<sup>(1)</sup>  | 345000 | 346859 |
| Total Energy  |  | 943259 |
| **Financials** **— 1.7%** |  |  |
| Albion Financing 1 Sarl / Aggreko Holdings, Inc., 7.00%, 05/21/30 (Luxembourg)<sup>(1)</sup>  | 178000 | 185632 |
| GGAM Finance Ltd., 6.88%, 04/15/29 (Ireland)<sup>(1)</sup> | 330000 | 342238 |
| Total Financials  |  | 527870 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Health Care — 1.6%** |  |  |
| Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28 (Germany)<sup>(1)</sup>  | $10000<br>| $108969<br>|
| Genmab A/S/Genmab Finance LLC, 6.25%, 12/15/32 (Denmark)<sup>(1)</sup>  | 10000 | 10257 |
| Grifols SA, 4.75%, 10/15/28 (Spain)<sup>(1)</sup>  | 235000 | 231649 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 (Israel)  | 138000 | 137240 |
| Total Health Care  |  | 488115 |
| **Industrials — 1.7%** |  |  |
| Cimpress PLC, 7.38%, 09/15/32 (Ireland)<sup>(1)</sup>  | 335000 | 344406 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30 (Ireland)<sup>(1)</sup>  | 170000 | 178297 |
| Total Industrials  |  | 522703 |
| **Materials — 3.6%** |  |  |
| Capstone Copper Corp., 6.75%, 03/31/33 (Canada)<sup>(1)</sup>  | 250000 | 259201 |
| Fortescue Treasury Pty Ltd., 5.88%, 04/15/30 (Australia)<sup>(1)</sup>  | 199000 | 204938 |
| INEOS Quattro Finance 2 PLC, 9.63%, 03/15/29 (United Kingdom)<sup>(1)</sup>  | 260000 | 206622 |
| Maxam Prill Sarl, 7.75%, 07/15/30 (Luxembourg)<sup>(1)</sup>  | 200000 | 208473 |
| Taseko Mines Ltd., 8.25%, 05/01/30 (Canada)<sup>(1)</sup>  | 160000 | 170031 |
| Trivium Packaging Finance BV, 8.25%, 07/15/30 (Netherlands)<sup>(1)</sup>  | 77000 | 82211 |
| Total Materials  |  | 1131476 |
| **Total Foreign Bonds** |  |  |
| (Cost $4,882,307)  |  | **4865098** |
| **Common Stock — 0.0%**<sup>(4)</sup> |  |  |
| **Health Care — 0.0%**<sup>(4)</sup> |  |  |
| Lannett Co., Inc.\*<sup>(3)</sup><br>(Cost $462)  | 416 | 8819 |
| **TERM LOAN — 0.0%**<sup>(4)</sup> |  |  |
| **Financials — 0.0%**<sup>(4)</sup> |  |  |
| Lannett Co., Inc., 2.00%<sup>(3)</sup> |  |  |
| (Cost $69)  | 1929 | 1488 |
| **TOTAL INVESTMENTS — 97.6%** |  |  |
| (Cost $30,288,687)  |  | **30479889** |
| Other Assets in Excess of Liabilities — 2.4%  |  | 757082 |
| **Net Assets** **—** **100.0%**  |  | **$** **31236971**<br>|

---

†Principal disclosed in USD unless otherwise stated.

\*Non-income producing security.

(1)Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. At January 31, 2026, the aggregate value of these securities was $25,418,820, or 81.4% of net assets.

(2)Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2026.

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

(4)Amount rounds to less than 0.05%.

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

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

January 31, 2026 (unaudited)

**Abbreviations:**

CMT — Constant Maturity Treasury Index

SOFR — Secured Overnight Financing Rate

---

| | | |
|:---|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |  |
| Asset Allocation as of 01/31/2026 (based on net assets) | Asset Allocation as of 01/31/2026 (based on net assets) |  |
| Corporate Bonds  | 82.0 | % |
| Foreign Bonds  | 15.6 | % |
| Common Stock  | 0.0 | %\* |
| Term Loan  | 0.0 | %\* |
| Other Assets in Excess of Liabilities  | 2.4 | % |
| **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 January 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  | $—<br>| $25604484<br>| $—<br>| $25604484<br>|
| &nbsp;&nbsp;&nbsp; Foreign Bonds  |  | 4865098 |  | 4865098 |
| &nbsp;&nbsp;&nbsp; Common Stock  |  |  | 8819 | 8819 |
| &nbsp;&nbsp;&nbsp; Term Loan  |  |  | 1488 | 1488 |
| **Total**  | **$** **—**<br>| **$** **30469582**<br>| **$** **10307**<br>| **$** **30479889**<br>|

---

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 period ended January 31, 2026.

Schedule of Investments — Virtus Seix AAA Private Credit CLO ETF

January 31, 2026 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES – 94.** **2%** |  |  |
| Antares CLO 2018-3 Ltd., Class A1R, Series 2024-3A (Cayman Islands), 5.26%, (3-Month SOFR + 1.59%), 07/20/36<sup>(1)</sup><sup>(2)</sup>  | $600000<br>| $601567<br>|
| Antares CLO 2019-2 Ltd., Class A1R, Series 2024-2A (Cayman Islands), 5.62%, (3-Month SOFR + 1.95%), 01/23/36<sup>(1)</sup><sup>(2)</sup>  | 670000 | 672088 |
| BCC Middle Market CLO 2024-1 LLC, Class A1, Series 2024-1A (Cayman Islands), 5.42%, (3-Month SOFR + 1.75%), 07/17/36<sup>(1)</sup><sup>(2)</sup>  | 900000 | 903010 |
| Bcred CLO 2024-2 LLC, Class A, Series 2024-2A (Cayman Islands), 5.17%, (3-Month SOFR + 1.50%), 01/20/37<sup>(1)</sup><sup>(2)</sup>  | 800000 | 801034 |
| Bcred CLO 2025-1 LLC, Class A, Series 2025-1A (Cayman Islands), 5.05%, (3-Month SOFR + 1.38%), 04/20/37<sup>(1)</sup><sup>(2)</sup>  | 1000000 | 1000000 |
| BCRED MML CLO 2022-1 LLC, Class A1, Series 2022-1A, 5.32%, (3-Month SOFR + 1.65%), 04/20/35<sup>(1)</sup><sup>(2)</sup>  | 1000000 | 1002273 |
| BlackRock Shasta CLO XIII LLC, Class A1, Series 2024-1A, 5.52%, (3-Month SOFR + 1.85%), 07/15/36<sup>(1)</sup><sup>(2)</sup>  | 600000 | 601936 |
| Cerberus Loan Funding XLVIII LLC, Class AN, Series 2024-4A, 5.32%, (3-Month SOFR + 1.65%), 10/15/36<sup>(1)</sup><sup>(2)</sup>  | 750000 | 752692 |
| Churchill Middle Market CLO IV Ltd., Class AR, Series 2024-1A (Cayman Islands), 5.60%, (3-Month SOFR + 1.93%), 04/23/36<sup>(1)</sup><sup>(2)</sup>  | 600000 | 601838 |
| Deerpath Capital CLO 2021-1 Ltd., Class A1R, Series 2024-1A (Cayman Islands), 5.47%, (3-Month SOFR + 1.80%), 07/15/36<sup>(1)</sup><sup>(2)</sup>  | 800000 | 802773 |
| Fortress Credit Opportunities XXI CLO LLC, Class A1TR, Series 2025-21A, 5.24%, (3-Month SOFR + 1.57%), 01/21/37<sup>(1)</sup><sup>(2)</sup>  | 600000 | 602082 |
| Golub Capital Partners CLO 46M Ltd., Class A1R, Series 2024-46A, 5.48%, (3-Month SOFR + 1.81%), 04/20/37<sup>(1)</sup><sup>(2)</sup>  | 157000 | 157401 |
| Golub Capital Partners CLO 67M, Class A1, Series 2023-67A, 6.36%, (3-Month SOFR + 2.50%), 05/09/36<sup>(1)</sup><sup>(2)</sup>  | 438000 | 441444 |
| HIG Whitehorse Trinity CLO Ltd., Class A, Series 2024-1A (Jersey Island), 5.82%, (3-Month SOFR + 2.15%), 04/25/36<sup>(1)</sup><sup>(2)</sup>  | 750000 | 755657 |
| Hlend CLO 2025-3 LLC, Class A, Series 2025-3A, 5.07%, (3-Month SOFR + 1.40%), 01/20/37<sup>(1)</sup><sup>(2)</sup>  | 600000 | 601087 |
| HPS Private Credit CLO 2025-3 LLC, Class A1, Series 2025-3A, 5.32%, (3-Month SOFR + 1.65%), 07/20/37<sup>(1)</sup><sup>(2)</sup>  | 1000000 | 1008026 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)**  |  |  |
| IVY Hill Middle Market Credit Fund Xii Ltd., Class A1R2, Series 2025-12A (Cayman Islands), 5.07%, (3-Month SOFR + 1.40%), 04/20/37<sup>(1)</sup><sup>(2)</sup>  | $850000<br>| $851173<br>|
| MCF CLO IX Ltd., Class A1RR, Series 2024-1A (Cayman Islands), 5.67%, (3-Month SOFR + 2.00%), 04/17/36<sup>(1)</sup><sup>(2)</sup>  | 800000 | 802598 |
| Owl Rock CLO III Ltd., Class AR, Series 2024-3A (Cayman Islands), 5.52%, (3-Month SOFR + 1.85%), 04/20/36<sup>(1)</sup><sup>(2)</sup>  | 1000000<br>| 1002692 |
| TICP CLO VII Ltd., Class CR, Series 2020-7A (Cayman Islands), 6.08%, (3-Month SOFR + 2.41%), 04/15/33<sup>(1)</sup><sup>(2)</sup>  | 500000 | 501381 |
| Whitehorse Cccera CLO LLC, Class C, Series 2025-2A, 6.59%, (3-Month SOFR + 2.50%), 09/12/37<sup>(1)</sup><sup>(2)</sup>  | 1000000 | 1003530 |
| Woodmont 2022-9 Trust, Class A1R, Series 2024-9A, 5.37%, (3-Month SOFR + 1.70%), 10/25/36<sup>(1)</sup><sup>(2)</sup>  | 1000000 | 1002707 |
| **Total Asset Backed Securities** |  |  |
| (Cost $16,484,105)  |  | 16468989 |
| **TERM LOAN – 4.5%** |  |  |
| **Consmer, Non-Cyclical - 4.5%** |  |  |
| Hologic, Inc., 01/14/33 |  |  |
| (Cost $798,000)  | 800000 | 795152 |
| **TOTAL INVESTMENTS - 98.** **7%** |  |  |
| (Cost $17,282,105)  |  | **17264141** |
| Other Assets in Excess of Liabilities - 1.3%  |  | 223084 |
| **Net Assets - 100.0%**  |  | **$** **17487225**<br>|

---

(1)Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2026.

(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 January 31, 2026, the aggregate value of these securities was $16,468,989, or 94.3% of net assets.

**Abbreviations:**

SOFR — Secured Overnight Financing Rate

---

| |
|:---|
| **Portfolio Composition** |
| Asset Allocation as of 01/31/2026 (based on net assets) |

---

---

| | |
|:---|:---|
| Asset Backed Securities  | 94.2% |
| Term Loan  | 4.5% |
| 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 January 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset Backed Securities  | $—<br>| $16468989<br>| $—<br>| $16468989<br>|
| &nbsp;&nbsp;&nbsp; Term Loan  |  | 795152 |  | 795152 |
| **Total** | **$** **—**<br>| **$** **17264141**<br>| **$** **—**<br>| **$** **17264141**<br>|

---

Schedule of Investments — Virtus Seix Senior Loan ETF

January 31, 2026 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS – 91.2%** |  |  |
| **Basic Materials – 8.0%** |  |  |
| Ahlstrom Holding 3 Oy, 8.18%, (3-Month SOFR + 4.51%), 05/23/30<sup>(1)</sup>  | $303477<br>| $304615<br>|
| Arc Falcon I, Inc., 7.27%, (1-Month SOFR + 3.60%), 09/29/28<sup>(1)</sup>  | 2493639 | 2492604 |
| Arc Falcon I, Inc., 10.77%, (1-Month SOFR + 7.10%), 09/30/29<sup>(1)</sup>  | 2380000 | 2375038 |
| Bakelite US Holdco, Inc., 7.42%, (3-Month SOFR + 3.75%), 12/23/31<sup>(1)</sup>  | 1747350 | 1689836 |
| Chemours (The), Co., 7.17%, (1-Month SOFR + 3.50%), 10/15/32<sup>(1)</sup>  | 1290545 | 1286028 |
| Consolidated Energy Finance SA, 8.20%, (6-Month SOFR + 4.50%), 11/15/30<sup>(1)</sup>  | 619897 | 543768 |
| Covia Holdings LLC, 6.40%, (3-Month SOFR + 2.75%), 02/26/32<sup>(1)</sup>  | 636800 | 637994 |
| Hexion Holdings Corp., 11.21%, (1-Month SOFR + 7.54%), 03/15/30<sup>(1)</sup>  | 38824 | 37416 |
| INEOS Styrolution US Holding LLC, 5.77%, (1-Month SOFR + 2.10%), 01/29/27<sup>(1)</sup>  | 1926834 | 1892633 |
| INEOS US Finance LLC, 6.92%, (1-Month SOFR + 3.25%), 02/19/30<sup>(1)</sup>  | 1814531 | 1315535 |
| INEOS US Finance LLC, 6.67%, (1-Month SOFR + 3.00%), 02/07/31<sup>(1)</sup>  | 2187845 | 1540614 |
| INEOS US Petrochem LLC, 7.92%, (1-Month SOFR + 4.25%), 10/07/31<sup>(1)</sup>  | 1096713 | 717667 |
| Magnera Corp., 8.07%, (3-Month SOFR + 4.25%), 11/04/31<sup>(1)</sup>  | 1574053 | 1562641 |
| Manchester Acquisition Sub LLC, 9.67%, (3-Month SOFR + 5.90%), 12/01/26<sup>(1)</sup>  | 605200 | 587044 |
| Mativ Holdings, Inc., 7.54%, (1-Month SOFR + 3.86%), 04/20/28<sup>(1)</sup>  | 762389 | 759053 |
| Natgasoline LLC, 9.17%, (1-Month SOFR + 5.50%), 03/29/30<sup>(1)</sup>  | 907656 | 910493 |
| Spa US HoldCo, Inc., 7.93%, (3-Month SOFR + 4.26%), 02/04/28<sup>(1)</sup>  | 1317147 | 1319617 |
| Total Basic Materials  |  | 19972596 |
| **Communications – 16.8%** |  |  |
| 2Degrees Group Ltd., 7.13%, (3-Month SOFR + 3.25%), 05/11/29<sup>(1)</sup>  | 490626 | 494612 |
| Altice Financing SA, 8.67%, (3-Month SOFR + 5.00%), 10/31/27<sup>(1)</sup><sup>(2)</sup>  | 1087897 | 834417 |
| Cable One, Inc., 5.79%, (1-Month SOFR + 2.11%), 05/03/28<sup>(1)</sup>  | 374558 | 350680 |
| Cengage Learning, Inc., 6.67%, (3-Month SOFR + 3.00%), 03/24/31<sup>(1)</sup>  | 436392 | 436527 |
| Cengage Learning, Inc., 6.67%, (1-Month SOFR + 0.00%), 03/24/31<sup>(1)</sup>  | 256598 | 256678 |
| Charter Communications Operating LLC, 5.91%, (3-Month SOFR + 2.25%), 12/15/31<sup>(1)</sup>  | 2187900 | 2187659 |
| Cogeco Communications USA II LP, 6.92%, (1-Month SOFR + 3.25%), 09/18/30<sup>(1)</sup>  | 1173750 | 1121770 |
| Connect Finco SARL, 8.17%, (1-Month SOFR + 4.50%), 09/27/29<sup>(1)</sup>  | 2080067 | 2077467 |
| Coral-US Co-Borrower LLC, 6.92%, (3-Month SOFR + 3.25%), 01/31/32<sup>(1)</sup>  | 2070000 | 2020982 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)**  |  |  |
| **Communications (continued)**  |  |  |
| Crown Subsea Communications Holding, Inc., 7.17%, (1-Month SOFR + 3.50%), <br>01/30/31<sup>(1)</sup>  | $891000<br>| $894898<br>|
| Digital Media Solutions LLC, 0.00%, (1-Month SOFR + 0.00%), 05/25/26<sup>(1)</sup><sup>(3)</sup>  | 37454 | 0 |
| Digital Media Solutions LLC, 15.43%, (3-Month SOFR + 0.00%), 05/25/26<sup>(1)</sup><sup>(2)</sup><sup>(3)</sup>  | 416979 | 0 |
| Directv Financing LLC, 9.18%, (3-Month SOFR + 5.51%), 08/02/29<sup>(1)</sup>  | 1223411 | 1226892 |
| Directv Financing LLC, 9.17%, (3-Month SOFR + 5.50%), 02/17/31<sup>(1)</sup>  | 461532 | 462688 |
| DMS Purchaser LLC, 11.17%, (1-Month SOFR + 7.50%), 02/28/30<sup>(1)</sup><sup>(3)</sup>  | 179994 | 180534 |
| Ensono, Inc., 7.79%, (1-Month SOFR + 4.11%), 05/26/28<sup>(1)</sup>  | 1147175 | 1135416 |
| Level 3 Financing, Inc., 6.92%, (1-Month SOFR + 3.25%), 03/29/32<sup>(1)</sup>  | 2210000 | 2216078 |
| Lumen Technologies, Inc., 0.00%, (SOFR + 0.00%), 03/15/27<sup>(4)</sup>  | 400000 | 395000 |
| Lumen Technologies, Inc., 9.72%, (1-Month SOFR + 6.00%), 06/01/28<sup>(1)</sup>  | 2920435 | 2936863 |
| Lumen Technologies, Inc., 6.14%, (1-Month SOFR + 2.46%), 04/16/29<sup>(1)</sup>  | 1022145 | 1021189 |
| Lumen Technologies, Inc., 6.14%, (1-Month SOFR + 2.46%), 04/15/30<sup>(1)</sup>  | 1287473 | 1286269 |
| Magnite, Inc., 6.67%, (1-Month SOFR + 3.00%), 02/06/31<sup>(1)</sup>  | 1411784 | 1405904 |
| MH Sub I LLC, 7.92%, (1-Month SOFR + 4.25%), 05/03/28<sup>(1)</sup>  | 568751 | 517970 |
| Neptune Bidco US, Inc., 8.52%, (3-Month SOFR + 4.85%), 10/11/28<sup>(1)</sup>  | 90358 | 90382 |
| Neptune Bidco US, Inc., 8.77%, (3-Month SOFR + 5.10%), 04/11/29<sup>(1)</sup>  | 2797551 | 2801635 |
| Neptune Bidco US, Inc., 0.00%, (SOFR + 0.00%), 01/28/33<sup>(4)</sup>  | 1900000 | 1875851 |
| Nexstar Media, Inc., 6.17%, (1-Month SOFR + 2.50%), 06/28/32<sup>(1)</sup>  | 741275 | 741890 |
| Summer BC Holdco B SARL, 8.93%, (3-Month SOFR + 5.26%), 02/15/29<sup>(1)</sup>  | 1392680 | 1296189 |
| Telenet Financing USD LLC, 5.79%, (1-Month SOFR + 2.11%), 04/30/28<sup>(1)</sup>  | 1000000 | 991670 |
| TripAdvisor, Inc., 6.42%, (1-Month SOFR + 2.75%), 07/08/31<sup>(1)</sup>  | 1369482 | 1333964 |
| Venga Finance Sarl, 7.83%, (3-Month SOFR + 4.01%), 06/28/29<sup>(1)</sup>  | 1955916 | 1967407 |
| Viasat, Inc., 0.00%, (SOFR + 0.00%), <br>05/30/30<sup>(4)</sup>  | 154605 | 154299 |
| Viasat, Inc., 8.29%, (1-Month SOFR + 4.61%), 05/30/30<sup>(1)</sup>  | 761947 | 760438 |
| Virgin Media Bristol LLC, 7.05%, (6-Month SOFR + 3.28%), 03/31/31<sup>(1)</sup>  | 1900000 | 1870902 |
| Wasserman Media Group LLC, 6.17%, (1-Month SOFR + 2.50%), 06/23/32<sup>(1)</sup>  | 668325 | 669160 |
| Zacapa SARL, 7.42%, (3-Month SOFR + 3.75%), 03/22/29<sup>(1)</sup>  | 4010816 | 4006806 |
| Total Communications  |  | 42021086 |

