Schedule of Investments - Virtus Seix Senior Loan ETF
October 31, 2024 (unaudited)
| Security Description | Principal | Value | ||||||
| TERM LOANS – 94.3% | ||||||||
| Basic Materials – 6.3% | ||||||||
| Arc Falcon I, Inc., 8.29%, (1-Month SOFR + 3.60%), 09/30/28(1) | $ | 996,165 | $ | 999,278 | ||||
| Arc Falcon I, Inc., 11.79%, (1-Month SOFR + 7.10%), 09/30/29(1) | 630,000 | 595,350 | ||||||
| Chemours Co. (The), 8.19%, (1-Month SOFR + 3.50%), 08/10/28(1) | 1,243,101 | 1,248,801 | ||||||
| Consolidated Energy Finance SA, 9.56%, (3-Month SOFR + 4.50%), 11/07/30(1) | 562,175 | 532,056 | ||||||
| Domtar Corp., 10.30%, (1-Month SOFR + 0.61%), 11/30/28(1) | 628,421 | 601,320 | ||||||
| Hexion Holdings Corp., 0.00%, (SOFR + 0.00%), 03/15/29(2) | 250,000 | 250,290 | ||||||
| Hexion Holdings Corp., 9.77%, (3-Month SOFR + 4.65%), 03/15/29(1) | 1,244,908 | 1,246,352 | ||||||
| Hexion Holdings Corp., 12.22%, (1-Month SOFR + 7.54%), 03/15/30(1) | 110,000 | 100,540 | ||||||
| INEOS Styrolution US Holding LLC, 0.00%, (SOFR + 0.00%), 01/29/27(2) | 700,000 | 688,625 | ||||||
| INEOS Styrolution US Holding LLC, 6.79%, (1-Month SOFR + 2.10%), 01/29/27(1) | 997,389 | 981,181 | ||||||
| INEOS US Finance LLC, 7.94%, (1-Month SOFR + 3.25%), 02/18/30(1) | 1,837,500 | 1,841,524 | ||||||
| INEOS US Petrochem LLC, 0.00%, (SOFR + 0.00%), 10/01/31(2) | 1,000,000 | 997,500 | ||||||
| INEOS US Petrochem LLC, 8.94%, (1-Month SOFR + 4.25%), 10/01/31(1) | 105,000 | 104,737 | ||||||
| LSF11 A5 HoldCo LLC, 8.30%, (1-Month SOFR + 3.61%), 09/30/28(1) | 493,718 | 496,239 | ||||||
| LSF11 A5 HoldCo LLC, 0.00%, (SOFR + 0.00%), 10/15/28(2) | 1,000,000 | 1,005,105 | ||||||
| M2S Group Intermediate Holdings, Inc., 9.85%, (3-Month SOFR + 4.75%), 08/25/31(1) | 715,000 | 694,444 | ||||||
| Magnera Corp., 0.00%, (SOFR + 0.00%), 10/10/31(2) | 1,000,000 | 992,190 | ||||||
| Manchester Acquisition Sub LLC, 10.92%, (3-Month SOFR + 5.90%), 12/01/26(1) | 943,445 | 889,197 | ||||||
| Mativ Holdings, Inc., 8.55%, (1-Month SOFR + 3.86%), 04/20/28(1) | 644,655 | 645,193 | ||||||
| Momentive Performance Materials, Inc., 8.69%, (1-Month SOFR + 4.00%), 03/29/28(1) | 500,000 | 502,580 | ||||||
| Trinseo Materials Operating SCA, 7.82%, (3-Month SOFR + 2.76%), 05/03/28(1) | 494,885 | 371,102 | ||||||
| Tronox Finance LLC, 7.35%, (3-Month SOFR + 2.75%), 04/04/29(1) | 453,941 | 454,023 | ||||||
| Total Basic Materials | 16,237,627 | |||||||
| Communications – 13.6% | ||||||||
| Altice Financing SA, 9.66%, (3-Month SOFR + 5.00%), 10/31/27(1) | 542,088 | 493,300 | ||||||
| Altice France SA, 10.16%, (3-Month SOFR + 5.50%), 08/15/28(1) | 1,815,535 | 1,458,910 | ||||||
| Cengage Learning, Inc., 9.54%, (6-Month SOFR + 4.25%), 03/24/31(1) | 507,450 | 510,134 | ||||||
| Ciena Corp., 6.76%, (1-Month SOFR + 2.00%), 10/24/30(1) | 495,000 | 496,485 | ||||||
| Security Description | Principal | Value | ||||||
| TERM LOANS (continued) | ||||||||
| Communications (continued) | ||||||||
| Cogeco Communications USA II LP, 7.94%, (1-Month SOFR + 3.25%), 09/18/30(1) | $ | 1,492,500 | $ | 1,476,956 | ||||
| Connect Finco SARL, 9.19%, (1-Month SOFR + 4.50%), 09/27/29(1) | 1,056,189 | 962,717 | ||||||
| Coral-US Co-Borrower LLC, 7.17%, (1-Month SOFR + 2.36%), 01/31/28(1) | 1,000,000 | 987,680 | ||||||
| Crown Subsea Communications Holding, Inc., 8.69%, (1-Month SOFR + 4.00%), 01/30/31(1) | 897,750 | 904,066 | ||||||
| Digital Media Solutions LLC, 5.80%, (1-Month SOFR + 1.00%), 12/10/24(1)(3) | 113,610 | 113,610 | ||||||
| Digital Media Solutions LLC, 15.80%, (1-Month SOFR + 11.11%), 02/25/26(1)(3) | 84,289 | 84,290 | ||||||
| Digital Media Solutions LLC, 15.80%, (1-Month SOFR + 11.11%), 05/25/26(1)(3) | 462,255 | 108,498 | ||||||
| Ensono, Inc., 8.80%, (1-Month SOFR + 4.11%), 05/19/28(1) | 402,309 | 401,554 | ||||||
| Ensono, Inc., 8.80%, (1-Month SOFR + 4.11%), 05/26/28(1) | 95,127 | 94,948 | ||||||
| EW Scripps Co. (The), 0.00%, (SOFR + 0.00%), 05/01/26(2) | 500,000 | 493,188 | ||||||
| EW Scripps Co. (The), 7.36%, (1-Month SOFR + 2.56%), 05/01/26(1) | 665,000 | 655,939 | ||||||
| Frontier Communications Holdings LLC, 8.76%, (6-Month SOFR + 3.50%), 07/01/31(1) | 600,000 | 604,875 | ||||||
| Go Daddy Operating Co. LLC, 6.44%, (1-Month SOFR + 1.75%), 05/21/31(1) | 997,500 | 995,475 | ||||||
