# EDGAR Filing Document

**Accession Number:** 0001648403
**File Stem:** 0001752724-25-161540
**Filing Date:** 2025-6
**Character Count:** 77299
**Document Hash:** 12f305834c36ed0fccbf1b825deaa866
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-161540.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001752724-25-161540

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus ETF Trust II
- **CENTRAL INDEX KEY:** 0001648403

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23078
- **FILM NUMBER:** 251083857

**BUSINESS ADDRESS:**
- **STREET 1:** 31 WEST 52ND STREET
- **STREET 2:** 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-593-4383

**MAIL ADDRESS:**
- **STREET 1:** 31 WEST 52ND STREET
- **STREET 2:** 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Virtus EFT Trust II
- **DATE OF NAME CHANGE:** 20150717

## Series and Classes Contracts Data

### Virtus Newfleet Short Duration High Yield Bond ETF (Series ID: S000051570)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000162265 | Virtus Newfleet Short Duration High Yield Bond ETF | VSHY            |

## Nport-Ex

Schedule of Investments – Virtus Newfleet Short Duration High Yield Bond ETF

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS – 82.6%** | **CORPORATE BONDS – 82.6%** | |
| **Broadline Retail – 0.5%** |  |  |
| Saks Global Enterprises LLC, 11.00%, 12/15/29<sup>(1)</sup> | $240000 | $145838 |
| **Communication Services – 9.3%** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 6.38%, 09/01/29<sup>(1)</sup> | 332000 | 335278 |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 08/15/30<sup>(1)</sup> | 50000 | 46475 |
| CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 03/01/31<sup>(1)</sup> | 25000 | 25764 |
| CSC Holdings LLC, 11.25%, 05/15/28<sup>(1)</sup> | 335000 | 327724 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(1)</sup> | 170000 | 162393 |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27<sup>(1)</sup> | 315000 | 304727 |
| Gray Media, Inc., 7.00%, 05/15/27<sup>(1)</sup> | 160000 | 155814 |
| McGraw-Hill Education, Inc., 5.75%, 08/01/28<sup>(1)</sup> | 155000 | 151999 |
| Millennium Escrow Corp., 6.63%, 08/01/26<sup>(1)</sup> | 300000 | 217386 |
| Nexstar Media, Inc., 5.63%, 07/15/27<sup>(1)</sup> | 460000 | 456104 |
| Rackspace Technology Global, Inc., 5.38%, 12/01/28<sup>(1)</sup> | 50000 | 13313 |
| Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 10.50%, 02/15/28<sup>(1)</sup> | 339000 | 360215 |
| Univision Communications, Inc., 6.63%, 06/01/27<sup>(1)</sup> | 340000 | 329322 |
| Total Communication Services |  | 2886514 |
| **Consumer Discretionary – 9.8%** |  |  |
| Aptiv Swiss Holdings Ltd., 6.88%, (US 5 Year CMT T- Note + 3.39%), 12/15/54<sup>(2)</sup> | 335000 | 314154 |
| Carnival Corp., 7.63%, 03/01/26<sup>(1)</sup> | 43000 | 43154 |
| Carnival Corp., 7.00%, 08/15/29<sup>(1)</sup> | 315000 | 328845 |
| Churchill Downs, Inc., 5.75%, 04/01/30<sup>(1)</sup> | 340000 | 332843 |
| Ford Motor Co., 3.25%, 02/12/32 | 95000 | 77678 |
| Ford Motor Credit Co. LLC, 6.95%, 03/06/26 | 375000 | 378727 |
| Light & Wonder International, Inc., 7.00%, 05/15/28<sup>(1)</sup> | 335000 | 335374 |
| Newell Brands, Inc., 6.38%, 09/15/27 | 60000 | 58676 |
| Newell Brands, Inc., 6.63%, 09/15/29 | 324000 | 304542 |
| Nissan Motor Acceptance Co. LLC, 7.05%, 09/15/28<sup>(1)</sup> | 180000 | 184188 |
