Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF
July 31, 2021 (unaudited)
| Security Description | | Principal | | Value |
| | | |
| CORPORATE BONDS – 40.5% | | |
| | | | | | | | | |
| Communication Services – 3.5% | | | | | | | | |
| | | | | | | | | |
| Cars.com, Inc., 6.38%, 11/01/28(1) | | $ | 45,000 | | | $ | 48,102 | |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 03/01/30(1) | | | 25,000 | | | | 26,530 | |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 08/15/30(1) | | | 40,000 | | | | 42,050 | |
| Cincinnati Bell, Inc., 7.00%, 07/15/24(1) | | | 29,000 | | | | 29,689 | |
| Cinemark USA, Inc., 5.88%, 03/15/26(1) | | | 30,000 | | | | 29,512 | |
| Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27(1) | | | 15,000 | | | | 15,425 | |
| Diamond Sports Group LLC / Diamond Sports Finance Co., 5.38%, 08/15/26(1) | | | 25,000 | | | | 14,531 | |
| Diamond Sports Group LLC / Diamond Sports Finance Co., 6.63%, 08/15/27(1) | | | 40,000 | | | | 15,927 | |
| DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.88%, 08/15/27(1) | | | 5,000 | | | | 5,176 | |
| DISH DBS Corp., 7.75%, 07/01/26 | | | 13,000 | | | | 14,852 | |
| Frontier Communications Corp., 6.75%, 05/01/29(1) | | | 45,000 | | | | 48,015 | |
| iHeartCommunications, Inc., 8.38%, 05/01/27 | | | 29,008 | | | | 30,893 | |
| Level 3 Financing, Inc., 4.25%, 07/01/28(1) | | | 15,000 | | | | 15,291 | |
| Level 3 Financing, Inc., 3.63%, 01/15/29(1) | | | 25,000 | | | | 24,321 | |
| Live Nation Entertainment, Inc., 5.63%, 03/15/26(1) | | | 20,000 | | | | 20,850 | |
| Live Nation Entertainment, Inc., 4.75%, 10/15/27(1) | | | 35,000 | | | | 35,788 | |
| Mav Acquisition Corp., 8.00%, 08/01/29(1) | | | 30,000 | | | | 29,397 | |
| Nexstar Media, Inc., 4.75%, 11/01/28(1) | | | 20,000 | | | | 20,650 | |
| Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 6.00%, 02/15/28(1) | | | 5,000 | | | | 4,931 | |
| Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 10.75%, 06/01/28(1) | | | 20,000 | | | | 22,592 | |
| Radiate Holdco LLC / Radiate Finance, Inc., 4.50%, 09/15/26(1) | | | 5,000 | | | | 5,181 | |
| Radiate Holdco LLC / Radiate Finance, Inc., 6.50%, 09/15/28(1) | | | 40,000 | | | | 41,618 | |
| T-Mobile USA, Inc., 3.88%, 04/15/30 | | | 55,000 | | | | 62,289 | |
| TripAdvisor, Inc., 7.00%, 07/15/25(1) | | | 25,000 | | | | 26,723 | |
| Twitter, Inc., 3.88%, 12/15/27(1) | | | 55,000 | | | | 58,898 | |
| Univision Communications, Inc., 5.13%, 02/15/25(1) | | | 35,000 | | | | 35,610 | |
| Total Communication Services | | | | | | | 724,841 | |
| | | | | | | | | |
| Consumer Discretionary – 4.2% | | | | | | | | |
| | | | | | | | | |
| Adtalem Global Education, Inc., 5.50%, 03/01/28(1) | | | 45,000 | | | | 46,272 | |
| Ambience Merger Sub, Inc., 4.88%, 07/15/28(1) | | | 10,000 | | | | 10,050 | |
| Ambience Merger Sub, Inc., 7.13%, 07/15/29(1) | | | 40,000 | | | | 40,556 | |
| Caesars Entertainment, Inc., 6.25%, 07/01/25(1) | | | 10,000 | | | | 10,573 | |
| Caesars Entertainment, Inc., 8.13%, 07/01/27(1) | | | 5,000 | | | | 5,505 | |
| Carriage Services, Inc., 4.25%, 05/15/29(1) | | | 45,000 | | | | 45,000 | |
| Carvana Co., 5.63%, 10/01/25(1) | | | 30,000 | | | | 31,187 | |
| Carvana Co., 5.88%, 10/01/28(1) | | | 25,000 | | | | 26,516 | |
| Clarios Global LP / Clarios US Finance Co., 8.50%, 05/15/27(1) | | | 45,000 | | | | 48,656 | |
| Cooper-Standard Automotive, Inc., 13.00%, 06/01/24(1) | | | 20,000 | | | | 22,694 | |
| Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 02/15/23(1) | | | 31,000 | | | | 32,448 | |
| Security Description | | | Principal | | | | Value | |
| | | | | | | | | |
| CORPORATE BONDS (continued) | | | | | | | | |
| | | | | | | | | |
| Consumer Discretionary (continued) | | | | | | | | |
| | | | | | | | | |
| Ford Motor Co., 9.00%, 04/22/25 | | $ | 34,000 | | | $ | 41,895 | |
| Golden Nugget, Inc., 8.75%, 10/01/25(1) | | | 25,000 | | | | 26,437 | |
| Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 06/01/29(1) | | | 25,000 | | | | 25,258 | |
| M/I Homes, Inc., 4.95%, 02/01/28 | | | 55,000 | | | | 57,771 | |
| Metis Merger Sub LLC, 6.50%, 05/15/29(1) | | | 25,000 | | | | 24,552 | |
| MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 4.63%, 06/15/25(1) | | | 10,000 | | | | 10,655 | |
| Michaels Cos Inc. (The), 7.88%, 05/01/29(1) | | | 10,000 | | | | 10,390 | |
| Mohegan Gaming & Entertainment, 8.00%, 02/01/26(1) | | | 30,000 | | | | 31,273 | |
| NCL Corp. Ltd., 5.88%, 03/15/26(1) | | | 20,000 | | | | 20,175 | |
| NCL Finance Ltd., 6.13%, 03/15/28(1) | | | 10,000 | | | | 10,113 | |
| NMG Holding Co., Inc. / Neiman Marcus Group LLC, 7.13%, 04/01/26(1) | | | 45,000 | | | | 48,093 | |
| Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In, 8.50%, 11/15/27(1) | | | 5,000 | | | | 5,406 | |
| PulteGroup, Inc., 7.88%, 06/15/32 | | | 25,000 | | | | 36,744 | |
| Royal Caribbean Cruises Ltd., 9.13%, 06/15/23(1) | | | 20,000 | | | | 21,789 | |
| Royal Caribbean Cruises Ltd., 4.25%, 07/01/26(1) | | | 10,000 | | | | 9,773 | |
| Royal Caribbean Cruises Ltd., 5.50%, 04/01/28(1) | | | 5,000 | | | | 5,105 | |
| Scientific Games International, Inc., 8.25%, 03/15/26(1) | | | 25,000 | | | | 26,563 | |
| Station Casinos LLC, 4.50%, 02/15/28(1) | | | 25,000 | | | | 25,210 | |
| Tenneco, Inc., 5.13%, 04/15/29(1) | | | 45,000 | | | | 46,350 | |
| Under Armour, Inc., 3.25%, 06/15/26 | | | 30,000 | | | | 31,175 | |
| Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/28(1) | | | 25,000 | | | | 25,908 | |
| Total Consumer Discretionary | | | | | | | 860,092 | |
| | | | | | | | | |
| Consumer Staples – 1.0% | | | | | | | | |
| | | | | | | | | |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.25%, 03/15/26(1) | | | 60,000 | | | | 61,633 | |
| Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.88%, 09/01/25(1) | | | 35,000 | | | | 38,063 | |
| HLF Financing Sarl LLC / Herbalife International, Inc., 4.88%, 06/01/29(1) | | | 20,000 | | | | 20,217 | |
| Triton Water Holdings, Inc., 6.25%, 04/01/29(1) | | | 10,000 | | | | 10,026 | |
| Turning Point Brands, Inc., 5.63%, 02/15/26(1) | | | 30,000 | | | | 31,299 | |
| Vector Group Ltd., 5.75%, 02/01/29(1) | | | 40,000 | | | | 40,656 | |
| Total Consumer Staples | | | | | | | 201,894 | |
| | | | | | | | | |
| Energy – 5.8% | | | | | | | | |
| | | | | | | | | |
| Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 7.50%, 05/01/25(1) | | | 50,000 | | | | 50,565 | |
| Antero Midstream Partners LP / Antero Midstream Finance Corp., 7.88%, 05/15/26(1) | | | 25,000 | | | | 27,746 | |
| Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 01/15/28(1) | | | 40,000 | | | | 41,933 | |
| | | | | | | | | |
Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF (continued)
July 31, 2021 (unaudited)
| Security Description | | | Principal | | | | Value | |
| | | | | | | | | |
| CORPORATE BONDS (continued) | | | | | | | | |
| | | | | | | | | |
| Energy (continued) | | | | | | | | |
| | | | | | | | | |
| Antero Resources Corp., 8.38%, 07/15/26(1) | | $ | 9,000 | | | $ | 10,194 | |
| Antero Resources Corp., 7.63%, 02/01/29(1) | | | 10,000 | | | | 10,975 | |
| Antero Resources Corp., 5.38%, 03/01/30(1) | | | 15,000 | | | | 15,281 | |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp., 8.25%, 12/31/28(1) | | | 45,000 | | | | 48,731 | |
| Callon Petroleum Co., 6.13%, 10/01/24 | | | 25,172 | | | | 23,629 | |
| Cheniere Energy, Inc., 4.63%, 10/15/28 | | | 15,000 | | | | 15,855 | |
