# EDGAR Filing Document

**Accession Number:** 0001559109
**File Stem:** 0001999371-25-008736
**Filing Date:** 2025-7
**Character Count:** 391166
**Document Hash:** 8ecd3f6ecbc6574ad5a5c4c7eb4413c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-008736.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001999371-25-008736

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**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:** 251107685

**BUSINESS ADDRESS:**
- **STREET 1:** 31 WEST 52ND STREET
- **STREET 2:** 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 2125934383

**MAIL ADDRESS:**
- **STREET 1:** 31 WEST 52ND STREET
- **STREET 2:** 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**FORM N-CSR**

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

Investment Company Act file number <u>811-22819</u>

**ETFis Series Trust I**

&nbsp;&nbsp;&nbsp;&nbsp; (Exact name of registrant as specified in charter)&nbsp;&nbsp;&nbsp;&nbsp;

**31 West 52nd Street, 16<sup>th</sup> Floor New York, NY 10019**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices) (Zip code)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

Date of reporting period: **<u>April 30, 2025</u>**

**Item 1. Reports to Stockholders.**

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

# InfraCap REIT Preferred ETF
![Image](id1ca530a16db6560a57c5fde.jpg)

# PFFR / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about the InfraCap REIT Preferred ETF ("Fund") for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| InfraCap REIT Preferred ETF | $22 | 0.45%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## KEY FUND STATISTICS (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $88914925 |
| Total number of portfolio holdings | 109 |
| Portfolio turnover rate | 5% |

---

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

---

| | |
|:---|:---|
| Real Estate | 62.70% |
| Financials | 36.50% |
| Money Market fund | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of April 30, 2025. |

---

## 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](i8a20b31294cd7f33bb333a3f.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.

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

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

InfraCap REIT Preferred ETF \| 1

# Virtus InfraCap U.S. Preferred Stock ETF
![Image](id1ca530a16db6560a57c5fde.jpg)

# PFFA / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about the Virtus InfraCap U.S. Preferred Stock ETF ("Fund") for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus InfraCap U.S. Preferred Stock ETF | $103 | 2.12%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## KEY FUND STATISTICS (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1475262877 |
| Total number of portfolio holdings | 185 |
| Portfolio turnover rate | 28% |

---

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

---

| | |
|:---|:---|
| Financials | 58.20%<sup>Footnote Reference+</sup> |
| Real Estate | 20.70% |
| Industrials | 6.70% |
| Communication Services | 6.00% |
| Utilities | 4.50% |
| Energy | 3.30% |
| Materials | 0.40% |
| Consumer Discretionary | 0.20% |
| Information Technology | 0.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>+</sup> | &nbsp;&nbsp; Amounts represent investments in particular sectors. No industry within these sectors represented more than 25% of the Fund's total assets at the time of investment. |
| &nbsp;&nbsp; Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of April 30, 2025. |

---

## 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](i8a20b31294cd7f33bb333a3f.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.

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

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

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

# Virtus LifeSci Biotech Clinical Trials ETF
![Image](id1ca530a16db6560a57c5fde.jpg)

# BBC / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about the Virtus LifeSci Biotech Clinical Trials ETF ("Fund") for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus LifeSci Biotech Clinical Trials ETF | $33 | 0.79%<sup>Footnote Reference(a)</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Health Care | 92.40% |
| Money Market Fund | 7.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of April 30, 2025. |

---

## KEY FUND STATISTICS (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $15340920 |
| Total number of portfolio holdings | 125 |
| Portfolio turnover rate | 29% |

---

## 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](i8a20b31294cd7f33bb333a3f.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.

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

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

Virtus LifeSci Biotech Clinical Trials ETF \| 1

# Virtus LifeSci Biotech Products ETF
![Image](id1ca530a16db6560a57c5fde.jpg)

# BBP / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about the Virtus LifeSci Biotech Products ETF ("Fund") for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus LifeSci Biotech Products ETF | $38 | 0.79%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## KEY FUND STATISTICS (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $23606168 |
| Total number of portfolio holdings | 64 |
| Portfolio turnover rate | 15% |

---

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

---

| | |
|:---|:---|
| Health Care | 98.30% |
| Money Market Fund | 1.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of April 30, 2025. |

---

## 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](i8a20b31294cd7f33bb333a3f.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.

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

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

Virtus LifeSci Biotech Products ETF \| 1

# Virtus Newfleet Multi-Sector Bond ETF
![Image](id1ca530a16db6560a57c5fde.jpg)

# NFLT / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Bond ETF ("Fund") for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Bond ETF | $25 | 0.49%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## KEY FUND STATISTICS (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $239573525 |
| Total number of portfolio holdings | 840 |
| Portfolio turnover rate | 53% |

---

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

---

| | |
|:---|:---|
| Corporate Bond | 28.35% |
| Foreign Bond | 23.11% |
| Mortgage Backed Security | 19.95% |
| Term Loan | 12.71% |
| Asset Backed Security | 10.41% |
| U.S. Government Securities | 3.06% |
| Exchange Traded Fund | 1.84% |
| Money Market Fund | 0.57% |
| Common Stock | 0.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of April 30, 2025. |

---

## 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](i8a20b31294cd7f33bb333a3f.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.

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

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

Virtus Newfleet Multi-Sector Bond ETF \| 1

# Virtus Private Credit Strategy ETF
![Image](id1ca530a16db6560a57c5fde.jpg)

# VPC / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about the Virtus Private Credit Strategy ETF ("Fund") for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Private Credit Strategy ETF | $37 | 0.75%<sup>Footnote Reference(a)</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Financials | 48.60% |
| Closed-End Funds | 38.00% |
| Money Market Fund | 13.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of April 30, 2025. |

---

## KEY FUND STATISTICS (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $54290967 |
| Total number of portfolio holdings | 61 |
| Portfolio turnover rate | 11% |

---

## 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](i8a20b31294cd7f33bb333a3f.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.

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

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

Virtus Private Credit Strategy ETF \| 1

# Virtus Real Asset Income ETF
![Image](id1ca530a16db6560a57c5fde.jpg)

# VRAI / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about the Virtus Real Asset Income ETF ("Fund") for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Real Asset Income ETF | $27 | 0.55%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## KEY FUND STATISTICS (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $13131301 |
| Total number of portfolio holdings | 90 |
| Portfolio turnover rate | 48% |

---

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

---

| | |
|:---|:---|
| Energy | 40.20% |
| Real Estate | 31.90% |
| Utilities | 13.00% |
| Money Market Fund | 5.20% |
| Communication Services | 5.00% |
| Materials | 3.60% |
| Information Technology | 1.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of April 30, 2025. |

---

## 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](i8a20b31294cd7f33bb333a3f.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.

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

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

Virtus Real Asset Income ETF \| 1

# Virtus WMC International Dividend ETF
![Image](id1ca530a16db6560a57c5fde.jpg)

# VWID / Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about the Virtus WMC International Dividend ETF ("Fund") for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus WMC International Dividend ETF | $26 | 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>

---

| | |
|:---|:---|
| Financials | 29.50% |
| Industrials | 12.50% |
| Consumer Discretionary | 9.40% |
| Energy | 8.10% |
| Communication Services | 7.60% |
| Consumer Staples | 7.20% |
| Real Estate | 6.00% |
| Health Care | 5.90% |
| Utilities | 5.30% |
| Materials | 5.20% |
| Information Technology | 3.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of April 30, 2025. |

---

## KEY FUND STATISTICS (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $12301057 |
| Total number of portfolio holdings | 144 |
| Portfolio turnover rate | 22% |

---

## Where can I find additional information about the Fund?
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.virtus.com/investor-resources/etf-documents](i8a20b31294cd7f33bb333a3f.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.

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

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

Virtus WMC International Dividend ETF \| 1

# InfraCap MLP ETF
![Image](id1ca530a16db6560a57c5fde.jpg)

# AMZA / NYSE Arca, Inc.

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about the InfraCap MLP ETF ("Fund") for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at https://www.virtus.com/investor-resources/etf-documents. You can also request this information by contacting us at 1-888-383-0553.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| InfraCap MLP ETF | $110 | 2.12%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## KEY FUND STATISTICS (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $394650774 |
| Total number of portfolio holdings | 28 |
| Portfolio turnover rate | 87% |

---

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

---

| | |
|:---|:---|
| Energy | 99.50% |
| Money Market fund | 0.30% |
| Utilities | 0.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp; Footnote<sup>(1)</sup> | &nbsp;&nbsp;Percentage of total investments as of April 30, 2025. |

---

## 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](i8a20b31294cd7f33bb333a3f.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.

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

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

InfraCap MLP ETF \| 1

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

**Item 2. Code of Ethics.**

Response not required for semi-annual report.

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

Response not required for semi-annual report.

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

Response not required for semi-annual report.

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

Disclosure not required for open-end management investment companies.

**Item 6. Investments.**

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

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

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

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

![](etfis-fs_043025img001.gif)

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

**ETFis Series Trust I** **April 30, 2025**

**INFRACAP REIT PREFERRED ETF**

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

**VIRTUS LIFESCI BIOTECH CLINICAL TRIALS ETF**

**VIRTUS LIFESCI BIOTECH PRODUCTS ETF**

**VIRTUS NEWFLEET MULTI-SECTOR BOND ETF**

**VIRTUS PRIVATE CREDIT STRATEGY ETF**

**VIRTUS REAL ASSET INCOME ETF**

**VIRTUS WMC INTERNATIONAL DIVIDEND ETF**

**INFRACAP MLP ETF**

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page (s)** |
| [Portfolio Composition](#etfis-fs_043025a1409) | 1 |
| [Schedules of Investments](#etfis-fs_043025a1410) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; [InfraCap REIT Preferred ETF](#etfis-fs_043025a1410) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Virtus InfraCap U.S. Preferred Stock ETF](#etfis-fs_043025a1411) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Virtus LifeSci Biotech Clinical Trials ETF](#etfis-fs_043025a1412) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Virtus LifeSci Biotech Products ETF](#etfis-fs_043025a1413) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Virtus Newfleet Multi-Sector Bond ETF](#etfis-fs_043025a1414) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Virtus Private Credit Strategy ETF](#etfis-fs_043025a1415) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Virtus Real Asset Income ETF](#etfis-fs_043025a1416) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Virtus WMC International Dividend ETF](#etfis-fs_043025a1417) | 33 |
| [Statements of Assets and Liabilities](#etfis-fs_043025a1418) | 36 |
| [Statements of Operations](#etfis-fs_043025a1419) | 38 |
| [Statements of Changes in Net Assets](#etfis-fs_043025a1420) | 40 |
| [Statement of Cash Flows](#etfis-fs_043025a1421) | 44 |
| [Financial Highlights](#etfis-fs_043025a1422) | 45 |
| [Notes to Financial Statements](#etfis-fs_043025a1423) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; [InfraCap MLP ETF](#etfis-fs_043025a1426) | 63 |
| [Schedule of Investments](#etfis-fs_043025a1426) | 63 |
| [Statement of Assets and Liabilities](#etfis-fs_043025a1425) | 66 |
| [Statement of Operations](#etfis-fs_043025a1426) | 67 |
| [Statement of Changes in Net Assets](#etfis-fs_043025a1427) | 68 |
| [Statement of Cash Flows](#etfis-fs_043025a1428) | 69 |
| [Financial Highlights](#etfis-fs_043025a1429) | 70 |
| [Notes to Financial Statements](#etfis-fs_043025a1430) | 71 |
| [Other Information](#etfis-fs_043025a1431) | 78 |
| [Supplemental Information](#etfis-fs_043025a1432) | 83 |

---

Portfolio Composition (unaudited)

April 30, 2025

Asset Allocation as of 4/30/2025 (based on net assets)

---

| | |
|:---|:---|
| **InfraCap REIT Preferred ETF** | **InfraCap REIT Preferred ETF** |
| Real Estate  | 62.7 |
| Financials  | 36.5 |
| Money Market Fund  | 0.8 |
| Other Assets in Excess of Liabilities  | 0.0 |
| **Total**  | **100.0** |
| **Virtus InfraCap U.S. Preferred Stock ETF** | **Virtus InfraCap U.S. Preferred Stock ETF** |
| Financials  | 70.2 |
| Real Estate  | 24.9 |
| Industrials  | 8.1 |
| Communication Services  | 7.2 |
| Utilities  | 5.4 |
| Energy  | 4.0 |
| Materials  | 0.6 |
| Consumer Discretionary  | 0.3 |
| Information Technology  | 0.0 |
| Liabilities in Excess of Other Assets  | (20.7 |
| **Total**  | **100.0** |
| **Virtus LifeSci Biotech Clinical Trials ETF** |  |
| Health Care  | 99.3 |
| Money Market Fund  | 8.1 |
| Liabilities in Excess of Other Assets  | (7.4 |
| **Total**  | **100.0** |
| **Virtus LifeSci Biotech Products ETF** |  |
| Health Care  | 99.7 |
| Money Market Fund  | 1.7 |
| Liabilities in Excess of Other Assets  | (1.4 |
| **Total**  | **100.0** |

---

------

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

\*\*Amount rounds to less than 0.05%.

Portfolio Composition (unaudited) (continued)

April 30, 2025

---

| | |
|:---|:---|
| **Virtus Newfleet Multi-Sector Bond ETF** |  |
| Corporate Bonds  | 28.0 |
| Foreign Bonds  | 22.8 |
| Mortgage Backed Securities  | 19.9 |
| Term Loans  | 12.5 |
| Asset Backed Securities  | 10.0 |
| U.S. Government Securities  | 3.0 |
| Exchange Traded Funds  | 1.8 |
| Common Stocks  | 0.0 |
| Money Market Fund  | 0.6 |
| Other Assets in Excess of Liabilities  | 1.4 |
| **Total**  | **100.0** |
| **Virtus Private Credit Strategy ETF** |  |
| Financials  | 54.7 |
| Closed-End Funds  | 42.8 |
| Money Market Fund  | 15.0 |
| Liabilities in Excess of Other Assets  | (12.5 |
| **Total**  | **100.0** |
| **Virtus Real Asset Income ETF** |  |
| Energy  | 41.5 |
| Real Estate  | 33.0 |
| Utilities  | 13.4 |
| Money Market Fund  | 5.4 |
| Communication Services  | 5.1 |
| Materials  | 3.8 |
| Information Technology  | 1.2 |
| Liabilities in Excess of Other Assets  | (3.4 |
| **Total**  | **100.0** |

---

------

\*\*Amount rounds to less than 0.05%.

Portfolio Composition (unaudited) (continued)

April 30, 2025

---

| | |
|:---|:---|
| **Virtus WMC International Dividend ETF** |  |
| Financials  | 29.1% |
| Industrials  | 12.2% |
| Consumer Discretionary  | 9.2% |
| Energy  | 8.0% |
| Communication Services  | 7.5% |
| Consumer Staples  | 7.1% |
| Real Estate  | 5.9% |
| Health Care  | 5.8% |
| Utilities  | 5.2% |
| Materials  | 4.9% |
| Information Technology  | 3.3% |
| Other Assets in Excess of Liabilities  | 1.8% |
| **Total**  | **100.0%** |
| **InfraCap MLP ETF** |  |
| Energy  | 119.8% |
| Utilities  | 0.2% |
| Written Options  | (0.1)% |
| Money Market Funds  | 0.3% |
| Liabilities in Excess of Other Assets  | (20.2)% |
| **Total**  | **100.0%** |

---

Schedule of Investments — InfraCap REIT Preferred ETF

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **PREFERRED STOCKS - 99.2%** |  |  |
| **Financials - 36.5%** |  |  |
| ACRES Commercial Realty Corp., Series C, 10.19%  | 15671 | $387857<br>|
| AG Mortgage Investment Trust, Inc., Series B, 8.00%  | 22609 | 470647 |
| AG Mortgage Investment Trust, Inc., Series C, 11.04%  | 9022 | 224414 |
| AGNC Investment Corp., Series D, 8.85%  | 30657 | 749257 |
| AGNC Investment Corp., Series E, 9.51%  | 8749 | 219162 |
| AGNC Investment Corp., Series F, 9.21%  | 65519 | 1618974 |
| AGNC Investment Corp., Series G, 7.75%  | 5837 | 144933 |
| Annaly Capital Management, Inc., Series F, 9.52%  | 49815 | 1255338 |
| Annaly Capital Management, Inc., Series G, 8.69%  | 40565 | 990192 |
| Annaly Capital Management, Inc., Series I, 9.52%  | 42620 | 1069336 |
| Arbor Realty Trust, Inc., Series D, 6.38%  | 33950 | 606008 |
| Arbor Realty Trust, Inc., Series E, 6.25%  | 18123 | 316246 |
| Arbor Realty Trust, Inc., Series F, 6.25%  | 40828 | 876985 |
| ARMOUR Residential REIT, Inc., Series C, 7.00%  | 22130 | 454993 |
| Chimera Investment Corp., Series A, 8.00%  | 22312 | 497781 |
| Chimera Investment Corp., Series B, 10.35%  | 37142 | 914065 |
| Chimera Investment Corp., Series C, 7.75%  | 33611 | 778431 |
| Chimera Investment Corp., Series D, 9.90%  | 26379 | 650242 |
| DigitalBridge Group, Inc., Series H, 7.13%  | 69360 | 1489853 |
| DigitalBridge Group, Inc., Series I, 7.15%  | 105997 | 2286355 |
| DigitalBridge Group, Inc., Series J, 7.13%  | 93862 | 1993629 |
| Dynex Capital, Inc., Series C, 9.98%  | 14046 | 356628 |
| Ellington Financial, Inc., 10.05%  | 7676 | 190672 |
| Ellington Financial, Inc., Series C, 8.63%  | 483 | 11896 |
| Franklin BSP Realty Trust, Inc., Series E, 7.50%  | 33716 | 692864 |
| Granite Point Mortgage Trust, Inc., Series A, 7.00%  | 25775 | 440495 |
| Inpoint Commercial Real Estate Income, Inc., Series A, 6.75%  | 10054 | 188010 |
| Invesco Mortgage Capital, Inc., Series C, 7.50%  | 25494 | 616955 |
| KKR Real Estate Finance Trust, Inc., Series A, 6.50%  | 43531 | 803147 |
| MFA Financial, Inc., Series B, 7.50%  | 27730 | 574011 |
| MFA Financial, Inc., Series C, 9.91%  | 36327 | 899457 |
| New York Mortgage Trust, Inc., Series D, 8.00%  | 20617 | 444296 |
| New York Mortgage Trust, Inc., Series E, 11.28%  | 24874 | 612149 |
| New York Mortgage Trust, Inc., Series F, 6.88%  | 18491 | 394228 |
| PennyMac Mortgage Investment Trust, Series A, 8.13%  | 15012 | 358487 |
| PennyMac Mortgage Investment Trust, Series B, 8.00%  | 25468 | 623457 |
| PennyMac Mortgage Investment Trust, Series C, 6.75%  | 33342 | 640166 |
| Ready Capital Corp., 5.75%  | 2502 | 61599 |
| Ready Capital Corp., Series E, 6.50%  | 15012 | 234187 |
| Rithm Capital Corp., Series A, 10.39%  | 6921 | 177731 |
| Rithm Capital Corp., Series B, 10.22%  | 23356 | 594410 |
| Rithm Capital Corp., Series C, 9.55%  | 53631 | 1340239 |
| Rithm Capital Corp., Series D, 7.00%  | 61341 | 1496720 |
| TPG RE Finance Trust, Inc., Series C, 6.25%  | 26932 | 467809 |
| Two Harbors Investment Corp., Series A, 8.13%  | 16413 | 389316 |
| Two Harbors Investment Corp., Series B, 7.63%  | 36879 | 850430 |
| Two Harbors Investment Corp., Series C, 9.56%  | 41713 | 1019466 |
| Total Financials  |  | 32473523 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **PREFERRED STOCKS (continued)** |  |  |
| **Real Estate - 62.7%** |  |  |
| Agree Realty Corp., Series A, 4.25%  | 54728 | $944058<br>|
| American Homes 4 Rent, Series G, 5.88%  | 27987 | 656295 |
| American Homes 4 Rent, Series H, 6.25%  | 35853 | 889154 |
| Armada Hoffler Properties, Inc., Series A, 6.75%  | 48177 | 1064712 |
| Brookfield Property Partners LP, Series A2, 6.38%  | 56127 | 808790 |
| Chatham Lodging Trust, Series A, 6.63%  | 14046 | 277128 |
| City Office REIT, Inc., Series A, 6.63%  | 16027 | 298875 |
| CTO Realty Growth, Inc., Series A, 6.38%  | 29559 | 635223 |
| DiamondRock Hospitality Co., 8.25%  | 39520 | 989581 |
| Digital Realty Trust, Inc., Series J, 5.25%  | 64176 | 1349621 |
| Digital Realty Trust, Inc., Series K, 5.85%  | 64727 | 1496488 |
| Digital Realty Trust, Inc., Series L, 5.20%  | 104193 | 2121369 |
| Diversified Healthcare Trust, 5.63%  | 70088 | 944085 |
| Diversified Healthcare Trust, 6.25%  | 99925 | 1458905 |
| EPR Properties, Series G, 5.75%  | 48136 | 966571 |
| Federal Realty Investment Trust, Series C, 5.00%  | 48021 | 984430 |
| Gladstone Commercial Corp., Series E, 6.63%  | 21195 | 474768 |
| Gladstone Commercial Corp., Series G, 6.00%  | 13245 | 269933 |
| Gladstone Land Corp., Series B, 6.00%  | 39375 | 799706 |
| Gladstone Land Corp., Series C, 6.00%  | 60958 | 1225256 |
| Global Medical REIT, Inc., Series A, 7.50%  | 8305 | 211362 |
| Global Net Lease, Inc., Series A, 7.25%  | 62018 | 1401607 |
| Global Net Lease, Inc., Series B, 6.88%  | 43994 | 947191 |
| Global Net Lease, Inc., Series D, 7.50%  | 72801 | 1675151 |
| Global Net Lease, Inc., Series E, 7.38%  | 49185 | 1132731 |
| Hudson Pacific Properties, Inc., Series C, 4.75%  | 149098 | 1983003 |
| Kimco Realty Corp., Series L, 5.13%  | 69521 | 1393896 |
| Kimco Realty Corp., Series M, 5.25%  | 81826 | 1692162 |
| National Storage Affiliates Trust, Series A, 6.00%  | 66578 | 1504663 |
| Office Properties Income Trust, 6.38%  | 65585 | 570590 |
| Pebblebrook Hotel Trust, Series E, 6.38%  | 6542 | 116055 |
| Pebblebrook Hotel Trust, Series F, 6.30%  | 55011 | 1001200 |
| Pebblebrook Hotel Trust, Series G, 6.38%  | 91529 | 1674981 |
| Pebblebrook Hotel Trust, Series H, 5.70%  | 80094 | 1333565 |
| Public Storage, Series F, 5.15%  | 23103 | 481698 |
| Public Storage, Series G, 5.05%  | 32618 | 678454 |
| Public Storage, Series H, 5.60%  | 24454 | 556573 |
| Public Storage, Series I, 4.88%  | 34442 | 676096 |
| Public Storage, Series J, 4.70%  | 27078 | 511233 |
| Public Storage, Series K, 4.75%  | 23383 | 451058 |
| Public Storage, Series L, 4.63%  | 53866 | 1017529 |
| Public Storage, Series M, 4.13%  | 4739 | 81037 |
| Public Storage, Series N, 3.88%  | 28528 | 451313 |
| Public Storage, Series O, 3.90%  | 19458 | 311523 |
| Public Storage, Series P, 4.00%  | 62740 | 1008859 |
| Public Storage, Series Q, 3.95%  | 17254 | 275374 |
| Public Storage, Series R, 4.00%  | 43233 | 699078 |
| Public Storage, Series S, 4.10%  | 10075 | 167245 |
| Regency Centers Corp., Series B, 5.88%  | 2009 | 46107 |
| Saul Centers, Inc., Series E, 6.00%  | 24206 | 497191 |

---

Schedule of Investments — InfraCap REIT Preferred ETF (continued)

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **PREFERRED STOCKS (continued)** |  |  |
| **Real Estate (continued)** |  |  |
| SL Green Realty Corp., Series I, 6.50%  | 72415 | $1577199<br>|
| Summit Hotel Properties, Inc., Series E, 6.25%  | 63978 | 1250770 |
| Summit Hotel Properties, Inc., Series F, 5.88%  | 13748 | 259837 |
| Sunstone Hotel Investors, Inc., Series H, 6.13%  | 15859 | 331770 |
| Sunstone Hotel Investors, Inc., Series I, 5.70%  | 16203 | 325356 |
| UMH Properties, Inc., Series D, 6.38%  | 96707 | 2202985 |
| Vornado Realty Trust, Series L, 5.40%  | 95508 | 1671390 |
| Vornado Realty Trust, Series M, 5.25%  | 111647 | 1884601 |
| Vornado Realty Trust, Series N, 5.25%  | 95731 | 1627427 |
| Vornado Realty Trust, Series O, 4.45%  | 94766 | 1357997 |
| Total Real Estate  |  | 55692805 |
| **Total Preferred Stocks** |  |  |
| (Cost $95,466,467)  |  | 88166328 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.8%** |  |  |
| Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.23%<sup>(1)</sup>  | 373249 | $373249<br>|
| RBC BlueBay Government Money Market Fund - Institutional Shares, 4.25%<sup>(1)</sup>  | 373250 | 373250 |
| (Cost $746,499)  |  | 746499 |
| **TOTAL INVESTMENTS - 100.0%** |  |  |
| (Cost $96,212,966)  |  | **88912827** |
| Other Assets in Excess of Liabilities - 0.0%<sup>(2)</sup>  |  | 2098 |
| **Net Assets - 100.0%**  |  | **$** **88914925**<br>|

---

------

(1)The rate shown reflects the seven-day yield as of April 30, 2025.

(2)Amount rounds to less than 0.05%.

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks  | $88166328<br>| $—<br>| $—<br>| $88166328<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds  | 746499 |  |  | 746499 |
| **Total**  | **$** **88912827**<br>| **$** **—**<br>| **$** **—**<br>| **$** **88912827**<br>|

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **PREFERRED STOCKS - 120.7%** |  |  |
| **Communication Services - 7.2%** |  |  |
| AT&T, Inc., Series A, 5.00%  | 1047 | $21013<br>|
| Liberty Broadband Corp., Series A, 7.00%<sup>(1)</sup>  | 217596 | 5276703 |
| Qwest Corp., 6.50%<sup>(1)</sup>  | 1571846 | 27350121 |
| Qwest Corp., 6.75%<sup>(1)</sup>  | 1271230 | 21941430 |
| Telephone and Data Systems, Inc., Series UU, 6.63%<sup>(1)</sup>  | 823251 | 17148318 |
| Telephone and Data Systems, Inc., Series VV, 6.00%<sup>(1)</sup>  | 1870318 | 34731805 |
| Total Communication Services  |  | 106469390 |
| **Consumer Discretionary - 0.3%** |  |  |
| Ford Motor Co., 6.00%<sup>(1)</sup>  | 175916 | 3608037 |
| **Energy - 4.0%** |  |  |
| Energy Transfer LP, Series I, 9.25%<sup>(1)</sup>  | 3687252 | 43362083 |
| GasLog Partners LP, Series A, 8.63% (Greece)<sup>(1)</sup>  | 622191 | 15679151 |
| GasLog Partners LP, Series B, 10.69% (Greece)  | 200 | 5139 |
| Golar LNG Partners LP, Series A, 8.75% (United Kingdom)<sup>(1)</sup>  | 47750 | 286500 |
| Total Energy  |  | 59332873 |
| **Financials - 70.2%<sup>†</sup>**  |  |  |
| Abacus Global Management, Inc., 9.88%  | 82441 | 2129451 |
| ACRES Commercial Realty Corp., Series C, 10.19%<sup>(1)</sup>  | 84051 | 2080262 |
| ACRES Commercial Realty Corp., Series D, 7.88%  | 46343 | 947714 |
| Affiliated Managers Group, Inc., 4.20%  | 3997 | 61114 |
| AG Mortgage Investment Trust, Inc., 9.50%<sup>(1)</sup>  | 210354 | 5340888 |
| AG Mortgage Investment Trust, Inc., Series A, 8.25%  | 2055 | 43155 |
| AG Mortgage Investment Trust, Inc., Series B, 8.00%<sup>(1)</sup>  | 381364 | 7938778 |
| AG Mortgage Investment Trust, Inc., Series C, 11.04%<sup>(1)</sup>  | 488640 | 12154480 |
| AGNC Investment Corp., Series D, 8.85%<sup>(1)</sup>  | 2681 | 65524 |
| American National Group, Inc., 7.38%<sup>(1)</sup>  | 769240 | 19169461 |
| Angel Oak Mortgage REIT, Inc., 9.50%  | 42400 | 1058940 |
| Apollo Global Management, Inc., 6.75%  | 307379 | 22168173 |
| Arbor Realty Trust, Inc., Series D, 6.38%<sup>(1)</sup>  | 36655 | 654292 |
| Arbor Realty Trust, Inc., Series E, 6.25%<sup>(1)</sup>  | 25120 | 438344 |
| Ares Management Corp., Series B, 6.75%  | 118488 | 5849753 |
| Argo Group International Holdings, Inc., 7.00%<sup>(1)</sup>  | 21578 | 539882 |
| ARMOUR Residential REIT, Inc., Series C, 7.00%<sup>(1)</sup>  | 296228 | 6090448 |
| Aspen Insurance Holdings Ltd., 5.63% (Bermuda)<sup>(1)</sup>  | 25422 | 470815 |
| Aspen Insurance Holdings Ltd., 7.00% (Bermuda)<sup>(1)</sup>  | 1023462 | 24133234 |
| Associated Banc-Corp., 6.63%  | 34 | 804 |
| Atlanticus Holdings Corp., 9.25%<sup>(1)</sup>  | 1407304 | 35435915 |
| Atlanticus Holdings Corp., Series B, 7.63%<sup>(1)</sup>  | 47118 | 1083714 |
| Banc of California, Inc., Series F, 7.75%<sup>(1)</sup>  | 1620226 | 40149200 |
| Bank of Hawaii Corp., 8.00%<sup>(1)</sup> | 219417 | 5592939 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **PREFERRED STOCKS (continued)** |  |  |
| **Financials (continued)** |  |  |
| Bank of New York Mellon Corp., Series K, 6.15%\*  | 594841 | $14942406<br>|
| Brighthouse Financial, Inc., Series C, 5.38%  | 4159 | 67459 |
| Brighthouse Financial, Inc., Series D, 4.63%<sup>(1)</sup>  | 137462 | 1971205 |
| Brookfield Finance, Inc., Series 50, 4.63% (Canada)  | 5294 | 82163 |
| Brookfield Oaktree Holdings LLC, Series A, 6.63%<sup>(1)</sup>  | 11498 | 236629 |
| Brookfield Oaktree Holdings LLC, Series B, 6.55%<sup>(1)</sup>  | 18486 | 376190 |
| Chimera Investment Corp., 9.00%<sup>(1)</sup>  | 131991 | 3326965 |
| Chimera Investment Corp., 9.25%<sup>(1)</sup>  | 63088 | 1599596 |
| Chimera Investment Corp., Series A, 8.00%<sup>(1)</sup>  | 385678 | 8604476 |
| Chimera Investment Corp., Series B, 10.35%<sup>(1)</sup>  | 611162 | 15040697 |
| Chimera Investment Corp., Series C, 7.75%<sup>(1)</sup>  | 817031 | 18922438 |
| Chimera Investment Corp., Series D, 9.90%<sup>(1)</sup>  | 804114 | 19821410 |
| CION Investment Corp., 7.50%<sup>(1)</sup>  | 765694 | 19027496 |
| Compass Diversified Holdings, Series A, 7.25%<sup>(1)</sup>  | 773074 | 17780702 |
| Compass Diversified Holdings, Series B, 7.88%<sup>(1)</sup>  | 823018 | 19217470 |
| Compass Diversified Holdings, Series C, 7.88%<sup>(1)</sup>  | 749172 | 17410757 |
| Corebridge Financial, Inc., 6.38%<sup>(1)</sup>  | 808248 | 19284797 |
| DigitalBridge Group, Inc., Series H, 7.13%<sup>(1)</sup>  | 906132 | 19463715 |
| DigitalBridge Group, Inc., Series I, 7.15%<sup>(1)</sup>  | 1467716 | 31658634 |
| DigitalBridge Group, Inc., Series J, 7.13%<sup>(1)</sup>  | 680063 | 14444538 |
| Dime Community Bancshares, Inc., 5.50%<sup>(1)</sup>  | 12817 | 239806 |
| Dime Community Bancshares, Inc., 9.00%<sup>(1)</sup>  | 102316 | 2631568 |
| Eagle Point Income Co., Inc., Series B, 7.75%<sup>(1)</sup>  | 18663 | 462863 |
| Eagle Point Income Co., Inc., Series C, 8.00%<sup>(1)</sup>  | 78687 | 1961667 |
| Eagle Point Institutional Income Fund, Series A, 8.13%<sup>(1)</sup>  | 128698 | 3153101 |
| Ellington Financial, Inc., 10.05%<sup>(1)</sup>  | 527918 | 13113483 |
| Enterprise Financial Services Corp., Series A, 5.00%<sup>(1)</sup>  | 315744 | 5853894 |
| F&G Annuities & Life, Inc., 7.30%<sup>(1)</sup>  | 317357 | 7435675 |
| Fifth Third Bancorp, Series A, 6.00%  | 39 | 951 |
| Flagstar Financial, Inc., Series A, 6.38%<sup>(1)</sup>  | 2144891 | 47788171 |
| Franklin BSP Realty Trust, Inc., Series E, 7.50%<sup>(1)</sup>  | 58764 | 1207600 |
| Gladstone Investment Corp., 7.88%<sup>(1)</sup>  | 203724 | 5125696 |
| Invesco Mortgage Capital, Inc., Series C, 7.50%<sup>(1)</sup>  | 598021 | 14472108 |
| Kemper Corp., 5.88%<sup>(1)</sup>  | 229099 | 5081416 |
| KeyCorp, Series E, 6.13%<sup>(1)</sup>  | 65450 | 1653267 |
| KKR & Co., Inc., Series D, 6.25%\*  | 502158 | 24068433 |
| Merchants Bancorp, 7.63%  | 725727 | 16909439 |
| Merchants Bancorp, Series C, 6.00%<sup>(1)</sup>  | 203050 | 3979780 |
| MFA Financial, Inc., 9.00%  | 1477 | 37383 |
| MFA Financial, Inc., Series B, 7.50%<sup>(1)</sup>  | 507189 | 10498812 |
| MFA Financial, Inc., Series C, 9.91%<sup>(1)</sup>  | 1073885 | 26589393 |
| Midland States Bancorp, Inc., 7.75%  | 15531 | 365755 |
| Navient Corp., 6.00%<sup>(1)</sup>  | 228362 | 4019171 |
| New York Community Capital Trust V, 6.00%<sup>(1)</sup>  | 824110 | 29972881 |
| New York Mortgage Trust, Inc., 9.13%<sup>(1)</sup>  | 249134 | 6128696 |
| New York Mortgage Trust, Inc., Series D, 8.00%<sup>(1)</sup>  | 1649214 | 35540562 |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **PREFERRED STOCKS (continued)** |  |  |
| **Financials (continued)** |  |  |
| New York Mortgage Trust, Inc., Series E, 11.28%<sup>(1)</sup>  | 992500 | $24425425<br>|
| NewtekOne, Inc., 8.63%<sup>(1)</sup>  | 478637 | 11688316 |
| Oxford Lane Capital Corp., Series 2029, 6.00%<sup>(1)</sup>  | 20074 | 454676 |
| Oxford Lane Capital Corp., Series 2032, 7.95%\*  | 104088 | 2555881 |
| Pearl Diver Credit Co., Inc., Series A, 8.00%<sup>(1)</sup>  | 55460 | 1364316 |
| PennyMac Mortgage Investment Trust, 9.00%\*  | 126855 | 3234803 |
| PennyMac Mortgage Investment Trust, Series A, 8.13%<sup>(1)</sup>  | 272571 | 6508995 |
| PennyMac Mortgage Investment Trust, Series B, 8.00%<sup>(1)</sup>  | 891800 | 21831264 |
| PennyMac Mortgage Investment Trust, Series C, 6.75%<sup>(1)</sup>  | 151791 | 2914387 |
| Prospect Capital Corp., Series A, 5.35%<sup>(1)</sup>  | 898817 | 14893398 |
| Ready Capital Corp., 9.00%<sup>(1)</sup>  | 363783 | 8759895 |
| Ready Capital Corp., Series E, 6.50%  | 8875 | 138450 |
| Redwood Trust, Inc., 9.00%<sup>(1)</sup>  | 360446 | 8928247 |
| Redwood Trust, Inc., 9.13%\*<sup>(1)</sup>  | 131432 | 3302886 |
| Redwood Trust, Inc., 10.00%<sup>(1)</sup>  | 16226 | 393643 |
| Regions Financial Corp., 6.95%<sup>(1)</sup>  | 728355 | 18208875 |
| Rithm Capital Corp., Series C, 9.55%<sup>(1)</sup>  | 318988 | 7971510 |
| Rithm Capital Corp., Series D, 7.00%<sup>(1)</sup>  | 91157 | 2224231 |
| Rithm Property Trust, Inc., 9.88%\*  | 206814 | 5253076 |
| RiverNorth Opportunities Fund, Inc., Series A, 6.00%<sup>(1)</sup>  | 113417 | 2649421 |
| SLM Corp., Series B, 6.26%<sup>(1)</sup>  | 388933 | 28956062 |
| Sound Point Meridian Capital, Inc., 8.00%<sup>(1)</sup>  | 228661 | 5575533 |
| State Street Corp., Series G, 5.35%  | 745 | 16487 |
| Synchrony Financial, Series A, 5.63%<sup>(1)</sup>  | 809845 | 14731081 |
| Synchrony Financial, Series B, 8.25%<sup>(1)</sup>  | 89838 | 2266613 |
| Synovus Financial Corp., Series D, 7.88%  | 31 | 770 |
| Texas Capital Bancshares, Inc., Series B, 5.75%<sup>(1)</sup>  | 60145 | 1180646 |
| TPG RE Finance Trust, Inc., Series C, 6.25%<sup>(1)</sup>  | 26825 | 465950 |
| Trinity Capital, Inc., 7.88%<sup>(1)</sup>  | 598779 | 15175445 |
| Two Harbors Investment Corp., Series B, 7.63%<sup>(1)</sup>  | 884126 | 20387946 |
| Two Harbors Investment Corp., Series C, 9.56%<sup>(1)</sup>  | 1296346 | 31682696 |
| Valley National Bancorp, Series A, 6.25%<sup>(1)</sup>  | 1081194 | 27148781 |
| Valley National Bancorp, Series B, 8.43%<sup>(1)</sup>  | 172138 | 4284515 |
| Valley National Bancorp, Series C, 8.25%<sup>(1)</sup>  | 956627 | 23915675 |
| Webster Financial Corp., Series F, 5.25%  | 7397 | 140247 |
| WesBanco, Inc., Series A, 6.75%  | 1924 | 48504 |
| Western Alliance Bancorp, Series A, 4.25%  | 339287 | 7057170 |
| Total Financials  |  | 1035904410 |
| **Industrials - 8.1%** |  |  |
| Atlas Corp., Series D, 7.95% (Canada)  | 7135 | 176877 |
| Atlas Corp., Series H, 7.88% (Canada)<sup>(1)</sup>  | 88427 | 2162040 |
| Babcock & Wilcox Enterprises, Inc., 6.50%<sup>(1)</sup>  | 289388 | 4575224 |
| Babcock & Wilcox Enterprises, Inc., 8.13%<sup>(1)</sup>  | 877072 | 16506495 |
| Babcock & Wilcox Enterprises, Inc., Series A, 7.75%<sup>(1)</sup>  | 1628573 | 4315719 |
| Boeing Co., 6.00%  | 4245 | 260558 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **PREFERRED STOCKS (continued)** |  |  |
| **Industrials (continued)** |  |  |
| Chart Industries, Inc., Series B, 6.75%  | 16513 | $873868<br>|
| FTAI Aviation Ltd., Series C, 8.25%<sup>(1)</sup>  | 73680 | 1851578 |
| Pitney Bowes, Inc., 6.70%<sup>(1)</sup>  | 928754 | 18231441 |
| Triton International Ltd., 6.88% (Bermuda)<sup>(1)</sup>  | 495315 | 10461053 |
| Triton International Ltd., 7.38% (Bermuda)<sup>(1)</sup>  | 1006488 | 22454747 |
| Triton International Ltd., 7.63% (Bermuda)  | 1095688 | 26614262 |
| Triton International Ltd., Series E, 5.75% (Bermuda)<sup>(1)</sup>  | 576923 | 10684614 |
| Total Industrials  |  | 119168476 |
| **Information Technology - 0.0%<sup>(2)</sup>**  |  |  |
| Hewlett Packard Enterprise Co., 7.63%  | 1715 | 86093 |
| Microstrategy, Inc., 10.00%\*  | 342 | 31344 |
| Total Information Technology  |  | 117437 |
| **Materials - 0.6%** |  |  |
| Ramaco Resources, Inc., 8.38%<sup>(1)</sup>  | 337328 | 7923835 |
| **Real Estate - 24.9%** |  |  |
| Armada Hoffler Properties, Inc., Series A, 6.75%<sup>(1)</sup>  | 13096 | 289422 |
| Braemar Hotels & Resorts, Inc., Series B, 5.50%<sup>(1)</sup>  | 428579 | 5850103 |
| Braemar Hotels & Resorts, Inc., Series D, 8.25%<sup>(1)</sup>  | 138769 | 2717097 |
| City Office REIT, Inc., Series A, 6.63%<sup>(1)</sup>  | 237980 | 4437899 |
| CTO Realty Growth, Inc., Series A, 6.38%<sup>(1)</sup>  | 288246 | 6194406 |
| DiamondRock Hospitality Co., 8.25%<sup>(1)</sup>  | 11625 | 291090 |
| Digital Realty Trust, Inc., Series L, 5.20%<sup>(1)</sup>  | 25397 | 517083 |
| Diversified Healthcare Trust, 5.63%<sup>(1)</sup>  | 1780280 | 23980372 |
| Diversified Healthcare Trust, 6.25%<sup>(1)</sup>  | 1535705 | 22421293 |
| EPR Properties, Series C, 5.75%<sup>(1)</sup>  | 22294 | 489130 |
| EPR Properties, Series E, 9.00%<sup>(1)</sup>  | 512089 | 14947878 |
| EPR Properties, Series G, 5.75%<sup>(1)</sup>  | 598621 | 12020310 |
| Gladstone Land Corp., Series B, 6.00%  | 5370 | 109065 |
| Global Net Lease, Inc., Series A, 7.25%<sup>(1)</sup>  | 839565 | 18974169 |
| Global Net Lease, Inc., Series B, 6.88%<sup>(1)</sup>  | 731275 | 15744351 |
| Global Net Lease, Inc., Series D, 7.50%<sup>(1)</sup>  | 1521150 | 35001661 |
| Global Net Lease, Inc., Series E, 7.38%<sup>(1)</sup>  | 484555 | 11159302 |
| Hudson Pacific Properties, Inc., Series C, 4.75%<sup>(1)</sup>  | 1143274 | 15205544 |
| LXP Industrial Trust, Series C, 6.50%<sup>(1)</sup>  | 40141 | 1851303 |
| National Healthcare Properties, Series B, 7.13%<sup>(1)</sup>  | 540334 | 7181039 |
| Office Properties Income Trust, 6.38%<sup>(1)</sup>  | 646835 | 5627464 |
| Pebblebrook Hotel Trust, Series E, 6.38%<sup>(1)</sup>  | 70303 | 1247175 |
| Pebblebrook Hotel Trust, Series F, 6.30%<sup>(1)</sup>  | 579806 | 10552469 |
| Pebblebrook Hotel Trust, Series G, 6.38%<sup>(1)</sup>  | 178346 | 3263732 |
| Pebblebrook Hotel Trust, Series H, 5.70%<sup>(1)</sup>  | 122602 | 2041323 |
| Regency Centers Corp., Series B, 5.88%<sup>(1)</sup>  | 222142 | 5098159 |
| RLJ Lodging Trust, Series A, 1.95%<sup>(1)</sup>  | 1496983 | 36406627 |
| Saul Centers, Inc., Series E, 6.00%<sup>(1)</sup>  | 815336 | 16747001 |
| SL Green Realty Corp., Series I, 6.50%<sup>(1)</sup>  | 408896 | 8905755 |
| Summit Hotel Properties, Inc., Series E, 6.25%<sup>(1)</sup>  | 487357 | 9527829 |
| Summit Hotel Properties, Inc., Series F, 5.88%<sup>(1)</sup>  | 162620 | 3073518 |
| Sunstone Hotel Investors, Inc., Series H, 6.13%<sup>(1)</sup>  | 11155 | 233363 |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
|  |  |  |
| **PREFERRED STOCKS (continued)** |  |  |
| **Real Estate (continued)** |  |  |
| Sunstone Hotel Investors, Inc., Series I, 5.70%<sup>(1)</sup>  | 112646 | $2261932<br>|
| Vornado Realty Trust, Series L, 5.40%<sup>(1)</sup>  | 781839 | 13682182 |
| Vornado Realty Trust, Series M, 5.25%<sup>(1)</sup>  | 1196532 | 20197460 |
| Vornado Realty Trust, Series N, 5.25%<sup>(1)</sup>  | 975093 | 16576581 |
| Vornado Realty Trust, Series O, 4.45%<sup>(1)</sup>  | 900832 | 12908923 |
| Total Real Estate  |  | 367734010 |
| **Utilities - 5.4%** |  |  |
| Brookfield BRP Holdings Canada, Inc., 7.25% (Canada)<sup>(1)</sup>  | 292181 | 6743537 |
| Brookfield Infrastructure Finance ULC, 7.25% (Canada)<sup>(1)</sup>  | 116908 | 2601203 |
| Eagle Point Credit Co., Inc., Series F, 8.00%<sup>(1)</sup>  | 98394 | 2435252 |
| NextEra Energy, Inc., 6.93%  | 56333 | 2168821 |
| NextEra Energy, Inc., 7.30%  | 3001 | 139216 |
| PG&E Corp., Series A, 6.00%  | 4762 | 207099 |
| SCE Trust IV, Series J, 5.38%<sup>(1)</sup>  | 2197666 | 48656325 |
| SCE Trust V, Series K, 5.45%  | 385047 | 8767520 |
| SCE Trust VI, 5.00%<sup>(1)</sup>  | 458402 | 7504041 |
| SCE Trust VII, Series M, 7.50%  | 7441 | 171515 |
| Sempra, 5.75%  | 6648 | 138544 |
| South Jersey Industries, Inc., 5.63%<sup>(1)</sup>  | 5636 | 93079 |
| Total Utilities  |  | 79626152 |
| **Total Preferred Stocks** |  |  |
| (Cost $1,806,521,355)  |  | 1779884620 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **COMMON STOCK - 0.0%<sup>(2)</sup>** |  |  |
|  |  |  |
| **Utilities - 0.0%<sup>(2)</sup>** |  |  |
| Algonquin Power & Utilities Corp. (Canada) |  |  |
| (Cost $93,249)  | 19880 | $106954<br>|
| **TOTAL INVESTMENTS - 120.7%** |  |  |
| (Cost $1,806,614,604)  |  | **1779991574** |
| Liabilities in Excess of Other Assets - (20.7)%  |  | (304728697) |
| **Net Assets - 100.0%**  |  | **$** **1475262877**<br>|

