ETFis Series Trust I
INFRACAP REIT PREFERRED ETF
VIRTUS INFRACAP U.S. PREFERRED STOCK ETF
VIRTUS LIFESCI BIOTECH CLINICAL TRIALS ETF
VIRTUS LIFESCI BIOTECH PRODUCTS ETF
VIRTUS NEWFLEET MULTI-SECTOR BOND ETF
VIRTUS PRIVATE CREDIT STRATEGY ETF
VIRTUS REAL ASSET INCOME ETF
VIRTUS WMC INTERNATIONAL DIVIDEND ETF
INFRACAP MLP ETF
SEMI-ANNUAL
REPORT
April
30, 2023
Table of Contents
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1
June 2023
To my fellow shareholders of Virtus ETFs:
On behalf of Virtus ETF Advisers LLC (the “Adviser”), I am pleased to present the shareholder report for the ETFis Series Trust I (the “Trust”) for the semiannual fiscal period ended April 30, 2023.
The Adviser is part of Virtus Investment Partners, a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors.
The report provides financial statements and portfolio information for the following funds within the Trust:
•InfraCap REIT Preferred ETF (PFFR)
•Virtus InfraCap U.S. Preferred Stock ETF (PFFA)
•Virtus LifeSci Biotech Clinical Trials ETF (BBC)
•Virtus LifeSci Biotech Products ETF (BBP)
•Virtus Newfleet Multi-Sector Bond ETF (NFLT)
•Virtus Private Credit Strategy ETF (VPC)
•Virtus Real Asset Income ETF (VRAI)
•Virtus WMC International Dividend ETF (VWID)
•InfraCap MLP ETF (AMZA)
On behalf of the Adviser and the Sub-Advisers, thank you for your investment. If you have questions, please contact your financial adviser, or call 1-888-383-0553. For more information about the Funds and the other ETFs we offer, we invite you to visit our website, www.virtusetfs.com.
Sincerely,
William Smalley
President
ETFis Series Trust I
This material must be accompanied or preceded by the prospectus.
2
Asset Allocation as of 04/30/2023 (based on net assets)
|
InfraCap REIT Preferred ETF |
|
|
|
|
Real Estate |
|
66.1 |
% |
|
Financials |
|
33.2 |
% |
|
Other Assets in Excess of Liabilities |
|
0.7 |
% |
|
Total |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Virtus InfraCap U.S. Preferred Stock ETF |
|
|
|
|
Financials |
|
38.1 |
%* |
|
Real Estate |
|
33.8 |
%* |
|
Energy |
|
19.4 |
% |
|
Industrials |
|
16.7 |
% |
|
Utilities |
|
10.3 |
% |
|
Communication Services |
|
4.8 |
% |
|
Consumer Discretionary |
|
2.8 |
% |
|
Health Care |
|
0.1 |
% |
|
Liabilities in Excess of Other Assets |
|
(26.0 |
)% |
|
Total |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Virtus LifeSci Biotech Clinical Trials ETF |
|
|
|
|
Health Care |
|
97.1 |
% |
|
Materials |
|
0.4 |
% |
|
Money Market Fund |
|
1.9 |
% |
|
Other Assets in Excess of Liabilities |
|
0.6 |
% |
|
Total |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Virtus LifeSci Biotech Products ETF |
|
|
|
|
Health Care |
|
99.0 |
% |
|
Other Assets in Excess of Liabilities |
|
1.0 |
% |
|
Total |
|
100.0 |
% |
*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.
3
Portfolio Composition (continued)
April 30, 2023 (unaudited)
Asset Allocation as of 04/30/2023 (based on net assets)
|
Virtus Newfleet Multi-Sector Bond ETF |
|
|
|
|
Corporate Bonds |
|
35.0 |
% |
|
Foreign Bonds |
|
18.2 |
% |
|
U.S. Government Securities |
|
14.0 |
% |
|
Term Loans |
|
11.0 |
% |
|
Mortgage Backed Securities |
|
10.9 |
% |
|
Asset Backed Securities |
|
8.7 |
% |
|
Municipal Bonds |
|
0.2 |
% |
|
Money Market Fund |
|
1.5 |
% |
|
Other Assets in Excess of Liabilities |
|
0.5 |
% |
|
Total |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Virtus Private Credit Strategy ETF |
|
|
|
|
Financials |
|
58.1 |
% |
|
Closed-End Funds |
|
38.5 |
% |
|
Money Market Fund |
|
12.7 |
% |
|
Liabilities in Excess of Other Assets |
|
(9.3 |
)% |
|
Total |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Virtus Real Asset Income ETF |
|
|
|
|
Real Estate |
|
31.3 |
% |
|
Energy |
|
22.0 |
% |
|
Materials |
|
18.5 |
% |
|
Utilities |
|
15.6 |
% |
|
Communication Services |
|
6.4 |
% |
|
Consumer Staples |
|
2.0 |
% |
|
Money Market Fund |
|
5.5 |
% |
|
Liabilities in Excess of Other Assets |
|
(1.3 |
)% |
|
Total |
|
100.0 |
% |
4
Portfolio Composition (continued)
April 30, 2023 (unaudited)
Asset Allocation as of 04/30/2023 (based on net assets)
|
Virtus WMC International Dividend ETF |
|
|
|
|
Financials |
|
24.9 |
% |
|
Industrials |
|
10.1 |
% |
|
Materials |
|
10.0 |
% |
|
Consumer Staples |
|
9.3 |
% |
|
Communication Services |
|
9.1 |
% |
|
Health Care |
|
8.9 |
% |
|
Utilities |
|
8.7 |
% |
|
Energy |
|
6.2 |
% |
|
Consumer Discretionary |
|
4.8 |
% |
|
Information Technology |
|
2.6 |
% |
|
Real Estate |
|
2.2 |
% |
|
Consumer Discretionary |
|
0.9 |
% |
|
Other Assets in Excess of Liabilities |
|
2.3 |
% |
|
Total |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
InfraCap MLP ETF |
|
|
|
|
Energy |
|
127.3 |
% |
|
Written Options |
|
(0.1 |
)% |
|
Liabilities in Excess of Other Assets |
|
(27.2 |
)% |
|
Total |
|
100.0 |
% |
5
We believe it is important for you to understand the impact of costs on your investment. All funds have operating expenses. As a shareholder of the InfraCap REIT Preferred ETF, Virtus InfraCap U.S. Preferred Stock ETF, Virtus LifeSci Biotech Clinical Trials ETF, Virtus LifeSci Biotech Products ETF, Virtus Newfleet Multi-Sector Bond ETF, Virtus Private Credit Strategy ETF, Virtus Real Asset Income ETF, Virtus WMC International Dividend ETF and InfraCap MLP ETF (each, a “Fund”) you may incur two types of costs: (1) transaction costs, which include brokerage commissions that you pay when purchasing or selling shares of a Fund; and (2) ongoing costs, which include advisory fees and other fund expenses, if any. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held throughout the entire period (November 1, 2022 to April 30, 2023).
