ETFIS Series Trust I NPORTP Virtus InfraCap U.S. Preferred Stock ETF (Jul 2023 report)

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

July 31, 2023 (unaudited)

Security Description	Shares		Value

PREFERRED STOCKS - 125.1%

Communication Services - 5.7%
AT&T, Inc., Series C, 4.75%		22,962	$	424,338
Liberty Broadband Corp., Series A, 7.00%⁽¹⁾		43,920		1,014,552
Qwest Corp., 6.50%⁽¹⁾		78,065		1,130,381
Qwest Corp., 6.75%⁽¹⁾		43,311		639,270
Telephone and Data Systems, Inc., Series UU, 6.63%⁽¹⁾		316,616		4,882,219
Telephone and Data Systems, Inc., Series VV, 6.00%⁽¹⁾		703,940		9,798,845
United States Cellular Corp., 5.50%⁽¹⁾		764,287		11,016,811
United States Cellular Corp., 6.25%⁽¹⁾		340,108		5,574,370
Total Communication Services				34,480,786
Consumer Discretionary - 2.2%
Ford Motor Co., 6.00%⁽¹⁾		488,695		11,889,949
Ford Motor Co., 6.20%⁽¹⁾		43,977		1,098,985
Ford Motor Co., 6.50%⁽¹⁾		7,360		177,303
Total Consumer Discretionary				13,166,237
Energy - 15.7%
Brookfield Infrastructure Finance ULC, 5.00% (Canada)		8,849		158,486
Crestwood Equity Partners LP, 9.25%⁽¹⁾		2,740,009		25,427,283
DCP Midstream LP, Series C, 7.95%		1,976		49,558
Energy Transfer LP, Series D, 7.63%⁽¹⁾		68,452		1,719,514
Energy Transfer LP, Series E, 7.60%⁽¹⁾		60,039		1,482,963
GasLog Partners LP, Series A, 8.63% (Greece)⁽¹⁾		377,430		9,114,934
GasLog Partners LP, Series B, 11.39% (Greece)⁽¹⁾		93,350		2,269,899
Golar LNG Partners LP, Series A, 8.75% (United Kingdom)⁽¹⁾		47,750		668,500
NuStar Energy LP, Series A, 12.27%⁽¹⁾		832,898		21,288,873
NuStar Energy LP, Series B, 11.15%⁽¹⁾		839,770		20,389,616
NuStar Energy LP, Series C, 11.82%⁽¹⁾		486,138		12,469,440
Total Energy				95,039,066
Financials - 39.6%^†
Affiliated Managers Group, Inc., 4.20%		2,081		35,273
Affiliated Managers Group, Inc., 4.75%		5,874		108,669
AG Mortgage Investment Trust, Inc., Series C, 8.00%⁽¹⁾		205,468		3,981,970
AGNC Investment Corp., Series D, 6.88%⁽¹⁾		18,017		414,031
AGNC Investment Corp., Series G, 7.75%⁽¹⁾		160,252		3,605,670
Allstate Corp., Series H, 5.10%		15,110		325,318
American Equity Investment Life Holding Co., Series A, 5.95%⁽¹⁾		24,702		519,483
American Equity Investment Life Holding Co., Series B, 6.63%		5,985		138,852
American International Group, Inc., Series A, 5.85%		2,086		51,608
Arbor Realty Trust, Inc., Series E, 6.25%⁽¹⁾		27,854		530,062
Argo Group International Holdings Ltd., 7.00%⁽¹⁾		9,193		209,876
ARMOUR Residential REIT, Inc., Series C, 7.00%⁽¹⁾		365,072		7,765,081
Atlanticus Holdings Corp., Series B, 7.63%⁽¹⁾		20,091		430,299
B Riley Financial, Inc., 5.25%⁽¹⁾		40,671		780,070
B Riley Financial, Inc., 6.00%⁽¹⁾		83,078		1,758,761
