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, 2022

Table of Contents

Page (s)

Shareholder Letter

1

Portfolio Composition

2

Shareholder Expense Examples

5

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

Schedules of Investments

6

Statements of Assets and Liabilities

30

Statements of Operations

32

Statements of Changes in Net Assets

34

Statement of Cash Flows

38

Financial Highlights

39

Notes to Financial Statements

47

InfraCap MLP ETF

Schedule of Investments

57

Statement of Assets and Liabilities

59

Statement of Operations

60

Statement of Changes in Net Assets

61

Statement of Cash Flows

62

Financial Highlights

63

Notes to Financial Statements

64

Approval of Advisory Agreements & Board Considerations

72

Supplemental Information

76

1

Shareholder Letter (unaudited)

June 2022

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, 2022.

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 our fund 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

Portfolio Composition

April 30, 2022 (unaudited)

Asset Allocation as of 04/30/2022 (based on net assets)

InfraCap REIT Preferred ETF

Real Estate

68.7

%

Financials

30.9

%

Other Assets in Excess of Liabilities

0.4

%

Total

100.0

%

 

 

Virtus InfraCap U.S. Preferred Stock ETF

Real Estate

32.0

%*

Financials

31.9

%*

Energy

22.2

%

Utilities

20.5

%

Industrials

16.5

%

Consumer Discretionary

3.6

%

Communication Services

2.5

%

Health Care

0.0

%**

Liabilities in Excess of Other Assets

(29.2

)%

Total

100.0

%

 

 

Virtus LifeSci Biotech Clinical Trials ETF

Health Care

97.3

%

Materials

0.6

%

Money Market Fund

16.2

%

Liabilities in Excess of Other Assets

(14.1

)%

Total

100.0

%

 

 

Virtus LifeSci Biotech Products ETF

Health Care

96.6

%

Money Market Fund

2.9

%

Other Assets in Excess of Liabilities

0.5

%

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.

**Amount rounds to less than 0.05%.

3

Portfolio Composition (continued)

April 30, 2022 (unaudited)

Asset Allocation as of 04/30/2022 (based on net assets)

Virtus Newfleet Multi-Sector Bond ETF

Corporate Bonds

37.4

%

Term Loans

19.4

%

Foreign Bonds

16.0

%

U.S. Government Securities

8.1

%

Mortgage Backed Securities

7.7

%

Asset Backed Securities

7.1

%

Municipal Bonds

0.5

%

Money Market Fund

5.7

%

Liabilities in Excess of Other Assets

(1.9

)%

Total

100.0

%

 

 

Virtus Private Credit Strategy ETF

Financials

59.8

%

Closed-End Funds

37.8

%

Money Market Fund

19.6

%

Liabilities in Excess of Other Assets

(17.2

)%

Total

100.0

%

 

 

Virtus Real Asset Income ETF

Real Estate

33.0

%

Materials

26.0

%

Utilities

15.4

%

Energy

13.1

%

Communication Services

8.1

%

Consumer Staples

1.3

%

Financials

1.2

%

Money Market Fund

4.4

%

Liabilities in Excess of Other Assets

(2.5

)%

Total

100.0

%

4

Portfolio Composition (continued)

April 30, 2022 (unaudited)

Asset Allocation as of 04/30/2022 (based on net assets)

Virtus WMC International Dividend ETF

Financials

22.9

%

Materials

13.8

%

Health Care

12.6

%

Industrials

10.1

%

Consumer Staples

9.5

%

Communication Services

8.9

%

Utilities

8.5

%

Consumer Discretionary

5.2

%

Information Technology

3.0

%

Real Estate

2.8

%

Energy

1.6

%

Other Assets in Excess of Liabilities

1.1

%

Total

100.0

%

 

 

InfraCap MLP ETF

Energy

131.0

%

Written Options

(0.2

)%

Liabilities in Excess of Other Assets

(30.8

)%

Total

100.0

%

5

Shareholder Expense Examples (unaudited)

April 30, 2022

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, 2021 to April 30, 2022).

