# EDGAR Filing Document

**Accession Number:** 0001648403
**File Stem:** 0000940400-25-014960
**Filing Date:** 2025-12
**Character Count:** 71060
**Document Hash:** 60403b723b8dabe79b07c740472f49fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-014960.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000940400-25-014960

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260731

**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:** 251606234

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 AVENUE OF THE AMERICAS
- **STREET 2:** 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-593-4383

**MAIL ADDRESS:**
- **STREET 1:** 1301 AVENUE OF THE AMERICAS
- **STREET 2:** 14TH 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 Securitized Income ETF (Series ID: S000070567)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000224134 | Virtus Newfleet Securitized Income ETF | VABS            |

## Nport-Ex

Schedule of Investments - Virtus Newfleet ABS/MBS ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES – 61.0%** |  |  |
| ACM Auto Trust, Class A, Series 2024-2A, 6.06%, 02/20/29<sup>(1)</sup> | $21771 | $21760 |
| ACM Auto Trust, Class A, Series 2025-2A, 5.55%, 06/20/28<sup>(1)</sup> | 678500 | 676482 |
| Affirm Master Trust, Class A, Series 2025-3A, 4.45%, 10/16/34<sup>(1)</sup> | 1180000 | 1178087 |
| American Credit Acceptance Receivables Trust, Class C, Series 2025-1, 5.09%, 08/12/31<sup>(1)</sup> | 785000 | 790647 |
| Amur Equipment Finance Receivables XV LLC, Class D, Series 2025-1A, 5.68%, 08/20/32<sup>(1)</sup> | 1005000 | 1023186 |
| Applebee's Funding LLC / Ihop Funding LLC, Class A2, Series 2023-1A, 7.82%, 03/05/53<sup>(1)</sup> | 1185000 | 1202828 |
| Aqua Finance Trust, Class B, Series 2024-A, 5.06%, 04/18/50<sup>(1)</sup> | 145000 | 146463 |
| Aqua Finance Trust, Class C, Series 2019-A, 4.01%, 07/16/40<sup>(1)</sup> | 51652 | 50633 |
| Auxilior Term Funding, Class B, Series 2024-1A, 5.69%, 07/15/31<sup>(1)</sup> | 88000 | 90383 |
| Avis Budget Rental Car Funding Aesop LLC, Class C, Series 2022-5A, 6.24%, 04/20/27<sup>(1)</sup> | 190000 | 190621 |
| Avis Budget Rental Car Funding Aesop LLC, Class D, Series 2024-2A, 7.43%, 10/20/28<sup>(1)</sup> | 1000000 | 1020631 |
| Carmax Select Receivables Trust, Class C, Series 2025-B, 4.83%, 06/16/31 | 1180000 | 1178907 |
| Carvana Auto Receivables Trust, Class B, Series 2024-N1, 5.63%, 05/10/30<sup>(1)</sup> | 146000 | 147372 |
| Castlelake Aircraft Structured Trust, Class A, Series 2025-1A, 5.78%, 02/15/50<sup>(1)</sup> | 947673 | 964965 |
| Commercial Equipment Finance LLC, Class A, Series 2024-1A, 5.97%, 07/16/29<sup>(1)</sup> | 172626 | 174404 |
| CPS Auto Receivables Trust, Class C, Series 2024-C, 5.76%, 10/15/30<sup>(1)</sup> | 145000 | 146639 |
| CPS Auto Receivables Trust, Class C, Series 2025-A, 5.25%, 04/15/31<sup>(1)</sup> | 1250000 | 1259537 |
| CPS Auto Receivables Trust, Class D, Series 2023-D, 7.80%, 01/15/30<sup>(1)</sup> | 535000 | 558197 |
| DB Master Finance LLC, Class A2I, Series 2025-1A, 4.89%, 08/20/55<sup>(1)</sup> | 1250000 | 1256278 |
| Elara HGV Timeshare Issuer LLC, Class A, Series 2023-A, 6.16%, 02/25/38<sup>(1)</sup> | 661718 | 684470 |
