Schedule of Investments - Virtus LifeSci Biotech Clinical Trials ETF
July 31, 2025 (unaudited)
| Security Description | Shares | Value | ||||||
| COMMON STOCKS - 98.9% | ||||||||
| Health Care - 98.9% | ||||||||
| 89bio, Inc.* | 12,649 | $ | 120,165 | |||||
| AbCellera Biologics, Inc. (Canada)*(1) | 38,628 | 172,667 | ||||||
| Akero Therapeutics, Inc.* | 2,272 | 110,987 | ||||||
| Allogene Therapeutics, Inc.*(1) | 86,914 | 106,905 | ||||||
| Altimmune, Inc.*(1) | 17,018 | 62,796 | ||||||
| AnaptysBio, Inc.* | 5,198 | 127,611 | ||||||
| Annexon, Inc.* | 44,900 | 107,760 | ||||||
| Apogee Therapeutics, Inc.* | 2,907 | 111,222 | ||||||
| Arbutus Biopharma Corp.*(1) | 33,989 | 111,484 | ||||||
| Arcellx, Inc.* | 1,829 | 130,572 | ||||||
| Arcturus Therapeutics Holdings, Inc.* | 9,627 | 117,546 | ||||||
| Arcus Biosciences, Inc.* | 13,014 | 118,818 | ||||||
| Arcutis Biotherapeutics, Inc.* | 9,013 | 131,410 | ||||||
| ArriVent Biopharma, Inc.*(1) | 5,149 | 100,457 | ||||||
| Arrowhead Pharmaceuticals, Inc.* | 7,502 | 118,532 | ||||||
| Arvinas, Inc.* | 16,074 | 119,591 | ||||||
| Astria Therapeutics, Inc.* | 21,728 | 150,358 | ||||||
| Autolus Therapeutics PLC (United Kingdom)*(2) | 56,595 | 135,828 | ||||||
| Avidity Biosciences, Inc.* | 3,786 | 138,984 | ||||||
| Beam Therapeutics, Inc.* | 6,977 | 137,517 | ||||||
| Belite Bio, Inc.*(1)(2) | 1,958 | 127,290 | ||||||
| Bicara Therapeutics, Inc.*(1) | 10,517 | 116,844 | ||||||
| Bicycle Therapeutics PLC (United Kingdom)*(2) | 14,002 | 119,297 | ||||||
| Biohaven Ltd.* | 7,805 | 117,856 | ||||||
| Capricor Therapeutics, Inc.*(1) | 8,729 | 71,403 | ||||||
| Cartesian Therapeutics, Inc.*(1) | 11,883 | 152,221 | ||||||
| Celcuity, Inc.*(1) | 9,688 | 379,431 | ||||||
| Celldex Therapeutics, Inc.* | 5,979 | 131,418 | ||||||
| Centessa Pharmaceuticals PLC*(2) | 10,106 | 173,520 | ||||||
| CG oncology, Inc.* | 4,592 | 122,560 | ||||||
| Cogent Biosciences, Inc.* | 16,853 | 192,461 | ||||||
| Compass Pathways PLC (United Kingdom)*(2) | 26,920 | 117,102 | ||||||
| Corvus Pharmaceuticals, Inc.*(1) | 28,698 | 119,671 | ||||||
| Crinetics Pharmaceuticals, Inc.* | 3,782 | 108,127 | ||||||
| Cullinan Therapeutics, Inc.* | 13,595 | 105,633 | ||||||
| CureVac NV (Germany)* | 21,728 | 117,114 | ||||||
| Cytokinetics, Inc.* | 3,665 | 137,951 | ||||||
| Denali Therapeutics, Inc.* | 8,153 | 112,756 | ||||||
| Dianthus Therapeutics, Inc.* | 6,308 | 130,386 | ||||||
| Disc Medicine, Inc.* | 2,308 | 137,926 | ||||||
| Dyne Therapeutics, Inc.* | 8,415 | 82,888 | ||||||
| Edgewise Therapeutics, Inc.* | 7,891 | 112,526 | ||||||
| Enliven Therapeutics, Inc.*(1) | 6,189 | 116,415 | ||||||
| Entrada Therapeutics, Inc.* | 15,501 | 91,146 | ||||||
| Erasca, Inc.* | 79,529 | 112,534 | ||||||
| EyePoint Pharmaceuticals, Inc.* | 13,734 | 134,868 | ||||||
| GH Research PLC (Ireland)* | 9,484 | 136,190 | ||||||
| Ideaya Biosciences, Inc.* | 5,461 | 132,975 | ||||||
