ETFIS Series Trust I NPORTP Virtus InfraCap U.S. Preferred Stock ETF (Jul 2021 report)

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

July 31, 2021 (unaudited)

Security Description	Shares		Value

PREFERRED STOCKS - 129.3%

Communication Services - 0.8%
Liberty Broadband Corp., Series A, 7.00%⁽¹⁾		41,160	$	1,162,358
Qwest Corp., 6.50%⁽¹⁾		11,924		302,393
Telephone and Data Systems, Inc., 5.88%⁽¹⁾		38,572		992,843
Telephone and Data Systems, Inc., Series UU, 6.63%⁽¹⁾		40,811		1,158,624
United States Cellular Corp., 5.50%*		11,230		292,205
Total Communication Services				3,908,423

Consumer Discretionary - 3.9%
Ford Motor Co., 6.00%⁽¹⁾		417,444		11,521,455
Ford Motor Co., 6.20%⁽¹⁾		151,500		4,205,640
Franchise Group, Inc., Series A, 7.50%⁽¹⁾		99,168		2,707,286
Total Consumer Discretionary				18,434,381

Energy - 19.4%
Crestwood Equity Partners LP, 9.25%		326,011		3,110,145
DCP Midstream LP, Series B, 7.88%⁽¹⁾		822,658		20,714,528
DCP Midstream LP, Series C, 7.95%⁽¹⁾		208,669		5,214,638
Energy Transfer LP, Series C, 7.38%⁽¹⁾		102,850		2,578,450
Energy Transfer LP, Series D, 7.63%⁽¹⁾		130,899		3,319,599
Energy Transfer LP, Series E, 7.60%⁽¹⁾		126,778		3,179,592
GasLog Partners LP, Series A, 8.63% (Greece)⁽¹⁾		336,158		8,010,612
GasLog Partners LP, Series B, 8.20% (Greece)⁽¹⁾		289,545		6,468,435
Golar LNG Partners LP, Series A, 8.75% (United Kingdom)⁽¹⁾		39,140		942,491
Hoegh LNG Partners LP, Series A, 8.75% (Bermuda)⁽¹⁾		9,704		205,337
NuStar Energy LP, Series A, 8.50%⁽¹⁾		585,259		14,742,674
NuStar Energy LP, Series B, 7.63%⁽¹⁾		454,764		10,596,001
NuStar Energy LP, Series C, 9.00%⁽¹⁾		459,264		11,876,567
Total Energy				90,959,069

Financials - 32.2%
Affiliated Managers Group, Inc., 4.20%*		2,030		50,344
AG Mortgage Investment Trust, Inc., Series C, 8.00%⁽¹⁾		81,972		2,026,348
AGNC Investment Corp., Series D, 6.88%⁽¹⁾		53,105		1,378,606
AGNC Investment Corp., Series E, 6.50%⁽¹⁾		57,256		1,474,342
AGNC Investment Corp., Series F, 6.13%⁽¹⁾		78,597		1,996,364
American Equity Investment Life Holding Co., Series A, 5.95%⁽¹⁾		97,327		2,770,900
Annaly Capital Management, Inc., Series F, 6.95%⁽¹⁾		20,892		545,281
Annaly Capital Management, Inc., Series G, 6.50%⁽¹⁾		81,463		2,127,814
Annaly Capital Management, Inc., Series I, 6.75%⁽¹⁾		4,563		120,281
Arch Capital Group Ltd., Series G, 4.55%*		45,327		1,167,624
ARMOUR Residential REIT, Inc., Series C, 7.00%⁽¹⁾		227,042		6,062,021
Athene Holding Ltd., Series A, 6.35%⁽¹⁾		5,230		155,592
Athene Holding Ltd., Series D, 4.88%⁽¹⁾		18,330		479,513
B Riley Financial, Inc., 6.00%⁽¹⁾		52,406		1,393,476
B Riley Financial, Inc., 6.38%⁽¹⁾		107,409		2,785,115
B Riley Financial, Inc., 6.88%⁽¹⁾		7,320		188,270
B Riley Financial, Inc., Series B, 7.38%⁽¹⁾		25,455		722,922
BancorpSouth Bank, Series A, 5.50%		362		9,872
Bank of America Corp., Series PP, 4.13%⁽¹⁾		17,268		444,306
Bank of Hawaii Corp., Series A, 4.38%		11,260		291,972

