# EDGAR Filing Document

**Accession Number:** 0001559109
**File Stem:** 0001999371-25-014961
**Filing Date:** 2025-10
**Character Count:** 83760
**Document Hash:** c3bcae781178e9959192d71bf87c8bcf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-014961.hdr.sgml**: 20251008

**ACCESSION NUMBER**: 0001999371-25-014961

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251008

**DATE AS OF CHANGE**: 20251008

**EFFECTIVENESS DATE**: 20251008

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22819
- **FILM NUMBER:** 251382975

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

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

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

## Series and Classes Contracts Data

### 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: **July 31, 2025**

**Item 1. Reports to Stockholders.**

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

# Virtus Reaves Utilities ETF
![Image](i891b2e9ef01345d926f1555d.jpg)

# UTES / NYSE Arca, Inc.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Reaves Utilities ETF | $62 | 0.49% |

---

## **Commentary by Reaves Asset Management** 
For the fiscal year ended July 31, 2025, the Fund at NAV returned 53.98%. For the same period, the S&P 500<sup>®</sup> Index, a broad-based securities market index, returned 16.33%, and the S&P 500<sup>®</sup> Utilities Index, which serves as the style-specific index, returned 21.26%.

## **What factors impacted Fund performance over the reporting period?** 
Stock selection contributed to the Fund's outperformance during the fiscal year. Overweight positions in merchant energy companies such as Vistra Corp, Talen Energy, Constellation Energy, and NRG Energy contributed to performance. Other top contributors were Entergy Corp. and CenterPoint Energy. The Fund also benefited from increasing demand for electricity and the earnings and dividend growth of certain holdings. The biggest detractors from performance were NextEra Energy, Sempra, New Jersey Resources, OGE Energy, and Southern Company. Regional wildfires also detracted from performance, while interest rates had a neutral impact.

#### FACTOR

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

# SUMMARY
Increasing demand for electricity

# Positive

# Merchant power companies, which sell electricity in the wholesale market, benefited from increasing demand fueled by the expansion of artificial intelligence.

# Interest rates
Neutral

# The yield on the 10-year US Treasury Note was stable over most of the fiscal year.

# Earnings and dividend growth

# Positive

# Most companies owned during the fiscal year experienced growth in line with or ahead of expectations. Forward multi-year guidance was also positive.

# Regional wildfires

# Negative
Large wildfire in California impacted the service territory of one holding creating uncertainty about potential liabilities to the company from resulting damage.

Virtus Reaves Utilities ETF \| 1

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

## How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund from inception. It assumes a $10,000 initial investment from inception, in an appropriate, broad-based securities market index and style-specific index for the same period. Performance assumes reinvestment of dividends and capital gains distributions.

