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
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1
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
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
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
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
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 |
|
Ending |
|
Annualized |
|
Expenses Paid |
|
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).
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., |
|
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 |
|
|
|
|
|
|
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 |
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% |
|
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) |
|
||||