| Chesapeake Energy Corp., 5.50%, 02/01/26(1) | | | 30,000 | | | | 31,360 | |
| Chesapeake Energy Corp., 5.88%, 02/01/29(1) | | | 5,000 | | | | 5,325 | |
| Cimarex Energy Co., 4.38%, 03/15/29 | | | 45,000 | | | | 51,611 | |
| Citgo Holding, Inc., 9.25%, 08/01/24(1) | | | 10,000 | | | | 9,987 | |
| Colgate Energy Partners III LLC, 5.88%, 07/01/29(1) | | | 5,000 | | | | 5,201 | |
| CrownRock LP / CrownRock Finance, Inc., 5.63%, 10/15/25(1) | | | 45,000 | | | | 46,250 | |
| CrownRock LP / CrownRock Finance, Inc., 5.00%, 05/01/29(1) | | | 15,000 | | | | 15,705 | |
| CSI Compressco LP / CSI Compressco Finance, Inc., 7.50%, 04/01/25(1) | | | 52,000 | | | | 52,269 | |
| Energy Transfer LP, Series H, 6.50%, (US 5 Year CMT T- Note + 5.69%), perpetual(2)(3) | | | 50,000 | | | | 51,440 | |
| EQM Midstream Partners LP, 6.00%, 07/01/25(1) | | | 10,000 | | | | 10,903 | |
| EQM Midstream Partners LP, 6.50%, 07/01/27(1) | | | 10,000 | | | | 11,238 | |
| EQM Midstream Partners LP, 4.50%, 01/15/29(1) | | | 5,000 | | | | 5,077 | |
| EQM Midstream Partners LP, 4.75%, 01/15/31(1) | | | 5,000 | | | | 5,095 | |
| Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/29(1) | | | 60,000 | | | | 61,296 | |
| Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 02/01/31(1) | | | 10,000 | | | | 10,469 | |
| HollyFrontier Corp., 5.88%, 04/01/26 | | | 45,000 | | | | 52,162 | |
| Indigo Natural Resources LLC, 5.38%, 02/01/29(1) | | | 40,000 | | | | 41,786 | |
| Kinder Morgan, Inc., Series G, 7.75%, 01/15/32 | | | 43,000 | | | | 63,173 | |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(1) | | | 20,000 | | | | 20,458 | |
| Mesquite Energy, Inc., Escrow, 7.25%(4) | | | 12,000 | | | | 330 | |
| Nabors Industries Ltd., 7.25%, 01/15/26(1) | | | 25,000 | | | | 23,416 | |
| Oasis Petroleum, Inc., 6.38%, 06/01/26(1) | | | 5,000 | | | | 5,181 | |
| Occidental Petroleum Corp., 3.50%, 08/15/29 | | | 25,000 | | | | 25,002 | |
| Occidental Petroleum Corp., 6.63%, 09/01/30 | | | 45,000 | | | | 54,967 | |
| Occidental Petroleum Corp., 6.13%, 01/01/31 | | | 20,000 | | | | 23,654 | |
| Parsley Energy LLC / Parsley Finance Corp., 4.13%, 02/15/28(1) | | | 25,000 | | | | 26,299 | |
| Patterson-UTI Energy, Inc., 5.15%, 11/15/29 | | | 45,000 | | | | 46,617 | |
| Plains All American Pipeline LP / PAA Finance Corp., 3.80%, 09/15/30 | | | 50,000 | | | | 54,313 | |
| Sabine Pass Liquefaction LLC, 4.20%, 03/15/28 | | | 50,000 | | | | 56,778 | |
| Security Description | | | Principal | | | | Value | |
| | | | | | | | | |
| CORPORATE BONDS (continued) | | | | | | | | |
| | | | | | | | | |
| Energy (continued) | | | | | | | | |
| | | | | | | | | |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.88%, 04/15/26 | | $ | 25,000 | | | $ | 26,187 | |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.88%, 02/01/31(1) | | | 5,000 | | | | 5,413 | |
| Transocean, Inc., 11.50%, 01/30/27(1) | | | 4,000 | | | | 3,985 | |
| USA Compression Partners LP / USA Compression Finance Corp., 6.88%, 04/01/26 | | | 18,000 | | | | 18,876 | |
| Venture Global Calcasieu Pass LLC, 4.13%, 08/15/31(1) | | | 15,000 | | | | 15,551 | |
| Total Energy | | | | | | | 1,182,283 | |
| | | | | | | | | |
| Financials – 10.8% | | | | | | | | |
| | | | | | | | | |
| Acrisure LLC / Acrisure Finance, Inc., 7.00%, 11/15/25(1) | | | 35,000 | | | | 35,575 | |
| Allstate Corp. (The), Series B, 5.75%, (3-Month USD LIBOR + 2.94%), 08/15/53(2) | | | 55,000 | | | | 59,645 | |
| Ally Financial, Inc., Series B, 4.70%, (US 5 Year CMT T- Note + 3.87%), perpetual(2)(3) | | | 78,000 | | | | 81,783 | |
| Athene Global Funding, 2.45%, 08/20/27(1) | | | 70,000 | | | | 73,831 | |
| Bank of America Corp., 1.73%, (SOFR + 0.96%), 07/22/27(2) | | | 65,000 | | | | 66,160 | |
| Bank of America Corp., 3.42%, (3-Month USD LIBOR + 1.04%), 12/20/28(2) | | | 45,000 | | | | 49,478 | |
| Bank of New York Mellon Corp. (The), Series G, 4.70%, (US 5 Year CMT T-Note + 4.36%), perpetual(2)(3) | | | 65,000 | | | | 72,073 | |
| Blue Owl Finance LLC, 3.13%, 06/10/31(1) | | | 60,000 | | | | 60,734 | |
| Brighthouse Financial, Inc., 3.70%, 06/22/27 | | | 11,000 | | | | 12,159 | |
| Brighthouse Financial, Inc., 5.63%, 05/15/30 | | | 40,000 | | | | 49,281 | |
| Brightsphere Investment Group, Inc., 4.80%, 07/27/26 | | | 50,000 | | | | 54,245 | |
| BroadStreet Partners, Inc., 5.88%, 04/15/29(1) | | | 30,000 | | | | 30,414 | |
| Charles Schwab Corp. (The), Series H, 4.00%, (US 10 Year CMT T- Note + 3.08%), perpetual(2)(3) | | | 50,000 | | | | 52,123 | |
| Citadel LP, 4.88%, 01/15/27(1) | | | 50,000 | | | | 54,536 | |
| Citigroup, Inc., Series W, 4.00%, (US 5 Year CMT T- Note + 3.60%), perpetual(2)(3) | | | 30,000 | | | | 31,074 | |
| Citigroup, Inc., 3.98%, (3-Month USD LIBOR + 1.34%), 03/20/30(2) | | | 80,000 | | | | 91,250 | |
| Corporate Office Properties LP, 2.75%, 04/15/31 | | | 50,000 | | | | 51,272 | |
| Discover Financial Services, Series D, 6.13%, (US 5 Year CMT T- Note + 5.78%), perpetual(2)(3) | | | 20,000 | | | | 22,601 | |
| Goldman Sachs Group, Inc. (The), 1.99%, (SOFR + 1.09%), 01/27/32(2) | | | 75,000 | | | | 73,995 | |
| HCRX Investments Holdco LP, 4.50%, 08/01/29(1) | | | 40,000 | | | | 40,850 | |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 05/15/26 | | | 45,000 | | | | 47,362 | |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 05/15/27 | | | 25,000 | | | | 26,312 | |
| JPMorgan Chase & Co., Series HH, 4.60%, (SOFR + 3.13%), perpetual(2)(3) | | | 34,000 | | | | 35,233 | |
| JPMorgan Chase & Co., 2.96%, (SOFR + 2.52%), 05/13/31(2) | | | 105,000 | | | | 111,919 | |
Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF (continued)
July 31, 2021 (unaudited)
| Security Description | | Principal | | | Value | |
| | | | |
| CORPORATE BONDS (continued) | | | |
| | | | |
| Financials (continued) | | | |
| | | | |
| JPMorgan Chase & Co., 1.95%, (SOFR + 1.07%), 02/04/32(2) | | $ | 100,000 | | | $ | 98,703 | |
| KeyCorp, Series D, 5.00%, (3-Month USD LIBOR + 3.61%), perpetual(2)(3) | | | 45,000 | | | | 50,046 | |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27(1) | | | 40,000 | | | | 39,984 | |
| Lincoln National Corp., 2.17%, (3-Month USD LIBOR + 2.04%), 04/20/67(2) | | | 45,000 | | | | 38,805 | |
| MetLife, Inc., Series G, 3.85%, (US 5 Year CMT T- Note + 3.58%), perpetual(2)(3) | | | 30,000 | | | | 31,463 | |
| MetLife, Inc., Series D, 5.88%, (3-Month USD LIBOR + 2.96%), perpetual(2)(3) | | | 52,000 | | | | 60,933 | |
| Morgan Stanley, 3.95%, 04/23/27 | | | 75,000 | | | | 84,560 | |
| Navient Corp., 6.75%, 06/25/25 | | | 44,000 | | | | 49,057 | |
| OneMain Finance Corp., 7.13%, 03/15/26 | | | 42,000 | | | | 49,508 | |
| Prospect Capital Corp., 3.71%, 01/22/26 | | | 45,000 | | | | 46,517 | |
| Prudential Financial, Inc., 5.63%, (3-Month USD LIBOR + 3.92%), 06/15/43(2) | | | 65,000 | | | | 69,662 | |
| Santander Holdings USA, Inc., 4.40%, 07/13/27 | | | 59,000 | | | | 66,767 | |
| Synovus Financial Corp., 5.90%, (USD 5 Year Swap + 3.38%), 02/07/29(2) | | | 25,000 | | | | 27,105 | |
| Texas Capital Bancshares, Inc., 4.00%, (US 5 Year CMT T- Note + 3.15%), 05/06/31(2) | | | 70,000 | | | | 72,926 | |
| Truist Financial Corp., Series Q, 5.10%, (US 10 Year CMT T- Note + 4.35%), perpetual(2)(3) | | | 50,000 | | | | 57,625 | |
| Wells Fargo & Co., Series BB, 3.90%, (US 5 Year CMT T-Note + 3.45%), perpetual(2)(3) | | | 70,000 | | | | 72,714 | |
| Total Financials | | | | | | | 2,200,280 | |
| | | | | | | | | |
| Health Care – 2.9% | | | | | | | | |
| | | | | | | | | |