### Growth of $10,000
![A line chart as described in the following paragraph](ib273852a173f91a7aa0822da.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Virtus Reaves Utilities ETF - NAV $41,141** | **S&P 500<sup>®</sup> Index $38,908** | **S&P 500<sup>®</sup> Utilities Index $28,273** |
| **9/23/15** | $10000 | $10000 | $10000 |
| **9/30/15** | $10330 | $9908 | $10316 |
| **10/31/15** | $10543 | $10743 | $10429 |
| **11/30/15** | $10427 | $10775 | $10205 |
| **12/31/15** | $10609 | $10605 | $10426 |
| **1/31/16** | $11175 | $10079 | $10941 |
| **2/29/16** | $11333 | $10065 | $11153 |
| **3/31/16** | $12104 | $10748 | $12049 |
| **4/30/16** | $11888 | $10790 | $11758 |
| **5/31/16** | $12182 | $10984 | $11936 |
| **6/30/16** | $13224 | $11012 | $12868 |
| **7/31/16** | $13085 | $11418 | $12779 |
| **8/31/16** | $12376 | $11434 | $12060 |
| **9/30/16** | $12452 | $11436 | $12108 |
| **10/31/16** | $12564 | $11228 | $12213 |
| **11/30/16** | $11859 | $11644 | $11553 |
| **12/31/16** | $12282 | $11874 | $12124 |
| **1/31/17** | $12530 | $12099 | $12276 |
| **2/28/17** | $13184 | $12579 | $12924 |
| **3/31/17** | $13176 | $12594 | $12900 |
| **4/30/17** | $13479 | $12723 | $13001 |
| **5/31/17** | $13993 | $12902 | $13552 |
| **6/30/17** | $13770 | $12983 | $13186 |
| **7/31/17** | $14078 | $13250 | $13507 |
| **8/31/17** | $14488 | $13290 | $13947 |
| **9/30/17** | $13995 | $13565 | $13564 |
| **10/31/17** | $14245 | $13881 | $14094 |
| **11/30/17** | $14599 | $14307 | $14481 |
| **12/31/17** | $13935 | $14466 | $13592 |
| **1/31/18** | $13632 | $15294 | $13175 |
| **2/28/18** | $12997 | $14730 | $12667 |
| **3/31/18** | $13567 | $14356 | $13144 |
| **4/30/18** | $13983 | $14411 | $13420 |
| **5/31/18** | $13983 | $14758 | $13268 |
| **6/30/18** | $14382 | $14849 | $13636 |
| **7/31/18** | $14507 | $15402 | $13890 |
| **8/31/18** | $14719 | $15904 | $14045 |
| **9/30/18** | $14676 | $15994 | $13961 |
| **10/31/18** | $14716 | $14901 | $14234 |
| **11/30/18** | $15492 | $15204 | $14744 |
| **12/31/18** | $14701 | $13832 | $14151 |
| **1/31/19** | $15283 | $14940 | $14636 |
| **2/28/19** | $15899 | $15420 | $15245 |
| **3/31/19** | $16432 | $15719 | $15685 |
| **4/30/19** | $16525 | $16356 | $15830 |
| **5/31/19** | $16525 | $15316 | $15709 |
| **6/30/19** | $17064 | $16396 | $16230 |
| **7/31/19** | $17042 | $16632 | $16185 |
| **8/31/19** | $17864 | $16368 | $17020 |
| **9/30/19** | $18507 | $16674 | $17745 |
| **10/31/19** | $18230 | $17036 | $17610 |
| **11/30/19** | $17803 | $17654 | $17285 |
| **12/31/19** | $18342 | $18187 | $17879 |
| **1/31/20** | $19240 | $18180 | $19069 |
| **2/29/20** | $17448 | $16683 | $17185 |
| **3/31/20** | $15743 | $14623 | $15465 |
| **4/30/20** | $16146 | $16497 | $15962 |
| **5/31/20** | $16802 | $17283 | $16665 |
| **6/30/20** | $16141 | $17626 | $15888 |
| **7/31/20** | $17594 | $18620 | $17129 |
| **8/31/20** | $17180 | $19959 | $16675 |
| **9/30/20** | $17112 | $19200 | $16863 |
| **10/31/20** | $17894 | $18690 | $17713 |
| **11/30/20** | $18171 | $20736 | $17840 |
| **12/31/20** | $18386 | $21533 | $17966 |
| **1/31/21** | $18303 | $21315 | $17801 |
| **2/28/21** | $17230 | $21903 | $16712 |
| **3/31/21** | $18998 | $22863 | $18468 |
| **4/30/21** | $19708 | $24083 | $19258 |
| **5/31/21** | $19224 | $24251 | $18801 |
| **6/30/21** | $18885 | $24817 | $18393 |
| **7/31/21** | $19650 | $25407 | $19190 |
| **8/31/21** | $20538 | $26179 | $19954 |
| **9/30/21** | $19332 | $24961 | $18720 |
| **10/31/21** | $20496 | $26710 | $19606 |
| **11/30/21** | $20310 | $26525 | $19282 |
| **12/31/21** | $22181 | $27714 | $21140 |
| **1/31/22** | $21201 | $26280 | $20449 |
| **2/28/22** | $20966 | $25493 | $20070 |
| **3/31/22** | $22974 | $26440 | $22149 |
| **4/30/22** | $21779 | $24134 | $21208 |
| **5/31/22** | $22660 | $24178 | $22124 |
| **6/30/22** | $21507 | $22182 | $21023 |
| **7/31/22** | $22932 | $24228 | $22180 |
| **8/31/22** | $22940 | $23240 | $22292 |
| **9/30/22** | $20458 | $21099 | $19764 |
| **10/31/22** | $21100 | $22808 | $20170 |
| **11/30/22** | $22779 | $24082 | $21585 |
| **12/31/22** | $22360 | $22695 | $21471 |
| **1/31/23** | $22002 | $24121 | $21042 |
| **2/28/23** | $20948 | $23532 | $19801 |
| **3/31/23** | $21918 | $24396 | $20774 |
| **4/30/23** | $22177 | $24777 | $21163 |
| **5/31/23** | $21387 | $24885 | $19921 |
| **6/30/23** | $21883 | $26529 | $20250 |
| **7/31/23** | $22429 | $27381 | $20751 |
| **8/31/23** | $21291 | $26945 | $19473 |
| **9/30/23** | $20178 | $25661 | $18377 |
| **10/31/23** | $20439 | $25121 | $18613 |
| **11/30/23** | $21349 | $27415 | $19576 |
| **12/31/23** | $21823 | $28661 | $19951 |
| **1/31/24** | $21215 | $29142 | $19349 |
| **2/29/24** | $22051 | $30698 | $19566 |
| **3/31/24** | $23833 | $31686 | $20861 |
| **4/30/24** | $24311 | $30392 | $21205 |
| **5/31/24** | $27200 | $31899 | $23108 |
| **6/30/24** | $25580 | $33043 | $21834 |
| **7/31/24** | $26718 | $33446 | $23315 |
| **8/31/24** | $28271 | $34257 | $24449 |
| **9/30/24** | $31648 | $34989 | $26062 |
| **10/31/24** | $31805 | $34671 | $25795 |
| **11/30/24** | $34527 | $36706 | $26748 |
| **12/31/24** | $31708 | $35831 | $24625 |
| **1/31/25** | $33934 | $36829 | $25347 |
| **2/28/25** | $33094 | $36349 | $25775 |
| **3/31/25** | $32242 | $34301 | $25841 |
| **4/30/25** | $33298 | $34068 | $25866 |
| **5/31/25** | $36257 | $36213 | $26858 |
| **6/30/25** | $37833 | $38054 | $26943 |
| **7/31/25** | $41141 | $38908 | $28273 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURNS** | **1 Year** | **5 Years** | **Since Inception 9/23/15** |
| **Virtus Reaves Utilities ETF - NAV** | 53.98 | 18.52 | 15.42 |
| **S&P 500<sup>®</sup> Index** | 16.33 | 15.88 | 14.77 |
| **S&P 500<sup>®</sup> Utilities Index** | 21.26 | 10.54 | 11.12 |

