# EDGAR Filing Document

**Accession Number:** 0001648403
**File Stem:** 0001999371-25-011383
**Filing Date:** 2025-8
**Character Count:** 1091702
**Document Hash:** eeb25e89480449d7cf0e2968a1dabc67
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-011383.hdr.sgml**: 20260415

**ACCESSION NUMBER**: 0001999371-25-011383

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 41

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20251114

**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:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23078
- **FILM NUMBER:** 251221013

**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
**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:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-206600
- **FILM NUMBER:** 251221012

**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

As filed with the Securities and Exchange Commission on August 14, 2025

Securities Act Registration No. 333-206600

Investment Company Act Reg. No. 811-23078

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A**

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☒ |
| Pre-Effective Amendment No. | ☐ |
| Post-Effective Amendment No. 96 | ☒ |

---

and/or

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ☒ |
| Amendment No. 98 | ☒ |

---

(Check appropriate box or boxes.)

**<u>Virtus ETF Trust II</u>**

(Exact Name of Registrant as Specified in Charter)

**1301 Avenue of the Americas, 14<sup>th</sup> Floor**

**New York, NY 10019**

(Address of Principal Executive Offices) (Zip Code)

**(888) 383-0553**

(Registrant's Telephone Number, including Area Code)

**Virtus ETF Trust II** 

**c/o Corporation Service Company**

**2711 Centerville Road, Suite 400**

**Wilmington, DE 19808**

(Name and Address of Agent for Service)

with a copy to:

---

| | |
|:---|:---|
| **Michael D. Mabry, Esq.** | **Daphne Chisolm, Esq** |
| **Joel D. Corriero, Esq.** | **Vice President and Senior Counsel** |
| **Stradley Ronon Stevens & Young, LLP** | **Virtus Investment Partners, Inc** |
| **2005 Market Street, Suite 2600** | **One Financial Plaza** |
| **Philadelphia, PA 19103** | **Hartford, CT 06103** |

---

It is proposed that this filing will become effective (check appropriate box):

☐ immediately upon filing pursuant to paragraph (b) of Rule 485

☐ on _______________ pursuant to paragraph (b) of Rule 485

☐ 60 days after filing pursuant to paragraph (a)(1) of Rule 485

☐ on _______________ pursuant to paragraph (a)(1) of Rule 485

☒ 75 days after filing pursuant to paragraph (a)(2) of Rule 485

☐ on _______________ pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

This post-effective amendment relates only to the Virtus Systematic U.S. Small Cap Growth ETF, Virtus Systematic International Small Cap ETF, Virtus Systematic Emerging Markets Equity ETF, Virtus Systematic U.S. Dividend ETF, Virtus Systematic International Dividend ETF and Virtus Systematic Emerging Markets Dividend ETF, each a series of the Registrant. No information relating to the other series of the Registrant is amended or superseded hereby.

The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

PROSPECTUS ____, 2025

**Virtus Systematic U.S. Small Cap Growth ETF**<br> (Ticker: [ ])

**Virtus Systematic International Small Cap ETF**<br> (Ticker: VSIS)

**Virtus Systematic Emerging Markets Equity ETF**<br> (Ticker: VSEM)

**Virtus Systematic U.S. Dividend ETF**<br> (Ticker: VSDV)

**Virtus Systematic International Dividend ETF**<br> (Ticker: VSID)

**Virtus Systematic Emerging Markets Dividend ETF**<br> (Ticker: [ ])

***each, a series of***<br> **VIRTUS ETF TRUST II**

*Each of the Virtus Systematic U.S. Small Cap Growth ETF, Virtus Systematic International Small Cap ETF, Virtus Systematic Emerging Markets Equity ETF, Virtus Systematic U.S. Dividend ETF, Virtus Systematic International Dividend ETF and Virtus Systematic Emerging Markets Dividend ETF (each a "**Fund**" and, together, the "Funds") is an actively managed exchange-traded fund ("**ETF**"). Shares of each Fund are listed on NYSE Arca, Inc. (the "**Exchange**") and trade at market prices.*<br> *The market price for each Fund's shares may be different from its net asset value per share.*

**Neither the Securities and Exchange Commission, the Commodity Futures Trading Commission (CFTC) nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| [**RISK/RETURN SUMMARY INFORMATION – Virtus Systematic U.S. Small Cap Growth ETF**](#systematica001) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[INVESTMENT OBJECTIVE](#systematica002) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[FEES AND EXPENSES OF THE FUND](#systematica003) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PORTFOLIO TURNOVER](#systematica004) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PRINCIPAL INVESTMENT STRATEGY](#systematica005) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PRINCIPAL RISKS](#systematica006) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PERFORMANCE INFORMATION](#systematica007) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MANAGEMENT OF THE FUND](#systematica008) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PURCHASE AND SALE OF FUND SHARES](#systematica009) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TAX INFORMATION](#systematica010) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES](#systematica011) | 5 |
| [**RISK/RETURN SUMMARY INFORMATION – Virtus Systematic International Small Cap ETF**](#systematica012) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[INVESTMENT OBJECTIVE](#systematica013) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[FEES AND EXPENSES OF THE FUND](#systematica014) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PORTFOLIO TURNOVER](#systematica015) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PRINCIPAL INVESTMENT STRATEGY](#systematica016) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PRINCIPAL RISKS](#systematica017) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PERFORMANCE INFORMATION](#systematica018) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MANAGEMENT OF THE FUND](#systematica019) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PURCHASE AND SALE OF FUND SHARES](#systematica020) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TAX INFORMATION](#systematica021) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES](#systematica022) | 10 |
| [**RISK/RETURN SUMMARY INFORMATION – Virtus Systematic Emerging Markets Equity ETF**](#systematica023) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[INVESTMENT OBJECTIVE](#systematica024) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[FEES AND EXPENSES OF THE FUND](#systematica025) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PORTFOLIO TURNOVER](#systematica026) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PRINCIPAL INVESTMENT STRATEGY](#systematica027) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PRINCIPAL RISKS](#systematica028) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PERFORMANCE INFORMATION](#systematica029) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MANAGEMENT OF THE FUND](#systematica030) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PURCHASE AND SALE OF FUND SHARES](#systematica031) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TAX INFORMATION](#systematica032) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES](#systematica033) | 15 |
| [**RISK/RETURN SUMMARY INFORMATION – Virtus Systematic U.S. Dividend ETF**](#systematica034) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[INVESTMENT OBJECTIVE](#systematica035) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[FEES AND EXPENSES OF THE FUND](#systematica036) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PORTFOLIO TURNOVER](#systematica037) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PRINCIPAL INVESTMENT STRATEGY](#systematica038) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PRINCIPAL RISKS](#systematica039) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PERFORMANCE INFORMATION](#systematica040) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MANAGEMENT OF THE FUND](#systematica041) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PURCHASE AND SALE OF FUND SHARES](#systematica042) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TAX INFORMATION](#systematica043) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES](#systematica044) | 19 |
| [**RISK/RETURN SUMMARY INFORMATION – Virtus Systematic International Dividend ETF**](#systematica045) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[INVESTMENT OBJECTIVE](#systematica046) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[FEES AND EXPENSES OF THE FUND](#systematica047) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PORTFOLIO TURNOVER](#systematica048) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PRINCIPAL INVESTMENT STRATEGY](#systematica049) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PRINCIPAL RISKS](#systematica050) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PERFORMANCE INFORMATION](#systematica051) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MANAGEMENT OF THE FUND](#systematica052) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PURCHASE AND SALE OF FUND SHARES](#systematica053) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TAX INFORMATION](#systematica054) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES](#systematica055) | 24 |
| [**RISK/RETURN SUMMARY INFORMATION – Virtus Systematic Emerging Markets Dividend ETF**](#systematica056) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[INVESTMENT OBJECTIVE](#systematica057) | 25 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[FEES AND EXPENSES OF THE FUND](#systematica058) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PORTFOLIO TURNOVER](#systematica059) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PRINCIPAL INVESTMENT STRATEGY](#systematica060) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PRINCIPAL RISKS](#systematica061) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PERFORMANCE INFORMATION](#systematica062) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MANAGEMENT OF THE FUND](#systematica063) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PURCHASE AND SALE OF FUND SHARES](#systematica064) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TAX INFORMATION](#systematica065) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES](#systematica066) | 29 |
| [**ADDITIONAL INFORMATION REGARDING THE FUND'S INVESTMENT OBJECTIVE, STRATEGIES AND RISKS**](#systematica067) | 30 |
| &nbsp;&nbsp;&nbsp;[**MANAGEMENT OF THE FUND**](#systematica068) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[INVESTMENT ADVISER](#systematica069) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[INVESTMENT SUB-ADVISER](#systematica070) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MANAGER OF MANAGERS STRUCTURE](#systematica071) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PORTFOLIO MANAGERS](#systematica072) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[BOARD OF TRUSTEES](#systematica073) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[OPERATIONAL ADMINISTRATOR](#systematica074) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ACCOUNTING SERVICES ADMINISTRATOR, CUSTODIAN AND TRANSFER AGENT](#systematica075) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[DISTRIBUTOR](#systematica076) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#systematica077) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[LEGAL COUNSEL](#systematica078) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[EXPENSES OF THE FUNDS](#systematica079) | 42 |
| [**INVESTING IN THE FUND**](#systematica080) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[DISTRIBUTION AND SERVICE PLAN](#systematica081) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[DETERMINATION OF NET ASSET VALUE](#systematica082) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PREMIUM/DISCOUNT INFORMATION](#systematica083) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[FREQUENT TRADING](#systematica084) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[DISTRIBUTIONS](#systematica085) | 43 |
| [**FEDERAL INCOME TAXES**](#systematica086) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[FUND DISTRIBUTIONS](#systematica087) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SALE OF FUND SHARES](#systematica088) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TAX TREATMENT OF FUND SHAREHOLDERS](#systematica089) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[WITHHOLDING](#systematica090) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CREATION UNITS](#systematica091) | 44 |
| [**FUND WEBSITE AND DISCLOSURE OF PORTFOLIO HOLDINGS**](#systematica092) | 45 |
| [**OTHER INFORMATION**](#systematica093) | 45 |
| [**FINANCIAL HIGHLIGHTS**](#systematica094) | 45 |
| [**ADDITIONAL INFORMATION**](#systematica095) | 45 |

---

**Virtus Systematic U.S. Small Cap Growth ETF**

**RISK/RETURN SUMMARY INFORMATION**

**INVESTMENT OBJECTIVE**

The Virtus Systematic U.S. Small Cap Growth ETF (the "**Fund**") seeks long-term capital appreciation.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund ("**Shares**"). **You may incur customary brokerage commissions, and may pay other fees to financial intermediaries, when buying or selling Shares of the Fund, which are not reflected in the table or example set forth below.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shareholder Fees** (fees paid directly from your investment):

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Expenses<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Annual Fund Operating Expenses |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 management fee is structured as a "unified fee," out of which the Fund's investment adviser pays all of
 the ordinary operating expenses of the Fund, except for the following expenses, each of which is paid by the Fund: the Fund's
 management fee; payments under any 12b-1 plan; taxes and other governmental fees; brokerage fees, commissions and other transaction
 expenses; interest and other costs of borrowing; litigation or arbitration expenses; acquired fund fees and expenses; and
 extraordinary or other non-routine expenses of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Other
 Expenses" are based on estimated amounts for the current fiscal year.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $[ ] | $[ ] |

---

**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities or other instruments (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. The Fund is newly organized, and, as of the date of this Prospectus, has not had any portfolio turnover.

**PRINCIPAL INVESTMENT STRATEGY**

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks of small capitalization companies with growth characteristics that are listed on U.S. exchanges. Virtus Systematic ("Systematic"), a division of Virtus Advisers, LLC, the Fund's sub-adviser, defines small capitalization companies to be companies whose market capitalizations are smaller than the largest 1,000 U.S. companies included in the Russell 2000® Growth Index. Under Systematic's market capitalization guidelines described above, based on market capitalization data as of June 30, 2025, the market capitalization of a small capitalization company would be below $[ ] million. This threshold will change due to market conditions.

Systematic believes that behavioral biases of investors contribute to market inefficiencies, creating opportunities. Systematic's quantitative investment process begins with a proprietary alpha model augmented by artificial intelligence and supported by technology, which blends behavioral factors *(e.g*., human behaviors and biases) and intrinsic valuation factors (*e.g*., tangible measures of a company's underlying worth). The final investment and trading decisions are made by Systematic's portfolio management personnel. In order to arrive at the final investment portfolio selection, Systematic's portfolio management personnel complement the recommendations produced by the alpha model with a dynamic risk management overlay and qualitative reviews.

Specifically, Systematic utilizes a risk model for portfolio construction, with constraints at the individual security and industry levels to manage exposures relative to the Fund's benchmark. Additionally, all investment recommendations are thoroughly vetted at the individual company level to confirm the investment rationale and suitability before a purchase or sale.

In addition to common stocks, equity securities in which the Fund may invest include, without limitation, preferred stocks, American depositary receipts ("ADRs"), convertible securities and warrants.

The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified index of securities. Instead, it uses an active investment strategy that seeks to meet its investment objective.

In addition, from time to time the Fund may focus its investments (i.e., invest more than 15% of its total assets) in one or more particular sectors. As of the date of this Prospectus, the Fund focused its investments in the Industrials, Healthcare, and Information Technology sectors.

**PRINCIPAL RISKS**

An investment in the Fund is subject to investment risks; therefore, you may lose money by investing in the Fund. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following principal risks:

**Equity Securities Risk.** The value of the equity securities held by the Fund may be negatively affected by the financial market, industries in which the Fund invests, or issuer-specific events. Focus on a particular style or in small-sized companies may enhance that risk.

**Small Capitalization Companies Risk.** Small-sized companies often have narrower markets, fewer products or services to offer, and more limited managerial and financial resources than larger, more established companies. As a result, the performance of small-sized companies may be more volatile, and they may face a greater risk of business failure, which could increase the volatility and risk of loss to the Fund.

**Preferred Stock Risk.** The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

**Depositary Receipts Risk**. Investments in foreign companies through depositary receipts, including ADRs, may expose the Fund to the same risks as direct investments in securities.

**Convertible Securities Risk.** The value of a convertible security may decline as interest rates rise and/or vary with fluctuations in the market value of the underlying securities. The security may be called for redemption at a time and/ or price unfavorable to the Fund.

**Warrant Risk.** Warrants are securities issued by a company which give the holder the right, but not the obligation, to purchase stock, usually at a price that is higher than the market price at the time the warrant is issued. If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Portfolio would lose any amount it paid for the warrant.

**Sector Focus Risk.** To the extent the Fund focuses its investments in one or more sectors, this may make the Fund particularly susceptible to adverse economic, political or regulatory occurrences and changes affecting companies in those sectors. As the Fund's investments in a sector increase, so does the potential for fluctuation in the net asset value ("NAV") of the Fund.

**Issuer Risk.** The performance of the Fund depends on the performance of the issuers of the individual securities in which Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Shares, to decline.

**Market Risk.** The value of the securities in the Fund may go up or down (sometimes significantly) in response to the prospects of individual companies and/or general economic conditions, including local, regional or global events.

**Management Risk.** Systematics judgments about the attractiveness and potential appreciation of a security or other asset may prove to be inaccurate and may not produce the desired results.

**ETF Risks.** The Fund is an ETF and, as a result of this structure, is exposed to the following risks, among others:

● **Authorized Participant Risk**. The Fund has a limited number of financial institutions that may act as Authorized Participants, none of which are obligated to engage in creation or redemption transactions. To the extent these Authorized Participants exit the business or are unable or unwilling to process creation and/or redemption orders (either because of valuation difficulties or for other reasons), and no other Authorized Participant is able or willing to step forward to process creation and/or redemption orders, in either of these cases, Shares of the Fund may trade at a discount to net asset value ("NAV") and possibly face delisting.

● **Costs of Buying or Selling Shares.** Due to the costs of buying or selling Shares, including brokerage commissions and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

● **Fluctuation of NAV; Unit Premiums and Discounts.** The NAV of the Shares will generally fluctuate with changes in the market value of the Fund's securities holdings, and it cannot be predicted whether Shares will trade below, at or above their NAV. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.

● **No Assurance of Active Trading Market Risk.** Although the Shares in the Fund are approved for listing on the Exchange, there can be no assurance that an active trading market will develop and be maintained for the Shares of the Fund. In times of market stress, market makers or Authorized Participants may step away from their respective roles in making a market in the Fund's Shares, which could lead to wider bid/ ask spreads and variances between the market price of the Fund's Shares and their underlying value.

● **Fund Shares Liquidity Risk.** In stressed market conditions, the market for an ETF's shares may become less liquid in response to deteriorating liquidity in the markets for the ETF's underlying portfolio holdings, which can result in wider bid/ask spreads and differences between the ETF's NAV and market price.

**Small Fund Risk.** The Fund may experience low trading volume and wide bid/ask spreads, and may be delisted if it does not meet certain conditions of the Exchange, which could negatively impact the value of the Fund.

**PERFORMANCE INFORMATION**

The Fund is new and therefore does not have a performance history for a full calendar year. Performance information for the Fund will be provided once it has annual returns for a full calendar year. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**MANAGEMENT OF THE FUND**

**Investment Adviser and Sub-Adviser**

Virtus Investment Advisers, LLC (the "Adviser") is the Fund's investment adviser. Virtus ETF Trust II (the "Trust") and the Adviser have engaged Virtus Advisers, LLC ("VA"), operating through its division, Virtus Systematic ("Systematic") as the Fund's sub-adviser to manage the Fund's investments, subject to the oversight and supervision of the Adviser and the Board of Trustees of the Trust (the "Board"). VA is an affiliate of the Adviser.

**Portfolio Managers**

The following employees of Systematic are the Fund's portfolio managers, each of whom is jointly and primarily responsible for the day-to-day management of the Fund's portfolio and has served in such position since the inception of the Fund's operations in 2025: Kunal Ghosh, Jie Wei, Lu Yu and Yang Zhang.

**PURCHASE AND SALE OF FUND SHARES**

Unlike conventional investment companies, the Fund generally issues and redeems Shares on a continuous basis, at NAV, in aggregate blocks of shares or multiples thereof ("**Creation Units**"). The Fund's Creation Units may be issued and redeemed only by certain large institutions, referred to as "**Authorized Participants**," that enter into agreements with the Fund's principal underwriter. Retail investors may acquire and sell Shares only on the Exchange through a broker-dealer. Shares of the Fund will trade on the Exchange at market price rather than NAV. As such, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the secondary market (the "**bid-ask spread**"). Information regarding the Fund's NAV, market price, premiums and discounts, and bid-ask spreads is available on the Fund's website at <u>www.virtusetfs.com</u>.

**TAX INFORMATION**

The Fund's distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from such arrangement.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser, Systematic or their affiliates may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Virtus Systematic International Small Cap ETF**

**RISK/RETURN SUMMARY INFORMATION**

**INVESTMENT OBJECTIVE**

The Virtus Systematic International Small Cap ETF (the "**Fund**") seeks long-term capital appreciation.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund ("**Shares**"). **You may incur customary brokerage commissions, and may pay other fees to financial intermediaries, when buying or selling Shares of the Fund, which are not reflected in the table or example set forth below.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shareholder Fees** (fees paid directly from your investment):

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Expenses<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Annual Fund Operating Expenses |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 management fee is structured as a "unified fee," out of which the Fund's investment adviser pays all of
 the ordinary operating expenses of the Fund, except for the following expenses, each of which is paid by the Fund: the Fund's
 management fee; payments under any 12b-1 plan; taxes and other governmental fees; brokerage fees, commissions and other transaction
 expenses; interest and other costs of borrowing; litigation or arbitration expenses; acquired fund fees and expenses; and
 extraordinary or other non-routine expenses of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Other
 Expenses" are based on estimated amounts for the current fiscal year.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $[ ] | $[ ] |

---

**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities or other instruments (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. The Fund is newly organized, and, as of the date of this Prospectus, has not had any portfolio turnover.

**PRINCIPAL INVESTMENT STRATEGY**

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks of small capitalization companies. Virtus Systematic ("Systematic"), a division of Virtus Advisers, LLC, the Fund's sub-adviser, defines small capitalization companies as those with market capitalizations comparable to companies included in the MSCI All Country World ex USA Small-Cap Index. Under normal circumstances, the Fund expects to maintain a weighted-average market capitalization between 75% and 150% of the weighted-average market capitalization of the securities in the MSCI All Country World ex USA Small-Cap Index. Under the market capitalization guidelines described above, based on market capitalization data as of June 30, 2025, the weighted-average market capitalization of a small capitalization company in which the Fund may invest would range from $1.0 billion to $4.0 billion. This threshold will change due to market conditions.

The Fund normally invests principally in securities of international issuers, which are those located outside the United States, and allocates its investments among at least eight different countries. The Fund may invest in emerging market securities.

Systematic believes that behavioral biases of investors contribute to market inefficiencies, creating opportunities. Systematic's quantitative investment process begins with a proprietary investment-return forecasting model augmented by artificial intelligence and supported by technology, which combines behavioral factors (which seek to capitalize on human behavioral biases (i.e., systematic tendencies) from financial analysts, company management and investors), with intrinsic and valuation factors (which are expected to provide tangible measures of a company's true worth). The final investment and trading decisions are made by Systematic's portfolio management personnel. In order to arrive at the final investment portfolio selection, Systematic's portfolio management personnel complement the recommendations produced by the investment-return forecasting model with a dynamic risk management overlay and qualitative reviews.

Specifically, Systematic utilizes a risk model for portfolio construction, with constraints at the individual security, country and industry levels to manage exposures relative to the Fund's benchmark. Additionally, all investment recommendations are thoroughly vetted on an individual company level to confirm the investment rationale and suitability before a purchase or sale.

In addition to common stocks, equity securities in which the Fund may invest include, without limitation, preferred stocks, American depositary receipts ("ADRs"), convertible securities and warrants. The Fund also may invest in securities issued in initial public offerings ("IPOs"), real estate investment trusts ("REITs") and may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. The Fund typically does not engage in active hedging of currency but retains flexibility to do so depending on market performance.

The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified index of securities. Instead, it uses an active investment strategy that seeks to meet its investment objective.

In addition, from time to time the Fund may focus its investments (i.e., invest more than 15% of its total assets) in one or more particular sectors. As of the date of this Prospectus, the Fund focused its investments in the Industrials and Financials sectors.

**PRINCIPAL RISKS**

An investment in the Fund is subject to investment risks; therefore, you may lose money by investing in the Fund. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following principal risks:

**Equity Securities Risk.** The value of the equity securities held by the Fund may be negatively affected by the financial market, industries in which the Fund invests, or issuer-specific events. Focus on a particular style or in small-sized companies may enhance that risk.

**Small Capitalization Companies Risk.** Small-sized companies often have narrower markets, fewer products or services to offer, and more limited managerial and financial resources than larger, more established companies. As a result, the performance of small-sized companies may be more volatile, and they may face a greater risk of business failure, which could increase the volatility and risk of loss to the Fund.

**Foreign Securities Risk.** Investing in securities of foreign issuers subjects the Fund to additional risks such as tariff and global trade restrictions increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk. Additionally, to the extent that the underlying assets of the Fund trade on an exchange that is closed when the Exchange is open, there are likely to be deviations between current pricing of an underlying asset and stale asset pricing (i.e., the last quote from the foreign exchange market), resulting in premiums or discounts to NAV that are greater than those experienced by other ETFs.

**Country/Geographic Region Risk.** To the extent that the Fund invests a significant portion of its assets in a specific geographic region or a particular country, it is more likely to be impacted by events or conditions affecting that country or region.

**Emerging Markets Investments Risk**. Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.

**Preferred Stock Risk.** The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

**Depositary Receipts Risk**. Investments in foreign companies through depositary receipts, including ADRs, may expose the Fund to the same risks as direct investments in securities.

**Convertible Securities Risk.** The value of a convertible security may decline as interest rates rise and/or vary with fluctuations in the market value of the underlying securities. The security may be called for redemption at a time and/ or price unfavorable to the Fund.

**Warrant Risk.** Warrants are securities issued by a company which give the holder the right, but not the obligation, to purchase stock, usually at a price that is higher than the market price at the time the warrant is issued. If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Portfolio would lose any amount it paid for the warrant.

**Initial Public Offering ("IPO") Risk.** The risk that any positive effect of investments in IPOs may not be sustainable because of a number of factors. Namely, a fund may not be able to buy shares in some IPOs or may be able to buy only a small number of shares. Also, the performance of IPOs generally is volatile, and is dependent on market psychology and economic conditions. To the extent that IPOs have a significant positive impact on a fund's performance, this may not be able to be replicated in the future. The relative performance impact of IPOs also is likely to decline as a fund grows.

**REIT Risk.** Investments in REITs and other securities of Real Estate companies subject the Fund to, among other things, risks similar to those of direct investments in real estate and the real estate sector in general. These include risks related to general and local economic conditions, possible lack of availability of financing and changes in interest rates or property values. REITs may also be adversely affected by poor management, failure to quality as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"), environmental problems, property tax increases or changes in federal, state or local regulations.

**Derivatives Risk.** Derivatives may include, among other things, futures, options, forwards and swap agreements and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the Fund may incur a loss greater than its principal investment.

**Foreign Currency Transactions Risk.** The Fund's transactions with respect to foreign currency may not be successful or have the effect of limiting gains from favorable market movements.

**Sector Focus Risk.** To the extent the Fund focuses its investments in one or more sectors, this may make the Fund particularly susceptible to adverse economic, political or regulatory occurrences and changes affecting companies in those sectors. As the Fund's investments in a sector increase, so does the potential for fluctuation in the net asset value ("NAV") of the Fund.

**Issuer Risk.** The performance of the Fund depends on the performance of the issuers of the individual securities in which Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Shares, to decline.

**Market Risk.** The value of the securities in the Fund may go up or down (sometimes significantly) in response to the prospects of individual companies and/or general economic conditions, including local, regional or global events.

**Management Risk.** Systematic's judgments about the attractiveness and potential appreciation of a security or other asset may prove to be inaccurate and may not produce the desired results.

**ETF Risks.** The Fund is an ETF and, as a result of this structure, is exposed to the following risks, among others:

● **Authorized Participant Risk**. The Fund has a limited number of financial institutions that may act as Authorized Participants, none of which are obligated to engage in creation or redemption transactions. To the extent these Authorized Participants exit the business or are unable or unwilling to process creation and/or redemption orders (either because of valuation difficulties or for other reasons), and no other Authorized Participant is able or willing to step forward to process creation and/or redemption orders, in either of these cases, Shares of the Fund may trade at a discount to net asset value ("NAV") and possibly face delisting.

● **Costs of Buying or Selling Shares.** Due to the costs of buying or selling Shares, including brokerage commissions and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

● **Fluctuation of NAV; Unit Premiums and Discounts.** The NAV of the Shares will generally fluctuate with changes in the market value of the Fund's securities holdings, and it cannot be predicted whether Shares will trade below, at or above their NAV. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.

● **No Assurance of Active Trading Market Risk.** Although the Shares in the Fund are approved for listing on the Exchange, there can be no assurance that an active trading market will develop and be maintained for the Shares of the Fund. In times of market stress, market makers or Authorized Participants may step away from their respective roles in making a market in the Fund's Shares, which could lead to wider bid/ ask spreads and variances between the market price of the Fund's Shares and their underlying value.

● **Fund Shares Liquidity Risk.** In stressed market conditions, the market for an ETF's shares may become less liquid in response to deteriorating liquidity in the markets for the ETF's underlying portfolio holdings, which can result in wider bid/ask spreads and differences between the ETF's NAV and market price.

**Small Fund Risk.** The Fund may experience low trading volume and wide bid/ask spreads, and may be delisted if it does not meet certain conditions of the Exchange, which could negatively impact the value of the Fund.

**PERFORMANCE INFORMATION**

The Fund is new and therefore does not have a performance history for a full calendar year. Performance information for the Fund will be provided once it has annual returns for a full calendar year. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**MANAGEMENT OF THE FUND**

**Investment Adviser and Sub-Adviser**

Virtus Investment Advisers, LLC (the "Adviser") is the Fund's investment adviser. Virtus ETF Trust II (the "Trust") and the Adviser have engaged Virtus Advisers, LLC ("VA"), operating through its division, Virtus Systematic ("Systematic") as the Fund's sub-adviser to manage the Fund's investments, subject to the oversight and supervision of the Adviser and the Board of Trustees of the Trust (the "Board"). VA is an affiliate of the Adviser.

**Portfolio Managers**

The following employees of Systematic are the Fund's portfolio managers, each of whom is jointly and primarily responsible for the day-to-day management of the Fund's portfolio and has served in such position since the inception of the Fund's operations in 2025: Kunal Ghosh, Jie Wei, Lu Yu and Yang Zhang.

**PURCHASE AND SALE OF FUND SHARES**

Unlike conventional investment companies, the Fund generally issues and redeems Shares on a continuous basis, at NAV, in aggregate blocks of shares or multiples thereof ("**Creation Units**"). The Fund's Creation Units may be issued and redeemed only by certain large institutions, referred to as "**Authorized Participants**," that enter into agreements with the Fund's principal underwriter. Retail investors may acquire and sell Shares only on the Exchange through a broker-dealer. Shares of the Fund will trade on the Exchange at market price rather than NAV. As such, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the secondary market (the "**bid-ask spread**"). Information regarding the Fund's NAV, market price, premiums and discounts, and bid-ask spreads is available on the Fund's website at <u>www.virtusetfs.com</u>.

**TAX INFORMATION**

The Fund's distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from such arrangement.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser, Systematic or their affiliates may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Virtus Systematic Emerging Markets Equity ETF**

**RISK/RETURN SUMMARY INFORMATION**

**INVESTMENT OBJECTIVE**

The Virtus Systematic Emerging Markets Equity ETF (the "**Fund**") seeks long-term capital appreciation.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund ("**Shares**"). **You may incur customary brokerage commissions, and may pay other fees to financial intermediaries, when buying or selling Shares of the Fund, which are not reflected in the table or example set forth below.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shareholder Fees** (fees paid directly from your investment):

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Expenses<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Annual Fund Operating Expenses |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 management fee is structured as a "unified fee," out of which the Fund's investment adviser pays all of
 the ordinary operating expenses of the Fund, except for the following expenses, each of which is paid by the Fund: the Fund's
 management fee; payments under any 12b-1 plan; taxes and other governmental fees; brokerage fees, commissions and other transaction
 expenses; interest and other costs of borrowing; litigation or arbitration expenses; acquired fund fees and expenses; and
 extraordinary or other non-routine expenses of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Other
 Expenses" are based on estimated amounts for the current fiscal year.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $[ ] | $[ ] |

---

**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities or other instruments (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. The Fund is newly organized, and, as of the date of this Prospectus, has not had any portfolio turnover.

**PRINCIPAL INVESTMENT STRATEGY**

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in the equity securities of companies that are tied economically to emerging market countries. Virtus Systematic ("Systematic"), a division of Virtus Advisers, LLC, the Fund's sub-adviser, defines emerging market countries as countries with securities markets that are less sophisticated than more developed markets in terms of participation by investors, analyst coverage, liquidity and/or regulation. The Fund may invest a substantial portion of its assets in equity securities of companies located in China.

Systematic believes that behavioral biases of investors contribute to market inefficiencies, creating opportunities. Systematic's quantitative investment process begins with a proprietary alpha model augmented by artificial intelligence and supported by technology, which blends behavioral factors *(e.g*., human behaviors and biases) and intrinsic valuation factors (*e.g*., tangible measures of a

company's underlying worth). The final investment and trading decisions are made by Systematic's's portfolio management personnel. In order to arrive at the final investment portfolio selection, Systematic's's portfolio management personnel complement the recommendations produced by the alpha model with a dynamic risk management overlay and qualitative reviews.

Specifically, Systematic's utilizes a risk model for portfolio construction, with constraints at the individual security and industry levels to manage exposures relative to the Fund's benchmark. Additionally, all investment recommendations are thoroughly vetted at the individual company level to confirm the investment rationale and suitability before a purchase or sale.

The Fund normally invests primarily in common stocks, either directly or indirectly through depositary receipts. In addition to common stocks, equity securities in which the Fund may invest include, without limitation, preferred stocks, convertible securities and warrants. The Fund may invest in issuers of any size market capitalization, including smaller capitalization companies. The Fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. The Fund may also use participatory notes ("P-Notes") or other equity-linked notes to gain exposure to issuers in certain countries.

The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified index of securities. Instead, it uses an active investment strategy that seeks to meet its investment objective.

In addition, from time to time the Fund may focus its investments (i.e., invest more than 15% of its total assets) in one or more particular sectors. As of the date of this Prospectus, the Fund focused its investments in the Financials and Information Technology sectors.

**PRINCIPAL RISKS**

An investment in the Fund is subject to investment risks; therefore, you may lose money by investing in the Fund. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following principal risks:

**Equity Securities Risk.** The value of the equity securities held by the Fund may be negatively affected by the financial market, industries in which the Fund invests, or issuer-specific events. Focus on a particular style or in small-sized companies may enhance that risk.

**Emerging Markets Investments Risk.** Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.

**Foreign Securities Risk.** Investing in loans and securities of foreign issuers subjects the Fund to additional risks such as tariff and global trade restrictions increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk. Additionally, to the extent that the underlying assets of the Fund trade on an exchange that is closed when the Exchange is open, there are likely to be deviations between current pricing of an underlying asset and stale asset pricing (i.e., the last quote from the foreign exchange market), resulting in premiums or discounts to NAV that are greater than those experienced by other ETFs.

● **China Investment Risk.** The Fund invests a significant portion of its assets in securities of issuers located or operating in China. Investing in China involves certain heightened risks and considerations, including, among others: frequent trading suspensions and government interventions (including by nationalizing assets); currency exchange rate fluctuations or blockages; limits on using brokers and on foreign ownership; different financial reporting standards; higher dependence on exports and international trade; political and social instability; infectious disease outbreaks; regional and global conflicts; increased trade tariffs, embargoes, and other trade limitations; custody and other risks associated with programs used to access Chinese securities; and uncertainties in tax rules that could result in unexpected tax liabilities for the Fund. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities. Moreover, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.

**Country/Geographic Region Risk.** To the extent that the Fund invests a significant portion of its assets in a specific geographic region or a particular country, it is more likely to be impacted by events or conditions affecting that country or region.

**Depositary Receipts Risk.** Investments in foreign companies through depositary receipts, including ADRs, may expose the Fund to the same risks as direct investments in securities.

**Preferred Stock Risk.** The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

**Convertible Securities Risk.** The value of a convertible security may decline as interest rates rise and/or vary with fluctuations in the market value of the underlying securities. The security may be called for redemption at a time and/ or price unfavorable to the Fund.

**Warrant Risk.** Warrants are securities issued by a company which give the holder the right, but not the obligation, to purchase stock, usually at a price that is higher than the market price at the time the warrant is issued. If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Portfolio would lose any amount it paid for the warrant.

**Derivatives Risk.** Derivatives may include, among other things, futures, options, forwards and swap agreements and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the Fund may incur a loss greater than its principal investment.

**Foreign Currency Transactions Risk.** The Fund's transactions with respect to foreign currency may not be successful or have the effect of limiting gains from favorable market movements.

**Participatory Notes ("P-Notes") Risk. A**n investment in participatory notes is subject to market risk. The performance results of participatory notes may not exactly replicate the performance of the underlying securities. An investment in participatory notes is also subject to counterparty risk, relating to the non-U.S. bank or broker-dealer that issues the participatory notes, and may be subject to liquidity risk.

**Sector Focus Risk.** To the extent the Fund focuses its investments in one or more sectors, this may make the Fund particularly susceptible to adverse economic, political or regulatory occurrences and changes affecting companies in those sectors. As the Fund's investments in a sector increase, so does the potential for fluctuation in the net asset value ("NAV") of the Fund.

**Small- and Mid-Capitalization Stock Risk.** The stocks of small- and mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.

**Large-Capitalization Stock Risk. T**he stocks of large-capitalization companies are generally more mature and may not be able to reach the same levels of growth as the stocks of small- or mid-capitalization companies.

**Issuer Risk.** The performance of the Fund depends on the performance of the issuers of the individual securities in which Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Shares, to decline.

**Market Risk.** The value of the securities in the Fund may go up or down (sometimes significantly) in response to the prospects of individual companies and/or general economic conditions, including local, regional or global events.

**Management Risk.** The Sub-Adviser's judgments about the attractiveness and potential appreciation of a security or other asset may prove to be inaccurate and may not produce the desired results.

**ETF Risks.** The Fund is an ETF and, as a result of this structure, is exposed to the following risks, among others:

● **Authorized Participant Risk**. The Fund has a limited number of financial institutions that may act as Authorized Participants, none of which are obligated to engage in creation or redemption transactions. To the extent these Authorized Participants exit the business or are unable or unwilling to process creation and/or redemption orders (either because of valuation difficulties or for other reasons), and no other Authorized Participant is able or willing to step forward to process creation and/or redemption orders, in either of these cases, Shares of the Fund may trade at a discount to net asset value ("NAV") and possibly face delisting.

● **Costs of Buying or Selling Shares.** Due to the costs of buying or selling Shares, including brokerage commissions and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

● **Fluctuation of NAV; Unit Premiums and Discounts.** The NAV of the Shares will generally fluctuate with changes in the market value of the Fund's securities holdings, and it cannot be predicted whether Shares will trade below, at

or above their NAV. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.

● **No Assurance of Active Trading Market Risk.** Although the Shares in the Fund are approved for listing on the Exchange, there can be no assurance that an active trading market will develop and be maintained for the Shares of the Fund. In times of market stress, market makers or Authorized Participants may step away from their respective roles in making a market in the Fund's Shares, which could lead to wider bid/ ask spreads and variances between the market price of the Fund's Shares and their underlying value.

● **Fund Shares Liquidity Risk.** In stressed market conditions, the market for an ETF's shares may become less liquid in response to deteriorating liquidity in the markets for the ETF's underlying portfolio holdings, which can result in wider bid/ask spreads and differences between the ETF's NAV and market price.

**Small Fund Risk.** The Fund may experience low trading volume and wide bid/ask spreads, and may be delisted if it does not meet certain conditions of the Exchange, which could negatively impact the value of the Fund.

**PERFORMANCE INFORMATION**

The Fund is new and therefore does not have a performance history for a full calendar year. Performance information for the Fund will be provided once it has annual returns for a full calendar year. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**MANAGEMENT OF THE FUND**

**Investment Adviser and Sub-Adviser**

Virtus Investment Advisers, LLC (the "Adviser") is the Fund's investment adviser. Virtus ETF Trust II (the "Trust") and the Adviser have engaged Virtus Advisers, LLC ("VA"), operating through its division, Virtus Systematic ("Systematic") as the Fund's sub-adviser to manage the Fund's investments, subject to the oversight and supervision of the Adviser and the Board of Trustees of the Trust (the "Board"). VA is an affiliate of the Adviser.

**Portfolio Managers**

The following employees of Systematic are the Fund's portfolio managers, each of whom is jointly and primarily responsible for the day-to-day management of the Fund's portfolio and has served in such position since the inception of the Fund's operations in 2025: Kunal Ghosh, Jie Wei, Lu Yu and Yang Zhang.

**PURCHASE AND SALE OF FUND SHARES**

Unlike conventional investment companies, the Fund generally issues and redeems Shares on a continuous basis, at NAV, in aggregate blocks of shares or multiples thereof ("**Creation Units**"). The Fund's Creation Units may be issued and redeemed only by certain large institutions, referred to as "**Authorized Participants**," that enter into agreements with the Fund's principal underwriter. Retail investors may acquire and sell Shares only on the Exchange through a broker-dealer. Shares of the Fund will trade on the Exchange at market price rather than NAV. As such, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the secondary market (the "**bid-ask spread**"). Information regarding the Fund's NAV, market price, premiums and discounts, and bid-ask spreads is available on the Fund's website at <u>www.virtusetfs.com</u>.

**TAX INFORMATION**

The Fund's distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from such arrangement.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser, Systematic or their affiliates may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Virtus Systematic U.S. Dividend ETF** 

**RISK/RETURN SUMMARY INFORMATION**

**INVESTMENT OBJECTIVE**

The Virtus Systematic U.S. Dividend ETF (the "**Fund**") seeks long-term capital appreciation and current income.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund ("**Shares**"). **You may incur customary brokerage commissions, and may pay other fees to financial intermediaries, when buying or selling Shares of the Fund, which are not reflected in the table or example set forth below.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shareholder Fees** (fees paid directly from your investment):

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Expenses<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Annual Fund Operating Expenses |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 management fee is structured as a "unified fee," out of which the Fund's investment adviser pays all of
 the ordinary operating expenses of the Fund, except for the following expenses, each of which is paid by the Fund: the Fund's
 management fee; payments under any 12b-1 plan; taxes and other governmental fees; brokerage fees, commissions and other transaction
 expenses; interest and other costs of borrowing; litigation or arbitration expenses; acquired fund fees and expenses; and
 extraordinary or other non-routine expenses of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Other
 Expenses" are based on estimated amounts for the current fiscal year.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $[ ] | $[ ] |

---

**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities or other instruments (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. The Fund is newly organized, and, as of the date of this Prospectus, has not had any portfolio turnover.

**PRINCIPAL INVESTMENT STRATEGY**

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in the common stocks of companies that pay dividend income and that are listed on U.S. exchanges.

Virtus Systematic ("Systematic"), a division of Virtus Advisers, LLC, the Fund's sub-adviser, believes that behavioral biases of investors contribute to market inefficiencies, creating opportunities. Systematic's quantitative investment process begins with a proprietary alpha model augmented by artificial intelligence and supported by technology, which blends behavioral factors *(e.g*., human behaviors and biases) and intrinsic valuation factors (*e.g*., tangible measures of a company's underlying worth). The final investment and trading decisions are made by Systematic's portfolio management personnel. In order to arrive at the final investment portfolio selection,

Systematic's portfolio management personnel complement the recommendations produced by the alpha model with a dynamic risk management overlay and qualitative reviews.

Specifically, Systematic's utilizes a risk model for portfolio construction, with constraints at the individual security and industry levels to manage exposures relative to the Fund's benchmark. The investment process puts a particular focus on higher dividend paying (and yielding) stocks, which results in the Fund with a higher dividend yield higher than the typical emerging market equity. Additionally, all investment recommendations are thoroughly vetted at the individual company level to confirm the investment rationale and suitability before a purchase or sale.

In addition to common stocks, equity securities in which the Fund may invest include, without limitation, preferred stocks, American Depositary Receipts ("ADRs"), convertible securities and warrants.

The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified index of securities. Instead, it uses an active investment strategy that seeks to meet its investment objective.

In addition, from time to time the Fund may focus its investments (i.e., invest more than 15% of its total assets) in one or more particular sectors. As of the date of this Prospectus, the Fund focused its investments in the Financials and Information Technology sectors.

**PRINCIPAL RISKS**

An investment in the Fund is subject to investment risks; therefore, you may lose money by investing in the Fund. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following principal risks:

**Equity Securities Risk.** The value of the equity securities held by the Fund may be negatively affected by the financial market, industries in which the Fund invests, or issuer-specific events. Focus on a particular style or in small-sized companies may enhance that risk.

**Dividend Paying Securities Risk**. Issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future, and may reduce or eliminate future dividends or distributions at any time and for any reason. If the dividends or distributions received by the Fund decrease, the Fund may have less income to distribute to the Fund's shareholders.

**Preferred Stock Risk.** The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

**ADR Risk**. Investments in foreign companies through depositary receipts may expose the Fund to the same risks as direct investments in securities.

**Convertible Securities Risk.** The value of a convertible security may decline as interest rates rise and/or vary with fluctuations in the market value of the underlying securities. The security may be called for redemption at a time and/ or price unfavorable to the Fund.

**Warrant Risk.** Warrants are securities issued by a company which give the holder the right, but not the obligation, to purchase stock, usually at a price that is higher than the market price at the time the warrant is issued. If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Portfolio would lose any amount it paid for the warrant.

**Sector Focus Risk.** To the extent the Fund focuses its investments in one or more sectors, this may make the Fund particularly susceptible to adverse economic, political or regulatory occurrences and changes affecting companies in those sectors. As the Fund's investments in a sector increase, so does the potential for fluctuation in the net asset value ("NAV") of the Fund.

**Issuer Risk.** The performance of the Fund depends on the performance of the issuers of the individual securities in which Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Shares, to decline.

**Market Risk.** The value of the securities in the Fund may go up or down (sometimes significantly) in response to the prospects of individual companies and/or general economic conditions, including local, regional or global events.

**Management Risk.** The Sub-Adviser's judgments about the attractiveness and potential appreciation of a security or other asset may prove to be inaccurate and may not produce the desired results.

**ETF Risks.** The Fund is an ETF and, as a result of this structure, is exposed to the following risks, among others:

● **Authorized Participant Risk**. The Fund has a limited number of financial institutions that may act as Authorized Participants, none of which are obligated to engage in creation or redemption transactions. To the extent these Authorized Participants exit the business or are unable or unwilling to process creation and/or redemption orders (either because of valuation difficulties or for other reasons), and no other Authorized Participant is able or willing to step forward to process creation and/or redemption orders, in either of these cases, Shares of the Fund may trade at a discount to net asset value ("NAV") and possibly face delisting.

● **Costs of Buying or Selling Shares.** Due to the costs of buying or selling Shares, including brokerage commissions and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

● **Fluctuation of NAV; Unit Premiums and Discounts.** The NAV of the Shares will generally fluctuate with changes in the market value of the Fund's securities holdings, and it cannot be predicted whether Shares will trade below, at or above their NAV. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.

● **No Assurance of Active Trading Market Risk.** Although the Shares in the Fund are approved for listing on the Exchange, there can be no assurance that an active trading market will develop and be maintained for the Shares of the Fund. In times of market stress, market makers or Authorized Participants may step away from their respective roles in making a market in the Fund's Shares, which could lead to wider bid/ ask spreads and variances between the market price of the Fund's Shares and their underlying value.

● **Fund Shares Liquidity Risk.** In stressed market conditions, the market for an ETF's shares may become less liquid in response to deteriorating liquidity in the markets for the ETF's underlying portfolio holdings, which can result in wider bid/ask spreads and differences between the ETF's NAV and market price.

**Small Fund Risk.** The Fund may experience low trading volume and wide bid/ask spreads, and may be delisted if it does not meet certain conditions of the Exchange, which could negatively impact the value of the Fund.

**PERFORMANCE INFORMATION**

The Fund is new and therefore does not have a performance history for a full calendar year. Performance information for the Fund will be provided once it has annual returns for a full calendar year. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**MANAGEMENT OF THE FUND**

**Investment Adviser and Sub-Adviser**

Virtus Investment Advisers, LLC (the "Adviser") is the Fund's investment adviser. Virtus ETF Trust II (the "Trust") and the Adviser have engaged Virtus Advisers, LLC ("VA"), operating through its division, Virtus Systematic ("Systematic") as the Fund's sub-adviser to manage the Fund's investments, subject to the oversight and supervision of the Adviser and the Board of Trustees of the Trust (the "Board"). VA is an affiliate of the Adviser.

**Portfolio Managers**

The following employees of Systematic are the Fund's portfolio managers, each of whom is jointly and primarily responsible for the day-to-day management of the Fund's portfolio and has served in such position since the inception of the Fund's operations in 2025: Kunal Ghosh, Jie Wei, Lu Yu and Yang Zhang.

**PURCHASE AND SALE OF FUND SHARES**

Unlike conventional investment companies, the Fund generally issues and redeems Shares on a continuous basis, at NAV, in aggregate blocks of shares or multiples thereof ("**Creation Units**"). The Fund's Creation Units may be issued and redeemed only by certain large

institutions, referred to as "**Authorized Participants**," that enter into agreements with the Fund's principal underwriter. Retail investors may acquire and sell Shares only on the Exchange through a broker-dealer. Shares of the Fund will trade on the Exchange at market price rather than NAV. As such, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the secondary market (the "**bid-ask spread**"). Information regarding the Fund's NAV, market price, premiums and discounts, and bid-ask spreads is available on the Fund's website at <u>www.virtusetfs.com</u>.

**TAX INFORMATION**

The Fund's distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from such arrangement.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser, Systematic or their affiliates may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Virtus Systematic International Dividend ETF**

**RISK/RETURN SUMMARY INFORMATION**

**INVESTMENT OBJECTIVE**

The Virtus Systematic International Dividend ETF (the "**Fund**") seeks long-term capital appreciation and current income.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund ("**Shares**"). **You may incur customary brokerage commissions, and may pay other fees to financial intermediaries, when buying or selling Shares of the Fund, which are not reflected in the table or example set forth below.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shareholder Fees** (fees paid directly from your investment):

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Expenses<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Annual Fund Operating Expenses |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 management fee is structured as a "unified fee," out of which the Fund's investment adviser pays all of
 the ordinary operating expenses of the Fund, except for the following expenses, each of which is paid by the Fund: the Fund's
 management fee; payments under any 12b-1 plan; taxes and other governmental fees; brokerage fees, commissions and other transaction
 expenses; interest and other costs of borrowing; litigation or arbitration expenses; acquired fund fees and expenses; and
 extraordinary or other non-routine expenses of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Other
 Expenses" are based on estimated amounts for the current fiscal year.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $[ ] | $[ ] |

---

**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities or other instruments (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. The Fund is newly organized, and, as of the date of this Prospectus, has not had any portfolio turnover.

**PRINCIPAL INVESTMENT STRATEGY**

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in the securities of companies that pay dividend income. The Fund will invest in securities of companies, which are those that are tied economically to countries with developed non-US securities markets. Virtus Systematic ("Systematic"), a division of Virtus Advisers, LLC, the Fund's sub-adviser, defines developed non-US securities markets as securities markets that are more sophisticated than emerging markets in terms of participation by investors, analyst coverage, liquidity and/or regulation. The Fund may invest some portion of its assets in Hong Kong listed equity securities of companies which are exposed to China's economic activity.

Systematic believes that behavioral biases of investors contribute to market inefficiencies, creating opportunities. Systematic's quantitative investment process begins with a proprietary alpha model augmented by artificial intelligence and supported by technology, which blends behavioral factors *(e.g*., human behaviors and biases) and intrinsic valuation factors (*e.g*., tangible measures of a company's underlying worth). The final investment and trading decisions are made by Systematic's's portfolio management personnel. In order to arrive at the final investment portfolio selection, Systematic's's portfolio management personnel complement the recommendations produced by the alpha model with a dynamic risk management overlay and qualitative reviews.

Specifically, Systematic's utilizes a risk model for portfolio construction, with constraints at the individual security and industry levels to manage exposures relative to the Fund's benchmark. Additionally, all investment recommendations are thoroughly vetted at the individual company level to confirm the investment rationale and suitability before a purchase or sale.

The Fund normally invests primarily in common stocks, either directly or indirectly through depositary receipts. In addition to common stocks, equity securities in which the fund may invest include, without limitation, preferred stocks, convertible securities and warrants. The Fund may invest in issuers of any size market capitalization, including smaller capitalization companies. The Fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. The Fund may also use participatory notes ("P-Notes") or other equity-linked notes to gain exposure to issuers in certain countries.

The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified index of securities. Instead, it uses an active investment strategy that seeks to meet its investment objective.

In addition, from time to time the Fund may focus its investments (i.e., invest more than 15% of its total assets) in one or more particular sectors. As of the date of this Prospectus, the Fund focused its investments in the Financials and Information Technology sectors.

**PRINCIPAL RISKS**

An investment in the Fund is subject to investment risks; therefore, you may lose money by investing in the Fund. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following principal risks:

**Equity Securities Risk.** The value of the equity securities held by the Fund may be negatively affected by the financial market, industries in which the Fund invests, or issuer-specific events. Focus on a particular style or in small-sized companies may enhance that risk.

**Dividend Paying Securities Risk**. Issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future, and may reduce or eliminate future dividends or distributions at any time and for any reason. If the dividends or distributions received by the Fund decrease, the Fund may have less income to distribute to the Fund's shareholders.

**Depositary Receipts Risk.** Investments in foreign companies through depositary receipts, including ADRs, may expose the Fund to the same risks as direct investments in securities.

**Foreign Securities Risk.** Investing in securities of foreign issuers subjects the Fund to additional risks such as tariff and global trade restrictions increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk. Additionally, to the extent that the underlying assets of the Fund trade on an exchange that is closed when the Exchange is open, there are likely to be deviations between current pricing of an underlying asset and stale asset pricing (i.e., the last quote from the foreign exchange market), resulting in premiums or discounts to NAV that are greater than those experienced by other ETFs.

● **China Investment Risk.** The Fund invests a significant portion of its assets in securities of issuers located or operating in China. Investing in China involves certain heightened risks and considerations, including, among others: frequent trading suspensions and government interventions (including by nationalizing assets); currency exchange rate fluctuations or blockages; limits on using brokers and on foreign ownership; different financial reporting standards; higher dependence on exports and international trade; political and social instability; infectious disease outbreaks; regional and global conflicts; increased trade tariffs, embargoes, and other trade limitations; custody and other risks associated with programs used to access Chinese securities; and uncertainties in tax rules that could result in unexpected tax liabilities for the Fund. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities. Moreover, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.

● **Hong Kong Investment Risk.** If China were to exert its authority so as to alter the economic, political or legal structures or the existing social policy of Hong Kong, investor and business confidence in Hong Kong could be negatively affected, which in turn could negatively affect markets and business performance and have an adverse effect on the Fund's investments.

**Country/Geographic Region Risk.** To the extent that the Fund invests a significant portion of its assets in a specific geographic region or a particular country, it is more likely to be impacted by events or conditions affecting that country or region.

**Preferred Stock Risk.** The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

**Convertible Securities Risk.** The value of a convertible security may decline as interest rates rise and/or vary with fluctuations in the market value of the underlying securities. The security may be called for redemption at a time and/ or price unfavorable to the Fund.

**Warrant Risk.** Warrants are securities issued by a company which give the holder the right, but not the obligation, to purchase stock, usually at a price that is higher than the market price at the time the warrant is issued. If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Portfolio would lose any amount it paid for the warrant.

**Derivatives Risk.** Derivatives may include, among other things, futures, options, forwards and swap agreements and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the Fund may incur a loss greater than its principal investment.

**Foreign Currency Transactions Risk.** The Fund's transactions with respect to foreign currency may not be successful or have the effect of limiting gains from favorable market movements.

**Participatory Notes ("P-Notes") Risk. A**n investment in participatory notes is subject to market risk. The performance results of participatory notes may not exactly replicate the performance of the underlying securities. An investment in participatory notes is also subject to counterparty risk, relating to the non-U.S. bank or broker-dealer that issues the participatory notes, and may be subject to liquidity risk.

**Sector Focus Risk.** To the extent the Fund focuses its investments in one or more sectors, this may make the Fund particularly susceptible to adverse economic, political or regulatory occurrences and changes affecting companies in those sectors. As the Fund's investments in a sector increase, so does the potential for fluctuation in the net asset value ("NAV") of the Fund.

**Small- and Mid-Capitalization Stock Risk.** The stocks of small- and mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.

**Large-Capitalization Stock Risk. T**he stocks of large-capitalization companies are generally more mature and may not be able to reach the same levels of growth as the stocks of small- or mid-capitalization companies.

**Issuer Risk.** The performance of the Fund depends on the performance of the issuers of the individual securities in which Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Shares, to decline.

**Market Risk.** The value of the securities in the Fund may go up or down (sometimes significantly) in response to the prospects of individual companies and/or general economic conditions, including local, regional or global events.

**Management Risk.** The Sub-Adviser's judgments about the attractiveness and potential appreciation of a security or other asset may prove to be inaccurate and may not produce the desired results.

**ETF Risks.** The Fund is an ETF and, as a result of this structure, is exposed to the following risks, among others:

● **Authorized Participant Risk**. The Fund has a limited number of financial institutions that may act as Authorized Participants, none of which are obligated to engage in creation or redemption transactions. To the extent these Authorized Participants exit the business or are unable or unwilling to process creation and/or redemption orders (either because of valuation difficulties or for other reasons), and no other Authorized Participant is able or willing to

step forward to process creation and/or redemption orders, in either of these cases, Shares of the Fund may trade at a discount to net asset value ("NAV") and possibly face delisting.

● **Costs of Buying or Selling Shares.** Due to the costs of buying or selling Shares, including brokerage commissions and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

● **Fluctuation of NAV; Unit Premiums and Discounts.** The NAV of the Shares will generally fluctuate with changes in the market value of the Fund's securities holdings, and it cannot be predicted whether Shares will trade below, at or above their NAV. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.

● **No Assurance of Active Trading Market Risk.** Although the Shares in the Fund are approved for listing on the Exchange, there can be no assurance that an active trading market will develop and be maintained for the Shares of the Fund. In times of market stress, market makers or Authorized Participants may step away from their respective roles in making a market in the Fund's Shares, which could lead to wider bid/ ask spreads and variances between the market price of the Fund's Shares and their underlying value.

● **Fund Shares Liquidity Risk.** In stressed market conditions, the market for an ETF's shares may become less liquid in response to deteriorating liquidity in the markets for the ETF's underlying portfolio holdings, which can result in wider bid/ask spreads and differences between the ETF's NAV and market price.

**Small Fund Risk.** The Fund may experience low trading volume and wide bid/ask spreads, and may be delisted if it does not meet certain conditions of the Exchange, which could negatively impact the value of the Fund.

**PERFORMANCE INFORMATION**

The Fund is new and therefore does not have a performance history for a full calendar year. Performance information for the Fund will be provided once it has annual returns for a full calendar year. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**MANAGEMENT OF THE FUND**

**Investment Adviser and Sub-Adviser**

Virtus Investment Advisers, LLC (the "Adviser") is the Fund's investment adviser. Virtus ETF Trust II (the "Trust") and the Adviser have engaged Virtus Advisers, LLC ("VA"), operating through its division, Virtus Systematic ("Systematic") as the Fund's sub-adviser to manage the Fund's investments, subject to the oversight and supervision of the Adviser and the Board of Trustees of the Trust (the "Board"). VA is an affiliate of the Adviser.

**Portfolio Managers**

The following employees of Systematic are the Fund's portfolio managers, each of whom is jointly and primarily responsible for the day-to-day management of the Fund's portfolio and has served in such position since the inception of the Fund's operations in 2025: Kunal Ghosh, Jie Wei, Lu Yu and Yang Zhang.

**PURCHASE AND SALE OF FUND SHARES**

Unlike conventional investment companies, the Fund generally issues and redeems Shares on a continuous basis, at NAV, in aggregate blocks of shares or multiples thereof ("**Creation Units**"). The Fund's Creation Units may be issued and redeemed only by certain large institutions, referred to as "**Authorized Participants**," that enter into agreements with the Fund's principal underwriter. Retail investors may acquire and sell Shares only on the Exchange through a broker-dealer. Shares of the Fund will trade on the Exchange at market price rather than NAV. As such, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the secondary market (the "**bid-ask spread**"). Information regarding the Fund's NAV, market price, premiums and discounts, and bid-ask spreads is available on the Fund's website at <u>www.virtusetfs.com</u>.

