Schedule of Investments - Virtus WMC International Dividend ETF

 

July 31, 2025 (unaudited)

 

Security Description  Shares   Value 
COMMON STOCKS - 97.5%          
Australia - 7.0%          
ANZ Group Holdings Ltd.   997   $19,683 
APA Group   23,429    126,325 
BHP Group Ltd.   2,768    69,820 
CAR Group Ltd.   564    13,839 
Fortescue Ltd.   6,819    77,872 
Rio Tinto PLC   3,444    204,834 
Sonic Healthcare Ltd.   2,235    39,657 
Stockland   38,601    137,678 
Transurban Group   14,450    128,336 
Vicinity Ltd.   42,898    68,094 
Total Australia        886,138 
Austria - 1.1%          
Mondi PLC   1,106    15,008 
OMV AG   2,550    130,022 
Total Austria        145,030 
Belgium - 1.3%          
Ageas SA/NV   418    28,502 
Groupe Bruxelles Lambert NV   1,573    132,120 
Total Belgium        160,622 
Canada - 12.8%          
Bank of Montreal   818    90,289 
Bank of Nova Scotia (The)   3,778    210,195 
BCE, Inc.   4,807    112,126 
Canadian Imperial Bank of Commerce   2,764    197,545 
Canadian Natural Resources Ltd.   711    22,506 
Emera, Inc.   984    46,203 
Enbridge, Inc.   4,711    213,348 
IGM Financial, Inc.   421    13,940 
Manulife Financial Corp.   6,288    194,549 
Open Text Corp.   1,424    41,910 
Pembina Pipeline Corp.   1,805    67,088 
Royal Bank of Canada   139    17,836 
TC Energy Corp.   3,219    153,702 
TELUS Corp.   8,271    133,234 
Toronto-Dominion Bank (The)   1,650    120,178 
Total Canada        1,634,649 
China - 1.9%          
BOC Hong Kong Holdings Ltd.   27,446    123,420 
SITC International Holdings Co., Ltd.   21,207    68,754 
Yangzijiang Shipbuilding Holdings Ltd.   25,109    49,506 
Total China        241,680 
Finland - 1.7%          
Elisa OYJ   1,067    54,990 
Kesko OYJ Class B   1,158    25,214 
Kone OYJ Class B   622    38,288 
UPM-Kymmene OYJ   3,729    96,814 
Total Finland        215,306 
France - 8.8%          
Amundi SA(1)   811    60,205 
AXA SA   4,086    199,014 
Bouygues SA   3,078    126,981 
Carrefour SA   5,144    73,790 
Covivio SA/France   845    54,918 
FDJ UNITED   2,210    69,054 
Gecina SA   984    96,798 
Security Description  Shares   Value 
COMMON STOCKS (continued)          
France (continued)          
Orange SA   3,063   $46,647 
Publicis Groupe SA   256    23,430 
Teleperformance SE   190    18,586 
TotalEnergies SE   3,870    229,744 
Vinci SA   891    123,644 
Total France        1,122,811 
Germany - 5.1%          
Allianz SE   797    315,791 
BASF SE   1,762    86,786 
Deutsche Post AG   1,779    80,091 
Evonik Industries AG   640    12,760 
Mercedes-Benz Group AG   1,171    66,951 
Siemens AG   351    90,086 
Total Germany        652,465 
Hong Kong - 0.7%          
Hang Seng Bank Ltd.   3,512    51,271 
Link REIT   4,466    24,975 
Sino Land Co., Ltd.   11,425    13,172 
Total Hong Kong        89,418 
Italy - 7.7%          
Banco BPM SpA   10,060    128,581 
BPER Banca SpA   11,334    111,701 
Enel SpA   10,805    95,353 
Eni SpA   5,002    85,110 
Generali   3,135    117,061 
Intesa Sanpaolo SpA   37,900    229,017 
Mediobanca Banca di Credito Finanziario SpA   3,171    69,987 
Snam SpA   23,610    136,713 
Total Italy        973,523 
Japan - 17.0%          
Astellas Pharma, Inc.   5,103    53,416 
Canon, Inc.   2,563    73,083 
Chugai Pharmaceutical Co., Ltd.   286    13,959 
Daito Trust Construction Co., Ltd.   439    45,181 
Disco Corp.   64    19,332 
Honda Motor Co., Ltd.   13,879    144,404 
Isuzu Motors Ltd.   5,081    65,618 
Japan Tobacco, Inc.   5,821    166,678 
Komatsu Ltd.   4,028    129,948 
Lasertec Corp.   111    11,424 
Marubeni Corp.   2,927    60,423 
Mitsubishi Corp.   707    14,009 
Mitsubishi UFJ Financial Group, Inc.   5,269    73,741 
Mitsui & Co., Ltd.   2,780    57,148 
Mizuho Financial Group, Inc.   2,530    75,195 
MS&AD Insurance Group Holdings, Inc.   3,581    77,034 
Murata Manufacturing Co. Ltd.   878    13,202 
Obayashi Corp.   1,965    29,038 
Otsuka Corp.   666    12,664 
SBI Holdings, Inc.   1,610    60,450 
SCREEN Holdings Co., Ltd.   277    22,006 
SCSK Corp.   2,861    89,435 
Sekisui House Ltd.   6,180    130,608 
Subaru Corp.   810    14,930 
Sumitomo Corp.   2,804    71,773 