---

• The S&P 500<sup><sup>®</sup></sup> Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

• The S&P 500<sup><sup>®</sup></sup> Utilities Index is a free-float market capitalization-weighted index comprised of companies included in the S&P 500<sup>®</sup> utilities sector. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

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

Virtus Reaves Utilities ETF \| 2

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

---

| | |
|:---|:---|
| Fund net assets | $747702019 |
| Total number of portfolio holdings | 20 |
| Total advisory fees paid | $1685722 |
| Portfolio turnover rate | 66% |

---

## 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 July 31, 2025. |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](ia6dc712f18bdb7027b5d9384.jpg)

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

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

8320

Virtus Reaves Utilities ETF \| 3

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

**Item 2. Code of Ethics.**

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u> 

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or for services that are normally provided by the

accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $228,500 for 2025 and $226,910 for 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u> 

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u> 

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice, and tax planning were $222,538 for 2025 and $254,875 for 2024.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u> 

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
 and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management
 and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control
 with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were $287,502
 for 2025 and $298,194 for 2024.

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

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

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

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

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

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

**Item 6. Investments.**

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

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

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

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

![](reaves-fs_073125img001.gif)

ANNUAL FINANCIALS

(FORM N-CSR Items 7-11)

ETFis Series Trust I

July 31, 2025

**VIRTUS REAVES UTILITIES ETF**

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page (s)** |
| [Schedule of Investments](#reaves-fs_073125a231) | 1 |
| [Statement of Assets and Liabilities](#reaves-fs_073125a232) | 2 |
| [Statement of Operations](#reaves-fs_073125a233) | 3 |
| [Statements of Changes in Net Assets](#reaves-fs_073125a234) | 4 |
| [Financial Highlights](#reaves-fs_073125a235) | 5 |
| [Notes to Financial Statements](#reaves-fs_073125a236) | 6 |
| [Report of Independent Registered Public Accounting Firm](#reaves-fs_073125a237) | 11 |
| [Other Information](#reaves-fs_073125a238) | 12 |
| [Supplemental Information](#reaves-fs_073125a239) | 13 |

