Schedule of Investments – Virtus Terranova U.S. Quality Momentum ETF
April 30, 2025 (unaudited)
| Security Description | Shares | Value | ||||||
| COMMON STOCKS – 99.2% | ||||||||
| Communication Services – 4.7% | ||||||||
| Electronic Arts, Inc. | 9,056 | $ | 1,313,935 | |||||
| Fox Corp. Class A | 26,901 | 1,339,401 | ||||||
| Live Nation Entertainment, Inc.* | 10,000 | 1,324,500 | ||||||
| Meta Platforms, Inc. Class A | 2,426 | 1,331,874 | ||||||
| Netflix, Inc.* | 1,205 | 1,363,723 | ||||||
| Spotify Technology SA* | 2,139 | 1,313,303 | ||||||
| Total Communication Services | 7,986,736 | |||||||
| Consumer Discretionary – 7.0% | ||||||||
| Doordash, Inc. Class A* | 7,071 | 1,363,925 | ||||||
| Expedia Group, Inc. | 8,292 | 1,301,264 | ||||||
| Garmin Ltd. | 6,673 | 1,246,984 | ||||||
| MercadoLibre, Inc. (Brazil)* | 596 | 1,389,187 | ||||||
| Ross Stores, Inc. | 9,502 | 1,320,778 | ||||||
| Royal Caribbean Cruises Ltd. | 6,263 | 1,345,981 | ||||||
| Tesla, Inc.* | 4,659 | 1,314,583 | ||||||
| TJX Cos., Inc. (The) | 10,490 | 1,349,853 | ||||||
| Tractor Supply Co. | 26,594 | 1,346,188 | ||||||
| Total Consumer Discretionary | 11,978,743 | |||||||
| Consumer Staples – 4.8% | ||||||||
| Church & Dwight Co., Inc. | 13,368 | 1,327,977 | ||||||
| Costco Wholesale Corp. | 1,359 | 1,351,526 | ||||||
| Mondelez International, Inc. Class A | 20,240 | 1,378,951 | ||||||
| Monster Beverage Corp.* | 22,628 | 1,360,395 | ||||||
| Procter & Gamble Co. (The) | 8,245 | 1,340,390 | ||||||
| Walmart, Inc. | 13,961 | 1,357,707 | ||||||
| Total Consumer Staples | 8,116,946 | |||||||
| Energy – 0.8% | ||||||||
| Baker Hughes Co. | 36,421 | 1,289,303 | ||||||
| Financials – 33.3% | ||||||||
| Aflac, Inc. | 12,299 | 1,336,655 | ||||||
| Allstate Corp. (The) | 6,882 | 1,365,320 | ||||||
| American Express Co. | 5,013 | 1,335,513 | ||||||
| Ameriprise Financial, Inc. | 2,849 | 1,341,936 | ||||||
| Apollo Global Management, Inc. | 9,952 | 1,358,249 | ||||||
| Arch Capital Group Ltd. | 14,640 | 1,327,555 | ||||||
| Bank of New York Mellon Corp. (The) | 16,879 | 1,357,240 | ||||||
| Berkshire Hathaway, Inc. Class B* | 2,500 | 1,333,125 | ||||||
| Brown & Brown, Inc. | 11,601 | 1,283,071 | ||||||
| Capital One Financial Corp. | 7,265 | 1,309,589 | ||||||
| Charles Schwab Corp. (The) | 16,607 | 1,351,810 | ||||||
| Chubb Ltd. | 4,756 | 1,360,596 | ||||||
| Cincinnati Financial Corp. | 9,930 | 1,382,355 | ||||||
| Citizens Financial Group, Inc. | 35,822 | 1,321,474 | ||||||
| CME Group, Inc. | 4,985 | 1,381,244 | ||||||
| Fifth Third Bancorp | 37,629 | 1,352,386 | ||||||
| First Citizens BancShares, Inc. Class A | 746 | 1,327,238 | ||||||
| Hartford Insurance Group, Inc. (The) | 11,179 | 1,371,328 | ||||||
| Huntington Bancshares, Inc. | 92,192 | 1,339,550 | ||||||
| Interactive Brokers Group, Inc. Class A | 7,842 | 1,347,648 | ||||||
| JPMorgan Chase & Co. | 5,451 | 1,333,424 | ||||||
| KKR & Co., Inc. | 11,683 | 1,335,016 | ||||||
| Loews Corp. | 15,569 | 1,351,856 | ||||||