| Exeter Automobile Receivables Trust, Class D, Series 2025-3A, 5.57%, 10/15/31 | 1200000 | 1210501 |
| FAT Brands Royalty LLC, Class A2, Series 2021-1A, 5.75%, 04/25/51<sup>(1)</sup> | 67200 | 40552 |
| FHF Trust, Class A2, Series 2023-1A, 6.57%, 06/15/28<sup>(1)</sup> | 5016 | 5038 |
| Finbe USA Trust, Class B, Series 2025-1A, 6.60%, 12/16/30<sup>(1)</sup> | 800000 | 799417 |
| Five Guys Holdings, Inc., Class A2, Series 2023-1A, 7.55%, 01/26/54<sup>(1)</sup> | 702900 | 729672 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** |  |  |
| Flagship Credit Auto Trust, Class C, Series 2023-2, 5.81%, 05/15/29<sup>(1)</sup> | $910000 | $900494 |
| GLS Auto Receivables Issuer Trust, Class D, Series 2025-1A, 5.61%, 11/15/30<sup>(1)</sup> | 1800000 | 1822221 |
| GLS Auto Receivables Issuer Trust, Class E, Series 2021-3A, 3.20%, 10/16/28<sup>(1)</sup> | 550000 | 543234 |
| GLS Auto Select Receivables Trust, Class C, Series 2024-3A, 5.92%, 08/15/30<sup>(1)</sup> | 305000 | 314694 |
| Goldentree Loan Management US CLO 9 Ltd., Class AR, Series 2024-9A (Cayman Islands), 5.38%, (3-Month SOFR + 1.50%), 04/20/37<sup>(1)(2)</sup> | 1000000 | 1003789 |
| Greensky Home Improvement Issuer Trust, Class A2, Series 2024-2, 5.25%, 10/27/59<sup>(1)</sup> | 213664 | 214350 |
| Hardee's Funding LLC, Class A2, Series 2024-1A, 7.25%, 03/20/54<sup>(1)</sup> | 1098275 | 1138869 |
| Hilton Grand Vacations Trust, Class D, Series 2024-1B, 8.85%, 09/15/39<sup>(1)</sup> | 569621 | 586877 |
| HIN Timeshare Trust, Class C, Series 2020-A, 3.42%, 10/09/39<sup>(1)</sup> | 110608 | 108448 |
| Jersey Mike's Funding LLC, Class A2, Series 2019-1A, 4.43%, 02/15/50<sup>(1)</sup> | 1290350 | 1287092 |
| Jersey Mike's Funding LLC, Class A2, Series 2024-1A, 5.64%, 02/15/55<sup>(1)</sup> | 1213900 | 1234360 |
| LAD Auto Receivables Trust, Class D, Series 2025-1A, 5.52%, 05/17/32<sup>(1)</sup> | 995000 | 1014093 |
| Lendbuzz Securitization Trust, Class A2, Series 2023-2A, 7.09%, 10/16/28<sup>(1)</sup> | 39842 | 40281 |
| Lendbuzz Securitization Trust, Class B, Series 2024-3A, 5.03%, 11/15/30<sup>(1)</sup> | 1900000 | 1876932 |
| Libra Solutions 2025-1 LLC, Class A, Series 2025-1A, 6.36%, 08/15/39<sup>(1)</sup> | 600000 | 604333 |
| Libra Solutions LLC, Class A, Series 2024-1A, 5.88%, 09/30/38<sup>(1)</sup> | 165000 | 164847 |
| Merchants Fleet Funding LLC, Class A, Series 2023-1A, 7.21%, 05/20/36<sup>(1)</sup> | 79356 | 79788 |
| Mercury Financial Credit Card Master Trust, Class A, Series 2024-2A, 6.56%, 07/20/29<sup>(1)</sup> | 380000 | 382374 |
| Metronet Infrastructure Issuer LLC, Class A2, Series 2025-2A, 5.40%, 08/20/55<sup>(1)</sup> | 1375000 | 1393323 |
| MMP Capital LLC, Class B, Series 2025-A, 5.72%, 12/15/31<sup>(1)</sup> | 2100000 | 2142277 |
| Momnt Technologies Trust, Class A, Series 2023-1A, 6.92%, 03/20/45<sup>(1)</sup> | 27418 | 27455 |
| Mvw LLC, Class A, Series 2020-1A, 1.74%, 10/20/37<sup>(1)</sup> | 224061 | 219444 |
| NBC Funding LLC, Class A2, Series 2025-1A, 6.21%, 07/30/55<sup>(1)</sup> | 525000 | 539348 |
| Nmef Funding LLC, Class B, Series 2025-A, 5.18%, 07/15/32<sup>(1)</sup> | 190000 | 192188 |
| Oportun Issuance Trust, Class B, Series 2024-2, 5.83%, 02/09/32<sup>(1)</sup> | 78000 | 78245 |

