ETFIS Series Trust I (PFFR) NPORT-P Virtus LifeSci Biotech Clinical Trials ETF (Jan 2023 report)

Schedule of Investments - Virtus LifeSci Biotech Clinical Trials ETF

January 31, 2023 (unaudited)

Security Description	Shares		Value
COMMON STOCKS - 97.7%
Health Care - 97.0%
4D Molecular Therapeutics, Inc.*		4,899	$	103,124
AbCellera Biologics, Inc. (Canada)*		11,821		124,475
Adicet Bio, Inc.*		11,254		102,974
Affimed NV (Germany)*		101,477		130,905
Agenus, Inc.*		44,514		116,182
Akero Therapeutics, Inc.*		2,704		133,848
Alector, Inc.*		12,765		112,587
Allakos, Inc.*		17,081		126,912
Allogene Therapeutics, Inc.*(1)		15,471		119,436
Allovir, Inc.*		17,872		103,300
Altimmune, Inc.*		11,107		151,500
ALX Oncology Holdings, Inc.*		10,672		99,250
AnaptysBio, Inc.*(1)		4,082		101,601
Arbutus Biopharma Corp.*		44,022		132,506
Arcellx, Inc.*		3,629		121,245
Arcturus Therapeutics Holdings, Inc.*		6,353		134,239
Arcus Biosciences, Inc.*		3,562		77,046
Arcutis Biotherapeutics, Inc.*		7,201		119,321
Arrowhead Pharmaceuticals, Inc.*		3,646		127,574
Arvinas, Inc.*		3,181		104,241
ATAI Life Sciences NV (Germany)*		38,626		68,754
Atara Biotherapeutics, Inc.*		30,860		156,460
Atea Pharmaceuticals, Inc.*		27,152		125,714
Avidity Biosciences, Inc.*		7,023		166,445
Bicycle Therapeutics PLC (United Kingdom)*(1)(2)		3,729		102,995
Biohaven Ltd.*		7,622		145,504
Bioxcel Therapeutics, Inc.*		6,269		178,792
C4 Therapeutics, Inc.*		14,620		113,890
Cara Therapeutics, Inc.*		10,244		119,650
Caribou Biosciences, Inc.*		14,673		105,792
Cassava Sciences, Inc.*(1)		2,715		76,020
Celldex Therapeutics, Inc.*		2,974		131,034
Cerevel Therapeutics Holdings, Inc.*(1)		4,455		152,138
Chinook Therapeutics, Inc.*		4,796		121,195
CinCor Pharma, Inc.*		9,879		285,799
Codexis, Inc.*		21,460		131,979
Cogent Biosciences, Inc.*		9,896		149,034
Compass Pathways PLC (United Kingdom)*(1)(2)		11,880		123,314
Crinetics Pharmaceuticals, Inc.*		7,350		144,134
CRISPR Therapeutics AG (Switzerland)*		2,385		121,683
Cullinan Oncology, Inc.*		10,045		116,924
CureVac NV (Germany)*		16,699		179,347
Cytokinetics, Inc.*		2,893		122,895
Day One Biopharmaceuticals, Inc.*		5,542		120,649
Denali Therapeutics, Inc.*		3,892		117,811
Design Therapeutics, Inc.*		13,484		105,849
DICE Therapeutics, Inc.*		3,529		112,116
Dynavax Technologies Corp.*		10,367		117,976
Dyne Therapeutics, Inc.*		8,676		126,670
Edgewise Therapeutics, Inc.*		14,802		151,424
Editas Medicine, Inc.*(1)		11,558		114,309
EQRx, Inc.*		49,075		120,234
Erasca, Inc.*		24,740		98,960
Fate Therapeutics, Inc.*		7,791		46,434
FibroGen, Inc.*		7,947		187,549
Geron Corp.*		50,954		168,148
Ideaya Biosciences, Inc.*		7,061		120,249
IGM Biosciences, Inc.*		6,050		137,517
I-Mab (China)*(2)		31,182		187,716
Immatics NV (Germany)*		12,396		100,532
ImmunityBio, Inc.*(1)		17,766		67,511
Immunovant, Inc.*		7,930		140,916
Inhibrx, Inc.*		4,071		101,775
Inovio Pharmaceuticals, Inc.*		64,033		106,295
Intellia Therapeutics, Inc.*		3,086		130,970
Iovance Biotherapeutics, Inc.*		17,766		141,417
iTeos Therapeutics, Inc.*		5,660		118,294
IVERIC bio, Inc.*		5,375		124,163
Karuna Therapeutics, Inc.*		585		116,643
Keros Therapeutics, Inc.*		2,384		139,631
Kezar Life Sciences, Inc.*		16,607		119,072
Kodiak Sciences, Inc.*		16,426		132,722
Krystal Biotech, Inc.*(1)		1,542		128,171
Kura Oncology, Inc.*		9,091		125,638
Kymera Therapeutics, Inc.*(1)		4,043		151,127
Lyell Immunopharma, Inc.*(1)		33,635		109,986
Madrigal Pharmaceuticals, Inc.*		2,051		591,201
Mersana Therapeutics, Inc.*		16,772		110,360
Merus NV (Netherlands)*		8,640		134,784
Mirati Therapeutics, Inc.*(1)		2,739		146,290
Morphic Holding, Inc.*		4,359		142,670
NGM Biopharmaceuticals, Inc.*		22,381		117,276
Nkarta, Inc.*		16,359		87,193
Novavax, Inc.*(1)		6,949		75,814
Nurix Therapeutics, Inc.*		9,688		119,066
Nuvalent, Inc. Class A*		3,702		111,986
Nuvation Bio, Inc.*		66,522		163,644
Pliant Therapeutics, Inc.*		6,243		218,755
PMV Pharmaceuticals, Inc.*(1)		12,331		101,114
Point Biopharma Global, Inc.*(1)		17,635		141,080
Precigen, Inc.*		70,024		113,439
Prometheus Biosciences, Inc.*		1,101		125,140
Protagonist Therapeutics, Inc.*		12,169		161,726
Prothena Corp. PLC (Ireland)*		2,066		116,832
RAPT Therapeutics, Inc.*		6,519		189,377
Reata Pharmaceuticals, Inc. Class A*(1)		3,399		147,279
Recursion Pharmaceuticals, Inc. Class A*(1)		13,116		109,256
REGENXBIO, Inc.*		5,037		116,909
Relay Therapeutics, Inc.*(1)		6,842		146,829
Repare Therapeutics, Inc. (Canada)*		8,058		99,597
Replimune Group, Inc.*		4,291		119,504
REVOLUTION Medicines, Inc.*		4,933		131,908
Rocket Pharmaceuticals, Inc.*		5,260		114,300
Sangamo Therapeutics, Inc.*		34,708		121,131
Scilex Holding Co. (Singapore)*		17,635		125,229
Seres Therapeutics, Inc.*		19,344		105,812
Sorrento Therapeutics, Inc.*		106,912		102,475
SpringWorks Therapeutics, Inc.*		5,110		160,454
Stoke Therapeutics, Inc.*		14,289		142,318
Summit Therapeutics, Inc.*		36,619		129,997
Syndax Pharmaceuticals, Inc.*		4,873		139,855
TG Therapeutics, Inc.*		13,086		199,300
uniQure NV (Netherlands)*		5,091		108,184
Vaxcyte, Inc.*		2,620		118,817

