Virtus Newfleet ABS/MBS ETF NPORTP Virtus Newfleet Short Duration High Yield Bond ETF (Oct 2024 report)

Schedule of Investments - Virtus Newfleet Short Duration High Yield Bond ETF

October 31, 2024 (unaudited)

Security Description	Principal		Value
CORPORATE BONDS – 80.1%
Communication Services – 8.9%
CCO Holdings LLC / CCO Holdings Capital Corp., 6.38%, 09/01/29⁽¹⁾	$	32,000	$	31,708
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 08/15/30⁽¹⁾		30,000		26,819
CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 03/01/31⁽¹⁾		25,000		25,439
Directv Financing LLC, 8.88%, 02/01/30⁽¹⁾		15,000		14,818
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27⁽¹⁾		70,000		67,476
DISH DBS Corp., 5.88%, 11/15/24		30,000		29,800
Gray Television, Inc., 7.00%, 05/15/27⁽¹⁾		85,000		82,782
Level 3 Financing, Inc., 3.63%, 01/15/29⁽¹⁾		40,000		30,193
Nexstar Media, Inc., 5.63%, 07/15/27⁽¹⁾		85,000		83,602
Rackspace Technology Global, Inc., 5.38%, 12/01/28⁽¹⁾		50,000		15,332
Univision Communications, Inc., 6.63%, 06/01/27⁽¹⁾		85,000		84,418
Total Communication Services				492,387
Consumer Discretionary – 10.9%
Aptiv PLC / Aptiv Global Financing Dac, 6.88%, (US 5 Year CMT T- Note + 3.39%), 12/15/54⁽²⁾		55,000		53,659
Carnival Corp., 7.63%, 03/01/26⁽¹⁾		43,000		43,328
Carnival Corp., 7.00%, 08/15/29⁽¹⁾		5,000		5,233
Churchill Downs, Inc., 5.75%, 04/01/30⁽¹⁾		85,000		83,748
Ford Motor Co., 3.25%, 02/12/32		95,000		79,508
Light & Wonder International, Inc., 7.00%, 05/15/28⁽¹⁾		55,000		55,276
Newell Brands, Inc., 6.63%, 09/15/29		79,000		80,249
Nmg Holding Co., Inc. / Neiman Marcus Group LLC, 8.50%, 10/01/28⁽¹⁾		50,000		50,880
Ontario Gaming GTA LP/OTG Co.-Issuer LLC, 8.00%, 08/01/30 (Canada)⁽¹⁾		70,000		72,303
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 01/15/28⁽¹⁾		20,000		19,999
Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/28⁽¹⁾		60,000		57,391
Total Consumer Discretionary				601,574
Consumer Staples – 3.7%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.63%, 07/15/30⁽¹⁾		52,000		53,075
H-Food Holdings LLC / Hearthside Finance Co., Inc., 8.50%, 06/01/26⁽¹⁾		30,000		2,333
HLF Financing Sarl LLC / Herbalife International, Inc., 4.88%, 06/01/29⁽¹⁾		55,000		37,972
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31⁽¹⁾		55,000		54,530
Post Holdings, Inc., 6.25%, 02/15/32⁽¹⁾		30,000		30,371
Post Holdings, Inc., 6.38%, 03/01/33⁽¹⁾		25,000		24,796
Total Consumer Staples				203,077
Energy – 17.3%
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/29⁽¹⁾		60,000		63,388