| Immatics NV (Germany)* | 19,817 | 127,820 | ||||||
| Immunome, Inc.* | 12,429 | 130,753 | ||||||
| Immunovant, Inc.*(1) | 7,634 | 122,755 | ||||||
| Intellia Therapeutics, Inc.* | 14,572 | 169,618 | ||||||
| iTeos Therapeutics, Inc.* | 12,192 | 123,627 | ||||||
| Janux Therapeutics, Inc.* | 4,761 | 114,335 | ||||||
| KalVista Pharmaceuticals, Inc.* | 9,296 | 126,704 | ||||||
| Keros Therapeutics, Inc.* | 8,921 | 127,749 | ||||||
| Kura Oncology, Inc.* | 18,270 | 110,533 | ||||||
| Kymera Therapeutics, Inc.*(1) | 2,573 | 112,569 | ||||||
| Security Description | Shares | Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Health Care (continued) | ||||||||
| LENZ Therapeutics, Inc.*(1) | 4,114 | $ | 122,474 | |||||
| Liquidia Corp.* | 8,421 | 157,388 | ||||||
| Maze Therapeutics, Inc.*(1) | 8,980 | 132,455 | ||||||
| MBX Biosciences, Inc.*(1) | 11,351 | 150,401 | ||||||
| Mereo Biopharma Group PLC (United Kingdom)*(2) | 43,769 | 73,970 | ||||||
| Merus NV (Netherlands)* | 2,197 | 145,529 | ||||||
| Metsera, Inc.*(1) | 3,519 | 116,092 | ||||||
| Mind Medicine MindMed, Inc.* | 16,668 | 151,512 | ||||||
| Mineralys Therapeutics, Inc.* | 8,155 | 115,393 | ||||||
| Monte Rosa Therapeutics, Inc.* | 24,732 | 122,423 | ||||||
| MoonLake Immunotherapeutics* | 2,764 | 139,416 | ||||||
| Neurogene, Inc.*(1) | 5,965 | 129,858 | ||||||
| Newamsterdam Pharma Co. NV (Netherlands)* | 5,786 | 126,193 | ||||||
| Nurix Therapeutics, Inc.* | 10,174 | 114,559 | ||||||
| Nuvalent, Inc. Class A*(1) | 1,562 | 122,383 | ||||||
| Nuvation Bio, Inc.*(1) | 67,226 | 158,653 | ||||||
| Olema Pharmaceuticals, Inc.*(1) | 29,970 | 154,046 | ||||||
| ORIC Pharmaceuticals, Inc.* | 12,583 | 125,453 | ||||||
| Pharvaris NV (Netherlands)* | 7,062 | 140,393 | ||||||
| Praxis Precision Medicines, Inc.* | 2,702 | 146,502 | ||||||
| Protagonist Therapeutics, Inc.* | 2,160 | 116,338 | ||||||
| Prothena Corp. PLC (Ireland)* | 24,000 | 164,880 | ||||||
| Rapport Therapeutics, Inc.* | 10,923 | 156,854 | ||||||
| Recursion Pharmaceuticals, Inc. Class A*(1) | 23,536 | 140,039 | ||||||
| REGENXBIO, Inc.* | 11,929 | 101,516 | ||||||
| Relay Therapeutics, Inc.* | 35,269 | 124,147 | ||||||
| Replimune Group, Inc.*(1) | 12,309 | 86,532 | ||||||
| Revolution Medicines, Inc.* | 2,960 | 110,319 | ||||||
| Rocket Pharmaceuticals, Inc.* | 39,635 | 120,887 | ||||||
| Sana Biotechnology, Inc.*(1) | 47,905 | 194,494 | ||||||
| Savara, Inc.* | 53,840 | 139,446 | ||||||
| Scholar Rock Holding Corp.* | 3,652 | 135,307 | ||||||
| Silence Therapeutics PLC (United Kingdom)*(1)(2) | 21,787 | 134,208 | ||||||
| Sionna Therapeutics, Inc.*(1) | 7,162 | 120,035 | ||||||
| Soleno Therapeutics, Inc.* | 1,517 | 131,175 | ||||||
| Spyre Therapeutics, Inc.* | 6,871 | 116,601 | ||||||
| Stoke Therapeutics, Inc.* | 10,294 | 132,278 | ||||||
| Structure Therapeutics, Inc.*(2) | 5,476 | 97,473 | ||||||