---

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

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)**  |  |  |
| **Consumer, Cyclical – 11.2%** |  |  |
| AI Aqua Merger Sub, Inc., 6.65%, (3-Month SOFR + 3.00%), 07/31/28<sup>(1)</sup>  | $397487<br>| $398086<br>|
| AI Aqua Merger Sub, Inc., 6.85%, (1-Month SOFR + 3.00%), 07/31/28<sup>(1)</sup>  | 600000 | 600903 |
| Allwyn Entertainment Financing US LLC, 5.67%, (3-Month SOFR + 2.00%), <br>06/02/31<sup>(1)</sup>  | 1025309 | 991136 |
| Allwyn Entertainment Financing US LLC, 0.00%, (SOFR + 0.00%), 11/24/32<sup>(4)</sup>  | 670000 | 658486 |
| AP Core Holdings II LLC, 0.00%, (SOFR + 0.00%), 09/01/27<sup>(4)</sup>  | 50000 | 49963 |
| AP Core Holdings II LLC, 9.43%, (3-Month SOFR + 5.76%), 09/01/27<sup>(1)</sup>  | 2515398 | 2513503 |
| Autokiniton US Holdings, Inc., 7.79%, (1-Month SOFR + 4.11%), 04/06/28<sup>(1)</sup>  | 1716169 | 1714023 |
| Boots Group Finco LP, 7.21%, (3-Month SOFR + 3.50%), 08/30/32<sup>(1)</sup>  | 845000 | 849048 |
| Cedar Fair LP, 0.00%, (SOFR + 0.00%), 05/01/31<sup>(4)</sup>  | 750000 | 743284 |
| CWGS Group LLC, 6.29%, (1-Month SOFR + 2.61%), 06/03/28<sup>(1)</sup>  | 902177 | 893249 |
| GBT US III LLC, 5.67%, (3-Month SOFR + 2.00%), 07/25/31<sup>(1)</sup>  | 493055 | 491667 |
| Golden State Foods LLC, 7.17%, (1-Month SOFR + 0.00%), 12/04/31<sup>(1)</sup>  | 213838 | 214668 |
| Golden State Foods LLC, 7.17%, (3-Month SOFR + 3.50%), 12/04/31<sup>(1)</sup>  | 773687 | 776688 |
| Jennmar Intermediate III LLC, 8.68%, (1-Month SOFR + 5.00%), 12/16/30<sup>(1)</sup>  | 805000 | 800975 |
| Kingpin Intermediate Holdings LLC, 6.92%, (1-Month SOFR + 3.25%), 09/22/32<sup>(1)</sup>  | 1050000 | 1032612 |
| LCI Industries, 5.92%, (1-Month SOFR + 2.25%), 03/25/32<sup>(1)</sup>  | 238973 | 240466 |
| Oravel Stays Singapore Pte Ltd., 11.67%, (3-Month SOFR + 8.00%), 12/20/29<sup>(1)</sup>  | 1995746 | 2048973 |
| Peer Holding III BV, 6.17%, (3-Month SOFR + 2.50%), 07/01/31<sup>(1)</sup>  | 678150 | 678913 |
| Peer USA LLC, 5.92%, (3-Month SOFR + 2.25%), 09/29/32<sup>(1)</sup>  | 1100000 | 1101721 |
| Restoration Hardware, Inc., 6.29%, (1-Month SOFR + 2.61%), 10/20/28<sup>(1)</sup>  | 308029 | 304143 |
| Restoration Hardware, Inc., 7.02%, (1-Month SOFR + 3.35%), 10/20/28<sup>(1)</sup>  | 1015745 | 1014201 |
| Sabre GLBL, Inc., 10.02%, (1-Month SOFR + 6.35%), 07/30/29<sup>(1)</sup>  | 1785305 | 1416336 |
| Sabre GLBL, Inc., 9.77%, (1-Month SOFR + 6.10%), 11/15/29<sup>(1)</sup>  | 290933 | 230806 |
| TRQ Sales LLC, 0.00%, (SOFR + 0.00%), 12/30/32<sup>(4)</sup>  | 675000 | 673312 |
| TRQ Sales LLC, 6.94%, (3-Month SOFR + 3.25%), 12/30/32<sup>(1)</sup>  | 635000 | 633412 |
| Varsity Brands, Inc., 6.67%, (3-Month SOFR + 3.00%), 08/26/31<sup>(1)</sup>  | 995000 | 996244 |
| Victra Holdings LLC, 7.42%, (3-Month SOFR + 3.75%), 03/29/29<sup>(1)</sup>  | 1804823 | 1809344 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)**  |  |  |
| **Consumer, Cyclical (continued)**  |  |  |
| Voyager Parent LLC, 7.91%, (3-Month SOFR + 4.25%), 07/01/32<sup>(1)</sup> | $1167075<br>| $1167151<br>|
| Weber-Stephen Products LLC, 7.41%, (3-Month SOFR + 3.75%), 10/01/32<sup>(1)</sup> | 1005000 | 1006151 |
| WH Borrower LLC, 8.39%, (3-Month SOFR + 4.75%), 02/20/32<sup>(1)</sup> | 1896900 | 1904013 |
| Total Consumer, Cyclical |  | 27953477 |
| **Consumer, Non-cyclical – 13.5%** |  |  |
| A-AG US GSI Bidco, Inc., 8.67%, (3-Month SOFR + 5.00%), 10/31/31<sup>(1)</sup>  | 1131450 | 1137820 |
| Aggreko Holdings, Inc., 0.00%, (SOFR + 0.00%), 05/21/31<sup>(4)</sup>  | 825000 | 822810 |
| AHP Health Partners, Inc., 5.92%, (1-Month SOFR + 2.25%), 09/20/32<sup>(1)</sup>  | 852863 | 853822 |
| American Public Education, Inc., 9.29%, (1-Month SOFR + 5.61%), 09/01/27<sup>(1)</sup>  | 720000 | 714600 |
| Aspire Bakeries Holdings LLC, 6.67%, (1-Month SOFR + 3.00%), 12/23/30<sup>(1)</sup>  | 594000 | 597837 |
| Camelot US Acquisition LLC, 6.42%, (1-Month SOFR + 2.75%), 01/31/31<sup>(1)</sup>  | 1020000 | 943500 |
| Catawba Nation Gaming Authority, 8.42%, (3-Month SOFR + 4.75%), 03/29/32<sup>(1)</sup>  | 1035000 | 1058934 |
| First Advantage Holdings LLC, 6.42%, (1-Month SOFR + 2.75%), 10/31/31<sup>(1)</sup>  | 1841329 | 1780344 |
| Froneri US, Inc., 5.88%, (6-Month SOFR + 2.50%), 08/02/32<sup>(1)</sup>  | 468149 | 468184 |
| Froneri US, Inc., 5.88%, (6-Month SOFR + 2.50%), 09/30/32<sup>(1)</sup>  | 461851 | 461886 |
| Fugue Finance LLC, 6.57%, (3-Month SOFR + 2.75%), 01/09/32<sup>(1)</sup>  | 805924 | 801894 |
| Hologic, Inc., 0.00%, (SOFR + 0.00%), 01/14/33<sup>(4)</sup>  | 975000 | 969092 |
| ION Platform Finance US, Inc., 0.00%, (SOFR + 0.00%), 10/07/32<sup>(4)</sup>  | 1000000 | 894170 |
| ION Platform Finance US, Inc., 7.42%, (3-Month SOFR + 3.75%), 10/07/32<sup>(1)</sup>  | 385000 | 344256 |
| LifePoint Health, Inc., 7.42%, (3-Month SOFR + 3.75%), 05/16/31<sup>(1)</sup>  | 2672307 | 2675233 |
| NorthAB LLC, 6.17%, (3-Month SOFR + 2.50%), 11/24/28<sup>(1)</sup>  | 1022275 | 967875 |
| Nourish Buyer I, Inc., 7.67%, (3-Month SOFR + 4.00%), 07/09/32<sup>(1)</sup>  | 633688 | 634613 |
| Opal US LLC, 6.69%, (3-Month SOFR + 3.00%), 04/28/32<sup>(1)</sup>  | 1700738 | 1702693 |
| Primary Products Finance LLC, 6.90%, (3-Month SOFR + 3.25%), 04/01/29<sup>(1)</sup>  | 977162 | 963423 |
| Priority Holdings LLC, 7.42%, (1-Month SOFR + 3.75%), 07/30/32<sup>(1)</sup>  | 1840013 | 1809653 |
| Prometric Holdings, Inc., 7.42%, (1-Month SOFR + 3.75%), 06/25/32<sup>(1)</sup>  | 668325 | 670273 |
| Pye-Barker Fire & Safety LLC, 0.00%, (1-Month SOFR + 0.00%), 12/16/32<sup>(1)</sup><sup>(5)</sup>  | 82550 | 82687 |
| Pye-Barker Fire & Safety LLC, 6.21%, (3-Month SOFR + 2.50%), 12/16/32<sup>(1)</sup>  | 552450 | 553370 |
| Savor Acquisition, Inc., 0.00%, (1-Month SOFR + 0.00%), 02/19/32<sup>(1)</sup><sup>(5)</sup>  | 68534 | 68842 |

---

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

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)**  |  |  |
| **Consumer, Non-cyclical (continued)**  |  |  |
| Savor Acquisition, Inc., 6.67%, (3-Month SOFR + 3.00%), 02/19/32<sup>(1)</sup>  | $722833<br>| $726071<br>|
| Sazerac Co., Inc., 5.68%, (1-Month SOFR + 2.00%), 07/09/32<sup>(1)</sup>  | 728175 | 728233 |
| Team Health Holdings, Inc., 8.17%, (3-Month SOFR + 4.50%), 06/30/28<sup>(1)</sup>  | 1179075 | 1182117 |
| Team Public Choices LLC, 8.82%, (3-Month SOFR + 5.15%), 12/20/27<sup>(1)</sup>  | 861077 | 861998 |
| Team Public Choices LLC, 8.92%, (3-Month SOFR + 5.25%), 12/20/27<sup>(1)</sup>  | 779394 | 780209 |
| Transnetwork LLC, 8.42%, (3-Month SOFR + 4.75%), 12/29/30<sup>(1)</sup>  | 992405 | 942785 |
| TTF Lower Intermediate LLC, 7.79%, (6-Month SOFR + 3.75%), 07/18/31<sup>(1)</sup>  | 1276747 | 970327 |
| University Support Services LLC, 6.42%, (1-Month SOFR + 2.75%), 02/10/29<sup>(1)</sup>  | 2409412 | 2286532 |
| Veritiv Operating Co., 7.67%, (3-Month SOFR + 4.00%), 11/29/30<sup>(1)</sup>  | 973479 | 955348 |
| Vestis Corp., 6.07%, (3-Month SOFR + 2.25%), 02/22/31<sup>(1)</sup>  | 1626635 | 1526321 |
| Wash Bidco, Inc., 6.92%, (1-Month SOFR + 3.25%), 09/10/32<sup>(1)</sup>  | 840000 | 844200 |
| Total Consumer, Non-cyclical  |  | 33781952 |
| **Diversified – 0.6%** |  |  |
| First Eagle Holdings, Inc., 0.00%, (1-Month SOFR + 0.00%), 08/16/32<sup>(1)</sup><sup>(5)</sup>  | 211458 | 210104 |
| First Eagle Holdings, Inc., 7.17%, (3-Month SOFR + 3.50%), 08/16/32<sup>(1)</sup>  | 1238542 | 1230609 |
| Total Diversified  |  | 1440713 |
| **Energy – 6.0%** |  |  |
| Bayonne Energy Center LLC, 6.67%, (3-Month SOFR + 3.00%), 09/22/32<sup>(1)</sup>  | 877800 | 883466 |
| Colossus Acquireco LLC, 5.42%, (1-Month SOFR + 1.75%), 07/30/32<sup>(1)</sup>  | 997500 | 995111 |
| CPPIB OVM Member US LLC, 6.17%, (3-Month SOFR + 2.50%), 08/20/31<sup>(1)</sup>  | 894756 | 896912 |
| Deep Blue Operating I LLC, 6.44%, (1-Month SOFR + 2.75%), 10/01/32<sup>(1)</sup>  | 690000 | 693022 |
| EMG Utica Midstream Holdings LLC, 7.67%, (3-Month SOFR + 4.00%), 04/01/30<sup>(1)</sup>  | 878965 | 885557 |
| FR BR Holdings LLC, 7.92%, (3-Month SOFR + 4.25%), 10/09/30<sup>(1)</sup>  | 708225 | 713537 |
| Freeport LNG Investments LLLP, 0.00%, (SOFR + 0.00%), 01/30/33<sup>(4)</sup>  | 675000 | 673734 |
| Goodnight Water Solutions Holdings LLC, 7.67%, (1-Month SOFR + 4.00%), <br>06/04/29<sup>(1)</sup>  | 2405916 | 2393887 |
| NGL Energy Operating LLC, 7.17%, (1-Month SOFR + 3.50%), 02/03/31<sup>(1)</sup>  | 774367 | 780284 |
| Oxbow Carbon LLC, 7.17%, (1-Month SOFR + 3.50%), 05/10/30<sup>(1)</sup>  | 1916707 | 1922697 |
| Par Petroleum LLC, 6.95%, (3-Month SOFR + 3.25%), 02/28/30<sup>(1)</sup>  | 1338136 | 1342874 |
| Rockpoint Gas Storage Partners LP, 6.17%, (3-Month SOFR + 2.50%), 09/18/31<sup>(1)</sup>  | 1757250 | 1763427 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)**  |  |  |
| **Energy (continued)**  |  |  |
| West Deptford Energy Holdings LLC, 7.67%, (1-Month SOFR + 4.00%), 07/23/32<sup>(1)</sup>  | $1015750<br>| $1015120<br>|
| Total Energy  |  | 14959628 |
| **Financials – 11.5%** |  |  |
| Apex Group Treasury LLC, 7.39%, (3-Month SOFR + 3.50%), 02/27/32<sup>(1)</sup>  | 1156661 | 1071357 |
| Apollo Commercial Real Estate Finance, Inc., 6.93%, (1-Month SOFR + 3.25%), <br>06/13/30<sup>(1)</sup>  | 1184050 | 1187010 |
| Asurion LLC, 9.04%, (1-Month SOFR + 5.36%), 01/20/29<sup>(1)</sup>  | 790935 | 791923 |
| Asurion LLC, 7.92%, (1-Month SOFR + 4.25%), 09/19/30<sup>(1)</sup>  | 3915436 | 3925983 |
| Baldwin Insurance Group Holdings LLC (The), 6.18%, (1-Month SOFR + 2.50%), <br>05/26/31<sup>(1)</sup>  | 635000 | 633149 |
| Blackstone Mortgage Trust, Inc., 6.17%, (1-Month SOFR + 2.50%), 05/09/29<sup>(1)</sup>  | 199758 | 200007 |
| Blackstone Mortgage Trust, Inc., 6.17%, (1-Month SOFR + 2.50%), 12/10/30<sup>(1)</sup>  | 509733 | 510159 |
| Brookfield Properties Retail Holding LLC, 7.17%, (1-Month SOFR + 3.50%), <br>05/28/30<sup>(1)</sup>  | 880575 | 885057 |
| CFC USA 2025 LLC, 7.16%, (3-Month SOFR + %), 07/01/32<sup>(1)</sup>  | 1010000 | 967075 |
| DRW Holdings LLC, 7.17%, (1-Month SOFR + 3.50%), 06/26/31<sup>(1)</sup>  | 1965150 | 1942433 |
| EIG Management Co. LLC, 8.67%, (1-Month SOFR + 5.00%), 05/17/29<sup>(1)</sup>  | 424625 | 424625 |
| FinCo I LLC, 5.42%, (1-Month SOFR + 1.75%), 06/27/29<sup>(1)</sup>  | 786566 | 787199 |
| FNZ USA FinCo LLC, 8.90%, (3-Month SOFR + 5.00%), 11/05/31<sup>(1)</sup>  | 1325486 | 1070609 |
| Franklin Square Holdings LP, 5.92%, (1-Month SOFR + 2.25%), 04/25/31<sup>(1)</sup>  | 1509668 | 1441733 |
| Hightower Holding LLC, 6.65%, (3-Month SOFR + 2.75%), 02/03/32<sup>(1)</sup>  | 1133787 | 1132370 |
| Hudson River Trading LLC, 6.17%, (1-Month SOFR + 2.50%), 03/18/30<sup>(1)</sup>  | 613692 | 612222 |
| Jane Street Group LLC, 5.82%, (3-Month SOFR + 2.00%), 12/10/31<sup>(1)</sup>  | 219808 | 218489 |
| Jane Street Group LLC, 5.82%, (3-Month SOFR + 2.00%), 12/15/31<sup>(1)</sup>  | 1200472 | 1193269 |
| Jefferies Finance LLC, 6.43%, (1-Month SOFR + 2.75%), 10/21/31<sup>(1)</sup>  | 1128412 | 1127002 |
| Jones Deslauriers Insurance Management, Inc., 0.00%, (SOFR + 0.00%), 12/10/32<sup>(4)</sup>  | 635000 | 635892 |
| Jump Financial LLC, 7.17%, (3-Month SOFR + 3.50%), 02/26/32<sup>(1)</sup>  | 995006 | 995006 |
| LendingTree, Inc., 7.92%, (1-Month SOFR + 4.50%), 08/21/30<sup>(1)</sup>  | 2019938 | 2027512 |
| Nexus Buyer LLC, 7.17%, (1-Month SOFR + 3.50%), 07/31/31<sup>(1)</sup>  | 1541737 | 1509715 |

---

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

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)**  |  |  |
| **Financials (continued)**  |  |  |
| Nexus Buyer LLC, 7.67%, (1-Month SOFR + 4.00%), 07/31/31<sup>(1)</sup>  | $748125<br>| $738306<br>|
| OEG Borrower LLC, 7.20%, (3-Month SOFR + 3.50%), 06/30/31<sup>(1)</sup>  | 1481250 | 1488967 |
| Superannuation & Investments US LLC, 6.17%, (1-Month SOFR + 3.00%), 12/01/28<sup>(1)</sup>  | 667755 | 670593 |
| VFH Parent LLC, 6.17%, (1-Month SOFR + 2.50%), 06/21/31<sup>(1)</sup>  | 701769 | 701769 |
| Total Financials  |  | 28889431 |
| **Industrials – 7.9%** |  |  |
| AIT Worldwide Logistics Holdings, Inc., 7.89%, (3-Month SOFR + 4.00%), 04/08/30<sup>(1)</sup>  | 475200 | 477329 |
| AMG Critical Materials NV, 7.29%, (1-Month SOFR + 3.61%), 11/30/28<sup>(1)</sup>  | 1348462 | 1352959 |
| Clue Opco LLC, 8.17%, (3-Month SOFR + 4.50%), 12/19/30<sup>(1)</sup>  | 808822 | 807585 |
| Cobham Ultra SeniorCo Sarl, 8.37%, (6-Month SOFR + 4.18%), 08/03/29<sup>(1)</sup>  | 1720308 | 1721916 |
| Columbus McKinnon Corp., 0.00%, (SOFR + 0.00%), 01/21/33<sup>(4)</sup>  | 700000 | 696500 |
| Construction Partners, Inc., 6.17%, (1-Month SOFR + 2.50%), 11/03/31<sup>(1)</sup>  | 690891 | 692297 |
| Creation Technologies, Inc., 9.41%, (3-Month SOFR + 5.76%), 10/05/28<sup>(1)</sup>  | 1323377 | 1310143 |
| Dynamo US Bidco, Inc., 6.94%, (1-Month SOFR + 3.25%), 09/30/31<sup>(1)</sup>  | 1483769 | 1487945 |
| HDI Aerospace Intermediate Holding III Corp., 7.40%, (3-Month SOFR + 3.75%), <br>02/11/32<sup>(1)</sup>  | 1687250 | 1698850 |
| LSF11 Trinity Bidco, Inc., 6.17%, (1-Month SOFR + 2.50%), 06/14/30<sup>(1)</sup>  | 1504525 | 1511114 |
| Oscar Acquisitionco LLC, 7.92%, (3-Month SOFR + 4.25%), 04/29/29<sup>(1)</sup>  | 1023501 | 786561 |
| Owens-Illinois Group, Inc., 6.67%, (1-Month SOFR + 3.00%), 09/30/32<sup>(1)</sup>  | 1380000 | 1385610 |
| PAC Aviation International, Inc., 6.92%, (3-Month SOFR + 3.25%), 10/28/30<sup>(1)</sup>  | 700000 | 694316 |
| Pregis TopCo LLC, 7.67%, (1-Month SOFR + 4.00%), 02/01/29<sup>(1)</sup>  | 848588 | 852432 |
| Quikrete Holdings, Inc., 5.92%, (1-Month SOFR + 2.25%), 04/14/31<sup>(1)</sup>  | 739895 | 741230 |
| Quikrete Holdings, Inc., 5.92%, (1-Month SOFR + 2.25%), 02/10/32<sup>(1)</sup>  | 322563 | 322906 |
| Rand Parent LLC, 6.67%, (3-Month SOFR + 3.00%), 03/18/30<sup>(1)</sup>  | 1775214 | 1781311 |
| Third Coast Infrastructure LLC, 7.42%, (1-Month SOFR + 3.75%), 09/25/30<sup>(1)</sup>  | 658321 | 660793 |
| TransDigm, Inc., 6.17%, (1-Month SOFR + 2.50%), 08/19/32<sup>(1)</sup>  | 942638 | 942996 |
| Total Industrials  |  | 19924793 |
| **Technology – 13.1%** |  |  |
| Ahead DB Holdings LLC, 6.17%, (3-Month SOFR + 2.75%), 02/01/31<sup>(1)</sup>  | 1513799 | 1492985 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)**  |  |  |
| **Technology (continued)**  |  |  |
| Amentum Holdings, Inc., 5.67%, (1-Month SOFR + 2.00%), 09/29/31<sup>(1)</sup>  | $529338<br>| $529999<br>|
| Bending Spoons US, Inc., 9.57%, (1-Month SOFR + 5.88%), 03/07/31<sup>(1)</sup>  | 710000 | 699350 |
| Bingo Holdings I LLC, 8.42%, (3-Month SOFR + 4.75%), 06/30/32<sup>(1)</sup>  | 1187025 | 1170704 |
| Boxer Parent Co., Inc., 6.82%, (3-Month SOFR + 3.00%), 07/30/31<sup>(1)</sup>  | 1396482 | 1347606 |
| Calabrio, Inc., 7.84%, (3-Month SOFR + 4.00%), 11/26/32<sup>(1)</sup>  | 1235000 | 1140831 |
| Cloud Software Group, Inc., 6.92%, (1-Month SOFR + 3.25%), 03/21/31<sup>(1)</sup>  | 1824 | 1773 |
| Cloud Software Group, Inc., 6.92%, (3-Month SOFR + 3.25%), 03/21/31<sup>(1)</sup>  | 725770 | 705811 |
| Cloud Software Group, Inc., 6.92%, (3-Month SOFR + 3.25%), 08/13/32<sup>(1)</sup>  | 1243913 | 1210221 |
| Clover Holdings 2 LLC, 7.67%, (1-Month SOFR + 3.75%), 12/09/31<sup>(1)</sup>  | 982575 | 967836 |
| Cyberswift BV, 7.65%, (3-Month SOFR + 4.00%), 10/08/32<sup>(1)</sup>  | 1100000 | 1069750 |
| Darktrace Finco US LLC, 6.90%, (3-Month SOFR + 3.25%), 10/09/31<sup>(1)</sup>  | 1305138 | 1275498 |
| Dawn Bidco LLC, 0.00%, (SOFR + 0.00%), 08/20/32<sup>(4)</sup>  | 845000 | 823347 |
| EverCommerce Solutions, Inc., 5.92%, (1-Month SOFR + 2.25%), 07/07/31<sup>(1)</sup>  | 790870 | 782961 |
| Finastra USA, Inc., 7.72%, (3-Month SOFR + 4.00%), 09/15/32<sup>(1)</sup>  | 1590000 | 1403175 |
| Foundever Worldwide Corp., 7.68%, (3-Month SOFR + 3.86%), 08/28/28<sup>(1)</sup>  | 489770 | 164685 |
| Indy US Holdco LLC, 5.92%, (1-Month SOFR + 2.50%), 10/31/30<sup>(1)</sup>  | 1422850 | 1413957 |
| Inmar, Inc., 8.17%, (3-Month SOFR + 4.50%), 10/30/31<sup>(1)</sup>  | 425545 | 420936 |
| Inmar, Inc., 8.17%, (3-Month SOFR + %), 10/30/31<sup>(1)</sup>  | 133704 | 132256 |
| Inmar, Inc., 8.17%, (1-Month SOFR + 4.50%), 10/30/31<sup>(1)</sup>  | 370039 | 366031 |
| KnowBe4, Inc., 7.42%, (3-Month SOFR + 3.75%), 07/23/32<sup>(1)</sup>  | 685000 | 661025 |
| MaxLinear, Inc., 6.04%, (1-Month SOFR + 2.36%), 06/23/28<sup>(1)</sup>  | 1201483 | 1141409 |
| Mermaid Bidco, Inc., 7.15%, (3-Month SOFR + 3.25%), 07/03/31<sup>(1)</sup>  | 1855159 | 1827332 |
| Modena Buyer LLC, 7.92%, (3-Month SOFR + 4.25%), 07/01/31<sup>(1)</sup>  | 996328 | 953152 |
| Perforce Software, Inc., 8.42%, (1-Month SOFR + 4.75%), 07/02/29<sup>(1)</sup>  | 493704 | 385706 |
| Perforce Software, Inc., 8.42%, (1-Month SOFR + 4.75%), 03/21/31<sup>(1)</sup>  | 492500 | 396568 |
| Pitney Bowes, Inc., 7.42%, (3-Month SOFR + 3.75%), 03/19/32<sup>(1)</sup>  | 2987172 | 2973177 |
| Red Planet Borrower LLC, 7.67%, (1-Month SOFR + 4.00%), 09/08/32<sup>(1)</sup>  | 1015000 | 1012701 |
| Starlight Parent LLC, 0.00%, (SOFR + 0.00%), 04/16/32<sup>(4)</sup>  | 105000 | 97650 |