| Houghton Mifflin Harcourt Co., 10.04%, (1-Month SOFR + 5.35%), 04/07/29(1) | 1,004,873 | 990,584 | ||||||
| LendingTree LLC, 8.80%, (1-Month SOFR + 3.86%), 09/15/28(1) | 1,246,223 | 1,245,444 | ||||||
| Lumen Technologies, Inc., 0.00%, (SOFR + 0.00%), 06/01/28(2) | 140,000 | 138,475 | ||||||
| Lumen Technologies, Inc., 10.69%, (1-Month SOFR + 6.00%), 06/01/28(1) | 1,356,185 | 1,341,416 | ||||||
| Lumen Technologies, Inc., 7.18%, (1-Month SOFR + 2.46%), 04/15/29(1) | 386,701 | 352,188 | ||||||
| Lumen Technologies, Inc., 7.18%, (1-Month SOFR + 2.46%), 04/15/30(1) | 546,298 | 491,258 | ||||||
| Magnite, Inc., 8.44%, (1-Month SOFR + 3.75%), 02/06/31(1) | 588,925 | 590,765 | ||||||
| McGraw-Hill Education, Inc., 8.60%, (3-Month SOFR + 4.00%), 08/01/31(1) | 1,390,140 | 1,398,155 | ||||||
| Neptune Bidco US, Inc., 9.51%, (3-Month SOFR + 4.85%), 10/11/28(1) | 228,764 | 211,836 | ||||||
| Neptune Bidco US, Inc., 9.76%, (3-Month SOFR + 5.10%), 04/11/29(1) | 823,305 | 762,928 | ||||||
| Nielsen Holdings Ltd., 0.00%, (SOFR + 0.00%), 10/11/29(2) | 740,000 | 743,700 | ||||||
| Nielsen Holdings Ltd., 14.51%, (3-Month SOFR + 9.85%), 10/11/29(1) | 245,000 | 246,225 | ||||||
| Radiate Holdco LLC, 8.05%, (1-Month SOFR + 3.36%), 09/25/26(1) | 533,780 | 470,527 | ||||||
| Sinclair Television Group, Inc., 7.30%, (1-Month SOFR + 2.61%), 09/30/26(1) | 842,097 | 816,767 | ||||||
Schedule of Investments - Virtus Seix Senior Loan ETF (continued)
October 31, 2024 (unaudited)
| Security Description | Principal | Value | ||||||
| TERM LOANS (continued) | ||||||||
| Communications (continued) | ||||||||
| Sinclair Television Group, Inc., 7.80%, (1-Month SOFR + 3.26%), 04/01/28(1) | $ | 309,121 | $ | 243,377 | ||||
| Summer BC Holdco B SARL, 9.86%, (3-Month SOFR + 5.26%), 02/05/29(1) | 927,959 | 934,529 | ||||||
| Sunrise Financing Partnership, 7.84%, (1-Month SOFR + 3.04%), 01/31/29(1) | 608,398 | 608,103 | ||||||
| Thryv, Inc., 11.44%, (1-Month SOFR + 6.75%), 05/01/29(1) | 119,000 | 121,231 | ||||||
| TripAdvisor, Inc., 7.44%, (1-Month SOFR + 2.75%), 07/01/31(1) | 660,000 | 661,373 | ||||||
| Univision Communications, Inc, 0.00%, (SOFR + 0.00%), 01/31/29(2) | 1,100,000 | 1,089,000 | ||||||
| Univision Communications, Inc., 8.30%, (1-Month SOFR + 3.61%), 01/23/29(1) | 876,430 | 867,666 | ||||||
| Venga Finance Sarl, 9.57%, (3-Month SOFR + 4.51%), 06/28/29(1) | 1,478,175 | 1,486,489 | ||||||
| Virgin Media Bristol LLC, 0.00%, (SOFR + 0.00%), 01/31/29(2) | 250,000 | 244,080 | ||||||
| Virgin Media Bristol LLC, 8.15%, (1-Month SOFR + 3.36%), 01/31/29(1) | 1,250,000 | 1,220,400 | ||||||
| Virgin Media Bristol LLC, 7.72%, (6-Month SOFR + 3.35%), 03/31/31(1) | 900,000 | 875,439 | ||||||
| Voyage Digital NZ Ltd., 8.35%, (3-Month SOFR + 3.25%), 05/11/29(1) | 497,322 | 497,943 | ||||||
| Zacapa SARL, 0.00%, (1-Month SOFR + 0.00%), 03/22/29(1) | 1,562,388 | 1,566,075 | ||||||
| Zacapa SARL, 0.00%, (SOFR + 0.00%), 03/22/29(2) | 1,000,000 | 1,002,360 | ||||||
| Zegona Finance LLC, 9.40%, (6-Month SOFR + 4.25%), 07/10/29(1) | 997,500 | 998,747 | ||||||
| Zegona Finance LLC, 9.43%, (6-Month SOFR + 4.25%), 07/10/29(1) | 2,500 | 2,503 | ||||||
| Zegona Finance LLC, 0.00%, (SOFR + 0.00%), 07/17/29(2) | 90,000 | 90,113 | ||||||
| Ziggo Financing Partnership, 7.42%, (1-Month SOFR + 2.61%), 04/30/28(1) | 1,707,442 | 1,685,621 | ||||||
| Total Communications | 34,837,942 | |||||||
| Consumer, Cyclical – 10.7% | ||||||||
| AAdvantage Loyalty IP Ltd., 9.63%, (3-Month SOFR + 5.01%), 04/20/28(1) | 1,377,639 | 1,419,044 | ||||||
| ABG Intermediate Holdings 2 LLC, 0.00%, (SOFR + 0.00%), 12/21/28(2) | 750,000 | 752,186 | ||||||
| ABG Intermediate Holdings 2 LLC, 7.45%, (1-Month SOFR + 2.75%), 12/21/28(1) | 759,565 | 761,988 | ||||||
| Allen Media LLC, 10.25%, (3-Month SOFR + 5.65%), 02/10/27(1) | 364,854 | 240,121 | ||||||
| Allwyn Entertainment Financing US LLC, 0.00%, (SOFR + 0.00%), 06/02/31(2) | 1,613,463 | 1,613,463 | ||||||
| Allwyn Entertainment Financing US LLC, 6.91%, (3-Month SOFR + 2.25%), 06/02/31(1) | 274,313 | 274,313 | ||||||
| American Airlines, Inc., 6.45%, (3-Month SOFR + 1.85%), 01/29/27(1) | 2,000,000 | 1,991,810 | ||||||
| AP Core Holdings II LLC, 10.30%, (1-Month SOFR + 5.61%), 09/01/27(1) | 1,250,000 | 1,179,375 | ||||||
| Autokiniton US Holdings, Inc., 8.80%, (1-Month SOFR + 4.11%), 04/06/28(1) | 1,496,231 | 1,499,201 | ||||||
