Schedule of Investments - Virtus Newfleet Short Duration High Yield Bond ETF
April 30, 2026 (unaudited)
| Security Description | Principal | Value | ||||||
| CORPORATE BONDS – 81.7% | ||||||||
| Commercial & Residential Mortgage Finance – 0.5% | ||||||||
| Rocket Cos., Inc., 6.13%, 08/01/30(1) | $ | 150,000 | $ | 152,303 | ||||
| Communication Services – 6.6% | ||||||||
| CCO Holdings LLC / CCO Holdings Capital Corp., 6.38%, 09/01/29(1) | 332,000 | 332,774 | ||||||
| CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 03/01/31(1) | 75,000 | 75,966 | ||||||
| Cipher Compute LLC, 7.13%, 11/15/30(1) | 100,000 | 103,776 | ||||||
| CSC Holdings LLC, 11.25%, 05/15/28(1) | 105,000 | 85,506 | ||||||
| Directv Financing LLC, 8.88%, 02/01/30(1) | 90,000 | 91,564 | ||||||
| Directv Financing LLC, 8.88%, 02/01/30(1) | 20,000 | 20,394 | ||||||
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27(1) | 130,000 | 130,178 | ||||||
| DISH Network Corp., 11.75%, 11/15/27(1) | 125,000 | 129,124 | ||||||
| Gray Media, Inc., 9.63%, 07/15/32(1) | 100,000 | 101,738 | ||||||
| Gray Media, Inc., 7.25%, 08/15/33(1) | 55,000 | 56,032 | ||||||
| McGraw-Hill Education, Inc., 5.75%, 08/01/28(1) | 230,000 | 228,416 | ||||||
| Meridian Arc Holdco LLC, 6.25%, 04/30/31(1) | 40,000 | 40,009 | ||||||
| Nexstar Media, Inc., 6.50%, 09/15/33(1) | 65,000 | 65,542 | ||||||
| Nexstar Media, Inc., 7.25%, 04/15/34(1) | 35,000 | 35,249 | ||||||
| Oak-Eagle Acquireco, Inc., 7.25%, 07/01/33(1) | 105,000 | 108,241 | ||||||
| Rackspace Technology Global, Inc., 5.38%, 12/01/28(1) | 50,000 | 19,000 | ||||||
| Sinclair Television Group, Inc., 8.13%, 02/15/33(1) | 145,000 | 150,251 | ||||||
| SV RNO Property Owner 1 LLC, 5.88%, 03/01/31(1) | 90,000 | 88,362 | ||||||
| Univision Communications, Inc., 7.38%, 06/30/30(1) | 150,000 | 149,953 | ||||||
| Total Communication Services | 2,012,075 | |||||||
| Consumer Discretionary – 8.3% | ||||||||
| Aptiv Swiss Holdings Ltd., 6.88%, (US 5 Year CMT T- Note + 3.39%), 12/15/54(2) | 160,000 | 164,123 | ||||||
| Caesars Entertainment, Inc., 4.63%, 10/15/29(1) | 80,000 | 77,262 | ||||||
| Churchill Downs, Inc., 5.75%, 04/01/30(1) | 340,000 | 339,089 | ||||||
| Ford Motor Co., 3.25%, 02/12/32 | 95,000 | 83,388 | ||||||
| Hilton Domestic Operating Co., Inc., 5.88%, 04/01/29(1) | 165,000 | 167,366 | ||||||
| Hilton Domestic Operating Co., Inc., 4.00%, 05/01/31(1) | 165,000 | 156,377 | ||||||
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 5.00%, 06/01/29(1) | 125,000 | 121,045 | ||||||
| Newell Brands, Inc., 6.38%, 09/15/27 | 60,000 | 60,601 | ||||||
| Newell Brands, Inc., 6.63%, 09/15/29 | 324,000 | 323,998 | ||||||
| Newell Brands, Inc., 6.38%, 05/15/30 | 80,000 | 78,402 | ||||||
| Nissan Motor Acceptance Co. LLC, 5.63%, 09/29/28(1) | 125,000 | 124,370 | ||||||
| Risewell Homes, Inc., 9.25%, 10/01/29(1) | 135,000 | 140,245 | ||||||
| Risewell Homes, Inc., 8.50%, 11/01/30(1) | 15,000 | 15,345 | ||||||
| Rivers Enterprise Borrower LLC, 6.25%, 10/15/30(1) | 75,000 | 76,331 | ||||||
| Taylor Morrison Communities, Inc., 5.75%, 11/15/32(1) | 10,000 | 10,116 | ||||||
| Under Armour, Inc., 7.25%, 07/15/30(1) | 120,000 | 122,545 | ||||||
| Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/28(1) | 350,000 | 342,749 | ||||||
| Security Description | Principal | Value | ||||||
| CORPORATE BONDS (continued) | ||||||||
| Consumer Discretionary (continued) | ||||||||
| WULF Compute LLC, 7.75%, 10/15/30(1) | $ | 110,000 | $ | 115,677 | ||||
| Total Consumer Discretionary | 2,519,029 | |||||||
| Consumer Staples – 1.7% | ||||||||
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.88%, 02/15/30(1) | 135,000 | 132,229 | ||||||
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.50%, 03/31/31(1) | 80,000 | 79,656 | ||||||
| Post Holdings, Inc., 6.25%, 02/15/32(1) | 60,000 | 61,221 | ||||||
| Post Holdings, Inc., 6.38%, 03/01/33(1) | 25,000 | 25,006 | ||||||
| Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 6.25%, 04/01/29(1) | 230,000 | 230,439 | ||||||
| Total Consumer Staples | 528,551 | |||||||
| Energy – 16.5% | ||||||||
| Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/29(1) | 355,000 | 371,401 | ||||||
| Antero Midstream Partners LP / Antero Midstream Finance Corp., 6.63%, 02/01/32(1) | 225,000 | 230,848 | ||||||
| Ascent Resources Utica Holdings LLC / ARU Finance Corp., 6.63%, 10/15/32(1) | 230,000 | 236,326 | ||||||
| Bristow Group, Inc., 6.75%, 02/01/33(1) | 60,000 | 61,090 | ||||||
| Buckeye Partners LP, 6.75%, 02/01/30(1) | 335,000 | 346,722 | ||||||
| Caturus Energy LLC, 8.50%, 02/15/30(1) | 165,000 | 172,599 | ||||||
| DBR Land Holdings LLC, 6.25%, 12/01/30(1) | 75,000 | 76,823 | ||||||
| Energy Transfer LP, 8.00%, (US 5 Year CMT T- Note + 4.02%), 05/15/54(2) | 170,000 | 180,291 | ||||||
| Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/30 | 320,000 | 335,412 | ||||||
| Gulfport Energy Operating Corp., 6.75%, 09/01/29(1) | 325,000 | 333,827 | ||||||
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/29(1) | 305,000 | 320,499 | ||||||
| Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/29(1) | 350,000 | 349,964 | ||||||
| Kodiak Gas Services LLC, 6.50%, 10/01/33(1) | 150,000 | 153,516 | ||||||
| Noble Finance II LLC, 8.00%, 04/15/30(1) | 330,000 | 343,354 | ||||||
| Prairie Acquiror LP, 9.00%, 08/01/29(1) | 75,000 | 78,361 | ||||||
| SM Energy Co., 8.75%, 07/01/31(1) | 20,000 | 20,989 | ||||||
| Sunoco LP / Sunoco Finance Corp., 7.00%, 09/15/28(1) | 365,000 | 373,890 | ||||||
| Tidewater, Inc., 9.13%, 07/15/30(1) | 85,000 | 91,557 | ||||||
| Transocean International Ltd., 8.75%, 02/15/30(1) | 259,000 | 271,397 | ||||||
| Transocean International Ltd., 7.88%, 10/15/32(1) | 40,000 | 42,880 | ||||||
| USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/29(1) | 325,000 | 335,994 | ||||||
| Venture Global LNG, Inc., 7.00%, 01/15/30(1) | 245,000 | 252,125 | ||||||
| Venture Global LNG, Inc., 9.88%, 02/01/32(1) | 50,000 | 53,666 | ||||||
| Total Energy | 5,033,531 | |||||||
Schedule of Investments - Virtus Newfleet Short Duration High Yield Bond ETF (continued)
April 30, 2026 (unaudited)
| Security Description | Principal | Value | ||||||
| CORPORATE BONDS (continued) | ||||||||
| Financials – 13.0% | ||||||||
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 6.75%, 04/15/28(1) | $ | 235,000 | $ | 238,142 | ||||
| Ally Financial, Inc., 8.00%, 11/01/31 | 135,000 | 150,843 | ||||||