---

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

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **TERM LOANS (continued)**  |  |  |
| **Technology (continued)**  |  |  |
| Starlight Parent LLC, 7.70%, (3-Month SOFR + 4.00%), 04/16/32<sup>(1)</sup>  | $1007475<br>| $936952<br>|
| Synechron, Inc., 7.57%, (3-Month SOFR + 3.75%), 10/03/31<sup>(1)</sup>  | 1002475 | 987438 |
| team.blue Finco SARL, 6.92%, (3-Month SOFR + 0.00%), 07/12/32<sup>(1)</sup>  | 1363150 | 1329071 |
| Thryv, Inc., 10.42%, (1-Month SOFR + 6.75%), 05/01/29<sup>(1)</sup>  | 94500 | 94560 |
| UKG, Inc., 0.00%, (SOFR + 0.00%), <br>02/10/31<sup>(4)</sup>  | 1000000 | 977290 |
| UKG, Inc., 6.17%, (3-Month SOFR + 2.50%), 02/10/31<sup>(1)</sup>  | 1131411 | 1105716 |
| UST Global, Inc., 6.67%, (1-Month SOFR + 3.00%), 11/20/28<sup>(1)</sup>  | 963307 | 953674 |
| Total Technology  |  | 32953133 |
| **Utilities – 2.6%** |  |  |
| Eastern Power LLC, 8.92%, (1-Month SOFR + 5.25%), 04/03/28<sup>(1)</sup>  | 1292310 | 1300387 |
| Forgent Intermediate IV LLC, 6.93%, (1-Month SOFR + 3.25%), 12/20/32<sup>(1)</sup>  | 750000 | 753281 |
| Hunterstown Generation LLC, 6.67%, (3-Month SOFR + 3.00%), 11/06/31<sup>(1)</sup>  | 563722 | 565080 |
| Invenergy Thermal Operating I LLC, 6.40%, (1-Month SOFR + 2.75%), 05/17/32<sup>(1)</sup>  | 488857 | 494865 |
| MRP Buyer LLC, 6.92%, (3-Month SOFR + 3.25%), 05/24/32<sup>(1)</sup>  | 1353865 | 1348368 |
| MRP Buyer LLC, 6.92%, (3-Month SOFR + 3.25%), 06/04/32<sup>(1)</sup><sup>(5)</sup>  | 172482 | 171781 |
| Ohio Power Partners LLC, 6.42%, (1-Month SOFR + 2.75%), 11/12/32<sup>(1)</sup>  | 669960 | 669960 |
| Talen Energy Supply LLC, 6.35%, (3-Month SOFR + 2.50%), 05/17/30<sup>(1)</sup>  | 269286 | 269766 |
| Talen Energy Supply LLC, 6.35%, (3-Month SOFR + 2.50%), 12/12/31<sup>(1)</sup>  | 866250 | 868013 |
| Total Utilities  |  | 6441501 |
| **Total Term Loans** |  |  |
| (Cost $231,732,199)  |  | **228338310** |
| **CORPORATE BONDS – 3.3%** |  |  |
| **Communications – 0.3%** |  |  |
| Cable One, Inc., 4.00%, 11/15/30<sup>(6)</sup>  | 720000 | 524660 |
| Gray Television, Inc., 4.75%, 10/15/30<sup>(6)</sup>  | 300000 | 231821 |
| Total Communications  |  | 756481 |
| **Consumer, Cyclical – 0.7%** |  |  |
| Warnermedia Holdings, Inc., 4.28%, <br>03/15/32  | 1857000 | 1636481 |
| **Consumer, Non-cyclical – 1.1%** |  |  |
| Emergent BioSolutions, Inc., 3.88%, <br>08/15/28<sup>(6)</sup>  | 2000000 | 1792844 |
| ION Platform Finance US, Inc., 7.88%, 09/30/32<sup>(6)</sup>  | 1000000 | 878264 |
| Total Consumer, Non-cyclical  |  | 2671108 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)**  |  |  |
| **Energy – 0.4%** |  |  |
| Transocean International Ltd., 7.50%, 04/15/31  | $1000000<br>| $986059<br>|
| **Industrials – 0.8%** |  |  |
| Weekley Homes LLC / Weekley Finance Corp., 6.75%, 01/15/34<sup>(6)</sup>  | 2075000 | 2088257 |
| **Total Corporate Bonds** |  |  |
| (Cost $8,416,220)  |  | **8138386** |
| **ASSET BACKED SECURITIES – 0.7%** |  |  |
| Churchill Middle Market CLO V LLC, Class D, Series 2025-1A, 6.97%, (3-Month SOFR + 3.30%), 04/25/37<sup>(1)</sup><sup>(6)</sup>  | 500000 | 498128 |
| Mountain View CLO XVII Ltd., Class D2R, Series 2025-1A (Cayman Islands), 8.17%, (3-Month SOFR + 4.50%), 10/15/38<sup>(1)</sup><sup>(6)</sup>  | 1190000 | 1194388 |
| **Total Asset Backed Securities** |  |  |
| (Cost $1,690,000) |  | **1692516** |
| **FOREIGN BOND – 0.4%** **†** |  |  |
| **Financials – 0.4%** |  |  |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30 (Ireland)<sup>(6)</sup>  | 1000000 | 1048805 |
| (Cost $1,054,907)  |  |  |
|  | **Shares** | **Value** |
| **AFFILIATED EXCHANGE TRADED <br>FUND - 0.2%** |  |  |
| **Debt Fund - 0.2%** |  |  |
| Virtus Seix AAA Private Credit CLO ETF<sup>(7)</sup><sup>(8)</sup>  | 24000 | **599040** |
| **Total Affiliated Exchange Traded Fund** |  |  |
| (Cost $600,240) |  | **599040** |
| **COMMON STOCKS - 0.0%<sup>(9)</sup>** |  |  |
| **Communications - 0.0%<sup>(9)</sup>** |  |  |
| Digital Media Solutions, Inc.\*<sup>(3)</sup>  | 1585 | 28974 |
| **Financials - 0.0%<sup>(9)</sup>** |  |  |
| Altisource Portfolio Solutions SA\*  | 403 | 2164 |
| **Total Common Stocks** |  |  |
| (Cost $64,095)  |  | **31138** |
| **TOTAL INVESTMENTS - 95.8%** |  |  |
| (Cost $243,557,661)  |  | **239848195** |
| Other Assets in Excess of Liabilities - 4.2%  |  | 10443458 |
| **Net Assets - 100.0%**  |  | **$** **250291653**<br>|

---

†Principal disclosed in USD unless otherwise stated.

\*Non-income producing security.

(1)Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2026.

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

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

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

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

January 31, 2026 (unaudited)

(4)The loan will settle after January 31, 2026, at which time the interet rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected.

(5)All or a portion of this security is subject to unfunded loan commitments.

(6)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 January 31, 2026, the aggregate value of these securities was $8,257,167, or 3.3% of net assets.

(7)Affiliated investment.

(8)Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

(9)Amount rounds to less than 0.05%.

**Abbreviations:**

SOFR — Secured Overnight Financing Rate

---

| | | |
|:---|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 01/31/2026 (based on net assets) | Asset Allocation as of 01/31/2026 (based on net assets) | Asset Allocation as of 01/31/2026 (based on net assets) |
| Term Loans  | 91.2 | % |
| Corporate Bonds  | 3.3 | % |
| Asset Backed Securities  | 0.7 | % |
| Foreign Bond  | 0.4 | % |
| Affiliated Exchange Traded Fund  | 0.2 | % |
| Common Stocks  | 0 | %\* |
| Other Assets in Excess of Liabilities  | 4.2 | % |
| **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 January 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Term Loans  | $—<br>| $228157776<br>| $180534<br>| $228338310<br>|
| &nbsp;&nbsp;&nbsp; Corporate Bonds  |  | 8138386 |  | 8138386 |
| &nbsp;&nbsp;&nbsp; Asset Backed Securities  |  | 1692516 |  | 1692516 |
| &nbsp;&nbsp;&nbsp; Foreign Bond  |  | 1048805 |  | 1048805 |
| &nbsp;&nbsp;&nbsp; Affiliated Exchange Traded Fund  | 599040 |  |  | 599040 |
| &nbsp;&nbsp;&nbsp; Common Stocks  | 2164 |  | 28974 | 31138 |
| **Total**  | **$** **601204**<br>| **$** **239037483**<br>| **$** **209508**<br>| **$** **239848195**<br>|

---

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 period ended January 31, 2026

Schedule of Investments — Virtus Silvant Growth Opportunities ETF

January 31, 2026 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS - 97.6%** |  |  |
| **Communication Services - 16.3%** |  |  |
| Alphabet, Inc. Class A  | 830 | $280540<br>|
| Meta Platforms, Inc. Class A  | 206 | 147599 |
| Netflix, Inc.\*  | 865 | 72219 |
| Total Communication Services  |  | 500358 |
| **Consumer Discretionary - 12.8%** |  |  |
| Amazon.com, Inc.\*  | 865 | 206994 |
| Las Vegas Sands Corp.  | 600 | 31638 |
| MercadoLibre, Inc. (Brazil)\*  | 15 | 32217 |
| Royal Caribbean Cruises Ltd.  | 370 | 120121 |
| Total Consumer Discretionary  |  | 390970 |
| **Financials - 4.0%** |  |  |
| Visa, Inc. Class A  | 375 | 120686 |
| **Health Care - 7.6%** |  |  |
| Eli Lilly & Co.  | 143 | 148312 |
| Intuitive Surgical, Inc.\*  | 167 | 84205 |
| Total Health Care  |  | 232517 |
| **Industrials - 8.1%** |  |  |
| GE Vernova, Inc.  | 155 | 112587 |
| General Electric Co.  | 445 | 136522 |
| Total Industrials  |  | 249109 |
| **Information Technology - 47.1%** |  |  |
| Apple, Inc.  | 1040 | 269859 |
| AppLovin Corp. Class A\*  | 70 | 33118 |
| ASML Holding NV Class G (Netherlands)<sup>(1)</sup>  | 32 | 45536 |
| Autodesk, Inc.\*  | 165 | 41724 |
| Broadcom, Inc.  | 455 | 150741 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Information Technology (continued)** |  |  |
| Fair Isaac Corp.\*  | 49 | $71695<br>|
| Microsoft Corp.  | 644 | 277107 |
| NVIDIA Corp.  | 2600 | 496938 |
| Palantir Technologies, Inc. Class A\*  | 390 | 57170 |
| Total Information Technology  |  | 1443888 |
| **Materials - 1.7%**  |  |  |
| Vulcan Materials Co.  | 175 | 52595 |
| **TOTAL INVESTMENTS - 97.6%** |  |  |
| (Cost $3,060,680)  |  | **2990123** |
| Other Assets in Excess of Liabilities - 2.4%  |  | 74689 |
| **Net Assets - 100.0%**  |  | **$** **3064812**<br>|

---

\*Non-income producing security.

(1)American Depositary Receipt.

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 01/31/2026 (based on net assets) |  |
| Information Technology  | 47.1% |
| Communication Services  | 16.3% |
| Consumer Discretionary  | 12.8% |
| Industrials  | 8.1% |
| Health Care  | 7.6% |
| Financials  | 4.0% |
| Materials  | 1.7% |
| Other Assets in Excess of Liabilities  | 2.4% |
| **Total**  | **100.0%** |

---

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of January 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $2990123<br>| $—<br>| $—<br>| $2990123<br>|
| **Total**  | **$** **2990123**<br>| **$** **—**<br>| **$** **—**<br>| **$** **2990123**<br>|

---

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

January 31, 2026 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS AND NOTES – 49.3%** |  |  |
| **Angola – 0.8%** |  |  |
| Azule Energy Finance PLC, 8.13%, <br>01/23/30<sup>(1)</sup>  | $78000<br>| $78996<br>|
| Azule Energy Finance PLC, 8.25%, 01/22/31<sup>(1)</sup>  | 50000 | 50211 |
| Total Angola  |  | 129207 |
| **Argentina – 4.7%** |  |  |
| MSU Energy SA, 9.75%, 12/05/30<sup>(1)</sup>  | 158000 | 158681 |
| Provincia de Buenos Aires, 6.63%, 09/01/37<sup>(2)</sup>  | 163778 | 133172 |
| Provincia de Buenos Aires, 6.63%, 09/01/37<sup>(2)</sup>  | 107150 | 87126 |
| Telecom Argentina SA, 9.50%, 07/18/31<sup>(1)</sup>  | 77000 | 82294 |
| Telecom Argentina SA, 9.25%, 05/28/33<sup>(1)</sup>  | 94000 | 99584 |
| Ypf SA, 9.50%, 01/17/31<sup>(1)</sup>  | 125000 | 132669 |
| Ypf SA, 8.25%, 01/17/34<sup>(1)</sup>  | 107000 | 109274 |
| Total Argentina  |  | 802800 |
| **Brazil – 7.7%** |  |  |
| 3r Lux Sarl, 9.75%, 02/05/31<sup>(1)</sup>  | 81000 | 84766 |
| Braskem Netherlands Finance BV, 8.00%, 10/15/34<sup>(1)</sup>  | 223000 | 91363 |
| Constellation Oil Services Holding SA, 9.38%, 11/07/29<sup>(1)</sup>  | 44000 | 45976 |
| FS Luxembourg Sarl, 8.88%, 02/12/31<sup>(1)</sup>  | 132000 | 139747 |
| MC Brazil Downstream Trading Sarl, 7.25%, 06/30/31<sup>(1)</sup>  | 79743 | 70971 |
| Minerva Luxembourg SA, 4.38%, 03/18/31  | 260000 | 242775 |
| Movida Europe SA, 7.85%, 04/11/29<sup>(1)</sup>  | 92000 | 88831 |
| MV24 Capital BV, 6.75%, 06/01/34<sup>(1)</sup>  | 52052 | 52784 |
| Ohi Group SA, 13.00%, 07/22/29<sup>(1)</sup>  | 116850 | 118796 |
| Samarco Mineracao SA, 9.50%, 06/30/31<sup>(1)</sup><sup>(3)</sup>  | 165361 | 166584 |
| Vamos Europe SA, 9.20%, 01/26/31<sup>(1)</sup>  | 77000 | 73920 |
| Yinson Boronia Production BV, 8.95%, 07/31/42<sup>(1)</sup>  | 129504 | 144226 |
| Total Brazil  |  | 1320739 |
| **Chile – 0.4%** |  |  |
| Banco de Credito E Inversiones SA, 7.50%, (US 5 Year CMT T- Note + 3.77%), <br>perpetual<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 69000 | 73713 |
| **China – 2.8%** |  |  |
| Melco Resorts Finance Ltd. (Macau), 5.38%, 12/04/29  | 238000 | 236025 |
| Studio City Co. Ltd. (Macau), 7.00%, 02/15/27  | 90000 | 90157 |
| Studio City Finance Ltd. (Macau), 5.00%, 01/15/29<sup>(1)</sup>  | 161000 | 156226 |
| Total China  |  | 482408 |
| **Colombia – 2.8%** |  |  |
| AI Candelaria Spain SA, 5.75%, 06/15/33  | 197000 | 176807 |
| Banco Davivienda SA, 6.65%, (US 10 Year CMT T- Note + 5.10%), perpetual<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 139000 | 130139 |
| Gran Tierra Energy, Inc., 9.50%, 10/15/29<sup>(1)</sup>  | 124000 | 99510 |
| Sierracol Energy Andina LLC/Sierracol Energy Arauca/Colombia Energy Development, 9.00%, 11/14/30<sup>(1)</sup>  | 74000 | 73820 |
| Total Colombia  |  | 480276 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS AND NOTES (continued)** |  |  |
| **El Salvador – 0.3%** |  |  |
| Comision Ejecutiva Hidroelectrica del Rio Lempa, 8.65%, 01/24/33<sup>(1)</sup>  | $39000<br>| $41779<br>|
| **Georgia – 0.1%** |  |  |
| Georgian Railway JSC, 4.00%, 06/17/28<sup>(1)</sup>  | 14000 | 13387 |
| **Ghana – 0.6%** | **Ghana – 0.6%** |  |
| Kosmos Energy Ltd., 7.75%, 05/01/27  | 96000 | 93024 |
| **Guatemala – 0.7%** |  |  |
| Investment Energy Resources Ltd., 6.25%, 04/26/29<sup>(1)</sup>  | 125000 | 125938 |
| **India – 2.7%** |  |  |
| Adani Ports & Special Economic Zone Ltd., 3.83%, 02/02/32  | 111000 | 100955 |
| Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharash, 4.63%, 10/15/39<sup>(1)</sup>  | 96086 | 81313 |
| JSW Hydro Energy Ltd., 4.13%, 05/18/31  | 104250 | 98256 |
| ReNew Wind Energy AP2 / ReNew Power Pvt Ltd., 4.50%, 07/14/28  | 61000 | 59109 |
| Vedanta Resources Finance II PLC, 10.88%, 09/17/29<sup>(1)</sup>  | 32000 | 34280 |
| Vedanta Resources Finance II PLC, 9.48%, 07/24/30<sup>(1)</sup>  | 60000 | 63330 |
| Total India  |  | 437243 |
| **Indonesia – 1.3%** | **Indonesia – 1.3%** |  |
| LLPL Capital Pte Ltd., 6.88%, 02/04/39  | 42138 | 43881 |
| Minejesa Capital BV, 5.63%, 08/10/37<sup>(1)</sup>  | 167000 | 165557 |
| Total Indonesia  |  | 209438 |
| **Israel – 2.0%** |  |  |
| Energean Israel Finance Ltd., 5.38%, 03/30/28<sup>(1)</sup> | 22000 | 21776 |
| Energean Israel Finance Ltd., 5.88%, 03/30/31<sup>(1)</sup> | 126000 | 122905 |
| Leviathan Bond Ltd., 6.75%, 06/30/30<sup>(1)</sup>  | 52000 | 53440 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26  | 40000 | 39780 |
| Teva Pharmaceutical Finance Netherlands III BV, 4.10%, 10/01/46  | 149000 | 114354 |
| Total Israel  |  | 352255 |
| **Kazakhstan – 0.8%** |  |  |
| Kazmunaygas National Co. JSC, 6.38%, 10/24/48<sup>(1)</sup>  | 134000 | 134594 |
| **Mexico – 7.8%**  |  |  |
| Banco Mercantil del Norte SA/Grand Cayman, 8.38%, (US 5 Year CMT T- Note + 4.07%), perpetual<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 186000 | 197020 |
| Banco Mercantil del Norte SA/Grand Cayman, 6.63%, (US 10 Year CMT T- Note + 5.03%), perpetual<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 82000 | 81037 |
| BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero Bbva Mexico, 5.13%, <br>(US 5 Year CMT T- Note + 2.65%), <br>01/18/33<sup>(1)</sup><sup>(4)</sup>  | 68000 | 67235 |
| Cemex SAB de CV, 5.13%, (US 5 Year CMT T- Note + 4.53%), perpetual<sup>(4)</sup><sup>(5)</sup>  | 123000 | 122877 |

---

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

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS AND NOTES (continued)** |  |  |
| **Mexico** **(continued)** |  |  |
| Grupo Aeromexico SAB de CV, 8.63%, 11/15/31<sup>(1)</sup>  | $90000<br>| $93375<br>|
| Orbia Advance Corp. SAB de CV, 7.50%, 05/13/35<sup>(1)</sup>  | 86000 | 86451 |
| Petroleos Mexicanos, 6.84%, 01/23/30  | 120000 | 123163 |
| Petroleos Mexicanos, 5.95%, 01/28/31  | 251000 | 245202 |
| Petroleos Mexicanos, 6.70%, 02/16/32  | 59000 | 59041 |
| Petroleos Mexicanos, 6.95%, 01/28/60  | 205000 | 167103 |
| Saavi Energia Sarl, 8.88%, 02/10/35<sup>(1)</sup>  | 67000 | 72789 |
| Total Mexico  |  | 1315293 |
| **Nigeria – 1.1%**  |  |  |
| IHS Holding Ltd., 5.63%, 11/29/26<sup>(1)</sup>  | 25000 | 24923 |
| IHS Holding Ltd., 7.88%, 05/29/30<sup>(1)</sup>  | 40000 | 41250 |
| IHS Holding Ltd., 8.25%, 11/29/31<sup>(1)</sup>  | 50000 | 52390 |
| IHS Netherlands Holdco BV, 8.00%, 09/18/27<sup>(1)</sup> | 61185 | 61185 |
| Total Nigeria  |  | 179748 |
| **Peru – 1.1%** |  |  |
| Banco Internacional del Peru Saa Interbank, 6.40%, (US 5 Year CMT T- Note + 2.07%), 04/30/35<sup>(1)</sup><sup>(4)</sup>  | 80000 | 83120 |
| Petroleos del Peru SA, 4.75%, 06/19/32  | 49000 | 37215 |
| Volcan Cia Minera Saa, 8.50%, 10/28/32<sup>(1)</sup>  | 65000 | 67470 |
| Total Peru  |  | 187805 |
| **South Africa – 3.5%** | **South Africa – 3.5%** |  |
| Eskom Holdings, 8.45%, 08/10/28<sup>(1)</sup>  | 162000 | 173745 |
| Eskom Holdings, 6.35%, 08/10/28<sup>(1)</sup>  | 43000 | 44483 |
| Prosus NV, 3.06%, 07/13/31  | 79000 | 72453 |
| Prosus NV, 3.83%, 02/08/51<sup>(1)</sup>  | 251000 | 167405 |
| Sasol Financing USA LLC, 4.38%, 09/18/26  | 90000 | 89386 |
| Sasol Financing USA LLC, 6.50%, 09/27/28  | 55000 | 54797 |
| Total South Africa  |  | 602269 |
| **Turkey – 2.5%** | **Turkey – 2.5%** |  |
| ADM Elektrik Dagitim AS, 9.50%, 02/05/31<sup>(1)</sup> | 60000 | 59841 |
| Aydem Yenilenebilir Enerji AS, 9.88%, 09/30/30<sup>(1)</sup>  | 69000 | 69514 |
| Turk Telekomunikasyon AS, 6.95%, 10/07/32<sup>(1)</sup> | 30000 | 30701 |
| Turkcell Iletisim Hizmetleri AS, 7.65%, 01/24/32<sup>(1)</sup>  | 86000 | 91615 |
| We Soda Investments Holding PLC, 9.50%, 10/06/28<sup>(1)</sup>  | 62000 | 64261 |
| Yapi VE Kredi Bankasi AS, 9.25%, (H15T5Y + 5.28%), 01/17/34<sup>(1)</sup><sup>(4)</sup>  | 50000 | 53200 |
| Zorlu Enerji Elektrik Uretim AS, 11.00%, 04/23/30<sup>(1)</sup>  | 46000 | 42892 |
| Total Turkey  |  | 412024 |
| **Ukraine – 0.7%** | **Ukraine – 0.7%** |  |
| VF Ukraine Pat Via Vfu Funding PLC, 9.63%, 02/11/27<sup>(1)</sup>  | 127538 | 125944 |
| **Uzbekistan – 0.7%** | **Uzbekistan – 0.7%** |  |
| Uzbekneftegaz JSC, 8.75%, 05/07/30<sup>(1)</sup>  | 111000 | 120338 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS AND NOTES (continued)** |  |  |
| **Venezuela – 3.5%** | **Venezuela – 3.5%** |  |
| Petroleos de Venezuela SA, 9.00%, 11/17/21<sup>(6)</sup> | $908000<br>| $324610<br>|
| Petroleos de Venezuela SA, 12.75%, 02/17/22<sup>(6)</sup> | 200000 | 78220 |
| Petroleos de Venezuela SA, 9.75%, 05/17/35<sup>(6)</sup> | 525000 | 192937 |
| Total Venezuela  |  | 595767 |
| **Vietnam – 0.7%** | **Vietnam – 0.7%** |  |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29  | 104289 | 103924 |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29<sup>(1)</sup>  | 23755 | 23671 |
| Total Vietnam  |  | 127595 |
| **Total Corporate Bonds and Notes** |  |  |
| **(Cost $7,868,870)**  |  | 8363584 |
| **FOREIGN GOVERNMENT SECURITIES – 48.9%** **†** | **FOREIGN GOVERNMENT SECURITIES – 48.9%** **†** |  |
| **Angola – 1.1%** |  |  |
| Angolan Government International Bond, 8.00%, 11/26/29<sup>(1)</sup>  | 46000 | 45304 |
| Angolan Government International Bond, 8.75%, 04/14/32<sup>(1)</sup>  | 142000 | 138982 |
| Total Angola  |  | 184286 |
| **Argentina – 4.1%** | **Argentina – 4.1%** |  |
| Argentine Republic Government International Bond, 1.00%, 07/09/29  | 76300 | 67449 |
| Argentine Republic Government International Bond, 0.75%, 07/09/30<sup>(2)</sup>  | 237600 | 201841 |
| Argentine Republic Government International Bond, 3.50%, 07/09/41<sup>(2)</sup>  | 331000 | 240140 |
| Argentine Republic Government International Bond, 4.13%, 07/09/46<sup>(2)</sup>  | 249727 | 183924 |
| Total Argentina  |  | 693354 |
| **Benin – 0.2%** | **Benin – 0.2%** |  |
| Benin Government International Bond, 7.96%, 02/13/38<sup>(1)</sup>  | 39000 | 40907 |
| **Brazil – 3.1%** | **Brazil – 3.1%** |  |
| Brazilian Government International Bond, 5.50%, 11/06/30  | 100000 | 102000 |
| Brazilian Government International Bond, 6.00%, 10/20/33  | 68000 | 68969 |
| Brazilian Government International Bond, 6.63%, 03/15/35  | 217000 | 224052 |
| Brazilian Government International Bond, 7.13%, 05/13/54  | 31000 | 31031 |
| Brazilian Government International Bond, 7.25%, 01/12/56  | 104000 | 104052 |
| Total Brazil  |  | 530104 |
| **Colombia – 4.4%** | **Colombia – 4.4%** |  |
| Colombia Government International Bond, 7.38%, 04/25/30  | 148000 | 155844 |
| Colombia Government International Bond, 6.13%, 01/21/31  | 63000 | 63094 |
| Colombia Government International Bond, 8.00%, 04/20/33  | 219000 | 236191 |
| Colombia Government International Bond, 8.50%, 04/25/35  | 62000 | 68494 |