**TAX INFORMATION**

The Fund's distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from such arrangement.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser, Systematic or their affiliates may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Virtus Systematic Emerging Markets Dividend ETF**

**RISK/RETURN SUMMARY INFORMATION**

**INVESTMENT OBJECTIVE**

The Virtus Systematic Emerging Markets Dividend ETF (the "**Fund**") seeks long-term capital appreciation and current income.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund ("**Shares**"). **You may incur customary brokerage commissions, and may pay other fees to financial intermediaries, when buying or selling Shares of the Fund, which are not reflected in the table or example set forth below.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shareholder Fees** (fees paid directly from your investment):

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Expenses<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Annual Fund Operating Expenses |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 management fee is structured as a "unified fee," out of which the Fund's investment adviser pays all of
 the ordinary operating expenses of the Fund, except for the following expenses, each of which is paid by the Fund: the Fund's
 management fee; payments under any 12b-1 plan; taxes and other governmental fees; brokerage fees, commissions and other transaction
 expenses; interest and other costs of borrowing; litigation or arbitration expenses; acquired fund fees and expenses; and
 extraordinary or other non-routine expenses of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Other
 Expenses" are based on estimated amounts for the current fiscal year.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $[ ] | $[ ] |

---

**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities or other instruments (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. The Fund is newly organized, and, as of the date of this Prospectus, has not had any portfolio turnover.

**PRINCIPAL INVESTMENT STRATEGY**

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in the securities of companies that pay dividend income and are tied economically to emerging market countries. Virtus Systematic ("Systematic"), a division of Virtus Advisers, LLC, the Fund's sub-adviser, defines emerging market countries as countries with securities markets that are less sophisticated than more developed markets in terms of participation by investors, analyst coverage, liquidity and/or regulation. The Fund may invest a substantial portion of its assets in equity securities of companies located in China.

Systematic believes that behavioral biases of investors contribute to market inefficiencies, creating opportunities. Systematic's quantitative investment process begins with a proprietary alpha model augmented by artificial intelligence and supported by technology,

which blends behavioral factors *(e.g*., human behaviors and biases) and intrinsic valuation factors (*e.g*., tangible measures of a company's underlying worth). The final investment and trading decisions are made by Systematic's portfolio management personnel. In order to arrive at the final investment portfolio selection, Systematic's portfolio management personnel complement the recommendations produced by the alpha model with a dynamic risk management overlay and qualitative reviews.

Specifically, Systematic utilizes a risk model for portfolio construction, with constraints at the individual security and industry levels to manage exposures relative to the Fund's benchmark. Additionally, all investment recommendations are thoroughly vetted at the individual company level to confirm the investment rationale and suitability before a purchase or sale.

The Fund normally invests primarily in common stocks, either directly or indirectly through depositary receipts. In addition to common stocks, equity securities in which the fund may invest include, without limitation, preferred stocks, convertible securities and warrants. The fund may invest in issuers of any size market capitalization, including smaller capitalization companies. The fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. The fund may also use participatory notes ("P-Notes") or other equity-linked notes to gain exposure to issuers in certain countries.

The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified index of securities. Instead, it uses an active investment strategy that seeks to meet its investment objective.

In addition, from time to time the Fund may focus its investments (i.e., invest more than 15% of its total assets) in one or more particular sectors. As of the date of this Prospectus, the Fund focused its investments in the Financials and Information Technology sectors.

**PRINCIPAL RISKS**

An investment in the Fund is subject to investment risks; therefore, you may lose money by investing in the Fund. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following principal risks:

**Equity Securities Risk.** The value of the equity securities held by the Fund may be negatively affected by the financial market, industries in which the Fund invests, or issuer-specific events. Focus on a particular style or in small-sized companies may enhance that risk.

**Dividend Paying Securities Risk**. Issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future, and may reduce or eliminate future dividends or distributions at any time and for any reason. If the dividends or distributions received by the Fund decrease, the Fund may have less income to distribute to the Fund's shareholders.

**Emerging Markets Investments Risk.** Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.

**Foreign Securities Risk.** Investing in loans and securities of foreign issuers subjects the Fund to additional risks such as tariff and global trade restrictions increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk. Additionally, to the extent that the underlying assets of the Fund trade on an exchange that is closed when the Exchange is open, there are likely to be deviations between current pricing of an underlying asset and stale asset pricing (i.e., the last quote from the foreign exchange market), resulting in premiums or discounts to NAV that are greater than those experienced by other ETFs.

● **China Investment Risk.** The Fund invests a significant portion of its assets in securities of issuers located or operating in China. Investing in China involves certain heightened risks and considerations, including, among others: frequent trading suspensions and government interventions (including by nationalizing assets); currency exchange rate fluctuations or blockages; limits on using brokers and on foreign ownership; different financial reporting standards; higher dependence on exports and international trade; political and social instability; infectious disease outbreaks; regional and global conflicts; increased trade tariffs, embargoes, and other trade limitations; custody and other risks associated with programs used to access Chinese securities; and uncertainties in tax rules that could result in unexpected tax liabilities for the Fund. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities. Moreover, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.

**Country/Geographic Region Risk.** To the extent that the Fund invests a significant portion of its assets in a specific geographic region or a particular country, it is more likely to be impacted by events or conditions affecting that country or region.

**Depositary Receipts Risk.** Investments in foreign companies through depositary receipts, including ADRs, may expose the Fund to the same risks as direct investments in securities.

**Preferred Stock Risk.** The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

**Convertible Securities Risk.** The value of a convertible security may decline as interest rates rise and/or vary with fluctuations in the market value of the underlying securities. The security may be called for redemption at a time and/ or price unfavorable to the Fund.

**Warrant Risk.** Warrants are securities issued by a company which give the holder the right, but not the obligation, to purchase stock, usually at a price that is higher than the market price at the time the warrant is issued. If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Portfolio would lose any amount it paid for the warrant.

**Derivatives Risk.** Derivatives may include, among other things, futures, options, forwards and swap agreements and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the Fund may incur a loss greater than its principal investment.

**Foreign Currency Transactions Risk.** The Fund's transactions with respect to foreign currency may not be successful or have the effect of limiting gains from favorable market movements.

**Participatory Notes ("P-Notes") Risk. A**n investment in participatory notes is subject to market risk. The performance results of participatory notes may not exactly replicate the performance of the underlying securities. An investment in participatory notes is also subject to counterparty risk, relating to the non-U.S. bank or broker-dealer that issues the participatory notes, and may be subject to liquidity risk.

**Sector Focus Risk.** To the extent the Fund focuses its investments in one or more sectors, this may make the Fund particularly susceptible to adverse economic, political or regulatory occurrences and changes affecting companies in those sectors. As the Fund's investments in a sector increase, so does the potential for fluctuation in the net asset value ("NAV") of the Fund.

**Small- and Mid-Capitalization Stock Risk.** The stocks of small- and mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.

**Large-Capitalization Stock Risk. T**he stocks of large-capitalization companies are generally more mature and may not be able to reach the same levels of growth as the stocks of small- or mid-capitalization companies.

**Issuer Risk.** The performance of the Fund depends on the performance of the issuers of the individual securities in which Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Shares, to decline.

**Market Risk.** The value of the securities in the Fund may go up or down (sometimes significantly) in response to the prospects of individual companies and/or general economic conditions, including local, regional or global events.

**Management Risk.** The Sub-Adviser's judgments about the attractiveness and potential appreciation of a security or other asset may prove to be inaccurate and may not produce the desired results.

**ETF Risks.** The Fund is an ETF and, as a result of this structure, is exposed to the following risks, among others:

● **Authorized Participant Risk**. The Fund has a limited number of financial institutions that may act as Authorized Participants, none of which are obligated to engage in creation or redemption transactions. To the extent these Authorized Participants exit the business or are unable or unwilling to process creation and/or redemption orders (either because of valuation difficulties or for other reasons), and no other Authorized Participant is able or willing to step forward to process creation and/or redemption orders, in either of these cases, Shares of the Fund may trade at a discount to net asset value ("NAV") and possibly face delisting.

● **Costs of Buying or Selling Shares.** Due to the costs of buying or selling Shares, including brokerage commissions and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

● **Fluctuation of NAV; Unit Premiums and Discounts.** The NAV of the Shares will generally fluctuate with changes in the market value of the Fund's securities holdings, and it cannot be predicted whether Shares will trade below, at or above their NAV. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.

● **No Assurance of Active Trading Market Risk.** Although the Shares in the Fund are approved for listing on the Exchange, there can be no assurance that an active trading market will develop and be maintained for the Shares of the Fund. In times of market stress, market makers or Authorized Participants may step away from their respective roles in making a market in the Fund's Shares, which could lead to wider bid/ ask spreads and variances between the market price of the Fund's Shares and their underlying value.

● **Fund Shares Liquidity Risk.** In stressed market conditions, the market for an ETF's shares may become less liquid in response to deteriorating liquidity in the markets for the ETF's underlying portfolio holdings, which can result in wider bid/ask spreads and differences between the ETF's NAV and market price.

**Small Fund Risk.** The Fund may experience low trading volume and wide bid/ask spreads, and may be delisted if it does not meet certain conditions of the Exchange, which could negatively impact the value of the Fund.

**PERFORMANCE INFORMATION**

The Fund is new and therefore does not have a performance history for a full calendar year. Performance information for the Fund will be provided once it has annual returns for a full calendar year. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**MANAGEMENT OF THE FUND**

**Investment Adviser and Sub-Adviser**

Virtus Investment Advisers, LLC (the "Adviser") is the Fund's investment adviser. Virtus ETF Trust II (the "Trust") and the Adviser have engaged Virtus Advisers, LLC ("VA"), operating through its division, Virtus Systematic ("Systematic") as the Fund's sub-adviser to manage the Fund's investments, subject to the oversight and supervision of the Adviser and the Board of Trustees of the Trust (the "Board"). VA is an affiliate of the Adviser.

**Portfolio Managers**

The following employees of Systematic are the Fund's portfolio managers, each of whom is jointly and primarily responsible for the day-to-day management of the Fund's portfolio and has served in such position since the inception of the Fund's operations in 2025: Kunal Ghosh, Jie Wei, Lu Yu and Yang Zhang.

**PURCHASE AND SALE OF FUND SHARES**

Unlike conventional investment companies, the Fund generally issues and redeems Shares on a continuous basis, at NAV, in aggregate blocks of shares or multiples thereof ("**Creation Units**"). The Fund's Creation Units may be issued and redeemed only by certain large institutions, referred to as "**Authorized Participants**," that enter into agreements with the Fund's principal underwriter. Retail investors may acquire and sell Shares only on the Exchange through a broker-dealer. Shares of the Fund will trade on the Exchange at market price rather than NAV. As such, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the secondary market (the "**bid-ask spread**"). Information regarding the Fund's NAV, market price, premiums and discounts, and bid-ask spreads is available on the Fund's website at <u>www.virtusetfs.com</u>.

**TAX INFORMATION**

The Fund's distributions generally are taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from such arrangement.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser, Systematic or their affiliates may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**ADDITIONAL INFORMATION REGARDING THE FUND'S INVESTMENT OBJECTIVE, STRATEGIES AND RISKS**

**Additional Information Regarding the Funds' Objective.** The Virtus Systematic U.S. Small Cap Growth ETF, the Virtus Systematic International Small Cap ETF and the Virtus Systematic Emerging Markets Equity ETF each seeks long-term capital appreciation. The Virtus Systematic U.S. Dividend ETF, the Virtus Systematic International Dividend ETF and the Virtus Systematic Emerging Markets Dividend ETF each seeks long-term capital appreciation and current income. The investment objective of each of the Virtus Systematic U.S. Small Cap Growth ETF, Virtus Systematic International Small Cap ETF, Virtus Systematic Emerging Markets Equity ETF, Virtus Systematic U.S. Dividend ETF, Virtus Systematic International Dividend ETF and Virtus Systematic Emerging Markets Dividend ETF (each, a "**Fund**" and, together, the "**Funds**") may be changed by the Board without shareholder approval upon 60 days' notice to the shareholders. There is no guarantee that a Fund will achieve its objective.

**Additional Information Regarding the Virtus Systematic U.S. Small Cap Growth ETF.**

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks of small capitalization companies with growth characteristics that are listed on U.S. exchanges. Virtus Systematic ("Systematic"), a division of Virtus Advisers, LLC, the Fund's sub-adviser, defines small capitalization companies to be companies whose market capitalizations are smaller than the largest 1,000 U.S. companies included in the Russell 2000<sup>®</sup> Growth Index. Under Systematic's market capitalization guidelines described above, based on market capitalization data as of June 30, 2025, the market capitalization of a small capitalization company would be below $[ ] million. This threshold will change due to market conditions.

Systematic believes that behavioral biases of investors contribute to market inefficiencies, creating opportunities. Systematic's quantitative investment process begins with a proprietary alpha model augmented by artificial intelligence and supported by technology, which blends behavioral factors *(e.g*., human behaviors and biases) and intrinsic valuation factors (*e.g*., tangible measures of a company's underlying worth). The final investment and trading decisions are made by Systematic's portfolio management personnel. In order to arrive at the final investment portfolio selection, Systematic's portfolio management personnel complement the recommendations produced by the alpha model with a dynamic risk management overlay and qualitative reviews.

Specifically, Systematic utilizes a risk model for portfolio construction, with constraints at the individual security and industry levels to manage exposures relative to the Fund's benchmark. Additionally, all investment recommendations are thoroughly vetted at the individual company level to confirm the investment rationale and suitability before a purchase or sale.

In addition to common stocks, equity securities in which the Fund may invest include, without limitation, preferred stocks, American depositary receipts ("ADRs"), convertible securities and warrants.

The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified index of securities. Instead, it uses an active investment strategy that seeks to meet its investment objective.

In addition, from time to time the Fund may focus its investments (i.e., invest more than 15% of its total assets) in one or more particular sectors. As of the date of this Prospectus, the Fund focused its investments in the Industrials, Healthcare, and Information Technology sectors.

Certain fundamental and non-fundamental policies of each Fund are set forth in the Funds SAI under "Investment Restrictions."

**Additional Information Regarding the Virtus Systematic International Small Cap ETF.** 

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks of small capitalization companies. Virtus Systematic ("Systematic"), a division of Virtus Advisers, LLC, the Fund's sub-adviser, defines small capitalization companies as those with market capitalizations comparable to companies included in the MSCI All Country World ex USA Small-Cap Index. Under normal circumstances, the Fund expects to maintain a weighted-average market capitalization between 75% and 150% of the weighted-average market capitalization of the securities in the MSCI All Country World ex USA Small-Cap Index. Under the market capitalization guidelines described above, based on market capitalization data as of June 30, 2025, the weighted-average market capitalization of a small capitalization company in which the Fund may invest would range from $1.0 billion to $4.0 billion. This threshold will change due to market conditions.

The Fund normally invests principally in securities of international issuers, which are those located outside the United States and allocates its investments among at least eight different countries. The Fund may invest in emerging market securities.

Systematic believes that behavioral biases of investors contribute to market inefficiencies, creating opportunities. Systematic's quantitative investment process begins with a proprietary investment-return forecasting model augmented by artificial intelligence and supported by technology, which combines behavioral factors (which seek to capitalize on human behavioral biases (i.e., systematic tendencies) from financial analysts, company management and investors), with intrinsic and valuation factors (which are expected to provide tangible measures of a company's true worth). The final investment and trading decisions are made by Systematic's portfolio management personnel. In order to arrive at the final investment portfolio selection, Systematic's portfolio management personnel complement the recommendations produced by the investment-return forecasting model with a dynamic risk management overlay and qualitative reviews.

Specifically, Systematic utilizes a risk model for portfolio construction, with constraints at the individual security, country and industry levels to manage exposures relative to the Fund's benchmark. Additionally, all investment recommendations are thoroughly vetted on an individual company level to confirm the investment rationale and suitability before a purchase or sale.

In addition to common stocks, equity securities in which the Fund may invest include, without limitation, preferred stocks, American depositary receipts ("ADRs"), convertible securities and warrants. The Fund also may invest in securities issued in initial public offerings ("IPOs"), real estate investment trusts ("REITs") and may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. The Fund typically does not engage in active hedging of currency but retains flexibility to do so depending on market performance.

The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified index of securities. Instead, it uses an active investment strategy that seeks to meet its investment objective.

In addition, from time to time the Fund may focus its investments (i.e., invest more than 15% of its total assets) in one or more particular sectors. As of the date of this Prospectus, the Fund focused its investments in the Industrials and Financials sectors.

Certain fundamental and non-fundamental policies of each Fund are set forth in the Funds SAI under "Investment Restrictions."

**Additional Information Regarding the Virtus Systematic Emerging Markets Equity ETF.**

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in the equity securities of companies that are tied economically to emerging market countries. Virtus Systematic ("Systematic"), a division of Virtus Advisers, LLC, the Fund's sub-adviser, defines emerging market countries as countries with securities markets that are less sophisticated than more developed markets in terms of participation by investors, analyst coverage, liquidity and/or regulation. The Fund may invest a substantial portion of its assets in equity securities of companies located in China.

Systematic believes that behavioral biases of investors contribute to market inefficiencies, creating opportunities. Systematic's quantitative investment process begins with a proprietary alpha model augmented by artificial intelligence and supported by technology, which blends behavioral factors (e.g., human behaviors and biases) and intrinsic valuation factors (e.g., tangible measures of a company's underlying worth). The final investment and trading decisions are made by Systematic's portfolio management personnel. In order to arrive at the final investment portfolio selection, Systematic's portfolio management personnel complement the recommendations produced by the alpha model with a dynamic risk management overlay and qualitative reviews.

Specifically, Systematic's utilizes a risk model for portfolio construction, with constraints at the individual security and industry levels to manage exposures relative to the Fund's benchmark. Additionally, all investment recommendations are thoroughly vetted at the individual company level to confirm the investment rationale and suitability before a purchase or sale.

The Fund normally invests primarily in common stocks, either directly or indirectly through depositary receipts. In addition to common stocks, equity securities in which the Fund may invest include, without limitation, preferred stocks, convertible securities and warrants. The Fund may invest in issuers of any size market capitalization, including smaller capitalization companies. The Fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. The Fund may also use participatory notes ("P-Notes") or other equity-linked notes to gain exposure to issuers in certain countries.

The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified index of securities. Instead, it uses an active investment strategy that seeks to meet its investment objective.

In addition, from time to time the Fund may focus its investments (i.e., invest more than 15% of its total assets) in one or more particular sectors. As of the date of this Prospectus, the Fund focused its investments in the Financials and Information Technology sectors.

Certain fundamental and non-fundamental policies of each Fund are set forth in the Funds SAI under "Investment Restrictions."

**Additional Information Regarding the Virtus Systematic U.S. Dividend ETF.**

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in the common stocks of companies that pay dividend income and that are listed on U.S. exchanges.

Virtus Systematic ("Systematic"), a division of Virtus Advisers, LLC, the Fund's sub-adviser, believes that behavioral biases of investors contribute to market inefficiencies, creating opportunities. Systematic's quantitative investment process begins with a proprietary alpha model augmented by artificial intelligence and supported by technology, which blends behavioral factors *(e.g*., human behaviors and biases) and intrinsic valuation factors (*e.g*., tangible measures of a company's underlying worth). The final investment and trading decisions are made by Systematic's's portfolio management personnel. In order to arrive at the final investment portfolio selection, Systematic's's portfolio management personnel complement the recommendations produced by the alpha model with a dynamic risk management overlay and qualitative reviews.

Specifically, Systematic's utilizes a risk model for portfolio construction, with constraints at the individual security and industry levels to manage exposures relative to the Fund's benchmark. The investment process puts a particular focus on higher dividend paying (and yielding) stocks, which results in the Fund with a higher dividend yield higher than the typical emerging market equity. Additionally, all investment recommendations are thoroughly vetted at the individual company level to confirm the investment rationale and suitability before a purchase or sale.

In addition to common stocks, equity securities in which the Fund may invest include, without limitation, preferred stocks, American Depositary Receipts ("ADRs"), convertible securities and warrants.

The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified index of securities. Instead, it uses an active investment strategy that seeks to meet its investment objective.

In addition, from time to time the Fund may focus its investments (i.e., invest more than 15% of its total assets) in one or more particular sectors. As of the date of this Prospectus, the Fund focused its investments in the Financials and Information Technology sectors.

Certain fundamental and non-fundamental policies of each Fund are set forth in the Funds SAI under "Investment Restrictions."

**Additional Information Regarding the Virtus Systematic International Dividend ETF.**

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in the securities of companies that pay dividend income. The Fund will invest in securities of international companies, which are those that are tied economically to countries with developed non-US securities markets. Virtus Systematic ("Systematic"), a division of Virtus Advisers, LLC, the Fund's sub-adviser, defines developed non-US securities markets as securities markets that are more sophisticated than emerging markets in terms of participation by investors, analyst coverage, liquidity and/or regulation. The Fund may invest some portion of its assets in Hong Kong listed equity securities of companies which are exposed to China's economic activity.

Systematic believes that behavioral biases of investors contribute to market inefficiencies, creating opportunities. Systematic's quantitative investment process begins with a proprietary alpha model augmented by artificial intelligence and supported by technology, which blends behavioral factors (e.g., human behaviors and biases) and intrinsic valuation factors (e.g., tangible measures of a company's underlying worth). The final investment and trading decisions are made by Systematic's's portfolio management personnel. In order to arrive at the final investment portfolio selection, Systematic's's portfolio management personnel complement the recommendations produced by the alpha model with a dynamic risk management overlay and qualitative reviews.

Specifically, Systematic's utilizes a risk model for portfolio construction, with constraints at the individual security and industry levels to manage exposures relative to the Fund's benchmark. Additionally, all investment recommendations are thoroughly vetted at the individual company level to confirm the investment rationale and suitability before a purchase or sale.

The Fund normally invests primarily in common stocks, either directly or indirectly through depositary receipts. In addition to common stocks, equity securities in which the fund may invest include, without limitation, preferred stocks, convertible securities and warrants. The Fund may invest in issuers of any size market capitalization, including smaller capitalization companies. The Fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. The Fund may also use participatory notes ("P-Notes") or other equity-linked notes to gain exposure to issuers in certain countries.

The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified index of securities. Instead, it uses an active investment strategy that seeks to meet its investment objective.

In addition, from time to time the Fund may focus its investments (i.e., invest more than 15% of its total assets) in one or more particular sectors. As of the date of this Prospectus, the Fund focused its investments in the Financials and Information Technology sectors.

Certain fundamental and non-fundamental policies of each Fund are set forth in the Funds SAI under "Investment Restrictions."

**Additional Information Regarding the Virtus Systematic Emerging Markets Dividend ETF.**

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in the securities of companies that pay dividend income and are tied economically to emerging market countries. Virtus Systematic ("Systematic"), a division of Virtus Advisers, LLC, the Fund's sub-adviser, defines emerging market countries as countries with securities markets that are less sophisticated than more developed markets in terms of participation by investors, analyst coverage, liquidity and/or regulation. The Fund may invest a substantial portion of its assets in equity securities of companies located in China.

Systematic believes that behavioral biases of investors contribute to market inefficiencies, creating opportunities. Systematic's quantitative investment process begins with a proprietary alpha model which blends behavioral factors (e.g., human behaviors and biases) and intrinsic valuation factors (e.g., tangible measures of a company's underlying worth). Systematic utilizes a risk model for portfolio construction, with constraints at the individual security and industry levels to manage exposures relative to the Fund's benchmark. Additionally, all investment recommendations are thoroughly vetted at the individual company level to confirm the investment rationale and suitability before a purchase or sale.

The Fund normally invests primarily in common stocks, either directly or indirectly through depositary receipts. In addition to common stocks, equity securities in which the fund may invest include, without limitation, preferred stocks, convertible securities and warrants. The fund may invest in issuers of any size market capitalization, including smaller capitalization companies. The fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. The fund may also use participatory notes ("P-Notes") or other equity-linked notes to gain exposure to issuers in certain countries.

Certain fundamental and non-fundamental policies of each Fund are set forth in the Funds SAI under "Investment Restrictions."

**Additional Information Regarding the Funds' Principal Risks.**

***Convertible Securities Risk.*** The market values of convertible securities are affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. Some convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.

***Country/Geographic Region Risk.*** To the extent that the Fund invests a significant portion of its assets in a specific geographic region or a particular country, the Fund will generally have more exposure to that region or country's economic risks. In the event of economic or political turmoil or a deterioration of diplomatic relations in a region or country where a significant portion of the Fund's assets are invested, the Fund may experience substantial illiquidity or reduction in the value of the Fund's investments. Adverse conditions in a certain region or country can also adversely affect securities of issuers in other countries whose economies appear to be unrelated.

***Depositary Receipts Risk.*** Changes in foreign currency exchange rates will affect the value of depositary receipts, including ADRs and, therefore, may affect the value of the Fund's portfolio. There is no guarantee that a financial institution will continue to sponsor a depositary receipt, or that the ADR will continue to trade on an exchange, either of which could adversely affect the liquidity, availability and pricing of the ADR.

a Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund's ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

● *Futures Risk.* Futures trading may be speculative and volatile, and trading in the futures markets may result in volatile performance. The price movements of futures contracts are influenced by changing supply and demand relationships, agricultural, trade, fiscal, monetary and exchange control programs and policies, national and international political and economic events, crop diseases, climate, the purchasing and marketing programs of different nations, changes in interest rates and numerous other factors. In addition, governments occasionally intervene, directly and by regulation, in certain markets, particularly those in currencies and interest rates. Government intervention is often intended to influence prices directly. A Fund cannot control these factors and therefore could incur substantial or total losses. In addition, the low margin deposits normally required to trade futures contracts (typically between 2% and 15% of the value of the contract purchased or sold) permit a high degree of leverage. For example, if 10% of the contract price is deposited as margin, a 10% decrease in the contract price would result in a total loss of the margin deposit before any deduction for brokerage commissions. A decrease of more than 10% of the contract price would result in a loss of more than the total margin deposit. Accordingly, a relatively small price movement in a contract may cause immediate and substantial losses to a Fund. The use of leverage may result in losses that exceed the amount of capital invested.

***Dividend Paying Securities Risk***. Issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. An issuer may reduce or eliminate future dividends or distributions at any time and for any reason. The value of a security of an issuer that has paid dividends in the past may decrease if the issuer reduces or eliminates future payments to its shareholders. If the dividends or distributions received by a Fund decrease, the Fund may have less income to distribute to the Fund's shareholders. Dividend paying securities can fall out of favor with the market, causing a Fund to underperform funds that do not focus on dividend paying securities during such periods. In addition, securities with higher dividend yields can be sensitive to interest rate movements: when interest rates rise, the prices of these securities may tend to fall. Conversely, the prices of higher yielding securities may tend to rise when interest rates fall. Interest rate changes can be sudden and unpredictable and are influenced by a number of factors including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand of bonds.

***Equity Securities Risk.*** The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual issuers, industries or the stock market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. In a declining stock market, stock prices for all companies (including those in the Fund's portfolio) may decline, regardless of their long-term prospects. Common stock is subordinated to preferred stocks, bonds and other debt instruments in a company's capital structure, which results in holders of common stock being subject to more risks than holders of preferred stocks or debt instruments of such issuers in the event of bankruptcy of such issuers.

***Emerging Markets Investments Risk.*** Investments in emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations than investments in more developed markets. Companies in emerging markets may be subject to less stringent regulatory, accounting, auditing, and financial reporting and recordkeeping standards than companies in more developed countries, which could impede Systematic's ability to evaluate such companies or impact the Fund's performance. Securities laws and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions may be limited or otherwise impaired. In addition, investments in emerging markets may experience lower trading volume, greater price fluctuations, delayed settlement, unexpected market closures and lack of timely information, and may be subject to additional transaction costs.

***ETF Risks.*** The Fund is an ETF and, as a result of this structure, is exposed to the following risks, among others:

● *Authorized Participant Risk.* The Fund has a limited number of financial institutions that may act as Authorized Participants, none of which are obligated to engage in creation or redemption transactions. To the extent these Authorized Participants exit the business or are unable or unwilling to process creation and/or redemption orders (either because of valuation difficulties or for other reasons), and no other Authorized Participant is able or willing to step forward to process creation and/or redemption orders, in either of these cases, Shares of the Fund may trade at a discount to NAV and possibly face delisting.

● *Costs of Buying or Selling Shares.* Investors buying or selling Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers as determined by those brokers. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts

of Shares. In addition, secondary market investors will also incur the cost of the difference between the price that an investor is willing to pay for Shares (the "bid" price) and the price at which an investor is willing to sell Shares (the "ask" price). This difference in bid and ask prices is often referred to as the "spread" or "bid/ask spread." The bid/ask spread varies over time for Shares based on trading volume and market liquidity, and is generally lower if the Shares have more trading volume and market liquidity and higher if the Shares have little trading volume and market liquidity. Further, increased market volatility may cause increased bid/ask spreads. Due to the costs of buying or selling Shares, including bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

● *Fluctuation of NAV; Unit Premiums and Discounts*. The NAV of the Shares will generally fluctuate with changes in the market value of the Fund's securities holdings. The market prices of Shares will generally fluctuate in accordance with changes in the Fund's NAV and supply and demand of Shares on the Exchange or any other exchange on which Shares are traded. It cannot be predicted whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of the Fund trading individually or in the aggregate at any point in time. The market prices of Shares may deviate significantly from the NAV of the Shares during periods of market volatility. While the creation/redemption feature is designed to make it likely that Shares normally will trade close to the Fund's NAV, disruptions to creations and redemptions and/or market volatility may result in trading prices that differ significantly from the Fund's NAV. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. For example, during a "flash crash," the market prices of the Shares may decline suddenly and significantly. Such a decline may not reflect the performance of the portfolio securities held by the Fund. Flash crashes may cause Authorized Participants and other market makers to limit or cease trading in the Shares for temporary or longer periods. Shareholders could suffer significant losses to the extent that they sell Shares at these temporarily low market prices.

● *No Assurance of Active Trading Market Risk.* Although the Shares in the Fund are approved for listing on the Exchange, there can be no assurance that an active trading market will develop and be maintained for the Shares of the Fund. Further, market makers (other than lead market makers) have no obligation to make markets in the Shares and may discontinue doing so at any time without notice. As a new fund, there can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Fund may ultimately liquidate.

● *Fund Shares Liquidity Risk.* Trading in Shares may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares is subject to trading halts caused by extraordinary market volatility pursuant to "circuit breaker" rules. There can be no assurance that the requirements necessary to maintain the listing of the Shares will continue to be met or will remain unchanged. During stressed market conditions, the liquidity of Shares may be less than the liquidity of the securities in the Fund's portfolio, which may be significantly less than the liquidity of other ETFs.

● *Early Closing Risk.* An unanticipated early closing of the Exchange may result in a shareholder's inability to buy or sell Shares on that day.

● *Redeeming Risk.* Shares in the Fund generally may be redeemed only in Creation Units and only by Authorized Participants. All other persons or entities transacting in Shares must generally do so in the secondary market. Small Fund Risk. The Fund may experience low trading volume and wide bid/ask spreads. In addition, the Fund may face the risk of being delisted if the Fund does not meet certain conditions of the Exchange. If the Fund were to be required to delist from the Exchange, the value of the Fund may rapidly decline and performance may be negatively impacted. In addition, any resulting liquidation of the Fund could cause the Fund to incur elevated transaction costs for the Fund and negative tax consequences for its shareholders.

***Foreign Currency Transactions Risk***. Foreign currency transactions may not prove successful or may have the effect of limiting gains from favorable market movements. The Fund may use derivatives to acquire positions in various currencies, which presents the risk that the Fund could lose money on its exposure to a particular currency and also lose money on the derivative. The Fund also may take positions in currencies that do not correlate to the currency exposure presented by the Fund's other investments. As a result, the Fund's currency exposure may differ, in some cases significantly, from the currency exposure of its other investments and/or its benchmark.

***Foreign Securities Risk.*** Having exposure to securities of foreign issuers subjects the Fund to risks not usually associated with having exposure to securities of U.S. issuers, including tariff and global trade restrictions. There is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of U.S. securities laws. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Having exposure to foreign securities also involves the risk of possible adverse changes in investment or exchange control regulations or currency exchange rates, expropriation or confiscatory taxation, limitation on the removal of cash or other assets from foreign markets, political or financial instability, or diplomatic and other developments which could affect such securities. Further, economies of particular countries or areas of the world may differ favorably or unfavorably from the economy of the United States. Foreign securities often trade with less frequency and volume than domestic securities and therefore may exhibit greater price volatility. Having exposure to foreign markets also involves currency risk, which is the risk that the values of securities denominated in foreign currencies will decrease due to adverse changes in the value of the U.S. dollar relative to the value of foreign currencies. Additionally, to the extent that the underlying assets of the Fund trade on an exchange that is closed when the Exchange is open, there are likely to be deviations between current pricing of an underlying asset and stale asset pricing (i.e., the last quote from the foreign exchange market), resulting in premiums or discounts to NAV that are greater than those experienced by other ETFs.

● **China Investment Risk.** The Fund invests a significant portion of its assets in securities of issuers located or operating in China. Investing in China involves certain heightened risks and considerations, including, among others: frequent trading suspensions and government interventions (including by nationalizing assets); currency exchange rate fluctuations or blockages; limits on using brokers and on foreign ownership; different financial reporting standards; higher dependence on exports and international trade; political and social instability; infectious disease outbreaks; regional and global conflicts; increased trade tariffs, embargoes, and other trade limitations; custody and other risks associated with programs used to access Chinese securities; and uncertainties in tax rules that could result in unexpected tax liabilities for the Fund. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities. Moreover, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.

● **Hong Kong Investment Risk.** If China were to exert its authority so as to alter the economic, political or legal structures or the existing social policy of Hong Kong, investor and business confidence in Hong Kong could be negatively affected, which in turn could negatively affect markets and business performance and have an adverse effect on the Fund's investments.

***Initial Public Offering ("IPO") Risk.*** The Fund may invest in IPOs. IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to certain factors, such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund's asset base is small, a significant portion of the Fund's performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund's assets grow, the effect of the Fund's investments in IPOs on the Fund's performance probably will decline, which could reduce the Fund's performance. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund's portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Fund's adviser cannot guarantee continued access to IPOs.

***Issuer Risk.*** The performance of the Fund depends on the performance of the issuers of the individual securities in which Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Shares, to decline.

***Large-Capitalization Stock Risk.*** Large-sized companies tend to compete in mature product markets and typically do not experience the level of sustained growth of smaller companies and companies competing in less mature product markets. Large-capitalization companies may be unable to respond as quickly as smaller companies to competitive challenges or changes in business, product,

financial, or other market conditions. For these and other reasons, a fund that invests in large-capitalization companies may underperform other stock funds (such as funds that focus on the stocks of small- and medium-capitalization companies) when stocks of large-capitalization companies are out of favor.

***Management Risk.*** Because the Fund is actively managed, an investment in the Fund is subject to the risk that the investment process, techniques and risk analyses applied by a sub-adviser will not produce the desired results, and that the Fund's investments may underperform the market or applicable benchmarks. The NAV of the Shares changes daily based on the performance of the securities and other instruments in which the Fund invests. Different types of securities and other instruments tend to shift into and out of favor with investors depending on market and economic conditions. There is no guarantee that a sub-adviser's judgments about the attractiveness or value of particular investments will be correct or produce the desired results. If a sub-adviser fails to accurately judge potential investments, the Share price may be adversely affected.

***Market Risk.*** The value of securities to which the Fund has exposure may decline due to daily fluctuations in the securities markets that are generally beyond the Fund's control, including the quality of the Fund's investments, economic conditions, adverse investor sentiment, poor management decisions, lower demand for a company's goods or services, and general market conditions. In a declining market, the prices for all securities (including those to which the Fund has exposure) may decline, regardless of their long-term prospects. Security values tend to move in cycles, with periods when securities markets generally rise and periods when they generally decline. In addition, local, regional or global events such as war (e.g., Russia's invasion of Ukraine, and the Israel-Hamas war), acts of terrorism, natural or environmental disasters, the spread of infectious illnesses or other public health issues, economic crisis, or other events could have a significant impact on the Fund, its investments and the trading of its Shares.

***Participatory Note Risk.*** Participatory notes are unsecured and unsubordinated debt securities designed to replicate exposure to underlying referenced equity investments and are sold by a bank or broker-dealer in markets where the Fund is restricted from directly purchasing equity securities. Participatory notes involve risks that are in addition to the risks normally associated with a direct investment in the underlying equity securities. The Fund is subject to the risk that the issuer of the participatory note (i.e., the issuing bank or broker-dealer), which is the only responsible party under the note, is unable or refuses to perform under the terms of the participatory note. While the holder of a participatory note is entitled to receive from the issuing bank or broker-dealer any dividends or other distributions paid on the underlying securities, the holder is not entitled to the same rights as an owner of the underlying securities, such as voting rights. Participatory notes are also not traded on exchanges, are privately issued, and may be illiquid. To the extent a participatory note is determined to be illiquid, it would be subject to the Fund's limitation on investments in illiquid securities. There can be no assurance that the trading price or value of participatory notes will equal the value of the underlying value of the equity securities they seek to replicate.

***Preferred Stock Risk.*** There are special risks associated with investing in preferred stock, including:

● *Deferral and Omission.* Preferred stock may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer. If the Fund owns a preferred stock that is deferring or omitting its distributions, the Fund may be required to report income for tax purposes although it has not yet received such income.

● *Subordination.* Preferred stock is generally subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.

● *Interest Rate.* The prices of preferred stock typically respond to interest rate changes, decreasing in value if interest rates rise and increasing in value if interest rates fall.

● *Liquidity.* Preferred stock may be substantially less liquid than many other securities, such as common stocks or U.S. government securities. Accordingly, increases in interest rates are likely to have a negative impact on the preferred stocks held by the Fund.

● *Limited Voting Rights.* Generally, traditional preferred stock offers no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred stockholders may elect a number of directors to the issuer's board. Generally, once all the arrearages have been paid, the preferred stockholders no longer have voting rights. In the case of hybrid-preferred stock, holders generally have no voting rights.

● *Special Redemption Rights.* In certain varying circumstances, an issuer of preferred stock may redeem the securities prior to a specified date. For instance, for certain types of preferred stock, a redemption may be triggered by certain changes in Federal income tax or securities laws. As with call provisions, a special redemption by the issuer may negatively impact the return of the security held by the Fund.

● *New Types of Securities.* From time to time, preferred securities, including hybrid-preferred securities and over-the-counter preferred securities, have been, and may in the future be, offered. The Fund reserves the right to invest in these securities if Systematic believes that doing so would be consistent with the Fund's investment objective and policies. Because the market for these instruments are new, the Fund may have difficulty disposing of them at a suitable price and time. These instruments may present risks such as limited liquidity and high price volatility.

***REIT Risk.*** Investments in REITs and other securities of Real Estate companies subject the Fund to, among other things, risks similar to those of direct investments in real estate and the real estate sector in general. These include risks related to general and local economic conditions, possible lack of availability of financing and changes in interest rates or property values. REITs are entities that either own properties or make construction or mortgage loans, and also may include operating or finance companies. The Fund is subject to the risk that the value of stocks of REITs will decline because of adverse developments affecting the real estate sector and real property values. Such a decline could be precipitated by, among other things, general economic decline, deterioration in the real estate rental market, declines in real estate property demand, changes in interest rates, declines in the availability of real estate financing, increases in borrower defaults, overbuilding, or other developments that reduce credit and cash positions of REITs and REIT operators on a local, regional or national level. REITs may also be adversely affected by poor management, failure to quality as a REIT under the Code, environmental problems, property tax increases or changes in federal, state or local regulations. In addition to the above, Mortgage REITs are subject to the following risks: credit risk of the borrowers under the underlying mortgages, insufficient insurance, risks of investments in subprime mortgages, foreclosure risk, interest rate risk, risks of borrowing and leverage, and prepayment risk.

***Sector Focus Risk.*** To the extent the Fund focuses its investments in one or more sectors, this may make the Fund particularly susceptible to adverse economic, political or regulatory occurrences and changes affecting companies in those sectors. As the Fund's investments in a sector increase, so does the potential for fluctuation in the NAV of the Fund.

● *Financial Sector Risk.* The Fund may be susceptible to adverse economic or regulatory occurrences affecting the financial sector. Companies in the financial sector are subject to extensive government regulation and, as a result, their profitability may be affected by new regulations or regulatory interpretations. Unstable interest rates can have a disproportionate effect on companies in the financial sector, which could adversely affect the profitability of such companies. Companies in the financial sector whose securities the Fund may purchase may themselves have concentrated portfolios, which makes them especially vulnerable to unstable economic conditions.

● *Healthcare Sector Risk.* The profitability of companies in the healthcare sector may be affected by extensive, costly and uncertain government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), changes in the demand for medical products and services, an increased emphasis on outpatient services, limited product lines, industry innovation and/or consolidation, changes in technologies and other market developments. Many healthcare companies are heavily dependent on obtaining and defending patents, which may be time consuming and costly. The expiration of patents may adversely affect the profitability of these companies. Many healthcare companies are subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.

● *Industrials Sector Risk.* To the extent the Fund focuses its investments in the industrials sector, it may be subject to increased risk and volatility. Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.

● *Information Technology Sector Risk.* To the extent the Fund focuses its investments on information technology, it may be subject to increased risk and volatility. Risks affecting companies in the information technology sector include competition from new and existing companies, limited operating histories and management experience, patent and other intellectual property considerations and the commercial non-viability or rapid obsolescence of equipment, products or services.

***Small- and Mid-Capitalization Stock Risk.*** Investing in the securities of small- and medium-capitalization companies generally involves greater risk than investing in larger, more established companies. The securities of small- and medium-capitalization companies usually have more limited marketability and therefore may be more volatile and less liquid than securities of larger, more established companies or the market averages in general. Because small- and medium-capitalization companies normally have fewer shares outstanding than larger companies, it may be more difficult to buy or sell significant amounts of their shares without an unfavorable impact on prevailing prices. Small- and medium-capitalization companies often have limited product lines, markets, or financial resources and lack management depth, making them more susceptible to market pressures. Small- and medium-capitalization companies are typically subject to greater changes in earnings and business prospects than larger, more established companies. Small- and medium-capitalization companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying any loans which are floating rate.

***Small Fund Risk.*** The Fund may experience low trading volume and wide bid/ask spreads. In addition, the Fund may face the risk of being delisted if the Fund does not meet certain conditions of the Exchange. If the Fund were to be required to delist from the Exchange, the value of the Fund may rapidly decline and performance may be negatively impacted. In addition, any resulting liquidation of the Fund could cause the Fund to incur elevated transaction costs for the Fund and negative tax consequences for its shareholders.

***Temporary Defensive Positions.*** In certain adverse market, economic, political or other conditions, a Fund may temporarily depart from its normal investment policies and strategies. At such times, the Fund may invest in cash or cash equivalents, such as money market instruments, and to the extent permitted by applicable law and the Fund's investment restrictions, shares of other investment companies, including money market funds. Under such circumstances, the Fund may invest up to 100% of its assets in these investments and may do so for extended periods of time. To the extent that a Fund invests in money market instruments or other investment companies, shareholders of the Fund would indirectly pay both the Fund's expenses and the expenses relating to those other investment companies with respect to the Fund's assets invested in such investment companies. When a Fund takes a temporary defensive position, the Fund may not be able to achieve its investment objective.

***Warrants Risk*.** Warrants are essentially options to purchase equity securities at specific prices and are valid for a specific period of time. The holders of warrants and rights have no voting rights, and receive no dividends, with respect to the equity interests underlying warrants, and will have no rights with respect to the assets of the issuer, until the warrant is exercised. Investments in warrants involve certain risks, including, without limitation, the possible lack of a liquid market for resale, potential price fluctuations as a result of speculation or other factors, and failure of the price of the underlying security to reach or have reasonable prospects of reaching a level at which the warrant can be prudently exercised (in which event the warrant may expire without being exercised, resulting in a loss of the Fund's entire investment therein).

**Disclosure of Portfolio Holdings*.*** The Fund's portfolio holdings will be disclosed on the Fund's website (www.virtusetfs.com) daily after the close of trading on the Exchange and prior to the opening of trading on the Exchange the following day.

**MANAGEMENT OF THE FUND**

**INVESTMENT ADVISER**

Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) ("VIA"), located at One Financial Plaza, Hartford, Connecticut 06103, serves as the investment adviser to each Fund. VIA, an indirect, wholly owned subsidiary of Virtus Investment Partners, Inc., a publicly traded multi-manager asset management business, acts as the investment adviser for over 60 mutual funds. VIA has acted as an investment adviser for over 80 years. As of June 30, 2025, VIA had approximately [$__] billion in assets under management.

VIA is responsible for the oversight and management of all service providers to the Trust. VIA has engaged Virtus Advisers, LLC ("VA"), operating through its Virtus Systematic division, to manage the respective Fund's investments in accordance with the stated investment objective and policies of each Fund, subject to the oversight and supervision of VIA and the Board, and will oversee VA's compliance with the terms and conditions of the SEC rule on which each Fund relies to operate as an ETF, as well as the Trust's related policies and procedures. VIA also assists with: (a) non-advisory operations of the respective Fund, (b) the preparation and submission of reports to existing shareholders, (c) the periodic updating of the respective Fund's prospectus and statement of additional information, (d) the preparation of reports to be filed with the SEC and other regulatory authorities, and (e) maintaining certain of the respective Fund's records.

Adviser Compensation. VIA receives a monthly advisory fee from the Virtus Systematic U.S. Small Cap Growth ETF, Virtus Systematic International Small Cap ETF, Virtus Systematic Emerging Markets Equity ETF, Virtus Systematic U.S. Dividend ETF, Virtus Systematic International Dividend ETF and Virtus Systematic Emerging Markets Dividend ETF at the annual rate of __%, __%,__%,__%,__%, and __%, respectively, of the Fund's average daily net assets. The advisory fee for each Fund is structured as a

"unified fee." Accordingly, in consideration of the fees paid with respect to each Fund, VIA has agreed to pay all of the ordinary operating expenses of the Funds, except for the following expenses, each of which is paid by the respective Fund: the advisory fee; payments under any 12b-1 plan; taxes and other governmental fees; brokerage fees, commissions and other transaction expenses; interest and other costs of borrowing; litigation or arbitration expenses; acquired fund fees and expenses; and extraordinary or other non-routine expenses of the respective Fund.

**INVESTMENT SUB-ADVISER**

Virtus Advisers, LLC ("VA") is the Funds' sub-adviser. VA, an affiliate of VIA, is located at One Financial Plaza, Hartford, CT 06103. VA operates through its Virtus Systematic division in sub-advising the Funds. As of June 30, 2025, VA had approximately [$] billion in aggregate assets under management. As of June, 2025, the Virtus Systematic division of VA had approximately [$] billion in assets under management.

VA has served as each Fund's sub-adviser since the commencement of the Fund's operations pursuant to a sub-advisory agreement with VA and VIA, as approved by the Board. VA makes day-to-day investment decisions for each Fund and selects broker-dealers for executing portfolio transactions, subject to its best execution obligations and the Trust's and the respective sub-adviser's brokerage policies. VIA, however, will continue to have overall responsibility for the management and investment of the assets and responsibility for all advisory services furnished by VA and will supervise VA in the performance of its duties for each Fund pursuant to written policies and procedures designed to prevent violations of applicable laws and regulations, Board procedures, and the provisions of each Fund's prospectus and SAI, as supplemented from time to time.

Sub-Adviser Compensation. For services provided to each Fund, VIA will pay VA a fee, payable monthly in arrears, equal to 50% of the net advisory fee payable by the respective Fund to VIA for such month. For this purpose, the "net advisory fee" means the advisory fee paid by a Fund to VIA for investment advisory services under VIA's investment advisory agreement with the Fund, after deducting the payment of all of the ordinary operating expenses of the Fund under VIA's unified fee arrangement. In the event that VIA waives all or a portion of its fee pursuant to an applicable waiver agreement, then VA will waive its fee in the same proportion as VIA.

Disclosure Regarding Advisory and Sub-Advisory Agreement Approval. A discussion regarding the basis for the Board's most recent approval of the investment advisory agreement and investment sub-advisory agreement for each Fund will be available in the Fund's reports filed on Form N-CSR for its initial fiscal period. You may obtain a copy of the Fund's annual and semi-annual reports, without charge, upon request to the Fund.

**MANAGER OF MANAGERS STRUCTURE**

The SEC has granted exemptive relief that permits VIA, subject to certain conditions, to enter into new sub-advisory agreements with affiliated or unaffiliated sub-advisers on behalf of each Fund without shareholder approval. The exemptive relief also permits material amendments to existing sub-advisory agreements with affiliated or unaffiliated sub-advisers without shareholder approval. Under this structure, VIA has ultimate responsibility, subject to oversight by the Board, to oversee such sub-advisers and recommend to the Board their hiring, termination, and replacement. The structure does not permit investment advisory fees paid by a Fund to be increased without shareholder approval, or change VIA's obligations under the investment advisory agreement, including VIA's responsibility to monitor and oversee sub-advisory services furnished to the Fund.

**PORTFOLIO MANAGERS**

The following employees are the Funds' portfolio managers, each of whom is jointly and primarily responsible for the day-to-day management of each Fund's portfolio and has served in such positions since the inception of each Fund's operations.

● Kunal
 Ghosh, Portfolio Manager

Mr. Ghosh is chief investment officer and senior managing director of Virtus Systematic, which he joined in 2022. Mr. Ghosh has investment industry experience since 2002. Previously, he was a managing director and head of the Systematic team with Allianz Global Investors, which he joined in 2006. Mr. Ghosh was previously a research associate and portfolio manager for Barclays Global Investors, and a quantitative analyst for the Cayuga Hedge Fund. He has a B.Tech. from the Indian Institute of Technology, an M.S. in material engineering from the University of British Columbia and an M.B.A. from Cornell University.

● Jie
 Wei, CFA, Portfolio Manager

Mr. Wei is a senior portfolio manager and director of Virtus Systematic, which he joined in 2022. He has been a portfolio manager and a director with Allianz Global Investors, which he joined in 2008. He has portfolio-management and research responsibilities for the Systematic team. Mr. Wei has 17 years of investment-industry experience. Previously, he was a quantitative strategist at GMN (GSA) Capital, where he built data systems for research, alpha generation and performance analysis. Before that, Mr. Wei was an intern with the fix-income research group at Barclays Global Investors, where he developed multi-factor risk models for US Treasury and Agency bonds. He has a B.S. from Wuhan University, China, an M S. from the National University of Singapore and an MFE degree from the University of California, Berkeley. Mr. Wei is a CFA charter holder.

● Lu
 Yu, CFA, Portfolio Manager

Ms. Yu is a lead portfolio manager and managing director of Virtus Systematic, which she joined in 2022. She has 18 years of investment-industry experience. Previously, Ms. Yu was a managing director and had portfolio-management and research responsibilities for the Systematic team with Allianz Global Investors. She was previously a risk analyst for Provident Advisors LLC. Ms. Yu has a B.S. from Nanjing University, China, and an M.S. from the University of Southern California and the National University of Singapore. She holds CFA and CIPM designations.

● Yang
 Zhang, Portfolio Manager

Yang Zhang is an assistant director and data scientist, Virtus Systematic, with Virtus Advisers, LLC. He specializes in machine learning, deep learning, natural language processing, and pattern recognition. Prior to joining Virtus in 2022, Mr. Zhang was a data scientist with Allianz Global Investors, which he joined in 2018. Mr. Zhang earned a Bachelor of Engineering degree from Tsinghua University and an M.S. in signal and image processing using artificial intelligence from the University of California San Diego. Mr. Zhang began his career in the investment management industry in 2018.

**Additional Information.** Additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers and the portfolio managers' ownership of Shares of the Fund is available in the Fund's SAI.

**BOARD OF TRUSTEES**

Each Fund is a diversified series of the Trust, which is an open-end management investment company organized as a Delaware statutory trust on July 14, 2015. The Board supervises the operations of the Trust and the Fund according to applicable state and federal law, and is responsible for the overall management of the Fund's business affairs.

**OPERATIONAL ADMINISTRATOR**

Virtus ETF Solutions LLC (the "**Administrator**"), located at 1301 Avenue of the Americas, 14th Floor, New York, New York 10019, serves as each Fund's operational administrator. The Administrator supervises the overall administration of the Trust and each Fund including, among other responsibilities, the coordination and day-to-day oversight of the Fund's operations, the service providers' communications with the Fund and each other, and assistance with Trust, Board and contractual matters related to the Fund and other series of the Trust. The Administrator also provides persons satisfactory to the Board to serve as officers of the Trust.

**ACCOUNTING SERVICES ADMINISTRATOR, CUSTODIAN AND TRANSFER AGENT**

The Bank of New York Mellon ("**BNY Mellon**"), located at 240 Greenwich Street, New York, New York 10286, directly and through its subsidiary companies, provides necessary administrative, accounting, tax and financial reporting for the maintenance and operations of the Trust as each Fund's accounting services administrator. BNY Mellon also serves as the custodian for the Fund's assets, and serves as transfer agent and dividend paying agent for the Fund.

**DISTRIBUTOR**

VP Distributors, LLC (the "**Distributor**"), located at One Financial Plaza, Hartford, CT 06103, serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in Shares.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

[_] , located at [____], serves as the independent registered public accounting firm for the Trust and each Fund.

**LEGAL COUNSEL**

Stradley Ronon Stevens & Young, LLP, located at 2005 Market Street, Suite 2600, Philadelphia, PA 19103, serves as counsel to the Trust and the Independent Trustees.

**EXPENSES OF THE FUNDS**

Each Fund pays all expenses not assumed by the Adviser. General Trust expenses that are allocated among and charged to the assets of a Fund and other series of the Trust are done so on a basis that the Board deems fair and equitable, which may be on a basis of relative net assets of the Fund and other series of the Trust or the nature of the services performed and relative applicability to the Fund and other series of the Trust.

**INVESTING IN THE FUND**

**DISTRIBUTION AND SERVICE PLAN**

The Board has adopted on behalf of the Fund a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 ("**1940 Act**"). In accordance with its Rule 12b-1 plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to finance activities primarily intended to result in the sale of Creation Units of the Fund or the provision of investor services. No Rule 12b-1 fees are currently paid by the Fund, and there are no current plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the Fund's assets, and over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

The Adviser, Systematics and their affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of a Fund. The making of these payments could create a conflict of interest for a financial intermediary receiving such payments.

**DETERMINATION OF NET ASSET VALUE**

The NAV of the Shares for each Fund is equal to the Fund's total assets minus the Fund's total liabilities divided by the total number of Shares outstanding. Interest and investment income on the Trust's assets accrue daily and are included in a Fund's total assets. Expenses and fees (including investment advisory, management, administration and distribution fees, if any) accrue daily and are included in each Fund's total liabilities. The NAV that is published is rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV is calculated to five decimal places.

The pricing and valuation of portfolio securities is determined in good faith in accordance with procedures approved by, and under the direction of, the Board. In determining the value of a Fund's assets, portfolio securities are generally valued at market using quotations from the primary market in which they are traded. Debt securities (other than short-term investments) are valued on the basis of broker quotes or valuations provided by a pricing service, which in determining value utilizes information regarding recent sales, market transactions in comparable securities, quotations from dealers, and various relationships between securities. Short-term investments having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market value. Other assets, such as accrued interest, accrued dividends and cash are also included in determining the NAV. The Fund normally uses third party pricing services to obtain market quotations.

The Board has designated the Adviser to serve as its valuation designee, pursuant to Rule 2a-5 under the 1940 Act, to perform the fair value determinations relating to any or all Fund investments. Accordingly, securities and assets for which market quotations are not readily available or which cannot be accurately valued using a Fund's normal pricing procedures are valued by the Adviser at fair value as determined in good faith under policies approved by the Board. Fair value pricing may be used, for example, in situations where (i) portfolio securities, such as securities with small capitalizations, are so thinly traded that there have been no transactions for that security over an extended period of time; (ii) an event occurs after the close of the exchange on which a portfolio security is principally traded that is likely to change the value of the portfolio security prior to a Fund's NAV calculation; (iii) the exchange on which the portfolio security is principally traded closes early; or (iv) trading of the particular portfolio security is halted during the day and does not resume prior to a Fund's NAV calculation. Pursuant to policies adopted by the Board, the Adviser consults with BNY Mellon and Systematic on a regular basis regarding the need for fair value pricing. Fair value pricing is intended to result in a calculation of a Fund's NAV that fairly reflects portfolio security values as of the time of pricing. A portfolio security's "fair value" price may differ from the price next available for that portfolio security using a Fund's normal pricing procedures, and the fair value price may differ substantially from the price at which the security may ultimately be traded or sold. If the fair value price differs from the price that would have been determined using a Fund's normal pricing procedures, you may receive more or less proceeds or Shares from redemptions or purchases of Shares, respectively, than you would have otherwise received if the portfolio security were priced using a Fund's normal pricing procedures, which could result in the market prices for Shares deviating from NAV. The performance of a Fund may also be affected if a portfolio security's fair value price were to differ from the security's price using the Fund's normal pricing procedures. The Board oversees the Adviser in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act.

Foreign securities not denominated in U.S. dollars are translated from the local currency into U.S. dollars using currency exchange rates supplied by a quotation service. If securities in which a Fund invests are listed primarily on foreign exchanges that trade on weekends or other days when the Fund does not price its Shares, the NAV of the Shares may change on days when you will not be able to purchase or redeem Shares. Foreign currencies, securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates generally determined as of 4:00 p.m. Eastern time.

To the extent the assets of a Fund are invested in other open-end investment companies that are registered under the 1940 Act, the Fund's NAV is calculated based upon the NAVs reported by such registered open-end investment companies, and the prospectuses for these companies explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. With respect to securities that are primarily listed on foreign exchanges, the value of a Fund's portfolio securities may change on days when you will not be able to purchase or sell your Shares.

The NAV is determined as of the close of regular trading on the Exchange, normally 4:00 p.m. Eastern time, on each day that the Exchange is open for business. Currently, the Exchange is closed on weekends and in recognition of the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

**PREMIUM/DISCOUNT INFORMATION**

Information regarding the extent and frequency with which market prices of Shares have tracked the Fund's NAV for the most recently completed calendar year and the most recently completed calendar quarters since that year will be available without charge on a Fund's website.

**FREQUENT TRADING**

Unlike traditional mutual funds, Shares can only be purchased and redeemed directly from the Fund in Creation Units by Authorized Participants, and the vast majority of trading in the Shares occurs on the secondary market. Because secondary market trades do not involve a Fund directly, those trades are unlikely to cause many of the harmful effects of frequent purchases and redemptions of Shares, including dilution, disruption of portfolio management, increases in the Fund's trading costs and the realization of capital gains. In addition, direct trading on a short-term basis by Authorized Participants is critical to ensuring that the Shares trade at or close to NAV. Each Fund also imposes transaction fees on purchases and redemptions of Creation Units by Authorized Participants, which are designed to offset the Fund's transaction costs associated with issuing and redeeming Creation Units. Given this structure, the Board determined that it is not necessary to adopt policies and procedures with respect to frequent purchases and redemptions of Shares by Fund shareholders. Each Fund reserves the right to reject any purchase order at any time and reserves the right to impose restrictions on disruptive or excessive trading in Creation Units. Each Fund also reserves the right to reject any redemption order in accordance with applicable law.