Security Description	Shares		Value

PREFERRED STOCKS (continued)

Financials (continued)
Brookfield Finance I UK PLC, 4.50% (Canada)⁽¹⁾		10,020	$	254,708
Brookfield Finance, Inc., Series 50, 4.63% (Canada)⁽¹⁾		12,392		318,227
Capital One Financial Corp., Series J, 4.80%⁽¹⁾		71,267		1,875,035
Capital One Financial Corp., Series L, 4.38%*		22,400		573,440
Capital One Financial Corp., Series N, 4.25%*		10,000		249,500
Chimera Investment Corp., Series A, 8.00%⁽¹⁾		172,477		4,389,540
Chimera Investment Corp., Series B, 8.00%⁽¹⁾		224,114		5,887,475
Chimera Investment Corp., Series C, 7.75%⁽¹⁾		150,361		3,883,825
Chimera Investment Corp., Series D, 8.00%⁽¹⁾		262,127		6,833,651
CIT Group, Inc., Series B, 5.63%⁽¹⁾		43,803		1,168,226
CNO Financial Group, Inc., 5.13%		1,049		28,795
Compass Diversified Holdings, Series A, 7.25%⁽¹⁾		151,307		3,887,077
Compass Diversified Holdings, Series B, 7.88%⁽¹⁾		11,221		297,469
Dynex Capital, Inc., Series C, 6.90%		4,072		105,709
Ellington Financial, Inc., 6.75%⁽¹⁾		339,587		8,744,365
Enstar Group Ltd., Series D, 7.00%⁽¹⁾		130,566		3,884,338
Equitable Holdings, Inc., Series A, 5.25%⁽¹⁾		28		743
Equitable Holdings, Inc., Series C, 4.30%⁽¹⁾		43,451		1,096,703
First Horizon Corp., Series D, 6.10%⁽¹⁾		7,182		192,909
First Republic Bank, Series L, 4.25%		4,584		118,496
First Republic Bank, Series M, 4.00%*		102,463		2,561,575
Globe Life, Inc., 4.25%*		7,727		201,597
GMAC Capital Trust I, Series 2, 5.94%⁽¹⁾		17,963		478,355
Huntington Bancshares, Inc., Series H, 4.50%⁽¹⁾		16,795		439,693
Invesco Mortgage Capital, Inc., Series B, 7.75%⁽¹⁾		43,019		1,074,184
Invesco Mortgage Capital, Inc., Series C, 7.50%⁽¹⁾		186,982		4,715,686
JPMorgan Chase & Co., Series JJ, 4.55%⁽¹⁾		41,460		1,090,813
JPMorgan Chase & Co., Series MM, 4.20%*		50,000		1,253,500
Merchants Bancorp, Series B, 6.00%⁽¹⁾		13,805		365,832
Merchants Bancorp, Series C, 6.00%⁽¹⁾		60,292		1,770,776
MFA Financial, Inc., Series B, 7.50%⁽¹⁾		160,092		4,039,121
MFA Financial, Inc., Series C, 6.50%⁽¹⁾		366,907		8,512,242
Navient Corp., 6.00%⁽¹⁾		10,420		267,586
New Residential Investment Corp., Series C, 6.38%⁽¹⁾		14,940		352,285
New York Community Capital Trust V, 6.00%⁽¹⁾		3,759		193,213
New York Mortgage Trust, Inc., Series B, 7.75%⁽¹⁾		82,228		2,068,856
New York Mortgage Trust, Inc., Series D, 8.00%⁽¹⁾		432,060		10,974,324
New York Mortgage Trust, Inc., Series E, 7.88%⁽¹⁾		301,464		7,642,112
New York Mortgage Trust, Inc., Series F, 6.88%*		48,093		1,172,507
PennyMac Mortgage Investment Trust, Series A, 8.13%⁽¹⁾		90,867		2,413,428
PennyMac Mortgage Investment Trust, Series B, 8.00%⁽¹⁾		290,218		7,850,397
Prospect Capital Corp., Series A, 5.35%*		46,107		1,135,615
Regions Financial Corp., Series E, 4.45%*		28,075		732,196
RenaissanceRe Holdings Ltd., Series G, 4.20% (Bermuda)*		70,297		1,791,871

