Schedule of Investments - Virtus Real Asset Income ETF
July 31, 2022 (unaudited)
Security Description | | Shares | | | Value | |
| COMMON STOCKS - 98.8% | | | | | | | | |
| Communication Services - 7.5% | | | | | | | | |
| Cogent Communications Holdings, Inc. | | | 25,453 | | | $ | 1,624,156 | |
| KT Corp. (South Korea)(1) | | | 107,469 | | | | 1,547,553 | |
| Mobile TeleSystems PJSC (Russia)(1)(2) | | | 193,601 | | | | 194 | |
| Orange SA (France)(1)(3) | | | 129,151 | | | | 1,313,466 | |
| PLDT, Inc. (Philippines)(1) | | | 45,459 | | | | 1,392,409 | |
| Shenandoah Telecommunications Co. | | | 60,752 | | | | 1,354,770 | |
| SK Telecom Co., Ltd. (South Korea)(1) | | | 66,723 | | | | 1,529,958 | |
| TELUS Corp. (Canada) | | | 68,294 | | | | 1,570,762 | |
| Total Communication Services | | | | | | | 10,333,268 | |
| Consumer Staples - 1.0% | | | | | | | | |
| Alico, Inc. | | | 39,175 | | | | 1,427,537 | |
| Energy - 13.5% | | | | | | | | |
| Cheniere Energy Partners LP(3) | | | 33,728 | | | | 1,701,915 | |
| Coterra Energy, Inc. | | | 55,515 | | | | 1,698,204 | |
| Delek Logistics Partners LP(3) | | | 32,576 | | | | 1,796,241 | |
| Enbridge, Inc. (Canada) | | | 36,451 | | | | 1,637,743 | |
| Hess Midstream LP Class A(3) | | | 54,049 | | | | 1,644,171 | |
| Kinder Morgan, Inc. | | | 91,862 | | | | 1,652,597 | |
| North American Construction Group Ltd. (Canada) | | | 135,017 | | | | 1,504,089 | |
| Petroleo Brasileiro SA (Brazil)(1) | | | 131,141 | | | | 1,872,694 | |
| Sitio Royalties Corp. | | | 65,675 | | | | 1,938,069 | |
| TC Energy Corp. (Canada) | | | 29,224 | | | | 1,558,224 | |
| Williams Cos., Inc. (The) | | | 49,126 | | | | 1,674,705 | |
| Total Energy | | | | | | | 18,678,652 | |
| Financials - 1.4% | | | | | | | | |
| Arbor Realty Trust, Inc. | | | 116,372 | | | | 1,934,103 | |
| Materials - 25.7% | | | | | | | | |
| Agnico Eagle Mines Ltd. (Canada) | | | 29,748 | | | | 1,278,867 | |
| Alamos Gold, Inc. Class A (Canada) | | | 207,396 | | | | 1,636,354 | |
| AngloGold Ashanti Ltd. (Tanzania)(1) | | | 94,899 | | | | 1,395,964 | |
| Barrick Gold Corp. (Canada) | | | 77,407 | | | | 1,218,386 | |
| DRDGOLD Ltd. (South Africa)(1) | | | 233,477 | | | | 1,449,892 | |
| FMC Corp. | | | 13,931 | | | | 1,547,734 | |
| FutureFuel Corp. | | | 208,234 | | | | 1,497,203 | |
| Gerdau SA (Brazil)(1) | | | 341,260 | | | | 1,610,747 | |
| Gold Fields Ltd. (South Africa)(1)(3) | | | 158,061 | | | | 1,454,161 | |
| LyondellBasell Industries NV Class A | | | 17,178 | | | | 1,530,903 | |
| Mosaic Co. (The) | | | 30,062 | | | | 1,583,065 | |
| Newmont Corp. | | | 23,253 | | | | 1,052,896 | |
| Nutrien Ltd. (Canada) | | | 17,388 | | | | 1,489,456 | |
| Pan American Silver Corp. (Canada) | | | 71,541 | | | | 1,454,429 | |
| POSCO Holdings, Inc. (South Korea)(1) | | | 32,471 | | | | 1,521,266 | |
| Scotts Miracle-Gro Co. (The)(3) | | | 20,111 | | | | 1,788,873 | |
| Southern Copper Corp. (Peru) | | | 28,386 | | | | 1,413,623 | |
| Steel Dynamics, Inc. | | | 22,311 | | | | 1,737,581 | |
| Ternium SA (Mexico)(1) | | | 40,222 | | | | 1,425,066 | |
| Tronox Holdings PLC Class A | | | 94,061 | | | | 1,468,292 | |
| Vale SA (Brazil)(1) | | | 103,698 | | | | 1,395,775 | |
| Valvoline, Inc. | | | 52,582 | | | | 1,694,192 | |
| Wheaton Precious Metals Corp. (Brazil) | | | 39,279 | | | | 1,347,270 | |
| Yamana Gold, Inc. (Canada) | | | 303,342 | | | | 1,449,975 | |
| Total Materials | | | | | | | 35,441,970 | |
| Real Estate - 34.5% | | | | | | | | |
| Agree Realty Corp.(3) | | | 21,159 | | | | 1,684,045 | |
| Alexander & Baldwin, Inc. | | | 84,739 | | | | 1,687,153 | |
| Americold Realty Trust, Inc. | | | 52,477 | | | | 1,718,622 | |
| AvalonBay Communities, Inc. | | | 7,856 | | | | 1,680,713 | |
| CareTrust REIT, Inc. | | | 84,529 | | | | 1,745,524 | |
Security Description | | Shares | | | Value | |
| COMMON STOCKS (continued) | | | | | | | | |
| Real Estate (continued) | | | | | | | | |
| Community Healthcare Trust, Inc. | | | 44,412 | | | $ | 1,729,847 | |
| Cousins Properties, Inc. | | | 51,116 | | | | 1,576,928 | |
