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

Schedule of Investments - Virtus LifeSci Biotech Clinical Trials ETF

July 31, 2023 (unaudited)

Security Description	Shares		Value
COMMON STOCKS - 97.7%
Health Care - 97.0%
4D Molecular Therapeutics, Inc.*		4,923	$	90,091
89bio, Inc.*		5,084		80,531
AbCellera Biologics, Inc. (Canada)*		14,714		113,739
Agenus, Inc.*		59,420		90,318
Akero Therapeutics, Inc.*		1,971		85,541
Aldeyra Therapeutics, Inc.*		10,401		84,404
Alector, Inc.*		14,104		96,753
Allakos, Inc.*		22,191		119,388
Allogene Therapeutics, Inc.*(1)		21,813		108,193
ALX Oncology Holdings, Inc.*		11,794		72,061
Ambrx Biopharma, Inc.*(2)		7,468		113,887
AnaptysBio, Inc.*(1)		5,859		115,481
Arbutus Biopharma Corp.*		44,024		95,532
Arcellx, Inc.*		2,866		98,161
Arcturus Therapeutics Holdings, Inc.*		3,936		137,603
Arcus Biosciences, Inc.*		5,548		110,405
Arcutis Biotherapeutics, Inc.*		10,172		110,977
Ardelyx, Inc.*		27,049		106,573
Arrowhead Pharmaceuticals, Inc.*		3,077		106,218
Arvinas, Inc.*		3,699		91,439
ATAI Life Sciences NV (Germany)*		61,089		127,676
Atea Pharmaceuticals, Inc.*		26,586		91,190
Avidity Biosciences, Inc.*		8,920		84,829
Bicycle Therapeutics PLC (United Kingdom)*(2)		4,074		100,220
Biohaven Ltd.*		4,460		88,665
Biomea Fusion, Inc.*		2,795		62,189
Bioxcel Therapeutics, Inc.*(1)		5,110		46,705
Caribou Biosciences, Inc.*		23,486		168,864
Cassava Sciences, Inc.*(1)		4,293		94,360
Celldex Therapeutics, Inc.*		2,892		102,261
Cerevel Therapeutics Holdings, Inc.*(1)		3,182		97,337
Cogent Biosciences, Inc.*		8,462		109,921
Compass Pathways PLC (United Kingdom)*(1)(2)		13,799		128,607
Crinetics Pharmaceuticals, Inc.*		5,333		101,327
CRISPR Therapeutics AG (Switzerland)*		1,844		105,717
Cullinan Oncology, Inc.*		9,239		97,841
CureVac NV (Germany)*		10,692		99,222
Cymabay Therapeutics, Inc.*(1)		12,470		162,734
Cytokinetics, Inc.*		3,106		103,585
Day One Biopharmaceuticals, Inc.*		8,073		106,887
Denali Therapeutics, Inc.*		3,349		95,212
Design Therapeutics, Inc.*		20,137		163,915
DICE Therapeutics, Inc.*		3,166		148,802
Disc Medicine, Inc.*		2,219		110,062
Dynavax Technologies Corp.*		8,616		120,538
Dyne Therapeutics, Inc.*		8,769		106,806
Edgewise Therapeutics, Inc.*		11,422		83,266
Editas Medicine, Inc.*		9,805		86,088
EQRx, Inc.*		60,076		102,730
Erasca, Inc.*		40,125		105,930
Exscientia PLC (United Kingdom)*(1)(2)		15,668		139,445
Fate Therapeutics, Inc.*		20,025		82,703
FibroGen, Inc.*		6,634		13,666
Geron Corp.*		35,190		114,016
Ideaya Biosciences, Inc.*		4,378		97,892
IGM Biosciences, Inc.*(1)		10,896		115,933
Immatics NV (Germany)*		9,088		108,238
ImmunityBio, Inc.*(1)		37,888		83,354
Immunovant, Inc.*		5,107		116,593
Inhibrx, Inc.*(1)		4,044		81,082
Intellia Therapeutics, Inc.*		2,406		101,846
Iovance Biotherapeutics, Inc.*		12,542		91,055
iTeos Therapeutics, Inc.*		7,773		109,288
Karuna Therapeutics, Inc.*		453		90,496
Keros Therapeutics, Inc.*		2,818		118,018
Kodiak Sciences, Inc.*		12,042		36,006
Krystal Biotech, Inc.*		840		108,444
Kura Oncology, Inc.*		9,480		98,971
Kymera Therapeutics, Inc.*(1)		4,215		92,224
Liquidia Corp.*		13,817		106,667
Lyell Immunopharma, Inc.*		31,518		91,087
Madrigal Pharmaceuticals, Inc.*		424		87,047
Mersana Therapeutics, Inc.*		11,386		13,948
Merus NV (Netherlands)*		4,103		107,663
Mineralys Therapeutics, Inc.*		6,817		96,324
Mirati Therapeutics, Inc.*		2,952		89,357
MoonLake Immunotherapeutics*		4,053		246,463
Morphic Holding, Inc.*		1,818		103,135
Novavax, Inc.*		14,085		130,709
Nurix Therapeutics, Inc.*		9,912		96,246
Nuvalent, Inc. Class A*		2,524		125,821
Phathom Pharmaceuticals, Inc.*		8,515		129,513
Pliant Therapeutics, Inc.*		4,469		79,727
PMV Pharmaceuticals, Inc.*		18,184		118,923
Point Biopharma Global, Inc.*		10,939		97,795
Precigen, Inc.*		87,692		121,892
Protagonist Therapeutics, Inc.*		3,786		73,448
Prothena Corp. PLC (Ireland)*		1,513		104,200
RAPT Therapeutics, Inc.*		5,153		123,157
Recursion Pharmaceuticals, Inc. Class A*		11,028		155,715
REGENXBIO, Inc.*		5,523		104,937
Relay Therapeutics, Inc.*(1)		9,092		114,559
Replimune Group, Inc.*		4,631		97,575
REVOLUTION Medicines, Inc.*		4,306		113,033
Rocket Pharmaceuticals, Inc.*(1)		4,792		86,496
Scilex Holding Co. (Singapore)*(3)		17,635		91,640
Seres Therapeutics, Inc.*(1)		17,768		85,464
SpringWorks Therapeutics, Inc.*(1)		3,946		123,825
Stoke Therapeutics, Inc.*(1)		8,678		57,622
Structure Therapeutics, Inc.*(1)(2)		3,513		129,384
Summit Therapeutics, Inc.*		55,763		117,102
Syndax Pharmaceuticals, Inc.*		4,983		106,238
Terns Pharmaceuticals, Inc.*		9,239		66,706
TG Therapeutics, Inc.*		4,001		82,781
uniQure NV (Netherlands)*		5,611		58,186
Vaxcyte, Inc.*		2,075		99,725
Ventyx Biosciences, Inc.*		3,103		114,966
Verve Therapeutics, Inc.*		6,359		130,296
Viking Therapeutics, Inc.*		4,857		70,427
Vir Biotechnology, Inc.*		4,179		58,840
Viridian Therapeutics, Inc.*		3,930		73,727
Xencor, Inc.*		4,097		99,516
Xenon Pharmaceuticals, Inc. (Canada)*		2,552		94,220
Zentalis Pharmaceuticals, Inc.*(1)		4,415		117,925

