# EDGAR Filing Document

**Accession Number:** 0001559109
**File Stem:** 0001999371-26-007864
**Filing Date:** 2026-4
**Character Count:** 67177
**Document Hash:** 0b525e20e23581ecee26da99fbb46f00
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-007864.hdr.sgml**: 20260408

**ACCESSION NUMBER**: 0001999371-26-007864

**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:** ETFis Series Trust I
- **CENTRAL INDEX KEY:** 0001559109

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22819
- **FILM NUMBER:** 26846802

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 AVENUE OF THE AMERICAS
- **STREET 2:** 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **BUSINESS PHONE:** 2125934383

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

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

## Series and Classes Contracts Data

### Virtus Reaves Utilities ETF (Series ID: S000049397)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000156214 | Virtus Reaves Utilities ETF | UTES            |

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

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

**FORM N-CSR**

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

Investment Company Act File Number: **811-22819**

**ETFis Series Trust I**

------

(Exact name of registrant as specified in charter)

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

------

(Address of principal executive offices) (Zip code)

**ETFis Series Trust I**

**c/o Corporation Service Company**

**2711 Centerville Road, Suite 400**

**Wilmington, DE 19808**

------

(Name and address of agent for service)

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

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

Date of reporting period: **January 31, 2026**

**Item 1. Reports to Stockholders.**

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

# Virtus Reaves Utilities ETF
![Image](i8b7b9932ceade3d0bb9f2ec1.jpg)

# UTES / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| January 31, 2026
This semi-annual shareholder report contains important information about the Virtus Reaves Utilities 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 Reaves Utilities ETF | $24 | 0.49%<sup>Footnote Reference(a)</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Utilities | 100.0% |

---

---

| | |
|:---|:---|
| 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 | $1408421389 |
| Total number of portfolio holdings | 18 |
| 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](i41fd8896345134a2b4551c81.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 Reaves Utilities 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.**

(a) Please refer to Item 7(a).

(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:

![](reaves-ncsrs_013126img001.gif)

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

**ETFis Series Trust I** January 31, 2026

**VIRTUS REAVES UTILITIES ETF**

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page(s)** |
| Schedule of Investments  | 1 |
| Statement of Assets and Liabilities  | 2 |
| Statement of Operations  | 3 |
| Statements of Changes in Net Assets  | 4 |
| Financial Highlights  | 5 |
| Notes to Financial Statements  | 6 |
| Other Information  | 10 |
| Supplemental Information  | 13 |

---

Schedule of Investments — Virtus Reaves Utilities ETF

January 31, 2026 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS — 98.2%** |  |  |
| **Utilities — 98.2%** |  |  |
| Alliant Energy Corp.  | 1033903 | $68144547 |
| Ameren Corp.  | 507868 | 52452607 |
| CenterPoint Energy, Inc.  | 2355526 | 93490827 |
| CMS Energy Corp.  | 793952 | 56759628 |
| Constellation Energy Corp.  | 550503 | 154515182 |
| Entergy Corp.  | 708457 | 67933942 |
| IDACORP, Inc.  | 451876 | 60004614 |
| NextEra Energy, Inc.  | 777161 | 68312452 |
| NiSource, Inc.  | 1528455 | 67695272 |
| NRG Energy, Inc.  | 427290 | 65217273 |
| OGE Energy Corp.  | 340811 | 14886624 |
| Pinnacle West Capital Corp.  | 472482 | 44205416 |
| PPL Corp.  | 1871831 | 67853874 |
| Sempra  | 782191 | 68058439 |
| Talen Energy Corp.\*  | 465461 | 162147994 |
| Vistra Corp.  | 1008460 | 159689641 |
| WEC Energy Group, Inc.  | 84544 | 9356484 |
| Xcel Energy, Inc.  | 1344410 | 102255825 |
| **TOTAL INVESTMENTS — 98.2%** |  |  |
| (Cost $1,360,142,696)  |  | **1382980641** |
| Other Assets in Excess of Liabilities **—** 1.8% |  | 25440748 |
| **Net Assets — 100.0%**  |  | **$1408421389** |

---

------

\*Non-income producing security.

