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Virtus Enhanced Short U.S. Equity ETF

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Ticker
VESH
CUSIP
92790A306
Closing Price
$
(as of 07/19/2017)
Inception
06/26/2017
Premium/Discount
$0.23
(as of 07/19/2017)
4PM Bid/Offer Midpoint
$24.84
(as of 07/19/2017)
Shares Outstanding
100,004
(as of 07/19/2017)
Daily Trading Volume
1,900.00
(as of 07/19/2017)
20 Day Average Trading Volume
305.00
(as of 07/19/2017)
Net Assets
$2,460,732
(as of 07/19/2017)
Product Overview

The Fund seeks to outperform -100% of the total return of the S&P 500 by providing inverse (short) exposure to large and mid-capitalization U.S. equities. In seeking its objective, the fund systematically sells (shorts) listed futures contracts based on the S&P 500 and sectors of the S&P 500 according to a proprietary, relative strength momentum methodology that overweights short exposure to sectors that have exhibited the weakest relative strength. The Fund may be appropriate for investors seeking to: (a) express a bearish view on the U.S. stock market and/or (b) tactically hedge portfolio exposure to U.S. equities. The Fund does not rebalance daily, does not have a leveraged investment objective, and does not utilize swaps.

Management Team

Investment Partners

Rampart Investment Management Company, LLC

Rampart Investment Management, an investment management affiliate of Virtus Investment Partners, is one of the leading asset managers specializing in option strategies. A registered investment adviser since 1983, Rampart manages client positions and portfolios using domestic and international index and equity options.

Visit the Rampart Investment Management Company, LLC website
Portfolio Managers
Warun Kumar
Warun Kumar

Portfolio Manager

Industry start date: 1993

Start date with fund: 2017

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Brendan Finneran
Brendan R. Finneran, CMT

Portfolio Manager

Industry start date: 2003

Start date with fund: 2017

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Robert Hofeman
Robert F. Hofeman, Jr.

Portfolio Manager

Industry start date: 2002

Start date with fund: 2017

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Michael Davis
Michael Davis

Portfolio Manager

Industry start date: 1999

Start date with fund: 2017

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Positions & Distributions

Positions
(as of 07/20/2017)
Security % of Portfolio
S&P500 EMINI FUT Sep17 09/15/2017
3,365.34
XAV Health Care Sep17 09/15/2017
1,199.55
XAP Cons Staples Sep17 09/15/2017
682.96
XAE Energy Sep17 09/15/2017
489.55
XAU Utilities Sep17 09/15/2017
261.55
261.55
Emini S&P ReEstateSep17 09/15/2017
193.49
193.49
Cash/Cash equivalents
-178.48
-178.48
JP MORGAN USD GOVT MONEY MARKET INSTL
-5,913.95
-5,913.95

Performance & Risk

Performance
Quarterly
As of
Monthly
As of
1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years Since Inception

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.

Sales Charge and Expenses
The management fee is structured as a 'unified fee', out of which the Fund's sub-adviser pays all routine expenses of the Fund, except for payments under any 12b-1 plan; taxes and other governmental fees; brokerage fees, commissions and other transaction expenses; interest and other costs of borrowing money; litigation or arbitration expenses; acquired fund fees and expenses; and extraordinary expenses of the Fund, each of which is paid by the Fund.
Fees & Expenses
Management Fee 0.55
Gross Expense Ratio 0.55
The management fee is structured as a 'unified fee', out of which the Fund's sub-adviser pays all routine expenses of the Fund, except for payments under any 12b-1 plan; taxes and other governmental fees; brokerage fees, commissions and other transaction expenses; interest and other costs of borrowing money; litigation or arbitration expenses; acquired fund fees and expenses; and extraordinary expenses of the Fund, each of which is paid by the Fund.
Premium/Discount
Number of Days Fund has Traded at a:
Discount Premium
Period Less than -2% -1.51% to -2.00% -1.01% to -1.50% -0.51% to -1.00% -0.01% to -0.50% 0.00% to 0.50% 0.51% to 1.00% 1.01% to 1.50% 1.51% to 2.00% Greater than 2%
2017-Q2: 6/26/2017 through 6/30/2017 0 0 0 0 2 2 1 0 0 0
Risk Considerations
Short Sales: The fund may engage in short sales, and may experience a loss if the price of a borrowed security increases before the date on which the fund replaces the security.
Derivatives: Investments in derivatives such as futures, options, forwards, and swaps may increase volatility or cause a loss greater than the principal investment.
Industry/Sector Concentration: A fund that focuses its investments in a particular industry or sector will be more sensitive to conditions that affect that industry or sector than a non-concentrated fund.
Non-Diversified: The fund is non-diversified and may be more susceptible to factors negatively impacting its holdings to the extent that each security represents a larger portion of the fund's assets.
Exchange Traded Funds: The value of an ETF may be more volatile than the underlying portfolio of securities the ETF is designed to track. The costs of owning the ETF may exceed the cost of investing directly in the underlying securities.
No Guarantee: There is no guarantee that the portfolio will meet its objective.
Prospectus: For additional information on risks, please see the fund's prospectus.

Documents & Resources

Marketing Materials
Virtus Enhanced Short U.S. Equity ETF - Fact Sheet
Financial Materials
Virtus Enhanced Short U.S. Equity ETF - Prospectus
Virtus Enhanced Short U.S. Equity ETF - SAI
Holdings
Positions VESH

Please consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. Contact us at 1-888-383-0553 or visit www.virtus.com for a copy of the Fund's prospectus. Read the prospectus carefully before you invest or send money.

The Fund is an actively managed exchange-traded fund (“ETF”) and does not seek to replicate the performance of a specified index. The Fund may have a higher portfolio turnover than funds that seek to replicate the performance of an index.

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost.

Closing Price:
 The Closing Price is the price of the last reported trade on the fund's primary exchange. If there has been no reported trade for a particular date, the Closing Price represents the 4PM Bid/Offer Midpoint. 

4PM Bid/Offer Midpoint: The midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00pm Eastern Time).

Premium/Discount: The amount the Fund is trading above or below the reported NAV (based on 4PM Bid/Offer Midpoint).

The Fund is an exchange-traded fund (“ETF”). The “net asset value” (NAV) of the Fund is determined at the close of each business day, and represents the dollar value of one share of the Fund; it is calculated by taking the total assets of the Fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV of the Fund is not necessarily the same as its intraday trading value. Fund investors should not expect to buy or sell shares at NAV because shares of ETFs such as the Fund are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Thus, shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.

NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV, and include the reinvestment of all dividends and other distributions (reinvested at the Fund's NAV on distribution ex-date). Market price returns are calculated using the 4:00 pm midpoint between the bid and offer, and include the reinvestment of all dividends and other distributions (reinvested at the 4:00pm bid/offer midpoint on distribution ex-date). Market price returns do not represent the return you would receive if you traded at other times.

SEC Yield is an annualized yield that is calculated by dividing the investment income earned by the Fund less expenses over the most recent 30 day period by the current NAV at the end of the 30 day period. The Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. The Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the Subsidized Yield and Unsubsidized Yield will be identical.

Distribution Yield is the annual yield that an investor would receive if the most recent distribution remained the same going forward. The yield represents a single distribution from the Fund and does not represent total return of the Fund. The distribution yield is calculated by annualizing the most recent distribution and dividing it by the most recent NAV.

Returns for periods of less than one year are cumulative total returns.

Not insured by FDIC/NCUSIF or any federal government agency. No bank guarantee. Not a deposit. May lose value.

Distributed by ETF Distributors LLC