| Security Description | Principal | Value | ||||||
| TERM LOANS (continued) | ||||||||
| Consumer, Cyclical (continued) | ||||||||
| Bombardier Recreational Products, Inc., 0.00%, (SOFR + 0.00%), 01/22/31(2) | $ | 1,234,999 | $ | 1,235,116 | ||||
| CWGS Group LLC, 7.30%, (1-Month SOFR + 2.50%), 06/03/28(1) | 28,819 | 28,207 | ||||||
| CWGS Group LLC, 7.33%, (1-Month SOFR + 2.61%), 06/03/28(1) | 468,604 | 458,648 | ||||||
| Fitness International LLC, 10.04%, (1-Month SOFR + 5.25%), 02/12/29(1) | 328,350 | 328,692 | ||||||
| Foundation Building Materials, Inc., 8.59%, (3-Month SOFR + 4.00%), 01/29/31(1) | 1,345,744 | 1,327,933 | ||||||
| GBT US III LLC, 7.63%, (3-Month SOFR + 3.00%), 07/25/31(1) | 1,260,000 | 1,261,802 | ||||||
| Golden Entertainment, Inc., 6.85%, (3-Month SOFR + 2.25%), 05/26/30(1) | 1,386,446 | 1,387,319 | ||||||
| Golden State Foods LLC, 0.00%, (SOFR + 0.00%), 10/07/31(2) | 1,000,000 | 1,001,875 | ||||||
| Light & Wonder International, Inc., 7.03%, (1-Month SOFR + 2.25%), 04/14/29(1) | 500,000 | 500,545 | ||||||
| Ontario Gaming GTA LP, 8.89%, (3-Month SOFR + 4.25%), 08/01/30(1) | 1,452,375 | 1,454,445 | ||||||
| Oravel Stays Singapore Pte Ltd., 13.33%, (3-Month SOFR + 8.51%), 06/23/26(1) | 1,607,955 | 1,621,020 | ||||||
| Peer Holding III BV, 7.60%, (3-Month SOFR + 3.00%), 06/20/31(1) | 685,000 | 686,928 | ||||||
| Playa Resorts Holding BV, 7.44%, (1-Month SOFR + 2.75%), 01/05/29(1) | 1,473,750 | 1,472,998 | ||||||
| RH, 7.30%, (1-Month SOFR + 2.61%), 10/15/28(1) | 1,048,329 | 1,012,696 | ||||||
| RH, 8.04%, (1-Month SOFR + 3.35%), 10/20/28(1) | 1,000,000 | 976,250 | ||||||
| Sabre GLBL, Inc., 0.00%, (SOFR + 0.00%), 06/30/28(2) | 465,000 | 442,164 | ||||||
| Sabre GLBL, Inc., 9.79%, (1-Month SOFR + 5.10%), 06/30/28(1) | 930,783 | 885,073 | ||||||
| Varsity Brands, Inc., 8.82%, (3-Month SOFR + 3.75%), 08/26/31(1) | 1,000,000 | 997,295 | ||||||
| Victra Holdings LLC, 9.85%, (3-Month SOFR + 5.25%), 03/21/29(1) | 553,000 | 559,221 | ||||||
| Total Consumer, Cyclical | 27,369,728 | |||||||
| Consumer, Non-cyclical – 10.5% | ||||||||
| A-AG US GSI Bidco, Inc., 0.00%, (SOFR + 0.00%), 10/08/31(2) | 1,000,000 | 1,000,000 | ||||||
| AHP Health Partners, Inc., 7.44%, (1-Month SOFR + 2.75%), 08/24/28(1) | 863,889 | 866,049 | ||||||
| Amneal Pharmaceuticals LLC, 10.19%, (1-Month SOFR + 5.50%), 05/04/28(1) | 2,439,241 | 2,488,038 | ||||||
| Aspire Bakeries Holdings LLC, 0.00%, (SOFR + 0.00%), 12/23/30(2) | 600,000 | 600,750 | ||||||
| Belfor Holdings, Inc., 8.44%, (1-Month SOFR + 3.75%), 11/01/30(1) | 934,271 | 940,110 | ||||||
| Belron Finance 2019 LLC, 7.54%, (1-Month SOFR + 2.75%), 10/01/31(1) | 360,000 | 361,800 | ||||||
| Catalent Pharma Solutions, Inc., 7.74%, (1-Month SOFR + 3.00%), 02/22/28(1) | 497,500 | 498,433 | ||||||
Schedule of Investments - Virtus Seix Senior Loan ETF (continued)
October 31, 2024 (unaudited)
| Security Description | Principal | Value | ||||||
| TERM LOANS (continued) | ||||||||
| Consumer, Non-cyclical (continued) | ||||||||
| First Advantage Holdings LLC, 0.00%, (SOFR + 0.00%), 09/19/31(2) | $ | 1,000,000 | $ | 1,002,500 | ||||
| Fugue Finance LLC, 9.06%, (3-Month SOFR + 4.00%), 01/31/28(1) | 738,769 | 743,966 | ||||||
| HAH Group Holding Co. LLC, 9.69%, (1-Month SOFR + 5.00%), 09/17/31(1) | 480,000 | 470,700 | ||||||
| Indivior Finance Sarl, 10.05%, (1-Month SOFR + 5.36%), 06/30/26(1) | 1,617,889 | 1,617,889 | ||||||
| Insulet Corp., 7.19%, (1-Month SOFR + 2.50%), 08/04/31(1) | 374,034 | 376,044 | ||||||
| LifePoint Health, Inc, 0.00%, (SOFR + 0.00%), 05/16/31(2) | 650,000 | 651,261 | ||||||
| LifePoint Health, Inc, 8.41%, (3-Month SOFR + 3.75%), 05/16/31(1) | 559,125 | 560,210 | ||||||
| Mister Car Wash Holdings, Inc., 7.69%, (1-Month SOFR + 3.00%), 03/21/31(1) | 339,150 | 339,974 | ||||||
| MPH Acquisition Holdings LLC, 9.57%, (3-Month SOFR + 4.51%), 09/01/28(1) | 225,090 | 170,333 | ||||||
| Neon Maple US Debt Mergersub, Inc., 0.00%, (SOFR + 0.00%), 07/18/31(2) | 1,630,000 | 1,626,944 | ||||||
| Organon & Co., 7.26%, (1-Month SOFR + 2.50%), 05/14/31(1) | 631,927 | 632,717 | ||||||
| Primary Products Finance LLC, 8.25%, (3-Month SOFR + 3.65%), 04/01/29(1) | 96,709 | 97,046 | ||||||
| Primary Products Finance LLC, 8.25%, (3-Month SOFR + 3.65%), 04/02/29(1) | 530,114 | 531,959 | ||||||