---

------

\*Non-income producing security.

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

(1)Security, or a portion thereof, has been pledged as collateral for borrowings. The aggregate market value of the collateral at April 30, 2025 was $1,500,609,315.

(2)Amount rounds to less than 0.05%.

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks  | $1779884620<br>| $—<br>| $—<br>| $1779884620<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock  | 106954 |  |  | 106954 |
| **Total**  | **$** **1779991574**<br>| **$** **—**<br>| **$** **—**<br>| **$** **1779991574**<br>|

---

Schedule of Investments — Virtus LifeSci Biotech Clinical Trials ETF

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **COMMON STOCKS - 99.3%** |  |  |
| **Health Care - 99.3%** |  |  |
| 4D Molecular Therapeutics, Inc.\*  | 23873 | $80452<br>|
| 89bio, Inc.\*  | 20921 | 167786 |
| AbCellera Biologics, Inc. (Canada)\*<sup>(1)</sup>  | 55674 | 145309 |
| ACELYRIN, Inc.\*  | 46393 | 114591 |
| Akero Therapeutics, Inc.\*  | 5662 | 258244 |
| Allogene Therapeutics, Inc.\*  | 81306 | 136594 |
| Altimmune, Inc.\*<sup>(1)</sup>  | 19131 | 100438 |
| AnaptysBio, Inc.\*  | 10935 | 242976 |
| Annexon, Inc.\*  | 36422 | 67745 |
| Apogee Therapeutics, Inc.\*  | 3705 | 145421 |
| Arbutus Biopharma Corp.\*<sup>(1)</sup>  | 46131 | 163765 |
| Arcellx, Inc.\*<sup>(1)</sup>  | 1968 | 127822 |
| Arcturus Therapeutics Holdings, Inc.\*  | 9362 | 119927 |
| Arcus Biosciences, Inc.\*  | 9578 | 83807 |
| Arcutis Biotherapeutics, Inc.\*  | 13415 | 200018 |
| ArriVent Biopharma, Inc.\*  | 6349 | 134980 |
| Arrowhead Pharmaceuticals, Inc.\*  | 7424 | 103119 |
| Arvinas, Inc.\*  | 8323 | 80067 |
| Astria Therapeutics, Inc.\*  | 16749 | 86425 |
| Autolus Therapeutics PLC (United Kingdom)\*<sup>(2)</sup>  | 61060 | 86095 |
| Avidity Biosciences, Inc.\*  | 4864 | 158810 |
| Beam Therapeutics, Inc.\*  | 5857 | 116730 |
| Belite Bio, Inc.\*<sup>(2)</sup>  | 2590 | 159233 |
| Bicara Therapeutics, Inc.\*<sup>(1)</sup>  | 9103 | 130810 |
| Bicycle Therapeutics PLC (United Kingdom)\*<sup>(2)</sup>  | 8171 | 69944 |
| Biohaven Ltd.\*  | 4090 | 90471 |
| Capricor Therapeutics, Inc.\*<sup>(1)</sup>  | 11457 | 145504 |
| Cargo Therapeutics, Inc.\*<sup>(1)</sup>  | 10997 | 50256 |
| Cartesian Therapeutics, Inc.\*<sup>(1)</sup>  | 8165 | 97980 |
| Celcuity, Inc.\*  | 13032 | 145176 |
| Celldex Therapeutics, Inc.\*  | 6213 | 129417 |
| Centessa Pharmaceuticals PLC\*<sup>(2)</sup>  | 9743 | 133577 |
| CG oncology, Inc.\*<sup>(1)</sup>  | 5694 | 153396 |
| Cogent Biosciences, Inc.\*  | 19702 | 102647 |
| Compass Pathways PLC (United Kingdom)\*<sup>(1)</sup><sup>(2)</sup>  | 37250 | 148255 |
| Corvus Pharmaceuticals, Inc.\*  | 20323 | 72960 |
| Crinetics Pharmaceuticals, Inc.\*<sup>(1)</sup>  | 2955 | 98667 |
| Cullinan Therapeutics, Inc.\*  | 13460 | 111449 |
| CureVac NV (Germany)\*<sup>(1)</sup>  | 51323 | 182197 |
| Cytokinetics, Inc.\*  | 3272 | 140172 |
| Denali Therapeutics, Inc.\*  | 6999 | 116533 |
| Dianthus Therapeutics, Inc.\*<sup>(1)</sup>  | 6991 | 152753 |
| Disc Medicine, Inc.\*  | 2557 | 126367 |
| Dyne Therapeutics, Inc.\*  | 6414 | 75621 |
| Edgewise Therapeutics, Inc.\*  | 5837 | 95727 |
| Enliven Therapeutics, Inc.\*<sup>(1)</sup>  | 7144 | 135307 |
| Entrada Therapeutics, Inc.\*  | 9071 | 82818 |
| Erasca, Inc.\*  | 62454 | 91183 |
| EyePoint Pharmaceuticals, Inc.\*  | 20683 | 141058 |
| Ideaya Biosciences, Inc.\*  | 6376 | 128349 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Health Care (continued)** |  |  |
| IGM Biosciences, Inc.\*  | 19978 | $27670<br>|
| Immatics NV (Germany)\*  | 22161 | 110805 |
| Immunome, Inc.\*  | 12575 | 110534 |
| Immunovant, Inc.\*  | 5954 | 96157 |
| Intellia Therapeutics, Inc.\*  | 12114 | 107451 |
| iTeos Therapeutics, Inc.\*  | 20671 | 149865 |
| Janux Therapeutics, Inc.\*  | 2670 | 88644 |
| Keros Therapeutics, Inc.\*  | 8916 | 128747 |
| Kura Oncology, Inc.\*  | 16956 | 111231 |
| Kymera Therapeutics, Inc.\*<sup>(1)</sup>  | 3892 | 133379 |
| Larimar Therapeutics, Inc.\*  | 26881 | 71235 |
| LENZ Therapeutics, Inc.\*<sup>(1)</sup>  | 5335 | 152128 |
| Liquidia Corp.\*  | 14924 | 208488 |
| MBX Biosciences, Inc.\*<sup>(1)</sup>  | 8015 | 84077 |
| Mereo Biopharma Group PLC (United Kingdom)\*<sup>(2)</sup>  | 44024 | 114022 |
| Merus NV (Netherlands)\*  | 3969 | 180629 |
| Mind Medicine MindMed, Inc.\*  | 23396 | 149500 |
| Mineralys Therapeutics, Inc.\*  | 13502 | 191863 |
| Monte Rosa Therapeutics, Inc.\*  | 21081 | 103508 |
| MoonLake Immunotherapeutics\*<sup>(1)</sup>  | 3051 | 128386 |
| Neumora Therapeutics, Inc.\*  | 15518 | 12101 |
| Neurogene, Inc.\*<sup>(1)</sup>  | 7356 | 110340 |
| Newamsterdam Pharma Co. NV (Netherlands)\*  | 6552 | 125340 |
| Nurix Therapeutics, Inc.\*  | 7992 | 92148 |
| Nuvalent, Inc. Class A\*  | 1891 | 145134 |
| Nuvation Bio, Inc.\*  | 62454 | 140522 |
| Olema Pharmaceuticals, Inc.\*  | 24441 | 126116 |
| Omeros Corp.\*<sup>(1)</sup>  | 19353 | 142245 |
| ORIC Pharmaceuticals, Inc.\*  | 19481 | 111237 |
| Perspective Therapeutics, Inc.\*  | 47327 | 115951 |
| Pharvaris NV (Netherlands)\*  | 8642 | 159704 |
| Pliant Therapeutics, Inc.\*  | 11850 | 18842 |
| Praxis Precision Medicines, Inc.\*  | 2316 | 87174 |
| Prime Medicine, Inc.\*<sup>(1)</sup>  | 54564 | 94396 |
| Protagonist Therapeutics, Inc.\*  | 4066 | 186304 |
| Prothena Corp. PLC (Ireland)\*  | 11898 | 109462 |
| Rapport Therapeutics, Inc.\*<sup>(1)</sup>  | 8646 | 98997 |
| Recursion Pharmaceuticals, Inc. Class A\*<sup>(1)</sup>  | 23527 | 131516 |
| REGENXBIO, Inc.\*  | 18845 | 181100 |
| Relay Therapeutics, Inc.\*  | 34361 | 114422 |
| Replimune Group, Inc.\*<sup>(1)</sup>  | 13448 | 131521 |
| Revolution Medicines, Inc.\*  | 3653 | 147508 |
| Rocket Pharmaceuticals, Inc.\*  | 13061 | 99655 |
| Sana Biotechnology, Inc.\*<sup>(1)</sup>  | 80510 | 152969 |
| Savara, Inc.\*  | 49027 | 156886 |
| Scholar Rock Holding Corp.\*  | 3943 | 129764 |
| Scilex Holding Co. (Singapore)\*  | 512 | 2427 |
| Silence Therapeutics PLC (United Kingdom)\*<sup>(2)</sup>  | 24888 | 92086 |
| Soleno Therapeutics, Inc.\*  | 3547 | 265528 |
| Spyre Therapeutics, Inc.\*  | 6870 | 104630 |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Health Care (continued)** |  |  |
| Stoke Therapeutics, Inc.\*  | 13337 | $130169<br>|
| Structure Therapeutics, Inc.\*<sup>(1)</sup><sup>(2)</sup>  | 5181 | 139887 |
| Summit Therapeutics, Inc.\*<sup>(1)</sup>  | 9198 | 221856 |
| Syndax Pharmaceuticals, Inc.\*  | 12199 | 172616 |
| Tango Therapeutics, Inc.\*  | 57628 | 81255 |
| Taysha Gene Therapies, Inc.\*<sup>(1)</sup>  | 72991 | 141603 |
| Tectonic Therapeutic, Inc.\*<sup>(1)</sup>  | 3542 | 73886 |
| Terns Pharmaceuticals, Inc.\*  | 24922 | 82243 |
| Third Harmonic Bio, Inc.\*<sup>(1)</sup>  | 14607 | 75518 |
| Tourmaline Bio, Inc.\*  | 7298 | 125599 |
| Tyra Biosciences, Inc.\*<sup>(1)</sup>  | 10821 | 111456 |
| uniQure NV (Netherlands)\*  | 10913 | 161076 |
| Vaxcyte, Inc.\*  | 1872 | 67092 |
| Vera Therapeutics, Inc.\*  | 3638 | 85020 |
| Verve Therapeutics, Inc.\*  | 26362 | 149473 |
| Viking Therapeutics, Inc.\*<sup>(1)</sup>  | 3431 | 99053 |
| Vir Biotechnology, Inc.\*  | 22102 | 135264 |
| Viridian Therapeutics, Inc.\*  | 9138 | 123820 |
| WaVe Life Sciences Ltd.\*  | 11850 | 91482 |
| Xencor, Inc.\*  | 6635 | 73118 |
| Xenon Pharmaceuticals, Inc. (Canada)\*  | 4165 | 159103 |
| Xeris Biopharma Holdings, Inc.\*  | 48307 | 220763 |
| Zentalis Pharmaceuticals, Inc.\*  | 52471 | 74509 |
| Zymeworks, Inc.\*  | 13020 | 169390 |
| Total Health Care  |  | 15228543 |
| **Total Common Stocks** |  |  |
| (Cost $19,672,318)  |  | **15228543** |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **SECURITIES LENDING COLLATERAL - 8.1%** |  |  |
| **Money Market Fund - 8.1%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.15%<sup>(3)</sup><sup>(4)</sup> |  |  |
| (Cost $1,252,112)  | 1252112 | **$** **1252112**<br>|
| **TOTAL INVESTMENTS - 107.4%** |  |  |
| (Cost $20,924,430)  |  | **16480655** |
| Liabilities in Excess of Other Assets - (7.4)%  |  | (1139735) |
| **Net Assets - 100.0%**  |  | **$** **15340920**<br>|

---

------

\*Non-income producing security.

(1)All or a portion of the security was on loan. The aggregate market value of securities on loan was $2,824,509; total market value of collateral held by the Fund was $2,843,635. Market value of the collateral held includes non-cash U.S. Treasury securities having a value of $1,591,523.

(2)American Depositary Receipts.

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

(4)The rate shown reflects the seven-day yield as of April 30, 2025.

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  | $15228543<br>| $—<br>| $—<br>| $15228543<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund  | 1252112 |  |  | 1252112 |
| **Total**  | **$** **16480655**<br>| **$** **—**<br>| **$** **—**<br>| **$** **16480655**<br>|

---

Schedule of Investments — Virtus LifeSci Biotech Products ETF

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **COMMON STOCKS - 99.7%** |  |  |
| **Health Care - 99.7%** |  |  |
| ACADIA Pharmaceuticals, Inc.\*  | 23790 | $347334<br>|
| ADMA Biologics, Inc.\*  | 21990 | 523362 |
| Agios Pharmaceuticals, Inc.\*  | 10758 | 319405 |
| Alnylam Pharmaceuticals, Inc.\*  | 1678 | 441717 |
| Amgen, Inc.  | 1497 | 435507 |
| Amicus Therapeutics, Inc.\*  | 40446 | 310625 |
| Apellis Pharmaceuticals, Inc.\*  | 12541 | 240913 |
| Ardelyx, Inc.\*  | 78348 | 431306 |
| Ascendis Pharma A/S (Denmark)\*<sup>(1)</sup>  | 3141 | 535352 |
| Aurinia Pharmaceuticals, Inc. (Canada)\*  | 42368 | 349112 |
| Axsome Therapeutics, Inc.\*  | 4352 | 488686 |
| BeiGene Ltd. (China)\*<sup>(1)</sup>  | 2274 | 590808 |
| BioCryst Pharmaceuticals, Inc.\*  | 54018 | 478059 |
| Biogen, Inc.\*  | 2643 | 320014 |
| BioMarin Pharmaceutical, Inc.\*  | 6193 | 394432 |
| BioNTech SE (Germany)\*<sup>(1)</sup>  | 3403 | 354422 |
| Blueprint Medicines Corp.\*  | 4435 | 396933 |
| Bridgebio Pharma, Inc.\*<sup>(2)</sup>  | 14841 | 569301 |
| CRISPR Therapeutics AG (Switzerland)\*  | 9039 | 349538 |
| Day One Biopharmaceuticals, Inc.\*  | 32053 | 249372 |
| Dynavax Technologies Corp.\*  | 31602 | 371324 |
| Esperion Therapeutics, Inc.\*  | 161007 | 160910 |
| Exelixis, Inc.\*  | 11674 | 457037 |
| Geron Corp.\*  | 104731 | 147671 |
| Gilead Sciences, Inc.  | 4483 | 477619 |
| Halozyme Therapeutics, Inc.\*  | 8582 | 527106 |
| Harmony Biosciences Holdings, Inc.\*<sup>(2)</sup>  | 12885 | 379721 |
| ImmunityBio, Inc.\*<sup>(2)</sup>  | 135049 | 338973 |
| Immunocore Holdings PLC (United Kingdom)\*<sup>(1)</sup><sup>(2)</sup>  | 13547 | 407765 |
| Incyte Corp.\*  | 5800 | 363428 |
| Insmed, Inc.\*  | 5702 | 410544 |
| Ionis Pharmaceuticals, Inc.\*  | 11093 | 340666 |
| Iovance Biotherapeutics, Inc.\*  | 51580 | 185172 |
| Ironwood Pharmaceuticals, Inc.\*  | 115325 | 107518 |
| Kiniksa Pharmaceuticals International PLC\*  | 20387 | 549837 |
| Krystal Biotech, Inc.\*  | 2365 | 401766 |
| Legend Biotech Corp.\*<sup>(1)</sup>  | 11568 | 404302 |
| Lexicon Pharmaceuticals, Inc.\*  | 499341 | 364918 |
| Ligand Pharmaceuticals, Inc.\*  | 3616 | 397254 |
| Madrigal Pharmaceuticals, Inc.\*  | 1358 | 453450 |
| Mirum Pharmaceuticals, Inc.\*  | 9711 | 421943 |
| Moderna, Inc.\*  | 9588 | 273642 |
| Neurocrine Biosciences, Inc.\*  | 3240 | 348916 |
| Novavax, Inc.\*<sup>(2)</sup>  | 45518 | 303605 |
| Omniab, Inc. - $12.50 Earnout\*<sup>(3)</sup>  | 1295 | 0 |
| Omniab, Inc. - $15.00 Earnout\*<sup>(3)</sup>  | 1295 | 0 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Health Care (continued)** |  |  |
| Phathom Pharmaceuticals, Inc.\*<sup>(2)</sup>  | 51417 | $220579<br>|
| PTC Therapeutics, Inc.\*  | 8671 | 432163 |
| Regeneron Pharmaceuticals, Inc.  | 556 | 332911 |
| Rhythm Pharmaceuticals, Inc.\*  | 7371 | 480515 |
| Roivant Sciences Ltd.\*<sup>(2)</sup>  | 34556 | 401541 |
| Sage Therapeutics, Inc.\*  | 72408 | 527854 |
| Sarepta Therapeutics, Inc.\*  | 3297 | 205733 |
| SpringWorks Therapeutics, Inc.\*  | 10611 | 491289 |
| Tarsus Pharmaceuticals, Inc.\*  | 8033 | 416993 |
| TG Therapeutics, Inc.\*<sup>(2)</sup>  | 13376 | 608742 |
| Theravance Biopharma, Inc.\*  | 41600 | 406432 |
| Travere Therapeutics, Inc.\*  | 22923 | 477028 |
| Ultragenyx Pharmaceutical, Inc.\*  | 8754 | 341231 |
| United Therapeutics Corp.\*  | 1137 | 344613 |
| Vertex Pharmaceuticals, Inc.\*  | 884 | 450398 |
| Y-mAbs Therapeutics, Inc.\*  | 42025 | 178606 |
| Zai Lab Ltd. (China)\*<sup>(1)</sup>  | 15363 | 486853 |
| Total Health Care  |  | 23524766 |
| **Total Common Stocks** |  |  |
| (Cost $23,160,588)  |  | **23524766** |
| **SECURITIES LENDING COLLATERAL - 1.7%** |  |  |
| **Money Market Fund - 1.7%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.15%<sup>(4)</sup><sup>(5)</sup> |  |  |
| (Cost $412,100)  | 412100 | **412100** |
| **TOTAL INVESTMENTS - 101.4%** |  |  |
| (Cost $23,572,688)  |  | **23936866** |
| Liabilities in Excess of Other Assets - (1.4)%  |  | (330698) |
| **Net Assets - 100.0%**  |  | **$** **23606168**<br>|

---

------

\*Non-income producing security.

(1)American Depositary Receipts.

(2)All or a portion of the security was on loan. The aggregate market value of securities on loan was $2,903,923; total market value of collateral held by the Fund was $2,925,852. Market value of the collateral held includes non-cash U.S. Treasury securities having a value of $2,513,752.

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

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

(5)The rate shown reflects the seven-day yield as of April 30, 2025.

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  | $23524766<br>| $0<br>| $—<br>| $23524766<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund  | 412100 |  |  | 412100 |
| **Total**  | **$** **23936866**<br>| **$** **0**<br>| **$** **—**<br>| **$** **23936866**<br>|