The Board has instructed the officers of the Trust to review reports of purchases and redemptions of Creation Units on a regular basis to determine if there is any unusual trading in the Shares. The officers of the Trust will report to the Board any such unusual trading in Creation Units that is disruptive to a Fund. In such event, the Board may reconsider its decision not to adopt market timing policies and procedures.

**DISTRIBUTIONS**

Each Fund intends to qualify each year as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "**Code**"). As a regulated investment company, a Fund generally pays no federal income tax on the income and gains it distributes to shareholders. Each Fund expects to distribute substantially all of its net investment income and its net realized capital gains, if any, at least annually. Each Fund may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund. The amount of any distribution will vary, and there is no guarantee a Fund will pay either an income dividend or a capital gains distribution. Distributions may be reinvested automatically in additional whole Shares only if the broker through whom you purchased Shares makes such option available.

Each year, you will receive an annual statement (Form 1099) of your account activity to assist you in completing your federal, state and local tax returns. Distributions declared in October, November, or December to shareholders of record in such month, but paid in January, are taxable as if they were paid in December. Each Fund makes every effort to search for reclassified income to reduce the number of corrected forms mailed to you. However, when necessary, you will receive a corrected Form 1099 to reflect reclassified information.

At the time you purchase your Shares, the price of Shares may reflect undistributed income, undistributed capital gains, or net unrealized appreciation in value of portfolio securities held by a Fund. For taxable investors, a subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable. Buying Shares in a Fund just before it declares an income dividend or capital gains distribution is sometimes known as "buying a dividend."

**FEDERAL INCOME TAXES**

**FUND DISTRIBUTIONS**

Each Fund expects, based on its investment objective and strategies, that its distributions, if any, will be taxable as ordinary income, capital gains, or some combination of both. This is true whether you reinvest your distributions in additional Shares or receive them in cash. For federal income tax purposes, Fund distributions of short-term capital gains are taxable to you as ordinary income. Fund distributions of long-term capital gains are taxable to you as long-term capital gains no matter how long you have owned your Shares. Because the income of each Fund is primarily derived from investments earning interest rather than dividend income, generally none or only a small portion of the income dividends reported by the Fund is anticipated to be qualified dividend income eligible for taxation by individual shareholders at long-term capital gain rates, provided certain holding period requirements are met.

**SALE OF FUND SHARES**

A sale of Shares is a taxable event and, accordingly, a capital gain or loss may be recognized. Currently, any capital gain or loss realized upon a sale of Shares generally is treated as long-term capital gain or loss if the Shares have been held for more than one year and as short-term capital gain or loss if the Shares have been held for one year or less. The ability to deduct capital losses may be limited.

**TAX TREATMENT OF FUND SHAREHOLDERS**

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from taxable dispositions of Shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount. This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

Fund distributions and gains from the sale of your Shares generally are subject to state and local taxes.

Non-U.S. investors may be subject to U.S. withholding tax at a 30% or lower treaty rate and U.S. estate tax and are subject to special U.S. tax certification requirements to avoid backup withholding and claim any treaty benefits. Exemptions from U.S. withholding tax are provided for certain capital gain dividends paid by a Fund from net long-term capital gains, interest-related dividends and short-term capital gain dividends, if such amounts are reported by the Fund. However, notwithstanding such exemptions from U.S. withholding at the source, any such dividends and distributions of income and capital gains will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

Under the Foreign Account Tax Compliance Act ("FATCA"), a 30% withholding tax is imposed on income dividends paid by a Fund to certain foreign entities, referred to as foreign financial institutions or nonfinancial foreign entities, that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Shares; however, based on proposed regulations issued by the Internal Revenue Service ("**IRS**"), which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). Information about a shareholder in a Fund may be disclosed to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of the Fund fails to provide the appropriate certifications or other documentation concerning its status under FATCA.

**WITHHOLDING**

By law, if you do not provide your proper taxpayer identification number and certain required certifications, you may be subject to backup withholding on any distributions of income, capital gains or proceeds from the sale of your Shares. Withholding is also imposed if the IRS requires it. When withholding is required, the amount will be 24% of any distributions or proceeds paid.

**CREATION UNITS**

An Authorized Participant who exchanges securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time of purchase (plus any cash received by the

Authorized Participant as part of the issue) and the Authorized Participant's aggregate basis in the securities surrendered (plus any cash paid by the Authorized Participant as part of the issue). An Authorized Participant who exchanges Creation Units for securities generally will recognize a gain or loss equal to the difference between the Authorized Participant's basis in the Creation Units (plus any cash paid by the Authorized Participant as part of the redemption) and the aggregate market value of the securities received (plus any cash received by the Authorized Participant as part of the redemption). The IRS, however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position. Persons exchanging securities should consult their own tax advisor with respect to whether the wash sale rules apply and when a loss might be deductible.

Under current federal tax laws, any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if the Shares have been held for more than one year and as a short-term capital gain or loss if the Shares have been held for one year or less, assuming such Creation Units are held as a capital asset.

If a Fund redeems Creation Units in cash, it may recognize more capital gains than it will if it redeems Creation Units in-kind.

***This discussion of "Federal Income Taxes" is not intended or written to be used as tax advice. Because everyone's tax situation is unique, you should consult your tax professional about federal, state, local or foreign tax consequences before making an investment in a Fund. For additional information, see the "Taxation" section of the Statement of Additional Information.***

**FUND WEBSITE AND DISCLOSURE OF PORTFOLIO HOLDINGS**

The Trust maintains a website for the Fund at www.virtusetfs.com. The website for the Funds contain the following information, on a per-Share basis, for the Funds: (i) the prior Business Day's NAV and market price; (ii) the 30-day median bid-ask spread; (iii) the reported midpoint of the bid-ask spread at the time of NAV calculation (the "**Bid-Ask Price**"); (iv) a calculation of the premium or discount of the Bid-Ask Price against such NAV; and (v) data in chart format displaying the frequency distribution of discounts and premiums of the Bid-Ask Price against the NAV, within appropriate ranges, for each of the four previous calendar quarters (or for the life of the Fund if, shorter). In addition, on each Business Day, before the commencement of trading in Shares on the Exchange, the Trust discloses on the Fund's website the identities and quantities of the portfolio securities and other assets held by the Fund that will form the basis for the calculation of NAV at the end of the Business Day.

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the SAI.

**OTHER INFORMATION**

Each Fund is not sponsored, endorsed, sold or promoted by the Exchange. The Exchange makes no representation or warranty, express or implied, to the owners of Shares or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Fund to achieve its objective. The Exchange has no obligation or liability in connection with the administration, marketing or trading of the Fund.

For purposes of the 1940 Act, each Fund is a registered investment company, and the acquisition of Shares by other registered investment companies and companies relying on exemption from registration as investment companies under Section 3(c)(1) or 3(c)(7) of the 1940 Act is subject to the restrictions of Section 12(d)(1) of the 1940 Act, except as permitted by SEC rule or an exemptive order that permits registered investment companies to invest in the Fund beyond those limitations.

**FINANCIAL HIGHLIGHTS**

Each Fund is newly organized and therefore has not yet had any operations prior to the date of this Prospectus.

**ADDITIONAL INFORMATION**

If you would like more information about the Trust, the Funds or the Shares, the following documents are available free upon request:

**Annual and Semi-Annual Reports; Form N-CSR Filed with the SEC**

Additional information about each Fund's investments will be available in the Fund's annual and semi-annual reports and in Form N-CSR filed with the SEC. Once available, you will find in the Funds' annual report a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during the prior fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

**Statement of Additional Information**

Additional information about each Fund and its policies is also available in the Fund'sSAI. The SAI is incorporated by reference into this Prospectus (and is legally considered part of this Prospectus).

To receive a free copy of the Fund's SAI, annual and semi-annual reports , financial statements or other information about the Fund, or to make inquiries about the Fund, please call the Fund toll-free at (888) 383-0553. You can also access and download the SAI and the most recent annual and semi-annual reports and financial statements without charge at the Fund's website at <u>www.virtusetfs.com</u> or by written request to the Fund at the address below.

*To obtain other information and for shareholder inquiries:*

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| | |
|:---|:---|
| <u>By telephone:</u> | (888) 383-0553 |
| <u>By mail:</u> | Virtus ETF Trust II<br> 1301 Avenue of the Americas, 14th Floor<br> New York, NY 10019 |
| <u>On the Internet:</u> | SEC Edgar database: http://www.sec.gov; or<br> www.virtusetfs.com |

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Only one copy of a Prospectus or an annual or semi-annual report will be sent to each household address. This process, known as "householding", is used for most required shareholder mailings. (It does not apply to confirmations of transactions and account statements, however.) You may, of course, request an additional copy of a Prospectus or an annual or semi-annual report at any time by calling or writing the Funds. You may also request that householding be eliminated from all your required mailings.

Reports and other information about the Funds are available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

No person is authorized to give any information or to make any representations about the Fund or its Shares not contained in this Prospectus, and you should not rely on any other information. Read and keep this Prospectus for future reference.

Dealers effecting transactions in the Shares, whether or not participating in this distribution, may be generally required to deliver a Prospectus. This is in addition to any obligation dealers have to deliver a Prospectus when acting as underwriters.

Virtus ETF Trust II: Investment Company Act file number 811-23078

The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

**STATEMENT OF ADDITIONAL INFORMATION**

**VIRTUS SYSTEMATIC U.S. SMALL CAP GROWTH ETF (TICKER: [ ])**

**VIRTUS SYSTEMATIC INTERNATIONAL SMALL CAP ETF (TICKER: VSIS)**

**VIRTUS SYSTEMATIC EMERGING MARKETS EQUITY ETF (Ticker: VSEM)**

**VIRTUS SYSTEMATIC U.S. DIVIDEND ETF (Ticker: VSDV)**

**VIRTUS SYSTEMATIC INTERNATIONAL DIVIDEND ETF (Ticker: VSID)**

**VIRTUS SYSTEMATIC EMERGING MARKETS DIVIDEND ETF (Ticker: [ ])**

**EXCHANGE:** **NYSE Arca, Inc.**

__, 2025

*each a series of* 

Virtus ETF Trust II<br> 1301 Avenue of the Americas, 14th Floor <br> New York, NY 10019<br> Telephone: (888) 383-0553

This Statement of Additional Information ("SAI") is meant to be read in conjunction with the prospectus ("Prospectus") for the Virtus Systematic U.S. Small Cap Growth ETF (Ticker:[ ]), Virtus Systematic International Small Cap ETF (Ticker: VSIS), Virtus Systematic Emerging Markets Equity ETF (Ticker: VSEM), Virtus Systematic U.S. Dividend ETF (Ticker: VSDV), Virtus Systematic International Dividend ETF (Ticker: VSID) and Virtus Systematic Emerging Markets Dividend ETF (Ticker:[ ]) (each, a "Fund" and together, the "Funds"), each a series of Virtus ETF Trust II (the "Trust"), dated the same date as this SAI, which incorporates this SAI by reference in its entirety. Because this SAI is not itself a prospectus, no investment in shares of the Funds should be made solely upon the information contained herein. Copies of the Prospectus for the Funds may be obtained at no charge by writing or calling the Funds at the address or phone number shown above. Capitalized terms used but not defined herein have the same meanings as in the Prospectus. No person has been authorized to give any information or to make any representations other than those contained in this SAI and the Prospectus, and, if given or made, such information or representations may not be relied upon as having been authorized by the Trust. The SAI does not constitute an offer to sell securities.

The Funds' financial statements are not presented for the Funds since the Funds are newly formed and had not yet commenced operations prior to the date of this SAI. Once available, you may obtain a copy of the Funds' financial statements and Form N-CSR at no charge by request to the Funds at the address or phone number noted below. A copy of the Prospectus for the Funds may be obtained, without charge, by calling (888) 383-0553 or visiting www.virtusetfs.com, or writing to the Trust, c/o VP Distributors, LLC, One Financial Plaza, Hartford, CT 06103.

**<u>**TABLE OF CONTENTS**</u>**

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| | |
|:---|:---|
|  | **Page** |
| [GENERAL DESCRIPTION OF THE TRUST AND THE FUND](#systematicb001) | 1 |
| [EXCHANGE LISTING AND TRADING](#systematicb002) | 1 |
| [OTHER INVESTMENT POLICIES](#systematicb003) | 2 |
| [INVESTMENT LIMITATIONS](#systematicb004) | 16 |
| [MANAGEMENT AND OTHER SERVICE PROVIDERS](#systematicb005) | 17 |
| [CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES](#systematicb006) | 23 |
| [MANAGEMENT SERVICES](#systematicb007) | 23 |
| [OTHER SERVICE PROVIDERS](#systematicb008) | 25 |
| [SECURITIES LENDING](#systematicb009) | 26 |
| [PORTFOLIO TRANSACTIONS AND BROKERAGE](#systematicb010) | 27 |
| [DISCLOSURE OF PORTFOLIO HOLDINGS](#systematicb011) | 28 |
| [INDICATIVE INTRA-DAY VALUE](#systematicb012) | 29 |
| [ADDITIONAL INFORMATION CONCERNING SHARES](#systematicb013) | 29 |
| [PURCHASE AND REDEMPTION OF CREATION UNITS](#systematicb014) | 31 |
| [SECURITIES SETTLEMENTS FOR REDEMPTIONS](#systematicb015) | 35 |
| [CONTINUOUS OFFERING](#systematicb016) | 36 |
| [DETERMINATION OF NET ASSET VALUE](#systematicb017) | 36 |
| [DIVIDENDS AND DISTRIBUTIONS](#systematicb018) | 37 |
| [TAXATION](#systematicb019) | 37 |
| [OTHER INFORMATION](#systematicb020) | 46 |
| [FINANCIAL STATEMENTS](#systematicb021) | 46 |
| [Appendix A - Credit Quality Ratings](#systematicb022) | A-1 |
| [APPENDIX B – TRUST PROXY VOTING POLICY AND PROCEDURES](#systematicb023) | B-1 |

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**GENERAL DESCRIPTION OF THE TRUST AND THE FUNDs**

The Trust was organized as a Delaware statutory trust on July 14, 2015 and is registered with the Securities and Exchange Commission (the "**SEC**") as an open-end management investment company under the Investment Company Act of 1940 (the "**1940 Act**"). The Trust currently consists of nineteen investment portfolios: Virtus Systematic U.S. Small Cap Growth ETF (Ticker: [ ]), Virtus Systematic International Small Cap ETF (Ticker: VSIS), Virtus Systematic Emerging Markets Equity ETF (Ticker: VSEM), Virtus Systematic U.S. Dividend ETF (Ticker: VSDV), Virtus Systematic International Dividend ETF (Ticker: VSID) and Virtus Systematic Emerging Markets Dividend ETF (Ticker: [ ]), Virtus IG Public & Private Credit ETF (Ticker: IGY), Virtus AlphaSimplex Global Macro ETF (Ticker: ASGM), Virtus Stone Harbor International Bond ETF (Ticker: XUSY), Virtus Seix AAA Private Credit CLO ETF (Ticker: PCLO), Virtus AlphaSimplex Managed Futures ETF (Ticker: ASMF), Virtus Duff & Phelps Clean Energy ETF (Ticker: VCLN), Virtus KAR Mid-Cap ETF (Ticker: KMID), Virtus Newfleet Short Duration High Yield Bond ETF (Ticker: VSHY), Virtus Newfleet ABS/MBS ETF (Ticker: VABS), Virtus Newfleet Short Duration Core Plus Bond ETF (Ticker: SDCP), Virtus Seix Senior Loan ETF (Ticker: SEIX), Virtus Stone Harbor Emerging Markets High Yield Bond ETF (Ticker: VEMY) and Virtus Terranova U.S. Quality Momentum ETF (Ticker: JOET). Other portfolios may be added to the Trust in the future. Virtus Duff & Phelps Clean Energy ETF, Virtus KAR Mid-Cap ETF, Virtus Seix AAA Private Credit CLO ETF, Virtus AlphaSimplex Global Macro ETF, Virtus Stone Harbor International Bond ETF, Virtus Seix Senior Loan ETF, and Virtus Stone Harbor Emerging Markets High Yield Bond ETF each are classified as a non-diversified management investment company under the 1940 Act, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund can. The shares of each Fund are referred to herein as "**Fund Shares**" or "**Shares**." The offering of Shares is registered under the Securities Act of 1933 (the "**Securities Act**").

The investment adviser for the Virtus Systematic U.S. Small Cap Growth ETF, Virtus Systematic International Small Cap ETF, Virtus Systematic Emerging Markets Equity ETF, Virtus Systematic U.S. Dividend ETF, Virtus Systematic International Dividend ETF and Virtus Systematic Emerging Markets Dividend ETF (each, a "Fund" and collectively, the "Funds") is Virtus Investment Advisers, LLC ("Adviser"). The sub-adviser for each Fund is Virtus Systematic, a division of Virtus Advisers, LLC (the "Sub-Adviser"). The sub-adviser is an affiliate of the Adviser.

Each Fund offers and issues Shares at net asset value (the "**NAV**") only in aggregations of a specified number of Shares (each, a "**Creation Unit**"), generally in exchange for cash or a basket of equity securities included in the Fund's portfolio (the "**Deposit Securities**"), together with the deposit of a specified cash payment (the "**Cash Component**"). Shares are generally redeemable only in Creation Units and, generally, in exchange for Deposit Securities and a Cash Component. Creation Units are aggregations of Shares and are available only to certain large institutions, referred to as "**Authorized Participants**", that enter into agreements with VP Distributors, LLC (the "**Distributor**"). In the event of the liquidation of the Fund, the Trust may lower the number of Shares in a Creation Unit.

**FUND NAME AND INVESTMENT POLICY.** Each Fund has a name that suggests a focus on a particular type of investment. In accordance with Rule 35d-1 under the 1940 Act, each Fund has adopted a policy that it will, under normal circumstances, invest at least 80% of its assets in a particular type of investment. For this Names Rule Policy, "assets" means net assets plus the amount of any borrowings for investment purposes. In addition, in appropriate circumstances, synthetic investments may be included in the 80% basket of the Names Rule Policy if they have economic characteristics similar to the other investments included in the basket. To the extent sufficient information is reasonably available, a Fund will also consider the holdings of any ETF and other U.S. registered investment companies in which it invests when determining compliance with the Fund's Names Rule Policy. The Fund's Names Rule Policy is not a "fundamental" policy, which means that it may be changed without a vote of a majority of the Fund's outstanding shares as defined in the 1940 Act. However, under Rule 35d-1, shareholders must be given notice at least 60 days prior to any change by the Fund of its Names Rule Policy.

**EXCHANGE LISTING AND TRADING**

Fund Shares trade on the NYSE Arca, Inc. (the "**Exchange**") at market prices that may be below, at or above NAV. There can be no assurance that the requirements of the Exchange necessary for the Funds to maintain the listing of its Shares will continue to be met. The Exchange will consider the suspension of trading and delisting of the Shares of a Fund if (i) the Exchange becomes aware that a Fund is no longer eligible to operate in reliance on Rule 6c-11 under the 1940 Act, (ii) following the initial 12-month period after commencement of trading of Fund Shares, there are fewer than 50 beneficial holders of Shares of the Fund, (iii) any other applicable listing requirements set forth in the Exchange's listing rules are not continuously maintained, or (iv) any other event occurs or condition exists that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the Shares of a Fund from listing and trading upon termination of the Fund.

As in the case of other stocks traded on the Exchange, brokers' commissions on transactions will be based on negotiated commission rates at customary levels.

The Trust reserves the right to adjust the price levels of the Shares in the future to maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of a Funds.

**OTHER INVESTMENT POLICIES**

The following policies supplement each Fund' investment objective and policies as described in the Prospectus for the Funds.

**GENERAL INVESTMENT RISKS.** All investments in securities and other financial instruments involve a risk of financial loss. No assurance can be given that each Fund's investment program will be successful. Investors should carefully review the descriptions of each Fund's investments and its risks in this SAI and the Prospectus.

**BORROWING.** Each Fund may, subject to the restrictions of the 1940 Act, borrow money from banks for investment purposes or as a temporary measure. For example, a Fund may borrow money to meet redemption requests or for extraordinary or emergency purposes. In the event a Fund should ever borrow money under these conditions, such borrowing could increase a Fund's costs and thus reduce the value of the Fund's assets. The 1940 Act presently allows a Fund to borrow from any bank (including pledging, mortgaging or hypothecating assets) provided that, immediately after any such borrowing, there is an asset coverage of at least 300% for all such borrowings, and provided further that, in the event that a Fund's asset coverage at any time falls below 300%, the Fund reduces its existing borrowings (within three days, excluding Sundays and holidays) to the extent necessary to comply with the foregoing limitation.

**Collateralized Debt Obligations.** A Fund may invest in collateralized debt obligations ("CDOs"), which include collateralized bond obligations ("CBOs"), CLOs and other similarly structured securities. CDOs are types of asset-backed securities. A CBO is ordinarily issued by a trust or other special purpose entity ("SPE") and is typically backed by a diversified pool of fixed-income securities (which may include high risk, below investment grade securities) held by such issuer. A CLO is ordinarily issued by a trust or other SPE and is typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S. senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of the United States may not be deemed to be foreign securities if the CLO is collateralized by a pool of loans, a substantial portion of which are U.S. loans. Although certain CDOs may benefit from credit enhancement in the form of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be present, and may fail to protect a Fund against the risk of loss on default of the collateral. Certain CDO issuers may use derivatives contracts to create "synthetic" exposure to assets rather than holding such assets directly, which entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and administrative expenses, which are in addition to those of a Fund.

For CBOs, the cash flows from the SPE are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche, which bears the first loss from defaults from the bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection is not complete). Since it is partially protected from defaults, a senior tranche from a CBO typically has higher ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection from the equity tranche, CBO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults as well as investor aversion to CBO securities as a class. Interest on certain tranches of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than cash), which involves continued exposure to default risk with respect to such payments.

The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. Normally, CBOs and other CDOs are privately offered and sold, and thus are not registered under the securities laws. However, an active dealer market may exist for CDOs, allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization ("NRSRO"); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by a Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced "fire sale" liquidation due to technical defaults such as coverage test failures; and (viii) the CDO's manager may perform poorly.

**CONVERTIBLE SECURITIES.** A Fund may invest directly or indirectly in securities convertible into common stock if, for example, its sub-adviser believes that a company's convertible securities are undervalued in the market. Convertible securities eligible for purchase by a Fund include convertible bonds, convertible preferred stocks and warrants. Convertible securities are subject to risks associated with the performance of the company underlying the securities, as well as the underlying instruments. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities.

**COMMODITIES-RELATED INVESTING.** Commodity-related companies may underperform the stock market as a whole. The value of securities issued by commodity-related companies maybe affected by factors affecting a particular industry or commodity. The operations and financial performance of commodity- related companies may be directly affected by commodity prices, especially those commodity-related companies that own the underlying commodity. The stock prices of such companies may also experience greater price volatility than other types of common stocks. Securities issued by commodity-related companies are sensitive to changes in the supply and demand for, and thus the prices of, commodities. Volatility of commodity prices, which may lead to a reduction in production or supply, may also negatively impact the performance of commodity and natural resources companies that are solely involved in the transportation, processing, storing, distribution or marketing of commodities. Volatility of commodity prices may also make it more difficult for commodity-related companies to raise capital to the extent the market perceives that their performance may be directly or indirectly tied to commodity prices. Certain types of commodities instruments (such as commodity-linked notes) are subject to the risk that the counterparty to the instrument will not perform or will be unable to perform in accordance with the terms of the instrument. Exposure to commodities and commodities markets may subject the Fund to greater volatility than investments in traditional securities. No active trading market may exist for certain commodities investments, which may impair the ability of a Fund to sell or to realize the full value of such investments in the event of the need to liquidate such investments. In addition, adverse market conditions may impair the liquidity of actively traded commodities investments. Commodities may include, among other things, oil, gas, coal, alternative energy, steel, timber, agricultural products, minerals, precious metals (e.g., gold, silver, platinum, and palladium) and other resources. In addition, a Fund may invest in companies principally engaged in the commodities industries (such as mining, dealing or transportation companies) with significant exposure to commodities markets or investments in commodities, and through these investments may be exposed to the risks of investing in commodities. In order to qualify for the special U.S. federal income tax treatment accorded regulated investment companies and their shareholders described in "Taxation" below, a Fund must, among other things, derive at least 90% of its income from certain specified sources (such income, "qualifying income"). Income from certain commodity-linked investments does not constitute qualifying income to the Fund. The tax treatment of certain other commodity-linked investments is not certain, in particular with respect to whether income and gains from such investments constitute qualifying income. If such income were determined not to constitute qualifying income and were to cause the a Fund's non-qualifying income to exceed 10% of the Fund's gross income for any year, the Fund would fail the 90% gross income test and fail to qualify as a regulated investment company unless it were eligible to and did pay a tax at the Fund level. Each Fund's intention to so qualify can therefore limit the manner in or extent to which the Fund seeks exposure to commodities.

**DERIVATIVE INSTRUMENTS.** A derivative is a financial instrument whose value is dependent upon the value of other assets, rates or indices. A Fund will comply with and adhere to all limitations on the manner and extent to which it effects transactions in derivative instruments (including futures and options on such futures) imposed by the provisions of the 1940 Act and rules thereunder. Additionally, Virtus Investment Advisers, LLC has claimed an exclusion from the definition of the term "commodity pool operator" pursuant to Rule 4.5 under the Commodity Exchange Act, as amended (the "**CEA**"), with respect to the Virtus Systematic U.S. Small Cap Growth ETF, Virtus Systematic International Small Cap ETF, Virtus Systematic Emerging Markets Equity ETF, Virtus Systematic U.S. Dividend ETF, Virtus Systematic International Dividend ETF and Virtus Systematic Emerging Markets Dividend ETF. Therefore, with respect to the Virtus Systematic U.S. Small Cap Growth ETF, Virtus Systematic International Small Cap ETF, Virtus Systematic Emerging Markets Equity ETF, Virtus Systematic U.S. Dividend ETF, Virtus Systematic International Dividend ETF and Virtus Systematic Emerging Markets Dividend ETF, its Adviser is not subject to regulation or registration as a commodity pool operator under the CEA.

Legal and regulatory changes may substantially affect over-the-counter ("**OTC**") derivatives markets, and such changes may impact a Fund's use of such instruments. In particular, the Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in July 2010 (the "**Dodd-Frank Act**"), provides for the regulation of the derivatives market, including clearing, margin, reporting and registration requirements. Under the Dodd-Frank Act, certain derivatives are subject to margin requirements and swap dealers are required to collect margin from a Fund with respect to such derivatives. Specifically, these regulations require swap dealers to post and collect variation margin (comprised of specified liquid instruments and subject to a required haircut) in connection with trading of OTC swaps with a Fund. Shares of investment companies (other than certain money market funds) may not be posted as collateral under these regulations. Requirements for posting of initial margin in connection with OTC swaps have been adopted.

**Options.** An option is a contract that gives the purchaser the option, in return for the premium paid, the right, but not the obligation, to buy from or sell to the writer of the option at the exercise price during the term of the option or on a specific date, the security, currency, or other instrument underlying the option. A Fund may write call and put options on securities, ETFs or security indexes to seek income or may purchase or write put or call options for hedging purposes. Options may either be listed on an exchange or traded in over-the-counter markets.

Although not required to do so, a Fund will typically write a call option only if the option is "covered" by the Fund holding a position in the underlying securities or by other means which would permit immediate satisfaction of the Fund's obligation as writer of the option. The purchase and writing of options involves certain risks. During the option period, a covered call writer has, in return for the premium on the option, given up the opportunity to profit from a price increase in the underlying asset above the exercise price, but, as long as its obligation as a writer continues, has retained the risk of loss should the price of the underlying asset decline. The writer of an

option has no control over the time when it may be required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver (if not cash settled) the underlying asset at the exercise price. If a put or call option purchased by a Fund is not sold when it has remaining value, and if the market price of the underlying asset, in the case of a put, remains equal to or greater than the exercise price or, in the case of a call, remains less than or equal to the exercise price, the Fund will lose its entire investment in the option. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position. Furthermore, if trading restrictions or suspensions are imposed on the options market, a Fund may be unable to close out a position.

**Futures Contracts.** A futures contract is a bilateral agreement to buy or sell a security (or deliver a cash settlement price, in the case of a contract relating to an index or otherwise not calling for physical delivery at the end of trading in the contracts) for a set price in the future. Futures contracts are designated by boards of trade that have been designated "contracts markets" by the Commodity Futures Trading Commission ("**CFTC**"). No purchase price is paid or received when the contract is entered into. Instead, a Fund, upon entering into a futures contract (and to maintain the Funds' open positions in futures contracts), would be required to deposit with its custodian in a segregated account in the name of the futures commission merchant ("**FCM**") an amount of cash, U.S. government securities, suitable money market instruments or liquid, high-grade fixed income securities, known as "initial margin." The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margin that may range upward from less than 5% of the value of the contract being traded. By using futures contracts as a risk management technique, given the greater liquidity in the futures market than in the cash market, it may be possible to accomplish certain results more quickly and with lower transaction costs.

If the price of an open futures contract changes (by increase in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the FCM will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the FCM will pay the excess to a Fund. These subsequent payments, called "variation margin," to and from the FCM, are made on a daily basis as the price of the underlying assets fluctuate, making the long and short positions in the futures contract more or less valuable, a process known as "marking to market." When the futures contract is closed out, if a Fund has a loss equal to or greater than the margin amount, then the margin amount is paid to the FCM along with any loss in excess of the margin amount. If a Fund has a loss of less than the margin amount, the excess margin is returned to the Fund. If a Fund has a gain, then the full margin amount and the amount of the gain are paid to a Fund and the FCM pays the Fund any excess gain over the margin amount.

There is a risk of loss by a Fund of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Fund has an open position in a futures contract. The assets of a Fund may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Fund might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM's customers. If the FCM does not provide accurate reporting, a Fund is also subject to the risk that the FCM could use the Fund's assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty.

A Fund will incur brokerage fees when it purchases and sell futures contracts, and margin deposits must be maintained at all times when a futures contract is outstanding. Positions taken in the futures markets are not normally held until delivery or cash settlement is required, but are instead liquidated through offsetting transactions which may result in a gain or a loss. There can be no assurance, however, that a Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If a Fund is not able to enter into an offsetting transaction, it will continue to be required to maintain the margin deposits on the futures contract.While futures positions taken by a Fund will usually be liquidated in this manner, the Fund may instead make or take delivery of underlying assets whenever it appears economically advantageous for the Fund to do so. A clearing organization associated with the exchange on which futures are traded assumes responsibility for closing out transactions and guarantees that, as between the clearing members of an exchange, the sale and purchase obligations will be performed with regard to all positions that remain open at the termination of the contract. If a Fund were unable to liquidate a futures contract or an option on a futures contract position due to the absence of a liquid secondary market or the imposition of price limits, it could incur substantial losses. A Fund would continue to be subject to market risk with respect to the position. In addition, except in the case of purchased options, the Fund would continue to be required to make daily variation margin payments.

**Securities Index Futures Contracts.** Purchases or sales of securities index futures contracts may be used in an attempt to protect a Fund's current or intended investments from broad fluctuations in securities prices. A securities index futures contract does not require the physical delivery of securities, but merely provides for profits and losses resulting from changes in the market value of the contract to be credited or debited at the close of each trading day to the respective accounts of the parties to the contract. On the contract's expiration date, a final cash settlement occurs, and the futures positions are simply closed out. Changes in the market value of a particular index futures contract reflect changes in the specified index of securities on which the future is based.

By establishing an appropriate "short" position in an index future, a Fund may also seek to protect the value of its portfolio against an overall decline in the market for the securities on which the future is based. Alternatively, in anticipation of a generally rising market, a Fund can seek to avoid losing the benefit of apparently low current prices by establishing a "long" position in securities index futures and later liquidating that position as particular securities are in fact acquired. To the extent that these hedging strategies are successful, a Fund will be affected to a lesser degree by adverse overall market price movements than would otherwise be the case.

**Limitations on Purchase and Sale of Futures Contracts.** Futures can be volatile instruments and involve certain risks. If the sub-adviser applies a hedge in a Fund's portfolio at an inappropriate time or judges market movements incorrectly, futures strategies may lower the Fund's return. A Fund could also experience losses if the prices of its futures positions were poorly correlated with its other investments, or if it could not close out its positions because of an illiquid market.

In general, a Fund will not purchase or sell futures contracts unless (A) the sum of the amounts of initial margin deposits and premiums required to establish such positions on the Fund's existing futures would not exceed 5% of the liquidation value of the Fund's portfolio or (B) the aggregate net notional value of commodity futures, commodity options contracts, or swaps positions determined at the time the most recent position was established does not exceed 100% of the liquidation value of the Fund's portfolio, after taking into account unrealized profits and unrealized losses on any such positions it has entered into.

**Additional Information Regarding Leverage.** Certain derivatives involve leverage; that is, the amount invested may be less than the full economic exposure of the derivative instrument, and a Fund could lose more than the amount invested. The leverage involved in certain derivative transactions may result in a Fund's NAV being more sensitive to changes in the value of the related investment.

**EQUITY SECURITIES.**

**Direct and Indirect Common Stock.** A Fund may invest in equity securities, both directly and indirectly through investments in shares of ETFs and other investment companies, American Depositary Receipts ("**ADRs**"), Global Depositary Receipts ("**GDRs**") and other types of securities and instruments described in this SAI and in the Prospectus. The equity portion of a Fund's portfolio may include common stocks traded on domestic or foreign securities exchanges or on the over-the-counter market. In addition to common stocks, the equity portion of a Fund's portfolio may also include preferred stocks, convertible preferred stocks, convertible bonds and other equity securities. Prices of equity securities in which a Fund may invest may fluctuate in response to many factors, including, but not limited to, the activities of the individual companies whose securities the Fund owns, general market and economic conditions, interest rates and specific industry changes. Such price fluctuations subject a Fund to potential losses. In addition, regardless of any one company's particular prospects, a declining stock market may produce a decline in prices for all equity securities, which could also result in losses for the Fund. Market declines may continue for an indefinite period of time, and investors should understand that during temporary or extended bear markets, the value of equity securities will decline.

**Exchange-Traded Products ("ETPs").** A Fund may invest in exchange-traded funds ("**ETFs**"), exchange-traded notes ("**ETNs**") and other ETPs. The shares of an ETF may be assembled in a block (e.g., 50,000 shares) known as a creation unit and redeemed in kind for a portfolio of the underlying securities (based on the ETF's NAV) together with a cash payment generally equal to accumulated dividends as of the date of redemption. Conversely, a creation unit may be purchased from the ETF by depositing a specified portfolio of the ETF's underlying securities, as well as a cash payment generally equal to accumulated dividends of the securities (net of expenses) up to the time of deposit. A Fund's ability to redeem creation units may be limited by the 1940 Act, which provides that the ETFs will not be obligated to redeem shares held by the Fund in an amount exceeding one percent of their total outstanding securities during any period of less than 30 days. ETPs other than ETFs are issued in shares or units, and trade on exchanges like ETFs.

There is a risk that the underlying ETPs in which a Fund invests may terminate due to extraordinary events that may cause any of the service providers to the ETPs, such as the trustees or sponsors, to close or otherwise fail to perform their obligations to the ETPs. Also, because the ETPs in which a Fund invests may be granted licenses by agreement to use various indices as a basis for determining their compositions and/or otherwise to use certain trade names, the ETPs may terminate if such license agreements are terminated. In addition, an ETP may terminate if its net assets fall below a certain amount. Although a Fund believes that, in the event of the termination of an underlying ETP, it will be able to invest instead in shares of an alternate ETP with a similar strategy, there is no guarantee that shares of an alternate ETP would be available for investment at that time.

Investments in ETPs involve certain inherent risks generally associated with investments in conventional registered investment companies (e.g., mutual funds) that hold a portfolio of securities including, without limitation: (1) risks that the general level of security prices for the ETP's investment strategy may decline, thereby adversely affecting the value of each share or unit of the ETP; (2) an index-based ETP may not fully replicate the performance of its benchmark index because of the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETP and the index with respect to the weighting of securities or number of stocks held; and (3) an index-based ETP may also be adversely affected by the performance of the specific index, market sector or group of industries on which it is based.

In addition, ETPs are subject to the following risks that do not apply to conventional funds: (1) the market price of an ETP's shares may trade at a discount to its NAV; (2) an active trading market for an ETP's shares may not develop or be maintained; (3) trading of an ETP's shares may be halted if the listing exchange deems such action appropriate; and (4) ETP shares may be delisted from the exchange on which they trade, or activation of "circuit breakers" (which are tied to large decreases in stock prices) may halt trading temporarily. ETPs are also subject to the risks of the underlying securities or sectors in which the ETP is designed to track or invest.

**Investments in Companies with Business Related to Commodities.** A Fund may from time to time invest in securities of companies whose business is related to commodities, or in registered investment companies or other companies that invest directly or indirectly in commodities. For example, a Fund may invest in companies whose business is related to mining of precious or other metals (e.g., gold, silver, etc.) or registered investment companies or publicly or privately traded companies that invest in securities of mining companies and related instruments (including, without limitation, the underlying commodities). Investments in equity securities of companies involved in mining or related precious metals industries, and the value of the investment companies and other companies that invest in precious metals and other commodities are subject to a number of risks. For example, the prices of precious metals or other commodities can make sharp movement, up or down, in response to cyclical economic conditions, political events or the monetary policies of various countries, any of which may adversely affect the value of companies whose business is related to such commodities, or the value of investment companies and other companies investing in such business or commodities. Furthermore, such companies are subject to risks related to fluctuations of prices and perceptions of value in commodities markets generally.

**Money Market Funds.** In order to maintain sufficient liquidity, for cash management purposes, or to implement investment strategies, a Fund may invest a portion of its assets in shares of one or more money market funds. Generally, money market funds are registered investment companies that seek to earn income consistent with the preservation of capital and maintenance of liquidity by investing primarily in high quality money market instruments, including, without limitation, U.S. government obligations, bank obligations and high-grade corporate instruments. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Company or any other governmental agency, entity or person. While investor losses in money market funds have been rare, they are possible. In addition, a Fund will incur additional indirect expenses to the extent it invests in shares of money market funds due to acquired fund fees and other costs.

**Other Investment Companies.** Under the 1940 Act, a Fund may not acquire shares of another investment company (ETFs or other investment companies) if, immediately after such acquisition, the Fund and its affiliated persons would hold more than 3% of the ETF's or investment company's total outstanding stock ("**3% Limitation**"). Accordingly, each Fund is subject to the 3% Limitation unless (i) permitted by SEC rule to exceed the 3% Limitation; and (ii) the ETF and the Fund take appropriate steps to comply with any conditions in such SEC rule.

To the extent the 3% Limitation applies to certain ETFs, that limitation may prevent a Fund from allocating its investments in the manner that a sub-adviser considers optimal, or cause a sub-adviser to select a similar basket of securities (pre-selected groups of securities related by index or sector made available through certain brokers at a discount brokerage rate) or a similar index-based mutual fund or other investment company as an alternative. A Fund's investments in other investment companies will be subject to the same 3% Limitation described above.

**Preferred Stock.** Preferred stocks are securities that represent an ownership interest providing the holder with claims on the issuer's earnings and assets before common stock owners but after bond owners. Unlike debt securities, the obligations of an issuer of preferred stock, including, without limitation, dividend and other payment obligations, may not typically be accelerated by the holders of such preferred stock on the occurrence of an event of default or other non-compliance by the issuer of the preferred stock. Preferred stocks may include the obligation to pay a stated dividend. The price of preferred stocks could depend more on the size of the dividend than on the company's performance. If a company fails to pay the dividend, its preferred stock is likely to drop in price. Changes in interest rates can also affect the price of preferred stock.

**Real Estate Securities.** A Fund will not invest directly in real estate, but may invest in readily marketable securities issued by companies that invest in real estate or interests therein. A Fund may also invest in readily marketable interests issued in real estate investment trusts ("REITs"). REITs are generally publicly traded on national stock exchanges and in the over-the-counter market and have varying degrees of liquidity. Investments in real estate securities are subject to risks inherent in the real estate market, including, without limitation, risks related to changes in interest rates, possible declines in the value of and demand for real estate, adverse general and local economic conditions, possible lack of availability of mortgage funds, overbuilding in a given market and environmental problems.

A Fund may invest in global real estate companies outside the U.S. These companies include, but are not limited to, companies with similar characteristics to a REIT structure, in which revenue consists primarily of rent derived from owned, income producing real estate properties, dividend distributions as a percentage of taxable net income are high (generally greater than 80%), debt levels are generally conservative and income derived from development activities is generally limited.

*Mortgage REITs.* Mortgage REITs lend money to developers and owners of properties and invest primarily in mortgages and similar real estate interests. Mortgage REITs receive interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend funds. Credit risk is the risk that the borrower will not be able to make interest and principal payments on the loan to the REIT when they are due. Mortgage REITs also are subject to the risk that the value of mortgaged properties may be less than the amounts owed on the properties. If a mortgage REIT is required to foreclose on a borrower, the amount recovered in connection with the foreclosure may be less than the amount owed to the mortgage REIT.

Mortgage REITs are subject to significant interest rate risk. During periods when interest rates are declining, mortgages are often refinanced or prepaid. Refinancing or prepayment of mortgages may reduce the yield of mortgage REITs. When interest rates decline, however, the value of a REIT's investment in fixed rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT's investment in fixed rate obligations can be expected to decline. In addition, rising interest rates generally increase the costs of obtaining financing, which could cause the value of a mortgage REIT's investments to decline. A REIT's investment in adjustable rate obligations may react differently to interest rate changes than an investment in fixed rate obligations. As interest rates on adjustable rate mortgage loans are reset periodically, yields on a REIT's investment in such loans will gradually align themselves to reflect changes in market interest rates, causing the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed rate obligations.

Mortgage REITs typically use leverage (and in many cases, may be highly leveraged), which increases investment risk and could adversely affect a REIT's operations and market value in periods of rising interest rates, increased interest rate volatility, downturns in the economy and reductions in the availability of financing or deterioration in the conditions of the REIT's mortgage-related assets.

*Equity REITs.* Certain REITs may make direct investments in real estate. These REITs are often referred to as "Equity REITs." Equity REITs invest primarily in real properties and earn rental income from leasing those properties. Equity REITs may also realize gains or losses from the sale of properties. Equity REITs will be affected by conditions in the real estate rental market and by changes in the value of the properties they own. A decline in rental income may occur because of extended vacancies, limitations on rents, the failure to collect rents, increased competition from other properties or poor management. Equity REITs also can be affected by rising interest rates. Rising interest rates may cause investors to demand a high annual yield from future distributions that, in turn, could decrease the market prices for such REITs. In addition, rising interest rates also increase the costs of obtaining financing for real estate projects. Because many real estate projects are dependent upon receiving financing, this could cause the value of the Equity REITs in which a Fund invests to decline.

**Warrants and Rights.** Warrants are essentially options to purchase equity securities at specific prices and are valid for a specific period of time. Rights are similar to warrants but generally have a short duration and are distributed directly by the issuer to its shareholders. The holders of warrants and rights have no voting rights, and receive no dividends, with respect to the equity interests underlying warrants or rights, and will have no rights with respect to the assets of the issuer, until the warrant or right is exercised. Investments in warrants and rights involve certain risks, including, without limitation, the possible lack of a liquid market for resale, potential price fluctuations as a result of speculation or other factors, and failure of the price of the underlying security to reach or have reasonable prospects of reaching a level at which the warrant or right can be prudently exercised (in which event the warrant or right may expire without being exercised, resulting in a loss of a Fund's entire investment therein).

**FOREIGN SECURITIES.** Each Fund may invest directly or indirectly in foreign equity securities traded on U.S. exchanges, in over-the-counter markets or in the form of depositary receipts as described below. Each Fund may also invest in foreign currency and foreign currency-denominated securities. Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. The value of securities denominated in or indexed to foreign currencies, and of dividends and interest from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets and prices on some foreign markets can be highly volatile. Many foreign countries lack uniform accounting and disclosure standards, including recordkeeping standards, comparable to those applicable to U.S. companies, and it may be more difficult to obtain reliable information regarding an issuer's financial condition and operations. Some foreign countries impose conditions and restrictions on foreigners' ownership of interests in local issuers, including restricting ownership to certain classes of investment in an issuer, which may reduce potential investment returns and impair disposition of those investments. Additional costs associated with an investment in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions.

Foreign markets may offer less protection to investors than U.S. markets. Foreign issuers, brokers and securities markets may be subject to less government supervision. Foreign securities trading practices, including those involving the release of assets in advance of payment, may involve increased risks in the event of a failed trade or the insolvency of a broker-dealer, and may involve substantial delays. It may also be difficult to enforce legal rights in foreign countries because of inconsistent legal interpretations or less defined legal and regulatory provisions or because of corruption or influence on local courts.

Investing abroad also involves different political and economic risks. Foreign investments may be affected by actions of foreign governments adverse to the interests of U.S. investors, including the possibility of expropriation or nationalization of assets, confiscatory taxation, restrictions on U.S. investment or on the ability to repatriate assets or convert currency into U.S. dollars or other governmental intervention. There may be a greater possibility of default by foreign governments or foreign government-sponsored enterprises and securities issued or guaranteed by foreign governments, their agencies, instrumentalities or political subdivisions, may or may not be supported by the full faith and credit and taxing power of the foreign government. Investments in foreign countries also involve a risk of local political, economic or social instability, military action or unrest or adverse diplomatic developments. From time to time, certain companies in which a Fund invests may operate (a) in, or have dealings with, countries subject to sanctions, embargoes or other government actions imposed by the U.S. Government or the United Nations and/or (b) in countries the U.S. Government has identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance or a Fund's ability to invest or hold securities of such companies. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanction, which could also negatively affect the company's performance. There is no assurance that the sub-adviser will be able to anticipate these potential events or counter their effects.

China Investment Risk. The Fund invests a significant portion of its assets in securities of issuers located or operating in China. Investing in China involves certain heightened risks and considerations, including, among others: frequent trading suspensions and government interventions (including by nationalizing assets); currency exchange rate fluctuations or blockages; limits on using brokers and on foreign ownership; different financial reporting standards; higher dependence on exports and international trade; political and social instability; infectious disease outbreaks; regional and global conflicts; increased trade tariffs, embargoes, and other trade limitations; custody and other risks associated with programs used to access Chinese securities; and uncertainties in tax rules that could result in unexpected tax liabilities for the Fund. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities. Moreover, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.

Hong Kong Investment Risk. If China were to exert its authority so as to alter the economic, political or legal structures or the existing social policy of Hong Kong, investor and business confidence in Hong Kong could be negatively affected, which in turn could negatively affect markets and business performance and have an adverse effect on the Fund's investments.

**Depositary Receipts.** American Depositary Receipts ("**ADRs**") provide a method whereby a Fund may invest in securities issued by companies whose principal business activities are outside the United States. ADRs are receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying securities, and may be issued as sponsored or unsponsored programs. In sponsored programs, an issuer has made arrangements to have its securities trade in the form of ADRs. In unsponsored programs, the issuer may not be directly involved in the creation of the program. Although regulatory requirements with respect to sponsored and unsponsored programs are generally similar, in some cases it may be easier to obtain financial information from an issuer that participates in a sponsored program. Generally, ADRs are designed for use in the U.S. securities markets, and are denominated in U.S. dollars, while the underlying securities of the ADRs in a Fund's portfolio are usually denominated or quoted in currencies other than the U.S. dollar. Changes in foreign currency exchange rates affect the value of the ADR and, therefore, the value of a Fund's portfolio, either positively or negatively (i.e., foreign currency risk). In addition to foreign currency risk, ADRs present certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include political, economic or legal developments in the company's home country (including war or other instability, expropriation of assets, nationalization and confiscatory taxation), withholding taxes on dividend or interest payments or capital transactions or other restrictions. In addition, although the ADRs in which a Fund invests are listed on major U.S. exchanges, there can be no assurance that a market for these securities will be made or maintained or that any such market will be or remain liquid. If that happens, a Fund may have difficulty selling securities, or selling them quickly and efficiently at the prices at which they have been valued.

A Fund may also invest in Global Depositary Receipts ("**GDRs**") and European Depositary Receipts ("**EDRs**"). GDRs are receipts for shares in a foreign-based corporation traded in capital markets around the world. While ADRs permit foreign corporations to offer shares to American citizens, GDRs allow companies in Europe, Asia, the United States and Latin American to offer shares in many markets around the world. EDRs are similar to ADRs and GDRs, except they are typically issued by European banks or trust companies, denominated in foreign currencies and designed for use outside the U.S. securities markets.

**Emerging Market Securities.** An "emerging market" is any country that the World Bank, the International Finance Corporation or the United Nations or its authorities has determined to have a low or middle income economy. Investing in emerging markets involves greater risks and uncertainties than in more established markets, such as exposure to potentially unstable governments, the risk of nationalization of business, restrictions on foreign ownership, prohibitions on repatriation of assets and a system of laws that may offer less protection of property rights. In addition, the securities markets of emerging market countries (and participants in those markets) are typically subject to less government supervision and regulation, and possible arbitrary and unpredictable enforcement of securities regulations and other laws, as well as differences in, or lack of, auditing and financial reporting standards, which may result in unavailability of material information about issuers and difficulty in obtaining and/or enforcing a judgement in a court outside of the United States. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. The securities markets in emerging markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States and other developed countries. A high proportion of the shares of many issuers may be held by a limited number of persons and financial institutions, which may limit the number of shares available for investment by a Fund. A limited number of issuers in emerging markets may represent a disproportionately large percentage of market capitalization and trading value. The limited liquidity of securities markets in these countries may also affect a Fund's ability to acquire or dispose of securities at the price and time it wishes to do so. The inability of a Fund to dispose fully and promptly of positions in declining markets would cause the Fund's NAV to decline as the values of the unsold positions are marked to lower prices. In addition, these securities markets are susceptible to being influenced by large investors trading significant blocks of securities.

**Foreign Currency Transactions.** Investments in foreign securities involve currency risk. A Fund may engage in various transactions to hedge currency risk, but is not required to do so. The instruments a Fund may use for this purpose include, forward foreign currency contracts, foreign currency futures contracts and options on foreign currencies.

A forward foreign currency contract is an obligation to purchase or sell a specified currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price established at the time of the contract. These contracts are entered into directly between currency traders and their customers. A Fund may use these contracts to purchase or sell a foreign currency for the purpose of locking in the U.S. dollar price of foreign securities the Fund has agreed to purchase or the amount in U.S. dollars that the Fund will receive when it has sold foreign securities.

Currency futures contracts are similar to forward currency contracts, except that they are traded on exchanges (and have margin requirements) and are standardized as to contract size and delivery date. A Fund may purchase or sell foreign currency futures contracts to protect against fluctuations in the U.S. dollar values of foreign securities. For example, a Fund may sell a futures contract on a foreign currency when it holds securities denominated in that currency and it anticipates a decline in the value of that currency relative to the U.S. dollar. If such a decline were to occur, the resulting adverse effect on the value of the foreign-denominated securities may be offset, in whole or in part, by gains on the futures contract.

A currency option is the right - but not the obligation- to buy (in the case of a call) or sell (in the case of a put) a set amount of one currency for another at a predetermined time in the future. The two parties to a currency option contract are the option buyer and the option seller/writer. The option buyer may, for an agreed upon price, purchase from the option writer a commitment that the option writer will sell (or purchase) a specified amount of a foreign currency upon demand. The option extends only until the stated expiration date. The rate at which one currency can be purchased or sold is one of the terms of the option and is called the strike price. The total description of a currency option includes the underlying currencies, the contract size, the expiration date, the strike price and whether the option is an option to purchase the underlying currency (a call) or an option to sell the underlying currency (a put). There are three types of option expirations, American-style, European-style and Bermuda-style. American-style options can be exercised on any business day prior to the expiration date. European-style options can be exercised at expiration only. Bermuda-style options can be exercised at the date of expiration, and on certain specified dates that occur between the purchase date and the date of expiration.

The use of foreign currency transactions involves risks, including the risk of imperfect correlation between movements in futures or options prices and movements in the price of currencies which are the subject of the hedge. The successful use of foreign currency transactions also depends on the ability of the sub-adviser to correctly forecast interest rate movements, currency rate movements and general stock market price movements. There can be no assurance that the sub-adviser's judgment will be accurate. The use of foreign currency transactions also exposes a Fund to the general risks of investing in futures and options contracts, including: the risk of an illiquid market and the risk of adverse regulatory actions. Any of these factors may cause a Fund to lose money on its foreign currency transactions.

**FIXED INCOME SECURITIES.**

**Asset-Backed Securities.** A Fund may invest in asset-backed securities backed by loans such as automobile loans, credit card receivables, marine loans, recreational vehicle loans and manufactured housing loans. Typically, asset-backed securities represent undivided fractional interests in a trust whose assets consist of a pool of loans and security interests in the collateral securing the loans. Payments of principal and interest on asset-backed securities are passed through monthly to certificate holders and are usually guaranteed up to a certain amount and time period by a letter of credit issued by a financial institution. In some cases, asset-backed securities are divided into senior and subordinated classes so as to enhance the quality of the senior class. Underlying loans are subject to risks of prepayment, which may reduce the overall return to certificate holders. If the letter of credit is exhausted and the full amounts due on underlying loans are not received because of unanticipated costs, depreciation, damage or loss of the collateral securing the contracts, or other factors, certificate holders may experience delays in payment or losses on asset-backed securities. A Fund may invest in other asset-backed securities (e.g., equipment trust certificates), including those that may be developed in the future.

**Collateralized Loan Obligations ("CLOs")**. CLOs are debt instruments backed solely by a pool of other debt securities. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which a Fund invests. Some CLOs have credit ratings, but are typically issued in various classes with various priorities. Normally, CLOs are privately offered and sold (that is, they are not registered under the securities laws) and may be characterized by a Fund as illiquid investments; however, an active dealer market may exist for CLOs that qualify for Rule 144A transactions. In addition to the normal interest rate, default and other risks of fixed income securities, CLOs carry additional risks, including, without limitation, the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, a Fund may invest in CLOs that are subordinate to other classes, values may be volatile, and disputes with the issuer may produce unexpected investment results.

**Collateralized Mortgage Obligations ("CMOs").** CMOs are generally backed by mortgage pass-through securities or whole mortgage loans. CMOs are usually structured into classes of varying maturities and principal payment priorities. The prepayment sensitivity of each class may or may not resemble that of the CMO's collateral depending on the maturity and structure of that class. CMOs pay interest and principal (including, without limitation, prepayments) monthly, quarterly, or semi-annually. The prices and yields of CMOs are determined, in part, by assumptions about cash flows from the rate of payments of the underlying mortgage. Changes in interest rates may cause the rate of expected prepayments of those mortgages to change. These prepayment risks can make the prices of CMOs very volatile when interest rates change. That volatility will affect a Fund's share price. Most CMOs are AAA rated, reflecting the credit quality of the underlying collateral; however, some classes carry greater price risk than that of their underlying collateral. A sub-adviser will invest in classes of CMOs only if their characteristics and interest rate sensitivity fit the investment objective and policies of a Fund.

**Corporate and Municipal Debt Securities.** Corporate and municipal debt securities purchased by a Fund may be of any credit quality, maturity or yield. Accordingly, a Fund's debt securities may include "investment grade" securities (those rated at least Baa by Moody's Investors Service, Inc. ("**Moody's**"), BBB by S&P Global Ratings ("**S&P**") or Fitch, Inc. ("**Fitch**") or, if not rated, deemed to be of equivalent quality in the Adviser's opinion). In addition, a Fund's debt securities may include lower-rated debt securities including, without limitation, "junk" bonds whose ratings are below investment grade. Debt securities rated Baa by Moody's or BBB by S&P or Fitch may be considered speculative and are subject to risks of non-payment of interest and principal. Debt securities rated lower than Baa by Moody's or lower than BBB by S&P or Fitch are generally considered speculative and subject to significant risks of non-payment of interest and principal and greater market fluctuations than higher-rated debt securities. Lower-rated debt securities are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. The retail secondary market for these "junk bonds" may be less liquid than that of higher-rated debt securities, and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices than those used in calculating a Fund's NAV. These risks can reduce the value of a Fund's shares and the income it earns. Descriptions of the quality ratings of Moody's, S&P and Fitch are included as <u>Appendix A</u> to this SAI. While a sub-adviser utilizes the ratings of various credit rating services as one factor in establishing creditworthiness, it relies primarily upon its own analysis of factors establishing creditworthiness.

**Credit Default Swaps.** A Fund may invest in credit default swaps ("CDSs") (including, without limitation, contracts on individual securities and index credit default swaps, which are contracts on baskets or indices of securities). The economic return of CDSs depends upon the performance of the reference obligations and/or the reference entities. Exposure to the credit risk of such types of assets through the purchase of CDSs presents risks in addition to those resulting from direct purchases of such types of assets as the related reference obligations. For instance, an active market may not exist for any of the CDSs in which a Fund invests. As a result, a Fund's ability to maximize returns or minimize losses on such CDSs may be impaired. In addition, a Fund will usually have a contractual relationship only with the counterparty offering the CDS and not the reference obligors on the reference obligations. As a result, a Fund generally will have no right directly to enforce compliance by the reference obligors with the terms of the reference obligations, no rights of set-off against the reference obligors, or any voting or other rights of ownership with respect to the reference obligations. A Fund will not directly benefit from any collateral supporting such reference obligations and will not have the benefit of the remedies that would normally be available to a holder of such reference obligations. Even if, in the case of physically settled CDSs, a Fund obtains such rights upon delivery of the defaulted reference obligations, the Fund's ability to "work-out" effectively the defaulted reference obligations may be significantly diminished.

CDSs also expose a Fund to counterparty risk. In the event of the insolvency of the counterparty, a Fund will be treated as a general creditor of such counterparty and will not have any claim with respect to the reference obligations. Consequently, a Fund will be subject to credit risk with respect to defaults by such counterparty as well as by the reference obligors.

When a Fund enters into a short unfunded CDS, upon the occurrence of a credit event, the Fund has an obligation to either deliver the defaulted reference obligation or an equivalent cash payment. Similarly, when a Fund enters into a long unfunded CDS, upon the occurrence of a credit event, the Fund has an obligation to deliver a cash payment related to such credit event. To the extent a Fund lacks adequate funds to satisfy these delivery requirements, the Fund will be required to liquidate other Fund investments in a manner which may be inconsistent with its original investment intent and the Fund's return may be adversely affected.

To the extent a CDS requires a Fund to settle physically the defaulted reference obligation, a Fund may be adversely affected by the purchase price of the defaulted reference obligation. Similarly, CDS cash settlement mechanics may not accurately reflect the related credit loss and may be subject to the discretion of the party performing the calculation. In addition, there can be losses under a CDS without a related default with respect to the referenced obligation. This occurs when the definition of a credit event in the CDS contains events that are not truly credit related and is called credit basis risk. Also, the size of the structured notes underlying a funded CDS in relation to the size of the reference obligation affects the severity of the losses. In general, as the size of the structured notes decreases in relation to the size of the reference obligation, a Fund's exposure to credit risk with respect to the CDS increases.

