Schedule of Investments - Virtus Private Credit Strategy ETF
July 31, 2025 (unaudited)
| Security Description | Shares | Value | ||||||
| COMMON STOCKS - 58.2% | ||||||||
| Financials - 58.2% | ||||||||
| Ares Capital Corp.(1) | 30,575 | $ | 691,912 | |||||
| Bain Capital Specialty Finance, Inc. | 51,043 | 765,645 | ||||||
| Barings BDC, Inc. | 92,258 | 852,464 | ||||||
| BlackRock TCP Capital Corp. | 165,000 | 1,183,050 | ||||||
| Blackstone Secured Lending Fund | 21,666 | 683,562 | ||||||
| Capital Southwest Corp.(1) | 41,064 | 937,080 | ||||||
| Carlyle Secured Lending, Inc. | 63,217 | 871,762 | ||||||
| CION Investment Corp. | 109,146 | 1,054,350 | ||||||
| Crescent Capital BDC, Inc. | 56,892 | 805,022 | ||||||
| Fidus Investment Corp. | 41,255 | 853,153 | ||||||
| FS KKR Capital Corp. | 47,222 | 987,412 | ||||||
| Gladstone Capital Corp. | 22,133 | 610,649 | ||||||
| Gladstone Investment Corp.(1) | 53,768 | 746,837 | ||||||
| Goldman Sachs BDC, Inc. | 107,735 | 1,208,787 | ||||||
| Golub Capital BDC, Inc. | 51,340 | 768,046 | ||||||
| Hercules Capital, Inc. | 47,438 | 889,937 | ||||||
| Horizon Technology Finance Corp.(1) | 177,768 | 1,393,701 | ||||||
| Main Street Capital Corp.(1) | 8,758 | 566,643 | ||||||
| MidCap Financial Investment Corp. | 69,513 | 875,864 | ||||||
| Monroe Capital Corp. | 82,292 | 519,263 | ||||||
| Morgan Stanley Direct Lending Fund | 20,380 | 381,106 | ||||||
| New Mountain Finance Corp. | 87,901 | 924,719 | ||||||
| Nuveen Churchill Direct Lending Corp. | 22,453 | 367,331 | ||||||
| Oaktree Specialty Lending Corp. | 82,913 | 1,146,687 | ||||||
| OFS Capital Corp. | 61,914 | 525,031 | ||||||
| Oxford Square Capital Corp. | 220,488 | 513,737 | ||||||
| PennantPark Floating Rate Capital Ltd. | 88,549 | 927,108 | ||||||
| PennantPark Investment Corp.(1) | 147,296 | 1,064,950 | ||||||
| Portman Ridge Finance Corp. | 43,619 | 532,152 | ||||||
| Prospect Capital Corp.(1) | 424,478 | 1,315,882 | ||||||
| Runway Growth Finance Corp.(1) | 122,730 | 1,319,347 | ||||||
| Saratoga Investment Corp.(1) | 36,300 | 894,795 | ||||||
| Sixth Street Specialty Lending, Inc. | 29,302 | 711,453 | ||||||
| SLR Investment Corp. | 42,919 | 686,704 | ||||||
| Stellus Capital Investment Corp.(1) | 64,654 | 905,156 | ||||||
| TriplePoint Venture Growth BDC Corp. | 237,903 | 1,636,773 | ||||||
| WhiteHorse Finance, Inc. | 58,256 | 507,410 | ||||||
| Total Financials | 31,625,480 | |||||||
| Total Common Stocks | ||||||||
| (Cost $35,715,363) | 31,625,480 | |||||||
| CLOSED-END FUNDS(2) - 39.1% | ||||||||
| Ares Dynamic Credit Allocation Fund, Inc. | 51,260 | 737,631 | ||||||
| Barings Participation Investors | 28,448 | 538,521 | ||||||
| BlackRock Debt Strategies Fund, Inc. | 72,696 | 768,397 | ||||||
| BlackRock Floating Rate Income Strategies Fund, Inc.(1) | 62,480 | 825,986 | ||||||
| BlackRock Floating Rate Income Trust | 61,652 | 779,898 | ||||||
| BlackRock Income Trust, Inc. | 60,752 | 707,761 | ||||||
| BlackRock Limited Duration Income Trust(1) | 48,452 | 684,142 | ||||||
| BlackRock Technology and Private Equity Term Trust | 140,903 | 1,031,410 | ||||||
| Blackstone Long-Short Credit Income Fund | 56,944 | 715,786 | ||||||
| Blackstone Senior Floating Rate Term Fund | 45,287 | 640,358 | ||||||
| Carlyle Credit Income Fund | 181,994 | 1,024,626 | ||||||
| Eagle Point Credit Co., Inc.(1) | 236,506 | 1,627,161 | ||||||
| Eaton Vance Floating-Rate Income Trust | 63,600 | 786,732 | ||||||
| Eaton Vance Senior Floating-Rate Trust | 65,479 | 780,510 | ||||||
| Eaton Vance Senior Income Trust(1) | 142,825 | 802,676 | ||||||
Security Description | Shares | Value | ||||||
| CLOSED-END FUNDS(2) (continued) | ||||||||
| First Trust Senior Floating Rate Income Fund II(1) | 81,640 | $ | 836,810 | |||||
| Invesco Senior Income Trust | 291,164 | 1,094,777 | ||||||
| KKR Income Opportunities Fund(1) | 73,626 | 939,468 | ||||||
| Nuveen Credit Strategies Income Fund | 163,884 | 906,278 | ||||||
| Nuveen Floating Rate Income Fund(1) | 106,150 | 904,398 | ||||||
| OFS Credit Co., Inc.(1) | 350,238 | 2,108,433 | ||||||
| Pioneer Floating Rate Fund, Inc. | 79,711 | 781,965 | ||||||
| XAI Octagon Floating Rate Alternative Income Trust | 224,346 | 1,251,851 | ||||||
| Total Closed-End Funds | ||||||||
| (Cost $23,317,920) | 21,275,575 | |||||||
| SECURITIES LENDING COLLATERAL - 13.4% | ||||||||
| Money Market Fund - 13.4% | ||||||||
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.20%(3)(4) | ||||||||
| (Cost $7,272,659) | 7,272,659 | 7,272,659 | ||||||
| TOTAL INVESTMENTS - 110.7% | ||||||||
| (Cost $66,305,942) | 60,173,714 | |||||||
| Liabilities in Excess of Other Assets - (10.7)% | (5,838,939 | ) | ||||||
| Net Assets - 100.0% | $ | 54,334,775 | ||||||
| (1) | All or a portion of the security was on loan. The aggregate market value of securities on loan was $7,704,198; total market value of collateral held by the Fund was $7,982,065. Market value of the collateral held includes non-cash U.S. Treasury securities having a value of $709,406. |
| (2) | Shares of each fund are publicly offered, and each prospectus and annual report are publicly available. |
| (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 Private Credit Strategy 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 | $ | 31,625,480 | $ | — | $ | — | $ | 31,625,480 | ||||||||
| Closed-End Funds | 21,275,575 | — | — | 21,275,575 | ||||||||||||
| Money Market Fund | 7,272,659 | — | — | 7,272,659 | ||||||||||||
| Total | $ | 60,173,714 | $ | — | $ | — | $ | 60,173,714 | ||||||||