---

Schedule of Investments — Virtus Newfleet Multi-Sector Bond ETF

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **CORPORATE BONDS – 28.0%** |  |  |
| **Aerospace – 0.2%** |  |  |
| L3harris Technologies, Inc., 5.40%, 07/31/33  | $525000<br>| $533539<br>|
| **Broadline Retail – 0.1%** |  |  |
| Saks Global Enterprises LLC, 11.00%, 12/15/29<sup>(1)</sup>  | 370000 | 224833 |
| **Communication Services – 1.7%** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 03/01/30<sup>(1)</sup>  | 365000 | 344953 |
| CMG Media Corp., 8.88%, 06/18/29<sup>(1)</sup>  | 410000 | 359775 |
| CSC Holdings LLC, 7.50%, 04/01/28<sup>(1)</sup>  | 205000 | 150355 |
| CSC Holdings LLC, 11.75%, 01/31/29<sup>(1)</sup>  | 385000 | 364227 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(1)</sup>  | 590000 | 563598 |
| Gray Television, Inc., 7.00%, 05/15/27<sup>(1)</sup>  | 115000 | 111991 |
| Gray Television, Inc., 5.38%, 11/15/31<sup>(1)</sup>  | 600000 | 358524 |
| Hughes Satellite Systems Corp., 6.63%, 08/01/26  | 395000 | 321167 |
| Millennium Escrow Corp., 6.63%, 08/01/26<sup>(1)</sup>  | 450000 | 326079 |
| Rackspace Technology Global, Inc., 5.38%, 12/01/28<sup>(1)</sup>  | 65000 | 17306 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(1)</sup>  | 60000 | 59433 |
| Snap, Inc., 6.88%, 03/01/33<sup>(1)</sup>  | 305000 | 304872 |
| Sprint Capital Corp., 8.75%, 03/15/32  | 160000 | 192130 |
| T-Mobile USA, Inc., 5.05%, 07/15/33  | 96000 | 95418 |
| Univision Communications, Inc., 6.63%, 06/01/27<sup>(1)</sup>  | 530000 | 513355 |
| Total Communication Services  |  | 4083183 |
| **Consumer Discretionary – 1.8%** |  |  |
| Aptiv Swiss Holdings Ltd., 6.88%, (US 5 Year CMT T- Note + 3.39%), 12/15/54 (Jersey Island)<sup>(2)</sup>  | 450000 | 421997 |
| Ashton Woods USA LLC / Ashton Woods Finance Co., 4.63%, 04/01/30<sup>(1)</sup>  | 255000 | 234011 |
| Churchill Downs, Inc., 6.75%, 05/01/31<sup>(1)</sup>  | 65000 | 65730 |
| Clarios Global LP / Clarios US Finance Co., 6.75%, 02/15/30<sup>(1)</sup>  | 10000 | 10183 |
| Dick's Sporting Goods, Inc., 4.10%, 01/15/52  | 525000 | 360159 |
| Ford Motor Co., 3.25%, 02/12/32  | 105000 | 85855 |
| Ford Motor Co., 4.75%, 01/15/43  | 80000 | 59862 |
| Ford Motor Credit Co. LLC, 6.05%, 11/05/31  | 120000 | 116400 |
| Ford Motor Credit Co. LLC, 6.50%, 02/07/35  | 195000 | 188814 |
| Light & Wonder International, Inc., 7.00%, 05/15/28<sup>(1)</sup>  | 175000 | 175195 |
| Meritage Homes Corp., 3.88%, 04/15/29<sup>(1)</sup>  | 561000 | 534159 |
| Newell Brands, Inc., 6.38%, 09/15/27  | 260000 | 254263 |
| Newell Brands, Inc., 6.63%, 09/15/29  | 261000 | 245326 |
| Nissan Motor Acceptance Co. LLC, 7.05%, 09/15/28<sup>(1)</sup>  | 130000 | 133025 |
| Ontario Gaming GTA LP/OTG Co.-Issuer LLC, 8.00%, 08/01/30 (Canada)<sup>(1)</sup>  | 95000 | 91509 |
| PetSmart, Inc. / PetSmart Finance Corp., 7.75%, 02/15/29<sup>(1)</sup>  | 540000 | 503753 |
| Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 01/15/28<sup>(1)</sup>  | 200000 | 200052 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Consumer Discretionary (continued)** |  |  |
| Stellantis Finance US, Inc., 6.45%, 03/18/35<sup>(1)</sup>  | $460000<br>| $452017<br>|
| Wayfair LLC, 7.25%, 10/31/29<sup>(1)</sup>  | 5000 | 4579 |
| Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/28<sup>(1)</sup>  | 230000 | 215344 |
| Total Consumer Discretionary  |  | 4352233 |
| **Consumer Staples – 1.3%** |  |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.88%, 02/15/30<sup>(1)</sup>  | 185000 | 178957 |
| Chobani Holdco II LLC, 8.75%, 10/01/29, (8.75% cash / 9.5% PIK)<sup>(1)</sup><sup>(3)</sup>  | 5210 | 5534 |
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.63%, 07/15/30<sup>(1)</sup>  | 50000 | 50176 |
| Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.88%, 09/01/25<sup>(1)</sup>  | 288000 | 288216 |
| Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31 (Canada)<sup>(1)</sup>  | 185000 | 153184 |
| Kronos Acquisition Holdings, Inc., 10.75%, 06/30/32 (Canada)<sup>(1)</sup>  | 220000 | 132230 |
| Mars, Inc., 5.20%, 03/01/35<sup>(1)</sup>  | 365000 | 366587 |
| Philip Morris International, Inc., 4.90%, 11/01/34  | 480000 | 473270 |
| Pilgrim's Pride Corp., 6.25%, 07/01/33  | 498000 | 519295 |
| Post Holdings, Inc., 6.38%, 03/01/33<sup>(1)</sup>  | 575000 | 569973 |
| Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 6.25%, 04/01/29<sup>(1)</sup>  | 455000 | 453109 |
| Total Consumer Staples  |  | 3190531 |
| **Energy – 3.7%** |  |  |
| Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/29<sup>(1)</sup>  | 285000 | 294494 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 01/15/28<sup>(1)</sup>  | 180000 | 179083 |
| Antero Resources Corp., 5.38%, 03/01/30<sup>(1)</sup>  | 200000 | 193733 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp., 8.25%, 12/31/28<sup>(1)</sup>  | 175000 | 176956 |
| Buckeye Partners LP, 6.75%, 02/01/30<sup>(1)</sup>  | 150000 | 152769 |
| Civitas Resources, Inc., 8.75%, 07/01/31<sup>(1)</sup>  | 130000 | 123731 |
| Columbia Pipelines Operating Co. LLC, 6.04%, 11/15/33<sup>(1)</sup>  | 135000 | 139566 |
| CrownRock LP / CrownRock Finance, Inc., 5.00%, 05/01/29<sup>(1)</sup>  | 50000 | 51001 |
| DT Midstream, Inc., 4.13%, 06/15/29<sup>(1)</sup>  | 105000 | 98673 |
| Energy Transfer LP, Series H, 6.50%, (US 5 Year CMT T- Note + 5.69%), perpetual<sup>(2)</sup><sup>(4)</sup>  | 225000 | 224009 |
| EQT Corp., 6.38%, 04/01/29<sup>(1)</sup>  | 285000 | 291741 |
| Flex Intermediate Holdco LLC, 3.36%, 06/30/31<sup>(1)</sup>  | 430000 | 380306 |
| Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/30  | 545000 | 556899 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(1)</sup>  | 120000 | 118409 |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/29<sup>(1)</sup>  | 385000 | 390186 |
| HF Sinclair Corp., 6.25%, 01/15/35  | 800000 | 769373 |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
|  |  |  |
| **CORPORATE BONDS (continued)** |  |  |
|  |  |  |
| **Energy (continued)**  |  |  |
| Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/29<sup>(1)</sup>  | $125000<br>| $117160<br>|
| Hilcorp Energy I LP / Hilcorp Finance Co., 7.25%, 02/15/35<sup>(1)</sup>  | 395000 | 344658 |
| Kimmeridge Texas Gas LLC, 8.50%, 02/15/30<sup>(1)</sup>  | 270000 | 259582 |
| Kraken Oil & Gas Partners LLC, 7.63%, 08/15/29<sup>(1)</sup>  | 385000 | 344984 |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32<sup>(1)</sup>  | 675000 | 654285 |
| Mesquite Energy, Inc., Escrow, 7.25%, perpetual<sup>(1)</sup><sup>(4)</sup><sup>(5)</sup>  | 12000 | 240 |
| Nabors Industries, Inc., 7.38%, 05/15/27<sup>(1)</sup>  | 455000 | 429404 |
| Ngl Energy Operating LLC / Ngl Energy Finance Corp., 8.13%, 02/15/29<sup>(1)</sup>  | 20000 | 18819 |
| Ngl Energy Operating LLC / Ngl Energy Finance Corp., 8.38%, 02/15/32<sup>(1)</sup>  | 415000 | 378816 |
| Occidental Petroleum Corp., 5.55%, 10/01/34  | 355000 | 331663 |
| Occidental Petroleum Corp., 6.20%, 03/15/40  | 370000 | 340415 |
| Transocean, Inc., 8.25%, 05/15/29<sup>(1)</sup>  | 30000 | 24214 |
| Transocean, Inc., 8.75%, 02/15/30<sup>(1)</sup>  | 60000 | 58697 |
| Transocean, Inc., 8.50%, 05/15/31<sup>(1)</sup>  | 195000 | 150916 |
| Venture Global Calcasieu Pass LLC, 4.13%, 08/15/31<sup>(1)</sup>  | 125000 | 112422 |
| Venture Global LNG, Inc., 9.00%, (US 5 Year CMT T- Note + 5.44%), perpetual<sup>(1)</sup><sup>(2)</sup><sup>(4)</sup>  | 380000 | 326973 |
| Venture Global LNG, Inc., 9.88%, 02/01/32<sup>(1)</sup>  | 135000 | 137159 |
| Viper Energy, Inc., 7.38%, 11/01/31<sup>(1)</sup>  | 15000 | 15586 |
| Western Midstream Operating LP, 5.25%, 02/01/50  | 435000 | 348224 |
| Williams Cos., Inc. (The), 5.15%, 03/15/34  | 425000 | 416958 |
| Total Energy  |  | 8952104 |
| **Financials – 7.6%** |  |  |
| Acrisure LLC / Acrisure Finance, Inc., 8.25%, 02/01/29<sup>(1)</sup>  | 135000 | 138251 |
| Acrisure LLC / Acrisure Finance, Inc., 6.00%, 08/01/29<sup>(1)</sup>  | 195000 | 184924 |
| Allstate Corp. (The), Series B, 7.52%, (3-Month SOFR + 3.20%), 08/15/53<sup>(2)</sup>  | 245000 | 242716 |
| Ally Financial, Inc., 5.54%, (SOFR + 1.73%), 01/17/31<sup>(2)</sup>  | 505000 | 500571 |
| American Express Co., 5.63%, (SOFR + 1.93%), 07/28/34<sup>(2)</sup>  | 750000 | 756495 |
| AON North America, Inc., 5.45%, 03/01/34  | 300000 | 305390 |
| Apollo Debt Solutions Bdc, 6.90%, 04/13/29  | 340000 | 349747 |
| Apollo Global Management, Inc., 6.00%, (US 5 Year CMT T- Note + 2.17%), 12/15/54<sup>(2)</sup>  | 485000 | 455476 |
| Arthur J Gallagher & Co., 5.55%, 02/15/55  | 535000 | 504613 |
| Bank of America Corp., 3.42%, (3-Month SOFR + 1.30%), 12/20/28<sup>(2)</sup>  | 150000 | 145928 |
| Bank of America Corp., 2.97%, (SOFR + 1.33%), 02/04/33<sup>(2)</sup>  | 110000 | 96749 |
| Bank of America Corp., 5.29%, (SOFR + 1.91%), 04/25/34<sup>(2)</sup>  | 300000 | 300912 |
| Bank of America Corp., 5.43%, (SOFR + 1.91%), 08/15/35<sup>(2)</sup>  | 125000 | 122393 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
|  |  |  |
| **Financials (continued)**  |  |  |
| Bank of New York Mellon Corp. (The), Series G, 4.70%, (US 5 Year CMT T- Note + 4.36%), perpetual<sup>(2)</sup><sup>(4)</sup>  | $395000<br>| $393212<br>|
| Blackstone Private Credit Fund, 5.95%, 07/16/29  | 240000 | 241350 |
| Blackstone Private Credit Fund, 6.00%, 11/22/34<sup>(1)</sup>  | 370000 | 353366 |
| Blue Owl Credit Income Corp., 6.65%, 03/15/31  | 110000 | 111197 |
| Blue Owl Finance LLC, 3.13%, 06/10/31  | 510000 | 445777 |
| BroadStreet Partners, Inc., 5.88%, 04/15/29<sup>(1)</sup>  | 100000 | 96662 |
| Capital One Financial Corp., 2.36%, (SOFR + 1.34%), 07/29/32<sup>(2)</sup>  | 175000 | 144099 |
| Capital One Financial Corp., 6.38%, (SOFR + 2.86%), 06/08/34<sup>(2)</sup>  | 360000 | 375722 |
| Charles Schwab Corp. (The), Series H, 4.00%, (US 10 Year CMT T- Note + 3.08%), perpetual<sup>(2)</sup><sup>(4)</sup>  | 420000 | 367013 |
| Charles Schwab Corp. (The), 6.14%, (SOFR + 2.01%), 08/24/34<sup>(2)</sup>  | 180000 | 191380 |
| Citigroup, Inc., Series X, 3.88%, (US 5 Year CMT T- Note + 3.42%), perpetual<sup>(2)</sup><sup>(4)</sup>  | 390000 | 380272 |
| Citigroup, Inc., 3.98%, (3-Month SOFR + 1.60%), 03/20/30<sup>(2)</sup>  | 145000 | 141166 |
| Citigroup, Inc., 6.27%, (SOFR + 2.34%), 11/17/33<sup>(2)</sup>  | 130000 | 137836 |
| Citigroup, Inc., 6.17%, (SOFR + 2.66%), 05/25/34<sup>(2)</sup>  | 357000 | 365528 |
| Citizens Financial Group, Inc., 5.72%, (SOFR + 1.91%), 07/23/32<sup>(2)</sup>  | 320000 | 325500 |
| Corebridge Financial, Inc., 6.38%, (US 5 Year CMT T- Note + 2.65%), 09/15/54<sup>(2)</sup>  | 329000 | 317787 |
| F&G Annuities & Life, Inc., 6.50%, 06/04/29  | 315000 | 321213 |
| Fifth Third Bancorp, 4.34%, (SOFR + 1.66%), 04/25/33<sup>(2)</sup>  | 220000 | 206321 |
| Global Atlantic Finance Co., 7.95%, 06/15/33<sup>(1)</sup>  | 180000 | 199672 |
| Global Atlantic Finance Co., 7.95%, (US 5 Year CMT T- Note + 3.61%), 10/15/54<sup>(1)</sup><sup>(2)</sup>  | 65000 | 66171 |
| Goldman Sachs Group, Inc. (The), 5.85%, (SOFR + 1.55%), 04/25/35<sup>(2)</sup>  | 420000 | 433210 |
| Goldman Sachs Group, Inc. (The), 6.45%, 05/01/36  | 130000 | 137157 |
| HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/34<sup>(1)</sup>  | 483000 | 464264 |
| Hub International Ltd., 7.38%, 01/31/32<sup>(1)</sup>  | 15000 | 15463 |
| Huntington Bancshares, Inc./Oh, 5.71%, (SOFR + 1.87%), 02/02/35<sup>(2)</sup>  | 240000 | 240548 |
| Huntington Bancshares, Inc./Oh, 6.14%, (US 5 Year CMT T- Note + 1.70%), 11/18/39<sup>(2)</sup>  | 405000 | 400711 |
| JPMorgan Chase & Co., 5.72%, (SOFR + 2.58%), 09/14/33<sup>(2)</sup>  | 230000 | 237324 |
| JPMorgan Chase & Co., 5.35%, (SOFR + 1.85%), 06/01/34<sup>(2)</sup>  | 480000 | 487601 |
| JPMorgan Chase & Co., 6.25%, (SOFR + 1.81%), 10/23/34<sup>(2)</sup>  | 110000 | 118181 |
| KeyCorp., 4.79%, (SOFR + 2.06%), 06/01/33<sup>(2)</sup>  | 100000 | 95085 |
| KeyCorp., 6.40%, (SOFR + 2.42%), 03/06/35<sup>(2)</sup>  | 200000 | 209618 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27<sup>(1)</sup>  | 75000 | 73138 |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
|  |  |  |
| **CORPORATE BONDS (continued)** |  |  |
|  |  |  |
| **Financials (continued)**  |  |  |
| Liberty Mutual Group, Inc., 4.13%, (US 5 Year CMT T- Note + 3.32%), 12/15/51<sup>(1)</sup><sup>(2)</sup>  | $210000<br>| $198401<br>|
| MetLife, Inc., Series G, 3.85%, (US 5 Year CMT T- Note + 3.58%), perpetual<sup>(2)</sup><sup>(4)</sup>  | 185000 | 183149 |
| Midcap Financial Issuer Trust, 6.50%, 05/01/28<sup>(1)</sup>  | 440000 | 420607 |
| Morgan Stanley, 6.34%, (SOFR + 2.56%), 10/18/33<sup>(2)</sup>  | 130000 | 139252 |
| Morgan Stanley, 5.25%, (SOFR + 1.87%), 04/21/34<sup>(2)</sup>  | 190000 | 190061 |
| Morgan Stanley, 5.42%, (SOFR + 1.88%), 07/21/34<sup>(2)</sup>  | 205000 | 207228 |
| Morgan Stanley, 5.95%, (US 5 Year CMT T- Note + 2.43%), 01/19/38<sup>(2)</sup>  | 97000 | 97818 |
| MSCI, Inc., 3.63%, 09/01/30<sup>(1)</sup>  | 459000 | 424541 |
| National Rural Utilities Cooperative Finance Corp., 7.45%, (3-Month SOFR + 3.17%), 04/30/43<sup>(2)</sup>  | 105000 | 104706 |
| Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/31<sup>(1)</sup>  | 185000 | 185883 |
| OneMain Finance Corp., 7.13%, 11/15/31  | 325000 | 326670 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(1)</sup>  | 15000 | 15380 |
| PNC Financial Services Group, Inc. (The), 5.58%, (SOFR + 1.39%), 01/29/36<sup>(2)</sup>  | 840000 | 850559 |
| Prudential Financial, Inc., 5.13%, (US 5 Year CMT T- Note + 3.16%), 03/01/52<sup>(2)</sup>  | 99000 | 93175 |
| Prudential Financial, Inc., 6.50%, (US 5 Year CMT T- Note + 2.40%), 03/15/54<sup>(2)</sup>  | 195000 | 196100 |
| Reinsurance Group of America, Inc., 6.65%, (US 5 Year CMT T- Note + 2.39%), 09/15/55<sup>(2)</sup>  | 395000 | 383731 |
| State Street Corp., Series I, 6.70%, (US 5 Year CMT T- Note + 2.61%), perpetual<sup>(2)</sup><sup>(4)</sup>  | 100000 | 100603 |
| State Street Corp., 6.12%, (SOFR + 1.96%), 11/21/34<sup>(2)</sup>  | 405000 | 424016 |
| Synchrony Financial, 3.70%, 08/04/26  | 50000 | 48972 |
| Texas Capital Bancshares, Inc., 4.00%, (US 5 Year CMT T- Note + 3.15%), 05/06/31<sup>(2)</sup>  | 70000 | 66608 |
| Truist Financial Corp., 5.12%, (SOFR + 1.85%), 01/26/34<sup>(2)</sup>  | 145000 | 141990 |
| Truist Financial Corp., 5.87%, (SOFR + 2.36%), 06/08/34<sup>(2)</sup>  | 75000 | 76871 |
| Wells Fargo & Co., 6.85%, (US 5 Year CMT T- Note + 2.77%), perpetual<sup>(2)</sup><sup>(4)</sup>  | 125000 | 126676 |
| Wells Fargo & Co., Series U, 5.88%, perpetual<sup>(2)</sup><sup>(4)</sup><sup>(6)</sup>  | 60000 | 59873 |
| Wells Fargo & Co., Series BB, 3.90%, (US 5 Year CMT T- Note + 3.45%), perpetual<sup>(2)</sup><sup>(4)</sup>  | 115000 | 113021 |
| Wells Fargo & Co., 5.39%, (SOFR + 2.02%), 04/24/34<sup>(2)</sup>  | 215000 | 215947 |
| Wells Fargo & Co., 6.49%, (SOFR + 2.06%), 10/23/34<sup>(2)</sup>  | 475000 | 511024 |
| Total Financials  |  | 18100571 |
| **Health Care – 2.3%** |  |  |
| Amgen, Inc., 5.25%, 03/02/33  | 810000 | 818790 |
| CHS/Community Health Systems, Inc., 5.25%, 05/15/30<sup>(1)</sup>  | 45000 | 38434 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
|  |  |  |
| **Health Care (continued)**  |  |  |
| CHS/Community Health Systems, Inc., 4.75%, 02/15/31<sup>(1)</sup>  | $635000<br>| $524942<br>|
| CVS Health Corp., 5.05%, 03/25/48  | 335000 | 284904 |
| CVS Health Corp., 6.75%, (US 5 Year CMT T- Note + 2.52%), 12/10/54<sup>(2)</sup>  | 70000 | 69704 |
| DENTSPLY Sirona, Inc., 3.25%, 06/01/30  | 455000 | 406271 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(1)</sup>  | 435000 | 452828 |
| HCA, Inc., 5.50%, 06/01/33  | 170000 | 171148 |
| HCA, Inc., 5.60%, 04/01/34  | 365000 | 367030 |
| Insulet Corp., 6.50%, 04/01/33<sup>(1)</sup>  | 35000 | 35736 |
| Iqvia, Inc., 5.70%, 05/15/28  | 200000 | 203809 |
| Iqvia, Inc., 6.25%, 02/01/29  | 320000 | 332813 |
| LifePoint Health, Inc., 9.88%, 08/15/30<sup>(1)</sup>  | 330000 | 351441 |
| LifePoint Health, Inc., 10.00%, 06/01/32<sup>(1)</sup>  | 195000 | 189394 |
| Medline Borrower LP, 5.25%, 10/01/29<sup>(1)</sup>  | 150000 | 142593 |
| Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/29<sup>(1)</sup>  | 40000 | 40356 |
| Molina Healthcare, Inc., 6.25%, 01/15/33<sup>(1)</sup>  | 105000 | 104279 |
| Par Pharmaceutical, Inc., 04/01/27<sup>(1)</sup><sup>(5)</sup><sup>(7)</sup><sup>(8)</sup>  | 35000 | 0 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29<sup>(1)</sup>  | 265000 | 252884 |
| Royalty Pharma PLC, 5.40%, 09/02/34  | 310000 | 307989 |
| Universal Health Services, Inc., 5.05%, 10/15/34  | 455000 | 425206 |
| Total Health Care  |  | 5520551 |
| **Industrials – 3.5%** |  |  |
| Alaska Airlines Pass-Through Trust, Class A, Series 2020-1, 4.80%, 08/15/27<sup>(1)</sup>  | 346927 | 347281 |
| Amentum Escrow Corp., 7.25%, 08/01/32<sup>(1)</sup>  | 35000 | 35635 |
| Aviation Capital Group LLC, 3.50%, 11/01/27<sup>(1)</sup>  | 146000 | 141003 |
| Aviation Capital Group LLC, 6.75%, 10/25/28<sup>(1)</sup>  | 80000 | 84700 |
| Aviation Capital Group LLC, 6.38%, 07/15/30<sup>(1)</sup>  | 210000 | 221146 |
| Beacon Roofing Supply, Inc., 6.75%, 04/30/32<sup>(1)</sup>  | 10000 | 10051 |
| Bnsf Funding Trust I, 6.61%, 12/15/55  | 185000 | 185508 |
| Boeing Co. (The), 5.81%, 05/01/50  | 95000 | 89118 |
| Boeing Co. (The), 5.93%, 05/01/60  | 473000 | 436777 |
| Builders FirstSource, Inc., 6.38%, 03/01/34<sup>(1)</sup>  | 570000 | 566457 |
| Chart Industries, Inc., 9.50%, 01/01/31<sup>(1)</sup>  | 80000 | 85330 |
| Cimpress PLC, 7.38%, 09/15/32<sup>(1)</sup>  | 590000 | 539069 |
| Cornerstone Building Brands, Inc., 9.50%, 08/15/29<sup>(1)</sup>  | 360000 | 313691 |
| CoStar Group, Inc., 2.80%, 07/15/30<sup>(1)</sup>  | 403000 | 357375 |
| CRH America Finance, Inc., 5.40%, 05/21/34  | 450000 | 456306 |
| Delta Air Lines Through Trust, Series 2015-1, 3.63%, 07/30/27  | 73214 | 71493 |
| Fortress Transportation And Infrastructure Investors LLC, 7.00%, 06/15/32<sup>(1)</sup>  | 25000 | 25360 |
| Global Infrastructure Solutions, Inc., 7.50%, 04/15/32<sup>(1)</sup>  | 320000 | 314267 |
| Huntington Ingalls Industries, Inc., 5.75%, 01/15/35  | 585000 | 596533 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 05/15/27  | 90000 | 85462 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 10.00%, 11/15/29<sup>(1)</sup>  | 120000 | 117489 |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
|  |  |  |
| **Industrials (continued)**  |  |  |
| LBM Acquisition LLC, 6.25%, 01/15/29<sup>(1)</sup>  | $625000<br>| $548404<br>|
| Quikrete Holdings, Inc., 6.75%, 03/01/33<sup>(1)</sup>  | 65000 | 65300 |
| Regal Rexnord Corp., 6.40%, 04/15/33  | 485000 | 495456 |
| Science Applications International Corp., 4.88%, 04/01/28<sup>(1)</sup>  | 80000 | 77854 |
| Sempra Global, 3.25%, 01/15/32<sup>(1)</sup>  | 233000 | 195173 |
| Standard Building Solutions, Inc., 6.50%, 08/15/32<sup>(1)</sup>  | 165000 | 167202 |
| TransDigm, Inc., 6.63%, 03/01/32<sup>(1)</sup>  | 230000 | 235889 |
| TransDigm, Inc., 6.00%, 01/15/33<sup>(1)</sup>  | 265000 | 264681 |
| United Airlines Pass-Through Trust, Class A, Series 2023-1, 5.80%, 01/15/36  | 154761 | 154600 |
| United Airlines Pass-Through Trust, Series AA, 5.45%, 02/15/37  | 307302 | 306627 |
| United Rentals North America, Inc., 3.75%, 01/15/32  | 265000 | 236558 |
| Veralto Corp., 5.45%, 09/18/33  | 505000 | 515459 |
| WESCO Distribution, Inc., 6.63%, 03/15/32<sup>(1)</sup>  | 60000 | 61108 |
| Total Industrials  |  | 8404362 |
| **Information Technology – 1.5%** |  |  |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(1)</sup>  | 95000 | 100339 |
| Booz Allen Hamilton, Inc., 3.88%, 09/01/28<sup>(1)</sup>  | 130000 | 125449 |
| Booz Allen Hamilton, Inc., 4.00%, 07/01/29<sup>(1)</sup>  | 110000 | 104873 |
| Booz Allen Hamilton, Inc., 5.95%, 08/04/33  | 515000 | 519643 |
| Broadcom, Inc., 3.14%, 11/15/35<sup>(1)</sup>  | 600000 | 497506 |
| Consensus Cloud Solutions, Inc., 6.50%, 10/15/28<sup>(1)</sup>  | 100000 | 98219 |
| Foundry Jv Holdco LLC, 5.88%, 01/25/34<sup>(1)</sup>  | 360000 | 361877 |
| Gartner, Inc., 3.75%, 10/01/30<sup>(1)</sup>  | 440000 | 405449 |
| Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl, 8.75%, 05/01/29<sup>(1)</sup>  | 290000 | 281893 |
| Insight Enterprises, Inc., 6.63%, 05/15/32<sup>(1)</sup>  | 15000 | 15235 |
| Oracle Corp., 6.25%, 11/09/32  | 170000 | 181355 |
| Oracle Corp., 5.50%, 08/03/35  | 245000 | 246110 |
| Oracle Corp., 5.55%, 02/06/53  | 120000 | 110016 |
| Rocket Software, Inc., 9.00%, 11/28/28<sup>(1)</sup>  | 405000 | 417730 |
| Viasat, Inc., 5.63%, 09/15/25<sup>(1)</sup>  | 180000 | 180104 |
| Total Information Technology  |  | 3645798 |
| **Materials – 1.5%** |  |  |
| Asp Unifrax Holdings, Inc., 5.25%, 09/30/28<sup>(1)</sup>  | 305000 | 131412 |
| Bayport Polymers LLC, 5.14%, 04/14/32<sup>(1)</sup>  | 455000 | 435980 |
| Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/32<sup>(1)</sup>  | 15000 | 15350 |
| Graham Packaging Co., Inc., 7.13%, 08/15/28<sup>(1)</sup>  | 345000 | 337731 |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/28<sup>(1)</sup>  | 465000 | 466183 |
| LSB Industries, Inc., 6.25%, 10/15/28<sup>(1)</sup>  | 705000 | 660712 |
| Mauser Packaging Solutions Holding Co., 9.25%, 04/15/27<sup>(1)</sup>  | 330000 | 303079 |
| New Enterprise Stone & Lime Co., Inc., 9.75%, 07/15/28<sup>(1)</sup>  | 85000 | 85450 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
|  |  |  |
| **Materials (continued)**  |  |  |
| Sealed Air Corp., 6.50%, 07/15/32<sup>(1)</sup>  | $65000<br>| $66164<br>|
| Sonoco Products Co., 5.00%, 09/01/34  | 285000 | 272714 |
| Windsor Holdings III LLC, 8.50%, 06/15/30<sup>(1)</sup>  | 430000 | 453132 |
| WR Grace Holdings LLC, 5.63%, 08/15/29<sup>(1)</sup>  | 250000 | 221879 |
| Total Materials  |  | 3449786 |
| **Real Estate – 0.3%** |  |  |
| Iron Mountain, Inc., 6.25%, 01/15/33<sup>(1)</sup>  | 60000 | 59944 |
| Office Properties Income Trust, 9.00%, 09/30/29<sup>(1)</sup>  | 131000 | 97268 |
| Safehold GL Holdings LLC, 5.65%, 01/15/35  | 425000 | 415072 |
| VICI Properties LP, 5.75%, 04/01/34  | 25000 | 25157 |
| Total Real Estate  |  | 597441 |
| **Transaction & Payment Processing Services – 0.3%** | **Transaction & Payment Processing Services – 0.3%** |  |
| Block, Inc., 6.50%, 05/15/32<sup>(1)</sup>  | 475000 | 485227 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(1)</sup>  | 77000 | 82915 |
| Total Transaction & Payment Processing Services  |  | 568142 |
| **Utilities – 2.2%** |  |  |
| AES Corp. (The), 7.60%, (US 5 Year CMT T- Note + 3.20%), 01/15/55<sup>(2)</sup>  | 285000 | 282310 |
| Black Hills Corp., 6.15%, 05/15/34  | 405000 | 420348 |
| CMS Energy Corp., 4.75%, (US 5 Year CMT T- Note + 4.12%), 06/01/50<sup>(2)</sup>  | 370000 | 347199 |
| Dominion Energy, Inc., Series B, 7.00%, (US 5 Year CMT T- Note + 2.51%), 06/01/54<sup>(2)</sup>  | 180000 | 187336 |
| Dominion Energy, Inc., 6.63%, (US 5 Year CMT T- Note + 2.21%), 05/15/55<sup>(2)</sup>  | 245000 | 241494 |
| Entergy Corp., 7.13%, (US 5 Year CMT T- Note + 2.67%), 12/01/54<sup>(2)</sup>  | 475000 | 478769 |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.38%, 04/01/26<sup>(1)</sup>  | 265000 | 257916 |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/29<sup>(1)</sup>  | 210000 | 182679 |
| KeySpan Gas East Corp., 5.99%, 03/06/33<sup>(1)</sup>  | 426000 | 436009 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(1)</sup>  | 450000 | 466608 |
| Nextera Energy Capital Holdings, Inc., Series ., 6.50%, (US 5 Year CMT T- Note + 1.98%), 08/15/55<sup>(2)</sup>  | 455000 | 458663 |
| NRG Energy, Inc., 7.00%, 03/15/33<sup>(1)</sup>  | 226000 | 243668 |
| Pacificorp, 5.80%, 01/15/55  | 125000 | 119369 |
| Puget Energy, Inc., 4.22%, 03/15/32  | 275000 | 254650 |
| Southern California Edison Co., 6.00%, 01/15/34  | 360000 | 361467 |
| Vistra Corp., 8.00%, (US 5 Year CMT T- Note + 6.93%), perpetual<sup>(1)</sup><sup>(2)</sup><sup>(4)</sup>  | 51000 | 52172 |
| Vistra Operations Co. LLC, 6.88%, 04/15/32<sup>(1)</sup>  | 120000 | 124391 |
| Vistra Operations Co. LLC, 5.70%, 12/30/34<sup>(1)</sup>  | 425000 | 423352 |
| Total Utilities  |  | 5338400 |
| **Total Corporate Bonds** |  |  |
| (Cost $67,733,712)  |  | **66961474** |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **FOREIGN BONDS – 22.8%** |  |  |
| **Chemicals – 0.1%** |  |  |
| OCP SA, 7.50%, 05/02/54 (Morocco)<sup>(1)</sup>  | $136000<br>| $133730<br>|
| **Communication Services – 0.6%** |  |  |
| Altice Financing SA, 5.00%, 01/15/28 (Luxembourg)<sup>(1)</sup>  | 465000 | 357633 |
| Altice France SA, 5.50%, 01/15/28 (France)<sup>(1)</sup>  | 1000000 | 828985 |
| Altice France SA, 5.13%, 07/15/29 (France)<sup>(1)</sup>  | 200000 | 163466 |
| IHS Holding Ltd., 8.25%, 11/29/31 (Nigeria)<sup>(1)</sup>  | 120000 | 115800 |
| Telesat Canada / Telesat LLC, 6.50%, 10/15/27 (Canada)<sup>(1)</sup>  | 35000 | 14395 |
| Turkcell Iletisim Hizmetleri AS, 7.65%, 01/24/32 (Turkey)<sup>(1)</sup>  | 150000 | 150469 |
| Total Communication Services  |  | 1630748 |
| **Consumer Discretionary – 0.7%** |  |  |
| Ashtead Capital, Inc., 5.80%, 04/15/34 (United Kingdom)<sup>(1)</sup>  | 540000 | 541417 |
| Aston Martin Capital Holdings Ltd., 10.00%, 03/31/29 (Jersey Island)<sup>(1)</sup>  | 365000 | 314059 |
| Great Canadian Gaming Corp., 8.75%, 11/15/29 (Canada)<sup>(1)</sup>  | 90000 | 89314 |
| Melco Resorts Finance Ltd., 5.38%, 12/04/29 (Hong Kong)<sup>(1)</sup>  | 200000 | 180480 |
| Merlin Entertainments Group US Holdings, Inc., 7.38%, 02/15/31<sup>(1)</sup>  | 550000 | 512845 |
| Opal Bidco SAS, 6.50%, 03/31/32 (France)<sup>(1)</sup>  | 35000 | 35037 |
| Total Consumer Discretionary  |  | 1673152 |
| **Energy – 3.2%** |  |  |
| Azule Energy Finance PLC, 8.13%, 01/23/30 (Angola)<sup>(1)</sup>  | 125000 | 120525 |
| BP Capital Markets PLC, 4.88%, (US 5 Year CMT T- Note + 4.40%), perpetual<sup>(2)</sup><sup>(4)</sup>  | 495000 | 471353 |
| Coronado Finance Pty Ltd., 9.25%, 10/01/29 (Australia)<sup>(1)</sup>  | 480000 | 328135 |
| Ecopetrol SA, 4.63%, 11/02/31 (Colombia)  | 128000 | 104512 |
| Energean Israel Finance Ltd., 5.88%, 03/30/31 (Israel)<sup>(1)</sup>  | 102000 | 92756 |
| Geopark Ltd., 8.75%, 01/31/30 (Colombia)<sup>(1)</sup>  | 171000 | 148823 |
| Harbour Energy PLC, 6.33%, 04/01/35 (United Kingdom)<sup>(1)</sup>  | 560000 | 532797 |
| KazMunayGas National Co. JSC, 6.38%, 10/24/48 (Kazakhstan)<sup>(1)</sup>  | 101000 | 90080 |
| NewCo Holding USD 20 Sarl, 9.38%, 11/07/29 (Brazil)<sup>(1)</sup>  | 88000 | 87648 |
| Pertamina Persero PT, 2.30%, 02/09/31 (Indonesia)<sup>(1)</sup>  | 592000 | 510144 |
| Pertamina Persero PT, 6.45%, 05/30/44 (Indonesia)<sup>(1)</sup>  | 350000 | 354921 |
| Petroleos Mexicanos, 6.50%, 03/13/27 (Mexico)  | 844000 | 825348 |
| Petroleos Mexicanos, 5.35%, 02/12/28 (Mexico)  | 773000 | 715102 |
| Petroleos Mexicanos, 8.75%, 06/02/29 (Mexico)  | 314000 | 308945 |
| Petroleos Mexicanos, 5.95%, 01/28/31 (Mexico)  | 167000 | 138426 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Energy (continued)** |  |  |
| Petroleos Mexicanos, 6.70%, 02/16/32 (Mexico)  | $365000<br>| $313498<br>|
| Petronas Capital Ltd., 3.50%, 04/21/30 (Malaysia)<sup>(1)</sup>  | 427000 | 405605 |
| Petronas Capital Ltd., 5.85%, 04/03/55 (Malaysia)<sup>(1)</sup>  | 333000 | 333097 |
| Qatarenergy, 2.25%, 07/12/31 (Qatar)<sup>(1)</sup>  | 752000 | 658173 |
| South Bow Canadian Infrastructure Holdings Ltd., 7.50%, (US 5 Year CMT T- Note + 3.67%), 03/01/55 (Canada)<sup>(1)</sup><sup>(2)</sup>  | 505000 | 496908 |
| South Bow USA Infrastructure Holdings LLC, 5.58%, 10/01/34 (Canada)<sup>(1)</sup>  | 140000 | 135461 |
| Teine Energy Ltd., 6.88%, 04/15/29 (Canada)<sup>(1)</sup>  | 110000 | 104685 |
| Transcanada Trust, 5.60%, (US 5 Year CMT T- Note + 3.99%), 03/07/82 (Canada)<sup>(2)</sup>  | 280000 | 258702 |
| YPF SA, 9.50%, 01/17/31 (Argentina)<sup>(1)</sup>  | 112000 | 116256 |
| Total Energy  |  | 7651900 |
| **Financials – 2.4%** |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/32 (Ireland)  | 120000 | 106080 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.95%, (US 5 Year CMT T- Note + 2.72%), 03/10/55 (Ireland)<sup>(2)</sup>  | 150000 | 150726 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.50%, (US 5 Year CMT T- Note + 2.44%), 01/31/56 (Ireland)<sup>(2)</sup>  | 240000 | 233662 |
| Allianz SE, 6.35%, (US 5 Year CMT T- Note + 3.23%), 09/06/53 (Germany)<sup>(1)</sup><sup>(2)</sup>  | 205000 | 210173 |
| Allianz SE, 5.60%, (US 5 Year CMT T- Note + 2.77%), 09/03/54 (Germany)<sup>(1)</sup><sup>(2)</sup>  | 180000 | 175083 |
| Ascot Group Ltd., 4.25%, 12/15/30 (Bermuda)<sup>(1)</sup>  | 195000 | 169296 |
| Banco de Credito del Peru S.A., 3.13%, (US 5 Year CMT T- Note + 3.00%), 07/01/30 (Peru)<sup>(2)</sup>  | 36000 | 35881 |
| Banco de Credito del Peru S.A., 3.13%, (US 5 Year CMT T- Note + 3.00%), 07/01/30 (Peru)<sup>(1)</sup><sup>(2)</sup>  | 380000 | 378746 |
| Banco de Credito del Peru S.A., 6.45%, (US 5 Year CMT T- Note + 2.49%), 07/30/35 (Peru)<sup>(1)</sup><sup>(2)</sup>  | 72000 | 71841 |
| Banco de Credito E Inversiones SA, 8.75%, (US 5 Year CMT T- Note + 4.94%), perpetual (Chile)<sup>(1)</sup><sup>(2)</sup><sup>(4)</sup>  | 213000 | 221520 |
| Banco Mercantil del Norte SA, 6.63%, (US 10 Year CMT T- Note + 5.03%), perpetual (Mexico)<sup>(1)</sup><sup>(2)</sup><sup>(4)</sup>  | 134000 | 119466 |
| Barclays, 7.44%, (US 1 Year CMT T- Note + 3.50%), 11/02/33 (United Kingdom)<sup>(2)</sup>  | 465000 | 519099 |
| BBVA Bancomer SA, 5.13%, (US 5 Year CMT T- Note + 2.65%), 01/18/33 (Mexico)<sup>(1)</sup><sup>(2)</sup>  | 127000 | 120333 |
| BPCE SA, 7.00%, (SOFR + 2.59%), 10/19/34 (France)<sup>(1)</sup><sup>(2)</sup>  | 315000 | 342739 |
| BPCE SA, 6.92%, (SOFR + 2.61%), 01/14/46 (France)<sup>(1)</sup><sup>(2)</sup>  | 70000 | 71245 |
| Deutsche Bank AG/New York NY, 5.40%, (SOFR + 2.05%), 09/11/35 (Germany)<sup>(2)</sup>  | 375000 | 366309 |
| FS Luxembourg Sarl, 8.88%, 02/12/31 (Brazil)<sup>(1)</sup>  | 188000 | 188940 |
| Gaci First Investment Co., 4.88%, 02/14/35 (Saudi Arabia)  | 400000 | 386406 |
| Natwest Group PLC, 6.48%, (US 5 Year CMT T- Note + 2.20%), 06/01/34 (United Kingdom)<sup>(2)</sup>  | 435000 | 450799 |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Financials (continued)** |  |  |
| Nippon Life Insurance Co., 6.25%, (US 5 Year CMT T- Note + 2.95%), 09/13/53 (Japan)<sup>(1)</sup><sup>(2)</sup>  | $200000<br>| $203090<br>|
| Nippon Life Insurance Co., 6.50%, (US 5 Year CMT T- Note + 3.19%), 04/30/55 (Japan)<sup>(1)</sup><sup>(2)</sup>  | 80000 | 81213 |
| Societe Generale SA, 6.07%, (US 1 Year CMT T- Note + 2.10%), 01/19/35 (France)<sup>(1)</sup><sup>(2)</sup>  | 380000 | 385413 |
| Toronto-Dominion Bank (The), 8.13%, (US 5 Year CMT T- Note + 4.08%), 10/31/82 (Canada)<sup>(2)</sup>  | 335000 | 347089 |
| UBS Group AG, 9.25%, (US 5 Year CMT T- Note + 4.76%), perpetual (Switzerland)<sup>(1)</sup><sup>(2)</sup><sup>(4)</sup>  | 60000 | 67217 |
| UBS Group AG, 4.99%, (US 1 Year CMT T- Note + 2.40%), 08/05/33 (Switzerland)<sup>(1)</sup><sup>(2)</sup>  | 230000 | 226816 |
| Total Financials  |  | 5629182 |
| **Government – 12.5%** |  |  |
| Abu Dhabi Government International Bond, 5.00%, 04/30/34 (United Arab Emirates)<sup>(1)</sup>  | 131000 | 136777 |
| Abu Dhabi Government International Bond, 3.13%, 09/30/49 (United Arab Emirates)<sup>(1)</sup>  | 800000 | 542000 |
| Angolan Government International Bond, 8.00%, 11/26/29 (Angola)<sup>(1)</sup>  | 350000 | 280591 |
| Angolan Government International Bond, 8.75%, 04/14/32 (Angola)<sup>(1)</sup>  | 358000 | 277382 |
| Argentine Republic Government International Bond, 0.75%, 07/09/30 (Argentina)<sup>(7)</sup>  | 718960 | 552161 |
| Argentine Republic Government International Bond, 4.13%, 07/09/35 (Argentina)<sup>(7)</sup>  | 470000 | 314610 |
| Argentine Republic Government International Bond, 5.00%, 01/09/38 (Argentina)<sup>(7)</sup>  | 281000 | 198105 |
| Benin Government International Bond, 7.96%, 02/13/38 (Benin)<sup>(1)</sup>  | 86000 | 77722 |
| Bolivian Government International Bond, 4.50%, 03/20/28 (Bolivia)  | 112000 | 73360 |
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/31 (Brazil)  | 2400000 | 362048 |
| Brazilian Government International Bond, 6.25%, 03/18/31 (Brazil)  | 85000 | 87847 |
| Brazilian Government International Bond, 6.00%, 10/20/33 (Brazil)  | 314000 | 310546 |
| Brazilian Government International Bond, 7.13%, 05/13/54 (Brazil)  | 213000 | 202829 |
| Chile Government International Bond, 5.33%, 01/05/54 (Chile)  | 450000 | 419400 |
| Colombia Government International Bond, 8.00%, 11/14/35 (Colombia)  | 1152000 | 1137024 |
| Colombia Government International Bond, 7.75%, 11/07/36 (Colombia)  | 186000 | 178095 |
| Czech Republic Government Bond, Series 138, 1.75%, 06/23/32 (Czech Republic)  | czk 10,300,000 | 408851 |
| Dominican Republic International Bond, 4.88%, 09/23/32 (Dominican Republic)<sup>(1)</sup>  | 93000 | 83845 |
| Dominican Republic International Bond, 6.95%, 03/15/37 (Dominican Republic)<sup>(1)</sup>  | 208000 | 207168 |
| Dominican Republic International Bond, 7.15%, 02/24/55 (Dominican Republic)<sup>(1)</sup>  | 137000 | 134357 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Government (continued)** |  |  |
| Ecuador Government International Bond, 6.90%, 07/31/30 (Ecuador)<sup>(7)</sup>  | $951045<br>| $714354<br>|
| Ecuador Government International Bond, 5.50%, 07/31/35 (Ecuador)<sup>(7)</sup>  | 72000 | 43308 |
| Egypt Government International Bond, 8.63%, 02/04/30 (Egypt)<sup>(1)</sup>  | 490000 | 467362 |
| Egypt Government International Bond, 5.88%, 02/16/31 (Egypt)<sup>(1)</sup>  | 393000 | 318330 |
| Egypt Government International Bond, 7.63%, 05/29/32 (Egypt)<sup>(1)</sup>  | 214000 | 180937 |
| Egypt Government International Bond, 8.50%, 01/31/47 (Egypt)<sup>(1)</sup>  | 288000 | 209880 |
| El Salvador Government International Bond, 8.63%, 02/28/29 (El Salvador)<sup>(1)</sup>  | 113000 | 115260 |
| El Salvador Government International Bond, 8.25%, 04/10/32 (El Salvador)<sup>(1)</sup>  | 99000 | 97317 |
| El Salvador Government International Bond, 7.65%, 06/15/35 (El Salvador)  | 75000 | 70575 |
| El Salvador Government International Bond, 7.63%, 02/01/41 (El Salvador)  | 94000 | 85211 |
| Ethiopia International Bond, 6.63%, 12/11/24 (Ethiopia)<sup>(1)</sup><sup>(8)</sup>  | 451000 | 381095 |
| Gabon Government International Bond, 6.95%, 06/16/25 (Gabon)<sup>(1)</sup>  | 40000 | 39641 |
| Gabon Government International Bond, 6.63%, 02/06/31 (Gabon)<sup>(1)</sup>  | 45000 | 32020 |
| Ghana Government International Bond, 5.28%, 07/03/26 (Ghana)<sup>(9)</sup>  | 4800 | 4560 |
| Ghana Government International Bond, 5.00%, 07/03/29 (Ghana)<sup>(7)</sup>  | 48400 | 41140 |
| Ghana Government International Bond, 5.00%, 07/03/29 (Ghana)<sup>(1)</sup><sup>(7)</sup>  | 145000 | 123250 |
| Ghana Government International Bond, 5.12%, 01/03/30 (Ghana)<sup>(9)</sup>  | 10072 | 7654 |
| Ghana Government International Bond, 5.00%, 07/03/35 (Ghana)<sup>(7)</sup>  | 270600 | 181302 |
| Honduras Government International Bond, 8.63%, 11/27/34 (Honduras)<sup>(1)</sup>  | 91000 | 90372 |
| Hungary Government International Bond, 6.25%, 09/22/32 (Hungary)<sup>(1)</sup>  | 758000 | 782055 |
| Hungary Government International Bond, 5.50%, 03/26/36 (Hungary)<sup>(1)</sup>  | 322000 | 305497 |
| Indonesia Government International Bond, 2.85%, 02/14/30 (Indonesia)  | 218000 | 201650 |
| Indonesia Government International Bond, 4.75%, 09/10/34 (Indonesia)  | 466000 | 452020 |
| Indonesia Government International Bond, 4.20%, 10/15/50 (Indonesia)  | 200000 | 159250 |
| Indonesia Government International Bond, 5.10%, 02/10/54 (Indonesia)  | 60000 | 54998 |
| Indonesia Government International Bond, 3.20%, 09/23/61 (Indonesia)  | 68000 | 42143 |
| Ivory Coast Government International Bond, 7.63%, 01/30/33 (Ivory Coast)<sup>(1)</sup>  | 231000 | 216851 |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Government (continued)** |  |  |
| Ivory Coast Government International Bond, 6.13%, 06/15/33 (Ivory Coast)<sup>(1)</sup>  | $444000<br>| $384060<br>|
| Ivory Coast Government International Bond, 8.08%, 04/01/36 (Ivory Coast)<sup>(1)</sup>  | 149000 | 137266 |
| Jordan Government International Bond, 7.50%, 01/13/29 (Jordan)<sup>(1)</sup>  | 50000 | 49984 |
| Jordan Government International Bond, 5.85%, 07/07/30 (Jordan)<sup>(1)</sup>  | 284000 | 262246 |
| Lebanon Government International Bond, Series 15YR, 7.00%, 03/23/32 (Lebanon)<sup>(8)</sup>  | 259000 | 44289 |
| Leviathan Bond Ltd., 6.75%, 06/30/30 (Israel)<sup>(1)</sup>  | 98000 | 95335 |
| Malaysia Government Bond, Series 0220, 2.63%, 04/15/31 (Malaysia)  | myr 1,800,000 | 397646 |
| Mexican Bonos, Series M, 7.75%, 11/13/42 (Mexico)  | mxn 11,000,000 | 458906 |
| Mexico Government International Bond, 6.88%, 05/13/37 (Mexico)  | 168000 | 170604 |
| Mexico Government International Bond, 3.75%, 04/19/71 (Mexico)  | 1248000 | 681096 |
| Mozambique International Bond, 9.00%, 09/15/31 (Mozambique)<sup>(1)</sup><sup>(7)</sup>  | 298000 | 228752 |
| Nigeria Government International Bond, 7.14%, 02/23/30 (Nigeria)<sup>(1)</sup>  | 212000 | 183545 |
| Nigeria Government International Bond, 7.38%, 09/28/33 (Nigeria)<sup>(1)</sup>  | 644000 | 520275 |
| Pakistan Government International Bond, 6.88%, 12/05/27 (Pakistan)<sup>(1)</sup>  | 158000 | 139117 |
| Pakistan Government International Bond, 7.38%, 04/08/31 (Pakistan)<sup>(1)</sup>  | 71000 | 56090 |
| Panama Government International Bond, 3.88%, 03/17/28 (Panama)  | 70000 | 67060 |
| Panama Government International Bond, 7.50%, 03/01/31 (Panama)  | 293000 | 305892 |
| Panama Government International Bond, 3.87%, 07/23/60 (Panama)  | 453000 | 247791 |
| Peruvian Government International Bond, 3.00%, 01/15/34 (Peru)  | 440000 | 368060 |
| Peruvian Government International Bond, 5.38%, 02/08/35 (Peru)  | 485000 | 480150 |
| Peruvian Government International Bond, 5.88%, 08/08/54 (Peru)  | 120000 | 114690 |
| Philippine Government International Bond, 5.50%, 02/04/35 (Philippines)  | 192000 | 197928 |
| Philippine Government International Bond, 4.75%, 03/05/35 (Philippines)  | 529000 | 515180 |
| Philippine Government International Bond, 3.70%, 03/01/41 (Philippines)  | 475000 | 382909 |
| Qatar Government International Bond, 3.75%, 04/16/30 (Qatar)<sup>(1)</sup>  | 133000 | 130240 |
| Qatar Government International Bond, 4.82%, 03/14/49 (Qatar)<sup>(1)</sup>  | 577000 | 525935 |
| Republic of Armenia International Bond, 3.60%, 02/02/31 (Armenia)<sup>(1)</sup>  | 100000 | 84719 |
| Republic of Cameroon International Bond, 9.50%, 07/31/31 (Cameroon)  | 451000 | 399370 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Government (continued)** |  |  |
| Republic of Kenya Government International Bond, 9.75%, 02/16/31 (Kenya)<sup>(1)</sup>  | $195000<br>| $185737<br>|
| Republic of Kenya Government International Bond, 9.50%, 03/05/36 (Kenya)<sup>(1)</sup>  | 436000 | 380410 |
| Republic of Poland Government International Bond, 4.88%, 10/04/33 (Poland)  | 292000 | 289226 |
| Republic of Poland Government International Bond, 5.38%, 02/12/35 (Poland)  | 841000 | 852564 |
| Republic of South Africa Government Bond, Series 2048, 8.75%, 02/28/48 (South Africa)  | zar 8,300,000 | 340511 |
| Republic of South Africa Government International Bond, 5.88%, 06/22/30 (South Africa)  | 102000 | 98915 |
| Republic of South Africa Government International Bond, 7.10%, 11/19/36 (South Africa)<sup>(1)</sup>  | 767000 | 730188 |
| Republic of South Africa Government International Bond, 5.65%, 09/27/47 (South Africa)  | 261000 | 186699 |
| Republic of Uzbekistan International Bond, 6.90%, 02/28/32 (Uzbekistan)<sup>(1)</sup>  | 169000 | 169133 |
| Romanian Government International Bond, 7.13%, 01/17/33 (Romania)<sup>(1)</sup>  | 200000 | 201958 |
| Romanian Government International Bond, 6.38%, 01/30/34 (Romania)<sup>(1)</sup>  | 328000 | 310760 |
| Romanian Government International Bond, 5.75%, 03/24/35 (Romania)<sup>(1)</sup>  | 641000 | 568580 |
| Saudi Government International Bond, 4.88%, 07/18/33 (Saudi Arabia)<sup>(1)</sup>  | 386000 | 382864 |
| Saudi Government International Bond, 5.63%, 01/13/35 (Saudi Arabia)<sup>(1)</sup>  | 851000 | 881636 |
| Saudi Government International Bond, 4.50%, 10/26/46 (Saudi Arabia)<sup>(1)</sup>  | 459000 | 372364 |
| Senegal Government International Bond, 7.75%, 06/10/31 (Senegal)  | 200000 | 156900 |
| Senegal Government International Bond, 6.25%, 05/23/33 (Senegal)<sup>(1)</sup>  | 186000 | 129828 |
| Serbia International Bond, 6.50%, 09/26/33 (Serbia)<sup>(1)</sup>  | 226000 | 233628 |
| Sri Lanka Government International Bond, 4.00%, 04/15/28 (Sri Lanka)<sup>(1)</sup>  | 28996 | 26883 |
| Sri Lanka Government International Bond, 3.10%, 01/15/30 (Sri Lanka)<sup>(1)</sup><sup>(7)</sup>  | 58040 | 47477 |
| Sri Lanka Government International Bond, 3.35%, 03/15/33 (Sri Lanka)<sup>(1)</sup><sup>(7)</sup>  | 58925 | 41843 |
| Sri Lanka Government International Bond, 3.60%, 06/15/35 (Sri Lanka)<sup>(1)</sup><sup>(7)</sup>  | 39787 | 25745 |
| Sri Lanka Government International Bond, 3.60%, 02/15/38 (Sri Lanka)<sup>(1)</sup><sup>(7)</sup>  | 55250 | 38606 |
| Trinidad & Tobago Government International Bond, 5.95%, 01/14/31 (Trinidad & Tobago)<sup>(1)</sup>  | 95000 | 91046 |
| Trinidad & Tobago Government International Bond, 6.40%, 06/26/34 (Trinidad and Tobago)  | 296000 | 282014 |
| Trinidad & Tobago Government International Bond, 6.40%, 06/26/34 (Trinidad & Tobago)<sup>(1)</sup>  | 45000 | 42874 |
| Turkey Government International Bond, Series 10Y, 7.63%, 04/26/29 (Turkey)  | 150000 | 153395 |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Government (continued)** |  |  |
| Turkiye Government International Bond, Series 10Y, 7.63%, 05/15/34 (Turkey)  | $378000<br>| $376703<br>|
| Turkiye Government International Bond, 6.50%, 01/03/35 (Turkey)  | 731000 | 670693 |
| Turkiye Government International Bond, Series 31Y, 6.63%, 02/17/45 (Turkey)  | 214000 | 173875 |
| UAE International Government Bond, 4.05%, 07/07/32 (United Arab Emirates)<sup>(1)</sup>  | 617000 | 606132 |
| Ukraine Government International Bond, 1.75%, 02/01/29 (Ukraine)<sup>(7)</sup>  | 14422 | 8819 |
| Ukraine Government International Bond, 1.75%, 02/01/29 (Ukraine)<sup>(1)</sup><sup>(7)</sup>  | 14422 | 8819 |
| Ukraine Government International Bond, 16.34%, 02/01/30 (Ukraine)<sup>(1)</sup><sup>(7)</sup>  | 2626 | 1291 |
| Ukraine Government International Bond, 16.34%, 02/01/30 (Ukraine)<sup>(7)</sup>  | 2626 | 1291 |
| Ukraine Government International Bond, 12.84%, 02/01/34 (Ukraine)<sup>(7)</sup>  | 9813 | 3729 |
| Ukraine Government International Bond, 1.75%, 02/01/34 (Ukraine)<sup>(1)</sup><sup>(7)</sup>  | 129000 | 64307 |
| Ukraine Government International Bond, 8.84%, 02/01/35 (Ukraine)<sup>(7)</sup>  | 8292 | 4187 |
| Ukraine Government International Bond, 1.75%, 02/01/35 (Ukraine)<sup>(1)</sup><sup>(7)</sup>  | 119825 | 58954 |
| Ukraine Government International Bond, 1.75%, 02/01/35 (Ukraine)<sup>(7)</sup>  | 122825 | 60430 |
| Ukraine Government International Bond, 1.75%, 02/01/35 (Ukraine)<sup>(7)</sup>  | 507000 | 256035 |
| Ukraine Government International Bond, 8.21%, 02/01/36 (Ukraine)<sup>(1)</sup><sup>(7)</sup>  | 6910 | 3472 |
| Ukraine Government International Bond, 1.75%, 02/01/36 (Ukraine)<sup>(1)</sup><sup>(7)</sup>  | 4403 | 2140 |
| Ukraine Government International Bond, 1.75%, 02/01/36 (Ukraine)<sup>(7)</sup>  | 2403 | 1168 |
| Ukraine Government International Bond, 1.75%, 08/01/41 (Ukraine)<sup>(1)</sup><sup>(2)</sup>  | 131000 | 92683 |
| Uruguay Government International Bond, 5.10%, 06/18/50 (Uruguay)  | 799000 | 736278 |
| Uruguay Government International Bond, 4.98%, 04/20/55 (Uruguay)  | 207000 | 183092 |
| Venezuela Government International Bond, 9.38%, 01/13/34 (Venezuela)<sup>(8)</sup>  | 702000 | 153303 |
| Zambia Government International Bond, 5.75%, 06/30/33 (Zambia)<sup>(1)</sup><sup>(7)</sup>  | 143094 | 124179 |
| Zambia Government International Bond, 0.50%, 12/31/53 (Zambia)<sup>(1)</sup>  | 119000 | 68128 |
| Total Government  |  | 29913377 |
| **Health Care – 0.7%** |  |  |
| Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28 (Germany)<sup>(1)</sup>  | 455000 | 402918 |
| Grifols SA, 4.75%, 10/15/28 (Spain)<sup>(1)</sup>  | 115000 | 107162 |
| ICON Investments Six Designated Activity Company, 6.00%, 05/08/34  | 545000 | 544582 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Health Care (continued)** |  |  |
| Smith & Nephew PLC, 5.40%, 03/20/34 (United Kingdom)  | $595000<br>| $594181<br>|
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 (Israel)  | 80000 | 77470 |
| Total Health Care  |  | 1726313 |
| **Industrials – 1.0%** |  |  |
| Adani Ports & Special Economic Zone Ltd., 4.38%, 07/03/29 (India)<sup>(1)</sup>  | 220000 | 197945 |
| Avolon Holdings Funding Ltd., 5.75%, 11/15/29 (Ireland)<sup>(1)</sup>  | 355000 | 359398 |
| British Airways Pass-Through Trust, Class A, Series 2021-1, 2.90%, 03/15/35 (United Kingdom)<sup>(1)</sup>  | 288061 | 257785 |
| DAE Funding LLC, 3.38%, 03/20/28 (United Arab Emirates)<sup>(1)</sup>  | 331000 | 317434 |
| DP World PLC, 6.85%, 07/02/37 (United Arab Emirates)<sup>(1)</sup>  | 92000 | 100629 |
| Garda World Security Corp., 8.38%, 11/15/32 (Canada)<sup>(1)</sup>  | 245000 | 241915 |
| Georgian Railway JSC, 4.00%, 06/17/28 (Georgia)<sup>(1)</sup>  | 381000 | 338854 |