| Ontario Gaming GTA LP/OTG Co.-Issuer LLC, 8.00%, 08/01/30 (Canada)<sup>(1)</sup> | 330000 | 317874 |
| Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 01/15/28<sup>(1)</sup> | 20000 | 20005 |
| Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/28<sup>(1)</sup> | 350000 | 327697 |
| Total Consumer Discretionary |  | 3023757 |
| **Consumer Staples – 3.2%** |  |  |
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.63%, 07/15/30<sup>(1)</sup> | 62000 | 62218 |
| Energizer Holdings, Inc., 6.50%, 12/31/27<sup>(1)</sup> | 455000 | 457603 |
| Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31 (Canada)<sup>(1)</sup> | 260000 | 215286 |
| Post Holdings, Inc., 6.25%, 02/15/32<sup>(1)</sup> | 60000 | 60540 |
| Post Holdings, Inc., 6.38%, 03/01/33<sup>(1)</sup> | 25000 | 24781 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Consumer Staples (continued)** |  |  |
| Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 6.25%, 04/01/29<sup>(1)</sup> | $160000 | $159335 |
| Total Consumer Staples |  | 979763 |
| **Energy – 18.8%** |  |  |
| Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/29<sup>(1)</sup> | 355000 | 366826 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp., 6.63%, 02/01/32<sup>(1)</sup> | 335000 | 338828 |
| Buckeye Partners LP, 6.75%, 02/01/30<sup>(1)</sup> | 335000 | 341184 |
| Citgo Petroleum Corp., 6.38%, 06/15/26<sup>(1)</sup> | 455000 | 452999 |
| Civitas Resources, Inc., 8.75%, 07/01/31<sup>(1)</sup> | 40000 | 38071 |
| EQT Corp., 6.38%, 04/01/29<sup>(1)</sup> | 330000 | 337806 |
| Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 02/01/28 | 45000 | 44876 |
| Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/30 | 320000 | 326987 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(1)</sup> | 325000 | 320690 |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/29<sup>(1)</sup> | 305000 | 309108 |
| Hess Midstream Operations LP, 5.88%, 03/01/28<sup>(1)</sup> | 220000 | 220646 |
| Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/29<sup>(1)</sup> | 350000 | 328049 |
| Kimmeridge Texas Gas LLC, 8.50%, 02/15/30<sup>(1)</sup> | 115000 | 110563 |
| Kraken Oil & Gas Partners LLC, 7.63%, 08/15/29<sup>(1)</sup> | 335000 | 300181 |
| Nabors Industries, Inc., 7.38%, 05/15/27<sup>(1)</sup> | 335000 | 316155 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(1)</sup> | 330000 | 314709 |
| Sunoco LP / Sunoco Finance Corp., 7.00%, 09/15/28<sup>(1)</sup> | 365000 | 374133 |
| Transocean, Inc., 8.75%, 02/15/30<sup>(1)</sup> | 296000 | 289570 |
| USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/29<sup>(1)</sup> | 325000 | 328468 |
| Venture Global LNG, Inc., 7.00%, 01/15/30<sup>(1)</sup> | 335000 | 315843 |
| Venture Global LNG, Inc., 9.88%, 02/01/32<sup>(1)</sup> | 50000 | 50799 |
| Total Energy |  | 5826491 |
| **Financials – 12.0%** |  |  |
| Apollo Debt Solutions Bdc, 6.90%, 04/13/29 | 322000 | 331231 |
| Blue Owl Credit Income Corp., 3.13%, 09/23/26 | 400000 | 385493 |
| Blue Owl Credit Income Corp., 6.65%, 03/15/31 | 69000 | 69751 |
| F&G Annuities & Life, Inc., 6.50%, 06/04/29 | 180000 | 183550 |
| FS KKR Capital Corp., 6.88%, 08/15/29 | 315000 | 319155 |
| Global Atlantic Finance Co., 7.95%, (US 5 Year CMT T- Note + 3.61%), 10/15/54<sup>(1)(2)</sup> | 320000 | 325766 |
| Hub International Ltd., 7.25%, 06/15/30<sup>(1)</sup> | 325000 | 337322 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27<sup>(1)</sup> | 350000 | 341312 |