| Priority Holdings LLC, 9.81%, (3-Month SOFR + 4.75%), 05/16/31(1) | 982,538 | 982,690 | ||||||
| Quirch Foods Holdings LLC, 0.00%, (SOFR + 0.00%), 10/27/27(2) | 255,000 | 243,208 | ||||||
| Quirch Foods Holdings LLC, 9.89%, (3-Month SOFR + 5.26%), 10/27/27(1) | 1,000,000 | 953,755 | ||||||
| Soliant Lower Intermediate LLC, 0.00%, (SOFR + 0.00%), 07/18/31(2) | 500,000 | 503,440 | ||||||
| Soliant Lower Intermediate LLC, 8.44%, (1-Month SOFR + 3.75%), 07/18/31(1) | 500,000 | 503,440 | ||||||
| Team Health Holdings, Inc., 9.84%, (1-Month SOFR + 5.25%), 03/02/27(1) | 845,125 | 829,515 | ||||||
| Team Health Holdings, Inc., 9.94%, (1-Month SOFR + 5.25%), 03/02/27(1) | 2,438 | 2,393 | ||||||
| Team Public Choices LLC, 0.00%, (SOFR + 0.00%), 12/20/27(2) | 155,000 | 154,225 | ||||||
| Team Public Choices LLC, 9.94%, (1-Month SOFR + 5.25%), 12/20/27(1) | 330,000 | 328,350 | ||||||
| Triton Water Holdings, Inc., 8.12%, (3-Month SOFR + 3.50%), 03/17/28(1) | 1,993,571 | 1,997,418 | ||||||
| Triton Water Holdings, Inc., 8.60%, (3-Month SOFR + 4.00%), 03/31/28(1) | 471,860 | 474,123 | ||||||
| University Support Services LLC, 7.44%, (1-Month SOFR + 2.75%), 02/10/29(1) | 1,500,000 | 1,498,597 | ||||||
| Vestis Corp., 7.37%, (3-Month SOFR + 2.25%), 02/22/31(1) | 1,626,635 | 1,623,585 | ||||||
| Vizient, Inc., 6.69%, (1-Month SOFR + 2.00%), 08/01/31(1) | 500,000 | 501,355 | ||||||
| VM Consolidated, Inc., 6.94%, (1-Month SOFR + 2.25%), 03/24/28(1) | 718,040 | 721,030 | ||||||
| Total Consumer, Non-cyclical | 26,893,847 | |||||||
| Security Description | Principal | Value | ||||||
| TERM LOANS (continued) | ||||||||
| Diversified – 1.1% | ||||||||
| Clue Opco LLC, 0.00%, (SOFR + 0.00%), 12/19/30(2) | $ | 1,000,000 | $ | 1,000,175 | ||||
| Clue Opco LLC, 9.09%, (3-Month SOFR + 4.50%), 12/19/30(1) | 1,008,822 | 1,008,999 | ||||||
| First Eagle Holdings, Inc., 7.60%, (3-Month SOFR + 3.00%), 03/05/29(1) | 746,250 | 743,578 | ||||||
| Total Diversified | 2,752,752 | |||||||
| Energy – 7.6% | ||||||||
| AL NGPL Holdings LLC, 0.00%, (SOFR + 0.00%), 04/13/28(2) | 411,842 | 413,214 | ||||||
| AL NGPL Holdings LLC, 7.09%, (3-Month SOFR + 2.50%), 04/13/28(1) | 473,200 | 474,776 | ||||||
| Brazos Delaware II LLC, 8.25%, (6-Month SOFR + 3.50%), 02/11/30(1) | 469,931 | 471,272 | ||||||
| CPPIB OVM Member US LLC, 7.85%, (3-Month SOFR + 3.25%), 08/07/31(1) | 475,000 | 477,078 | ||||||
| CPV Fairview LLC, 8.19%, (1-Month SOFR + 3.50%), 08/08/31(1) | 1,000,000 | 1,003,125 | ||||||
| EMG Utica Midstream Holdings LLC, 0.00%, (SOFR + 0.00%), 10/24/29(2) | 635,000 | 633,412 | ||||||
| EPIC Crude Services LP, 7.66%, (3-Month SOFR + 3.00%), 10/10/31(1) | 1,000,000 | 1,000,895 | ||||||
| Goodnight Water Solutions Holdings LLC, 9.94%, (1-Month SOFR + 5.25%), 06/04/29(1) | 1,002,488 | 1,004,994 | ||||||
| New Fortress Energy, Inc., 9.59%, (3-Month SOFR + 5.00%), 10/30/28(1) | 1,985,000 | 1,879,289 | ||||||
| NGL Energy Operating LLC, 8.44%, (1-Month SOFR + 3.75%), 02/03/31(1) | 1,292,010 | 1,288,509 | ||||||
| NGP XI Midstream Holdings LLC, 8.60%, (3-Month SOFR + 4.00%), 07/25/31(1) | 2,350,000 | 2,354,418 | ||||||
| Oxbow Carbon LLC, 8.19%, (1-Month SOFR + 3.50%), 05/10/30(1) | 1,484,981 | 1,485,917 | ||||||
| Par Petroleum LLC, 8.33%, (3-Month SOFR + 3.75%), 02/28/30(1) | 1,935,750 | 1,934,947 | ||||||
| Prairie ECI Acquiror LP, 9.44%, (1-Month SOFR + 4.75%), 08/01/29(1) | 537,836 | 539,611 | ||||||
| Rockpoint Gas Storage Partners LP, 0.00%, (SOFR + 0.00%), 09/12/31(2) | 1,350,000 | 1,348,738 | ||||||
| Rockpoint Gas Storage Partners LP, 8.36%, (1-Month SOFR + 3.50%), 09/12/31(1) | 425,000 | 424,602 | ||||||
| UGI Energy Services LLC, 7.19%, (1-Month SOFR + 2.50%), 02/22/30(1) | 497,468 | 498,446 | ||||||
| WaterBridge Midstream Operating LLC, 9.39%, (3-Month SOFR + 4.75%), 06/21/29(1) | 1,820,000 | 1,784,901 | ||||||
| WaterBridge Midstream Operating LLC, 0.00%, (SOFR + 0.00%), 06/27/29(2) | 600,000 | 588,429 | ||||||
| Total Energy | 19,606,573 | |||||||
| Financials – 14.3% | ||||||||
| Acrisure LLC, 8.01%, (1-Month SOFR + 3.25%), 11/06/30(1) | 1,944,097 | 1,943,495 | ||||||
| Altisource Sarl, 13.45%, (3-Month SOFR + 8.85%), 04/02/25(1)(3) | 467,206 | 214,915 | ||||||
Schedule of Investments - Virtus Seix Senior Loan ETF (continued)