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;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  | $1382980641<br>| $—<br>| $—<br>| $1382980641<br>|
| **Total**  | **$** **1382980641**<br>| **$** **—**<br>| **$** **—**<br>| **$** **1382980641**<br>|

---

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

January 31, 2026 (unaudited)

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

---

| | |
|:---|:---|
|  | **Virtus Reaves Utilities ETF** |
| **Assets:** |  |
| Investments, at cost  | $1360142696<br>|
| Investments, at value  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1382980641 |
| Cash  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32888132 |
| Receivables:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558862 |
| Prepaid expenses  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346 |
| **Total Assets**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1416427981 |
| **Liabilities:**  |  |
| Payables:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7402996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-Advisory fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 603596 |
| **Total Liabilities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8006592 |
| **Net Assets**  | **$** **1408421389**<br>|
| **Net Assets Consist of:**  |  |
| Paid-in capital  | $1358581467<br>|
| Total distributable earnings (accumulated deficit)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49839922 |
| **Net Assets**  | **$** **1408421389**<br>|
| Shares outstanding (unlimited number of shares of beneficial interest authorized, no par value)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18150004 |
| Net asset value per share  | $77.60<br>|

---

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

Statement of Operations (FORM N-CSR ITEM 7)

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

---

| | |
|:---|:---|
|  | **Virtus Reaves Utilities ETF** |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income  | $10410748<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14036 |
| **Total Investment Income**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10424784 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-Advisory fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2976618 |
| **Total Expenses**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2976618 |
| **Net Investment Income**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **7448166** |
| **Net Realized Gain (Loss) on:** |  |
| Investments  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791172 |
| In-kind redemptions  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34927888 |
| **Total Net Realized Gain**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35719060 |
| **Change in Net Unrealized Appreciation (Depreciation) on:** |  |
| Investments  | (119334847) |
| **Total Change in Net Unrealized Depreciation**  | (119334847) |
| Net Realized and Change in Unrealized Loss  | (83615787) |
| **Net Decrease in Net Assets Resulting from Operations**  | **$** **(76167621)** |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Virtus Reaves Utilities ETF** | **Virtus Reaves Utilities ETF** |
|  | **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  | $7448166<br>| $5386797<br>|
| Net realized gain  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35719060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12908517 |
| Net change in unrealized appreciation (depreciation)  | (119334847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130578668 |
| Net increase (decrease) in net assets resulting from operations  | (76167621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148873982 |
| Distributions to Shareholders  | (10055023) | (4960004) |
| **Shareholder Transactions:** |  |  |
| Proceeds from shares sold  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 853977047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545163004 |
| Cost of shares redeemed  | (107035033) | (52322619) |
| Net increase in net assets resulting from shareholder transactions  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746942014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492840385 |
| Increase in net assets  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660719370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636754363 |
| **Net Assets:** |  |  |
| Beginning of period/year  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747702019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110947656 |
| End of period/year  | $1408421389<br>| $747702019<br>|
| **Changes in Shares Outstanding:** |  |  |
| Shares outstanding, beginning of period/year  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9100004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2050004 |
| Shares sold  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7850000 |
| Shares redeemed  | (1350000) | (800000) |
| Shares outstanding, end of period/year  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18150004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9100004 |