| Limak Yenilenebilir Enerji As, 9.63%, 08/12/30 (Turkey)<sup>(1)</sup>  | 100000 | 96500 |
| VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.50%, 06/01/28 (Switzerland)<sup>(1)</sup>  | 490000 | 479181 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(1)</sup>  | 105000 | 107893 |
| Total Industrials  |  | 2497534 |
| **Information Technology – 0.2%** |  |  |
| Ion Trading Technologies Sarl, 9.50%, 05/30/29 (Luxembourg)<sup>(1)</sup>  | 375000 | 365041 |
| **Materials – 1.1%** |  |  |
| Capstone Copper Corp., 6.75%, 03/31/33 (Canada)<sup>(1)</sup>  | 155000 | 152410 |
| Corp. Nacional del Cobre de Chile, 5.95%, 01/08/34 (Chile)<sup>(1)</sup>  | 446000 | 452913 |
| Corp. Nacional del Cobre de Chile, 6.44%, 01/26/36 (Chile)  | 405000 | 420188 |
| FMG Resources August 2006 Pty Ltd., 5.88%, 04/15/30 (Australia)<sup>(1)</sup>  | 100000 | 98978 |
| INEOS Quattro Finance 2 PLC, 9.63%, 03/15/29 (United Kingdom)<sup>(1)</sup>  | 250000 | 240938 |
| NOVA Chemicals Corp., 5.00%, 05/01/25 (Canada)<sup>(1)</sup>  | 48000 | 48000 |
| OCP SA, 6.88%, 04/25/44 (Morocco)<sup>(1)</sup>  | 194000 | 182190 |
| Samarco Mineracao SA, 9.50%, 06/30/31, (9.5% PIK) (Brazil)<sup>(1)</sup><sup>(3)</sup>  | 95140 | 89593 |
| Smurfit Kappa Treasury Ulc, 5.44%, 04/03/34 (Ireland)<sup>(1)</sup>  | 425000 | 425524 |
| Taseko Mines Ltd., 8.25%, 05/01/30 (Canada)<sup>(1)</sup>  | 150000 | 151643 |
| Trivium Packaging Finance BV, 8.50%, 08/15/27 (Netherlands)<sup>(1)</sup>  | 308000 | 304838 |
| Total Materials  |  | 2567215 |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Utilities – 0.3%** |  |  |
| Electricite de France SA, 6.90%, 05/23/53 (France)<sup>(1)</sup>  | $235000<br>| $248203<br>|
| ENEL Finance International NV, 7.50%, 10/14/32 (Italy)<sup>(1)</sup>  | 200000 | 226423 |
| ENEL Finance International NV, 5.50%, 06/26/34 (Italy)<sup>(1)</sup>  | 110000 | 110526 |
| Eskom Holdings SOC Ltd., 8.45%, 08/10/28 (South Africa)<sup>(1)</sup>  | 188000 | 190820 |
| Total Utilities  |  | 775972 |
| **Total Foreign Bonds** |  |  |
| (Cost $55,144,186)  |  | **54564164** |
| **MORTGAGE BACKED SECURITIES - 19.7%** |  |  |
| **Agency Mortgage Backed Security - 5.2%** |  |  |
| Federal Home Loan Mortgage Corporation, 6.00%, 10/01/38  | 126449 | 130076 |
| Federal Home Loan Mortgage Corporation, 5.50%, 01/01/53  | 204943 | 205076 |
| Federal Home Loan Mortgage Corporation, 6.00%, 03/01/53  | 534700 | 543268 |
| Federal Home Loan Mortgage Corporation, 6.00%, 07/01/53  | 953882 | 969791 |
| Federal Home Loan Mortgage Corporation, 4.50%, 08/01/53  | 842805 | 807913 |
| Federal Home Loan Mortgage Corporation, 6.00%, 08/01/53  | 1051276 | 1068809 |
| Federal Home Loan Mortgage Corporation, 5.00%, 12/01/53  | 2797362 | 2745957 |
| Federal National Mortgage Association, 3.50%, 05/01/49  | 21970 | 20022 |
| Federal National Mortgage Association, 5.00%, 11/01/52  | 381672 | 374954 |
| Federal National Mortgage Association, 4.50%, 11/01/52  | 371916 | 356576 |
| Federal National Mortgage Association, 4.00%, 03/01/53  | 1184258 | 1104552 |
| Federal National Mortgage Association, 6.00%, 04/01/53  | 525264 | 534986 |
| Federal National Mortgage Association, 5.50%, 07/01/53  | 247370 | 247604 |
| Federal National Mortgage Association, 4.50%, 08/01/53  | 1314293 | 1259624 |
| Federal National Mortgage Association, 6.00%, 08/01/54  | 2069333 | 2106078 |
| Total Agency Mortgage Backed Security  |  | 12475286 |
| **Commercial Mortgage Backed Securities - 5.2%** |  |  |
| BBCMS Mortgage Trust, Class A, Series 2018-TALL, 5.24%, (1-Month SOFR + 0.92%), 03/15/37<sup>(1)</sup><sup>(2)</sup>  | 585000 | 551753 |
| BBCMS Trust, Class A, Series 2018-CBM, 5.62%, (1-Month SOFR + 1.30%), 07/15/37<sup>(1)</sup><sup>(2)</sup>  | 805000 | 778938 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** |
| **Commercial Mortgage Backed Securities (continued)** | **Commercial Mortgage Backed Securities (continued)** | **Commercial Mortgage Backed Securities (continued)** |
| BPR Trust, Class A, Series 2022-OANA, 6.22%, (1-Month SOFR + 1.90%), 04/15/37<sup>(1)</sup><sup>(2)</sup>  | $800000<br>| $801848<br>|
| Bx Commercial Mortgage Trust, Class A, Series 2024-XL5, 5.71%, (1-Month SOFR + 1.39%), 03/15/41<sup>(1)</sup><sup>(2)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449646 | 449647 |
| Bx Trust, Class A, Series 2022-CLS, 5.76%, 10/13/27<sup>(1)</sup>  | 410000 | 415927 |
| Bx Trust, Class C, Series 2025-ROIC, 5.87%, (1-Month SOFR + 1.54%), 03/15/30<sup>(1)</sup><sup>(2)</sup>  | 475000 | 460675 |
| Bx Trust, Class B, Series 2019-OC11, 3.61%, 12/09/41<sup>(1)</sup>  | 200000 | 186682 |
| Bx Trust, Class D, Series 2019-OC11, 4.08%, 12/09/41<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 935000 | 868972 |
| Cent Trust, Class A, Series 2023-CITY, 6.94%, (1-Month SOFR + 2.62%), 09/15/38<sup>(1)</sup><sup>(2)</sup>  | 400000 | 400519 |
| CF Hippolyta LLC, Class A1, Series 2020-1, 1.69%, 07/15/60<sup>(1)</sup>  | 89945 | 88851 |
| COMM Mortgage Trust, Class A1, Series 2013-300P, 4.35%, 08/10/30<sup>(1)</sup>  | 365000 | 360024 |
| COMM Mortgage Trust, Class B, Series 2024-WCL1, 6.91%, (1-Month SOFR + 2.59%), 06/15/41<sup>(1)</sup><sup>(2)</sup>  | 605000 | 598613 |
| Fashion Show Mall LLC, Class A, Series 2024-SHOW, 5.27%, 10/10/41<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 685000 | 692382 |
| Fontainebleau Miami Beach Mortgage Trust, Class A, Series 2024-FBLU, 5.77%, (1-Month SOFR + 1.45%), 12/15/39<sup>(1)</sup><sup>(2)</sup>  | 350000 | 347744 |
| Houston Galleria Mall Trust, Class A, Series 2025-HGLR, 5.64%, 02/05/45<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 450000 | 458864 |
| Hudson Yards Mortgage Trust, Class A, Series 2025-SPRL, 5.65%, 01/13/40<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 780000 | 802538 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Class A, Series 2024-OMNI, 5.99%, 10/05/39<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 440000 | 447130 |
| MIRA Trust, Class A, Series 2023-MILE, 6.75%, 06/10/38<sup>(1)</sup>  | 270000 | 282624 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Class AS, Series 2015-C22, 3.56%, 04/15/48  | 520000 | 508880 |
| Mssg Trust, Class A, Series 2017-237P, 3.40%, 09/13/39<sup>(1)</sup>  | 456000 | 418237 |
| Rfr Trust, Class A, Series 2025-SGRM, 5.56%, 03/11/41<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 600000 | 611729 |
| Ride, Class C, Series 2025-SHRE, 6.32%, 02/14/47<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 600000 | 600098 |
| Rock Trust, Class A, Series 2024-CNTR, 5.39%, 11/13/41<sup>(1)</sup>  | 455000 | 464025 |
| Rock Trust, Class C, Series 2024-CNTR, 6.47%, 11/13/41<sup>(1)</sup>  | 420000 | 436665 |
| Thpt Mortgage Trust, Class A, Series 2023-THL, 7.23%, 12/10/34<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 539034 | 548327 |
| Total Commercial Mortgage Backed Securities  |  | 12581692 |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** |
| **Residential Mortgage Backed Securities - 9.2%** |  |  |
| A&d Mortgage Trust, Class A1, Series 2023-NQM3, 6.73%, 07/25/68<sup>(1)</sup><sup>(7)</sup>  | $156684<br>| $158503<br>|
| Ajax Mortgage Loan Trust, Class A1, Series 2019-D, 2.96%, 09/25/65<sup>(1)</sup><sup>(7)</sup>  | 39934 | 38264 |
| AMSR Trust, Class D, Series 2021-SFR3, 2.18%, 10/17/38<sup>(1)</sup>  | 100000 | 95852 |
| Angel Oak Mortgage Trust, Class A1, Series 2023-1, 4.75%, 09/26/67<sup>(1)</sup><sup>(7)</sup>  | 883414 | 874716 |
| Arroyo Mortgage Trust, Class A1, Series 2019-1, 3.81%, 01/25/49<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 82588 | 80641 |
| Arroyo Mortgage Trust, Class A1, Series 2019-2, 3.35%, 04/25/49<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 630680 | 610819 |
| Arroyo Mortgage Trust, Class A3, Series 2020-1, 3.33%, 03/25/55<sup>(1)</sup>  | 200000 | 179186 |
| Chase Home Lending Mortgage Trust, Class A1, Series 2023-RPL1, 3.50%, 06/25/62<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 501733 | 463180 |
| Chase Home Lending Mortgage Trust, Class A1A, Series 2024-RPL4, 3.38%, 12/25/64<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 382999 | 343544 |
| Chase Mortgage Finance Corp., Class M4, Series 2016-SH2, 3.75%, 12/25/45<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 305943 | 281306 |
| CIM Trust, Class A1, Series 2022-R2, 3.75%, 12/25/61<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 208706 | 198113 |
| Citigroup Mortgage Loan Trust, Class A2, Series 2025-INV1, 6.00%, 01/25/55<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 416249 | 418854 |
| Colt Mortgage Loan Trust, Class A1, Series 2022-4, 4.30%, 03/25/67<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 384583 | 381712 |
| Colt Mortgage Loan Trust, Class A1, Series 2022-5, 4.55%, 04/25/67<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 261627 | 260836 |
| Colt Mortgage Loan Trust, Class A1, Series 2024-5, 5.12%, 08/25/69<sup>(1)</sup><sup>(7)</sup>  | 478005 | 475745 |
| CSMC Trust, Class A1, Series 2017-RPL1, 2.75%, 07/25/57<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 532937 | 519301 |
| CSMC Trust, Class A1, Series 2020-RPL4, 2.00%, 01/25/60<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 501526 | 451269 |
| Deephaven Residential Mortgage Trust, Class A1, Series 2022-1, 2.21%, 01/25/67<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 65475 | 59664 |
| Ellington Financial Mortgage Trust, Class A1, Series 2022-1, 2.21%, 01/25/67<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 109375 | 95469 |
| Federal Home Loan Mortgage Corporation, 5.50%, 07/01/53  | 1166789 | 1166728 |
| GCAT Trust, Class A1, Series 2020-NQM1, 3.25%, 01/25/60<sup>(1)</sup><sup>(7)</sup>  | 225397 | 221389 |
| JPMorgan Mortgage Trust, Class A1, Series 2025-CES1, 5.67%, 05/25/55<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 284155 | 285637 |
| JPMorgan Mortgage Trust, Class A1, Series 2025-CES2, 5.59%, 06/25/55<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 586824 | 589649 |
| JPMorgan Mortgage Trust, Class A3, Series 2024-NQM1, 5.95%, 02/25/64<sup>(1)</sup><sup>(7)</sup>  | 299016 | 300759 |
| JPMorgan Seasoned Mortgage Trust, Class A4, Series 2024-1, 4.44%, 01/25/63<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 366933 | 358661 |
| Lhome Mortgage Trust, Class A1, Series 2024-RTL1, 7.02%, 01/25/29<sup>(1)</sup><sup>(7)</sup>  | 260000 | 262812 |
| MetLife Securitization Trust, Class A1A, Series 2019-1A, 3.75%, 04/25/58<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 291890 | 287160 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** |
| **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** |
| MFA Trust, Class A1, Series 2024-NQM2, 5.27%, 08/25/69<sup>(1)</sup><sup>(7)</sup>  | $539631<br>| $539244<br>|
| Mfra Trust, Class A1, Series 2022-INV2, 4.95%, 07/25/57<sup>(1)</sup><sup>(7)</sup>  | 597286 | 595014 |
| Mill City Mortgage Loan Trust, Class A1, Series 2019-GS2, 2.75%, 08/25/59<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 342889 | 331471 |
| Mill City Mortgage Loan Trust, Class B1, Series 2017-3, 3.25%, 01/25/61<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 96929 | 84442 |
| New Residential Mortgage Loan Trust, Class A3, Series 2017-2A, 4.00%, 03/25/57<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 367992 | 358967 |
| New Residential Mortgage Loan Trust, Class A1, Series 2024-NQM3, 5.47%, 11/25/64<sup>(1)</sup><sup>(7)</sup>  | 256367 | 257071 |
| New York Mortgage Trust, Class A1, Series 2024-CP1, 3.75%, 02/25/68<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 266355 | 247527 |
| OBX Trust, Class A1, Series 2025-NQM4, 5.40%, 02/25/55<sup>(1)</sup><sup>(7)</sup>  | 526922 | 528078 |
| OBX Trust, Class A1A, Series 2023-NQM5, 6.57%, 06/25/63<sup>(1)</sup><sup>(7)</sup>  | 354170 | 358045 |
| OBX Trust, Class A1, Series 2023-NQM9, 7.16%, 10/25/63<sup>(1)</sup><sup>(7)</sup>  | 677092 | 687882 |
| Onslow Bay Financial LLC, Class A1, Series 2024-NQM3, 6.13%, 12/25/63<sup>(1)</sup><sup>(7)</sup>  | 122132 | 123021 |
| Onslow Bay Financial LLC, Class A1, Series 2024-NQM9, 6.03%, 01/25/64<sup>(1)</sup><sup>(7)</sup>  | 505891 | 509868 |
| Pmt Loan Trust, Class A2, Series 2024-INV1, 6.00%, 10/25/59<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 641815 | 644828 |
| Pmt Loan Trust, Class A1, Series 2024-INV2, 6.00%, 12/25/59<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 308347 | 309891 |
| Pret Trust, Class A1, Series 2025-NPL1, 6.06%, 02/25/55<sup>(1)</sup><sup>(7)</sup>  | 590611 | 591492 |
| Pretium Mortgage Credit Partners, Class A1, Series 2024-RPL1, 3.90%, 10/25/63<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 974045 | 935839 |
| Prkcm Trust, Class A1A, Series 2022-AFC1, 4.10%, 04/25/57<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 635325 | 628755 |
| RCKT Mortgage Trust, Class A1A, Series 2023-CES1, 6.52%, 06/25/43<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 186113 | 187284 |
| RCKT Mortgage Trust, Class A1A, Series 2024-CES1, 6.03%, 02/25/44<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 260683 | 262187 |
| Sequoia Mortgage Trust, Class B1, Series 2013-8, 3.48%, 06/25/43<sup>(2)</sup><sup>(6)</sup>  | 43297 | 42073 |
| SG Residential Mortgage Trust, Class A1, Series 2021-1, 1.16%, 07/25/61<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 983006 | 812465 |
| Starwood Mortgage Residential Trust, Class A1, Series 2020-1, 2.28%, 02/25/50<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 36105 | 34506 |
| Towd Point Mortgage Trust, Class A2, Series 2017-4, 3.00%, 06/25/57<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 525000 | 494801 |
| Towd Point Mortgage Trust, Class A2, Series 2017-6, 3.00%, 10/25/57<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 655000 | 624329 |
| Towd Point Mortgage Trust, Class A2, Series 2018-6, 3.75%, 03/25/58<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 100000 | 90273 |
| Towd Point Mortgage Trust, Class A2, Series 2019-2, 3.75%, 12/25/58<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 940000 | 846924 |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** |
| **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** |
| Towd Point Mortgage Trust, Class A2, Series 2021-1, 2.75%, 11/25/61<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | $100000<br>| $83592<br>|
| Verus Securitization Trust, Class A1, Series 2022-5, 3.80%, 04/25/67<sup>(1)</sup><sup>(7)</sup>  | 84397 | 81567 |
| Verus Securitization Trust, Class A1, Series 2022-4, 4.47%, 04/25/67<sup>(1)</sup><sup>(7)</sup>  | 67882 | 68195 |
| Verus Securitization Trust, Class A3, Series 2022-6, 4.91%, 06/25/67<sup>(1)</sup><sup>(7)</sup>  | 223068 | 225530 |
| Verus Securitization Trust, Class A1, Series 2022-7, 5.15%, 07/25/67<sup>(1)</sup><sup>(7)</sup>  | 465270 | 467307 |
| Verus Securitization Trust, Class A1, Series 2023-8, 6.26%, 12/25/68<sup>(1)</sup><sup>(7)</sup>  | 361432 | 364820 |
| Visio Trust, Class A1, Series 2019-2, 2.72%, 11/25/54<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 101421 | 99284 |
| Visio Trust, Class A2, Series 2022-1, 5.85%, 08/25/57<sup>(1)</sup><sup>(7)</sup>  | 70123 | 69875 |
| Total Residential Mortgage Backed Securities  |  | 22046216 |
| **Total Mortgage Backed Securities** |  |  |
| (Cost $46,972,009)  |  | **47103194** |
| **TERM LOANS – 12.5%** |  |  |
| **Aerospace – 0.4%** |  |  |
| Arcline FM Holdings LLC, 7.82%, (1-Month SOFR + 3.50%), 06/24/30<sup>(2)</sup>  | 246170 | 245811 |
| Goat Holdco LLC, 7.32%, (1-Month SOFR + 3.00%), 01/27/32<sup>(2)</sup>  | 240000 | 236820 |
| Peraton Corp., 8.17%, (1-Month SOFR + 3.85%), 02/01/28<sup>(2)</sup>  | 215520 | 195007 |
| TransDigm, Inc, 6.80%, (3-Month SOFR + 2.50%), 01/19/32<sup>(2)</sup>  | 179100 | 177486 |
| Total Aerospace  |  | 855124 |
| **Chemicals – 0.2%** |  |  |
| INEOS US Finance LLC, 7.57%, (1-Month SOFR + 3.25%), 02/18/30<sup>(2)</sup>  | 114425 | 107388 |
| Lummus Technology Holdings V LLC, 7.32%, (1-Month SOFR + 3.00%), 12/31/29<sup>(2)</sup>  | 143276 | 143265 |
| Nouryon Finance BV, 7.55%, (3-Month SOFR + 3.25%), 04/03/28<sup>(2)</sup>  | 300108 | 298607 |
| Total Chemicals  |  | 549260 |
| **Communications – 0.1%** |  |  |
| Level 3 Financing, Inc., 0.00%, (SOFR + 0.00%), 03/27/32<sup>(10)</sup>  | 295000 | 294816 |
| **Consumer Durables – 0.2%** |  |  |
| Plastipak Holdings, 7.57%, (1-Month SOFR + 3.25%), 10/19/29<sup>(2)</sup>  | 179550 | 175463 |
| Protective Industrial Products, Inc., 8.44%, (1-Month SOFR + 4.11%), 12/29/27<sup>(2)</sup>  | 217808 | 208551 |
| Total Consumer Durables  |  | 384014 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **TERM LOANS (continued)** |  |  |
| **Consumer Non-Durables – 0.3%** |  |  |
| Aggreko Holdings, Inc., 7.29%, (3-Month SOFR + 3.00%), 08/16/29<sup>(2)</sup>  | $144263<br>| $144399<br>|
| AI Aqua Merger Sub, Inc., 7.32%, (1-Month SOFR + 3.00%), 07/31/28<sup>(2)</sup>  | 404148 | 400010 |
| Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 8.30%, (3-Month SOFR + 4.00%), 07/08/31<sup>(2)</sup>  | 87547 | 70858 |
| Total Consumer Non-Durables  |  | 615267 |
|  |  |  |
| **Consumer, Cyclical – 0.0%<sup>(11)</sup>** |  |  |
| QXO Building Products, Inc., 0.00%, (SOFR + 0.00%), 04/29/32<sup>(10)</sup>  | 45000 | 45008 |
| **Energy – 0.7%** |  |  |
| CVR CHC LP, 8.23%, (3-Month SOFR + 4.00%), 12/30/27<sup>(2)</sup>  | 463838 | 462678 |
| EPIC Crude Services LP, 7.26%, (3-Month SOFR + 3.00%), 10/15/31<sup>(2)</sup>  | 169575 | 169606 |
| Freeport LNG Investments LLLP, 7.52%, (1-Month SOFR + 3.25%), 12/21/28<sup>(2)</sup>  | 254781 | 251723 |
| Hamilton Projects Acquiror LLC, 7.32%, (1-Month SOFR + 3.00%), 05/31/31<sup>(2)</sup>  | 33670 | 33823 |
| Hunterstown Generation (Kestrel), 7.80%, (3-Month SOFR + 3.50%), 11/06/31<sup>(2)</sup>  | 248750 | 249190 |
| M6 ETX Holdings II Midco. LLC, 7.32%, (1-Month SOFR + 3.00%), 03/25/32<sup>(2)</sup>  | 185000 | 184191 |
| NGP XI Midstream Holdings LLC, 7.80%, (3-Month SOFR + 3.50%), 07/25/31<sup>(2)</sup>  | 74813 | 74064 |
| Oryx Midstream Services Permian Basin LLC, 6.57%, (1-Month SOFR + 2.25%), 10/05/28<sup>(2)</sup>  | 192448 | 190975 |
| Traverse Midstream Partners LLC, 7.28%, (3-Month SOFR + 3.00%), 02/16/28<sup>(2)</sup>  | 98688 | 98565 |
| Total Energy  |  | 1714815 |
| **Financials – 0.5%** |  |  |
| Acrisure LLC, 7.32%, (1-Month SOFR + 3.00%), 11/06/30<sup>(2)</sup>  | 233440 | 231252 |
| Ardonagh Group Finco Pty Ltd., 7.03%, (6-Month SOFR + 2.75%), 02/15/31<sup>(2)</sup>  | 128874 | 126458 |
| Ardonagh Group Finco Pty Ltd., 7.04%, (6-Month SOFR + 2.75%), 02/15/31<sup>(2)</sup>  | 74098 | 72709 |
| Ardonagh Group Finco Pty Ltd., 7.05%, (3-Month SOFR + 2.75%), 02/15/31<sup>(2)</sup>  | 12028 | 11803 |
| BroadStreet Partners, Inc., 7.32%, (1-Month SOFR + 3.00%), 06/13/31<sup>(2)</sup>  | 283571 | 282591 |
| Innomotics (Dynamo), 7.80%, (3-Month SOFR + 3.50%), 10/01/31<sup>(2)</sup>  | 69650 | 69476 |
| Lannett Co., Inc., 2.00%, (3-Month SOFR + 2.00%), 06/16/30<sup>(2)</sup><sup>(5)</sup>  | 1723 | 524 |
| PEX Holdings LLC, 6.97%, (6-Month SOFR + 2.75%), 11/20/31<sup>(2)</sup>  | 410000 | 409744 |
| Total Financials  |  | 1204557 |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **TERM LOANS (continued)** |  |  |
| **Food/Tobacco – 0.5%** |  |  |
| Asprie Bakeries, 8.57%, (1-Month SOFR + 4.25%), 12/23/30<sup>(2)</sup>  | $203970<br>| $204480<br>|
| Dechra Finance US LLC, 7.51%, (6-Month SOFR + 3.25%), 01/27/32<sup>(2)</sup>  | 335000 | 332384 |
| Del Monte Foods, Inc., 8.70%, (3-Month SOFR + 4.40%), 08/02/28<sup>(2)</sup>  | 4389 | 2683 |
| Del Monte Foods, Inc., 8.72%, (3-Month SOFR + 4.40%), 08/02/28<sup>(2)</sup>  | 27045 | 16531 |
| Del Monte Foods, Inc., 9.20%, (3-Month SOFR + 4.90%), 08/02/28<sup>(2)</sup>  | 72100 | 15051 |
| Del Monte Foods, Inc., 12.47%, (3-Month SOFR + 8.15%), 08/02/28<sup>(2)</sup>  | 36638 | 35264 |
| Naked Juice LLC, 7.56%, (3-Month SOFR + 3.35%), 01/24/29<sup>(2)</sup>  | 42868 | 27329 |
| Naked Juice LLC, 10.31%, (3-Month SOFR + 6.10%), 01/24/30<sup>(2)</sup>  | 42868 | 12646 |
| Pegasus Bidco BV, 7.57%, (3-Month SOFR + 3.25%), 07/12/29<sup>(2)</sup>  | 83248 | 83196 |
| Red SPV LLC, 6.58%, (1-Month SOFR + 2.25%), 03/15/32<sup>(2)</sup>  | 235000 | 234119 |
| Sigma Bidco BV, 8.07%, (SOFR + 3.75%), 01/03/28<sup>(2)</sup>  | 253807 | 252570 |
| Total Food/Tobacco  |  | 1216253 |
| **Forest Prod/Containers – 0.4%** |  |  |
| Clydesdale Acquisition Holdings, Inc., 7.50%, (1-Month SOFR + 3.18%), 04/13/29<sup>(2)</sup>  | 285000 | 283380 |
| Kloeckner Pentaplast of America, Inc., 9.23%, (6-Month SOFR + 4.98%), 02/12/26<sup>(2)</sup>  | 289760 | 262160 |
| Mauser Packaging Solutions Holding Co., 7.32%, (1-Month SOFR + 3.00%), 04/15/27<sup>(2)</sup>  | 242829 | 239845 |
| TricorBraun Holdings, Inc., 7.69%, (1-Month SOFR + 3.36%), 03/03/28<sup>(2)</sup>  | 240408 | 237449 |
| Total Forest Prod/Containers  |  | 1022834 |
| **Gaming/Leisure – 0.4%** |  |  |
| Catawba Nation Gaming Authority, 9.05%, (3-Month SOFR + 4.75%), 03/28/32<sup>(2)</sup>  | 160000 | 159334 |
| Entain, 7.05%, (3-Month SOFR + 2.75%), 10/31/29<sup>(2)</sup>  | 94288 | 94366 |
| Great Canadian Gaming, 9.05%, (3-Month SOFR + 4.75%), 11/01/29<sup>(2)</sup>  | 73423 | 70963 |
| J&J Ventures Gaming LLC, 7.82%, (1-Month SOFR + 3.50%), 04/26/30<sup>(2)</sup>  | 319301 | 305832 |
| Merlin Buyer, Inc, 7.80%, (3-Month SOFR + 3.50%), 11/12/29<sup>(2)</sup>  | 153654 | 145620 |
| One Toronto Gaming, 8.55%, (3-Month SOFR + 4.25%), 08/01/30<sup>(2)</sup>  | 113563 | 110184 |
| Scientific Games Holdings LP, 7.28%, (3-Month SOFR + 3.00%), 04/04/29<sup>(2)</sup>  | 107324 | 106519 |
| Total Gaming/Leisure  |  | 992818 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
|  |  |  |
| **TERM LOANS (continued)** |  |  |
|  |  |  |
| **Health Care – 1.2%** |  |  |
| Agiliti Health, Inc., 7.22%, (6-Month SOFR + 3.00%), 05/01/30<sup>(2)</sup>  | $254380<br>| $246536<br>|
| Agiliti Health, Inc., 7.30%, (3-Month SOFR + 3.00%), 05/01/30<sup>(2)</sup>  | 133203 | 129096 |
| Bausch & Lomb Corporation, 8.32%, (1-Month SOFR + 4.00%), 09/29/28<sup>(2)</sup>  | 44325 | 44066 |
| CHG Healthcare Services, Inc., 7.31%, (3-Month SOFR + 3.00%), 09/29/28<sup>(2)</sup>  | 57502 | 57414 |
| Endo Finance Holdings, Inc., 8.32%, (1-Month SOFR + 4.00%), 04/23/31<sup>(2)</sup>  | 29850 | 28992 |
| Financiere Mendel SASU, 0.00%, (SOFR + 0.00%), 11/08/30<sup>(10)</sup>  | 54863 | 54794 |
| Global Medical Response, Inc, 9.82%, (1-Month SOFR + 5.50%), 10/31/28<sup>(2)</sup>  | 154708 | 154740 |
| Grifols SA, 6.46%, (3-Month SOFR + 2.15%), 11/15/27<sup>(2)</sup>  | 500000 | 493575 |
| LifePoint Health, Inc., 7.82%, (3-Month SOFR + 3.50%), 05/16/31<sup>(2)</sup>  | 24875 | 24352 |
| LifePoint Health, Inc., 8.01%, (3-Month SOFR + 3.75%), 05/16/31<sup>(2)</sup>  | 239184 | 235148 |
| Medline Borrower LP, 6.57%, (1-Month SOFR + 2.25%), 10/23/28<sup>(2)</sup>  | 144782 | 143975 |
| Milano Acquisition Corp., 8.40%, (3-Month SOFR + 4.10%), 10/01/27<sup>(2)</sup>  | 267010 | 249112 |
| ModivCare, Inc, 9.05%, (3-Month SOFR + 4.75%), 07/01/31<sup>(2)</sup>  | 59551 | 40923 |
| One Call Corp., 10.04%, (3-Month SOFR + 5.76%), 04/22/27<sup>(2)</sup>  | 228222 | 222374 |
| PointClickCare Technologies, Inc, 7.55%, (3-Month SOFR + 3.25%), 11/03/31<sup>(2)</sup>  | 69825 | 69803 |
| Radiology Partners, Inc., 8.09%, (3-Month SOFR + 3.76%), 01/31/29<sup>(2)</sup>  | 230478 | 223535 |
| Southern Veterinary Partners LLC, 7.53%, (3-Month SOFR + 3.25%), 12/04/31<sup>(2)</sup>  | 73685 | 73548 |
| Star Parent, Inc., 8.30%, (3-Month SOFR + 4.00%), 09/27/30<sup>(2)</sup>  | 178697 | 173226 |
| Upstream Newco, Inc., 8.79%, (3-Month SOFR + 4.51%), 11/20/26<sup>(2)</sup>  | 21656 | 15762 |
| VetStrategy Canada Holdings, Inc., 0.00%, (SOFR + 0.00%), 12/12/28<sup>(10)</sup>  | 104736 | 104124 |
| Total Health Care  |  | 2785095 |
| **Housing – 0.2%** |  |  |
| Chariot Buyer LLC, 7.67%, (1-Month SOFR + 3.25%), 11/03/28<sup>(2)</sup>  | 134190 | 132798 |
| Cornerstone Building Brands, Inc., 7.67%, (1-Month SOFR + 3.25%), 04/12/28<sup>(2)</sup>  | 103918 | 91289 |
| Cornerstone Building Brands, Inc., 8.82%, (1-Month SOFR + 4.50%), 05/15/31<sup>(2)</sup>  | 79600 | 65931 |
| Hunter Douglas, Inc., 7.55%, (3-Month SOFR + 3.25%), 01/17/32<sup>(2)</sup>  | 85360 | 83458 |
| LBM Acquisition LLC, 8.18%, (1-Month SOFR + 3.85%), 06/06/31<sup>(2)</sup>  | 178650 | 169643 |
| Total Housing  |  | 543119 |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **TERM LOANS (continued)** |  |  |
| **Information Technology – 1.9%** |  |  |
| Applied Systems, Inc., 7.05%, (3-Month SOFR + 2.75%), 02/24/31<sup>(2)</sup>  | $97312<br>| $97251<br>|
| Applied Systems, Inc., 8.80%, (3-Month SOFR + 4.50%), 02/23/32<sup>(2)</sup>  | 10000 | 10251 |
| BMC Software, Inc., 7.32%, (1-Month SOFR + 3.00%), 07/30/31<sup>(2)</sup>  | 274900 | 269886 |
| Boost Newco. Borrower LLC, 6.30%, (SOFR + 0.00%), 01/31/31<sup>(10)</sup>  | 34913 | 34883 |
| Boost Newco. Borrower LLC, 6.30%, (3-Month SOFR + 2.00%), 01/31/31<sup>(2)</sup>  | 485000 | 484595 |
| Central Parent, Inc, 7.55%, (3-Month SOFR + 3.25%), 07/06/29<sup>(2)</sup>  | 256637 | 214968 |
| Cloud Software Group, Inc., 8.05%, (3-Month SOFR + 3.75%), 03/24/31<sup>(2)</sup>  | 500 | 495 |
| Cloud Software Group, Inc., 8.05%, (2-Month SOFR + 3.75%), 03/24/31<sup>(2)</sup>  | 199000 | 197010 |
| ConnectWise LLC, 8.06%, (3-Month SOFR + 3.76%), 09/29/28<sup>(2)</sup>  | 132969 | 132914 |
| Cotiviti, Inc., 7.07%, (1-Month SOFR + 2.75%), 05/01/31<sup>(2)</sup>  | 303825 | 298318 |
| Delivery Hero Finco LLC, 9.31%, (3-Month SOFR + 5.00%), 12/12/29<sup>(2)</sup>  | 178200 | 178512 |
| ECL Entertainment LLC, 7.82%, (1-Month SOFR + 3.50%), 08/31/30<sup>(2)</sup>  | 79102 | 78641 |
| Ellucian Holdings, Inc., 7.32%, (1-Month SOFR + 3.00%), 10/09/29<sup>(2)</sup>  | 271943 | 271214 |
| Ellucian Holdings, Inc., 9.07%, (1-Month SOFR + 4.75%), 11/15/32<sup>(2)</sup>  | 25000 | 25094 |
| Genesys Cloud Services, Inc., 6.82%, (1-Month SOFR + 2.50%), 01/30/32<sup>(2)</sup>  | 314213 | 310448 |
| Icon Parent, Inc, 7.32%, (3-Month SOFR + 3.00%), 11/13/31<sup>(2)</sup>  | 160000 | 159313 |
| Icon Parent, Inc, 9.32%, (3-Month SOFR + 5.00%), 11/12/32<sup>(2)</sup>  | 70000 | 69300 |
| Infinite Bidco LLC, 8.29%, (3-Month SOFR + 4.01%), 03/02/28<sup>(2)</sup>  | 187876 | 170967 |
| ION Trading Technologies Sarl, 7.80%, (3-Month SOFR + 3.50%), 04/01/28<sup>(2)</sup>  | 204537 | 199231 |
| Jaggaer LLC, 7.56%, (3-Month SOFR + 3.25%), 12/05/31<sup>(2)</sup>  | 235000 | 234523 |
| Ncr Atleos, LLC, 8.03%, (3-Month SOFR + 3.75%), 04/16/29<sup>(2)</sup>  | 23467 | 23540 |
| Project Ruby Ultimate Parent Corp., 7.44%, (1-Month SOFR + 3.11%), 03/10/28<sup>(2)</sup>  | 122950 | 122665 |
| Proofpoint, Inc, 7.32%, (1-Month SOFR + 3.00%), 08/31/28<sup>(2)</sup>  | 218303 | 217253 |
| Rocket Software, Inc., 8.57%, (1-Month SOFR + 4.25%), 11/28/28<sup>(2)</sup>  | 188325 | 187304 |
| Roper Industrial Products Investment Co., 7.05%, (3-Month SOFR + 2.75%), 11/22/29<sup>(2)</sup>  | 292923 | 290726 |
| Thunder Generation Funding LLC, 7.30%, (3-Month SOFR + 3.00%), 10/03/31<sup>(2)</sup>  | 103755 | 103820 |
| Ultimate Software Group, 7.32%, (1-Month SOFR + 3.00%), 02/10/31<sup>(2)</sup>  | 167185 | 166805 |
| Total Information Technology  |  | 4549927 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **TERM LOANS (continued)** |  |  |
| **Manufacturing – 0.9%** |  |  |
| Circor (Cube), 7.77%, (3-Month SOFR + 3.50%), 10/17/31<sup>(2)</sup>  | $170000<br>| $168867<br>|
| Construction Partners, 6.82%, (1-Month SOFR + 2.50%), 11/03/31<sup>(2)</sup>  | 478800 | 476207 |
| CPM Holdings, Inc, 8.82%, (1-Month SOFR + 4.50%), 09/28/28<sup>(2)</sup>  | 366778 | 355927 |
| Husky Injection Molding Systems Ltd., 8.78%, (3-Month SOFR + 4.50%), 02/15/29<sup>(2)</sup>  | 154380 | 151431 |
| LSF12 Crown US Commercial Bidco, LLC, 8.57%, (1-Month SOFR + 4.25%), 12/02/31<sup>(2)</sup>  | 260000 | 250900 |
| Madison IAQ LLC, 6.76%, (6-Month SOFR + 2.50%), 06/21/28<sup>(2)</sup>  | 380000 | 377080 |
| TK Elevator US Newco., Inc., 0.00%, (SOFR + 0.00%), 04/30/30<sup>(10)</sup>  | 210000 | 209436 |
| Treasure Holdco, Inc, 8.56%, (3-Month SOFR + 4.25%), 11/04/31<sup>(2)</sup>  | 274313 | 263426 |
| Total Manufacturing  |  | 2253274 |
| **Media/Telecom - Broadcasting – 0.4%** |  |  |
| CMG Media Corp., 7.90%, (3-Month SOFR + 3.60%), 06/18/29<sup>(2)</sup>  | 345087 | 326916 |
| Gray Television, Inc., 7.44%, (1-Month SOFR + 3.00%), 12/01/28<sup>(2)</sup>  | 342844 | 317674 |
| Univision Communications, Inc., 7.94%, (1-Month SOFR + 3.61%), 01/31/29<sup>(2)</sup>  | 288074 | 277631 |
| Total Media/Telecom - Broadcasting  |  | 922221 |
| **Media/Telecom - Cable/Wireless Video – 0.6%** |  |  |
| Cogeco Communications USA II LP, 7.57%, (1-Month SOFR + 3.25%), 09/18/30<sup>(2)</sup>  | 342047 | 336489 |
| CSC Holdings LLC, 8.82%, (1-Month SOFR + 4.50%), 01/18/28<sup>(2)</sup>  | 321989 | 314118 |
| Eagle Broadband Investments LLC, 7.56%, (3-Month SOFR + 3.26%), 11/12/27<sup>(2)</sup>  | 366444 | 365911 |
| Virgin Media Bristol LLC, 6.94%, (1-Month SOFR + 2.61%), 01/31/28<sup>(2)</sup>  | 350000 | 345753 |
| Total Media/Telecom - Cable/Wireless Video  |  | 1362271 |
| **Media/Telecom - Diversified Media – 0.5%** |  |  |
| Century DE Buyer LLC, 7.78%, (3-Month SOFR + 3.50%), 10/30/30<sup>(2)</sup>  | 221236 | 220822 |
| Creative Artists Agency LLC, 7.07%, (1-Month SOFR + 2.75%), 10/01/31<sup>(2)</sup>  | 214463 | 213754 |
| Directv Financing LLC, 9.79%, (3-Month SOFR + 5.51%), 08/02/29<sup>(2)</sup>  | 153700 | 149147 |
| Endeavor Operating Co. LLC, 7.32%, (1-Month SOFR + 3.00%), 03/24/32<sup>(2)</sup>  | 285000 | 282268 |
| McGraw-Hill Education, Inc., 7.57%, (1-Month SOFR + 3.25%), 08/06/31<sup>(2)</sup>  | 47753 | 47698 |
| MH Sub I LLC, 8.57%, (1-Month SOFR + 4.25%), 05/03/28<sup>(2)</sup>  | 148180 | 140586 |
| Neilson Holdings, 9.33%, (3-Month SOFR + 5.10%), 04/11/29<sup>(2)</sup>  | 246009 | 217788 |
| Total Media/Telecom - Diversified Media  |  | 1272063 |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **TERM LOANS (continued)** |  |  |
| **Media/Telecom - Telecommunications – 0.2%** |  |  |
| Cincinnati Bell, Inc., 7.07%, (1-Month SOFR + 2.75%), 11/22/28<sup>(2)</sup>  | $282643<br>| $281372<br>|
| Numericable U.S. LLC, 9.25%, (PRIME + 1.75%), 07/31/25<sup>(2)</sup>  | 242930 | 212390 |
| Numericable U.S. LLC, 10.19%, (PRIME + 2.69%), 01/31/26<sup>(2)</sup>  | 48172 | 42301 |
| Total Media/Telecom - Telecommunications  |  | 536063 |
| **Media/Telecom - Wireless Communications – 0.1%** | **Media/Telecom - Wireless Communications – 0.1%** |  |
| Viasat, Inc., 8.94%, (1-Month SOFR + 4.61%), 03/02/29<sup>(2)</sup>  | 217814 | 204956 |
| **Retail – 0.3%** |  |  |
| CNT Holdings I Corp., 6.78%, (3-Month SOFR + 2.50%), 11/08/32<sup>(2)</sup>  | 74250 | 73951 |
| EG America LLC, 8.56%, (3-Month SOFR + 4.25%), 02/07/28<sup>(2)</sup>  | 137340 | 137585 |
| Gloves Buyer, Inc., 0.00%, (SOFR + 0.00%), 01/17/32<sup>(10)</sup>  | 155000 | 148878 |
| Harbor Freight Tools USA, Inc, 6.82%, (1-Month SOFR + 2.50%), 06/11/31<sup>(2)</sup>  | 222290 | 207512 |
| Petco Health & Wellness Co., Inc., 7.81%, (3-Month SOFR + 3.51%), 03/03/28<sup>(2)</sup>  | 270000 | 236393 |
| Total Retail  |  | 804319 |
| **Service – 1.8%** |  |  |
| Acuren Delaware Holdco., Inc., 7.07%, (1-Month SOFR + 2.75%), 07/30/31<sup>(2)</sup>  | 29850 | 29846 |
| Allied Universal Holdco LLC, 8.17%, (1-Month SOFR + 3.85%), 05/12/28<sup>(2)</sup>  | 318685 | 318745 |
| Ascend Learning LLC, 7.32%, (1-Month SOFR + 3.00%), 12/11/28<sup>(2)</sup>  | 183391 | 181605 |
| Bifm CA Buyer, Inc., 8.07%, (1-Month SOFR + 3.75%), 05/31/28<sup>(2)</sup>  | 104538 | 104473 |
| Cognita (Lernen), 8.28%, (SOFR + 4.00%), 10/27/31<sup>(2)</sup>  | 154613 | 154162 |
| CSC Holdings LLC, 8.56%, (3-Month SOFR + 4.26%), 03/04/28<sup>(2)</sup>  | 326676 | 268666 |
| DG Investment Intermediate Holdings, 7.94%, (1-Month SOFR + 3.61%), 03/31/28<sup>(2)</sup>  | 273582 | 273377 |
| DXP Enterprises, Inc, 8.07%, (1-Month SOFR + 3.75%), 10/11/30<sup>(2)</sup>  | 119002 | 118816 |
| Ensemble RCM LLC, 7.28%, (3-Month SOFR + 3.00%), 08/01/29<sup>(2)</sup>  | 99248 | 99289 |
| Fugue Finance LLC, 7.50%, (6-Month SOFR + 3.25%), 01/09/32<sup>(2)</sup>  | 80000 | 80010 |
| Garda World Security Corp., 7.29%, (1-Month SOFR + 3.00%), 02/01/29<sup>(2)</sup>  | 303435 | 301311 |
| Grant Thornton Advisors Holdings LLC, 7.07%, (1-Month SOFR + 2.75%), 06/02/31<sup>(2)</sup>  | 299063 | 297194 |
| Hertz Corp. (The), 8.03%, (3-Month SOFR + 3.75%), 06/30/28<sup>(2)</sup>  | 292381 | 230250 |
| Kindercare (Kuehg Corp.), 7.55%, (3-Month SOFR + 3.25%), 06/12/30<sup>(2)</sup>  | 83420 | 83242 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **TERM LOANS (continued)** |  |  |
| **Service (continued)** |  |  |
| Madison Safety & Flow LLC, 7.07%, (1-Month SOFR + 2.75%), 09/26/31<sup>(2)</sup>  | $144275<br>| $143373<br>|
| NorthAB LLC, 6.80%, (3-Month SOFR + 2.50%), 11/23/28<sup>(2)</sup>  | 317342 | 314735 |
| OMNIA Partners LLC, 7.03%, (3-Month SOFR + 2.75%), 07/25/30<sup>(2)</sup>  | 79600 | 79384 |
| TEI Holdings, Inc., 8.30%, (3-Month SOFR + 4.00%), 04/09/31<sup>(2)</sup>  | 49875 | 49127 |
| TMF Sapphire Bidco BV, 7.03%, (3-Month SOFR + 2.75%), 05/03/28<sup>(2)</sup>  | 353764 | 352438 |
| Trugreen Limited Partnership, 8.42%, (1-Month SOFR + 4.10%), 11/02/27<sup>(2)</sup>  | 238193 | 226283 |
| WCG Intermediate Corp., 7.32%, (1-Month SOFR + 3.00%), 02/25/32<sup>(2)</sup>  | 125000 | 123639 |
| Win Waste Innovations Holdings, Inc., 7.19%, (1-Month SOFR + 2.86%), 03/24/28<sup>(2)</sup>  | 362180 | 358203 |
| Total Service  |  | 4188168 |
| **Transportation - Automotive – 0.5%** |  |  |
| Belron, 7.05%, (3-Month SOFR + 2.75%), 10/16/31<sup>(2)</sup>  | 333325 | 332955 |
| Clarios Global LP, 7.07%, (1-Month SOFR + 2.75%), 01/28/32<sup>(2)</sup>  | 330000 | 324088 |
| First Brands Group LLC, 9.54%, (3-Month SOFR + 5.26%), 03/30/27<sup>(2)</sup>  | 332443 | 309795 |
| PAI Holdco, Inc., 8.29%, (3-Month SOFR + 4.54%), 10/28/27<sup>(2)</sup>  | 137417 | 107323 |
| Wand NewCo 3, Inc., 6.82%, (1-Month SOFR + 2.50%), 01/30/31<sup>(2)</sup>  | 148207 | 146396 |
| Total Transportation - Automotive  |  | 1220557 |
| **Utilities – 0.2%** |  |  |
| Lightstone Holdco LLC, 10.03%, (3-Month SOFR + 5.75%), 01/29/27<sup>(2)</sup>  | 206341 | 206444 |
| Lightstone Holdco LLC, 10.03%, (3-Month SOFR + 5.75%), 01/29/27<sup>(2)</sup>  | 11672 | 11678 |
| WaterBridge NDB Operating LLC, 8.31%, (3-Month SOFR + 4.00%), 05/10/29<sup>(2)</sup>  | 114425 | 112864 |
| WEC US Holdings, Inc., 6.57%, (1-Month SOFR + 2.25%), 01/27/31<sup>(2)</sup>  | 154223 | 153018 |
| Total Utilities  |  | 484004 |
| **Total Term Loans** |  |  |
| (Cost $30,653,111)  |  | **30020803** |
| **ASSET BACKED SECURITIES – 10.3%** |  |  |
| ACHV ABS Trust, Class A, Series 2024-1PL, 5.90%, 04/25/31<sup>(1)</sup>  | 55399 | 55711 |
| Acm Auto Trust, Class A, Series 2024-2A, 6.06%, 02/20/29<sup>(1)</sup>  | 278806 | 278959 |
| Affirm Asset Securitization Trust, Class A, Series 2023-B, 6.82%, 09/15/28<sup>(1)</sup>  | 125000 | 125799 |
| Affirm Asset Securitization Trust, Class A, Series 2024-B, 4.62%, 09/15/29<sup>(1)</sup>  | 255000 | 254595 |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
|  |  |  |
| **ASSET BACKED SECURITIES (continued)** |  |  |
| American Credit Acceptance Receivables Trust, Class C, Series 2024-1, 5.63%, 01/14/30<sup>(1)</sup>  | $135000<br>| $135607<br>|
| American Credit Acceptance Receivables Trust, Class C, Series 2024-4, 4.91%, 08/12/31<sup>(1)</sup>  | 535000 | 533139 |
| American Credit Acceptance Receivables Trust, Class D, Series 2022-1, 2.46%, 03/13/28<sup>(1)</sup>  | 34870 | 34779 |
| Applebee's Funding LLC / Ihop Funding LLC, Class A2, Series 2023-1A, 7.82%, 03/05/53<sup>(1)</sup>  | 549000 | 566387 |
| Aqua Finance Issuer Trust, Class A, Series 2025-A, 5.25%, 12/19/50<sup>(1)</sup>  | 600000 | 598687 |
| Aqua Finance Trust, Class B, Series 2024-A, 5.06%, 04/18/50<sup>(1)</sup>  | 520000 | 510412 |
| Arivo Acceptance Auto Loan Receivables Trust, Class B, Series 2024-1A, 6.87%, 06/17/30<sup>(1)</sup>  | 228000 | 234473 |
| Auxilior Term Funding, Class B, Series 2024-1A, 5.69%, 07/15/31<sup>(1)</sup>  | 360000 | 368589 |
| Auxilior Term Funding, Class D, Series 2023-1A, 7.27%, 12/16/30<sup>(1)</sup>  | 90000 | 92514 |
| Avis Budget Rental Car Funding Aesop LLC, Class C, Series 2022-5A, 6.24%, 04/20/27<sup>(1)</sup>  | 160000 | 160294 |
| Avis Budget Rental Car Funding Aesop LLC, Class D, Series 2024-2A, 7.43%, 10/20/28<sup>(1)</sup>  | 614000 | 615243 |
| Bhg Securitization Trust, Class A, Series 2024-1CON, 5.81%, 04/17/35<sup>(1)</sup>  | 97664 | 99647 |
| Bojangles Issuer LLC, Class A2, Series 2024-1A, 6.58%, 11/20/54<sup>(1)</sup>  | 460000 | 466514 |
| Bridgecrest Lending Auto Securitization Trust, Class C, Series 2025-1, 5.15%, 12/17/29  | 520000 | 523855 |
| Business Jet Securities LLC, Class A, Series 2024-2A, 5.36%, 09/15/39<sup>(1)</sup>  | 359000 | 357114 |
| Carvana Auto Receivables Trust, Class B, Series 2024-N1, 5.63%, 05/10/30<sup>(1)</sup>  | 200000 | 202576 |
| CLI Funding VI LLC, Class A, Series 2020-1A, 2.08%, 09/18/45<sup>(1)</sup>  | 191853 | 177445 |
| Credit Acceptance Auto Loan Trust, Class A, Series 2024-1A, 5.68%, 03/15/34<sup>(1)</sup>  | 162000 | 164306 |
| Dext ABS LLC, Class A2, Series 2023-1, 5.99%, 03/15/32<sup>(1)</sup>  | 47737 | 47930 |
| Drive Auto Receivables Trust, Class C, Series 2024-1, 5.43%, 11/17/31  | 300000 | 304678 |
| DT Auto Owner Trust, Class D, Series 2023-1A, 6.44%, 11/15/28<sup>(1)</sup>  | 155000 | 157398 |
| Encina Equipment Finance LLC, Class B, Series 2022-1A, 5.15%, 01/16/29<sup>(1)</sup>  | 100000 | 99847 |
| Exeter Automobile Receivables Trust, Class B, Series 2024-5A, 4.48%, 04/16/29  | 385000 | 384050 |
| Exeter Automobile Receivables Trust, Class C, Series 2024-2A, 5.74%, 05/15/29  | 263000 | 265795 |
| FAT Brands Royalty LLC, Class A2, Series 2021-1A, 5.75%, 04/25/51<sup>(1)</sup>  | 48250 | 41958 |
| FHF Trust, Class A2, Series 2023-1A, 6.57%, 06/15/28<sup>(1)</sup>  | 44127 | 44571 |
| First Help Financial LLC, Class C, Series 2024-3A, 5.43%, 03/17/31<sup>(1)</sup>  | 570000 | 566079 |
| Five Guys Holdings, Inc., Class A2, Series 2023-1A, 7.55%, 01/26/54<sup>(1)</sup>  | 701475 | 726498 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** |  |  |
| Flagship Credit Auto Trust, Class D, Series 2023-1, 6.46%, 05/15/29<sup>(1)</sup>  | $510000<br>| $512513<br>|
| Foundation Finance Trust, Class A, Series 2024-2A, 4.60%, 03/15/50<sup>(1)</sup>  | 297962 | 297312 |
| GLS Auto Receivables Issuer Trust, Class C, Series 2024-2A, 6.03%, 02/15/30<sup>(1)</sup>  | 245000 | 250375 |
| GLS Auto Receivables Issuer Trust, Class D, Series 2022-2A, 6.15%, 04/17/28<sup>(1)</sup>  | 65000 | 65743 |
| GLS Auto Receivables Issuer Trust, Class D, Series 2025-1A, 5.61%, 11/15/30<sup>(1)</sup>  | 600000 | 601782 |
| GLS Auto Select Receivables Trust, Class C, Series 2024-3A, 5.92%, 08/15/30<sup>(1)</sup>  | 425000 | 438394 |
| Hardee's Funding LLC, Class A2, Series 2024-1A, 7.25%, 03/20/54<sup>(1)</sup>  | 227700 | 235820 |
| Hilton Grand Vacations Trust, Class A, Series 2024-2A, 5.50%, 03/25/38<sup>(1)</sup>  | 263082 | 268962 |
| Hinnt, Class A, Series 2024-A, 5.49%, 03/15/43<sup>(1)</sup>  | 553671 | 559046 |
| Jersey Mike's Funding LLC, Class A2, Series 2024-1A, 5.64%, 02/15/55<sup>(1)</sup>  | 540000 | 538436 |
| LAD Auto Receivables Trust, Class D, Series 2021-1A, 3.99%, 11/15/29<sup>(1)</sup>  | 55000 | 54689 |
| LAD Auto Receivables Trust, Class D, Series 2023-2A, 6.30%, 02/15/31<sup>(1)</sup>  | 135000 | 137222 |
| Lendbuzz Securitization Trust, Class A2, Series 2023-2A, 7.09%, 10/16/28<sup>(1)</sup>  | 61477 | 62576 |
| Lendbuzz Securitization Trust, Class A2, Series 2024-2A, 5.99%, 05/15/29<sup>(1)</sup>  | 215314 | 217365 |
| Lendbuzz Securitization Trust, Class B, Series 2024-3A, 5.03%, 11/15/30<sup>(1)</sup>  | 437000 | 439393 |
| Libra Solutions LLC, Class A, Series 2024-1A, 5.88%, 09/30/38<sup>(1)</sup>  | 360000 | 361531 |
| Lobel Automobile Receivables Trust, Class B, Series 2023-1, 7.05%, 09/15/28<sup>(1)</sup>  | 83106 | 83347 |
| MAPS Trust, Class A, Series 2021-1A, 2.52%, 06/15/46<sup>(1)</sup>  | 11715 | 11044 |
| Mercury Financial Credit Card Master Trust, Class A, Series 2024-2A, 6.56%, 07/20/29<sup>(1)</sup>  | 275000 | 278461 |
| Metronet Infrastructure Issuer LLC, Class A2, Series 2024-1A, 6.23%, 04/20/54<sup>(1)</sup>  | 455000 | 467996 |
| Mission Lane Credit Card Master Trust, Class A, Series 2023-B, 7.69%, 11/15/28<sup>(1)</sup>  | 510000 | 511327 |
| Momnt Technologies Trust, Class A, Series 2023-1A, 6.92%, 03/20/45<sup>(1)</sup>  | 41288 | 41274 |
| Mpower Education Trust, Class A, Series 2025-A, 6.64%, 07/21/42<sup>(1)</sup>  | 485000 | 484087 |
| Mvw LLC, Class B, Series 2021-1WA, 1.44%, 01/22/41<sup>(1)</sup>  | 342385 | 324918 |
| MVW Owner Trust, Class A, Series 2019-1A, 2.89%, 11/20/36<sup>(1)</sup>  | 10143 | 10131 |
| MVW Owner Trust, Class A, Series 2024-1A, 5.32%, 02/20/43<sup>(1)</sup>  | 161493 | 164817 |
| OneMain Direct Auto Receivables Trust, Class C, Series 2022-1A, 5.31%, 06/14/29<sup>(1)</sup>  | 355000 | 355325 |
| OneMain Financial Issuance Trust, Class A, Series 2022-3A, 5.94%, 05/15/34<sup>(1)</sup>  | 268023 | 270126 |
| Oportun Issuance Trust, Class B, Series 2024-2, 5.83%, 02/09/32<sup>(1)</sup>  | 380000 | 381674 |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** |  |  |
| Peac Solutions Receivables, Class B, Series 2024-1A, 5.79%, 11/20/30<sup>(1)</sup>  | $270000<br>| $278342<br>|
| Planet Fitness Master Issuer LLC, Class A2I, Series 2024-1A, 5.77%, 06/05/54<sup>(1)</sup>  | 567150 | 580620 |
| Powerpay Issuance Trust, Class A, Series 2024-1A, 6.53%, 02/18/39<sup>(1)</sup>  | 123977 | 127033 |
| Purchasing Power Funding, Class B, Series 2024-A, 6.43%, 08/15/28<sup>(1)</sup>  | 180000 | 182140 |
| RCKT Mortgage Trust, Class A1A, Series 2023- CES3, 7.11%, 11/25/43<sup>(1)</sup><sup>(2)</sup><sup>(6)</sup>  | 597172 | 607830 |
| Reach ABS Trust, Class B, Series 2024-1A, 6.29%, 02/18/31<sup>(1)</sup>  | 160000 | 162137 |
| Reach ABS Trust, Class B, Series 2024-2A, 5.84%, 07/15/31<sup>(1)</sup>  | 310000 | 313646 |
| Retained Vantage Data Centers Issuer LLC, Class A2, Series 2024-1A, 4.99%, 09/15/49<sup>(1)</sup>  | 510000 | 506040 |
| Santander Drive Auto Receivables Trust, Class B, Series 2023-1, 4.98%, 02/15/28  | 128323 | 128358 |
| Santander Drive Auto Receivables Trust, Class C, Series 2022-5, 4.74%, 10/16/28  | 92498 | 92485 |
| Star Trust, Class A, Series 2025-SFR5, 5.77%, (1-Month SOFR + 1.45%), 02/17/42<sup>(1)</sup><sup>(2)</sup>  | 340000 | 341978 |
| Switch ABS Issuer LLC, Class A2, Series 2024-2A, 5.44%, 06/25/54<sup>(1)</sup>  | 700000 | 695978 |
| Taco Bell Funding LLC, Class A23, Series 2016-1A, 4.97%, 05/25/46<sup>(1)</sup>  | 555000 | 555191 |
| Trafigura Securitisation Finance PLC, Class A2, Series 2024-1A (Ireland), 5.98%, 11/15/27<sup>(1)</sup>  | 245000 | 248991 |
| TSC SPV Funding LLC, Class A2, Series 2024-1A, 6.29%, 08/20/54<sup>(1)</sup>  | 319200 | 313313 |
| United Auto Credit Securitization Trust, Class C, Series 2023-1, 6.28%, 07/10/28<sup>(1)</sup>  | 62606 | 62681 |
| United Auto Credit Securitization Trust, Class D, Series 2022-2, 6.84%, 01/10/28<sup>(1)</sup>  | 707001 | 703647 |
| Usq Rail III LLC, Class A, Series 2024-1A, 4.99%, 09/28/54<sup>(1)</sup>  | 381272 | 375213 |
| Veros Auto Receivables Trust, Class C, Series 2024-1, 7.57%, 12/15/28<sup>(1)</sup>  | 250000 | 257973 |
| Westlake Automobile Receivables Trust, Class B, Series 2024-1A, 5.55%, 11/15/27<sup>(1)</sup>  | 218000 | 219352 |
| ZAXBY'S Funding LLC, Class A2, Series 2021-1A, 3.24%, 07/30/51<sup>(1)</sup>  | 227150 | 208767 |
| **Total Asset Backed Securities**  |  |  |
| (Cost $24,435,425)  |  | **24582850** |
| **U.S. GOVERNMENT SECURITIES – 3.0%** |  |  |
| U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/55  | 465000 | 460205 |
| U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/31/29  | 1065000 | 1078562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/30  | 1165000 | 1192350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/34  | 4520000 | 4486541 |
| **Total U.S. Government Securities** |  |  |
| (Cost $7,124,611)  |  | **7217658** |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS - 1.8%** |  |  |
| **Debt Funds - 1.8%** |  |  |
| iShares iBoxx $ High Yield Corporate Bond ETF  | 43467 | $3416506<br>|
| SPDR Bloomberg Barclays High Yield Bond ETF  | 9747 | 923139 |
| Total Debt Funds  |  | **4339645** |
| **Total Exchange Traded Funds** |  |  |
| (Cost $4,287,652)  |  | **4339645** |
| **COMMON STOCKS - 0.0%** |  |  |
|  |  |  |
| **Consumer Discretionary - 0.0%<sup>(11)</sup>** |  |  |
| West Marine (Rising Tide)\*<sup>(5)</sup>  | 38 | 21 |
| **Health Care - 0.0%** |  |  |
| Lannett Co., Inc.\*<sup>(5)</sup>  | 277 |  |
| **Total Common Stocks** |  |  |
| (Cost $393)  |  | **21** |
| **MONEY MARKET FUND - 0.6%** |  |  |
| JP Morgan U.S. Government Money Market Institutional Shares, 4.17%<sup>(12)</sup><br>(Cost $1,351,943)  | 1351943 | 1351943 |
| **TOTAL INVESTMENTS - 98.6%** |  |  |
| (Cost $237,703,042)  |  | **236141752** |
| Other Assets in Excess of Liabilities - 1.4%  |  | 3431773 |
| **Net Assets - 100.0%**  |  | **$** **239573525**<br>|

