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Exchange Traded Fund Multi-Asset

Virtus Private Credit Strategy ETF

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Closing Price
(as of 10/21/2021)
30-Day Median Bid/Ask Spread
0.44% (as of 10/21/2021)
$0.00 (as of 10/21/2021)
4PM Bid/Offer Midpoint
$25.85 (as of 10/21/2021)
Shares Outstanding
1,050,004 (as of 10/21/2021)
Daily Trading Volume
36,900.00 (as of 10/21/2021)
20 Day Average Trading Volume
36,250.00 (as of 10/21/2021)
Net Assets
$27,147,087 (as of 10/21/2021)

Portfolio Overview

Investment Overview

The Fund strives to deliver an alternative source of yield to traditional fixed income by focusing on the private credit market. The Fund seeks to track the Indxx Private Credit Index, which provides passive exposure to listed instruments that emphasize private credit, including business development companies (BDCs) and closed-end funds (CEFs).

Management Team

Investment Partner

Indxx, LLC

Founded in 2005, with offices in New York, Prague, and New Delhi, Indxx endeavors to deliver innovative and custom indexing solutions to the investment management community at large. Indxx has three dozen ETFs worldwide tracking its indexes, and calculates hundreds of indexes for clients around the globe.

Indxx is the index provider to the Fund. The portfolio managers are affiliated with Virtus ETF Advisers, LLC, the Fund's adviser.

Investment Professionals

Seth Kadushin

Seth Kadushin

Portfolio Manager, Virtus ETF Advisers LLC

Industry start date: 1988

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Matthew Brown

Matthew B. Brown

Chief Operating Officer and Portfolio Manager, Virtus ETF Advisers LLC

Industry start date: 1999

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Key Features

Targeted Exposure

Provides passive exposure to the private credit market of a growing financing market for small- and mid-sized businesses in the United States

Powerful Diversifier

An attractive and complementary income opportunity

High Yield Potential

Quarterly distributions via a portfolio of exchange-traded BDCs and CEFs with significant exposure to private credit instruments such as collateralized loan obligations (CLOs), mezzanine loans, and bank loans


Top Holdings (% Fund)

(as of 10/22/2021)



As of
As of

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.

Fees & Expenses

Management Fee 0.75
Acquired Fund Fees & Expenses 4.78
Total Expense Ratio 5.53
The Total Expense Ratio represents the Fund's Total Annual Fund Operating Expenses, which includes the management fee and other expenses where applicable, except for certain payments that are paid directly by the Fund, as described in the Prospectus.
The Expense Ratio minus the indirect expenses incurred by the underlying funds in which the Fund invests (acquired fund fees) is 0.75%. Expenses paid by the Fund include 4.78% in Acquired Fund Fees and Expenses (AFFE), indirect expenses which VPC is required to itemize in its fee table because it primarily holds BDCs and CEFs—themselves funds with management fees. AFFE are implicitly reflected in the prices of the BDCs and CEFs in the portfolio and are not paid directly from the Fund's net assets.

Yields/Distribution Rate

(as of 09/30/2021)
30-day SEC Yield 7.82
Distribution Rate (as of 10/21/2021) 7.11

Distribution History2

Ex-Date Record Date Payable Date Dividend Income ST Capital Gains LT Capital Gains Distribution Total
12/21/2020 12/22/2020 12/30/2020 0.662450 0.000000 0.000000 0.662450
03/22/2021 03/23/2021 03/30/2021 0.370000 0.000000 0.000000 0.370000
06/21/2021 06/22/2021 06/29/2021 0.220000 0.000000 0.000000 0.220000
09/20/2021 09/21/2021 09/28/2021 0.459360 0.000000 0.000000 0.459360

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%
2019-Q4: 10/1/2019 through 12/31/2019 0 0 0 0 24 40 0 0 0 0
2020-Q1: 1/2/2020 through 3/31/2020 0 0 0 0 5 48 4 2 0 3
2020-Q2: 4/1/2020 through 6/30/2020 0 1 0 17 39 6 0 0 0 0
2020-Q3: 7/1/2020 through 9/30/2020 0 0 0 23 40 1 0 0 0 0
2020-Q4: 10/1/2020 through 12/31/2020 0 0 0 16 45 3 0 0 0 0
2021-Q1: 1/4/2021 through 3/31/2021 0 0 0 1 25 35 0 0 0 0
2021-Q2: 4/1/2021 through 6/30/2021 0 0 0 0 20 43 0 0 0 0
2021-Q3: 7/1/2021 through 9/30/2021 0 0 0 0 43 21 0 0 0 0

Risk Considerations

Exchange-Traded Funds (ETF): The value of an ETF may be more volatile than the underlying portfolio of securities it is designed to track. The costs to the fund of owning shares of an ETF may exceed the cost of investing directly in the underlying securities.
Private Credit Funds: Private credit funds that invest in closed-end funds and business development companies bear the risks of these underlying assets, including liquidity, industry, currency, valuation and credit risks.
Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.
Non-Diversified: The portfolio 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 portfolio's assets.
Credit & Interest: Debt instruments are subject to various risks, including credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.
High Yield Fixed Income Securities: There is a greater risk of issuer default, less liquidity, and increased price volatility related to high yield securities than investment grade securities.
Fund of Funds: Because the fund can invest in other funds, it bears its proportionate share of the operating expenses and management fees of, and may be adversely affected by, the underlying fund(s).
Passive Strategy/Index Risk: A passive investment strategy seeking to track the performance of the underlying Index may result in the portfolio holding securities regardless of market conditions or their current or projected performance. This could cause the portfolio's returns to be lower than if the portfolio employed an active strategy.
Correlation to Index: The performance of the portfolio and its index may vary due to factors such as flows, transaction costs, whether the portfolio obtains every security in the index, and timing differences associated with additions to and deletions from the index.
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.
Closed-End Funds: Closed-end funds may trade at a discount or premium from their net asset values, which may affect whether an investor will realize gains or losses. They may also employ leverage, which may increase volatility.
Market Volatility: Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the portfolio and its investments, including hampering the ability of the portfolio manager(s) to invest the portfolio's assets as intended.
Prospectus: For additional information on risks, please see the fund's prospectus.

Documents & Resources

Marketing Materials

Virtus Private Credit Strategy ETF - Fact Sheet
Virtus Private Credit Strategy ETF - Commentary
Virtus ETF Ticker Menu
Precision Exposure Across Non-Traditional Sources of Income
VPC AFFE Explainer


Positions VPC


2021 Distribution Calendar - ETF

Financial Materials

VPC and VRAI Prospectus - February 2021
VPC and VRAI - SAI - February 2021
ETFis Series Trust I Annual Report - Oct 2020
ETFis Series Trust I Semi-Annual Report - April 2021

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.virtusetfs.com for a copy of the Fund's prospectus. Read the prospectus carefully before you invest or send money.

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.

Yields/Distributions: 30-day SEC Yield is a standardized yield calculated according to a formula set by the SEC, and is subject to change. 30-day SEC Yield (unsubsidized) is the 30-day SEC Yield without the effect of applicable expense waivers. Distribution Rate is the annual rate that an investor would receive if the most recent distribution remained the same going forward. The rate represents a single distribution from the Fund and does not represent total return of the Fund. The distribution rate is calculated by annualizing the most recent distribution and dividing it by the most recent NAV.

2 Distribution History: Distributions are represented on a cash basis and may be reclassified at year end for tax purposes. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. STCG: Short Term Capital Gain, LTCG: Long Term Capital Gain

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.