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
Account Value
11/01/21

Ending
Account Value
04/30/22

Annualized
Expense Ratios
(2)

Expenses Paid
During the
Period
(3)

InfraCap REIT Preferred ETF

Actual

$1,000.00​

$860.50

0.45%

$2.08

Hypothetical(1)

$1,000.00​

$1,022.56

0.45%

$2.26

Virtus InfraCap U.S. Preferred Stock ETF

Actual

$1,000.00​

$958.00

0.80%

$3.88

Hypothetical(1)

$1,000.00​

$1,020.83

0.80%

$4.01

Virtus LifeSci Biotech Clinical Trials ETF

Actual

$1,000.00​

$498.00

0.79%

$2.93

Hypothetical(1)

$1,000.00​

$1,020.88

0.79%

$3.96

Virtus LifeSci Biotech Products ETF

Actual

$1,000.00​

$746.60

0.79%

$3.42

Hypothetical(1)

$1,000.00​

$1,020.88

0.79%

$3.96

Virtus Newfleet Multi-Sector Bond ETF

Actual

$1,000.00​

$937.20

0.49%

$2.35

Hypothetical(1)

$1,000.00​

$1,022.36

0.49%

$2.46

Virtus Private Credit Strategy ETF

Actual

$1,000.00​

$966.60

0.75%

$3.66

Hypothetical(1)

$1,000.00​

$1,021.08

0.75%

$3.76

Virtus Real Asset Income ETF

Actual

$1,000.00​

$1,039.40

0.55%

$2.78

Hypothetical(1)

$1,000.00​

$1,022.07

0.55%

$2.76

Virtus WMC International Dividend ETF

Actual

$1,000.00​

$1,001.80

0.49%

$2.43

Hypothetical(1)

$1,000.00​

$1,022.36

0.49%

$2.46

InfraCap MLP ETF

Actual

$1,000.00​

$1,138.60

0.95%

$5.04

Hypothetical(1)

$1,000.00​

$1,020.08

0.95%

$4.76

  

(1)Assuming 5% return before expenses.

(2)Annualized expense ratios reflect expenses net of waived fees or reimbursed expenses, if applicable.

(3)Expenses 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).​

Schedule of Investments — InfraCap REIT Preferred ETF

April 30, 2022 (unaudited)

The accompanying notes are an integral part of these financial statements.

6

y

Security Description

Shares

Value

 

PREFERRED STOCKS - 99.6%

 