| Akumin, Inc., 7.00%, 11/01/25(1) | | | 50,000 | | | | 51,062 | |
| Bausch Health Americas, Inc., 9.25%, 04/01/26(1) | | | 24,000 | | | | 26,010 | |
| Bausch Health Americas, Inc., 8.50%, 01/31/27(1) | | | 15,000 | | | | 16,237 | |
| Bausch Health Cos., Inc., 7.00%, 01/15/28(1) | | | 35,000 | | | | 36,801 | |
| Centene Corp., 4.63%, 12/15/29 | | | 20,000 | | | | 21,944 | |
| CHS/Community Health Systems, Inc., 6.63%, 02/15/25(1) | | | 20,000 | | | | 20,997 | |
| CHS/Community Health Systems, Inc., 6.88%, 04/15/29(1) | | | 20,000 | | | | 21,117 | |
| CHS/Community Health Systems, Inc., 6.13%, 04/01/30(1) | | | 10,000 | | | | 10,144 | |
| CHS/Community Health Systems, Inc., 4.75%, 02/15/31(1) | | | 15,000 | | | | 15,244 | |
| DaVita, Inc., 4.63%, 06/01/30(1) | | | 30,000 | | | | 31,050 | |
| Encompass Health Corp., 4.50%, 02/01/28 | | | 25,000 | | | | 26,000 | |
| Endo Luxembourg Finance Co. I Sarl / Endo US, Inc., 6.13%, 04/01/29(1) | | | 15,000 | | | | 14,929 | |
| HCA, Inc., 5.63%, 09/01/28 | | | 17,000 | | | | 20,465 | |
| Illumina, Inc., 2.55%, 03/23/31 | | | 42,000 | | | | 43,526 | |
| Jaguar Holding Co. II / PPD Development LP, 5.00%, 06/15/28(1) | | | 15,000 | | | | 16,183 | |
| Lannett Co., Inc., 7.75%, 04/15/26(1) | | | 10,000 | | | | 9,837 | |
| Legacy LifePoint Health LLC, 6.75%, 04/15/25(1) | | | 20,000 | | | | 21,204 | |
| Security Description | | Principal | | | Value | |
| | | | | | | |
| CORPORATE BONDS (continued) | | | | | | | | |
| | | | | | | | | |
| Health Care (continued) | | | | | | | | |
| | | | | | | | | |
| Legacy LifePoint Health LLC, 4.38%, 02/15/27(1) | | $ | 30,000 | | | $ | 30,175 | |
| Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 7.25%, 02/01/28(1) | | | 2,000 | | | | 2,182 | |
| Par Pharmaceutical, Inc., 7.50%, 04/01/27(1) | | | 15,000 | | | | 15,321 | |
| Prime Healthcare Services, Inc., 7.25%, 11/01/25(1) | | | 5,000 | | | | 5,378 | |
| Surgery Center Holdings, Inc., 6.75%, 07/01/25(1) | | | 12,000 | | | | 12,226 | |
| Surgery Center Holdings, Inc., 10.00%, 04/15/27(1) | | | 30,000 | | | | 32,809 | |
| Team Health Holdings, Inc., 6.38%, 02/01/25(1) | | | 40,000 | | | | 37,151 | |
| Tenet Healthcare Corp., 7.50%, 04/01/25(1) | | | 5,000 | | | | 5,381 | |
| Viatris, Inc., 2.70%, 06/22/30(1) | | | 45,000 | | | | 46,259 | |
| Total Health Care | | | | | | | 589,632 | |
| | | | | | | | | |
| Industrials – 3.7% | | | | | | | | |
| | | | | | | | | |
| Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.63%, 07/15/26(1) | | | 55,000 | | | | 58,300 | |
| American Airlines Group, Inc., 5.00%, 06/01/22(1) | | | 45,000 | | | | 44,944 | |
| American Airlines, Inc., 11.75%, 07/15/25(1) | | | 60,000 | | | | 75,075 | |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26(1) | | | 10,000 | | | | 10,475 | |
| APX Group, Inc., 5.75%, 07/15/29(1) | | | 25,000 | | | | 25,133 | |
| Aviation Capital Group LLC, 3.50%, 11/01/27(1) | | | 61,000 | | | | 64,857 | |
| BCPE Ulysses Intermediate, Inc., 7.75%, 04/01/27, 7.75% Cash or 8.50% PIK(1)(5) | | | 25,000 | | | | 25,163 | |
| Boeing Co. (The), 5.15%, 05/01/30 | | | 35,000 | | | | 41,731 | |
| Boeing Co. (The), 3.75%, 02/01/50 | | | 20,000 | | | | 20,827 | |
| Boeing Co. (The), 5.93%, 05/01/60 | | | 13,000 | | | | 18,018 | |
| Cleaver-Brooks, Inc., 7.88%, 03/01/23(1) | | | 40,000 | | | | 39,630 | |
| CoStar Group, Inc., 2.80%, 07/15/30(1) | | | 58,000 | | | | 60,009 | |
| CP Atlas Buyer, Inc., 7.00%, 12/01/28(1) | | | 55,000 | | | | 56,835 | |
| Delta Air Lines, Inc., 3.75%, 10/28/29 | | | 30,000 | | | | 29,807 | |
| Deluxe Corp., 8.00%, 06/01/29(1) | | | 20,000 | | | | 21,878 | |
| General Electric Co., Series D, 3.45%, (3-Month USD LIBOR + 3.33%), perpetual(2)(3) | | | 65,000 | | | | 63,839 | |
| LBM Acquisition LLC, 6.25%, 01/15/29(1) | | | 15,000 | | | | 15,048 | |
| Spirit AeroSystems, Inc., 5.50%, 01/15/25(1) | | | 40,000 | | | | 42,050 | |
| TransDigm, Inc., 5.50%, 11/15/27 | | | 30,000 | | | | 31,012 | |
| United Airlines, Inc., 4.38%, 04/15/26(1) | | | 5,000 | | | | 5,151 | |
| United Airlines, Inc., 4.63%, 04/15/29(1) | | | 5,000 | | | | 5,150 | |
| Total Industrials | | | | | | | 754,932 | |
| | | | | | | | | |
| Information Technology – 3.4% | | | | | | | | |
| | | | | | | | | |
| Banff Merger Sub, Inc., 9.75%, 09/01/26(1) | | | 20,000 | | | | 21,051 | |
| Broadcom, Inc., 4.15%, 11/15/30 | | | 55,000 | | | | 62,428 | |
| Broadcom, Inc., 2.45%, 02/15/31(1) | | | 17,000 | | | | 16,955 | |
| Citrix Systems, Inc., 3.30%, 03/01/30 | | | 80,000 | | | | 85,287 | |
| Dell International LLC / EMC Corp., 8.10%, 07/15/36 | | | 49,000 | | | | 76,363 | |
| Elastic NV, 4.13%, 07/15/29(1) | | | 5,000 | | | | 5,025 | |
| HP, Inc., 3.40%, 06/17/30 | | | 65,000 | | | | 69,913 | |
Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF (continued)
July 31, 2021 (unaudited)
| Security Description | | Principal | | | Value | |
| | | | | | | |
| CORPORATE BONDS (continued) | | | | | | | | |
| | | | | | | | | |
| Information Technology (continued) | | | | | | | | |
| | | | | | | | | |
| MicroStrategy, Inc., 6.13%, 06/15/28(1) | | $ | 30,000 | | | $ | 30,152 | |
| Motorola Solutions, Inc., 4.60%, 02/23/28 | | | 30,000 | | | | 35,185 | |
| Motorola Solutions, Inc., 4.60%, 05/23/29 | | | 10,000 | | | | 11,828 | |
| NCR Corp., 5.13%, 04/15/29(1) | | | 30,000 | | | | 31,268 | |
| Plantronics, Inc., 4.75%, 03/01/29(1) | | | 30,000 | | | | 29,288 | |
| Rocket Software, Inc., 6.50%, 02/15/29(1) | | | 30,000 | | | | 29,889 | |
| Science Applications International Corp., 4.88%, 04/01/28(1) | | | 40,000 | | | | 42,036 | |
| SYNNEX Corp., 2.38%, 08/09/28(1) | | | 65,000 | | | | 65,186 | |
| Viasat, Inc., 5.63%, 09/15/25(1) | | | 50,000 | | | | 50,924 | |
| Xerox Holdings Corp., 5.50%, 08/15/28(1) | | | 35,000 | | | | 36,970 | |
| Total Information Technology | | | | | | | 699,748 | |
| | | | | | | | | |
| Materials – 1.8% | | | | | | | | |
| | | | | | | | | |
| Chemours Co. (The), 5.75%, 11/15/28(1) | | | 30,000 | | | | 31,880 | |
| Cleveland-Cliffs, Inc., 6.75%, 03/15/26(1) | | | 35,000 | | | | 37,818 | |
| Freeport-McMoRan, Inc., 5.45%, 03/15/43 | | | 30,000 | | | | 38,605 | |
| Hecla Mining Co., 7.25%, 02/15/28 | | | 35,000 | | | | 37,982 | |
| International Flavors & Fragrances, Inc., 2.30%, 11/01/30(1) | | | 40,000 | | | | 40,986 | |
| Louisiana-Pacific Corp., 3.63%, 03/15/29(1) | | | 50,000 | | | | 50,550 | |
| Mauser Packaging Solutions Holding Co., 7.25%, 04/15/25(1) | | | 30,000 | | | | 29,345 | |
| Trident TPI Holdings, Inc., 9.25%, 08/01/24(1) | | | 30,000 | | | | 31,682 | |
| Trident TPI Holdings, Inc., 6.63%, 11/01/25(1) | | | 40,000 | | | | 41,002 | |
| U.S. Steel Corp., 6.88%, 03/01/29 | | | 20,000 | | | | 21,734 | |
| Total Materials | | | | | | | 361,584 | |
| | | | | | | | | |
| Real Estate – 2.1% | | | | | | | | |
| | | | | | | | | |
| American Assets Trust LP, 3.38%, 02/01/31 | | | 60,000 | | | | 63,131 | |
| EPR Properties, 4.75%, 12/15/26 | | | 50,000 | | | | 54,005 | |
| GLP Capital LP / GLP Financing II, Inc., 5.25%, 06/01/25 | | | 52,000 | | | | 58,867 | |
| GLP Capital LP / GLP Financing II, Inc., 5.75%, 06/01/28 | | | 16,000 | | | | 19,253 | |
| Iron Mountain, Inc., 5.25%, 07/15/30(1) | | | 10,000 | | | | 10,669 | |
| iStar, Inc., 4.25%, 08/01/25 | | | 40,000 | | | | 41,590 | |
| MPT Operating Partnership LP / MPT Finance Corp., 4.63%, 08/01/29 | | | 10,000 | | | | 10,779 | |
| Office Properties Income Trust, 4.50%, 02/01/25 | | | 50,000 | | | | 54,275 | |