Security Description	Principal		Value
CORPORATE BONDS (continued)
Energy (continued)
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 8.25%, 12/31/28⁽¹⁾	$	45,000	$	45,950
Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.00%, 07/15/29⁽¹⁾		65,000		66,726
CITGO Petroleum Corp., 7.00%, 06/15/25⁽¹⁾		49,000		49,094
Civitas Resources, Inc., 8.75%, 07/01/31⁽¹⁾		52,000		54,528
Energy Transfer LP, Series H, 6.50%, (US 5 Year CMT T- Note + 5.69%), perpetual⁽²⁾⁽³⁾		60,000		59,961
EQM Midstream Partners LP, 6.38%, 04/01/29⁽¹⁾		5,000		5,082
Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 02/01/28		25,000		25,269
Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/30		30,000		30,924
Gulfport Energy Operating Corp., 6.75%, 09/01/29⁽¹⁾		30,000		30,193
Helix Energy Solutions Group, Inc., 9.75%, 03/01/29⁽¹⁾		65,000		69,379
Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/29⁽¹⁾		70,000		67,225
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26⁽¹⁾		40,000		39,956
Nabors Industries, Inc., 7.38%, 05/15/27⁽¹⁾		50,000		50,077
Noble Finance II LLC, 8.00%, 04/15/30⁽¹⁾		80,000		81,144
Transocean, Inc., 8.75%, 02/15/30⁽¹⁾		55,250		57,282
USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/29⁽¹⁾		70,000		71,340
Venture Global Calcasieu Pass LLC, 3.88%, 08/15/29⁽¹⁾		5,000		4,614
Venture Global LNG, Inc., 7.00%, 01/15/30⁽¹⁾		30,000		30,206
Venture Global LNG, Inc., 9.88%, 02/01/32⁽¹⁾		50,000		54,608
Total Energy				956,946
Financials – 17.3%
Apollo Debt Solutions BDC, 6.90%, 04/13/29⁽¹⁾		67,000		68,449
Block, Inc., 6.50%, 05/15/32⁽¹⁾		82,000		83,559
Blue Owl Credit Income Corp., 6.65%, 03/15/31		69,000		69,507
Citigroup, Inc., Series X, 3.88%, (US 5 Year CMT T- Note + 3.42%), perpetual⁽²⁾⁽³⁾		60,000		58,138
Global Atlantic Finance Co., 7.95%, (US 5 Year CMT T- Note + 3.61%), 10/15/54⁽¹⁾⁽²⁾		80,000		83,208
Hat Holdings I LLC / Hat Holdings II LLC, 3.75%, 09/15/30⁽¹⁾		80,000		70,077
Hub International Ltd., 7.25%, 06/15/30⁽¹⁾		65,000		67,228
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27⁽¹⁾		85,000		82,357
Liberty Mutual Group, Inc., 4.13%, (US 5 Year CMT T- Note + 3.32%), 12/15/51⁽¹⁾⁽²⁾		88,000		83,064
Midcap Financial Issuer Trust, 6.50%, 05/01/28⁽¹⁾		85,000		80,426

Schedule of Investments - Virtus Newfleet Short Duration High Yield Bond ETF (continued)

October 31, 2024 (unaudited)

Security Description	Principal		Value
CORPORATE BONDS (continued)
Financials (continued)
Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/31⁽¹⁾	$	80,000	$	76,594
OneMain Finance Corp., 7.13%, 11/15/31		80,000		80,975
Panther Escrow Issuer LLC, 7.13%, 06/01/31⁽¹⁾		55,000		56,360
Total Financials				959,942
Health Care – 2.3%
CHS/Community Health Systems, Inc., 5.25%, 05/15/30⁽¹⁾		35,000		30,572
CHS/Community Health Systems, Inc., 4.75%, 02/15/31⁽¹⁾		20,000		16,698
Medline Borrower LP, 5.25%, 10/01/29⁽¹⁾		80,000		77,557
Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/29⁽¹⁾		5,000		5,094
Total Health Care				129,921
Industrials – 8.0%
Beacon Roofing Supply, Inc., 6.50%, 08/01/30⁽¹⁾		85,000		86,487
Builders FirstSource, Inc., 4.25%, 02/01/32⁽¹⁾		75,000		67,153
Fortress Transportation and Infrastructure Investors LLC, 7.00%, 05/01/31⁽¹⁾		85,000		87,493
Hertz Corp. (The), 4.63%, 12/01/26⁽¹⁾		79,000		59,757
Neptune Bidco US, Inc., 9.29%, 04/15/29⁽¹⁾		35,000		32,733
Regal Rexnord Corp., 6.05%, 04/15/28		30,000		30,716
TransDigm, Inc., 6.75%, 08/15/28⁽¹⁾		80,000		81,817
Total Industrials				446,156
Information Technology – 3.1%
Consensus Cloud Solutions, Inc., 6.00%, 10/15/26⁽¹⁾		10,000		9,901
Consensus Cloud Solutions, Inc., 6.50%, 10/15/28⁽¹⁾		45,000		44,618
Rocket Software, Inc., 9.00%, 11/28/28⁽¹⁾		50,000		52,173
Viasat, Inc., 5.63%, 09/15/25⁽¹⁾		65,000		64,216
Total Information Technology				170,908
Materials – 4.1%
Asp Unifrax Holdings, Inc., 5.25%, 09/30/28⁽¹⁾		62,000		33,395
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/28⁽¹⁾		55,000		55,764
LSB Industries, Inc., 6.25%, 10/15/28⁽¹⁾		85,000		82,318
Mauser Packaging Solutions Holding Co., 9.25%, 04/15/27⁽¹⁾		55,000		56,294
Total Materials				227,771
Real Estate – 0.6%
VICI Properties LP / VICI Note Co., Inc., 4.63%, 12/01/29⁽¹⁾		35,000		33,650
Utilities – 3.9%
AES Corp. (The), 7.60%, (US 5 Year CMT T- Note + 3.20%), 01/15/55⁽²⁾		50,000		51,848
American Electric Power Co., Inc., 7.05%, (US 5 Year CMT T-Note + 2.75%), 12/15/54⁽²⁾		65,000		67,443
Ferrellgas LP / Ferrellgas Finance Corp., 5.38%, 04/01/26⁽¹⁾		30,000		29,814
Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/29⁽¹⁾		43,000		40,178
Vistra Operations Co. LLC, 6.88%, 04/15/32⁽¹⁾		25,000		25,870