Financials - 30.9%

ACRES Commercial Realty Corp.,
Series C, 8.63%

11,840

$289,133

AG Mortgage Investment Trust, Inc., Series B, 8.00%

9,195

 193,923

AG Mortgage Investment Trust, Inc., Series C, 8.00%

16,852

 349,511

AGNC Investment Corp., Series C, 7.00%

32,067

 789,490

AGNC Investment Corp., Series D, 6.88%

23,187

 553,706

AGNC Investment Corp., Series E, 6.50%

39,713

 951,523

AGNC Investment Corp., Series F, 6.13%

56,922

 1,316,037

Annaly Capital Management, Inc., Series F, 6.95%

71,209

 1,768,119

Annaly Capital Management, Inc., Series G, 6.50%

41,881

 971,639

Annaly Capital Management, Inc., Series I, 6.75%

43,660

 1,080,148

Arbor Realty Trust, Inc., Series D, 6.38%

22,693

 504,692

Arbor Realty Trust, Inc., Series E, 6.25%

14,183

 326,067

ARMOUR Residential REIT, Inc., Series C, 7.00%

16,889

 405,674

Chimera Investment Corp., Series A, 8.00%

14,307

 350,092

Chimera Investment Corp., Series B, 8.00%

32,067

 783,717

Chimera Investment Corp., Series C, 7.75%

25,654

 604,152

Chimera Investment Corp., Series D, 8.00%

19,733

 473,197

Invesco Mortgage Capital, Inc., Series B, 7.75%

15,293

 327,270

Invesco Mortgage Capital, Inc., Series C, 7.50%

28,366

 630,009

KKR Real Estate Finance Trust, Inc., Series A, 6.50%

32,338

 779,669

MFA Financial, Inc., Series B, 7.50%

19,685

 475,393

MFA Financial, Inc., Series C, 6.50%

27,133

 617,004

New Residential Investment Corp., Series A, 7.50%

15,318

 365,641

New Residential Investment Corp., Series B, 7.13%

27,585

 638,317

New Residential Investment Corp., Series C, 6.38%

39,713

 850,255

New Residential Investment Corp., Series D, 7.00%

45,987

 1,077,016

New York Mortgage Trust, Inc., Series D, 8.00%

15,105

 357,837

New York Mortgage Trust, Inc., Series E, 7.88%

18,340

 446,029

New York Mortgage Trust, Inc., Series F, 6.88%

12,344

 292,306

PennyMac Mortgage Investment Trust, Series A, 8.13%

11,347

 296,951

PennyMac Mortgage Investment Trust, Series B, 8.00%

19,240

 498,316

PennyMac Mortgage Investment Trust, Series C, 6.75%

24,667

 550,814

Ready Capital Corp., 5.75%

19,862

 492,578

Ready Capital Corp., Series E, 6.50%

11,399

 252,146

TPG RE Finance Trust, Inc., Series C, 6.25%

19,857

 414,515

Two Harbors Investment Corp., Series A, 8.13%

14,475

 358,980

Two Harbors Investment Corp., Series B, 7.63%

28,936

 691,281

Two Harbors Investment Corp., Series C, 7.25%

29,684

682,138

Total Financials

 22,805,285

 

Real Estate - 68.7%

Agree Realty Corp., Series A, 4.25%

35,784

 672,381

American Homes 4 Rent, Series F, 5.88%

31,695

 796,812

American Homes 4 Rent, Series G, 5.88%

23,516

 593,779

American Homes 4 Rent, Series H, 6.25%

21,149

 556,430

Security Description

Shares

Value

 

PREFERRED STOCKS (continued)

 

Real Estate (continued)

