Schedule of Investments - Virtus Real Asset Income ETF
January 31, 2024 (unaudited)
| Security Description | | Shares | | | Value | |
| COMMON STOCKS - 97.3% | | | | | | | | |
| Communication Services - 6.9% | | | | | | | | |
| Cogent Communications Holdings, Inc. | | | 2,661 | | | $ | 205,429 | |
| KT Corp. (South Korea)(1) | | | 13,905 | | | | 183,407 | |
| Mobile TeleSystems PJSC (Russia)(2) | | | 387,202 | | | | 4 | |
| Orange SA (France)(1) | | | 16,741 | | | | 199,720 | |
| Spok Holdings, Inc. | | | 13,086 | | | | 216,704 | |
| TELUS Corp. (Canada) | | | 10,907 | | | | 195,236 | |
| TIM SA/Brazil (Brazil)(1)(3) | | | 10,352 | | | | 181,988 | |
| Total Communication Services | | | | | | | 1,182,488 | |
| Consumer Staples - 1.1% | | | | | | | | |
| Fresh Del Monte Produce, Inc. | | | 7,501 | | | | 184,375 | |
| Energy - 34.2% | | | | | | | | |
| Alliance Resource Partners LP | | | 9,738 | | | | 204,595 | |
| APA Corp. | | | 5,381 | | | | 168,587 | |
| Berry Corp. | | | 27,459 | | | | 184,250 | |
| Black Stone Minerals LP(3) | | | 11,507 | | | | 188,715 | |
| Canadian Natural Resources Ltd. (Canada) | | | 2,997 | | | | 191,778 | |
| ConocoPhillips | | | 1,638 | | | | 183,243 | |
| Coterra Energy, Inc. | | | 7,574 | | | | 188,441 | |
| Crescent Point Energy Corp. (Canada) | | | 27,985 | | | | 182,462 | |
| Devon Energy Corp. | | | 4,226 | | | | 177,577 | |
| Diamondback Energy, Inc. | | | 1,228 | | | | 188,793 | |
| Dorchester Minerals LP(3) | | | 6,082 | | | | 191,096 | |
| Ecopetrol SA (Colombia)(1)(3) | | | 16,273 | | | | 195,764 | |
| EOG Resources, Inc. | | | 1,579 | | | | 179,674 | |
| Equinor ASA (Norway)(1) | | | 6,141 | | | | 176,062 | |
| Geopark Ltd. (Colombia) | | | 22,093 | | | | 194,197 | |
| Hess Midstream LP Class A | | | 6,126 | | | | 207,120 | |
| Imperial Oil Ltd. (Canada) | | | 3,421 | | | | 197,358 | |
| Kimbell Royalty Partners LP | | | 12,560 | | | | 188,651 | |
| Natural Resource Partners LP | | | 2,105 | | | | 204,711 | |
| New Fortress Energy, Inc.(3) | | | 5,308 | | | | 176,385 | |
| Ovintiv, Inc. | | | 4,416 | | | | 187,327 | |
| Patterson-UTI Energy, Inc. | | | 17,414 | | | | 193,121 | |
| Petroleo Brasileiro SA (Brazil)(1) | | | 12,340 | | | | 210,644 | |
| Pioneer Natural Resources Co. | | | 848 | | | | 194,896 | |
| Plains All American Pipeline LP | | | 12,691 | | | | 195,949 | |
| Plains GP Holdings LP Class A(3) | | | 12,077 | | | | 195,406 | |
| Sabine Royalty Trust | | | 2,880 | | | | 176,198 | |
| Sitio Royalties Corp. Class A(3) | | | 8,510 | | | | 181,518 | |
| Tenaris SA(1) | | | 5,527 | | | | 175,814 | |
| Viper Energy, Inc. | | | 6,039 | | | | 188,538 | |
| Western Midstream Partners LP | | | 6,887 | | | | 197,864 | |
| Total Energy | | | | | | | 5,866,734 | |
| Materials - 8.2% | | | | | | | | |
| B2Gold Corp. (Canada) | | | 59,918 | | | | 167,770 | |
| Cia Siderurgica Nacional SA (Brazil)(1) | | | 52,081 | | | | 183,846 | |
| Gerdau SA (Brazil)(1) | | | 41,100 | | | | 173,853 | |
| Gold Fields Ltd. (South Africa)(1) | | | 12,106 | | | | 179,169 | |
| ICL Group Ltd. (Israel) | | | 38,542 | | | | 175,366 | |
| Sibanye Stillwater Ltd. (South Africa)(1) | | | 35,720 | | | | 172,885 | |
| Southern Copper Corp. (Mexico) | | | 2,296 | | | | 188,502 | |
| Vale SA (Brazil)(1) | | | 12,589 | | | | 172,343 | |
| Total Materials | | | | | | | 1,413,734 | |
| Real Estate - 32.1% | | | | | | | | |
| Agree Realty Corp. | | | 3,085 | | | | 183,897 | |
| American Assets Trust, Inc. | | | 8,451 | | | | 189,556 | |
| American Tower Corp. | | | 907 | | | | 177,455 | |
| Apple Hospitality REIT, Inc. | | | 11,331 | | | | 181,976 | |
| Brixmor Property Group, Inc. | | | 8,217 | | | | 184,389 | |
| Broadstone Net Lease, Inc. | | | 11,215 | | | | 180,225 | |
| Camden Property Trust | | | 1,974 | | | | 185,240 | |
| Crown Castle, Inc. | | | 1,667 | | | | 180,453 | |
| CubeSmart | | | 4,240 | | | | 183,253 | |
| EastGroup Properties, Inc. | | | 1,053 | | | | 186,834 | |
| EPR Properties | | | 3,992 | | | | 176,726 | |
| Essential Properties Realty Trust, Inc. | | | 7,486 | | | | 186,476 | |