 

 

 

 

Schedule of Investments - Virtus WMC International Dividend ETF (continued)

 

July 31, 2025 (unaudited)

 

Security Description  Shares   Value 
COMMON STOCKS (continued)          
Japan (continued)          
Sumitomo Mitsui Financial Group, Inc.   3,793   $96,963 
Takeda Pharmaceutical Co., Ltd.   3,837    106,866 
Tokio Marine Holdings, Inc.   1,709    69,403 
Tokyo Electron Ltd.   397    71,950 
Toyota Motor Corp.   12,490    223,337 
Toyota Tsusho Corp.   3,014    69,374 
Total Japan        2,162,592 
Netherlands - 0.3%          
Aegon Ltd.   2,625    18,825 
ASML Holding NV   18    12,594 
Koninklijke Ahold Delhaize NV   315    12,438 
Total Netherlands        43,857 
Norway - 2.9%          
Aker BP ASA   5,671    137,295 
Norsk Hydro ASA   3,377    20,108 
Salmar ASA   2,033    82,589 
Telenor ASA   8,416    129,186 
Total Norway        369,178 
Singapore - 3.9%          
CapitaLand Ascendas REIT   5,951    12,788 
CapitaLand Integrated Commercial Trust   7,695    13,038 
DBS Group Holdings Ltd.   3,476    128,262 
Oversea-Chinese Banking Corp. Ltd.   13,682    177,769 
United Overseas Bank Ltd.   5,980    166,679 
Total Singapore        498,536 
Spain - 4.5%          
ACS Actividades de Construccion y
Servicios SA		   749    51,627 
Banco Bilbao Vizcaya Argentaria SA   11,694    195,374 
CaixaBank SA   13,047    122,836 
Iberdrola SA   922    16,156 
Industria de Diseno Textil SA   2,016    96,421 
Repsol SA   2,660    40,313 
Telefonica SA   8,760    45,226 
Total Spain        567,953 
Sweden - 2.2%          
Swedbank AB Class A   653    17,417 
Tele2 AB Class B   6,358    98,267 
Volvo AB Class B   5,535    158,995 
Total Sweden        274,679 
Switzerland - 3.0%          
Partners Group Holding AG   62    84,079 
SGS SA   354    36,086 
Swisscom AG   23    16,013 
Zurich Insurance Group AG   351    240,525 
Total Switzerland        376,703 
United Kingdom - 10.7%          
Admiral Group PLC   2,859    129,055 
British American Tobacco PLC   4,851    258,822 
HSBC Holdings PLC   9,563    116,544 
Imperial Brands PLC   4,199    163,812 
Land Securities Group PLC   16,771    127,909 
Legal & General Group PLC   44,517    150,977 
Security Description  Shares   Value 
COMMON STOCKS (continued)          
United Kingdom (continued)          
M&G PLC   11,411   $39,423 
National Grid PLC   3,259    45,623 
NatWest Group PLC   2,072    14,421 
Phoenix Group Holdings PLC   15,414    135,168 
Reckitt Benckiser Group PLC   1,178    88,241 
Schroders PLC   10,516    54,302 
Severn Trent PLC   367    12,839 
Unilever PLC   214    12,458 
WPP PLC   2,477    13,412 
Total United Kingdom        1,363,006 
United States - 4.9%          
BP PLC   5,452    29,143 
Novartis AG   1,379    159,911 
Roche Holding AG   593    187,701 
Sanofi SA   1,450    130,460 
Swiss Re AG   643    115,776 
Total United States        622,991 
Total Common Stocks          
(Cost $10,538,302)        12,401,137 
           
PREFERRED STOCKS - 1.4%          
           
Germany - 1.4%          
Bayerische Motoren Werke AG, 5.61%   1,171    103,032 
Volkswagen AG, 6.91%   733    77,059 
Total Germany        180,091 
           
Total Preferred Stocks          
(Cost $184,306)        180,091 
           
TOTAL INVESTMENTS - 98.9%          
(Cost $10,722,608)        12,581,228 
Other Assets in Excess of Liabilities - 1.1%        134,922 
Net Assets - 100.0%       $12,716,150 

 

(1) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. At July 31, 2025, the aggregate value of these securities was $60,205, or 0.5% of net assets.

 

 

 

 

Schedule of Investments - Virtus WMC International Dividend 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  $12,401,137   $—   $—   $12,401,137 
Preferred Stocks   180,091    —    —    180,091 
Total  $12,581,228   $—   $—   $12,581,228 
                     

 

Sector Breakdown

As of July 31, 2025 (based on net assets)

 

Financials   37.7%
Industrials   11.0%
Energy   8.7%
Consumer Discretionary   7.8%
Consumer Staples   6.9%
Health Care   5.4%
Communication Services   5.4%
Real Estate   4.7%
Materials   4.6%
Utilities   3.8%
Information Technology   2.9%
Other Assets in Excess of Liabilities   1.1%
Total   100.0%