Schedule of Investments - Virtus LifeSci Biotech Clinical Trials ETF (continued)

January 31, 2023 (unaudited)

Security Description	Shares		Value
COMMON STOCKS (continued)
Health Care (continued)
Ventyx Biosciences, Inc.*		3,527	$	148,134
Verve Therapeutics, Inc.*		5,295		120,461
Vir Biotechnology, Inc.*		4,624		136,639
Viridian Therapeutics, Inc.*		4,289		156,634
Xencor, Inc.*		4,199		138,231
Xenon Pharmaceuticals, Inc. (Canada)*		3,092		120,866
Zentalis Pharmaceuticals, Inc.*		5,992		141,411
Zymeworks, Inc.*		18,652		176,261
Total Health Care				16,115,770
Materials - 0.7%
Amyris, Inc.*(1)		68,035		108,176
Total Common Stocks
(Cost $20,824,972)				16,223,946
SECURITIES LENDING COLLATERAL - 3.5%
Money Market Fund - 3.5%
Dreyfus Government Cash Management Fund, Institutional Shares, 4.23%(3)(4)
(Cost $587,712)		587,712		587,712
TOTAL INVESTMENTS - 101.2%
(Cost $21,412,684)				16,811,658
Liabilities in Excess of Other Assets - (1.2)%				(202,737	)
Net Assets - 100.0%			$	16,608,921

*	Non-income producing security.
(1)	All or a portion of the security was on loan. The aggregate market value of securities on loan was $1,779,241; total market value of collateral held by the Fund was $1,815,548. Market value of the collateral held includes non-cash U.S. Treasury securities having a value of $1,227,836.
(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, 2023.

Schedule of Investments - Virtus LifeSci Biotech Clinical Trials ETF (continued)

January 31, 2023 (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, 2023.

	Level 1		Level 2		Level 3		Total
Asset Valuation Inputs
Common Stocks	$	16,098,717	$	125,229	$	—	$	16,223,946
Money Market Fund		587,712		—		—		587,712
Total	$	16,686,429	$	125,229	$	—	$	16,811,658