Armada Hoffler Properties, Inc., Series A, 6.75%

34,984

 $894,891

Cedar Realty Trust, Inc., Series C, 6.50%

25,474

 342,116

Centerspace, Series C, 6.63%

19,840

 505,325

City Office REIT, Inc., Series A, 6.63%

23,410

 570,736

CorEnergy Infrastructure Trust, Inc., Series A, 7.38%

26,257

 479,453

DiamondRock Hospitality Co., 8.25%

24,334

 644,851

Digital Realty Trust, Inc., Series J, 5.25%

40,896

 967,190

Digital Realty Trust, Inc., Series K, 5.85%

42,941

 1,094,137

Digital Realty Trust, Inc., Series L, 5.20%

65,254

 1,536,732

DigitalBridge Group, Inc., Series H, 7.13%

46,546

 1,055,198

DigitalBridge Group, Inc., Series I, 7.15%

71,853

 1,647,589

DigitalBridge Group, Inc., Series J, 7.13%

65,606

 1,479,415

Diversified Healthcare Trust, 5.63%

71,433

 1,189,359

Diversified Healthcare Trust, 6.25%

51,121

 938,070

EPR Properties, Series G, 5.75%

30,672

 720,485

Federal Realty Investment Trust, Series C, 5.00%

28,021

 685,394

Global Net Lease, Inc., Series A, 7.25%

35,387

 896,707

Global Net Lease, Inc., Series B, 6.88%

23,426

 573,703

Healthcare Trust, Inc., Series A, 7.38%

20,655

 500,884

Hersha Hospitality Trust, Series D, 6.50%

64,953

 1,362,552

Hersha Hospitality Trust, Series E, 6.50%

23,929

 506,098

Kimco Realty Corp., Series L, 5.13%

46,048

 1,130,939

Kimco Realty Corp., Series M, 5.25%

51,384

 1,245,548

National Storage Affiliates Trust, Series A, 6.00%

44,092

 1,108,914

Necessity Retail REIT, Inc., Series A, 7.50%

41,311

 1,017,903

Necessity Retail REIT, Inc., Series C, 7.38%

23,979

 580,052

Office Properties Income Trust, 6.38%

33,080

 761,502

Pebblebrook Hotel Trust, Series F, 6.30%

30,845

 682,908

Pebblebrook Hotel Trust, Series G, 6.38%

47,295

 1,052,314

Pebblebrook Hotel Trust, Series H, 5.70%

46,568

 907,145

PS Business Parks, Inc., Series X, 5.25%

47,395

 934,629

PS Business Parks, Inc., Series Y, 5.20%

39,896

 790,340

PS Business Parks, Inc., Series Z, 4.88%

62,361

 1,147,442

Public Storage, Series F, 5.15%

27,667

 684,758

Public Storage, Series G, 5.05%

29,643

 714,100

Public Storage, Series H, 5.60%

28,160

 715,827

Public Storage, Series I, 4.88%

31,347

 729,131

Public Storage, Series J, 4.70%

25,567

 572,957

Public Storage, Series K, 4.75%

22,726

 528,607

Public Storage, Series L, 4.63%

54,194

 1,197,687

Public Storage, Series N, 3.88%

27,763

 516,947

Public Storage, Series O, 3.90%

16,798

 309,419

Public Storage, Series P, 4.00%

59,476

 1,124,691

Public Storage, Series Q, 3.95%

14,204

 267,745

SITE Centers Corp., Series A, 6.38%

35,784

 882,076

Spirit Realty Capital, Inc., Series A, 6.00%

35,273

871,949

Summit Hotel Properties, Inc., Series E, 6.25%

32,869

 759,274

Summit Hotel Properties, Inc., Series F, 5.88%

20,449

 452,332

Sunstone Hotel Investors, Inc., Series H, 6.13%

20,006

 456,137

 


Schedule of Investments — InfraCap REIT Preferred ETF (continued)

April 30, 2022 (unaudited)

The accompanying notes are an integral part of these financial statements.

7

Security Description

Shares

Value

PREFERRED STOCKS (continued)

 

Real Estate (continued)

Sunstone Hotel Investors, Inc., Series I, 5.70%

20,563

 $429,355

UMH Properties, Inc., Series C, 6.75%

50,528

 1,284,927

UMH Properties, Inc., Series D, 6.38%

39,352

 1,007,805

Vornado Realty Trust, Series L, 5.40%

60,816

 1,220,577

Vornado Realty Trust, Series M, 5.25%

65,468

 1,272,698

Vornado Realty Trust, Series N, 5.25%

61,345

 1,180,891

Vornado Realty Trust, Series O, 4.45%

61,345

 1,075,991

Total Real Estate

 50,825,804

 

TOTAL INVESTMENTS - 99.6%

(Cost $77,424,199)

73,631,089

Other Assets in Excess of Liabilities - 0.4%

328,807

Net Assets - 100.0%

$73,959,896

The following table summarizes valuation of the Fund’s investments under the fair value hierarchy levels as of April 30, 2022.

Level 1

Level 2

Level 3

Total

Asset Valuation Inputs

Preferred Stocks

$73,631,089

$

$

$73,631,089

Total

$73,631,089

$

$

$73,631,089

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

April 30, 2022 (unaudited)

The accompanying notes are an integral part of these financial statements.