---

Schedule of Investments - Virtus Newfleet ABS/MBS ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** |  |  |
| Peac Solutions Receivables LLC, Class C, Series 2025-1A, 5.49%, 07/20/32<sup>(1)</sup> | $1000000 | $1014640 |
| Powerpay Issuance Trust, Class A, Series 2024-1A, 6.53%, 02/18/39<sup>(1)</sup> | 688209 | 709504 |
| Powerpay Issuance Trust, Class A, Series 2025-1A, 5.23%, 11/18/41<sup>(1)</sup> | 415000 | 414995 |
| Prestige Auto Receivables Trust, Class C, Series 2025-1A, 5.52%, 02/15/30<sup>(1)</sup> | 2000000 | 2019833 |
| Purchasing Power Funding, Class B, Series 2024-A, 6.43%, 08/15/28<sup>(1)</sup> | 190000 | 191400 |
| RCKT Mortgage Trust, Class A1A, Series 2023-CES3, 7.11%, 11/25/43<sup>(1)(2)(3)</sup> | 1623115 | 1647983 |
| Reach ABS Trust, Class A, Series 2025-1A, 4.96%, 08/16/32<sup>(1)</sup> | 195015 | 195492 |
| Reach ABS Trust, Class B, Series 2024-1A, 6.29%, 02/18/31<sup>(1)</sup> | 190000 | 191499 |
| Reach ABS Trust, Class B, Series 2024-2A, 5.84%, 07/15/31<sup>(1)</sup> | 100000 | 101461 |
| Sierra Timeshare Receivables Funding LLC, Class A, Series 2025-3A, 4.44%, 08/22/44<sup>(1)</sup> | 850000 | 847661 |
| Star Trust, Class A, Series 2025-SFR5, 5.48%, (1-Month SOFR + 1.45%), 02/17/42<sup>(1)(2)</sup> | 1647825 | 1649575 |
| Subway Funding LLC, Class A2II, Series 2024-1A, 6.27%, 07/30/54<sup>(1)</sup> | 990000 | 1013508 |
| Switch ABS Issuer LLC, Class A2, Series 2024-2A, 5.44%, 06/25/54<sup>(1)</sup> | 1000000 | 1004273 |
| Switch ABS Issuer LLC, Class A2, Series 2025-1A, 5.04%, 03/25/55<sup>(1)</sup> | 1000000 | 995021 |
| Taco Bell Funding LLC, Class A2I, Series 2025-1A, 4.82%, 08/25/55<sup>(1)</sup> | 2100000 | 2094597 |
| Tricolor Auto Securitization Trust, Class C, Series 2024-2A, 6.93%, 04/17/28<sup>(1)</sup> | 325000 | 192152 |
| TSC SPV Funding LLC, Class A2, Series 2024-1A, 6.29%, 08/20/54<sup>(1)</sup> | 99250 | 100718 |
| United Auto Credit Securitization Trust, Class C, Series 2024-1, 7.06%, 10/10/29<sup>(1)</sup> | 265000 | 265972 |
| United Auto Credit Securitization Trust, Class D, Series 2022-2, 6.84%, 01/10/28<sup>(1)</sup> | 256327 | 256908 |
| Upgrade Master Pass-Through Trust, Class A, Series 2025-ST4, 5.50%, 08/16/32<sup>(1)</sup> | 287822 | 288679 |
| Upx Hil Issuer Trust, Class A, Series 2025-1, 5.16%, 01/25/47<sup>(1)</sup> | 491947 | 493706 |
| Veros Auto Receivables Trust, Class C, Series 2024-1, 7.57%, 12/15/28<sup>(1)</sup> | 195000 | 199723 |
| Veros Auto Receivables Trust, Class C, Series 2025-1, 6.17%, 12/17/29<sup>(1)</sup> | 1495000 | 1515197 |
| Westlake Automobile Receivables Trust, Class B, Series 2024-2A, 5.62%, 03/15/30<sup>(1)</sup> | 110000 | 111112 |
| ZAXBY'S Funding LLC, Class A2, Series 2021-1A, 3.24%, 07/30/51<sup>(1)</sup> | 148413 | 139024 |
| **Total Asset Backed Securities** |  |  |
| (Cost $51,160,840) |  | **51111659** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES - 38.4%** |  |  |
| **Agency Mortgage Backed Security - 4.9%** |  |  |
| Federal Home Loan Mortgage Corporation, 6.00%, 12/01/54 | $3969101 | $4060873 |
| **Commercial Mortgage Backed Securities - 11.2%** |  |  |
| Ala Trust, Class A, Series 2025-OANA, 5.78%, (1-Month SOFR + 1.74%), 06/15/40<sup>(1)(2)</sup> | 1390000 | 1397527 |
| Cent City, Class A, Series 2025, 4.92%, 07/10/40<sup>(1)(2)(3)</sup> | 1500000 | 1520695 |
| Citigroup Mortgage Loan Trust, Class A2, Series 2025-INV1, 6.00%, 01/25/55<sup>(1)(2)(3)</sup> | 1196264 | 1214440 |
| J.P. Morgan Mortgage Trust, Class A1, Series 2025-CES2, 5.59%, 06/25/55<sup>(1)(2)(3)</sup> | 1542282 | 1553464 |
| Ride, Class C, Series 2025-SHRE, 6.12%, 02/14/47<sup>(1)(2)(3)</sup> | 990000 | 1009215 |
| Rock Trust, Class A, Series 2024-CNTR, 5.39%, 11/13/41<sup>(1)</sup> | 1500000 | 1540862 |
| Thpt Mortgage Trust, Class A, Series 2023-THL, 6.99%, 12/10/34<sup>(1)(2)(3)</sup> | 132549 | 134431 |
| Wstn Trust, Class C, Series 2023-MAUI, 7.69%, 07/05/37<sup>(1)(2)(3)</sup> | 1000000 | 1015876 |
| Total Commercial Mortgage Backed Securities |  | 9386510 |
| **Residential Mortgage Backed Securities - 22.3%** |  |  |
| A&d Mortgage Trust, Class A1, Series 2023-NQM3, 6.73%, 07/25/68<sup>(1)(4)</sup> | 124427 | 125458 |
| Angel Oak Mortgage Trust, Class A2, Series 2021-3, 1.31%, 05/25/66<sup>(1)(2)(3)</sup> | 46358 | 40743 |
| Citigroup Mortgage Loan Trust, Class A1, Series 2019-RP1, 3.50%, 01/25/66<sup>(1)(2)(3)</sup> | 417745 | 410493 |
| COLT Mortgage Loan Trust, Class A1, Series 2023-3, 7.18%, 09/25/68<sup>(1)(4)</sup> | 386480 | 391552 |
| COLT Mortgage Loan Trust, Class A1, Series 2023-4, 7.16%, 10/25/68<sup>(1)(4)</sup> | 61835 | 62987 |
| Colt Trust, Class A1, Series 2021-RPL1, 1.67%, 09/25/61<sup>(1)(2)(3)</sup> | 160448 | 148237 |
| Coopr Residential Mortgage Trust, Class A1A, Series 2025-CES1, 5.65%, 05/25/60<sup>(1)(4)</sup> | 1453993 | 1470213 |
| Coopr Residential Mortgage Trust, Class A1A, Series 2025-CES2, 5.50%, 06/25/60<sup>(1)(4)</sup> | 500735 | 505340 |
| Coopr Residential Mortgage Trust, Class A1A, Series 2025-CES3, 4.84%, 09/25/60<sup>(1)(4)</sup> | 1456893 | 1452450 |
| CSMC Trust, Class A1, Series 2017-RPL1, 2.75%, 07/25/57<sup>(1)(2)(3)</sup> | 921804 | 902656 |
| CSMC Trust, Class A1, Series 2020-RPL4, 2.00%, 01/25/60<sup>(1)(2)(3)</sup> | 658842 | 599109 |
| Deephaven Residential Mortgage Trust, Class A1, Series 2021-4, 1.93%, 11/25/66<sup>(1)(2)(3)</sup> | 62321 | 55545 |
| Ellington Financial Mortgage Trust, Class A1, Series 2020-2, 1.18%, 10/25/65<sup>(1)(2)(3)</sup> | 92997 | 88121 |
| Ellington Financial Mortgage Trust, Class A2, Series 2021-1, 1.00%, 02/25/66<sup>(1)(2)(3)</sup> | 35004 | 30868 |
| Ellington Financial Mortgage Trust, Class A1, Series 2025-NQM2, 5.60%, 06/25/70<sup>(1)(4)</sup> | 1165327 | 1175067 |