Actual expenses
The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line under each Fund in the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have been higher.
|
|
|
Beginning |
|
Ending |
|
Annualized |
|
Expenses Paid |
|
InfraCap REIT Preferred ETF |
|
|
|
|
|
|
|
|
|
Actual |
|
$1,000.00 |
|
$1,100.70 |
|
0.45% |
|
$2.34 |
|
Hypothetical(1) |
|
$1,000.00 |
|
$1,022.56 |
|
0.45% |
|
$2.26 |
|
Virtus InfraCap U.S. Preferred Stock ETF |
|
|
|
|
|
|
|
|
|
Actual |
|
$1,000.00 |
|
$1,078.50 |
|
0.80% |
|
$4.12 |
|
Hypothetical(1) |
|
$1,000.00 |
|
$1,020.83 |
|
0.80% |
|
$4.01 |
|
Virtus LifeSci Biotech Clinical Trials ETF |
|
|
|
|
|
|
|
|
|
Actual |
|
$1,000.00 |
|
$889.60 |
|
0.79% |
|
$3.70 |
|
Hypothetical(1) |
|
$1,000.00 |
|
$1,020.88 |
|
0.79% |
|
$3.96 |
|
Virtus LifeSci Biotech Products ETF |
|
|
|
|
|
|
|
|
|
Actual |
|
$1,000.00 |
|
$1,101.10 |
|
0.79% |
|
$4.12 |
|
Hypothetical(1) |
|
$1,000.00 |
|
$1,020.88 |
|
0.79% |
|
$3.96 |
|
Virtus Newfleet Multi-Sector Bond ETF |
|
|
|
|
|
|
|
|
|
Actual |
|
$1,000.00 |
|
$1,066.80 |
|
0.49% |
|
$2.51 |
|
Hypothetical(1) |
|
$1,000.00 |
|
$1,022.36 |
|
0.49% |
|
$2.46 |
|
Virtus Private Credit Strategy ETF |
|
|
|
|
|
|
|
|
|
Actual |
|
$1,000.00 |
|
$1,058.70 |
|
0.75% |
|
$3.83 |
|
Hypothetical(1) |
|
$1,000.00 |
|
$1,021.08 |
|
0.75% |
|
$3.76 |
|
Virtus Real Asset Income ETF |
|
|
|
|
|
|
|
|
|
Actual |
|
$1,000.00 |
|
$1,063.80 |
|
0.55% |
|
$2.81 |
|
Hypothetical(1) |
|
$1,000.00 |
|
$1,022.07 |
|
0.55% |
|
$2.76 |
|
Virtus WMC International Dividend ETF |
|
|
|
|
|
|
|
|
|
Actual |
|
$1,000.00 |
|
$1,233.80 |
|
0.49% |
|
$2.71 |
|
Hypothetical(1) |
|
$1,000.00 |
|
$1,022.36 |
|
0.49% |
|
$2.46 |
|
InfraCap MLP ETF |
|
|
|
|
|
|
|
|
|
Actual |
|
$1,000.00 |
|
$1,011.60 |
|
0.95% |
|
$4.74 |
|
Hypothetical(1) |
|
$1,000.00 |
|
$1,020.08 |
|
0.95% |
|
$4.76 |
1Assuming 5% return before expenses.
2Annualized expense ratios reflect expenses net of waived fees or reimbursed expenses, if applicable.
3Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 181/365 (to reflect the six-month period).
For Funds which may invest in other funds, the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.
The accompanying notes are an integral part of these financial statements.