Other risks of CDSs include the cost of paying for credit protection if there are no credit events, pricing transparency when assessing the cost of a credit default swap, and the need to fund the delivery obligation (either cash or the defaulted bonds, depending on whether a Fund enters into a long or short swap, respectively). A Fund's position in CDSs is also subject to liquidity risk, market risk, structural risk, legal risk, and interest rate risk. A Fund may also invest in certificates which represent an undivided interest in a pool of high yield fixed income securities ("Underlying Securities"). Such securities pay principal and interest to the extent the Underlying Securities pay principal and interest. A Fund may, subject to certain restrictions, optionally redeem its certificates for the related pro rata interest in the Underlying Securities.

Exposure to the credit risk of such types of assets through the purchase of such certificates presents risks in addition to those resulting from direct purchases of the Underlying Securities. Until a Fund redeems its certificates, the Fund will not have a direct contractual relationship with the issuers of the Underlying Securities and will not have a right directly to enforce compliance by such issuers with the terms of the Underlying Securities, a right of set-off against such issuers, or any direct rights of ownership with respect to the Underlying Securities. A Fund's ability to exercise voting rights with respect to the Underlying Securities may also be limited until it redeems its certificates. A Fund's yield on such securities is dependent upon a number of factors, including, without limitation, the purchase price of such securities and the occurrence of any early or mandatory redemption with respect thereto. A Fund's investments in such certificates are also subject to prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk, and interest rate risk.

**Debentures.** A debenture is a long-term, unsecured, debt instrument backed only by the integrity of the borrower, not by collateral, and documented by an indenture. Governments often issue debentures, in part because they generally cannot guarantee debt with assets (government assets are public property). The primary risk with this type of investment is that the issuer will default or go into bankruptcy. As an unsecured creditor, in the event of default or bankruptcy, the holder of a debenture does not have a claim against any specific asset(s) of the issuing firm, so the investor will only be paid from the issuer's assets after the secured creditors have been paid. Each Fund may invest in all types of debentures, including, without limitation, corporate and government debentures.

**Demand Notes.** Variable and Floating Rate Demand Notes are notes that bear variable or floating interest rates and carry rights that permit holders to demand payment of the unpaid principal balance plus accrued interest from the issuers or certain financial intermediaries. Variable rate demand notes have a stated maturity in excess of one year, but permit a holder to demand payment of principal plus accrued interest upon a specified number of days' notice. Frequently, such obligations are secured by letters of credit or other credit support arrangements provided by banks. The issuer has a corresponding right, after a given period, to prepay in its discretion the outstanding principal of the obligation plus accrued interest upon a specific number of days' notice to the holders. The interest rate of a floating rate instrument may be based on a known lending rate, such as a bank's prime rate, and is reset whenever such rate is adjusted. The interest rate on a variable rate demand note is reset at specified intervals at a market rate. These formulas are designed to result in a market value for the Variable Rate Demand Note or Floating Rate Demand Note that approximates its par value. Variable and Floating Rate Demand Notes are subject to interest rate risks.

**Equipment Trust Certificates.** A Fund may invest in equipment trust certificates which are a type of asset-backed security that represents undivided fractional interests in a trust whose assets consist of a pool of equipment retail installment contracts or leased equipment. The debt issue is secured by the equipment or physical assets, as the title for the equipment is held in trust for the holders of the issue. Equipment trust certificates are subject to the risk that the lessee or payee defaults on its payments, and risks related to potential declines in the value of the equipment that serves as collateral for the issue.

**Inverse Floaters.** Inverse floaters are municipal obligations on which the interest rates typically fall as market rates increase and increase as market rates fall. Changes in market interest rates or the floating rate of the security inversely affect the residual interest rate of an inverse floater. As a result, the price of an inverse floater will be considerably more volatile than that of a fixed-rate obligation when interest rates change. Inverse floaters are a form of derivative investment. Certain derivatives can be used to increase or decrease a Fund's exposure to changing security prices, interest rates or other factors that affect the value of securities. However, these techniques could result in losses to a Fund if A sub-adviser judges market conditions incorrectly or employs a strategy that does not correlate well with the Fund's other investments. These techniques can cause losses if the counterparty does not perform its promises. An additional risk of investing in municipal securities that are derivative investments is that their market value could be expected to vary to a much greater extent than the market value of municipal securities that are not derivative investments but have similar credit quality, redemption provisions and maturities.

**Mortgage-Backed Securities.** Mortgage-backed securities may or may not be issued or guaranteed by the U.S. Government, its agencies or instrumentalities. Mortgage-backed securities are interests in pools of residential or commercial mortgage loans, including, without limitation, mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Pools of mortgage loans are assembled as securities for sale to investors by private entities or various governmental and government-related entities. The value of some mortgage-backed securities in which a Fund may invest may be particularly sensitive to changes in prevailing interest rates, and, like other debt securities investments, the ability of the Fund to successfully utilize these instruments may depend in part upon the ability of a sub-adviser to forecast interest rates and other economic factors correctly. Prepayment risk is a major risk of mortgage-backed securities.

**Mortgage Pass-Through Certificates.** Obligations of Government National Mortgage Association ("**GNMA**"), Federal National Mortgage Association ("**FNMA**"), and Federal Home Loan Mortgage Corporation ("**FHLMC**") include direct pass-through certificates representing undivided ownership interests in pools of mortgages. A Fund may invest in such certificates, which are guaranteed as to payment of principal and interest (but not as to price and yield) by the issuer. For securities issued by GNMA, the payment of principal and interest is backed by the full faith and credit of the U.S. government. Mortgage pass-through certificates issued by FNMA or FHLMC are guaranteed as to payment of principal and interest by the credit of the issuing U.S. government agency. Securities issued by other non-governmental entities (such as commercial banks or mortgage bankers) may offer credit enhancement such as guarantees, insurance, or letters of credit. Mortgage pass-through certificates are subject to more rapid prepayment than their stated maturity date would indicate; their rate of prepayment tends to accelerate during periods of declining interest rates or increased property transfers and, as a result, the proceeds from such prepayments may be reinvested in instruments which have lower yields. The impact of prepayments on the price of a security may be difficult to predict and may increase the volatility of the price.

**Other Mortgage Related Securities.** In addition to the mortgage pass-through securities and the CMOs mentioned above, a Fund may also invest in other mortgage derivative products. In addition to the prepayment risks described above, rapidly rising interest rates could cause prepayments of mortgages to occur at a slower rate than expected, and the expected maturity of short or medium term mortgage-related securities could lengthen as a result. That could cause their values to fluctuate more, and the share price of the Fund to fluctuate more and to fall. Governmental, government-related, and private entities may create other mortgage-related securities offering mortgage pass-through and mortgage collateralized instruments in addition to those described herein. As new types of mortgage-related securities are developed and offered to the investment community, the Fund may consider making investments in such new types of mortgage-related securities.

**Private Activity Bonds.** Private activity bonds are generally revenue bonds payable not from general taxes, but from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source, that do not generally carry the pledge of the credit of the issuing municipality. Interest paid from passive activity bonds is generally taxable as ordinary income and, if the proceeds from private activity bonds are used for the construction, repair or improvement of privately operated industrial or commercial facilities, the interest paid on such bonds may be excluded from gross income for U.S. federal income tax purposes, although current federal tax laws place substantial limitations on the size of these issues. Sizable investments in these obligations could involve an increased risk to a Fund should any of the related facilities experience financial difficulties. The obligations of issuers may become subject to laws enacted in the future by Congress, state legislatures, or local governments of referenda extending the time for payment of principal or interest, or imposing other constraints upon enforcement of such obligations or upon the ability of municipalities to levy taxes. Furthermore, as a result of legislation or other conditions, the power or ability of any issuer to pay, when due, the principal of and interest on its municipal obligations may be materially affected.

**Zero Coupon Securities.** A Fund may purchase zero coupon securities. Zero coupon securities do not pay interest or principal until final maturity, unlike debt securities that provide periodic payments of interest (referred to as a coupon payment). Zero coupon securities are bought at a price below the amount payable at maturity. The difference between the purchase price and the amount paid at maturity represents interest on the zero coupon security. One must wait until maturity to receive interest and principal, which increases the market and credit risks of a zero coupon security. A zero coupon step-up security converts to a coupon security before final maturity.

**ILLIQUID AND RESTRICTED INVESTMENTS.** Illiquid investments are those that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Each Fund may invest up to 15% of its net assets in illiquid investments. Historically, illiquid investments have included those subject to contractual or legal restrictions on resale because they have not been registered under the Securities Act ("restricted securities"), investments that are otherwise not readily marketable, such as over-the-counter options, and repurchase agreements not entitling the holder to payment of principal in seven days. Such investments may offer higher yields than comparable publicly traded securities, and they also may incur higher risks.

Although the investments described in this section generally will be considered illiquid, an investment's contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative of the liquidity of the investment and therefore these investments may be determined to be liquid in accordance with guidelines established by the Board. The Trustees have delegated to the Adviser the determination of the liquidity of such investments in a Fund's portfolio as administrator of the Fund's liquidity risk management program. The Adviser will take into account relevant market, trading and investment-specific considerations when determining whether an investment is illiquid.

If illiquid investments exceed 15% of a Fund's net assets after the time of purchase, the Fund will take steps to reduce in an orderly fashion its holdings of illiquid investments. Because illiquid investments may not be readily marketable, the Adviser may not be able to dispose of them in a timely manner. As a result, a Fund may be forced to hold illiquid investments while their price depreciates. Depreciation in the price of illiquid investments held by a Fund may cause the NAV of the Fund to decline. An investment that is determined by an Adviser to be liquid may subsequently revert to being illiquid if not enough buyer interest exists.

A Fund may purchase Rule 144A securities sold to institutional investors without registration under the Securities Act and commercial paper issued in reliance upon the exemption in Section 4(a)(2) of the Securities Act, for which an institutional market has developed. Institutional investors depend on an efficient institutional market in which the unregistered security can be readily resold or on the issuer's ability to honor a demand for repayment of the unregistered security.

Restricted securities ordinarily can be sold by a Fund in secondary market transactions to certain qualified investors pursuant to rules established by the SEC, in privately negotiated transactions to a limited number of purchasers or in a public offering made pursuant to an effective registration statement under the Securities Act. Limitations on the resale of restricted securities may have an adverse effect on their marketability, which may prevent a Fund from disposing of them promptly at reasonable prices. When registration is required, a Fund may be obligated to pay all or part of the registration expenses and a considerable amount of time may elapse between the decision to sell and the sale date. If, during such period, adverse market conditions were to develop, a Fund might obtain a less favorable price than the price which prevailed when it decided to sell. Restricted securities will be priced at fair value as determined in good faith by the Trustees or their delegate.

A Fund's difficulty valuing and selling restricted securities and illiquid investments may result in a loss or be costly to a Fund. If a substantial market develops for a restricted security or other illiquid investment held by a Fund, it may be treated as a liquid security, in accordance with procedures and guidelines adopted by the Trust on behalf of the Fund.

**LENDING OF PORTFOLIO SECURITIES.** In order to generate additional income, a Fund may lend portfolio securities in an amount up to 33 1/3% of its total assets to broker-dealers, major banks or other recognized domestic institutional borrowers of securities which the Fund has determined are creditworthy under guidelines established by the Board. In determining whether a Fund will lend securities, the Fund will consider relevant facts and circumstances. A Fund may not lend securities to any company affiliated with an Adviser to the Fund. Each loan of securities will be collateralized by cash, securities or letters of credit. A Fund might experience a loss if the borrower defaults on the loan.

The borrower at all times during the loan must maintain with the Funds cash or cash equivalent collateral, or provide to the Funds an irrevocable letter of credit equal in value to at least 100% of the value of the securities loaned. While the loan is outstanding, the borrower will pay a Fund any interest paid on the loaned securities, and the Fund may invest the cash collateral to earn additional income. Alternatively, a Fund may receive an agreed-upon amount of interest income from the borrower who has delivered equivalent collateral or a letter of credit. It is anticipated that a Fund may share with the borrower some of the income received on the collateral for the loan or the Fund will be paid a premium for the loan. Loans are subject to termination at the option of a Fund or the borrower at any time. A Fund may pay reasonable administrative and custodial fees in connection with a loan, and may pay a negotiated portion of the income earned on the cash to the borrower or placing broker. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in the collateral should the borrower fail financially.

**MARKET VOLATILITY RISK.** A Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. The value of a security or other instrument may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other instrument, or factors that affect a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. For example, the recent spread of a novel coronavirus known as COVID-19 resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or in a geographic region has the potential to adversely impact Fund investments. Recent examples of such events include Hamas' attack on Israel in October of 2023, and the ensuing conflict in the Middle East. Additionally, Russia began a large-scale invasion of Ukraine in February 2022, which has led to various countries, including the United States, imposing economic sanctions on certain Russian individuals and Russian corporate and banking entities, and the value and liquidity of Russian securities and the Russian currency have experienced significant declines. Russia's military incursion and resulting sanctions (and other consequences related to the invasion, such as boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals) could have a severe adverse effect on the region's economies and more globally, including significant negative impacts on the financial markets for certain securities and commodities, such as oil and natural gas, and thus could further decrease the value and liquidity of a Fund's investments. The extent and duration of military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial and prolonged. Policy and legislative changes in the United States and in other countries continue to impact many aspects of financial regulation. For example, some countries, including the United States, have adopted and/or are considering the adoption of more protectionist trade policies, including the imposition of tariffs. The rise in protectionist trade policies, with potential changes to some international trade agreements, may affect the global economy in ways that cannot be presently foreseen. These and any related events could significantly impact a Fund's performance and the value of an investment in the Fund, even beyond any direct exposure the Fund may have to Russian issuers or adjoining geographic regions.

**MONEY MARKET INSTRUMENTS.** A Fund may invest directly and indirectly in money market instruments, including, without limitation, U.S. Government obligations or corporate debt obligations (including, without limitation, those subject to repurchase agreements). Money market instruments also may include Banker's Acceptances and Certificates of Deposit of domestic branches of banks, Commercial Paper, and Master Notes. **Banker's Acceptances** are time drafts drawn on and "accepted" by a bank. When a bank "accepts" such a time draft, it assumes liability for its payment. When a Fund acquires a Banker's Acceptance, the bank that "accepted" the time draft is liable for payment of interest and principal when due. The Banker's Acceptance carries the full faith and credit of such bank. A **Certificate of Deposit** is an unsecured, interest bearing debt obligation of a bank. **Commercial Paper** is an unsecured, short-term debt obligation of a bank, corporation, or other borrower. Commercial Paper maturity generally ranges from two to 270 days and is usually sold on a discounted basis rather than as an interest-bearing instrument. A Fund will invest directly in Commercial Paper only if it is rated in one of the top two rating categories by Moody's, S&P or Fitch or, if not rated, is deemed to be of equivalent quality. Commercial Paper may include Master Notes of the same quality. **Master Notes** are unsecured obligations which are redeemable upon demand of the holder and which permit the investment of fluctuating amounts at varying rates of interest. The interest rate on a Master

Note may fluctuate based on changes in specified interest rates or may be reset periodically according to a prescribed formula or may be a set rate. Although there is no secondary market in master demand notes, if such notes have a demand feature, the payee may demand payment of the principal amount of the note upon relatively short notice. Master Notes are generally illiquid and therefore subject to a Fund's percentage limitation for illiquid investments.

**SHORT SALES.** A Fund may enter into short sales, which are transactions in which the Fund sells a security it does not own in anticipation of a decline in the market value of that security. To complete a short sale, the Fund will borrow the security from a broker-dealer, which generally involves the payment of a premium and transaction costs, and then sell the borrowed security to a buyer in the market. A Fund will cover its short position by buying shares in the market either (i) at its discretion or (ii) when called by the broker-dealer lender. Until the security is replaced, the Fund is required to pay the broker-dealer lender any dividends or interest that accrue during the period of the loan. In addition, the net proceeds of the short sale will be retained by the broker to the extent necessary to meet regulatory or other requirements, until the short position is closed out.

A Fund will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. A Fund will realize a gain if the security declines in price between those dates. The amount of any gain will be decreased, and the amount of any loss increased by the amount of the premium, dividends, interest or expenses a Fund may be required to pay in connection with a short sale.

In addition, a Fund may make short sales "against the box," which occur when the Fund sells a security short while owning securities equivalent in kind and amount to the securities sold short (or securities convertible or exchangeable into such securities) and will hold such securities while the short sale is outstanding. A Fund will incur transaction costs, including, without limitation, interest, in connection with opening, maintaining and closing short sales against the box.

**U.S. GOVERNMENT SECURITIES.** A Fund may invest a portion of its portfolio in U.S. government securities, defined to be U.S. government obligations such as U.S. Treasury notes, U.S. Treasury bonds, and U.S. Treasury bills, obligations guaranteed by the U.S. government such as GNMA as well as obligations of U.S. government authorities, agencies and instrumentalities such as FNMA, FHLMC, Federal Housing Administration ("**FHA**"), Federal Farm Credit Bank ("**FFCB**"), Federal Home Loan Bank ("**FHLB**"), Student Loan Marketing Association ("**SLMA**"), and the Tennessee Valley Authority. U.S. government securities may be acquired subject to repurchase agreements. While obligations of some U.S. government sponsored entities are supported by the full faith and credit of the U.S. government (e.g., GNMA), several are supported by the right of the issuer to borrow from the U.S. government (e.g., FNMA, FHLMC), and still others are supported only by the credit of the issuer itself (e.g., SLMA, FFCB). No assurance can be given that the U.S. government will provide financial support to U.S. government agencies or instrumentalities in the future, other than as set forth above, since it is not obligated to do so by law. The guarantee of the U.S. government does not extend to the yield or value of a Fund's shares.

**WHEN-ISSUED AND FORWARD COMMITMENT SECURITIES.** A Fund may purchase securities on a when-issued basis or for settlement at a future date if the Fund holds sufficient liquid assets to meet the purchase price. In such purchase transactions, a Fund will not accrue interest on the purchased security until the actual settlement. Similarly, if a security is sold for a forward date, a Fund will accrue the interest until the settlement of the sale. When-issued security purchases and forward commitments have a higher degree of risk of price movement before settlement due to the extended time period between the execution and settlement of the purchase or sale. As a result, the exposure to the counterparty of the purchase or sale is increased. Although a Fund would generally purchase securities on a forward commitment or when-issued basis with the intention of taking delivery, the Fund may sell such a security prior to the settlement date if such action was determined to be appropriate. In such a case, a Fund could incur a short-term gain or loss.

**TEMPORARY DEFENSIVE POSITIONS.** A Fund may, from time to time, take temporary defensive positions that are inconsistent with its principal investment strategies in an attempt to respond to adverse market, economic, political or other conditions. In such circumstances, a Fund may also hold up to 100% of its portfolio in cash and cash equivalent positions. When a Fund takes a temporary defensive position, the Fund may not be able to achieve its investment objective.

**CYBERSECURITY RISK.** A Fund, like all companies, may be susceptible to operational and information security risks, or risks of catastrophic systems failures by critical service providers. Cybersecurity incidents can also result from deliberate cyberattacks or unintentional events and may arise from external or internal sources. Cyberattacks may include infection by malicious software or gaining unauthorized access to digital systems, networks or devices that are used to service the Funds' operations (e.g., by "hacking" or "phishing"). Cyberattacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). These cyberattacks could cause the misappropriation of assets or personal information, corruption of data or operational disruptions. Geopolitical tensions may, from time to time, increase the scale and sophistication of deliberate cyberattacks. Cybersecurity or critical systems failures or breaches of a Fund, its service providers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, impact business operations and impede trading, potentially resulting in financial losses, the inability of Authorized Participants to

process transactions, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. A Fund and its shareholders could be negatively impacted as a result.

**INVESTMENT LIMITATIONS**

**FUNDAMENTAL RESTRICTIONS.** Each Fund has adopted the following investment limitations, which cannot be changed without approval by holders of a majority of its outstanding voting Shares. A "majority" for this purpose means the lesser of (i) 67% of the Fund's outstanding Shares represented in person or by proxy at a meeting at which more than 50% of its outstanding Shares are represented; or (ii) more than 50% of the Fund's outstanding Shares. Unless otherwise indicated, percentage limitations apply at the time of purchase of the applicable securities.

As a matter of fundamental policy, each Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) with respect to 75% of its total assets, purchase securities of an issuer (other than the U.S. Government, its agencies, instrumentalities or authorities or repurchase agreements collateralized by U.S. Government securities and other investment companies), if: (a) such purchase would, at the time, cause more than 5% of the Fund's total assets taken at market value to be invested in the securities of such issuer; or (b) such purchase would, at the time, result in more than 10% of the outstanding voting securities of such issuer being held by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) issue senior securities, except as permitted by the 1940 Act;

(3) borrow money (including, without limitation, borrowing to meet redemptions), except to the extent permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) pledge, mortgage or hypothecate its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) act as underwriter except to the extent that, in connection with the disposition of portfolio securities, the Fund may be deemed to be an underwriter under certain federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) make loans, provided that the Fund may lend its portfolio securities in an amount up to 33 1/3% of total Fund assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) purchase or sell real estate or interests in real estate; provided, however, that the Fund may purchase and sell securities which are secured by real estate and securities of companies which invest or deal in real estate (including, without limitation, investments in REITs and mortgage-backed securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) invest more than 25% of its total assets in any particular industry or group of industries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) invest in commodities.

**NON-FUNDAMENTAL RESTRICTIONS.** The following investment limitations are not fundamental and may be changed by the Board without shareholder approval. As a matter of non-fundamental policy, each Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) purchase securities on margin (but the Fund may obtain such short-term credits as may be necessary for the clearance of transactions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) make investments for the purpose of exercising control or management over a portfolio company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) invest in securities of other registered investment companies, except as permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) invest in interests in oil, gas or other mineral exploration or development programs, although the Fund may invest in the common stock of companies that invest in or sponsor such programs; or

(5) purchase warrants if as a result the Fund would then have more than 5% of its total net assets (taken at the lower of cost or current value) invested in warrants.

With respect to the fundamental and non-fundamental investment restrictions above, if a percentage limitation is adhered to at the time of investment, a later increase or decrease in percentage resulting from any change in value or net assets will not result in a violation of such restriction (i.e., percentage limitations are determined at the time of purchase); provided, however, that the treatment of the fundamental restrictions related to borrowing money and issuing senior securities are exceptions to this general rule.

With respect to the above fundamental investment restriction on borrowing money, the entry into options, forward contracts, futures contracts, including those relating to indices, and options on futures contracts or indices will not constitute borrowing.

With respect to the above fundamental investment restriction on pledging, mortgaging or hypothecating assets, any such activity to the extent necessary to secure permitted borrowings and to the extent related to the deposit of assets in escrow in connection with (i) writing covered put or call options, (ii) the purchase of securities on a when-issued or forward commitment basis, or (iii) collateral or initial or variation margin arrangements with respect to options, forward contracts, futures contracts (including, without limitation, those relating to indices), or options on futures contracts or indices will not be considered pledging, mortgaging or hypothecating assets.

With respect to the above fundamental investment restriction on making loans, investment in U.S. government obligations, short-term commercial paper, certificates of deposit, bankers' acceptances and repurchase agreements will not be deemed to be the making of a loan.

With respect to the above fundamental investment restriction regarding concentration in a particular industry, (i) securities of the U.S. Government (including its agencies and instrumentalities), tax-exempt securities of state or municipal governments and their political subdivisions and investments in other registered investment companies are not considered to be issued by members of any industry (although, to the extent sufficient information is reasonably available, a Fund will consider the holdings of an underlying registered investment company in applying its concentration policy), (ii) if a Fund invests in a revenue bond tied to a particular industry, the Fund will consider such investment to be issued by a member of the industry to which the revenue bond is tied, and (iii) any loan in which a Fund invests will be considered an investment in the industry in which the underlying borrower of the loan is included.

With respect to the above fundamental investment restriction on investments in commodities, the purchase or sale by a Fund of options, forward contracts, futures contracts (including, without limitation, those relating to indices), options on futures contracts or indices or interests in equity securities issued by companies (including, without limitation, investment companies) that hold or invest in one or more commodities as their sole or principal business activity will not be considered an investment in commodities.

With respect to the above non-fundamental investment restriction on purchasing securities on margin, short sales of securities and futures trades, forward contracts or similar trades requiring margin deposits or other use of a margin account will not be considered purchasing securities on margin.

**MANAGEMENT AND OTHER SERVICE PROVIDERS**

The Board is responsible for the supervision and oversight of the Funds. The Board approves all significant agreements between the Trust, on behalf of the Funds, and those companies that furnish services to the Funds; reviews the performance of the Funds; and oversees the business activities of the Funds. This section of the SAI provides information about the persons who serve as trustees ("**Trustees**") and executive officers to the Trust, as well as the entities that provide services to the Trust.

**TRUSTEES AND OFFICERS.** Following are the Trustees and executive officers of the Trust, their years of birth and addresses, their present positions with the Trust, and their principal occupations during the past five years. Those Trustees who are "interested persons" as defined in the 1940 Act ("**Interested Trustees**") and those Trustees who are not "interested persons" as defined in the 1940 Act ("**Independent Trustees**"), are identified in the table. The address of each Trustee and executive officer of the Trust, unless otherwise indicated, is 1301 Avenue of the Americas, 14th Floor, New York, NY 10019.

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| **Name and Year of Birth** | **Position(s) Held** <br> **with Trust** | **Length of** <br> **Time Served** | **Principal Occupation(s) During Past** <br> **Five Years** | **Number of Portfolios in Fund Complex Overseen by Trustee\*** | **Other Directorships <br> Held by** <br> **Trustee During** <br> **Past Five Years**  |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
|  Myles J. Edwards<br>| Trustee | Since Inception | Chief Executive Officer and Chief Compliance Officer (since 2024), Disruptive Securities LLC; General Counsel and Chief Compliance Officer (since 2021), Sanctuary Securities, Inc. | 29 | Trustee (since 2016), ETFis |

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|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held** <br> **with Trust** | **Length of** <br> **Time Served** | **Principal Occupation(s) During Past** <br> **Five Years** | **Number of Portfolios in Fund Complex Overseen by Trustee\*** | **Other Directorships <br> Held by** <br> **Trustee During** <br> **Past Five Years**  |
|  Year of Birth: 1961<br>|  |  | and Sanctuary Advisors, LLC; Chief Compliance Officer (since 2020), 1776 Wealth, Inc.; General Counsel and Chief Compliance Officer (since 2019), Bruderman Brothers, LLC and Bruderman Asset Management, LLC; Chief Compliance Officer (since 2018), Netrex Capital Markets, LLC; Chief Executive Officer (since 2018), Final Compliance; and Chief Compliance Officer (since 2018), Knight Vinke. |  | Series Trust I (10 portfolios) |
|  James A. Simpson<br>Year of Birth: 1970 | Trustee | Since Inception | President (since 2009), ETP Resources, LLC (a financial services consulting company). | 29 | Trustee (since 2018), Asset Management Fund (5 portfolios); Trustee (since 2013), ETFis Series Trust I (10 portfolios) |

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|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held** <br> **with Trust** | **Length of** <br> **Time Served** | **Principal Occupation(s) During Past** <br> **Five Years** | **Number of Portfolios in Fund Complex Overseen by Trustee\*** | **Other Directorships <br> Held by** <br> **Trustee During** <br> **Past Five Years**  |
|  Robert S. Tull, Jr.<br>Year of Birth: 1952 | Trustee | Since Inception | President (since 2017), Procure Holdings, Procure Expertise and Procure Innovations; Owner (since 2017), Pegassets LLC IP licensing of EAM; Equity Owner (since 2018), Turing Technology Associates. | 29 | Trustee (since 2015), Virtus ETF Trust I (10 portfolios); Trustee (since 2017), Procure Holdings, Procure Expertise and Procure Innovations; and Board member (since 2018), LGBTQ Loyalty Holdings Inc. |
| **INTERESTED TRUSTEE\*\*** | **INTERESTED TRUSTEE\*\*** | **INTERESTED TRUSTEE\*\*** | **INTERESTED TRUSTEE\*\*** | **INTERESTED TRUSTEE\*\*** | **INTERESTED TRUSTEE\*\*** |
|  George R. Aylward<br>Year of Birth: 1964 | Chairman and Trustee | Since Inception | Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc, and/or certain of its subsidiaries; and various senior officer positions with Virtus affiliates (since 2005). | 19 | \*\* |

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|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held** <br> **with Trust** | **Length of** <br> **Time Served** | **Principal Occupation(s) During Past** <br> **Five Years** | **Number of Portfolios in Fund Complex Overseen by Trustee\*** | **Other Directorships <br> Held by** <br> **Trustee During** <br> **Past Five Years**  |
| **OTHER EXECUTIVE OFFICERS** | **OTHER EXECUTIVE OFFICERS** | **OTHER EXECUTIVE OFFICERS** | **OTHER EXECUTIVE OFFICERS** | **OTHER EXECUTIVE OFFICERS** | **OTHER EXECUTIVE OFFICERS** |
|  Timothy Branigan<br>Year of Birth: 1976 | Fund Chief Compliance Officer<br>Deputy Fund Chief Compliance Officer<br>Assistant Chief Compliance Officer | Since 2022<br>February 2022 to June 2022 <br>2020 to 2022 | Various officer positions (since 2019) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. | N/A | N/A |
|  Daphne Chisolm<br>Year of Birth: 1969 | Chief Legal Officer and Secretary | Since May 2023 | Vice President and Senior Counsel (since 2023), Virtus Investment Partners, Inc.; Attorney at Law engaged in private practice as a solo practitioner (2018 to 2023); and various officer positions (since 2023) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. | N/A | N/A |
|  Brinton W. Frith<br>Year of Birth: 1969 | Treasurer and Chief Financial Officer | Since Inception | President (2013-2024), Virtus ETF Advisers LLC; Vice President (since 2016) and Managing Director (since 2013), Virtus ETF Solutions LLC; Treasurer and Chief Financial Officer (since 2013), ETFis Series Trust I; and Treasurer and Chief Financial Officer (since 2015), Virtus ETF Trust II. | N/A | N/A |
|  Julia Short<br>Year of Birth: 1972 | Senior Vice President | Since 2022 | Senior Vice President, Product Development (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2017) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Managing Director, Product Manager, RidgeWorth Investments (2004 to 2017). | N/A | N/A |

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|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held** <br> **with Trust** | **Length of** <br> **Time Served** | **Principal Occupation(s) During Past** <br> **Five Years** | **Number of Portfolios in Fund Complex Overseen by Trustee\*** | **Other Directorships <br> Held by** <br> **Trustee During** <br> **Past Five Years**  |
|  William J. Smalley<br>Year of Birth: 1983 | President and Chief Executive Officer | Since Inception | President (since 2012), Virtus ETF Solutions LLC; Managing Principal (2012 to 2016) and Executive Vice President (2016 to 2019), ETF Distributors LLC; Managing Director (2012-2024), Virtus ETF Advisers LLC; President and Chief Executive Officer (since 2013), ETFis Series Trust I; and President and Chief Executive Officer (since 2015), Virtus ETF Trust II. | N/A | N/A |
|  Richard W. Smirl<br>Year of Birth: 1967 | Executive Vice President | Since 2022 | Chief Operating Officer (since 2021); Virtus Investment Partners, Inc.; Executive Vice President (since 2021), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Chief Operating Officer (2018 to 2021), Russell Investments; Executive Director (Jan. to July 2018), State of Wisconsin Investment Board; and Partner and Chief Operating Officer (2004 to 2018), William Blair Investment Management. | N/A | N/A |

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| \* |
| \*\* Mr. Aylward is an "interested person" as defined in the 1940 Act, by reason of his position as Director, President and Chief Executive Officer of Virtus Investment Partners, Inc., the ultimate parent company of the Adviser, and various positions with its affiliates. He has held the following "Other Directorships" during the past five years: Director (since 2024), DNP Select Income Fund Inc., DTF Tax-Free Income 2028 Term Fund Inc. and Duff & Phelps Utility and Infrastructure Fund Inc.; Director (since 2023), Stone Harbor Investment Funds plc (21 sub-funds), Stone Harbor Global Funds plc (27 sub-funds), and Virtus Global Funds ICAV (5 portfolios); Trustee, President and Chief Executive Officer (since 2022), Virtus Stone Harbor Emerging Markets Income Fund; Trustee, President and Chief Executive Officer (2022 to 2023), Virtus Stone Harbor Emerging Markets Total Income Fund; Member, Board of Governors of the Investment Company Institute (since 2021); Trustee and President (since 2021), The Merger Fund<sup>®</sup>; The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (7 portfolios); Trustee, President and Chief Executive Officer (since 2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Trustee, President and Chief Executive Officer (2021 to 2024), Virtus Convertible & Income 2024 Target Term Fund; Director, President and Chief Executive Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and President (since 2013), Virtus Alternative Solutions Trust (4 portfolios); Director (since 2013), Virtus Global Funds, PLC (5 portfolios); Trustee (since 2012) and President (since 2010), Virtus Variable Insurance Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2011), Virtus Global Multi-Sector Income Fund; Trustee and President (since 2006) and Executive Vice President (2004 to 2006), Virtus Mutual Fund |

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Family (45 portfolios); Director, President and Chief Executive Officer (since 2006), Virtus Total Return Fund Inc.; and Director, President and Chief Executive Officer (2006 to 2019), the former Virtus Total Return Fund, Inc.

**Board Structure.** The Trust's Board includes three Independent Trustees and one Interested Trustee, Mr. Aylward, who is Chairman of the Board. Each Trustee serves an indefinite term, until a successor is elected, qualified and serving as a Trustee. The Board has not appointed an Independent Trustee to serve as lead Independent Trustee. The Board believes this structure is appropriate because, among other things, the Board's current small size and the small number of funds in the Trust permit Trust management to communicate with each Independent Trustee as and when needed, and permit each Independent Trustee to be involved in each committee of the Board (each a "**Committee**") as well as each Board function. The Board may consider appointing an independent Chairman or a lead Independent Trustee in the future, particularly if the Board's size or the Trust's complexity materially increases.

With respect to risk oversight, the Board holds four regular meetings each year to consider and address matters involving the Trust and the Fund. During these meetings, the Board receives reports from each Adviser, the Trust's sub-advisers, Trust management, the Fund's administrator, transfer agent and distributor, and the Trust's Chief Compliance Officer (the "**CCO**"), on regular quarterly items and, where appropriate and as needed, on specific issues. As part of its oversight function, the Board also may hold special meetings or communicate directly with Trust management or the CCO to address matters arising between regular meetings. The Board has established a committee structure that includes an Audit Committee and a Nominating Committee (discussed in more detail below). Each Committee is comprised entirely of Independent Trustees. The Independent Trustees have engaged independent legal counsel to assist them in performing their oversight responsibilities.

**Qualification of Trustees.** The Board has considered each Trustee's experience, qualifications, attributes and skills in light of the Board's function and the Trust's business and structure, and has determined that each Trustee possesses experience, qualifications, attributes and skills that enable the Trustee to be an effective member of the Board. In this regard, the Board has considered the following specific experience, qualifications, attributes and/or skills for each Trustee:

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|:---|:---|
| George R.<br> Aylward | Mr. Aylward has experience as a director, president and Chief Executive Officer of an investment management firm, holds various executive positions with investment advisers, a distributor and an administrator to registered investment companies and as an officer and trustee for other registered investment companies. He also has experience in all aspects of the development and management of registered investment companies, and the handling of various financial, staffing, regulatory and operational issues. |
| Myles J.<br> Edwards | Mr. Edwards has experience as general counsel, chief compliance officer and chief operating officer of SEC registered investment advisers, hedge funds and FINRA member broker-dealers. |
| James A.<br> Simpson | Mr. Simpson has experience as an independent trustee for other ETFs and as President of ETP Resources, a financial information services company that provides detailed reference data on U.S.-listed exchange-traded products. He also has experience working for financial institutions and securities exchanges and has consulted with respect to the development of exchange-traded products. |
| Robert S.<br> Tull, Jr. | Mr. Tull has experience as an independent trustee for other ETFs and as a consultant to financial companies and as chief operating officer to financial services companies. Mr. Tull has also assisted with the development of exchange-traded products. |

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The Board has determined that each of the Trustees' careers and background, combined with their interpersonal skills and general understanding of financial and other matters, enable the Trustees to effectively participate in and contribute to the Board's functions and oversight of the Trust. References to the qualifications, attributes and skills of Trustees are pursuant to requirements of the SEC, do not constitute holding out the Board or any Trustee as having any special expertise or experience, and shall not impose any greater responsibility on any such person or on the Board by reason thereof.

**Trustee Standing Committees.** The Board has established the following standing committees:

**Audit Committee:** The Independent Trustees are the current members of the Audit Committee. The Audit Committee oversees the Fund's accounting and financial reporting policies and practices, reviews the results of the annual audits of the Fund's financial statements and interacts with the Fund's independent auditors on behalf of the Board. The Audit Committee operates pursuant to an Audit Committee Charter and meets periodically as necessary. The Audit Committee met 5 times during the past fiscal year.

**Nominating Committee:** The Independent Trustees are the current members of the Nominating Committee. The Nominating Committee nominates, selects and appoints Independent Trustees to fill vacancies on the Board and to stand for election at appropriate meetings of the shareholders of the Trust. The Nominating Committee meets only as necessary. The Nominating Committee did not meet during the past fiscal year. The Nominating Committee generally will not consider nominees recommended by shareholders of the Trust.

**Beneficial Ownership of Shares of the Funds.** The table below shows, for each Trustee, the value of shares of the Funds beneficially owned, and the aggregate value of investments in shares of all funds in the Fund complex, as of December 31, 2024, and stated as one of the following ranges: A = None; B = $1–$10,000; C = $10,001–$50,000; D = $50,001–$100,000; and E = over $100,000.

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity** <br> **Securities in the Funds\*** | **Aggregate Dollar Range of Equity**<br> **Securities in All Registered Investment**<br> **Companies Overseen By Trustee in**<br> **Family of Investment Companies** |
| &nbsp;&nbsp;&nbsp;James A. Simpson | N/A | C |
| &nbsp;&nbsp;&nbsp;Robert S. Tull, Jr. | N/A | A |
| &nbsp;&nbsp;&nbsp;Myles J. Edwards | N/A | C |
| &nbsp;&nbsp;&nbsp;George R. Aylward | N/A | A |

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\*The Funds had not commenced operations as of the date of this SAI.

**Ownership In Fund Affiliates.** As of December 31, 2024, none of the Independent Trustees, nor members of their immediate families, owned, beneficially or of record, securities of the Adviser, Sub-Advisers, the Fund's principal underwriter or any affiliate of the Adviser, Sub-Adviser or the principal underwriter.

**Compensation.** Officers of the Trust and the Trustees who are interested persons of the Trust or the Advisers receive no salary from the Trust. Each Independent Trustee receives $55,000 per year for the entire Fund Complex, and the Audit Committee chair receives an additional $5,000 per year for the entire Fund Complex. The Trust reimburses each Trustee and officer of the Trust for his or her travel and other expenses relating to attendance at Board or committee meetings. Unless otherwise noted, the Trustees received the following compensation for the fiscal year ended July 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Aggregate Compensation** <br> **From the Funds\*** | **Pension or Retirement** <br> **Benefits Accrued As**<br> **Part of Funds Expenses** | **Estimated Annual** <br> **Benefits Upon** <br> **Retirement** | **Total Compensation From**<br> **Funds Complex Paid to**<br> **Trustees\*\*** |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Myles J. Edwards | N/A |  |  | $50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Simpson | N/A |  |  | $50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert S. Tull | N/A |  |  | $50000 |
| **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George R. Aylward |  |  |  |  |

---

\*The Funds had not commenced operations as of the date of this SAI.

\*\* For the calendar year ended December 31, 2024.

**CODES OF ETHICS.** The Trust, the Adviser, sub-advisers and the Funds' principal underwriter have each adopted a code of ethics, as required by Rule 17j-1 under the 1940 Act, that is designed to prevent personnel of the Trust, the Advisers, sub-advisers and the Funds' principal underwriter subject to the codes from engaging in deceptive, manipulative or fraudulent activities in connection with securities held or to be acquired by the Funds (which securities may also be held by persons subject to the codes). The codes of ethics permit personnel of the Trust, the Advisers, sub-advisers and the principal underwriter subject to the codes to invest in securities, including securities that may be purchased or held by the Fund, subject to certain restrictions and pre-approval requirements. In addition, the codes of ethics of the Trust, the Advisers, sub-advisers and the principal underwriter require that access persons of such entities report their personal securities transactions and holdings, which are reviewed for compliance with the code of ethics.

**ANTI-MONEY LAUNDERING PROGRAM.** The Trust has adopted an anti-money laundering ("**AML**") program, as required by applicable law, that is designed to prevent the Funds from being used for money laundering or the financing of terrorist activities. The Trust's AML Compliance Officer is responsible for implementing and monitoring the operations and internal controls of the program. Compliance officers at certain of the Funds' service providers are also responsible for monitoring aspects of the AML program. The AML program is subject to the continuing oversight of the Board.

**PROXY VOTING POLICIES.** The Trust has adopted a proxy voting and disclosure policy that delegates to the Fund's proxy voting manager the authority to vote proxies for the Fund, subject to oversight of the Board. The Sub-Adviser serves as the proxy voting manager for the Fund. Copies of the Trust's Proxy Voting Policy and Procedures and the Sub-Adviser's Proxy Voting Policy and Procedures are included as Appendix B and Appendix C, respectively, to this SAI.

No later than August 31 of each year, the Trust files Form N-PX with the SEC. Form N-PX states how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30. The Fund's proxy voting records, as set forth in its most recent Form N-PX filing, will be available upon request, without charge, by calling the Fund at (866) 383-7636. This information will also be available on the SEC's website at <u>http://www.sec.gov</u>.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

Prior to the date of this SAI, the Funds had no Shares outstanding.

**MANAGEMENT SERVICES**

The following information supplements and should be read in conjunction with the section in the Prospectus entitled "Management of the Fund."

**ADVISER.** Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) ("VIA"), located at One Financial Plaza, Hartford, Connecticut 06103, serves as the investment adviser to each Fund. The Adviser was organized as a Delaware limited liability company in August 2013 and is an indirect wholly owned subsidiary of Virtus Investment Partners, Inc. (Ticker: VRTS) (together with its affiliates, "Virtus"). Virtus is a public company that operates a multi-manager asset management business and has substantial experience in the investment management and investment company industries. As of March 31, 2025, on a collective basis, Virtus-affiliated registered investment advisers managed approximately $76.8 billion in assets. As of March 31, 2025, the Adviser managed approximately $51.5 billion in assets.

The Adviser has served as the investment adviser to each Fund since inception of the Fund's operations. The Adviser also serves as investment adviser to each other series of the Trust and each series of ETFis Series Trust I, an open-end management investment company registered with the SEC. The Adviser is responsible for the oversight and management of all service providers to the Trust

The Adviser has overall responsibility for the general management and administration of the Trust, pursuant to an investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the "**Advisory Agreement**"). The Advisory Agreement is effective for an initial two-year period and will remain in effect thereafter only so long as such renewal and continuance is specifically approved at least annually by the Board or by vote of a majority of the Fund's outstanding voting securities, provided the continuance is also approved by a majority of the Independent Trustees. The Advisory Agreement is terminable without penalty on 60 days' notice by the Board or by vote of a majority of the outstanding voting securities of the Fund. The Advisory Agreement provides that it will terminate automatically in the event of its "assignment," as such term is defined in the 1940 Act.

Under the Advisory Agreement, the Adviser is not liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the matters to which the Advisory Agreement relates, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services; or a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Adviser in the performance of its duties; or from the reckless disregard of its duties and obligations under the Advisory Agreement.

The Adviser has engaged the Sub-Adviser to manage the Fund's investments in accordance with the stated investment objective and policies of the Fund, subject to the oversight and supervision of the Adviser and the Board, and will oversee the Sub-Adviser's compliance with the terms and conditions of the SEC rule on which the Fund relies to operate as an ETF, as well as the Trust's related policies and procedures.

**Adviser Compensation.** The Adviser receives a monthly advisory fee (the "Advisory Fee") from the Virtus Systematic U.S. Small Cap Growth ETF, Virtus Systematic International Small Cap ETF, Virtus Systematic Emerging Markets Equity ETF, Virtus Systematic U.S. Dividend ETF, Virtus Systematic International Dividend ETF and Virtus Systematic Emerging Markets Dividend ETF at the annual rate of __%, __%,__%,__%,__%, and __%, respectively, of the Fund's average daily net assets. The Advisory Fee for the Fund is structured as a "unified fee." Accordingly, in consideration of the fees paid with respect to the Fund, the Adviser has agreed to pay all of the ordinary operating expenses of the Fund, except for the following expenses, each of which is paid by the Fund: the Adviser's fee; payments under any 12b-1 plan; taxes and other governmental fees; brokerage fees, commissions and other transaction expenses; interest and other costs of borrowing; litigation or arbitration expenses; acquired fund fees and expenses; and extraordinary or other non-routine expenses of the Fund.

**SUB-ADVISER.** Virtus Advisers, LLC ("VA") is the Funds' sub-adviser. VA, an affiliate of VIA, is located at One Financial Plaza, Hartford, CT 06103. VA operates through its Virtus Systematic division in sub-advising the Funds. As of June 30, 2025, VA had approximately [$] billion in aggregate assets under management. As of June, 2025, the Virtus Systematic division of VA had approximately [$] billion in assets under management.

**Sub-Adviser Compensation.** For services provided to each Fund, the Adviser will pay VA a fee, payable monthly in arrears, equal to 50% of the net advisory fee payable by the Fund to the Adviser for such month. For this purpose, the "net advisory fee" means the advisory fee paid by a Fund to the Adviser for investment advisory services under the Adviser's investment advisory agreement with the Fund, after deducting the payment of all of the ordinary operating expenses of the Fund under the Adviser's unified fee arrangement. In the event that the Adviser waives all or a portion of its fee pursuant to an applicable waiver agreement, then VA will waive its fee in the same proportion as the Adviser.

**PORTFOLIO MANAGERS.** 

The following employees are the Funds portfolio managers, each of whom is jointly and primarily responsible for the day-to-day management of the Funds portfolio and has served in such positions since the inception of the Fund's operations: Kunal Ghosh, Jie Wei, CFA, Lu Yu, CFA and Yang Zhang.

The portfolio managers are jointly and primarily responsible for the day-to-day management of the Fund.

**Ownership of Fund Shares.** The portfolio managers of Virtus Systematic U.S. Small Cap Growth ETF, Virtus Systematic International Small Cap ETF, Virtus Systematic Emerging Markets Equity ETF, Virtus Systematic U.S. Dividend ETF, Virtus Systematic International Dividend ETF and Virtus Systematic Emerging Markets Dividend ETF did not own any Shares of the Funds prior to the date of this SAI because the Fund had not yet commenced operations.

**Other Accounts.** In addition to the Fund, the portfolio managers are responsible for the day-to-day management of certain other accounts. The following table shows the number of, and total assets in, such other accounts as of [ ]. Unless otherwise indicated, none of these accounts has an advisory fee based on the performance of the account.

***Other Accounts Managed (No Performance-Based Fees) (in millions)***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Vehicles** | **Other Pooled Vehicles** | **Other Accounts** | **Other Accounts** |
| <br>**Portfolio Manager** | **# of** <br> **Accounts**  | **Total Assets** | **# of** <br> **Accounts** | **Total Assets** | **# of**<br> **Accounts** | **Total Assets** |
|  Kunal Ghosh<br> Jie Wei, CFA <br> Lu Yu, CFA <br> Yang Zhang  | [ ]<br> [ ]<br> [ ]<br> [ ] | [ ]<br> [ ]<br> [ ]<br> [ ] | [ ]<br> [ ]<br> [ ]<br> [ ] | [ ]<br> [ ]<br> [ ]<br> [ ] | [ ]<br> [ ]<br> [ ]<br> [ ] | [ ]<br> [ ]<br> [ ]<br> [ ] |

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***Other Accounts Managed (With Performance-Based Fees) (in millions)***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Vehicles** | **Other Pooled Vehicles** | **Other Accounts** | **Other Accounts** |
| <br>**Portfolio Manager** | **# of**<br> **Accounts** | **Total Assets** | **# of**<br> **Accounts** | **Total Assets** | **# of**<br> **Accounts** | **Total Assets** |
|  Kunal Ghosh<br> Jie Wei, CFA <br> Lu Yu, CFA <br> Yang Zhang  | [ ]<br> [ ]<br> [ ]<br> [ ] | [ ]<br> [ ]<br> [ ]<br> [ ] | [ ]<br> [ ]<br> [ ]<br> [ ] | [ ]<br> [ ]<br> [ ]<br> [ ] | [ ]<br> [ ]<br> [ ]<br> [ ] | [ ]<br> [ ]<br> [ ]<br> [ ] |

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**Material Conflicts of Interest.** Because each of the portfolio managers may at times manage multiple portfolios for multiple clients, the potential for conflicts of interest exists. The portfolio managers may manage portfolios having substantially the same investment style as the Funds. However, the portfolios managed by the portfolio managers may not have portfolio compositions identical to those of the Funds due, for example, to specific investment limitations or guidelines present in some portfolios or accounts, but not others. The portfolio managers may purchase securities for one portfolio and not another portfolio, and the performance of securities purchased for one portfolio may vary from the performance of securities purchased for other portfolios. The portfolio managers may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the Funds, or make investment decisions that are similar to those made for the Funds, both of which have the potential to adversely impact the Fund depending on market conditions. For example, the portfolio managers may purchase a security in one portfolio while appropriately selling that same security in another portfolio. In addition, some of these portfolios may have fee structures that are or have the potential to be higher than the advisory fees paid by each Fund, which can cause potential conflicts in the allocation of investment opportunities between the Fund and the other accounts. In addition, current trading practices would not allow a sub-adviser to intentionally favor one portfolio over another as trades are executed as trade orders are received.

**Compensation.** The portfolio managers are compensated by the Sub-Adviser and do not receive any compensation directly from a Fund or an Adviser. Each portfolio manager receives their compensation in the form of base salary that is determined by the advisory fee revenue generated by the firm's assets under management. Thus, portfolio manager compensation is aligned with the interests of the firm's clients, including the Funds and its investors. The portfolio managers may also earn a bonus each year based on the profitability of the sub-adviser.

**OTHER SERVICE PROVIDERS**

**ADMINISTRATOR.** Under the Administrative Services Agreement, Virtus ETF Solutions LLC (the "**Administrator**") serves as the operational administrator of the Trust. The Administrator's address is 1301 Avenue of the Americas, 14th Floor, New York, NY 10019. Under the Administrative Services Agreement, the Administrator supervises the overall administration of the Trust and each Fund including, among other responsibilities, the coordination and day-to-day oversight of the Funds' operations, the service providers' communications with the Funds and each other and assistance with Trust, Board and contractual matters related to the Funds and other series of the Trust. The Administrator also provides persons satisfactory to the Board to serve as officers of the Trust. The Administrator will be indemnified in connection with or arising out of performance of its obligations and duties under this Agreement, except for losses resulting from the willful malfeasance, bad faith or gross negligence of Administrator in the performance of such obligations and duties. Each Adviser pays the Administrator out of the Adviser's advisory fee pursuant to the Adviser's unified fee arrangement with the Fund. The Funds are newly formed and the Adviser has not paid any fees for administration services on behalf of the Funds as of the date of this SAI.

**ACCOUNTING, CUSTODIAN AND TRANSFER AGENT.** Under the Fund Administration and Accounting Agreement (the "**Accounting Services Agreement**"), The Bank of New York Mellon ("**BNY Mellon**" or the "**Accounting Services Administrator**") serves as accounting administrator for each Fund. BNY Mellon's principal address is 240 Greenwich Street, New York, New York 10286. Under the Accounting Services Agreement, BNY Mellon provides necessary administrative, legal, tax, accounting services and financial reporting for the maintenance and operations of the Trust and the Funds. In addition, BNY Mellon makes available the office space, equipment, personnel and facilities required to provide such services.

BNY Mellon provides accounting and administration services to the Trust, including, among other responsibilities, assisting in the preparation and filing of documents required for compliance by the Funds with applicable laws and regulations and arranging for the maintenance of books and records of the Funds.

The Adviser pays the Accounting Services Administrator out of the Adviser's advisory fee pursuant to the Adviser's unified fee arrangement with the Fund. The Funds are newly formed and the Adviser has not paid any fees for accounting administration services on behalf of the Funds as of the date of this SAI.

BNY Mellon serves as custodian of each Fund's assets (the "**Custodian**"). The Custodian has agreed to (1) make receipts and disbursements of money on behalf of each Fund; (2) collect and receive all income and other payments and distributions on account of each Fund's portfolio investments; (3) respond to correspondence from Fund shareholders and others relating to its duties; and (4) make periodic reports to each Fund concerning the Fund's operations. The Custodian does not exercise any supervisory function over the purchase and sale of securities.

BNY Mellon serves as transfer agent and dividend paying agent for each Fund (the "**Transfer Agent**"). The Transfer Agent has agreed to (1) issue and redeem Shares of each Fund; (2) make dividend and other distributions to shareholders of each Fund; (3) respond to correspondence by Fund shareholders and others relating to its duties; (4) maintain shareholder accounts; and (5) make periodic reports to each Fund.

BNY Mellon is the principal operating subsidiary of The Bank of New York Mellon Corporation.

**DISTRIBUTOR.** VP Distributors, LLC (the "**Distributor**") is located at One Financial Plaza, Hartford, CT 06103. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934 (the "**Exchange Act**"), and a member of the Financial Industry Regulatory Authority, Inc. ("**FINRA**").

Shares will be continuously offered for sale by the Trust through the Distributor only in whole Creation Units, as described in the section of this SAI entitled "Purchase and Redemption of Creation Units." The Distributor also acts as an agent for the Trust. The Distributor will deliver a Prospectus to persons purchasing Shares in Creation Units and will maintain records of both orders placed with it and confirmations of acceptance furnished by it. The Distributor has no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds.

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Rule 12b-1 plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to finance activities primarily intended to result in the sale of Creation Units of the Funds or the provision of investor services. If implemented, the Rule 12b-1 plan is reasonably likely to benefit each Fund and its shareholders by, among other things, increasing advertising of the Fund, encouraging purchases of Shares and services to its shareholders, and increasing or maintaining assets of the Fund so that certain fixed expenses may be spread over a broader asset base, with a positive impact on per share expense ratios. No Rule 12b-1 fees are currently paid by the Funds, and there are no current plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of each Fund's assets, and over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

Under the Distribution and Service Plan, and as required by Rule 12b-1, the Trustees will receive and review after the end of each calendar quarter a written report provided by the Distributor of the amounts expended under the Plan and the purpose for which such expenditures were made.

**PAYMENTS TO FINANCIAL INTERMEDIARIES.** The Adviser, sub-adviser, their affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Funds. Additionally, the Adviser, the sub-adviser or their affiliates may pay, out of their own resources, amounts to financial intermediaries for assistance with communication, distribution of materials and other services for their clients that are shareholders of the Funds, or for other services in connection with the organization or operation of the Funds. The making of these payments could create a conflict of interest for a financial intermediary receiving such payments.

**FUND RECORDS.** The accounts, books or other documents required to be maintained by Section 31(a) of the 1940 Act and CFTC Regulation 4.23 are kept by the Adviser at One Financial Plaza, Hartford, CT 06103.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.** The Board has selected the firm of[_], located at [_] , to serve as the independent registered public accounting firm for each Fund for the current fiscal year, to audit the annual financial statements of the Fund and to sign as Paid Preparer the federal and state tax returns, as well as apply procedures to the required distribution calculation for federal excise tax purposes. Such firm will audit the financial statements of the Fund at least once each year. A copy of the most recent annual report containing the audit report will accompany this SAI whenever a shareholder or a prospective investor requests it.

**LEGAL COUNSEL.** Stradley Ronon Stevens & Young, LLP, located at 2005 Market Street, Suite 2600, Philadelphia, PA 19103, serves as legal counsel to the Trust and the Independent Trustees.

**SECURITIES LENDING**

Subject to certain investment restrictions, each Fund may, subject to the Trustees' and Trust Treasurer's approval, lend securities from its portfolio to brokers, dealers and financial institutions deemed creditworthy and receive, as collateral, cash or cash equivalents which at all times while the loan is outstanding will be maintained in amounts equal to at least 100% of the current market value of the loaned securities. Any cash collateral will be invested in short-term securities that will increase the current income of the Fund lending its securities.

Each Fund will have the right to regain record ownership of loaned securities to exercise beneficial rights such as voting rights and subscription rights. While a securities loan is outstanding, the Fund is to receive an amount equal to any dividends, interest or other distributions with respect to the loaned securities. Each Fund may pay reasonable fees to persons unaffiliated with the Trust for services in arranging such loans.

Even though securities lending usually does not impose market risks on the lending Fund, as with any extension of credit, there are risks of delay in recovery of the loaned securities and in some cases loss of rights in the collateral should the borrower of the securities fail

financially. In addition, the value of the collateral taken as security for the securities loaned may decline in value or may be difficult to convert to cash in the event that a Fund must rely on the collateral to recover the value of the securities. Moreover, if the borrower of the securities is insolvent, under current bankruptcy law, a Fund could be ordered by a court not to liquidate the collateral for an indeterminate period of time. If the borrower is the subject of insolvency proceedings and the collateral held might not be liquidated, the result could be a material adverse impact on the liquidity of the lending Fund.

A Fund will not lend securities having a value in excess of 33 1/3% of its assets, including collateral received for loaned securities (valued at the time of any loan).

**PORTFOLIO TRANSACTIONS AND BROKERAGE**

Subject to the general supervision of the Board and the Adviser, the Sub-Adviser is responsible for, makes decisions with respect to and places orders for all purchases and sales of portfolio securities for each Fund. The Sub-Adviser will manage each Fund's portfolio in accordance with the terms of the sub-advisory agreements by and among the Trust on behalf of each Fund, the Sub-Adviser and Adviser. The Sub-Adviser serves as investment adviser for a number of client accounts, in addition to the Funds it subadvises.

**BROKERAGE SELECTION AND ALLOCATION.** Each Fund has adopted, and the Board has approved, policies and procedures relating to the direction of portfolio securities transactions to brokers. In accordance with these policies and procedures, in selecting brokers to be used in portfolio transactions, the sub-adviser's general guiding principle is to obtain the best overall execution for each trade, which is a combination of price and execution. With respect to execution, the sub-adviser considers a number of factors, including, without limitation, the size of the order, the difficulty of execution, the efficiency of the facilities of the executing broker-dealer (including research services), any risk assumed by an executing broker-dealer and other factors that may be unique to a particular order. Recognizing the value of these judgmental factors, a sub-adviser may select brokers that charge a brokerage commission that is higher than the lowest commission that might otherwise be available for any given trade. A sub-adviser may not give consideration to sales of Shares of the Fund as a factor in selecting brokers to execute portfolio transactions. A sub-adviser may, however, place portfolio transactions with brokers that are affiliated with the Adviser and the sub-adviser or that promote or sell the Funds' Shares, so long as such transactions are done in accordance with the policies and procedures established by the Board that are designed to ensure that the selection is consistent with the sub-adviser's obligation to seek best execution and not based upon the broker's sales efforts.