---

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

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN GOVERNMENT SECURITIES (continued)** | **FOREIGN GOVERNMENT SECURITIES (continued)** |  |
| **Colombia (continued)** |  |  |
| Colombia Government International Bond, 8.00%, 11/14/35  | $137000<br>| $147138<br>|
| Colombia Government International Bond, 8.75%, 11/14/53  | 65000 | 71630 |
| Total Colombia  |  | 742391 |
| **Costa Rica – 0.9%** |  |  |
| Costa Rica Government International Bond, 7.30%, 11/13/54<sup>(1)</sup> | 137000 | 153166 |
| **Dominican Republic – 3.0%** | **Dominican Republic – 3.0%** |  |
| Dominican Republic International Bond, 4.88%, 09/23/32<sup>(1)</sup>  | 52000 | 49946 |
| Dominican Republic International Bond, 6.00%, 02/22/33  | 82000 | 83845 |
| Dominican Republic International Bond, 5.88%, 10/28/35<sup>(1)</sup>  | 136000 | 135983 |
| Dominican Republic International Bond, 6.60%, 06/01/36<sup>(1)</sup>  | 143000 | 150365 |
| Dominican Republic International Bond, 6.95%, 03/15/37  | 39000 | 41825 |
| Dominican Republic International Bond, 6.95%, 03/15/37<sup>(1)</sup>  | 25000 | 26811 |
| Total Dominican Republic  |  | 488775 |
| **Ecuador – 2.3%** | **Ecuador – 2.3%** |  |
| Ecuador Government International Bond, 6.90%, 07/31/30<sup>(2)</sup>  | 64000 | 63808 |
| Ecuador Government International Bond, 6.90%, 07/31/35<sup>(2)</sup>  | 78000 | 71546 |
| Ecuador Government International Bond, 9.25%, 01/29/39<sup>(1)</sup>  | 200000 | 206030 |
| Ecuador Government International Bond, 5.00%, 07/31/40<sup>(2)</sup>  | 61000 | 50577 |
| Total Ecuador  |  | 391961 |
| **Egypt – 3.2%** | **Egypt – 3.2%** |  |
| Egypt Government International Bond, 3.88%, 02/16/26<sup>(1)</sup>  | 118000 | 117870 |
| Egypt Government International Bond, 7.90%, 02/21/48<sup>(1)</sup>  | 123000 | 111745 |
| Egypt Government International Bond, 8.88%, 05/29/50<sup>(1)</sup>  | 12000 | 11887 |
| Egypt Government International Bond, 8.75%, 09/30/51<sup>(1)</sup>  | 287000 | 281561 |
| Total Egypt  |  | 523063 |
| **El Salvador – 1.2%** | **El Salvador – 1.2%** |  |
| El Salvador Government International Bond, 8.63%, 02/28/29  | 21000 | 22554 |
| El Salvador Government International Bond, 8.25%, 04/10/32<sup>(1)</sup>  | 31000 | 33403 |
| El Salvador Government International Bond, 7.65%, 06/15/35  | 124000 | 128712 |
| El Salvador Government International Bond, 7.63%, 02/01/41  | 15000 | 15030 |
| Total El Salvador  |  | 199699 |
| **Ethiopia – 0.1%** | **Ethiopia – 0.1%** |  |
| Ethiopia International Bond, 6.63%, 12/11/24<sup>(1)</sup><sup>(6)</sup> | 12000 | 12720 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN GOVERNMENT SECURITIES (continued)** | **FOREIGN GOVERNMENT SECURITIES (continued)** |  |
| **Gabon – 0.2%** |  |  |
| Gabon Government International Bond, 6.63%, 02/06/31<sup>(1)</sup>  | $35000<br>| $29708<br>|
| **Ghana – 1.1%** | **Ghana – 1.1%** |  |
| Ghana Government International Bond, 4.79%, 07/03/26<sup>(1)</sup><sup>(7)</sup>  | 1600 | 1576 |
| Ghana Government International Bond, 5.00%, 07/03/29<sup>(1)</sup><sup>(2)</sup>  | 28000 | 27469 |
| Ghana Government International Bond, 5.17%, 01/03/30<sup>(1)</sup><sup>(7)</sup>  | 17505 | 15375 |
| Ghana Government International Bond, 5.00%, 07/03/35<sup>(1)</sup><sup>(2)</sup>  | 153600 | 140352 |
| Total Ghana  |  | 184772 |
| **Guatemala – 1.2%** | **Guatemala – 1.2%** |  |
| Guatemala Government Bond, 6.60%, <br>06/13/36<sup>(1)</sup>  | 70000 | 75163 |
| Guatemala Government Bond, 4.65%, <br>10/07/41  | 152000 | 131875 |
| Total Guatemala  |  | 207038 |
| **Indonesia – 0.3%** | **Indonesia – 0.3%** |  |
| Medco Cypress Tree Pte Ltd., 8.63%, 05/19/30 | 50000 | 52895 |
| **Ivory Coast – 1.1%** | **Ivory Coast – 1.1%** |  |
| Ivory Coast Government International Bond, 7.63%, 01/30/33<sup>(1)</sup>  | 97000 | 103790 |
| Ivory Coast Government International Bond, 8.08%, 04/01/36<sup>(1)</sup>  | 75000 | 80306 |
| Total Ivory Coast  |  | 184096 |
| **Kenya – 1.0%** | **Kenya – 1.0%** |  |
| Republic of Kenya Government International Bond, 7.88%, 10/09/33<sup>(1)</sup>  | 73000 | 73584 |
| Republic of Kenya Government International Bond, 9.50%, 03/05/36<sup>(1)</sup>  | 102000 | 109344 |
| Total Kenya  |  | 182928 |
| **Kyrgyzstan – 1.1%** |  |  |
| Kyrgyz Republic International Bond, 7.75%, 06/03/30<sup>(1)</sup>  | 177000 | 184275 |
| **Lebanon – 0.6%** | **Lebanon – 0.6%** |  |
| Lebanon Government International Bond, 8.25%, 04/12/21<sup>(6)</sup>  | 264000 | 77220 |
| Lebanon Government International Bond, Series G, 7.15%, 11/20/31<sup>(6)</sup>  | 80000 | 23480 |
| Total Lebanon  |  | 100700 |
| **Morocco – 0.1%** | **Morocco – 0.1%** |  |
| Morocco Government International Bond, 3.00%, 12/15/32<sup>(1)</sup>  | 17000 | 14867 |
| **Nigeria – 2.3%** | **Nigeria – 2.3%** |  |
| Nigeria Government International Bond, 6.13%, 09/28/28<sup>(1)</sup>  | 56000 | 56420 |
| Nigeria Government International Bond, 9.63%, 06/09/31<sup>(1)</sup>  | 147000 | 166625 |
| Nigeria Government International Bond, 8.63%, 01/13/36<sup>(1)</sup>  | 160000 | 171310 |
| Total Nigeria  |  | 394355 |

---

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

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN GOVERNMENT SECURITIES (continued)** | **FOREIGN GOVERNMENT SECURITIES (continued)** |  |
| **Pakistan – 1.3%** | **Pakistan – 1.3%** |  |
| Pakistan Government International Bond, 6.88%, 12/05/27  | $200000<br>| $203499<br>|
| Pakistan Government International Bond, 7.38%, 04/08/31<sup>(1)</sup>  | 16000 | 16144 |
| Total Pakistan  |  | 219643 |
| **Senegal – 0.3%** | **Senegal – 0.3%** |  |
| Senegal Government International Bond, 6.25%, 05/23/33<sup>(1)</sup>  | 88000 | 51023 |
| **South Africa – 2.6%** | **South Africa – 2.6%** |  |
| Republic of South Africa Government International Bond, Series 10Y, 5.88%, 04/20/32  | 30000 | 30783 |
| Republic of South Africa Government International Bond, Series 30Y, 5.65%, 09/27/47  | 144000 | 119088 |
| Republic of South Africa Government International Bond, Series 30Y, 6.30%, 06/22/48  | 151000 | 135749 |
| Republic of South Africa Government International Bond, 7.95%, 11/19/54<sup>(1)</sup>  | 139000 | 146133 |
| Total South Africa  |  | 431753 |
| **Sri Lanka – 2.1%** | **Sri Lanka – 2.1%** |  |
| Sri Lanka Government International Bond, 3.35%, 03/15/33<sup>(1)</sup><sup>(2)</sup>  | 275000 | 253000 |
| Sri Lanka Government International Bond, 3.60%, 06/15/35<sup>(1)</sup><sup>(2)</sup>  | 122000 | 100028 |
| Total Sri Lanka  |  | 353028 |
| **Suriname – 0.3%** | **Suriname – 0.3%** |  |
| Suriname Government International Bond, 8.50%, 11/06/35<sup>(1)</sup>  | 50000 | 54050 |
| **Trinidad and Tobago – 1.5%** | **Trinidad and Tobago – 1.5%** |  |
| Trinidad & Tobago Government International Bond, 6.40%, 06/26/34  | 158000 | 158948 |
| Trinidad & Tobago Government International Bond, 6.50%, 01/28/36<sup>(1)</sup>  | 110000 | 109932 |
| Total Trinidad and Tobago  |  | 268880 |
| **Turkey – 4.5%** | **Turkey – 4.5%** |  |
| Istanbul Metropolitan Municipality, 10.50%, 12/06/28<sup>(1)</sup>  | 82000 | 90092 |
| Turkiye Government International Bond, Series 10Y, 5.95%, 01/15/31  | 382000 | 382741 |
| Turkiye Government International Bond, Series 7Y, 7.13%, 02/12/32  | 33000 | 34543 |
| Turkiye Government International Bond, 7.25%, 05/29/32  | 124000 | 130247 |
| Turkiye Government International Bond, 6.95%, 09/16/35  | 131000 | 133018 |
| Total Turkey  |  | 770641 |
| **Ukraine – 2.0%** | **Ukraine – 2.0%** |  |
| Ukraine Government International Bond, 0.00%, 02/01/30<sup>(1)</sup><sup>(2)</sup>  | 8035 | 5100 |
| Ukraine Government International Bond, 4.00%, 02/01/32<sup>(2)</sup>  | 263980 | 210711 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN GOVERNMENT SECURITIES (continued)** | **FOREIGN GOVERNMENT SECURITIES (continued)** |  |
| **Ukraine (continued)** | **Ukraine (continued)** |  |
| Ukraine Government International Bond, 4.00%, 02/01/32<sup>(1)</sup><sup>(2)</sup>  | $22000<br>| $17545<br>|
| Ukraine Government International Bond, 4.50%, 02/01/34<sup>(1)</sup><sup>(2)</sup>  | 2197 | 1389 |
| Ukraine Government International Bond, 0.00%, 02/01/36<sup>(1)</sup><sup>(2)</sup>  | 164000 | 92414 |
| Ukraine Government International Bond, 4.50%, 02/01/36<sup>(1)</sup><sup>(2)</sup>  | 18421 | 11255 |
| Ukraine Government International Bond, 4.50%, 02/01/36<sup>(2)</sup>  | 31000 | 18941 |
| Total Ukraine  |  | 357355 |
| **Uzbekistan – 0.5%** | **Uzbekistan – 0.5%** |  |
| Republic of Uzbekistan International Bond, 3.90%, 10/19/31<sup>(1)</sup>  | 89000 | 82962 |
| **Venezuela – 0.8%** | **Venezuela – 0.8%** |  |
| Republic of Venezuela International Bond, 11.75%, 10/21/26<sup>(6)</sup>  | 280000 | 124040 |
| Venezuela Government International Bond, 12.75%, 08/23/22<sup>(6)</sup>  | 44000 | 19624 |
| Total Venezuela  |  | 143664 |
| **Zambia – 0.4%** | **Zambia – 0.4%** |  |
| Zambia Government International Bond, 5.75%, 06/30/33<sup>(1)</sup><sup>(2)</sup>  | 35353 | 34668 |
| Zambia Government International Bond, 0.50%, 12/31/53<sup>(1)</sup>  | 50000 | 36050 |
| Total Zambia  |  | 70718 |
| **Total Foreign Government Securities** |  |  |
| (Cost $7,749,492)  |  | 8299777 |
| **TOTAL INVESTMENTS - 98.2%** |  |  |
| (Cost $15,618,362)  |  | **16663361** |
| Other Assets in Excess of Liabilities - 1.8%  |  | 301499 |
| **Net Assets - 100.0%**  |  | **$** **16964860**<br>|

---

†Principal disclosed in USD unless otherwise stated.

(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 January 31, 2026, the aggregate value of these securities was $9,045,864, or 53.3% of net assets.

(2)Represents step coupon bond. Rate shown reflects the rate in effect as of January 31, 2026.

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

(4)Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2026.

(5)Perpetual security with no contractual maturity date.

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

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

**Abbreviations:**

CMT — Constant Maturity Treasury Index

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

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

January 31, 2026 (unaudited)

---

| | |
|:---|:---|
| **Industry Breakdown** |  |
| As of January 31, 2026 (based on net assets) |  |
| Sovereign  | 48.4% |
| Oil & Gas  | 14.9% |
| Electric  | 6.8% |
| Banks  | 4.0% |
| Lodging  | 2.8% |
| Telecommunications  | 2.5% |
| Energy-Alternate Sources  | 2.2% |
| Chemicals  | 1.9% |
| Oil & Gas Services  | 1.5% |
| Food  | 1.4% |
| Mining  | 1.4% |
| Internet  | 1.4% |
| Government  | 1.3% |
| Commercial Services  | 1.1% |
| Engineering & Construction  | 1.1% |
| Iron/Steel  | 1.0% |
| Pipelines  | 1.0% |
| Pharmaceuticals  | 0.9% |
| Building Materials  | 0.7% |
| Airlines  | 0.6% |
| Municipal  | 0.5% |
| Distribution/Wholesale  | 0.4% |
| Transportation  | 0.4% |
| Other Assets in Excess of Liabilities  | 1.8% |
| **Total**  | **100.0%** |

---

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of January 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds and Notes  | $—<br>| $8363584<br>| $—<br>| $8363584<br>|
| &nbsp;&nbsp;&nbsp; Foreign Government Securities  |  | 8299777 |  | 8299777 |
| **Total**  | **$** **—**<br>| **$** **16663361**<br>| **$** **—**<br>| **$** **16663361**<br>|

---

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

January 31, 2026 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 99.2%** |  |  |
| **Communication Services — 4.0%** |  |  |
| Alphabet, Inc. Class A  | 5695 | $1924910<br>|
| Electronic Arts, Inc.  | 9321 | 1900738 |
| Live Nation Entertainment, Inc.\*  | 12977 | 1887505 |
| Spotify Technology SA\*  | 3723 | 1862803 |
| Warner Music Group Corp. Class A  | 62957 | 1887451 |
| Total Communication Services  |  | 9463407 |
| **Consumer Discretionary — 11.9%** |  |  |
| Burlington Stores, Inc.\*  | 6572 | 1944392 |
| Carvana Co.\*  | 3988 | 1599627 |
| Darden Restaurants, Inc.  | 9675 | 1928711 |
| DoorDash, Inc. Class A\*  | 9187 | 1879844 |
| eBay, Inc.  | 20012 | 1825495 |
| Expedia Group, Inc.  | 7142 | 1891487 |
| Las Vegas Sands Corp.  | 31568 | 1664581 |
| MercadoLibre, Inc. (Brazil)\*  | 831 | 1784813 |
| PulteGroup, Inc.  | 15378 | 1923634 |
| Ross Stores, Inc.  | 10243 | 1932342 |
| Royal Caribbean Cruises Ltd.  | 6557 | 2128730 |
| TJX Cos., Inc. (The)  | 12872 | 1928354 |
| Ulta Beauty, Inc.\*  | 2926 | 1894175 |
| Williams-Sonoma, Inc.  | 9149 | 1872343 |
| Yum China Holdings, Inc. (China)  | 37973 | 1876626 |
| Total Consumer Discretionary  |  | 28075154 |
| **Consumer Staples — 4.0%** |  |  |
| Coca-Cola Co. (The)  | 25901 | 1937654 |
| Costco Wholesale Corp.  | 1964 | 1846651 |
| Hershey Co. (The)  | 9941 | 1936010 |
| Monster Beverage Corp.\*  | 23402 | 1889945 |
| Walmart, Inc.  | 16292 | 1941029 |
| Total Consumer Staples  |  | 9551289 |
| **Energy — 1.6%** |  |  |
| Baker Hughes Co.  | 33719 | 1889613 |
| SLB Ltd.  | 37605 | 1819330 |
| Total Energy  |  | 3708943 |
| **Financials — 23.5%** |  |  |
| Aflac, Inc.  | 17577 | 1950168 |
| Allstate Corp. (The)  | 9782 | 1946520 |
| American Express Co.  | 5300 | 1866501 |
| Bank of New York Mellon Corp. (The)  | 16026 | 1921838 |
| Berkshire Hathaway, Inc. Class B\*  | 4014 | 1928847 |
| Capital One Financial Corp.  | 8774 | 1920892 |
| Charles Schwab Corp. (The)  | 18368 | 1908803 |
| Chubb Ltd.  | 6319 | 1956110 |
| Cincinnati Financial Corp.  | 12069 | 1941781 |
| CME Group, Inc.  | 6697 | 1935835 |
| Hartford Insurance Group, Inc. (The)  | 14620 | 1974577 |
| Interactive Brokers Group, Inc. Class A  | 25240 | 1889971 |
| Intercontinental Exchange, Inc.  | 10994 | 1910537 |
| LPL Financial Holdings, Inc.  | 5219 | 1902326 |
| Markel Group, Inc.\*  | 947 | 1932486 |
| Mastercard, Inc. Class A  | 3661 | 1972510 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Financials (continued)**  |  |  |
| Moody's Corp.  | 3672 | $1893136<br>|
| Nasdaq, Inc.  | 19341 | 1873950 |
| Northern Trust Corp.  | 12704 | 1898359 |
| NU Holdings Ltd. Class A (Brazil)\*  | 102700 | 1822925 |
| Principal Financial Group, Inc.  | 20655 | 1956442 |
| Raymond James Financial, Inc.  | 11272 | 1869574 |
| Regions Financial Corp.  | 68356 | 1948146 |
| Robinhood Markets, Inc. Class A\*  | 18102 | 1800787 |
| S&P Global, Inc.  | 3617 | 1909016 |
| Synchrony Financial  | 26097 | 1895425 |
| Travelers Cos., Inc. (The)  | 6774 | 1927271 |
| Visa, Inc. Class A  | 5858 | 1885280 |
| W R Berkley Corp.  | 28337 | 1943351 |
| Total Financials  |  | 55483364 |
| **Health Care — 11.9%** |  |  |
| Abbott Laboratories  | 17595 | 1923133 |
| Alnylam Pharmaceuticals, Inc.\*  | 5370 | 1815382 |
| Amgen, Inc.  | 5422 | 1853673 |
| Cencora, Inc.  | 5350 | 1921827 |
| Edwards Lifesciences Corp.\*  | 22789 | 1854113 |
| Eli Lilly & Co.  | 1832 | 1900059 |
| Gilead Sciences, Inc.  | 13514 | 1918312 |
| IDEXX Laboratories, Inc.\*  | 2743 | 1839072 |
| Incyte Corp.\*  | 18412 | 1842489 |
| Insulet Corp.\*  | 7191 | 1839530 |
| Merck & Co., Inc.  | 17652 | 1946486 |
| Regeneron Pharmaceuticals, Inc.  | 2470 | 1831382 |
| ResMed, Inc.  | 7457 | 1926218 |
| STERIS PLC  | 7241 | 1901487 |
| Vertex Pharmaceuticals, Inc.\*  | 4017 | 1887588 |
| Total Health Care  |  | 28200751 |
| **Industrials — 19.0%** |  |  |
| AMETEK, Inc.  | 8638 | 1934739 |
| Axon Enterprise, Inc.\*  | 3121 | 1509253 |
| Cummins, Inc.  | 3307 | 1914158 |
| Delta Air Lines, Inc.  | 28804 | 1897896 |
| Emerson Electric Co.  | 12900 | 1895784 |
| Expeditors International of Washington, Inc.  | 12029 | 1931136 |
| Fastenal Co.  | 43347 | 1879526 |
| Ferguson Enterprises, Inc.  | 7572 | 1911627 |
| General Dynamics Corp.  | 5197 | 1824615 |
| HEICO Corp.  | 5628 | 1862361 |
| Howmet Aerospace, Inc.  | 8840 | 1839427 |
| Hubbell, Inc.  | 3934 | 1919556 |
| Leidos Holdings, Inc.  | 10180 | 1916690 |
| Parker-Hannifin Corp.  | 2058 | 1925959 |
| Quanta Services, Inc.  | 3975 | 1886654 |
| Rockwell Automation, Inc.  | 4538 | 1913448 |
| Rollins, Inc.  | 30006 | 1900580 |
| Trane Technologies PLC  | 4857 | 2042757 |
| Uber Technologies, Inc.\*  | 23450 | 1877173 |

---

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

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Industrials** **(continued)** |  |  |
| United Rentals, Inc.  | 2100 | $1642326<br>|
| Vertiv Holdings Co. Class A  | 10069 | 1874646 |
| Waste Management, Inc.  | 8234 | 1829924 |
| Westinghouse Air Brake Technologies Corp.  | 8222 | 1892211 |
| Xylem, Inc.  | 13568 | 1870620 |
| Total Industrials  |  | 44893066 |
| **Information Technology — 17.0%** |  |  |
| Advanced Micro Devices, Inc.\*  | 7559 | 1789442 |
| Amphenol Corp. Class A  | 11460 | 1651157 |
| Applied Materials, Inc.  | 5726 | 1845604 |
| AppLovin Corp. Class A\*  | 3505 | 1658251 |
| Arista Networks, Inc.\*  | 12988 | 1840919 |
| Broadcom, Inc.  | 5725 | 1896693 |
| Cadence Design Systems, Inc.\*  | 5984 | 1773418 |
| Cisco Systems, Inc.  | 24214 | 1896440 |
| Cognizant Technology Solutions Corp. Class A  | 22505 | 1846760 |
| First Solar, Inc.\*  | 8105 | 1827840 |
| KLA Corp.  | 1179 | 1683541 |
| LAM Research Corp.  | 7990 | 1865345 |
| Micron Technology, Inc.  | 4644 | 1926703 |
| Microsoft Corp.  | 3965 | 1706100 |
| Monolithic Power Systems, Inc.  | 1740 | 1956021 |
| NVIDIA Corp.  | 10106 | 1931560 |
| Oracle Corp.  | 10892 | 1792605 |
| Palantir Technologies, Inc. Class A\*  | 11498 | 1685492 |
| TE Connectivity PLC (Switzerland)  | 8254 | 1838826 |
| Teledyne Technologies, Inc.\*  | 3092 | 1917968 |
| Texas Instruments, Inc.  | 9688 | 2088248 |
| Zoom Communications, Inc.\*  | 20173 | 1857933 |
| Total Information Technology  |  | 40276866 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Materials — 4.7%** |  |  |
| Ecolab, Inc.  | 6705 | $1890743<br>|
| Freeport-McMoRan, Inc.  | 30301 | 1825029 |
| Linde PLC  | 4205 | 1921559 |
| Martin Marietta Materials, Inc.  | 2934 | 1912821 |
| Newmont Corp.  | 15001 | 1685363 |
| Vulcan Materials Co.  | 6378 | 1916844 |
| Total Materials  |  | 11152359 |
| **Real Estate — 0.8%** |  |  |
| Welltower, Inc.  | 10383 | 1955742 |
| **Utilities — 0.8%** |  |  |
| Edison International  | 30418 | 1894433 |
| Total Common Stocks |  |  |
| (Cost $212,204,427)  |  | **234655374** |
| **TOTAL INVESTMENTS — 99.2%** |  |  |
| (Cost $212,204,427)  |  | **234655374** |
| Other Assets in Excess of Liabilities — 0.8% |  | 1922655 |
| **Net Assets — 100.0%**  |  | **$** **236578029**<br>|

---

\*Non-income producing security.