---

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

Financial Highlights (FORM N-CSR ITEM 7)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Virtus Reaves Utilities ETF** | **Virtus Reaves Utilities ETF** | **Virtus Reaves Utilities ETF** | **Virtus Reaves Utilities ETF** | **Virtus Reaves Utilities ETF** | **Virtus Reaves Utilities ETF** | **Virtus Reaves Utilities ETF** |
|  | **For the<br>Six Months <br>Ended<br>January 31, 2026<br>(unaudited)** | **For the<br>Six Months <br>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<br> each period presented:** |  |  |  |  |  |  |  |
| Net asset value, beginning of period  |  | $82.17<br>| $54.12<br>| $46.53<br>| $48.66<br>| $42.58<br>| $38.99<br>|
| Investment operations:  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  |  | 0.50 | 1.06 | 1.02 | 0.93 | 0.95 | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized<br> gain (loss)  |  | (4.45) | 27.93 | 7.69 | (2.00) | 6.07 | 3.62 |
| Total from investment operations |  | (3.95) | 28.99 | 8.71 | (1.07) | 7.02 | 4.47 |
| **Less Distributions from:** |  |  |  |  |  |  |  |
| Net investment income  |  | (0.62) | (0.94) | (1.12) | (1.06) | (0.94) | (0.88) |
| Total distributions  |  | (0.62) | (0.94) | (1.12) | (1.06) | (0.94) | (0.88) |
| **Net Asset Value, End of period**  |  | $77.60<br>| $82.17<br>| $54.12<br>| $46.53<br>| $48.66<br>| $42.58<br>|
| Net Asset Value Total Return<sup>2</sup>  |  | (4.83)% | 53.98% | 19.12% | (2.19)% | 16.70% | 11.69% |
| Net assets, end of period <br>(000's omitted)  |  | $1408421<br>| $747702<br>| $110948<br>| $44204<br>| $51096<br>| $36197<br>|
| **RATIOS/SUPPLEMENTAL DATA:** | **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |  |
| Expenses  |  | 0.49%<sup>3</sup> | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
| Net investment income  |  | 1.23%<sup>3</sup> | 1.57% | 2.15% | 2.01% | 2.09% | 2.10% |
| Portfolio turnover rate<sup>4</sup>  |  | 20%<sup>5</sup> | 66% | 51% | 60% | 43% | 19% |

---

------

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.

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

5Not annualized.

Notes to Financial Statements

January 31, 2026 (unaudited)

**1. ORGANIZATION**

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

At January 31, 2026, ten funds of the Trust are offered for sale. The Virtus Reaves Utilities ETF (the "Fund"), a separate investment portfolio of the Trust, is presented in this semi-annual report. The offering of shares of the Fund is registered under the Securities Act of 1933, as amended (the "Securities Act").

The Fund is a "non-diversified" Fund, as defined under the 1940 Act.

The Fund's investment objective is to seek to provide total return through a combination of capital appreciation and income. There is no guarantee that the Fund will achieve its objective.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

**(a) Use of Estimates**

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

**(b) Indemnification**

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

**(c) Security Valuation**

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

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

**(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 Fund's' investments. The Adviser, on behalf of the Fund, utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. These inputs are summarized in the following hierarchy:

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

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

Notes to Financial Statements (continued)

January 31, 2026 (unaudited)

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy classification of inputs used to value the Fund's investments at January 31, 2026 is disclosed at the end of the Fund's Schedule of Investments.

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

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

**(f) Expenses**

The Fund pays all of its expenses not assumed by W. H. Reaves & Co., Inc. doing business as Reaves Asset Management (the "Sub- Adviser"). General Trust expenses that are allocated among and charged to the assets of the Fund and other series of the Trust are done so on a basis that the Board deems fair and equitable, which may be on a basis of relative net assets of the Fund and other series of the Trust or the nature of the services performed and relative applicability to the Fund and other series of the Trust.

**(g) Distributions to Shareholders**

Distributions are recorded by the Fund 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.

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

**Investment Advisory Agreement**

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

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

**Sub-Advisory Agreement**

The Sub-Adviser provides investment advice and management services to the Fund. Pursuant to an investment sub-advisory agreement among the Trust, the Sub-Adviser and the Adviser, the Fund pays the Sub-Adviser a fee from the Fund, payable monthly, at an annual rate of 0.49% of the Fund's average daily net assets. The Sub-Adviser has agreed to pay all expenses of the Fund (including the management fee paid to the Adviser), except for the following expenses, each of which is paid by the Fund: the Sub-Adviser's fee, brokerage expenses, acquired fund fees and expenses, taxes, interest, litigation and arbitration expenses, fees for professional services stemming from litigation or arbitration, payments under any 12b-1 plan adopted by the Fund, and other extraordinary expenses of the Fund.