---

Schedule of Investments – Virtus Newfleet Short Duration High Yield Bond ETF (continued)

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Financials (continued)** |  |  |
| Midcap Financial Issuer Trust, 6.50%, 05/01/28<sup>(1)</sup> | $340000 | $325014 |
| Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/31<sup>(1)</sup> | 350000 | 351671 |
| OneMain Finance Corp., 7.88%, 03/15/30 | 315000 | 325712 |
| OneMain Finance Corp., 7.13%, 11/15/31 | 80000 | 80411 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(1)</sup> | 330000 | 338362 |
| Total Financials |  | 3714750 |
| **Health Care – 7.2%** |  |  |
| Acadia Healthcare Co., Inc., 5.50%, 07/01/28<sup>(1)</sup> | 160000 | 156771 |
| AdaptHealth LLC, 6.13%, 08/01/28<sup>(1)</sup> | 195000 | 189287 |
| CHS/Community Health Systems, Inc., 5.63%, 03/15/27<sup>(1)</sup> | 185000 | 180569 |
| CHS/Community Health Systems, Inc., 5.25%, 05/15/30<sup>(1)</sup> | 35000 | 29893 |
| CHS/Community Health Systems, Inc., 4.75%, 02/15/31<sup>(1)</sup> | 20000 | 16534 |
| CVS Health Corp., 7.00%, (US 5 Year CMT T- Note + 2.89%), 03/10/55<sup>(2)</sup> | 335000 | 339706 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(1)</sup> | 310000 | 322705 |
| LifePoint Health, Inc., 11.00%, 10/15/30<sup>(1)</sup> | 300000 | 328769 |
| Medline Borrower LP, 5.25%, 10/01/29<sup>(1)</sup> | 345000 | 327963 |
| Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/29<sup>(1)</sup> | 5000 | 5045 |
| Radiology Partners, Inc., 7.78%, 01/31/29, (4.275% cash / 3.5% PIK)<sup>(1)(3)</sup> | 345000 | 337996 |
| Total Health Care |  | 2235238 |
| **Industrials – 5.6%** |  |  |
| Beacon Roofing Supply, Inc., 6.75%, 04/30/32<sup>(1)</sup> | 5000 | 5025 |
| Cimpress PLC, 7.38%, 09/15/32<sup>(1)</sup> | 335000 | 306081 |
| Cornerstone Building Brands, Inc., 9.50%, 08/15/29<sup>(1)</sup> | 325000 | 283193 |
| Fortress Transportation and Infrastructure Investors LLC, 7.00%, 05/01/31<sup>(1)</sup> | 85000 | 86516 |
| Global Infrastructure Solutions, Inc., 5.63%, 06/01/29<sup>(1)</sup> | 240000 | 228502 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 10.00%, 11/15/29<sup>(1)</sup> | 165000 | 161547 |
| Quikrete Holdings, Inc., 6.38%, 03/01/32<sup>(1)</sup> | 10000 | 10065 |
| Regal Rexnord Corp., 6.05%, 04/15/28 | 330000 | 338449 |
| TransDigm, Inc., 6.75%, 08/15/28<sup>(1)</sup> | 325000 | 331937 |
| Total Industrials |  | 1751315 |
| **Information Technology – 7.0%** |  |  |
| Consensus Cloud Solutions, Inc., 6.00%, 10/15/26<sup>(1)</sup> | 320000 | 319350 |
| Consensus Cloud Solutions, Inc., 6.50%, 10/15/28<sup>(1)</sup> | 45000 | 44199 |
| Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl, 8.75%, 05/01/29<sup>(1)</sup> | 200000 | 194409 |
| Insight Enterprises, Inc., 6.63%, 05/15/32<sup>(1)</sup> | 60000 | 60940 |
| Neptune Bidco US, Inc., 9.29%, 04/15/29<sup>(1)</sup> | 390000 | 347578 |
| Rocket Software, Inc., 9.00%, 11/28/28<sup>(1)</sup> | 325000 | 335215 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Information Technology (continued)** |  |  |
| Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26<sup>(1)</sup> | $470000 | $463935 |
| Viasat, Inc., 5.63%, 09/15/25<sup>(1)</sup> | 415000 | 415241 |
| Total Information Technology |  | 2180867 |
| **Materials – 3.7%** |  |  |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/28<sup>(1)</sup> | 335000 | 335853 |
| LSB Industries, Inc., 6.25%, 10/15/28<sup>(1)</sup> | 340000 | 318641 |
| Mauser Packaging Solutions Holding Co., 7.88%, 04/15/27<sup>(1)</sup> | 325000 | 326264 |
| Windsor Holdings III LLC, 8.50%, 06/15/30<sup>(1)</sup> | 150000 | 158069 |
| Total Materials |  | 1138827 |
| **Real Estate – 1.3%** |  |  |
| VICI Properties LP / VICI Note Co., Inc., 4.50%, 09/01/26<sup>(1)</sup> | 385000 | 383515 |
| VICI Properties LP / VICI Note Co., Inc., 4.63%, 12/01/29<sup>(1)</sup> | 35000 | 34034 |
| Total Real Estate |  | 417549 |
| **Transaction & Payment Processing Services – 0.3%** |  |  |
| Block, Inc., 6.50%, 05/15/32<sup>(1)</sup> | 92000 | 93981 |
| **Utilities – 3.9%** |  |  |
| American Electric Power Co., Inc., 7.05%, (US 5 Year CMT T-Note + 2.75%), 12/15/54<sup>(2)</sup> | 150000 | 151734 |
| Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.00%, 07/15/29<sup>(1)</sup> | 330000 | 336058 |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.38%, 04/01/26<sup>(1)</sup> | 205000 | 199520 |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/29<sup>(1)</sup> | 178000 | 154842 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(1)</sup> | 320000 | 331810 |
| Vistra Operations Co. LLC, 6.88%, 04/15/32<sup>(1)</sup> | 25000 | 25915 |
| Total Utilities |  | 1199879 |
| **Total Corporate Bonds** |  |  |
| (Cost $26,215,016) |  | **25594769** |
| **FOREIGN BONDS – 14.0%** |  |  |
| **Communication Services – 0.0%<sup>(4)</sup>** |  |  |
| Telesat Canada / Telesat LLC, 6.50%, 10/15/27 (Canada)<sup>(1)</sup> | 20000 | 8226 |
| **Consumer Discretionary – 2.8%** |  |  |
| 1011778 BC ULC / New Red Finance, Inc., 6.13%, 06/15/29 (Canada)<sup>(1)</sup> | 150000 | 152551 |
| Aston Martin Capital Holdings Ltd., 10.00%, 03/31/29 (United Kingdom)<sup>(1)</sup> | 335000 | 288246 |
| Great Canadian Gaming Corp., 8.75%, 11/15/29 (Canada)<sup>(1)</sup> | 10000 | 9924 |
| Merlin Entertainments Group US Holdings, Inc., 7.38%, 02/15/31 (United Kingdom)<sup>(1)</sup> | 340000 | 317031 |
| Opal Bidco SAS, 6.50%, 03/31/32 (France)<sup>(1)</sup> | 100000 | 100105 |
| Total Consumer Discretionary |  | 867857 |