Under Section 28(e) of the Exchange Act and the Sub-Advisory Agreement, the sub-adviser may, in its discretion, purchase and sell portfolio securities from and to brokers and dealers that provide the sub-adviser with brokerage, research, analysis, advice and similar services, and the sub-adviser may pay to these brokers and dealers, in return for such services, a higher commission or spread than may be charged by other brokers and dealers, provided that the sub-adviser determines in good faith that such commission is reasonable in terms either of that particular transaction or of the overall responsibility of the Sub-Adviser to the Funds and the sub-adviser's other clients and that the total commission paid by a Fund will be reasonable in relation to the benefits to the Funds and the sub-adviser's other clients over the long-term. The research received by the sub-adviser may include, without limitation: information on the United States and other world economies; information on specific industries, sectors, groups of securities, individual companies, and political and other relevant news developments affecting markets and specific securities; technical and quantitative information about markets; analysis of proxy proposals affecting specific companies; accounting and performance systems that allow a sub-adviser to determine and track investment results; and trading systems that allow a sub-adviser to interface electronically with brokerage firms, custodians and other providers. Research may be received in the form of written reports, telephone contacts, personal meetings, research seminars, software programs and access to computer databases. In some instances, research products or services received by a sub-adviser may also be used by the sub-adviser for functions that are not research related (i.e. not related to the making of investment decisions). Where a research product or service has a mixed use, a sub-adviser will make a reasonable allocation according to its use and will pay for the non-research function in cash using its own funds.

The research and investment information services described above make available to a sub-adviser for its analysis and consideration the views and information of individuals and research staffs of other securities firms. These services may be useful to a sub-adviser in connection with advisory clients other than a Fund, and not all such services may be useful to the sub-adviser in connection with the Fund. Although such information may be a useful supplement to a sub-adviser's own investment research in rendering services to the Fund, the value of such research and services is not expected to materially reduce the expenses of the sub-adviser in the performance of its services under the Sub-Advisory Agreements and will not reduce the advisory fees payable by a Fund.

Each Fund may invest in securities traded in the over-the-counter market. In these cases, the Funds may initiate trades through brokers on an agency basis and may pay a commission in connection with the transaction. Each Fund may also effect these transactions by dealing directly with the dealers that make a market in the securities involved, in which case the costs of such transactions would involve dealer spreads rather than brokerage commissions.

The Trust has adopted a policy governing the execution of aggregated advisory client orders ("bunching policy") in an attempt to lower commission costs on a per-share and per-dollar basis. No Adviser or sub-adviser, as appropriate, shall aggregate transactions across its

clients including a Fund unless it believes in its best judgment that such aggregation is consistent with its duty to seek best execution for the Fund. Each Adviser or Sub-Adviser shall document in writing how an aggregated order will be allocated among various client accounts (the "Allocation Order"). No advisory client participating in an aggregated order will be favored over a Fund; and each client that participates in an aggregated order is expected to participate at the average share price for all transactions executed in that security for such order on that day, with all transaction costs allocated pro rata based on each client's participation in the order. If an aggregated order is filled in its entirety, the executed shares shall be allocated among the Adviser's or Sub-Adviser's clients in accordance with the Allocation Order. If the aggregated order is partially filled, the executed shares shall be allocated pro rata based on the Allocation Order. Notwithstanding the foregoing, the order may be allocated on a basis different from that specified in the Allocation Order if good reason for such different allocation is provided and approved in accordance with the respective Adviser's or Sub-Adviser's policies and procedures adopted in accordance with this bunching policy

**PORTFOLIO TURNOVER.** The portfolio turnover rate for the Funds is calculated by dividing the lesser of purchases or sales of portfolio securities for the reporting period by the monthly average value of the portfolio securities owned during the reporting period. The calculation excludes all securities whose maturities or expiration dates at the time of acquisition are one year or less. Portfolio turnover of the Funds may vary greatly from year to year as well as within a particular year, and may be affected by cash requirements for redemption of Shares and by requirements that enable the Fund to receive favorable tax treatment. Portfolio turnover will not be a limiting factor in making investment decisions, and the Fund may engage in short-term trading to achieve its investment objectives. High rates of portfolio turnover could lower performance of the Fund due to increased transaction costs and may also result in the realization of short-term capital gains taxed at ordinary income tax rates.

Each Fund is newly organized, and, as of the date of this SAI, has not had any portfolio turnover.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

**PORTFOLIO DISCLOSURE POLICY.** The Trust has adopted a Portfolio Holdings Policy (the "**Policy**") designed to govern the disclosure of Fund portfolio holdings and the use of material non-public information about Fund holdings. The Policy applies to all officers, employees and agents of the Funds. The Policy is designed to ensure that the disclosure of information about the Funds' portfolio holdings is consistent with applicable legal requirements and otherwise in the best interest of the Funds.

As an ETF, information about the Fund's portfolio holdings is made available on a daily basis in accordance with the provisions of any order of the SEC applicable to the Fund, the regulations of the Exchange and other applicable SEC regulations, orders and no-action relief. Such information typically reflects all or a portion of the Fund's anticipated portfolio holdings as of the next Business Day (as defined below). This information is used in connection with the creation and redemption process and is disseminated on a daily basis through the facilities of the Exchange, the National Securities Clearing Corporation (the "**NSCC**") and/or third party service providers.

A "**Business Day**" with respect to the Funds is any day on which the Exchange is open for business. As of the date of this SAI, the Exchange observes the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

The Trust will disclose on the Fund's website at the start of each Business Day the identities and quantities of the securities and other assets held by the Fund that will form the basis of the Fund's calculation of its NAV on that Business Day. The portfolio holdings so disclosed will be based on information as of the close of business on the prior Business Day and/or trades that have been completed prior to the opening of business on that Business Day and that are expected to settle on the Business Day. Online disclosure of such holdings will be publicly available at no charge. The website for the Fund is www.virtusetfs.com.

Each Fund may also send a portion or all of this information to shareholders of the Fund and to investment company analysts and rating and trading entities. However, each Fund will not send this information to shareholders of the Fund or to analysts or rating and/or trading entities until such information is at least 30 days old or until one Business Day after the information has been posted to the Fund's website.

The officers of the Trust, the Advisers and/or the sub-adviser may share non-public portfolio holdings information with the Funds' service providers that require such information for legitimate business and Fund oversight purposes, such as the Funds' operating administrator, fund accounting administrator, transfer agent, distributor, custodian, independent registered public accounting firm, and legal counsel as identified in the Fund's Prospectus and this SAI, and Quality EDGAR Solutions (financial EDGARizing, typesetting and printing firm). The Funds, the Advisers and/or the sub-advisers may also provide non-public portfolio holdings information to appropriate regulatory agencies as required by applicable laws and regulations. The Funds' service providers receiving such non-public information are subject to confidentiality obligations requiring such service providers to keep non-public portfolio holdings information confidential. Certain of the service providers have codes of ethics that prohibit trading based on, among other things, non-public portfolio holdings information.

The Funds' policies regarding disclosure of portfolio holdings are subject to the continuing oversight and direction of the Board. The Advisers, the sub-adviser and the Administrator are required to report to the Board any known disclosure of the Fund's portfolio holdings

to unauthorized third parties. The Funds have not entered (and does not currently intend to enter) into any arrangement providing for the receipt of compensation or other consideration in exchange for the disclosure of non-public portfolio holdings information, other than the benefits that result to the Funds and its shareholders from providing such information, which include the publication of Fund ratings and rankings.

Each Fund is also required to make available to the public a complete schedule of its portfolio holdings, as reported on a fiscal quarter basis. This information is generally available within 60 days of the Fund's fiscal quarter end and will remain available until the next fiscal quarter's portfolio holdings report becomes available. You may obtain a copy of these quarterly portfolio holdings reports by calling the Fund at (888) 383-0553. Each Fund will also file these quarterly portfolio holdings reports with the SEC on Form N-CSR or Form N-PORT, as applicable. Each Fund's Form N-CSR and Form N-PORT filings are available on the SEC's website at http://www.sec.gov. The first and third quarter portfolio holdings reports will be filed with the SEC as an exhibit to the Fund's reports on Form N-PORT, and the second and fourth fiscal quarter portfolio holdings reports will be included with the semi-annual and annual reports, respectively, which are sent to shareholders and filed with the SEC on Form N-CSR.

**INDICATIVE INTRA-DAY VALUE**

Each Fund may determine to have the approximate value of its investments on a per-Share basis, the Indicative Intra-Day Value ("**IIV**"), disseminated by the Exchange every 15 seconds during hours of trading on the Exchange. Any disseminated IIV should not be viewed as a "real-time" update of NAV because the IIV, if disseminated would be calculated by an independent third party and may not be calculated in the exact same manner as NAV, which is computed once per day.

Any IIV disseminated for each Fund will be calculated during hours of trading on the Exchange by dividing the "**Estimated Fund Value**" as of the time of the calculation by the total number of outstanding Shares. "Estimated Fund Value" is the sum of the estimated amount of cash held in each Fund's portfolio, the estimated amount of accrued interest owing to each Fund and the estimated value of the securities held in the Fund's portfolio, minus the estimated amount of the Fund's liabilities. Any disseminated IIV will be calculated based on the same portfolio holdings disclosed on each Fund's website. In determining the estimated value for each of the component securities, the IIV will use last sale, market prices or other methods that would be considered appropriate for pricing equity securities held by registered investment companies.

IIV calculations are based on local market prices and may not reflect events that occur subsequent to the local market's close, which could affect premiums and discounts between the IIV and the market price of the Fund's Shares. Although the Trust would provide the information used to calculate the IIV, the Trust is not involved in the actual calculation of the IIV and is not responsible for the calculation or dissemination of the IIV. The Trust makes no warranty as to the accuracy of any disseminated IIV.

**ADDITIONAL INFORMATION CONCERNING SHARES**

**ORGANIZATION AND DESCRIPTION OF SHARES OF BENEFICIAL INTEREST.** The Trust is a Delaware statutory trust and a registered investment company. The Trust was organized on July 14, 2015, and it has authorized capital of an unlimited number of Shares of beneficial interest of no par value, which may be issued in more than one class or series.

Under Delaware law, the Trust is not required to hold an annual shareholders meeting if the 1940 Act does not require such a meeting. Generally, there will not be annual meetings of Trust shareholders. If requested by shareholders of at least one-third of the outstanding shares of the Trust or any series thereof, the Trust will call a meeting of the shareholders of the Trust or the series, as applicable. Shareholders holding two-thirds of all Trust shares outstanding may remove Trustees from office by votes cast at a meeting of Trust shareholders or by written consent.

All Shares will be freely transferable; provided, however, that Shares may not be redeemed individually, but only in Creation Units. The Shares will not have preemptive rights or cumulative voting rights, and none of the Shares will have any preference to conversion, exchange, dividends, retirements, liquidation, redemption or any other feature. Shares have equal voting rights, except that, if the Trust creates additional series, only shares of that series may be entitled to vote on a matter affecting that particular series. Trust shareholders are entitled to require the Trust to redeem Creation Units if such shareholders are Authorized Participants. The Declaration of Trust confers upon the Board the power, by resolution, to alter the number of Shares constituting a Creation Unit or to specify that Shares of the Trust may be individually redeemable. The Trust reserves the right to adjust the prices of Shares to maintain convenient trading ranges for investors. Any such adjustments would be accomplished through splits or reverse splits, which would have no effect on the net assets of the Fund. If the Fund does not grow to a size to permit it to be economically viable, the Fund may cease operations. In such an event, you may be required to liquidate or transfer your Shares at an inopportune time and you may lose money on your investment.

In addition, the Declaration of Trust provides that, subject to the Delaware Act, a shareholder may bring a derivative action on behalf of the Trust or any of its series only if certain conditions are met. Those conditions include, in summary: (i) each complaining shareholder was a shareholder of the series on behalf of which the action is proposed to be brought at the time of the action or acquired the shares

afterwards by operation of law from a person who was a shareholder at that time; (ii) each complaining shareholder was a shareholder of the affected series at the time the pre-suit demand (as defined below) was made; (iii) the complaining shareholders must have made a written demand prior to the commencement of the derivative action upon the Trustees requesting that the Trustees file the an action on behalf of the affected series (the "**pre-suit demand**"); (iv) shareholders owning shares representing at least ten percent (10%) of the voting power of the affected series must join in initiating the derivative action; and (v) a copy of the proposed derivative complaint must be served on the Trust. The derivative action provisions summarized above will not apply to claims brought under the federal securities laws to the extent that any such federal laws, rules or regulations do not permit such application.

**BOOK ENTRY ONLY SYSTEM.** Depository Trust Company ("**DTC**") acts as securities depository for each Fund's Shares. Shares of the Fund are represented by securities registered in the name of DTC or its nominee, Cede & Co., and deposited with, or on behalf of, DTC.

DTC, a limited-purpose trust company, was created to hold securities of its participants (the "**DTC Participants**") and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of which (and/or their representatives) own DTC. More specifically, DTC is owned by a number of its DTC Participants and by the New York Stock Exchange, LLC and FINRA. Access to the DTC system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (the "**Indirect Participants"**).

Beneficial ownership of Shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in Shares (owners of such beneficial interests are referred to herein as "**Beneficial Owners**") is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase of Shares.

Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to the Depositary Agreement between the Trust and DTC, DTC is required to make available to the Trust upon request and for a fee to be charged to the Trust a listing of the Shares of the Fund held by each DTC Participant. The Trust will inquire of each DTC Participant as to the number of Beneficial Owners holding Shares, directly or indirectly, through such DTC Participant. The Trust will provide each DTC Participant with copies of such notice, statement or other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by the DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Trust will pay to each DTC Participants a fair and reasonable amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

Share distributions will be made to DTC or its nominee, Cede & Co., as the registered holder of all Shares. DTC or its nominee, upon receipt of any such distributions, will credit immediately with respect to the DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in Shares of the Fund as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners with respect to the Shares held through such DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and will be the responsibility of such DTC Participants.

The Trust has no responsibility or liability for any aspect of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in such Shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests, or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between the DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

DTC may decide to discontinue providing its service with respect to Shares at any time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Trust will take action to find a replacement for DTC to perform its functions at a comparable cost. The DTC Participants' rules and policies are made publicly available through DTC's website at: www.dtcc.com.

**PURCHASE AND REDEMPTION OF CREATION UNITS**

**CREATION.** The Trust issues and sells Shares of each Fund only in Creation Units on a continuous basis through the Distributor, at their NAV next determined after receipt, on any Business Day, for an order received in proper form.

**Fund Deposit.** Under normal circumstances, the consideration for purchase of a Creation Unit of the Fund generally consists of (i) all cash or (ii) an in-kind deposit of Deposit Securities for each Creation Unit constituting a substantial replication, or a representation, of the securities included in the Fund's portfolio and a Cash Component computed as described below, plus, in either case, a creation transaction fee as described below in the section entitled "Creation Transaction Fee." The all cash basket or, together, the Deposit Securities and the Cash Component, as applicable, constitute the "**Fund Deposit**," which represents the minimum initial and subsequent investment amount for a Creation Unit of the Fund. The Cash Component is comprised of a "Balancing Amount" as well as any cash in lieu of securities (as described below). The Balancing Amount is equal to the difference between the NAV of the Shares (per Creation Unit) and the market value of the Deposit Securities. If the Balancing Amount is a positive number (i.e., the NAV attributable to a Creation Unit exceeds the market value of the Deposit Securities), the Balancing Amount will be such positive amount. If the Balancing Amount is a negative number (i.e., the NAV attributable to a Creation Unit is less than the market value of the Deposit Securities), the Balancing Amount will be such negative amount, and the creator will be entitled to receive cash from the Fund in an amount equal to the Balancing Amount. The Balancing Amount serves the function of compensating for any differences between the NAV attributable to a Creation Unit and the market value of the Deposit Securities.

The Cash Component will generally include cash in lieu of securities: (1) in the case of bonds, for minor differences when it is impossible to break up bonds beyond certain minimum sizes needed for transfer and settlement; (2) for minor differences when rounding is necessary to eliminate fractional shares or lots that are not tradeable round lots (i.e., the standard unit of trading in that particular type of security in its primary market); or (3) if, on a given Business Day, the Fund requires all Authorized Participants purchasing or redeeming Creation Units on that day to deposit or receive (as applicable) cash in lieu of certain portfolio holdings solely because: (i) such portfolio holdings are not eligible for transfer either through the NSCC or the DTC; (ii) if the Fund holds non-U.S. securities, such non-U.S. securities are not eligible for trading due to local trading restrictions, local restrictions on securities transfers or other similar circumstances; or (iii) "To Be Announced" ("**TBA**") transactions, short positions, derivatives and other positions that cannot be transferred in kind (including instruments that can be transferred in kind only with the consent of the original counterparty to the extent the Fund does not seek such consents).

Each Fund, through the NSCC, makes available on each Business Day, immediately prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern time), the list of the names and the required number of Shares of each Deposit Security to be included in the current Fund Deposit (based on information at the end of the previous Business Day) for the Fund. Such Fund Deposit is applicable, subject to any adjustments as described below, in order to effect creations of Creation Units of the Fund until such time as the next-announced composition of the Deposit Securities is made available.

The identity and number of Shares of the Deposit Securities required for the Fund Deposit for the Fund changes as rebalancing adjustments and corporate action events, as applicable, are reflected from time to time by the sub-adviser with a view to the investment objective of the Fund. In addition, the Trust reserves the right to (i) utilize an all cash basket (if otherwise transacting in kind); (ii) permit or require "a cash in lieu" amount to be added to the Cash Component to replace any Deposit Security that may not be available in sufficient quantity for delivery, that may not be eligible for trading by an Authorized Participant or the investor for which it is acting, or that is a non-U.S. holding, which, if transferred, would result in unfavorable tax treatment to the recipient of such Deposit Security; (iii) utilize a secondary basket that differs from the initial creation basket used in transactions on that same Business Day; or (iv) utilize a non-representative basket that consists of a selection of instruments that are already included in the Fund's portfolio holdings.

In addition to the list of names and numbers of securities constituting the current Deposit Securities of the Fund Deposit, the Fund, through NSCC, also makes available on each Business Day the estimated Cash Component, effective through and including the previous Business Day, per outstanding Creation Unit of the Fund.

**Procedures for Creation of Creation Units.** To be eligible to place orders to create a Creation Unit of the Fund, an entity must be (i) a "**Participating Party**," i.e., a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of NSCC (the "**Clearing Process**") or a clearing agency that is registered with the SEC, or (ii) a DTC Participant (see "Book Entry Only System") and, in each case, must have executed an agreement with the Trust, the Distributor and the Transfer Agent with respect to creations and redemptions of Creation Units ("**Participant Agreement**"). A Participating Party and DTC Participant are collectively referred to as an "Authorized Participant." Investors should contact the Distributor for the names of Authorized Participants that have signed a Participant Agreement with the Fund. All Shares of the Fund, however created, will be entered on the records of DTC in the name of Cede & Co. for the account of a DTC Participant.

All orders to create Creation Units must be placed for one or more Creation Unit size aggregations of Shares. All orders to create Creation Units, whether through the Clearing Process (through a Participating Party) or outside the Clearing Process (through a DTC

Participant), must be received by the Distributor no later than 3:00 p.m. Eastern time ("Order Cut-Off Time"), in each case on the date such order is placed in order for the creation of Creation Units to be effected based on the NAV of Shares of the Fund as next determined on such date after receipt of the order in proper form. The date on which an order to create Creation Units (or an order to redeem Creation Units as discussed below) is placed is referred to as the "Transmittal Date." Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Distributor pursuant to procedures set forth in the Participant Agreement (see "Placement of Creation Orders Using the Clearing Process" and "Placement of Creation Orders Outside the Clearing Process"). Severe economic or market disruptions or changes, or telephone or other communication failure, may impede the ability to reach the Distributor or an Authorized Participant.

Orders to create Creation Units of the Fund will be placed with an Authorized Participant in the form required by such Authorized Participant. In addition, an Authorized Participant may request the investor to make certain representations or enter into agreements with respect to the order, i.e., to provide for payments of cash, when required. Investors should be aware that their particular broker may not have executed a Participant Agreement, and that, therefore, orders to create Creation Units of the Fund will need to be placed by the investor's broker through an Authorized Participant that has executed a Participant Agreement. At any given time there may be only a limited number of broker-dealers that have executed a Participant Agreement. Those placing orders for Creation Units through the Clearing Process should afford sufficient time to permit proper submission of the order to the Distributor prior to the Order Cut-Off Time on the Transmittal Date.

Orders for creation that are effected outside the Clearing Process are likely to require transmittal of the Deposit Securities by the DTC Participant earlier on the Transmittal Date than orders effected using the Clearing Process. Those persons placing orders outside the Clearing Process should ascertain the deadlines applicable to DTC and the Federal Reserve Bank wire system by contacting the operations department of the broker or depository institution effectuating the transfer of Deposit Securities and the Cash Component.

**Placement of Creation Orders Using the Clearing Process.** The Clearing Process is the process of creating or redeeming Creation Units through the Continuous Net Settlement System of NSCC. Fund Deposits made through the Clearing Process must be delivered through a Participating Party that has executed a Participant Agreement. The Participant Agreement authorizes the Distributor to transmit through the Transfer Agent to NSCC, on behalf of the Participating Party, such trade instructions as are necessary to effect the Participating Party's creation order. Pursuant to such trade instructions to NSCC, the Participating Party agrees to deliver the requisite Deposit Securities and the Cash Component to the Trust, together with such additional information as may be required by the Distributor. An order to create Creation Units through the Clearing Process is deemed received by the Distributor on the Transmittal Date if (i) such order is received by the Distributor not later than the Order Cut-Off Time on such Transmittal Date and (ii) all other procedures set forth in the Participant Agreement are properly followed.

**Placement of Creation Orders Outside the Clearing Process.** Fund Deposits made outside the Clearing Process must be delivered through a DTC Participant that has executed a Participant Agreement. A DTC Participant that wishes to place an order creating Creation Units to be effected outside the Clearing Process need not be a Participating Party, but such orders must state that the DTC Participant is not using the Clearing Process and that the creation of Creation Units will instead be effected through a transfer of securities and cash directly through DTC. A Fund Deposit transfer must be ordered by the DTC Participant on the Transmittal Date in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities through DTC to the account of the Trust by no later than 11:00 a.m., Eastern time, of the next Business Day immediately following the Transmittal Date. All questions as to the number of Deposit Securities to be delivered, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities, will be determined by the Trust, whose determination will be final and binding. Cash equal to the Cash Component must be transferred directly to the Trust through the Federal Reserve wire system in a timely manner so as to be received by the Trust no later than 2:00 p.m., Eastern time, on the next Business Day immediately following such Transmittal Date. An order to create Creation Units outside the Clearing Process is deemed received by the Distributor on the Transmittal Date if (i) such order is received by the Distributor not later than the Order Cut-Off Time on such Transmittal Date, and (ii) all other procedures set forth in the Participant Agreement are properly followed. However, if the Trust does not receive both the requisite Deposit Securities and the Cash Component by 11:00 a.m. and 2:00 p.m., respectively, on the next Business Day immediately following the Transmittal Date, such order will be cancelled. Upon written notice to the Distributor, such cancelled order may be resubmitted the following Business Day using the Fund Deposit as newly constituted to reflect the then current NAV of the Fund. The delivery of Creation Units of the Fund so created will occur no later than the Business Day following the day on which the purchase order is deemed received by the Distributor.

Creation Units may be created in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities as described below. In these circumstances, the initial deposit will have a value greater than the NAV of the Shares on the date the order is placed in proper form since, in addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component *<u>plus</u>* (ii) 115% of the market value of the undelivered Deposit Securities (the "**Additional Cash Deposit**"). The order will be deemed to be received on the Business Day on which the order is placed, provided that the order is placed in proper form prior to the Order Cut-Off Time on such date and federal funds in the appropriate amount are deposited with the Trust by 11:00 a.m., Eastern time, the following Business Day. If the order is not placed in proper form by the Order Cut-Off Time, or federal funds in the appropriate amount are not received by 11:00 a.m. the next Business Day, then the order may be deemed to be rejected and the investor will be liable to the Trust for losses, if any, resulting therefrom. An additional amount of cash will be required to be deposited with the Trust, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to 115% of the daily mark-to-market value of the missing Deposit Securities. To the extent that missing Deposit Securities are not received by 1:00 p.m., Eastern time, on the Business Day following the day on which the purchase order is deemed received by the Distributor or in the event a mark-to-market payment is not made within one Business Day following notification by the Distributor that such a payment is required, the Trust may use the cash on deposit to purchase the missing Deposit Securities. Authorized Participants will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed received by the Distributor plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Trust or purchased by the Trust and deposited into the Trust. In addition, a transaction fee will be charged in all cases. The delivery of Creation Units of the Fund so created will occur no later than the Business Day following the day on which the purchase order is deemed received by the Distributor.

**Acceptance of Orders for Creation Units.** The Trust reserves the right to reject a creation order transmitted to it by the Distributor in respect of the Fund for any legally permissible reason if (a) the Trust determines that the order is not in proper form; (b) the investor(s), upon obtaining the Shares ordered, would own 80% or more of the currently outstanding Shares of the Fund; (c) the Deposit Securities delivered are not as disseminated through the facilities of the Exchange for that date by the Trust, as described above; (d) the acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; or (e) as a result of circumstances outside the control of the Trust, the Distributor and the Advisers make it for all practical purposes impossible to process creation orders. Examples of such circumstances include acts of God or public service or utility problems such as fires, floods, extreme weather conditions and power outages resulting in telephone, facsimile or computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the Trust, the Advisers, the Distributor, DTC, NSCC or any other participant in the creation process; and similar extraordinary events. The Distributor will notify a prospective creator of a Creation Unit and/or the Authorized Participant acting on behalf of the creator of a Creation Unit of its rejection of the order of such person. The Trust, the Transfer Agent and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor will any of them incur any liability for the failure to give any such notification.

All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered will be determined by the Trust, and the Trust's determination will be final and binding.

**Creation Transaction Fee.** To compensate the Trust for transfer and other transaction costs involved in creation transactions through the Clearing Process, investors will be required to pay a minimum creation transaction fee, assessed per transaction, as follows:

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| | |
|:---|:---|
| **Fund Name** | **Creation Transaction Fee** |
|  Virtus Systematic U.S. Small Cap Growth ETF<br> Virtus Systematic International Small Cap ETF<br> Virtus Systematic Emerging Markets Equity ETF<br> Virtus Systematic U.S. Dividend ETF<br> Virtus Systematic International Dividend ETF<br> Virtus Systematic Emerging Markets Dividend ETF | [$500]<br> [$500]<br> [$500]<br> [$500]<br> [$500]<br> [$500] |

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From time to time and for such periods as an Adviser may deem appropriate, the Adviser may increase, decrease or otherwise modify the transaction fee for the purchase of Shares, to an amount that, in its judgment, is necessary or appropriate to recoup for the Fund the costs it may incur as a result of such purchases, or to otherwise eliminate or reduce so far as practicable any dilution of the value of the Shares, not to exceed the maximum amount approved by the Board. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a creation of a Creation Unit may be charged a fee for such services.

**REDEMPTION.** Shares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the Distributor and the Fund and only on a Business Day. The Trust will not redeem Shares in amounts less than Creation Units. Beneficial Owners must accumulate enough Shares in the secondary market to constitute a Creation Unit in order to have such Shares redeemed by the Trust. There can be no assurance, however, that there will be sufficient liquidity in the public trading

market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of Shares to constitute a redeemable Creation Unit.

With respect to the Fund, the Trust, through NSCC, makes available immediately prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern time) on each Business Day, the Deposit Securities that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on that day. Each Fund may, in its sole discretion, provide such redeemer a basket of cash and/or securities which differs from the exact composition of the Deposit Securities but does not differ in NAV. Deposit Securities received on redemption may not be identical to Deposit Securities that are applicable to creations of Creation Units.

The composition of any redemption proceeds will normally be the same as the composition of the Fund Deposit, as described above, less a redemption transaction fee as described below in the section entitled "Redemption Transaction Fee." The identity and number of Shares of the Deposit Securities required for redemptions changes as rebalancing adjustments and corporate action events, as applicable, are reflected from time to time by the sub-adviser with a view to the investment objective of the Fund. In addition, the Trust reserves the right to (i) utilize an all cash basket (if otherwise transacting in kind); (ii) permit or require a cash in lieu amount to be added to the Cash Component to replace any Deposit Security that may not be eligible for trading by an Authorized Participant or the investor for which it is acting, or that is a non-U.S. holding, which, if transferred, would result in unfavorable tax treatment to the recipient of such Deposit Security; (iii) utilize a secondary basket that differs from the initial redemption basket used in transactions on that same Business Day; or (iv) utilize a non-representative basket that consists of a selection of instruments that are already included in the Fund's portfolio holdings.

**Placement of Redemption Orders Using Clearing Process.** Orders to redeem Creation Units through the Clearing Process must be delivered through a Participating Party that has executed the Participant Agreement. An order to redeem Creation Units using the Clearing Process is deemed received on the Transmittal Date if (i) such order is received by the Trust not later than the Order Cut-Off Time on such Transmittal Date; and (ii) all other procedures set forth in the Participant Agreement are properly followed; such order will be effected based on the NAV of the Fund as next determined. An order to redeem Creation Units using the Clearing Process made in proper form but received by the Fund after the Order Cut-Off Time will be deemed received on the next Business Day immediately following the Transmittal Date and will be effected at the NAV next determined on such Business Day. The requisite Deposit Securities and the Cash Component will be transferred by the Business Day following the date on which such request for redemption is deemed received.

**Placement of Redemption Orders Outside Clearing Process.** Orders to redeem Creation Units outside the Clearing Process must be delivered through a DTC Participant that has executed the Participant Agreement. A DTC Participant that wishes to place an order for redemption of Creation Units to be effected outside the Clearing Process need not be a Participating Party, but such orders must state that the DTC Participant is not using the Clearing Process and that redemption of Creation Units will instead be effected through transfer of Shares directly through DTC. An order to redeem Creation Units outside the Clearing Process is deemed received by the Trust on the Transmittal Date if (i) such order is received by the Trust not later than the Order Cut-Off Time on such Transmittal Date; (ii) such order is accompanied or proceeded by the requisite number of Shares of the Fund and the Cash Component specified in such order, which delivery must be made through DTC to the Trust not later than 11:00 a.m. and 2:00 p.m., respectively, Eastern time, on the next Business Day following such Transmittal Date (the "**DTC Cut-Off-Time**"); and (iii) all other procedures set forth in the Participant Agreement are properly followed.

After the Trust has deemed an order for redemption outside the Clearing Process received, the Trust will initiate procedures to transfer the requisite Deposit Securities, which are expected to be delivered within one Business Day, and the Cash Component to the Authorized Participant on behalf of the redeeming Beneficial Owner by the Business Day following the Transmittal Date on which such redemption order is deemed received by the Trust.

The calculation of the value of the Deposit Securities and the Cash Component to be delivered upon redemption will be made by the Trust according to the procedures set forth under "Determination of Net Asset Value" computed on the Business Day on which a redemption order is deemed received by the Trust. Therefore, if a redemption order in proper form is submitted to the Trust by a DTC Participant not later than the Order Cut-Off Time on the Transmittal Date, and the requisite number of Shares of the Fund are delivered to the Custodian prior to the DTC Cut-Off-Time, then the value of the Deposit Securities and the Cash Component to be delivered will be determined by the Trust on such Transmittal Date. In the event that the requisite number of Shares of the Fund are not delivered to the Custodian prior to the DTC Cut-Off-Time, the Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the undertaking of the Authorized Participant to deliver the missing Shares as soon as possible, which undertaking shall be secured by the Authorized Participant's delivery, prior to the DTC Cut-Off-Time, and subsequent maintenance of collateral consisting of cash having a value at least equal to 115% of the value of the missing Shares (the "**Cash Collateral**"). If, however, a redemption order is submitted to the Trust by a DTC Participant not later than the Order Cut-Off Time on the Transmittal Date but either (1) the requisite number of Shares of the Fund (including any Cash Collateral) are not delivered by the DTC Cut-Off-Time as described above or (2) the redemption order is not submitted in proper form, then the redemption order may be deemed to be rejected and the investor will be liable to the Trust for losses, if any, resulting therefrom. In such case, the value of the Deposit Securities and the Cash Component to be

delivered will be computed on the Business Day that such order is received in good order by the Trust, i.e., the Business Day on which the Shares of the Fund (including any Cash Collateral) are delivered through DTC to the Trust by the DTC Cut-Off-Time on such Business Day pursuant to a properly submitted redemption order.

If it is not possible to effect deliveries of the Deposit Securities, the Trust may in its discretion exercise its option to redeem such shares in cash, and the redeeming Beneficial Owner will be required to receive its redemption proceeds in cash. In addition, an investor may request a redemption in cash which the Fund may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the NAV of its shares based on the NAV of shares of the Fund next determined after the redemption request is received in proper form (minus a redemption transaction fee and additional charge for requested cash redemptions specified above, to offset the Trust's brokerage and other transaction costs associated with the disposition of Deposit Securities).

Redemptions of Shares for Deposit Securities will be subject to compliance with applicable federal and state securities laws, and the Trust (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver specific Deposit Securities upon redemptions or could not do so without first registering the offering and sale of the Deposit Securities under such laws. An Authorized Participant or an investor for which it is acting that is subject to a legal restriction with respect to a particular security included in the Deposit Securities applicable to the redemption of a Creation Unit may be paid an equivalent amount of cash. The Authorized Participant may request the redeeming Beneficial Owner of the Shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment, beneficial ownership of Shares or delivery instructions.

The right of redemption may be suspended or the date of payment postponed with respect to the Fund (1) for any period during which the Exchange is closed (other than customary weekend and holiday closings); (2) for any period during which trading on the Exchange is suspended or restricted; (3) for any period during which an emergency exists as a result of which disposal of the Shares of the Fund or determination of the Shares' NAV is not reasonably practicable; or (4) in such other circumstance as is permitted by the SEC.

**Redemption Transaction Fee.** To compensate the Trust for transfer and other transaction costs involved in redemption transactions through the Clearing Process, investors will be required to pay a minimum redemption transaction fee, assessed per transaction as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Redemption** <br> **Transaction Fee** |
|  Virtus Systematic U.S. Small Cap Growth ETF<br> Virtus Systematic International Small Cap ETF<br> Virtus Systematic Emerging Markets Equity ETF<br> Virtus Systematic U.S. Dividend ETF<br> Virtus Systematic International Dividend ETF<br> Virtus Systematic Emerging Markets Dividend ETF | [$500]<br> [$500]<br> [$500]<br> [$500]<br> [$500]<br> [$500] |

---

Where Shares are redeemed for cash, the redemption transaction fee will be deducted from such redemption proceeds. From time to time and for such periods as an Adviser may deem appropriate, the Adviser may increase, decrease or otherwise modify the transaction fee for the redemption of Shares, to an amount that, in its judgment, is necessary or appropriate to recoup for the Fund the costs it may incur as a result of such redemptions, or to otherwise eliminate or reduce so far as practicable any dilution of the value of the Shares, not to exceed the maximum amount approved by the Board. The redemption transaction fee will be limited in accordance with requirements of the SEC applicable to management investment companies offering redeemable securities (currently 2% of the value of the Shares redeemed). Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may be charged a fee for such services.

**SECURITIES SETTLEMENTS FOR REDEMPTIONS**

The Trust generally intends to pay for redemptions of Creation Units on a basis of "T" (i.e., trade date) plus one business day. The Trust may pay for redemptions of Creation Units on a basis other than T plus one in order to accommodate holiday schedules, to account for treatment by U.S. markets of dividend record dates and ex-dividend dates, or under certain other circumstances. In addition to holidays, other unforeseeable closings in a market due to emergencies may also prevent the Trust from delivering securities within the normal settlement period. The securities delivery cycles currently practicable for transferring foreign portfolio securities to redeeming Authorized Participants, coupled with foreign market holiday schedules, may require a delivery process longer than the standard settlement period. Pursuant to SEC rule, a Fund will be required to deliver such foreign portfolio securities in not more than 15 calendar days. The proclamation of new holidays, the treatment by market participants of certain days as "informal holidays" (e.g., days on which no or limited securities transactions occur, as a result of substantially shortened trading hours), the elimination of existing holidays, or

changes in securities delivery practices, could affect the information set forth herein at some time in the future and longer (worse) redemption periods are possible.

**CONTINUOUS OFFERING**

The method by which Creation Units are created and traded may raise certain issues under applicable securities laws. Because new Creation Units are issued and sold by the Trust on an ongoing basis, at any point a "distribution," as such term is used in the Securities Act, may occur. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent Shares, and sells such Shares directly to customers, or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for Shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a categorization as an underwriter.

Broker-dealers who are not "underwriters" but are participating in a distribution (as contrasted to ordinary secondary trading transactions), and thus dealing with Shares that are part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, would be unable to take advantage of the prospectus-delivery exemption provided by Section 4(a)(3) of the Securities Act. This is because the prospectus delivery exemption in Section 4(a)(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker-dealer firms should note that dealers who are not underwriters but are participating in a distribution (as contrasted with ordinary secondary market transactions) and thus dealing with the Shares that are part of an unsold allotment within the meaning of Section 4(a)(3)(C) of the Securities Act would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. Firms that incur a prospectus delivery obligation with respect to Shares are reminded that, under Rule 153 of the Securities Act, a prospectus delivery obligation under Section 5(b) (2) of the Securities Act owed to an exchange member in connection with a sale on the Exchange is satisfied by the fact that the prospectus is available at the Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is only available with respect to transactions on a national securities exchange.

**DETERMINATION OF NET ASSET VALUE**

The following information supplements and should be read in conjunction with the section in the Prospectus entitled "Investing in the Fund – Determination of Net Asset Value."

The NAV per Share for the Fund is computed by dividing the value of the net assets of the Fund (i.e., the value of its total assets less total liabilities) by the total number of Shares outstanding, rounded to the nearest cent. Expenses and fees, including management fees, are accrued daily and taken into account for purposes of determining NAV. The NAV of the Fund is determined as of the close of the regular trading session on the Exchange (ordinarily 4:00 p.m., Eastern time) on each day that the Exchange is open. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

The pricing and valuation of portfolio securities is determined in good faith in accordance with procedures approved by, and under the direction of, the Board. In determining the value of the Fund's assets, equity securities are generally valued at market using quotations from the primary market in which they are traded. Debt securities (other than short-term investments) are valued on the basis of broker quotes or valuations provided by a pricing service, which in determining value utilizes information regarding recent sales, market transactions in comparable securities, quotations from dealers, and various relationships between securities. Other assets, such as accrued interest, accrued dividends and cash are also included in determining the NAV. Each Fund normally uses third party pricing services to obtain portfolio security prices.

The Board has designated the Advisers to serve as its valuation designee, pursuant to Rule 2a-5 under the Investment Company Act of 1940 ("**1940 Act**"), to perform the fair value determinations relating to any or all Fund investments. Accordingly, securities and assets for which market quotations are not readily available or which cannot be accurately valued using the Fund's normal pricing procedures are valued by the Adviser at fair value as determined in good faith under policies approved by the Board. Fair value pricing may be used in a variety of circumstances, including but not limited to, situations when the value of a portfolio security has been materially affected by events occurring after the close of the market on which such security is principally traded (such as a corporate action or other news that may materially affect the price of such security) or trading in such security has been suspended or halted. In addition, an Adviser may fair value foreign equity portfolio securities each day the Trust calculates the Fund's NAV. Accordingly, the Fund's NAV may reflect certain portfolio securities' fair values rather than their market prices. Fair value pricing involves subjective judgments, and it is

possible that a fair value determination for a portfolio security will be materially different than the value that could be realized upon the sale of such security. With respect to securities that are primarily listed on foreign exchanges, the value of the Fund's portfolio securities may change on days when you will not be able to purchase or sell your Shares.

**DIVIDENDS AND DISTRIBUTIONS**

**GENERAL POLICIES.** Dividends from net investment income are expected to be declared and paid at least annually by the Fund. Distributions of net realized capital gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis for the Fund to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "**Code**"), in all events in a manner consistent with the provisions of the 1940 Act. In addition, the Trust may distribute at least annually amounts representing the full dividend yield on the underlying portfolio securities of the Fund, net of expenses of the Fund, as if the Fund owned such underlying portfolio securities for the entire dividend period in which case some portion of each distribution may result in a return of capital for tax purposes for certain shareholders.

Dividends and other distributions on Shares are distributed, as described below, on a pro rata basis to Beneficial Owners of such Shares. Dividend payments are made through DTC Participants and Indirect Participants to Beneficial Owners then of record with proceeds received from the Trust. The Trust makes additional distributions to the minimum extent necessary (i) to distribute the entire annual taxable income of the Trust, plus any net capital gains and (ii) to avoid imposition of the excise tax imposed by Section 4982 of the Code. Management of the Trust reserves the right to declare special dividends if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a "regulated investment company" (a "**RIC**") or to avoid imposition of income or excise taxes on undistributed income.

**DIVIDEND REINVESTMENT SERVICE.** No reinvestment service is provided by the Trust. Broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by Beneficial Owners of Shares through DTC Participants for reinvestment of their dividend distributions. If this service is used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole Shares of the Fund. Beneficial Owners should contact their broker to determine the availability and costs of the service and the details of participation therein. Brokers may require Beneficial Owners to adhere to specific procedures and timetables.

**TAXATION**

The following is a summary of certain additional tax considerations generally affecting the Fund and its shareholders that are not described in the Prospectus. No attempt is made to present a detailed explanation of the tax treatment of the Fund or its shareholders, and the discussion here and in the Prospectus is not intended as a substitute for careful tax planning.

This "Taxes" section is based on the Code and applicable regulations in effect on the date of this SAI. Future legislative, regulatory or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the tax rules applicable to the Fund and its shareholders. Any of these changes or court decisions may have a retroactive effect.

***This is for general information only and not tax advice. All investors should consult their own tax advisors as to the federal, state, local and foreign tax provisions applicable to them.***

**Taxation of the Fund**

*Each Fund is a Separate Corporation*. Each Fund is treated as a separate corporation for federal income tax purposes. Losses in one Fund do not offset gains in another Fund and the requirements (other than certain organizational requirements) for qualifying for regulated investment company status as described below are determined at the Fund level rather than the Trust level.

*Election to be Taxed as a Regulated Investment Company.* Each Fund has elected and intends to qualify, or, if newly organized, intends to elect and qualify, each year as a regulated investment company (sometimes referred to as a "**regulated investment company**," "**RIC**" or "**Fund**") under Subchapter M of the Code. If a Fund so qualifies, the Fund will not be subject to federal income tax on the portion of its investment company taxable income (that is, generally, taxable interest, dividends, net short-term capital gains, and other taxable ordinary income, net of expenses, without regard to the deduction for dividends paid) and net capital gain (that is, the excess of net long-term capital gains over net short-term capital losses) that it distributes to shareholders.

In order to qualify for treatment as a regulated investment company, a Fund must satisfy the following requirements:

● Distribution Requirement — the Fund must distribute an amount equal to the sum of at least 90% of its investment company taxable income and 90% of its net tax-exempt income, if any, for the tax year (including, for purposes of satisfying this distribution requirement, certain distributions made by the Fund after the close of its taxable year that are treated as made during such taxable year).

● Income Requirement — the Fund must derive at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived from its business of investing in such stock, securities or currencies and net income derived from qualified publicly traded partnerships ()"**QPTPs** ").

● Asset Diversification Test — the Fund must satisfy the following asset diversification test at the close of each quarter of the Fund's tax year: (1) at least 50% of the value of the Fund's assets must consist of cash and cash items, U.S. government securities, securities of other regulated investment companies, and securities of other issuers (as to which the Fund has not invested more than 5% of the value of the Fund's total assets in securities of an issuer and as to which the Fund does not hold more than 10% of the outstanding voting securities of the issuer); and (2) no more than 25% of the value of the Fund's total assets may be invested in the securities of any one issuer (other than U.S. government securities or securities of other regulated investment companies) or of two or more issuers which the Fund controls and which are engaged in the same or similar trades or businesses, or, in the securities of one or more QPTPs.

In some circumstances, the character and timing of income realized by a Fund for purposes of the Income Requirement or the identification of the issuer for purposes of the Asset Diversification Test is uncertain under current law with respect to a particular investment, and an adverse determination or future guidance by the Internal Revenue Service ("**IRS**") with respect to such type of investment may adversely affect the Fund's ability to satisfy these requirements. See, "Tax Treatment of Portfolio Transactions" below with respect to the application of these requirements to certain types of investments. In other circumstances, a Fund may be required to sell portfolio holdings in order to meet the Income Requirement, Distribution Requirement, or Asset Diversification Test, which may have a negative impact on a Fund's income and performance.

If for any taxable year a Fund does not qualify as a regulated investment company, all of its taxable income (including its net capital gain) would be subject to tax at the corporate income tax rate without any deduction for dividends paid to shareholders, and the dividends would be taxable to the shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the Fund's current and accumulated earnings and profits. Failure to qualify as a regulated investment company would thus have a negative impact on a Fund's income and performance. Subject to savings provisions for certain failures to satisfy the Income Requirement or Asset Diversification Test, which, in general, are limited to those due to reasonable cause and not willful neglect, it is possible that a Fund will not qualify as a regulated investment company in any given tax year. Even if such savings provisions apply, a Fund may be subject to a monetary sanction of $50,000 or more. Moreover, the Board reserves the right not to maintain the qualification of a Fund as a regulated investment company if it determines such a course of action to be beneficial to shareholders.

*Portfolio Turnover.* For investors that hold their Fund Shares in a taxable account, a high portfolio turnover rate may result in higher taxes. This is because a fund with a high turnover rate is likely to accelerate the recognition of capital gains and more of such gains are likely to be taxable as short-term rather than long-term capital gains in contrast to a comparable fund with a low turnover rate. Any such higher taxes would reduce a Fund's after-tax performance. See, "Taxation of Fund Distributions - Distributions of Capital Gains" below. For non-U.S. investors, any such acceleration of the recognition of capital gains that results in more short-term and less long-term capital gains being recognized by a Fund may cause such investors to be subject to increased U.S. withholding taxes. See, "Non-U.S. Investors – Capital Gain Dividends" and "–Interest-Related Dividends and Short-Term Capital Gain Dividends" below.

*Capital Loss Carryovers.* The capital losses of a Fund, if any, do not flow through to shareholders. Rather, a Fund may use its capital losses, subject to applicable limitations, to offset its capital gains without being required to pay taxes on or distribute to shareholders such gains that are offset by the losses. If a Fund has a "net capital loss" (that is, capital losses in excess of capital gains), the excess (if any) of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. Any such net capital losses of a Fund that are not used to offset capital gains may be carried forward indefinitely to reduce any future capital gains realized by the Fund in succeeding taxable years. The amount of capital losses that can be carried forward and used in any single year is subject to an annual limitation if there is a more than 50% "change in ownership" of a Fund. An ownership change generally results when shareholders owning 5% or more of a Fund increase their aggregate holdings by more than 50% over a three-year lookback period. An ownership change could result in capital loss carryovers being used at a slower rate, thereby reducing a Fund's ability to offset capital gains with those losses. An increase in the amount of taxable gains distributed to a Fund's shareholders could result from an ownership change. Each Fund undertakes no obligation to avoid or prevent an ownership change, which can occur in the normal course of shareholder purchases and redemptions or as a result of engaging in a tax-free reorganization with another fund. Moreover, because of circumstances beyond a Fund's control, there can be no assurance that the Fund will not experience, or has not already experienced, an ownership change. Additionally, if a Fund engages in a tax-free reorganization with another fund, the effect of these and other rules not discussed herein may be to disallow or postpone the use by the Fund of its capital loss carryovers (including any current year losses and built-in losses when realized) to offset its own gains or those of the other fund, or vice versa, thereby reducing the tax benefits Fund shareholders would otherwise have enjoyed from use of such capital loss carryovers.

*Deferral of Late Year Losses.* A Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year (see, "Taxation of Fund Distributions—Distributions of capital gains" below). A "qualified late year loss" includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any net capital loss incurred after October 31 of the current taxable year, or, if there is no such loss, any net long-term capital loss or any net short-term capital loss incurred after October 31 of the current taxable year ()"**post-October capital losses** "), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sum of (1) the excess, if any, of (a) specified losses incurred after October 31 of the current taxable year, over (b) specified gains incurred after October 31 of the current taxable year and (2) the excess, if any, of (a) ordinary losses incurred after December 31 of the current taxable year, over (b) the ordinary income incurred after December 31 of the current taxable year.

The terms "specified losses" and "specified gains" mean ordinary losses and gains from the sale, exchange, or other disposition of property (including the termination of a position with respect to such property), foreign currency losses and gains, and losses and gains resulting from holding stock in a passive foreign investment company ("**PFIC**") for which a mark-to-market election is in effect. The terms "ordinary losses" and "ordinary income" mean other ordinary losses and income that are not described in the preceding sentence.

*Undistributed Capital Gains*. A Fund may retain or distribute to shareholders its net capital gain for each taxable year. Each Fund currently intends to distribute net capital gains. If a Fund elects to retain its net capital gain, the Fund will be taxed thereon (except to the extent of any available capital loss carryovers) at the corporate income tax rate. If a Fund elects to retain its net capital gain, it is expected that the Fund also will elect to have shareholders treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will be required to report its pro rata share of such gain on its tax return as long-term capital gain, will receive a refundable tax credit for its pro rata share of tax paid by the Fund on the gain, and will increase the tax basis for its Shares by an amount equal to the deemed distribution less the tax credit.

*Federal Excise Tax*. To avoid a 4% non-deductible excise tax, a Fund must distribute by December 31 of each year an amount equal to at least: (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (that is, the excess of the gains from sales or exchanges of capital assets over the losses from such sales or exchanges) for the one-year period ended on October 31 of such calendar year, and (3) any prior year undistributed ordinary income and capital gain net income. A Fund may elect to defer to the following year any net ordinary loss incurred for the portion of the calendar year which is after the beginning of the Fund's taxable year. Also, a Fund will defer any "specified gain" or "specified loss" which would be properly taken into account for the portion of the calendar year after October 31. Any net ordinary loss, specified gain, or specified loss deferred shall be treated as arising on January 1 of the following calendar year. Generally, each Fund intends to make sufficient distributions prior to the end of each calendar year to avoid any material liability for federal income and excise tax, but can give no assurances that all or a portion of such liability will be avoided. In addition, under certain circumstances, temporary timing or permanent differences in the realization of income and expense for book and tax purposes can result in a Fund having to pay an excise tax.

*Foreign income tax.* Investment income received by a Fund from sources within foreign countries may be subject to foreign income tax withheld at the source and the amount of tax withheld generally will be treated as an expense of the Fund. The U.S. has entered into tax treaties with many foreign countries that entitle a Fund to a reduced rate of, or exemption from, tax on such income. Some countries require the filing of a tax reclaim or other forms to receive the benefit of the reduced tax rate; whether or when a Fund will receive the tax reclaim is within the control of the individual country. Information required on these forms may not be available such as shareholder information; therefore, a Fund may not receive the reduced treaty rates or potential reclaims. Other countries have conflicting and changing instructions and restrictive timing requirements which may cause a Fund not to receive the reduced treaty rates or potential reclaims. Other countries may subject capital gains realized by a Fund on sale or disposition of securities of that country to taxation. It is impossible to determine the effective rate of foreign tax in advance since the amount of a Fund's assets to be invested in various countries is not known.

*Purchase of Shares.* As a result of tax requirements, the Trust on behalf of each Fund has the right to reject an order to purchase Shares if the purchaser (or group of purchasers acting in concert with each other) would, upon obtaining the Shares so ordered, own 80% or more of the outstanding Shares of a Fund and if, pursuant to Sections 351 and 362 of the Code, the Fund would have a basis in the Deposit Securities different from the market value of such securities on the date of deposit. The Trust also has the right to require information necessary to determine beneficial Share ownership for purposes of the 80% determination.

**Taxation of Fund Distributions**

Each Fund anticipates distributing substantially all of its investment company taxable income and net capital gain for each taxable year. Distributions by the Fund will be treated in the manner described below regardless of whether such distributions are paid in cash or reinvested in additional Shares of the Fund (or of another fund). You will receive information annually as to the federal income tax consequences of distributions made (or deemed made) during the year.

*Distributions of Net Investment Income.* Each Fund receives ordinary income generally in the form of dividends and/or interest on its investments. A Fund may also recognize ordinary income from other sources, including, but not limited to, certain gains on foreign currency-related transactions. This income, less expenses incurred in the operation of a Fund, constitutes the Fund's net investment income from which dividends may be paid to you. If you are a taxable investor, distributions of net investment income generally are taxable as ordinary income to the extent of a Fund's earnings and profits. See the discussion below under the headings, "–Qualified Dividend Income for Individuals" and "– Dividends-Received Deduction for Corporations"

*Distributions of Capital Gains.* Each Fund may derive capital gain and loss in connection with sales or other dispositions of its portfolio securities. Distributions derived from the excess of net short-term capital gain over net long-term capital loss will be taxable to you as ordinary income. Distributions paid from the excess of net long-term capital gain over net short-term capital loss will be taxable to you as long-term capital gain, regardless of how long you have held your Shares in a Fund. Any net short-term or long-term capital gain realized by a Fund (net of any capital loss carryovers) generally will be distributed once each year and may be distributed more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund.

*Returns of Capital.* Distributions by a Fund that are not paid from earnings and profits will be treated as a return of capital to the extent of (and in reduction of) the shareholder's tax basis in his Shares; any excess will be treated as gain from the sale of his Shares. Thus, the portion of a distribution that constitutes a return of capital will decrease the shareholder's tax basis in his Fund Shares (but not below zero), and will result in an increase in the amount of gain (or decrease in the amount of loss) that will be recognized by the shareholder for tax purposes on the later sale of such Fund Shares. Return of capital distributions can occur for a number of reasons including, among others, a Fund over-estimates the income to be received from certain investments such as those classified as partnerships or equity real estate investment trusts ("**REITs**").

*Qualified Dividend Income for Individuals.* Ordinary income dividends reported by a Fund as derived from qualified dividend income will be taxed in the hands of individuals and other noncorporate shareholders at the rates applicable to long-term capital gain. "Qualified dividend income" means dividends paid to a Fund (a) by domestic corporations, (b) by foreign corporations that are either (i) incorporated in a possession of the United States, or (ii) are eligible for benefits under certain income tax treaties with the United States that include an exchange of information program, or (c) with respect to stock of a foreign corporation that is readily tradable on an established securities market in the United States. Both a Fund and the investor must meet certain holding period requirements to qualify Fund dividends for this treatment. Specifically, a Fund must hold the stock for at least 61 days during the 121-day period beginning 60 days before the stock becomes ex-dividend. Similarly, investors must hold their Fund Shares for at least 61 days during the 121-day period beginning 60 days before the Fund distribution goes ex-dividend. Income derived from investments in derivatives, fixed-income securities, U.S. REITs, PFICs, and income received "in lieu of" dividends in a securities lending transaction generally is not eligible for treatment as qualified dividend income. If the qualifying dividend income received by a Fund is equal to or greater than 95% of the Fund's gross income (exclusive of net capital gain) in any taxable year, all of the ordinary income dividends paid by the Fund will be qualifying dividend income.

*Dividends-Received Deduction for Corporations*. For corporate shareholders, a portion of the dividends paid by a Fund may qualify for the 50% corporate dividends-received deduction. The portion of dividends paid by a Fund that so qualifies will be reported by the Fund each year and cannot exceed the gross amount of dividends received by the Fund from domestic (U.S.) corporations. The availability of the dividends-received deduction is subject to certain holding period and debt financing restrictions that apply to both a Fund and the investor. Specifically, the amount that a Fund may report as eligible for the dividends-received deduction will be reduced or eliminated if the Shares on which the dividends earned by the Fund were debt-financed or held by the Fund for less than a minimum period of time, generally 46 days during a 91-day period beginning 45 days before the stock becomes ex-dividend. Similarly, if your Fund Shares are debt-financed or held by you for less than a 46-day period then the dividends-received deduction for Fund dividends on your Shares may also be reduced or eliminated. Income derived by a Fund from investments in derivatives, fixed-income and foreign securities generally is not eligible for this treatment.

*Qualified REIT dividends*. Under 2017 legislation commonly known as the "Tax Cuts and Jobs Act," "qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income) are treated as eligible for a 20% deduction by noncorporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Proposed regulations, which can be relied upon currently, enable a Fund to pass through the special character of "qualified REIT dividends". The amount of a RIC's dividends eligible for the 20% deduction for a taxable year is limited to the excess of the RIC's qualified REIT dividends for the taxable year over allocable expenses. A noncorporate shareholder receiving such dividends would treat them as eligible for the 20% deduction, provided the shareholder meets certain holding period requirements for its shares in the RIC (i.e., generally, RIC shares must be held by the shareholder for more than 45 days during the 91-day period beginning on the date that is 45 days before the date on which the shares become ex-dividend with respect to such dividend).

*Impact of Realized but Undistributed Income and Gains, and Net Unrealized Appreciation of Portfolio Securities*. At the time of your purchase of Shares, the price of Shares may reflect undistributed income, undistributed capital gains, or net unrealized appreciation of portfolio securities held by a Fund. A subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable, and would be taxed as ordinary income (some portion of which may be taxed as qualified dividend income), capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Each Fund may be able to reduce the amount of such distributions from capital gains by utilizing its capital loss carryovers, if any.

*U.S. Government Securities.* Income earned on certain U.S. government obligations is exempt from state and local personal income taxes if earned directly by you. States also grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment or reporting requirements that must be met by a Fund. Income on investments by a Fund in certain other obligations, such as repurchase agreements collateralized by U.S. government obligations, commercial paper and federal agency-backed obligations (e.g., GNMA or FNMA obligations), generally does not qualify for tax-free treatment. The rules on exclusion of this income are different for corporations.

*Dividends Declared in October, November, or December and Paid in January*. Ordinarily, shareholders are required to take distributions by a Fund into account in the year in which the distributions are made. However, dividends declared in October, November or December of any year and payable to shareholders of record on a specified date in such a month will be deemed to have been received by the shareholders (and made by a Fund) on December 31 of such calendar year if such dividends are actually paid in January of the following year. Shareholders will be advised annually as to the U.S. federal income tax consequences of distributions made (or deemed made) during the year in accordance with the guidance that has been provided by the IRS.