**Principal Underwriter**

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

**Operational Administrator**

Virtus ETF Solutions LLC (the "Administrator") serves as the Fund's operational administrator. The Administrator supervises the overall administration of the Trust and the Fund including, among other responsibilities, the coordination and day-to-day oversight of the Fund's operations, the service providers' communications with the Fund and each other and assistance with Trust, Board and contractual

Notes to Financial Statements (continued)

January 31, 2026 (unaudited)

matters related to the Fund 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 Fund's accounting services administrator. BNY Mellon also serves as the custodian for the Fund's assets, and serves as transfer agent and dividend paying agent for the Fund.

**Affiliated Shareholders**

At January 31, 2026, the Sub-Adviser held 28,457 shares of the Fund, which represent 0.2% of shares outstanding. These shares may be sold at any time.

**4. CREATION AND REDEMPTION TRANSACTIONS**

The Fund issues and redeems shares on a continuous basis at net asset value in aggregate blocks of shares or multiples thereof called "Creation Units." The Fund's Creation Units may be issued and redeemed generally for cash or an in-kind deposit of securities held by the Fund. In each instance of cash creations or redemptions, the Trust may impose transaction fees based on transaction expenses related to the particular exchange that will be higher than the transaction fees associated with in-kind purchases or redemptions. Only "Authorized Participants" who have entered into contractual arrangements with the Distributor may purchase or redeem shares directly from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

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

**5. FEDERAL INCOME TAX**

The Fund intends to qualify as a "regulated investment company" under Sub-chapter M of the Internal Revenue Code of 1986 (the "Code"), as amended. The Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders. Therefore, no federal income or excise tax provision is required. Accounting for Uncertainty in Income Taxes as issued by the 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 the 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 Fund 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 Fund did not have a liability for any unrecognized tax benefits or uncertain tax positions that would require recognition in the financial statements. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

**6. 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:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Sales** | **Subscriptions<br> In-Kind** | **Redemptions<br> In-Kind** |
| $232757800 | $238966036 | $836385122 | $108837035 |

---

Notes to Financial Statements (continued)

January 31, 2026 (unaudited)

**7. INVESTMENT RISKS**

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

**8. ASSET CONCENTRATION RISK**

The Fund invests a high percentage of its assets in the securities of issuers engaged primarily in utilities-related industries. Fluctuations in these industries of concentration will have a greater impact on the Fund, positive or negative, than if the Fund did not concentrate its investments in such industries.

**9. 10% SHAREHOLDERS**

At January 31, 2026, the Fund had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of the Fund as detailed below:

---

| | |
|:---|:---|
| **% of Shares Outstanding** | **Number of Accounts** |
| 68% | 4 |

---

**10. SEGMENT REPORTING**

Accounting Standards Codification ("ASC") 280, Segment Reporting, established disclosure requirements relating to operating segments in financial statements. The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic280): 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 Fund financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**11. SUBSEQUENT EVENTS**

Management has evaluated the impact of all subsequent events on the Fund 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 Reaves Utilities ETF**

During executive session, the Independent Trustees of ETFis Series Trust I (the "Trust") considered the following factors in connection with their approval of the continuance of the advisory and sub-advisory agreements.

**November 19, 2025 Annual Consideration of Advisory and Sub-Advisory Agreements for Virtus Reaves Utilities 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 for the Fund the continuance of an investment advisory agreement between Virtus Investment Advisers, LLC (the "Adviser") as successor in interest to Virtus ETF Advisers and the Trust (the "Advisory Agreement"), and an investment sub-advisory agreement among W. H. Reaves & Co., Inc. d/b/a/ Reaves Asset Management (the "Sub-Adviser"), the Adviser and the Trust (the "Sub-Advisory Agreement"). 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 (each, a "Sub-Adviser Memorandum"). The Adviser Memorandum and Sub-Adviser Memorandum contained 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 the Fund and its shareholders. With respect to the Investment Management Agreements,