---

Schedule of Investments — Virtus Reaves Utilities ETF

July 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS - 99.7%** |  |  |
| **Utilities - 99.7%** |  |  |
| Alliant Energy Corp. | 404455 | $26293620<br>|
| Ameren Corp. | 219127 | 22160313 |
| Atmos Energy Corp. | 38911 | 6067003 |
| CenterPoint Energy, Inc. | 1181756 | 45875768 |
| CMS Energy Corp. | 399834 | 29507749 |
| Constellation Energy Corp. | 249830 | 86900867 |
| DTE Energy Co. | 111538 | 15437975 |
| Entergy Corp. | 409026 | 36988221 |
| IDACORP, Inc. | 254781 | 31931703 |
| NextEra Energy, Inc. | 351727 | 24993721 |
| NiSource, Inc. | 746731 | 31698731 |
| NRG Energy, Inc. | 155120 | 25936064 |
| OGE Energy Corp. | 134966 | 6130156 |
| Pinnacle West Capital Corp. | 324732 | 29427214 |
| PPL Corp. | 884358 | 31562737 |
| Public Service Enterprise Group, Inc. | 409093 | 36732460 |
| Sempra | 222406 | 18166122 |
| Talen Energy Corp.\* | 233399 | 88124460 |
| Vistra Corp. | 505651 | 105448459 |
| Xcel Energy, Inc. | 624624 | 45872387 |
| **TOTAL INVESTMENTS - 99.7%** |  |  |
| (Cost $603,082,938) |  | **745255730** |
| Other Assets in Excess of Liabilities - 0.3% |  | 2446289 |
| **Net Assets - 100.0%** |  | **$** **747702019**<br>|

---

------

\*Non-income producing security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Common Stocks | $745255730<br>| $—<br>| $—<br>| $745255730<br>|
| **Total** | **$** **745255730**<br>| **$** **—**  | **$** **—**  | **$** **745255730**<br>|

---

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

July 31, 2025

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

---

| | |
|:---|:---|
|  | **Virtus Reaves Utilities ETF** |
| **Assets:** |  |
| Investments, at cost | $603082938<br>|
| Investments, at value | 745255730 |
| Cash | 759702 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold | 1492680 |
| &nbsp;&nbsp;&nbsp; Dividends and interest | 402876 |
| &nbsp;&nbsp;&nbsp; Capital shares sold | 24649506 |
| Prepaid expenses | 288 |
| **Total Assets** | 772560782 |
| **Liabilities:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp; Investment securities purchased | 24604980 |
| &nbsp;&nbsp;&nbsp; Sub-Advisory fees | 253783 |
| **Total Liabilities** | 24858763 |
| **Net Assets** | **$** **747702019**<br>|
| **Net Assets Consist of:** |  |
| Paid-in capital | $611639453<br>|
| Total distributable earnings (accumulated deficit) | 136062566 |
| **Net Assets** | **$** **747702019**<br>|
| Shares outstanding (unlimited number of shares of beneficial interest authorized, no par value) | 9100004 |
| Net asset value per share | $82.17<br>|

---

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

Statement of Operations (FORM N-CSR ITEM 7)

For the Year Ended July 31, 2025

---

| | |
|:---|:---|
|  | **Virtus Reaves Utilities ETF** |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp; Dividend income | $7060178<br>|
| &nbsp;&nbsp;&nbsp; Interest income | 12341 |
| **Total Investment Income** | 7072519 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp; Sub-Advisory fees | 1685722 |
| **Total Expenses** | 1685722 |
| **Net Investment Income** | **5386797** |
| **Net Realized Gain (Loss) on:** |  |
| Investments | (3054410) |
| In-kind redemptions | 15962927 |
| **Total Net Realized Gain** | 12908517 |
| **Change in Net Unrealized Appreciation (Depreciation) on:** |  |
| Investments | 130578668 |
| **Total Change in Net Unrealized Appreciation** | 130578668 |
| Net Realized and Change in Unrealized Gain | 143487185 |
| **Net Increase in Net Assets Resulting from Operations** | **$** **148873982**<br>|