*Medicare Tax*. A 3.8% Medicare tax is imposed on net investment income earned by certain individuals, estates and trusts. "Net investment income," for these purposes, means investment income, including ordinary dividends and capital gain distributions received from a Fund and net gains from taxable dispositions of Fund Shares, reduced by the deductions properly allocable to such income. In the case of an individual, the tax will be imposed on the lesser of (1) the shareholder's net investment income or (2) the amount by which the shareholder's modified adjusted gross income exceeds $250,000 (if the shareholder is married and filing jointly or a surviving spouse), $125,000 (if the shareholder is married and filing separately) or $200,000 (in any other case). This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

**Sales of Fund Shares**

Sales of Fund Shares are taxable transactions for federal and state income tax purposes. If you sell your Fund Shares, the IRS requires you to report any gain or loss on your sale. If you held your Shares as a capital asset, the gain or loss that you realize will be a capital gain or loss and will be long-term or short-term, generally depending on how long you have held your Shares. Capital losses in any year are deductible only to the extent of capital gains plus, in the case of a noncorporate taxpayer, $3,000 of ordinary income.

*Taxes on Purchase and Redemption of Creation Units.* An Authorized Participant who exchanges equity securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time of purchase (plus any cash received by the Authorized Participant as part of the issue) and the Authorized Participant's aggregate basis in the securities surrendered (plus any cash paid by the Authorized Participant as part of the issue). An Authorized Participant who exchanges Creation Units for equity securities generally will recognize a gain or loss equal to the difference between the Authorized Participant's basis in the Creation Units (plus any cash paid by the Authorized Participant as part of the redemption) and the aggregate market value of the securities received (plus any cash received by the Authorized Participant as part of the redemption). The IRS, however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position. Persons exchanging securities should consult their own tax advisor with respect to whether wash sale rules apply and when a loss might be deductible.

Under current federal tax laws, any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if the Shares have been held for more than one year and as a short-term capital gain or loss if the Shares have been held for one year or less, assuming that such Creation Units are held as a capital asset.

If a Fund redeems Creation Units in cash, it may recognize more capital gains than it will if it redeems Creation Units in-kind.

*Tax Basis Information.* A shareholder's cost basis information will be provided on the sale of any of the shareholder's Shares, subject to certain exceptions for exempt recipients. Please contact the broker (or other nominee) that holds your Shares with respect to reporting of cost basis and available elections for your account.

*Wash Sales*. All or a portion of any loss that you realize on a sale of your Fund Shares will be disallowed to the extent that you buy other Shares in a Fund (through reinvestment of dividends or otherwise) within 30 days before or after your Share sale. Any loss disallowed under these rules will be added to your tax basis in the new Shares.

*Sales at a Loss* Within *Six Months of Purchase*. Any loss incurred on a sale of Shares held for six months or less will be treated as long-term capital loss to the extent of any long-term capital gain distributed to you by a Fund on those Shares.

*Reportable Transactions.* Under Treasury regulations, if a shareholder recognizes a loss with respect to a Fund's Shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on Form 8886. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**Tax Treatment of Portfolio Transactions**

Set forth below is a general description of the tax treatment of certain types of securities, investment techniques and transactions that may apply to the Funds and, in turn, affect the amount, character and timing of dividends and distributions payable by a Fund to its shareholders. This section should be read in conjunction with the discussion above under "Investment Strategies" for a detailed description of the various types of securities and investment techniques that apply to the Funds.

*In General*. In general, gain or loss recognized by a Fund on the sale or other disposition of portfolio investments will be a capital gain or loss. Such capital gain and loss may be long-term or short-term depending, in general, upon the length of time a particular investment position is maintained and, in some cases, upon the nature of the transaction. Property held for more than one year generally will be eligible for long-term capital gain or loss treatment. The application of certain rules described below may serve to alter the manner in which the holding period for a security is determined or may otherwise affect the characterization as long-term or short-term, and also the timing of the realization and/or character, of certain gains or losses.

*Options, Futures, Forward Contracts, Swap Agreements and Hedging Transactions.* In general, option premiums received by a Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or a Fund transfers or otherwise terminates the option (e.g., through a closing transaction). If an option written by a Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the Fund minus (b) the Fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by a Fund pursuant to the exercise of a put option written by it, the Fund generally will subtract the premium received from its cost basis in the securities purchased. The gain or loss with respect to any termination of a Fund's obligation under an option other than through the exercise of the option and related sale or delivery of the underlying stock generally will be short-term gain or loss depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by a Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

The tax treatment of certain futures contracts entered into by a Fund as well as listed non-equity options written or purchased by the Fund on U.S. exchanges (including options on futures contracts, broad-based equity indices and debt securities) may be governed by section 1256 of the Code ("**section 1256 contracts**"). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("**60/40**"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, any section 1256 contracts held by a Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable. Section 1256 contracts do not include any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap, or similar agreement.

In addition to the special rules described above in respect of options and futures transactions, a Fund's transactions in other derivative instruments (including options, forward contracts and swap agreements) as well as its other hedging, short sale, or similar transactions, may be subject to one or more special tax rules (including the constructive sale, notional principal contract, straddle, wash sale and short sale rules). These rules may affect whether gains and losses recognized by a Fund are treated as ordinary or capital or as short-term or long-term, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities. These rules, therefore, could affect the amount, timing and/or character of distributions to shareholders. Moreover, because the tax rules applicable to derivative instruments are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether a Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and avoid the Fund-level tax.

Certain of a Fund's investments in derivatives and foreign currency-denominated instruments, and a Fund's transactions in foreign currencies and hedging activities, may produce a difference between its book income and its taxable income. If a Fund's book income is less than the sum of its taxable income and net tax-exempt income (if any), the Fund could be required to make distributions exceeding book income to qualify as a regulated investment company. If a Fund's book income exceeds the sum of its taxable income and net tax-exempt income (if any), the distribution of any such excess will be treated as (i) a dividend to the extent of a Fund's remaining earnings and profits (including current earnings and profits arising from tax-exempt income, reduced by related deductions), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the Shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset.

*Foreign Currency Transactions.* A Fund's transactions in foreign currencies, foreign currency-denominated debt obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. This treatment could increase or decrease a Fund's ordinary income distributions to you, and may cause some or all of the Fund's previously distributed income to be classified as a return of capital. In certain cases, a Fund may make an election to treat such gain or loss as capital.

*PFIC investments*. A Fund may invest in securities of foreign companies that may be classified under the Code as PFICs. In general, a foreign company is classified as a PFIC if at least one-half of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. When investing in PFIC securities, a Fund intends to mark-to-market these securities under certain provisions of the Code and recognize any unrealized gains as ordinary income at the end of a Fund's fiscal and excise tax years. Deductions for losses are allowable only to the extent of any current or previously recognized gains. These gains (reduced by allowable losses) are treated as ordinary income that a Fund is required to distribute, even though it has not sold or received dividends from these securities. You should also be aware that the designation of a foreign security as a PFIC security will cause its income dividends to fall outside of the definition of qualified foreign corporation dividends. These dividends generally will not qualify for the reduced rate of taxation on qualified dividends when distributed to you by a Fund. Foreign companies are not required to identify themselves as PFICs. Due to various complexities in identifying PFICs, a Fund can give no assurances that it will be able to identify portfolio securities in foreign corporations that are PFICs in time for the Fund to make a mark-to-market election. If a Fund is unable to identify an investment as a PFIC and thus does not make a mark-to-market election, the Fund may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Fund to its shareholders. Additional charges in the nature of interest may be imposed on a Fund in respect of deferred taxes arising from such distributions or gains.

*Securities Lending*. While securities are loaned out by a Fund, the Fund generally will receive from the borrower amounts equal to any dividends or interest paid on the borrowed securities. For federal income tax purposes, payments made "in lieu of" dividends are not considered dividend income. These distributions will neither qualify for the reduced rate of taxation for individuals on qualified dividends nor the 50% dividends-received deduction for corporations. Also, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders.

*Investments in Convertible Securities.* Convertible debt is ordinarily treated as a "single property" consisting of a pure debt interest until conversion, after which the investment becomes an equity interest. If the security is issued at a premium (i.e., for cash in excess of the face amount payable on retirement), the creditor-holder may amortize the premium over the life of the bond. If the security is issued for cash at a price below its face amount, the creditor-holder must accrue original issue discount in income over the life of the debt. The creditor-holder's exercise of the conversion privilege is treated as a nontaxable event. Mandatorily convertible debt (e.g., an exchange traded note or ETN issued in the form of an unsecured obligation that pays a return based on the performance of a specified market index, exchange currency, or commodity) is often, but not always, treated as a contract to buy or sell the reference property rather than debt. Similarly, convertible preferred stock with a mandatory conversion feature is ordinarily, but not always, treated as equity rather than debt. Dividends received generally are qualified dividend income and eligible for the corporate dividends-received deduction. In general, conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that is redeemable by the issuing company might be required to be amortized under original issue discount principles.

*Investments in Securities of Uncertain Tax Character.* A Fund may invest in securities the U.S. federal income tax treatment of which may not be clear or may be subject to recharacterization by the IRS. To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected by a Fund, it could affect the timing or character of income recognized by a Fund, requiring the Fund to purchase or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to regulated investment companies under the Code.

**Backup Withholding**

By law, a portion of your taxable dividends and sales proceeds may be withheld unless you:

● provide your correct social security or taxpayer identification number,

● certify that this number is correct,

● certify that you are not subject to backup withholding, and

● certify that you are a U.S. person (including a U.S. resident alien).

Withholding is also imposed if the IRS requires it. When withholding is required, the amount will be 24% of any distributions or proceeds paid. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS. Certain payees and payments are exempt from backup withholding and information reporting. The special U.S. tax certification requirements applicable to non-U.S. investors to avoid backup withholding are described under the "Non-U.S. Investors" heading below.

**Non-U.S. Investors**

Non-U.S. investors (shareholders who, as to the United States, are nonresident alien individuals, foreign trusts or estates, foreign corporations, or foreign partnerships) may be subject to U.S. withholding and estate tax and are subject to special U.S. tax certification requirements. Non-U.S. investors should consult their tax advisors about the applicability of U.S. tax withholding and the use of the appropriate forms to certify their status.

*In General*. The United States imposes a flat 30% withholding tax (or a withholding tax at a lower treaty rate) on U.S. source dividends, including on income dividends paid to you by a Fund, subject to certain exemptions described below. However, notwithstanding such exemptions from U.S. withholding at the source, any dividends and distributions of income and capital gains, including the proceeds from the sale of your Fund Shares, will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

*Capital Gain Dividends*. In general, capital gain dividends reported by a Fund as paid from its net long-term capital gains, other than long-term capital gains realized on the disposition of U.S. real property interests (see the discussion below), are not subject to U.S. withholding tax unless you are a nonresident alien individual present in the United States for a period or periods aggregating 183 days or more during the calendar year.

*Interest-related dividends and short-term capital gain dividends.* Generally, dividends reported by a Fund as interest-related dividends and paid from its qualified net interest income from U.S. sources are not subject to U.S. withholding tax. "Qualified interest income" includes, in general, U.S. source (1) bank deposit interest, (2) short-term original discount, (3) interest (including original issue discount, market discount, or acquisition discount) on an obligation that is in registered form, unless it is earned on an obligation issued by a corporation or partnership in which the Fund is a 10-percent shareholder or is contingent interest, and (4) any interest-related dividend from another regulated investment company. Similarly, short-term capital gain dividends reported by the Fund as paid from its net short-term capital gains, other than short-term capital gains realized on the disposition of certain U.S. real property interests (see the discussion below), are not subject to U.S. withholding tax unless you were a nonresident alien individual present in the United States for a period or periods aggregating 183 days or more during the calendar year. Each Fund reserves the right to not report interest-related dividends or short-term capital gain dividends. Additionally, a Fund's reporting of interest-related dividends or short-term capital gain dividends may not be passed through to shareholders by intermediaries who have assumed tax reporting responsibilities for this income in managed or omnibus accounts due to systems limitations or operational constraints.

Net Investment Income from Dividends on Stock and Foreign Source Interest Income Continue to be Subject to Withholding Tax; Foreign Tax Credits. Ordinary dividends paid by a Fund to non-U.S. investors on the income earned on portfolio investments in (i) the stock of domestic and foreign corporations and (ii) the debt of foreign issuers continue to be subject to U.S. withholding tax.

Foreign shareholders may be subject to U.S. withholding tax at a rate of 30% on the income resulting from an election to pass-through foreign tax credits to shareholders, but may not be able to claim a credit or deduction with respect to the withholding tax for the foreign tax treated as having been paid by them.

*Income Effectively Connected with a U.S. Trade or Business*. If the income from a Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends and any gains realized upon the sale of Shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations and require the filing of a nonresident U.S. income tax return.

*U.S. Estate Tax.* Transfers by gift of Shares of a Fund by a foreign shareholder who is a nonresident alien individual will not be subject to U.S. federal gift tax. An individual who, at the time of death, is a non-U.S. shareholder will nevertheless be subject to U.S. federal estate tax with respect to Fund Shares at the graduated rates applicable to U.S. citizens and residents, unless a treaty exemption applies. If a treaty exemption is available, a decedent's estate may nonetheless need to file a U.S. estate tax return to claim the exemption in order to obtain a U.S. federal transfer certificate, which permits the decedent's property to be transferred without federal estate tax liability. The transfer certificate will identify the property (i.e., Fund Shares) as to which the U.S. federal estate tax lien has been released. In the absence of a treaty, there is a $13,000 statutory estate tax credit (equivalent to U.S. situs assets with a value of $60,000). For estates with U.S. situs assets of not more than $60,000, an affidavit from an appropriate individual that states that the decedent's U.S. situs assets are below this threshold amount may be sufficient to transfer the Fund Shares.

*U.S. Tax Certification Rules*. Special U.S. tax certification requirements may apply to non-U.S. shareholders both to avoid U.S. backup withholding imposed at a rate of 24% and to obtain the benefits of any treaty between the United States and the shareholder's country of residence. In general, if you are a non-U.S. shareholder, you must provide a Form W-8 BEN (or other applicable Form W-8) to establish that you are not a U.S. person, to claim that you are the beneficial owner of the income and, if applicable, to claim a reduced rate of, or exemption from, withholding as a resident of a country with which the United States has an income tax treaty. A Form W-8 BEN provided without a U.S. taxpayer identification number will remain in effect for a period beginning on the date signed and ending on the last day of the third succeeding calendar year unless an earlier change of circumstances makes the information on the form incorrect. Certain payees and payments are exempt from backup withholding.

The tax consequences to a non-U.S. shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Non-U.S. shareholders are urged to consult their own tax advisors with respect to the particular tax consequences to them of an investment in a Fund, including the applicability of foreign tax.

*Foreign Account Tax Compliance Act ("**FATCA**").* Under FATCA, a 30% withholding tax is imposed on income dividends paid by a Fund to certain foreign entities, referred to as foreign financial institutions ("**FFI**") or non-financial foreign entities ("**NFFE**"). After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Fund Shares; however, based on proposed regulations issued by the IRS, which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). The FATCA withholding tax generally can be avoided: (a) by an FFI, if it reports certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have such owners, reporting information relating to them.

The U.S. Treasury has negotiated intergovernmental agreements ("**IGA**") with certain countries and is in various stages of negotiations with a number of other foreign countries with respect to one or more alternative approaches to implement FATCA; an entity in one of those countries may be required to comply with the terms of an IGA instead of U.S. Treasury regulations.

An FFI can avoid FATCA withholding if it is deemed compliant or by becoming a "participating FFI," which requires the FFI to enter into a U.S. tax compliance agreement with the IRS under section 1471(b) of the Code ("**FFI agreement**") under which it agrees to verify, report and disclose certain of its U.S. accountholders and meet certain other specified requirements. The FFI will either report the specified information about the U.S. accounts to the IRS, or, to the government of the FFI's country of residence (pursuant to the terms and conditions of applicable law and an applicable IGA entered into between the United States and the FFI's country of residence), which will, in turn, report the specified information to the IRS. An FFI that is resident in a country that has entered into an IGA with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the FFI shareholder and the applicable foreign government comply with the terms of such agreement.

An NFFE that is the beneficial owner of a payment from a Fund can avoid the FATCA withholding tax generally by certifying that it does not have any substantial U.S. owners or by providing the name, address and taxpayer identification number of each substantial U.S. owner. The NFFE will report the information to the applicable withholding agent, which will, in turn, report information to the IRS. Such foreign shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by U.S. Treasury regulations, IGAs, and other guidance regarding FATCA. An FFI or NFFE that invests in a Fund will need to provide documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors should consult their own tax advisors regarding the impact of these requirements on their investment in a Fund. The requirements imposed by FATCA are different from, and in addition to, the U.S. tax certification rules to avoid backup withholding described above. Shareholders are urged to consult their tax advisors regarding the application of these requirements to their own situation.

**Effect of Future Legislation; Local Tax Considerations**

The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the conclusions expressed herein, and any such changes or decisions may have a retroactive effect with respect to the transactions contemplated herein. Rules of state and local taxation of ordinary income, qualified dividend income and capital gain dividends may differ from the rules for U.S. federal income taxation described above. Distributions may also be subject to additional state, local and foreign taxes depending on each shareholder's particular situation. Non-U.S. shareholders may be subject to U.S. tax rules that differ significantly from those summarized above. Shareholders are urged to consult their tax advisors as to the consequences of these and other state and local tax rules affecting investment in a Fund.

**OTHER INFORMATION**

Shareholder inquiries may be made by writing to the Trust, c/o Virtus ETF Trust II, 1301 Avenue of the Americas, 14th Floor, New York, NY 10019.

**FINANCIAL STATEMENTS**

Each Fund is newly organized and therefore has not yet had any operations prior to the date of this SAI.

**APPENDIX A**

**CREDIT QUALITY RATINGS**

The Fund may acquire from time to time debt securities as described in the Prospectus and this SAI. The Fund is not restricted with respect to yield, maturity, or credit quality of any debt securities, so that the Fund may purchase debt securities that are of high quality "investment grade" ("**Investment-Grade Debt Securities**") or of lower quality with significant risk characteristics (e.g., "junk bonds"). The various ratings used by nationally recognized statistical rating organizations (each an "**NRSRO**") are described below.

A rating by an NRSRO represents the organization's opinion as to the credit quality of the security being rated. However, the ratings are general and are not absolute standards of quality or guarantees as to the creditworthiness of an issuer. Consequently, the Advisers believe that the quality of Investment-Grade Debt Securities in which a Fund may invest should be continuously reviewed and that individual analysts give different weightings to the various factors involved in credit analysis. A rating is not a recommendation to purchase, sell, or hold a security, because it does not take into account market value or suitability for a particular investor. When a security has received a rating from more than one NRSRO, each rating is evaluated independently. Ratings are based on current information furnished by the issuer or obtained by the NRSROs from other sources that they consider reliable. Ratings may be changed, suspended, or withdrawn as a result of changes in or unavailability of such information, or for other reasons.

**S&P GLOBAL RATINGS.** The following summarizes the highest four ratings used by S&P Global Ratings ("**S&P**"), a division S&P Global, Inc., for bonds which are deemed to be Investment-Grade Debt Securities by the Advisers:

AAA – An obligation rated AAA has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

AA – An obligation rated AA differs from AAA obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

A – An obligation rated A is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

BBB – An obligation rated BBB exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

Bonds rated BB, B, CCC, CC and C are not considered by the Advisers to be Investment-Grade Debt Securities and are regarded as having significant speculative characteristics. BB indicates the least degree of speculation and C the highest. While such obligations may likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major risk exposures to adverse conditions.

The ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) designation to show relative standing within the major rating categories.

Short-term obligations rated A-1 by S&P indicates that the obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus (+) designation. This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong. A short-term obligation rated A-2 is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory.

The rating SP-1 is the highest rating assigned by S&P to short term notes and indicates strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation. The rating SP-2 indicates a satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes. The rating SP-3 indicates a speculative capacity to pay principal and interest.

**MOODY'S INVESTORS SERVICE, INC.** Moody's Investors Service, Inc. ("**Moody's**") long-term ratings are opinions of the relative credit risk of financial obligations with an original maturity of one year or more. They address the possibility that a financial obligation will not be honored as promised. Such ratings use Moody's Global Scale and reflect both the likelihood of default and any financial loss suffered in the event of default. The highest four ratings are deemed to be Investment-Grade Securities by the Advisers:

Aaa – Obligations rated Aaa are judged to be of the highest quality, with minimal credit risk.

Aa – Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A – Obligations rated A are considered upper-medium grade and are subject to low credit risk.

Baa – Obligations rated Baa are subject to moderate credit risk. They are considered medium-grade and as such may possess certain speculative characteristics.

Obligations which are rated Ba, B, Caa, Ca or C by Moody's are not considered "Investment-Grade Debt Securities" by the Advisers. Obligations rated Ba are judged to have speculative elements and are subject to substantial credit risk. Obligations rated B are considered speculative and are subject to high credit risk. Obligations rated Caa are judged to be of poor standing and are subject to very high credit risk.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

**<u>Short-Term Ratings</u>**

Moody's short-term ratings are opinions of the ability of issuers to honor short-term financial obligations. Ratings may be assigned to issuers, short-term programs or to individual short-term debt instruments. Such obligations generally have an original maturity not exceeding thirteen months, unless explicitly noted.

Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

P-1 – Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

P-2 – Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

P-3 – Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

NP – Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

Note: Canadian issuers rated P-1 or P-2 have their short-term ratings enhanced by the senior-most long-term rating of the issuer, its guarantor or support-provider.

<u>US Municipal Short-Term Debt And Demand Obligation Ratings</u>

Short-Term Obligation Ratings – There are three rating categories for short-term municipal obligations that are considered investment grade. These ratings are designated as Municipal Investment Grade ("**MIG**") and are divided into three levels — MIG 1 through MIG 3. In addition, those short-term obligations that are of speculative quality are designated SG, or speculative grade. MIG ratings expire at the maturity of the obligation.

MIG 1 – This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

MIG 2 – This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

MIG 3 – This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

SG – This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

Demand Obligation Ratings – In the case of variable rate demand obligations ("**VRDOs**"), a two-component rating is assigned; a long or short-term debt rating and a demand obligation rating. The first element represents Moody's evaluation of the degree of risk associated with scheduled principal and interest payments. The second element represents Moody's evaluation of the degree of risk associated with the ability to receive purchase price upon demand ("**demand feature**"), using a variation of the MIG rating scale, the Variable Municipal Investment Grade or VMIG rating.

When either the long- or short-term aspect of a VRDO is not rated, that piece is designated NR, e.g., Aaa/NR or NR/VMIG 1.

VMIG rating expirations are a function of each issue's specific structural or credit features.

VMIG 1 – This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

VMIG 2 – This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

VMIG 3 – This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

SG – This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have an investment grade short-term rating or may lack the structural and/or legal protections necessary to ensure the timely payment of purchase price upon demand.

**FITCH RATINGS**. The following summarizes the highest four ratings used by Fitch, Inc. ("**Fitch**"):

<u>Long-Term Ratings</u>

AAA – Highest credit quality. AAA ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA – Very high credit quality. AA ratings denote expectation of low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A – High credit quality. A ratings denote expectation of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

BBB – Good credit quality. BBB ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity. This is the lowest investment grade category.

Long-term securities rated below BBB by Fitch are not considered by the Advisers to be investment-grade securities. Securities rated BB and B are regarded as speculative with regard to a possible default risk developing. BB is considered speculative and B is considered highly speculative. Securities rated CCC, CC and C are regarded as a high credit risk. A rating CCC indicates a substantial credit risk, while a rating CC indicates a high level of risk, and a rating C signals exceptionally high levels of credit risk. "RD" ratings indicate an issuer that in Fitch Ratings' opinion has experienced an uncured payment default on a bond or other material financial obligations but which has not entered into bankruptcy filings or other formal winding-up procedure and which has not otherwise ceased operating. "D" ratings indicate an issuer that in Fitch Ratings' opinion has entered into bankruptcy filings or other formal wind-up procedure, or which has otherwise ceased business.

<u>Short-Term Ratings</u>

F1 – Highest credit quality. The rating F1 indicates the strongest capacity for timely payment of financial commitments; may have an added (+) to denote any exceptionally strong credit feature.

F2 – Good credit quality. The rating F2 indicates a good intrinsic capacity for timely payment of financial commitments.

F3 – Fair credit quality. The rating F3 indicates the intrinsic capacity for timely payment of financial commitments is adequate.

B – Speculative. The rating B indicates minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near-term adverse changes in financial and economic conditions.

Short-term rates B, C and D by Fitch are considered by the Advisers to be below investment-grade securities. Short-term securities rated C have a high default risk and securities rated D indicate a broad-based default event for an entity or the default of a short-term obligation.

(+) or (-) suffixes may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to long-term ratings AAA category or to the categories below B. The suffix "NR" indicates that Fitch does not publicly rate the issuer or issue in question.

While the foregoing descriptions of the ratings systems used by the Advisers distinguishes between "Investment-Grade Debt Securities" and more speculative debt securities, as stated above the Fund is not limited with respect to the yield, maturity or credit quality of the debt securities in which they invest. Accordingly, the Fund's portfolio may be invested in Investment-Grade Debt Securities or debt securities that are not Investment-Grade Debt Securities in any proportion.

**APPENDIX B**

**TRUST PROXY VOTING POLICY AND PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Purpose and Delegation</u>. The purpose of this memorandum is to describe the policies and procedures for voting proxies received from issuers whose securities are held by each series (individually, a "Fund" and collectively, the "Funds") of ETFis Series Trust I and Virtus ETF Trust II (individually, a "Trust" and collectively, the "Trusts"). The board of Trustees of the Trust (the "Board") believes that while typically each Fund's sub-adviser is in the best position to make individual voting decisions for such Fund, there may also be times when the Board determines that the Adviser or another person or group of persons is in the best position to make such voting decisions (such person or group of persons, the "Proxy Voting Manager"). Therefore, subject to the oversight of the Board, each Fund's Proxy Voting Manager is hereby delegated the duty to make proxy voting decisions for such Fund, and to implement and undertake such other duties as set forth in, and consistent with, these Policies and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Proxy. A proxy permits a shareholder to vote without being present at annual or special meetings. A proxy is the form whereby a person who is eligible to vote on corporate matters transmits written instructions for voting or transfers the right to vote to another person in place of the eligible voter. Proxies are generally solicited by management, but may be solicited by dissident shareholders opposed to management's policies or strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Proxy Voting Manager. Proxy Voting Manager, as used herein, refers to the Adviser, sub-adviser or other person(s) to which the duty to make proxy voting decisions for a Fund has been delegated. With respect to such Fund, the Proxy Voting Manager is responsible for supervising and implementing these Policies and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Policy for Voting Proxies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Fiduciary Considerations</u>. Voting authority must be exercised in a manner that is in the best interest of the shareholders of the Fund, and may include a determination that it is in the best interest of the shareholders of the Fund to refrain from exercising voting authority in certain circumstances. Any conflict of interest must be resolved in a manner that is in the best interest of the shareholders of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Management Recommendations</u>. Since the quality and depth of management is a primary factor considered when investing in a company, the recommendation of management on any issue should be given substantial weight. The vote with respect to most issues presented in proxy statements should be cast in accordance with the position of the company's management, unless it is determined that supporting management's position would adversely affect the investment merits of owning the stock. However, each issue should be considered on its own merits, and the position of the company's management should not be supported in any situation where it is found not to be in the best interest of the Fund's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Routine Proposals</u>. Proxies for routine proposals (such as election of directors, selection of independent public accountants, stock splits and increases in capital stock) with respect to securities should generally be voted in favor of management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Non-Routine Proposals</u>. Votes on non-routine matters and votes against a management's recommendations with respect to securities are voted as determined by the Proxy Voting Manager to be in the best interest of the Fund's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Investment Companies</u>. The Proxy Voting Manager may determine that it is in the best interest of the shareholders of the Fund to vote the shares of an investment company in the same proportion as the vote of all other holders of such shares. The Proxy Voting Manager must keep records of this determination, including records indicating whether the Fund relies upon Section 12(d)(1)(F) of the Investment Company Act of 1940 (the "1940 Act") or a particular order of the U.S. Securities and Exchange Commission (the "SEC") to invest in other investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Conflicts of Interest</u>. The Trust recognizes that under certain circumstances a Proxy Voting Manager may have a conflict of interest in voting proxies on behalf of a Fund. Such circumstances may include, but are not limited to, situations where a Proxy Voting Manager or one or more of its affiliates, including, without limitation, officers, directors or employees, has or is seeking a client relationship with the issuer of the security that is the subject of the proxy vote. The Proxy Voting Manager shall periodically inform its employees that they are under an obligation to be aware of the potential for conflicts of interest on the part of the Proxy Voting Manager with respect to voting proxies on behalf of a Fund, both as a result of the employee's personal relationships and due to circumstances that may arise during the conduct of the Proxy Voting Manager's business, and to bring any conflict of interest of which they become aware to the attention of the Proxy Voting Manager. The Proxy Voting Manager shall not vote proxies relating to such issuers on behalf of a Fund until it has determined that the conflict of interest is not material or a method of resolving such conflict of interest has been determined in the manner described below. A conflict of interest will be considered material to the extent that it is determined that such conflict has the potential to influence the Proxy Voting Manager's decision-making in voting a proxy. Materiality determinations will be based upon an assessment of the particular facts and circumstances. If the Proxy Voting Manager determines that a conflict of interest is not material, the Proxy Voting Manager may vote proxies notwithstanding the existence of a conflict. If the conflict of interest is determined to be material, either (i) the conflict shall be disclosed to the Board and the Proxy Voting Manager shall follow the instructions of the Board or (ii) the Proxy Voting Manager shall vote the issue in question based upon the recommendation of an established, independent third party with qualifications to vote proxies so long as the Board has approved this course of action for the issue in question (if approval is requested at a time other than a regularly scheduled meeting of the Board, the Chief Compliance Officer of the Fund may approve this course of action for the issue in question and provide a report at the next regularly scheduled meeting of the Board). The Proxy Voting Manager shall keep a record of all materiality decisions and report them to the Board no less frequently than annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Proxy Voting Procedures</u>. Proxy voting will be conducted in compliance with the policies and practices described herein and is subject to the Proxy Voting Manager's supervision. A reasonable effort should be made to obtain proxy material and to vote in a timely fashion. Each Proxy Voting Manager shall maintain records regarding the voting of proxies under these Policies and Procedures.

The Trust acknowledges that certain of the Proxy Voting Managers to the various Funds have adopted voting policies and procedures for their clients that have been delivered to the Trust. To the extent that a Proxy Voting Manager has not adopted such policies and procedures, it shall adopt the policies and procedures provided herein as its own and shall otherwise vote all proxies in what it believes is the best interest of the Fund's shareholders. To the extent that a Proxy Voting Manager's policies and procedures are consistent with these Policies and Procedures, the Proxy Voting Manager may implement them with respect to voting proxies on behalf of each Fund managed by such Proxy Voting Manager. However, the provisions of paragraph 4 of these Policies and Procedures relating to conflicts of interest shall supersede any comparable provisions of any Proxy Voting Manager's policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Form N-PX</u>. The Proxy Voting Manager shall gather, collate and present information relating to the proxy voting activities of itself and/or its delegate(s) in such format and medium as the Fund shall request in order for the Fund to discharge its disclosure and reporting obligations pursuant to Rule 30b1-4 under the 1940 Act. A record of each proxy vote will be entered on Form N-PX. A copy of each Form N-PX will be signed by the President of the Trust. The Form is to be filed by August 31 each year. Each reporting period covered by the Form N-PX runs from July 1 to June 30. The Trust will disclose in its annual and semi-annual reports to shareholders and in its registration statement (in the SAI) filed with the SEC that the Fund's proxy voting record for the most recent twelve-month period ended June 30 is available without charge upon request at toll-free telephone number for the Fund) and is also available on the SEC's website at www.sec.gov.

[Appendix C]

**Item 28.** **Exhibits**

(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Certificate of Trust of Virtus ETF Trust II dated July 14, 2015, incorporated by reference to Registrant's Registration Statement on Form](http://www.sec.gov/Archives/edgar/data/1648403/000089109215007494/e65431ex_a1.htm) [N-1A, filed August 26, 2015](http://www.sec.gov/Archives/edgar/data/1648403/000089109215007494/e65431ex_a1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Declaration of Trust of Virtus ETF Trust II dated July 14, 2015, incorporated by reference to Registrant's Post-Effective Amendment No.](http://www.sec.gov/Archives/edgar/data/1648403/000089109216015304/e70025_exa2.htm) [8, filed June 3, 2016](http://www.sec.gov/Archives/edgar/data/1648403/000089109216015304/e70025_exa2.htm)

(b) [Bylaws of Virtus ETF Trust II dated July 14, 2015, incorporated by reference to Registrant's Registration Statement on Form N-1A, filed August](http://www.sec.gov/Archives/edgar/data/1648403/000089109215007494/e65431ex_b.htm) [26, 2015](http://www.sec.gov/Archives/edgar/data/1648403/000089109215007494/e65431ex_b.htm)

(c) Instruments
 Defining Rights of Security Holders - See relevant portions of Certificate of Trust,
 Declaration of Trust and Bylaws.

(d) Investment
 Advisory Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Investment Advisory Agreement dated January 4, 2016, between Virtus ETF Trust II and Virtus ETF Advisers LLC ("Advisory <u>Agreement"), incorporated by reference to Registrant's Pre-Effective Amendment No. 1, filed February 19, 2016.</u>](http://www.sec.gov/Archives/edgar/data/1005020/000094937704000022/seneca64690-exd1.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Transfer and Assumption Agreement dated as of January 1, 2025, among Virtus Alternative Investment Advisers, LLC, Virtus Advisers, LLC (formerly known as Virtus ETF Advisers LLC), and Virtus ETF Trust II, filed herewith.](ex99-d1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) [Transfer and Assumption Agreement dated as of January 1, 2025, among Virtus Investment Advisers, LLC, Virtus Advisers, LLC (formerly known as Virtus ETF Advisers LLC), and Virtus ETF Trust II on behalf of VCLN, VABS, SDCP, and SEIX, filed herewith.](ex99-d1b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) [Transfer and Assumption Agreement dated as of January 1, 2025, among Virtus Investment Advisers, LLC, Virtus Advisers, LLC (formerly known as Virtus ETF Advisers LLC), and Virtus ETF Trust II on behalf of KMID, SDCP, PCLO, VEMY and JOET, filed herewith.](ex99-d1c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) [Amendment to Schedule A to the Advisory Agreement, effective as of July 28, 2025, filed herewith.](ex99-d1d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) [Form of Amendment to Schedule A to Advisory Agreement filed herewith.](ex99-d1e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Sub-Advisory Agreement dated January 5, 2016, among Virtus ETF Trust II, on behalf of Virtus Newfleet Short Duration High Yield Bond](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-d2.htm) [ETF (formerly known as Virtus Newfleet Dynamic Credit ETF), Virtus ETF Advisers LLC, and Newfleet Asset Management, LLC,](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-d2.htm) [incorporated by reference to Registrant's Pre-Effective Amendment No. 1, filed February 19, 2016.](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-d2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Amendment and Assumption Agreement dated July 1, 2022, among Virtus Fixed Income Advisers, LLC and Virtus ETF Advisers LLC, on](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-d7.htm) [behalf of Virtus Short Duration High Yield Bond ETF (formerly known as Virtus Newfleet High Yield Bond ETF), incorporated by](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-d7.htm) [reference to Registrant's Post-Effective Amendment No. 80, filed November 23, 2022.](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-d7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) [Transfer and Assumption Agreement dated as of January 1, 2025, among Virtus Investment Advisers, LLC, Virtus Advisers, LLC (formerly known as Virtus ETF Advisers LLC), Virtus ETF Trust II on behalf of its series Virtus Newfleet Short Duration High Yield Bond ETF, and Virtus Fixed Income Advisers, LLC, operating through its division Newfleet Asset Management, filed herewith.](ex99-d2b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Sub-Advisory Agreement dated April 22, 2019, among Virtus ETF Trust II, on behalf of Virtus Seix Senior Loan ETF, Virtus ETF](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-d4.htm) [Advisers LLC and Seix Investment Advisors LLC, incorporated by reference to Registrant's Post-Effective Amendment No. 80, filed](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-d4.htm) [November 23, 2022.](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-d4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Amendment dated July 1, 2022 to the Sub-Advisory Agreement among Virtus ETF Trust II, on behalf of Virtus Seix Senior Loan ETF,](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-d9.htm) [Virtus ETF Advisers LLC and Seix Investment Advisors LLC, incorporated by reference to Registrant's Post-Effective Amendment No.](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-d9.htm) [80, filed November 23, 2022.](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-d9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) [Transfer and Assumption Agreement dated as of January 1, 2025, among Virtus Investment Advisers, LLC, Virtus Advisers, LLC (formerly known as Virtus ETF Advisers LLC), Virtus ETF Trust II on behalf of its series Virtus Seix Senior Loan ETF, and Virtus Fixed Income Advisers, LLC, operating through its division Seix Investment Advisors, filed herewith.](ex99-d3b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. [Sub-Advisory Agreement dated February 9, 2021, among Virtus ETF Trust II, on behalf of Virtus Newfleet ABS/MBS ETF, Virtus ETF](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-d5.htm) [Advisers LLC and Newfleet Asset Management, LLC, incorporated by reference to Registrant's Post-Effective Amendment No. 80, filed](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-d5.htm) [November 23, 2022.](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-d5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Amendment and Assumption Agreement dated July 1, 2022, among Virtus Fixed Income Advisers, LLC and Virtus ETF Advisers LLC, on](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-d8.htm) [behalf of Virtus Newfleet ABS/MBS ETF, incorporated by reference to Registrant's Post-Effective Amendment No. 80, filed November](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-d8.htm) [23, 2022.](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-d8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) [Transfer and Assumption Agreement dated as of January 1, 2025, among Virtus Investment Advisers, LLC, Virtus Advisers, LLC (formerly known as Virtus ETF Advisers LLC), Virtus ETF Trust II on behalf of its series Virtus Newfleet ABS/MBS ETF, and Virtus Fixed Income Advisers, LLC, operating through its division Newfleet Asset Management, filed herewith.](ex99-d4b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. [Sub-Advisory Agreement dated August 2, 2021, among Virtus ETF Trust II, on behalf of Virtus Duff & Phelps Clean Energy ETF, Virtus](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-d6.htm) [ETF Advisers LLC and Duff & Phelps Investment Management Co., incorporated by reference to Registrant's Post-Effective Amendment](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-d6.htm) [No. 80, filed November 23, 2022.](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-d6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Transfer and Assumption Agreement dated as of January 1, 2025, among Virtus Investment Advisers, LLC, Virtus Advisers, LLC (formerly known as Virtus ETF Advisers LLC), Virtus ETF Trust II on behalf of its series Virtus Duff & Phelps Clean Energy ETF, and Duff & Phelps Investment Management Co., filed herewith.](ex99-d5a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. [Sub-Advisory Agreement dated December 12, 2022, among Virtus ETF Trust II, on behalf of Virtus Stone Harbor Emerging Markets High](http://www.sec.gov/Archives/edgar/data/1648403/000138713123012680/ex99-d10.htm) [Yield Bond ETF, Virtus ETF Advisers LLC and Virtus Fixed Income Advisers, LLC, incorporated by reference to Registrant's Post-](http://www.sec.gov/Archives/edgar/data/1648403/000138713123012680/ex99-d10.htm) [Effective Amendment No. 83, filed October 25, 2023.](http://www.sec.gov/Archives/edgar/data/1648403/000138713123012680/ex99-d10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Transfer and Assumption Agreement dated as of January 1, 2025, among Virtus Investment Advisers, LLC, Virtus Advisers, LLC (formerly known as Virtus ETF Advisers LLC), Virtus ETF Trust II on behalf of its series Virtus Stone Harbor Emerging Markets High Yield Bond ETF, and Virtus Fixed Income Advisers, LLC, operating through its division Stone Harbor Investment Partners, filed herewith.](ex99-d6a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. [Sub-Advisory Agreement dated November 7, 2023, among Virtus ETF Trust II, on behalf of Virtus Newfleet Short Duration Core Plus](http://www.sec.gov/Archives/edgar/data/1648403/000199937123000594/ex99-d11.htm) [Bond ETF, Virtus ETF Advisers LLC and Virtus Fixed Income Advisers, LLC, incorporated by reference to Registrant's Post-Effective](http://www.sec.gov/Archives/edgar/data/1648403/000199937123000594/ex99-d11.htm) [Amendment No. 85, filed November 28, 2023.](http://www.sec.gov/Archives/edgar/data/1648403/000199937123000594/ex99-d11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Transfer and Assumption Agreement dated as of January 1, 2025, among Virtus Investment Advisers, LLC, Virtus Advisers, LLC (formerly known as Virtus ETF Advisers LLC), Virtus ETF Trust II on behalf of its series Virtus Newfleet Short Duration Core Plus Bond ETF, and Virtus Fixed Income Advisers, LLC, operating through its division Newfleet Asset Management, filed herewith.](ex99-d7a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. [Sub-Advisory Agreement dated April 10, 2024, among Virtus ETF Trust II, on behalf of Virtus AlphaSimplex Managed Futures ETF,](http://www.sec.gov/Archives/edgar/data/1648403/000199937124011921/ex99-d12.htm) [Virtus ETF Advisers LLC and AlphaSimplex Group, LLC, incorporated by reference to Registrant's Post-Effective Amendment No. 88,](http://www.sec.gov/Archives/edgar/data/1648403/000199937124011921/ex99-d12.htm) [filed September 13, 2024.](http://www.sec.gov/Archives/edgar/data/1648403/000199937124011921/ex99-d12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Transfer and Assumption Agreement dated as of January 1, 2025, among Virtus Alternative Investment Advisers, LLC, Virtus Advisers, LLC (formerly known as Virtus ETF Advisers LLC), and Virtus ETF Trust II on behalf of its series Virtus AlphaSimplex Managed Futures ETF, filed herewith.](ex99-d8a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. [Investment Advisory Agreement dated March 5, 2024, between VATS Offshore Fund, Ltd., a Cayman Islands exempted company and wholly owned subsidiary of Virtus AlphaSimplex Managed Futures ETF ("VATS Offshore Fund, Ltd."), and Virtus ETF Advisers LLC, incorporated by reference to Post-Effective Amendment No. 89, filed October 7, 2024.](http://www.sec.gov/Archives/edgar/data/1648403/000199937124013053/ex99-d13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Transfer and Assumption Agreement dated as of January 1, 2025, by and among VATS Offshore Fund, Ltd., Virtus Alternative Investment Advisers, LLC, Virtus Advisers, LLC (formerly known as Virtus ETF Advisers LLC), and AlphaSimplex Group, LLC, filed herewith.](ex99-d9a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. [Sub-Advisory Agreement dated April 10, 2024, among VATS Offshore Fund, Ltd, Virtus ETF Advisers LLC and AlphaSimplex Group, LLC, incorporated by reference to Post-Effective Amendment No. 89, filed October 7, 2024.](http://www.sec.gov/Archives/edgar/data/1648403/000199937124013053/ex99-d14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Transfer and Assumption Agreement dated as of January 1, 2025, by and among VATS Offshore Fund, Ltd., Virtus Alternative Investment Advisers, LLC, Virtus Advisers, LLC (formerly known as Virtus ETF Advisers LLC), and AlphaSimplex Group, LLC, filed herewith.](ex99-d10a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. [Sub-Advisory Agreement dated October 7, 2024, among Virtus ETF Trust II, on behalf of Virtus KAR Mid-Cap ETF, Virtus ETF Advisers LLC and Kayne Anderson Rudnick Investment Management, LLC, incorporated by reference to Post-Effective Amendment No. 89, filed October 7, 2024.](http://www.sec.gov/Archives/edgar/data/1648403/000199937124013053/ex99-d15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Transfer and Assumption Agreement dated as of January 1, 2025, among Virtus Investment Advisers, LLC, Virtus Advisers, LLC (formerly known as Virtus ETF Advisers LLC), Virtus ETF Trust II on behalf of its series Virtus KAR Mid-Cap ETF, and Kayne Anderson Rudnick Investment Management, LLC, filed herewith.](ex99-d11a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. [Sub-Advisory Agreement dated November 25, 2024, among Virtus ETF Trust II, on behalf of Virtus Seix AAA Private Credit CLO ETF, Virtus ETF Advisers LLC and Seix Investment Advisers, a division of Virtus Fixed Income Advisers, LLC, incorporated by reference to Post-Effective Amendment No. 91, filed November 27, 2024.](http://www.sec.gov/Archives/edgar/data/1648403/000183988224042033/ex99-d16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Transfer and Assumption Agreement dated as of January 1, 2025, among Virtus Investment Advisers, LLC, Virtus Advisers, LLC (formerly known as Virtus ETF Advisers LLC), Virtus ETF Trust II on behalf of its series Virtus Seix AAA Private Credit CLO ETF, and Virtus Fixed Income Advisers, LLC, operating through its division Seix Investment Advisors, filed herewith.](ex99-d12a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. [Form of Sub-Advisory Agreement among Virtus ETF Trust II, on behalf of Virtus Stone Harbor International Bond ETF, Virtus Investment Advisers, LLC and Virtus Fixed Income Advisers, LLC, incorporated by reference to Post-Effective Amendment No. 94, filed June 4, 2025.](https://www.sec.gov/Archives/edgar/data/1648403/000199937125007156/ex99-d18.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. [Form of Sub-Advisory Agreement, among Virtus ETF Trust II, on behalf of Virtus IG Public & Private Credit ETF, Virtus Investment Advisers, LLC and Virtus Fixed Income Advisers, LLC, incorporated by reference to Post-Effective Amendment No. 95, filed July 9, 2025.](http://www.sec.gov/Archives/edgar/data/1648403/000199937125008890/ex99-d20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. [Sub-Advisory Agreement dated July 28, 2025, among Virtus ETF Trust II, on behalf of Virtus AlphaSimplex Global Macro ETF, Virtus Alternative Investment Advisers, LLC, and AlphaSimplex Group, LLC, filed herewith.](ex99-d15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. [Form of Sub-Advisory Agreement among Virtus ETF Trust II, on behalf of Virtus Systematic U.S. Small Cap Growth ETF, Virtus Systematic International Small Cap ETF, Virtus Systematic Emerging Markets Equity ETF, Virtus Systematic U.S. Dividend ETF, Virtus Systematic International Dividend ETF and Virtus Systematic Emerging Markets Dividend ETF; Virtus Investment Advisers, LLC, and Virtus Advisers, LLC, filed herewith.](ex99-d16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. [Investment Advisory Agreement dated as of July 28, 2025, between Virtus AlphaSimplex Global Macro Offshore Fund, Ltd., a Cayman Islands exempted company and wholly owned subsidiary of Virtus AlphaSimplex Global Macro ETF, and Virtus Alternative Investment Advisers, LLC, filed herewith.](ex99-d17.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. [Sub-Advisory Agreement dated July 28, 2025, among Virtus AlphaSimplex Global Macro Offshore Fund, Ltd., Virtus Alternative Investment Advisers, LLC, and AlphaSimplex Group, LLC, filed herewith.](ex99-d18.htm)

(e) [Distribution Agreement effective as of December 1, 2019, between Virtus ETF Trust II and VP Distributors, LLC ("Distribution](http://www.sec.gov/Archives/edgar/data/1648403/000138713120008146/ex99-e.htm) [Agreement"), incorporated by reference to Registrant's Post-Effective Amendment No. 65, filed September 2, 2020](http://www.sec.gov/Archives/edgar/data/1648403/000138713120008146/ex99-e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Amendment dated as of July 28, 2025, to Exhibit A to Distribution Agreement, filed herewith.](ex99-e1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Form of Amendment to Exhibit A to Distribution Agreement, filed herewith.](ex99-e2.htm)

(f) Not
 Applicable.

(g) Custodian
 Agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Custody Agreement dated December 17, 2015, between Virtus ETF Trust II and The Bank of New York Mellon, incorporated by reference](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-g.htm) [to Registrant's Pre-Effective Amendment No. 1, filed February 19, 2016](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-g.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Amendment dated September 29, 2017 to the Custody Agreement, incorporated by reference to Registrant's Post-Effective Amendment](http://www.sec.gov/Archives/edgar/data/1648403/000138713122012000/ex99-g2.htm) [No. 81, filed November 30, 2022](http://www.sec.gov/Archives/edgar/data/1648403/000138713122012000/ex99-g2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) [Amendment dated January 19, 2021 to the Custody Agreement, incorporated by reference to Registrant's Post-Effective Amendment No.](http://www.sec.gov/Archives/edgar/data/1648403/000138713122012000/ex99-g3.htm) [81, filed November 30, 2022](http://www.sec.gov/Archives/edgar/data/1648403/000138713122012000/ex99-g3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) [Amendment effective as of July 24, 2025, to the Custody Agreement, filed herewith.](ex99-g1c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Foreign Custody Manager Agreement dated December 3, 2015, between Virtus ETF Trust II and The Bank of New York Mellon ("Foreign](http://www.sec.gov/Archives/edgar/data/1648403/000138713120010265/ex99-g3.htm) [Custody Manager Agreement"), incorporated by reference to Registrant's Post-Effective Amendment No. 68, filed November 25, 2020](http://www.sec.gov/Archives/edgar/data/1648403/000138713120010265/ex99-g3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Amendment effective as of July 24, 2025, to the Foreign Custody Manager Agreement, filed herewith.](ex99-g2a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Custody Agreement dated May 9, 2024, between VATS Offshore Fund, Ltd. and the Bank of New York Mellon, filed herewith.](ex99-g3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Amendment effective as of July 28, 2025, to the Custody Agreement between VATS Offshore Fund, Ltd. and The Bank of New York Mellon, filed herewith.](ex99-g3a.htm)

(h) Other
 Material Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Fund Administration and Accounting Agreement dated December 17, 2015, between Virtus ETF Trust II and The Bank of New York](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-h1.htm) [Mellon ("Fund Administration and Accounting Agreement"), incorporated by reference to Registrant's Pre-Effective Amendment No. 1,](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-h1.htm) [filed February 19, 2016.](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-h1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Amendment dated January 19, 2021 to the Fund Administration and Accounting Agreement, incorporated by reference to Registrant's](http://www.sec.gov/Archives/edgar/data/1648403/000138713122012000/ex99-h2.htm) [Post-Effective Amendment No. 81, filed November 30, 2022.](http://www.sec.gov/Archives/edgar/data/1648403/000138713122012000/ex99-h2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) [Amendment dated August 27, 2024, to the Fund Administration and Accounting Agreement](http://www.sec.gov/Archives/edgar/data/1648403/000199937124013053/ex99-h3a.htm) [, incorporated by reference to Post-Effective Amendment No. 89, filed October 7, 2024.](http://www.sec.gov/Archives/edgar/data/1648403/000199937124013053/ex99-h3a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) [<u>Amendment effective as of July 24, 2025, to the Fund Administration and Accounting Agreement, filed herewith.</u>](ex99-h1c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Transfer Agency and Service Agreement dated December 17, 2015, between Virtus ETF Trust II and The Bank of New York Mellon](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-h2.htm) [("Transfer Agency and Service Agreement"), incorporated by reference to Registrant's Pre-Effective Amendment No. 1, filed February 19,](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-h2.htm) [2016.](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-h2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Amendment dated January 19, 2021 to the Transfer Agency and Service Agreement, incorporated by reference to Registrant's Post-](http://www.sec.gov/Archives/edgar/data/1648403/000138713122012000/ex99-h5.htm) [Effective Amendment No. 81, filed November 30, 2022.](http://www.sec.gov/Archives/edgar/data/1648403/000138713122012000/ex99-h5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) [Amendment effective July 24, 2025, to the Transfer Agency and Service Agreement, filed herewith.](ex99-h2b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Form of Authorized Participant Agreement between ETF Distributors LLC, The Bank of New York Mellon and Authorized Participants,](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-h3.htm) [incorporated by reference to Registrant's Pre-Effective Amendment No. 1, filed February 19, 2016.](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-h3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. [Administrative Services Agreement dated November 10, 2015, between Virtus ETF Trust II and Virtus ETF Solutions LLC](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-h4.htm) [("Administration Agreement"), incorporated by reference to Registrant's Pre-Effective Amendment No. 1, filed February 19, 2016.](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-h4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Amendment dated as of July 28, 2025, to Exhibits A and C to the Administrative Services Agreement, filed herewith.](ex99-h4a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) [Form of Amendment to Exhibits A and C to the Administrative Services Agreement, filed herewith.](ex99-h4b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. [Fee Waiver Agreement dated February 9, 2021, for Virtus Newfleet ABS/MBS ETF, incorporated by reference to Registrant's Post-](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-h10.htm) [Effective Amendment No. 80, filed November 23, 2022.](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-h10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Amendment dated November 25, 2024, to the Fee Waiver Agreement for Virtus Newfleet ABS/MBS ETF, incorporated by reference to Post-Effective Amendment No. 91, filed November 27, 2024](http://www.sec.gov/Archives/edgar/data/1648403/000183988224042033/ex99-h12.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) [Transfer and Assumption Agreement dated as of January 1, 2025, among Virtus Investment Advisers, LLC, Virtus Advisers, LLC (formerly known as Virtus ETF Advisers LLC), and Virtus ETF Trust II on behalf of VCLN, VABS, SDCP, and SEIX, filed herewith.](ex99-d1b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. [Fee Waiver Agreement dated August 2, 2021, for Virtus Duff & Phelps Clean Energy ETF, incorporated by reference to Registrant's Post-](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-h11.htm) [Effective Amendment No. 80, filed November 23, 2022.](http://www.sec.gov/Archives/edgar/data/1648403/000138713122011756/ex99-h11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Amendment dated November 25, 2024, to the Fee Waiver Agreement for Virtus Duff & Phelps Clean Energy ETF, incorporated by reference to Post-Effective Amendment No. 91, filed November 27, 2024.](http://www.sec.gov/Archives/edgar/data/1648403/000183988224042033/ex99-h13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) [Transfer and Assumption Agreement dated as of January 1, 2025, among Virtus Investment Advisers, LLC, Virtus Advisers, LLC (formerly known as Virtus ETF Advisers LLC), and Virtus ETF Trust II on behalf of VCLN, VABS, SDCP, and SEIX, filed herewith.](ex99-d1b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. [Fee Waiver Agreement dated November 28, 2023, for Virtus Seix Senior Loan ETF, incorporated by reference to Registrant's Post-](http://www.sec.gov/Archives/edgar/data/1648403/000199937123000594/ex99-h14.htm) [Effective Amendment No. 85, filed November 28, 2023](http://www.sec.gov/Archives/edgar/data/1648403/000199937123000594/ex99-h14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Amendment dated November 25, 2024, to the Fee Waiver Agreement for Virtus Seix Senior Loan ETF, incorporated by reference to Post-Effective Amendment No. 91, filed November 27, 2024](http://www.sec.gov/Archives/edgar/data/1648403/000183988224042033/ex99-h14a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) [Transfer and Assumption Agreement dated as of January 1, 2025, among Virtus Investment Advisers, LLC, Virtus Advisers, LLC (formerly known as Virtus ETF Advisers LLC), and Virtus ETF Trust II on behalf of VCLN, VABS, SDCP, and SEIX, filed herewith.](ex99-d1b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. [Fee Waiver Agreement dated November 7, 2023 for Virtus Newfleet Short Duration Core Plus Bond ETF, incorporated by reference to](http://www.sec.gov/Archives/edgar/data/1648403/000199937123000594/ex99-h15.htm) [Registrant's Post-Effective Amendment No. 85, filed November 28, 2023](http://www.sec.gov/Archives/edgar/data/1648403/000199937123000594/ex99-h15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Transfer and Assumption Agreement dated as of January 1, 2025, among Virtus Investment Advisers, LLC, Virtus Advisers, LLC (formerly known as Virtus ETF Advisers LLC), and Virtus ETF Trust II on behalf of VCLN, VABS, SDCP, and SEIX, filed herewith.](ex99-d1b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. [Fund Administration and Accounting Agreement, 1940 Act Investment Company Subsidiary, dated as of May 9, 2024, by and among](http://www.sec.gov/Archives/edgar/data/1648403/000199937124013053/ex99-h16.htm) [VATS Offshore Fund, Ltd and The Bank of New York Mellon](http://www.sec.gov/Archives/edgar/data/1648403/000199937124013053/ex99-h16.htm) [,](http://www.sec.gov/Archives/edgar/data/1648403/000199937124013053/ex99-h16.htm) [incorporated by reference to Post-Effective Amendment No. 89, filed October 7, 2024.](http://www.sec.gov/Archives/edgar/data/1648403/000199937124013053/ex99-h16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Amendment dated as of July 28, 2025, to Fund Administration and Accounting Agreement, 1940 Act Investment Company Subsidiary, filed herewith.](ex99-h9a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. [Administrative Services Agreement, dated as of April 10, 2024, by and between VATS Offshore Fund, Ltd. and Virtus ETF Solutions LLC](http://www.sec.gov/Archives/edgar/data/1648403/000199937124013053/ex99-h17.htm) [,](http://www.sec.gov/Archives/edgar/data/1648403/000199937124013053/ex99-h17.htm) [incorporated by reference to Post-Effective Amendment No. 89, filed October 7, 2024.](http://www.sec.gov/Archives/edgar/data/1648403/000199937124013053/ex99-h17.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. [<u>Administrative Services Agreement, dated as of July 28, 2025, by and between Virtus AlphaSimplex Global Macro Offshore Fund, Ltd. and Virtus ETF Solutions, LLC, filed herewith.</u>](ex99-h11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Legal
 Opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Legal Opinion of Kilpatrick Townsend & Stockton LLP dated February 19, 2016, on behalf of Virtus Newfleet Dynamic Credit ETF,](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-i.htm) [incorporated by reference to Registrant's Pre-Effective Amendment No. 1, filed February 19, 2016.](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-i.htm)

2. [Legal Opinion of Kilpatrick Townsend & Stockton LLP dated June 3, 2016, on behalf of Virtus Enhanced U.S. Equity ETF, incorporated](http://www.sec.gov/Archives/edgar/data/1648403/000089109216015304/e70025_exi2.htm) [by reference to Registrant's Post-Effective Amendment No. 8, filed June 3, 2016](http://www.sec.gov/Archives/edgar/data/1648403/000089109216015304/e70025_exi2.htm)

3. [Legal Opinion of Stradley Ronon Stevens & Young, LLP dated March 13, 2019, with respect to Virtus Seix Senior Loan ETF, incorporated](http://www.sec.gov/Archives/edgar/data/1648403/000089109219002826/e4340ex-i3.htm) [by reference to Registrant's Post-Effective Amendment No. 61, filed March 13, 2019](http://www.sec.gov/Archives/edgar/data/1648403/000089109219002826/e4340ex-i3.htm)

4. [Legal Opinion of Stradley Ronon Stevens & Young, LLP with respect to Virtus Terranova U.S. Quality Momentum ETF, incorporated by](http://www.sec.gov/Archives/edgar/data/1648403/000138713120009844/ex99-i4.htm) [reference to Registrant's Post-Effective Amendment No. 67, filed November 12, 2020](http://www.sec.gov/Archives/edgar/data/1648403/000138713120009844/ex99-i4.htm)

5. [Legal Opinion of Stradley Ronon Stevens & Young, LLP with respect to Virtus Newfleet ABS/MBS ETF, incorporated by reference to](http://www.sec.gov/Archives/edgar/data/0001648403/000138713121000351/ex99-i5.htm) [Registrant's Post-Effective Amendment No. 72, filed January 8, 2021](http://www.sec.gov/Archives/edgar/data/0001648403/000138713121000351/ex99-i5.htm)

6. [Legal Opinion of Stradley Ronon Stevens & Young, LLP with respect to Virtus Duff & Phelps Clean Energy ETF, incorporated by](http://www.sec.gov/Archives/edgar/data/0001648403/000138713121007412/ex99-i6.htm) [reference to Registrant's Post-Effective Amendment No. 75, filed July 16, 2021](http://www.sec.gov/Archives/edgar/data/0001648403/000138713121007412/ex99-i6.htm)

7. [Legal Opinion of Stradley Ronon Stevens & Young, LLP with respect to the Virtus Stone Harbor Emerging Markets High Yield Bond ETF,](http://www.sec.gov/Archives/edgar/data/1648403/000138713122012000/ex99-i7.htm) [incorporated by reference to Registrant's Post-Effective Amendment No. 81, filed November 30, 2022](http://www.sec.gov/Archives/edgar/data/1648403/000138713122012000/ex99-i7.htm)

8. [Legal Opinion of Stradley Ronon Stevens & Young, LLP with respect to the Virtus Newfleet Short Duration Core Plus Bond ETF,](http://www.sec.gov/Archives/edgar/data/1648403/000138713123012680/ex99-i8.htm) [incorporated by reference to Registrant's Post-Effective Amendment No. 83, filed October 25, 2023](http://www.sec.gov/Archives/edgar/data/1648403/000138713123012680/ex99-i8.htm)

9. [Legal Opinion of Stradley Ronon Stevens & Young, LLP with respect to the Virtus AlphaSimplex Managed Futures ETF, incorporated by](http://www.sec.gov/Archives/edgar/data/1648403/000199937124001522/ex99-i9.htm) [reference to Registrant's Post-Effective Amendment No. 86, filed February 5, 2024.](http://www.sec.gov/Archives/edgar/data/1648403/000199937124001522/ex99-i9.htm)

10. [Legal Opinion of Stradley Ronon Stevens & Young, LLP with respect to the Virtus KAR Mid-Cap ETF](http://www.sec.gov/Archives/edgar/data/1648403/000199937124013053/ex99-i10.htm)[,](http://www.sec.gov/Archives/edgar/data/1648403/000199937124013053/ex99-i10.htm) [incorporated by reference to Post-Effective Amendment No. 89, filed October 7, 2024.](http://www.sec.gov/Archives/edgar/data/1648403/000199937124013053/ex99-i10.htm)

11. [Legal Opinion of Stradley Ronon Stevens & Young, LLP with respect to the Virtus Seix AAA Private Credit CLO ETF, filed incorporated by reference to Post-Effective Amendment No. 91, filed November 27, 2024.](http://www.sec.gov/Archives/edgar/data/1648403/000183988224042033/ex99-i11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. [Legal Opinion of Stradley Ronon Stevens & Young, LLP with respect to the Virtus AlphaSimplex Global Macro ETF and Virtus Stone Harbor International Bond ETF, incorporated by reference to Post-Effective Amendment No. 94, filed June 4, 2025.](http://www.sec.gov/Archives/edgar/data/1648403/000199937125007156/ex99-i12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. [Legal Opinion of Stradley Ronon Stevens & Young, LLP with respect to the Virtus IG Public & Private Credit ETF, incorporated by reference to Post-Effective Amendment No. 95, filed July 9, 2025.](http://www.sec.gov/Archives/edgar/data/1648403/000199937125008890/ex99-i13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Not
 applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [Initial Share Subscription Agreement dated December 18, 2015, incorporated by reference to Registrant's Pre-Effective Amendment No. 1, filed](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-l.htm) [February 19, 2016.](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-l.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Rule
 12b-1 Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Amended and Restated Distribution and Service Plan for Virtus ETF Trust II, dated November 30, 2019, incorporated by reference to](http://www.sec.gov/Archives/edgar/data/1648403/000138713120008146/ex99-m.htm) [Registrant's Post-Effective Amendment No. 65, filed September 2, 2020](http://www.sec.gov/Archives/edgar/data/1648403/000138713120008146/ex99-m.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Amendment to Amended and Restated Distribution and Service Plan, effective as of July 28, 2025, filed herewith.](ex99-m1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Not
 applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Codes
 of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Code of Ethics of Virtus ETF Trust II, incorporated by reference to Post-Effective Amendment No. 91, filed November 27, 2024.](http://www.sec.gov/Archives/edgar/data/1648403/000183988224042033/ex99-p1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Amended and Restated Code of Ethics of Virtus Advisers, LLC; Virtus Alternative Investment Advisers, LLC; Virtus Investment Advisers, LLC; VP Distributors, LLC; Virtus Fixed Income Advisers, LLC and its divisions Newfleet Asset Management, Seix Investment Advisors and Stone Harbor Investment Partners; Duff & Phelps Investment Management Co.; Kayne Anderson Rudnick Investment Management, LLC and other Virtus Affiliates dated March 1, 2025, filed herewith.](ex99-p2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Code of Ethics of AlphaSimplex Group, LLC, adopted March 1, 2006 and revised as of March 31, 2025, filed herewith.](ex99-p3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Powers
 of Attorney

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Power of Attorney, incorporated by reference to Registrant's Pre-Effective Amendment No. 1, filed February 19, 2016](http://www.sec.gov/Archives/edgar/data/1648403/000089109216012531/e68368ex-q.htm)

**Item 29.** **Persons Controlled by or Under Common Control with the Registrant**

No person is controlled by or under common control with the Registrant.