---

------

\*Non-income producing security.

(1)Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. At April 30, 2025, the aggregate value of these securities was $119,768,580, or 50.0% of net assets.

(2)Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2025.

(3)Payment in-kind security.

(4)Perpetual security with no stated maturity date.

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

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

(7)Represents step coupon bond. Rate shown reflects the rate in effect as of April 30, 2025.

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

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

(10)The loan will settle after April 30, 2025, at which time the interet rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected.

(11)Amount rounds to less than 0.05%.

(12)The rate shown reflects the seven-day yield as of April 30, 2025.

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

April 30, 2025 (unaudited)

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

**Abbreviations:**

CMT — Constant Maturity Treasury Index

ETF — Exchange Traded Fund

PIK — Payment in-Kind

SOFR — Secured Overnight Financing Rate

**Currency Abbreviations**

CZKCzech Koruna

MXNMexican Peso

MYRMalaysian Ringgit

USDUnited States Dollar

ZARSouth African Rand

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds  | $—<br>| $66961234<br>| $240<br>| $66961474<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Bonds  |  | 54564164 |  | 54564164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Backed Securities  |  | 47711024 |  | 47711024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loans  |  | 30020279 | 524 | 30020803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities  |  | 23975020 |  | 23975020 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities  |  | 7217658 |  | 7217658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange Traded Funds  | 4339645 |  |  | 4339645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund  | 1351943 |  |  | 1351943 |
| **Total**  | **$** **5691588**<br>| **$** **230449379**<br>| **$** **785**<br>| **$** **236141752**<br>|

---

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended April 30, 2025.

Schedule of Investments — Virtus Private Credit Strategy ETF

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **COMMON STOCKS - 54.7%** |  |  |
| **Financials - 54.7%** |  |  |
| Ares Capital Corp.<sup>(1)</sup>  | 33594 | $694052<br>|
| Bain Capital Specialty Finance, Inc.  | 44467 | 680345 |
| Barings BDC, Inc.  | 81237 | 707574 |
| BlackRock TCP Capital Corp.<sup>(1)</sup>  | 141720 | 969365 |
| Blackstone Secured Lending Fund<sup>(1)</sup>  | 22462 | 658137 |
| Capital Southwest Corp.  | 40343 | 822190 |
| Carlyle Secured Lending, Inc.  | 47489 | 701412 |
| CION Investment Corp.  | 82437 | 817775 |
| Crescent Capital BDC, Inc.<sup>(1)</sup>  | 48738 | 778346 |
| Fidus Investment Corp.  | 38715 | 731713 |
| FS KKR Capital Corp.<sup>(1)</sup>  | 47178 | 938370 |
| Gladstone Capital Corp.  | 23084 | 575946 |
| Gladstone Investment Corp.<sup>(1)</sup>  | 79260 | 1089825 |
| Goldman Sachs BDC, Inc.  | 100149 | 1062581 |
| Golub Capital BDC, Inc.  | 57600 | 824832 |
| Hercules Capital, Inc.<sup>(1)</sup>  | 39577 | 708428 |
| Horizon Technology Finance Corp.<sup>(1)</sup>  | 129290 | 961918 |
| Main Street Capital Corp.<sup>(1)</sup>  | 8571 | 459063 |
| MidCap Financial Investment Corp.  | 64946 | 770260 |
| Monroe Capital Corp.  | 69057 | 483399 |
| Morgan Stanley Direct Lending Fund  | 19305 | 376061 |
| New Mountain Finance Corp.  | 89491 | 889541 |
| Nuveen Churchill Direct Lending Corp.  | 18284 | 287424 |
| Oaktree Specialty Lending Corp.  | 83541 | 1202990 |
| OFS Capital Corp.  | 71776 | 638089 |
| Oxford Square Capital Corp.  | 211540 | 537312 |
| PennantPark Floating Rate Capital Ltd.  | 90483 | 914783 |
| PennantPark Investment Corp.<sup>(1)</sup>  | 154242 | 1005658 |
| Portman Ridge Finance Corp.<sup>(1)</sup>  | 34568 | 421730 |
| Prospect Capital Corp.<sup>(1)</sup>  | 344093 | 1228412 |
| Runway Growth Finance Corp.<sup>(1)</sup>  | 106416 | 971578 |
| Saratoga Investment Corp.<sup>(1)</sup>  | 39452 | 961445 |
| Sixth Street Specialty Lending, Inc.  | 36498 | 757698 |
| SLR Investment Corp.  | 50368 | 782719 |
| Stellus Capital Investment Corp.<sup>(1)</sup>  | 62120 | 793894 |
| TriplePoint Venture Growth BDC Corp.  | 217436 | 1319836 |
| WhiteHorse Finance, Inc.  | 121508 | 1162832 |
| Total Financials  |  | 29687533 |
| **Total Common Stocks** |  |  |
| (Cost $35,028,307) |  | **29687533** |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **CLOSED-END FUNDS<sup>(2)</sup>** **- 42.8%** |  |  |
| Ares Dynamic Credit Allocation Fund, Inc.  | 53502 | $729767<br>|
| Barings Participation Investors  | 35578 | 606605 |
| BlackRock Debt Strategies Fund, Inc.  | 85729 | 883009 |
| BlackRock Floating Rate Income Strategies Fund, Inc.  | 71967 | 898148 |
| BlackRock Floating Rate Income Trust  | 73334 | 902742 |
| BlackRock Income Trust, Inc.<sup>(1)</sup>  | 76704 | 898204 |
| BlackRock Limited Duration Income Trust  | 59263 | 820200 |
| BlackRock Technology and Private Equity <br>Term Trust  | 133661 | 838054 |
| Blackstone Long-Short Credit Income Fund  | 65176 | 789281 |
| Blackstone Senior Floating Rate Term Fund  | 55822 | 787090 |
| Carlyle Credit Income Fund<sup>(1)</sup>  | 165680 | 1121654 |
| Eagle Point Credit Co., Inc.<sup>(1)</sup>  | 223261 | 1734738 |
| Eaton Vance Floating-Rate Income Trust  | 68115 | 828960 |
| Eaton Vance Senior Floating-Rate Trust<sup>(1)</sup>  | 70300 | 838679 |
| Eaton Vance Senior Income Trust<sup>(1)</sup>  | 153506 | 866541 |
| First Trust Senior Floating Rate Income Fund II  | 93479 | 929181 |
| Invesco Senior Income Trust  | 274790 | 991992 |
| KKR Income Opportunities Fund<sup>(1)</sup>  | 83209 | 986027 |
| Nuveen Credit Strategies Income Fund<sup>(1)</sup>  | 225536 | 1188575 |
| Nuveen Floating Rate Income Fund<sup>(1)</sup>  | 119355 | 976324 |
| OFS Credit Co., Inc.<sup>(1)</sup>  | 358990 | 2394463 |
| Pioneer Floating Rate Fund, Inc.  | 102419 | 956593 |
| XAI Octagon Floating Rate Alternative <br>Income Trust<sup>(1)</sup>  | 225581 | 1272277 |
| **Total Closed-End Funds** |  |  |
| (Cost $25,474,170)  |  | **23239104** |
| **SECURITIES LENDING COLLATERAL - 15.0%** | **SECURITIES LENDING COLLATERAL - 15.0%** |  |
| **Money Market Fund - 15.0%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>(3)</sup><sup>(4)</sup> |  |  |
| (Cost $8,154,312)  | 8154312 | **8154312** |
| **TOTAL INVESTMENTS - 112.5%** |  |  |
| (Cost $68,656,789)  |  | **61080949** |
| Liabilities in Excess of Other Assets - (12.5)%  |  | (6789982) |
| **Net Assets - 100.0%**  |  | **$** **54290967**<br>|

---

------

(1)All or a portion of the security was on loan. The aggregate market value of securities on loan was $9,664,017; total market value of collateral held by the Fund was $10,110,574. Market value of the collateral held includes non-cash U.S. Treasury securities having a value of $1,956,262.