Security Description	Principal		Value
CORPORATE BONDS (continued)
Utilities (continued)
Total Utilities			$	215,153
Total Corporate Bonds
(Cost $4,536,002)				4,437,485
FOREIGN BONDS – 12.4%
Communication Services – 0.1%
Telesat Canada / Telesat LLC, 6.50%, 10/15/27 (Canada)⁽¹⁾	$	20,000		6,284
Consumer Discretionary – 2.3%
1011778 BC ULC / New Red Finance, Inc., 6.13%, 06/15/29 (Canada)⁽¹⁾		70,000		71,273
Great Canadian Gaming Corp., 8.75%, 11/15/29 (Canada)⁽¹⁾		10,000		10,000
Raptor Acquisition Corp. / Raptor Co.-Issuer LLC, 4.88%, 11/01/26 (Canada)⁽¹⁾		45,000		44,659
Total Consumer Discretionary				125,932
Energy – 3.1%
Coronado Finance Pty Ltd., 9.25%, 10/01/29 (Australia)⁽¹⁾		55,000		56,306
South Bow Canadian Infrastructure Holdings Ltd., 7.63%, (US 5 Year CMT T- Note + 3.95%), 03/01/55 (Canada)⁽¹⁾⁽²⁾		67,000		69,046
Teine Energy Ltd., 6.88%, 04/15/29 (Canada)⁽¹⁾		45,000		44,476
Total Energy				169,828
Financials – 0.4%
GGAM Finance Ltd., 6.88%, 04/15/29 (Ireland)⁽¹⁾		20,000		20,431
Health Care – 1.1%
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 (Israel)		65,000		62,014

Industrials – 2.0%
VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.50%, 06/01/28 (Switzerland)⁽¹⁾		43,000		42,289
Wrangler Holdco Corp., 6.63%, 04/01/32 (Canada)⁽¹⁾		70,000		71,550
Total Industrials				113,839
Materials – 3.4%
FMG Resources August 2006 Pty Ltd., 5.88%, 04/15/30 (Australia)⁽¹⁾		68,000		67,734
INEOS Quattro Finance 2 PLC, 9.63%, 03/15/29 (United Kingdom)⁽¹⁾		50,000		53,029
NOVA Chemicals Corp., 5.00%, 05/01/25 (Canada)⁽¹⁾		70,000		69,761
Total Materials				190,524

Schedule of Investments - Virtus Newfleet Short Duration High Yield Bond ETF (continued)

October 31, 2024 (unaudited)

Security Description	Principal		Value
FOREIGN BONDS (continued)
Total Foreign Bonds
(Cost $699,910)			$	688,852

TERM LOAN – 0.0%⁽⁵⁾
Financials – 0.0%⁽⁵⁾
Lannett Co., Inc., 2.00%, (3-Month SOFR + 2.00%), 06/16/30⁽²⁾⁽⁴⁾		2,558		844

		Shares
COMMON STOCK – 0.0%⁽⁵⁾
Health Care – 0.0%⁽⁵⁾
Lannett Co., Inc.*⁽⁴⁾ (Cost $462)		416		—
MONEY MARKET FUND - 6.0%
JP Morgan U.S. Government Money Market Institutional Shares, 4.71%⁽⁶⁾ (Cost $331,810)		331,810		331,810
TOTAL INVESTMENTS - 98.5%
(Cost $5,568,210)				5,458,991
Other Assets in Excess of Liabilities - 1.5%				80,837
Net Assets - 100.0%			$	5,539,828

*	Non-income producing security.
(1)	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. At October 31, 2024, the aggregate value of these securities was $4,346,326, or 78.5% of net assets.
(2)	Variable rate instrument. The interest rate shown reflects the rate in effect at October 31, 2024.
(3)	Perpetual security with no stated maturity date.
(4)	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.
(5)	Amount rounds to less than 0.05%.
(6)	The rate shown reflects the seven-day yield as of October 31, 2024.

Abbreviations:

CMT — Constant Maturity Treasury Index

SOFR — Secured Overnight Financing Rate

Schedule of Investments - Virtus Newfleet Short Duration High Yield Bond ETF (continued)

October 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 October 31, 2024.

	Level 1		Level 2		Level 3		Total
Asset Valuation Inputs
Corporate Bonds	$	—	$	4,437,485	$	—	$	4,437,485
Foreign Bonds		—		688,852		—		688,852
Term Loan		—		—		844		844
Common Stock		—		—		0		0
Money Market Fund		331,810		—		—		331,810
Total	$	331,810	$	5,126,337	$	844	$	5,458,991

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 October 31, 2024.

Virtus Newfleet ABS/MBS ETF (VABS) NPORT-PVirtus Newfleet Short Duration High Yield Bond ETF (Oct 2024 report)