| Retail Properties of America, Inc., 4.75%, 09/15/30 | | | 55,000 | | | | 62,198 | |
| Service Properties Trust, 4.38%, 02/15/30 | | | 55,000 | | | | 51,562 | |
| Total Real Estate | | | | | | | 426,329 | |
| | | | | | | | | |
| Utilities – 1.3% | | | | | | | | |
| | | | | | | | | |
| CMS Energy Corp., 4.75%, (US 5 Year CMT T- Note + 4.12%), 06/01/50(2) | | | 80,000 | | | | 90,024 | |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.38%, 04/01/26(1) | | | 5,000 | | | | 4,944 | |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/29(1) | | | 5,000 | | | | 4,985 | |
| National Fuel Gas Co., 2.95%, 03/01/31 | | | 40,000 | | | | 41,204 | |
| PG&E Corp., 5.25%, 07/01/30 | | | 35,000 | | | | 34,212 | |
| Southern Co. (The), Series 21-A, 3.75%, (US 5 Year CMT T- Note + 2.92%), 09/15/51(2) | | | 58,000 | | | | 59,175 | |
| Talen Energy Supply, LLC, 6.63%, 01/15/28(1) | | | 35,000 | | | | 31,151 | |
| Total Utilities | | | | | | | 265,695 | |
| Security Description | | Principal | | | Value | |
| | | | | | | |
| CORPORATE BONDS (continued) | | | | | | | | |
| | | | | | | | | |
| Total Corporate Bonds | | | | | | | | |
| (Cost $7,911,169) | | | | | | $ | 8,267,310 | |
| | | | | | | | | |
| TERM LOANS – 20.2% | | | | | | | | |
| | | | | | | | | |
| Aerospace – 1.0% | | | | | | | | |
| | | | | | | | | |
| AI Convoy Luxembourg Sarl, 4.50%, (6-Month USD LIBOR + 3.50%), 01/18/27(2) | | $ | 10,147 | | | | 10,152 | |
| Air Canada, 0.00%, (6-Month USD LIBOR + 3.50%), 07/27/28(6) | | | 7,059 | | | | 7,079 | |
| Amentum Government Services Holdings LLC, 5.50%, (3-Month USD LIBOR + 4.75%), 01/29/27(2) | | | 14,963 | | | | 15,019 | |
| American Airlines, Inc., 5.50%, (3-Month USD LIBOR + 4.75%), 04/20/28(2) | | | 5,000 | | | | 5,148 | |
| Brown Group Holding LLC, 3.25%, (3-Month USD LIBOR + 2.75%), 04/22/28(2) | | | 37,475 | | | | 37,257 | |
| KKR Apple Bidco LLC, 0.00%, (1-Month USD LIBOR + 0.00%), 07/14/28(6) | | | 25,000 | | | | 24,855 | |
| Mileage Plus Holdings LLC, 6.25%, (3-Month USD LIBOR + 5.25%), 06/21/27(2) | | | 30,000 | | | | 31,845 | |
| TransDigm Inc, 2.34%, (1-Month USD LIBOR + 2.25%), 05/30/25(2) | | | 14,962 | | | | 14,716 | |
| TransDigm, Inc., 2.34%, (1-Month USD LIBOR + 2.25%), 12/09/25(2) | | | 37,366 | | | | 36,756 | |
| United Airlines, Inc., 4.50%, (1-Month USD LIBOR + 3.75%), 04/21/28(2) | | | 14,963 | | | | 15,008 | |
| Total Aerospace | | | | | | | 197,835 | |
| | | | | | | | | |
| Chemicals – 1.0% | | | | | | | | |
| | | | | | | | | |
| Aruba Investments Holdings LLC, 4.75%, (3-Month USD LIBOR + 4.00%), 11/24/27(2) | | | 14,963 | | | | 15,028 | |
| CPC Acquisition Corp., 4.50%, (3-Month USD LIBOR + 3.75%), 12/29/27(2) | | | 29,925 | | | | 29,813 | |
| Herens US Holdco Corp., 4.75%, (3-Month USD LIBOR + 4.00%), 06/29/28(2) | | | 20,000 | | | | 20,025 | |
| Herens US Holdco Corp., 0.00%, (3-Month USD LIBOR + 4.00%), 06/29/28(6) | | | 20,000 | | | | 20,025 | |
| INEOS US Finance LLC, 0.00%, (3-Month USD LIBOR + 0.00%), 03/31/24(6) | | | 44,922 | | | | 44,369 | |
| Innophos Holdings, Inc., 3.59%, (1-Month USD LIBOR + 3.50%), 02/05/27(2) | | | 49,674 | | | | 49,643 | |
| Nouryon USA LLC, 2.86%, (1-Month USD LIBOR + 2.75%), 10/01/25(2) | | | 25,088 | | | | 24,812 | |
| Total Chemicals | | | | | | | 203,715 | |
| | | | | | | | | |
| Consumer Durables – 0.1% | | | | | | | | |
| | | | | | | | | |
| Protective Industrial Products, Inc., 4.75%, (1-Month USD LIBOR + 4.00%), 12/29/27(2) | | | 28,587 | | | | 28,480 | |
| | | | | | | | | |
| Consumer Non-Durables – 0.9% | | | | | | | | |
| | | | | | | | | |
| Diamond (BC) B.V., 3.09%, (1-Month USD LIBOR + 3.00%), 09/06/24(2) | | | 44,362 | | | | 44,056 | |
| Parfums Holding Co., Inc., 4.09%, (1-Month USD LIBOR + 4.00%), 06/28/24(2) | | | 58,502 | | | | 58,341 | |
| Rodan & Fields, LLC, 4.09%, (1-Month USD LIBOR + 4.00%), 06/16/25(2) | | | 31,704 | | | | 25,271 | |
| SRAM LLC, 3.25%, (3-Month USD LIBOR + 2.75%), 05/18/28(2) | | | 13,636 | | | | 13,585 | |
| SRAM LLC, 3.25%, (1-Month USD LIBOR + 2.75%), 05/18/28(2) | | | 1,091 | | | | 1,087 | |
Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF (continued)
July 31, 2021 (unaudited)
| Security Description | | Principal | | | Value | |
| |
| TERM LOANS (continued) | | | | | | | | |
| | | | | | | | | |
| Consumer Non-Durables (continued) | | | | | | | | |
| | | | | | | | | |
| Zep Inc., 5.00%, (3-Month USD LIBOR + 4.00%), 08/12/24(2) | | $ | 39,794 | | | $ | 38,759 | |
| Total Consumer Non-Durables | | | | | | | 181,099 | |
| | | | | | | | | |
| Energy – 0.6% | | | | | | | | |
| | | | | | | | | |
| CITGO Petroleum Corp., 7.25%, (3-Month USD LIBOR + 6.25%), 03/28/24(2) | | | 35,644 | | | | 35,794 | |
| Hamilton Projects Acquiror LLC, 5.75%, (3-Month USD LIBOR + 4.75%), 06/17/27(2) | | | 24,750 | | | | 24,475 | |
| Medallion Midland Acquisition, LLC, 4.25%, (1-Month USD LIBOR + 3.25%), 10/30/24(2) | | | 29,922 | | | | 29,762 | |
| Traverse Midstream Partners LLC, 6.50%, (1-Month USD LIBOR + 5.50%), 09/27/24(2) | | | 23,243 | | | | 23,292 | |
| Total Energy | | | | | | | 113,323 | |
| | | | | | | | | |
| Financials – 0.7% | | | | | | | | |
| | | | | | | | | |
| Asurion LLC, 0.00%, (1-Month USD LIBOR + 5.25%), 07/31/27(6) | | | 20,000 | | | | 19,669 | |
| Asurion LLC, 3.34%, (1-Month USD LIBOR + 3.25%), 07/31/27(2) | | | 14,963 | | | | 14,715 | |
| Asurion LLC, 5.34%, (1-Month USD LIBOR + 5.25%), 01/31/28(2) | | | 15,000 | | | | 14,952 | |
| Asurion LLC, 0.00%, (1-Month USD LIBOR + 5.25%), 01/15/29(6) | | | 15,000 | | | | 14,948 | |
| Avolon TLB Borrower 1 US LLC, 3.25%, (1-Month USD LIBOR + 2.50%), 12/01/27(2) | | | 14,925 | | | | 14,944 | |
| Citadel Securities LP, 2.59%, (1-Month USD LIBOR + 2.50%), 02/02/28(2) | | | 44,888 | | | | 44,182 | |
| Deerfield Dakota Holding LLC, 4.75%, (1-Month USD LIBOR + 3.75%), 04/09/27(2) | | | 24,775 | | | | 24,819 | |
| Zebra Buyer LLC, 0.00%, (1-Month USD LIBOR + 0.00%), 04/21/28(6) | | | 5,000 | | | | 5,010 | |
| Total Financials | | | | | | | 153,239 | |
| | | | | | | | | |
| Food/Tobacco – 0.6% | | | | | | | | |
| | | | | | | | | |
| Chobani LLC, 4.50%, (1-Month USD LIBOR + 3.50%), 10/25/27(2) | | | 9,925 | | | | 9,933 | |
| Froneri US, Inc., 2.34%, (1-Month USD LIBOR + 2.25%), 01/29/27(2) | | | 34,650 | | | | 34,072 | |
| H-Food Holdings, LLC (aka Hearthside Food Solutions, LLC), 3.78%, (1-Month USD LIBOR + 3.69%), 05/23/25(2) | | | 24,682 | | | | 24,481 | |
| Shearer’s Foods LLC, 4.25%, (3-Month USD LIBOR + 3.50%), 09/23/27(2) | | | 19,642 | | | | 19,655 | |
| Triton Water Holdings, Inc., 4.00%, (3-Month USD LIBOR + 3.50%), 03/31/28(2) | | | 35,000 | | | | 34,779 | |
| Total Food/Tobacco | | | | | | | 122,920 | |
| | | | | | | | | |
| Forest Prod/Containers – 0.6% | | | | | | | | |
| | | | | | | | | |
| Anchor Glass Container Corp., 0.00%, (3-Month USD LIBOR + 0.00%), 12/07/23(6) | | | 14,922 | | | | 13,926 | |
| Berlin Packaging LLC, 3.75%, (3-Month USD LIBOR + 3.25%), 03/11/28(2) | | | 39,900 | | | | 39,611 | |
| BWAY Holding Co., 3.34%, (1-Month USD LIBOR + 3.25%), 04/03/24(2) | | | 14,961 | | | | 14,511 | |
| Kloeckner Pentaplast of America, Inc., 5.25%, (3-Month USD LIBOR + 4.75%), 02/12/26(2) | | | 39,900 | | | | 39,962 | |
| Security Description | | Principal | | | Value | |
| | | | | | | |
| TERM LOANS (continued) | | | | | | | | |
| | | | | | | | | |
| Forest Prod/Containers (continued) | | | | | | | | |
| | | | | | | | | |