October 31, 2024 (unaudited)
| Security Description | Principal | Value | ||||||
| TERM LOANS (continued) | ||||||||
| Financials (continued) | ||||||||
| Aragorn Parent Corp., 8.74%, (1-Month SOFR + 4.25%), 12/15/28(1) | $ | 158,800 | $ | 159,594 | ||||
| Aretec Group, Inc., 0.00%, (SOFR + 0.00%), 08/09/30(2) | 700,000 | 697,102 | ||||||
| Aretec Group, Inc., 8.69%, (1-Month SOFR + 4.00%), 08/09/30(1) | 1,852,683 | 1,845,012 | ||||||
| Asurion LLC, 0.00%, (SOFR + 0.00%), 08/21/28(2) | 500,000 | 497,812 | ||||||
| Asurion LLC, 9.04%, (1-Month SOFR + 4.35%), 08/21/28(1) | 1,687,469 | 1,680,086 | ||||||
| Asurion LLC, 0.00%, (SOFR + 0.00%), 01/20/29(2) | 1,000,000 | 957,325 | ||||||
| Asurion LLC, 10.05%, (1-Month SOFR + 5.36%), 01/20/29(1) | 750,000 | 717,994 | ||||||
| Avolon TLB Borrower 1 US LLC, 6.51%, (1-Month SOFR + 1.75%), 06/21/30(1) | 1,000,000 | 1,000,225 | ||||||
| Blackhawk Network Holdings, Inc., 9.69%, (1-Month SOFR + 5.00%), 03/12/29(1) | 817,950 | 822,698 | ||||||
| Blackstone Mortgage Trust, Inc., 0.00%, (SOFR + 0.00%), 04/23/26(2) | 1,000,000 | 996,250 | ||||||
| Citadel Securities LP, 0.00%, (1-Month SOFR + 0.00%), 10/31/31(1) | 1,101,675 | 1,102,881 | ||||||
| Citadel Securities LP, 0.00%, (SOFR + 0.00%), 10/31/31(2) | 95,000 | 95,104 | ||||||
| Corpay Technologies Operating Co. LLC, 6.44%, (1-Month SOFR + 0.00%), 04/17/28(1) | 890,000 | 889,631 | ||||||
| CPI Holdco B LLC, 0.00%, (SOFR + 0.00%), 05/19/31(2) | 1,500,000 | 1,492,972 | ||||||
| CTC Holdings LP, 10.27%, (3-Month SOFR + 5.15%), 02/20/29(1) | 990,477 | 978,096 | ||||||
| DRW Holdings LLC, 8.59%, (6-Month SOFR + 3.50%), 06/26/31(1) | 1,300,000 | 1,296,750 | ||||||
| EIG Management Co. LLC, 9.76%, (1-Month SOFR + 5.00%), 05/17/29(1) | 424,625 | 426,748 | ||||||
| FinCo I LLC, 6.94%, (1-Month SOFR + 2.25%), 06/27/29(1) | 592,500 | 594,118 | ||||||
| Forest City Enterprises LP, 8.31%, (1-Month SOFR + 3.61%), 12/08/25(1) | 1,530,000 | 1,479,564 | ||||||
| Franklin Square Holdings LP, 6.94%, (1-Month SOFR + 2.25%), 04/18/31(1) | 518,700 | 519,673 | ||||||
| Guardian US Holdco LLC, 8.10%, (3-Month SOFR + 3.50%), 01/31/30(1) | 490,908 | 490,831 | ||||||
| HDI Aerospace Intermediate Holding III Corp., 0.00%, (SOFR + 0.00%), 09/19/31(2) | 1,700,000 | 1,693,625 | ||||||
| Hightower Holding LLC, 8.07%, (3-Month SOFR + 3.50%), 04/21/28(1) | 1,277,687 | 1,281,200 | ||||||
| Hudson River Trading LLC, 0.00%, (SOFR + 0.00%), 03/20/30(2) | 485,000 | 481,363 | ||||||
| Iron Mountain, Inc., 6.69%, (1-Month SOFR + 2.00%), 01/31/31(1) | 698,241 | 695,186 | ||||||
| Jefferies Finance LLC, 7.76%, (1-Month SOFR + 3.00%), 10/21/31(1) | 1,000,000 | 993,750 | ||||||
| Mermaid Bidco, Inc., 8.49%, (3-Month SOFR + 3.25%), 07/03/31(1) | 1,020,000 | 1,022,234 | ||||||
| Nexus Buyer LLC, 8.69%, (1-Month SOFR + 4.00%), 07/31/31(1) | 1,457,600 | 1,455,253 | ||||||
| Security Description | Principal | Value | ||||||
| TERM LOANS (continued) | ||||||||
| Financials (continued) | ||||||||
| Nuvei Technologies Corp., 7.69%, (1-Month SOFR + 3.00%), 12/19/30(1) | $ | 45,061 | $ | 45,019 | ||||
| Nuvei Technologies Corp., 7.79%, (1-Month SOFR + 3.10%), 12/19/30(1) | 433,710 | 433,305 | ||||||
| OEG Borrower LLC, 8.36%, (3-Month SOFR + 3.50%), 06/30/31(1) | 1,500,000 | 1,503,757 | ||||||
| Osaic Holdings, Inc., 0.00%, (SOFR + 0.00%), 08/17/28(2) | 1,463,838 | 1,465,587 | ||||||
| Osaic Holdings, Inc., 8.69%, (1-Month SOFR + 4.00%), 08/17/28(1) | 807,975 | 808,941 | ||||||
| Russell Investments US Institutional Holdco, Inc., 0.00%, (3-Month SOFR + 0.00%), 05/30/27(1) | 1,046,016 | 948,135 | ||||||
| SK Neptune Husky Finance Sarl, 11.95%, (1-Month SOFR + 7.10%), 01/03/29(1) | 862,908 | 14,562 | ||||||
| Summit Acquisition, Inc., 8.40%, (3-Month SOFR + 3.75%), 10/10/31(1) | 1,500,000 | 1,504,687 | ||||||
| Superannuation & Investments US LLC, 0.00%, (SOFR + 0.00%), 10/31/28(2) | 199,487 | 200,011 | ||||||
| Superannuation & Investments US LLC, 8.55%, (1-Month SOFR + 3.86%), 12/01/28(1) | 476,327 | 477,577 | ||||||
| VFH Parent LLC, 7.44%, (1-Month SOFR + 2.75%), 06/21/31(1) | 641,769 | 644,076 | ||||||
| Total Financials | 36,567,144 | |||||||
| Industrials – 13.5% | ||||||||
| AECOM, 0.00%, (SOFR + 0.00%), 04/17/31(2) | 500,000 | 504,063 | ||||||
| AIT Worldwide Logistics Holdings, Inc., 0.00%, (SOFR + 0.00%), 04/05/30(2) | 480,000 | 480,600 | ||||||
