ETFIS Series Trust I NPORTP Virtus InfraCap U.S. Preferred Stock ETF (Jul 2022 report)

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

July 31, 2022 (unaudited)

Security Description	Shares		Value

PREFERRED STOCKS - 128.7%

Communication Services - 3.1%
Liberty Broadband Corp., Series A, 7.00%⁽¹⁾		54,360	$	1,418,796
Qwest Corp., 6.50%⁽¹⁾		15,764		387,479
Telephone and Data Systems, Inc., Series UU, 6.63%⁽¹⁾		114,184		2,735,848
Telephone and Data Systems, Inc., Series VV, 6.00%⁽¹⁾		570,901		12,360,007
United States Cellular Corp., 5.50%⁽¹⁾		14,830		310,392
Total Communication Services				17,212,522

Consumer Discretionary - 3.7%
Ford Motor Co., 6.00%⁽¹⁾		520,882		13,449,173
Ford Motor Co., 6.20%⁽¹⁾		200,095		5,326,529
Franchise Group, Inc., Series A, 7.50%⁽¹⁾		60,652		1,559,363
Total Consumer Discretionary				20,335,065

Energy - 22.0%
Crestwood Equity Partners LP, 9.25%⁽¹⁾		2,547,712		23,693,722
DCP Midstream LP, Series B, 7.88%⁽¹⁾		946,114		22,801,347
DCP Midstream LP, Series C, 7.95%⁽¹⁾		228,232		5,705,800
Enbridge, Inc., Series 1, 5.95% (Canada)		2,008		46,134
Energy Transfer LP, Series C, 7.38%⁽¹⁾		25,418		577,243
Energy Transfer LP, Series D, 7.63%⁽¹⁾		100,680		2,388,130
Energy Transfer LP, Series E, 7.60%⁽¹⁾		13,668		323,932
GasLog Partners LP, Series A, 8.63% (Greece)⁽¹⁾		439,111		11,391,857
GasLog Partners LP, Series B, 8.20% (Greece)⁽¹⁾		378,066		9,447,869
Golar LNG Partners LP, Series A, 8.75% (United Kingdom)⁽¹⁾		47,750		955,477
NuStar Energy LP, Series A, 8.77%⁽¹⁾		712,256		17,058,531
NuStar Energy LP, Series B, 7.67%⁽¹⁾		597,915		12,526,319
NuStar Energy LP, Series C, 9.00%⁽¹⁾		602,238		15,013,793
Total Energy				121,930,154

Financials - 32.9%^†
Affiliated Managers Group, Inc., 4.20%⁽¹⁾		2,630		49,707
AG Mortgage Investment Trust, Inc., Series C, 8.00%⁽¹⁾		167,122		3,325,745
AGNC Investment Corp., Series D, 6.88%⁽¹⁾		70,145		1,529,161
AGNC Investment Corp., Series E, 6.50%⁽¹⁾		16,639		376,374
AGNC Investment Corp., Series F, 6.13%⁽¹⁾		4,124		91,924
American Equity Investment Life Holding Co., Series A, 5.95%⁽¹⁾		3,633		88,427
Annaly Capital Management, Inc., Series F, 6.95%⁽¹⁾		27,612		667,934
Annaly Capital Management, Inc., Series G, 6.50%⁽¹⁾		35,937		802,114
Annaly Capital Management, Inc., Series I, 6.75%⁽¹⁾		6,003		141,491
Arbor Realty Trust, Inc., Series E, 6.25%⁽¹⁾		25,304		531,890
ARMOUR Residential REIT, Inc., Series C, 7.00%⁽¹⁾		299,870		6,792,055
Athene Holding Ltd., Series A, 6.35%⁽¹⁾		180		4,828
Athene Holding Ltd., Series D, 4.88%⁽¹⁾		6,222		127,364
Atlanticus Holdings Corp., Series B, 7.63%⁽¹⁾		18,082		428,543
B Riley Financial, Inc., 5.25%⁽¹⁾		38,833		853,938
B Riley Financial, Inc., 6.00%⁽¹⁾		69,206		1,597,274
B Riley Financial, Inc., 6.38%⁽¹⁾		95,652		2,379,822

Security Description	Shares		Value

PREFERRED STOCKS (continued)

