NPORT-EX 2 609792VIRTUSETF093023.htm

Schedule of Investments - Virtus Real Asset Income ETF

July 31, 2023 (unaudited)

Security Description	Shares		Value
COMMON STOCKS - 94.7%
Communication Services - 6.0%
BCE, Inc. (Canada)		4,707	$	203,437
Cogent Communications Holdings, Inc.		3,276		200,622
KT Corp. (South Korea)⁽¹⁾⁽²⁾		17,810		208,911
Lumen Technologies, Inc.		114,465		204,893
Mobile TeleSystems PJSC (Russia)⁽³⁾		387,202		4
TELUS Corp. (Canada)		10,933		194,498
Vodafone Group PLC (United Kingdom)⁽²⁾		23,068		221,914
Total Communication Services				1,234,279
Consumer Staples - 2.1%
Alico, Inc.		8,437		218,518
Fresh Del Monte Produce, Inc.		7,937		210,966
Total Consumer Staples				429,484
Energy - 22.2%
Cheniere Energy Partners LP⁽¹⁾		4,599		237,538
ConocoPhillips		2,087		245,682
Coterra Energy, Inc.		8,853		243,812
Crescent Point Energy Corp. (Canada)⁽¹⁾		32,679		265,027
Delek Logistics Partners LP⁽¹⁾		3,663		174,432
Devon Energy Corp.		4,441		239,814
Diamondback Energy, Inc.		1,683		247,940
Dorchester Minerals LP⁽¹⁾		7,264		222,787
Enbridge, Inc. (Canada)		5,772		212,410
EOG Resources, Inc.		1,957		259,361
Geopark Ltd. (Colombia)		21,176		214,089
Hess Midstream LP Class A		7,159		223,289
Kimbell Royalty Partners LP		14,222		224,850
Natural Resource Partners LP⁽¹⁾		4,215		267,231
Permian Basin Royalty Trust⁽¹⁾		9,000		217,350
Petroleo Brasileiro SA (Brazil)⁽²⁾		14,425		211,759
Pioneer Natural Resources Co.		1,057		238,533
Sabine Royalty Trust⁽¹⁾		3,232		219,517
TC Energy Corp. (Canada)		5,232		187,672
Viper Energy Partners LP		8,393		227,618
Total Energy				4,580,711
Materials - 18.8%
Agnico Eagle Mines Ltd. (Canada)		4,313		226,044
AngloGold Ashanti Ltd. (Australia)⁽²⁾		9,345		207,459
B2Gold Corp. (Canada)		60,851		212,370
Barrick Gold Corp. (Canada)		12,904		223,110
Braskem SA Class A (Brazil)*⁽¹⁾⁽²⁾		17,661		187,560
CVR Partners LP		2,618		243,893
Dow, Inc.		4,120		232,657
DRDGOLD Ltd. (South Africa)⁽²⁾		19,374		217,764
Gerdau SA (Brazil)⁽²⁾		40,336		248,066
Gold Fields Ltd. (South Africa)⁽²⁾		14,850		229,730
ICL Group Ltd. (Israel)⁽¹⁾		36,637		245,102
Newmont Corp.		5,024		215,630
Pan American Silver Corp. (Canada)		14,706		248,237
Southern Copper Corp. (Mexico)		2,869		250,865
SunCoke Energy, Inc.		26,503		235,347
Ternium SA (Mexico)⁽²⁾		5,245		234,189
Tronox Holdings PLC		17,401		231,259
Total Materials				3,889,282
Real Estate - 31.1%
Agree Realty Corp.		3,238		209,758
Alexander & Baldwin, Inc.		11,784		226,253
Alexandria Real Estate Equities, Inc.		1,910		240,049
American Assets Trust, Inc.		11,478		258,255
American Tower Corp.		1,136		216,192
Camden Property Trust		1,956		213,380
CareTrust REIT, Inc.		10,989		228,461
Crown Castle, Inc.		1,931		209,108
CTO Realty Growth, Inc.		12,865		225,138
CubeSmart		4,780		207,261
Digital Realty Trust, Inc.		2,007		250,112
EastGroup Properties, Inc.		1,249		221,298
Equity LifeStyle Properties, Inc.		3,167		225,427
Essential Properties Realty Trust, Inc.		9,053		222,251
Essex Property Trust, Inc.		942		229,424
Extra Space Storage, Inc.		2,957		412,708
First Industrial Realty Trust, Inc.		4,136		213,831
Four Corners Property Trust, Inc.		8,327		219,000
Getty Realty Corp.		6,393		206,622
Healthcare Realty Trust, Inc.		11,348		221,626
Innovative Industrial Properties, Inc.		2,910		230,559
Invitation Homes, Inc.		6,308		223,934
Medical Properties Trust, Inc.⁽¹⁾		24,064		242,806
Mid-America Apartment Communities, Inc.		1,420		212,517
National Storage Affiliates Trust		6,143		207,572
Sun Communities, Inc.		1,642		213,953
Terreno Realty Corp.		3,714		220,389
VICI Properties, Inc.		6,805		214,221
Total Real Estate				6,422,105
Utilities - 14.5%
Alliant Energy Corp.		4,016		215,820
American Electric Power Co., Inc.		2,489		210,918
Black Hills Corp.		3,467		209,164
Cia Energetica de Minas Gerais (Brazil)⁽²⁾		82,078		215,865
Cia Paranaense de Energia (Brazil)⁽²⁾		26,570		230,096
CMS Energy Corp.		3,553		216,982
Eversource Energy		2,993		216,484
Fortis, Inc. (Canada)		4,969		211,828
National Grid PLC (United Kingdom)⁽²⁾		3,158		212,786
New Jersey Resources Corp.		4,486		200,524
NextEra Energy Partners LP		3,492		190,139
NiSource, Inc.		7,800		217,152
NRG Energy, Inc.		6,064		230,371
Portland General Electric Co.		4,474		213,276
Total Utilities				2,991,405
Total Common Stocks
(Cost $22,865,369)				19,547,266
SECURITIES LENDING COLLATERAL - 6.9%
Money Market Fund - 6.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.14%⁽⁴⁾⁽⁵⁾
(Cost $1,419,402)		1,419,402		1,419,402

TOTAL INVESTMENTS - 101.6%
(Cost $24,284,771)				20,966,668
Liabilities in Excess of Other Assets - (1.6)%				(331,139	)
Net Assets - 100.0%			$	20,635,529

*	Non-income producing security.
(1)	All or a portion of the security was on loan. The aggregate market value of securities on loan was $1,638,725; total market value of collateral held by the Fund was $1,666,147. Market value of the collateral held includes non-cash U.S. Treasury securities having a value of $246,745.
(2)	American Depositary Receipts.

Schedule of Investments - Virtus Real Asset Income ETF (continued)

July 31, 2023 (unaudited)

(3)	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.
(4)	Represents securities purchased with cash collateral received for securities on loan.
(5)	The rate shown reflects the seven-day yield as of July 31, 2023.

Schedule of Investments - Virtus Real Asset Income ETF (continued)

July 31, 2023 (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, 2023.


	Level 1		Level 2		Level 3		Total
Asset Valuation Inputs
Common Stocks	$	19,547,262	$	—	$	4	$	19,547,266
Money Market Fund		1,419,402		—		—		1,419,402
Total	$	20,966,664	$	—	$	4	$	20,966,668

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 July 31, 2023.