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 01/31/2026 (based on net assets) | Asset Allocation as of 01/31/2026 (based on net assets) |
| Financials  | 23.5% |
| Industrials  | 19.0% |
| Information Technology  | 17.0% |
| Consumer Discretionary  | 11.9% |
| Health Care  | 11.9% |
| Materials  | 4.7% |
| Consumer Staples  | 4.0% |
| Communication Services  | 4.0% |
| Energy  | 1.6% |
| Real Estate  | 0.8% |
| Utilities  | 0.8% |
| Other Assets in Excess of Liabilities  | 0.8% |
| **Total**  | **100.0%** |

---

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of January 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $234655374<br>| $—<br>| $—<br>| $234655374<br>|
| **Total**  | **$** **234655374**<br>| **$** **—**<br>| **$** **—**<br>| **$** **234655374**<br>|

---

Schedule of Investments — Virtus U.S. Dividend ETF

January 31, 2026 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 99.6%** |  |  |
| **Communication Services — 5.8%** |  |  |
| Alphabet, Inc. Class A  | 899 | $303862<br>|
| Alphabet, Inc. Class C  | 696 | 235617 |
| Meta Platforms, Inc. Class A  | 319 | 228564 |
| Roku, Inc.\*  | 1885 | 179452 |
| Spok Holdings, Inc.  | 13717 | 188883 |
| Total Communication Services  |  | 1136378 |
| **Consumer Discretionary — 5.7%** |  |  |
| Amazon.com, Inc.\*  | 2673 | 639649 |
| Best Buy Co., Inc.  | 899 | 58525 |
| Magna International, Inc. (Canada)  | 3712 | 189831 |
| Tesla, Inc.\*  | 261 | 112337 |
| TJX Cos., Inc. (The)  | 696 | 104268 |
| Total Consumer Discretionary  |  | 1104610 |
| **Consumer Staples — 2.0**% |  |  |
| Altria Group, Inc.  | 3504 | 217213 |
| Dollar General Corp.  | 1160 | 166379 |
| Total Consumer Staples  |  | 383592 |
| **Energy** **—** **6.1**% |  |  |
| Alliance Resource Partners LP  | 7395 | 176149 |
| Hafnia Ltd. (Singapore)  | 13572 | 83332 |
| Kimbell Royalty Partners LP  | 20459 | 274764 |
| Plains GP Holdings LP Class A\*  | 5481 | 112251 |
| TORM PLC Class A (Switzerland)  | 9222 | 224464 |
| USA Compression Partners LP  | 5052 | 130645 |
| Western Midstream Partners LP  | 4524 | 187565 |
| Total Energy  |  | 1189170 |
| **Financials — 17.4%** |  |  |
| AGNC Investment Corp.  | 17574 | 200344 |
| AllianceBernstein Holding LP  | 5771 | 245498 |
| Allstate Corp. (The)  | 928 | 184663 |
| Annaly Capital Management, Inc.  | 12373 | 284703 |
| Bank of New York Mellon Corp. (The)  | 1595 | 191272 |
| Canadian Imperial Bank of Commerce (Canada)  | 1537 | 142003 |
| Charles Schwab Corp. (The)  | 1595 | 165752 |
| Dynex Capital, Inc.  | 20199 | 280362 |
| East West Bancorp, Inc.  | 1131 | 129432 |
| First Financial Corp.  | 2407 | 156840 |
| Invesco Mortgage Capital, Inc.  | 20184 | 173381 |
| JPMorgan Chase & Co.  | 174 | 53225 |
| MFA Financial, Inc.  | 12818 | 123566 |
| Orchid Island Capital, Inc.  | 36486 | 284591 |
| PNC Financial Services Group, Inc. (The)  | 450 | 100485 |
| Regions Financial Corp.  | 6583 | 187615 |
| S&P Global, Inc.  | 435 | 229589 |
| US Bancorp  | 4350 | 244078 |
| Total Financials  |  | 3377399 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Health Care — 7.5%** |  |  |
| AbbVie, Inc.  | 1276 | $284561<br>|
| Amgen, Inc.  | 725 | 247863 |
| Bristol-Myers Squibb Co.  | 4118 | 226696 |
| CVS Health Corp.  | 928 | 69154 |
| Johnson & Johnson  | 1653 | 375644 |
| Pfizer, Inc.  | 9599 | 253798 |
| Total Health Care  |  | 1457716 |
| **Industrials — 10.6%** |  |  |
| AMETEK, Inc.  | 957 | 214349 |
| Comfort Systems USA, Inc.  | 203 | 231846 |
| EMCOR Group, Inc.  | 261 | 188111 |
| General Dynamics Corp.  | 493 | 173087 |
| Global Ship Lease, Inc. Class A (United Kingdom)  | 5075 | 190515 |
| HEICO Corp. Class A  | 696 | 177195 |
| Icahn Enterprises LP  | 24824 | 193131 |
| L3Harris Technologies, Inc.  | 551 | 188910 |
| nVent Electric PLC  | 1914 | 214866 |
| United Parcel Service, Inc. Class B  | 982 | 104308 |
| Vertiv Holdings Co. Class A  | 957 | 178174 |
| Total Industrials  |  | 2054492 |
| **Information Technology — 33.6%** |  |  |
| Amphenol Corp. Class A  | 1769 | 254877 |
| Analog Devices, Inc.  | 986 | 306528 |
| Apple, Inc.  | 3393 | 880416 |
| Arista Networks, Inc.\*  | 1537 | 217854 |
| Broadcom, Inc.  | 1334 | 441954 |
| Cisco Systems, Inc.  | 3161 | 247570 |
| Dell Technologies, Inc. Class C  | 1015 | 116157 |
| Docusign, Inc.\*  | 1189 | 62470 |
| KLA Corp.  | 87 | 124231 |
| LAM Research Corp.  | 2032 | 474391 |
| Micron Technology, Inc.  | 1296 | 537684 |
| Microsoft Corp.  | 1711 | 736226 |
| Monolithic Power Systems, Inc.  | 203 | 228202 |
| Motorola Solutions, Inc.  | 203 | 81716 |
| NVIDIA Corp.  | 5751 | 1099189 |
| Sandisk Corp.\*  | 493 | 284091 |
| ServiceNow, Inc.\*  | 1305 | 152698 |
| TE Connectivity PLC (Switzerland)  | 377 | 83988 |
| Zoom Communications, Inc.\*  | 2233 | 205659 |
| Total Information Technology  |  | 6535901 |
| **Materials — 4.0%** |  |  |
| Agnico Eagle Mines Ltd. (Canada)  | 1160 | 220980 |
| Ardagh Metal Packaging SA  | 14413 | 63273 |
| Aura Minerals, Inc.  | 2465 | 156996 |
| SunCoke Energy, Inc.  | 7859 | 61771 |
| Wheaton Precious Metals Corp. (Brazil)  | 2117 | 279169 |
| Total Materials  |  | 782189 |

---

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

Schedule of Investments — Virtus U.S. Dividend ETF (continued)

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Real Estate — 2.8%** |  |  |
| Global Medical REIT, Inc.  | 2262 | $78129<br>|
| Innovative Industrial Properties, Inc.  | 2668 | 128918 |
| LTC Properties, Inc.  | 4872 | 177682 |
| Postal Realty Trust, Inc. Class A  | 3973 | 72428 |
| VICI Properties, Inc.  | 3161 | 88761 |
| Total Real Estate  |  | 545918 |
| **Utilities — 4.1%** |  |  |
| Atmos Energy Corp.  | 1073 | 178483 |
| Brookfield Infrastructure Partners LP (Canada)  | 5539 | 200235 |
| Edison International  | 3161 | 196867 |
| Emera, Inc. (Canada)  | 3277 | 162408 |
| Eversource Energy  | 812 | 56133 |
| Total Utilities  |  | 794126 |
| **TOTAL INVESTMENTS — 99.6%** |  |  |
| (Cost $18,142,410)  |  | **19361491** |
| Other Assets in Excess of Liabilities — 0.4%  |  | 78191 |
| **Net Assets — 100.0%**  |  | **$** **19439682**<br>|

---

\*Non-income producing security.

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| Asset Allocation as of 01/31/2026 (based on net assets) | Asset Allocation as of 01/31/2026 (based on net assets) |
| Information Technology  | 33.6% |
| Financials  | 17.4% |
| Industrials  | 10.6% |
| Health Care  | 7.5% |
| Energy  | 6.1% |
| Communication Services  | 5.8% |
| Consumer Discretionary  | 5.7% |
| Utilities  | 4.1% |
| Materials  | 4.0% |
| Real Estate  | 2.8% |
| Consumer Staples  | 2.0% |
| Other Assets in Excess of Liabilities  | 0.4% |
| **Total**  | **100.0%** |

---

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of January 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $19361491<br>| $—<br>| $—<br>| $19361491<br>|
| **Total**  | **$** **19361491**<br>| **$** **—**<br>| **$** **—**<br>| **$** **19361491**<br>|

---

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

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

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Virtus AlphaSimplex Global Macro ETF** | **Virtus AlphaSimplex Managed Futures ETF** |
| **Assets:** |  |  |
| Investments, at cost  | $5550714<br>| $27624924<br>|
| Investments, at value  | 5903795 | 27626542 |
| Cash  | 672442 | 3954383 |
| Cash pledged as collateral for futures contracts  | 579515 | 3106857 |
| Receivables: |  |  |
| Prepaid expenses  |  | 88 |
| **Total Assets**  | 7155752 | 34687870 |
| **Liabilities:** |  |  |
| Due to broker  | 148638 | 753186 |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased  |  | 1492800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 4696 | 21266 |
| **Total Liabilities**  | 153334 | 2267252 |
| **Net Assets**  | **$** **7002418**<br>| **$** **32420618**<br>|
| **Net Assets Consist of:** |  |  |
| Paid-in capital  | $6314998<br>| $30794925<br>|
| Total distributable earnings (accumulated deficit)  | 687420 | 1625693 |
| **Net Assets**  | **$** **7002418**<br>| **$** **32420618**<br>|
| Shares outstanding (unlimited number of shares of beneficial interest authorized, no par value)  | 250004 | 1300004 |
| Net asset value per share  | $28.01<br>| $24.94<br>|

---

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

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

January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus <br>Duff & Phelps Clean Energy ETF** | **Virtus International Dividend ETF** | **Virtus <br>KAR Mid-Cap ETF** | **Virtus Newfleet Securitized <br>Income ETF** |
| **Assets:** |  |  |  |  |
| Investments, at cost  | $4068257<br>| $16983468<br>| $37089334<br>| $82308109<br>|
| Investments, at value  | 5569215 | 18228115 | 37761591 | 82524688 |
| Cash  | 55337 | 101632 | 2630297 | 1545930 |
| Foreign currency<sup>(a)</sup>  | 709 | 75 |  |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim  | 15617 | 2644 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | 8353 | 28849 | 5101 | 309521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  | 6 | 14 |  |  |
| Prepaid expenses  | 174 |  | 58 | 319 |
| **Total Assets**  | 5649411 | 18361329 | 40397047 | 84380458 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased  |  |  |  | 1649885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 3853 | 6331 | 27189 | 27311 |
| Other accrued expenses  |  | 418 |  |  |
| **Total Liabilities**  | 3853 | 6749 | 27189 | 1677196 |
| **Net Assets**  | **$** **5645558**<br>| **$** **18354580**<br>| **$** **40369858**<br>| **$** **82703262**<br>|
| **Net Assets Consist of:** |  |  |  |  |
| Paid-in capital  | $4551925<br>| $16956381<br>| $39950086<br>| $83566924<br>|
| Total distributable earnings (accumulated deficit)  | 1093633 | 1398199 | 419772 | (863662) |
| **Net Assets**  | **$** **5645558**<br>| **$** **18354580**<br>| **$** **40369858**<br>| **$** **82703262**<br>|
| Shares outstanding (unlimited number of shares of beneficial interest authorized, no par value)  | 200004 | 550004 | 1600004 | 3400004 |
| Net asset value per share  | $28.23<br>| $33.37<br>| $25.23<br>| $24.32<br>|
| <sup>(a)</sup> Foreign currency, at cost  | $709<br>| $73<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)

January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus <br>Newfleet Short Duration Core Plus Bond ETF** | **Virtus <br>Newfleet Short Duration High Yield Bond ETF** | **Virtus <br>Seix AAA <br>Private Credit CLO ETF** | **Virtus <br>Seix Senior <br>Loan ETF** |
| **Assets:** |  |  |  |  |
| Investments, at cost  | $12287881<br>| $30288687<br>| $17282105<br>| $242957421<br>|
| Investments in affiliates, at cost  | $—<br>| $—<br>| $—<br>| $600240<br>|
| Investments, at value  | 12455529 | 30479889 | 17264141 | 239249155 |
| Investments in affiliates, at value  |  |  |  | 599040 |
| Cash  | 352384 | 132020 | 966696 | 5773392 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | 92891 | 645446 | 58649 | 1284027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  |  |  |  | 19992712 |
| Prepaid expenses  | 102 | 116 | 44 | 12813 |
| **Total Assets**  | 12900906 | 31257471 | 18289530 | 266911139 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased  | 3253 | 10000 | 798000 | 14169357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares payable  |  |  |  | 2322902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 3828 | 10500 | 4305 | 127227 |
| **Total Liabilities**  | 7081 | 20500 | 802305 | 16619486 |
| **Net Assets**  | **$** **12893825**<br>| **$** **31236971**<br>| **$** **17487225**<br>| **$** **250291653**<br>|
| **Net Assets Consist of:** |  |  |  |  |
| Paid-in capital  | $12706870<br>| $34586451<br>| $17503218<br>| $263116275<br>|
| Total distributable earnings (accumulated deficit)  | 186955 | (3349480) | (15993) | (12824622) |
| **Net Assets**  | **$** **12893825**<br>| **$** **31236971**<br>| **$** **17487225**<br>| **$** **250291653**<br>|
| Shares outstanding (unlimited number of shares of beneficial interest authorized, no par value)  | 500004 | 1429000 | 700004 | 10775004 |
| Net asset value per share  | $25.79<br>| $21.86<br>| $24.98<br>| $23.23<br>|
| Foreign currency, at cost  | $—<br>| $—<br>| $—<br>| $572<br>|

---

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

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

January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus <br>Silvant Growth Opportunities ETF** | **Virtus <br>Stone Harbor Emerging Markets High Yield Bond ETF** | **Virtus <br>Terranova U.S. Quality Momentum ETF** | **Virtus <br>U.S. Dividend <br>ETF** |
| **Assets:** |  |  |  |  |
| Investments, at cost  | $3060680<br>| $15618362<br>| $212204427<br>| $18142410<br>|
| Investments, at value  | 2990123 | 16663361 | 234655374 | 19361491 |
| Cash  | 32761 | 299681 | 830805 | 47547 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  | 149997 | 55049 | 116427571 | 2835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | 85 | 255694 | 39382 | 32106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold  |  |  | 38525209 |  |
| Prepaid expenses  |  | 160 | 218 |  |
| **Total Assets**  | 3172966 | 17273945 | 390478559 | 19443979 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased  | 107307 | 301310 | 115818296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares payable  |  |  | 38021442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 847 | 7775 | 60792 | 4297 |
| **Total Liabilities**  | 108154 | 309085 | 153900530 | 4297 |
| **Net Assets**  | **$** **3064812**<br>| **$** **16964860**<br>| **$** **236578029**<br>| **$** **19439682**<br>|
| **Net Assets Consist of:** |  |  |  |  |
| Paid-in capital  | $3141214<br>| $15721346<br>| $252499199<br>| $17996338<br>|
| Total distributable earnings (accumulated deficit)  | (76402) | 1243514 | (15921170) | 1443344 |
| **Net Assets**  | **$** **3064812**<br>| **$** **16964860**<br>| **$** **236578029**<br>| **$** **19439682**<br>|
| Shares outstanding (unlimited number of shares of beneficial interest authorized, no par value)  | 125004 | 600004 | 5600004 | 725004 |
| Net asset value per share  | $24.52<br>| $28.27<br>| $42.25<br>| $26.81<br>|

---

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

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

For the Six Months Ended January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Virtus AlphaSimplex Global Macro ETF<sup>1</sup>** | **Virtus AlphaSimplex Managed Futures ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income  | $39385<br>| $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 25779 | 246071 |
| **Total Investment Income**  | 65164 | 246071 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 24393 | 109523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses  |  | 8 |
| **Total Expenses**  | 24393 | 109531 |
| **Net Investment Income**  | **40771** | **136540** |
| **Net Realized Gain (Loss) on:** |  |  |
| Futures  | 409851 | 1915003 |
| Foreign currency transactions  | (440) | (7308) |
| **Total Net Realized Gain**  | 409411 | 1907695 |
| **Change in Net Unrealized Appreciation (Depreciation) on:** |  |  |
| Investments  | 353081 | 1618 |
| Futures  | 185499 | 1112874 |
| Foreign currency translations  | (550) | (2913) |
| **Total Change in Net Unrealized Appreciation**  | 538030 | 1111579 |
| Net Realized and Change in Unrealized Gain  | 947441 | 3019274 |
| **Net Increase in Net Assets Resulting from Operations**  | **$** **988212**<br>| **$** **3155814**<br>|

---

1From August 4, 2025 (commencement of operations) through January 31, 2026.

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

Statements of Operations (FORM N-CSR ITEM 7)

For the Six Months Ended January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus <br>Duff & Phelps Clean Energy ETF** | **Virtus International Dividend ETF<sup>1</sup>** | **Virtus <br>KAR Mid-Cap ETF** | **Virtus Newfleet Securitized <br>Income ETF** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income (net of foreign withholding taxes)  | $66371<br>| $40281<br>| $114094<br>| $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 399 |  | 12012 | 2078190 |
| **Total Investment Income**  | 66770 | 40281 | 126106 | 2078190 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 18331 | 8874 | 132357 | 191404 |
| **Total Expenses**  | 18331 | 8874 | 132357 | 191404 |
| Less expense waivers/reimbursements  | (1944) |  |  | (39062) |
| **Net Expenses**  | 16387 | 8874 | 132357 | 152342 |
| **Net Investment Income (Loss)**  | **50383** | **31407** | **(6251)** | **1925848** |
| **Net Realized Gain (Loss) on:** |  |  |  |  |
| Investments  | 337624 | 2468 | (440959) | (499406) |
| In-kind redemptions  | 793440 | 120106 | 217168 |  |
| Foreign currency transactions  | 282 | (961) |  |  |
| **Total Net Realized Gain (Loss)**  | 1131346 | 121613 | (223791) | (499406) |
| **Change in Net Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| Investments  | 608812 | 1244647 | 1318349 | 22491 |
| Foreign currency translations  | 1254 | 532 |  |  |
| **Total Change in Net Unrealized Appreciation**  | 610066 | 1245179 | 1318349 | 22491 |
| Net Realized and Change in Unrealized Gain (Loss)  | 1741412 | 1366792 | 1094558 | (476915) |
| **Net Increase in Net Assets Resulting from Operations**  | **$** **1791795**<br>| **$** **1398199**<br>| **$** **1088307**<br>| **$** **1448933**<br>|
| Foreign withholding taxes  | $1056<br>| $5329<br>| $—<br>| $—<br>|

---

1From December 2, 2025 (commencement of operations) through January 31, 2026.

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

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

For the Six Months Ended January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus <br>Newfleet Short Duration Core Plus Bond ETF** | **Virtus <br>Newfleet Short Duration High Yield Bond ETF** | **Virtus <br>Seix AAA <br>Private Credit CLO ETF** | **Virtus <br>Seix Senior <br>Loan ETF** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income  | $—<br>| $—<br>| $—<br>| $431152<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 338908 | 1060384 | 512865 | 11554960 |
| **Total Investment Income**  | 338908 | 1060384 | 512865 | 11986112 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 25479 | 60945 | 26211 | 850494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees  |  |  |  | 14922 |
| **Total Expenses**  | 25479 | 60945 | 26211 | 865416 |
| Less expense waivers/reimbursements  | (3185) |  |  | (14922) |
| **Net Expenses**  | 22294 | 60945 | 26211 | 850494 |
| **Net Investment Income**  | **316614** | **999439** | **486654** | **11135618** |
| **Net Realized Gain (Loss) on:** |  |  |  |  |
| Investments  | (18639) | (309316) | 8532 | (1407465) |
| Foreign currency transactions  |  |  |  | (111) |
| **Total Net Realized Gain (Loss)**  | (18639) | (309316) | 8532 | (1407576) |
| **Change in Net Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| Investments  | 5826 | 360246 | 20880 | (3389333) |
| Investments in affiliates  |  |  |  | (1200) |
| Foreign currency translations  |  |  |  | 572 |
| **Total Change in Net Unrealized Appreciation (Depreciation)**  | 5826 | 360246 | 20880 | (3389961) |
| Net Realized and Change in Unrealized Gain (Loss)  | (12813) | 50930 | 29412 | (4797537) |
| **Net Increase in Net Assets <br>Resulting from Operations**  | **$** **303801**<br>| **$** **1050369**<br>| **$** **516066**<br>| **$** **6338081**<br>|

---

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

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

For the Six Months Ended January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus <br>Silvant Growth Opportunities ETF<sup>1</sup>** | **Virtus <br>Stone Harbor Emerging Markets High Yield Bond ETF** | **Virtus <br>Terranova U.S. Quality Momentum ETF** | **Virtus <br>U.S. Dividend <br>ETF<sup>2</sup>** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income (net of foreign withholding taxes)  | $459<br>| $—<br>| $1030779<br>| $90762<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  |  | 622732 | 10347 | 63 |
| **Total Investment Income**  | 459 | 622732 | 1041126 | 90825 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 1066 | 43088 | 340891 | 6050 |
| **Total Expenses**  | 1066 | 43088 | 340891 | 6050 |
| **Net Investment Income (Loss)**  | **(607)** | **579644** | **700235** | **84775** |
| **Net Realized Gain (Loss) on:** |  |  |  |  |
| Investments  | (5238) | 270565 | (13862307) | 3029 |
| In-kind redemptions  |  |  | 19993406 | 136459 |
| **Total Net Realized Gain (Loss)**  | (5238) | 270565 | 6131099 | 139488 |
| **Change in Net Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| Investments  | (70557) | 511895 | 425775 | 1219081 |
| **Total Change in Net Unrealized Appreciation (Depreciation)**  | (70557) | 511895 | 425775 | 1219081 |
| Net Realized and Change in Unrealized Gain (Loss)  | (75795) | 782460 | 6556874 | 1358569 |
| **Net Increase (Decrease) in Net Assets** **Resulting from Operations**  | **$** **(76402)** | **$** **1362104**<br>| **$** **7257109**<br>| **$** **1443344**<br>|
| Foreign withholding taxes  | $—<br>| $6<br>| $—<br>| $580<br>|

---

1From December 22, 2025 (commencement of operations) through January 31, 2026.

2From December 2, 2025 (commencement of operations) through January 31, 2026.

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Virtus AlphaSimplex Global Macro ETF** | **Virtus AlphaSimplex <br>Managed Futures ETF** | **Virtus AlphaSimplex <br>Managed Futures ETF** |
|  | **For the Period<br>August 4, 2025<sup>1</sup>** **<br>Through<br>January 31, 2026 (unaudited)** | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **For the<br>Year Ended<br>July 31, 2025** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |
| Net investment income  | $38868<br>| $136540<br>| $141200<br>|
| Net realized gain (loss)  | 411314 | 1907695 | (1418541) |
| Net change in unrealized appreciation (depreciation)  | 538030 | 1111579 | (121154) |
| Net increase (decrease) in net assets resulting from operations  | 988212 | 3155814 | (1398495) |
| Distributions to Shareholders  | (300792) | (65931) | (187522) |
| **Shareholder Transactions:** |  |  |  |
| Proceeds from shares sold  | 6314998 | 17807769 | 27976745 |
| Cost of shares redeemed  |  | (4614476) | (19068939) |
| Net increase in net assets resulting from shareholder transactions  | 6314998 | 13193293 | 8907806 |
| Increase in net assets  | 7002418 | 16283176 | 7321789 |
| **Net Assets:** |  |  |  |
| Beginning of period/year  |  | 16137442 | 8815653 |
| End of period/year  | $7002418<br>| $32420618<br>| $16137442<br>|
| **Changes in Shares Outstanding:** |  |  |  |
| Shares outstanding, beginning of period/year  |  | 725004 | 350004 |
| Shares sold  | 250004 | 775000 | 1225000 |
| Shares redeemed  |  | (200000) | (850000) |
| Shares outstanding, end of period/year  | 250004 | 1300004 | 725004 |

---

1Commencement of operations.

