Schedule of Investments - Virtus LifeSci Biotech Products ETF
January 31, 2022 (unaudited)
Security Description | | Shares | | | Value | |
| COMMON STOCKS - 97.2% | | | | | | | | |
| Health Care - 97.2% | | | | | | | | |
| 2seventy bio, Inc.*(1) | | | 13,134 | | | $ | 245,212 | |
| ACADIA Pharmaceuticals, Inc.* | | | 16,172 | | | | 363,708 | |
| ADC Therapeutics SA (Switzerland)* | | | 19,193 | | | | 304,977 | |
| Agios Pharmaceuticals, Inc.*(1) | | | 11,541 | | | | 356,501 | |
| Alnylam Pharmaceuticals, Inc.* | | | 2,003 | | | | 275,613 | |
| Amgen, Inc. | | | 1,740 | | | | 395,224 | |
| Amicus Therapeutics, Inc.*(1) | | | 35,800 | | | | 336,878 | |
| Apellis Pharmaceuticals, Inc.* | | | 8,725 | | | | 351,356 | |
| Ascendis Pharma A/S (Denmark)*(2) | | | 2,722 | | | | 331,104 | |
| Aurinia Pharmaceuticals, Inc. (Canada)* | | | 20,653 | | | | 344,079 | |
| BeiGene Ltd. (China)*(2) | | | 1,336 | | | | 324,087 | |
| BioCryst Pharmaceuticals, Inc.* | | | 32,542 | | | | 502,774 | |
| Biogen, Inc.* | | | 1,612 | | | | 364,312 | |
| Biohaven Pharmaceutical Holding Co., Ltd.* | | | 3,575 | | | | 475,010 | |
| BioMarin Pharmaceutical, Inc.* | | | 4,486 | | | | 397,594 | |
| BioNTech SE (Germany)*(2) | | | 1,344 | | | | 231,276 | |
| Bluebird Bio, Inc.*(1) | | | 40,607 | | | | 320,389 | |
| Blueprint Medicines Corp.* | | | 3,762 | | | | 290,050 | |
| ChemoCentryx, Inc.* | | | 11,214 | | | | 301,544 | |
| Enanta Pharmaceuticals, Inc.* | | | 5,353 | | | | 318,075 | |
| Exelixis, Inc.* | | | 21,880 | | | | 396,028 | |
| Gilead Sciences, Inc. | | | 5,274 | | | | 362,218 | |
| Global Blood Therapeutics, Inc.* | | | 14,938 | | | | 430,961 | |
| Halozyme Therapeutics, Inc.* | | | 10,738 | | | | 371,642 | |
| Harmony Biosciences Holdings, Inc.*(1) | | | 9,686 | | | | 347,340 | |
| Incyte Corp.* | | | 5,423 | | | | 403,092 | |
| Insmed, Inc.* | | | 13,869 | | | | 314,549 | |
| Intra-Cellular Therapies, Inc.* | | | 10,419 | | | | 494,798 | |
| Ionis Pharmaceuticals, Inc.* | | | 12,296 | | | | 391,013 | |
| Ironwood Pharmaceuticals, Inc.*(1) | | | 34,062 | | | | 379,791 | |
| Kiniksa Pharmaceuticals Ltd. Class A* | | | 30,021 | | | | 337,136 | |
| Ligand Pharmaceuticals, Inc.* | | | 2,598 | | | | 323,789 | |
| Moderna, Inc.* | | | 1,342 | | | | 227,241 | |
| Nektar Therapeutics* | | | 29,334 | | | | 326,194 | |
| Neurocrine Biosciences, Inc.* | | | 4,497 | | | | 355,353 | |
| PTC Therapeutics, Inc.* | | | 10,034 | | | | 403,567 | |
| Regeneron Pharmaceuticals, Inc.* | | | 554 | | | | 337,159 | |
| Sage Therapeutics, Inc.* | | | 9,594 | | | | 378,195 | |
| Sarepta Therapeutics, Inc.* | | | 4,345 | | | | 310,972 | |
| Seagen, Inc.* | | | 2,575 | | | | 346,363 | |
| Theravance Biopharma, Inc.* | | | 36,359 | | | | 331,230 | |
| Travere Therapeutics, Inc.* | | | 14,116 | | | | 388,190 | |
| Ultragenyx Pharmaceutical, Inc.* | | | 4,550 | | | | 318,182 | |
| United Therapeutics Corp.* | | | 1,918 | | | | 387,187 | |
| Vanda Pharmaceuticals, Inc.*(1) | | | 23,335 | | | | 353,759 | |
| Vertex Pharmaceuticals, Inc.* | | | 1,778 | | | | 432,143 | |
| Y-mAbs Therapeutics, Inc.* | | | 23,646 | | | | 233,859 | |
| Zai Lab Ltd. (China)*(2) | | | 5,933 | | | | 294,692 | |
| Total Health Care | | | | | | | 16,806,406 | |
| Total Common Stocks | | | | | | | | |
| (Cost $20,744,668) | | | | | | | 16,806,406 | |
| SECURITIES LENDING COLLATERAL - 2.6% | | | | | | | | |
| Money Market Fund - 2.6% | | | | | | | | |
| Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(3)(4) | | | | | | | | |
| (Cost $452,172) | | | 452,172 | | | | 452,172 | |
| | | | | | | | | |
| TOTAL INVESTMENTS - 99.8% | | | | | | | | |
| (Cost $21,196,840) | | | | | | | 17,258,578 | |
| Other Assets in Excess of Liabilities - 0.2% | | | | | | | 34,911 | |
| Net Assets - 100.0% | | | | | | $ | 17,293,489 | |
| * | Non-income producing security. |
| (1) | All or a portion of the security was on loan. The aggregate market value of securities on loan was $2,007,853; total market value of collateral held by the Fund was $1,954,156. Market value of the collateral held includes non-cash U.S. Treasury securities having a value of $1,501,984. |
| (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 January 31, 2022. |
Schedule of Investments - Virtus LifeSci Biotech Products ETF (continued)
January 31, 2022 (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 January 31, 2022.
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 16,806,406 | | | $ | — | | | $ | — | | | $ | 16,806,406 | |
| Money Market Fund | | | 452,172 | | | | — | | | | — | | | | 452,172 | |
| Total | | $ | 17,258,578 | | | $ | — | | | $ | — | | | $ | 17,258,578 | |