| M&T Bank Corp. | 7,931 | 1,346,367 | ||||||
| Markel Group, Inc.* | 736 | 1,338,490 | ||||||
| Marsh & McLennan Cos., Inc. | 6,055 | 1,365,221 | ||||||
| Mastercard, Inc. Class A | 2,488 | 1,363,573 | ||||||
| MetLife, Inc. | 17,656 | 1,330,733 | ||||||
| Security Description | Shares | Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Financials (continued) | ||||||||
| Northern Trust Corp. | 14,495 | $ | 1,362,240 | |||||
| NU Holdings Ltd. Class A (Brazil)* | 110,538 | 1,373,987 | ||||||
| PNC Financial Services Group, Inc. (The) | 8,378 | 1,346,261 | ||||||
| Progressive Corp. (The) | 5,009 | 1,411,236 | ||||||
| Raymond James Financial, Inc. | 9,664 | 1,324,355 | ||||||
| Regions Financial Corp. | 65,462 | 1,336,079 | ||||||
| S&P Global, Inc. | 2,766 | 1,383,138 | ||||||
| State Street Corp. | 15,193 | 1,338,503 | ||||||
| Synchrony Financial | 25,818 | 1,341,245 | ||||||
| Tradeweb Markets, Inc. Class A | 9,813 | 1,357,138 | ||||||
| Travelers Cos., Inc. (The) | 5,123 | 1,353,138 | ||||||
| US Bancorp | 33,256 | 1,341,547 | ||||||
| Visa, Inc. Class A | 3,961 | 1,368,526 | ||||||
| W R Berkley Corp. | 18,836 | 1,350,353 | ||||||
| Total Financials | 56,636,308 | |||||||
| Health Care – 9.5% | ||||||||
| Amgen, Inc. | 4,727 | 1,375,179 | ||||||
| Boston Scientific Corp.* | 13,028 | 1,340,190 | ||||||
| Cencora, Inc. | 4,643 | 1,358,867 | ||||||
| Eli Lilly & Co. | 1,501 | 1,349,324 | ||||||
| Incyte Corp.* | 22,440 | 1,406,090 | ||||||
| Insulet Corp.* | 5,092 | 1,284,661 | ||||||
| Intuitive Surgical, Inc.* | 2,580 | 1,330,764 | ||||||
| ResMed, Inc. | 5,628 | 1,331,529 | ||||||
| Stryker Corp. | 3,637 | 1,359,947 | ||||||
| Veeva Systems, Inc. Class A* | 5,834 | 1,363,347 | ||||||
| Waters Corp.* | 3,929 | 1,366,231 | ||||||
| Zoetis, Inc. | 8,650 | 1,352,860 | ||||||
| Total Health Care | 16,218,989 | |||||||
| Industrials – 17.5% | ||||||||
| Automatic Data Processing, Inc. | 4,550 | 1,367,730 | ||||||
| Axon Enterprise, Inc.* | 2,199 | 1,348,647 | ||||||
| Cintas Corp. | 6,370 | 1,348,402 | ||||||
| Copart, Inc.* | 21,799 | 1,330,393 | ||||||
| Cummins, Inc. | 4,527 | 1,330,214 | ||||||
| Fastenal Co. | 16,444 | 1,331,471 | ||||||
| General Dynamics Corp. | 4,881 | 1,328,218 | ||||||
| HEICO Corp. | 5,396 | 1,353,101 | ||||||
| Howmet Aerospace, Inc. | 9,779 | 1,355,174 | ||||||
| Leidos Holdings, Inc. | 9,111 | 1,340,957 | ||||||
| Lockheed Martin Corp. | 2,779 | 1,327,667 | ||||||
| Northrop Grumman Corp. | 2,805 | 1,364,632 | ||||||
| Parker-Hannifin Corp. | 2,220 | 1,343,233 | ||||||
| Paychex, Inc. | 9,270 | 1,363,802 | ||||||
| Quanta Services, Inc. | 4,620 | 1,352,228 | ||||||
| Republic Services, Inc. | 5,451 | 1,366,838 | ||||||
| Rollins, Inc. | 24,002 | 1,371,234 | ||||||
| Trane Technologies PLC | 3,815 | 1,462,328 | ||||||
| Uber Technologies, Inc.* | 17,075 | 1,383,246 | ||||||
| United Airlines Holdings, Inc.* | 19,466 | 1,339,650 | ||||||
| Westinghouse Air Brake Technologies Corp. | 7,214 | 1,332,714 | ||||||