*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 International Dividend ETF** |
|  | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **For the<br>Year Ended<br>July 31, 2025** | **For the Period<br>December 2, 2025<sup>1</sup>** **<br>Through<br>January 31, 2026 (unaudited)** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |
| Net investment income  | $50383<br>| $105627<br>| $31407<br>|
| Net realized gain (loss)  | 1131346 | (18738) | 121613 |
| Net change in unrealized appreciation  | 610066 | 617295 | 1245179 |
| Net increase in net assets resulting from operations  | 1791795 | 704184 | 1398199 |
| Distributions to Shareholders  | (65113) | (91033) |  |
| **Shareholder Transactions:** |  |  |  |
| Proceeds from shares sold  |  | 1356433 | 18584917 |
| Cost of shares redeemed  | (3219458) | (448102) | (1628536) |
| Net increase (decrease) in net assets resulting <br>from shareholder transactions  | (3219458) | 908331 | 16956381 |
| Increase (decrease) in net assets  | (1492776) | 1521482 | 18354580 |
| **Net Assets:** |  |  |  |
| Beginning of period/year  | 7138334 | 5616852 |  |
| End of period/year  | $5645558<br>| $7138334<br>| $18354580<br>|
| **Changes in Shares Outstanding:** |  |  |  |
| Shares outstanding, beginning of period/year  | 350004 | 300004 |  |
| Shares sold  |  | 75000 | 600004 |
| Shares redeemed  | (150000) | (25000) | (50000) |
| Shares outstanding, end of period/year  | 200004 | 350004 | 550004 |

---

1Commencement of operations.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus KAR Mid-Cap ETF** | **Virtus KAR Mid-Cap ETF** | **Virtus Newfleet Securitized Income ETF** | **Virtus Newfleet Securitized Income ETF** |
|  | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **For the Period<br>October 15, 2024<sup>1</sup>** **<br>Through<br>July 31, 2025** | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **For the<br>Year Ended<br>July 31, 2025** |
| **Increase (Decrease) in Net Assets <br>Resulting from Operations:** |  |  |  |  |
| Net investment income (loss)  | $(6251) | $(2530) | $1925848<br>| $1652699<br>|
| Net realized gain (loss)  | (223791) | 249081 | (499406) | 10756 |
| Net change in unrealized appreciation (depreciation) | 1318349 | (646092) | 22491 | 251520 |
| Net increase (decrease) in net assets resulting from operations  | 1088307 | (399541) | 1448933 | 1914975 |
| Distributions to Shareholders  | (20735) | (7397) | (1997556) | (1534956) |
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold  | 11666608 | 31777393 | 31929098 | 47359149 |
| Cost of shares redeemed  | (1847955) | (1886822) | (1214620) | (4879219) |
| Net increase in net assets resulting from <br>shareholder transactions  | 9818653 | 29890571 | 30714478 | 42479930 |
| Increase in net assets  | 10886225 | 29483633 | 30165855 | 42859949 |
| **Net Assets:** |  |  |  |  |
| Beginning of period/year  | 29483633 |  | 52537407 | 9677458 |
| End of period/year  | $40369858<br>| $29483633<br>| $82703262<br>| $52537407<br>|
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares outstanding, beginning of period/year  | 1200004 |  | 2150004 | 400004 |
| Shares sold  | 475000 | 1275004 | 1300000 | 1950000 |
| Shares redeemed  | (75000) | (75000) | (50000) | (200000) |
| Shares outstanding, end of period/year  | 1600004 | 1200004 | 3400004 | 2150004 |

---

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>Core Plus Bond ETF** | **Virtus Newfleet Short Duration <br>Core Plus Bond ETF** | **Virtus Newfleet Short Duration <br>High Yield Bond ETF** | **Virtus Newfleet Short Duration <br>High Yield Bond ETF** |
|  | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **For the<br>Year Ended<br>July 31, 2025** | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **For the<br>Year Ended<br>July 31, 2025** |
| **Increase (Decrease) in Net Assets <br>Resulting from Operations:** |  |  |  |  |
| Net investment income  | $316614<br>| $501798<br>| $999439<br>| $1177264<br>|
| Net realized gain (loss)  | (18639) | 114851 | (309316) | (6144) |
| Net change in unrealized appreciation (depreciation) | 5826 | (21021) | 360246 | (81799) |
| Net increase in net assets resulting from operations  | 303801 | 595628 | 1050369 | 1089321 |
| Distributions to Shareholders  | (354997) | (596090) | (1007788) | (1118714) |
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold  | 1297598 | 1297466 | 546354 | 30596427 |
| Cost of shares redeemed  |  |  |  | (3261968) |
| Net increase in net assets resulting from <br>shareholder transactions  | 1297598 | 1297466 | 546354 | 27334459 |
| Increase in net assets  | 1246402 | 1297004 | 588935 | 27305066 |
| **Net Assets:** |  |  |  |  |
| Beginning of period/year  | 11647423 | 10350419 | 30648036 | 3342970 |
| End of period/year  | $12893825<br>| $11647423<br>| $31236971<br>| $30648036<br>|
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares outstanding, beginning of period/year  | 450004 | 400004 | 1404000 | 154000 |
| Shares sold  | 50000 | 50000 | 25000 | 1400000 |
| Shares redeemed  |  |  |  | (150000) |
| Shares outstanding, end of period/year  | 500004 | 450004 | 1429000 | 1404000 |

---

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 AAA Private Credit CLO ETF** | **Virtus Seix AAA Private Credit CLO ETF** | **Virtus Seix Senior Loan ETF** | **Virtus Seix Senior Loan ETF** |
|  | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **For the Period<br>December 2, 2024<sup>1</sup>** **<br>Through<br>July 31, 2025** | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **For the<br>Year Ended<br>July 31, 2025** |
| **Increase (Decrease) in Net Assets <br>Resulting from Operations:** |  |  |  |  |
| Net investment income  | $486654<br>| $653985<br>| $11135618<br>| $21183864<br>|
| Net realized gain (loss)  | 8532 | (4369) | (1407576) | (5694313) |
| Net change in unrealized appreciation (depreciation) | 20880 | (38844) | (3389961) | 1058430 |
| Net increase in net assets resulting from operations  | 516066 | 610772 | 6338081 | 16547981 |
| Distributions to Shareholders  | (488846) | (656978) | (11053765) | (20533283) |
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold  | 1248614 | 21246959 | 62260781 | 254358461 |
| Cost of shares redeemed  | (2496996) | (2492366) | (117785230) | (110286080) |
| Net increase (decrease) in net assets resulting from shareholder transactions  | (1248382) | 18754593 | (55524449) | 144072381 |
| Increase (decrease) in net assets  | (1221162) | 18708387 | (60240133) | 140087079 |
| **Net Assets:** |  |  |  |  |
| Beginning of period/year  | 18708387 |  | 310531786 | 170444707 |
| End of period/year  | $17487225<br>| $18708387<br>| $250291653<br>| $310531786<br>|
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares outstanding, beginning of period/year  | 750004 |  | 13150004 | 7150004 |
| Shares sold  | 50000 | 850004 | 2650000 | 10700000 |
| Shares redeemed  | (100000) | (100000) | (5025000) | (4700000) |
| Shares outstanding, end of period/year  | 700004 | 750004 | 10775004 | 13150004 |

---

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 Silvant Growth Opportunities ETF** | **Virtus Stone Harbor Emerging Markets High Yield Bond ETF** | **Virtus Stone Harbor Emerging Markets High Yield Bond ETF** |
|  | **For the Period<br>December 22, 2025<sup>1</sup>** **<br>Through<br>January 31, 2026 (unaudited)** | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **For the<br>Year Ended<br>July 31, 2025** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |
| Net investment income (loss)  | $(607) | $579644<br>| $969556<br>|
| Net realized gain (loss)  | (5238) | 270565 | 248779 |
| Net change in unrealized appreciation (depreciation)  | (70557) | 511895 | 193928 |
| Net increase (decrease) in net assets resulting from operations  | (76402) | 1362104 | 1412263 |
| Distributions to Shareholders  |  | (837339) | (1214959) |
| **Shareholder Transactions:** |  |  |  |
| Proceeds from shares sold  | 3141214 | 1389108 | 5462354 |
| Net increase in net assets resulting from shareholder transactions  | 3141214 | 1389108 | 5462354 |
| Increase in net assets  | 3064812 | 1913873 | 5659658 |
| **Net Assets:** |  |  |  |
| Beginning of period/year  |  | 15050987 | 9391329 |
| End of period/year  | $3064812<br>| $16964860<br>| $15050987<br>|
| **Changes in Shares Outstanding:** |  |  |  |
| Shares outstanding, beginning of period/year  |  | 550004 | 350004 |
| Shares sold  | 125004 | 50000 | 200000 |
| Shares outstanding, end of period/year  | 125004 | 600004 | 550004 |

---

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 Terranova U.S. Quality Momentum ETF** | **Virtus Terranova U.S. Quality Momentum ETF** | **Virtus <br>U.S. Dividend ETF** |
|  | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **For the<br>Year Ended<br>July 31, 2025** | **For the Period<br>December 2, 2025<sup>1</sup>** **<br>Through<br>January 31, 2026 (unaudited)** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |
| Net investment income  | $700235<br>| $1339885<br>| $84775<br>|
| Net realized gain  | 6131099 | 17349259 | 139488 |
| Net change in unrealized appreciation  | 425775 | 5502064 | 1219081 |
| Net increase in net assets resulting from operations  | 7257109 | 24191208 | 1443344 |
| Distributions to Shareholders  | (1539385) | (1027759) |  |
| **Shareholder Transactions:** |  |  |  |
| Proceeds from shares sold  | 110516048 | 205563493 | 19357489 |
| Cost of shares redeemed  | (87094297) | (132330219) | (1361151) |
| Net increase in net assets resulting from shareholder transactions  | 23421751 | 73233274 | 17996338 |
| Increase in net assets  | 29139475 | 96396723 | 19439682 |
| **Net Assets:** |  |  |  |
| Beginning of period/year  | 207438554 | 111041831 |  |
| End of period/year  | $236578029<br>| $207438554<br>| $19439682<br>|
| **Changes in Shares Outstanding:** |  |  |  |
| Shares outstanding, beginning of period/year  | 5050004 | 3200004 |  |
| Shares sold  | 2600000 | 5250000 | 775004 |
| Shares redeemed  | (2050000) | (3400000) | (50000) |
| Shares outstanding, end of period/year  | 5600004 | 5050004 | 725004 |

---

1Commencement of operations.

Consolidated Financial Highlights (FORM N-CSR ITEM 7)

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

---

| | |
|:---|:---|
|  | **Virtus AlphaSimplex Global Macro ETF** |
|  | **For the Period<br>August 4, 2025<sup>1</sup>** **<br>Through<br>January 31, 2026** **(unaudited)** |
| **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>  | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain  | 4.04 |
| Total from investment operations  | 4.21 |
| **Less Distributions from:** |  |
| Net investment income  | (0.53) |
| Net realized gains  | (0.67) |
| Total distributions  | (1.20) |
| **Net Asset Value, End of period**  | $28.01<br>|
| Net Asset Value Total Return<sup>3</sup>  | 17.13% |
| Net assets, end of period (000's omitted)  | $7002<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| **Ratios to Average Net Assets:** |  |
| Expenses  | 0.80%<sup>4</sup> |
| Net investment income  | 1.19%<sup>4</sup> |
| Portfolio turnover rate<sup>5</sup>  | 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.

6Not annualized.

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Virtus AlphaSimplex Managed Futures ETF** | **Virtus AlphaSimplex Managed Futures ETF** | **Virtus AlphaSimplex Managed Futures ETF** |
|  | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **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 <br>each period presented:** |  |  |  |
| Net asset value, beginning of period  | $22.26<br>| $25.19<br>| $25.00<br>|
| Investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup>  | 0.12 | 0.24 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 2.61 | (2.78) | (0.02) |
| Total from investment operations  | 2.73 | (2.54) | 0.19 |
| **Less Distributions from:** |  |  |  |
| Net investment income  | (0.05) | (0.39) |  |
| Total distributions  | (0.05) | (0.39) |  |
| **Net Asset Value, End of period**  | $24.94<br>| $22.26<br>| $25.19<br>|
| Net Asset Value Total Return<sup>3</sup>  | 12.28% | (10.15)% | 0.75% |
| Net assets, end of period (000's omitted)  | $32421<br>| $16137<br>| $8816<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |
| Expenses  | 0.80%<sup>4</sup> | 0.80% | 0.92%<sup>4</sup> |
| Net investment income  | 1.00%<sup>4</sup> | 1.05% | 4.02%<sup>4</sup> |
| Portfolio turnover rate<sup>5</sup>  | 0%<sup>6</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.

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** | **Virtus Duff & Phelps Clean Energy ETF** |
|  | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **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  | $20.40<br>| $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>  | 0.22 | 0.34 | 0.20 | 0.20 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 7.94 | 1.62 | (2.28) | (3.52) | (1.12) |
| Total from investment operations  | 8.16 | 1.96 | (2.08) | (3.32) | (0.98) |
| **Less Distributions from:** |  |  |  |  | 0.11 |
| Net investment income  | (0.33) | (0.28) | (0.19) | (0.15) | (0.11) |
| Total distributions  | (0.33) | (0.28) | (0.19) | (0.15) | (0.11) |
| **Net Asset Value, End of period**  | $28.23<br>| $20.40<br>| $18.72<br>| $20.99<br>| $24.46<br>|
| Net Asset Value Total Return<sup>3</sup>  | 40.16% | 10.64% | (9.90)% | (13.55)% | (3.76)% |
| Net assets, end of period (000's omitted)  | $5646<br>| $7138<br>| $5617<br>| $3149<br>| $3669<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Expenses, net of expense waivers  | 0.59%<sup>4</sup> | 0.59% | 0.59% | 0.59% | 0.59%<sup>4</sup> |
| Expenses, prior to expense waivers  | 0.66%<sup>4</sup> | 0.66% | 0.66% | 0.66% | 0.66%<sup>4</sup> |
| Net investment income  | 1.81%<sup>4</sup> | 1.89% | 1.17% | 0.89% | 0.62%<sup>4</sup> |
| Portfolio turnover rate<sup>5</sup>  | 26%<sup>6</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 International Dividend ETF** |
|  | **For the Period<br>December 2, 2025<sup>1</sup>** **<br>Through<br>January 31, 2026** **(unaudited)** |
| **Per Share Data for a Share Outstanding throughout the period presented:** |  |
| Net asset value, beginning of period  | $30.32<br>|
| Investment operations:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup>  | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain  | 2.98 |
| Total from investment operations  | 3.05 |
| **Net Asset Value, End of period** | $33.37<br>|
| Net Asset Value Total Return<sup>3</sup>  | 10.07% |
| Net assets, end of period (000's omitted)  | $18355<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| **Ratios to Average Net Assets:** |  |
| Expenses  | 0.39%<sup>4</sup> |
| Net investment income  | 1.38%<sup>4</sup> |
| Portfolio turnover rate<sup>5</sup>  | 14%<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 Mid-Cap ETF** | **Virtus KAR Mid-Cap ETF** |
|  | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **For the Period<br>October 15, 2024<sup>1</sup>** **<br>Through<br>July 31, 2025** |
| **Per Share Data for a Share Outstanding throughout each period presented:** |  |  |
| Net asset value, beginning of period  | $24.57<br>| $25.00<br>|
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup>  | 0.00<br><sup>3</sup> | 0.00<br><sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 0.67 | (0.42) |
| Total from investment operations  | 0.67 | (0.42) |
| **Less Distributions from:** |  |  |
| Net investment income  | (0.01) | (0.01) |
| Total distributions  | (0.01) | (0.01) |
| **Net Asset Value, End of period**  | $25.23<br>| $24.57<br>|
| Net Asset Value Total Return<sup>4</sup>  | 2.75% | (1.68)% |
| Net assets, end of period (000's omitted)  | $40370<br>| $29484<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| **Ratios to Average Net Assets:** |  |  |
| Expenses  | 0.80%<sup>5</sup> | 0.80%<sup>5</sup> |
| Net investment loss  | (0.04)%<sup>5</sup> | (0.02)%<sup>5</sup> |
| Portfolio turnover rate<sup>6</sup>  | 8%<sup>7</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.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Virtus Newfleet Securitized Income ETF** | **Virtus Newfleet Securitized Income ETF** | **Virtus Newfleet Securitized Income ETF** | **Virtus Newfleet Securitized Income ETF** | **Virtus Newfleet Securitized Income ETF** | **Virtus Newfleet Securitized Income ETF** |
|  | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **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  | $24.44<br>| $24.19<br>| $23.43<br>| $23.57<br>| $25.03<br>| $25.00<br>|
| Investment operations:  |  |  |  |  |  |  |
| Net investment income<sup>2</sup>  | 0.60 | 1.30 | 1.13 | 0.77 | 0.38 | 0.17 |
| Net realized and unrealized gain (loss)  | (0.08) | 0.22 | 0.73 | (0.17) | (1.41) | 0.04 |
| Total from investment operations  | 0.52 | 1.52 | 1.86 | 0.60 | (1.03) | 0.21 |
| **Less Distributions from:** |  |  |  |  |  | 0.18 |
| Net investment income  | (0.64) | (1.27) | (1.10) | (0.74) | (0.43) | (0.18) |
| Total distributions  | (0.64) | (1.27) | (1.10) | (0.74) | (0.43) | (0.18) |
| **Net Asset Value, End of period**  | $24.32<br>| $24.44<br>| $24.19<br>| $23.43<br>| $23.57<br>| $25.03<br>|
| Net Asset Value Total Return<sup>3</sup>  | 2.20% | 6.43% | 8.17% | 2.62% | (4.12)% | 0.85% |
| Net assets, end of period (000's omitted)  | $82703<br>| $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%<sup>4</sup> | 0.39% | 0.39% | 0.39% | 0.39% | 0.39%<sup>4</sup> |
| Expenses, prior to expense waivers  | 0.49%<sup>4</sup> | 0.49% | 0.49% | 0.49% | 0.49% | 0.49%<sup>4</sup> |
| Net investment income  | 4.93%<sup>4</sup> | 5.34% | 4.79% | 3.32% | 1.56% | 1.49%<sup>4</sup> |
| Portfolio turnover rate<sup>5</sup>  | 16%<sup>6</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 Core Plus Bond ETF** | **Virtus Newfleet Short Duration Core Plus Bond ETF** | **Virtus Newfleet Short Duration Core Plus Bond ETF** |
|  | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **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 <br>each period presented:** |  |  |  |
| Net asset value, beginning of period  | $25.88<br>| $25.88<br>| $25.28<br>|
| Investment operations:  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup>  | 0.65 | 1.18 | 0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | (0.01) | 0.22 | 0.51 |
| Total from investment operations  | 0.64 | 1.40 | 1.48 |
| **Less Distributions from:** |  |  |  |
| Net investment income  | (0.73) | (1.37) | (0.88) |
| Net realized gains  |  | (0.03) |  |
| Total distributions  | (0.73) | (1.40) | (0.88) |
| **Net Asset Value, End of period**  | $25.79<br>| $25.88<br>| $25.88<br>|
| Net Asset Value Total Return<sup>3</sup>  | 2.50% | 5.57% | 5.94% |
| Net assets, end of period (000's omitted)  | $12894<br>| $11647<br>| $10350<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |
| Expenses, net of expense waivers  | 0.35%<sup>4</sup> | 0.35% | 0.35%<sup>4</sup> |
| Expenses, prior to expense waivers  | 0.40%<sup>4</sup> | 0.40% | 0.40%<sup>4</sup> |
| Net investment income  | 4.97%<sup>4</sup> | 4.55% | 5.35%<sup>4</sup> |
| Portfolio turnover rate<sup>5</sup>  | 22%<sup>6</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** | **Virtus Newfleet Short Duration High Yield Bond ETF** |
|  | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **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 period presented:** |  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.83<br>| $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>  | 0.71 | 1.46 | 1.58 | 1.39 | 1.29 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 0.03 | 0.07<sup>2</sup> | 0.44 | (0.11) | (3.27) | 1.21 |
| Total from investment operations  | 0.74 | 1.53 | 2.02 | 1.28 | (1.98) | 2.25 |
| **Less Distributions from:**  |  |  |  |  |  |  |
| Net investment income  | (0.71) | (1.41) | (1.58) | (1.44) | (1.28) | (1.07) |
| Total distributions  | (0.71) | (1.41) | (1.58) | (1.44) | (1.28) | (1.07) |
| **Net Asset Value, End of period**  | $21.86<br>| $21.83<br>| $21.71<br>| $21.27<br>| $21.43<br>| $24.69<br>|
| Net Asset Value Total Return<sup>3</sup>  | 3.45% | 7.28% | 9.94% | 6.31% | (8.29)% | 9.78% |
| Net assets, end of period (000's omitted)  | $31237<br>| $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%<sup>4</sup> | 0.39% | 0.42% | 0.49% | 0.49% | 0.62% |
| Expenses, prior to expense waivers  | 0.39%<sup>4</sup> | 0.39% | 1.55% | 2.88% | 2.32% | 1.88% |
| Net investment income  | 6.40%<sup>4</sup> | 6.75% | 7.40% | 6.62% | 5.51% | 4.27% |
| Portfolio turnover rate<sup>5</sup>  | 20%<sup>6</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 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 AAA Private Credit CLO ETF** | **Virtus Seix AAA Private Credit CLO ETF** |
|  | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **For the Period** **December 2, 2024<sup>1</sup>** **Through** **July 31, 2025** |
| **Per Share Data for a Share Outstanding throughout each period presented:** |  |  |
| Net asset value, beginning of period  | $24.94<br>| $25.00<br>|
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup>  | 0.68 | 0.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 0.04 | (0.05) |
| Total from investment operations  | 0.72 | 0.86 |
| **Less Distributions from:**  |  |  |
| Net investment income  | (0.68) | (0.92) |
| Total distributions  | (0.68) | (0.92) |
| **Net Asset Value, End of period**  | $24.98<br>| $24.94<br>|
| Net Asset Value Total Return<sup>3</sup>  | 2.92% | 3.51% |
| Net assets, end of period (000's omitted)  | $17487<br>| $18708<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| **Ratios to Average Net Assets:** |  |  |
| Expenses  | 0.29%<sup>4</sup> | 0.29%<sup>4</sup> |
| Net investment income  | 5.38%<sup>4</sup> | 5.58%<sup>4</sup> |
| Portfolio turnover rate<sup>5</sup>  | 24%<sup>6</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** | **Virtus Seix Senior Loan ETF** |
|  | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **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 period presented:** |  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.61<br>| $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>  | 0.89 | 1.81 | 2.22 | 1.91 | 1.12 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | (0.39) | (0.27) | (0.03) | 0.23 | (1.57) | 0.86 |
| Total from investment operations  | 0.50 | 1.54 | 2.19 | 2.14 | (0.45) | 1.65 |
| **Less Distributions from:**  |  |  |  |  |  |  |
| Net investment income  | (0.88) | (1.77) | (2.13) | (1.81) | (1.03) | (0.85) |
| Net realized gains  |  |  |  |  | (0.13) |  |
| Total distributions  | (0.88) | (1.77) | (2.13) | (1.81) | (1.16) | (0.85) |
| **Net Asset Value, End of period**  | $23.23<br>| $23.61<br>| $23.84<br>| $23.78<br>| $23.45<br>| $25.06<br>|
| Net Asset Value Total Return<sup>2</sup>  | 2.13% | 6.70% | 9.62% | 9.46% | (1.93)% | 6.94% |
| Net assets, end of period (000's omitted)  | $250292<br>| $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>3,4</sup> | 0.57%<sup>4</sup> | 0.57%<sup>4</sup> | 0.62%<sup>5</sup> | 0.57% | 0.57% |
| Expenses, prior to expense waivers  | 0.58%<sup>3,4</sup> | 0.58%<sup>4</sup> | 0.58%<sup>4</sup> | 0.63%<sup>5</sup> | 0.57% | 0.57% |
| Net investment income  | 7.46%<sup>3</sup> | 7.66% | 9.31% | 8.12% | 4.58% | 3.20% |
| Portfolio turnover rate<sup>6</sup>  | 90%<sup>7</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 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.