6
|
Security Description |
|
Shares |
|
Value |
|
|
|
|
|
|
|
PREFERRED STOCKS - 99.3% |
|
|
|
|
|
|
|
|
|
|
|
Financials - 33.2% |
|
|
|
|
|
ACRES Commercial Realty Corp., |
|
11,391 |
|
$230,782 |
|
AG Mortgage Investment Trust, Inc., Series B, 8.00% |
|
4,688 |
|
77,838 |
|
AG Mortgage Investment Trust, Inc., Series C, 8.00% |
|
11,628 |
|
207,095 |
|
AGNC Investment Corp., Series C, 10.41% |
|
25,145 |
|
623,344 |
|
AGNC Investment Corp., Series D, 6.88% |
|
22,284 |
|
466,627 |
|
AGNC Investment Corp., Series E, 6.50% |
|
37,847 |
|
815,603 |
|
AGNC Investment Corp., Series F, 6.13% |
|
53,434 |
|
1,091,657 |
|
AGNC Investment Corp., Series G, 7.75% |
|
12,548 |
|
275,679 |
|
Annaly Capital Management, Inc., Series F, 10.16% |
|
65,562 |
|
1,635,116 |
|
Annaly Capital Management, Inc., Series G, 9.33% |
|
39,822 |
|
955,330 |
|
Annaly Capital Management, Inc., Series I, 6.75% |
|
41,301 |
|
987,920 |
|
Arbor Realty Trust, Inc., Series D, 6.38% |
|
21,819 |
|
390,996 |
|
Arbor Realty Trust, Inc., Series E, 6.25% |
|
10,931 |
|
195,883 |
|
Arbor Realty Trust, Inc., Series F, 6.25% |
|
26,490 |
|
482,648 |
|
ARMOUR Residential REIT, Inc., Series C, 7.00% |
|
17,148 |
|
345,361 |
|
Chimera Investment Corp., Series A, 8.00% |
|
16,112 |
|
325,462 |
|
Chimera Investment Corp., Series B, 8.00% |
|
30,832 |
|
625,273 |
|
Chimera Investment Corp., Series C, 7.75% |
|
26,763 |
|
513,047 |
|
Chimera Investment Corp., Series D, 8.00% |
|
19,173 |
|
386,336 |
|
Dynex Capital, Inc., Series C, 6.90% |
|
10,216 |
|
224,139 |
|
Ellington Financial, Inc., 6.75% |
|
11,322 |
|
224,742 |
|
Franklin BSP Realty Trust, Inc., Series E, 7.50% |
|
24,506 |
|
483,258 |
|
Granite Point Mortgage Trust, Inc., Series A, 7.00% |
|
18,448 |
|
323,762 |
|
Inpoint Commercial Real Estate Income, Inc., Series A, 6.75% |
|
8,114 |
|
152,949 |
|
Invesco Mortgage Capital, Inc., Series B, 7.75% |
|
9,779 |
|
201,447 |
|
Invesco Mortgage Capital, Inc., Series C, 7.50% |
|
23,798 |
|
468,583 |
|
KKR Real Estate Finance Trust, Inc., Series A, 6.50% |
|
32,050 |
|
521,133 |
|
MFA Financial, Inc., Series B, 7.50% |
|
18,971 |
|
359,880 |
|
MFA Financial, Inc., Series C, 6.50% |
|
27,517 |
|
504,662 |
|
New York Mortgage Trust, Inc., Series D, 8.00% |
|
14,979 |
|
300,928 |
|
New York Mortgage Trust, Inc., Series E, 7.88% |
|
18,075 |
|
372,345 |
|
New York Mortgage Trust, Inc., Series F, 6.88% |
|
13,563 |
|
249,830 |
|
PennyMac Mortgage Investment Trust, Series A, 8.13% |
|
10,909 |
|
256,798 |
|
PennyMac Mortgage Investment Trust, Series B, 8.00% |
|
18,507 |
|
428,437 |
|
PennyMac Mortgage Investment Trust, Series C, 6.75% |
|
23,726 |
|
435,847 |
|
Ready Capital Corp., 5.75% |
|
4,840 |
|
111,320 |
|
Ready Capital Corp., Series E, 6.50% |
|
10,909 |
|
203,126 |
|
Rithm Capital Corp., Series A, 7.50% |
|
14,727 |
|
323,552 |
|
Rithm Capital Corp., Series B, 7.13% |
|
27,771 |
|
572,638 |
|
Rithm Capital Corp., Series C, 6.38% |
|
38,026 |
|
705,002 |
|
Rithm Capital Corp., Series D, 7.00% |
|
44,080 |
|
880,278 |
|
TPG RE Finance Trust, Inc., Series C, 6.25% |
|
19,571 |
|
323,313 |
|
Two Harbors Investment Corp., Series A, 8.13% |
|
14,480 |
|
293,075 |
|
Security Description |
|
Shares |
|
Value |
|
|
|
|
|
|
|
PREFERRED STOCKS (continued) | ||||
|
|
|
|
|
|
|
Financials (continued) |
|
|
|
|
|
Two Harbors Investment Corp., Series B, 7.63% |
|
28,762 |
|
$546,478 |
|
Two Harbors Investment Corp., Series C, 7.25% |
|
28,967 |
|
550,373 |
|
Total Financials |
|
|
|
20,649,892 |
|
|
|
|
|
|
|
Real Estate - 66.1% |
|
|
|
|
|
Agree Realty Corp., Series A, 4.25% |
|
36,810 |
|
704,175 |
|
American Homes 4 Rent, Series G, 5.88% |
|
24,606 |
|
599,894 |
|
American Homes 4 Rent, Series H, 6.25% |
|
24,570 |
|
621,621 |
|
Armada Hoffler Properties, Inc., Series A, 6.75% |
|
8,125 |
|
181,025 |
|
Chatham Lodging Trust, Series A, 6.63% |
|
11,949 |
|
260,608 |
|
City Office REIT, Inc., Series A, 6.63% |
|
17,647 |
|
298,234 |
|
DiamondRock Hospitality Co., 8.25% |
|
9,223 |
|
242,288 |
|
Digital Realty Trust, Inc., Series J, 5.25% |
|
44,443 |
|
1,001,745 |
|
Digital Realty Trust, Inc., Series K, 5.85% |