---

Schedule of Investments – Virtus Newfleet Short Duration High Yield Bond ETF (continued)

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Energy – 2.8%** |  |  |
| Coronado Finance Pty Ltd., 9.25%, 10/01/29 (Australia)<sup>(1)</sup> | $325000 | $222175 |
| South Bow Canadian Infrastructure Holdings Ltd., 7.63%, (US 5 Year CMT T- Note + 3.95%), 03/01/55 (Canada)<sup>(1)(2)</sup> | 322000 | 322039 |
| Teine Energy Ltd., 6.88%, 04/15/29 (Canada)<sup>(1)</sup> | 345000 | 328329 |
| Total Energy |  | 872543 |
| **Financials – 1.1%** |  |  |
| GGAM Finance Ltd., 6.88%, 04/15/29 (Ireland)<sup>(1)</sup> | 330000 | 337823 |
| **Health Care – 2.2%** |  |  |
| Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28 (Germany)<sup>(1)</sup> | 385000 | 340931 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 (Israel) | 350000 | 338933 |
| Total Health Care |  | 679864 |
| **Industrials – 1.1%** |  |  |
| Wrangler Holdco Corp., 6.63%, 04/01/32 (Canada)<sup>(1)</sup> | 325000 | 333953 |
| **Information Technology – 0.6%** |  |  |
| Ion Trading Technologies Sarl, 9.50%, 05/30/29 (Luxembourg)<sup>(1)</sup> | 200000 | 194689 |
| **Materials – 3.4%** |  |  |
| Capstone Copper Corp., 6.75%, 03/31/33 (Canada)<sup>(1)</sup> | 250000 | 245822 |
| FMG Resources August 2006 Pty Ltd., 5.88%, 04/15/30 (Australia)<sup>(1)</sup> | 338000 | 334547 |
| INEOS Quattro Finance 2 PLC, 9.63%, 03/15/29 (United Kingdom)<sup>(1)</sup> | 320000 | 308400 |
| Taseko Mines Ltd., 8.25%, 05/01/30 (Canada)<sup>(1)</sup> | 160000 | 161753 |
| Total Materials |  | 1050522 |
| **Total Foreign Bonds** |  |  |
| (Cost $4,591,807) |  | 4345477 |
| **Common Stock – 0.0%** |  |  |
| **Health Care – 0.0%** |  |  |
| Lannett Co., Inc.\*<sup>(5)</sup><br> (Cost $462) | 416 | 0 |
| **TERM LOAN – 0.0%** |  |  |
| **Financials – 0.0%<sup>(4)</sup>** |  |  |
| Lannett Co., Inc., 2.00%, (3-Month SOFR + 2.00%), 06/16/30<sup>(2)(5)</sup> | 2584 | 786 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MONEY MARKET FUND – 1.7%** |  |  |
| JP Morgan U.S. Government Money Market Institutional Shares, 4.19%<sup>(6)</sup><br> (Cost $526,133) | 526133 | $526133 |
| **TOTAL INVESTMENTS – 98.3%** |  |  |
| (Cost $31,333,470) |  | 30467165 |
| Other Assets in Excess of Liabilities – 1.7% |  | 521409 |
| **Net Assets - 100.0%** |  | $30988574 |

---

\* Non-income producing security.

(1) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. At April 30, 2025, the aggregate value of these securities was $25,570,481, or 82.5% of net assets.

(2) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2025.

(3) Payment in-kind security.

(4) Amount rounds to less than 0.05%.

(5) 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.

(6) The rate shown reflects the seven-day yield as of April 30, 2025.