3Annualized.

4The ratios of expenses to average net assets include interest expense fees/line of credit commitment fees of 0.01%.

5The ratios of expenses to average net assets include interest expense fees of 0.05%.

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 Silvant Growth Opportunities ETF** |
|  | **For the Period<br>December 22, 2025<sup>1</sup>** **<br>Through<br>January 31, 2026** **(unaudited)** |
| **Per Share Data for a Share Outstanding throughout the period presented:** |  |
| Net asset value, beginning of period  | $25.14<br>|
| Investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>2</sup>  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss  | (0.61) |
| Total from investment operations  | (0.62) |
| **Net Asset Value, End of period**  | $24.52<br>|
| Net Asset Value Total Return<sup>3</sup>  | (2.00)% |
| Net assets, end of period (000's omitted)  | $3065<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| **Ratios to Average Net Assets:** |  |
| Expenses  | 0.35%<sup>4</sup> |
| Net investment loss  | (0.20)%<sup>4</sup> |
| Portfolio turnover rate<sup>5</sup>  | 4%<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 Stone Harbor Emerging Markets High Yield Bond ETF** | **Virtus Stone Harbor Emerging Markets High Yield Bond ETF** | **Virtus Stone Harbor Emerging Markets High Yield Bond ETF** | **Virtus Stone Harbor Emerging Markets High Yield Bond ETF** |
|  | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **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  | $27.37<br>| $26.83<br>| $25.21<br>| $25.00<br>|
| Investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup>  | 1.04 | 2.17 | 2.19 | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain  | 1.37 | 1.06 | 1.49 | 0.13 |
| Total from investment operations  | 2.41 | 3.23 | 3.68 | 1.73 |
| **Less Distributions from:**  |  |  |  |  |
| Net investment income  | (1.30) | (2.69) | (2.06) | (1.52) |
| Net realized gains  | (0.21) |  |  |  |
| Total distributions  | (1.51) | (2.69) | (2.06) | (1.52) |
| **Net Asset Value, End of period**  | $28.27<br>| $27.37<br>| $26.83<br>| $25.21<br>|
| Net Asset Value Total Return<sup>3</sup>  | 9.07% | 12.60% | 15.38% | 7.22% |
| Net assets, end of period (000's omitted)  | $16965<br>| $15051<br>| $9391<br>| $3781<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |
| Expenses  | 0.55%<sup>4</sup> | 0.55% | 0.55% | 0.58%<sup>4,5</sup> |
| Net investment income  | 7.40%<sup>4</sup> | 8.06% | 8.48% | 10.24%<sup>4</sup> |
| Portfolio turnover rate<sup>6</sup>  | 54%<sup>7</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** | **Virtus Terranova U.S. Quality Momentum ETF** |
|  | **For the<br>Six Months Ended<br>January 31, 2026<br>(unaudited)** | **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  | $41.08<br>| $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>  | 0.13 | 0.33 | 0.26 | 0.36 | 0.26 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 1.31 | 6.32 | 5.21 | 2.26 | (3.05) | 5.26 |
| Total from investment operations  | 1.44 | 6.65 | 5.47 | 2.62 | (2.79) | 5.38 |
| **Less Distributions from:**  |  |  |  |  |  |  |
| Net investment income  | (0.27) | (0.27) | (0.41) | (0.33) | (0.14) | (0.02) |
| Total distributions  | (0.27) | (0.27) | (0.41) | (0.33) | (0.14) | (0.02) |
| **Net Asset Value, End of period**  | $42.25<br>| $41.08<br>| $34.70<br>| $29.64<br>| $27.35<br>| $30.28<br>|
| Net Asset Value Total Return<sup>3</sup>  | 3.51% | 19.20% | 18.66% | 9.72% | (9.27)% | 21.58% |
| Net assets, end of period (000's omitted) | $236578<br>| $207439<br>| $111042<br>| $100763<br>| $87516<br>| $84775<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Expenses  | 0.29%<sup>4</sup> | 0.29% | 0.29% | 0.29% | 0.29% | 0.29%<sup>4</sup> |
| Net investment income  | 0.60%<sup>4</sup> | 0.86% | 0.84% | 1.31% | 0.88% | 0.62%<sup>4</sup> |
| Portfolio turnover rate<sup>5</sup>  | 62%<sup>6</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.

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

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

---

| | |
|:---|:---|
|  | **Virtus U.S. Dividend ETF** |
|  | **For the Period<br>December 2, 2025<sup>1</sup>** **<br>Through<br>January 31, 2026** **(unaudited)** |
| **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>  | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain  | 1.67 |
| Total from investment operations  | 1.81 |
| **Net Asset Value, End of period**  | $26.81<br>|
| Net Asset Value Total Return<sup>3</sup>  | 7.27% |
| Net assets, end of period (000's omitted)  | $19440<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| **Ratios to Average Net Assets:** |  |
| Expenses  | 0.25%<sup>4</sup> |
| Net investment income  | 3.50%<sup>4</sup> |
| Portfolio turnover rate<sup>5</sup>  | 5%<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

January 31, 2026 (unaudited)

**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 January 31, 2026, fourteen funds of the Trust are offered for sale. Virtus AlphaSimplex Global Macro ETF, Virtus AlphaSimplex Managed Futures ETF, Virtus Duff & Phelps Clean Energy ETF, Virtus International Dividend ETF, Virtus KAR Mid-Cap ETF, Virtus Newfleet Securitized Income 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 Silvant Growth Opportunities ETF, Virtus Stone Harbor Emerging Markets High Yield Bond ETF, Virtus Terranova U.S. Quality Momentum ETF and Virtus U.S. Dividend ETF (each a "Fund" and, collectively, the "Funds"), each a separate investment portfolio of the Trust, are presented in this semi-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 Global Macro ETF  | Seeks capital appreciation by pursuing long-term positive returns independent of market cycles. |
| Virtus AlphaSimplex Managed Futures ETF  | Seeks to generate positive absolute returns over time. |
| Virtus Duff & Phelps Clean Energy ETF  | Seeks capital appreciation. |
| Virtus International Dividend ETF  | Seeks current income, with a secondary objective of long-term capital appreciation. |
| Virtus KAR Mid-Cap ETF  | Seeks long-term capital appreciation. |
| Virtus Newfleet Securitized Income 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 Silvant Growth Opportunities ETF  | Seeks capital appreciation. |
| 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. |
| Virtus U.S. Dividend ETF  | Seeks current income, with a secondary objective of long-term capital appreciation. |

---

The Virtus AlphaSimplex Global Macro ETF commenced operations on August 4, 2025. The Virtus International Dividend ETF and Virtus U.S. Dividend ETF commenced operations on December 2, 2025. The Virtus Silvant Growth Opportunities ETF commenced operations on December 22, 2025.

Effective November 28, 2025, the Virtus Newfleet ABS/MBS ETF changed its name to Virtus Newfleet Securitized Income ETF.

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

Virtus AlphaSimplex Global Macro ETF, Virtus Duff & Phelps Clean Energy ETF, Virtus KAR Mid-Cap ETF, Virtus Seix AAA Private Credit CLO ETF, Virtus Silvant Growth Opportunities 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 Global Macro ETF and Virtus AlphaSimplex Managed Futures invest in commodity-related instruments through Virtus AlphaSimplex Global Macro Offshore Fund, Ltd. and VATS Offshore Fund, Ltd., wholly-owned subsidiaries (individually, a "Subsidiary" and collectively, the "Subsidiaries") of Virtus AlphaSimplex Global Macro ETF and Virtus AlphaSimplex Managed, respectively, organized under the laws of the Cayman Islands. Subscription agreements were entered into between the Funds and their respective Subsidiaries with the intent that each Fund will remain the sole shareholder and primary beneficiary of its respective Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. Each Fund may invest up to 25% of

Notes to Financial Statements (continued)

January 31, 2026 (unaudited)

its total assets in its respective Subsidiary. The Subsidiaries are governed by a separate Board of Directors that is independent of the Funds' Board.

As of January 31, 2026, the value of each Fund's investment in its Subsidiary was as follows:

---

| | | |
|:---|:---|:---|
| **Fund** **s** | **Investment in Subsidiary** | **Percentage of Total Assets** |
| Virtus AlphaSimplex Global Macro ETF  | $409719<br>| 17.5% |
| Virtus AlphaSimplex Managed Futures ETF  | $1703950<br>| 20.4% |

---

**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.

**(b)** **Indemnification**

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

**(c)** **Security Valuation**

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

Equity securities and exchange traded funds are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded. Securities regularly traded in an over-the-counter market are valued at the latest quoted sale price in such market or in the case of the New York Stock Exchange ("NYSE"), at the NYSE Official Closing Price. Such valuations are typically 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 Global Macro ETF and Virtus AlphaSimplex Managed Futures ETF) and Virtus Alternative Investment Advisers, LLC ("VAIA") with respect to the Virtus AlphaSimplex Global Macro ETF and 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.

Notes to Financial Statements (continued)

January 31, 2026 (unaudited)

**(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;&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;&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;&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 January 31, 2026, is disclosed at the end of each Fund's Schedule of Investments or Consolidated Schedule of Investments.

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

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

Notes to Financial Statements (continued)

January 31, 2026 (unaudited)

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 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.

Notes to Financial Statements (continued)

January 31, 2026 (unaudited)

**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 Global Macro ETF and Virtus AlphaSimplex Managed Futures ETF use derivatives, how derivatives are accounted for, and how derivative instruments affect each 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 each 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, each 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, each 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 each 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 Statements of Operations as "Net realized gain (loss) on futures."

During the period ended January 31, 2026, each 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, and 5) if each Fund cannot close out a futures position, it 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 each Fund's Consolidated Schedule of Investments. Cash deposited as margin is recorded on the Consolidated Statements 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 Statements of Assets and Liabilities at January 31, 2026:

**Virtus AlphaSimplex Global Macro ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement Line Description:** | **Commodity** | **Equity** | **Foreign Exchange Contracts** | **Interest Rate** | **Total** |
| **Asset Derivatives:** |  |  |  |  |  |
| Unrealized appreciation on futures contracts\*  | $47660<br>| $132664<br>| $83456<br>| $281<br>| $264061<br>|
| **Total Asset Derivatives**  | $47660<br>| $132664<br>| $83456<br>| $281<br>| $264061<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement Line Description:** | **Commodity** | **Foreign Exchange Contracts** | **Interest Rate**  | **Total** |
| **Liability Derivatives:** |  |  |  |  |
| Unrealized depreciation on futures contracts\*  | $36720<br>| $20594<br>| $21248<br>| $78562<br>|
| **Total Liability Derivatives**  | $36720<br>| $20594<br>| $21248<br>| $78562<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 Statements 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 Statements of Operations for the period ended January 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement Line Description:** | **Commodity** | **Equity** | **Foreign Exchange Contracts** | **Interest Rate**  | **Total** |
| **Net realized gain (loss) on:** |  |  |  |  |  |
| Futures  | $220623<br>| $270825<br>| $5476<br>| $(87073) | $409851<br>|
| **Total net realized gain (loss)**  | $220623<br>| $270825<br>| $5476<br>| $(87073) | $409851<br>|

---

Notes to Financial Statements (continued)

January 31, 2026 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement Line Description:** | **Commodity** | **Equity** | **Foreign Exchange Contracts** | **Interest Rate** | **Total** |
| **Net change in unrealized appreciation <br>(depreciation) on:** |  |  |  |  |  |
| Futures  | $10940<br>| $132664<br>| $62862<br>| $(20967) | $185499<br>|
| Total net change in unrealized appreciation <br>(depreciation) on:  | $10940<br>| $132664<br>| $62862<br>| $(20967) | $185499<br>|

---

**Virtus AlphaSimplex Managed Futures ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement Line Description:** | **Commodity** | **Equity** | **Foreign Exchange Contracts** | **Interest Rate** | **Total** |
| **Asset Derivatives:** |  |  |  |  |  |
| Unrealized appreciation on futures contracts\*  | $330094<br>| $579581<br>| $451449<br>| $6031<br>| $1367155<br>|
| **Total Asset Derivatives**  | $330094<br>| $579581<br>| $451449<br>| $6031<br>| $1367155<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement Line Description:** | **Commodity** | **Foreign Exchange Contracts** | **Interest Rate** | **Total** |
| **Liability Derivatives:** |  |  |  |  |
| Unrealized depreciation on futures contracts\*  | $133782<br>| $126300<br>| $141921<br>| $402003<br>|
| **Total Liability Derivatives**  | $133782<br>| $126300<br>| $141921<br>| $402003<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 Statements 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 period ended January 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement Line Description:** | **Commodity** | **Equity** | **Foreign Exchange Contracts** | **Interest Rate**  | **Total** |
| **Net realized gain (loss) on:** |  |  |  |  |  |
| Futures  | $1005340<br>| $1370538<br>| $81926<br>| $(542801) | $1915003<br>|
| **Total net realized gain (loss)**  | $1005340<br>| $1370538<br>| $81926<br>| $(542801) | $1915003<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement Line Description:** | **Commodity** | **Equity** | **Foreign Exchange Contracts** | **Interest Rate** | **Total** |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |
| Futures  | $322949<br>| $420192<br>| $486185<br>| $(116452) | $1112874<br>|
| **Total net change in unrealized appreciation (depreciation) on:**  | $322949<br>| $420192<br>| $486185<br>| $(116452) | $1112874<br>|

---

The table below shows the quarterly average volume of the derivatives held for the period ended January 31, 2026.

---

| | | |
|:---|:---|:---|
|  | **Virtus AlphaSimplex Global Macro ETF** | **Virtus AlphaSimplex Managed Futures ETF** |
| Futures Contracts - Long Positions<sup>(1)</sup>  | $198060<br>| $1118922<br>|
| Futures Contracts - Short Positions<sup>(1)</sup>  | (12561) | (153770) |

---

------

<sup>(1)</sup> Average unrealized for the period.

Notes to Financial Statements (continued)

January 31, 2026 (unaudited)

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

**Investment Advisory Agreement**

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:

---

| | |
|:---|:---|
| **Funds** | **Rate** |
| Virtus AlphaSimplex Global Macro ETF  | 0.80% |
| Virtus AlphaSimplex Managed Futures ETF  | 0.80% |
| Virtus Duff & Phelps Clean Energy ETF  | 0.66%<sup>(1)</sup> |
| Virtus International Dividend ETF  | 0.39% |
| Virtus KAR Mid-Cap ETF  | 0.80% |
| Virtus Newfleet Securitized Income 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 Silvant Growth Opportunities ETF  | 0.35% |
| Virtus Stone Harbor Emerging Markets High Yield Bond ETF  | 0.55% |
| Virtus Terranova U.S. Quality Momentum ETF  | 0.29% |
| Virtus U.S. Dividend ETF  | 0.25% |

---

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, 2026, 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, 2026, 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, 2026, 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, 2026, 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.

---

| |
|:---|
| **Funds** |
| Virtus AlphaSimplex Global Macro ETF<br> AlphaSimplex Group, LLC<sup>(1)</sup><br> 50% of the net advisory fee<sup>(2)</sup> |
| Virtus AlphaSimplex Managed Futures ETF <br> AlphaSimplex Group, LLC<sup>(1)</sup><br> 50% of the net advisory fee<sup>(2)</sup> |
| Virtus Duff & Phelps Clean Energy ETF<br> Duff & Phelps Investment Management Co.<sup>(1)</sup><br> 50% of the net advisory fee<sup>(2)</sup> |

---

Notes to Financial Statements (continued)

January 31, 2026 (unaudited)

---

| |
|:---|
| **Funds** |
| Virtus KAR Mid-Cap ETF <br> Kayne Anderson Rudnick Investment Management, LLC<sup>(1)</sup><br> 50% of the net advisory fee<sup>(2)</sup> |
| Virtus Newfleet Securitized <br>Income 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 Global Macro ETF, Virtus AlphaSimplex Managed Futures ETF, Virtus Duff & Phelps Clean Energy ETF, Virtus International Dividend ETF, Virtus KAR Mid-Cap ETF, Virtus Newfleet Securitized Income ETF, Virtus Newfleet Short Duration Core Plus Bond ETF, Virtus Seix AAA Private Credit CLO ETF, Virtus Seix Senior Loan ETF, Virtus Silvant Growth Opportunities ETF, Virtus Stone Harbor Emerging Markets High Yield Bond ETF, Virtus Terranova U.S. Quality Momentum ETF and Virtus U.S. Dividend 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)

January 31, 2026 (unaudited)

**Affiliated Shareholders**

At January 31, 2026, Virtus Partners, Inc. held shares of the following funds which may be sold at any time that aggregated to the following:

---

| | | |
|:---|:---|:---|
| **Funds** | **Shares** | **% of shares<br>outstanding** |
| Virtus AlphaSimplex Global Macro ETF  | 200004  | 80.0% |
| Virtus AlphaSimplex Managed Futures ETF  | 200004  | 15.4% |
| Virtus Duff & Phelps Clean Energy ETF  | 65504  | 32.8% |
| Virtus International Dividend ETF  | 100004  | 18.2% |
| Virtus KAR Mid-Cap  | 65004  | 4.1% |
| Virtus Newfleet Short Duration Core Plus Bond ETF  | 392004  | 78.4% |
| Virtus Newfleet Short Duration High Yield Bond ETF  | 50000  | 3.5% |
| Virtus Seix AAA Private Credit CLO ETF  | 400004  | 57.1% |
| Virtus Silvant Growth Opportunities ETF  | 98004  | 78.4% |
| Stone Harbor Emerging Markets High Yield Bond ETF  | 98804  | 16.5% |
| Virtus U.S. Dividend ETF  | 100004  | 13.8% |

---

**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 each Fund other than the the Virtus International Dividend ETF. For the Virtus International Dividend ETF, the authorized participants pay a fixed transaction fee of $750. 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 Global Macro ETF and Virtus AlphaSimplex Managed Futures ETF's investment in each Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, each Fund is required to increase its taxable income by its share of the respective Subsidiary's income. Net investment losses of each Subsidiary cannot be deducted by its respectively 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 (2023, 2024 and 2025), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of January 31, 2026, 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

Notes to Financial Statements (continued)

January 31, 2026 (unaudited)

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.

The Funds recognize interest accrued related to unrecognized tax benefits and penalties as income tax expense. For the period ended January 31, 2026, the Funds had no accrued penalties or interest.

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

Purchases and sales of investments (excluding short-term investments), subscriptions in-kind and redemptions in-kind for the period ended January 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Purchases** | **Sales** | **Subscriptions<br>In-Kind** | **Redemptions<br>In-Kind** |
| Virtus AlphaSimplex Global Macro ETF  | $3156203<br>| $—<br>| $—<br>| $—<br>|
| Virtus AlphaSimplex Managed Futures ETF  |  |  |  |  |
| Virtus Duff & Phelps Clean Energy ETF  | 1478078 | 1857689 |  | 2754487 |
| Virtus International Dividend ETF  | 2722811 | 1915186 | 17662891 | 1609621 |
| Virtus KAR Mid-Cap ETF  | 2609612 | 2641811 | 10865479 | 1727580 |
| Virtus Newfleet Securitized Income ETF  | 43013190 | 11799689 |  |  |
| Virtus Newfleet Short Duration Core Plus Bond ETF  | 2750196 | 2478844 |  |  |
| Virtus Newfleet Short Duration High Yield Bond ETF  | 7279318 | 5921233 |  |  |
| Virtus Seix AAA Private Credit CLO ETF  | 4299250 | 5461800 |  |  |
| Virtus Seix Senior Loan ETF  | 252835913 | 315740852 |  |  |
| Virtus Silvant Growth Opportunities ETF  | 107308 | 149997 | 3108608 |  |
| Virtus Stone Harbor Emerging Markets High Yield Bond ETF  | 8174929 | 7731493 | 610823 |  |
| Virtus Terranova U.S. Quality Momentum ETF  | 143751961 | 143031184 | 110279566 | 88250555 |
| Virtus U.S. Dividend ETF  | 1049247 | 1024732 | 19337932 | 1356687 |

---

Purchases and sales of investments in long-term U.S. Government Securities for the period ended January 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Virtus Newfleet Short Duration Core Plus Bond ETF  | $895935<br>| $194482<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 5, 2027.

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 period ended January 31, 2026, are included in the "Interest expense and/or commitment fees" line on the Statements of Operations.

For the period ended January 31, 2026, 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.

Notes to Financial Statements (continued)

January 31, 2026 (unaudited)

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.

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 a 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 a Fund's 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.

Notes to Financial Statements (continued)

January 31, 2026 (unaudited)

**12. 10% SHAREHOLDERS**

As of January 31, 2026, 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 Global Macro ETF | 94% | 2<br> \* |
| Virtus AlphaSimplex Managed Futures ETF | 94 | 4 |
| Virtus Duff & Phelps Clean Energy ETF  | 76 | 2 |
| Virtus International Dividend ETF  | 94 | 1 |
| Virtus KAR Mid-Cap ETF | 86 | 2 |
| Virtus Newfleet Securitized Income ETF | 79 | 1<br> \* |
| Virtus Newfleet Short Duration Core Plus Bond ETF  | 90 | 2 |
| Virtus Newfleet Short Duration High Yield Bond ETF | 83 | 1 |
| Virtus Seix AAA Private Credit CLO ETF | 61 | 1<br> \* |
| Virtus Seix Senior Loan ETF | 81% | 3 |
| Virtus Silvant Growth Opportunities ETF | 93 | 2<br> \* |
| Virtus Stone Harbor Emerging Markets High Yield Bond ETF | 84 | 3 |
| Virtus Terranova U.S. Quality Momentum ETF  | 69 | 4 |
| Virtus U.S. Dividend ETF  | 93 | 1 |

---

**\***Includes affiliated shareholder accounts

**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, management of 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.

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 ETF Trust II – FYE 7/31**

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.

**November 19, 2025 Annual Consideration of Advisory and Sub-Advisory Agreements for:**

**Virtus AlphaSimplex Managed Futures ETF ("ASMF")**

**Virtus Duff & Phelps Clean Energy ETF ("VCLN")**

**Virtus KAR Mid-Cap ETF ("KMID")**

**Virtus Newfleet Securitized Income ETF ("VABS")**

**Virtus Newfleet Short Duration Core Plus Bond ETF ("SDCP")**

**Virtus Newfleet Short Duration High Yield Bond ETF ("VSHY")** 

**Virtus Seix AAA Private Credit CLO ETF ("PCLO")**

**Virtus Seix Senior Loan ETF ("SEIX")** 

**Virtus Stone Harbor Emerging Markets High Yield Bond ETF ("VEMY")**

**Virtus Terranova U.S. Quality Momentum ETF ("JOET") (no sub-adviser – Advisory Agreement only) (each, a "Fund" and collectively, the "Funds")** 

On November 19, 2025, 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 for each of the respective Funds the continuance of an investment advisory agreement between the Trust and Virtus Investment Advisers, LLC or Virtus Alternative Investment Advisers, LLC (as applicable to the respective Fund, the "Adviser"), as the case may be, each as successor in interest to Virtus ETF Advisers LLC (each, an "Advisory Agreement" and collectively, the "Advisory Agreements"), and an investment sub-advisory agreement among each Sub-Adviser,<sup>1</sup> the Adviser and the Trust (each, a "Sub-Advisory Agreement" and collectively, the "Sub-Advisory Agreements"). The Advisory Agreements and the Sub-Advisory Agreements are collectively referred to herein as the "Investment Management Agreements."