Financials (continued)
B Riley Financial, Inc., Series B, 7.38%⁽¹⁾		33,615	$	867,939
Bank of America Corp., Series QQ, 4.25%⁽¹⁾		20,452		402,700
Bank OZK, Series A, 4.63%⁽¹⁾		194,454		3,887,135
Brighthouse Financial, Inc., Series D, 4.63%⁽¹⁾		42,891		812,784
Brookfield Finance, Inc., Series 50, 4.63% (Canada)⁽¹⁾		16,352		315,430
Cadence Bank, Series A, 5.50%		482		11,809
Capital One Financial Corp., Series J, 4.80%		417		8,682
Chimera Investment Corp., Series A, 8.00%⁽¹⁾		261,804		5,812,049
Chimera Investment Corp., Series B, 8.00%⁽¹⁾		295,990		6,511,780
Chimera Investment Corp., Series C, 7.75%⁽¹⁾		198,597		4,325,443
Chimera Investment Corp., Series D, 8.00%⁽¹⁾		346,223		7,516,501
CNO Financial Group, Inc., 5.13%⁽¹⁾		1,409		28,744
Compass Diversified Holdings, Series A, 7.25%⁽¹⁾		221,954		5,493,361
Compass Diversified Holdings, Series B, 7.88%⁽¹⁾		4,883		131,499
Compass Diversified Holdings, Series C, 7.88%		1,363		34,334
ConnectOne Bancorp, Inc., Series A, 5.25%⁽¹⁾		816		19,576
Dynex Capital, Inc., Series C, 6.90%⁽¹⁾		5,392		122,722
Ellington Financial, Inc., 6.75%⁽¹⁾		434,381		9,282,722
Enstar Group Ltd., Series D, 7.00%⁽¹⁾		67,796		1,646,087
Enterprise Financial Services Corp., Series A, 5.00%⁽¹⁾		111,590		2,348,969
First Citizens BancShares, Inc., Series C, 5.63%		455		10,993
First Horizon Corp., Series D, 6.10%⁽¹⁾		6,242		157,985
First Republic Bank, Series M, 4.00%⁽¹⁾		135,341		2,484,861
First Republic Bank, Series N, 4.50%⁽¹⁾		108,655		2,208,956
Huntington Bancshares, Inc., Series H, 4.50%		175		3,539
Invesco Mortgage Capital, Inc., Series B, 7.75%⁽¹⁾		196,874		4,254,447
Invesco Mortgage Capital, Inc., Series C, 7.50%⁽¹⁾		246,967		5,667,893
JPMorgan Chase & Co., Series JJ, 4.55%⁽¹⁾		552		11,675
Kemper Corp., 5.88%⁽¹⁾		107,628		2,604,598
Merchants Bancorp, Series B, 6.00%⁽¹⁾		18,245		432,042
Merchants Bancorp, Series C, 6.00%⁽¹⁾		79,612		1,916,261
MFA Financial, Inc., Series B, 7.50%⁽¹⁾		211,447		4,482,676
MFA Financial, Inc., Series C, 6.50%⁽¹⁾		484,603		9,517,603
Morgan Stanley, Series O, 4.25%⁽¹⁾		58,817		1,145,755
Morgan Stanley, Series P, 6.50%*		40,000		1,042,400
Navient Corp., 6.00%⁽¹⁾		13,780		294,479
New Residential Investment Corp., Series A, 7.50%		871		19,763
New Residential Investment Corp., Series B, 7.13%⁽¹⁾		6,086		135,535
New Residential Investment Corp., Series C, 6.38%⁽¹⁾		19,740		397,169
New Residential Investment Corp., Series D, 7.00%⁽¹⁾		49,401		1,096,208
New York Community Capital Trust V, 6.00%⁽¹⁾		4,959		250,430
New York Mortgage Trust, Inc., Series D, 8.00%⁽¹⁾		678,964		13,782,969

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

July 31, 2022 (unaudited)

Security Description	Shares		Value

PREFERRED STOCKS (continued)