|
46,549 |
|
1,162,329 |
|
Digital Realty Trust, Inc., Series L, 5.20% |
|
72,599 |
|
1,617,506 |
|
DigitalBridge Group, Inc., Series H, 7.13% |
|
47,129 |
|
977,455 |
|
DigitalBridge Group, Inc., Series I, 7.15% |
|
72,571 |
|
1,487,705 |
|
DigitalBridge Group, Inc., Series J, 7.13% |
|
66,383 |
|
1,369,481 |
|
Diversified Healthcare Trust, 5.63% |
|
80,381 |
|
922,774 |
|
Diversified Healthcare Trust, 6.25% |
|
55,470 |
|
698,367 |
|
EPR Properties, Series G, 5.75% |
|
32,656 |
|
640,058 |
|
Federal Realty Investment Trust, Series C, 5.00% |
|
31,658 |
|
697,742 |
|
Gladstone Land Corp., Series B, 6.00% |
|
6,650 |
|
153,083 |
|
Global Medical REIT, Inc., Series A, 7.50% |
|
5,280 |
|
133,576 |
|
Global Net Lease, Inc., Series A, 7.25% |
|
35,757 |
|
792,018 |
|
Global Net Lease, Inc., Series B, 6.88% |
|
24,430 |
|
537,460 |
|
Healthcare Trust, Inc., Series A, 7.38% |
|
18,346 |
|
346,006 |
|
Hersha Hospitality Trust, Series D, 6.50% |
|
45,252 |
|
879,699 |
|
Hersha Hospitality Trust, Series E, 6.50% |
|
21,112 |
|
426,462 |
|
Hudson Pacific Properties, Inc., Series C, 4.75% |
|
95,040 |
|
883,872 |
|
Kimco Realty Corp., Series L, 5.13% |
|
48,438 |
|
1,098,574 |
|
Kimco Realty Corp., Series M, 5.25% |
|
56,940 |
|
1,302,787 |
|
National Storage Affiliates Trust, Series A, 6.00% |
|
46,715 |
|
1,137,510 |
|
Necessity Retail REIT, Inc., Series A, 7.50% |
|
44,105 |
|
890,921 |
|
Necessity Retail REIT, Inc., Series C, 7.38% |
|
24,233 |
|
483,691 |
|
Office Properties Income Trust, 6.38% |
|
36,160 |
|
461,763 |
|
Pebblebrook Hotel Trust, Series E, 6.38% |
|
17,485 |
|
337,985 |
|
Pebblebrook Hotel Trust, Series F, 6.30% |
|
31,646 |
|
609,186 |
|
Pebblebrook Hotel Trust, Series G, 6.38% |
|
48,741 |
|
930,953 |
|
Pebblebrook Hotel Trust, Series H, 5.70% |
|
53,725 |
|
951,470 |
|
Public Storage, Series F, 5.15% |
|
22,849 |
|
562,771 |
|
Public Storage, Series G, 5.05% |
|
24,336 |
|
595,015 |
|
Public Storage, Series H, 5.60% |
|
23,064 |
|
590,900 |
|
Public Storage, Series I, 4.88% |
|
25,717 |
|
590,977 |
|
Public Storage, Series J, 4.70% |
|
21,544 |
|
470,090 |
|
Public Storage, Series K, 4.75% |
|
19,153 |
|
420,983 |
|
Public Storage, Series L, 4.63% |
|
46,592 |
|
1,014,308 |
|
Public Storage, Series N, 3.88% |
|
23,523 |
|
439,410 |
|
Public Storage, Series O, 3.90% |
|
14,155 |
|
264,840 |
|
Public Storage, Series P, 4.00% |
|
47,707 |
|
921,222 |
Schedule of Investments — InfraCap REIT Preferred ETF (continued)
April 30, 2023 (unaudited)
The accompanying notes are an integral part of these financial statements.
7
|
Security Description |
|
Shares |
|
Value |
|
|
|
|
|
|
|
PREFERRED STOCKS (continued) | ||||
|
|
|
|
|
|
|
Real Estate (continued) |
|
|
|
|
|
Public Storage, Series Q, 3.95% |
|
12,540 |
|
$230,736 |
|
Public Storage, Series R, 4.00% |
|
16,008 |
|
299,350 |
|
Saul Centers, Inc., Series E, 6.00% |
|
9,743 |
|
215,515 |
|
SITE Centers Corp., Series A, 6.38% |
|
36,592 |
|
890,649 |
|
SL Green Realty Corp., Series I, 6.50% |
|
47,052 |
|
866,227 |
|
Spirit Realty Capital, Inc., Series A, 6.00% |
|
38,066 |
|
913,584 |
|
Summit Hotel Properties, Inc., Series E, 6.25% |
|
35,496 |
|
679,748 |
|
Summit Hotel Properties, Inc., Series F, 5.88% |
|
3,335 |
|
62,164 |
|
Sunstone Hotel Investors, Inc., Series H, 6.13% |
|
24,271 |
|
535,904 |
|
Sunstone Hotel Investors, Inc., Series I, 5.70% |
|
21,097 |
|
423,839 |
|
UMH Properties, Inc., Series D, 6.38% |
|
46,919 |
|
1,032,218 |
|
Vornado Realty Trust, Series L, 5.40% |
|
66,262 |
|
882,610 |
|
Vornado Realty Trust, Series M, 5.25% |
|
71,448 |
|
900,959 |
|
Vornado Realty Trust, Series N, 5.25% |
|
67,087 |
|
816,449 |
|
Vornado Realty Trust, Series O, 4.45% |
|
67,087 |
|
735,944 |
|
Total Real Estate |
|
|
|
41,196,435 |
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.3% |
|
|
|
|
|
(Cost $71,930,418) |
|
|
|
61,846,327 |
|
Other Assets in Excess of Liabilities - 0.7% |
|
|
|
417,163 |
|
Net Assets - 100.0% |
|
|
|
$62,263,490 |
The following table summarizes valuation of the Fund’s investments under the fair value hierarchy levels as of April 30, 2023.