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

------

1The Sub-Advisers include AlphaSimplex Group, LLC, Duff & Phelps Investment Management Co., Kayne Anderson Rudnick Investment Management, LLC, and Virtus Fixed Income Advisers, LLC ("VFIA").

Other Information (unaudited) (continued)

information necessary for the Board to form a judgment as to whether the renewal of each of the Investment Management Agreements would be in the best interests of each applicable Fund and its respective shareholders. With respect to the Investment Management Agreements, the Board considered information furnished throughout the year at regular Board meetings with respect to the services provided by the Adviser and each Sub-Adviser, including quarterly performance reports prepared by management containing reviews of investment results, compliance reports, and periodic presentations from the Sub-Adviser with respect to the Fund it manages.

**Advisory Agreements** 

In deciding on whether to approve the continuance of the Advisory Agreements with the Advisers on behalf of the Funds, the Board considered numerous factors, including:

*The nature, extent, and quality of the services provided by the Advisers*. The Board considered the responsibilities each Adviser has under its Advisory Agreement, and the services provided by each Adviser to the respective Funds, including, without limitation, management, oversight, and administrative services, each Adviser's coordination of services for the respective Funds by the Trust's service providers, its compliance procedures and practices, and its efforts to promote the respective Funds. The Board noted that many of the Trust's executive officers are employees of the Advisers and serve the Trust without additional compensation from the Funds. The Board also considered the information in the Adviser Memorandum, including descriptions of each Adviser's investment advisory services and its related non-advisory business. The Board concluded that the quality, extent, and nature of the services provided by each Adviser are satisfactory and adequate for the Funds.

*Investment performance of the Funds and the Advisers*. The Board evaluated the investment management experience of each Adviser, in light of the services it has provided, or will provide, to each Fund. In this regard, the Board received information from the Advisers regarding, among other things, each Adviser's experience in organizing, managing and overseeing the Funds and other investment vehicles, coordinating their operation and administration, and, for JOET, the experience of the portfolio managers in carrying out the day-to-day management of the Fund's portfolio. In particular, the Board received and reviewed information comparing each Fund's performance to its applicable peer group. In conducting its review, the Board considered the fact that ASMF, VCLN, KMID, VABS, SDCP, VSHY, PCLO, SEIX, and VEMY were sub-advised funds, and thus their performance results were specifically relevant to their respective Sub-Adviser's portfolio management capabilities. With respect to the portfolio management of JOET, the Board considered that the Fund utilized an index-based strategy, and thus took into account both the Fund's performance relative to its peer group as well as the Adviser's performance in tracking the relevant index (i.e., tracking error).

Specifically, with respect to JOET, the Board noted that the Fund outperformed the average and median performance of its peer group for the one-year period but underperformed the average and median performance of its peer group for the three-year period. The Board also considered that the Fund tracked its underlying index with minimal tracking error of less than 100 basis points. After consideration of these factors, the Board determined that each Adviser possessed adequate capabilities and experience for the management of each Fund, and that JOET, the Fund to which the Adviser provided portfolio management services, had satisfactory performance and tracking error results.

*The costs of the services provided and profits realized by each Adviser from its relationship with the respective Funds*. The Board examined and evaluated the arrangements between each Adviser and the respective Funds under the Advisory Agreements. The Board considered that each Fund utilizes a "unified fee" structure in which the Fund's ordinary operating expenses (subject to customary exclusions) are 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 each Fund for some period of time and considered the benefits that would accrue to the Funds.

The Board also considered potential benefits to each Adviser in managing the respective Funds, including promotion of the Adviser's name, and the interests of the Adviser in providing management and oversight services to the respective Funds. In addition, at the Meeting, the Board compared the management fees and net expense ratios of the Funds to the management fees and net expense ratios of other funds considered by the Advisers to have similar investment objectives and strategies to the Funds.

Specifically, the Board noted that the management fee for VCLN was above the average, but below the maximum, management fees of its peer group, and that the Fund's net expense ratio was below the average net expense ratios of its peer group. The Board considered that VCLN was included in a peer group of miscellaneous funds, which included funds that did not necessarily have similar objectives and strategies to VCLN, when evaluating its management fee and net expense ratio relative to its peers.

The Board noted that the management fee for VSHY was equal to the average management fees of its peer group, and that the Fund's net expense ratio was below the average net expense ratios of its peer group. For SEIX, the Board noted that its management fee was below the average management fees of its peer group and that the Fund's net expense ratio was equal to the net expense ratios of its peer group.

Other Information (unaudited) (continued)

For JOET and ASMF, the Board noted that their management fees, and net expense ratios were below the average management fees and net expense ratios of their respective peer groups. For KMID, VABS, SDCP, PCLO, and VEMY, the Board noted that their management fees and net expense ratios were above the average, but below the maximum, management fees and net expense ratios of their respective peer groups. In evaluating the management fee and net expense ratio for VABS, the Board also considered that VABS was included in a peer group comprised of U.S. short-term bond funds due to a lack of peers focusing on mortgage-backed and asset-backed securities.

Following these comparisons and upon further consideration and discussion of the foregoing, the Board concluded that the fees paid to the Advisers are appropriate and representative of arm's-length negotiations.

*The extent to which economies of scale would be realized as the Funds grow and whether management fee levels reflect these economies of scale for the benefit of the Funds' investors*. The Board considered the assets under management ("AUM") and operational history of each of the Funds, together with the fees paid to each Adviser. The Board considered that each Fund is subject to a unified fee. The Board considered that each Fund experienced benefits from the unified fee arrangement and that each Fund would continue to do so. Accordingly, the Board concluded that each Fund's fee arrangement provides benefits through the unified fee structure, and that, at each Fund's current and projected asset levels, each Fund's arrangement with the respective Adviser is appropriate.

*Other benefits derived by each Adviser from its relationship with the respective Funds*. The Board considered material "fall-out" or ancillary benefits that accrue to each Adviser as a result of its relationship with the Funds (other than the advisory fee). The Board noted that affiliates of each Adviser serve as principal underwriter and operational administrator for the Funds, 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 Agreements.

*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 Agreements. 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 each Advisory Agreement was fair and reasonable in light of the services performed, expenses 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 each Advisory Agreement on behalf of the respective Fund.

**Sub-Advisory Agreements** 

In deciding on whether to approve the continuance of the Sub-Advisory Agreements with each Sub-Adviser on behalf of ASMF, VCLN, KMID, VABS, SDCP, VSHY, PCLO, SEIX and VEMY (the "Sub-Advised Funds," and each, a "Sub-Advised Fund"), the Board considered numerous factors, including:

*The nature, extent, and quality of the services provided by the Sub-Advisers*. The Board considered the responsibilities the Sub-Advisers have under the Sub-Advisory Agreements and the services provided by the Sub-Advisers including, without limitation, the investment advisory services and each Sub-Adviser's compliance procedures and practices, and their efforts to promote the Sub-Advised Funds. The Board also considered that VFIA, in managing VABS, SDCP and VSHY, operates through its Newfleet Asset Management division ("Newfleet"); in managing PCLO and SEIX, operates through its Seix Investment Advisors division ("SIA"); and in managing VEMY, operates through its Stone Harbor Investment Partners division ("Stone Harbor"). After reviewing the foregoing information and further information in the materials, including each Sub-Adviser Memorandum (which included descriptions of each Sub-Adviser's business and each Sub-Adviser's Form ADV), the Board concluded that the quality, extent, and nature of the services provided by the Sub-Advisers are satisfactory and adequate for the Sub-Advised Funds.

*Investment performance of the Sub-Advised Funds and the Sub-Advisers*. The Board evaluated the experience of each Sub-Adviser in carrying out the day-to-day management of the respective Sub-Advised Fund's portfolio. The Board also considered the ability of VFIA to provide day-to-day portfolio management of its Sub-Advised Funds' portfolios through Newfleet, SIA and Stone Harbor. In particular, the Board received and reviewed information from the Adviser regarding the performance of each Sub-Adviser in implementing the investment objective and strategies for the respective Sub-Advised Fund. In conducting its review, the Board considered that the Sub-Advised Funds were actively managed funds.

Specifically, with respect to VSHY and SEIX, the Board noted that each Fund performed in line with its peer group, slightly underperforming the average and median performance of its peer group for the one-year and three-year periods, and slightly outperforming the average and median performance of its peer group for the five-year period. Notwithstanding some underperformance relative to their peer groups, the Board considered that VSHY and SEIX had positive performance in each of their one-, three- and five-year performance periods. With respect to VCLN and VABS, the Board noted that each Fund outperformed the average and median performance of its peer

Other Information (unaudited) (continued)

group for each of the one-year and three-year periods. With respect to VEMY, the Board noted that the fund outperformed the average and median performance of its peer group for the one-year period. With respect to SDCP, the Board noted that the Fund performed in line with its peer group, only slightly underperforming the average and median performance of its peer group for the one-year period. The Board also considered that SDCP had positive performance for the one-year performance period. The Board noted that ASMF, KMID, and PCLO commenced operations on May 16, 2024, October 15, 2024, and December 2, 2024, respectively, and therefore did not have performance history for a full calendar year, although the Board did evaluate quarterly performance information with respect to those Funds, which was provided at the Meeting, and the investment processes implemented by their respective Sub-Advisers. After consideration of these factors, the Board determined that each Sub-Adviser continued to be an appropriate sub-adviser to the respective Sub-Advised Fund, and that each Sub-Advised Fund had satisfactory performance.

*The costs of the services provided and profits realized by the Sub-Advisers from their relationship with the respective Sub-Advised Funds.* The Board examined and evaluated the arrangements between the respective Sub-Adviser and Adviser under the Sub-Advisory Agreements. The Board considered the fact that the Sub-Advised Funds utilize a "unified fee" structure in which a Sub-Advised Fund's ordinary operating expenses (subject to customary exclusions) are paid from the respective Adviser's management fee. The Board considered the extent to which each Sub-Adviser bears a portion of Fund expenses. The Board noted that, under the unified fee arrangement, the Sub-Advisers would likely supplement a portion of the cost of operating the Sub-Advised Funds for some period of time and considered the benefits that would accrue to those Funds.

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

The Board compared the fees and expenses of the Sub-Advised Funds (including the sub-advisory fee) to other funds considered by the Advisers to have investment objectives and strategies similar to the Sub-Advised Funds, as noted above. Following these comparisons and upon further consideration and discussion of the foregoing, the Board concluded that the fees paid to the Sub-Advisers (pursuant to the Sub-Advisory Agreements) are appropriate and representative of arm's-length negotiations.

*The extent to which economies of scale would be realized as the Sub-Advised Funds grow and whether sub-advisory fee levels reflect these economies of scale for the benefit of the Sub-Advised Funds' investors.* The Board considered the AUM and operational history of each of the Sub-Advised Funds, together with the fees paid to the respective Sub-Adviser. The Board considered that the Sub-Advised Funds are subject to a unified fee. The Board considered that each of the Sub-Advised Funds have experienced benefits from the 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 applicable Sub-Advised Fund would continue to experience such benefits even after such Sub-Advised Fund's assets grow to a level where the Sub-Adviser is no longer required to contribute to the Sub-Advised Fund's expenses in excess of the amount received by the Sub-Adviser under its Sub-Advisory Agreement. Accordingly, the Board concluded that each Sub-Advised Fund's fee arrangement provides benefits through the unified fee structure, and that, at each Sub-Advised Fund's current and projected asset levels, each Sub-Advised Fund's arrangement with its respective Sub-Adviser is appropriate.

*Other benefits derived by the Sub-Advisers from their relationships with the Sub-Advised Funds.* The Board considered material "fall-out" or ancillary benefits that accrue to the Sub-Advisers as a result of their relationships with their respective Sub-Advised Funds (other than the sub-advisory fees). For example, the Board noted that the Sub-Advisers may obtain reputational benefits from the success of one or more Funds 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 continuance of the Sub-Advisory Agreements.

*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 each 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 arrangements, as outlined in each Sub-Adviser's Sub-Advisory Agreement, were fair and reasonable in light of the services performed, expenses 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 continuance of each of the Sub-Advisory Agreements with each Sub-Adviser on behalf of the respective Sub-Advised Funds.

Other Information (unaudited) (continued)

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

**November 19, 2025 Consideration of Approval of Advisory and Sub-Advisory Agreements for Virtus Silvant Growth Opportunities ETF (the "Fund")**

On November 19, 2025, 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 Investment Advisers, LLC (the "Adviser") and the Trust (the "Advisory Agreement") on behalf of the Fund; and an investment sub-advisory agreement among Silvant Capital Management LLC (the "Sub-Adviser"), the Adviser and the Trust (the "Sub-Advisory Agreement") on behalf of the Fund. The Advisory Agreement and the Sub-Advisory Agreement are collectively referred to herein as the "Investment Management Agreements."

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 Adviser Memorandum and the Sub-Adviser Memorandum contained information necessary for the Board to form a judgment as to whether the approval of the Investment Management Agreements would be in the best interests of the Fund and its shareholders.

**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 noted that many of the Trust's executive officers are employees of the Adviser and will 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 exchange-traded funds ("ETFs") and other investment vehicles 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 those arrangements, 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.

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 (the "Peer Group"). Specifically, the Board noted that the proposed management fee and estimated net expense ratio for the Fund was below the median and average management fees and net expense ratios of its Peer Group.

Other Information (unaudited) (continued)

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 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. 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.

*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 and/or other series of the Trust. 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 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 those 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 there would be 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 the Fund's expenses. The Board noted that, under those arrangements, 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. The Board also considered the proposed fees of the Fund as they relate to other mutual funds and/or ETFs sponsored by the Sub-Adviser. The Board also noted that the Sub-Adviser was

Other Information (unaudited) (continued)

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 Sub-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 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 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 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 its 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 with the Sub-Adviser on behalf of the Fund.

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

**March 5, 2025 Consideration of Approval of Advisory and Sub-Advisory Agreements for Virtus AlphaSimplex Global Macro ETF (the "Fund")**

On March 5, 2025, 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 Alternative Investment Advisers, LLC (the "Adviser") and the Trust (the "Advisory Agreement") on behalf of the Fund and an investment sub-advisory agreement among AlphaSimplex Group, LLC (the "Sub-Adviser"), the Adviser and the Trust (the "Sub-Advisory Agreement") on behalf of the Fund. The Advisory Agreement and Sub-Advisory Agreement are collectively referred to as "Investment Management Agreements."

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, which contained information necessary for the Board to form a judgment as to whether the approval of the Investment Management Agreements would be in the best interests of the Fund and its shareholders.

**Advisory Agreement** 

In deciding on whether to approve the Advisory Agreement, 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 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 noted that many of the Trust's executive officers are employees of the Adviser and will serve the Trust without additional compensation from the Fund. The Board also considered the information provided

Other Information (unaudited) (continued)

by the Adviser, 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 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 exchange-traded funds ("ETFs") and other investment vehicles 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 arrangement between the Adviser and the Fund under the Agreement. The Board considered that the 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 and expense ratio for the Fund were below the average of its Peer Group. The Board considered that a custom peer group was used for the Fund due to the lack of ETFs utilizing a similar principal investment strategy as the Fund.

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 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.

*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, 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

Other Information (unaudited) (continued)

limitation, the investment advisory services, the Sub-Adviser's compliance procedures and practices, and their efforts to promote the Fund. The Board also considered the quality of the services that the Sub-Adviser provides to other funds, including other series of the Trust. After reviewing the foregoing information and further information in the materials, 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 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 those strategies. After consideration of these factors, the Board determined that the Sub-Adviser would be an appropriate sub-adviser to the respective 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 arrangements between the Sub-Adviser and the Adviser under the Sub-Advisory Agreement. The Board considered the fact that there would be 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 the Fund's 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 ETFs and 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 Sub-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 contributing to the Fund's 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 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 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, were 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 with the Sub-Adviser on behalf of the Fund.

Other Information (unaudited) (continued)

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

**June 4, 2025 Consideration of Approval of Advisory and Sub-Advisory Agreements for:** **Virtus U.S. Dividend ETF ("VUS")** **Virtus International Dividend ETF ("VDI")** **(each a "Fund," and collectively, the Funds")**

On June 4, 2025, 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 Investment Advisers, LLC the "Adviser") and the Trust (the "Advisory Agreement") on behalf of each Fund; and an investment sub-advisory agreement among Virtus Advisers, LLC (the "Sub-Adviser"), operating through its Virtus Systematic division, the Adviser and the Trust (the "Sub-Advisory Agreement") on behalf of the Funds. The Advisory Agreement and Sub-Advisory Agreement are collectively referred to as "Investment Management Agreements."

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, which contained information necessary for the Board to form a judgment as to whether the approval of the Investment Management Agreements would be in the best interests of each Fund and its shareholders.

**Advisory Agreement** 

In deciding on whether to approve the Advisory Agreement, 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 each Fund, including, without limitation, the management, oversight, and administrative services that the Adviser and its employees will provide to each Fund, the services related to organizing each Fund, the Adviser's coordination of services for each Fund by the Trust's service providers, its compliance procedures and practices, and its efforts to promote each Fund. The Board noted that many of the Trust's executive officers are employees of the Adviser and will serve the Trust without additional compensation from the Funds. The Board also considered the information provided by the Adviser, 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 each Fund.

*Investment performance of the Funds 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 none of the Funds had 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 exchange-traded funds ("ETFs") and other investment vehicles 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 each Fund.

*The costs of the services to be provided and profits to be realized by the Adviser from its relationship with each Fund*. The Board examined and evaluated the proposed arrangements between the Adviser and each Fund under the Advisory Agreement. The Board considered that the Advisory Agreement provided for a "unified fee" structure pursuant to which a 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 each Fund for some period of time and considered the benefits that would accrue to the Funds.

The Board also considered the financial condition of the Adviser and the level of commitment to each Fund by the Adviser, including the Adviser's payment of startup costs for each Fund; potential benefits to the Adviser in managing each Fund, including promotion of the Adviser's name; and the interests of the Adviser in providing management and oversight services to each Fund. In addition, at the Meeting, the Board compared the proposed management fee and anticipated net expense ratio of each Fund to the management fees and net expense ratios of other funds considered by the Adviser to have similar investment objectives and strategies to each respective Fund (the "Peer Group"). The Board considered those Funds against both the ETFs in the Peer Group as well as against a sub-group comprised of only the actively managed ETFs in the Peer Group (the "Active Peer Group"). Accordingly, with respect to VUS, the Board considered that the proposed management fee and estimated net expense ratio were below the average management fee and net expense ratio of its Peer Group and Active Peer Group. With respect to VDI, the Board considered that the proposed management fee

Other Information (unaudited) (continued)

was above the average management fee of the Peer Group, but below the average management fee of the Active Peer Group, and that VDI's estimated net expense ratio was below the average expense ratio of the Peer Group and Active 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 would be appropriate and representative of arm's-length negotiations.

*The extent to which economies of scale would be realized as each Fund grows and whether management fee levels reflect these economies of scale for the benefit of a Fund's investors*. The Board considered the fees proposed to be paid to the Adviser. The Board also considered that each 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 each Fund's proposed fee arrangement would provide benefits through the unified fee structure, and that, at each Fund's projected asset levels, each Fund's proposed arrangement with the Adviser would be appropriate.

*Other benefits to be derived by the Adviser from its relationship with each Fund*. The Board considered material "fall-out" or ancillary benefits that would accrue to the Adviser as a result of its relationship with a Fund (other than the advisory fee). The Board noted that affiliates of the Adviser will serve as principal underwriter and operational administrator for each 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.

*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 Funds.

**Sub-Advisory Agreement** 

In deciding on whether to approve the Sub-Advisory Agreement, 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 their efforts to promote their respective Funds. The Board also considered the quality of the services that the Sub-Adviser provide to other funds, including, as applicable, other series of the Trust. After reviewing the foregoing information and further information in the materials, the Board concluded that the quality, extent, and nature of the services proposed to be provided by each Sub-Adviser would be satisfactory and adequate for the respective 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 and the experience of the Sub-Adviser's portfolio managers. The Board discussed with the Sub-Adviser the investment objective and strategies for each Fund and the Sub-Adviser's plans for implementing those strategies. After consideration of these factors, the Board determined that the Sub-Adviser would be an appropriate sub-adviser to the respective Fund.

*The costs of the services to be provided and profits to be realized by the Sub-Adviser from its relationship with the respective Fund*. The Board examined and evaluated the proposed arrangements between the Sub-Adviser and the Adviser under the Sub-Advisory Agreement. The Board considered the fact that there would be a "unified fee" structure pursuant to which a 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 each Fund's expenses. The Board noted that, under the unified fee arrangement, the Sub-Adviser would likely supplement a portion of the cost of operating each Fund for some period of time and considered the benefits that would accrue to the Funds.

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 each Fund by the Sub-Adviser; the projected asset levels of each Fund; and the overall projected expenses of each Fund. The Board also considered potential benefits to the Sub-Adviser in sub-advising the respective Fund, including promotion of the name of the Sub-Adviser.

Other Information (unaudited) (continued)

The Board compared the proposed fees and anticipated expenses of each Fund (including the sub-advisory fee) to other funds considered by the Adviser to have investment objectives and strategies similar to the respective Fund, as noted above. The Board also considered the proposed fees of each Fund as they relate to other ETFs and 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 Sub-Advisory Agreement) would be appropriate and representative of arm's-length negotiations.

*The extent to which economies of scale would be realized as each Fund grows and whether sub-advisory fee levels reflect these economies of scale for the benefit of a Fund's investors*. The Board considered the fees proposed to be paid to the Sub-Adviser. The Board considered that each Fund would likely experience benefits from the proposed unified fee arrangement, particularly where the Sub-Adviser is contributing to the Fund's expenses in excess of its sub-advisory fee. The Board considered that each 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 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 each Fund's proposed fee arrangement would provide benefits through the unified fee structure, and that, at each Fund's projected asset levels, each Fund's proposed arrangement with the Sub-Adviser would be appropriate.

*Other benefits to be derived by the Sub-Adviser from its relationship with the respective 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 respective 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 Funds 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, were 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 with the Sub-Adviser on behalf of the Funds.

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>.

8572(03/26)

![](virtus-ncsrs_013126img002.gif)

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

Hartford, Connecticut 06103

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Please refer to the Other Information Section in Item 7(a).

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Please refer to the Other Information Section in Item 7(a).

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Please refer to the Other Information Section in Item 7(a).

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Please refer to the Other Information Section in Item 7(a).

**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.**

(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.

(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) Not applicable.

(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes Oxley Act of 2002 are attached hereto.](ex99906-cert.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, Chief Executive Officer and Principal Executive Officer (Principal Executive Officer)

Date <u>April 8, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ William J. Smalley |

---

William J. Smalley, President, Chief Executive Officer and Principal Executive Officer (Principal Executive Officer)

Date <u>April 8, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ W. Patrick Bradley |

---

W. Patrick Bradley, Executive Vice President, Treasurer, Chief Financial Officer & Principal Financial Officer (Principal Financial Officer/Principal Accounting Officer)

Date <u>April 8, 2026</u>

 

 

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

## Ex-99.Cert

[Virtus ETF Trust II N-CSRS](virtus-ncsrs_013126.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: | April 8, 2026 | /s/ William J. Smalley |

---

William J. Smalley, President, Chief Executive Officer<br> 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: | April 8, 2026 | /s/ W. Patrick Bradley |

---

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. Patrick Bradley, Executive Vice President, Treasurer,<br> Chief Financial Officer & Principal Financial Officer

(Principal Financial Officer/Principal Accounting Officer)

## Exhibit 99.906

[Virtus ETF Trust II N-CSRS](virtus-ncsrs_013126.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 containing the financial statements (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: | April 8, 2026 | /s/ William J. Smalley |

---

William J. Smalley, President, Chief Executive Officer<br> and Principal Executive Officer

(Principal Executive Officer)

I, W. Patrick Bradley, Executive Vice President, Treasurer, Chief Financial Officer and 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 containing the financial statements (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.

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|:---|:---|:---|
| Date: | April 8, 2026 | /s/ W. Patrick Bradley |

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. Patrick Bradley, Executive Vice President, Treasurer,<br> Chief Financial Officer & Principal Financial Officer

(Principal Financial Officer/Principal Accounting Officer)