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

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

(4)The rate shown reflects the seven-day yield as of April 30, 2025.

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

April 30, 2025 (unaudited)

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

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  | $29687533<br>| $—<br>| $—<br>| $29687533<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Closed-End Funds  | 23239104 |  |  | 23239104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund  | 8154312 |  |  | 8154312 |
| **Total**  | **$** **61080949**<br>| **$** **—**<br>| **$** **—**<br>| **$** **61080949**<br>|

---

Schedule of Investments — Virtus Real Asset Income ETF

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **COMMON STOCKS - 98.0%** |  |  |
| **Communication Services - 5.1%** |  |  |
| America Movil SAB de CV (Mexico)<sup>(1)</sup>  | 11050 | $190502<br>|
| KT Corp. (South Korea)<sup>(1)</sup>  | 8747 | 170217 |
| Mobile TeleSystems PJSC (Russia)<sup>(2)</sup>  | 387202 | 0 |
| Spok Holdings, Inc.  | 9798 | 140503 |
| TIM SA (Brazil)<sup>(1)</sup>  | 10311 | 171987 |
| Total Communication Services  |  | 673209 |
| **Energy - 41.5%** |  |  |
| Alliance Resource Partners LP  | 5931 | 156875 |
| APA Corp.  | 7554 | 117389 |
| Berry Corp.  | 46615 | 115605 |
| Black Stone Minerals LP<sup>(3)</sup>  | 10196 | 143866 |
| California Resources Corp.  | 3558 | 122787 |
| Canadian Natural Resources Ltd. (Canada)  | 5133 | 147266 |
| Cenovus Energy, Inc. (Canada)  | 11019 | 129694 |
| Cheniere Energy Partners LP<sup>(3)</sup>  | 2516 | 147890 |
| Chord Energy Corp.  | 1419 | 128036 |
| Civitas Resources, Inc.  | 4475 | 121944 |
| Cosan SA (Brazil)<sup>(1)</sup>  | 28308 | 155128 |
| CVR Energy, Inc.  | 7344 | 138508 |
| Diamondback Energy, Inc.  | 982 | 129634 |
| Dorchester Minerals LP<sup>(3)</sup>  | 5169 | 148144 |
| Ecopetrol SA (Colombia)<sup>(1)</sup><sup>(3)</sup>  | 15324 | 124278 |
| Energy Transfer LP  | 8371 | 138456 |
| EOG Resources, Inc.  | 1244 | 137250 |
| Equinor ASA (Norway)<sup>(1)</sup>  | 6065 | 135189 |
| Expand Energy Corp.  | 1450 | 150655 |
| Geopark Ltd. (Colombia)<sup>(3)</sup>  | 20115 | 135173 |
| Hess Midstream LP Class A  | 3642 | 135373 |
| HF Sinclair Corp.  | 4643 | 139615 |
| Imperial Oil Ltd. (Canada)  | 2186 | 147293 |
| Kimbell Royalty Partners LP  | 11113 | 133356 |
| MPLX LP  | 2899 | 147646 |
| Murphy Oil Corp.  | 5831 | 119710 |
| Northern Oil & Gas, Inc.  | 5171 | 125655 |
| Ovintiv, Inc.  | 3755 | 126093 |
| Patterson-UTI Energy, Inc.  | 18579 | 104786 |
| Permian Basin Royalty Trust  | 15461 | 151672 |
| Petroleo Brasileiro SA (Brazil)<sup>(1)</sup>  | 10995 | 124134 |
| Plains All American Pipeline LP  | 7796 | 136118 |
| Plains GP Holdings LP Class A\*  | 7296 | 135997 |
| Sabine Royalty Trust  | 2350 | 154747 |
| Suncor Energy, Inc. (Canada)  | 4157 | 146700 |
| Tenaris SA<sup>(1)</sup>  | 3955 | 131662 |
| Veren, Inc. (Canada)  | 23483 | 138784 |
| Viper Energy, Inc.  | 3520 | 141962 |
| Western Midstream Partners LP  | 3773 | 141865 |
| Woodside Energy Group Ltd. (Australia)<sup>(1)</sup><sup>(3)</sup>  | 10964 | 141984 |
| Total Energy  |  | 5448919 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Information Technology - 1.2%** |  |  |
| Ituran Location and Control Ltd. (Israel)  | 4210 | $151307<br>|
| **Materials - 3.8%** |  |  |
| CVR Partners LP  | 2065 | 164787 |
| Mosaic Co. (The)  | 5594 | 170057 |
| Ryerson Holding Corp.  | 6802 | 159031 |
| Total Materials  |  | 493875 |
| **Real Estate - 33.0%** |  |  |
| American Assets Trust, Inc.  | 7689 | 144015 |
| American Tower Corp.  | 720 | 162295 |
| Apple Hospitality REIT, Inc.  | 11680 | 137474 |
| Brixmor Property Group, Inc.  | 6082 | 151503 |
| Camden Property Trust  | 1306 | 148623 |
| Crown Castle, Inc.  | 1463 | 154727 |
| CubeSmart  | 3742 | 152187 |
| EastGroup Properties, Inc.  | 899 | 146914 |
| EPR Properties  | 3030 | 149955 |
| Equity LifeStyle Properties, Inc.  | 2274 | 147310 |
| Essential Properties Realty Trust, Inc.  | 4907 | 157858 |
| Extra Space Storage, Inc.  | 1083 | 158681 |
| First Industrial Realty Trust, Inc.  | 2910 | 138458 |
| Gaming and Leisure Properties, Inc.  | 3101 | 148414 |
| InvenTrust Properties Corp.  | 5450 | 151837 |
| Invitation Homes, Inc.  | 4597 | 157171 |
| Kimco Realty Corp.  | 7503 | 149910 |
| Kite Realty Group Trust  | 7048 | 152589 |
| LXP Industrial Trust  | 17834 | 140710 |
| Mid-America Apartment Communities, Inc.  | 965 | 154062 |
| National Storage Affiliates Trust  | 4081 | 151813 |
| Public Storage  | 535 | 160730 |
| Rexford Industrial Realty, Inc.  | 3988 | 132003 |
| SITE Centers Corp.  | 12154 | 143903 |
| Tanger, Inc.<sup>(3)</sup>  | 4884 | 153895 |
| Terreno Realty Corp.  | 2484 | 139924 |
| Urban Edge Properties  | 8339 | 150686 |
| VICI Properties, Inc.  | 4938 | 158115 |
| Weyerhaeuser Co.  | 5336 | 138256 |
| Total Real Estate  |  | 4334018 |
| **Utilities - 13.4%** |  |  |
| Alliant Energy Corp.  | 2469 | 150708 |
| American Electric Power Co., Inc.  | 1481 | 160452 |
| Brookfield Infrastructure Partners LP (Canada)  | 5421 | 162684 |
| Cia Energetica de Minas Gerais (Brazil)<sup>(1)</sup>  | 84616 | 159924 |
| Dominion Energy, Inc.  | 2854 | 155201 |
| Enel Chile SA (Chile)<sup>(1)</sup>  | 46895 | 164132 |
| Entergy Corp.  | 1856 | 154364 |
| Evergy, Inc.  | 2308 | 159483 |
| National Grid PLC (United Kingdom)<sup>(1)</sup><sup>(3)</sup>  | 2438 | 177974 |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Utilities (continued)** |  |  |
| New Jersey Resources Corp.  | 3211 | $157146<br>|
| WEC Energy Group, Inc.  | 1458 | 159680 |
| Total Utilities  |  | 1761748 |
| **Total Common Stocks** |  |  |
| (Cost $15,481,590)  |  | **12863076** |
| **SECURITIES LENDING COLLATERAL - 5.4%** |  |  |
| **Money Market Fund - 5.4%** |  |  |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>(4)</sup><sup>(5)</sup> |  |  |
| (Cost $711,612)  | 711612 | **711612** |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **TOTAL INVESTMENTS - 103.4%** |  |  |
| (Cost $16,193,202)  |  | **13574688** |
| Liabilities in Excess of Other Assets - (3.4)%  |  | (443387) |
| **Net Assets - 100.0%**  |  | **$** **13131301**<br>|

---

------

\*Non-income producing security.

(1)American Depositary Receipts.

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

(3)All or a portion of the security was on loan. The aggregate market value of securities on loan was $1,121,177; total market value of collateral held by the Fund was $1,165,766. Market value of the collateral held includes non-cash U.S. Treasury securities having a value of $454,154.

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

(5)The rate shown reflects the seven-day yield as of April 30, 2025.

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  | $12863076<br>| $—<br>| $0<br>| $12863076<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund  | 711612 |  |  | 711612 |
| **Total**  | **$** **13574688**<br>| **$** **—**<br>| **$** **0**<br>| **$** **13574688**<br>|

---

The value of level 3 security represents valuations of Russian Common Stock for which Management has determined include significant unobservable inputs as of April 30, 2025.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended April 30, 2025.

Schedule of Investments — Virtus WMC International Dividend ETF

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **COMMON STOCKS - 96.6%** |  |  |
| **Australia - 8.3%** |  |  |
| ANZ Group Holdings Ltd.  | 950 | $18171<br>|
| APA Group  | 23105 | 121655 |
| BHP Group Ltd.  | 2809 | 68715 |
| CAR Group Ltd.  | 542 | 11565 |
| Computershare Ltd.  | 660 | 17215 |
| Fortescue Ltd.  | 7037 | 72977 |
| GPT Group (The)  | 33586 | 99607 |
| Rio Tinto PLC  | 3571 | 211635 |
| Sonic Healthcare Ltd.  | 2197 | 36702 |
| Stockland  | 40533 | 142539 |
| Transurban Group  | 14620 | 132138 |
| Vicinity Ltd.  | 61234 | 92567 |
| Total Australia  |  | 1025486 |
| **Austria - 1.2%** |  |  |
| Mondi PLC  | 1106 | 16700 |
| OMV AG  | 2598 | 134090 |
| Total Austria  |  | 150790 |
| **Belgium - 0.1%** |  |  |
| Ageas SA/NV  | 295 | 18464 |
| **Canada - 11.5%** |  |  |
| Bank of Montreal  | 702 | 67262 |
| Bank of Nova Scotia (The)  | 3142 | 157214 |
| BCE, Inc.  | 4847 | 107727 |
| Canadian Imperial Bank of Commerce  | 2748 | 173320 |
| Emera, Inc.  | 984 | 44289 |
| Enbridge, Inc.  | 4629 | 216474 |
| IGM Financial, Inc.  | 421 | 13379 |
| Manulife Financial Corp.  | 6104 | 187069 |
| Open Text Corp.  | 1461 | 39550 |
| Royal Bank of Canada  | 137 | 16444 |
| TC Energy Corp.  | 3171 | 160206 |
| TELUS Corp.  | 8304 | 127819 |
| Toronto-Dominion Bank (The)  | 1650 | 105432 |
| Total Canada  |  | 1416185 |
| **China - 1.3%** |  |  |
| BOC Hong Kong Holdings Ltd.  | 14165 | 58811 |
| SITC International Holdings Co., Ltd.  | 21535 | 59560 |
| Yangzijiang Shipbuilding Holdings Ltd.\*  | 22844 | 39003 |
| Total China  |  | 157374 |
| **Finland - 1.8%** |  |  |
| Elisa OYJ  | 1051 | 55983 |
| Kesko OYJ Class B  | 1069 | 24463 |
| Kone OYJ Class B  | 618 | 38155 |
| UPM-Kymmene OYJ  | 3729 | 98513 |
| Total Finland  |  | 217114 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **France - 9.9%** |  |  |
| AXA SA\*  | 4006 | $188653<br>|
| Bouygues SA\*  | 3253 | 142616 |
| Carrefour SA  | 5087 | 78345 |
| Covivio SA/France  | 876 | 48924 |
| FDJ UNITED<sup>(1)</sup>  | 2191 | 78036 |
| Gecina SA  | 989 | 101395 |
| Orange SA  | 11213 | 162403 |
| Publicis Groupe SA  | 252 | 25482 |
| Rexel SA  | 583 | 16108 |
| Teleperformance SE  | 185 | 20216 |
| TotalEnergies SE  | 3803 | 220409 |
| Vinci SA  | 936 | 129999 |
| Total France  |  | 1212586 |
| **Germany - 6.1%** |  |  |
| Allianz SE  | 759 | 313065 |
| BASF SE\*  | 1783 | 90147 |
| Deutsche Post AG  | 1752 | 74448 |
| Evonik Industries AG  | 640 | 14319 |
| Mercedes-Benz Group AG  | 2249 | 133682 |
| Siemens AG  | 543 | 124227 |
| Total Germany  |  | 749888 |
| **Hong Kong - 0.7%** |  |  |
| HKT Trust & HKT Ltd.  | 37550 | 53452 |
| Link REIT  | 4466 | 20932 |
| Sino Land Co., Ltd.  | 11425 | 11755 |
| Total Hong Kong  |  | 86139 |
| **Italy - 6.4%** |  |  |
| Banco BPM SpA  | 2359 | 26173 |
| BPER Banca SpA  | 11334 | 91650 |
| Enel SpA  | 16401 | 142024 |
| Eni SpA  | 4950 | 71217 |
| Generali  | 3082 | 112215 |
| Intesa Sanpaolo SpA  | 37426 | 198508 |
| Snam SpA  | 24929 | 142898 |
| Total Italy  |  | 784685 |
| **Japan - 17.6%** |  |  |
| Astellas Pharma, Inc.  | 4981 | 49730 |
| Canon, Inc.  | 2632 | 81070 |
| Chugai Pharmaceutical Co., Ltd.  | 286 | 16440 |
| Daito Trust Construction Co., Ltd.  | 429 | 47587 |
| Disco Corp.  | 157 | 30328 |
| Honda Motor Co., Ltd.  | 13768 | 139914 |
| Isuzu Motors Ltd.  | 5081 | 68461 |
| Japan Tobacco, Inc.  | 5821 | 179418 |
| Komatsu Ltd.  | 4095 | 117454 |
| Kyocera Corp.  | 2111 | 24981 |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Japan (continued)** |  |  |
| Lasertec Corp.  | 120 | $11154<br>|
| Marubeni Corp.  | 2927 | 51752 |
| Mitsubishi Corp.  | 707 | 13410 |
| Mitsubishi Electric Corp.  | 623 | 12028 |
| Mitsubishi UFJ Financial Group, Inc.  | 3009 | 37954 |
| Mitsui & Co., Ltd.  | 2780 | 56347 |
| Mizuho Financial Group, Inc.  | 2530 | 63347 |
| MS&AD Insurance Group Holdings, Inc.  | 1714 | 38900 |
| Murata Manufacturing Co. Ltd.  | 816 | 12635 |
| Nintendo Co., Ltd.  | 680 | 56262 |
| Obayashi Corp.  | 1965 | 30462 |
| Otsuka Corp.  | 528 | 11710 |
| SBI Holdings, Inc.  | 1877 | 49085 |
| SCREEN Holdings Co., Ltd.  | 277 | 18335 |
| SCSK Corp.  | 3895 | 101965 |
| Sekisui House Ltd.  | 5883 | 134793 |
| Subaru Corp.  | 810 | 14687 |
| Sumitomo Corp.  | 2804 | 68600 |
| Sumitomo Mitsui Financial Group, Inc.  | 3793 | 90196 |
| Takeda Pharmaceutical Co., Ltd.  | 3737 | 113250 |
| Tokio Marine Holdings, Inc.  | 1701 | 67907 |
| Tokyo Electron Ltd.  | 389 | 57746 |
| Toyota Motor Corp.  | 12314 | 235032 |
| Toyota Tsusho Corp.  | 3056 | 60380 |
| Total Japan  |  | 2163320 |
| **Netherlands - 0.3%** |  |  |
| Aegon Ltd.  | 2625 | 16748 |
| ASML Holding NV  | 17 | 11218 |
| Koninklijke Ahold Delhaize NV  | 315 | 12897 |
| Total Netherlands  |  | 40863 |
| **Norway - 3.0%** |  |  |
| Aker BP ASA  | 5751 | 123385 |
| Norsk Hydro ASA  | 3496 | 18348 |
| Salmar ASA  | 2078 | 102368 |
| Telenor ASA  | 8238 | 123688 |
| Total Norway  |  | 367789 |
| **Singapore - 3.6%** |  |  |
| CapitaLand Ascendas REIT  | 5951 | 12120 |
| CapitaLand Integrated Commercial Trust  | 7695 | 12667 |
| DBS Group Holdings Ltd.  | 4337 | 140958 |
| Oversea-Chinese Banking Corp. Ltd.  | 13366 | 165271 |
| United Overseas Bank Ltd.  | 4172 | 110649 |
| Total Singapore  |  | 441665 |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Spain - 4.2%** |  |  |
| ACS Actividades de Construccion y Servicios SA  | 1663 | $103804<br>|
| Banco Bilbao Vizcaya Argentaria SA  | 8328 | 113778 |
| CaixaBank SA  | 13047 | 99501 |
| Iberdrola SA  | 922 | 16602 |
| Industria de Diseno Textil SA  | 1993 | 106657 |
| Repsol SA  | 2627 | 32171 |
| Telefonica SA  | 8760 | 44836 |
| Total Spain  |  | 517349 |
| **Sweden - 2.4%** |  |  |
| Tele2 AB Class B  | 9518 | 140079 |
| Volvo AB Class B  | 5693 | 154672 |
| Total Sweden  |  | 294751 |
| **Switzerland - 1.4%** |  |  |
| SGS SA  | 347 | 33937 |
| Zurich Insurance Group AG  | 203 | 143245 |
| Total Switzerland  |  | 177182 |
| **United Kingdom - 11.2%** |  |  |
| Admiral Group PLC  | 2362 | 102556 |
| British American Tobacco PLC  | 5139 | 222446 |
| HSBC Holdings PLC  | 9563 | 106035 |
| Imperial Brands PLC  | 4149 | 169972 |
| Land Securities Group PLC  | 16940 | 133762 |
| Legal & General Group PLC  | 44269 | 138348 |
| M&G PLC  | 11198 | 30951 |
| National Grid PLC  | 10679 | 154131 |
| NatWest Group PLC  | 2072 | 13205 |
| Phoenix Group Holdings PLC  | 18229 | 145155 |
| Reckitt Benckiser Group PLC  | 1170 | 75436 |
| Schroders PLC  | 10453 | 45748 |
| Severn Trent PLC  | 367 | 13646 |
| Unilever PLC  | 199 | 12621 |
| WPP PLC  | 1421 | 10912 |
| Total United Kingdom  |  | 1374924 |
| **United States - 5.6%** |  |  |
| BP PLC  | 5452 | 25452 |
| Holcim AG\*  | 109 | 12097 |
| Novartis AG  | 1364 | 155001 |
| Roche Holding AG  | 577 | 188267 |
| Sanofi SA  | 1425 | 154812 |
| Stellantis NV  | 3579 | 33003 |
| Swiss Re AG  | 643 | 115107 |
| Total United States  |  | 683739 |
| **Total Common Stocks** |  |  |
| (Cost $10,312,294)  |  | **11880293** |

---

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

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **PREFERRED STOCKS - 1.6%** |  |  |
| **Germany - 1.6%** |  |  |
| Bayerische Motoren Werke AG, 8.52%  | 1440 | $115252<br>|
| Volkswagen AG, 9.47%  | 723 | 78170 |
| Total Germany  |  | 193422 |
| **Total Preferred Stocks** |  |  |
| (Cost $212,672)  |  | **193422** |

---

---

| | | |
|:---|:---|:---|
| <u>**Security Description**</u> | **Shares** | **Value** |
| **TOTAL INVESTMENTS - 98.2%** |  |  |
| (Cost $10,524,966) |  | **$12073715** |
| Other Assets in Excess of Liabilities - 1.8% |  | 227342 |
| **Net Assets - 100.0%** |  | **$** **12301057**<br>|

---

------

\*Non-income producing security.

(1)Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. At April 30, 2025, the aggregate value of these securities was $78,036, or 0.6% of net assets.

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  | $11880293<br>| $—<br>| $—<br>| $11880293<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks  | 193422 |  |  | 193422 |
| **Total**  | **$** **12073715**<br>| **$** **—**<br>| **$** **—**<br>| **$** **12073715**<br>|

---

Statements of Assets and Liabilities

April 30, 2025 (unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **InfraCap REIT Preferred ETF** | **Virtus InfraCap <br>U.S. Preferred <br>Stock ETF** | **Virtus LifeSci Biotech Clinical Trials ETF** | **Virtus LifeSci Biotech Products ETF** |
| **Assets:** |  |  |  |  |
| Investments, at cost  | $96212966<br>| $1806614604<br>| $20924430<br>| $23572688<br>|
| Investments, at value (including securities on loan)<sup>(a)</sup> | 88912827 | 1779991574 | 16480655 | 23936866 |
| Cash  | 790 |  | 111950 | 92318 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | 32361 | 465726 | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending  |  |  | 2875 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim  |  | 120099 | 3637 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  |  | 2588730 |  |  |
| Prepaid expenses  | 345 | 345 | 345 | 345 |
| **Total Assets**  | 88946323 | 1783166474 | 16599562 | 24031137 |
| **Liabilities:** |  |  |  |  |
| Due to custodian  |  | 7269159 |  |  |
| Bank borrowings  |  | 298990800 |  |  |
| Payables:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased  |  | 723807 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities on loan  |  |  | 1252112 | 412100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 31398 | 919831 | 6530 | 12869 |
| **Total Liabilities**  | 31398 | 307903597 | 1258642 | 424969 |
| **Net Assets**  | **$** **88914925**<br>| **$** **1475262877**<br>| **$** **15340920**<br>| **$** **23606168**<br>|
| **Net Assets Consist of:** |  |  |  |  |
| Paid-in capital  | $108074473<br>| $1534472658<br>| $79500107<br>| $38797695<br>|
| Total distributable earnings (accumulated deficit)  | (19159548) | (59209781) | (64159187) | (15191527) |
| **Net Assets**  | **$** **88914925**<br>| **$** **1475262877**<br>| **$** **15340920**<br>| **$** **23606168**<br>|
| Shares outstanding (unlimited number of shares of beneficial interest authorized, no par value)  | 4950004 | 71400004 | 800004 | 400004 |
| Net asset value per share  | $17.96<br>| $20.66<br>| $19.18<br>| $59.01<br>|
| <sup>(a)</sup>Market value of securities on loan  | $—<br>| $—<br>| $2824509<br>| $2903923<br>|

---

Statements of Assets and Liabilities (continued)

April 30, 2025 (unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus Newfleet Multi-Sector <br>Bond ETF** | **Virtus Private Credit Strategy ETF** | **Virtus Real Asset Income ETF** | **Virtus WMC International Dividend ETF** |
| **Assets:** |  |  |  |  |
| Investments, at cost  | $237703042<br>| $68656789<br>| $16193202<br>| $10524966<br>|
| Investments, at value (including securities on loan)<sup>(a)</sup> | 236141752 | 61080949 | 13574688 | 12073715 |
| Cash  | 91889 | 1280198 | 237450 | 77992 |
| Foreign currency<sup>(b)</sup>  |  |  |  | 14811 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  | 4710530 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | 2535271 | 98049 | 197842 | 79066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending  |  | 19622 | 1427 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim  |  |  | 2326 | 59805 |
| Prepaid expenses  | 25838 | 288 | 288 | 345 |
| **Total Assets**  | 243505280 | 62479106 | 14014021 | 12305734 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased  | 3590618 |  |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities on loan  |  | 8154312 | 711612 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees  | 1365 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 68292 | 33827 | 5839 | 4662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 56889 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting and administration fees  | 87472 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees  | 7635 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 69012 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pricing fees  | 28108 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Report to shareholder fees  | 4318 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees  | 17770 |  |  |  |
| Other accrued expenses  | 276 |  | 165269 |  |
| **Total Liabilities**  | 3931755 | 8188139 | 882720 | 4677 |
| **Net Assets**  | **$** **239573525**<br>| **$** **54290967**<br>| **$** **13131301**<br>| **$** **12301057**<br>|
| **Net Assets Consist of:** |  |  |  |  |
| Paid-in capital  | $246123694<br>| $73311040<br>| $61193859<br>| $10483510<br>|
| Total distributable earnings (accumulated deficit)  | (6550169) | (19020073) | (48062558) | 1817547 |
| **Net Assets**  | **$** **239573525**<br>| **$** **54290967**<br>| **$** **13131301**<br>| **$** **12301057**<br>|
| Shares outstanding (unlimited number of shares of beneficial interest authorized, no par value)  | 10700004 | 2700004 | 600004 | 400004 |
| Net asset value per share  | $22.39<br>| $20.11<br>| $21.89<br>| $30.75<br>|
| <sup>(a)</sup>Market value of securities on loan  | $—<br>| $9664017<br>| $1121177<br>| $—<br>|
| <sup>(b)</sup>Foreign currency, at cost  | $—<br>| $—<br>| $—<br>| $14225<br>|

---

Statements of Operations

For the Period Ended April 30, 2025 (unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **InfraCap REIT Preferred ETF** | **Virtus InfraCap U.S. Preferred Stock ETF** | **Virtus LifeSci Biotech Clinical Trials ETF** | **Virtus LifeSci Biotech Products ETF** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income (net of foreign withholding taxes) | $3382972<br>| $63579104<br>| $—<br>| $12939<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 11148 | 72836 | 891 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending, net of fees  |  |  | 26991 | 10329 |
| **Total Investment Income**  | 3394120 | 63651940 | 27882 | 24032 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 223762 | 5696306 | 35974 | 84138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expenses  |  | 9370355 |  |  |
| **Total Expenses**  | 223762 | 15066661 | 35974 | 84138 |
| **Net Investment Income (Loss)**  | **3170358** | **48585279** | **(8092)** | **(60106)** |
| **Net Realized Gain (Loss) on:** |  |  |  |  |
| Investments  | (412035) | 2909221 | (940698) | 990066 |
| In-kind redemptions  | 1588862 | 4225531 | 706616 |  |
| **Total Net Realized Gain (Loss)**  | 1176827 | 7134752 | (234082) | 990066 |
| **Change in Net Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| Investments  | (9194124) | (111197447) | (3021966) | (2222207) |
| Total Change in Net Unrealized Depreciation  | (9194124) | (111197447) | (3021966) | (2222207) |
| Net Realized and Change in Unrealized Loss  | (8017297) | (104062695) | (3256048) | (1232141) |
| **Net Decrease in Net Assets <br>Resulting from Operations**  | **$** **(4846939)** | **$** **(55477416)** | **$** **(3264140)** | **$** **(1292247)** |
| Foreign withholding taxes  | $—<br>| $10520<br>| $—<br>| $—<br>|

---

Statements of Operations (continued)

For the Period Ended April 30, 2025 (unaudited)

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

-

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus Newfleet Multi-Sector <br>Bond ETF** | **Virtus Private Credit Strategy ETF** | **Virtus Real Asset Income ETF** | **Virtus WMC International Dividend ETF** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income (net of foreign withholding taxes) | $110361<br>| $3159550<br>| $222090<br>| $245013<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 7432221 | 6839 | 1746 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending, net of fees  |  | 150991 | 6547 |  |
| **Total Investment Income**  | 7542582 | 3317380 | 230383 | 245729 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 507299 | 209962 | 39581 | 28601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting and administration fees  | 47841 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 26560 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 24352 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pricing fees  | 22027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Report to shareholders fees  | 5433 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees  | 5155 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange listing fees  | 4174 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees  | 3696 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees  | 1736 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses  | 259 |  |  |  |
| **Total Expenses**  | 648532 | 209962 | 39581 | 28601 |
| Less expense waivers/reimbursements  | (96141) |  |  |  |
| **Net Expenses**  | 552391 | 209962 | 39581 | 28601 |
| **Net Investment Income**  | **6990191** | **3107418** | **190802** | **217128** |
| **Net Realized Gain (Loss) on:** |  |  |  |  |
| Investments  | (582008) | (659902) | (631096) | 232372 |
| In-kind redemptions  |  | (358689) | 73676 | 189658 |
| Foreign currency transactions  | (12870) |  | 41 | 1383 |
| **Total Net Realized Gain (Loss)**  | (594878) | (1018591) | (557379) | 423413 |
| **Change in Net Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| Investments  | (2198519) | (4885528) | (273883) | 688434 |
| Foreign currency translations  | 1351 |  | 6 | 6528 |
| **Total Change in Net Unrealized Appreciation (Depreciation)**  | (2197168) | (4885528) | (273877) | 694962 |
| Net Realized and Change in Unrealized Gain (Loss)  | (2792046) | (5904119) | (831256) | 1118375 |
| **Net Increase (Decrease) in Net Assets <br>Resulting from Operations**  | **$** **4198145**<br>| **$** **(2796701)** | **$** **(640454)** | **$** **1335503**<br>|
| Foreign withholding taxes  | $—<br>| $—<br>| $9053<br>| $40811<br>|

---

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **InfraCap REIT Preferred ETF** | **InfraCap REIT Preferred ETF** | **Virtus InfraCap U.S. Preferred Stock ETF** | **Virtus InfraCap U.S. Preferred Stock ETF** |
|  | **For the<br>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the<br>Year Ended<br>October 31, 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |  |
| Net investment income  | $3170358<br>| $3937810<br>| $48585279<br>| $52049209<br>|
| Net realized gain  | 1176827 | 520945 | 7134752 | 20231645 |
| Net change in unrealized appreciation (depreciation)  | (9194124) | 14154080 | (111197447) | 189977170 |
| Net increase (decrease) in net assets <br>resulting from operations  | (4846939) | 18612835 | (55477416) | 262258024 |
| Distributions to Shareholders  | (3816003) | (4553044) | (67189879) | (86513987) |
| Distributions to Shareholders from return of capital  |  | (1776962) |  | (5386521) |
| Total distributions  | (3816003) | (6330006) | (67189879) | (91900508) |
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold  | 4415571 | 51203831 | 241910107 | 604985491 |
| Cost of shares redeemed  | (21482619) | (5405900) | (24244183) | (4357175) |
| Net increase (decrease) in net assets <br>resulting from shareholder transactions  | (17067048) | 45797931 | 217665924 | 600628316 |
| Increase (decrease) in net assets  | (25729990) | 58080760 | 94998629 | 770985832 |
| **Net Assets:** |  |  |  |  |
| Beginning of period/year  | 114644915 | 56564155 | 1380264248 | 609278416 |
| End of period/year  | $88914925<br>| $114644915<br>| $1475262877<br>| $1380264248<br>|
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares outstanding, beginning of period/year  | 5850004 | 3450004 | 61400004 | 33250004 |
| Shares sold  | 250000 | 2700000 | 11150000 | 28350000 |
| Shares redeemed  | (1150000) | (300000) | (1150000) | (200000) |
| Shares outstanding, end of period/year  | 4950004 | 5850004 | 71400004 | 61400004 |

---

Statements of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus LifeSci Biotech Clinical Trials ETF** | **Virtus LifeSci Biotech Clinical Trials ETF** | **Virtus LifeSci Biotech Products ETF** | **Virtus LifeSci Biotech Products ETF** |
|  | **For the<br>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the<br>Year Ended<br>October 31, 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |  |
| Net investment loss  | $(8092) | $(5707) | $(60106) | $(91698) |
| Net realized gain (loss)  | (234082) | (1461281) | 990066 | (109599) |
| Net change in unrealized appreciation (depreciation)  | (3021966) | 6019638 | (2222207) | 5326277 |
| Net increase (decrease) in net assets resulting from operations | (3264140) | 4552650 | (1292247) | 5124980 |
| Distributions to Shareholders  | (83815) | (37035) |  |  |
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold  | 16725027 |  | 2759529 | 3012729 |
| Cost of shares redeemed  | (9356976) | (1229884) |  |  |
| Net increase (decrease) in net assets <br>resulting from shareholder transactions  | 7368051 | (1229884) | 2759529 | 3012729 |
| Increase in net assets  | 4020096 | 3285731 | 1467282 | 8137709 |
| **Net Assets:** |  |  |  |  |
| Beginning of period/year  | 11320824 | 8035093 | 22138886 | 14001177 |
| End of period/year  | $15340920<br>| $11320824<br>| $23606168<br>| $22138886<br>|
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares outstanding, beginning of period/year  | 400004 | 450004 | 350004 | 300004 |
| Shares sold  | 900000 |  | 50000 | 50000 |
| Shares redeemed  | (500000) | (50000) |  |  |
| Shares outstanding, end of period/year  | 800004 | 400004 | 400004 | 350004 |

---

Statements of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus Newfleet Multi-Sector <br>Bond ETF** | **Virtus Newfleet Multi-Sector <br>Bond ETF** | **Virtus Private Credit Strategy ETF** | **Virtus Private Credit Strategy ETF** |
|  | **For the<br>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the<br>Year Ended<br>October 31, 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |  |
| Net investment income  | $6990191<br>| $5986080<br>| $3107418<br>| $4460918<br>|
| Net realized gain (loss)  | (594878) | 317159 | (1018591) | (152174) |
| Net change in unrealized appreciation (depreciation)  | (2197168) | 3071811 | (4885528) | 1518420 |
| Net increase (decrease) in net assets resulting from operations  | 4198145 | 9375050 | (2796701) | 5827164 |
| Distributions to Shareholders  | (6699937) | (5718315) | (3460301) | (3995609) |
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold  | 67696855 | 143291682 | 15601683 | 36986561 |
| Cost of shares redeemed  | (16908915) | (3279674) | (6950225) | (13515596) |
| Net increase in net assets resulting from shareholder transactions  | 50787940 | 140012008 | 8651458 | 23470965 |
| Increase in net assets  | 48286148 | 143668743 | 2394456 | 25302520 |
| **Net Assets:** |  |  |  |  |
| Beginning of period/year  | 191287377 | 47618634 | 51896511 | 26593991 |
| End of period/year  | $239573525<br>| $191287377<br>| $54290967<br>| $51896511<br>|
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares outstanding, beginning of period/year  | 8450004 | 2250004 | 2350004 | 1300004 |
| Shares sold  | 3000000 | 6350000 | 700000 | 1650000 |
| Shares redeemed  | (750000) | (150000) | (350000) | (600000) |
| Shares outstanding, end of period/year  | 10700004 | 8450004 | 2700004 | 2350004 |

---

Statements of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Virtus Real Asset Income ETF** | **Virtus Real Asset Income ETF** | **Virtus WMC International <br>Dividend ETF** | **Virtus WMC International <br>Dividend ETF** |
|  | **For the<br>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the<br>Year Ended<br>October 31, 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |  |
| Net investment income  | $190802<br>| $812801<br>| $217128<br>| $446806<br>|
| Net realized gain (loss)  | (557379) | (1088231) | 423413 | 154790 |
| Net change in unrealized appreciation (depreciation)  | (273877) | 3027091 | 694962 | 948103 |
| Net increase (decrease) in net assets resulting from operations  | (640454) | 2751661 | 1335503 | 1549699 |
| Distributions to Shareholders  | (604520) | (993505) | (170877) | (467150) |
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold  |  | 1182735 |  | 2860707 |
| Cost of shares redeemed  | (1154515) | (4730049) | (1349902) |  |
| Net increase (decrease) in net assets <br>resulting from shareholder transactions  | (1154515) | (3547314) | (1349902) | 2860707 |
| Increase (decrease) in net assets  | (2399489) | (1789158) | (185276) | 3943256 |
| **Net Assets:** |  |  |  |  |
| Beginning of period/year  | 15530790 | 17319948 | 12486333 | 8543077 |
| End of period/year  | $13131301<br>| $15530790<br>| $12301057<br>| $12486333<br>|
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares outstanding, beginning of period/year  | 650004 | 800004 | 450004 | 350004 |
| Shares sold  |  | 50000 |  | 100000 |
| Shares redeemed  | (50000) | (200000) | (50000) |  |
| Shares outstanding, end of period/year  | 600004 | 650004 | 400004 | 450004 |

---

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

Statement of Cash Flows

For the six months ended April 30, 2025 (unaudited)

---

| | |
|:---|:---|
|  | **Virtus InfraCap U.S. Preferred Stock ETF** |
| **Cash Flows From Operating Activities:** |  |
| Net increase (decrease) in net assets from operations  | $(55477416) |
| **Adjustments to reconcile net increase (decrease) in net assets from operations to net cash <br>provided by (used in) operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of long-term investment securities  | (499776516) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from long-term sales of investments  | 569563857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in payable for investment securities purchased  | (10727462) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in receivable for investment securities sold  | 717536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds (purchases) of short-term investment securities  | 5625760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments  | (2909221) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on in-kind redemptions  | (4225531) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net amortization of premium/(discount accretion)  | (298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on investments  | 111197447 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in due from broker  | 2642 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in dividends and interest receivable  | (411849) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid expenses  | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in tax reclaim receivable  | (6737) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in advisory fees payable  | (4283) |
| **Net cash provided by (used in) operating activities**  | **113567871**  |
| **Cash Flows provided by (used in) Financing Activities:** |  |
| Due to custodian  | 7269159 |
| Proceeds from borrowings  | (11781212) |
| Payments for fund shares sold in excess of in-kind creations  | (41903491) |
| Distributions paid  | (67189879) |
| **Net cash provided by (used in) financing activities**  | **(113605423)** |
| **Net increase (decrease) in cash**  | **(37552)** |
| Cash, beginning of period  | 37552 |
| **Cash, end of period**  | **$** **—**<br>|
| **Supplemental information:** |  |
| Interest paid on borrowings  | $9370355<br>|
| **Non-cash financing activities:** |  |
| In-kind creations — Issued  | 289665108 |
| In-kind creations — Redeemed  | 28971699 |

---

Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **InfraCap REIT Preferred ETF** | **InfraCap REIT Preferred ETF** | **InfraCap REIT Preferred ETF** | **InfraCap REIT Preferred ETF** | **InfraCap REIT Preferred ETF** | **InfraCap REIT Preferred ETF** |
|  | **For the<br>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2023** | **For the<br>Year Ended<br>October 31, 2022** | **For the<br>Year Ended<br>October 31, 2021** | **For the<br>Year Ended<br>October 31, 2020** |
| **Per Share Data for a Share Outstanding throughout each period presented:** |  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.60<br>| $16.40<br>| $16.38<br>| $24.32<br>| $21.71<br>| $25.26<br>|
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.59 | 0.91 | 1.13 | 0.68 | 0.63 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | (1.51) | 3.73 | 0.33 | (7.18) | 3.42 | (3.14) |
| Total from investment operations  | (0.92) | 4.64 | 1.46 | (6.50) | 4.05 | (2.09) |
| **Less Distributions from:**  |  |  |  |  |  |  |
| Net investment income  | (0.72) | (1.04) | (1.07) | (0.96) | (1.44) | (1.22) |
| Return of capital  |  | (0.40) | (0.37) | (0.48) |  | (0.24) |
| Total distributions  | (0.72) | (1.44) | (1.44) | (1.44) | (1.44) | (1.46) |
| **Net Asset Value, End of period**  | $17.96<br>| $19.60<br>| $16.40<br>| $16.38<br>| $24.32<br>| $21.71<br>|
| Net Asset Value Total Return<sup>2</sup>  | (4.71)% | 29.17% | 8.84% | (27.70)% | 18.93% | (8.06)% |
| Net assets, end of period (000's omitted)  | $88915<br>| $114645<br>| $56564<br>| $54064<br>| $87539<br>| $52104<br>|
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Expenses  | 0.45%<sup>3</sup> | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| Net investment income  | 6.38%<sup>3</sup> | 4.89% | 6.51% | 3.25% | 2.61% | 4.75% |
| Portfolio turnover rate<sup>4</sup>  | 5%<sup>5</sup> | 14% | 14% | 79% | 144% | 38% |

---

------

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.