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Asset Valuation Inputs |
|
|
|
|
|
|
|
|
|
Preferred Stocks |
|
$61,846,327 |
|
$— |
|
$— |
|
$61,846,327 |
|
Total |
|
$61,846,327 |
|
$— |
|
$— |
|
$61,846,327 |
The accompanying notes are an integral part of these financial statements.
8
|
Security Description |
|
Shares |
|
Value |
|
|
|
|
|
|
|
|
|
PREFERRED STOCKS - 126.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Communication Services - 4.8% |
|
|
|
|
|
|
AT&T, Inc., Series C, 4.75% |
|
5,085 |
|
$106,175 |
|
|
Liberty Broadband Corp., Series A, 7.00%(1) |
|
40,242 |
|
919,529 |
|
|
Qwest Corp., 6.50%(1) |
|
70,559 |
|
939,846 |
|
|
Qwest Corp., 6.75% |
|
39,684 |
|
550,814 |
|
|
Telephone and Data Systems, Inc., Series UU, 6.63%(1) |
|
278,199 |
|
4,164,639 |
|
|
Telephone and Data Systems, Inc., Series VV, 6.00%(1) |
|
644,953 |
|
8,661,719 |
|
|
United States Cellular Corp., 5.50%(1) |
|
438,807 |
|
6,664,881 |
|
|
United States Cellular Corp., 6.25% |
|
202,874 |
|
3,406,254 |
|
|
Total Communication Services |
|
|
|
25,413,857 |
|
|
|
|
|
|
|
|
|
Consumer Discretionary - 2.8% |
|
|
|
|
|
|
Ford Motor Co., 6.00%(1) |
|
488,498 |
|
11,890,041 |
|
|
Ford Motor Co., 6.20%(1) |
|
121,327 |
|
3,045,308 |
|
|
Ford Motor Co., 6.50% |
|
6,748 |
|
162,559 |
|
|
Total Consumer Discretionary |
|
|
|
15,097,908 |
|
|
|
|
|
|
|
|
|
Energy - 19.4% |
|
|
|
|
|
|
Crestwood Equity Partners LP, 9.25%(1) |
|
2,591,529 |
|
23,582,914 |
|
|
DCP Midstream LP, Series B, 7.88%(1) |
|
618,071 |
|
15,600,112 |
|
|
DCP Midstream LP, Series C, 7.95% |
|
1,823 |
|
45,939 |
|
|
Energy Transfer LP, Series D, 7.63%(1) |
|
70,888 |
|
1,665,159 |
|
|
Energy Transfer LP, Series E, 7.60%(1) |
|
45,290 |
|
1,047,105 |
|
|
GasLog Partners LP, Series A, 8.63% (Greece)(1) |
|
345,797 |
|
7,289,401 |
|
|
GasLog Partners LP, Series B, 10.71% (Greece)(1) |
|
85,541 |
|
1,906,709 |
|
|
Golar LNG Partners LP, Series A, 8.75% (United Kingdom)(1) |
|
47,750 |
|
835,625 |
|
|
NuStar Energy LP, Series A, 12.07%(1) |
|
790,713 |
|
19,585,961 |
|
|
NuStar Energy LP, Series B, 10.95%(1) |
|
749,199 |
|
17,284,021 |
|
|
NuStar Energy LP, Series C, 11.75%(1) |
|
555,248 |
|
14,181,034 |
|
|
Total Energy |
|
|
|
103,023,980 |
|
|
|
|
|
|
|
|
|
Financials - 38.1%† |
|
|
|
|
|
|
Affiliated Managers Group, Inc., 4.20% |
|
1,928 |
|
33,856 |
|
|
Affiliated Managers Group, Inc., 4.75% |
|
4,388 |
|
87,497 |
|
|
AG Mortgage Investment Trust, Inc., Series C, 8.00%(1) |
|
188,265 |
|
3,353,000 |
|
|
AGNC Investment Corp., Series D, 6.88%(1) |
|
16,489 |
|
345,280 |
|
|
AGNC Investment Corp., Series G, 7.75%(1) |
|
146,829 |
|
3,225,833 |
|
|
Allstate Corp., Series H, 5.10% |
|
7,143 |
|
170,361 |
|
|
American Equity Investment Life Holding Co., Series A, 5.95% |
|
22,616 |
|
521,525 |
|
|
American Equity Investment Life Holding Co., Series B, 6.63% |
|
5,475 |
|
130,743 |
|
|
American International Group, Inc., Series A, 5.85% |
|
1,933 |
|
48,692 |
|
|
Arbor Realty Trust, Inc., Series E, 6.25%(1) |
|
25,508 |
|
457,103 |
|
|
Argo Group International Holdings Ltd., 7.00% |
|
7,456 |
|
178,720 |
|
|
ARMOUR Residential REIT, Inc., Series C, 7.00%(1) |
|
334,497 |
|
6,736,770 |
|
|
Atlanticus Holdings Corp., Series B, 7.63%(1) |
|
18,408 |
|
316,618 |
|
|
B Riley Financial, Inc., 5.25%(1) |
|
37,254 |
|
688,826 |
|
Security Description |
|
Shares |
|
Value |
|
|
|
| ||||
|
PREFERRED STOCKS (continued) |
| ||||
|
|
|
|
|
|
|
|
Financials (continued) |
|
|
|
|
|
|