Other Information (unaudited) (continued)

the Board considered information furnished throughout the year at regular Board meetings with respect to the services provided by the Adviser and the 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 Agreement** 

In deciding on whether to approve the continuance of 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 provided by the Adviser*. The Board considered the responsibilities the Adviser has under the Advisory Agreement, and the services provided by the Adviser to the Fund, including, without limitation, management, oversight, and administrative services, 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 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 provided by the Adviser are 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 has provided, or will provide, to the Fund. In this regard, the Board received information from the Adviser regarding, among other things, the Adviser's experience in organizing, managing and overseeing the Fund and other investment vehicles and coordinating its operation and administration. In particular, the Board received and reviewed information comparing the Fund's performance to its applicable peer group. In conducting its review, the Board considered the fact that the Fund was sub-advised, and thus its performance results were specifically relevant to the Sub-Adviser's portfolio management capabilities. 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 provided and profits realized by the Adviser from its relationship with the Fund*. The Board examined and evaluated the arrangement between the Adviser and the Fund under the Advisory Agreement. The Board considered the fact that the Fund utilizes a "unified fee" structure in which the Fund's ordinary operating expenses (subject to customary exclusions) are paid from the Sub-Adviser's management fee.

The Board also considered 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 management fee and 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. Specifically, the Board noted that the management fee and net expense ratio for the Fund were higher than the average, but below the maximum, management fees and net expense ratios of its peer group.

Following these comparisons and upon further consideration and discussion of the foregoing, the Board concluded that the fees paid to the Adviser (pursuant to the Sub-Advisory Agreement) are 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 assets under management ("AUM") and operational history the Fund, together with the fees paid to the Adviser. The Board considered that the Fund is subject to a unified fee. The Board considered that the Fund has experienced benefits from the unified fee arrangement and would continue to do so. Accordingly, the Board concluded that the Fund's fee arrangement provides benefits through the unified fee structure, and that, at the Fund's current and projected asset levels, the Fund's arrangement with the Adviser is appropriate.

*Other benefits derived by the Adviser from its relationship with the Fund*. The Board considered material "fall-out" or ancillary benefits that 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 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 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 Advisory Agreement on behalf of the Fund.

Other Information (unaudited) (continued)

**Sub-Advisory Agreement** 

In deciding on whether to approve the continuance of 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 provided by the Sub-Adviser*. The Board considered the responsibilities the Sub-Adviser has under the Sub-Advisory Agreement and the services provided by the Sub-Adviser including, without limitation, its investment advisory services and the Sub-Adviser's compliance procedures and practices, and its efforts to promote the Fund. 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 and the Sub-Adviser's Form ADV), the Board concluded that the quality, extent, and nature of the services provided by the Sub-Adviser are satisfactory and adequate for the Fund.

*Investment performance of the Fund and the Sub-Adviser*. The Board evaluated the experience of the Sub-Adviser in carrying out the day-to-day management of the Fund's portfolio. In particular, the Board received and reviewed information from the Adviser regarding the performance of the Sub-Adviser in implementing the investment objective and strategies for the Fund. Specifically, the Board noted that the Fund had outperformed the average and median performance of its peer group for each of the one-year, three-year, and five-year periods and outperformed all of the funds in its peer group during those periods. After consideration of these factors, the Board determined that the Sub-Adviser continued to be an appropriate sub-adviser to the Fund and that the Fund had satisfactory performance.

*The costs of the services provided and profits realized by the Sub-Adviser from its relationship with the Fund*. The Board examined and evaluated the arrangement between the Sub-Adviser and the Adviser under the Sub-Advisory Agreement. The Board considered the fact that the Fund utilizes a "unified fee" structure in which the Fund's ordinary operating expenses (subject to customary exclusions) are paid from the Sub-Adviser's management fee. The Board noted that, under such an 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 current and projected asset levels of the Fund; and the overall expenses of the Fund. The Board also considered potential benefits to the Sub-Adviser in sub-advising the Fund, including promotion of the Sub-Adviser's name.