Financial Highlights (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Virtus InfraCap U.S. Preferred Stock ETF** | **Virtus InfraCap U.S. Preferred Stock ETF** | **Virtus InfraCap U.S. Preferred Stock ETF** | **Virtus InfraCap U.S. Preferred Stock ETF** | **Virtus InfraCap U.S. Preferred Stock ETF** | **Virtus InfraCap U.S. Preferred Stock ETF** |
|  | **For the <br>Six Months Ended <br>April 30, 2025 (unaudited)** | **For the Year Ended October 31, 2024** | **For the <br>Year Ended October 31, 2023** | **For the Year Ended October 31, 2022** | **For the <br>Year Ended October 31, 2021** | **For the Year Ended October 31, 2020** |
| **Per Share Data for a Share Outstanding throughout each period presented:** |  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.48<br>| $18.32<br>| $18.62<br>| $25.16<br>| $19.26<br>| $26.43<br>|
| Investment operations:  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.74 | 1.15 | 1.48 | 1.50 | 1.18 | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized <br>gain (loss)  | (1.54) | 5.02 | 0.20<br><sup>2</sup>  | (6.09) | 6.62 | (6.25) |
| Total from investment operations  | (0.80) | 6.17 | 1.68 | (4.59) | 7.80 | (4.85) |
| **Less Distributions from:** |  |  |  |  |  |  |
| Net investment income  | (1.02) | (1.58) | (1.62) | (1.95) | (1.59) | (1.81) |
| Net realized gains  |  | (0.31) |  |  | (0.26) | (0.43) |
| Return of capital  |  | (0.12) | (0.36) |  | (0.05) | (0.08) |
| Total distributions  | (1.02) | (2.01) | (1.98) | (1.95) | (1.90) | (2.32) |
| **Net Asset Value, End of period**  | $20.66<br>| $22.48<br>| $18.32<br>| $18.62<br>| $25.16<br>| $19.26<br>|
| Net Asset Value Total Return<sup>3</sup>  | (3.67)% | 34.95% | 9.15% | (19.28)% | 41.52% | (18.37)% |
| Net assets, end of period <br>(000's omitted)  | $1475263<br>| $1380264<br>| $609278<br>| $456136<br>| $527121<br>| $146397<br>|
| **RATIOS/SUPPLEMENTAL DATA:** | **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Expenses  | 2.12%<sup>4,5</sup> | 2.48%<sup>6</sup> | 2.52%<sup>7</sup> | 1.40%<sup>8</sup> | 1.21%<sup>9</sup> | 1.47%<sup>10</sup> |
| Net investment income  | 6.82%<sup>4</sup> | 5.44% | 7.71% | 6.64% | 4.93% | 6.93% |
| Portfolio turnover rate<sup>11</sup>  | 28%<sup>12</sup> | 62% | 26% | 22% | 35% | 96% |

---

------

1Based on average shares outstanding.

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

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

4Annualized.

5The ratios of expenses to average net assets include interest expense fees of 1.32%.

6The ratios of expenses to average net assets include interest expense fees of 1.68%

7The ratios of expenses to average net assets include interest expense fees of 1.72%.

8The ratios of expenses to average net assets include interest expense fees of 0.60%.

9The ratios of expenses to average net assets include interest expense fees of 0.41%.

10The ratios of expenses to average net assets include interest expense of 0.63% and dividend expense on securities sold short fees of 0.04%.

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

12Not annualized.

Financial Highlights (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Virtus LifeSci Biotech Clinical Trials ETF** | **Virtus LifeSci Biotech Clinical Trials ETF** | **Virtus LifeSci Biotech Clinical Trials ETF** | **Virtus LifeSci Biotech Clinical Trials ETF** | **Virtus LifeSci Biotech Clinical Trials ETF** | **Virtus LifeSci Biotech Clinical Trials ETF** |
|  | **For the<br>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2023** | **For the<br>Year Ended<br>October 31, 2022** | **For the<br>Year Ended<br>October 31, 2021** | **For the<br>Year Ended<br>October 31, 2020** |
| **Per Share Data for a Share Outstanding throughout each period presented:** |  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.30<br>| $17.86<br>| $25.88<br>| $44.36<br>| $38.97<br>| $26.42<br>|
| Investment operations:  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup>  | (0.02) | (0.01) | 0.05 | (0.16) | (0.26) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized <br>gain (loss)  | (8.86) | 10.53 | (8.07) | (18.32) | 5.65 | 12.70 |
| Total from investment operations  | (8.88) | 10.52 | (8.02) | (18.48) | 5.39 | 12.55 |
| **Less Distributions from:** |  |  |  |  |  |  |
| Net investment income  | (0.24) | (0.08) |  |  |  |  |
| Total distributions  | (0.24) | (0.08) |  |  |  |  |
| **Net Asset Value, End of period**  | $19.18<br>| $28.30<br>| $17.86<br>| $25.88<br>| $44.36<br>| $38.97<br>|
| Net Asset Value Total Return<sup>2</sup>  | (31.58)% | 59.09% | (31.01)% | (41.66)% | 13.85% | 47.50% |
| Net assets, end of period <br>(000's omitted)  | $15341<br>| $11321<br>| $8035<br>| $18116<br>| $35490<br>| $37018<br>|
| **RATIOS/SUPPLEMENTAL DATA:** | **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Expenses  | 0.79%<sup>3</sup> | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
| Net investment income (loss)  | (0.18)%<sup>3</sup> | (0.05)% | 0.22% | (0.56)% | (0.53)% | (0.41)% |
| Portfolio turnover rate<sup>4</sup>  | 29%<sup>5</sup> | 77% | 66% | 61% | 76% | 81% |

---

------

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.

Financial Highlights (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Virtus LifeSci Biotech Products ETF** | **Virtus LifeSci Biotech Products ETF** | **Virtus LifeSci Biotech Products ETF** | **Virtus LifeSci Biotech Products ETF** | **Virtus LifeSci Biotech Products ETF** | **Virtus LifeSci Biotech Products ETF** |
|  | **For the<br>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2023** | **For the<br>Year Ended<br>October 31, 2022** | **For the<br>Year Ended<br>October 31, 2021** | **For the<br>Year Ended<br>October 31, <br>2020** |
| **Per Share Data for a Share Outstanding throughout each period presented:** |  |  |  |  |  |  |
| Net asset value, beginning of period  | $63.25<br>| $46.67<br>| $46.71<br>| $51.83<br>| $48.19<br>| $37.86<br>|
| Investment operations:  |  |  |  |  |  |  |
| Net investment loss<sup>1</sup>  | (0.17) | (0.27) | (0.32) | (0.26) | (0.30) | (0.19) |
| Net realized and unrealized <br>gain (loss)  | (4.07) | 16.85 | 0.28 | (4.86) | 3.94 | 10.52 |
| Total from investment operations  | (4.24) | 16.58 | (0.04) | (5.12) | 3.64 | 10.33 |
| **Net Asset Value, End of period**  | $59.01<br>| $63.25<br>| $46.67<br>| $46.71<br>| $51.83<br>| $48.19<br>|
| Net Asset Value Total Return<sup>2</sup>  | (6.70)% | 35.53% | (0.09)% | (9.88)% | 7.56% | 27.27% |
| Net assets, end of period <br>(000's omitted)  | $23606<br>| $22139<br>| $14001<br>| $16349<br>| $23325<br>| $26505<br>|
| **RATIOS/SUPPLEMENTAL DATA:** | **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Expenses  | 0.79%<sup>3</sup> | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
| Net investment loss  | (0.56)%<sup>3</sup> | (0.47)% | (0.63)% | (0.59)% | (0.57)% | (0.43)% |
| Portfolio turnover rate<sup>4</sup>  | 15%<sup>5</sup> | 46% | 49% | 48% | 44% | 46% |

---

------

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.

Financial Highlights (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Virtus Newfleet Multi-Sector Bond ETF** | **Virtus Newfleet Multi-Sector Bond ETF** | **Virtus Newfleet Multi-Sector Bond ETF** | **Virtus Newfleet Multi-Sector Bond ETF** | **Virtus Newfleet Multi-Sector Bond ETF** | **Virtus Newfleet Multi-Sector Bond ETF** |
|  | **For the<br>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2023** | **For the<br>Year Ended<br>October 31, 2022** | **For the<br>Year Ended<br>October 31, 2021** | **For the<br>Year Ended<br>October 31, 2020** |
| **Per Share Data for a Share Outstanding throughout each period presented:** |  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.64<br>| $21.16<br>| $21.43<br>| $25.21<br>| $24.66<br>| $24.54<br>|
| Investment operations:  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.69 | 1.36 | 1.31 | 0.90 | 0.89 | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized <br>gain (loss)  | (0.28) | 1.45 | (0.33) | (3.80) | 0.50 | 0.10 |
| Total from investment operations  | 0.41 | 2.81 | 0.98 | (2.90) | 1.39 | 1.06 |
| **Less Distributions from:** |  |  |  |  |  |  |
| Net investment income  | (0.66) | (1.33) | (1.25) | (0.88) | (0.84) | (0.91) |
| Return of capital  |  |  |  |  |  | (0.03) |
| Total distributions  | (0.66) | (1.33) | (1.25) | (0.88) | (0.84) | (0.94) |
| Net Asset Value, End of period  | $22.39<br>| $22.64<br>| $21.16<br>| $21.43<br>| $25.21<br>| $24.66<br>|
| Net Asset Value Total Return<sup>2</sup>  | 1.86% | 13.51% | 4.56% | (11.72)% | 5.71% | 4.51% |
| Net assets, end of period <br>(000's omitted)  | $239574<br>| $191287<br>| $47619<br>| $41793<br>| $20171<br>| $18494<br>|
| **RATIOS/SUPPLEMENTAL DATA:** | **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Expenses, net of expense waivers  | 0.49%<sup>3</sup> | 0.49% | 0.49% | 0.49% | 0.49%<sup>4</sup> | 0.55%<sup>4</sup> |
| Expenses, prior to expense waivers  | 0.58%<sup>3</sup> | 0.72% | 0.80% | 1.02% | 1.21%<sup>4</sup> | 1.15%<sup>4</sup> |
| Net investment income  | 6.20%<sup>3</sup> | 6.07% | 5.95% | 3.92% | 3.52% | 3.95% |
| Portfolio turnover rate<sup>5</sup>  | 53%<sup>6</sup> | 92% | 138% | 84% | 107% | 103% |

---

------

1Based on average shares outstanding.

2Net Asset Value Total Return is calculated assuming an initial investment made at the net asset value on the first day of the period, reinvestment of dividends and distributions at net asset value during the period, and redemptions at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized.

3Annualized.

4The ratios of expenses to average net assets includes tax expense fees of less than 0.01%.

5Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

6Not annualized.

Financial Highlights (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Virtus Private Credit Strategy ETF** | **Virtus Private Credit Strategy ETF** | **Virtus Private Credit Strategy ETF** | **Virtus Private Credit Strategy ETF** | **Virtus Private Credit Strategy ETF** | **Virtus Private Credit Strategy ETF** |
|  | **For the<br>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2023** | **For the<br>Year Ended<br>October 31, 2022** | **For the<br>Year Ended<br>October 31, 2021** | **For the<br>Year Ended<br>October 31, 2020** |
| **Per Share Data for a Share Outstanding throughout each period presented:** |  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.08<br>| $20.46<br>| $20.70<br>| $25.99<br>| $17.37<br>| $24.72<br>|
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 1.20 | 2.52 | 2.51 | 2.13 | 1.71 | 1.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized <br>gain (loss)  | (1.84) | 1.43 | (0.30) | (5.33) | 8.62 | (7.20) |
| Total from investment operations  | (0.64) | 3.95 | 2.21 | (3.20) | 10.33 | (5.31) |
| **Less Distributions from:** |  |  |  |  |  |  |
| Net investment income  | (1.33) | (2.33) | (2.45) | (2.09) | (1.71) | (2.04) |
| Total distributions  | (1.33) | (2.33) | (2.45) | (2.09) | (1.71) | (2.04) |
| **Net Asset Value, End of period**  | $20.11<br>| $22.08<br>| $20.46<br>| $20.70<br>| $25.99<br>| $17.37<br>|
| Net Asset Value Total Return<sup>2</sup>  | (3.21)% | 19.85% | 11.22% | (12.75)% | 61.32% | (21.70)% |
| Net assets, end of period <br>(000's omitted)  | $54291<br>| $51897<br>| $26594<br>| $21735<br>| $31189<br>| $19109<br>|
| **RATIOS/SUPPLEMENTAL DATA:** | **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Expenses  | 0.75%<sup>3</sup> | 0.75%<sup>4</sup> | 0.75%<sup>4</sup> | 0.75% | 0.75% | 0.75%<sup>5</sup> |
| Net investment income  | 11.10%<sup>3</sup> | 11.26%<sup>4</sup> | 11.85%<sup>4</sup> | 8.97% | 7.27% | 8.59% |
| Portfolio turnover rate<sup>6</sup>  | 11%<sup>7</sup> | 29% | 40% | 27% | 34% | 24% |

---

------

1Based on average shares outstanding.

2Net Asset Value Total Return is calculated assuming an initial investment made at the net asset value on the first day of the period, reinvestment of dividends and distributions at net asset value during the period, and redemptions at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized.

3Annualized.

4The fund indirectly bears its proportionate shares of expenses and net investment income of any underlying funds in which the Fund invests. Such expenses and income are not included in the calculation of this ratio.

5The ratios of expenses to average net assets includes tax expense fees of less than 0.01%.

6Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

7Not annualized.

Financial Highlights (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Virtus Real Asset Income ETF** | **Virtus Real Asset Income ETF** | **Virtus Real Asset Income ETF** | **Virtus Real Asset Income ETF** | **Virtus Real Asset Income ETF** | **Virtus Real Asset Income ETF** |
|  | **For the<br>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2023** | **For the<br>Year Ended<br>October 31, 2022** | **For the<br>Year Ended<br>October 31, 2021** | **For the<br>Year Ended<br>October 31, 2020** |
| **Per Share Data for a Share Outstanding throughout each period presented:** |  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.89<br>| $21.65<br>| $23.29<br>| $26.84<br>| $18.67<br>| $24.72<br>|
| Investment operations:  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.31 | 1.13 | 0.73 | 0.93 | 0.57 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized <br>gain (loss)  | (1.36) | 2.47 | (1.17)<sup>2</sup> | (3.61) | 8.66 | (5.95) |
| Total from investment operations  | (1.05) | 3.60 | (0.44) | (2.68) | 9.23 | (5.31) |
| **Less Distributions from:** |  |  |  |  |  |  |
| Net investment income  | (0.95) | (1.36) | (1.20) | (0.87) | (1.06) | (0.74) |
| Total distributions  | (0.95) | (1.36) | (1.20) | (0.87) | (1.06) | (0.74) |
| Net Asset Value, End of period  | $21.89<br>| $23.89<br>| $21.65<br>| $23.29<br>| $26.84<br>| $18.67<br>|
| Net Asset Value Total Return<sup>3</sup>  | (4.54)% | 16.89% | (2.15)% | (10.25)% | 50.16% | (21.53)% |
| Net assets, end of period <br>(000's omitted)  | $13131<br>| $15531<br>| $17320<br>| $45420<br>| $139583<br>| $100810<br>|
| **RATIOS/SUPPLEMENTAL DATA:** | **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Expenses  | 0.55%<sup>4</sup> | 0.55% | 0.55% | 0.55% | 0.55% | 0.55%<sup>5</sup> |
| Net investment income  | 2.65%<sup>4</sup> | 4.80% | 3.06% | 3.52% | 2.30% | 2.93% |
| Portfolio turnover rate<sup>6</sup>  | 48%<sup>7</sup> | 67% | 88% | 70% | 66% | 91% |

---

------

1Based on average shares outstanding.

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

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

4Annualized.

5The ratios of expenses to average net assets includes tax expense fees of less than 0.01%.

6Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

7Not annualized.

Financial Highlights (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Virtus WMC International Dividend ETF** | **Virtus WMC International Dividend ETF** | **Virtus WMC International Dividend ETF** | **Virtus WMC International Dividend ETF** | **Virtus WMC International Dividend ETF** | **Virtus WMC International Dividend ETF** |
|  | **For the<br>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2023** | **For the<br>Year Ended<br>October 31, 2022** | **For the<br>Year Ended<br>October 31, 2021** | **For the<br>Year Ended<br>October 31, 2020** |
| **Per Share Data for a Share Outstanding throughout each period presented:** |  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.75<br>| $24.41<br>| $21.69<br>| $28.57<br>| $23.94<br>| $26.41<br>|
| Investment operations:  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.52 | 1.23 | 1.20 | 1.50 | 1.29 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized <br>gain (loss)  | 2.87 | 3.40 | 2.65 | (5.13) | 5.18 | (2.08) |
| Total from investment operations  | 3.39 | 4.63 | 3.85 | (3.63) | 6.47 | (1.56) |
| **Less Distributions from:** |  |  |  |  |  |  |
| Net investment income  | (0.39) | (1.29) | (1.13) | (1.69) | (1.15) | (0.91) |
| Net realized gains  |  |  |  | (1.56) | (0.69) |  |
| Total distributions  | (0.39) | (1.29) | (1.13) | (3.25) | (1.84) | (0.91) |
| Net Asset Value, End of period  | $30.75<br>| $27.75<br>| $24.41<br>| $21.69<br>| $28.57<br>| $23.94<br>|
| Net Asset Value Total Return<sup>2</sup>  | 12.42% | 19.23% | 17.67% | (14.03)% | 27.41% | (6.20)% |
| Net assets, end of period <br>(000's omitted)  | $12301<br>| $12486<br>| $8543<br>| $6507<br>| $7142<br>| $4788<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  | 3.72%<sup>3</sup> | 4.54% | 4.77% | 5.87% | 4.47% | 2.04% |
| Portfolio turnover rate<sup>4</sup>  | 22%<sup>5</sup> | 41% | 61% | 50% | 68% | 211% |

---

------

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

April 30, 2025 (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 (the "1940 Act").

As of April 30, 2025, ten funds of the Trust are offered for sale. The InfraCap REIT Preferred ETF, Virtus InfraCap U.S. Preferred Stock ETF, Virtus LifeSci Biotech Clinical Trials ETF, Virtus LifeSci Biotech Products ETF, Virtus Newfleet Multi-Sector Bond ETF, Virtus Private Credit Strategy ETF, Virtus Real Asset Income ETF and Virtus WMC International Dividend ETF (each a "Fund" and collectively, the "Funds") are presented in this semi-annual report. The offering of each Fund's shares is registered under the Securities Act of 1933 (the "Securities Act").

---

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

---

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

InfraCap REIT Preferred ETF and Virtus InfraCap U.S. Preferred Stock ETF are "non-diversified" Funds, as defined under the 1940 Act, as of the period ended April 30, 2025. Virtus Private Credit Strategy ETF is a "fund of funds," meaning it will generally invest its assets in other registered investment companies.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

**(a) Use of Estimates**

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

**(b) Indemnification**

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

Notes to Financial Statements (continued)

April 30, 2025 (unaudited)

**(c) Security Valuation**

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

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

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

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

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

**(d) Fair Value Measurement**

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy classification of inputs used to value each Fund's investments at April 30, 2025, is disclosed at the end of each Fund's Schedule of Investments.

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

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

Notes to Financial Statements (continued)

April 30, 2025 (unaudited)

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

**(f) Foreign Taxes**

Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on stock dividends are presented as "Other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

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

**(g) Expenses**

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

**(h) Short Sales**

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

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

**(i) Distributions to Shareholders**

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

**(j) Foreign Currency Translation**

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

Notes to Financial Statements (continued)

April 30, 2025 (unaudited)

**(k) Cash and Cash Equivalents**

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

**(l) Loan Agreements**

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

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

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

**(m) Securities Lending**

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

At April 30, 2025, the following Funds had securities on loan:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Market Value** | **Cash Collateral** | **Non Cash Collateral<sup>(a)</sup>** | **Net Amount<sup>(b)</sup>** |
| Virtus LifeSci Biotech Clinical Trials ETF  | $2824509 | $1252112 | $1591523 | $0 |
| Virtus LifeSci Biotech Products ETF  | 2903923 | 412100 | 2513752 | 0 |
| Virtus Private Credit Strategy ETF  | 9664017 | 8154312 | 1956262 | 0 |
| Virtus Real Asset Income ETF  | 1121177 | 711612 | 454155 | 0 |

---

------

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

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

Funds not listed in table above did not have any securities on loan at April 30, 2025.

Notes to Financial Statements (continued)

April 30, 2025 (unaudited)

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

Remaining Contractual Maturity of the Agreements, as of April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight and<br>Continuous** | **Between** | **Between** | **Between** | **Total** |
|  | **Overnight and<br>Continuous** | **<30 Days** | **30 & 90 days** | **>90 days** | **Total** |
| **Virtus LifeSci Biotech Clinical Trials ETF** |  |  |  |  |  |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks  | $2843635 | $— | $— | $— | $2843635 |
| Gross amount of recognized liabilities for securities lending transactions:  | Gross amount of recognized liabilities for securities lending transactions:  | Gross amount of recognized liabilities for securities lending transactions:  | Gross amount of recognized liabilities for securities lending transactions:  | Gross amount of recognized liabilities for securities lending transactions:  | $2843635 |
| **Virtus LifeSci Biotech Products ETF** |  |  |  |  |  |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks  | $2925852 | $— | $— | $— | $2925852 |
| Gross amount of recognized liabilities for securities lending transactions:  | Gross amount of recognized liabilities for securities lending transactions:  | Gross amount of recognized liabilities for securities lending transactions:  | Gross amount of recognized liabilities for securities lending transactions:  | Gross amount of recognized liabilities for securities lending transactions:  | $2925852 |
| **Virtus Private Credit Strategy ETF** |  |  |  |  |  |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks  | $10110574 | $— | $— | $— | $10110574 |
| Gross amount of recognized liabilities for securities lending transactions:  | Gross amount of recognized liabilities for securities lending transactions:  | Gross amount of recognized liabilities for securities lending transactions:  | Gross amount of recognized liabilities for securities lending transactions:  | Gross amount of recognized liabilities for securities lending transactions:  | $10110574 |
| **Virtus Real Asset Income ETF** |  |  |  |  |  |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks  | $1165766 | $— | $— | $— | $1165766 |
| Gross amount of recognized liabilities for securities lending transactions:  | Gross amount of recognized liabilities for securities lending transactions:  | Gross amount of recognized liabilities for securities lending transactions:  | Gross amount of recognized liabilities for securities lending transactions:  | Gross amount of recognized liabilities for securities lending transactions:  | $1165766 |

---

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

**Investment Advisory Agreements**

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

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

---

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

---

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

Notes to Financial Statements (continued)

April 30, 2025 (unaudited)

**Expense Limitation Agreement**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **2025** | **2026** | **2027** | **2028** |
| Virtus Newfleet Multi-Sector Bond ETF  | $137763 | $168746 | $225718 | $96141 |

---

**Sub-Advisory Agreement**

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

---

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

---

------

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

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

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

**Principal Underwriter**

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

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

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

Notes to Financial Statements (continued)

April 30, 2025 (unaudited)

**Operational Administrator**

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

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

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

**Affiliated Shareholders**

At April 30, 2025, Virtus Partners, Inc. held shares of the below Fund which may be sold at any time that aggregated to the following:

---

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

---

At April 30, 2025, the sub-adviser of the below Funds held shares of such Fund which may be redeemed at any time that aggregated to the following:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **% of share <br>outstanding** |
| InfraCap REIT Preferred ETF  | 2595 | 0.1% |
| Virtus InfraCap U.S. Preferred Stock ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288346  | 0.4% |

---

**4. CREATION AND REDEMPTION TRANSACTIONS**

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

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

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

The following table discloses each Fund's transaction fee:

---

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

---

Notes to Financial Statements (continued)

April 30, 2025 (unaudited)

**5. FEDERAL INCOME TAX**

Each Fund intends to qualify as a "regulated investment company" under Sub-chapter M of the Internal Revenue Code of 1986 (the "Code"), as amended. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders. Therefore, no federal income or excise tax provision is required. Accounting for Uncertainty in Income Taxes as issued by the FASB provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements, and requires the evaluation of tax positions taken or expected to be taken in the course of preparing a Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Interest and penalties related to income taxes would be recorded as income tax expense. Management of the Funds is required to analyze all open tax years (2022, 2023 and 2024), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of April 30, 2025, the Funds did not have a liability for any unrecognized tax benefits or uncertain tax positions that would require recognition in the financial statements. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Funds recognize interest accrued related to unrecognized tax benefits and penalties as income tax expense. For the period ended April 30, 2025, the Funds had no accrued penalties or interest.

At October 31, 2024, 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 Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| InfraCap REIT Preferred ETF  | $112732396  | $5835148  | $(4048354) | $1786794  |
| Virtus InfraCap U.S. Preferred Stock ETF  | 1635316148  | 115426541  | (51969027) | 63457514  |
| Virtus LifeSci Biotech Clinical Trials ETF  | 13702435  | 2987215  | (4838554) | (1851339) |
| Virtus LifeSci Biotech Products ETF  | 20110833  | 5568487  | (3379225) | 2189262  |
| Virtus Newfleet Multi-Sector Bond ETF  | 192929269 | 2534666  | (1958551) | 576115 |
| Virtus Private Credit Strategy ETF  | 58990550  | 904971  | (4307704) | (3402733) |
| Virtus Real Asset Income ETF  | 17958400  | 1320311  | (3805240) | (2484929) |
| Virtus WMC International Dividend ETF  | 11490815  | 1401523  | (581941) | 819582  |

---

Ordinary losses incurred after December 31 ("Late Year Ordinary Losses") within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. During the fiscal year ended October 31, 2024, the following Fund incurred and elected to defer Late Year Ordinary Losses as follows:

---

| | |
|:---|:---|
| Virtus LifeSci Biotech Products ETF  | $78158 |

---

At October 31, 2024, for federal income tax purposes, the following Funds have capital loss carryforwards available to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term<br>No Expiration** | **Long-Term<br>No Expiration** | **Total** |
| InfraCap REIT Preferred ETF  | $11889448  | $393952  | $12283400  |
| Virtus InfraCap U.S. Preferred Stock ETF  | —  | —  | —  |
| Virtus LifeSci Biotech Clinical Trials ETF  | 24935425  | 34099475  | 59034900  |
| Virtus LifeSci Biotech Products ETF  | 2439086  | 13571298  | 16010384  |
| Virtus Newfleet Multi-Sector Bond ETF  | 1276514 | 3764498 | 5041012 |
| Virtus Private Credit Strategy ETF  | 3294215  | 6916865  | 10211080  |
| Virtus Real Asset Income ETF  | 26325320  | 18419821  | 44745141  |
| Virtus WMC International Dividend ETF  | 74390  | 157666  | 232056  |

---

Notes to Financial Statements (continued)

April 30, 2025 (unaudited)

**6. INVESTMENT TRANSACTIONS**

Purchases and sales of investments (excluding short-term investments), subscriptions in-kind and redemptions in-kind for the period ended April 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Subscriptions<br>In-Kind** | **Redemptions<br>In-Kind** |
| InfraCap REIT Preferred ETF  | $5363090 | $5725885 | $4363751 | $21279313 |
| Virtus InfraCap U.S. Preferred Stock ETF  | 499776516 | 562653186 | 289665108 | 28971699 |
| Virtus LifeSci Biotech Clinical Trials ETF  | 3022399 | 3005757 | 16718591 | 9348614 |
| Virtus LifeSci Biotech Products ETF  | 3354621 | 3332261 | 2760302 |  |
| Virtus Newfleet Multi-Sector Bond ETF  | 150376187 | 97694513 |  |  |
| Virtus Private Credit Strategy ETF  | 6341855 | 6548562 | 15617488 | 6942414 |
| Virtus Real Asset Income ETF  | 6834175 | 6984094 |  | 1154682 |
| Virtus WMC International Dividend ETF  | 2554987 | 2626529 |  | 1276772 |

---

Purchases and sales of long-term U.S. Government Securities for the period ended April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Virtus Newfleet Multi-Sector Bond ETF  | $17070033<br>| $20538033<br>|

---

**7. BORROWINGS**

The Virtus InfraCap U.S. Preferred Stock ETF entered into Lending Agreements (the "Agreements") with commercial banks (the "Banks") that allows the Fund to borrow cash from the Banks. Borrowings under the Agreements are collateralized by investments of the Fund. If the Fund defaults with respect to any of its obligations under the Agreements, the Banks may foreclose on assets of the Fund and/ or the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the Agreements, necessitating the sale of securities at potentially inopportune times. Interest is charged at the Overnight Bank Funding Rate ("OBFR") plus an additional percentage rate on the amount borrowed. The Agreements have an on-demand commitment term. For the period ended April 30, 2025, the average daily borrowings under the Agreements and the weighted average interest rate were $337,462,563 and 5.51%, respectively.

**8. INVESTMENT RISKS**

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

**Credit Risk**

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

**Cash Concentration Risk**

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

**Market Risk**

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

Notes to Financial Statements (continued)

April 30, 2025 (unaudited)

**9. 10% SHAREHOLDERS**

As of April 30, 2025, certain Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of the Fund as detailed below:

---

| | | |
|:---|:---|:---|
| <u>**Funds**</u> | **% of Shares<br>Outstanding** | **Number of<br>Accounts** |
| InfraCap REIT Preferred ETF  | 53% | 2 |
| Virtus InfraCap U.S. Preferred Stock ETF  | 58% | 2 |
| Virtus LifeSci Biotech Clinical Trials ETF  | 64% | 4 |
| Virtus LifeSci Biotech Products ETF  | 66% | 4 |
| Virtus Newfleet Multi-Sector Bond ETF  | 69% | 2 |
| Virtus Private Credit Strategy ETF  | 65% | 2 |
| Virtus Real Asset Income ETF  | 71% | 1 |
| Virtus WMC International Dividend ETF  | 73% | 2\* |

---

------

\*Includes affiliated shareholder account.

**10. SEGMENT REPORTING**

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

**11. SUBSEQUENT EVENTS**

Management has evaluated subsequent events through the issuance of these financial statements and has determined that there are no material events that would require disclosure.

Schedule of Investments — InfraCap MLP ETF

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **<br><u>Security Description</u>** | **Shares** | **Value** |
| **COMMON STOCKS - 119.3%** |  |  |
| **Energy - 119.1%** |  |  |
| Cheniere Energy Partners LP<sup>(1)</sup>  | 219395 | $12896038<br>|
| Cheniere Energy, Inc.<sup>(1)</sup><sup>(2)</sup>  | 71490 | 16522054 |
| Delek Logistics Partners LP  | 192265 | 7546401 |
| Enbridge, Inc. (Canada)  | 1502 | 70128 |
| Energy Transfer LP<sup>(1)</sup>  | 3087071 | 51060154 |
| Enterprise Products Partners LP<sup>(1)</sup>  | 1630336 | 48747046 |
| Genesis Energy LP<sup>(1)</sup>  | 590380 | 8111821 |
| Global Partners LP  | 144539 | 7411960 |
| Hess Midstream LP Class A  | 886791 | 32962022 |
| Kinder Morgan, Inc.<sup>(2)</sup>  | 392234 | 10315754 |
| Marathon Petroleum Corp.<sup>(2)</sup>  | 32171 | 4420617 |
| MPLX LP<sup>(1)</sup>  | 1067592 | 54372461 |
| ONEOK, Inc.<sup>(1)</sup><sup>(2)</sup>  | 5333 | 438159 |
| Phillips 66<sup>(2)</sup>  | 27132 | 2823356 |
| Plains All American Pipeline LP<sup>(1)</sup>  | 3510667 | 61296246 |
| South Bow Corp. (Canada)<sup>(1)</sup>  | 22486 | 555179 |
| Sunoco LP<sup>(1)</sup><sup>(2)</sup>  | 1000764 | 58194427 |
| Targa Resources Corp.<sup>(1)</sup><sup>(2)</sup>  | 73659 | 12588323 |
| USA Compression Partners LP  | 297223 | 7252241 |
| Valero Energy Corp.<sup>(2)</sup>  | 22763 | 2642557 |
| Venture Global, Inc. Class A<sup>(2)</sup>  | 162214 | 1360976 |
| Western Midstream Partners LP<sup>(1)</sup><sup>(2)</sup>  | 1536919 | 57788154 |
| Williams Cos., Inc. (The)<sup>(1)</sup><sup>(2)</sup>  | 176673 | 10347738 |
| Total Energy  |  | 469723812 |
| **Utilities - 0.2%** |  |  |
| Suburban Propane Partners LP  | 43224 | 863183 |
| **Total Common Stocks** |  |  |
| (Cost $447,088,017)  |  | **470586995** |
| **PREFERRED STOCKS - 0.7%** |  |  |
| **Energy - 0.7%** |  |  |
| Brookfield Infrastructure Finance ULC, 5.00% (Canada)  | 1000 | 16130 |
| Energy Transfer LP, Series I, 9.25%  | 235300 | 2767128 |
| Total Energy  |  | 2783258 |
| **Total Preferred Stocks** |  |  |
| (Cost $2,256,947)  |  | 2783258 |
| **MONEY MARKET FUNDS - 0.3%** |  |  |
| Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.23%<sup>(3)</sup>  | 644368 | 644368 |
| RBC BlueBay Government Money Market Fund - Institutional Shares, 4.25%<sup>(3)</sup>  | 644368 | 644368 |
| (Cost $1,288,736)  |  | 1288736 |
| **TOTAL INVESTMENTS - 120.3%** |  |  |
| (Cost $450,633,700)  |  | **474658989** |
| Liabilities in Excess of Other Assets - (20.3)%  |  | (80008215) |
| **Net Assets - 100.0%**  |  | **$** **394650774**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| <u>**Security Description**</u> | **Notional Amount**  | **Number of contracts**  | **Value** |
| **WRITTEN OPTIONS - (0.1)%** | **WRITTEN OPTIONS - (0.1)%** |  |  |
| **Written Call Options** | **Written Call Options** | **Written Call Options** | **Written Call Options** |
| Cheniere Energy, Inc., <br>Expires 05/16/25,<br>Strike Price $260.00  | (10000) | (100) | $(6000) |
| Cheniere Energy, Inc.,<br>Expires 05/16/25,<br>Strike Price $270.00  | (12500) | (125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3437) |
| Cheniere Energy, Inc., <br>Expires 06/20/25,<br>Strike Price $270.00  | (5000) | (50) | (5050) |
| Cheniere Energy, Inc., <br>Expires 06/20/25,<br>Strike Price $290.00  | (5000) | (50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3000) |
| Kinder Morgan, Inc., <br>Expires 05/16/25,<br>Strike Price $28.50  | (50000) | (500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3000) |
| Kinder Morgan, Inc., <br>Expires 05/23/25,<br>Strike Price $28.00  | (25000) | (250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4500) |
| Kinder Morgan, Inc., <br>Expires 05/30/25,<br>Strike Price $29.00  | (25000) | (250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2500) |
| Kinder Morgan, Inc., <br>Expires 06/20/25,<br>Strike Price $30.00  | (100000) | (1000) | (12000) |
| Marathon Petroleum Corp., <br>Expires 05/05/25,<br>Strike Price $160.00  | (10000) | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Marathon Petroleum Corp., <br>Expires 05/05/25,<br>Strike Price $162.50  | (10000) | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Marathon Petroleum Corp., <br>Expires 05/09/25,<br>Strike Price $141.00  | (10000) | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25200) |
| Marathon Petroleum Corp., <br>Expires 05/09/25,<br>Strike Price $142.00  | (10000) | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19500) |
| Marathon Petroleum Corp., <br>Expires 05/16/25,<br>Strike Price $145.00  | (10000) | (100) | (12700) |
| Marathon Petroleum Corp., <br>Expires 05/16/25,<br>Strike Price $150.00  | (10000) | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7500) |
| Marathon Petroleum Corp., <br>Expires 05/23/25,<br>Strike Price $145.00  | (10000) | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21000) |
| Marathon Petroleum Corp., <br>Expires 05/23/25,<br>Strike Price $149.00  | (10000) | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10500) |
| Marathon Petroleum Corp., <br>Expires 05/30/25,<br>Strike Price $150.00  | (20000) | (200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34000) |
| ONEOK, Inc., Expires 05/16/25,<br>Strike Price $110.00  | (10000) | (100) | 0 |
| Phillips 66, Expires 05/05/25,<br>Strike Price $135.00  | (10000) | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |

---

Schedule of Investments — InfraCap MLP ETF (continued)

April 30, 2025 (unaudited)

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

---

| | | | |
|:---|:---|:---|:---|
| <u>**Security Description**</u> | **Notional Amount**  | **Number of contracts**  | **Value** |
| **WRITTEN OPTIONS (continued)** |  |  |  |
| **Written Call Options (continued)** |  |  |  |
| Phillips 66, Expires 05/16/25,<br>Strike Price $111.00  | (10000) | (100) | $(8200) |
| Phillips 66, Expires 05/16/25,<br>Strike Price $115.00  | (10000) | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3000) |
| Phillips 66, Expires 05/23/25,<br>Strike Price $115.00  | (10000) | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5250) |
| Phillips 66, Expires 06/20/25,<br>Strike Price $120.00  | (10000) | (100) | (7750) |
| Phillips 66, Expires 06/20/25,<br>Strike Price $125.00  | (15000) | (150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5550) |
| Sunoco LP, Expires 05/16/25,<br>Strike Price $60.00  | (50000) | (500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12500) |
| Sunoco LP, Expires 06/20/25,<br>Strike Price $62.50  | (50000) | (500) | (25000) |
| Targa Resources Corp., <br>Expires 05/16/25,<br>Strike Price $200.00  | (10000) | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4750) |
| Targa Resources Corp., <br>Expires 05/16/25,<br>Strike Price $230.00  | (5000) | (50) | (250) |
| Targa Resources Corp., <br>Expires 05/16/25,<br>Strike Price $240.00  | (10000) | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (300) |
| Targa Resources Corp., <br>Expires 06/20/25,<br>Strike Price $210.00  | (25000) | (250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15500) |
| Valero Energy Corp., <br>Expires 05/05/25,<br>Strike Price $145.00  | (5000) | (50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Valero Energy Corp., <br>Expires 05/05/25,<br>Strike Price $146.00  | (10000) | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Valero Energy Corp., <br>Expires 05/05/25,<br>Strike Price $147.00  | (10000) | (100) | 0 |
| Valero Energy Corp., <br>Expires 05/05/25,<br>Strike Price $150.00  | (10000) | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Valero Energy Corp., <br>Expires 05/09/25,<br>Strike Price $122.00  | (10000) | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7000) |
| Valero Energy Corp., <br>Expires 05/09/25,<br>Strike Price $123.00  | (10000) | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6000) |
| Valero Energy Corp., <br>Expires 05/09/25,<br>Strike Price $150.00  | (10000) | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Valero Energy Corp., <br>Expires 05/16/25,<br>Strike Price $124.00  | (20000) | (200) | (20000) |
| Valero Energy Corp., <br>Expires 05/16/25,<br>Strike Price $125.00  | (10000) | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7100) |

---

---

| | | | |
|:---|:---|:---|:---|
| <u>**Security Description**</u> | **Notional Amount**  | **Number of contracts**  | **Value** |
| **WRITTEN OPTIONS (continued)** |  |  |  |
| **Written Call Options (continued)** |  |  |  |
| Valero Energy Corp., <br>Expires 05/23/25,<br>Strike Price $125.00  | (20000) | (200) | $(22600) |
| Venture Global, Inc., Expires 05/16/25,<br>Strike Price $12.50  | (25000) | (250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2000) |
| Venture Global, Inc., Expires 05/16/25,<br>Strike Price $15.00  | (25000) | (250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (250) |
| Venture Global, Inc., Expires 05/16/25,<br>Strike Price $17.50  | (25000) | (250) | 0 |
| Venture Global, Inc., Expires 06/20/25,<br>Strike Price $12.50  | (50000) | (500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10000) |
| Western Midstream Partners LP, Expires 06/20/25,<br>Strike Price $42.00  | (50000) | (500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8500) |
| Western Midstream Partners LP, Expires 06/20/25,<br>Strike Price $43.00  | (50000) | (500) | (3500) |
| Williams Cos., Inc. (The), <br>Expires 05/16/25,<br>Strike Price $63.00  | (10000) | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4000) |
| Williams Cos., Inc. (The), <br>Expires 05/16/25,<br>Strike Price $65.00  | (75000) | (750) | (7500) |
| **Written Put Options** | **Written Put Options** | **Written Put Options** | **Written Put Options** |
| ONEOK, Inc., Expires 06/20/25,<br>Strike Price $70.00  | (20000) | (200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19000) |
| ONEOK, Inc., Expires 06/20/25,<br>Strike Price $72.50  | (25000) | (250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35000) |
| **Total Written Options - (0.1)%** | **Total Written Options - (0.1)%** |  |  |
| (Premiums Received $494,535)  |  |  | **$** **(410387)** |

---

------

(1)Security, or a portion thereof, has been pledged as collateral for borrowings. The aggregate market value of the collateral at April 30, 2025 was $287,691,439.