---

| |
|:---|
| **Abbreviations:** |
| CMT — Constant Maturity Treasury Index |
| PIK — Payment in-Kind |
| SOFR — Secured Overnight Financing Rate |

---

Schedule of Investments – Virtus Newfleet Short Duration High Yield Bond ETF (continued)

April 30, 2025 (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 April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $25594769 | $— | $25594769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Bonds |  | 4345477 |  | 4345477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan |  |  | 786 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | 526133 |  |  | 526133 |
| **Total** | $**526133** | $**29940246** | $**786** | $**30467165** |

---

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 April 30, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Virtus ETF Trust II

- **b. Investment Company Act file number:** 811-23078

- **c. CIK number of Registrant:** 0001648403

- **d. LEI of Registrant:** 549300KNJ4HBWHIYD309

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1540 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 212-493-4383

**Item A.2. Information about the Series.**

- **a. Name of Series:** Virtus Newfleet Short Duration High Yield Bond ETF

- **b. EDGAR series identifier (if any):** S000051570

- **c. LEI of Series:** 549300CTRZXMY9595O30

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $31028459.30

**Total Liabilities:** $39885.13

**Net Assets:** $30988574.17

**Delayed Delivery Securities:** $30000.00

**Cash Not Reported:** $10625.00

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** -28.45806318 | **5-Year:** -544.90582070 | **10-Year:** -97.78487405 | **30-Year:** -103.32386000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** -17.58652424 | **5-Year:** -4462.98319900 | **10-Year:** -1833.59660900 | **30-Year:** -930.90833040

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000162265 | 0.51%                | -0.93%               | -0.87%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $16697.17                | $6694.93                                   |
| Month 2  | $-22217.73               | $-435487.97                                |
| Month 3  | $-66969.91               | $-372511.34                                |