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

July 31, 2021 (unaudited)

Security Description	Shares		Value

PREFERRED STOCKS (continued)

Financials (continued)
Selective Insurance Group, Inc., Series B, 4.60%		1,043	$	27,170
Signature Bank, Series A, 5.00%⁽¹⁾		28,322		745,152
Sterling Bancorp, Series A, 6.50%		6		158
Stifel Financial Corp., Series D, 4.50%*		25,201		639,601
Synovus Financial Corp., Series D, 6.30%⁽¹⁾		4,107		109,780
Texas Capital Bancshares, Inc., Series B, 5.75%⁽¹⁾		16,149		446,035
Two Harbors Investment Corp., Series B, 7.63%⁽¹⁾		231,589		5,935,626
Two Harbors Investment Corp., Series C, 7.25%⁽¹⁾		371,483		9,290,790
US Bancorp, Series L, 3.75%⁽¹⁾		24,652		615,807
Valley National Bancorp, Series B, 5.50%⁽¹⁾		3,765		99,170
Wintrust Financial Corp., Series D, 6.50%		2,478		69,285
Total Financials				151,057,532

Health Care - 0.2%
Ontrak, Inc., 9.50%⁽¹⁾		18,648		463,403
XOMA Corp., Series A, 8.63%⁽¹⁾		9,325		243,849
Total Health Care				707,252

Industrials - 10.4%
Air Lease Corp., Series A, 6.15%⁽¹⁾		6,783		185,040
Alta Equipment Group, Inc., Series A, 10.00%⁽¹⁾		9,032		252,350
Atlas Corp., Series H, 7.88% (Canada)⁽¹⁾		27,024		683,437
Atlas Corp., Series I, 8.00% (Canada)⁽¹⁾		362,410		9,901,041
Babcock & Wilcox Enterprises, Inc., 8.13%⁽¹⁾		16,512		421,717
Babcock & Wilcox Enterprises, Inc., Series A, 7.75%		260,467		6,680,979
CAI International, Inc., Series A, 8.50%		85		2,190
CAI International, Inc., Series B, 8.50%		7,554		194,138
Fortress Transportation and Infrastructure Investors LLC, Series A, 8.25%⁽¹⁾		10,032		261,835
Fortress Transportation and Infrastructure Investors LLC, Series B, 8.00%⁽¹⁾		434,150		11,513,658
Pitney Bowes, Inc., 6.70%⁽¹⁾		253,774		6,478,850
Triton International Ltd., 6.88% (Bermuda)⁽¹⁾		131,297		3,569,965
Triton International Ltd., 7.38% (Bermuda)⁽¹⁾		278,648		7,729,696
Triton International Ltd., 8.00% (Bermuda)⁽¹⁾		28,451		802,887
Total Industrials				48,677,783

Information Technology - 0.9%
Broadcom, Inc., Series A, 8.00%
		2,871		4,433,800

Materials - 0.1%
International Flavors & Fragrances, Inc., 6.00%⁽¹⁾
		10,890		554,737

Real Estate - 39.0%
American Finance Trust, Inc., Series A, 7.50%⁽¹⁾		843,619		22,777,713
American Finance Trust, Inc., Series C, 7.38%⁽¹⁾		27,680		730,752
Armada Hoffler Properties, Inc., Series A, 6.75%⁽¹⁾		28,392		776,521