Financials (continued)
New York Mortgage Trust, Inc., Series E, 7.88%⁽¹⁾		467,474	$	10,008,618
New York Mortgage Trust, Inc., Series F, 6.88%⁽¹⁾		63,562		1,287,766
Oxford Lane Capital Corp., Series 2029, 6.00%⁽¹⁾		38,008		873,424
PacWest Bancorp, Series A, 7.75%*⁽¹⁾		339,783		8,800,380
PennyMac Mortgage Investment Trust, Series A, 8.13%⁽¹⁾		120,027		2,973,069
PennyMac Mortgage Investment Trust, Series B, 8.00%⁽¹⁾		383,316		9,701,728
PennyMac Mortgage Investment Trust, Series C, 6.75%⁽¹⁾		50,404		1,074,109
Prospect Capital Corp., Series A, 5.35%⁽¹⁾		304,418		5,506,922
RiverNorth Opportunities Fund, Inc., Series A, 6.00%⁽¹⁾		51,563		1,285,466
Signature Bank, Series A, 5.00%⁽¹⁾		2,061		41,405
Synovus Financial Corp., Series D, 6.30%⁽¹⁾		5,427		138,768
Texas Capital Bancshares, Inc., Series B, 5.75%⁽¹⁾		21,309		507,793
Trinity Capital, Inc., 7.00%		50,000		1,274,000
Two Harbors Investment Corp., Series B, 7.63%⁽¹⁾		305,864		6,842,178
Two Harbors Investment Corp., Series C, 7.25%⁽¹⁾		490,622		10,592,529
Valley National Bancorp, Series B, 5.50%⁽¹⁾		4,965		116,926
Total Financials				182,312,175

Health Care - 0.1%
XOMA Corp., Series A, 8.63%⁽¹⁾		14,374		380,049

Industrials - 16.7%
Air Lease Corp., Series A, 6.15%⁽¹⁾		8,943		218,299
Alta Equipment Group, Inc., Series A, 10.00%⁽¹⁾		2,130		57,648
Atlas Corp., Series H, 7.88% (Canada)⁽¹⁾		35,664		890,887
Atlas Corp., Series I, 8.00% (Canada)⁽¹⁾		478,666		12,287,356
Babcock & Wilcox Enterprises, Inc., 6.50%⁽¹⁾		28,135		658,359
Babcock & Wilcox Enterprises, Inc., 8.13%⁽¹⁾		413,246		10,327,017
Babcock & Wilcox Enterprises, Inc., Series A, 7.75%⁽¹⁾		989,683		23,307,035
Fortress Transportation and Infrastructure Investors LLC, Series A, 8.25%⁽¹⁾		15,065		352,220
Fortress Transportation and Infrastructure Investors LLC, Series B, 8.00%⁽¹⁾		586,514		13,413,575
Pitney Bowes, Inc., 6.70%⁽¹⁾		324,638		7,142,036
Textainer Group Holdings Ltd., Series B, 6.25% (China)⁽¹⁾		224,117		5,096,420
Triton International Ltd., 6.88% (Bermuda)⁽¹⁾		173,416		4,352,742
Triton International Ltd., 7.38% (Bermuda)⁽¹⁾		368,028		9,697,538
Triton International Ltd., 8.00% (Bermuda)⁽¹⁾		2,965		77,564
Triton International Ltd., Series E, 5.75% (Bermuda)⁽¹⁾		211,725		4,554,205
Total Industrials				92,432,901

Security Description	Shares		Value

PREFERRED STOCKS (continued)