**Item 30.** **Indemnification** 

Under Delaware law, Section 3817 of the Treatment of Delaware Statutory Trusts empowers Delaware business trusts to indemnify and hold harmless any Trustee or beneficial owner or other person from and against any and all claims and demands whatsoever, subject to such standards and restrictions as may be set forth in the governing instrument of the business trust.

Reference is made to Article IX of the Registrant's Agreement and Declaration of Trust, which is incorporated by reference herein. The general effect of the indemnification available to an officer or Trustee may be to reduce the circumstances under which the officer or Trustee is required to bear the economic burden of liabilities and expenses related to actions taken by the individual in his or her capacity as an officer or Trustee.

The Registrant (sometimes referred to as the "**Trust**") is organized as a Delaware statutory trust and is operated pursuant to a Declaration of Trust that permits the Registrant to indemnify every person who is, or has been, a Trustee, officer or employee of the Trust, including, without limitation, persons who serve at the request of the Trust as directors, Trustees, officers, employees or agents of another organization in which the Trust has an interest as a shareholder, creditor or otherwise (each, a "**Covered Person**"). Each Covered Person is indemnified by the Trust to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been such a director, Trustee, officer, employee or agent and against amounts paid or incurred by him in settlement thereof. This indemnification is subject to the following conditions:

No indemnification is provided to a Covered Person to the extent such indemnification is prohibited by applicable federal law.

The rights of indemnification under the Declaration of Trust may be insured against by policies maintained by the Trust; are severable; will not affect any other rights to which any Covered Person is entitled; will continue as to a person who has ceased to be a Covered Person; and will inure to the benefit of the heirs, executors and administrators of such a person. Nothing contained in the Declaration of Trust will affect any rights to indemnification to which Trust personnel other than Covered Persons may be entitled by contract or otherwise under law.

The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not affect any other rights to which any Covered Person may now or hereafter be entitled, shall continue as to a person who has ceased to be such a Covered Person and shall inure to the benefit of the heirs, executors and administrators of such a person.

Subject to applicable federal law, expenses of preparation and presentation of a defense to any claim, action, suit or proceeding subject to a claim for indemnification shall be advanced by the Trust or the applicable Series prior to final disposition thereof upon receipt of an undertaking by or on behalf of the recipient to repay such amount if it is ultimately determined that he or she is not entitled to indemnification.

To the extent that any determination is required to be made as to whether a Covered Person engaged in conduct for which indemnification is not provided as described herein, or as to whether there is reason to believe that a Covered Person ultimately will be found entitled to indemnification, the Person or Persons making the determination shall afford the Covered Person a rebuttable presumption that the Covered Person has not engaged in such conduct and that there is reason to believe that the Covered Person ultimately will be found entitled to indemnification.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to Trustees, officers and controlling persons of the Registrant by the Registrant pursuant to the Declaration of Trust or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Act, and therefore, is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by Trustees, officers or controlling persons of the Registrant in connection with the successful defense of any act, suit or proceeding) is asserted by such Trustees, officers or controlling persons in connection with the Shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issues.

**Item 31.** **Business and Other Connections of the Investment Adviser and Sub-Advisers**

The description of the Adviser and Sub-Adviser is found under the captions "Management of the Fund - Investment Adviser" and "Management of the Fund - Investment Sub-Adviser" in the Prospectus and under the captions "Management Services - Adviser" and "Management Services - Sub-Adviser" in the Statement of Additional Information constituting Parts A and B, respectively, of this Registration Statement, which are incorporated by reference herein. The Adviser and Sub-Adviser may provide investment advisory services to other persons or entities other than the Registrant.

The information as to the directors and officers of Virtus Advisers, LLC is set forth in the Virtus Advisers, LLC's Form ADV filed with the SEC (Reference No. 801-78585), as amended through the date hereof.

The information as to the directors and officers of Virtus Alternative Investment Advisers, LLC is set forth in the Virtus Alternative Investment Advisers, LLC's Form ADV filed with the SEC (Reference No. 801-67924), as amended through the date hereof.

The information as to the directors and officers of Virtus Fixed Income Advisers, LLC is set forth in Virtus Fixed Income Advisers, LLC's Form ADV filed with the SEC (Reference No. 801-68743), as amended through the date hereof.

The information as to the directors and officers of Virtus Investment Advisers, LLC is set forth in the Virtus Investment Advisers, LLC's Form ADV filed with the SEC (Reference No. 801-5995), as amended through the date hereof.

The information as to the directors and officers of AlphaSimplex Group, LLC is set forth in AlphaSimplex Group, LLC's Form ADV filed with the SEC (Reference No. 801-62448), as amended through the date hereof.

The information as to the directors and officers of Duff & Phelps Investment Management Co. is set forth in Duff & Phelps Investment Management Co.'s Form ADV filed with the SEC (Reference No. 801-14813), as amended through the date hereof.

The information as to the directors and officers of Kayne Anderson Rudnick Investment Management, LLC is set forth in Kayne Anderson Rudnick Investment Management, LLC's Form ADV filed with the SEC (Reference No. 801-24241), as amended through the date hereof.

The Form ADV for Virtus Advisers, LLC, Virtus Alternative Investment Advisers, LLC, Virtus Investment Advisers, LLC, Virtus Fixed Income Advisers, LLC, AlphaSimplex Group, LLC, Duff & Phelps Investment Management Co., and Kayne Anderson Rudnick Investment Management, LLC may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov.

**Item 32.** **Principal Underwriter** 

(a) VP
 Distributors, LLC (the "**Distributor**") acts as the distributor for
 each series of the Registrant and each series of ETFis Series Trust I.

(b) Directors
 and executive officers of VP Distributors, One Financial Plaza, Hartford, CT 06103 are
 as follows:

---

| | | |
|:---|:---|:---|
| **Name\*** | **Positions with the Distributor** | **Positions with Trust** |
| Ian Bachrach | Senior Managing Director, Marketing | n/a |
| Michael Bicks | Managing Director, Distribution Intelligence | n/a |
| Christopher Danos | Managing Director, National Accounts | n/a |
| Thomas R. Franco | Senior Managing Director, Retail Sales | n/a |
| Heidi C. Griswold | Vice President, Mutual Fund Services | n/a |
| David G. Hanley | Treasurer | n/a |
| David J. Katz | Senior Managing Director, Institutional | n/a |
| Joseph E. Maccone | Senior Managing Director, Strategic Distribution | n/a |
| Barry M. Mandinach | Executive Vice President | n/a |
| Tiffany P. Marosits | Vice President, Senior Regulatory Counsel and Assistant Secretary | n/a |
| Diana M. Perlman | Vice President and Chief Compliance Officer | Anti-Money Laundering Compliance Officer |
| Andra C. Purkalitis | Executive Vice President, General Counsel and Secretary | n/a |

---

*\* The principal business address for each of the above directors and executive officers is: One Financial Plaza, Hartford, CT 06103.*

&nbsp;&nbsp;&nbsp;&nbsp;(c) During
 the Registrant's most recent fiscal year, the Distributor did not receive any net
 underwriting discounts or commissions, compensation on redemptions and repurchases, brokerage
 commissions or other compensation.

**Item 33.** **Location of Accounts and Records** 

Persons maintaining physical possession of accounts, books and other documents required to be maintained by Section 31(a) of the 1940 Act and the Rules promulgated thereunder include:

---

| | |
|:---|:---|
| **Secretary of the Trust:** | **Principal Underwriter:** |
| Daphne Chisolm, Esq.<br> One Financial Plaza<br> Hartford, CT 06103 | VP Distributors, LLC <br> One Financial Plaza <br> Hartford, CT 06103 |

---

---

| | |
|:---|:---|
| **Investment Advisers:**<br> Virtus Investment Advisers, LLC<br> One Financial Plaza<br> Hartford, CT 06103 | **Custodian, Accounting Administrator and Transfer Agent:**<br> The Bank of New York Mellon<br> 240 Greenwich Street<br> New York, NY 10286 |
| Virtus Alternative Investment Advisers, LLC<br> One Financial Plaza<br> Hartford, CT 06103 |  |
| **Administrator:** |  |
| Virtus ETF Solutions, LLC <br> 1301 Avenue of the Americas, 14th Floor <br> New York, NY 10019  |  |
| **Subadviser to Virtus AlphaSimplex Managed Futures ETF and Virtus AlphaSimplex Global Macro ETF** <br> AlphaSimplex Group, LLC <br> 200 State Street <br> Boston, MA 02109  | **Subadviser to: Virtus Duff & Phelps Clean Energy ETF** <br> Duff & Phelps Investment Management Co. <br> 10 South Wacker Drive, 19<sup>th</sup> Floor <br> Chicago, IL 60606  |
| **Subadviser to: Virtus KAR Mid-Cap ETF** <br> Kayne Anderson Rudnick Investment Management, LLC <br> 2000 Avenue of the Stars, Suite 1110 <br> Los Angeles, CA 90067  | **Subadviser to: Virtus Newfleet Short Duration High Yield Bond ETF, Virtus Newfleet Short Duration Core Plus Bond ETF, Virtus Newfleet ABS/MBS ETF and Virtus IG Public & Private Debt ETF** <br> Newfleet Asset Management, a division of Virtus Fixed Income Advisers, LLC <br> One Financial Plaza <br> Hartford, CT 06103  |

---

---

| | |
|:---|:---|
| **Subadviser to: Virtus Stone Harbor Emerging Markets High Yield Bond ETF and Virtus Stone Harbor International Bond ETF** <br> Stone Harbor Investment Partners, a division of Virtus Fixed Income Advisers, LLC <br> 1301 Avenue of the Americas, 14<sup>th</sup> Floor <br> New York, NY 10019  | **Subadviser to: Virtus Seix AAA Private Credit CLO ETF, Virtus Seix Senior Loan ETF and Virtus IG Public & Private Debt ETF** <br> Seix Investment Advisors, a division of Virtus Fixed Income Advisers, LLC <br> One Maynard Drive, Suite 3200 <br> Park Ridge, New Jersey 07656  |

---

**Item 34.** **Management Services** 

Not applicable.

**Item 35.** **Undertakings** 

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 ("1933 Act") and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York and State of New York on the 14<sup>th</sup> day of August, 2025.

---

| | |
|:---|:---|
| **VIRTUS ETF TRUST II** | **VIRTUS ETF TRUST II** |
| (Registrant) | (Registrant) |
| By: | /s/ William Smalley |
|  | William J. Smalley, President |

---

Pursuant to the requirements of the 1933 Act, this Registration Statement has been signed below by the following person(s) in the capacities and on the date(s) indicated.

---

| | | | |
|:---|:---|:---|:---|
| Name | Name | Title | Date |
| /s/ William Smalley<br> William J. Smalley | /s/ William Smalley<br> William J. Smalley | President<br> (Principal Executive Officer) | August 14, 2025 |
| /s/ Brint Frith <br> Brinton Frith | /s/ Brint Frith <br> Brinton Frith | Treasurer<br> (Principal Financial Officer/Principal<br> Accounting Officer) | August 14, 2025 |
| /s/ George R. Aylward\*<br> George R. Aylward | /s/ George R. Aylward\*<br> George R. Aylward | Trustee | August 14, 2025 |
| /s/ James Simpson\*<br> James Simpson | /s/ James Simpson\*<br> James Simpson | Trustee | August 14, 2025 |
| /s/ Robert S. Tull\*<br> Robert S. Tull | /s/ Robert S. Tull\*<br> Robert S. Tull | Trustee | August 14, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp; /s/ Myles J. Edwards\*<br> Myles J. Edwards | &nbsp;&nbsp;&nbsp;&nbsp; /s/ Myles J. Edwards\*<br> Myles J. Edwards | Trustee | August 14, 2025 |
| \* By: | /s/ William Smalley |  | August 14, 2025 |
|  | William J. Smalley, Attorney-in-fact |  |  |

---

**Item 28.** **Exhibits**

---

| | |
|:---|:---|
| &nbsp;&nbsp;[d.1.a.](ex99-d1a.htm) | &nbsp;&nbsp;[Transfer of Advisory Agreement (ASMF) to Virtus Alternative Investment Advisers, LLC](ex99-d1a.htm) |
| &nbsp;&nbsp;[d.1.b](ex99-d1b.htm) | &nbsp;&nbsp;[Transfer of Advisory Agreement and Fee Waiver Agreements to VIA](ex99-d1b.htm) |
| &nbsp;&nbsp;[d.1.c](ex99-d1c.htm) | &nbsp;&nbsp;[Transfer of Advisory Agreement to Virtus Investment Advisers, LLC](ex99-d1c.htm) |
| &nbsp;&nbsp;[d.1.d](ex99-d1d.htm) | &nbsp;&nbsp;[Amendment to Schedule A to Advisory Agreement](ex99-d1d.htm) |
| &nbsp;&nbsp;[d.1.e](ex99-d1e.htm) | &nbsp;&nbsp;[Form of Amendment to Schedule A to Advisory Agreement](ex99-d1e.htm) |
| &nbsp;&nbsp;[d.2b](ex99-d2b.htm) | &nbsp;&nbsp;[Transfer and Assumption Agreement (VSHY Sub-Advisory)](ex99-d2b.htm) |
| &nbsp;&nbsp;[d.3.b](ex99-d3b.htm) | &nbsp;&nbsp;[Transfer and Assumption Agreement (SEIX Sub-Advisory)](ex99-d3b.htm) |
| &nbsp;&nbsp;[d.4.b](ex99-d4b.htm) | &nbsp;&nbsp;[Transfer and Assumption Agreement (VABS Sub-Advisory)](ex99-d4b.htm) |
| &nbsp;&nbsp;[d.5.a](ex99-d5a.htm) | &nbsp;&nbsp;[Transfer and Assumption Agreement (VCLN Sub-Advisory)](ex99-d5a.htm) |
| &nbsp;&nbsp;[d.6.a](ex99-d6a.htm) | &nbsp;&nbsp;[Transfer and Assumption Agreement (VEMY Sub-Advisory)](ex99-d6a.htm) |
| &nbsp;&nbsp;[d.7.a](ex99-d7a.htm) | &nbsp;&nbsp;[Transfer and Assumption Agreement (SDCP Sub-Advisory)](ex99-d7a.htm) |
| &nbsp;&nbsp;[d.8.a](ex99-d8a.htm) | &nbsp;&nbsp;[Transfer and Assumption Agreement (ASMF Sub-Advisory)](ex99-d8a.htm) |
| &nbsp;&nbsp;[d.9.a](ex99-d9a.htm) | &nbsp;&nbsp;[Transfer and Assumption Agreement (VATS Offshore Fund Advisory)](ex99-d9a.htm) |
| &nbsp;&nbsp;[d.10.a](ex99-d10a.htm) | &nbsp;&nbsp;[Transfer and Assumption Agreement (VATS Offshore Fund Sub-Advisory)](ex99-d10a.htm) |
| &nbsp;&nbsp;[d.11.a](ex99-d11a.htm) | &nbsp;&nbsp;[Transfer and Assumption Agreement (KMID Sub-Advisory)](ex99-d11a.htm) |
| &nbsp;&nbsp;[d.12.a](ex99-d12a.htm) | &nbsp;&nbsp;[Transfer and Assumption Agreement (PCLO Sub-Advisory)](ex99-d12a.htm) |
| &nbsp;&nbsp;[d.15](ex99-d15.htm) | &nbsp;&nbsp;[Sub-Advisory Agreement for Virtus AlphaSimplex Global Macro ETF](ex99-d15.htm) |
| &nbsp;&nbsp;[d.16](ex99-d16.htm) | &nbsp;&nbsp;[Form of Sub-Aadvisory Agreement for Virtus Systematic ETFs](ex99-d16.htm) |
| &nbsp;&nbsp;[d.17](ex99-d17.htm) | &nbsp;&nbsp;[Investment Advisory Agreement for Virtus AlphaSimplex Global Macro Offshore Fund, Ltd](ex99-d17.htm) |
| &nbsp;&nbsp;[d.18](ex99-d18.htm) | &nbsp;&nbsp;[Sub-Advisory Agreement for Virtus AlphaSimplex Global Macro Offshore Fund, Ltd.](ex99-d18.htm) |
| &nbsp;&nbsp;[e.1](ex99-e1.htm) | &nbsp;&nbsp;[Amendment to Ex. A to Distribution Agreement](ex99-e1.htm) |
| &nbsp;&nbsp;[e.2](ex99-e2.htm) | &nbsp;&nbsp;[Form of Amendment to Ex. A to Distribution Agreement](ex99-e2.htm) |
| &nbsp;&nbsp;[g.1.c](ex99-g1c.htm) | &nbsp;&nbsp;[Amendment to Custody Agreement dated as of July 24, 2025](ex99-g1c.htm) |
| &nbsp;&nbsp;[g.2.a](ex99-g2a.htm) | &nbsp;&nbsp;[Amendment to Foreign Custody Agreement dated as of July 24, 2025](ex99-g2a.htm) |
| &nbsp;&nbsp;[g.3](ex99-g3.htm) | &nbsp;&nbsp;[Custody Agreement for VATS Offshore Fund, Ltd.](ex99-g3.htm) |
| &nbsp;&nbsp;[g.3.a](ex99-g3a.htm) | &nbsp;&nbsp;[Amendment to VATS Offshore Fund Custody Agreement](ex99-g3a.htm) |
| &nbsp;&nbsp;[h.1.c](ex99-h1c.htm) | &nbsp;&nbsp;[Amendment to Fund Administration and Accounting Services Agreement dated as of July 24, 2025](ex99-h1c.htm) |
| &nbsp;&nbsp;[h.2.b](ex99-h2b.htm) | &nbsp;&nbsp;[Amendment to Transfer Agency Agreement dated as of July 24, 2025](ex99-h2b.htm) |
| &nbsp;&nbsp;[h.4.a](ex99-h4a.htm) | &nbsp;&nbsp;[Amendment to Administrative Services Agreement dated as of July 28, 2025](ex99-h4a.htm) |
| &nbsp;&nbsp;[g.3](ex99-g3.htm) | &nbsp;&nbsp;[Custody Agreement dated May 9, 2024, between VATS Offshore Fund, Ltd. and The Bank of New York Mellon](ex99-g3.htm) |
| &nbsp;&nbsp;[g.3.a](ex99-g3a.htm) | &nbsp;&nbsp;[Amendment to Custody Agreement for Virtus AlphaSimplex Global Macro Offshore Fund, Ltd.](ex99-g3a.htm) |
| &nbsp;&nbsp;[e.1](ex99-e1.htm) | &nbsp;&nbsp;[Amendment to Exhibit A to Distribution Agreement dated July 28, 2025](ex99-e1.htm) |
| &nbsp;&nbsp;[e.2](ex99-e2.htm) | &nbsp;&nbsp;[Form of Amendment to Exhibit A to Distribution Agreement](ex99-e2.htm) |
| &nbsp;&nbsp;[h.4.a](ex99-h4a.htm) | &nbsp;&nbsp;[Amendment to Administrative Services Agreement dated July 28, 2025](ex99-h4a.htm) |
| &nbsp;&nbsp;[h.4.b](ex99-h4b.htm) | &nbsp;&nbsp;[Form of Amendment to Administrative Services Agreement](ex99-h4b.htm) |
| &nbsp;&nbsp;[h.9.a](ex99-h9a.htm) | &nbsp;&nbsp;[Amendment to VATS Offshore FAA Agreement](ex99-h9a.htm) |
| &nbsp;&nbsp;[h.11](ex99-h11.htm) | &nbsp;&nbsp;[Amendment to Administrative Services Agreement for VATS Offshore Fund, Ltd.](ex99-h11.htm) |
| &nbsp;&nbsp;[m.1.a](ex99-m1a.htm) | &nbsp;&nbsp;[Amendment to Amended and Restated Distribution and Service Plan dated as of July 28, 2025](ex99-m1a.htm) |
| &nbsp;&nbsp;[p.2](ex99-p2.htm) | &nbsp;&nbsp;[Code of Ethics of Virtus Affiliates](ex99-p2.htm) |
| &nbsp;&nbsp;[p.3](ex99-p3.htm) | &nbsp;&nbsp;[Code of Ethics of AlphaSimplex Group, LLC](ex99-p3.htm) |

---

## Ex-99.(D)(1)(A)

**Exhibit 99(d)(1)(a)**

**TRANSFER AND ASSUMPTION AGREEMENT**

This Transfer and Assumption Agreement (the "Agreement") is made as of January 1, 2025 (the "Closing Date") by and among Virtus Alternative Investment Advisers, LLC, a Delaware limited liability company (formerly, Virtus Alternative Investment Advisers, Inc., a Connecticut corporation) (the "Transferee"); Virtus Advisers, LLC, a Delaware limited liability company (formerly, Virtus ETF Advisers LLC, a Delaware limited liability company) (the "Adviser"); and Virtus ETF Trust II, a Delaware statutory trust (the "Trust" and collectively with the Adviser, the "Transferor"), on behalf of its series listed on Schedule A attached hereto (the "Fund").

WITNESSETH THAT:

WHEREAS, the Transferee and the Adviser are each an investment adviser registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act");

WHEREAS, the Adviser and the Trust are parties to an Investment Advisory Agreement dated as of January 4, 2016 (as amended, the "Advisory Agreement"), with respect to the Fund;

WHEREAS, the Advisory Agreement provides in substance for its automatic termination in the event of its assignment, in accordance with the requirements of Section 15(a)(4) of the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Transferee and the Adviser are both indirect, wholly-owned subsidiaries of Virtus Investment Partners, Inc. ("Virtus") and are, therefore, under common control of Virtus;

WHEREAS, certain registered investment advisers within the corporate organizational structure of Virtus will be reorganized and the Transferee will replace the Adviser as adviser to the Fund (the "Reorganization");

WHEREAS, following the Reorganization, the Transferee and the Adviser will remain indirect, wholly-owned subsidiaries of Virtus, and therefore under the control of Virtus;

WHEREAS, the Reorganization will not result in a change of actual control or management of either the Adviser or the Transferee and, therefore, under Rule 2a-6 of the 1940 Act, is not an assignment that would cause a termination of the Advisory Agreement in accordance with its terms; and

WHEREAS, at a meeting held on November 20, 2024, the Board of Trustees of the Trust (the "Board"), including a majority of Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Trust or any investment adviser to the Trust, approved the appointment of the Transferee as the investment adviser to the Fund in connection with the Reorganization and authorized any officer of the Fund to execute and deliver such documentation appropriate to accomplish the transfer and assumption of the Advisory Agreement;

WHEREAS, the Trust wishes to confirm its express written consent to the transfer, assumption and amendment of the Advisory Agreement as set forth in this Agreement;

NOW, THEREFORE, the parties hereto, intending to be legally bound, and for the consideration set forth herein, the sufficiency of which is hereby acknowledged, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AMENDMENT OF THE ADVISORY AGREEMENT. The name of the adviser in the Advisory Agreement is hereby changed from "Virtus ETF Advisers LLC" to "Virtus Alternative Investment Advisers, LLC."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ASSUMPTION BY THE TRANSFEREE. The Transferee, intending to be legally bound, hereby agrees as of the Closing Date, to assume all of the duties and obligations of the Adviser with respect to the provision of investment management services to the Fund under the Advisory Agreement and accepts and agrees to perform all such duties and obligations in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. REPRESENTATIONS OF THE TRANSFEREE. The Transferee hereby represents and warrants as of the Closing Date: (i) it is registered as an investment adviser with the SEC under the Advisers Act, and its registration is currently in full force and effect; (ii) it is capable and is legally empowered to assume the duties and obligations under the Advisory Agreement and to act as adviser to the Fund; (iii) all action required of the Transferee to assume the duties and obligations under the Advisory Agreement has been taken; (iv) this Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms; and (v) the Advisory Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. CONSENT OF THE TRUST. By executing this Agreement, the Trust expressly consents to the transfer, assumption and amendment of the Advisory Agreement as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. GOVERNING LAW. This Agreement shall be governed by and enforced in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FURTHER ASSURANCES. Transferor and Transferee each agree to execute and deliver such further instruments, agreements and assurances as may be reasonably requested by the others to evidence and provide for the transfer by Transferor and the assumption by Transferee of the rights and obligations under the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. COUNTERPARTS. This Agreement may be executed in counterparts, which may be executed and/or exchanged electronically, each of which, when taken together, shall constitute one and the same instrument.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto intending to be legally bound have caused this Transfer and Assumption Agreement to be executed by their duly authorized officers or other representatives.

---

| | |
|:---|:---|
| **VIRTUS ADVISERS, LLC (formerly, Virtus ETF Advisers LLC)** | **VIRTUS ADVISERS, LLC (formerly, Virtus ETF Advisers LLC)** |
| By: | /s/ Richard W. Smirl |
| Name: | Richard W. Smirl |
| Title: | Executive Vice President |

---

---

| | |
|:---|:---|
| **VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC (formerly, Virtus Alternative Investment Advisers, Inc.)** | **VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC (formerly, Virtus Alternative Investment Advisers, Inc.)** |
| By: | /s/ Richard W. Smirl |
| Name: | Richard W. Smirl |
| Title: | Executive Vice President |

---

---

| | |
|:---|:---|
| **VIRTUS ETF TRUST II**<br> **On behalf of its series listed on Schedule A**  | **VIRTUS ETF TRUST II**<br> **On behalf of its series listed on Schedule A**  |
| By: | /s/ William J. Smalley |
| Name: | William J. Smalley |
| Title: | President |

---

**<u>SCHEDULE A</u>**

Virtus AlphaSimplex Managed Futures ETF

## Ex-99.(D)(1)(B)

**Exhibit 99(d)(1)(b)**

**TRANSFER AND ASSUMPTION AGREEMENT**

This Transfer and Assumption Agreement (the "Agreement") is made as of January 1, 2025 (the "Closing Date") by and among Virtus Investment Advisers, LLC, a Delaware limited liability company (formerly, Virtus Investment Advisers, Inc., a Massachusetts corporation (the "Transferee"); Virtus Advisers, LLC, a Delaware limited liability company (formerly, Virtus ETF Advisers LLC, a Delaware limited liability company) (the "Adviser"); and Virtus ETF Trust II, a Delaware statutory trust (the "Trust" and collectively with the Adviser, the "Transferor"), on behalf of its series listed on Schedule A attached hereto (each, a "Fund" and collectively, the "Funds").

WITNESSETH THAT:

WHEREAS, the Transferee and the Adviser are each an investment adviser registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act");

WHEREAS, the Adviser and the Trust are parties to an Investment Advisory Agreement dated as of January 4, 2016 (as amended, the "Advisory Agreement"), with respect to the Funds;

WHEREAS, the Adviser and the Trust on behalf of the Virtus Duff & Phelps Clean Energy ETF ("VCLN") are parties to a Fee Waiver Agreement effective as of August 2, 2021 (as amended, the "VCLN Fee Waiver Agreement"), with respect to VCLN;

WHEREAS, the Adviser and the Trust on behalf of the Virtus Newfleet ABS/MBS ETF ("VABS") are parties to a Fee Waiver Agreement effective as of February 9, 2021 (as amended, the "VABS Fee Waiver Agreement"), with respect to VABS;

WHEREAS, the Adviser and the Trust on behalf of the Virtus Newfleet Short Duration Core Plus Bond ETF ("SDCP") are parties to a Fee Waiver Agreement effective as of November 7, 2023 (the "SDCP Fee Waiver Agreement"), with respect to SDCP;

WHEREAS, the Adviser and the Trust on behalf of the Virtus Seix Senior Loan ETF ("SEIX") are parties to a Fee Waiver Agreement effective as of November 28, 2023 (as amended, the "SEIX Fee Waiver Agreement"), with respect to SEIX (the SEIX Fee Waiver Agreement, the VCLN Fee Waiver Agreement, the VABS Fee Waiver Agreement and the SDCP Fee Waiver Agreements, each, a "Fee Waiver Agreement" and collectively, the "Fee Waiver Agreements");

WHEREAS, the Advisory Agreement provides in substance for its automatic termination in the event of its assignment, in accordance with the requirements of Section 15(a)(4) of the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Adviser wishes to transfer to the Transferee, and the Transferee wishes to assume, the rights and obligations of the Adviser under the Fee Waiver Agreements;

WHEREAS, the Transferee and the Adviser are both indirect, wholly-owned subsidiaries of Virtus Investment Partners, Inc. ("Virtus") and are, therefore, under common control of Virtus;

WHEREAS, certain registered investment advisers within the corporate organizational structure of Virtus will be reorganized and the Transferee will replace the Adviser as adviser to the Funds (the "Reorganization");

WHEREAS, following the Reorganization, the Transferee and the Adviser will remain indirect, wholly-owned subsidiaries of Virtus, and therefore under the control of Virtus;

WHEREAS, the Reorganization will not result in a change of actual control or management of either the Adviser or the Transferee and, therefore, under Rule 2a-6 of the 1940 Act, is not an assignment that would cause a termination of the Advisory Agreement in accordance with its terms; and

WHEREAS, at a meeting held on November 20, 2024, the Board of Trustees of the Trust (the "Board"), including a majority of Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Trust or any investment adviser to the Trust, approved the appointment of the Transferee as the investment adviser to the Funds in connection with the Reorganization and authorized any officer of the Funds to execute and deliver such documentation appropriate to accomplish the transfer and assumption of the Advisory Agreement and the Fee Waiver Agreements;

WHEREAS, the Trust wishes to confirm its express written consent to the transfer, assumption and amendment of the Advisory Agreement and the Fee Waiver Agreements as set forth in this Agreement;

NOW, THEREFORE, the parties hereto, intending to be legally bound, and for the consideration set forth herein, the sufficiency of which is hereby acknowledged, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AMENDMENT OF THE ADVISORY AGREEMENT AND THE FEE WAIVER AGREEMENTS. The name of the adviser in the Advisory Agreement and in each Fee Waiver Agreement is hereby changed from "Virtus ETF Advisers LLC" to "Virtus Investment Advisers, LLC."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ASSUMPTION BY THE TRANSFEREE. The Transferee, intending to be legally bound, hereby agrees as of the Closing Date, to assume all of the duties and obligations of the Adviser with respect to the provision of investment management services to each Fund under the Advisory Agreement and with respect to the waiver of fees and/or assumption of expenses under the respective Fee Waiver Agreement, and accepts and agrees to perform all such duties and obligations in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. REPRESENTATIONS OF THE TRANSFEREE. The Transferee hereby represents and warrants as of the Closing Date: (i) it is registered as an investment adviser with the SEC under the Advisers Act, and its registration is currently in full force and effect; (ii) it is capable and is legally empowered to assume the duties and obligations under the Advisory Agreement and under the Fee Waiver Agreements, and to act as adviser to the Funds; (iii) all action required of the Transferee to assume the duties and obligations under the Advisory Agreement and under the Fee Waiver Agreements has been taken; (iv) this Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms; and (v) each of the Advisory Agreement and the Fee Waiver Agreements creates a valid and binding agreement enforceable against the Transferee in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. CONSENT OF THE TRUST. By executing this Agreement, the Trust expressly consents to the transfer, assumption and amendment of the Advisory Agreement and of each Fee Waiver Agreement as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. GOVERNING LAW. This Agreement shall be governed by and enforced in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FURTHER ASSURANCES. Transferor and Transferee each agree to execute and deliver such further instruments, agreements and assurances as may be reasonably requested by the others to evidence and provide for the transfer by Transferor and the assumption by Transferee of the rights and obligations under the Advisory Agreement and the Fee Waiver Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. COUNTERPARTS. This Agreement may be executed in counterparts, which may be executed and/or exchanged electronically, each of which, when taken together, shall constitute one and the same instrument.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto intending to be legally bound have caused this Transfer and Assumption Agreement to be executed by their duly authorized officers or other representatives.

---

| |
|:---|
| **VIRTUS ADVISERS, LLC** |
| **(formerly, Virtus ETF Advisers LLC)** |

---

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS INVESTMENT ADVISERS, LLC** <br> **(formerly, Virtus Investment Advisers, Inc.)**

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS ETF TRUST II** <br> **On behalf of its series listed on Schedule A**<br>

---

| | |
|:---|:---|
| By: | /s/ William J. Smalley |

---

Name: William J. Smalley <br> Title: President

**<u>SCHEDULE A</u>**

Virtus Duff & Phelps Clean Energy ETF

Virtus Newfleet ABS/MBS ETF

Virtus Newfleet Short Duration Core Plus Bond ETF

Virtus Seix Senior Loan ETF

## Ex-99.(D)(1)(C)

**Exhibit 99(d)(1)(c)**

**TRANSFER AND ASSUMPTION AGREEMENT**

This Transfer and Assumption Agreement (the "Agreement") is made as of January 1, 2025 (the "Closing Date") by and among Virtus Investment Advisers, LLC, a Delaware limited liability company (formerly, Virtus Investment Advisers, Inc., a Massachusetts corporation (the "Transferee"); Virtus Advisers, LLC, a Delaware limited liability company (formerly, Virtus ETF Advisers LLC, a Delaware limited liability company) (the "Adviser"); and Virtus ETF Trust II, a Delaware statutory trust (the "Trust" and collectively with the Adviser, the "Transferor"), on behalf of its series listed on Schedule A attached hereto (each, a "Fund" and collectively, the "Funds").

WITNESSETH THAT:

WHEREAS, the Transferee and the Adviser are each an investment adviser registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act");

WHEREAS, the Adviser and the Trust are parties to an Investment Advisory Agreement dated as of January 4, 2016 (as amended, the "Advisory Agreement"), with respect to the Funds;

WHEREAS, the Advisory Agreement provides in substance for its automatic termination in the event of its assignment, in accordance with the requirements of Section 15(a)(4) of the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Transferee and the Adviser are both indirect, wholly-owned subsidiaries of Virtus Investment Partners, Inc. ("Virtus") and are, therefore, under common control of Virtus;

WHEREAS, certain registered investment advisers within the corporate organizational structure of Virtus will be reorganized and the Transferee will replace the Adviser as adviser to the Fund (the "Reorganization");

WHEREAS, following the Reorganization, the Transferee and the Adviser will remain indirect, wholly-owned subsidiaries of Virtus, and therefore under the control of Virtus;

WHEREAS, the Reorganization will not result in a change of actual control or management of either the Adviser or the Transferee and, therefore, under Rule 2a-6 of the 1940 Act, is not an assignment that would cause a termination of the Advisory Agreement in accordance with its terms; and

WHEREAS, at a meeting held on November 20, 2024, the Board of Trustees of the Trust (the "Board"), including a majority of Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Trust or any investment adviser to the Trust, approved the appointment of the Transferee as the investment adviser to the Fund in connection with the Reorganization and authorized any officer of the Fund to execute and deliver such documentation appropriate to accomplish the transfer and assumption of the Advisory Agreement;

WHEREAS, the Trust wishes to confirm its express written consent to the transfer, assumption and amendment of the Advisory Agreement as set forth in this Agreement;

NOW, THEREFORE, the parties hereto, intending to be legally bound, and for the consideration set forth herein, the sufficiency of which is hereby acknowledged, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AMENDMENT OF THE ADVISORY AGREEMENT. The name of the adviser in the Advisory Agreement is hereby changed from "Virtus ETF Advisers LLC" to "Virtus Investment Advisers, LLC."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ASSUMPTION BY THE TRANSFEREE. The Transferee, intending to be legally bound, hereby agrees as of the Closing Date, to assume all of the duties and obligations of the Adviser with respect to the provision of investment management services to each Fund under the Advisory Agreement and accepts and agrees to perform all such duties and obligations in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. REPRESENTATIONS OF THE TRANSFEREE. The Transferee hereby represents and warrants as of the Closing Date: (i) it is registered as an investment adviser with the SEC under the Advisers Act, and its registration is currently in full force and effect; (ii) it is capable and is legally empowered to assume the duties and obligations under the Advisory Agreement and to act as adviser to the Funds; (iii) all action required of the Transferee to assume the duties and obligations under the Advisory Agreement has been taken; (iv) this Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms; and (v) each of the Advisory Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. CONSENT OF THE TRUST. By executing this Agreement, the Trust expressly consents to the transfer, assumption and amendment of the Advisory Agreement as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. GOVERNING LAW. This Agreement shall be governed by and enforced in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FURTHER ASSURANCES. Transferor and Transferee each agree to execute and deliver such further instruments, agreements and assurances as may be reasonably requested by the others to evidence and provide for the transfer by Transferor and the assumption by Transferee of the rights and obligations under the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. COUNTERPARTS. This Agreement may be executed in counterparts, which may be executed and/or exchanged electronically, each of which, when taken together, shall constitute one and the same instrument.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto intending to be legally bound have caused this Transfer and Assumption Agreement to be executed by their duly authorized officers or other representatives.

---

| |
|:---|
| **VIRTUS ADVISERS, LLC** |
| **(formerly, Virtus ETF Advisers LLC)** |

---

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS INVESTMENT ADVISERS, LLC** <br> **(formerly, Virtus Investment Advisers, Inc.)**

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS ETF TRUST II** <br> **On behalf of its series listed on Schedule A**<br>

---

| | |
|:---|:---|
| By: | /s/ William J. Smalley |

---

Name: William J. Smalley <br> Title: President

**<u>SCHEDULE A</u>**

Virtus KAR Mid-Cap ETF

Virtus Newfleet Short Duration High Yield Bond ETF

Virtus Seix AAA Private Credit CLO ETF

Virtus Stone Harbor Emerging Markets High Yield Bond ETF

Virtus Terranova U.S. Quality Momentum ETF

## Ex-99.(D)(1)(D)

**Exhibit 99(d)(1)(d)**

**VIRTUS ETF TRUST II**

**AMENDMENT TO SCHEDULE A TO THE**

**ADVISORY AGREEMENT**

**THIS AMENDMENT** (the "***Amendment***") effective as of the 28<sup>th</sup> day of July 2025, to Schedule A to the Advisory Agreement, dated as of January 4, 2016 (the "***Advisory Agreement***"), is entered into by and between VIRTUS ETF TRUST II (the "***Trust***"), a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940, as amended (the "***1940 Act***"), and VIRTUS INVESTMENT ADVISERS, LLC and/or VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC, each a Delaware limited liability company (as applicable to the respective Fund, the "***Adviser***"), as the case may be, each as successor in interest to Virtus ETF Advisers LLC, a Delaware limited liability company, as noted on the attached Schedule A.

**WHEREAS,** each of the Trust and the Adviser is a party to the Advisory Agreement; and

**WHEREAS,** each of the Trust and the Adviser desires to amend the Advisory Agreement to replace Schedule A.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Schedule A to the Advisory Agreement is hereby deleted in its entirety and replaced with Schedule A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except to the extent amended hereby, the Advisory Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.

---

| | | | |
|:---|:---|:---|:---|
| **VIRTUS ETF TRUST II** | **VIRTUS ETF TRUST II** | **VIRTUS INVESTMENT ADVISERS, LLC** | **VIRTUS INVESTMENT ADVISERS, LLC** |
| By: | /s/ William J. Smalley  | By: | /s/ Richard W. Smirl  |
|  | William J. Smalley, President |  | Richard W. Smirl, Executive Vice President |
|  |  | **VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC** | **VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC** |
|  |  | By: | /s/ Richard W. Smirl  |
|  |  |  | Richard W. Smirl, Executive Vice President |

---

**SCHEDULE A**

**to the**

**ADVISORY AGREEMENT**

**between**

**VIRTUS ETF TRUST II**

**and**

**VIRTUS INVESTMENT ADVISERS, LLC and**

**VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC, EACH A SUCCESSOR IN INTEREST TO VIRTUS ETF ADVISERS LLC**

*(As of July 28, 2025)*

As compensation for the Adviser's services rendered, the Adviser shall be entitled to a fee, computed daily at an annual rate based on the greater of (1) the minimum fee or (2) the average daily net assets of the respective Fund in accordance with the following fee schedule:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Minimum Fee** | &nbsp;&nbsp;**Rate\*** |
| &nbsp;&nbsp;Virtus AlphaSimplex Global Macro ETF\*\* | &nbsp;&nbsp;July 28, 2025 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;Virtus AlphaSimplex Managed Futures ETF\*\* | &nbsp;&nbsp;April 10, 2024 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;Virtus Duff & Phelps Clean Energy ETF | &nbsp;&nbsp;August 2, 2021 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;Virtus IG Public & Private Credit ETF | &nbsp;&nbsp;July 28, 2025 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Virtus KAR Mid-Cap ETF | &nbsp;&nbsp;October 7, 2024 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;Virtus Newfleet ABS/MBS ETF | &nbsp;&nbsp;February 9, 2021 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;Virtus Newfleet Short Duration High Yield Bond ETF | &nbsp;&nbsp;March 22, 2021, as amended on November 28, 2023 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;Virtus Newfleet Short Duration Core Plus Bond ETF | &nbsp;&nbsp;November 7, 2023 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;Virtus Seix AAA Private Credit CLO ETF | &nbsp;&nbsp;November 25, 2024 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.29% |
| &nbsp;&nbsp;Virtus Seix Senior Loan ETF | &nbsp;&nbsp;April 22, 2019 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;Virtus Stone Harbor Emerging Markets High Yield Bond ETF | &nbsp;&nbsp;November 30, 2022 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;Virtus Stone Harbor International Bond ETF | &nbsp;&nbsp;July 28, 2025 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Virtus Terranova U.S. Quality Momentum ETF | &nbsp;&nbsp;November 17, 2020 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.29% |

---

\* The management fee for this Fund is structured as a "unified fee", out of which the Adviser pays all of the ordinary operating expenses of the Fund, except for the fee payment under this Agreement; payments under any 12b-1 plan; taxes and other governmental fees; brokerage fees, commissions and other transaction expenses; interest and other costs of borrowing; litigation or arbitration expenses; acquired fund fees and expenses; and extraordinary or other non-routine expenses of the Fund; each of which is paid by the Fund.

\*\* The Adviser of these Funds is Virtus Alternative Investment Advisers, LLC.

## Ex-99.(D)(1)(E)

**Exhibit 99(d)(1)(e)**

**VIRTUS ETF TRUST II**

**AMENDMENT TO SCHEDULE A TO THE**

**ADVISORY AGREEMENT**

**THIS AMENDMENT** (the "***Amendment***") effective as of the [____] day of [________], 2025, to Schedule A to the Advisory Agreement, dated as of January 4, 2016 (the "***Advisory Agreement***"), is entered into by and between VIRTUS ETF TRUST II (the "***Trust***"), a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940, as amended (the "***1940 Act***"), and VIRTUS INVESTMENT ADVISERS, LLC and/or VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC, each a Delaware limited liability company (as applicable to the respective Fund, the "***Adviser***"), as the case may be, each as successor in interest to Virtus ETF Advisers LLC, a Delaware limited liability company, as noted on the attached Schedule A.

**WHEREAS,** each of the Trust and the Adviser is a party to the Advisory Agreement; and

**WHEREAS,** each of the Trust and the Adviser desires to amend the Advisory Agreement to replace Schedule A.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Schedule A to the Advisory Agreement is hereby deleted in its entirety and replaced with Schedule A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except to the extent amended hereby, the Advisory Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.

---

| | | | |
|:---|:---|:---|:---|
| **VIRTUS ETF TRUST II** | **VIRTUS ETF TRUST II** | **VIRTUS INVESTMENT ADVISERS, LLC** | **VIRTUS INVESTMENT ADVISERS, LLC** |
| By: |  | By: |  |
|  | William J. Smalley, President |  | Richard W. Smirl, Executive Vice President |
|  |  | **VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC** | **VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC** |
|  |  | By: |  |
|  |  |  | Richard W. Smirl, Executive Vice President |

---

**SCHEDULE A**

**to the**

**ADVISORY AGREEMENT**

**between**

**VIRTUS ETF TRUST II**

**and**

**VIRTUS INVESTMENT ADVISERS, LLC and**

**VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC, EACH A SUCCESSOR IN INTEREST TO VIRTUS ETF ADVISERS LLC**

*(As of [___________], 2025)*

As compensation for the Adviser's services rendered, the Adviser shall be entitled to a fee, computed daily at an annual rate based on the greater of (1) the minimum fee or (2) the average daily net assets of the respective Fund in accordance with the following fee schedule:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Minimum Fee** | &nbsp;&nbsp;**Rate\*** |
| &nbsp;&nbsp;Virtus AlphaSimplex Global Macro ETF\*\* | &nbsp;&nbsp;July 28, 2025 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;Virtus AlphaSimplex Managed Futures ETF\*\* | &nbsp;&nbsp;April 10, 2024 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;Virtus Duff & Phelps Clean Energy ETF | &nbsp;&nbsp;August 2, 2021 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;Virtus IG Public & Private Credit ETF | &nbsp;&nbsp;July 28, 2025 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Virtus KAR Mid-Cap ETF | &nbsp;&nbsp;October 7, 2024 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;Virtus Newfleet ABS/MBS ETF | &nbsp;&nbsp;February 9, 2021 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;Virtus Newfleet Short Duration High Yield Bond ETF | &nbsp;&nbsp;March 22, 2021, as amended on November 28, 2023 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;Virtus Newfleet Short Duration Core Plus Bond ETF | &nbsp;&nbsp;November 7, 2023 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;Virtus Seix AAA Private Credit CLO ETF | &nbsp;&nbsp;November 25, 2024 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.29% |
| &nbsp;&nbsp;Virtus Seix Senior Loan ETF | &nbsp;&nbsp;April 22, 2019 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;Virtus Stone Harbor Emerging Markets High Yield Bond ETF | &nbsp;&nbsp;November 30, 2022 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;Virtus Stone Harbor International Bond ETF | &nbsp;&nbsp;July 28, 2025 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Virtus Systematic Emerging Markets Dividend ETF | &nbsp;&nbsp;[________], 2025 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;Virtus Systematic Emerging Markets Equity ETF | &nbsp;&nbsp;[________], 2025 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;Virtus Systematic International Dividend ETF | &nbsp;&nbsp;[________], 2025 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;Virtus Systematic International Small Cap ETF | &nbsp;&nbsp;[________], 2025 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;Virtus Systematic U.S. Dividend ETF | &nbsp;&nbsp;[________], 2025 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.25% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Minimum Fee** | &nbsp;&nbsp;**Rate\*** |
| &nbsp;&nbsp;Virtus Systematic U.S. Small Cap Growth ETF | &nbsp;&nbsp;[________], 2025 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Virtus Terranova U.S. Quality Momentum ETF | &nbsp;&nbsp;November 17, 2020 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.29% |

---

\* The management fee for this Fund is structured as a "unified fee", out of which the Adviser pays all of the ordinary operating expenses of the Fund, except for the fee payment under this Agreement; payments under any 12b-1 plan; taxes and other governmental fees; brokerage fees, commissions and other transaction expenses; interest and other costs of borrowing; litigation or arbitration expenses; acquired fund fees and expenses; and extraordinary or other non-routine expenses of the Fund; each of which is paid by the Fund.

\*\* The Adviser of these Funds is Virtus Alternative Investment Advisers, LLC.

## Ex-99.(D)(2)(B)

**Exhibit 99(d)(2)(b)**

**TRANSFER AND ASSUMPTION AGREEMENT**

This Transfer and Assumption Agreement (the "Agreement") is made as of January 1, 2025 (the "Closing Date") by and among Virtus Investment Advisers, LLC, a Delaware limited liability company (formerly Virtus Investment Advisers, Inc., a Massachusetts corporation) (the "Transferee"); Virtus Advisers, LLC, a Delaware limited liability company (formerly, Virtus ETF Advisers LLC, a Delaware limited liability company) (the "Adviser"); Virtus ETF Trust II, a Delaware statutory trust (the "Trust" and collectively with the Adviser, the "Transferor"), on behalf of its series listed on Schedule A attached hereto (the "Fund"); and Virtus Fixed Income Advisers, LLC, operating through its division Newfleet Asset Management (the "Sub-Adviser").

WITNESSETH THAT:

WHEREAS, the Transferee, the Adviser and the Sub-Adviser are each investment advisers registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act");

WHEREAS, the Adviser and the Trust are parties to an Investment Advisory Agreement dated as of January 4, 2016 (as amended, the "Advisory Agreement"), with respect to the Fund pursuant to which the Adviser may enter into sub-advisory agreements with registered investment advisers to act as sub-advisers to the Fund;

WHEREAS, pursuant to the Advisory Agreement, the Adviser and the Trust have entered into a sub-advisory agreement with the Sub-Adviser dated as of January 5, 2016, on behalf of the Fund (as amended, the "Sub-Advisory Agreement"), pursuant to which the Sub-Adviser serves as sub-adviser to the Fund, and which Sub-Advisory Agreement provides in substance for its automatic termination in the event of its assignment, in accordance with the requirements of Section 15(a)(4) of the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Transferee and the Adviser are both indirect, wholly-owned subsidiaries of Virtus Investment Partners, Inc. ("Virtus") and are, therefore, under common control of Virtus;

WHEREAS, certain registered investment advisers within the corporate organizational structure of Virtus will be reorganized and the Transferee will replace the Adviser as adviser to the Fund (the "Reorganization");

WHEREAS, following the Reorganization, the Transferee and the Adviser will remain indirect, wholly-owned subsidiaries of Virtus, and therefore under the control of Virtus;

WHEREAS, the Reorganization will not result in a change of actual control or management of either the Adviser or the Transferee and, therefore, under Rule 2a-6 of the 1940 Act, is not an assignment that would cause a termination of the Sub-Advisory Agreement in accordance with its terms; and

WHEREAS, at a meeting held on November 20, 2024, the Board of Trustees of the Trust (the "Board"), including a majority of Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Trust or any investment adviser to the Trust, approved the appointment of the Transferee as the investment adviser to the Fund in connection with the Reorganization and authorized any officer of the Fund to execute and deliver such documentation appropriate to accomplish the transfer and assumption of the Sub-Advisory Agreement;

WHEREAS, each of the Trust and the Sub-Adviser wishes to confirm its express written consent to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement;

NOW, THEREFORE, the parties hereto, intending to be legally bound, and for the consideration set forth herein, the sufficiency of which is hereby acknowledged, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AMENDMENT OF THE SUB-ADVISORY AGREEMENT. The name of the adviser in the Sub-Advisory Agreement is hereby changed from "Virtus ETF Advisers, LLC" to "Virtus Investment Advisers, LLC."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ASSUMPTION BY THE TRANSFEREE. The Transferee, intending to be legally bound, hereby agrees as of the Closing Date, to assume all of the duties and obligations of the Adviser under the Sub-Advisory Agreement and accepts and agrees to perform all such duties and obligations in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. REPRESENTATIONS OF THE TRANSFEREE. The Transferee hereby represents and warrants as of the Closing Date: (i) it is registered as an investment adviser with the SEC under the Advisers Act, and its registration is currently in full force and effect; (ii) it is capable and is legally empowered to assume the duties and obligations under the Sub-Advisory Agreement and to act as adviser to the Fund; (iii) all action required of the Transferee to assume the duties and obligations under the Sub-Advisory Agreement has been taken; (iv) this Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms; and (v) the Sub-Advisory Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. CONSENT OF THE TRUST AND THE SUB-ADVISER. By executing this Agreement, each of the Trust and the Sub-Adviser expressly consents to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. GOVERNING LAW. This Agreement shall be governed by and enforced in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FURTHER ASSURANCES. Transferor and Transferee each agree to execute and deliver such further instruments, agreements and assurances as may be reasonably requested by the others to evidence and provide for the transfer by Transferor and the assumption by Transferee of the rights and obligations under the Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. COUNTERPARTS. This Agreement may be executed in counterparts, which may be executed and/or exchanged electronically, each of which, when taken together, shall constitute one and the same instrument.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto intending to be legally bound have caused this Transfer and Assumption Agreement to be executed by their duly authorized officers or other representatives.

---

| |
|:---|
| **VIRTUS ADVISERS, LLC** |
| **(formerly, Virtus ETF Advisers LLC)** |

---

By:

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS INVESTMENT ADVISERS, LLC (formerly, Virtus Investment Advisers, Inc.)**

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS ETF TRUST II** <br> **On behalf of its series listed on Schedule A**<br>

---

| | |
|:---|:---|
| By: | /s/ William J. Smalley |

---

Name: William J. Smalley <br> Title: President

**VIRTUS FIXED INCOME ADVISERS, LLC** <br>

---

| | |
|:---|:---|
| By: | /s/ Deirdre Dillon |

---

Name: Deirdre Dillon <br> Title: Chief Compliance Officer

**<u>Schedule A</u>**

Virtus Newfleet Short Duration High Yield Bond ETF

## Ex-99.(D)(3)(B)

**Exhibit 99(d)(3)(b)**

**TRANSFER AND ASSUMPTION AGREEMENT**

This Transfer and Assumption Agreement (the "Agreement") is made as of January 1, 2025 (the "Closing Date") by and among Virtus Investment Advisers, LLC, a Delaware limited liability company (formerly Virtus Investment Advisers, Inc., a Massachusetts corporation) (the "Transferee"); Virtus Advisers, LLC, a Delaware limited liability company (formerly, Virtus ETF Advisers LLC, a Delaware limited liability company) (the "Adviser"); Virtus ETF Trust II, a Delaware statutory trust (the "Trust" and collectively with the Adviser, the "Transferor"), on behalf of its series listed on Schedule A attached hereto (the "Fund"); and Virtus Fixed Income Advisers, LLC, operating through its division Seix Investment Advisors (the "Sub-Adviser").