B Riley Financial, Inc., 6.00%(1) |
|
76,136 |
|
$1,469,425 |
|
|
B Riley Financial, Inc., 6.38%(1) |
|
102,564 |
|
2,385,639 |
|
|
B Riley Financial, Inc., Series B, 7.38%(1) |
|
37,353 |
|
832,225 |
|
|
Bank of America Corp., Series 4, 5.70% |
|
11,337 |
|
243,859 |
|
|
Bank of America Corp., Series 5, 5.42% |
|
811 |
|
16,625 |
|
|
Bank of America Corp., Series K, 6.45% |
|
1,533 |
|
38,954 |
|
|
Bank OZK, Series A, 4.63%(1) |
|
158,400 |
|
2,478,960 |
|
|
Brighthouse Financial, Inc., 6.25% |
|
1,018 |
|
24,625 |
|
|
Brighthouse Financial, Inc., Series A, 6.60% |
|
10,162 |
|
243,278 |
|
|
Brighthouse Financial, Inc., Series B, 6.75% |
|
1,022 |
|
25,550 |
|
|
Brighthouse Financial, Inc., Series C, 5.38% |
|
59,249 |
|
1,033,895 |
|
|
Brighthouse Financial, Inc., Series D, 4.63%(1) |
|
78,084 |
|
1,197,028 |
|
|
Brookfield Finance, Inc., Series 50, 4.63% (Canada) |
|
63,109 |
|
1,028,046 |
|
|
Chimera Investment Corp., Series A, 8.00%(1) |
|
294,746 |
|
5,953,869 |
|
|
Chimera Investment Corp., Series B, 8.00%(1) |
|
334,369 |
|
6,781,003 |
|
|
Chimera Investment Corp., Series C, 7.75%(1) |
|
319,200 |
|
6,119,064 |
|
|
Chimera Investment Corp., Series D, 8.00%(1) |
|
356,343 |
|
7,180,311 |
|
|
Citigroup, Inc., Series K, 6.88% |
|
1,533 |
|
38,892 |
|
|
CNO Financial Group, Inc., 5.13%(1) |
|
1,601 |
|
25,280 |
|
|
Compass Diversified Holdings, Series A, 7.25%(1) |
|
236,899 |
|
5,491,319 |
|
|
Compass Diversified Holdings, Series B, 7.88%(1) |
|
12,734 |
|
302,815 |
|
|
Compass Diversified Holdings, Series C, 7.88% |
|
9,421 |
|
224,691 |
|
|
Dime Community Bancshares, Inc., 5.50% |
|
4,011 |
|
67,585 |
|
|
Ellington Financial, Inc., 6.75%(1) |
|
423,337 |
|
8,403,239 |
|
|
Enstar Group Ltd., Series D, 7.00%(1) |
|
78,007 |
|
1,786,360 |
|
|
Enstar Group Ltd., Series E, 7.00% |
|
4,095 |
|
99,468 |
|
|
Enterprise Financial Services Corp., Series A, 5.00%(1) |
|
125,647 |
|
2,061,867 |
|
|
Fifth Third Bancorp, Series I, 6.63% |
|
12,615 |
|
309,068 |
|
|
First Horizon Corp., 6.50% |
|
811 |
|
19,148 |
|
|
First Horizon Corp., Series D, 6.10%(1) |
|
2,744 |
|
60,889 |
|
|
Goldman Sachs Group, Inc., Series A, 5.61% |
|
7,343 |
|
152,441 |
|
|
Goldman Sachs Group, Inc., Series C, 6.05% |
|
2,326 |
|
50,009 |
|
|
Huntington Bancshares, Inc., Series J, 6.88%* |
|
27,585 |
|
684,108 |
|
|
Invesco Mortgage Capital, Inc., Series B, 7.75%(1) |
|
221,389 |
|
4,560,613 |
|
|
Invesco Mortgage Capital, Inc., Series C, 7.50%(1) |
|
275,097 |
|
5,416,660 |
|
|
Jackson Financial, Inc., 8.00%* |
|
243,619 |
|
6,073,422 |
|
|
Kemper Corp., 5.88%(1) |
|
173,514 |
|
3,348,820 |
|
|
KeyCorp, Series E, 6.13% |
|
21,423 |
|
481,803 |
|
|
KeyCorp, Series F, 5.65% |
|
23,595 |
|
507,057 |
|
|
KeyCorp, Series G, 5.63% |
|
2,855 |
|
60,041 |
|
|
KKR Real Estate Finance Trust, Inc., Series A, 6.50% |
|
9,558 |
|
155,413 |
|
|
Merchants Bancorp, Series B, 6.00%(1) |
|
18,457 |
|
380,768 |
|
|
Merchants Bancorp, Series C, 6.00%(1) |
|
87,379 |
|
1,671,560 |
|
|
MetLife, Inc., Series A, 5.87% |
|
1,165 |
|
27,447 |
|
|
MFA Financial, Inc., Series B, 7.50%(1) |
|
235,557 |
|
4,468,516 |
|
|
MFA Financial, Inc., Series C, 6.50%(1) |
|
490,515 |
|
8,996,045 |
|
|
Morgan Stanley, Series A, 5.96% |
|
63,011 |
|
1,296,766 |
|
|
Morgan Stanley, Series O, 4.25% |
|
1,276 |
|
24,895 |
|
Schedule of Investments — Virtus InfraCap U.S. Preferred Stock ETF (continued)
April 30, 2023 (unaudited)
The accompanying notes are an integral part of these financial statements.