| Summit Therapeutics, Inc.*(1) | 6,036 | 159,169 | ||||||
| Syndax Pharmaceuticals, Inc.* | 11,404 | 113,128 | ||||||
| Tango Therapeutics, Inc.*(1) | 24,095 | 145,534 | ||||||
| Taysha Gene Therapies, Inc.*(1) | 45,917 | 125,353 | ||||||
| Tectonic Therapeutic, Inc.* | 5,422 | 120,314 | ||||||
| Terns Pharmaceuticals, Inc.* | 30,962 | 180,508 | ||||||
| Tourmaline Bio, Inc.* | 6,115 | 135,325 | ||||||
| Tyra Biosciences, Inc.*(1) | 11,779 | 128,744 | ||||||
| uniQure NV (Netherlands)* | 7,610 | 105,931 | ||||||
| Upstream Bio, Inc.*(1) | 10,526 | 161,153 | ||||||
| Vaxcyte, Inc.* | 3,531 | 119,877 | ||||||
| Vera Therapeutics, Inc.* | 5,403 | 112,328 | ||||||
| Viking Therapeutics, Inc.*(1) | 4,257 | 138,650 | ||||||
| Vir Biotechnology, Inc.* | 23,310 | 118,182 | ||||||
| Viridian Therapeutics, Inc.* | 7,765 | 136,043 | ||||||
| WaVe Life Sciences Ltd.* | 16,900 | 136,890 | ||||||
| Xencor, Inc.* | 12,903 | 107,353 | ||||||
| Xenon Pharmaceuticals, Inc. (Canada)* | 3,710 | 113,303 | ||||||
| Xeris Biopharma Holdings, Inc.* | 27,529 | 140,123 | ||||||
| Zymeworks, Inc.* | 9,288 | 116,657 | ||||||
Schedule of Investments - Virtus LifeSci Biotech Clinical Trials ETF (continued)
July 31, 2025 (unaudited)
| Security Description | Shares | Value | ||||||
| COMMON STOCKS (continued) | ||||||||
| Health Care (continued) | ||||||||
| Total Health Care | $ | 14,990,369 | ||||||
| Total Common Stocks | ||||||||
| (Cost $17,113,973) | 14,990,369 | |||||||
| SECURITIES LENDING COLLATERAL - 15.4% | ||||||||
| Money Market Fund - 15.4% | ||||||||
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.20%(3)(4) | ||||||||
| (Cost $2,328,672) | 2,328,672 | 2,328,672 | ||||||
| TOTAL INVESTMENTS - 114.3% | ||||||||
| (Cost $19,442,645) | 17,319,041 | |||||||
| Liabilities in Excess of Other Assets - (14.3)% | (2,173,226 | ) | ||||||
| Net Assets - 100.0% | $ | 15,145,815 | ||||||
| * | Non-income producing security. |
| (1) | All or a portion of the security was on loan. The aggregate market value of securities on loan was $3,169,235; total market value of collateral held by the Fund was $3,350,620. Market value of the collateral held includes non-cash U.S. Treasury securities having a value of $1,021,948. |
| (2) | American Depositary Receipts. |
| (3) | Represents securities purchased with cash collateral received for securities on loan. |
| (4) | The rate shown reflects the seven-day yield as of July 31, 2025. |
Schedule of Investments - Virtus LifeSci Biotech Clinical Trials ETF (continued)
July 31, 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 July 31, 2025.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Asset Valuation Inputs | ||||||||||||||||
| Common Stocks | $ | 14,990,369 | $ | — | $ | — | $ | 14,990,369 | ||||||||
| Money Market Fund | 2,328,672 | — | — | 2,328,672 | ||||||||||||
| Total | $ | 17,319,041 | $ | — | $ | — | $ | 17,319,041 | ||||||||