B Riley Financial, Inc., 6.38%⁽¹⁾		111,950		2,663,290
B Riley Financial, Inc., Series B, 7.38%⁽¹⁾		40,770		985,003
Bank of America Corp., Series 4, 6.21%		13,395		288,394
Bank of America Corp., Series 5, 5.88%		1,892		39,827
Bank of America Corp., Series K, 6.45%		12		303
Bank OZK, Series A, 4.63%⁽¹⁾		168,116		2,668,001
Brighthouse Financial, Inc., 6.25%		1,120		27,126
Brighthouse Financial, Inc., Series A, 6.60%		11,080		252,735
Brighthouse Financial, Inc., Series B, 6.75%		1,124		27,414
Brighthouse Financial, Inc., Series C, 5.38%⁽¹⁾		71,041		1,334,150
Brighthouse Financial, Inc., Series D, 4.63%⁽¹⁾		91,869		1,432,238
Brookfield Finance, Inc., Series 50, 4.63% (Canada)⁽¹⁾		113,108		1,919,443
Capital Southwest Corp., 7.75%		33,145		833,928
Chimera Investment Corp., Series A, 8.00%⁽¹⁾		269,127		5,818,526
Chimera Investment Corp., Series B, 8.00%⁽¹⁾		364,936		7,959,254
Chimera Investment Corp., Series C, 7.75%⁽¹⁾		348,390		6,974,768
Chimera Investment Corp., Series D, 8.00%⁽¹⁾		388,941		8,327,227
CNO Financial Group, Inc., 5.13%⁽¹⁾		1,754		28,503
Compass Diversified Holdings, Series A, 7.25%⁽¹⁾		258,578		6,549,781
Compass Diversified Holdings, Series B, 7.88%⁽¹⁾		14,659		359,146
Compass Diversified Holdings, Series C, 7.88%⁽¹⁾		11,463		279,697
Dime Community Bancshares, Inc., 5.50%⁽¹⁾		5,446		97,483
Eagle Point Income Co., Inc., Series B, 7.75%*		12,500		311,250
Ellington Financial, Inc., 6.75%⁽¹⁾		462,061		10,234,651
Enstar Group Ltd., Series D, 7.00%⁽¹⁾		85,151		2,026,594
Enstar Group Ltd., Series E, 7.00%⁽¹⁾		4,452		109,786
Enterprise Financial Services Corp., Series A, 5.00%⁽¹⁾		137,132		2,165,314
Fifth Third Bancorp, Series K, 4.95%		7,092		148,790
First Horizon Corp., 6.50%		1,936		42,398
First Horizon Corp., Series D, 6.10%⁽¹⁾		17,449		400,455
First Horizon Corp., Series F, 4.70%		4,202		68,493
Gladstone Investment Corp., 8.00%		55,738		1,400,139
Goldman Sachs Group, Inc., Series A, 6.09%		10,525		217,552
Goldman Sachs Group, Inc., Series C, 6.09%		24,876		530,356
Goldman Sachs Group, Inc., Series D, 6.01%		4,039		84,738
Huntington Bancshares, Inc., Series J, 6.88%⁽¹⁾		30,090		721,558
Invesco Mortgage Capital, Inc., Series B, 7.75%⁽¹⁾		241,644		5,449,072
Invesco Mortgage Capital, Inc., Series C, 7.50%⁽¹⁾		300,252		6,515,468
Jackson Financial, Inc., 8.00%⁽¹⁾		267,223		6,667,214
Kemper Corp., 5.88%⁽¹⁾		239,873		4,252,948
KeyCorp, Series E, 6.13%		24,436		550,543
KeyCorp, Series F, 5.65%		38,536		796,154
KeyCorp, Series G, 5.63%		17,939		389,456
KKR Real Estate Finance Trust, Inc., Series A, 6.50%		10,425		211,628
Merchants Bancorp, Series B, 6.00%⁽¹⁾		20,140		428,781
Merchants Bancorp, Series C, 6.00%⁽¹⁾		95,385		1,851,423