8

Security Description

Shares

Value

 

PREFERRED STOCKS - 129.2%

 

Communication Services - 2.5%

Liberty Broadband Corp., Series A, 7.00%(1)

52,051

$1,411,102

Qwest Corp., 6.50%(1)

15,092

 337,306

Telephone and Data Systems, Inc., Series UU, 6.63%(1)

69,930

 1,654,544

Telephone and Data Systems, Inc., Series VV, 6.00%(1)

502,908

 10,173,829

United States Cellular Corp., 5.50%(1)

14,200

 285,988

Total Communication Services

 13,862,769

 

Consumer Discretionary - 3.6%

Ford Motor Co., 6.00%(1)

526,083

 13,225,727

Ford Motor Co., 6.20%(1)

191,593

 4,952,679

Franchise Group, Inc., Series A, 7.50%(1)

58,070

 1,443,039

Total Consumer Discretionary

 19,621,445

 

Energy - 22.2%

Crestwood Equity Partners LP, 9.25%(1)

2,432,629

 24,083,027

DCP Midstream LP, Series B, 7.88%(1)

905,915

 21,841,611

DCP Midstream LP, Series C, 7.95%(1)

218,533

 5,310,352

Energy Transfer LP, Series C, 7.38%(1)

76,596

 1,820,687

Energy Transfer LP, Series D, 7.63%(1)

165,547

 3,979,750

Energy Transfer LP, Series E, 7.60%(1)

39,753

 962,023

GasLog Partners LP, Series A, 8.63% (Greece)(1)

420,452

 10,595,390

GasLog Partners LP, Series B, 8.20% (Greece)(1)

362,006

 9,050,150

Golar LNG Partners LP, Series A, 8.75%
(United Kingdom)
(1)

47,750

 926,827

NuStar Energy LP, Series A, 7.59%(1)

681,986

 16,367,664

NuStar Energy LP, Series B, 7.63%(1)

572,515

 12,286,172

NuStar Energy LP, Series C, 9.00%(1)

576,651

 14,127,949

Total Energy

 121,351,602

 

Financials - 31.9%†

Affiliated Managers Group, Inc., 4.20%(1)

2,525

 45,147

AG Mortgage Investment Trust, Inc., Series C, 8.00%(1)

160,026

 3,318,939

AGNC Investment Corp., Series D, 6.88%(1)

67,164

 1,603,876

AGNC Investment Corp., Series E, 6.50%(1)

15,925

 381,563

AGNC Investment Corp., Series F, 6.13%(1)

3,956

 91,463

American Equity Investment Life Holding Co., Series A, 5.95%(1)

3,486

 86,069

Annaly Capital Management, Inc., Series F, 6.95%(1)

26,436

 656,406

Annaly Capital Management, Inc., Series G, 6.50%(1)

34,404

 798,173

Annaly Capital Management, Inc., Series I, 6.75%(1)

5,751

 142,280

Arbor Realty Trust, Inc., Series E, 6.25%(1)

24,234

 557,140

ARMOUR Residential REIT, Inc., Series C, 7.00%(1)

287,129

 6,896,839

Athene Holding Ltd., Series A, 6.35%(1)

180

 4,581

Athene Holding Ltd., Series D, 4.88%(1)

5,949

 118,623

Atlanticus Holdings Corp., Series B, 7.63%(1)

17,305

 420,338

Security Description

Shares

Value

 

PREFERRED STOCKS (continued)

 

Financials (continued)

B Riley Financial, Inc., 5.25%(1)

37,174

$843,850

B Riley Financial, Inc., 6.00%(1)

66,267

 1,623,541

B Riley Financial, Inc., 6.38%(1)

91,583

 2,328,040

B Riley Financial, Inc., Series B, 7.38%(1)

32,187

 836,540

Bank of America Corp., Series QQ, 4.25%(1)

19,592

349,325

Bank OZK, Series A, 4.63%(1)

186,184

 3,351,312

Brighthouse Financial, Inc., Series D, 4.63%(1)

41,064

 716,977

Brookfield Finance, Inc., Series 50, 4.63% (Canada)(1)

15,659

 296,738

Cadence Bank, Series A, 5.50%(1)

