Fund Description: Virtus LifeSci Biotech Clinical Trials ETF, formerly BioShares Biotechnology Clinical Trials Fund, is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the ETFis Series Trust I, an open-end investment management company. INVESTMENT OBJECTIVE: The Virtus LifeSci Biotech Clinical Trials ETF seeks investment results that correspond, before fees and expenses, to the price and yield performance of the LifeSci Biotechnology Clinical Trials Index. INDEX DESCRIPTION: The LifeSci Biotechnology Clinical Trials Index seeks to track the performance of the common stock of U.S. exchange-listed biotechnology companies with a primary product offering (lead drug) that is in a Phase 1, Phase 2 or Phase 3 clinical trial stage of development. The Clinical Trials Index is sponsored by LifeSci Index Partners, LLC (the Index Provider), which is also acting as the Fund’s investment sub-adviser. The Index Provider defines a biotechnology company as one whose primary business, and therefore the predominant focus of its financial resources, is the research and development and/or marketing and sale of novel drugs or other therapeutics used in the treatment of human diseases. Many existing biotechnology index products may include many of the Excluded Companies such as medical devices and diagnostics; life science tools; specialty pharmaceuticals, generic drugs and outsourced drug delivery; and healthcare services, the Index Provider believes that by excluding them, the resulting biotechnology index(es) will more accurately capture the performance of traditional biotechnology companies. Phase 1, Phase 2 and Phase 3: Clinical trials are conducted in a series of steps, called phases, and each phase is designed to answer a separate research question. To initially be considered for the Index, a security must be determined by the Index Provider to have certain characteristics. The Index Provider then excludes each issuer meeting the Initial Index Criteria that is an Excluded Company. The Index Provider then determines, based on publicly available information, the appropriate categorization of each of the remaining issuers based on the issuer’s lead drug. Selection for inclusion in the Products Index only the common stock of those remaining issuers with a lead drug to be in the Clinical Trials Stage. The Index Provider reconstitutes the Index semi-annually, as of January 1 and July 1 of each year, with equal weightings among all constituent securities. If the issuer’s lead drug is granted FDA approval or no longer has a lead drug in the Clinical Trials Stage, it will typically be removed from the Clinical Trials Index along with other criterias. FUND STRATEGY: Under normal market conditions the Fund will invest not less than 80% of its total assets in component securities of the Index. The Fund uses a passive or indexing investment approach to try to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index; however, there may be times when the Fund does not hold every security in the Index. Unlike many investment companies, the Fund will not seek to beat the performance of the Index and will not seek temporary defensive measures when markets decline or appear overvalued. FUND MANAGEMENT: Etfis Capital LLC is the Fund’s investment adviser. The Trust and the Adviser have engaged LifeSci Index Partners, LLC, as the Fund’s sub-adviser, subject to the oversight and supervision of the Adviser and the Board of Trustees of ETFis Series Trust I.