| Alliance Laundry Systems LLC, 8.19%, (1-Month SOFR + 3.50%), 08/09/31(1) | 500,000 | 501,632 | ||||||
| AMG Critical Materials NV, 0.00%, (SOFR + 0.00%), 11/30/28(2) | 810,417 | 810,417 | ||||||
| Arcosa, Inc., 6.94%, (1-Month SOFR + 2.25%), 08/12/31(1) | 500,000 | 502,500 | ||||||
| Barnes Group, Inc., 7.19%, (1-Month SOFR + 2.50%), 09/03/30(1) | 1,285,041 | 1,288,260 | ||||||
| Chart Industries, Inc., 7.09%, (3-Month SOFR + 2.50%), 03/15/30(1) | 875,295 | 878,035 | ||||||
| Cobham Ultra SeniorCo Sarl, 0.00%, (SOFR + 0.00%), 11/17/28(2) | 500,000 | 487,605 | ||||||
| Cobham Ultra SeniorCo Sarl, 9.24%, (6-Month SOFR + 4.18%), 08/06/29(1) | 1,466,361 | 1,430,010 | ||||||
| Construction Partners, Inc., 0.00%, (SOFR + 0.00%), 10/29/31(2) | 550,000 | 551,375 | ||||||
| Creation Technologies, Inc., 10.35%, (3-Month SOFR + 5.76%), 10/05/28(1) | 1,340,564 | 1,307,050 | ||||||
| Crown Equipment Corp., 7.32%, (1-Month SOFR + 2.50%), 10/01/31(1) | 430,000 | 431,077 | ||||||
| Cube A&D Buyer, Inc., 8.13%, (3-Month SOFR + 3.50%), 10/09/31(1) | 1,500,000 | 1,503,750 | ||||||
| Dynamo US Bidco, Inc., 0.00%, (SOFR + 0.00%), 09/25/31(2) | 1,000,000 | 1,003,125 | ||||||
| Dynasty Acquisition Co., Inc., 8.35%, (1-Month SOFR + 3.50%), 08/24/28(1) | 809,852 | 810,856 | ||||||
Schedule of Investments - Virtus Seix Senior Loan ETF (continued)
October 31, 2024 (unaudited)
| Security Description | Principal | Value | ||||||
| TERM LOANS (continued) | ||||||||
| Industrials (continued) | ||||||||
| Dynasty Acquisition Co., Inc., 0.00%, (SOFR + 0.00%), 10/25/31(2) | $ | 1,035,000 | $ | 1,036,941 | ||||
| Foley Products Co. LLC, 9.50%, (3-Month SOFR + 4.90%), 12/29/28(1) | 505,806 | 509,819 | ||||||
| GFL Environmental, Inc., 6.61%, (3-Month SOFR + 2.00%), 07/03/31(1) | 935,000 | 934,710 | ||||||
| John Bean Technologies Corp., 0.00%, (SOFR + 0.00%), 10/09/31(2) | 1,000,000 | 1,002,500 | ||||||
| JSG II, Inc., 9.29%, (1-Month SOFR + 4.50%), 06/28/26(1) | 797,895 | 797,647 | ||||||
| JSG II, Inc., 0.00%, (3-Month SOFR + 0.00%), 06/29/26(1) | 200,000 | 199,938 | ||||||
| LSF11 Trinity Bidco, Inc., 8.24%, (1-Month SOFR + 3.50%), 06/14/30(1) | 1,172,878 | 1,178,015 | ||||||
| LSF12 Crown US Commercial Bidco, LLC, 0.00%, (SOFR + 0.00%), 10/14/31(2) | 1,300,000 | 1,301,625 | ||||||
| Oscar Acquisitionco LLC, 8.85%, (3-Month SOFR + 4.25%), 04/29/29(1) | 2,117,929 | 2,103,707 | ||||||
| Pelican Products, Inc., 9.12%, (3-Month SOFR + 4.51%), 12/29/28(1) | 933,557 | 844,869 | ||||||
| Pregis TopCo LLC, 8.69%, (1-Month SOFR + 4.00%), 07/24/26(1) | 496,094 | 498,316 | ||||||
| Quikrete Holdings, Inc., 7.19%, (1-Month SOFR + 2.50%), 04/14/31(1) | 749,251 | 749,839 | ||||||
| Rand Parent LLC, 8.35%, (3-Month SOFR + 3.75%), 03/18/30(1) | 1,576,545 | 1,584,333 | ||||||
| Standard Aero Ltd., 8.35%, (1-Month SOFR + 0.00%), 08/24/28(1) | 312,271 | 312,658 | ||||||
| Third Coast Infrastructure LLC, 0.00%, (SOFR + 0.00%), 09/18/30(2) | 1,378,499 | 1,368,161 | ||||||
| Third Coast Infrastructure LLC, 8.94%, (1-Month SOFR + 4.25%), 09/25/30(1) | 645,000 | 640,163 | ||||||
| Tidal Waste & Recycling Holdings LLC, 8.24%, (1-Month SOFR + 3.50%), 10/03/31(1) | 1,500,000 | 1,502,813 | ||||||
| TransDigm, Inc., 7.35%, (3-Month SOFR + 2.75%), 03/22/30(1) | 631,825 | 633,812 | ||||||
| TransDigm, Inc., 7.32%, (3-Month SOFR + 2.50%), 01/19/32(1) | 1,460,000 | 1,462,278 | ||||||
| TRC Cos LLC, 8.55%, (1-Month SOFR + 3.86%), 11/18/28(1) | 422,832 | 423,783 | ||||||
| Trident TPI Holdings, Inc., 8.19%, (6-Month SOFR + 3.75%), 09/15/28(1) | 545,000 | 547,106 | ||||||
| Trulite Glass & Aluminum Solutions LLC, 10.59%, (3-Month SOFR + 6.00%), 03/01/30(1) | 1,027,000 | 1,011,595 | ||||||
| TTM Technologies, Inc., 6.92%, (1-Month SOFR + 2.25%), 05/30/30(1) | 592,515 | 594,986 | ||||||
| WireCo WorldGroup, Inc., 8.38%, (3-Month SOFR + 3.75%), 11/13/28(1) | 1,000,000 | 980,000 | ||||||
| Total Industrials | 34,709,969 | |||||||
| Technology – 11.4% | ||||||||
| Adeia, Inc., 7.76%, (1-Month SOFR + 3.00%), 06/08/28(1) | 949,639 | 951,619 | ||||||
| Ahead DB Holdings LLC, 8.10%, (3-Month SOFR + 3.50%), 02/01/31(1) | 1,492,509 | 1,488,465 | ||||||
| Security Description | Principal | Value | ||||||
| TERM LOANS (continued) | ||||||||
| Technology (continued) | ||||||||