### Schedule of Portfolio Investments

| Name                                                        | Title                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 1011778 BC / NEW RED FIN                                    | 1011778 BC ULC / New Red Finance Inc                                     | CUSIP: 68245XAR0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    150000 | PA      | $152550.75    | 0.49%             | 2029-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                       | Genesis Energy LP / Genesis Energy Finance Corp                          | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $44876.31     | 0.14%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BEACON ROOFING SUPPLY IN                                    | Beacon Roofing Supply Inc                                                | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5025.43      | 0.02%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                       | Directv Financing LLC / Directv Financing Co-Obligor Inc                 | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    315000 | PA      | $304727.44    | 0.98%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                          | Ford Motor Co                                                            | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     95000 | PA      | $77678.03     | 0.25%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                             | CVS Health Corp                                                          | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    335000 | PA      | $339706.22    | 1.10%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                           | Nexstar Media Inc                                                        | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    460000 | PA      | $456104.33    | 1.47%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                                  | Viasat Inc                                                               | CUSIP: 92552VAK6<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    415000 | PA      | $415240.53    | 1.34%             | 2025-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                                    | Acadia Healthcare Co Inc                                                 | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    160000 | PA      | $156770.56    | 0.51%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                              | Gray Media Inc                                                           | CUSIP: 389284AA8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    160000 | PA      | $155813.70    | 0.50%             | 2027-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS INC                                      | Radiology Partners Inc                                                   | CUSIP: 75041VAB0<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |    345000 | PA      | $337996.50    | 1.09%             | 2029-01-31      | Fixed         | 7.78%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                     | Teva Pharmaceutical Finance Netherlands III BV                           | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    350000 | PA      | $338933.00    | 1.09%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                                    | Antero Midstream Partners LP / Antero Midstream Finance Corp             | CUSIP: 03690AAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    335000 | PA      | $338828.05    | 1.09%             | 2032-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                              | Transocean Inc                                                           | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    296000 | PA      | $289569.52    | 0.93%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQUISITION HOLDI                                    | Kronos Acquisition Holdings Inc                                          | CUSIP: 50106GAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $215286.11    | 0.69%             | 2031-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                                    | Medline Borrower LP/Medline Co-Issuer Inc                                | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $5044.52      | 0.02%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                                     | Light & Wonder International Inc                                         | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    335000 | PA      | $335373.86    | 1.08%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L                                    | Telesat Canada / Telesat LLC                                             | CUSIP: 87952VAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     20000 | PA      | $8225.66      | 0.03%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                                     | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                    | CUSIP: 82453AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    470000 | PA      | $463934.93    | 1.50%             | 2026-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                                      | Energizer Holdings Inc                                                   | CUSIP: 29272WAF6<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    455000 | PA      | $457602.60    | 1.48%             | 2027-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES                                              | LSB Industries Inc                                                       | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |    340000 | PA      | $318641.03    | 1.03%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                    | CHS/Community Health Systems Inc                                         | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     35000 | PA      | $29893.24     | 0.10%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP                                     | Gulfport Energy Operating Corp                                           | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    325000 | PA      | $320689.98    | 1.03%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                                                | Cimpress PLC                                                             | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |    335000 | PA      | $306081.26    | 0.99%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER                                    | Kraken Oil & Gas Partners LLC                                            | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |    335000 | PA      | $300180.70    | 0.97%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                                    | Blue Racer Midstream LLC / Blue Racer Finance Corp                       | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $336057.81    | 1.08%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                       | Civitas Resources Inc                                                    | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38071.13     | 0.12%             | 2031-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES                                    | ION Trading Technologies Sarl                                            | CUSIP: 46205YAB7<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $194688.60    | 0.63%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                               | TransDigm Inc                                                            | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    325000 | PA      | $331936.80    | 1.07%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                                      | FMG Resources August 2006 Pty Ltd                                        | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    338000 | PA      | $334547.30    | 1.08%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                        | OneMain Finance Corp                                                     | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80411.20     | 0.26%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                    | Ferrellgas LP / Ferrellgas Finance Corp                                  | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    178000 | PA      | $154842.49    | 0.50%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD                                    | Aptiv Swiss Holdings Ltd                                                 | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    335000 | PA      | $314153.49    | 1.01%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                       | Quikrete Holdings Inc                                                    | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10064.81     | 0.03%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                                    | Cheplapharm Arzneimittel GmbH                                            | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |    385000 | PA      | $340930.67    | 1.10%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                    | Hilcorp Energy I LP / Hilcorp Finance Co                                 | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $328048.60    | 1.06%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                           | Newell Brands Inc                                                        | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58676.14     | 0.19%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                                    | Prime Security Services Borrower LLC / Prime Finance Inc                 | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20005.22     | 0.06%             | 2028-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                           | Newell Brands Inc                                                        | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    324000 | PA      | $304542.41    | 0.98%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                    | Univision Communications Inc                                             | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    340000 | PA      | $329322.10    | 1.06%             | 2027-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                                    | F&G Annuities & Life Inc                                                 | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $183550.24    | 0.59%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                                         | Rocket Software Inc                                                      | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    325000 | PA      | $335215.40    | 1.08%             | 2028-11-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                            | GGAM Finance Ltd                                                         | CUSIP: 36170JAD8<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    330000 | PA      | $337823.31    | 1.09%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN                                    | Weekley Homes LLC / Weekley Finance Corp                                 | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $327697.27    | 1.06%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                       | Icahn Enterprises LP / Icahn Enterprises Finance Corp                    | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $161546.93    | 0.52%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                      | Mauser Packaging Solutions Holding Co                                    | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    325000 | PA      | $326264.30    | 1.05%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                      | Venture Global LNG Inc                                                   | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    335000 | PA      | $315842.96    | 1.02%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                               | Carnival Corp                                                            | CUSIP: 143658BW1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    315000 | PA      | $328844.88    | 1.06%             | 2029-08-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD                                    | South Bow Canadian Infrastructure Holdings Ltd                           | CUSIP: 836720AF9<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    322000 | PA      | $322039.31    | 1.04%             | 2055-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                    | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp       | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $341311.50    | 1.10%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WRANGLER HOLDCO CORP                                        | Wrangler Holdco Corp                                                     | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $333953.10    | 1.08%             | 2032-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE                                     | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    355000 | PA      | $366826.12    | 1.18%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                                        | Neptune Bidco US Inc                                                     | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    390000 | PA      | $347577.75    | 1.12%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL                                    | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl      | CUSIP: 42329HAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $194408.96    | 0.63%             | 2029-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                    | Ferrellgas LP / Ferrellgas Finance Corp                                  | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    205000 | PA      | $199520.24    | 0.64%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                     | Nissan Motor Acceptance Co LLC                                           | CUSIP: 65480CAF2<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    180000 | PA      | $184187.86    | 0.59%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                                    | Consensus Cloud Solutions Inc                                            | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $44198.66     | 0.14%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO                                    | Global Infrastructure Solutions Inc                                      | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    240000 | PA      | $228502.15    | 0.74%             | 2029-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ONT GAMING GTA/OTG CO-IS                                    | Ontario Gaming GTA LP/OTG Co-Issuer Inc                                  | CUSIP: 68306MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    330000 | PA      | $317874.28    | 1.03%             | 2030-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS                                      | Helix Energy Solutions Group Inc                                         | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |    305000 | PA      | $309108.35    | 1.00%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                         | Medline Borrower LP                                                      | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    345000 | PA      | $327963.08    | 1.06%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                                      | Blue Owl Credit Income Corp                                              | CUSIP: 69120VAM3<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    400000 | PA      | $385492.77    | 1.24%             | 2026-09-23      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                                            | Insight Enterprises Inc                                                  | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60939.84     | 0.20%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TEINE ENERGY LTD                                            | Teine Energy Ltd                                                         | CUSIP: 879068AB0<br>LEI: 894500JBC83AX7PYEU16 | Long             | DBT              | CORP              | CA        |    345000 | PA      | $328328.98    | 1.06%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM ESCROW CORP                                      | Millennium Escrow Corp                                                   | CUSIP: 60041CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $217386.00    | 0.70%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                                      | Sunoco LP / Sunoco Finance Corp                                          | CUSIP: 86765KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    365000 | PA      | $374133.40    | 1.21%             | 2028-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                                            | Taseko Mines Ltd                                                         | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    160000 | PA      | $161752.96    | 0.52%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                      | CCO Holdings LLC / CCO Holdings Capital Corp                             | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25764.38     | 0.08%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                                       | McGraw-Hill Education Inc                                                | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    155000 | PA      | $151998.94    | 0.49%             | 2028-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JP MORGAN U.S. GOVERNMENT MONEY MARKET INSTITUTIONAL SHARES | JP MORGAN U.S. GOVERNMENT MONEY MARKET INSTITUTIONAL SHARES              | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    526133 | NS      | $526132.64    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                                     | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC          | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    339000 | PA      | $360214.62    | 1.16%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC                                             | AdaptHealth LLC                                                          | CUSIP: 00653VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    195000 | PA      | $189287.07    | 0.61%             | 2028-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                       | Genesis Energy LP / Genesis Energy Finance Corp                          | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $326986.74    | 1.06%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Lannett Co Inc                                              | LANNETT C 06/16/30                                                       | CUSIP: 000000000<br>LEI: 5299001DJ6C90XX17G45 | Long             | LON              | CORP              | US        |      2584 | PA      | $785.62       | 0.00%             | 2030-06-16      | Variable      | 0.01%                 | No            |                  3 | On Loan: No      |
| POST HOLDINGS INC                                           | Post Holdings Inc                                                        | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60539.96     | 0.20%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                                      | Blue Owl Credit Income Corp                                              | CUSIP: 69120VAZ4<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |     69000 | PA      | $69751.15     | 0.23%             | 2031-03-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                      | VICI Properties LP / VICI Note Co Inc                                    | CUSIP: 92564RAH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    385000 | PA      | $383515.52    | 1.24%             | 2026-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RACKSPACE TECHNOLOGY                                        | Rackspace Technology Global Inc                                          | CUSIP: 750098AA3<br>LEI: 549300QTYCKLMFSE8I97 | Long             | DBT              | CORP              | US        |     50000 | PA      | $13312.50     | 0.04%             | 2028-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                                    | Consensus Cloud Solutions Inc                                            | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $319350.40    | 1.03%             | 2026-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                          | Regal Rexnord Corp                                                       | CUSIP: 758750AM5<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    330000 | PA      | $338448.73    | 1.09%             | 2028-04-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                                    | Aston Martin Capital Holdings Ltd                                        | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |    335000 | PA      | $288246.29    | 0.93%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ILLUMINATE BUYER/HLDG                                       | Illuminate Buyer LLC / Illuminate Holdings IV Inc                        | CUSIP: 45232TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    335000 | PA      | $335852.58    | 1.08%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC                                    | Windsor Holdings III LLC                                                 | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158069.25    | 0.51%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                                         | Churchill Downs Inc                                                      | CUSIP: 12511VAA6<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    340000 | PA      | $332843.14    | 1.07%             | 2030-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                            | CSC Holdings LLC                                                         | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    335000 | PA      | $327723.80    | 1.06%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                    | CHS/Community Health Systems Inc                                         | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16533.61     | 0.05%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP                                        | Capstone Copper Corp                                                     | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $245822.19    | 0.79%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRISES                                     | Saks Global Enterprises LLC                                              | CUSIP: 79380MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $145837.77    | 0.47%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                      | CCO Holdings LLC / CCO Holdings Capital Corp                             | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $46475.46     | 0.15%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                    | EQT Corp                                                                 | CUSIP: 26884LAY5<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    330000 | PA      | $337805.71    | 1.09%             | 2029-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS                                       | Endo Finance Holdings Inc                                                | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    310000 | PA      | $322705.35    | 1.04%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP                                        | CITGO Petroleum Corp                                                     | CUSIP: 17302XAM8<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |    455000 | PA      | $452999.27    | 1.46%             | 2026-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| COTY/HFC PRESTIGE/INT US                                    | Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC     | CUSIP: 22207AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     62000 | PA      | $62218.18     | 0.20%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CORONADO FINANCE PTY LTD                                    | Coronado Finance Pty Ltd                                                 | CUSIP: 21979LAB2<br>LEI: 549300NS5FS0W548RE27 | Long             | DBT              | CORP              | AU        |    325000 | PA      | $222174.88    | 0.72%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO                                                  | Opal Bidco SAS                                                           | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $100105.22    | 0.32%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                               | Carnival Corp                                                            | CUSIP: 143658BL5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     43000 | PA      | $43153.68     | 0.14%             | 2026-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                      | Venture Global LNG Inc                                                   | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50799.45     | 0.16%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                           | Post Holdings Inc                                                        | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24781.46     | 0.08%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| KIMMERIDGE TEXAS GAS LLC                                    | Kimmeridge Texas Gas LLC                                                 | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |    115000 | PA      | $110562.64    | 0.36%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                       | HUB International Ltd                                                    | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    325000 | PA      | $337321.73    | 1.09%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                   | Block Inc                                                                | CUSIP: 852234AR4<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     92000 | PA      | $93980.76     | 0.30%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                                    | Fortress Transportation and Infrastructure Investors LLC                 | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     85000 | PA      | $86515.72     | 0.28%             | 2031-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                                       | Nabors Industries Inc                                                    | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    335000 | PA      | $316154.47    | 1.02%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                                     | American Electric Power Co Inc                                           | CUSIP: 025537AZ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151733.85    | 0.49%             | 2054-12-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                                    | Hess Midstream Operations LP                                             | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $220646.14    | 0.71%             | 2028-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                    | Ford Motor Credit Co LLC                                                 | CUSIP: 345397C43<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    375000 | PA      | $378726.43    | 1.22%             | 2026-03-06      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                                    | USA Compression Partners LP / USA Compression Finance Corp               | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $328468.08    | 1.06%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                                     | INEOS Quattro Finance 2 Plc                                              | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    320000 | PA      | $308400.00    | 1.00%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| GREAT CANADIAN GAMING CO                                    | Great Canadian Gaming Corp                                               | CUSIP: 389925AA6<br>LEI: 549300FU60SSFLTE0M84 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $9923.76      | 0.03%             | 2029-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                       | Directv Financing LLC                                                    | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $162392.50    | 0.52%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                                         | Lightning Power LLC                                                      | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |    320000 | PA      | $331810.03    | 1.07%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                                    | Midcap Financial Issuer Trust                                            | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    340000 | PA      | $325014.23    | 1.05%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                                        | Noble Finance II LLC                                                     | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $314708.56    | 1.02%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                        | LifePoint Health Inc                                                     | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    300000 | PA      | $328768.80    | 1.06%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                      | VICI Properties LP / VICI Note Co Inc                                    | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $34033.88     | 0.11%             | 2029-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                    | CHS/Community Health Systems Inc                                         | CUSIP: 12543DBG4<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    185000 | PA      | $180569.31    | 0.58%             | 2027-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                                         | FS KKR Capital Corp                                                      | CUSIP: 302635AN7<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    315000 | PA      | $319155.05    | 1.03%             | 2029-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Lannett Company Inc Common Stock                            | Lannett Company Inc Common Stock                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       416 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NATIONSTAR MTG HLD INC                                      | Nationstar Mortgage Holdings Inc                                         | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $351671.25    | 1.13%             | 2031-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                                        | Cornerstone Building Brands Inc                                          | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    325000 | PA      | $283193.59    | 0.91%             | 2029-08-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD                                    | Primo Water Holdings Inc / Triton Water Holdings Inc                     | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $159335.07    | 0.51%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                                       | Panther Escrow Issuer LLC                                                | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $338362.20    | 1.09%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                    | Vistra Operations Co LLC                                                 | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25914.86     | 0.08%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                         | Buckeye Partners LP                                                      | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    335000 | PA      | $341184.44    | 1.10%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                      | Global Atlantic Fin Co                                                   | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    320000 | PA      | $325766.08    | 1.05%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                        | OneMain Finance Corp                                                     | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    315000 | PA      | $325711.58    | 1.05%             | 2030-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                                    | Apollo Debt Solutions BDC                                                | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    322000 | PA      | $331231.09    | 1.07%             | 2029-04-13      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                      | CCO Holdings LLC / CCO Holdings Capital Corp                             | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    332000 | PA      | $335278.17    | 1.08%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MERLIN ENTERTAINMENTS GR                                    | Merlin Entertainments Group US Holdings Inc                              | CUSIP: 59010UAA5<br>LEI: 549300HBQPPKS1187K54 | Long             | DBT              | CORP              | US        |    340000 | PA      | $317031.40    | 1.02%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-25

**Name of Applicant:** Virtus ETF Trust II

**Signature:** Brinton W. Frith

**Name of Signer:** Brinton W. Frith

**Title:** Treasurer and Principal Financial Officer