---

Schedule of Investments - Virtus Newfleet ABS/MBS ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** |  |  |
| **Residential Mortgage Backed Securities (continued)** |  |  |
| Galton Funding Mortgage Trust, Class A23, Series 2018-1, 3.50%, 11/25/57<sup>(1)(2)(3)</sup> | $82920 | $75865 |
| J.P. Morgan Mortgage Trust, Class A1, Series 2025-CES1, 5.67%, 05/25/55<sup>(1)(2)(3)</sup> | 395853 | 398983 |
| JPMorgan Trust, Class A2, Series 2015-5, 5.89%, 05/25/45<sup>(1)(2)(3)</sup> | 182836 | 182405 |
| LHome Mortgage Trust, Class A1, Series 2024-RTL1, 7.02%, 01/25/29<sup>(1)(4)</sup> | 800000 | 804544 |
| MetLife Securitization Trust, Class A1A, Series 2019-1A, 3.75%, 04/25/58<sup>(1)(2)(3)</sup> | 72754 | 71910 |
| MFA Trust, Class A1, Series 2023-INV2, 6.78%, 10/25/58<sup>(1)(4)</sup> | 316387 | 319366 |
| MFA Trust, Class A1, Series 2024-NQM2, 5.27%, 08/25/69<sup>(1)(4)</sup> | 1140589 | 1141749 |
| Mill City Mortgage Loan Trust, Class A1, Series 2019-GS2, 2.75%, 08/25/59<sup>(1)(2)(3)</sup> | 359032 | 349659 |
| New Residential Mortgage Loan Trust, Class A3, Series 2017-2A, 4.00%, 03/25/57<sup>(1)(2)(3)</sup> | 20106 | 19577 |
| New Residential Mortgage Loan Trust, Class A1, Series 2024-NQM3, 5.47%, 11/25/64<sup>(1)(4)</sup> | 89684 | 90578 |
| OBX Trust, Class A1, Series 2024-HYB1, 3.63%, 03/25/53<sup>(1)(2)(3)(4)</sup> | 2041347 | 2012190 |
| OBX Trust, Class A2, Series 2018-1, 4.76%, (1-Month SOFR + 0.76%), 06/25/57<sup>(1)(2)</sup> | 20345 | 19964 |
| OBX Trust, Class A1, Series 2022-NQM1, 2.31%, 11/25/61<sup>(1)(2)(3)</sup> | 98801 | 89644 |
| OBX Trust, Class A1A, Series 2023-NQM5, 6.57%, 06/25/63<sup>(1)(4)</sup> | 135174 | 136024 |
| OBX Trust, Class A1, Series 2023-NQM9, 7.16%, 10/25/63<sup>(1)(4)</sup> | 294726 | 299269 |
| OBX Trust, Class A1, Series 2023-NQM1, 5.93%, 11/25/63<sup>(1)</sup> | 63948 | 64426 |
| OBX Trust, Class A1, Series 2024-NQM9, 6.03%, 01/25/64<sup>(1)(4)</sup> | 1318951 | 1337350 |
| Pret Trust, Class A1, Series 2025-NPL1, 6.06%, 02/25/55<sup>(1)(4)</sup> | 634364 | 636889 |
| RCKT Mortgage Trust, Class A1A, Series 2023-CES2, 6.81%, 09/25/43<sup>(1)(2)(3)</sup> | 61621 | 62270 |
| RCKT Mortgage Trust, Class A1A, Series 2024-CES8, 5.49%, 11/25/44<sup>(1)(4)</sup> | 1422785 | 1432409 |
| Residential Mortgage Loan Trust, Class A1, Series 2020-1, 2.38%, 01/26/60<sup>(1)(2)(3)</sup> | 1793 | 1783 |
| Santander Mortgage Asset Receivable Trust, Class A1A, Series 2025-CES1, 5.04%, 09/25/55<sup>(1)(4)(5)</sup> | 650000 | 648947 |
| Starwood Mortgage Residential Trust, Class A1, Series 2020-1, 2.28%, 02/25/50<sup>(1)(2)(3)</sup> | 43382 | 41774 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** |  |  |
| **Residential Mortgage Backed Securities (continued)** |  |  |
| Starwood Mortgage Residential Trust, Class A1, Series 2021-3, 1.13%, 06/25/56<sup>(1)(2)(3)</sup> | $468446 | $416159 |
| Towd Point Mortgage Trust, Class A2, Series 2017-6, 3.00%, 10/25/57<sup>(1)(2)(3)</sup> | 420000 | 404256 |
| Verus Securitization Trust, Class A1, Series 2023-8, 6.26%, 12/25/68<sup>(1)(4)</sup> | 159944 | 161877 |
| Visio Trust, Class A1, Series 2020-1R, 1.31%, 11/25/55<sup>(1)</sup> | 48555 | 46966 |
| Total Residential Mortgage Backed Securities |  | 18725672 |
| **Total Mortgage Backed Securities** |  |  |
| (Cost $32,018,819) |  | **32173055** |
| **CORPORATE BOND – 0.2%** |  |  |
| **Industrials – 0.2%** |  |  |
| Alaska Airlines Pass-Through Trust, Class A, Series 2020-1, 4.80%, 08/15/27<sup>(1)</sup> <br> (Cost $223,616) | 224982 | 225804 |
| **TOTAL INVESTMENTS - 99.6%** |  |  |
| (Cost $83,403,275) |  | **83510518** |
| Other Assets in Excess of Liabilities - 0.4% |  | 294745 |
| **Net Assets - 100.0%** |  | $**83805263** |

---

(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 October 31, 2025, the
 aggregate value of these securities was $77,060,237, or 92.0% of net assets.

(2) Variable rate
 instrument. The interest rate shown reflects the rate in effect at October 31, 2025.

(3) Adjustable rate
 security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure
 of the agreement and current market conditions.

(4) Represents step
 coupon bond. Rate shown reflects the rate in effect as of October 31, 2025.

(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..