| Technimark Holdings LLC, 4.25%, (3-Month USD LIBOR + 3.75%), 06/30/28(2) | | $ | 15,000 | | | $ | 14,919 | |
| Total Forest Prod/Containers | | | | | | | 122,929 | |
| | | | | | | | | |
| Gaming/Leisure – 1.2% | | | | | | | | |
| | | | | | | | | |
| Caesars Resort Collection LLC, 2.84%, (1-Month USD LIBOR + 2.75%), 12/23/24(2) | | | 39,897 | | | | 39,503 | |
| Carnival Corp, 3.75%, (3-Month USD LIBOR + 3.00%), 06/30/25(2) | | | 4,950 | | | | 4,924 | |
| CCM Merger, Inc., 4.50%, (3-Month USD LIBOR + 3.75%), 11/04/25(2) | | | 8,691 | | | | 8,713 | |
| ECL Entertainment LLC, 8.25%, (1-Month USD LIBOR + 7.50%), 05/01/28(2) | | | 5,000 | | | | 5,100 | |
| Everi Payments, Inc., 3.50%, (1-Month USD LIBOR + 2.75%), 05/09/24(2) | | | 20,000 | | | | 19,978 | |
| Hilton Grand Vacations Borrower LLC, 0.00%, (1-Month USD LIBOR + 0.00%), 05/19/28(6) | | | 5,000 | | | | 4,989 | |
| J&J Ventures Gaming LLC, 4.75%, (1-Month USD LIBOR + 4.00%), 04/26/28(2) | | | 25,000 | | | | 25,125 | |
| Playa Resorts Holding B.V., 3.75%, (1-Month USD LIBOR + 2.75%), 04/29/24(2) | | | 59,236 | | | | 57,107 | |
| Pug LLC, 3.59%, (1-Month USD LIBOR + 3.50%), 02/12/27(2) | | | 34,475 | | | | 33,786 | |
| Pug LLC, 0.00%, (1-Month USD LIBOR + 4.25%), 02/12/27(6) | | | 8,571 | | | | 8,523 | |
| Raptor Acquisition Corp, 0.00%, (1-Month USD LIBOR + 0.00%), 11/01/26(6) | | | 10,000 | | | | 10,009 | |
| Scientific Games International, Inc., 2.84%, (1-Month USD LIBOR + 2.75%), 08/14/24(2) | | | 18,371 | | | | 18,125 | |
| Stars Group Holdings BV, 2.40%, (2-Month USD LIBOR + 2.25%), 07/21/26(2) | | | 18,653 | | | | 18,539 | |
| Total Gaming/Leisure | | | | | | | 254,421 | |
| | | | | | | | | |
| Health Care – 3.9% | | | | | | | | |
| | | | | | | | | |
| Accelerated Health Systems, LLC, 3.59%, (1-Month USD LIBOR + 3.50%), 10/31/25(2) | | | 38,853 | | | | 38,732 | |
| AHP Health Partners, Inc., 4.75%, (1-Month USD LIBOR + 3.75%), 06/30/25(2) | | | 47,623 | | | | 47,737 | |
| ANI Pharmaceuticals Inc, 0.00%, (1-Month USD LIBOR + 0.00%), 05/24/27(6) | | | 20,000 | | | | 20,050 | |
| Athenahealth, Inc., 4.41%, (3-Month USD LIBOR + 4.25%), 02/11/26(2) | | | 9,975 | | | | 9,990 | |
| Azalea Topco Inc, 4.50%, (3-Month USD LIBOR + 3.75%), 07/24/26(2) | | | 49,825 | | | | 49,970 | |
| Azalea Topco Inc, 4.50%, (1-Month USD LIBOR + 3.75%), 07/24/26(2) | | | 125 | | | | 125 | |
| CHG Healthcare Services, Inc. (fka CHG Buyer Corp.), 4.00%, (3-Month USD LIBOR + 3.00%), 06/07/23(2) | | | 83,665 | | | | 83,613 | |
| Envision Health Care Corp., 3.84%, (1-Month USD LIBOR + 3.75%), 10/10/25(2) | | | 30,122 | | | | 25,868 | |
| eResearchTechnology, Inc., 5.50%, (1-Month USD LIBOR + 4.50%), 02/04/27(2) | | | 4,987 | | | | 5,003 | |
| Heartland Dental LLC, 4.09%, (1-Month USD LIBOR + 4.00%), 04/30/25(2) | | | 35,000 | | | | 34,923 | |
Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF (continued)
July 31, 2021 (unaudited)
Security Description | | Principal | | | Value | |
| |
| TERM LOANS (continued) | | | | | | | | |
| | | | | | | | | |
| Health Care (continued) | | | | | | | | |
| | | | | | | | | |
| Insulet Corp., 3.75%, (1-Month USD LIBOR + 3.25%), 05/04/28(2) | | $ | 10,000 | | | $ | 10,020 | |
| LifePoint Health Inc, 3.84%, (1-Month USD LIBOR + 3.75%), 11/16/25(2) | | | 20,000 | | | | 19,856 | |
| Milano Acquisition Corp., 4.75%, (3-Month USD LIBOR + 4.00%), 10/01/27(2) | | | 29,850 | | | | 29,892 | |
| One Call Corp., 6.25%, (3-Month USD LIBOR + 5.50%), 04/22/27(2) | | | 50,000 | | | | 50,437 | |
| Packaging Coordinators Midco, Inc., 4.25%, (3-Month USD LIBOR + 3.50%), 11/30/27(2) | | | 19,950 | | | | 19,952 | |
| PAREXEL International Corp., 2.84%, (1-Month USD LIBOR + 2.75%), 09/27/24(2) | | | 40,000 | | | | 39,920 | |
| PetVet Care Centers LLC, 4.25%, (1-Month USD LIBOR + 3.50%), 02/14/25(2) | | | 49,798 | | | | 49,720 | |
| PetVet Care Centers LLC, 3.34%, (1-Month USD LIBOR + 3.25%), 02/14/25(2) | | | 8,206 | | | | 8,119 | |
| Phoenix Guarantor, Inc., 3.60%, (1-Month USD LIBOR + 3.50%), 03/05/26(2) | | | 39,875 | | | | 39,498 | |
| Phoenix Guarantor, Inc., 3.34%, (1-Month USD LIBOR + 3.25%), 03/05/26(2) | | | 39,499 | | | | 39,049 | |
| Pluto Acquisition I Inc, 4.14%, (2-Month USD LIBOR + 4.00%), 06/20/26(2) | | | 25,000 | | | | 24,875 | |
| Sotera Health Holdings LLC, 3.25%, (3-Month USD LIBOR + 2.75%), 12/13/26(2) | | | 10,000 | | | | 9,973 | |
| Sunshine Luxembourg VII Sarl, 4.50%, (3-Month USD LIBOR + 3.75%), 10/01/26(2) | | | 14,963 | | | | 14,991 | |
| Surgery Center Holdings, Inc., 4.50%, (1-Month USD LIBOR + 3.75%), 08/31/26(2) | | | 24,938 | | | | 24,958 | |
| Upstream Newco Inc, 0.00%, (1-Month USD LIBOR + 4.25%), 11/20/26(6) | | | 22,500 | | | | 22,395 | |
| Viant Medical Holdings, Inc., 3.84%, (1-Month USD LIBOR + 3.75%), 07/02/25(2) | | | 64,681 | | | | 62,664 | |
| Waystar Technologies, Inc., 4.09%, (1-Month USD LIBOR + 4.00%), 10/22/26(2) | | | 4,962 | | | | 4,952 | |
| Total Health Care | | | | | | | 787,282 | |
| | | | | | | | | |
| Housing – 0.4% | | | | | | | | |
| | | | | | | | | |
| 84 Lumber Co., 3.75%, (1-Month USD LIBOR + 3.00%), 11/13/26(2) | | | 19,950 | | | | 19,903 | |
| Quikrete Holdings, Inc., 0.00%, (1-Month USD LIBOR + 0.00%), 05/12/28(6) | | | 45,000 | | | | 44,578 | |
| SRS Distribution Inc, 4.25%, (3-Month USD LIBOR + 3.75%), 06/02/28(2) | | | 15,000 | | | | 14,914 | |
| Total Housing | | | | | | | 79,395 | |
| | | | | | | | | |
| Information Technology – 2.7% | | | | | | | | |
| | | | | | | | | |
| Acuris Finance US, Inc., 4.50%, (3-Month USD LIBOR + 4.00%), 02/16/28(2) | | | 3,385 | | | | 3,398 | |
| Applied Systems, Inc., 6.25%, (3-Month USD LIBOR + 5.50%), 09/19/25(2) | | | 29,460 | | | | 29,886 | |
| Austin BidCo, Inc., 5.00%, (1-Month USD LIBOR + 4.25%), 02/11/28(2) | | | 4,988 | | | | 5,013 | |
| Barracuda Networks, Inc., 4.50%, (3-Month USD LIBOR + 3.75%), 02/12/25(2) | | | 19,850 | | | | 19,902 | |
| Boxer Parent Co, Inc., 3.84%, (1-Month USD LIBOR + 3.75%), 10/02/25(2) | | | 42,001 | | | | 41,705 | |
| Epicor Software Corp., 4.00%, (1-Month USD LIBOR + 3.25%), 07/30/27(2) | | | 49,750 | | | | 49,665 | |
| Security Description | | Principal | | | Value | |
| |
| TERM LOANS (continued) | | | | | | | | |
| | | | | | | | | |
| Information Technology (continued) | | | | | | | | |
| | | | | | | | | |
| Greeneden US Holdings II LLC, 4.75%, (1-Month USD LIBOR + 4.00%), 12/01/27(2) | | $ | 14,925 | | | $ | 14,958 | |
| Hyland Software, Inc., 4.25%, (1-Month USD LIBOR + 3.50%), 07/01/24(2) | | | 29,796 | | | | 29,838 | |
| Infinite Bidco LLC, 4.25%, (1-Month USD LIBOR + 3.75%), 03/02/28(2) | | | 30,000 | | | | 29,981 | |
| Infinite Bidco LLC, 7.50%, (1-Month USD LIBOR + 7.00%), 03/02/29(2) | | | 10,000 | | | | 10,100 | |
| ION Trading Finance Ltd, 4.92%, (3-Month USD LIBOR + 4.75%), 04/01/28(2) | | | 5,000 | | | | 5,015 | |
| Magenta Buyer LLC, 0.00%, (3-Month USD LIBOR + 5.00%), 04/29/28(6) | | | 20,000 | | | | 19,931 | |
| Masergy Holdings, Inc., 4.25%, (3-Month USD LIBOR + 3.25%), 12/15/23(2) | | | 22,385 | | | | 22,360 | |
| Project Ruby Ultimate Parent Corp., 4.00%, (1-Month USD LIBOR + 3.25%), 03/10/28(2) | | | 29,925 | | | | 29,803 | |
| Proofpoint, Inc., 0.00%, (1-Month USD LIBOR + 0.00%), 06/09/28(6) | | | 30,000 | | | | 29,745 | |
| RealPage, Inc., 3.75%, (1-Month USD LIBOR + 3.25%), 04/24/28(2) | | | 40,000 | | | | 39,808 | |
| Rocket Software Inc, 0.00%, (1-Month USD LIBOR + 0.00%), 11/28/25(6) | | | 25,000 | | | | 24,474 | |