9
|
Security Description |
|
Shares |
|
Value |
|
|
|
| ||||
|
PREFERRED STOCKS (continued) |
| ||||
|
|
|
|
|
|
|
|
Financials (continued) |
|
|
|
|
|
|
Navient Corp., 6.00%(1) |
|
58,199 |
|
$1,115,093 |
|
|
New York Community Bancorp, Inc., Series A, 6.38% |
|
15,298 |
|
358,126 |
|
|
New York Community Capital Trust V, 6.00%(1) |
|
4,932 |
|
209,166 |
|
|
New York Mortgage Trust, Inc., Series D, 8.00%(1) |
|
731,262 |
|
14,691,054 |
|
|
New York Mortgage Trust, Inc., Series E, 7.88%(1) |
|
496,530 |
|
10,228,518 |
|
|
New York Mortgage Trust, Inc., Series F, 6.88%(1) |
|
37,882 |
|
697,786 |
|
|
Oaktree Capital Group LLC, Series A, 6.63% |
|
4,538 |
|
101,833 |
|
|
Oaktree Capital Group LLC, Series B, 6.55% |
|
5,228 |
|
116,950 |
|
|
Oxford Lane Capital Corp., Series 2029, 6.00%(1) |
|
41,653 |
|
885,126 |
|
|
PennyMac Mortgage Investment Trust, Series A, 8.13%(1) |
|
106,495 |
|
2,506,892 |
|
|
PennyMac Mortgage Investment Trust, Series B, 8.00%(1) |
|
413,899 |
|
9,581,762 |
|
|
PennyMac Mortgage Investment Trust, Series C, 6.75%(1) |
|
64,549 |
|
1,185,765 |
|
|
Prospect Capital Corp., Series A, 5.35%(1) |
|
360,019 |
|
5,738,703 |
|
|
Redwood Trust, Inc., 10.00% |
|
51,561 |
|
1,147,748 |
|
|
Regions Financial Corp., Series C, 5.70% |
|
7,453 |
|
172,462 |
|
|
Regions Financial Corp., Series E, 4.45% |
|
3,988 |
|
75,373 |
|
|
Rithm Capital Corp., Series D, 7.00%(1) |
|
33,234 |
|
663,683 |
|
|
RiverNorth Opportunities Fund, Inc., Series A, 6.00%(1) |
|
49,636 |
|
1,149,570 |
|
|
SLM Corp., Series B, 6.57% |
|
136,855 |
|
8,423,425 |
|
|
Synchrony Financial, Series A, 5.63% |
|
290,065 |
|
4,916,602 |
|
|
Synovus Financial Corp., Series D, 6.30%(1) |
|
1,005 |
|
22,582 |
|
|
Synovus Financial Corp., Series E, 5.88% |
|
2,032 |
|
42,997 |
|
|
Texas Capital Bancshares, Inc., Series B, 5.75%(1) |
|
61,084 |
|
1,242,449 |
|
|
Truist Financial Corp., Series I, 5.40% |
|
30,177 |
|
611,688 |
|
|
Two Harbors Investment Corp., Series A, 8.13%(1) |
|
9,402 |
|
190,296 |
|
|
Two Harbors Investment Corp., Series B, 7.63%(1) |
|
345,525 |
|
6,564,975 |
|
|
Two Harbors Investment Corp., Series C, 7.25%(1) |
|
554,248 |
|
10,530,712 |
|
|
US Bancorp, Series A, 6.28% |
|
6,782 |
|
5,167,884 |
|
|
US Bancorp, Series B, 5.86% |
|
71,367 |
|
1,330,281 |
|
|
W R Berkley Corp., 5.10% |
|
20,241 |
|
455,423 |
|
|
Wells Fargo & Co., Series R, 6.63% |
|
19,333 |
|
479,652 |
|
|
Zions Bancorp NA, 6.95% |
|
15,095 |
|
358,808 |
|
|
Zions Bancorp NA, Series G, 9.11% |
|
56,182 |
|
1,342,750 |
|
|
Total Financials |
|
|
|
202,900,319 |
|
|
|
|
|
|
|
|
|
Health Care - 0.1% |
|
|
|
|
|
|
XOMA Corp., Series A, 8.63%(1) |
|
21,183 |
|
509,663 |
|
|
|
|
|
|
|
|
|
Industrials - 16.7% |
|
|
|
|
|
|
Air Lease Corp., Series A, 6.15%(1) |
|
12,684 |
|
277,653 |
|
|
Alta Equipment Group, Inc., Series A, 10.00% |
|
2,386 |
|
62,871 |
|
|
Atlas Corp., Series D, 7.95% (Canada) |
|
3,056 |
|
76,553 |
|
|
Atlas Corp., Series H, 7.88% (Canada)(1) |
|
29,329 |
|
667,235 |
|
|
Atlas Corp., Series I, 8.00% (Canada)(1) |
|
540,753 |
|
13,080,815 |
|
|
Babcock & Wilcox Enterprises, Inc., 8.13%(1) |
|
378,628 |
|
9,219,592 |
|
|
Babcock & Wilcox Enterprises, Inc., Series A, 7.75%(1) |
|
1,070,106 |
|
18,812,464 |
|
|
Security Description |
|
Shares |
|
Value |
|
|
|
| ||||
|
PREFERRED STOCKS (continued) |
| ||||
|
|
|
|
|
|
|
|
Industrials (continued) |
|
|
|
|
|
|
FTAI Aviation Ltd., Series A, 8.25%(1) |
|
31,669 |
|
$728,704 |
|
|
FTAI Aviation Ltd., Series B, 8.00%(1) |
|