(2)Subject to written call options.

(3)The rate shown reflects the seven-day yield as of April 30, 2025.

Schedule of Investments — InfraCap MLP ETF (continued)

April 30, 2025 (unaudited)

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

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  | $470586995<br>| $—<br>| $—<br>| $470586995<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks  | 2783258 |  |  | 2783258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds  | 1288736 |  |  | 1288736 |
| Total  | **$** **474658989**<br>| **$** **—**<br>| **$** **—**<br>| **$** **474658989**<br>|
| **Liability Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $409587<br>| $800<br>| $—<br>| $410387<br>|
| Total  | **$** **409587**<br>| **$** **800**<br>| **$** **—**<br>| **$** **410387**<br>|

---

Statement of Assets and Liabilities

April 30, 2025 (unaudited)

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

---

| | |
|:---|:---|
|  | **InfraCap MLP ETF** |
| **Assets:** |  |
| Investments, at cost  | $450633700 |
| Investments, at value  | 474658989 |
| Cash  | 879545 |
| Receivables:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  | 1122728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold  | 1036918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | 192594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim  | 22954 |
| Prepaid expenses  | 234926 |
| **Total Assets**  | 478148654 |
| **Liabilities:** |  |
| Bank borrowings  | 58009615 |
| Payables:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased  | 2122754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense  | 195773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Advisory fees  | 317360 |
| Written options, at value<sup>(a)</sup>  | 410387 |
| Current Income Tax Liability  | 16276948 |
| Deferred Income Tax Liability  | 6165043 |
| **Total Liabilities**  | 83497880 |
| **Net Assets**  | **$** **394650774**<br>|
| **Net Assets Consist of:** |  |
| Paid-in capital  | $482953923<br>|
| Total distributable earnings (accumulated deficit), net of income taxes  | (88303149<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) |
| **Net Assets**  | **$** **394650774**<br>|
| Shares outstanding (unlimited number of shares of beneficial interest authorized, no par value)  | 9515000 |
| Net asset value per share  | $41.48<br>|
| <sup>(a)</sup>Premiums received from written options  | $494535<br>|

---

Statement of Operations

For the Period Ended April 30, 2025 (unaudited)

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

---

| | |
|:---|:---|
|  | **InfraCap MLP ETF** |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from master limited partnerships  | $(14721817) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income (net of foreign withholding taxes)  | 2311812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 94123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Return of capital distributions  | 14721817 |
| **Total Investment Income**  | 2405935 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expenses  | 2746364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Advisory fees  | 2007272 |
| **Total Expenses**  | 4753636 |
| **Net Investment (Loss) Before Income Taxes**  | (2347701) |
| **Current and Deferred Income Tax Benefit / (Expense)**  | 273963 |
| **Net Investment (Loss), Net of Income Taxes**  | **(2073738)** |
| **Net Realized Gain (Loss) on:** |  |
| Investments  | 203706419 |
| Written options  | 1576844 |
| Foreign currency transactions  | (32) |
| Current and Deferred Income Tax Benefit / (Expense) | (23719274) |
| **Total Net Realized Gain, Net of Income Taxes**  | 181563957 |
| **Change in Net Unrealized Appreciation (Depreciation) on:** |  |
| Investments  | (165264763) |
| Written options  | (1595) |
| Foreign currency translations  | 190 |
| Current and Deferred Income Tax Benefit / (Expense)  | 19049513 |
| **Total Change in Net Unrealized Depreciation**  | (146216655) |
| Net Realized and Change in Unrealized Gain, Net of Income Taxes  | 35347302 |
| **Net Increase in Net Assets Resulting from Operations**  | **$** **33273564**<br>|
| Foreign withholding taxes  | $21976<br>|

---

Statement of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | **InfraCap MLP ETF** | **InfraCap MLP ETF** |
|  | **For the<br>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the<br>Year Ended<br>October 31, 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations:**  |  |  |
| Net investment loss, net of income taxes  | $(2073738) | $(8291800) |
| Net realized gain, net of income taxes  | 181563957 | 27167668 |
| Net change in unrealized appreciation (depreciation), net of income taxes  | (146216655) | 60203016 |
| Net increase in net assets resulting from operations  | 33273564 | 79078884 |
| Distributions to Shareholders  | (15924450) | (29650201) |
| **Shareholder Transactions:**  |  |  |
| Proceeds from shares sold  | 10526066 | 22770177 |
| Cost of shares redeemed  | (10768507) | (21266939) |
| Net increase (decrease) in net assets resulting from shareholder transactions  | (242441) | 1503238 |
| Increase in net assets  | 17106673 | 50931921 |
| **Net Assets:** |  |  |
| Beginning of period/year  | 377544101 | 326612180 |
| End of period/year  | $394650774<br>| $377544101<br>|
| **Changes in Shares Outstanding:** |  |  |
| Shares outstanding, beginning of period/year  | 9540000 | 9490000 |
| Shares sold  | 225000 | 600000 |
| Shares redeemed  | (250000) | (550000) |
| Shares outstanding, end of period/year  | 9515000 | 9540000 |

---

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

Statement of Cash Flows

For the Six Months Ended April 30, 2025 (unaudited)

---

| | |
|:---|:---|
|  | **InfraCap MLP ETF** |
| **Cash Flows From Operating Activities:** |  |
| Net increase (decrease) in net assets from operations  | $33273564<br>|
| **Adjustments to reconcile net increase (decrease) in net assets from operations to net cash <br>provided by (used in) operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of long-term investment securities  | (469779834) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from long-term sales of investments  | 551234196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in payable for investment securities purchased  | (731803) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in receivable for investment securities sold  | 2996593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from purchased and written options  | 2104816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments  | (203706419) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on written options  | (1576844) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds (purchases) of short-term investment securities  | 7856059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on investments  | 165264763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on written options  | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in due from brokers  | 1453898 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in dividends and interest receivable  | (45015) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in tax reclaim receivable  | (15447) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in current income tax payable  | 14859755 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid expenses  | (2860) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid taxes  | 2860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in sub-advisory fees payable  | 4310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in deferred income tax liability  | (11320957) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in interest expense  | (390159) |
| **Net cash provided by (used in) operating activities**  | **91483071** |
| **Cash Flows provided by (used in) Financing Activities:** |  |
| Due to custodian  | (8000000) |
| Proceeds from borrowings  | (52034791) |
| Payments for fund shares sold in excess of in-kind creations  | (14644285) |
| Distributions paid  | (15924450) |
| **Net cash provided by (used in) financing activities**  | **(90603526)** |
| **Net increase (decrease) in cash** |  |
| Cash, beginning of period  |  |
| Cash, end of period  | **$** **879545**<br>|
| **Supplemental information:** |  |
| Interest paid on borrowings  | $3136523<br>|
| Income taxes paid  | 857000 |
| **Non-cash financing activities:** |  |
| In-kind creations — Issued  | 13364926 |
| In-kind creations — Redeemed  |  |

---

Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **InfraCap MLP ETF** | **InfraCap MLP ETF** | **InfraCap MLP ETF** | **InfraCap MLP ETF** | **InfraCap MLP ETF** | **InfraCap MLP ETF** |
|  | **For the<br>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2023** | **For the<br>Year Ended<br>October 31, 2022** | **For the<br>Year Ended<br>October 31, 2021** | **For the<br>Year Ended**<br> **October 31, 2020<sup>1</sup>** |
| **Per Share Data for a Share Outstanding throughout each period presented:** |  |  |  |  |  |  |
| Net asset value, <br>beginning of period  | $39.57<br>| $34.42<br>| $33.22<br>| $27.31<br>| $13.78<br>| $44.80<br>|
| Investment operations: |  |  |  |  |  |  |
| Net investment loss<sup>2</sup>  | (0.22) | (0.86) | (0.65) | (0.31) | (0.33) | (0.09) |
| Net realized and unrealized <br>gain (loss)  | 3.81 | 9.09 | 4.69 | 8.86 | 16.50 | (28.94) |
| Total from investment operations | 3.59 | 8.23 | 4.04 | 8.55 | 16.17 | (29.03) |
| **Less Distributions from:**  |  |  |  |  |  |  |
| Net investment income  | (1.68) | (3.08) | (2.84) |  |  |  |
| Net realized gains  |  |  |  | (2.64) |  |  |
| Return of capital  |  |  |  |  | (2.64) | (1.99) |
| Total distributions  | (1.68) | (3.08) | (2.84) | (2.64) | (2.64) | (1.99) |
| **Net Asset Value, End of period**  | $41.48<br>| $39.57<br>| $34.42<br>| $33.22<br>| $27.31<br>| $13.78<br>|
| Net Asset Value Total Return<sup>3</sup>  | 8.77% | 24.40% | 12.91% | 33.13% | 121.30% | (62.67)% |
| Net assets, end of period <br>(000's omitted)  | $394651<br>| $377544<br>| $326612<br>| $333536<br>| $294628<br>| $99107<br>|
| **RATIOS/SUPPLEMENTAL DATA:** | **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Expenses, including current and deferred income tax expense/benefit  | 2.12%<sup>4,5,6</sup> | 2.75%<sup>7</sup> | 2.18%<sup>9</sup> | 1.64%<sup>11</sup> | 1.40%<sup>12</sup> | 2.01%<sup>13</sup> |
| Expenses, excluding current and deferred income tax expense/benefit  | 2.25%<sup>4,5</sup> | 3.01%<sup>8</sup> | 2.99%<sup>10</sup> | 1.64%<sup>11</sup> | 1.40%<sup>12</sup> | 1.89%<sup>13</sup> |
| Net investment loss, net of income taxes  | (0.98)%<sup>4</sup> | (2.21)% | (1.98)% | (1.06)% | (1.31)% | (1.71)% |
| Portfolio turnover rate<sup>14</sup>  | 87%<sup>15</sup> | 59% | 69% | 62% | 99% | 96% |

---

------

1Effective March 31, 2020, the Fund had a 1 for 10 reverse stock split. The share amounts for the year ended December 31, 2020 was adjusted as a result of the 1 for 10 reverse stock split (See Note 1).

2Based on average shares outstanding.

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

4Annualized.

5The ratios of expenses to average net assets include interest expense fees of 1.30%.

6The ratios of expenses to average net assets include current and deferred income tax benefit / expense of 0.13%.

7The ratios of expenses to average net assets include interest expense of 2.06% and current and deferred income tax benefit / expense of 0.26%.

8The ratios of expenses to average net assets include interest expense fees of 2.06%.

9The ratios of expenses to average net assets include interest expense of 2.04% and current and deferred income tax benefit / expense of 0.81%.

10The ratios of expenses to average net assets include interest expense fees of 2.04%.

11The ratios of expenses to average net assets include interest expense fees of 0.69%.

12The ratios of expenses to average net assets include interest expense fees of 0.45%.

13The ratios of expenses to average net assets include interest expense of 0.93% and tax expense of 0.01%.

14Portfolio 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.

15Not annualized.

Notes to Financial Statements

April 30, 2025 (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 (the "1940 Act").

As of April 30, 2025, ten funds of the Trust are offered for sale. The InfraCap MLP ETF (the "Fund") is presented in this semi-annual report. The offering of the Fund's shares is registered under the Securities Act of 1933 (the "Securities Act").

---

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

---

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

The Fund is "non-diversified," as defined under the 1940 Act, as of the period ended April 30, 2025.

**Reverse Split**

After the close of the markets on March 30, 2020 (the Record Date), the Fund effected a reverse split of its issued and outstanding shares, with a 1 for 10 ratio. Shares of the Fund began trading on the NYSE Arca on a split-adjusted basis on March 31, 2020.

The effect of the reverse split was reducing the number of shares outstanding and resulted in a proportionate increase in the net asset value ("NAV") per share of the Fund. Therefore, the reverse split did not change the aggregate value of a shareholder's investment or the total market value of the shares outstanding.

**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.

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

Notes to Financial Statements (continued)

April 30, 2025 (unaudited)

**(d) Fair Value Measurement**

Accounting Standards Codification, Fair Value Measurements and Disclosures ("ASC 820") defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and requires disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into fair value measurement. Under ASC 820, various inputs are used in determining the value of the 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.

&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 April 30, 2025, is disclosed at the end of the Fund's Schedule of Investments.

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

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

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

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

**(f) Foreign Taxes**

The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on stock dividends are presented as "Other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

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

**(g) Expenses**

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

Notes to Financial Statements (continued)

April 30, 2025 (unaudited)

**(h) Short Sales**

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

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

**(i) Distributions to Shareholders**

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

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

**(j) Cash and Cash Equivalents**

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

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

**Investment Advisory Agreement**

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

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

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

**Sub-Advisory Agreement**

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

Notes to Financial Statements (continued)

April 30, 2025 (unaudited)

**Principal Underwriter**

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

**Operational Administrator**

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

**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 April 30, 2025, the Sub-Adviser held shares of the Fund which may be redeemed at any time that aggregated to the following:

---

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

---

**4. CREATION AND REDEMPTION TRANSACTIONS**

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

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

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

**5. FEDERAL INCOME TAX**

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

Cash distributions from MLPs to the Fund that exceed the Fund's allocable share of such MLP's net taxable income are considered a tax deferred return of capital that will reduce the Fund's adjusted tax basis in the equity securities of the MLP. These reductions in the Fund's adjusted tax basis in the MLP equity securities will increase the amount of any taxable gain (or decrease the amount of any tax loss) recognized by the Fund on a subsequent sale of the securities. The Fund will accrue deferred income taxes for any future tax liability associated with (i) that portion of MLP distributions considered to be a tax-deferred return of capital as well as (ii) capital appreciation

Notes to Financial Statements (continued)

April 30, 2025 (unaudited)

of its investments. Upon the sale of an MLP security, the Fund may be liable for previously deferred taxes. The Fund will rely to some extent on information provided by the MLPs, which is not necessarily timely, to estimate the deferred tax liability for purposes of financial statement reporting and determining the Fund's NAV. From time to time, the Adviser will modify the estimates or assumptions related to the Fund's deferred tax liability as new information becomes available. The Fund will generally compute deferred income taxes based on the federal income tax rate applicable to corporations and an assumed rate attributable to state taxes.

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

---

| | | | |
|:---|:---|:---|:---|
| **As of April 30, 2025** | **Current** | **Deferred** | **Total** |
| Federal  | $15074496  | $(6921791) | $8152705  |
| State  | 642260 | (339728) | 302532 |
| Valuation Allowance  |  | (4059439) | (4059439) |
| Total Tax Expense/(Benefit)  | $15716756 | $(11320958) | $4395798  |

---

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

---

| | |
|:---|:---|
|  | **As of <br>April 30, 2025** |
| **Deferred Tax Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Loss Carryforward  | $26776477<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Other  | 820366 |
| **Total Deferred Tax Assets**  | 27596843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less Valuation Allowance  | (12660377) |
| **Net Deferred Tax Assets**  | $14936466<br>|
| **Deferred Tax Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Gain on Investment  | $14042693<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Book vs tax deferred income from MLP Investments  | 7058816 |
| **Total Deferred Tax Liabilities**  | 21101509 |
| **Total Net Deferred Tax Asset/(Liability)**  | $(6165043) |

---

The Fund reviews the recoverability of its deferred tax assets based upon the weight of available evidence. When assessing the recoverability of its deferred tax assets, significant weight was given to the effects of potential future realized and unrealized gains on investments and the period over which these deferred tax assets can be realized. Currently, any capital losses that may be generated by the Fund in the future are eligible to be carried back up to three years and can be carried forward for five years to offset capital gains recognized by the Fund in those years. As of the period ended April 30, 2025, the Fund has a capital loss carryforward of $121,541,656 of which $104,975,858 expires in 2025, and $16,565,798 which expires in 2026. A valuation allowance has been recorded against the capital loss carryforwards not expected to be utilized.

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

Total income tax (benefit)/expense (current and deferred) differs from the amount computed by applying the federal statutory income tax rate of 21% to net investment and realized and unrealized gain/(losses) on investment before taxes as follows for the Fund:

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Rate** |
| Income Tax (Benefit) at Statutory Rate  | $7910566 <br>| 21.00% |
| State Income Taxes (Net of Federal Benefit)  | 388258 | 1.03% |
| Permanent Differences, Net  | (115963) | (0.31)% |
| Other | 272376  | 0.72% |
| Valuation Allowance  | (4059439) | (10.78)% |
| Net Income Tax Expense/(Benefit)  | $4395798 <br>| 11.66% |

---

The Fund recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. For the period from inception to April 30, 2025, the Fund does not have any accrued penalties or interest.

Notes to Financial Statements (continued)

April 30, 2025 (unaudited)

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more-likely-than-not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since inception of the Fund. The Fund's tax years, October 31, 2022 through October 31, 2024, remain subject to examination by tax authorities in the United States. Due to the nature of the Fund's investments, the Fund may be required to file income tax returns in several states. As of the period ended April 30, 2025, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially over the next fiscal year.

At April 30, 2025, the adjusted cost basis of investments and gross unrealized appreciation and depreciation of investments, excluding written options, for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Federal Tax<br>Cost Of<br>Investments** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| InfraCap MLP ETF  | $378943903<br>| $108372314<br>| $(12657228) | $95715086<br>|

---

**6. INVESTMENT TRANSACTIONS**

Purchases and sales of investments (excluding short-term investments), subscriptions in-kind and redemptions in-kind for the period ended April 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Subscriptions<br>In-Kind** | **Redemptions<br>In-Kind** |
| InfraCap MLP ETF  | $469779834<br>| $536507901<br>| $13364926<br>| $—<br>|

---

**7. DERIVATIVE FINANCIAL INSTRUMENTS**

**Options**

The Fund may write covered call and put options on portfolio securities and other financial instruments. Premiums received are recorded as liabilities. The liabilities are subsequently adjusted to reflect the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or are closed are added to or offset against the proceeds or amount paid on the transactions to determine the net realized gain or loss. By writing a covered call option, the Fund, in exchange for the premium, foregoes the opportunity for capital appreciation above the exercise price should the market price of the underlying security increase. By writing a put option, the Fund, in exchange for the premium, accepts the risk of having to purchase a security at an exercise price that is above the current price. Changes in value of written options are reported as change in unrealized gain (loss) on written options in the Statement of Operations. When the written option expires, is terminated or is sold, the Fund will record a gain or loss, which is reported as realized gain (loss) on written options in the Statement of Operations. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund may purchase call and put options on the portfolio securities or other financial instruments. The Fund may purchase call options to protect against an increase in the price of the security or financial instrument it anticipates purchasing. The Fund may purchase put options on securities which it holds or other financial instruments to protect against a decline in the value of the security or financial instrument or to close out covered written positions. Changes in value of purchased options are reported as part of change in unrealized gain (loss) on investments in the Statement of Operations. When the purchased option expires, is terminated or is sold, the Fund will record a gain or loss, which is reported as part of realized gain (loss) on investments in the Statement of Operations. Risks may arise from an imperfect correlation between the change in market value of the securities held by the Fund and the prices of options relating to the securities purchased or sold by the Fund and from the possible lack of liquid secondary market for an option. The maximum exposure to loss for any purchased option is limited to the premium initially paid for the option.

Transactions in derivative instruments reflected on the Statement of Assets and Liabilities at April 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Liabilities** | **Equity Risk** |
| Written options, at value  | $410387<br>|

---

Transactions in derivative instruments reflected on the Statement of Operations during the period ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Net Realized Gain (Loss) on:** | **Equity Risk** |
| Written options  | $1576844<br>|

---

---

| | |
|:---|:---|
| **Change in Net Unrealized Appreciation (Depreciation) on:** | **Equity Risk** |
| Written options  | $(1595)<br>|

---

Notes to Financial Statements (continued)

April 30, 2025 (unaudited)

For the period ended April 30, 2025, the monthly average market value of the written options contracts held by the Fund was $228,451.

**8. BORROWINGS**

The Fund entered into Lending Agreements (the "Agreements") with commercial banks (the "Banks") that allows the Fund to borrow cash from the Banks. Borrowings under the Agreements are collateralized by investments of the Fund. If the Fund defaults with respect to any of its obligations under the Agreements, the Banks may foreclose on assets of the Fund and/or the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the Agreements, necessitating the sale of securities at potentially inopportune times. Interest is charged at the Overnight Bank Funding Rate ("OBFR") plus an additional percentage rate on the amount borrowed. The Agreements have an on-demand commitment term. For the period ended April 30, 2025, the average daily borrowings under the Agreements and the weighted average interest rate were $93,818,824 and 5.53%, respectively.

**9. INVESTMENT RISKS**

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

**MLP Risk**

Investments in securities of MLPs involve risks that differ from investments in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner and cash flow risks. MLP common units and other equity securities can be affected by macro-economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards MLPs or the energy sector, changes in a particular issuer's financial condition or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs and other equity securities also can be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios.

**Market Risk**

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

**10. 10% SHAREHOLDERS**

As of April 30, 2025, the Fund had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of the Fund as detailed below:

---

| | | |
|:---|:---|:---|
| **Fund** | **% of Shares<br>Outstanding** | **Number of<br>Accounts** |
| InfraCap MLP ETF  | 61% | 2 |

---

**11. SEGMENT REPORTING**

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

**12. SUBSEQUENT EVENTS**

Management has evaluated subsequent events through the issuance of these financial statements and has determined that there are no material events that would require disclosure.

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 ETFis Series Trust I**

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 as listed below for the Trust.

**November 20, 2024 Annual Consideration of Advisory and Sub-Advisory** **Agreements for:**

**InfraCap MLP** **ETF ("AMZA")**

**InfraCap REIT Preferred** **ETF ("PFFR")**

**Virtus InfraCap U.S. Preferred Stock** **ETF ("PFFA")**

**Virtus LifeSci Biotech Clinical Trials ETF ("BBC") (no sub-adviser—Advisory** **Agreement only)**

**Virtus LifeSci Biotech Products ETF ("BBP") (no sub-adviser—Advisory** **Agreement only)**

**Virtus Newfleet Multi-Sector Bond** **ETF ("NFLT")**

**Virtus Private Credit Strategy ETF ("VPC") (no sub-adviser—Advisory** **Agreement only)**

**Virtus Real Asset Income ETF ("VRAI") (no sub-adviser—Advisory** **Agreement only)**

**Virtus WMC International Dividend** **ETF ("VWID")**

**(each, a "Fund" and collectively,** **the "Funds")**

On November 20, 2024, at a meeting (the "Meeting") at which all of the Trustees were present and could hear and be heard, including all of the Trustees who were not "interested persons" (as that term is defined in the Investment Company Act of 1940) of the Trust (the "Independent Trustees"), the Board of Trustees (the "Board") of the Trust, including the Independent Trustees voting separately, reviewed and unanimously approved for each of the respective Funds the continuance of an investment advisory agreement between Virtus ETF Advisers LLC ("VEA") and the Trust (each, an "Advisory Agreement" and collectively, the "Advisory Agreements"), and an investment sub-advisory agreement among each Sub-Adviser,<sup>1</sup> the Adviser and the Trust (each, a "Sub-Advisory Agreement" and collectively, the "Sub-Advisory Agreements"). The Advisory Agreements and the Sub-Advisory Agreements are collectively referred to herein as the "Investment Management Agreements." The Board also authorized the appointment of Virtus Investment Advisers, LLC (formerly, Virtus Investment Advisers, Inc.) ("VIA", together with VEA, the "Advisers" and, each, an "Adviser") as adviser to the Funds replacing VEA, effective January 1, 2025, and the transfer to, and assumption by, VIA of VEA's rights and obligations pursuant to the Investment Management Agreements, effective January 1, 2025 (the "Transfer and Assumption Agreements") (together with the Investment Management Agreements, the "Agreements"). The above changes were proposed in connection with a corporate reorganization of the Advisers to streamline and organizationally align the provision of advisory services (the "Reorganization").

------

1The Sub-Advisers include Infrastructure Capital Advisors, LLC; Virtus Fixed Income Advisers, LLC ("VFIA"); and Wellington Management Company LLP.

Other Information (unaudited) (continued)

At the Meeting, the Board received and reviewed information provided by the Advisers and the Sub-Advisers in response to requests of the Board and its counsel, including a memorandum from the Advisers that included a description of the Advisers' business, a copy of the Advisers' Form ADV, and certain other information about the Advisers to be considered in connection with the Trustees' review process (the "Adviser Memorandum"), and a memorandum from each Sub-Adviser that included a description of the Sub-Adviser's business, a copy of the Sub-Adviser's Form ADV and certain other information about the Sub-Adviser to be considered in connection with the Trustees' review process (each, a "Sub-Adviser Memorandum"). The Adviser Memorandum and Sub-Adviser Memorandum contained information necessary for the Board to form a judgment as to whether the renewal of each of the Investment Management Agreements and the approval of the Transfer and Assumption Agreements would be in the best interests of each applicable Fund and its respective shareholders. With respect to the consideration of the Transfer and Assumption Agreements, the Board considered management's discussion of the benefits to shareholders of the Reorganization and management's assertion that the Reorganization would not result in a change of control of VEA or a change in the proposed management of the Funds, including the personnel that would be providing investment management and other services to the Funds. With respect to the Investment Management Agreements, the Board also considered information furnished throughout the year at regular Board meetings with respect to the services provided by VEA and each Sub-Adviser, including quarterly performance reports prepared by management containing reviews of investment results, compliance reports, and periodic presentations from the Sub-Adviser with respect to the Fund it manages.

**Advisory Agreements and the Transfer and Assumption Agreements**

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

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

*Investment performance of the Funds and the Advisers.* The Board evaluated the investment management experience of each Adviser, in light of the services it has provided, or will provide, to each Fund. In this regard, the Board received information from the Advisers regarding, among other things, each Adviser's experience in organizing, managing and overseeing the Funds and other investment vehicles, coordinating their operation and administration, and, for those Funds to which it provides, or will provide, portfolio management services, the experience of the portfolio managers (who will continue to serve as portfolio managers to those Funds) in carrying out the day-to-day management of those Funds' portfolios. In particular, the Board received and reviewed information dated as of October 29, 2024, comparing each Fund's performance to its applicable peer group. In conducting its review, the Board considered the fact that AMZA, NFLT, PFFR, PFFA and VWID were sub-advised funds, and thus their performance results were specifically relevant to their respective Sub-Adviser's portfolio management capabilities. With respect to the portfolio management of BBC, BBP, VPC and VRAI, the Board considered that each Fund utilized an index-based strategy, and thus took into account both the Funds' performance relative to their respective peer groups as well as VEA's performance in tracking the relevant indexes (i.e., tracking error).

Specifically, with respect to BBC, the Board noted that the Fund outperformed the average and median performance of its peer group for the one-year period but underperformed the average and median performance of its peer group for each of the three-year and five-year periods. For BBP, the Board noted that the Fund outperformed the average and median performance of its peer group for each of the one-year, three- year and five-year periods. The Board considered that BBC and BBP performed in accordance with its investment objective of tracking its underlying index. The Board also considered the Funds' focus on biotechnology companies and how those companies performed relative to the Funds' peer group, which was comprised mostly of funds focusing on the broader U.S. health care sector.

For VPC, the Board noted that the Fund outperformed the average and median performance of its peer group for the one-year, three-year and five-year periods. For VRAI, the Board noted that the Fund underperformed the average and median performance of its peer group for each of the one-year, three-year and five-year periods, but still performed in accordance with its investment objective of tracking its underlying index. The Board also considered that VRAI was included in a peer group comprised of U.S. mid-cap value funds, due to a lack of peers focusing on real assets, when evaluating its performance relative to its peers. The Board also noted that each of these index-based Funds tracked their respective underlying indexes with minimal tracking error of less than 300 basis points, which was primarily attributable to trading as well as Fund fees and expenses.

Other Information (unaudited) (continued)

After consideration of these factors, the Board determined that each Adviser possessed adequate capabilities and experience for the management of each Fund, and that each Fund to which VEA provided (and for which VIA will continue to provide) portfolio management services had satisfactory performance and tracking error results.

*The costs of the services provided and profits realized by each Adviser from its relationship with the Funds*. The Board examined and evaluated the arrangements between each Adviser and the Funds under the Agreements. The Board considered the fact that AMZA, PFFR, BBC, BBP, PFFA, VPC, VRAI and VWID utilize a "unified fee" structure in which a Fund's ordinary operating expenses (subject to customary exclusions) are paid from the Adviser's and/or Sub-Adviser's management fee. The Board also considered that NFLT is subject to an expense limitation agreement (subject to customary exclusions) to cap the Fund's total expenses. The Board noted that, under either arrangement, the Adviser or Sub-Adviser would likely supplement a portion of the cost of operating each Fund for some period of time and considered the benefits that would accrue to those Funds.

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

Specifically, the Board noted that the management fees and expense ratios for BBC, BBP, VRAI and VWID were higher than the average and median, but below the maximum, management fees and expense ratios of their respective peer groups. The Board also considered that VRAI was included in a peer group comprised of U.S. mid-cap value funds, due to a lack of peers focusing on real assets, when evaluating its management fee and expense ratio relative to its peers. Further, the Board noted that the management fees and expense ratios for PFFR and NFLT were below the average and median management fees and expense ratios of their respective peer groups. For VPC, the Board noted that its management fee was above the average and median, but below the maximum, management fees of its peer group and its expense ratio was above the average and median, but below the maximum, average and median expense ratios of its peer group when excluding acquired fund fees and expenses. For PFFA, the Board noted that its management fee was above the average and median, but below the maximum, management fee of its peer group. For AMZA, the Board noted that its management fee was equal to the maximum management fee of its peer group, for which four other peers charged the same fee. In considering the management fees of both PFFA and AMZA, the Board also took into account the complexity of each Fund's strategy. The Board also noted that, although PFFA's and AMZA's expense ratios were the highest of their respective peer groups, that was primarily the result of interest expenses relating to borrowings; without those expenses, the expense ratios for PFFA and AMZA would have been comparable to their respective peer groups.

Following these comparisons and upon further consideration and discussion of the foregoing, the Board concluded that the fees paid, or to be paid, to the Advisers (including, where applicable, pursuant to the Sub-Advisory Agreements) are appropriate and representative of arm's-length negotiations.

*The extent to which economies of scale would be realized as the Funds grow and whether management fee levels reflect these economies of scale for the benefit of the Funds' investors*. The Board considered the AUM and operational history of each of the Funds, together with the fees paid, or to be paid, to each Adviser (including, where applicable, any capped fees). The Board considered that AMZA, PFFR, BBC, BBP, PFFA, VPC, VRAI and VWID are subject to a unified fee. The Board considered that these Funds have experienced benefits from the unified fee arrangement, and would continue to do so even after each Adviser reaches firm-wide profitability. The Board also considered that NFLT currently experiences benefits from the capped fees pursuant to the expense limitation agreement, and would continue to do so even after NFLT's assets grow to a level where each Adviser is no longer required to waive its advisory fee or reimburse the Fund's expenses in excess of the amount received by the Advisers under the Agreements. Accordingly, the Board concluded that each Fund's fee arrangement provides benefits through the unified fee structure or, for NFLT, the capped fee arrangement, and that, at each Fund's current and projected asset levels, each Fund's arrangement with each Adviser is appropriate.

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

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

Other Information (unaudited) (continued)

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

**Sub-Advisory Agreements and the Transfer and Assumption Agreements**

In deciding on whether to approve the continuance of the Sub-Advisory Agreements, and the Transfer and Assumption Agreements, with each Sub-Adviser on behalf of the respective Fund, the Board considered numerous factors, including:

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

*Investment performance of the Funds and the Sub-Advisers.* The Board evaluated the experience of each Sub-Adviser in carrying out the day-to-day management of the respective Fund's portfolio. The Board also considered the ability of VFIA to provide day-to-day portfolio management of NFLT's portfolio through Newfleet. In particular, the Board received and reviewed information from VEA regarding the performance of each Sub-Adviser in implementing the investment objective and strategies for the respective Fund. In conducting its review, the Board considered that AMZA, NFLT and PFFA were actively managed funds. The Board also considered that PFFR utilized an index-based strategy, and thus took into account both the Fund's performance relative to its peer group as well as the Sub-Adviser's performance in tracking the relevant index (i.e., tracking error).

Specifically, with respect to NFLT and PFFA, the Board noted that the Funds had outperformed the average and median performance of their respective peer groups for each of the one-year, three-year, and five-year periods. With respect to VWID, the Board noted that although the Fund underperformed the average and median performance of its peer group for the one-year period, it outperformed the average and median performance of its peer group for each of the three-year and five-year periods. With respect to PFFR, the Board noted that the Fund underperformed the average and median performance of its peer group for the three-year and five-year periods, but outperformed the average and median performance of its peer group for the one-year period. With respect to AMZA, the Board noted that, although the Fund underperformed the median performance of its peer group for the one-year period and the average and median performance of its peer group for the five-year period, it outperformed the average performance of its peer group for the one-year period and the average and median performance for the three-year period.

After consideration of these factors, the Board determined that each Sub-Adviser possessed adequate capabilities and experience for the management of the respective Funds, and that the sub-advised Funds generally had satisfactory performance.

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

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

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

*The extent to which economies of scale would be realized as the Funds grow and whether sub-advisory fee levels reflect these economies of scale for the benefit of the Funds' investors.* The Board considered the AUM and operational history of each of the sub-advised Funds, together with the fees paid to the respective Sub-Advisers (including, where applicable, any capped fees). The Board considered

Other Information (unaudited) (continued)

that AMZA, PFFR, PFFA and VWID are subject to a unified fee. The Board considered that the Funds have experienced benefits from the unified fee arrangement, and that NFLT benefits from any additional capped fees, particularly where the Sub-Adviser is paying or contributing to Fund expenses in excess of its sub-advisory fee. The Board considered that the applicable Fund would continue to experience such benefits even after such Fund's assets grow to a level where the Sub-Adviser is no longer required to waive its sub-advisory fee or reimburse, pay or contribute to the Fund's expenses in excess of the amount received by the Sub-Adviser under its Sub-Advisory Agreement. Accordingly, the Board concluded that each Fund's fee arrangement provides benefits through the unified fee structure or, for NFLT, the capped fee arrangement, and that, at each Fund's current and projected asset levels, each Fund's arrangement with its respective Sub-Adviser is appropriate.

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

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

After full consideration of the above factors as well as other factors, the Board, including the Independent Trustees, unanimously approved the continuance of the Sub-Advisory Agreements, and the Transfer and Assumption Agreements, with each Sub-Adviser on behalf of the respective Funds.

Supplemental Information (unaudited)

**Discount & Premium Information**

The Funds' premium/discount information for the most recently completed calendar year, and the most recently completed calendar quarters since that year is available by visiting <u>www.virtusetfs.com</u> or by calling (888) 383-4184.

**INFORMATION ABOUT PROXY VOTING**

A description of the policies and procedures the 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 www.sec.gov, or by accessing the Fund's website at www.virtusetfs.com.

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 www.sec.gov.

**c/o VP Distributors, LLC**

One Financial Plaza

Hartford, Connecticut 06103

8572(06/25)

![](etfis-fs_043025img002.gif)

&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) 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 and Principal Executive Officer<br> (Principal Executive Officer) |

---

Date <u>July 7, 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<br> (Principal Executive Officer) |

---

Date <u>July 7, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Brinton W. Frith |
|  | Brinton W. Frith, Treasurer and Principal Financial<br> Officer/Principal Accounting Officer |
|  | (Principal Financial Officer/Principal Accounting Officer) |

---

Date <u>July 7, 2025</u>

 

<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](etfis-ncsrs_043025.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: | July 7, 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, Brinton W. Frith, 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: | July 7, 2025 | /s/ Brinton W. Frith |
|  |  | Brinton W. Frith |
|  |  | Treasurer and Principal Financial Officer/Principal Accounting Officer |
|  |  | (Principal Financial Officer/Principal Accounting Officer) |

---

## Exhibit 99.906

[ETFis Series Trust I N-CSRS](etfis-ncsrs_043025.htm)

**Exhibit 99.906 CERT**

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | July 7, 2025 | /s/ William J. Smalley |
|  |  | William J. Smalley |
|  |  | President and Principal Executive Officer |
|  |  | (Principal Executive Officer) |

---

I, Brinton Frith, Treasurer and Principal Financial Officer of ETFis Series Trust I (the "Registrant"), certify that:

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

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

---

| | | |
|:---|:---|:---|
| Date: | July 7, 2025 | /s/ Brinton W. Frith |
|  |  | Brinton W. Frith |
|  |  | Treasurer and Principal Financial Officer/Principal Accounting Officer |
|  |  | (Principal Financial Officer/Principal Accounting Officer) |

---