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

July 31, 2023 (unaudited)

Security Description	Shares		Value
COMMON STOCKS (continued)
Health Care (continued)
Zymeworks, Inc.*		13,054	$	97,383
Total Health Care				11,721,461
Materials - 0.7%
Amyris, Inc.*		92,939		82,418
Total Common Stocks
(Cost $16,556,593)				11,803,879
SECURITIES LENDING COLLATERAL - 4.4%
Money Market Fund - 4.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.14%(4)(5)
(Cost $533,618)		533,618		533,618
TOTAL INVESTMENTS - 102.1%
(Cost $17,090,211)				12,337,497
Liabilities in Excess of Other Assets - (2.1)%				(250,554	)
Net Assets - 100.0%			$	12,086,943

*	Non-income producing security.
(1)	All or a portion of the security was on loan. The aggregate market value of securities on loan was $1,637,498; total market value of collateral held by the Fund was $1,629,414. Market value of the collateral held includes non-cash U.S. Treasury securities having a value of $1,095,796.
(2)	American Depositary Receipts.
(3)	Restricted security.
(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, 2023.

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

July 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 July 31, 2023.

	Level 1		Level 2		Level 3		Total
Asset Valuation Inputs
Common Stocks	$	11,712,239	$	91,640	$	—	$	11,803,879
Money Market Fund		533,618		—		—		533,618
Total	$	12,245,857	$	91,640	$	—	$	12,337,497