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Virtus Reaves Utilities ETF** | **Virtus Reaves Utilities ETF** |
|  | **For the<br>Year Ended<br>July 31, 2025** | **For the<br>Year Ended<br>July 31, 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |
| Net investment income | $5386797<br>| $1280928<br>|
| Net realized gain | 12908517 | 1593696 |
| Net change in unrealized appreciation | 130578668 | 9199891 |
| Net increase in net assets resulting from operations | 148873982 | 12074515 |
| Distributions to Shareholders | (4960004) | (1383504) |
| **Shareholder Transactions:** |  |  |
| Proceeds from shares sold | 545163004 | 71464580 |
| Cost of shares redeemed | (52322619) | (15411513) |
| Net increase in net assets resulting from shareholder transactions | 492840385 | 56053067 |
| Increase in net assets | 636754363 | 66744078 |
| **Net Assets:** |  |  |
| Beginning of year | 110947656 | 44203578 |
| End of year | $747702019<br>| $110947656<br>|
| **Changes in Shares Outstanding:** |  |  |
| Shares outstanding, beginning of year | 2050004 | 950004 |
| Shares sold | 7850000 | 1400000 |
| Shares redeemed | (800000) | (300000) |
| Shares outstanding, end of year | 9100004 | 2050004 |

---

Financial Highlights (FORM N-CSR ITEM 7)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Virtus Reaves Utilities ETF** | **Virtus Reaves Utilities ETF** | **Virtus Reaves Utilities ETF** | **Virtus Reaves Utilities ETF** | **Virtus Reaves Utilities ETF** |
|  | **For the<br>Year Ended<br>July 31, 2025** | **For the<br>Year Ended<br>July 31, 2024** | **For the<br>Year Ended<br>July 31, 2023** | **For the<br>Year Ended<br>July 31, 2022** | **For the<br>Year Ended<br>July 31, 2021** |
| **Per Share Data for a Share Outstanding<br>throughout each year presented:** |  |  |  |  |  |
| Net asset value, beginning of year | $54.12<br>| $46.53<br>| $48.66<br>| $42.58<br>| $38.99<br>|
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 1.06 | 1.02 | 0.93 | 0.95 | 0.85 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 27.93 | 7.69 | (2.00) | 6.07 | 3.62 |
| Total from investment operations | 28.99 | 8.71 | (1.07) | 7.02 | 4.47 |
| **Less Distributions from:** |  |  |  |  |  |
| Net investment income | (0.94) | (1.12) | (1.06) | (0.94) | (0.88) |
| Total distributions | (0.94) | (1.12) | (1.06) | (0.94) | (0.88) |
| **Net Asset Value, End of year** | $82.17<br>| $54.12<br>| $46.53<br>| $48.66<br>| $42.58<br>|
| Net Asset Value Total Return<sup>2</sup> | 53.98% | 19.12% | (2.19)% | 16.70% | 11.69% |
| Net assets, end of year (000's omitted) | $747702<br>| $110948<br>| $44204<br>| $51096<br>| $36197<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Expenses | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
| Net investment income | 1.57% | 2.15% | 2.01% | 2.09% | 2.10% |
| Portfolio turnover rate<sup>3</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 year, reinvestment of dividends and distributions at net asset value during the year, and redemptions at net asset value on the last day of the year.

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

Notes to Financial Statements

July 31, 2025

**1.** **ORGANIZATION**

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

At July 31, 2025, 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 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;&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;&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)

July 31, 2025

&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 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 July 31, 2025 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**

Effective January 1, 2025, Virtus Investment Advisers, LLC replaced Virtus ETF Advisers LLC as the investment adviser to the Fund.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 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.

Notes to Financial Statements (continued)

July 31, 2025

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

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

**Affiliated Shareholders**

At July 31, 2025, the Sub-Adviser held 20,933 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 (2022, 2023 and 2024), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of July 31, 2025, the 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 year ended July 31, 2025, the Fund had no accrued penalties or interest.

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

---

| | | | |
|:---|:---|:---|:---|
| **Federal Tax<br>Cost of<br>Investments** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $611420545 | $142523953 | $(8688768) | $133835185 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Accumulated<br>Capital and<br>Other Gain (Loss)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** | **Total<br>Accumulated<br>Earnings (Loss)** |
| $2227381 | $— | $133835185 | $136062566 |

---

Notes to Financial Statements (continued)

July 31, 2025

Capital losses incurred after October 31 ("Post-October Losses") and ordinary losses incurred after December 31 ("Late Year Ordinary Losses") within the taxable year are deemed to arise on the first business day of the Fund's next taxable year. During the fiscal year ended July 31, 2025, the Fund did not incur and or elect to defer Post-October Losses and Late Year Ordinary Losses.