Security Description	Shares		Value

PREFERRED STOCKS (continued)

Real Estate (continued)
Braemar Hotels & Resorts, Inc., Series B, 5.50%⁽¹⁾		372,433	$	8,130,212
Braemar Hotels & Resorts, Inc., Series D, 8.25%⁽¹⁾		18,661		493,770
Brookfield Property Partners LP, Series A, 5.75%⁽¹⁾		200,748		4,916,319
Brookfield Property Partners LP, Series A-1, 6.50%⁽¹⁾		40,724		1,038,055
Brookfield Property Partners LP, Series A2, 6.38%⁽¹⁾		48,120		1,223,692
City Office REIT, Inc., Series A, 6.63%⁽¹⁾		5,548		142,029
CTO Realty Growth, Inc., Series A, 6.38%*		53,434		1,377,528
DiamondRock Hospitality Co., 8.25%⁽¹⁾		227,383		6,748,727
DigitalBridge Group, Inc., Series H, 7.13%⁽¹⁾		383,932		9,728,837
DigitalBridge Group, Inc., Series I, 7.15%⁽¹⁾		520,576		13,285,100
DigitalBridge Group, Inc., Series J, 7.13%⁽¹⁾		110,988		2,851,282
Diversified Healthcare Trust, 5.63%⁽¹⁾		8,554		209,573
Diversified Healthcare Trust, 6.25%⁽¹⁾		87,281		2,210,828
EPR Properties, Series C, 5.75%⁽¹⁾		83,399		2,130,010
EPR Properties, Series E, 9.00%⁽¹⁾		427,755		16,207,637
EPR Properties, Series G, 5.75%⁽¹⁾		188,029		4,806,021
Equity Commonwealth, Series D, 6.50%⁽¹⁾		224,764		7,320,563
Global Net Lease, Inc., Series A, 7.25%⁽¹⁾		189,974		5,003,915
Global Net Lease, Inc., Series B, 6.88%⁽¹⁾		211,562		5,678,324
iStar, Inc., Series D, 8.00%		2,217		58,573
iStar, Inc., Series I, 7.50%⁽¹⁾		284,607		7,553,470
Lexington Realty Trust, Series C, 6.50%⁽¹⁾		12,710		787,766
Monmouth Real Estate Investment Corp., Series C, 6.13%⁽¹⁾		80,064		2,030,423
Pebblebrook Hotel Trust, Series C, 6.50%⁽¹⁾		151,768		3,818,483
Pebblebrook Hotel Trust, Series D, 6.38%⁽¹⁾		55,397		1,392,681
Pebblebrook Hotel Trust, Series E, 6.38%		1,795		45,162
Pebblebrook Hotel Trust, Series F, 6.30%⁽¹⁾		133,095		3,392,592
Pebblebrook Hotel Trust, Series G, 6.38%*		28,075		754,656
Pebblebrook Hotel Trust, Series H, 5.70%*		20,000		506,000
Public Storage, Series P, 4.00%*		15,153		386,250
RLJ Lodging Trust, Series A, 1.95%⁽¹⁾		796,190		22,579,948
RPT Realty, Series D, 7.25%⁽¹⁾		127,905		7,234,307
Saul Centers, Inc., Series E, 6.00%⁽¹⁾		264,505		7,231,567
Summit Hotel Properties, Inc., Series D, 6.45%⁽¹⁾		16,631		423,592
Summit Hotel Properties, Inc., Series E, 6.25%⁽¹⁾		100,474		2,677,632
Sunstone Hotel Investors, Inc., Series I, 5.70%*		30,910		789,132
UMH Properties, Inc., Series C, 6.75%⁽¹⁾		20,568		539,910
Urstadt Biddle Properties, Inc., Series K, 5.88%⁽¹⁾		112,151		2,969,758
Vornado Realty Trust, Series L, 5.40%		2		52
Total Real Estate				182,959,362