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

July 31, 2023 (unaudited)

Security Description	Shares		Value

PREFERRED STOCKS (continued)

Financials (continued)
MetLife, Inc., Series A, 6.55%		2,341	$	53,515
MFA Financial, Inc., Series B, 7.50%⁽¹⁾		257,093		5,280,690
MFA Financial, Inc., Series C, 6.50%⁽¹⁾		535,367		10,519,962
Morgan Stanley, Series A, 6.27%		92,134		1,980,881
Morgan Stanley, Series O, 4.25%		1,378		26,127
Navient Corp., 6.00%⁽¹⁾		63,509		1,213,657
New York Community Bancorp, Inc., Series A, 6.38%		16,681		389,835
New York Community Capital Trust V, 6.00%⁽¹⁾		5,391		221,840
New York Mortgage Trust, Inc., Series D, 8.00%⁽¹⁾		760,907		16,180,687
New York Mortgage Trust, Inc., Series E, 7.88%⁽¹⁾		445,112		9,819,171
New York Mortgage Trust, Inc., Series F, 6.88%⁽¹⁾		41,350		791,853
Oaktree Capital Group LLC, Series A, 6.63%		4,946		111,780
Oaktree Capital Group LLC, Series B, 6.55%		7,839		173,085
Oxford Lane Capital Corp., Series 2029, 6.00%⁽¹⁾		45,476		986,374
PacWest Bancorp, Series A, 7.75%		3,000		62,190
PennyMac Mortgage Investment Trust, Series A, 8.13%⁽¹⁾		116,240		2,780,461
PennyMac Mortgage Investment Trust, Series B, 8.00%⁽¹⁾		451,756		10,634,336
PennyMac Mortgage Investment Trust, Series C, 6.75%⁽¹⁾		70,466		1,342,377
Prospect Capital Corp., Series A, 5.35%⁽¹⁾		392,938		6,503,124
Redwood Trust, Inc., 10.00%⁽¹⁾		56,259		1,290,626
Regions Financial Corp., Series B, 6.38%		2,037		49,316
Regions Financial Corp., Series C, 5.70%		13,467		292,907
Regions Financial Corp., Series E, 4.45%		34,256		587,490
Rithm Capital Corp., Series D, 7.00%⁽¹⁾		36,290		772,977
RiverNorth Opportunities Fund, Inc., Series A, 6.00%⁽¹⁾		54,181		1,271,899
SLM Corp., Series B, 7.25%⁽¹⁾		168,889		9,905,340
Synchrony Financial, Series A, 5.63%⁽¹⁾		326,966		5,636,894
Synovus Financial Corp., Series D, 8.86%⁽¹⁾		1,107		27,066
Synovus Financial Corp., Series E, 5.88%		6,846		144,451
Texas Capital Bancshares, Inc., Series B, 5.75%⁽¹⁾		86,017		1,656,687
Truist Financial Corp., Series I, 6.08%		32,931		740,618
Two Harbors Investment Corp., Series A, 8.13%⁽¹⁾		10,269		221,810
Two Harbors Investment Corp., Series B, 7.63%⁽¹⁾		377,117		7,768,610
Two Harbors Investment Corp., Series C, 7.25%⁽¹⁾		604,920		12,461,352
US Bancorp, Series A, 6.59%⁽¹⁾		9,902		7,664,148
US Bancorp, Series B, 6.17%		130,771		2,523,880
W R Berkley Corp., 5.10%		15,579		335,572
Zions Bancorp NA, 6.95%		43,646		1,093,332
Zions Bancorp NA, Series G, 9.79%		41,869		1,067,241
Total Financials				239,680,182