| Apollo Debt Solutions BDC, 6.90%, 04/13/29 | 149,000 | 153,885 | ||||||
| Apollo Debt Solutions BDC, 5.88%, 08/30/30 | 178,000 | 176,485 | ||||||
| Azorra Finance Ltd., 7.25%, 01/15/31(1) | 130,000 | 133,256 | ||||||
| Blue Owl Credit Income Corp., 3.13%, 09/23/26 | 400,000 | 396,044 | ||||||
| Blue Owl Credit Income Corp., 6.65%, 03/15/31 | 69,000 | 68,754 | ||||||
| Citadel Finance LLC, 4.75%, 02/14/29(1) | 110,000 | 108,358 | ||||||
| Citadel Finance LLC, 5.15%, 02/14/31(1) | 15,000 | 14,655 | ||||||
| F&G Annuities & Life, Inc., 6.50%, 06/04/29 | 180,000 | 182,203 | ||||||
| Focus Financial Partners LLC, 6.75%, 09/15/31(1) | 225,000 | 229,049 | ||||||
| Global Atlantic Finance Co., 7.95%, (US 5 Year CMT T- Note + 3.61%), 10/15/54(1)(2) | 320,000 | 321,689 | ||||||
| Hub International Ltd., 7.25%, 06/15/30(1) | 325,000 | 336,385 | ||||||
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27(1) | 235,000 | 233,229 | ||||||
| Liberty Mutual Group, Inc., 4.13%, (US 5 Year CMT T- Note + 3.32%), 12/15/51(1)(2) | 190,000 | 187,948 | ||||||
| Midcap Financial Issuer Trust, 6.50%, 05/01/28(1) | 355,000 | 352,416 | ||||||
| OneMain Finance Corp., 7.88%, 03/15/30 | 315,000 | 328,561 | ||||||
| OneMain Finance Corp., 7.13%, 11/15/31 | 80,000 | 81,173 | ||||||
| Panther Escrow Issuer LLC, 7.13%, 06/01/31(1) | 265,000 | 266,391 | ||||||
| Total Financials | 3,959,466 | |||||||
| Health Care – 9.5% | ||||||||
| Acadia Healthcare Co., Inc., 5.50%, 07/01/28(1) | 240,000 | 238,956 | ||||||
| AdaptHealth LLC, 6.13%, 08/01/28(1) | 215,000 | 215,095 | ||||||
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32(1) | 10,000 | 10,398 | ||||||
| Centene Corp., 4.63%, 12/15/29 | 110,000 | 107,292 | ||||||
| Charles River Laboratories International, Inc., 4.25%, 05/01/28(1) | 105,000 | 103,173 | ||||||
| CHS/Community Health Systems, Inc., 4.75%, 02/15/31(1) | 20,000 | 18,726 | ||||||
| CVS Health Corp., 7.00%, (US 5 Year CMT T- Note + 2.89%), 03/10/55(2) | 335,000 | 347,793 | ||||||
| DaVita, Inc., 4.63%, 06/01/30(1) | 203,000 | 196,606 | ||||||
| DENTSPLY SIRONA, Inc., 8.38%, (US 5 Year CMT T- Note + 4.38%), 09/12/55(2) | 160,000 | 160,951 | ||||||
| Endo Finance Holdings LP, 8.50%, 04/15/31(1) | 310,000 | 328,747 | ||||||
| Global Medical Response, Inc., 7.38%, 10/01/32(1) | 75,000 | 78,226 | ||||||
| IQVIA, Inc., 6.25%, 06/01/32(1) | 180,000 | 183,536 | ||||||
| Medline Borrower LP, 5.25%, 10/01/29(1) | 345,000 | 343,534 | ||||||
| Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/28(1) | 190,000 | 187,626 | ||||||
| Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 5.13%, 04/30/31(1) | 35,000 | 34,803 | ||||||
| Pediatrix Medical Group, Inc., 5.38%, 02/15/30(1) | 135,000 | 134,315 | ||||||
| Tenet Healthcare Corp., 5.50%, 11/15/32(1) | 200,000 | 199,592 | ||||||
| Security Description | Principal | Value | ||||||
| CORPORATE BONDS (continued) | ||||||||
| Health Care (continued) | ||||||||
| Total Health Care | $ | 2,889,369 | ||||||
| Industrials – 7.6% | ||||||||
| Arsenal AIC Parent LLC, 8.00%, 10/01/30(1) | 70,000 | 73,269 | ||||||
| Builders FirstSource, Inc., 5.00%, 03/01/30(1) | 185,000 | 181,175 | ||||||