Real Estate - 35.2%^†
Armada Hoffler Properties, Inc., Series A, 6.75%⁽¹⁾		2,638	$	67,849
Braemar Hotels & Resorts, Inc., Series B, 5.50%⁽¹⁾		450,073		7,718,752
Braemar Hotels & Resorts, Inc., Series D, 8.25%⁽¹⁾		47,501		1,189,900
Brookfield Property Partners LP, Series A, 5.75%⁽¹⁾		102,638		2,039,417
Brookfield Property Partners LP, Series A-1, 6.50%⁽¹⁾		3,178		71,410
Brookfield Property Partners LP, Series A2, 6.38%⁽¹⁾		9,764		208,266
City Office REIT, Inc., Series A, 6.63%⁽¹⁾		14,004		326,853
CTO Realty Growth, Inc., Series A, 6.38%⁽¹⁾		70,594		1,693,550
DiamondRock Hospitality Co., 8.25%⁽¹⁾		241,681		6,513,303
DigitalBridge Group, Inc., Series H, 7.13%⁽¹⁾		333,143		7,985,438
DigitalBridge Group, Inc., Series I, 7.15%⁽¹⁾		746,452		17,974,564
DigitalBridge Group, Inc., Series J, 7.13%⁽¹⁾		187,105		4,488,649
Diversified Healthcare Trust, 5.63%⁽¹⁾		236,016		3,991,030
Diversified Healthcare Trust, 6.25%⁽¹⁾		218,088		3,949,574
EPR Properties, Series C, 5.75%⁽¹⁾		73,493		1,812,337
EPR Properties, Series E, 9.00%⁽¹⁾		510,016		16,177,707
EPR Properties, Series G, 5.75%⁽¹⁾		248,364		5,970,671
Equity Commonwealth, Series D, 6.50%⁽¹⁾		289,179		7,807,833
Global Net Lease, Inc., Series A, 7.25%⁽¹⁾		257,139		6,626,472
Global Net Lease, Inc., Series B, 6.88%⁽¹⁾		239,556		5,857,144
Healthcare Trust, Inc., Series B, 7.13%⁽¹⁾		190,122		4,277,745
Hersha Hospitality Trust, Series D, 6.50%⁽¹⁾		64,069		1,360,826
Hersha Hospitality Trust, Series E, 6.50%⁽¹⁾		35,534		745,859
Hudson Pacific Properties, Inc., Series C, 4.75%		2,571		53,297
iStar, Inc., Series I, 7.50%⁽¹⁾		232,238		5,731,634
LXP Industrial Trust, Series C, 6.50%⁽¹⁾		16,790		950,986
Necessity Retail REIT, Inc., Series A, 7.50%⁽¹⁾		858,337		21,115,090
Necessity Retail REIT, Inc., Series C, 7.38%⁽¹⁾		151,619		3,719,214
Pebblebrook Hotel Trust, Series E, 6.38%⁽¹⁾		19,700		480,483
Pebblebrook Hotel Trust, Series F, 6.30%⁽¹⁾		201,816		4,540,860
Pebblebrook Hotel Trust, Series G, 6.38%⁽¹⁾		54,097		1,230,707
Pebblebrook Hotel Trust, Series H, 5.70%⁽¹⁾		26,360		527,991
Public Storage, Series R, 4.00%⁽¹⁾		55,514		1,103,063
RLJ Lodging Trust, Series A, 1.95%⁽¹⁾		878,111		22,848,448
RPT Realty, Series D, 7.25%⁽¹⁾		173,575		8,852,325
Saul Centers, Inc., Series E, 6.00%⁽¹⁾		296,076		7,289,391
SITE Centers Corp., Series A, 6.38%⁽¹⁾		1,489		38,401
Summit Hotel Properties, Inc., Series E, 6.25%⁽¹⁾		141,137		2,915,933
Summit Hotel Properties, Inc., Series F, 5.88%⁽¹⁾		38,008		772,323
Sunstone Hotel Investors, Inc., Series I, 5.70%⁽¹⁾		40,870		908,131
Urstadt Biddle Properties, Inc., Series K, 5.88%⁽¹⁾		148,145		3,380,684
Total Real Estate				195,314,110

Utilities - 15.0%
AES Corp., 6.88%⁽¹⁾		146,558		13,301,604

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

July 31, 2022 (unaudited)

Security Description	Shares		Value

PREFERRED STOCKS (continued)

Utilities (continued)
Algonquin Power & Utilities Corp., 7.75% (Canada)⁽¹⁾		377,112	$	17,301,898
DTE Energy Co., 4.38%⁽¹⁾		2,999		60,820
DTE Energy Co., 6.25%⁽¹⁾		13,212		682,136
NiSource, Inc., 7.75%⁽¹⁾		7,618		896,334
SCE Trust II, 5.10%⁽¹⁾		3,379		68,965
SCE Trust III, Series H, 5.75%⁽¹⁾		1,025,523		22,612,782
SCE Trust IV, Series J, 5.38%⁽¹⁾		116,600		2,372,810
SCE Trust V, Series K, 5.45%⁽¹⁾		25,307		592,690
SCE Trust VI, 5.00%⁽¹⁾		638,557		12,739,212
South Jersey Industries, Inc., 5.63%⁽¹⁾		4,976		97,231
UGI Corp., 7.25%⁽¹⁾		122,853		12,298,814
Total Utilities				83,025,296

TOTAL INVESTMENTS - 128.7%
(Cost $743,376,243)				712,942,272
Liabilities in Excess of Other Assets - (28.7)%				(158,848,457	)
Net Assets - 100.0%			$	554,093,815

*	Non-income producing security.
†	Amounts represent investments in particular sectors. No industry within these sectors represented more than 25% of the Fund's total assets at the time of investment.
(1)	Security, or a portion thereof, has been pledged as collateral for borrowings. The aggregate market value of the collateral at July 31, 2022 was $531,885,974.

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
Preferred Stocks	$	712,942,272	$	—	$	—	$	712,942,272
Total	$	712,942,272	$	—	$	—	$	712,942,272

ETFIS Series Trust I (PFFR) NPORT-PVirtus InfraCap U.S. Preferred Stock ETF (Jul 2022 report)