| Extra Space Storage, Inc. | | | 1,257 | | | | 181,561 | |
| First Industrial Realty Trust, Inc. | | | 3,685 | | | | 189,851 | |
| Host Hotels & Resorts, Inc. | | | 10,001 | | | | 192,219 | |
| Innovative Industrial Properties, Inc. | | | 1,945 | | | | 181,332 | |
| InvenTrust Properties Corp. | | | 7,471 | | | | 185,505 | |
| Invitation Homes, Inc. | | | 5,629 | | | | 185,363 | |
| Kimco Realty Corp. | | | 8,787 | | | | 177,497 | |
| Mid-America Apartment Communities, Inc. | | | 1,448 | | | | 182,998 | |
| National Storage Affiliates Trust | | | 4,723 | | | | 176,404 | |
| Outfront Media, Inc. | | | 13,890 | | | | 180,848 | |
| Public Storage | | | 658 | | | | 186,339 | |
| Regency Centers Corp. | | | 2,910 | | | | 182,370 | |
| Retail Opportunity Investments Corp. | | | 13,905 | | | | 188,969 | |
| Rexford Industrial Realty, Inc. | | | 3,451 | | | | 181,488 | |
| Ryman Hospitality Properties, Inc. | | | 1,784 | | | | 196,062 | |
| SITE Centers Corp. | | | 14,007 | | | | 186,573 | |
| Tanger, Inc. | | | 6,814 | | | | 183,297 | |
| Terreno Realty Corp. | | | 3,027 | | | | 180,803 | |
| Total Real Estate | | | | | | | 5,515,959 | |
| Utilities - 14.8% | | | | | | | | |
| Alliant Energy Corp. | | | 3,802 | | | | 185,005 | |
| American Electric Power Co., Inc. | | | 2,383 | | | | 186,207 | |
| Avista Corp. | | | 5,498 | | | | 186,987 | |
| Cia Energetica de Minas Gerais (Brazil)(1) | | | 82,742 | | | | 188,652 | |
| Clearway Energy, Inc. Class C | | | 7,208 | | | | 174,722 | |
| CMS Energy Corp. | | | 3,348 | | | | 191,372 | |
| Enel Chile SA (Chile)(1) | | | 57,564 | | | | 166,360 | |
| Eversource Energy | | | 3,158 | | | | 171,227 | |
| New Jersey Resources Corp. | | | 4,343 | | | | 177,325 | |
| NextEra Energy Partners LP | | | 6,433 | | | | 192,025 | |
| NiSource, Inc. | | | 7,325 | | | | 190,230 | |
| ONE Gas, Inc. | | | 3,027 | | | | 185,767 | |
| PNM Resources, Inc. | | | 4,503 | | | | 163,144 | |
| WEC Energy Group, Inc. | | | 2,339 | | | | 188,897 | |
| Total Utilities | | | | | | | 2,547,920 | |
| Total Common Stocks | | | | | | | | |
| (Cost $19,567,169) | | | | | | | 16,711,210 | |
| | | | | | | | | |
| SECURITIES LENDING COLLATERAL - 4.4% | | | | | | | | |
| | | | | | | | | |
| Money Market Fund - 4.4% | | | | | | | | |
| Dreyfus Government Cash Management Fund, Institutional Shares, 5.22%(4)(5) | | | | | | | | |
| (Cost $762,906) | | | 762,906 | | | | 762,906 | |
| | | | | | | | | |
| TOTAL INVESTMENTS - 101.7% | | | | | | | | |
| (Cost $20,330,075) | | | | | | | 17,474,116 | |
| Liabilities in Excess of Other Assets - (1.7)% | | | | | | | (291,076 | ) |
| Net Assets - 100.0% | | | | | | $ | 17,183,040 | |
| (1) | American Depositary Receipts. |
| (2) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
Schedule of Investments - Virtus Real Asset Income ETF (continued)
January 31, 2024 (unaudited)
| (3) | All or a portion of the security was on loan. The aggregate market value of securities on loan was $945,589; total market value of collateral held by the Fund was $982,704. Market value of the collateral held includes non-cash U.S. Treasury securities having a value of $219,798. |
| (4) | Represents securities purchased with cash collateral received for securities on loan. |
| (5) | The rate shown reflects the seven-day yield as of January 31, 2024. |
Schedule of Investments - Virtus Real Asset Income ETF (continued)
January 31, 2024 (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, 2024.
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Asset Valuation Inputs | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 16,711,206 | | | $ | — | | | $ | 4 | | | $ | 16,711,210 | |
| Money Market Fund | | | 762,906 | | | | — | | | | — | | | | 762,906 | |
| Total | | $ | 17,474,112 | | | $ | — | | | $ | 4 | | | $ | 17,474,116 | |
The value of level 3 security represents valuations of Russian Common Stock for which Management has determined include significant unobservable inputs as of January 31, 2024.
Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended January 31, 2024.