| Sophia LP, 4.50%, (3-Month USD LIBOR + 3.75%), 10/07/27(2) | | | 24,875 | | | | 24,888 | |
| Thoughtworks, Inc., 3.75%, (1-Month USD LIBOR + 3.25%), 03/24/28(2) | | | 30,017 | | | | 29,980 | |
| Thoughtworks, Inc., 5.50%, (3-Month USD LIBOR + 2.25%), 03/24/28(2) | | | 4,895 | | | | 4,889 | |
| UKG, Inc., 4.00%, (3-Month USD LIBOR + 3.25%), 05/04/26(2) | | | 39,713 | | | | 39,742 | |
| Ultra Clean Holdings, Inc., 3.86%, (1-Month USD LIBOR + 3.75%), 08/27/25(2) | | | 9,477 | | | | 9,497 | |
| Vertiv Group Corp., 2.85%, (1-Month USD LIBOR + 2.75%), 03/02/27(2) | | | 29,726 | | | | 29,486 | |
| Total Information Technology | | | | | | | 544,064 | |
| | | | | | | | | |
| Manufacturing – 1.3% | | | | | | | | |
| | | | | | | | | |
| Alliance Laundry Systems LLC, 4.25%, (3-Month USD LIBOR + 3.50%), 10/08/27(2) | | | 39,421 | | | | 39,439 | |
| Arcline FM Holdings LLC, 5.50%, (3-Month USD LIBOR + 4.75%), 06/23/28(2) | | | 15,000 | | | | 15,056 | |
| Arcline FM Holdings LLC, 9.00%, (3-Month USD LIBOR + 8.25%), 06/15/29(2) | | | 5,000 | | | | 5,075 | |
| CIRCOR International, Inc., 4.25%, (1-Month USD LIBOR + 3.25%), 12/11/24(2) | | | 30,000 | | | | 29,839 | |
| Filtration Group Corp., 4.50%, (1-Month USD LIBOR + 3.75%), 03/29/25(2) | | | 24,813 | | | | 24,865 | |
| Filtration Group Corp., 3.09%, (1-Month USD LIBOR + 3.00%), 03/31/25(2) | | | 19,946 | | | | 19,765 | |
| Gates Global LLC, 3.50%, (1-Month USD LIBOR + 2.75%), 03/31/27(2) | | | 39,800 | | | | 39,603 | |
| Gates Global LLC, 0.00%, (1-Month USD LIBOR + 2.75%), 03/31/27(6) | | | 15,000 | | | | 14,926 | |
| LEB Holdings USA, Inc., 4.50%, (3-Month USD LIBOR + 3.75%), 11/02/27(2) | | | 34,825 | | | | 34,929 | |
| Star US Bidco LLC, 5.25%, (1-Month USD LIBOR + 4.25%), 03/17/27(2) | | | 24,750 | | | | 24,804 | |
Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF (continued)
July 31, 2021 (unaudited)
| Security Description | | Principal | | | Value | |
| |
| TERM LOANS (continued) | | | | | | | | |
| | | | | | | | | |
| Manufacturing (continued) | | | | | | | | |
| | | | | | | | | |
| Truck Hero, Inc., 4.50%, (1-Month USD LIBOR + 3.75%), 01/31/28(2) | | $ | 4,988 | | | $ | 4,979 | |
| US Farathane LLC, 5.25%, (3-Month USD LIBOR + 4.25%), 12/23/24(2) | | | 13,658 | | | | 13,589 | |
| Total Manufacturing | | | | | | | 266,869 | |
| | | | | | | | | |
| Media/Telecom - Broadcasting – 0.2% | | | | | | | | |
| | | | | | | | | |
| Diamond Sports Group LLC, 3.35%, (1-Month USD LIBOR + 3.25%), 08/24/26(2) | | | 19,650 | | | | 10,866 | |
| Directv Financing LLC, 0.00%, (1-Month USD LIBOR + 5.00%), 07/22/27(6) | | | 15,000 | | | | 14,989 | |
| Univision Communications, Inc., 3.75%, (1-Month USD LIBOR + 2.75%), 03/15/24(2) | | | 20,000 | | | | 19,956 | |
| Total Media/Telecom - Broadcasting | | | | | | | 45,811 | |
| | | | | | | | | |
| Media/Telecom - Cable/Wireless Video – 0.4% | | | | | | | | |
| | | | | | | | | |
| CSC Holdings, LLC, 2.34%, (1-Month USD LIBOR + 2.25%), 01/15/26(2) | | | 57,987 | | | | 57,081 | |
| Intelsat Jackson Holdings SA, 8.63%, (1-Month USD LIBOR + 8.63%), 01/02/24(2) | | | 15,000 | | | | 15,303 | |
| Radiate Holdco LLC, 4.25%, (1-Month USD LIBOR + 3.50%), 09/25/26(2) | | | 3,741 | | | | 3,731 | |
| Total Media/Telecom - Cable/Wireless Video | | | | | | | 76,115 | |
| | | | | | | | | |
| Media/Telecom - Diversified Media – 0.4% | | | | | | | | |
| | | | | | | | | |
| Mav Acquisition Corp, 0.00%, (3-Month USD LIBOR + 4.75%), 07/21/28(6) | | | 24,000 | | | | 23,784 | |
| UPC Financing Partnership, 3.09%, (1-Month USD LIBOR + 3.00%), 01/31/29(2) | | | 25,000 | | | | 24,781 | |
| William Morris Endeavor Entertainment LLC, 2.85%, (1-Month USD LIBOR + 2.75%), 05/19/25(2) | | | 29,920 | | | | 29,151 | |
| Total Media/Telecom - Diversified Media | | | | | | | 77,716 | |
| | | | | | | | | |
| Media/Telecom - Telecommunications – 0.3% | | | | | | | | |
| | | | | | | | | |
| Altice France SA/France, 3.81%, (3-Month USD LIBOR + 3.69%), 01/31/26(2) | | | 29,540 | | | | 29,230 | |
| CenturyLink, Inc., 2.34%, (1-Month USD LIBOR + 2.25%), 03/15/27(2) | | | 14,775 | | | | 14,561 | |
| Consolidated Communications, Inc., 4.25%, (1-Month USD LIBOR + 3.50%), 10/02/27(2) | | | 10,710 | | | | 10,687 | |
| Securus Technologies Holdings, Inc., 6.98%, (3-Month USD LIBOR + 4.50%), 11/01/24(2) | | | 9,923 | | | | 9,279 | |
| Total Media/Telecom - Telecommunications | | | | | | | 63,757 | |
| | | | | | | | | |
| Retail – 0.8% | | | | | | | | |
| | | | | | | | | |
| CNT Holdings I Corp., 4.50%, (3-Month USD LIBOR + 3.75%), 11/08/27(2) | | | 24,938 | | | | 24,918 | |
| Great American Outdoors, 5.00%, (3-Month USD LIBOR + 4.25%), 03/06/28(2) | | | 29,850 | | | | 29,932 | |
| Harbor Freight Tools USA Inc, 3.25%, (1-Month USD LIBOR + 2.75%), 10/19/27(2) | | | 39,800 | | | | 39,669 | |
| Michaels Cos Inc. (The), 5.00%, (1-Month USD LIBOR + 4.25%), 04/15/28(2) | | | 20,000 | | | | 20,041 | |
| Petco Health & Wellness Co, Inc., 4.00%, (3-Month USD LIBOR + 3.25%), 03/03/28(2) | | | 19,950 | | | | 19,886 | |
| PetSmart, Inc., 4.50%, (3-Month USD LIBOR + 3.75%), 02/11/28(2) | | | 20,000 | | | | 20,018 | |
| Security Description | | Principal | | | Value | |
| |
| TERM LOANS (continued) | | | | | | | | |
| | | | | | | | | |
| Retail (continued) | | | | | | | | |
| | | | | | | | | |
| Rising Tide Holdings Inc, 5.50%, (1-Month USD LIBOR + 4.75%), 06/01/28(2) | | $ | 15,000 | | | $ | 15,040 | |
| Total Retail | | | | | | | 169,504 | |
| | | | | | | | | |
| Service – 2.5% | | | | | | | | |
| | | | | | | | | |
| AIT Worldwide Logistics Holdings, Inc., 5.50%, (3-Month USD LIBOR + 4.75%), 04/06/28(2) | | | 10,000 | | | | 10,025 | |
| AlixPartners LLP, 0.00%, (1-Month USD LIBOR + 2.75%), 02/04/28(6) | | | 20,000 | | | | 19,893 | |
| Allied Universal Holdco LLC, 4.25%, (3-Month USD LIBOR + 3.75%), 05/12/28(2) | | | 10,000 | | | | 10,005 | |
| Dun & Bradstreet Corp. (The), 3.34%, (1-Month USD LIBOR + 3.25%), 02/06/26(2) | | | 54,551 | | | | 54,159 | |
| DXP Enterprises, Inc./TX, 5.75%, (1-Month USD LIBOR + 4.75%), 12/23/27(2) | | | 14,925 | | | | 15,000 | |
| ENSEMBLE RCM LLC, 3.88%, (3-Month USD LIBOR + 3.75%), 08/03/26(2) | | | 4,975 | | | | 4,977 | |
| Grab Holdings, Inc., 5.50%, (3-Month USD LIBOR + 4.50%), 01/29/26(2) | | | 34,913 | | | | 35,218 | |
| Hertz Corp/The, 0.00%, (1-Month USD LIBOR + 3.50%), 06/30/28(6) | | | 4,852 | | | | 4,830 | |
| Hertz Corp/The, 0.00%, (1-Month USD LIBOR + 3.50%), 06/30/28(6) | | | 30,452 | | | | 30,309 | |
| Hoya Midco, LLC, 4.50%, (1-Month USD LIBOR + 3.50%), 06/30/24(2) | | | 29,569 | | | | 29,434 | |
| NAB Holdings, LLC, 4.00%, (3-Month USD LIBOR + 3.00%), 07/01/24(2) | | | 19,846 | | | | 19,855 | |
| Paysafe Holdings US Corp, 3.25%, (1-Month USD LIBOR + 2.75%), 06/28/28(2) | | | 30,000 | | | | 29,963 | |
| Paysafe Holdings US Corp, 0.00%, (1-Month USD LIBOR + 2.75%), 06/28/28(6) | | | 10,000 | | | | 9,987 | |
| Peraton Corp., 4.50%, (1-Month USD LIBOR + 3.75%), 02/01/28(2) | | | 31,920 | | | | 31,940 | |
| Pike Corp., 3.10%, (1-Month USD LIBOR + 3.00%), 01/21/28(2) | | | 52,740 | | | | 52,527 | |
| PODS LLC, 3.75%, (1-Month USD LIBOR + 3.00%), 03/31/28(2) | | | 44,888 | | | | 44,719 | |
| Sedgwick Claims Management Services, Inc., 3.84%, (1-Month USD LIBOR + 3.75%), 09/03/26(2) | | | 49,672 | | | | 49,339 | |
| TTF Holdings LLC, 5.00%, (3-Month USD LIBOR + 4.00%), 03/31/28(2) | | | 10,000 | | | | 9,987 | |
| University Support Services LLC, 0.00%, (1-Month USD LIBOR + 0.00%), 06/29/28(6) | | | 32,160 | | | | 32,046 | |