| WW Grainger, Inc. | 1,309 | 1,340,822 | ||||||
| Total Industrials | 29,782,701 | |||||||
| Information Technology – 15.2% | ||||||||
| Amphenol Corp. Class A | 17,502 | 1,346,779 | ||||||
| Apple, Inc. | 6,343 | 1,347,887 | ||||||
Schedule of Investments – Virtus Terranova U.S. Quality Momentum ETF (continued)
April 30, 2025 (unaudited)
| Security Description | Shares | Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Information Technology (continued) | ||||||||
| AppLovin Corp. Class A* | 4,796 | $ | 1,291,611 | |||||
| Arista Networks, Inc.* | 17,040 | 1,401,881 | ||||||
| Autodesk, Inc.* | 4,918 | 1,348,762 | ||||||
| Broadcom, Inc. | 6,903 | 1,328,620 | ||||||
| Check Point Software Technologies Ltd. (Israel)* | 6,427 | 1,411,112 | ||||||
| Cisco Systems, Inc. | 23,410 | 1,351,459 | ||||||
| Cognizant Technology Solutions Corp. Class A | 18,395 | 1,353,320 | ||||||
| Docusign, Inc.* | 16,031 | 1,310,534 | ||||||
| Fortinet, Inc.* | 13,041 | 1,353,134 | ||||||
| Motorola Solutions, Inc. | 3,086 | 1,359,044 | ||||||
| NVIDIA Corp. | 11,959 | 1,302,574 | ||||||
| Okta, Inc. Class A* | 12,842 | 1,440,359 | ||||||
| Oracle Corp. | 9,586 | 1,348,942 | ||||||
| Palantir Technologies, Inc. Class A* | 11,771 | 1,394,157 | ||||||
| Palo Alto Networks, Inc.* | 7,417 | 1,386,460 | ||||||
| ServiceNow, Inc.* | 1,404 | 1,340,834 | ||||||
| Zoom Communications, Inc.* | 17,461 | 1,353,926 | ||||||
| Total Information Technology | 25,771,395 | |||||||
| Materials – 1.6% | ||||||||
| Ecolab, Inc. | 5,575 | 1,401,722 | ||||||
| Newmont Corp. | 24,612 | 1,296,560 | ||||||
| Total Materials | 2,698,282 | |||||||
| Real Estate – 3.2% | ||||||||
| CBRE Group, Inc. Class A* | 10,996 | 1,343,491 | ||||||
| Public Storage | 4,563 | 1,370,862 | ||||||
| VICI Properties, Inc. | 41,203 | 1,319,320 | ||||||
| Welltower, Inc. | 9,033 | 1,378,346 | ||||||
| Total Real Estate | 5,412,019 | |||||||
| Utilities – 1.6% | ||||||||
| Constellation Energy Corp. | 5,953 | 1,330,139 | ||||||
| Vistra Corp. | 10,483 | 1,358,911 | ||||||
| Total Utilities | 2,689,050 | |||||||
| Total Common Stocks | ||||||||
| (Cost $158,673,869) | 168,580,472 | |||||||
| TOTAL INVESTMENTS – 99.2% | ||||||||
| (Cost $158,673,869) | 168,580,472 | |||||||
| Other Assets in Excess of Liabilities – 0.8% | 1,417,219 | |||||||
| Net Assets – 100.0% | $ | 169,997,691 | ||||||
| * | Non-income producing security. |
Schedule of Investments – Virtus Terranova U.S. Quality Momentum ETF (continued)
April 30, 2025 (unaudited)
Fair Value Measurements
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 includes unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes valuation of the Fund’s investments under the fair value hierarchy levels as of April 30, 2025.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Asset Valuation Inputs | ||||||||||||||||
| Common Stocks | $ | 168,580,472 | $ | — | $ | — | $ | 168,580,472 | ||||||||
| Total | $ | 168,580,472 | $ | — | $ | — | $ | 168,580,472 | ||||||||