Schedule of Investments - Virtus Reaves Utilities ETF
April 30, 2023 (unaudited)
| Security Description | | Shares | | | Value | |
| COMMON STOCKS - 99.7% | | | | | | | | |
| Utilities - 99.7% | | | | | | | | |
| Alliant Energy Corp. | | | 34,259 | | | $ | 1,889,041 | |
| Ameren Corp. | | | 22,476 | | | | 1,999,690 | |
| Atmos Energy Corp. | | | 16,145 | | | | 1,842,790 | |
| Clearway Energy, Inc. Class A | | | 44,095 | | | | 1,277,873 | |
| CMS Energy Corp. | | | 40,985 | | | | 2,551,726 | |
| Constellation Energy Corp. | | | 32,904 | | | | 2,546,770 | |
| DTE Energy Co. | | | 29,191 | | | | 3,281,360 | |
| Edison International | | | 38,906 | | | | 2,863,482 | |
| Entergy Corp. | | | 14,938 | | | | 1,607,030 | |
| Exelon Corp. | | | 21,932 | | | | 930,794 | |
| NextEra Energy Partners LP | | | 22,403 | | | | 1,288,397 | |
| NextEra Energy, Inc. | | | 117,936 | | | | 9,037,436 | |
| NiSource, Inc. | | | 63,336 | | | | 1,802,543 | |
| PG&E Corp.* | | | 122,595 | | | | 2,097,600 | |
| Pinnacle West Capital Corp. | | | 22,185 | | | | 1,740,635 | |
| PPL Corp. | | | 52,617 | | | | 1,511,160 | |
| Public Service Enterprise Group, Inc. | | | 32,256 | | | | 2,038,579 | |
| Vistra Corp. | | | 82,601 | | | | 1,970,860 | |
| WEC Energy Group, Inc. | | | 6,891 | | | | 662,707 | |
| Xcel Energy, Inc. | | | 12,743 | | | | 890,863 | |
| | | | | | | | | |
| TOTAL INVESTMENTS - 99.7% | | | | | | | | |
| (Cost $41,852,603) | | | | | | | 43,831,336 | |
| Other Assets in Excess of Liabilities - 0.3% | | | | | | | 123,340 | |
| Net Assets - 100.0% | | | | | | $ | 43,954,676 | |
| * | Non-income producing security. |
Schedule of Investments - Virtus Reaves Utilities ETF (continued)
April 30, 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 April 30, 2023.
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 43,831,336 | | | $ | — | | | $ | — | | | $ | 43,831,336 | |
| Total | | $ | 43,831,336 | | | $ | — | | | $ | — | | | $ | 43,831,336 | |
