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Virtus Newfleet Dynamic Credit ETF

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Ticker
BLHY
CUSIP
92790A207
Closing Price
$
(as of 07/19/2017)
Inception
12/05/2016
Premium/Discount
$-0.07
(as of 07/19/2017)
4PM Bid/Offer Midpoint
$25.22
(as of 07/19/2017)
Shares Outstanding
4,854,000
(as of 07/19/2017)
Daily Trading Volume
13,083.00
(as of 07/19/2017)
20 Day Average Trading Volume
16,689.00
(as of 07/19/2017)
Net Assets
$122,735,732
(as of 07/19/2017)
Product Overview

The Fund has the potential to generate competitive total return from both income and capital appreciation, as well as to provide a hedge against rising interest rates. The Fund offers investors the opportunity to outsource the complexity of allocating between two rapidly converging non-investment-grade credit sectors—high yield corporate bonds and floating rate bank loans—to a single manager with deep expertise in both asset classes and longstanding experience managing multi-sector portfolios. The expanded opportunity set created by combining these asset classes may provide enhanced diversification benefits due to low correlation to core fixed income. The Fund also has the ability to invest up to 100% of its assets in U.S. Treasuries when the managers determine that market conditions warrant a move away from credit sectors.

Management Team

Investment Partners

Newfleet Asset Management, LLC

Newfleet Asset Management, LLC is a dynamic provider of fixed income investments. Our talented and experienced team is committed to delivering a comprehensive array of portfolios, and together, we work with our clients and partners to build portfolios that meet investor needs in an ever-changing market.

Visit the Newfleet Asset Management, LLC website
Portfolio Managers
David Albrycht
David L. Albrycht, CFA

President and Chief Investment Officer

Industry start date: 1985

Start date with fund: 2016

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Francesco Ossino
Francesco Ossino

Senior Managing Director and Senior Portfolio Manager

Industry start date: 1996

Start date with fund: 2016

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Jonathan Stanley
Jonathan Stanley, CFA

Managing Director and Portfolio Manager

Industry start date: 1997

Start date with fund: 2016

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Positions & Distributions

Positions
(as of 07/20/2017)
Security % of Portfolio
JP MORGAN USD GOVT MONEY MARKET INSTL
5.78
MORGAN STANLEY 2.553 10/24/2023
2.26
US TREASURY N/B 1.875 02/28/2022
2.07
INFOR US INC 4.049 02/01/2022
1.27
LEVEL 3 FINANCING INC 3.546 02/22/2024
1.23
UNIVISION COMMUNICATIONS 4.049 03/15/2024
1.21
UPC FINANCING PARTNERSHIP 4.203 04/15/2025
1.13
ZIGGO SECURED FINANCE PART 3.806 04/27/2025
1.03
UNIVAR USA INC 4.049 07/01/2022
0.95
UFC HOLDINGS LLC 4.546 08/18/2023
0.93
Distribution History2
Ex-Date Record Date Payable Date Dividend Income ST Capital Gains LT Capital Gains Distribution Total
01/20/2017 01/24/2017 01/30/2017 0.006120 0.000000 0.000000 0.006120
02/22/2017 02/24/2017 02/28/2017 0.032330 0.000000 0.000000 0.032330
03/20/2017 03/22/2017 03/28/2017 0.040040 0.000000 0.000000 0.040040
04/20/2017 04/24/2017 05/01/2017 0.072140 0.000000 0.000000 0.072140
05/22/2017 05/24/2017 05/30/2017 0.080230 0.000000 0.000000 0.080230
06/20/2017 06/22/2017 06/29/2017 0.084130 0.000000 0.000000 0.084130

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
Operating expenses reflect a contractual expense reimbursement in effect through 11/28/2017.
Fees & Expenses
Management Fee 0.55
Other Expenses 0.66
Gross Expense Ratio 1.21
Net Expense Ratio 0.68
Operating expenses reflect a contractual expense reimbursement in effect through 11/28/2017.
Yields
Distribution Yield (as of 07/19/2017) 3.99
SEC Yields (as of 06/30/2017)
SEC Yield Subsidized: 3.96
SEC Yield Unsubsidized: 3.93
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%
2016-Q4: 12/5/2016 through 12/30/2016 0 0 0 0 13 6 0 0 0 0
2017-Q1: 1/3/2017 through 3/31/2017 0 0 0 0 54 8 0 0 0 0
2017-Q2: 4/3/2017 through 6/30/2017 0 0 0 1 61 1 0 0 0 0
Risk Considerations
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.
Credit & Interest: Debt securities are subject to various risks, the most prominent of which are credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt securities may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.
ABS/MBS: Changes in interest rates can cause both extension and prepayment risks for asset- and mortgage-backed securities. These securities are also subject to risks associated with the repayment of underlying collateral.
High Yield-High Risk Fixed Income Securities: There is a greater level of credit risk and price volatility involved with high yield securities than investment grade securities.
Foreign & Emerging Markets: Investing internationally, especially in emerging markets, involves additional risks such as currency, political, accounting, economic, and market risk.
Bank Loans: Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale and/or trade infrequently on the secondary market. Loans can carry significant credit and call risk, can be difficult to value and have longer settlement times than other investments, which can make loans relatively illiquid at times.
Tax Liability: Noncompliant conduct by a municipal bond issuer, or adverse interpretations, could cause interest from a security to become taxable, subjecting shareholders to increased tax liability.
Market Price/NAV: At the time of purchase and/or sale, an investor's shares may have a market price that is above or below the fund's NAV, which may increase the investor's risk of loss.
Prospectus: For additional information on risks, please see the fund's prospectus.

Documents & Resources

Marketing Materials
Newfleet Dynamic Credit ETF Factsheet
Newfleet Monthly Sector Review
Building Your New Core Bond Portfolio
Newfleet Fixed Income Fund Capabilities
Holdings
Positions BLHY
Financial Materials
BLHY Prospectus and SAI
Semi Annual Report

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