| Esab Corp., 5.63%, 04/01/31(1) | 20,000 | 20,234 | ||||||
| FTAI Aviation Investors LLC, 5.50%, 05/01/28(1) | 195,000 | 195,037 | ||||||
| FTAI Aviation Investors LLC, 7.00%, 05/01/31(1) | 85,000 | 88,032 | ||||||
| GFL Environmental, Inc., 4.75%, 06/15/29(1) | 155,000 | 153,276 | ||||||
| Global Infrastructure Solutions, Inc., 5.63%, 06/01/29(1) | 240,000 | 239,783 | ||||||
| Herc Holdings, Inc., 7.00%, 06/15/30(1) | 175,000 | 182,171 | ||||||
| Herc Holdings, Inc., 5.75%, 03/15/31(1) | 5,000 | 5,015 | ||||||
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 05/15/27 | 30,000 | 29,731 | ||||||
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 10.00%, 11/15/29(1) | 175,000 | 176,746 | ||||||
| Science Applications International Corp., 4.88%, 04/01/28(1) | 85,000 | 84,481 | ||||||
| Standard Industries, Inc., 4.75%, 01/15/28(1) | 155,000 | 154,221 | ||||||
| Synergy Infrastructure Holdings LLC, 7.88%, 12/01/30(1) | 170,000 | 178,909 | ||||||
| TransDigm, Inc., 6.75%, 08/15/28(1) | 305,000 | 309,501 | ||||||
| United Airlines Holdings, Inc., 4.88%, 03/01/29 | 70,000 | 69,129 | ||||||
| United Airlines Holdings, Inc., 5.38%, 03/01/31 | 10,000 | 9,869 | ||||||
| WESCO Distribution, Inc., 5.25%, 04/15/31(1) | 185,000 | 185,347 | ||||||
| Total Industrials | 2,335,926 | |||||||
| Information Technology – 4.3% | ||||||||
| Cloud Software Group, Inc., 9.00%, 09/30/29(1) | 220,000 | 216,197 | ||||||
| Consensus Cloud Solutions, Inc., 6.50%, 10/15/28(1) | 185,000 | 183,540 | ||||||
| Insight Enterprises, Inc., 6.63%, 05/15/32(1) | 90,000 | 89,318 | ||||||
| Neptune Bidco US, Inc., 9.29%, 04/15/29(1) | 300,000 | 303,657 | ||||||
| Oracle Corp., 4.95%, 02/04/31 | 80,000 | 78,275 | ||||||
| Rocket Software, Inc., 9.00%, 11/28/28(1) | 250,000 | 248,969 | ||||||
| UKG, Inc., 6.88%, 02/01/31(1) | 195,000 | 189,953 | ||||||
| Total Information Technology | 1,309,909 | |||||||
| Materials – 3.7% | ||||||||
| Cleveland-Cliffs, Inc., 7.63%, 01/15/34(1) | 120,000 | 121,305 | ||||||
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/28(1) | 71,000 | 71,171 | ||||||
| JH North America Holdings, Inc., 5.88%, 01/31/31(1) | 150,000 | 150,048 | ||||||
| LSB Industries, Inc., 6.25%, 10/15/28(1) | 340,000 | 340,381 | ||||||
| Mauser Packaging Solutions Holding Co., 7.88%, 04/15/30(1) | 200,000 | 202,375 | ||||||
| Solstice Advanced Materials, Inc., 5.63%, 09/30/33(1) | 95,000 | 94,535 | ||||||
| Windsor Holdings III LLC, 8.50%, 06/15/30(1) | 150,000 | 156,770 | ||||||
| Total Materials | 1,136,585 | |||||||
| Real Estate – 1.6% | ||||||||
| HAT Holdings I LLC / Hat Holdings II LLC, 3.38%, 06/15/26(1) | 71,000 | 70,857 | ||||||
Schedule of Investments - Virtus Newfleet Short Duration High Yield Bond ETF (continued)
April 30, 2026 (unaudited)
| Security Description | Principal | Value | ||||||
| CORPORATE BONDS (continued) | ||||||||
| Real Estate (continued) | ||||||||
| Iron Mountain, Inc., 5.25%, 07/15/30(1) | $ | 155,000 | $ | 153,480 | ||||
| Millrose Properties, Inc., 6.38%, 08/01/30(1) | 90,000 | 91,215 | ||||||
| Outfront Media Capital LLC / Outfront Media Capital Corp., 7.38%, 02/15/31(1) | 155,000 | 162,210 | ||||||
| Total Real Estate | 477,762 | |||||||