Utilities - 22.4%
American Electric Power Co., Inc., 6.13%⁽¹⁾		66,950		3,365,576
CenterPoint Energy, Inc., Series B, 7.00%⁽¹⁾		398,978		18,787,874
CMS Energy Corp., Series C, 4.20%*		24,432		620,573
Dominion Energy, Inc., Series A, 7.25%⁽¹⁾		92,319		9,206,974
DTE Energy Co., 6.25%⁽¹⁾		117,417		6,023,492
Essential Utilities, Inc., 6.00%⁽¹⁾		4,842		293,667
NextEra Energy, Inc., 4.87%⁽¹⁾		23,273		1,367,754
SCE Trust II, 5.10%		2,539		63,653
SCE Trust III, Series H, 5.75%⁽¹⁾		735,243		18,638,410

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

July 31, 2021 (unaudited)

Security Description	Shares		Value

PREFERRED STOCKS (continued)

Utilities (continued)
SCE Trust IV, Series J, 5.38%⁽¹⁾		88,280	$	2,211,414
SCE Trust V, Series K, 5.45%⁽¹⁾		29,996		764,898
SCE Trust VI, 5.00%⁽¹⁾		483,458		12,100,954
South Jersey Industries, Inc., 5.63%⁽¹⁾		3,776		101,159
South Jersey Industries, Inc., 8.75%⁽¹⁾		312,943		17,058,523
Southern Co., Series 2019, 6.75%⁽¹⁾		248,087		12,863,311
Southern Co., Series C, 4.20%⁽¹⁾		18,351		481,163
UGI Corp., 7.25%*		11,230		1,197,118
Total Utilities				105,146,513

Total Preferred Stocks
(Cost $560,463,397)				606,838,852
COMMON STOCKS - 0.2%
Utilities - 0.2%
Sempra Energy⁽¹⁾⁽²⁾		8,304		1,084,917
South Jersey Industries, Inc.⁽¹⁾		40		1,007
Total Utilities				1,085,924
Total Common Stocks
(Cost $1,175,429)				1,085,924
TOTAL INVESTMENTS - 129.5%
(Cost $561,638,826)				607,924,776
Liabilities in Excess of Other Assets - (29.5)%				(138,421,193	)
Net Assets - 100.0%			$	469,503,583

Security Description	Notional Amount			Number of contracts
WRITTEN OPTIONS - (0.0)%⁽³⁾

Written Call Options
Sempra Energy,
Expires 08/20/21, Strike Price $135.00		(4,000	)		(40	)		(2,800	)
Sempra Energy,
Expires 08/20/21, Strike Price $140.00		(5,000	)		(50	)		(800	)
Total Written Options - (0.0)%
(Premiums Received $5,459)							$	(3,600	)

*	Non-income producing security.
(1)	Security, or a portion thereof, has been pledged as collateral for borrowings. The aggregate market value of the collateral at July 31, 2021 was $326,934,085.
(2)	Subject to written call options.
(3)	Amount rounds to less than 0.05%.

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

July 31, 2021 (unaudited)

Fair Value Measurements

The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Level 2 includes 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. Level 3 includes 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 following table summarizes valuation of the Fund’s investments under the fair value hierarchy levels as of July 31, 2021.

	Level 1		Level 2		Level 3		Total
Asset Valuation Inputs
Preferred Stocks	$	606,838,852	$	–	$	–	$	606,838,852
Common Stocks		1,085,924		–		–		1,085,924
Total	$	607,924,776	$	–	$	–	$	607,924,776
Liability Valuation Inputs
Written Options	$	3,600	$	–	$	–	$	3,600
Total	$	3,600	$	–	$	–	$	3,600

ETFIS Series Trust I (PFFR) NPORT-PVirtus InfraCap U.S. Preferred Stock ETF (Jul 2021 report)