Health Care - 0.1%
XOMA Corp., Series A, 8.63%⁽¹⁾		23,121		562,997
Industrials - 16.2%
Air Lease Corp., Series A, 6.15%⁽¹⁾		11,784		277,985
Alta Equipment Group, Inc., Series A, 10.00%		2,590		68,842
Atlas Corp., Series D, 7.95% (Canada)		3,312		82,270
Atlas Corp., Series H, 7.88% (Canada)⁽¹⁾		32,028		729,790
Atlas Corp., Series I, 8.00% (Canada)⁽¹⁾		590,201		14,459,925
Babcock & Wilcox Enterprises, Inc., 8.13%⁽¹⁾		372,879		8,997,570
Babcock & Wilcox Enterprises, Inc., Series A, 7.75%⁽¹⁾		1,083,508		19,329,674
FTAI Aviation Ltd., Series A, 8.25%⁽¹⁾		34,576		826,712
FTAI Aviation Ltd., Series B, 8.00%⁽¹⁾		704,431		17,230,382
FTAI Aviation Ltd., Series C, 8.25%⁽¹⁾		32,023		790,328
FTAI Aviation Ltd., Series D, 9.50%		27,944		684,628
Pitney Bowes, Inc., 6.70%⁽¹⁾		405,731		7,274,757
Textainer Group Holdings Ltd., 7.00% (China)⁽¹⁾		11,647		276,616
Textainer Group Holdings Ltd., Series B, 6.25% (China)⁽¹⁾		302,610		6,024,965
Triton International Ltd., 6.88% (Bermuda)⁽¹⁾		211,099		4,895,386
Triton International Ltd., 7.38% (Bermuda)⁽¹⁾		429,084		9,976,203
Triton International Ltd., 8.00% (Bermuda)		2,773		66,968
Triton International Ltd., Series E, 5.75% (Bermuda)⁽¹⁾		258,626		4,856,996
WESCO International, Inc., Series A, 10.63%⁽¹⁾		46,098		1,250,178
Total Industrials				98,100,175
Real Estate - 34.4%^†
Armada Hoffler Properties, Inc., Series A, 6.75%		25,936		602,493
Braemar Hotels & Resorts, Inc., Series B, 5.50%⁽¹⁾		404,619		5,765,821
Braemar Hotels & Resorts, Inc., Series D, 8.25%⁽¹⁾		44,566		1,011,648
City Office REIT, Inc., Series A, 6.63%⁽¹⁾		59,865		1,018,902
CTO Realty Growth, Inc., Series A, 6.38%⁽¹⁾		92,601		1,828,870
DiamondRock Hospitality Co., 8.25%⁽¹⁾		205,204		5,292,211
Digital Realty Trust, Inc., Series K, 5.85%		3,907		91,385
DigitalBridge Group, Inc., Series H, 7.13%⁽¹⁾		386,238		8,253,906
DigitalBridge Group, Inc., Series I, 7.15%⁽¹⁾		717,136		15,267,825
DigitalBridge Group, Inc., Series J, 7.13%⁽¹⁾		312,090		6,631,912
Diversified Healthcare Trust, 5.63%⁽¹⁾		491,846		6,487,449
Diversified Healthcare Trust, 6.25%⁽¹⁾		402,126		5,842,891
EPR Properties, Series C, 5.75%⁽¹⁾		87,830		1,782,949
EPR Properties, Series E, 9.00%⁽¹⁾		418,149		11,248,208
EPR Properties, Series G, 5.75%⁽¹⁾		263,823		5,141,910
Equity Commonwealth, Series D, 6.50%⁽¹⁾		7,453		186,623
Federal Realty Investment Trust, Series C, 5.00%		2,700		60,048
Gladstone Commercial Corp., Series G, 6.00%		11,785		208,005
Global Net Lease, Inc., Series A, 7.25%⁽¹⁾		357,977		7,911,292