461

 11,175

Capital One Financial Corp., Series J, 4.80%(1)

396

 7,853

Chimera Investment Corp., Series A, 8.00%(1)

250,679

 6,134,115

Chimera Investment Corp., Series B, 8.00%(1)

283,415

 6,926,663

Chimera Investment Corp., Series C, 7.75%(1)

190,157

 4,478,197

Chimera Investment Corp., Series D, 8.00%(1)

331,511

 7,949,634

CNO Financial Group, Inc., 5.13%(1)

1,346

 27,593

Compass Diversified Holdings, Series A, 7.25%(1)

199,888

 5,093,146

Compass Diversified Holdings, Series B, 7.88%(1)

4,673

 121,031

Compass Diversified Holdings, Series C, 7.88%

320

 8,262

ConnectOne Bancorp, Inc., Series A, 5.25%(1)

774

 18,274

Dynex Capital, Inc., Series C, 6.90%(1)

5,161

 128,767

Ellington Financial, Inc., 6.75%(1)

415,930

 10,061,347

Enstar Group Ltd., Series D, 7.00%(1)

64,920

 1,668,444

Enterprise Financial Services Corp., Series A, 5.00%(1)

106,845

 2,314,263

First Citizens BancShares, Inc., Series C, 5.63%

434

 9,978

First Horizon Corp., Series D, 6.10%(1)

5,969

 148,927

First Republic Bank, Series M, 4.00%(1)

129,589

 2,267,807

First Republic Bank, Series N, 4.50%(1)

104,036

 1,954,836

Huntington Bancshares, Inc., Series H, 4.50%(1)

175

 3,279

Invesco Mortgage Capital, Inc., Series B, 7.75%(1)

188,503

 4,033,964

Invesco Mortgage Capital, Inc., Series C, 7.50%(1)

236,472

 5,252,043

JPMorgan Chase & Co., Series JJ, 4.55%(1)

531

 10,084

Kemper Corp., 5.88%*

103,051

 2,534,024

Merchants Bancorp, Series B, 6.00%(1)

17,468

 427,617

Merchants Bancorp, Series C, 6.00%(1)

76,232

 1,798,313

MFA Financial, Inc., Series B, 7.50%(1)

202,462

 4,889,457

MFA Financial, Inc., Series C, 6.50%(1)

464,013

 10,551,656

Morgan Stanley, Series DMT1, 4.25%(1)

56,319

 1,005,857

Navient Corp., 6.00%(1)

13,192

 271,228

New Residential Investment Corp., Series A, 7.50%

829

 19,788

New Residential Investment Corp., Series B, 7.13%

5,834

 134,999

New Residential Investment Corp., Series C, 6.38%(1)

18,900

 404,649

New Residential Investment Corp., Series D, 7.00%(1)

47,302

 1,107,813

New York Community Capital Trust V, 6.00%(1)

4,749

 230,327


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

April 30, 2022 (unaudited)

The accompanying notes are an integral part of these financial statements.

9

Security Description

Shares

Value

 

PREFERRED STOCKS (continued)

 

Financials (continued)

New York Mortgage Trust, Inc., Series D, 8.00%(1)

650,123

$15,401,414

New York Mortgage Trust, Inc., Series E, 7.88%(1)

447,616

 10,886,021

New York Mortgage Trust, Inc., Series F, 6.88%(1)

60,853

1,440,999

Oxford Lane Capital Corp., Series 2029, 6.00%(1)

36,391

 897,038

PennyMac Mortgage Investment Trust, Series A, 8.13%(1)

114,925

 3,007,587

PennyMac Mortgage Investment Trust, Series B, 8.00%(1)

367,029

 9,506,051

PennyMac Mortgage Investment Trust, Series C, 6.75%(1)

48,263

 1,077,713

Prospect Capital Corp., Series A, 5.35%(1)

257,203

 4,989,738

RiverNorth Opportunities Fund, Inc., Series A, 6.00%*

50,212

 1,205,088

Signature Bank, Series A, 5.00%(1)