---

| |
|:---|
| **Abbreviations:** |
| SOFR — Secured Overnight Financing Rate |

---

Schedule of Investments - Virtus Newfleet ABS/MBS ETF (continued)

October 31, 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 October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Securities | $— | $51111659 | $— | $51111659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Backed Securities |  | 31524108 | 648947 | 32173055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bond |  | 225804 |  | 225804 |
| **Total** | $**—** | $**82861571** | $**648947** | $**83510518** |

---

## 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:** 1-888-383-0553

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

- **a. Name of Series:** Virtus Newfleet ABS/MBS ETF

- **b. EDGAR series identifier (if any):** S000070567

- **c. LEI of Series:** 549300OXQOLOW6OELM19

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $85497902.47

**Total Liabilities:** $1692639.02

**Net Assets:** $83805263.45

**Delayed Delivery Securities:** $1250000.00

**Cash Not Reported:** $1687756.04

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -1173.56984500 | **10-Year:** -4161.29615000 | **30-Year:** -15123.97272000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -281.62327200 | **10-Year:** -272.89425120 | **30-Year:** -1782.55907100

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224134 | 1.14%                | -0.56%               | 0.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5403.20                 | $355134.19                                 |
| Month 2  | $-513279.33              | $-286820.41                                |
| Month 3  | $2660.15                 | $-156314.13                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACM Auto Trust                 | ACM Auto Trust 2024-2                               | CUSIP: 00461WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21771 | PA      | $21759.52     | 0.03%             | 2029-02-20      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable | Westlake Automobile Receivables Trust 2024-2        | CUSIP: 96042YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    110000 | PA      | $111111.77    | 0.13%             | 2030-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust           | LHOME Mortgage Trust 2024-RTL1                      | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $804544.16    | 0.96%             | 2029-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust     | GLS Auto Receivables Issuer Trust 2025-1            | CUSIP: 36271KAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1800000 | PA      | $1822221.18   | 2.17%             | 2030-11-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust             | A&D Mortgage Trust 2023-NQM3                        | CUSIP: 00249FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    124427 | PA      | $125458.43    | 0.15%             | 2068-07-25      | Variable      | 6.73%                 | No            |                  2 | On Loan: No      |
| MMP Capital                    | MMP Capital 2025-A LLC                              | CUSIP: 55317QAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2100000 | PA      | $2142277.20   | 2.56%             | 2031-12-15      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2024-NQM2 Trust                                 | CUSIP: 58004JAA0<br>LEI: 254900MMVXALAH2X8D73 | Long             | ABS-MBS          | CORP              | US        |   1140589 | PA      | $1141748.74   | 1.36%             | 2069-08-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Trust 2015-5                              | CUSIP: 46644XAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    182836 | PA      | $182405.11    | 0.22%             | 2045-05-25      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | Ellington Financial Mortgage Trust 2017-1           | CUSIP: 31574XAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     35004 | PA      | $30868.10     | 0.04%             | 2066-02-25      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2024-NQM9 Trust                                 | CUSIP: 67119DAA6<br>LEI: 2549004KB8X0K1PPTU08 | Long             | ABS-MBS          | CORP              | US        |   1318951 | PA      | $1337350.11   | 1.60%             | 2064-01-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| WSTN Trust                     | WSTN Trust 2023-MAUI                                | CUSIP: 92943AAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1015875.60   | 1.21%             | 2037-07-05      | Variable      | 7.69%                 | No            |                  2 | On Loan: No      |
| Visio Trust                    | Visio 2020-1R Trust                                 | CUSIP: 92837MAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     48555 | PA      | $46966.28     | 0.06%             | 2055-11-25      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| FAT Brands Royalty I, LLC      | FAT Brands Royalty LLC                              | CUSIP: 31189TAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67200 | PA      | $40551.87     | 0.05%             | 2051-04-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2017-6                    | CUSIP: 89175JAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    420000 | PA      | $404256.38    | 0.48%             | 2057-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC          | DB Master Finance LLC                               | CUSIP: 233046AU5<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1256277.50   | 1.50%             | 2055-08-20      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co., | Galton Funding Mortgage Trust 2017-1                | CUSIP: 36417JAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     82920 | PA      | $75865.23     | 0.09%             | 2057-11-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne | PRET 2025-NPL1 Trust                                | CUSIP: 74143VAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    634364 | PA      | $636888.63    | 0.76%             | 2055-02-25      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC            | Reach ABS Trust 2024-2                              | CUSIP: 75525HAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101460.56    | 0.12%             | 2031-07-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2023-CES3                       | CUSIP: 749407AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1623115 | PA      | $1647982.49   | 1.97%             | 2043-11-25      | Variable      | 7.11%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva | Amur Equipment Finance Receivables XV LLC           | CUSIP: 03237FAE5<br>LEI: 254900UXD59DZRJ7U848 | Long             | ABS-O            | CORP              | US        |   1005000 | PA      | $1023185.98   | 1.22%             | 2032-08-20      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                 | ACM Auto Trust 2025-2                               | CUSIP: 00161TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    678500 | PA      | $676482.48    | 0.81%             | 2028-06-20      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| COOPR Residential Mortgage Tru | COOPR Residential Mortgage Trust 2025-CES2          | CUSIP: 12674UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500735 | PA      | $505340.33    | 0.60%             | 2060-06-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                     | ROCK Trust 2024-CNTR                                | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1540862.40   | 1.84%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2024-HYB1 Trust                                 | CUSIP: 67448MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2041347 | PA      | $2012189.96   | 2.40%             | 2053-03-25      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2023-CES2                       | CUSIP: 748956AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     61621 | PA      | $62270.20     | 0.07%             | 2043-09-25      | Variable      | 6.81%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential  | Starwood Mortgage Residential Trust 2020-1          | CUSIP: 85573AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     43382 | PA      | $41773.59     | 0.05%             | 2050-02-25      | Variable      | 2.27%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2024-CES8                       | CUSIP: 749421AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1422785 | PA      | $1432409.09   | 1.71%             | 2044-11-25      