The Board compared the fees and 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, 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-Adviser by the Fund are 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 AUM and operational history of the Fund, together with the fees paid to the Sub-Adviser. The Board considered that the Fund is subject to a unified fee. The Board considered that the Fund has experienced benefits from the unified fee arrangement, particularly where the Sub-Adviser is paying Fund expenses in excess of the unified fee. The Board considered that the Fund would continue to experience such benefits even after the Fund's assets grow to a level where the Sub-Adviser is no longer required to reimburse the Fund's ordinary operating expenses in excess of the amount received by the Sub-Adviser under the unified fee. Accordingly, the Board concluded that the Fund's fee arrangement provides benefits through the unified fee structure and that, at the Fund's current and projected asset levels, the Fund's arrangement with the Sub-Adviser is appropriate.

*Other benefits derived by the Sub-Adviser from its relationship with the Fund.* The Board considered material "fall-out" or ancillary benefits that accrue to the Sub-Adviser as a result of its relationship with the Fund (other than the sub-advisory fee). 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 continuance 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 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 the Sub-Advisory Agreement, with the Sub-Adviser on behalf of the Fund.

Supplemental Information (unaudited)

**DISCOUNT & PREMIUM INFORMATION**

The Fund's 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 Fund uses 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 Fund's website at <u>www.virtusetfs.com</u>.

Information regarding how the Fund 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)

![](reaves-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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal
 executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation
 of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17
 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are
 effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed,
 summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that
 information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated
 to the registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely
 decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's
 internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during
 the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's
 internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Disclosure not required for open-end management investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

Not applicable.

**Item 19. Exhibits.**

(a)(1) 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;(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | ETFis Series Trust I |
| By (Signature and Title)\* | /s/ William J. Smalley |
|  | William J. Smalley, President, Chief Executive Officer and Principal Executive Officer |
|  | (Principal Executive Officer) |
| Date | April 8, 2026 |

---

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 |
| Date | April 8, 2026 |

---

---

| | |
|:---|:---|
| 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 | April 8, 2026 |

---

 

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

## Ex-99.Cert

[ETFis Series Trust I N-CSRS](utes-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 ETFis Series Trust I;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that
 occurred during the period covered by this report that has materially affected, or is reasonably
 likely to materially affect, the registrant's internal control over financial reporting;
 and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | April 8, 2026 | /s/ William J. Smalley |
|  |  | William J. Smalley |
|  |  | President, Chief Executive Officer and Principal Executive Officer |
|  |  | (Principal Executive Officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, W. Patrick Bradley, certify that:

1. I
 have reviewed this report on Form N-CSR of ETFis Series Trust I;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3 (d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that
 occurred during the period covered by this report that has materially affected, or is reasonably
 likely to materially affect, the registrant's internal control over financial reporting;
 and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | April 8, 2026 | /s/ W. Patrick Bradley |
|  |  | W. Patrick Bradley, Executive Vice President, Treasurer, <br> Chief Financial Officer & Principal Financial Officer |
|  |  | (Principal Financial Officer/Principal Accounting Officer) |

---

## Exhibit 99.906

[ETFis Series Trust I N-CSRS](utes-ncsrs_013126.htm)

**Exhibit 99.906 CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, William J. Smalley, President and Principal Executive Officer of ETFis Series Trust I (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Form N-CSR of the Registrant 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 and Principal Executive Officer |
|  |  | (Principal Executive Officer) |

---

I, W. Patrick Bradley, Executive Vice President, Treasurer, Chief Financial Officer and Principal Financial Officer of ETFis Series Trust I (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Form N-CSR of the Registrant 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/ W. Patrick Bradley |
|  |  | W. Patrick Bradley, Executive Vice President, Treasurer,<br> Chief Financial Officer & Principal Financial Officer |
|  |  | (Principal Financial Officer/Principal Accounting Officer) |

---