1,977

 37,820

Stifel Financial Corp., Series D, 4.50%(1)

40

 755

Synovus Financial Corp., Series D, 6.30%(1)

5,196

 128,861

Texas Capital Bancshares, Inc., Series B, 5.75%(1)

20,406

 452,401

Two Harbors Investment Corp., Series B, 7.63%(1)

292,869

 6,996,640

Two Harbors Investment Corp., Series C, 7.25%(1)

469,779

 10,795,521

Valley National Bancorp, Series B, 5.50%(1)

4,755

 113,835

Wintrust Financial Corp., Series D, 6.50%(1)

79

 2,069

Total Financials

 174,412,721

 

Health Care - 0.0%(2)

XOMA Corp., Series A, 8.63%

 

7,710

 202,233

 

Industrials - 16.5%

Air Lease Corp., Series A, 6.15%(1)

8,565

 214,125

Alta Equipment Group, Inc., Series A, 10.00%(1)

2,046

 56,214

Atlas Corp., Series H, 7.88% (Canada)(1)

34,153

 868,170

Atlas Corp., Series I, 8.00% (Canada)(1)

458,328

 12,031,110

Babcock & Wilcox Enterprises, Inc., 6.50%(1)

26,938

 665,638

Babcock & Wilcox Enterprises, Inc., 8.13%(1)

387,510

 9,924,131

Babcock & Wilcox Enterprises, Inc., Series A, 7.75%(1)

935,124

 23,378,100

Fortress Transportation and Infrastructure Investors LLC, Series A, 8.25%(1)

5,675

 136,597

Fortress Transportation and Infrastructure Investors LLC, Series B, 8.00%(1)

559,530

 13,204,908

Pitney Bowes, Inc., 6.70%(1)

310,845

 6,934,952

Textainer Group Holdings Ltd., Series B, 6.25% (China)(1)

201,300

 4,613,796

Triton International Ltd., 6.88% (Bermuda)(1)

166,047

 4,119,626

Triton International Ltd., 7.38% (Bermuda)(1)

352,392

 9,038,855

Triton International Ltd., 8.00% (Bermuda)(1)

2,839

 74,041

Triton International Ltd., Series E, 5.75% (Bermuda)(1)

202,719

 4,782,141

Total Industrials

 90,042,404

Security Description

Shares

Value

 

PREFERRED STOCKS (continued)

 

Real Estate - 32.0%

Armada Hoffler Properties, Inc., Series A, 6.75%(1)

2,533

$64,794

Braemar Hotels & Resorts, Inc., Series B, 5.50%(1)

433,162

 8,121,788

Braemar Hotels & Resorts, Inc., Series D, 8.25%(1)

39,570

1,007,057

Brookfield Property Partners LP, Series A, 5.75%(1)

98,271

1,940,852

Brookfield Property Partners LP, Series A-1, 6.50%(1)

3,052

 66,961

Brookfield Property Partners LP, Series A2, 6.38%(1)

9,344

 197,065

City Office REIT, Inc., Series A, 6.63%(1)

6,812

 166,077

CTO Realty Growth, Inc., Series A, 6.38%(1)

67,592

 1,645,223

DiamondRock Hospitality Co., 8.25%(1)

232,103

 6,150,730

DigitalBridge Group, Inc., Series H, 7.13%(1)

318,993

 7,231,571

DigitalBridge Group, Inc., Series I, 7.15%(1)

658,352

 15,096,011

DigitalBridge Group, Inc., Series J, 7.13%(1)

140,385

 3,165,682

Diversified Healthcare Trust, 5.63%(1)

48,319

 804,511

Diversified Healthcare Trust, 6.25%(1)

139,501

 2,559,843

EPR Properties, Series C, 5.75%(1)

71,333

 1,804,725

EPR Properties, Series E, 9.00%(1)

515,442

 17,071,439

EPR Properties, Series G, 5.75%(1)