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

---

| | | | |
|:---|:---|:---|:---|
| **2025** | **2025** | **2024** | **2024** |
| **Distributions<br>Paid From<br>Ordinary Income** | **Distributions<br>Paid From<br>Long-Term<br>Capital Gains** | **Distributions<br>Paid From<br>Ordinary Income** | **Distributions<br>Paid From<br>Long-Term<br>Capital Gains** |
| $4960004 | $— | $1383504 | $— |

---

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

At July 31, 2025, for Federal income tax purposes, the Fund has capital loss carryforwards available to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders:

---

| | | |
|:---|:---|:---|
| **Short-Term<br>No Expiration** | **Long-Term<br>No Expiration** | **Total** |
| $— | $— | $— |

---

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

---

| | |
|:---|:---|
| **Distributable<br>Earnings<br>(Accumulated Deficit)** | **Paid-in<br>Capital** |
| $(15706296) | $15706296 |

---

**6.** **INVESTMENT TRANSACTIONS**

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

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Sales** | **Subscriptions<br>In-Kind** | **Redemptions<br>In-Kind** |
| $236023655 | $235854555 | $543283775 | $52533086 |

---

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

---

| | |
|:---|:---|
| **% of Shares<br>Outstanding** | **Number of<br>Accounts** |
| 72% | 3 |

---

**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 (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,

Notes to Financial Statements (continued)

July 31, 2025

including disclosures about income and expenses, is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess its performance. The Trust is organized as a series of Funds, each of which is structured as an investment company and represents a single operating segment. Subject to the oversight and, when applicable, approval of the Trust's Board of Trustees, each Fund's Adviser acts as the respective Fund's CODM. The CODM monitors the Fund's operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on its defined investment objective. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the 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.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of ETFis Series Trust I and Shareholders of Virtus Reaves Utilities ETF

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Virtus Reaves Utilities ETF (one of the funds constituting ETFis Series Trust I, referred to hereafter as the "Fund") as of July 31, 2025, the related statement of operations for the year ended July 31, 2025, the statement of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2025 and the financial highlights for each of the five years in the period ended July 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinion*

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

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

<u>We have served as the auditor of one or more of the investment companies in the Virtus group of investment companies since at least 1977. We have not been able to determine the specific year we began serving</u> <u>as auditor.</u>

Other Information (unaudited)

**FORM N-CSR ITEM 8 - Changes in and Disagreements with Accountants**

None.

**FORM N-CSR ITEM 9 - Proxy Disclosure**

None.

**FORM N-CSR ITEM 10 - Remuneration Paid to Trustees**

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

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

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

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

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

None.

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>.

**TAX INFORMATION**

For the fiscal year ended July 31, 2025, the Fund makes the following disclosures for federal income tax purposes. Below is listed the percentages, or the maximum amount allowable, of its ordinary income dividends ("QDI") to qualify for the lower tax rates applicable to individual shareholders, and the percentage of ordinary income dividends earned by the Fund which qualifies for the dividends received deduction ("DRD") for corporate shareholders. The actual percentage of QDI and DRD for the calendar year will be designated in year- end tax statements.

---

| | |
|:---|:---|
| **QDI** | **DRD** |
| 85% | 87% |

---

8572(09/25)

![](reaves-fs_073125img002.gif)

**c/o VP** **Distributors, LLC**

One Financial Plaza

Hartford, Connecticut 06103

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The Financial Highlights are attached herewith above under Item 7(a).

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

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

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

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

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

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

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

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

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Disclosure not required for open-end management investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Disclosure not required for open-end management investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Disclosure not required for open-end management investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

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

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

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

Disclosure not required for open-end management investment companies.

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

Not applicable.

**Item 19. Exhibits.**

(a)(1) [The registrant's Code of Ethics is attached hereto.](ex99-coe.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-cert.htm)

(a)(4) Disclosure not required for open-end management investment companies.