| Allegro MicroSystems, Inc., 6.94%, (1-Month SOFR + 2.25%), 10/31/30(1) | $ | 576,563 | $ | 576,563 | ||||
| Amentum Holdings, Inc., 6.94%, (1-Month SOFR + 2.25%), 07/30/31(1) | 1,065,000 | 1,066,198 | ||||||
| AppLovin Corp., 7.19%, (1-Month SOFR + 2.50%), 08/16/30(1) | 690,030 | 691,603 | ||||||
| Boxer Parent Co., Inc., 0.00%, (SOFR + 0.00%), 07/30/31(2) | 500,000 | 499,268 | ||||||
| Boxer Parent Co., Inc., 8.34%, (3-Month SOFR + 3.75%), 07/30/31(1) | 630,000 | 629,077 | ||||||
| CACI International, Inc., 0.00%, (SOFR + 0.00%), 10/17/31(2) | 490,000 | 491,225 | ||||||
| Cloud Software Group, Inc., 0.00%, (SOFR + 0.00%), 03/30/29(2) | 500,000 | 500,455 | ||||||
| Cloud Software Group, Inc., 8.60%, (2-Month SOFR + 4.00%), 03/30/29(1) | 1,146,988 | 1,148,031 | ||||||
| Constant Contact, Inc., 8.92%, (3-Month SOFR + 4.26%), 02/10/28(1) | 746,588 | 721,484 | ||||||
| Dayforce, Inc., 7.09%, (3-Month SOFR + 2.50%), 03/03/31(1) | 877,800 | 880,543 | ||||||
| Dye & Durham Corp., 8.95%, (3-Month SOFR + 4.35%), 04/04/31(1) | 344,571 | 346,296 | ||||||
| Foundever Worldwide Corp., 8.55%, (1-Month SOFR + 3.86%), 07/27/28(1) | 496,164 | 314,136 | ||||||
| Imagine Learning LLC, 8.19%, (1-Month SOFR + 3.50%), 12/21/29(1) | 203,975 | 204,594 | ||||||
| Inmar, Inc., 0.00%, (SOFR + 0.00%), 05/01/26(2) | 535,000 | 536,806 | ||||||
| KBR, Inc., 6.69%, (1-Month SOFR + 2.00%), 01/17/31(1) | 932,657 | 934,797 | ||||||
| Leia Finco US LLC, 0.00%, (SOFR + 0.00%), 07/02/31(2) | 900,000 | 900,139 | ||||||
| Leia Finco US LLC, 7.89%, (3-Month SOFR + 3.25%), 07/02/31(1) | 585,000 | 585,091 | ||||||
| Maximus, Inc., 6.60%, (3-Month SOFR + 2.00%), 05/30/31(1) | 399,000 | 401,328 | ||||||
| MaxLinear, Inc., 7.08%, (1-Month SOFR + 2.36%), 06/23/28(1) | 1,201,483 | 1,164,441 | ||||||
| McAfee Corp., 0.00%, (SOFR + 0.00%), 03/01/29(2) | 300,000 | 300,021 | ||||||
| McAfee Corp., 7.91%, (1-Month SOFR + 3.25%), 03/01/29(1) | 498,750 | 498,785 | ||||||
| MKS Instruments, Inc., 6.99%, (1-Month SOFR + 2.25%), 08/17/29(1) | 874,502 | 876,689 | ||||||
| Modena Buyer LLC, 9.10%, (3-Month SOFR + 4.50%), 07/01/31(1) | 615,000 | 590,914 | ||||||
| NCR Atleos Corp., 0.00%, (SOFR + 0.00%), 03/27/29(2) | 560,000 | 561,400 | ||||||
| Peraton Corp., 8.54%, (1-Month SOFR + 3.85%), 02/01/28(1) | 1,500,000 | 1,455,862 | ||||||
| Peraton Corp., 0.00%, (SOFR + 0.00%), 02/01/29(2) | 500,000 | 458,000 | ||||||
| Perforce Software, Inc., 8.54%, (1-Month SOFR + 3.85%), 06/01/26(1) | 498,691 | 498,068 | ||||||
| Perforce Software, Inc., 9.44%, (1-Month SOFR + 4.75%), 03/21/31(1) | 498,750 | 499,999 | ||||||
Schedule of Investments - Virtus Seix Senior Loan ETF (continued)
October 31, 2024 (unaudited)
| Security Description | Principal | Value | ||||||
| TERM LOANS (continued) | ||||||||
| Technology (continued) | ||||||||
| Red Planet Borrower LLC, 0.00%, (SOFR + 0.00%), 10/02/28(2) | $ | 1,000,000 | $ | 961,965 | ||||
| Red Planet Borrower LLC, 8.29%, (1-Month SOFR + 3.60%), 10/02/28(1) | 895,385 | 861,329 | ||||||
| Synechron, Inc., 8.36%, (3-Month SOFR + 3.75%), 09/26/31(1) | 1,500,000 | 1,494,375 | ||||||
| Thunder Generation Funding LLC, 7.61%, (3-Month SOFR + 3.00%), 09/27/31(1) | 600,000 | 601,425 | ||||||
| UKG, Inc., 7.62%, (3-Month SOFR + 3.00%), 02/10/31(1) | 1,496,250 | 1,499,639 | ||||||
| Ultra Clean Holdings, Inc., 7.94%, (1-Month SOFR + 3.25%), 02/28/28(1) | 979,416 | 984,925 | ||||||
| UST Global, Inc., 8.43%, (1-Month SOFR + 3.61%), 11/20/28(1) | 975,850 | 977,679 | ||||||
| Virtusa Corp., 0.00%, (SOFR + 0.00%), 02/15/29(2) | 1,000,000 | 1,001,125 | ||||||
| Total Technology | 29,154,359 | |||||||
| Utilities – 5.3% | ||||||||
| Alpha Generation LLC, 7.45%, (1-Month SOFR + 2.75%), 09/19/31(1) | 375,000 | 375,401 | ||||||
| Calpine Construction Finance Co., LP, 6.69%, (1-Month SOFR + 2.00%), 07/31/30(1) | 3,000,000 | 2,986,635 | ||||||
| Carroll County Energy LLC, 8.60%, (3-Month SOFR + 4.00%), 06/30/31(1) | 973,500 | 977,759 | ||||||
| Compass Power Generation LLC, 8.44%, (1-Month SOFR + 3.75%), 04/14/29(1) | 1,246,875 | 1,255,447 | ||||||
| Cornerstone Generation LLC, 0.00%, (SOFR + 0.00%), 10/28/31(2) | 275,000 | 275,344 | ||||||
| Eastern Power LLC, 9.94%, (1-Month SOFR + 5.25%), 04/03/28(1) | 1,137,810 | 1,140,449 | ||||||