| Weld North Education LLC, 4.75%, (1-Month USD LIBOR + 4.00%), 12/21/27(2) | | | 24,875 | | | | 24,900 | |
| Total Service | | | | | | | 519,113 | |
| | | | | | | | | |
| Transportation - Automotive – 0.4% | | | | | | | | |
| | | | | | | | | |
| Cooper-Standard Automotive, Inc., 2.75%, (1-Month USD LIBOR + 2.00%), 11/02/23(2) | | | 49,320 | | | | 48,211 | |
| Mavis Tire Express Services TopCo LP, 4.75%, (3-Month USD LIBOR + 4.00%), 05/04/28(2) | | | 20,000 | | | | 20,003 | |
| PAI Holdco Inc, 4.50%, (3-Month USD LIBOR + 3.75%), 10/28/27(2) | | | 4,988 | | | | 4,987 | |
| Total Transportation - Automotive | | | | | | | 73,201 | |
Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF (continued)
July 31, 2021 (unaudited)
| Security Description | | Principal | | | Value | |
| | | | | | | | | |
| TERM LOANS (continued) | | | | | | | | |
| | | | | | | | | |
| Utilities – 0.2% | | | | | | | | |
| | | | | | | | | |
| Brookfield WEC Holdings, Inc., 3.25%, (1-Month USD LIBOR + 2.75%), 08/01/25(2) | | $ | 33,798 | | | $ | 33,367 | |
| PG&E Corp., 3.50%, (3-Month USD LIBOR + 3.00%), 06/23/25(2) | | | 9,900 | | | | 9,663 | |
| Total Utilities | | | | | | | 43,030 | |
| Total Term Loans | | | | | | | | |
| (Cost $4,119,775) | | | | | | | 4,123,818 | |
| | | | | | | | | |
| FOREIGN BONDS – 15.5% | | | | | | | | |
| | | | | | | | | |
| Communication Services – 0.3% | | | | | | | | |
| | | | | | | | | |
| Telesat Canada / Telesat LLC, 6.50%, 10/15/27 (Canada)(1) | | | 85,000 | | | | 72,250 | |
| | | | | | | | | |
| Consumer Discretionary – 0.2% | | | | | | | | |
| | | | | | | | | |
| Gateway Casinos & Entertainment Ltd., 8.25%, 03/01/24 (Canada)(1) | | | 35,000 | | | | 35,101 | |
| Raptor Acquisition Corp. / Raptor Co.-Issuer LLC, 4.88%, 11/01/26 (Canada)(1) | | | 5,000 | | | | 5,088 | |
| Total Consumer Discretionary | | | | | | | 40,189 | |
| | | | | | | | | |
| Consumer Staples – 0.6% | | | | | | | | |
| Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/29 (Belgium) | | | 45,000 | | | | 54,178 | |
| BAT Capital Corp., 4.91%, 04/02/30 (United Kingdom) | | | 55,000 | | | | 64,053 | |
| Total Consumer Staples | | | | | | | 118,231 | |
| | | | | | | | | |
| Energy – 2.2% | | | | | | | | |
| | | | | | | | | |
| BP Capital Markets PLC, 4.88%, (US 5 Year CMT T- Note + 4.40%), perpetual (United Kingdom)(2)(3) | | | 50,000 | | | | 55,328 | |
| Coronado Finance Pty Ltd., 10.75%, 05/15/26 (Australia)(1) | | | 40,000 | | | | 43,452 | |
| Northriver Midstream Finance LP, 5.63%, 02/15/26 (Canada)(1) | | | 20,000 | | | | 20,659 | |
| Petrobras Global Finance BV, 7.38%, 01/17/27 (Brazil) | | | 25,000 | | | | 30,429 | |
| Petrobras Global Finance BV, 5.60%, 01/03/31 (Brazil) | | | 20,000 | | | | 22,285 | |
| Petroleos Mexicanos, 6.50%, 03/13/27 (Mexico) | | | 95,000 | | | | 100,724 | |
| Petroleos Mexicanos, 5.95%, 01/28/31 (Mexico) | | | 85,000 | | | | 83,661 | |
| Petroleos Mexicanos, 6.35%, 02/12/48 (Mexico) | | | 80,000 | | | | 68,489 | |
| Petroleos Mexicanos, 7.69%, 01/23/50 (Mexico) | | | 20,000 | | | | 19,465 | |
| Total Energy | | | | | | | 444,492 | |
| | | | | | | | | |
| Financials – 0.6% | | | | | | | | |
| | | | | | | | | |
| Ascot Group Ltd., 4.25%, 12/15/30 (Bermuda)(1) | | | 45,000 | | | | 47,644 | |
| Fairfax Financial Holdings Ltd., 4.85%, 04/17/28 (Canada) | | | 70,000 | | | | 81,680 | |
| Total Financials | | | | | | | 129,324 | |
| Security Description | | Principal | | | Value | |
| | | | | | | | | |
| FOREIGN BONDS (continued) | | | | | | | | |
| | | | | | | | | |
| Government – 10.0% | | | | | | | | |
| | | | | | | | | |
| Argentine Republic Government International Bond, 1.13%, 07/09/35 (Argentina)(7) | | $ | 65,000 | | | $ | 21,126 | |
| Argentine Republic Government International Bond, 2.50%, 07/09/41 (Argentina)(7) | | | 70,000 | | | | 26,288 | |
| Colombia Government International Bond, 3.13%, 04/15/31 (Colombia) | | | 200,000 | | | | 196,332 | |
| Dominican Republic International Bond, 5.95%, 01/25/27 (Dominican Republic)(1) | | | 100,000 | | | | 112,601 | |
| Ecuador Government International Bond, 1.00%, 07/31/35 (Ecuador)(1)(7) | | | 30,000 | | | | 20,925 | |
| Egypt Government International Bond, 7.60%, 03/01/29 (Egypt)(1) | | | 200,000 | | | | 217,550 | |
| El Salvador Government International Bond, 5.88%, 01/30/25 (El Salvador)(1) | | | 45,000 | | | | 40,523 | |
| Emirate of Dubai Government International Bonds, Series E, 5.25%, 01/30/43 (United Arab Emirates) | | | 200,000 | | | | 226,482 | |
| Ghana Government International Bond, 8.13%, 03/26/32 (Ghana)(1) | | | 200,000 | | | | 200,231 | |
| Israel Government International Bond, 2.75%, 07/03/30 (Israel) | | | 200,000 | | | | 215,609 | |
| Mexico Government International Bond, 4.50%, 01/31/50 (Mexico) | | | 200,000 | | | | 214,724 | |
| Saudi Government International Bond, 3.63%, 03/04/28 (Saudi Arabia)(1) | | | 200,000 | | | | 221,751 | |
| Turkey Government International Bond, 7.38%, 02/05/25 (Turkey) | | | 105,000 | | | | 114,183 | |
| Ukraine Government International Bond, 7.25%, 03/15/33 (Ukraine)(1) | | | 200,000 | | | | 206,748 | |
| Total Government | | | | | | | 2,035,073 | |
| | | | | | | | | |
| Health Care – 0.3% | | | | | | | | |
| | | | | | | | | |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 (Israel) | | | 55,000 | | | | 52,847 | |
| | | | | | | | | |
| Industrials – 0.6% | | | | | | | | |
| | | | | | | | | |
| Avolon Holdings Funding Ltd., 4.38%, 05/01/26 (Ireland)(1) | | | 47,000 | | | | 51,746 | |
| British Airways Pass-Through Trust, Class A, Series 2021-1, 2.90%, 03/15/35 (United Kingdom)(1) | | | 40,000 | | | | 40,653 | |
Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF (continued)
July 31, 2021 (unaudited)
| Security Description | | Principal | | | Value | |
| | | | | | | |
| FOREIGN BONDS (continued) | | | | | | | | |
| | | | | | | | | |
| Industrials (continued) | | | | | | | | |
| | | | | | | | | |
| Seaspan Corp., 5.50%, 08/01/29 (Hong Kong)(1) | | $ | 5,000 | | | $ | 4,992 | |
| Titan Acquisition Ltd. / Titan Co.-Borrower LLC, 7.75%, 04/15/26 (Canada)(1) | | | 20,000 | | | | 20,652 | |
| Total Industrials | | | | | | | 118,043 | |
| | | | | | | | | |
| Materials – 0.7% | | | | | | | | |
| | | | | | | | | |
| NOVA Chemicals Corp., 5.00%, 05/01/25 (Canada)(1) | | | 30,000 | | | | 32,172 | |
| Taseko Mines Ltd., 7.00%, 02/15/26 (Canada)(1) | | | 40,000 | | | | 41,213 | |
| Teck Resources Ltd., 6.13%, 10/01/35 (Canada) | | | 50,000 | | | | 65,467 | |
| Total Materials | | | | | | | 138,852 | |
| Total Foreign Bonds | | | | | | | | |
| (Cost $3,071,840) | | | | | | | 3,149,301 | |
| | | | | | | | | |
| U.S. GOVERNMENT SECURITIES – 7.3% | | | | | | | | |
| U.S. Treasury Note | | | | | | | | |
| 1.13%, 08/31/21 | | | 505,000 | | | | 505,433 | |
| 0.13%, 05/31/22 | | | 190,000 | | | | 190,082 | |
| 1.25%, 08/31/24 | | | 45,000 | | | | 46,222 | |
| 0.25%, 05/31/25 | | | 690,000 | | | | 683,073 | |
| 0.88%, 06/30/26 | | | 50,000 | | | | 50,457 | |
| | | | | | | | | |
| Total U.S. Government Securities | | | | | | | | |
| (Cost $1,480,195) | | | | | | | 1,475,267 | |
| MORTGAGE BACKED SECURITIES - 6.0% | | | | | | | | |
| Commercial Mortgage Backed Securities - 0.9% | | | | | | | | |
| CF Hippolyta LLC, Class A1, Series 2020-1, 1.69%, 07/15/60(1) | | | 95,150 | | | | 97,371 | |
| Morgan Stanley Bank of America Merrill Lynch Trust, Class AS, Series 2015-C22, 3.56%, 04/15/48 | | | 60,000 | | | | 63,602 | |