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trus | Residential Mortgage Loan Trust 2020-1              | CUSIP: 76119CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1793 | PA      | $1782.48      | 0.00%             | 2060-01-26      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| Jersey Mike's Funding, LLC     | Jersey Mike's Funding LLC                           | CUSIP: 476681AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1290350 | PA      | $1287091.87   | 1.54%             | 2050-02-15      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2018-1 Trust                                    | CUSIP: 67112FAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20344 | PA      | $19963.68     | 0.02%             | 2057-06-25      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| MetroNet Infrastructure Issuer | MetroNet Infrastructure Issuer LLC                  | CUSIP: 59170JAX6<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |   1375000 | PA      | $1393323.25   | 1.66%             | 2055-08-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| UPX HIL 2025-1 Issuer Trust    | UPX HIL 2025-1 Issuer Trust                         | CUSIP: 916925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    491947 | PA      | $493706.23    | 0.59%             | 2047-01-25      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | CPS Auto Receivables Trust 2023-D                   | CUSIP: 12598VAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    535000 | PA      | $558197.17    | 0.67%             | 2030-01-15      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| Castlelake Aircraft Securitiza | Castlelake Aircraft Structured Trust 2025-1         | CUSIP: 14856VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    947673 | PA      | $964965.38    | 1.15%             | 2050-02-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2024-N1              | CUSIP: 14687QAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    146000 | PA      | $147371.66    | 0.18%             | 2030-05-10      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2017-RPL1 Trust                                | CUSIP: 22945AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    921804 | PA      | $902655.51    | 1.08%             | 2057-07-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| CENT Trust                     | CENT 2025-CITY                                      | CUSIP: 12517TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1520695.50   | 1.81%             | 2040-07-10      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| POWERPAY ISSUANCE TRUST        | POWERPAY ISSUANCE TRUST 2025-1                      | CUSIP: 73940MAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    415000 | PA      | $414994.56    | 0.50%             | 2041-11-18      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| NBC Funding LLC                | NBC Funding LLC                                     | CUSIP: 62878YAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525000 | PA      | $539348.42    | 0.64%             | 2055-07-30      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2024-NQM3       | CUSIP: 647910AC2<br>LEI: 213800HBIGZVLLQA9I67 | Long             | ABS-MBS          | CORP              | US        |     89684 | PA      | $90578.38     | 0.11%             | 2064-11-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Five Guys Funding, LLC         | Five Guys Holdings Inc                              | CUSIP: 33830JAE5<br>LEI: 549300XWT8G8Q3Z3HJ19 | Long             | ABS-O            | CORP              | US        |    702900 | PA      | $729671.70    | 0.87%             | 2054-01-26      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation           | Libra Solutions 2024-1 LLC                          | CUSIP: 53161XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    165000 | PA      | $164847.41    | 0.20%             | 2038-09-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding | Avis Budget Rental Car Funding AESOP LLC            | CUSIP: 05377RFX7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $190621.13    | 0.23%             | 2027-04-20      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat | United Auto Credit Securitization Trust 2022-2      | CUSIP: 90944KAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    256327 | PA      | $256907.85    | 0.31%             | 2028-01-10      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust   | Veros Auto Receivables Trust 2024-1                 | CUSIP: 92512WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    195000 | PA      | $199722.82    | 0.24%             | 2028-12-15      | Fixed         | 7.57%                 | No            |                  2 | On Loan: No      |
| Jersey Mikes Funding LLC       | Jersey Mike's Funding LLC                           | CUSIP: 476681AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1213900 | PA      | $1234360.28   | 1.47%             | 2055-02-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust     | Flagship Credit Auto Trust 2023-2                   | CUSIP: 33843EAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    910000 | PA      | $900493.87    | 1.07%             | 2029-05-15      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co  | Sierra Timeshare 2025-3 Receivables Funding LLC     | CUSIP: 82650FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    850000 | PA      | $847660.94    | 1.01%             | 2044-08-22      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2023-NQM9 Trust                                 | CUSIP: 673921AA0<br>LEI: 2549007JKD4UEFDCFB08 | Long             | ABS-MBS          | CORP              | US        |    294726 | PA      | $299268.85    | 0.36%             | 2063-10-25      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| RIDE 2025-SHRE                 | RIDE 2025-SHRE                                      | CUSIP: 765692AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    990000 | PA      | $1009214.71   | 1.20%             | 2047-02-14      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust     | LAD Auto Receivables Trust 2025-1                   | CUSIP: 505712AG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    995000 | PA      | $1014093.25   | 1.21%             | 2032-05-17      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu | GreenSky Home Improvement Issuer Trust 2024-2       | CUSIP: 39571XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    213664 | PA      | $214350.21    | 0.26%             | 2059-10-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC | PEAC Solutions Receivables 2025-1 LLC               | CUSIP: 69392HAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1014639.80   | 1.21%             | 2032-07-20      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage | Deephaven Residential Mortgage Trust 2021-4         | CUSIP: 24381JAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     62321 | PA      | $55545.46     | 0.07%             | 2066-11-25      | Variable      | 1.93%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust Series 2025-CES2           | CUSIP: 46595TAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1542282 | PA      | $1553463.84   | 1.85%             | 2055-06-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding | Avis Budget Rental Car Funding AESOP LLC            | CUSIP: 05377RKK9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1020630.90   | 1.22%             | 2028-10-20      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential  | Starwood Mortgage Residential Trust 2021-3          | CUSIP: 85573JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    468446 | PA      | $416158.94    | 0.50%             | 2056-06-25      | Variable      | 1.13%                 | No            |                  2 | On Loan: No      |