| Transaction & Payment Processing Services – 2.0% | ||||||||
| Block, Inc., 5.63%, 08/15/30(1) | 300,000 | 300,472 | ||||||
| NCR Atleos Corp., 9.50%, 04/01/29(1) | 220,000 | 234,171 | ||||||
| Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/32(1) | 90,000 | 89,892 | ||||||
| Total Transaction & Payment Processing Services | 624,535 | |||||||
| Utilities – 6.4% | ||||||||
| AES Corp. (The), 7.60%, (US 5 Year CMT T- Note + 3.20%), 01/15/55(2) | 75,000 | 76,446 | ||||||
| Alpha Generation LLC, 6.75%, 10/15/32(1) | 75,000 | 76,858 | ||||||
| American Electric Power Co., Inc., 7.05%, (US 5 Year CMT T- Note + 2.75%), 12/15/54(2) | 150,000 | 157,054 | ||||||
| Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.00%, 07/15/29(1) | 330,000 | 342,370 | ||||||
| CenterPoint Energy, Inc., Series A, 7.00%, (US 5 Year CMT T- Note + 3.25%), 02/15/55(2) | 100,000 | 103,551 | ||||||
| Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/29(1) | 203,000 | 198,270 | ||||||
| NRG Energy, Inc., 4.96%, 04/30/31(1) | 150,000 | 149,003 | ||||||
| PR RNO Property Owner 1 LLC, 6.50%, 05/01/31(1) | 75,000 | 74,381 | ||||||
| Sempra, 6.38%, (US 5 Year CMT T- Note + 2.63%), 04/01/56(2) | 150,000 | 151,801 | ||||||
| Spire, Inc., 6.25%, (US 5 Year CMT T- Note + 2.56%), 06/01/56(2) | 110,000 | 109,665 | ||||||
| Vistra Operations Co. LLC, 6.88%, 04/15/32(1) | 295,000 | 308,092 | ||||||
| VoltaGrid LLC, 7.38%, 11/01/30(1) | 95,000 | 98,647 | ||||||
| Xplr Infrastructure Operating Partners LP, 7.25%, 01/15/29(1) | 47,000 | 48,900 | ||||||
| Xplr Infrastructure Operating Partners LP, 8.38%, 01/15/31(1) | 45,000 | 48,106 | ||||||
| Total Utilities | 1,943,144 | |||||||
| Total Corporate Bonds | ||||||||
| (Cost $24,832,548) | 24,922,185 | |||||||
| FOREIGN BONDS – 13.4%† | ||||||||
| Communication Services – 0.0%(3) | ||||||||
| Telesat Canada / Telesat LLC, 6.50%, 10/15/27 (Canada)(1) | 20,000 | 12,100 | ||||||
| Consumer Discretionary – 2.9% | ||||||||
| 1011778 BC ULC / New Red Finance, Inc., 6.13%, 06/15/29 (Canada)(1) | 235,000 | 239,289 | ||||||
| Flutter Treasury DAC, 5.88%, 06/04/31 (United Kingdom)(1) | 250,000 | 249,260 | ||||||
| Ontario Gaming GTA LP/OTG Co. Issuer LLC, 8.00%, 08/01/30 (Canada)(1) | 250,000 | 247,184 | ||||||
| Security Description | Principal | Value | ||||||
| FOREIGN BONDS (continued) | ||||||||
| Consumer Discretionary (continued) | ||||||||
| Opal Bidco SAS, 6.50%, 03/31/32 (France)(1) | $ | 150,000 | $ | 152,802 | ||||
| Total Consumer Discretionary | 888,535 | |||||||
| Consumer Staples – 0.5% | ||||||||
| Froneri Lux FinCo Sarl, 6.00%, 08/01/32 (United Kingdom)(1) | 155,000 | 153,391 | ||||||
| Energy – 2.9% | ||||||||
| Coronado Finance Pty Ltd., 9.25%, 10/01/29 (Australia)(1) | 175,000 | 158,846 | ||||||
| South Bow Canadian Infrastructure Holdings Ltd., 7.63%, (US 5 Year CMT T- Note + 3.95%), 03/01/55 (Canada)(2) | 322,000 | 336,250 | ||||||
| Teine Energy Ltd., 6.88%, 04/15/29 (Canada)(1) | 345,000 | 345,621 | ||||||
| TransCanada Pipelines Ltd., Series ., 6.13%, (US 5 Year CMT T- Note + 2.25%), 10/17/56 (Canada)(2) | 30,000 | 30,140 | ||||||
| Total Energy | 870,857 | |||||||
| Financials – 1.7% | ||||||||