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

&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) | Virtus ETF Trust I |
| By (Signature and Title)\* | /s/ William J. Smalley |
|  | William J. Smalley, President and Principal Executive Officer |
|  | (Principal Executive Officer) |
| Date <u>October 8, 2025</u> | Date <u>October 8, 2025</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 and Principal Executive Officer |
|  | (Principal Executive Officer) |
| Date <u>October 8, 2025</u> | Date <u>October 8, 2025</u> |
| By (Signature and Title)\* | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, Treasurer, <br> Chief Financial Officer & Principal Financial Officer |
|  | (Principal Financial Officer/Principal Accounting Officer) |
| Date <u>October 8, 2025</u> | Date <u>October 8, 2025</u> |

---

 

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

## Ex-99.Code

[Virtus ETF Trust I N-CSR](reaves-ncsr_073125.htm)

**EX-99.CODE ETH**

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

PRINCIPAL FINANCIAL OFFICERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

This code of ethics (this "Code") for ETFis Series Trust I and Virtus ETF Trust II (each, a "Trust") applies to a Trust's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer(s) (the "Covered Officers", each of whom is set forth in Exhibit A) for the purpose of promoting:

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

● full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

● compliance with applicable laws and governmental rules and regulations;

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

● accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest in any material respect interferes with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest of the Trust) with the Trust because of their status as "affiliated persons" of the Trust. The Trust's and the investment advisor's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment advisor/administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the advisor/administrator, or for both), be involved in establishing policies and implementing decisions that may have different effects on the advisor/administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the advisor/administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

● not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

● not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer to the detriment of the Trust;

● not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

● report at least annually any affiliations or other relationships related to conflicts of interest that the Trust's Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the Audit Committee of the Trust if such situations might have a material adverse effect on the Trust. Examples of these include:

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

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

● the receipt of entertainment from any company with which the Trust has current or prospective business dealings, including investments in such companies, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment advisor, principal underwriter, administrator or any affiliated person thereof; and

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure and Compliance** 

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

● each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's trustees and auditors, and to governmental regulators and self-regulatory organizations;

● each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Trust and the advisor/administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust; and

● it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

● upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

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

● not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith; and

● notify the Audit Committee for the Trust promptly if he/she knows of any material violation of this Code.

The Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In addition, the Audit Committee will consider any approvals or waivers sought by a Covered Officer.

The Trust will follow these procedures in investigating and enforcing this Code:

● the compliance officer of the investment advisor to the Trust<sup>1</sup> (or such other Trust officer or other investigator as the Audit Committee may from time to time designate) (the "Investigator"), shall take appropriate action to investigate any potential violations reported to him;

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

● if the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment advisor/administrator or its board; or a recommendation to dismiss the Covered Officer;

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

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

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

Any potential violation of this Code by the Investigator shall be reported to the Audit Committee and the Audit Committee shall appoint an alternative Trust officer or other investigator to investigate the matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's advisor, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code, such matters shall not be disclosed to anyone other than the Board and the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

Date: May 17, 2017

**Exhibit A**

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

William J. Smalley, President and Principal Executive Officer

Brinton W. Frith, Treasurer and Principal Financial Officer

## Ex-99.Cert

[Virtus ETF Trust I N-CSR](reaves-ncsr_073125.htm)

**Exhibit 99.CERT**

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

I, William J. Smalley, certify that:

1. I have reviewed this report on Form N-CSR of 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: | October 8, 2025 | /s/ William J. Smalley |
|  |  | William J. Smalley, President and Principal Executive Officer |
|  |  | (Principal Executive Officer) |

---

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

I, W. Patrick Bradley, certify that:

1. I have reviewed this report on Form N-CSR of 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: | October 8, 2025 | /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

[Virtus ETF Trust I N-CSR](reaves-ncsr_073125.htm)

**Exhibit 99.906CERT**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | October 8, 2025 | /s/ William J. Smalley |
|  |  | William J. Smalley, President and Principal Executive Officer |
|  |  | (Principal Executive Officer) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | October 8, 2025 | /s/ W. Patrick Bradley |
|  |  | W. Patrick Bradley, Executive Vice President, Treasurer,<br> Chief Financial Officer & Principal Financial Officer |
|  |  | (Principal Financial Officer/Principal Accounting Officer) |

---