| CKE Restaurants Holdings Inc   | Hardee's Funding LLC                                | CUSIP: 411707AM4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1098275 | PA      | $1138868.89   | 1.36%             | 2054-03-20      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC               | NMEF Funding 2025-A LLC                             | CUSIP: 62919VAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $192187.79    | 0.23%             | 2032-07-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust  | Citigroup Mortgage Loan Trust 2025-INV1             | CUSIP: 17332GAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1196264 | PA      | $1214440.02   | 1.45%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC         | Switch ABS Issuer LLC                               | CUSIP: 871044AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1004272.80   | 1.20%             | 2054-06-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC    | Merchants Fleet Funding LLC                         | CUSIP: 588926AA3<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |     79356 | PA      | $79788.28     | 0.10%             | 2036-05-20      | Fixed         | 7.21%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | CPS Auto Receivables Trust 2024-C                   | CUSIP: 223920AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145000 | PA      | $146638.56    | 0.17%             | 2030-10-15      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec | American Credit Acceptance Receivables Trust 2025-1 | CUSIP: 02528DAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    785000 | PA      | $790647.37    | 0.94%             | 2031-08-12      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust       | Angel Oak Mortgage Trust 2021-3                     | CUSIP: 03465EAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     46358 | PA      | $40742.85     | 0.05%             | 2066-05-25      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust   | METLIFE SECURITIZATION TRUST 2019-1                 | CUSIP: 59166EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     72754 | PA      | $71909.72     | 0.09%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC            | Oportun Issuance Trust 2024-2                       | CUSIP: 68377KAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     78000 | PA      | $78244.55     | 0.09%             | 2032-02-09      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| STAR 2025-SFR5 Trust           | STAR 2025-SFR5 Trust                                | CUSIP: 85520CAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1647825 | PA      | $1649575.39   | 1.97%             | 2042-02-17      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | Consumer Portfolio Services Auto Trust 2025-A       | CUSIP: 12633SAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1259537.25   | 1.50%             | 2031-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TSC SPV FUNDING, LLC           | TSC SPV Funding LLC                                 | CUSIP: 898912AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     99250 | PA      | $100717.49    | 0.12%             | 2054-08-20      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| ALASKA AIRLINES 2020 TR        | Alaska Airlines 2020-1 Class A Pass Through Trust   | CUSIP: 01166VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    224982 | PA      | $225804.17    | 0.27%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T | Tricolor Auto Securitization Trust 2024-2           | CUSIP: 89616PAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325000 | PA      | $192152.25    | 0.23%             | 2028-04-17      | Fixed         | 6.93%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC            | Reach ABS Trust 2025-1                              | CUSIP: 75525PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    195015 | PA      | $195491.59    | 0.23%             | 2032-08-16      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US  | Goldentree Loan Management US Clo 9 Ltd             | CUSIP: 38138JAN3<br>LEI: 549300CQMHYJ3DLMP206 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003789.00   | 1.20%             | 2037-04-20      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Commercial Equipment Finance   | Commercial Equipment Finance 2024-1 LLC             | CUSIP: 20166RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    172626 | PA      | $174404.46    | 0.21%             | 2029-07-16      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| PowerPay Issuance Trust        | PowerPay Issuance Trust 2024-1                      | CUSIP: 73934RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    688209 | PA      | $709503.78    | 0.85%             | 2039-02-18      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust   | Veros Auto Receivables Trust 2025-1                 | CUSIP: 92511BAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1495000 | PA      | $1515197.15   | 1.81%             | 2029-12-17      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr | GLS Auto Select Receivables Trust 2024-3            | CUSIP: 37989EAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    305000 | PA      | $314694.27    | 0.38%             | 2030-08-15      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus | Prestige Auto Receivables Trust 2025-1              | CUSIP: 74113UAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2019832.80   | 2.41%             | 2030-02-15      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2023-8                   | CUSIP: 92540DAA3<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |    159944 | PA      | $161876.55    | 0.19%             | 2068-12-25      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| COOPR Residential Mortgage Tru | COOPR Residential Mortgage Trust 2025-CES3          | CUSIP: 216926AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1456893 | PA      | $1452450.27   | 1.73%             | 2060-09-25      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC            | Reach Abs Trust 2024-1                              | CUSIP: 75526PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $191499.14    | 0.23%             | 2031-02-18      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2023-4 Mortgage Loan Trust                     | CUSIP: 12598WAA0<br>LEI: 213800EHDFO4A3F7P416 | Long             | ABS-MBS          | CORP              | US        |     61835 | PA      | $62987.26     | 0.08%             | 2068-10-25      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust   | Hilton Grand Vacations Trust 2024-1B                | CUSIP: 43283YAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    569621 | PA      | $586876.83    | 0.70%             | 2039-09-15      | Fixed         | 8.85%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat | United Auto Credit Securitization Trust 2024-1      | CUSIP: 90945DAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    265000 | PA      | $265971.76    | 0.32%             | 2029-10-10      | Fixed         | 7.06%                 | No            |                  2 | On Loan: No      |
| Applebees/IHOP Funding LLC     | Applebee's Funding LLC / IHOP Funding LLC           | CUSIP: 03789XAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1185000 | PA      | $1202828.09   | 1.44%             | 2053-03-05      | Fixed         | 7.82%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust             | Aqua Finance Trust 2019-A                           | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     51652 | PA      | $50632.72     | 0.06%             | 2040-07-16      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                    | CUSIP: 31427NHD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3969101 | PA      | $4060872.74   | 4.85%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC      | Auxilior Term Funding 2024-1 LLC                    | CUSIP: 05335FAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     88000 | PA      | $90383.44     | 0.11%             | 2031-07-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| MVW 2020-1 LLC                 | MVW 2020-1 LLC                                      | CUSIP: 55400EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    224061 | PA      | $219443.80    | 0.26%             | 2037-10-20      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2023-INV2 Trust                                 | CUSIP: 59319BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    316387 | PA      | $319365.56    | 0.38%             | 2058-10-25      | Variable      | 6.78%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | EFMT 2025-NQM2                                      | CUSIP: 281917AC8<br>LEI: 254900BQMS9ITLPQGJ53 | Long             | ABS-MBS          | CORP              | US        |   1165327 | PA      | $1175067.43   | 1.40%             | 2070-06-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2023-3 Mortgage Loan Trust                     | CUSIP: 19688RAA7<br>LEI: 213800MIPEZY1A8W1N28 | Long             | ABS-MBS          | CORP              | US        |    386480 | PA      | $391551.66    | 0.47%             | 2068-09-25      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| Zaxby's Funding LLC            | Zaxbys Funding LLC                                  | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    148412 | PA      | $139023.79    | 0.17%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC         | Switch ABS Issuer LLC                               | CUSIP: 871044AL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $995021.30    | 1.19%             | 2055-03-25      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Momnt Technologies Trust       | Momnt Technologies Trust 2023-1                     | CUSIP: 608934AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     27418 | PA      | $27455.42     | 0.03%             | 2045-03-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| HIN Timeshare Trust 2020-A     | HIN Timeshare Trust 2020-A                          | CUSIP: 40439HAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    110608 | PA      | $108447.77    | 0.13%             | 2039-10-09      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation           | Libra Solutions 2025-1 LLC                          | CUSIP: 53161AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $604333.32    | 0.72%             | 2039-08-15      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| ELARA HGV TIMESHARE ISSUER     | Elara HGV Timeshare Issuer 2023-A LLC               | CUSIP: 28415AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    661718 | PA      | $684469.90    | 0.82%             | 2038-02-25      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC             | Subway Funding LLC                                  | CUSIP: 864300AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    990000 | PA      | $1013508.14   | 1.21%             | 2054-07-30      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| COOPR Residential Mortgage Tru | COOPR Residential Mortgage Trust 2025-CES1          | CUSIP: 12596SAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1453993 | PA      | $1470213.23   | 1.75%             | 2060-05-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust  | Citigroup Mortgage Loan Trust 2019-RP1              | CUSIP: 17327RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    417745 | PA      | $410492.65    | 0.49%             | 2066-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust  | Lendbuzz Securitization Trust 2023-2                | CUSIP: 52608MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     39842 | PA      | $40281.20     | 0.05%             | 2028-10-16      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2017-2          | CUSIP: 64829KBV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20106 | PA      | $19577.38     | 0.02%             | 2057-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Tru | THPT 2023-THL Mortgage Trust                        | CUSIP: 87252LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    132549 | PA      | $134430.80    | 0.16%             | 2034-12-10      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| CarMax Select Receivables Trus | Carmax Select Receivables Trust 2025-B              | CUSIP: 14320BAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1180000 | PA      | $1178907.32   | 1.41%             | 2031-06-16      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC       | FHF Trust 2023-1                                    | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5016 | PA      | $5037.59      | 0.01%             | 2028-06-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2024-NQM1 Trust                                 | CUSIP: 67448LAA0<br>LEI: 254900UI1468MQ7I8472 | Long             | ABS-MBS          | CORP              | US        |     63948 | PA      | $64425.48     | 0.08%             | 2063-11-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| ALA Trust                      | ALA Trust 2025-OANA                                 | CUSIP: 009920AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1390000 | PA      | $1397527.27   | 1.67%             | 2040-06-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| FinBe USA Trust                | FinBe USA Trust 2025-1                              | CUSIP: 317967AB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $799417.12    | 0.95%             | 2030-12-16      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Affirm Master Trust            | Affirm Master Trust Series 2025-3                   | CUSIP: 00833BAN8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1180000 | PA      | $1178087.46   | 1.41%             | 2034-10-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust | Upgrade Master Pass-Thru Trust Series 2025-ST4      | CUSIP: 91533MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    287822 | PA      | $288679.11    | 0.34%             | 2032-08-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust             | Aqua Finance Trust 2024-A                           | CUSIP: 03837DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145000 | PA      | $146463.22    | 0.17%             | 2050-04-18      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC         | Taco Bell Funding LLC                               | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2100000 | PA      | $2094597.33   | 2.50%             | 2055-08-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | Ellington Financial Mortgage Trust 2020-2           | CUSIP: 31573WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     92997 | PA      | $88120.87     | 0.11%             | 2065-10-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2021-RPL1 Trust                                | CUSIP: 12598PAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    160448 | PA      | $148236.46    | 0.18%             | 2061-09-25      | Variable      | 1.67%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2023-NQM5 Trust                                 | CUSIP: 673919AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    135174 | PA      | $136024.07    | 0.16%             | 2063-06-25      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding       | Purchasing Power Funding 2024-A LLC                 | CUSIP: 745935AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $191400.26    | 0.23%             | 2028-08-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust       | Mill City Mortgage Loan Trust 2019-GS2              | CUSIP: 59981TAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    359032 | PA      | $349659.38    | 0.42%             | 2059-08-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2022-NQM1 Trust                                 | CUSIP: 67114VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     98801 | PA      | $89643.79     | 0.11%             | 2061-11-25      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2020-RPL4 Trust                                | CUSIP: 126405AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    658842 | PA      | $599109.23    | 0.71%             | 2060-01-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Santander Mortgage Asset Recei | Santander Mortgage Asset Receivable Trust 2025-Ces1 | CUSIP: 802650AB7<br>LEI: 254900WEZWXJLYHMU869 | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $648947.37    | 0.77%             | 2055-09-25      | Variable      | 5.04%                 | No            |                  3 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust Series 2025-CES1           | CUSIP: 46658XAC9<br>LEI: 5299003TKRYXBBT76K08 | Long             | ABS-MBS          | CORP              | US        |    395853 | PA      | $398982.83    | 0.48%             | 2055-05-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust  | Lendbuzz Securitization Trust 2024-3                | CUSIP: 52609YAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1876931.72   | 2.24%             | 2030-11-15      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust                 | CUSIP: 30166XAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1200000 | PA      | $1210501.20   | 1.44%             | 2031-10-15      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust     | GLS Auto Receivables Issuer Trust 2021-3            | CUSIP: 36263LAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550000 | PA      | $543233.68    | 0.65%             | 2028-10-16      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card  | Mercury Financial Credit Card Master Trust          | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    380000 | PA      | $382373.86    | 0.46%             | 2029-07-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-26

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

**Signature:** Brinton W. Frith

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

**Title:** Treasurer and Principal Financial Officer