237,809

 5,586,133

Equity Commonwealth, Series D, 6.50%(1)

276,898

 7,614,695

Global Net Lease, Inc., Series A, 7.25%(1)

240,258

 6,088,138

Global Net Lease, Inc., Series B, 6.88%(1)

165,112

 4,043,593

Healthcare Trust, Inc., Series B, 7.13%(1)

164,161

 3,987,471

Hudson Pacific Properties, Inc., Series C, 4.75%

2,466

 46,780

iStar, Inc., Series I, 7.50%(1)

222,371

 5,588,183

LXP Industrial Trust, Series C, 6.50%(1)

16,076

 847,205

Necessity Retail REIT, Inc., Series A, 7.50%(1)

821,859

 20,250,606

Necessity Retail REIT, Inc., Series C, 7.38%(1)

35,006

 846,795

Pebblebrook Hotel Trust, Series E, 6.38%(1)

2,290

 51,319

Pebblebrook Hotel Trust, Series F, 6.30%(1)

193,235

 4,278,223

Pebblebrook Hotel Trust, Series G, 6.38%(1)

35,500

 789,875

Pebblebrook Hotel Trust, Series H, 5.70%(1)

25,248

 491,831

Public Storage, Series R, 4.00%(1)

53,163

 1,003,717

RLJ Lodging Trust, Series A, 1.95%(1)

840,793

 22,070,816

RPT Realty, Series D, 7.25%(1)

162,223

 9,550,474

Saul Centers, Inc., Series E, 6.00%(1)

283,501

 7,008,145

SITE Centers Corp., Series A, 6.38%

3,362

 82,873

Summit Hotel Properties, Inc., Series E, 6.25%(1)

127,089

 2,935,756

Summit Hotel Properties, Inc., Series F, 5.88%(1)

36,391

 804,969

Sunstone Hotel Investors, Inc., Series I, 5.70%(1)

39,127

 816,972

UMH Properties, Inc., Series C, 6.75%

5,075

 129,057

Urstadt Biddle Properties, Inc., Series K, 5.88%(1)

141,847

 3,406,640

Total Real Estate

 175,414,595

 

Utilities - 20.5%

AES Corp., 6.88%

55,574

 4,812,708

Algonquin Power & Utilities Corp., 7.75% (Canada)

110,787

5,220,284

Dominion Energy, Inc., Series A, 7.25%(1)

186,507

 18,816,691

DTE Energy Co., 4.38%

2,873

 56,972


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

April 30, 2022 (unaudited)

The accompanying notes are an integral part of these financial statements.

10

Security Description

Shares

Value

 

PREFERRED STOCKS (continued)

 

Utilities (continued)

DTE Energy Co., 6.25%(1)

123,293

$6,460,553

Essential Utilities, Inc., 6.00%

64

 3,412

NiSource, Inc., 7.75%

7,304

 830,684

SCE Trust II, 5.10%(1)

3,232

70,781

SCE Trust III, Series H, 5.75%(1)

961,834

 22,545,389

SCE Trust IV, Series J, 5.38%(1)

111,645

 2,433,861

SCE Trust V, Series K, 5.45%(1)

24,237

 578,537

SCE Trust VI, 5.00%(1)

611,419

 12,320,093

South Jersey Industries, Inc., 5.63%(1)

4,766

 83,405

South Jersey Industries, Inc., 8.75%(1)

207,823

 14,360,569

Southern Co., Series 2019, 6.75%(1)

287,769

 15,789,885

UGI Corp., 7.25%(1)

88,831

 7,842,889

Total Utilities

 112,226,713

 

Total Preferred Stocks

(Cost $716,678,025)

 707,134,482

 

COMMON STOCK - 0.0%(2)

 

Utilities - 0.0%(2)

American Electric Power Co., Inc.

(Cost $33,465)

347

 34,391

 

TOTAL INVESTMENTS - 129.2%

(Cost $716,711,490)