| Edgewater Generation LLC, 8.94%, (1-Month SOFR + 4.25%), 08/01/30(1) | 500,000 | 504,757 | ||||||
| EFS Cogen Holdings I LLC, 8.11%, (3-Month SOFR + 3.50%), 10/01/27(1) | 1,000,000 | 997,810 | ||||||
| Invenergy Thermal Operating I LLC, 8.58%, (1-Month SOFR + 3.75%), 08/03/29(1) | 53,571 | 54,241 | ||||||
| Invenergy Thermal Operating I LLC, 8.58%, (1-Month SOFR + 3.75%), 08/14/29(1) | 565,038 | 572,101 | ||||||
| Kestrel Acquisition LLC, 0.00%, (SOFR + 0.00%), 01/01/40(2) | 615,000 | 615,000 | ||||||
| Lackawanna Energy Center LLC, 8.94%, (1-Month SOFR + 4.25%), 08/06/29(1) | 773,393 | 775,327 | ||||||
| Lightning Power LLC, 8.35%, (3-Month SOFR + 3.25%), 08/07/31(1) | 1,070,000 | 1,074,013 | ||||||
| NRG Energy, Inc., 0.00%, (SOFR + 0.00%), 04/16/31(2) | 1,000,000 | 1,002,500 | ||||||
| NRG Energy, Inc., 0.00%, (3-Month SOFR + 0.00%), 04/16/31(1) | 1,500 | 1,504 | ||||||
| NRG Energy, Inc., 6.60%, (3-Month SOFR + 2.00%), 04/16/31(1) | 595,500 | 596,989 | ||||||
| Talen Energy Supply LLC, 8.60%, (3-Month SOFR + 3.50%), 05/17/30(1) | 496,548 | 498,278 | ||||||
| Total Utilities | 13,703,555 | |||||||
| Total Term Loans | ||||||||
| (Cost $242,417,190) | 241,833,496 | |||||||
| Security Description | Principal | Value | ||||||
| CORPORATE BONDS – 2.6% | ||||||||
| Communications – 0.2% | ||||||||
| Cable One, Inc., 0.00%, 03/15/26(4) | $ | 400,000 | $ | 366,000 | ||||
| Gray Television, Inc., 4.75%, 10/15/30(5) | 300,000 | 188,958 | ||||||
| Total Communications | 554,958 | |||||||
| Consumer, Cyclical – 1.0% | ||||||||
| Foot Locker, Inc., 4.00%, 10/01/29(5) | 1,000,000 | 860,268 | ||||||
| Qvc, Inc., 6.88%, 04/15/29(5) | 1,000,000 | 862,471 | ||||||
| Warnermedia Holdings, Inc., 4.28%, 03/15/32 | 2,250,000 | 849,009 | ||||||
| Total Consumer, Cyclical | 2,571,748 | |||||||
| Consumer, Non-cyclical – 0.4% | ||||||||
| Emergent BioSolutions, Inc., 3.88%, 08/15/28(5) | 1,250,000 | 1,005,609 | ||||||
| Industrial – 1.0% | ||||||||
| Boeing Co. (The), 3.20%, 03/01/29 | 1,000,000 | 914,274 | ||||||
| Boeing Co. (The), 6.53%, 05/01/34(5) | 1,000,000 | 1,054,783 | ||||||
| Graham Packaging Co., Inc., 7.13%, 08/15/28(5) | 600,000 | 584,250 | ||||||
| Total Industrial | 2,553,307 | |||||||
| Total Corporate Bonds | ||||||||
| (Cost $6,852,431) | 6,685,622 | |||||||
| MORTGAGE BACKED SECURITIES - 0.8% | ||||||||
| Mountain View CLO XVI Ltd., Class ER, Series 2024-1A (Cayman Islands), 11.99%, (3-Month SOFR + 7.33%), 04/15/34(1)(5) | 1,000,000 | 1,008,714 | ||||||
| Mountain View CLO XVIII Ltd., Class D1, Series 2024-1A (Cayman Islands), 8.19%, (3-Month SOFR + 3.65%), 10/16/37(1)(5) | 1,000,000 | 1,002,163 | ||||||
| Total Mortgage Backed Securities | ||||||||
| (Cost $1,987,500) | 2,010,877 | |||||||
| WARRANT - 0.0%(6) | ||||||||
| Financials - 0.0%(6) | ||||||||
| Altisource Sarl, expiring 02/14/28 | ||||||||
| (Cost $–) | 3,266 | 3,919 | ||||||
| TOTAL INVESTMENTS - 97.7% | ||||||||
| (Cost $251,257,121) | 250,533,914 | |||||||
| Other Assets in Excess of Liabilities - 2.3% | 5,992,043 | |||||||
| Net Assets - 100.0% | $ | 256,525,957 | ||||||
| (1) | Variable rate instrument. The interest rate shown reflects the rate in effect at October 31, 2024. |
| (2) | The loan will settle after October 31, 2024. The interest rate, based on the SOFR and the agreed upon spread on trade date, will be determined at the time of settlement. |
| (3) | 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. |
| (4) | Represents a zero coupon bond. Rate shown reflects the effective yield. |
Schedule of Investments - Virtus Seix Senior Loan ETF (continued)
October 31, 2024 (unaudited)
| (5) | 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 $6,567,216, or 2.6% of net assets. |
| (6) | Amount rounds to less than 0.05%. |
| Abbreviations: |
| SOFR — Secured Overnight Financing Rate |
| Amount rounds to less than 0.05% | * |
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 | ||||||||||||||||
| Term Loans | $ | — | $ | 241,359,544 | $ | 473,952 | $ | 241,833,496 | ||||||||
| Corporate Bonds | — | 6,685,622 | — | 6,685,622 | ||||||||||||
| Mortgage Backed Securities | — | 2,010,877 | — | 2,010,877 | ||||||||||||
| Warrant | — | 3,919 | — | 3,919 | ||||||||||||
| Total | $ | — | $ | 250,059,962 | $ | 473,952 | $ | 250,533,914 | ||||||||
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.