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

July 31, 2023 (unaudited)

Security Description	Shares		Value

PREFERRED STOCKS (continued)

Real Estate (continued)
Global Net Lease, Inc., Series B, 6.88%⁽¹⁾		374,760	$	7,667,590
Healthcare Trust, Inc., Series B, 7.13%⁽¹⁾		234,581		4,433,581
Hersha Hospitality Trust, Series D, 6.50%⁽¹⁾		99,995		1,947,903
Hersha Hospitality Trust, Series E, 6.50%⁽¹⁾		57,610		1,126,852
Hudson Pacific Properties, Inc., Series C, 4.75%⁽¹⁾		74,721		883,202
LXP Industrial Trust, Series C, 6.50%⁽¹⁾		18,001		856,848
National Storage Affiliates Trust, Series A, 6.00%		5,447		128,549
Necessity Retail REIT, Inc., Series A, 7.50%⁽¹⁾		946,156		19,500,275
Necessity Retail REIT, Inc., Series C, 7.38%⁽¹⁾		234,754		5,014,345
Office Properties Income Trust, 6.38%⁽¹⁾		58,736		787,650
Pebblebrook Hotel Trust, Series E, 6.38%⁽¹⁾		30,113		600,754
Pebblebrook Hotel Trust, Series F, 6.30%⁽¹⁾		247,178		4,869,407
Pebblebrook Hotel Trust, Series G, 6.38%⁽¹⁾		75,925		1,484,334
Pebblebrook Hotel Trust, Series H, 5.70%⁽¹⁾		52,167		923,356
Rexford Industrial Realty, Inc., Series B, 5.88%		4,058		94,146
RLJ Lodging Trust, Series A, 1.95%⁽¹⁾		838,004		20,522,718
RPT Realty, Series D, 7.25%⁽¹⁾		212,996		10,519,872
Saul Centers, Inc., Series E, 6.00%⁽¹⁾		363,949		8,287,155
SITE Centers Corp., Series A, 6.38%		190		4,594
SL Green Realty Corp., Series I, 6.50%⁽¹⁾		230,845		4,328,344
Spirit Realty Capital, Inc., Series A, 6.00%		2,944		67,123
Summit Hotel Properties, Inc., Series E, 6.25%⁽¹⁾		207,934		4,127,490
Summit Hotel Properties, Inc., Series F, 5.88%⁽¹⁾		68,294		1,273,000
Sunstone Hotel Investors, Inc., Series H, 6.13%⁽¹⁾		5,061		110,684
Sunstone Hotel Investors, Inc., Series I, 5.70%⁽¹⁾		47,947		965,653
UMH Properties, Inc., Series D, 6.38%⁽¹⁾		32,382		697,508
Urstadt Biddle Properties, Inc., Series H, 6.25%		2,009		46,910
Urstadt Biddle Properties, Inc., Series K, 5.88%⁽¹⁾		185,033		4,144,739
Vornado Realty Trust, Series L, 5.40%⁽¹⁾		202,016		3,151,450
Vornado Realty Trust, Series M, 5.25%⁽¹⁾		361,786		5,412,319
Vornado Realty Trust, Series N, 5.25%⁽¹⁾		320,098		4,759,857
Vornado Realty Trust, Series O, 4.45%		315,902		4,296,267
Total Real Estate				207,668,823
Utilities - 11.2%
AES Corp., 6.88%⁽¹⁾		43,569		3,729,071
Algonquin Power & Utilities Corp., 6.88% (Canada)		3,786		93,817
Algonquin Power & Utilities Corp., 7.75% (Canada)⁽¹⁾		192,049		5,675,048
Algonquin Power & Utilities Corp., Series 19-A, 6.20% (Canada)		24,554		569,653
Brookfield BRP Holdings Canada, Inc., 4.63% (Canada)		2,819		44,709
DTE Energy Co., 4.38%		632		13,310
Entergy New Orleans LLC, 5.50%		2,008		48,112
NextEra Energy, Inc., 6.93%		56,612		2,588,867
NiSource, Inc., 7.75%⁽¹⁾		10,173		1,047,717
NiSource, Inc., Series B, 6.50%		74		1,868
Pacific Gas and Electric Co., Series A, 6.00%⁽¹⁾		23,003		495,485
SCE Trust II, 5.10%		1,833		37,595
SCE Trust III, Series H, 5.75%⁽¹⁾		1,276,807		30,004,964
SCE Trust IV, Series J, 5.38%⁽¹⁾		82,594		1,683,266
SCE Trust V, Series K, 5.45%		434		9,804
SCE Trust VI, 5.00%⁽¹⁾		617,613		12,222,561
South Jersey Industries, Inc., 5.63%⁽¹⁾		5,636		73,634
Southern Co., Series 2020, 4.95%		12,140		268,901
Spire, Inc., Series A, 5.90%		11,062		268,364
UGI Corp., 7.25%⁽¹⁾		129,388		8,659,939
Total Utilities				67,536,685

TOTAL INVESTMENTS - 125.1%
(Cost $818,456,025)				756,234,951
Liabilities in Excess of Other Assets - (25.1)%				(151,722,691	)
Net Assets - 100.0%			$	604,512,260

*	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, 2023 was $565,951,548.

Schedule of Investments - Virtus InfraCap U.S. Preferred Stock 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
Preferred Stocks	$	756,234,951	$	—	$	—	$	756,234,951
Total	$	756,234,951	$	—	$	—	$	756,234,951

ETFIS Series Trust I (PFFR) NPORT-PVirtus InfraCap U.S. Preferred Stock ETF (Jul 2023 report)