645,395 |
|
14,134,151 |
|
|
FTAI Aviation Ltd., Series C, 8.25% |
|
29,324 |
|
674,745 |
|
|
FTAI Aviation Ltd., Series D, 9.50%* |
|
25,598 |
|
599,377 |
|
|
Pitney Bowes, Inc., 6.70%(1) |
|
371,741 |
|
5,568,680 |
|
|
Textainer Group Holdings Ltd., 7.00% (China) |
|
10,678 |
|
258,194 |
|
|
Textainer Group Holdings Ltd., Series B, 6.25% (China)(1) |
|
276,258 |
|
5,746,166 |
|
|
Triton International Ltd., 6.88% (Bermuda)(1) |
|
193,401 |
|
4,334,116 |
|
|
Triton International Ltd., 7.38% (Bermuda)(1) |
|
393,127 |
|
9,037,990 |
|
|
Triton International Ltd., 8.00% (Bermuda) |
|
2,518 |
|
62,874 |
|
|
Triton International Ltd., Series E, 5.75% (Bermuda)(1) |
|
236,944 |
|
4,535,108 |
|
|
WESCO International, Inc., Series A, 10.63% |
|
42,224 |
|
1,148,493 |
|
|
Total Industrials |
|
|
|
89,025,781 |
|
|
|
|
|
|
|
|
|
Real Estate - 33.8%† |
|
|
|
|
|
|
Armada Hoffler Properties, Inc., Series A, 6.75% |
|
15,808 |
|
352,202 |
|
|
Braemar Hotels & Resorts, Inc., Series B, 5.50%(1) |
|
381,192 |
|
5,687,385 |
|
|
Braemar Hotels & Resorts, Inc., Series D, 8.25%(1) |
|
40,837 |
|
910,665 |
|
|
Brookfield Property Partners LP, Series A, 5.75%(1) |
|
25,889 |
|
323,613 |
|
|
Brookfield Property Partners LP, Series A2, 6.38%(1) |
|
908 |
|
12,603 |
|
|
City Office REIT, Inc., Series A, 6.63%(1) |
|
42,233 |
|
713,738 |
|
|
CTO Realty Growth, Inc., Series A, 6.38%(1) |
|
84,843 |
|
1,692,618 |
|
|
DiamondRock Hospitality Co., 8.25%(1) |
|
207,451 |
|
5,449,738 |
|
|
DigitalBridge Group, Inc., Series H, 7.13%(1) |
|
320,902 |
|
6,655,507 |
|
|
DigitalBridge Group, Inc., Series I, 7.15%(1) |
|
749,613 |
|
15,367,066 |
|
|
DigitalBridge Group, Inc., Series J, 7.13%(1) |
|
250,066 |
|
5,158,862 |
|
|
Diversified Healthcare Trust, 5.63%(1) |
|
443,801 |
|
5,094,835 |
|
|
Diversified Healthcare Trust, 6.25%(1) |
|
363,570 |
|
4,577,346 |
|
|
EPR Properties, Series C, 5.75%(1) |
|
80,480 |
|
1,569,360 |
|
|
EPR Properties, Series E, 9.00%(1) |
|
417,280 |
|
11,299,942 |
|
|
EPR Properties, Series G, 5.75%(1) |
|
241,726 |
|
4,737,830 |
|
|
Equity Commonwealth, Series D, 6.50% |
|
6,841 |
|
174,445 |
|
|
Federal Realty Investment Trust, Series C, 5.00% |
|
212 |
|
4,672 |
|
|
Global Net Lease, Inc., Series A, 7.25%(1) |
|
322,970 |
|
7,153,786 |
|
|
Global Net Lease, Inc., Series B, 6.88%(1) |
|
337,136 |
|
7,416,992 |
|
|
Healthcare Trust, Inc., Series B, 7.13%(1) |
|
214,932 |
|
3,903,165 |
|
|
Hersha Hospitality Trust, Series D, 6.50%(1) |
|
85,933 |
|
1,670,538 |
|
|
Hersha Hospitality Trust, Series E, 6.50%(1) |
|
51,845 |
|
1,047,269 |
|
|
Hudson Pacific Properties, Inc., Series C, 4.75% |
|
64,639 |
|
601,143 |
|
|
LXP Industrial Trust, Series C, 6.50%(1) |
|
16,475 |
|
791,459 |
|
|
National Storage Affiliates Trust, Series A, 6.00% |
|
2,433 |
|
59,244 |
|
|
Necessity Retail REIT, Inc., Series A, 7.50%(1) |
|
933,977 |
|
18,866,335 |
|
|
Necessity Retail REIT, Inc., Series C, 7.38%(1) |
|
215,100 |
|
4,293,396 |
|
|
Office Properties Income Trust, 6.38% |
|
53,834 |
|
687,460 |
|
|
Pebblebrook Hotel Trust, Series E, 6.38%(1) |
|
27,608 |
|
533,663 |
|
|
Pebblebrook Hotel Trust, Series F, 6.30%(1) |
|
226,461 |
|
4,359,374 |
|
|
Pebblebrook Hotel Trust, Series G, 6.38%(1) |
|
68,576 |
|
1,309,802 |
|
|
Pebblebrook Hotel Trust, Series H, 5.70%(1) |
|
46,841 |
|
829,554 |
|
Schedule of Investments — Virtus InfraCap U.S. Preferred Stock ETF (continued)
April 30, 2023 (unaudited)
The accompanying notes are an integral part of these financial statements.
10