| Crown Castle International Corp. | | | 8,903 | | | | 1,608,416 | |
| CTO Realty Growth, Inc.(3) | | | 75,521 | | | | 1,601,045 | |
| CubeSmart | | | 36,556 | | | | 1,676,824 | |
| Digital Realty Trust, Inc. | | | 11,312 | | | | 1,498,274 | |
| Douglas Emmett, Inc. | | | 67,665 | | | | 1,599,601 | |
| Equity Residential | | | 21,054 | | | | 1,650,423 | |
| Essential Properties Realty Trust, Inc. | | | 71,122 | | | | 1,715,463 | |
| Essex Property Trust, Inc. | | | 5,866 | | | | 1,680,785 | |
| Four Corners Property Trust, Inc. | | | 57,610 | | | | 1,683,940 | |
| Getty Realty Corp. | | | 58,238 | | | | 1,708,703 | |
| Industrial Logistics Properties Trust | | | 111,554 | | | | 1,118,887 | |
| Kilroy Realty Corp. | | | 29,224 | | | | 1,583,356 | |
| Medical Properties Trust, Inc. | | | 102,441 | | | | 1,766,083 | |
| National Retail Properties, Inc. | | | 35,718 | | | | 1,700,534 | |
| National Storage Affiliates Trust | | | 31,528 | | | | 1,728,995 | |
| Piedmont Office Realty Trust, Inc. Class A | | | 115,325 | | | | 1,586,872 | |
| RE/MAX Holdings, Inc. Class A | | | 65,047 | | | | 1,648,291 | |
| Realty Income Corp.(3) | | | 22,625 | | | | 1,674,024 | |
| SL Green Realty Corp. | | | 31,843 | | | | 1,581,005 | |
| STORE Capital Corp. | | | 57,819 | | | | 1,677,907 | |
| UDR, Inc. | | | 33,728 | | | | 1,632,435 | |
| VICI Properties, Inc.(3) | | | 51,325 | | | | 1,754,802 | |
| Total Real Estate | | | | | | | 47,699,497 | |
| Utilities - 15.2% | | | | | | | | |
| Algonquin Power & Utilities Corp. (Canada)(3) | | | 113,020 | | | | 1,581,150 | |
| Alliant Energy Corp. | | | 27,024 | | | | 1,646,572 | |
| Avista Corp. | | | 37,185 | | | | 1,571,438 | |
| Cia Energetica de Minas Gerais (Brazil)(1) | | | 711,639 | | | | 1,579,839 | |
| Cia Paranaense de Energia (Brazil)(1)(3) | | | 228,240 | | | | 1,501,819 | |
| CMS Energy Corp. | | | 23,987 | | | | 1,648,626 | |
| Evergy, Inc. | | | 24,510 | | | | 1,673,053 | |
| Fortis, Inc. (Canada) | | | 33,204 | | | | 1,569,221 | |
| Korea Electric Power Corp. (South Korea)*(1) | | | 177,229 | | | | 1,527,714 | |
| NRG Energy, Inc. | | | 41,165 | | | | 1,553,979 | |
| Sempra Energy | | | 10,475 | | | | 1,736,755 | |
| WEC Energy Group, Inc. | | | 16,131 | | | | 1,674,559 | |
| Xcel Energy, Inc. | | | 22,834 | | | | 1,670,992 | |
| Total Utilities | | | | | | | 20,935,717 | |
| Total Common Stocks | | | | | | | | |
| (Cost $138,698,296) | | | | | | | 136,450,744 | |
| SECURITIES LENDING COLLATERAL - 4.6% | | | | | | | | |
| Money Market Fund - 4.6% | | | | | | | | |
| Dreyfus Government Cash Management Fund, Institutional Shares, 1.83%(4)(5) | | | | | | | | |
| (Cost $6,324,612) | | | 6,324,612 | | | | 6,324,612 | |
| | | | | | | | | |
| TOTAL INVESTMENTS - 103.4% | | | | | | | | |
| (Cost $145,022,908) | | | | | | | 142,775,356 | |
| Liabilities in Excess of Other Assets - (3.4)% | | | | | | | (4,712,343 | ) |
| Net Assets - 100.0% | | | | | | $ | 138,063,013 | |
| * | 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. |
Schedule of Investments - Virtus Real Asset Income ETF (continued)
July 31, 2022 (unaudited)
| (3) | All or a portion of the security was on loan. The aggregate market value of securities on loan was $9,726,944; total market value of collateral held by the Fund was $9,965,133. Market value of the collateral held includes non-cash U.S. Treasury securities having a value of $3,640,521. |
| (4) | Represents securities purchased with cash collateral received for securities on loan. |
| (5) | The rate shown reflects the seven-day yield as of July 31, 2022. |
Schedule of Investments - Virtus Real Asset Income ETF (continued)
July 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 July 31, 2022.
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 136,450,550 | | | $ | — | | | $ | 194 | | | $ | 136,450,744 | |
| Money Market Fund | | | 6,324,612 | | | | — | | | | — | | | | 6,324,612 | |
| Total | | $ | 142,775,162 | | | $ | — | | | $ | 194 | | | $ | 142,775,356 | |
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, 2022.