| Sutherland Commercial Mortgage Loans, Class A, Series 2017-SBC6, 3.19%, 05/25/37(1)(2)(8) | | | 22,297 | | | | 22,230 | |
| Total Commercial Mortgage Backed Securities | | | | | | | 183,203 | |
| Mortgage Backed Security - 0.5% | | | | | | | | |
| COMM Mortgage Trust, Class B, Series 2020-CBM, 3.10%, 02/10/37(1) | | | 45,000 | | | | 45,510 | |
| Federal National Mortgage Association, 3.50%, 05/01/49 | | | 51,368 | | | | 54,423 | |
| Total Mortgage Backed Security | | | | | | | 99,933 | |
| Residential Mortgage Backed Securities - 4.6% | | | | | | | | |
| Ajax Mortgage Loan Trust, Class A1, Series 2019-D, 2.96%, 09/25/65(1)(7) | | | 90,094 | | | | 90,796 | |
| Arroyo Mortgage Trust, Class A1, Series 2019-2, 3.35%, 04/25/49(1)(2)(8) | | | 45,536 | | | | 46,466 | |
| Cascade MH Asset Trust, Class A1, Series 2021-MH1, 1.75%, 02/25/46(1) | | | 100,201 | | | | 101,155 | |
| COLT Mortgage Pass-Through Certificates, Class A1, Series 2021-1R, 0.86%, 05/25/65(1)(2)(8) | | | 67,351 | | | | 67,353 | |
| CSMC, Class A1, Series 2021-NQM1, 0.81%, 05/25/65(1)(2)(8) | | | 77,978 | | | | 78,137 | |
| Security Description | | Principal | | | Value | |
| | | | | | | |
| MORTGAGE BACKED SECURITIES (continued) | | | | | | |
| | | | | | | |
| Residential Mortgage Backed Securities (continued) | | | | | | | | |
| | | | | | | | | |
| New Residential Mortgage Loan Trust, Class A1, Series 2016-1A, 3.75%, 03/25/56(1)(2)(8) | | $ | 66,204 | | | $ | 70,161 | |
| RCKT Mortgage Trust, Class A1, Series 2020-1, 3.00%, 02/25/50(1)(2)(8) | | | 46,091 | | | | 47,101 | |
| Sequoia Mortgage Trust, Class B1, Series 2013-8, 3.50%, 06/25/43(2)(8) | | | 114,856 | | | | 116,950 | |
| SG Residential Mortgage Trust, Class A1, Series 2019-3, 2.70%, 09/25/59(1)(2)(8) | | | 32,302 | | | | 32,489 | |
| Towd Point Mortgage Trust, Class A2, Series 2018-6, 3.75%, 03/25/58(1)(2)(8) | | | 100,000 | | | | 106,942 | |
| Towd Point Mortgage Trust, Class A1, Series 2018-4, 3.00%, 06/25/58(1)(2)(8) | | | 60,832 | | | | 63,374 | |
| VOLT XCIV LLC, Class A1, Series 2021-NPL3, 2.24%, 02/27/51(1)(7) | | | 121,206 | | | | 121,530 | |
| Total Residential Mortgage Backed Securities | | | | | | | 942,454 | |
| Total Mortgage Backed Securities | | | | | | | | |
| (Cost $1,214,089) | | | | | | | 1,225,590 | |
| | | | | | | | | |
| ASSET BACKED SECURITIES – 5.1% | | | | | | | | |
| American Credit Acceptance Receivables Trust, Class D, Series 2020-4, 1.77%, 12/14/26(1) | | | 45,000 | | | | 45,820 | |
| Arbys Funding LLC, Class A2, Series 2020-1A, 3.24%, 07/30/50(1) | | | 49,500 | | | | 52,334 | |
| Business Jet Securities LLC, Class A, Series 2020-1A, 2.98%, 11/15/35(1) | | | 15,795 | | | | 16,170 | |
| Carvana Auto Receivables Trust, Class D, Series 2019-3A, 3.04%, 04/15/25(1) | | | 55,000 | | | | 56,885 | |
| CCG Receivables Trust, Class B, Series 2019-2, 2.55%, 03/15/27(1) | | | 100,000 | | | | 102,834 | |
| DT Auto Owner Trust, Class C, Series 2019-2A, 3.18%, 02/18/25(1) | | | 90,000 | | | | 91,028 | |
| Exeter Automobile Receivables Trust, Class E, Series 2019-2A, 4.68%, 05/15/26(1) | | | 55,000 | | | | 58,498 | |
| FAT Brands Royalty LLC, Class A2, Series 2021-1A, 4.75%, 04/25/51(1) | | | 50,000 | | | | 50,485 | |
| Flagship Credit Auto Trust, Class C, Series 2019-2, 3.09%, 05/15/25(1) | | | 130,000 | | | | 134,202 | |
| MAPS Trust, Class A, Series 2021-1A, 2.52%, 06/15/46(1) | | | 49,680 | | | | 50,486 | |
| Marlette Funding Trust, Class A, Series 2019-4A, 2.39%, 12/17/29(1) | | | 17,667 | | | | 17,748 | |
| MVW Owner Trust, Class A, Series 2019-1A, 2.89%, 11/20/36(1) | | | 44,781 | | | | 46,323 | |
| TRP LLC, Class A, Series 2021, 2.07%, 06/19/51(1) | | | 70,000 | | | | 70,105 | |
| United Auto Credit Securitization Trust, Class E, Series 2019-1, 4.29%, 08/12/24(1) | | | 80,000 | | | | 81,314 | |
| Upstart Securitization Trust, Class B, Series 2021-2, 1.75%, 06/20/31(1) | | | 60,000 | | | | 60,296 | |
| Veros Automobile Receivables Trust, Class B, Series 2020-1, 2.19%, 06/16/25(1) | | | 55,000 | | | | 55,425 | |
| Westlake Automobile Receivables Trust, Class C, Series 2020-3A, 1.24%, 11/17/25(1) | | | 45,000 | | | | 45,477 | |
| | | | | | | | | |
| Total Asset Backed Securities | | | | | | | | |
| (Cost $1,016,694) | | | | | | | 1,035,430 | |
Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF (continued)
July 31, 2021 (unaudited)
| Security Description | | Principal/
Shares | | | Value | |
| | | | | | | |
| EXCHANGE TRADED FUND - 1.0% | | | | | | | | |
| | | | | | | | | |
| Debt Fund - 1.0% | | | | | | | | |
| | | | | | | | | |
| VanEck Vectors High Yield Muni ETF | | | | | | | | |
| (Cost $203,612) | | $ | 3,250 | | | $ | 207,578 | |
| | | | | | | | | |
| MUNICIPAL BOND – 0.0%(9) | | | | | | | | |
| Sales Tax Securitization Corp., 3.41%, 01/01/43 | | | | | | | | |
| (Cost $5,000) | | | 5,000 | | | | 5,566 | |
| MONEY MARKET FUND - 6.2% | | | | | | | | |
JP Morgan U.S. Government Money Market Institutional Shares, 0.01%(10)
(Cost $1,271,220) | | | 1,271,220 | | | | 1,271,220 | |
| TOTAL INVESTMENTS - 101.8% | | | | | | | | |
| (Cost $20,293,594) | | | | | | | 20,761,080 | |
| Liabilities in Excess of Other Assets - (1.8)% | | | | | | | (362,487 | ) |
| Net Assets - 100.0% | | | | | | $ | 20,398,593 | |
| (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 July 31, 2021, the aggregate value of these securities was $7,627,968, or 37.4% of net assets. |
| (2) | Variable rate instrument. The interest rate shown reflects the rate in effect at July 31, 2021. |
| (3) | Perpetual security with no stated maturity date. |
| (4) | 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. |
| (5) | Payment in-kind security. |
| (6) | The loan will settle after July 31, 2021. The interest rate, based on the LIBOR and the agreed upon spread on trade date, will be determined at the time of settlement. |
| (7) | Represents step coupon bond. Rate shown reflects the rate in effect as of July 31, 2021. |
| (8) | 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. |
| (9) | Amount rounds to less than 0.05%. |
| (10) | The rate shown reflects the seven-day yield as of July 31, 2021. |
| Abbreviations: |
| CMT — Constant Maturity Treasury Index |
| ETF — Exchange Traded Fund |
| LIBOR — London InterBank Offered Rate |
| PIK — Payment in-Kind |
| SOFR — Secured Overnight Financing Rate |
| |
| Currency Abbreviations |
| |
| USD | United States Dollar |
Schedule of Investments - Virtus Newfleet Multi-Sector Bond ETF
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 | | | | | | | | | | | | | | | | |
| Corporate Bonds | | $ | – | | | $ | 8,266,980 | | | $ | 330 | | | $ | 8,267,310 | |
| Term Loans | | | – | | | | 4,123,818 | | | | – | | | | 4,123,818 | |
| Foreign Bonds | | | – | | | | 3,149,301 | | | | – | | | | 3,149,301 | |
| U.S. Government Securities | | | – | | | | 1,475,267 | | | | – | | | | 1,475,267 | |
| Mortgage Backed Securities | | | – | | | | 1,225,590 | | | | – | | | | 1,225,590 | |
| Asset Backed Securities | | | – | | | | 1,035,430 | | | | – | | | | 1,035,430 | |
| Exchange Traded Fund | | | 207,578 | | | | – | | | | – | | | | 207,578 | |
| Municipal Bond | | | – | | | | 5,566 | | | | – | | | | 5,566 | |
| Money Market Fund | | | 1,271,220 | | | | – | | | | – | | | | 1,271,220 | |
| Total | | $ | 1,478,798 | | | $ | 19,281,952 | | | $ | 330 | | | $ | 20,761,080 | |
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 July 31, 2021.