| Albion Financing 1 Sarl / Aggreko Holdings, Inc., 7.00%, 05/21/30 (Luxembourg)(1) | 178,000 | 183,966 | ||||||
| GGAM Finance Ltd., 6.88%, 04/15/29 (Ireland)(1) | 330,000 | 337,963 | ||||||
| Total Financials | 521,929 | |||||||
| Health Care – 1.3% | ||||||||
| Genmab A/S/Genmab Finance LLC, 6.25%, 12/15/32 (Denmark)(1) | 10,000 | 10,269 | ||||||
| Grifols SA, 4.75%, 10/15/28 (Spain)(1) | 235,000 | 231,859 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 (Israel) | 138,000 | 137,051 | ||||||
| Total Health Care | 379,179 | |||||||
| Industrials – 1.4% | ||||||||
| Cimpress PLC, 7.38%, 09/15/32 (Ireland)(1) | 255,000 | 258,555 | ||||||
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30 (Ireland)(1) | 170,000 | 173,637 | ||||||
| Total Industrials | 432,192 | |||||||
| Materials – 2.7% | ||||||||
| Capstone Copper Corp., 6.75%, 03/31/33 (Canada)(1) | 250,000 | 254,589 | ||||||
| Fortescue Treasury Pty Ltd., 5.88%, 04/15/30 (Australia)(1) | 199,000 | 203,227 | ||||||
| Maxam Prill Sarl, 7.75%, 07/15/30 (Luxembourg)(1) | 200,000 | 207,571 | ||||||
Schedule of Investments - Virtus Newfleet Short Duration High Yield Bond ETF (continued)
April 30, 2026 (unaudited)
| Security Description | Principal | Value | ||||||
| FOREIGN BONDS (continued) | ||||||||
| Materials (continued) | ||||||||
| Taseko Mines Ltd., 8.25%, 05/01/30 (Canada)(1) | $ | 160,000 | $ | 167,695 | ||||
| Total Materials | 833,082 | |||||||
| Total Foreign Bonds | ||||||||
| (Cost $4,075,807) | 4,091,265 | |||||||
| Common Stock - 0.0%(3) | ||||||||
| Health Care - 0.0%(3) | ||||||||
| Lannett Co., Inc.*(4) (Cost $462) | 416 | 6,785 | ||||||
| TERM LOAN – 0.0%(3) | ||||||||
| Health Care - 0.0%(3) | ||||||||
| Lannett Co., Inc., 2.00%, 06/16/30(4) | ||||||||
| (Cost $78) | 1,938 | 1,637 | ||||||
| TOTAL INVESTMENTS - 95.1% | ||||||||
| (Cost $28,908,895) | 29,021,872 | |||||||
| Other Assets in Excess of Liabilities - 4.9% | 1,491,322 | |||||||
| Net Assets - 100.0% | $ | 30,513,194 | ||||||
| † | Principal disclosed in USD unless otherwise stated. |
| * | Non-income producing security. |
| (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 April 30, 2026, the aggregate value of these securities was $24,344,289, or 79.8% of net assets. |
| (2) | Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2026. |
| (3) | Amount rounds to less than 0.05%. |
| (4) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| Abbreviations: |
| CMT — Constant Maturity Treasury Index |
Schedule of Investments - Virtus Newfleet Short Duration High Yield Bond ETF (continued)
April 30, 2026 (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, 2026.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Asset Valuation Inputs | ||||||||||||||||
| Corporate Bonds | $ | — | $ | 24,922,185 | $ | — | $ | 24,922,185 | ||||||||
| Foreign Bonds | — | 4,091,265 | — | 4,091,265 | ||||||||||||
| Common Stock | — | — | 6,785 | 6,785 | ||||||||||||
| Term Loan | — | — | 1,637 | 1,637 | ||||||||||||
| Total | $ | — | $ | 29,013,450 | $ | 8,422 | $ | 29,021,872 | ||||||||
Some of the Fund’s investments that were categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.
Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended April 30, 2026.