WITNESSETH THAT:

WHEREAS, the Transferee, the Adviser and the Sub-Adviser are each investment advisers registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act");

WHEREAS, the Adviser and the Trust are parties to an Investment Advisory Agreement dated as of January 4, 2016 (as amended, the "Advisory Agreement"), with respect to the Fund pursuant to which the Adviser may enter into sub-advisory agreements with registered investment advisers to act as sub-advisers to the Fund;

WHEREAS, pursuant to the Advisory Agreement, the Adviser and the Trust have entered into a sub-advisory agreement with the Sub-Adviser dated as of April 22, 2019, on behalf of the Fund (as amended, the "Sub-Advisory Agreement"), pursuant to which the Sub-Adviser serves as sub-adviser to the Fund, and which Sub-Advisory Agreement provides in substance for its automatic termination in the event of its assignment, in accordance with the requirements of Section 15(a)(4) of the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Transferee and the Adviser are both indirect, wholly-owned subsidiaries of Virtus Investment Partners, Inc. ("Virtus") and are, therefore, under common control of Virtus;

WHEREAS, certain registered investment advisers within the corporate organizational structure of Virtus will be reorganized and the Transferee will replace the Adviser as adviser to the Fund (the "Reorganization");

WHEREAS, following the Reorganization, the Transferee and the Adviser will remain indirect, wholly-owned subsidiaries of Virtus, and therefore under the control of Virtus;

WHEREAS, the Reorganization will not result in a change of actual control or management of either the Adviser or the Transferee and, therefore, under Rule 2a-6 of the 1940 Act, is not an assignment that would cause a termination of the Sub-Advisory Agreement in accordance with its terms; and

WHEREAS, at a meeting held on November 20, 2024, the Board of Trustees of the Trust (the "Board"), including a majority of Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Trust or any investment adviser to the Trust, approved the appointment of the Transferee as the investment adviser to the Fund in connection with the Reorganization and authorized any officer of the Fund to execute and deliver such documentation appropriate to accomplish the transfer and assumption of the Sub-Advisory Agreement;

WHEREAS, each of the Trust and the Sub-Adviser wishes to confirm its express written consent to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement;

NOW, THEREFORE, the parties hereto, intending to be legally bound, and for the consideration set forth herein, the sufficiency of which is hereby acknowledged, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AMENDMENT OF THE SUB-ADVISORY AGREEMENT. The name of the adviser in the Sub-Advisory Agreement is hereby changed from "Virtus ETF Advisers, LLC" to "Virtus Investment Advisers, LLC."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ASSUMPTION BY THE TRANSFEREE. The Transferee, intending to be legally bound, hereby agrees as of the Closing Date, to assume all of the duties and obligations of the Adviser under the Sub-Advisory Agreement and accepts and agrees to perform all such duties and obligations in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. REPRESENTATIONS OF THE TRANSFEREE. The Transferee hereby represents and warrants as of the Closing Date: (i) it is registered as an investment adviser with the SEC under the Advisers Act, and its registration is currently in full force and effect; (ii) it is capable and is legally empowered to assume the duties and obligations under the Sub-Advisory Agreement and to act as adviser to the Fund; (iii) all action required of the Transferee to assume the duties and obligations under the Sub-Advisory Agreement has been taken; (iv) this Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms; and (v) the Sub-Advisory Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. CONSENT OF THE TRUST AND THE SUB-ADVISER. By executing this Agreement, each of the Trust and the Sub-Adviser expressly consents to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. GOVERNING LAW. This Agreement shall be governed by and enforced in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FURTHER ASSURANCES. Transferor and Transferee each agree to execute and deliver such further instruments, agreements and assurances as may be reasonably requested by the others to evidence and provide for the transfer by Transferor and the assumption by Transferee of the rights and obligations under the Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. COUNTERPARTS. This Agreement may be executed in counterparts, which may be executed and/or exchanged electronically, each of which, when taken together, shall constitute one and the same instrument.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto intending to be legally bound have caused this Transfer and Assumption Agreement to be executed by their duly authorized officers or other representatives.

---

| |
|:---|
| **VIRTUS ADVISERS, LLC** |
| **(formerly, Virtus ETF Advisers LLC)** |

---

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS INVESTMENT ADVISERS, LLC (formerly, Virtus Investment Advisers, Inc.)**

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS ETF TRUST II** <br> **On behalf of its series listed on Schedule A**<br>

---

| | |
|:---|:---|
| By: | /s/ William J. Smalley |

---

Name: William J. Smalley <br> Title: President

**VIRTUS FIXED INCOME ADVISERS, LLC** <br>

---

| | |
|:---|:---|
| By: | /s/ Deirdre Dillon |

---

Name: Deirdre Dillon <br> Title: Chief Compliance Officer

**<u>Schedule A</u>**

Virtus Seix Senior Loan ETF

## Ex-99.(D)(4)(B)

**Exhibit 99(d)(4)(b)**

**TRANSFER AND ASSUMPTION AGREEMENT**

This Transfer and Assumption Agreement (the "Agreement") is made as of January 1, 2025 (the "Closing Date") by and among Virtus Investment Advisers, LLC, a Delaware limited liability company (formerly Virtus Investment Advisers, Inc., a Massachusetts corporation) (the "Transferee"); Virtus Advisers, LLC, a Delaware limited liability company (formerly, Virtus ETF Advisers LLC, a Delaware limited liability company) (the "Adviser"); Virtus ETF Trust II, a Delaware statutory trust (the "Trust" and collectively with the Adviser, the "Transferor"), on behalf of its series listed on Schedule A attached hereto (the "Fund"); and Virtus Fixed Income Advisers, LLC, operating through its division Newfleet Asset Management (the "Sub-Adviser").

WITNESSETH THAT:

WHEREAS, the Transferee, the Adviser and the Sub-Adviser are each investment advisers registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act");

WHEREAS, the Adviser and the Trust are parties to an Investment Advisory Agreement dated as of January 4, 2016 (as amended, the "Advisory Agreement"), with respect to the Fund pursuant to which the Adviser may enter into sub-advisory agreements with registered investment advisers to act as sub-advisers to the Fund;

WHEREAS, pursuant to the Advisory Agreement, the Adviser and the Trust have entered into a sub-advisory agreement with the Sub-Adviser dated as of February 9, 2021on behalf of the Fund (as amended, the "Sub-Advisory Agreement"), pursuant to which the Sub-Adviser serves as sub-adviser to the Fund, and which Sub-Advisory Agreement provides in substance for its automatic termination in the event of its assignment, in accordance with the requirements of Section 15(a)(4) of the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Transferee and the Adviser are both indirect, wholly-owned subsidiaries of Virtus Investment Partners, Inc. ("Virtus") and are, therefore, under common control of Virtus;

WHEREAS, certain registered investment advisers within the corporate organizational structure of Virtus will be reorganized and the Transferee will replace the Adviser as adviser to the Fund (the "Reorganization");

WHEREAS, following the Reorganization, the Transferee and the Adviser will remain indirect, wholly-owned subsidiaries of Virtus, and therefore under the control of Virtus;

WHEREAS, the Reorganization will not result in a change of actual control or management of either the Adviser or the Transferee and, therefore, under Rule 2a-6 of the 1940 Act, is not an assignment that would cause a termination of the Sub-Advisory Agreement in accordance with its terms; and

WHEREAS, at a meeting held on November 20, 2024, the Board of Trustees of the Trust (the "Board"), including a majority of Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Trust or any investment adviser to the Trust, approved the appointment of the Transferee as the investment adviser to the Fund in connection with the Reorganization and authorized any officer of the Fund to execute and deliver such documentation appropriate to accomplish the transfer and assumption of the Sub-Advisory Agreement;

WHEREAS, each of the Trust and the Sub-Adviser wishes to confirm its express written consent to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement;

NOW, THEREFORE, the parties hereto, intending to be legally bound, and for the consideration set forth herein, the sufficiency of which is hereby acknowledged, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AMENDMENT OF THE SUB-ADVISORY AGREEMENT. The name of the adviser in the Sub-Advisory Agreement is hereby changed from "Virtus ETF Advisers, LLC" to "Virtus Investment Advisers, LLC."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ASSUMPTION BY THE TRANSFEREE. The Transferee, intending to be legally bound, hereby agrees as of the Closing Date, to assume all of the duties and obligations of the Adviser under the Sub-Advisory Agreement and accepts and agrees to perform all such duties and obligations in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. REPRESENTATIONS OF THE TRANSFEREE. The Transferee hereby represents and warrants as of the Closing Date: (i) it is registered as an investment adviser with the SEC under the Advisers Act, and its registration is currently in full force and effect; (ii) it is capable and is legally empowered to assume the duties and obligations under the Sub-Advisory Agreement and to act as adviser to the Fund; (iii) all action required of the Transferee to assume the duties and obligations under the Sub-Advisory Agreement has been taken; (iv) this Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms; and (v) the Sub-Advisory Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. CONSENT OF THE TRUST AND THE SUB-ADVISER. By executing this Agreement, each of the Trust and the Sub-Adviser expressly consents to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. GOVERNING LAW. This Agreement shall be governed by and enforced in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FURTHER ASSURANCES. Transferor and Transferee each agree to execute and deliver such further instruments, agreements and assurances as may be reasonably requested by the others to evidence and provide for the transfer by Transferor and the assumption by Transferee of the rights and obligations under the Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. COUNTERPARTS. This Agreement may be executed in counterparts, which may be executed and/or exchanged electronically, each of which, when taken together, shall constitute one and the same instrument.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto intending to be legally bound have caused this Transfer and Assumption Agreement to be executed by their duly authorized officers or other representatives.

---

| |
|:---|
| **VIRTUS ADVISERS, LLC** |
| **(formerly, Virtus ETF Advisers LLC)** |

---

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS INVESTMENT ADVISERS, LLC (formerly, Virtus Investment Advisers, Inc.)**

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS ETF TRUST II** <br> **On behalf of its series listed on Schedule A**<br>

---

| | |
|:---|:---|
| By: | /s/ William J. Smalley |

---

Name: William J. Smalley <br> Title: President

**VIRTUS FIXED INCOME ADVISERS, LLC** <br>

---

| | |
|:---|:---|
| By: | /s/ Deirdre Dillon |

---

Name: Deirdre Dillon <br> Title: Chief Compliance Officer

**<u>Schedule A</u>**

Virtus Newfleet ABS/MBS ETF

## Ex-99.(D)(5)(A)

**Exhibit 99(d)(5)(a)**

**TRANSFER AND ASSUMPTION AGREEMENT**

This Transfer and Assumption Agreement (the "Agreement") is made as of January 1, 2025 (the "Closing Date") by and among Virtus Investment Advisers, LLC, a Delaware limited liability company (formerly Virtus Investment Advisers, Inc., a Massachusetts corporation) (the "Transferee"); Virtus Advisers, LLC, a Delaware limited liability company (formerly, Virtus ETF Advisers LLC, a Delaware limited liability company) (the "Adviser"); Virtus ETF Trust II, a Delaware statutory trust (the "Trust" and collectively with the Adviser, the "Transferor"), on behalf of its series listed on Schedule A attached hereto (the "Fund"); and Duff & Phelps Investment Management Co. (the "Sub-Adviser").

WITNESSETH THAT:

WHEREAS, the Transferee, the Adviser and the Sub-Adviser are each investment advisers registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act");

WHEREAS, the Adviser and the Trust are parties to an Investment Advisory Agreement dated as of January 4, 2016 (as amended, the "Advisory Agreement"), with respect to the Fund pursuant to which the Adviser may enter into sub-advisory agreements with registered investment advisers to act as sub-advisers to the Fund;

WHEREAS, pursuant to the Advisory Agreement, the Adviser and the Trust have entered into a sub-advisory agreement with the Sub-Adviser dated as of August 2, 2021, on behalf of the Fund (the "Sub-Advisory Agreement"), pursuant to which the Sub-Adviser serves as sub-adviser to the Fund, and which Sub-Advisory Agreement provides in substance for its automatic termination in the event of its assignment, in accordance with the requirements of Section 15(a)(4) of the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Transferee and the Adviser are both indirect, wholly-owned subsidiaries of Virtus Investment Partners, Inc. ("Virtus") and are, therefore, under common control of Virtus;

WHEREAS, certain registered investment advisers within the corporate organizational structure of Virtus will be reorganized and the Transferee will replace the Adviser as adviser to the Fund (the "Reorganization");

WHEREAS, following the Reorganization, the Transferee and the Adviser will remain indirect, wholly-owned subsidiaries of Virtus, and therefore under the control of Virtus;

WHEREAS, the Reorganization will not result in a change of actual control or management of either the Adviser or the Transferee and, therefore, under Rule 2a-6 of the 1940 Act, is not an assignment that would cause a termination of the Sub-Advisory Agreement in accordance with its terms; and

WHEREAS, at a meeting held on November 20, 2024, the Board of Trustees of the Trust (the "Board"), including a majority of Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Trust or any investment adviser to the Trust, approved the appointment of the Transferee as the investment adviser to the Fund in connection with the Reorganization and authorized any officer of the Fund to execute and deliver such documentation appropriate to accomplish the transfer and assumption of the Sub-Advisory Agreement;

WHEREAS, each of the Trust and the Sub-Adviser wishes to confirm its express written consent to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement;

NOW, THEREFORE, the parties hereto, intending to be legally bound, and for the consideration set forth herein, the sufficiency of which is hereby acknowledged, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AMENDMENT OF THE SUB-ADVISORY AGREEMENT. The name of the adviser in the Sub-Advisory Agreement is hereby changed from "Virtus ETF Advisers, LLC" to "Virtus Investment Advisers, LLC."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ASSUMPTION BY THE TRANSFEREE. The Transferee, intending to be legally bound, hereby agrees as of the Closing Date, to assume all of the duties and obligations of the Adviser under the Sub-Advisory Agreement and accepts and agrees to perform all such duties and obligations in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. REPRESENTATIONS OF THE TRANSFEREE. The Transferee hereby represents and warrants as of the Closing Date: (i) it is registered as an investment adviser with the SEC under the Advisers Act, and its registration is currently in full force and effect; (ii) it is capable and is legally empowered to assume the duties and obligations under the Sub-Advisory Agreement and to act as adviser to the Fund; (iii) all action required of the Transferee to assume the duties and obligations under the Sub-Advisory Agreement has been taken; (iv) this Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms; and (v) the Sub-Advisory Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. CONSENT OF THE TRUST AND THE SUB-ADVISER. By executing this Agreement, each of the Trust and the Sub-Adviser expressly consents to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. GOVERNING LAW. This Agreement shall be governed by and enforced in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FURTHER ASSURANCES. Transferor and Transferee each agree to execute and deliver such further instruments, agreements and assurances as may be reasonably requested by the others to evidence and provide for the transfer by Transferor and the assumption by Transferee of the rights and obligations under the Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. COUNTERPARTS. This Agreement may be executed in counterparts, which may be executed and/or exchanged electronically, each of which, when taken together, shall constitute one and the same instrument.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto intending to be legally bound have caused this Transfer and Assumption Agreement to be executed by their duly authorized officers or other representatives.

---

| |
|:---|
| **VIRTUS ADVISERS, LLC** |
| **(formerly, Virtus ETF Advisers LLC)** |

---

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS INVESTMENT ADVISERS, LLC (formerly, Virtus Investment Advisers, Inc.)**

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS ETF TRUST II** <br> **On behalf of its series listed on Schedule A**<br>

---

| | |
|:---|:---|
| By: | /s/ William J. Smalley |

---

Name: William J. Smalley <br> Title: President

**DUFF & PHELPS INVESTMENT MANAGEMENT CO.** <br>

---

| | |
|:---|:---|
| By: | /s/ David D. Grumhaus, Jr. |

---

Name: David D. Grumhaus, Jr. <br> Title: President

**<u>Schedule A</u>**

Virtus Duff & Phelps Clean Energy ETF

## Ex-99.(D)(6)(A)

**Exhibit 99(d)(6)(a)**

**TRANSFER AND ASSUMPTION AGREEMENT**

This Transfer and Assumption Agreement (the "Agreement") is made as of January 1, 2025 (the "Closing Date") by and among Virtus Investment Advisers, LLC, a Delaware limited liability company (formerly Virtus Investment Advisers, Inc., a Massachusetts corporation) (the "Transferee"); Virtus Advisers, LLC, a Delaware limited liability company (formerly, Virtus ETF Advisers LLC, a Delaware limited liability company) (the "Adviser"); Virtus ETF Trust II, a Delaware statutory trust (the "Trust" and collectively with the Adviser, the "Transferor"), on behalf of its series listed on Schedule A attached hereto (the "Fund"); and Virtus Fixed Income Advisers, LLC, operating through its division Stone Harbor Investment Partners (the "Sub-Adviser").

WITNESSETH THAT:

WHEREAS, the Transferee, the Adviser and the Sub-Adviser are each investment advisers registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act");

WHEREAS, the Adviser and the Trust are parties to an Investment Advisory Agreement dated as of January 4, 2016, as amended (the "Advisory Agreement"), with respect to the Fund pursuant to which the Adviser may enter into sub-advisory agreements with registered investment advisers to act as sub-advisers to the Fund;

WHEREAS, pursuant to the Advisory Agreement, the Adviser and the Trust have entered into a sub-advisory agreement with the Sub-Adviser dated as of December 12, 2022, on behalf of the Fund (the "Sub-Advisory Agreement"), pursuant to which the Sub-Adviser serves as sub-adviser to the Fund, and which Sub-Advisory Agreement provides in substance for its automatic termination in the event of its assignment, in accordance with the requirements of Section 15(a)(4) of the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Transferee and the Adviser are both indirect, wholly-owned subsidiaries of Virtus Investment Partners, Inc. ("Virtus") and are, therefore, under common control of Virtus;

WHEREAS, certain registered investment advisers within the corporate organizational structure of Virtus will be reorganized and the Transferee will replace the Adviser as adviser to the Fund (the "Reorganization");

WHEREAS, following the Reorganization, the Transferee and the Adviser will remain indirect, wholly-owned subsidiaries of Virtus, and therefore under the control of Virtus;

WHEREAS, the Reorganization will not result in a change of actual control or management of either the Adviser or the Transferee and, therefore, under Rule 2a-6 of the 1940 Act, is not an assignment that would cause a termination of the Sub-Advisory Agreement in accordance with its terms; and

WHEREAS, at a meeting held on November 20, 2024, the Board of Trustees of the Trust (the "Board"), including a majority of Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Trust or any investment adviser to the Trust, approved the appointment of the Transferee as the investment adviser to the Fund in connection with the Reorganization and authorized any officer of the Fund to execute and deliver such documentation appropriate to accomplish the transfer and assumption of the Sub-Advisory Agreement;

WHEREAS, each of the Trust and the Sub-Adviser wishes to confirm its express written consent to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement;

NOW, THEREFORE, the parties hereto, intending to be legally bound, and for the consideration set forth herein, the sufficiency of which is hereby acknowledged, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AMENDMENT OF THE SUB-ADVISORY AGREEMENT. The name of the adviser in the Sub-Advisory Agreement is hereby changed from "Virtus ETF Advisers, LLC" to "Virtus Investment Advisers, LLC."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ASSUMPTION BY THE TRANSFEREE. The Transferee, intending to be legally bound, hereby agrees as of the Closing Date, to assume all of the duties and obligations of the Adviser under the Sub-Advisory Agreement and accepts and agrees to perform all such duties and obligations in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. REPRESENTATIONS OF THE TRANSFEREE. The Transferee hereby represents and warrants as of the Closing Date: (i) it is registered as an investment adviser with the SEC under the Advisers Act, and its registration is currently in full force and effect; (ii) it is capable and is legally empowered to assume the duties and obligations under the Sub-Advisory Agreement and to act as adviser to the Fund; (iii) all action required of the Transferee to assume the duties and obligations under the Sub-Advisory Agreement has been taken; (iv) this Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms; and (v) the Sub-Advisory Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. CONSENT OF THE TRUST AND THE SUB-ADVISER. By executing this Agreement, each of the Trust and the Sub-Adviser expressly consents to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. GOVERNING LAW. This Agreement shall be governed by and enforced in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FURTHER ASSURANCES. Transferor and Transferee each agree to execute and deliver such further instruments, agreements and assurances as may be reasonably requested by the others to evidence and provide for the transfer by Transferor and the assumption by Transferee of the rights and obligations under the Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. COUNTERPARTS. This Agreement may be executed in counterparts, which may be executed and/or exchanged electronically, each of which, when taken together, shall constitute one and the same instrument.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto intending to be legally bound have caused this Transfer and Assumption Agreement to be executed by their duly authorized officers or other representatives.

---

| |
|:---|
| **VIRTUS ADVISERS, LLC** |
| **(formerly, Virtus ETF Advisers LLC)** |

---

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS INVESTMENT ADVISERS, LLC (formerly, Virtus Investment Advisers, Inc.)**

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS ETF TRUST II** <br> **On behalf of its series listed on Schedule A**<br>

---

| | |
|:---|:---|
| By: | /s/ William J. Smalley |

---

Name: William J. Smalley <br> Title: President

**VIRTUS FIXED INCOME ADVISERS, LLC** <br>

---

| | |
|:---|:---|
| By: | /s/ Deirdre Dillon |

---

Name: Deirdre Dillon <br> Title: Chief Compliance Officer

**<u>Schedule A</u>**

Virtus Stone Harbor Emerging Markets High Yield Bond ETF

## Ex-99.(D)(7)(A)

**Exhibit 99(d)(7)(a)**

**TRANSFER AND ASSUMPTION AGREEMENT**

This Transfer and Assumption Agreement (the "Agreement") is made as of January 1, 2025 (the "Closing Date") by and among Virtus Investment Advisers, LLC, a Delaware limited liability company (formerly Virtus Investment Advisers, Inc., a Massachusetts corporation) (the "Transferee"); Virtus Advisers, LLC, a Delaware limited liability company (formerly, Virtus ETF Advisers LLC, a Delaware limited liability company) (the "Adviser"); Virtus ETF Trust II, a Delaware statutory trust (the "Trust" and collectively with the Adviser, the "Transferor"), on behalf of its series listed on Schedule A attached hereto (the "Fund"); and Virtus Fixed Income Advisers, LLC, operating through its division Newfleet Asset Management (the "Sub-Adviser").

WITNESSETH THAT:

WHEREAS, the Transferee, the Adviser and the Sub-Adviser are each investment advisers registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act");

WHEREAS, the Adviser and the Trust are parties to an Investment Advisory Agreement dated as of January 4, 2016, as amended (the "Advisory Agreement"), with respect to the Fund pursuant to which the Adviser may enter into sub-advisory agreements with registered investment advisers to act as sub-advisers to the Fund;

WHEREAS, pursuant to the Advisory Agreement, the Adviser and the Trust have entered into a sub-advisory agreement with the Sub-Adviser dated as of November 7, 2023, as amended, on behalf of the Fund (the "Sub-Advisory Agreement"), pursuant to which the Sub-Adviser serves as sub-adviser to the Fund, and which Sub-Advisory Agreement provides in substance for its automatic termination in the event of its assignment, in accordance with the requirements of Section 15(a)(4) of the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Transferee and the Adviser are both indirect, wholly-owned subsidiaries of Virtus Investment Partners, Inc. ("Virtus") and are, therefore, under common control of Virtus;

WHEREAS, certain registered investment advisers within the corporate organizational structure of Virtus will be reorganized and the Transferee will replace the Adviser as adviser to the Fund (the "Reorganization");

WHEREAS, following the Reorganization, the Transferee and the Adviser will remain indirect, wholly-owned subsidiaries of Virtus, and therefore under the control of Virtus;

WHEREAS, the Reorganization will not result in a change of actual control or management of either the Adviser or the Transferee and, therefore, under Rule 2a-6 of the 1940 Act, is not an assignment that would cause a termination of the Sub-Advisory Agreement in accordance with its terms; and

WHEREAS, at a meeting held on November 20, 2024, the Board of Trustees of the Trust (the "Board"), including a majority of Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Trust or any investment adviser to the Trust, approved the appointment of the Transferee as the investment adviser to the Fund in connection with the Reorganization and authorized any officer of the Funds to execute and deliver such documentation appropriate to accomplish the transfer and assumption of the Sub-Advisory Agreement;

WHEREAS, each of the Trust and the Sub-Adviser wishes to confirm its express written consent to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement;

NOW, THEREFORE, the parties hereto, intending to be legally bound, and for the consideration set forth herein, the sufficiency of which is hereby acknowledged, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AMENDMENT OF THE SUB-ADVISORY AGREEMENT. The name of the adviser in the Sub-Advisory Agreement is hereby changed from "Virtus ETF Advisers, LLC" to "Virtus Investment Advisers, LLC."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ASSUMPTION BY THE TRANSFEREE. The Transferee, intending to be legally bound, hereby agrees as of the Closing Date, to assume all of the duties and obligations of the Adviser under the Sub-Advisory Agreement and accepts and agrees to perform all such duties and obligations in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. REPRESENTATIONS OF THE TRANSFEREE. The Transferee hereby represents and warrants as of the Closing Date: (i) it is registered as an investment adviser with the SEC under the Advisers Act, and its registration is currently in full force and effect; (ii) it is capable and is legally empowered to assume the duties and obligations under the Sub-Advisory Agreement and to act as adviser to the Fund; (iii) all action required of the Transferee to assume the duties and obligations under the Sub-Advisory Agreement has been taken; (iv) this Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms; and (v) the Sub-Advisory Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. CONSENT OF THE TRUST AND THE SUB-ADVISER. By executing this Agreement, each of the Trust and the Sub-Adviser expressly consents to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. GOVERNING LAW. This Agreement shall be governed by and enforced in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FURTHER ASSURANCES. Transferor and Transferee each agree to execute and deliver such further instruments, agreements and assurances as may be reasonably requested by the others to evidence and provide for the transfer by Transferor and the assumption by Transferee of the rights and obligations under the Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. COUNTERPARTS. This Agreement may be executed in counterparts, which may be executed and/or exchanged electronically, each of which, when taken together, shall constitute one and the same instrument.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto intending to be legally bound have caused this Transfer and Assumption Agreement to be executed by their duly authorized officers or other representatives.

---

| |
|:---|
| **VIRTUS ADVISERS, LLC** |
| **(formerly, Virtus ETF Advisers LLC)** |

---

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS INVESTMENT ADVISERS, LLC (formerly, Virtus Investment Advisers, Inc.)**

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS ETF TRUST II** <br> **On behalf of its series listed on Schedule A**<br>

---

| | |
|:---|:---|
| By: | /s/ William J. Smalley |

---

Name: William J. Smalley <br> Title: President

**VIRTUS FIXED INCOME ADVISERS, LLC** <br>

---

| | |
|:---|:---|
| By: | /s/ Deirdre Dillon |

---

Name: Deirdre Dillon <br> Title: Chief Compliance Officer

**<u>Schedule A</u>**

Virtus Newfleet Short Duration Core Plus Bond ETF

## Ex-99.(D)(8)(A)

**Exhibit 99(d)(8)(a)**

**TRANSFER AND ASSUMPTION AGREEMENT**

This Transfer and Assumption Agreement (the "Agreement") is made as of January 1, 2025 (the "Closing Date") by and among Virtus Alternative Investment Advisers, LLC, a Delaware limited liability company (formerly Virtus Alternative Investment Advisers, Inc., a Connecticut corporation) (the "Transferee"); Virtus Advisers, LLC, a Delaware limited liability company (formerly, Virtus ETF Advisers LLC, a Delaware limited liability company) (the "Adviser"); Virtus ETF Trust II, a Delaware statutory trust (the "Trust" and collectively with the Adviser, the "Transferor"), on behalf of its series listed on Schedule A attached hereto (the "Fund"); and AlphaSimplex Group, LLC, a Delaware limited liability company (the "Sub-Adviser").

WITNESSETH THAT:

WHEREAS, the Transferee, the Adviser and the Sub-Adviser are each investment advisers registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act");

WHEREAS, the Adviser and the Trust are parties to an Investment Advisory Agreement dated as of January 4, 2016 (as amended, the "Advisory Agreement"), with respect to the Fund pursuant to which the Adviser may enter into sub-advisory agreements with registered investment advisers to act as sub-advisers to the Fund;

WHEREAS, pursuant to the Advisory Agreement, the Adviser and the Trust have entered into a sub-advisory agreement with the Sub-Adviser dated as of April 10, 2024, on behalf of the Fund (the "Sub-Advisory Agreement"), pursuant to which the Sub-Adviser serves as sub-adviser to the Fund, and which Sub-Advisory Agreement provides in substance for its automatic termination in the event of its assignment, in accordance with the requirements of Section 15(a)(4) of the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Transferee and the Adviser are both indirect, wholly-owned subsidiaries of Virtus Investment Partners, Inc. ("Virtus") and are, therefore, under common control of Virtus;

WHEREAS, certain registered investment advisers within the corporate organizational structure of Virtus will be reorganized and the Transferee will replace the Adviser as adviser to the Fund (the "Reorganization");

WHEREAS, following the Reorganization, the Transferee and the Adviser will remain indirect, wholly-owned subsidiaries of Virtus, and therefore under the control of Virtus;

WHEREAS, the Reorganization will not result in a change of actual control or management of either the Adviser or the Transferee and, therefore, under Rule 2a-6 of the 1940 Act, is not an assignment that would cause a termination of the Sub-Advisory Agreement in accordance with its terms; and

WHEREAS, at a meeting held on November 20, 2024, the Board of Trustees of the Trust (the "Board"), including a majority of Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Trust or any investment adviser to the Trust, approved the appointment of the Transferee as the investment adviser to the Fund in connection with the Reorganization and authorized any officer of the Funds to execute and deliver such documentation appropriate to accomplish the transfer and assumption of the Sub-Advisory Agreement;

WHEREAS, each of the Trust and the Sub-Adviser wishes to confirm its express written consent to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement;

NOW, THEREFORE, the parties hereto, intending to be legally bound, and for the consideration set forth herein, the sufficiency of which is hereby acknowledged, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AMENDMENT OF THE SUB-ADVISORY AGREEMENT. The name of the adviser in the Sub-Advisory Agreement is hereby changed from "Virtus ETF Advisers LLC" to "Virtus Alternative Investment Advisers, LLC."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ASSUMPTION BY THE TRANSFEREE. The Transferee, intending to be legally bound, hereby agrees as of the Closing Date, to assume all of the duties and obligations of the Adviser under the Sub-Advisory Agreement and accepts and agrees to perform all such duties and obligations in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. REPRESENTATIONS OF THE TRANSFEREE. The Transferee hereby represents and warrants as of the Closing Date: (i) it is registered as an investment adviser with the SEC under the Advisers Act, and its registration is currently in full force and effect; (ii) it is capable and is legally empowered to assume the duties and obligations under the Sub-Advisory Agreement and to act as adviser to the Funds; (iii) all action required of the Transferee to assume the duties and obligations under the Sub-Advisory Agreement has been taken; (iv) this Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms; and (v) the Sub-Advisory Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. CONSENT OF THE TRUST AND THE SUB-ADVISER. By executing this Agreement, each of the Trust and the Sub-Adviser expressly consents to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. GOVERNING LAW. This Agreement shall be governed by and enforced in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FURTHER ASSURANCES. Transferor and Transferee each agree to execute and deliver such further instruments, agreements and assurances as may be reasonably requested by the others to evidence and provide for the transfer by Transferor and the assumption by Transferee of the rights and obligations under the Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. COUNTERPARTS. This Agreement may be executed in counterparts, which may be executed and/or exchanged electronically, each of which, when taken together, shall constitute one and the same instrument.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto intending to be legally bound have caused this Transfer and Assumption Agreement to be executed by their duly authorized officers or other representatives.

---

| |
|:---|
| **VIRTUS ADVISERS, LLC** |
| **(formerly, Virtus ETF Advisers LLC)** |

---

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC (formerly, Virtus Alternative Investment Advisers, Inc.)**

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS ETF TRUST II** <br> **On behalf of its series listed on Schedule A**<br>

---

| | |
|:---|:---|
| By: | /s/ William J. Smalley |

---

Name: William J. Smalley <br> Title: President

**ALPHASIMPLEX GROUP, LLC** <br>

---

| | |
|:---|:---|
| By: | /s/ Arnout M. Eikeboom |

---

Name: Arnout M. Eikeboom <br> Title: Chief Compliance Officer

**<u>Schedule A</u>**

Virtus AlphaSimplex Managed Futures ETF

## Ex-99.(D)(9)(A)

**Exhibit 99(d)(9)(a)**

**TRANSFER AND ASSUMPTION AGREEMENT**

This Transfer and Assumption Agreement (the "Agreement") is made as of January 1, 2025 (the "Closing Date") by and among VATS Offshore Fund, Ltd (the "Company"), a Cayman Islands exempted company and a wholly-owned subsidiary of Virtus AlphaSimplex Managed Futures ETF (the "Fund"), a series of Virtus ETF Trust II (the "Trust"), a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"); Virtus Advisers, LLC, a Delaware limited liability company (formerly, Virtus ETF Advisers LLC, a Delaware limited liability company) (the "Adviser" or the "Transferor"); and Virtus Alternative Investment Advisers, LLC, a Delaware limited liability company (formerly, Virtus Alternative Investment Advisers, Inc., a Connecticut corporation) ("VAIA" or the "Transferee").

WITNESSETH THAT:

WHEREAS, the Transferee and the Adviser are each an investment adviser registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act");

WHEREAS, the Adviser and the Company are parties to an Investment Advisory Agreement dated as of March 5, 2024 (the "Advisory Agreement");

WHEREAS, the Adviser and the Trust on behalf of the Fund are parties to an Investment Advisory Agreement dated as of January 4, 2016, as amended (the "Fund Advisory Agreement");

WHEREAS, the Fund Advisory Agreement provides in substance for its automatic termination in the event of its assignment (as defined in section 2(a)(4) of the 1940 Act);

WHEREAS, the Advisory Agreement provides that it shall automatically terminate upon the termination of the Fund Advisory Agreement;

WHEREAS, the Transferee and the Adviser are both indirect, wholly-owned subsidiaries of Virtus Investment Partners, Inc. ("Virtus") and are, therefore, under common control of Virtus;

WHEREAS, certain registered investment advisers within the corporate organizational structure of Virtus will be reorganized and the Transferee will replace the Adviser as adviser to the Company and to the Fund (the "Reorganization");

WHEREAS, following the Reorganization, the Transferee and the Adviser will remain indirect, wholly-owned subsidiaries of Virtus, and therefore under the control of Virtus;

WHEREAS, the Reorganization will not result in a change of actual control or management of either the Adviser or the Transferee and, therefore, under Rule 2a-6 of the 1940 Act, is not an assignment that would cause a termination of the Fund Advisory Agreement in accordance with its terms and thus would not cause a termination of the Advisory Agreement; and

WHEREAS, on or about January 1, 2025, VAIA expects to be redomesticated from a Connecticut corporation to a Delaware limited liability company (such action, the "Redomestication");

WHEREAS, the Redomestication will not constitute an "assignment" as that term is defined in and under the 1940 Act;

WHEREAS, at a meeting held on November 20, 2024, the Board of Trustees of the Trust (the "Board"), including a majority of Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Trust or any investment adviser to the Trust, approved the appointment of the Transferee as the investment adviser to the Fund and the Company in connection with the Reorganization and authorized any officer of the Fund or the Company, as the case may be, to execute and deliver such documentation appropriate to accomplish the transfer and assumption of the Advisory Agreement and the Fund Advisory Agreement;

WHEREAS, each of the parties hereto wishes to confirm its express written consent to the transfer, assumption and amendment of the Advisory Agreement as set forth in this Agreement;

NOW, THEREFORE, the parties hereto, intending to be legally bound, and for the consideration set forth herein, the sufficiency of which is hereby acknowledged, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AMENDMENT OF THE ADVISORY AGREEMENT. The name of the adviser in the Advisory Agreement is hereby changed from "Virtus ETF Advisers LLC" to "Virtus Alternative Investment Advisers, LLC" effective on or about January 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ASSUMPTION BY THE TRANSFEREE. The Transferee, intending to be legally bound, hereby agrees as of the Closing Date, to assume all of the duties and obligations of the Adviser with respect to the provision of investment management services to the Company under the Advisory Agreement and accepts and agrees to perform all such duties and obligations in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. REPRESENTATIONS OF THE TRANSFEREE. The Transferee hereby represents and warrants as of the Closing Date: (i) it is registered as an investment adviser with the SEC under the Advisers Act, and its registration is currently in full force and effect; (ii) it is capable and is legally empowered to assume the duties and obligations under the Advisory Agreement, and to act as adviser to the Company; (iii) all action required of the Transferee to assume the duties and obligations under the Advisory Agreement has been taken; (iv) this Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms; and (v) the Advisory Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. CONSENT OF THE COMPANY. By executing this Agreement, the Company expressly consents to the transfer, assumption and amendment of the Advisory Agreement as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. GOVERNING LAW. This Agreement shall be governed by and enforced in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FURTHER ASSURANCES. Transferor and Transferee each agree to execute and deliver such further instruments, agreements and assurances as may be reasonably requested by the others to evidence and provide for the transfer by Transferor and the assumption by Transferee of the rights and obligations under the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. COUNTERPARTS. This Agreement may be executed in counterparts, which may be executed and/or exchanged electronically, each of which, when taken together, shall constitute one and the same instrument.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto intending to be legally bound have caused this Transfer and Assumption Agreement to be executed by their duly authorized officers or other representatives.

**VATS OFFSHORE FUND, LTD.**

---

| | |
|:---|:---|
| By: | /s/ William J. Smalley |

---

Name: William J. Smalley <br> Title: President

**VIRTUS ADVISERS, LLC **(formerly, Virtus ETF Advisers LLC)**

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC (formerly, Virtus Alternative Investment Advisers, Inc.)**

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

## Ex-99.(D)(10)(A)

**Exhibit 99(d)(10)(a)**

**TRANSFER AND ASSUMPTION AGREEMENT**

This Transfer and Assumption Agreement (the "Agreement") is made as of January 1, 2025 (the "Closing Date") by and among VATS Offshore Fund, Ltd. (the "Company"), a Cayman Islands exempted company and a wholly-owned subsidiary of Virtus AlphaSimplex Managed Futures ETF (the "Fund"), a series of Virtus ETF Trust II (the "Trust"), a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"); Virtus Alternative Investment Advisers, LLC, a Delaware limited liability company (formerly Virtus Alternative Investment Advisers, Inc., a Connecticut corporation) (the "Transferee"); Virtus Advisers LLC, a Delaware limited liability company (formerly, Virtus ETF Advisers LLC, a Delaware limited liability company) (the "Adviser"); and AlphaSimplex Group, LLC (the "Sub-Adviser").

WITNESSETH THAT:

WHEREAS, the Transferee, the Adviser and the Sub-Adviser are each investment advisers registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act");

WHEREAS, the Adviser and the Company are parties to an Investment Advisory Agreement dated as of March 5, 2024 (the "Advisory Agreement"), with respect to the Company pursuant to which the Adviser may enter into sub-advisory agreements with registered investment advisers to act as sub-advisers to the Company;

WHEREAS, the Adviser and the Trust on behalf of the Fund are parties to an Investment Advisory Agreement dated as of January 4, 2016, as amended (the "Fund Advisory Agreement");

WHEREAS, pursuant to the Advisory Agreement, the Adviser and the Company have entered into a sub-advisory agreement with the Sub-Adviser dated as of April 10, 2024 (the "Sub-Advisory Agreement" and collectively with the Fund Advisory Agreement, the Advisory Agreement and the Fund Sub-Advisory Agreement, the "Agreements"), pursuant to which the Sub-Adviser serves as sub-adviser to the Company;

WHEREAS, the Sub-Adviser also serves as sub-adviser to the Fund pursuant to a separate investment advisory agreement (the "Fund Sub-Advisory Agreement");

WHEREAS, each of the Fund Advisory Agreement and the Fund Sub-Advisory Agreement provides in substance for immediate termination in the event of its assignment (as defined in section 2(a)(4) of the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, each of the Advisory Agreement and Sub-Advisory Agreement provides in substance for its automatic termination immediately upon termination of the Fund Advisory Agreement and, with respect to the Sub-Advisory Agreement, the Fund Sub-Advisory Agreement;

WHEREAS, the Transferee and the Adviser are both indirect, wholly-owned subsidiaries of Virtus Investment Partners, Inc. ("Virtus") and are, therefore, under common control of Virtus;

WHEREAS, certain registered investment advisers within the corporate organizational structure of Virtus will be reorganized and the Transferee will replace the Adviser as adviser to the Company and the Fund (the "Reorganization");

WHEREAS, following the Reorganization, the Transferee and the Adviser will remain indirect, wholly-owned subsidiaries of Virtus, and therefore under the control of Virtus;

WHEREAS, the Reorganization will not result in a change of actual control or management of either the Adviser or the Transferee and, therefore, under Rule 2a-6 of the 1940 Act, is not an assignment that would cause a termination of either the Fund Advisory Agreement or the Fund Sub-Advisory Agreement in accordance with its terms and thus would not cause a termination of the Advisory Agreement or Sub-Advisory Agreement; and

WHEREAS, on or about January 1, 2025, VAIA expects to be redomesticated from a Connecticut corporation to a Delaware limited liability company (such action, the "Redomestication");

WHEREAS, the Redomestication will not constitute an "assignment" as that term is defined in and under the 1940 Act;

WHEREAS, at a meeting held on November 20, 2024, the Board of Trustees of the Trust (the "Board"), including a majority of Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Trust or any investment adviser to the Trust, approved the appointment of the Transferee as the investment adviser to the Fund and the Company in connection with the Reorganization and authorized any officer of the Fund or the Company, as the case may be, to execute and deliver such documentation appropriate to accomplish the transfer and assumption of the Agreements;

WHEREAS, each of the parties hereto wishes to confirm its express written consent to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement;

NOW, THEREFORE, the parties hereto, intending to be legally bound, and for the consideration set forth herein, the sufficiency of which is hereby acknowledged, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AMENDMENT OF THE SUB-ADVISORY AGREEMENT. The name of the adviser in the Sub-Advisory Agreement is hereby changed from "Virtus ETF Advisers, LLC" to "Virtus Alternative Investment Advisers, LLC" effective on or about January 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ASSUMPTION BY THE TRANSFEREE. The Transferee, intending to be legally bound, hereby agrees as of the Closing Date, to assume all of the duties and obligations of the Adviser under the Sub-Advisory Agreement and accepts and agrees to perform all such duties and obligations in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. REPRESENTATIONS OF THE TRANSFEREE. The Transferee hereby represents and warrants as of the Closing Date: (i) it is registered as an investment adviser with the SEC under the Advisers Act, and its registration is currently in full force and effect; (ii) it is capable and is legally empowered to assume the duties and obligations under the Sub-Advisory Agreement and to act as adviser to the Company; (iii) all action required of the Transferee to assume the duties and obligations under the Sub-Advisory Agreement has been taken; (iv) this Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms; and (v) the Sub-Advisory Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. CONSENT OF THE COMPANY AND THE SUB-ADVISER. By executing this Agreement, each of the Company and the Sub-Adviser expressly consents to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. GOVERNING LAW. This Agreement shall be governed by and enforced in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FURTHER ASSURANCES. Transferor and Transferee each agree to execute and deliver such further instruments, agreements and assurances as may be reasonably requested by the others to evidence and provide for the transfer by Transferor and the assumption by Transferee of the rights and obligations under the Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. COUNTERPARTS. This Agreement may be executed in counterparts, which may be executed and/or exchanged electronically, each of which, when taken together, shall constitute one and the same instrument.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto intending to be legally bound have caused this Transfer and Assumption Agreement to be executed by their duly authorized officers or other representatives.

**VATS OFFSHORE FUND, LTD.**

---

| | |
|:---|:---|
| By: | /s/ William J. Smalley |

---

Name: William J. Smalley <br> Title: President

**VIRTUS ADVISERS, LLC **(formerly Virtus ETF Advisers LLC)**

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC** <br> **(formerly, Virtus Alternative Investment Advisers, Inc.)**

---

| | |
|:---|:---|
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

**ALPHASIMPLEX GROUP, LLC** <br>

---

| | |
|:---|:---|
| By: | /s/ Arnout M. Eikeboom |

---

Name: Arnout M. Eikeboom <br> Title: Chief Compliance Officer

## Ex-99.(D)(11)(A)

**Exhibit 99(d)(11)(a)**

**TRANSFER AND ASSUMPTION AGREEMENT**

This Transfer and Assumption Agreement (the "Agreement") is made as of January 1, 2025 (the "Closing Date") by and among Virtus Investment Advisers, LLC, a Delaware limited liability company (formerly Virtus Investment Advisers, Inc., a Massachusetts corporation) (the "Transferee"); Virtus Advisers, LLC, a Delaware limited liability company (formerly, Virtus ETF Advisers LLC, a Delaware limited liability company) (the "Adviser"); Virtus ETF Trust II, a Delaware statutory trust (the "Trust" and collectively with the Adviser, the "Transferor"), on behalf of its series listed on Schedule A attached hereto (the "Fund"); and Kayne Anderson Rudnick Investment Management, LLC (the "Sub-Adviser").

WITNESSETH THAT:

WHEREAS, the Transferee, the Adviser and the Sub-Adviser are each investment advisers registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act");

WHEREAS, the Adviser and the Trust are parties to an Investment Advisory Agreement dated as of January 4, 2016 (as amended, the "Advisory Agreement"), with respect to the Fund pursuant to which the Adviser may enter into sub-advisory agreements with registered investment advisers to act as sub-advisers to the Fund;

WHEREAS, pursuant to the Advisory Agreement, the Adviser and the Trust have entered into a sub-advisory agreement with the Sub-Adviser dated as of October 7, 2024, on behalf of the Fund (the "Sub-Advisory Agreement"), pursuant to which the Sub-Adviser serves as sub-adviser to the Fund, and which Sub-Advisory Agreement provides in substance for its automatic termination in the event of its assignment, in accordance with the requirements of Section 15(a)(4) of the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Transferee and the Adviser are both indirect, wholly-owned subsidiaries of Virtus Investment Partners, Inc. ("Virtus") and are, therefore, under common control of Virtus;

WHEREAS, certain registered investment advisers within the corporate organizational structure of Virtus will be reorganized and the Transferee will replace the Adviser as adviser to the Fund (the "Reorganization");

WHEREAS, following the Reorganization, the Transferee and the Adviser will remain indirect, wholly-owned subsidiaries of Virtus, and therefore under the control of Virtus;

WHEREAS, the Reorganization will not result in a change of actual control or management of either the Adviser or the Transferee and, therefore, under Rule 2a-6 of the 1940 Act, is not an assignment that would cause a termination of the Sub-Advisory Agreement in accordance with its terms; and

WHEREAS, at a meeting held on November 20, 2024, the Board of Trustees of the Trust (the "Board"), including a majority of Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Trust or any investment adviser to the Trust, approved the appointment of the Transferee as the investment adviser to the Fund in connection with the Reorganization and authorized any officer of the Funds to execute and deliver such documentation appropriate to accomplish the transfer and assumption of the Sub-Advisory Agreement;

WHEREAS, each of the Trust and the Sub-Adviser wishes to confirm its express written consent to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement;

NOW, THEREFORE, the parties hereto, intending to be legally bound, and for the consideration set forth herein, the sufficiency of which is hereby acknowledged, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AMENDMENT OF THE SUB-ADVISORY AGREEMENT. The name of the adviser in the Sub-Advisory Agreement is hereby changed from "Virtus ETF Advisers, LLC" to "Virtus Investment Advisers, LLC."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ASSUMPTION BY THE TRANSFEREE. The Transferee, intending to be legally bound, hereby agrees as of the Closing Date, to assume all of the duties and obligations of the Adviser under the Sub-Advisory Agreement and accepts and agrees to perform all such duties and obligations in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. REPRESENTATIONS OF THE TRANSFEREE. The Transferee hereby represents and warrants as of the Closing Date: (i) it is registered as an investment adviser with the SEC under the Advisers Act, and its registration is currently in full force and effect; (ii) it is capable and is legally empowered to assume the duties and obligations under the Sub-Advisory Agreement and to act as adviser to the Funds; (iii) all action required of the Transferee to assume the duties and obligations under the Sub-Advisory Agreement has been taken; (iv) this Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms; and (v) the Sub-Advisory Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. CONSENT OF THE TRUST AND THE SUB-ADVISER. By executing this Agreement, each of the Trust and the Sub-Adviser expressly consents to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. GOVERNING LAW. This Agreement shall be governed by and enforced in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FURTHER ASSURANCES. Transferor and Transferee each agree to execute and deliver such further instruments, agreements and assurances as may be reasonably requested by the others to evidence and provide for the transfer by Transferor and the assumption by Transferee of the rights and obligations under the Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. COUNTERPARTS. This Agreement may be executed in counterparts, which may be executed and/or exchanged electronically, each of which, when taken together, shall constitute one and the same instrument.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto intending to be legally bound have caused this Transfer and Assumption Agreement to be executed by their duly authorized officers or other representatives.

---

| | |
|:---|:---|
| **VIRTUS ADVISERS, LLC** | **VIRTUS ADVISERS, LLC** |
| **(formerly, Virtus ETF Advisers LLC)** | **(formerly, Virtus ETF Advisers LLC)** |
| By: | /s/ Richard W. Smirl |
| Name: | Richard W. Smirl |
| Title: | Executive Vice President |
| **VIRTUS INVESTMENT ADVISERS, LLC (formerly, Virtus Investment Advisers, Inc.)** | **VIRTUS INVESTMENT ADVISERS, LLC (formerly, Virtus Investment Advisers, Inc.)** |
| By: | /s/ Richard W. Smirl |

---

---

| | |
|:---|:---|
| Name: | Richard W. Smirl |
| Title: | Executive Vice President |
| **VIRTUS ETF TRUST II** | **VIRTUS ETF TRUST II** |
| **On behalf of its series listed on Schedule A** | **On behalf of its series listed on Schedule A** |
| By: | /s/ William J. Smalley |

---

---

| | |
|:---|:---|
| Name: | William J. Smalley |
| Title: | President |
| **KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT, LLC** | **KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT, LLC** |
| By: | /s/ Jeannine Vanian |
| Name: | Jeannine Vanian |
| Title: | Chief Compliance Officer |

---

**<u>Schedule A</u>**

Virtus KAR Mid-Cap ETF

## Ex-99.(D)(12)(A)

**Exhibit 99(d)(12)(a)**

**TRANSFER AND ASSUMPTION AGREEMENT**

This Transfer and Assumption Agreement (the "Agreement") is made as of January 1, 2025 (the "Closing Date") by and among Virtus Investment Advisers, LLC, a Delaware limited liability company (formerly Virtus Investment Advisers, Inc., a Massachusetts corporation) (the "Transferee"); Virtus Advisers, LLC, a Delaware limited liability company (formerly, Virtus ETF Advisers LLC, a Delaware limited liability company) (the "Adviser"); Virtus ETF Trust II, a Delaware statutory trust (the "Trust" and collectively with the Adviser, the "Transferor"), on behalf of its series listed on Schedule A attached hereto (the "Fund"); and Virtus Fixed Income Advisers, LLC, operating through its division Seix Investment Advisors (the "Sub-Adviser").

WITNESSETH THAT:

WHEREAS, the Transferee, the Adviser and the Sub-Adviser are each investment advisers registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act");

WHEREAS, the Adviser and the Trust are parties to an Investment Advisory Agreement dated as of January 4, 2024, as amended (the "Advisory Agreement"), with respect to the Fund pursuant to which the Adviser may enter into sub-advisory agreements with registered investment advisers to act as sub-advisers to the Fund;

WHEREAS, pursuant to the Advisory Agreement, the Adviser and the Trust have entered into a sub-advisory agreement with the Sub-Adviser dated as of November 25, 2024, on behalf of the Fund (the "Sub-Advisory Agreement"), pursuant to which the Sub-Adviser serves as sub-adviser to the Fund, and which Sub-Advisory Agreement provides in substance for its automatic termination in the event of its assignment, in accordance with the requirements of Section 15(a)(4) of the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Transferee and the Adviser are both indirect, wholly-owned subsidiaries of Virtus Investment Partners, Inc. ("Virtus") and are, therefore, under common control of Virtus;

WHEREAS, certain registered investment advisers within the corporate organizational structure of Virtus will be reorganized and the Transferee will replace the Adviser as adviser to the Fund (the "Reorganization");

WHEREAS, following the Reorganization, the Transferee and the Adviser will remain indirect, wholly-owned subsidiaries of Virtus, and therefore under the control of Virtus;

WHEREAS, the Reorganization will not result in a change of actual control or management of either the Adviser or the Transferee and, therefore, under Rule 2a-6 of the 1940 Act, is not an assignment that would cause a termination of the Sub-Advisory Agreement in accordance with its terms; and

WHEREAS, at a meeting held on November 20, 2024, the Board of Trustees of the Trust (the "Board"), including a majority of Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Trust or any investment adviser to the Trust, approved the appointment of the Transferee as the investment adviser to the Fund in connection with the Reorganization and authorized any officer of the Fund to execute and deliver such documentation appropriate to accomplish the transfer and assumption of the Sub-Advisory Agreement;

WHEREAS, each of the Trust and the Sub-Adviser wishes to confirm its express written consent to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement;

NOW, THEREFORE, the parties hereto, intending to be legally bound, and for the consideration set forth herein, the sufficiency of which is hereby acknowledged, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AMENDMENT OF THE SUB-ADVISORY AGREEMENT. The name of the adviser in the Sub-Advisory Agreement is hereby changed from "Virtus ETF Advisers, LLC" to "Virtus Alternative Investment Advisers, LLC."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ASSUMPTION BY THE TRANSFEREE. The Transferee, intending to be legally bound, hereby agrees as of the Closing Date, to assume all of the duties and obligations of the Adviser under the Sub-Advisory Agreement and accepts and agrees to perform all such duties and obligations in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. REPRESENTATIONS OF THE TRANSFEREE. The Transferee hereby represents and warrants as of the Closing Date: (i) it is registered as an investment adviser with the SEC under the Advisers Act, and its registration is currently in full force and effect; (ii) it is capable and is legally empowered to assume the duties and obligations under the Sub-Advisory Agreement and to act as adviser to the Fund; (iii) all action required of the Transferee to assume the duties and obligations under the Sub-Advisory Agreement has been taken; (iv) this Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms; and (v) the Sub-Advisory Agreement creates a valid and binding agreement enforceable against the Transferee in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. CONSENT OF THE TRUST AND THE SUB-ADVISER. By executing this Agreement, each of the Trust and the Sub-Adviser expressly consents to the transfer, assumption and amendment of the Sub-Advisory Agreement as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. GOVERNING LAW. This Agreement shall be governed by and enforced in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FURTHER ASSURANCES. Transferor and Transferee each agree to execute and deliver such further instruments, agreements and assurances as may be reasonably requested by the others to evidence and provide for the transfer by Transferor and the assumption by Transferee of the rights and obligations under the Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. COUNTERPARTS. This Agreement may be executed in counterparts, which may be executed and/or exchanged electronically, each of which, when taken together, shall constitute one and the same instrument.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto intending to be legally bound have caused this Transfer and Assumption Agreement to be executed by their duly authorized officers or other representatives.

---

| | |
|:---|:---|
| **VIRTUS ADVISERS, LLC** | **VIRTUS ADVISERS, LLC** |
| **(formerly, Virtus ETF Advisers LLC)** | **(formerly, Virtus ETF Advisers LLC)** |
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

---

| | |
|:---|:---|
| **VIRTUS INVESTMENT ADVISERS, LLC (formerly, Virtus Investment Advisers, Inc.)** | **VIRTUS INVESTMENT ADVISERS, LLC (formerly, Virtus Investment Advisers, Inc.)** |
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

---

| | |
|:---|:---|
| **VIRTUS ETF TRUST II** | **VIRTUS ETF TRUST II** |
| **On behalf of its series listed on Schedule A** | **On behalf of its series listed on Schedule A** |
| By: | /s/ William J. Smalley |

---

Name: William J. Smalley <br> Title: President

---

| | |
|:---|:---|
| **VIRTUS FIXED INCOME ADVISERS, LLC** | **VIRTUS FIXED INCOME ADVISERS, LLC** |
| By: | /s/ Deirdre Dillon |

---

Name: Deirdre Dillon <br> Title: Chief Compliance Officer

**<u>Schedule A</u>**

Virtus Seix AAA Private Credit CLO ETF

## Ex-99.(D)(15)

**Exhibit 99(d)(15)**

**VIRTUS ETF TRUST II**

**<u>SUB-ADVISORY AGREEMENT</u>**

July 28, 2025

AlphaSimplex Group, LLC

200 State Street

Boston, Massachusetts 02109

RE: Sub-Advisory Agreement

Ladies and Gentlemen:

Virtus ETF Trust II (the "Trust") is an open-end investment company of the series type registered under the Investment Company Act of 1940 (the "Act"), and is subject to the rules and regulations promulgated thereunder. The shares of the Trust are offered or may be offered in several series of shares, including the Virtus AlphaSimplex Global Macro ETF (sometimes hereafter referred to as the "Fund").

Virtus Alternative Investment Advisers, LLC (the "Adviser") evaluates, recommends, selects and retains sub-advisers for the Fund and the other series of the Trust and is responsible for the day-to-day management of the Fund.

1. <u>Engagement as a Sub-Adviser</u>. The Adviser, being duly authorized, hereby engages AlphaSimplex
 Group, LLC (the "Sub-Adviser") as the discretionary sub-adviser to invest
 and reinvest the assets of the Fund on the terms and conditions set forth herein.

2. <u>Acceptance of Engagement; Standard of Performance</u>. The Sub-Adviser accepts its engagement as
 the discretionary sub-adviser for the Fund and agrees to use its best professional judgment
 to make investment decisions for the Fund in accordance with the provisions of this Agreement
 and as set forth in <u>Schedule A</u> attached hereto and made a part hereof.

3. <u>Services of Sub-Adviser</u>. In providing management services to the Fund, the Sub-Adviser will
 be subject to: (i) the investment objectives, policies and restrictions of the Trust
 as they apply to the Fund and as set forth in the Fund's then current prospectus
 ("Prospectus") and statement of additional information ("Statement
 of Additional Information"), each as filed with the Securities and Exchange Commission
 (the "SEC") as part of the Trust's Registration Statement, and Form
 19b-4 application filed with the SEC, if applicable, as the same may be periodically
 amended and provided to the Sub-Adviser by the Adviser; (ii) the investment restrictions
 set forth in the Act and the Rules thereunder; (iii) the terms and conditions of any
 exemptive order issued to the Adviser and the Trust; (iv) the supervision and control
 of the Trustees of the Trust (the "Trustees"); and (v) instructions from
 the Adviser. The Sub-Adviser will not, without the Trust's prior written approval,
 effect any transactions that would cause the Fund at the time of the transaction to be
 out of compliance with any of such restrictions or policies. The Sub-Adviser also will
 assist the Adviser and the Fund with certain operational services for the Fund including,
 without limitation, the following: (i) the preparation of tax returns; (ii) the preparation
 and submission of reports to existing shareholders; (iii) the periodic updating of the
 Prospectus and Statement of Additional Information; and (iv) the preparation of reports
 to be filed with the SEC and other regulatory authorities.

4. <u>Transaction Procedures</u>. All transactions for the Fund will be consummated by payment to, or delivery
 by, the Custodian(s) from time to time designated by the Trust (the "Custodian"),
 or such depositories or agents as may be designated by the Custodian in writing, of all
 cash and/or securities due to or from the Fund. The Sub-Adviser will not have possession
 or custody of such cash and/or securities or any responsibility or liability with respect
 to such custody. The Sub-Adviser will advise the Custodian and confirm in writing to
 the Trust all investment orders for the Fund placed by it with brokers and dealers at
 the time and in the manner set forth in the Custody Agreement by and between the Trust,
 on behalf of the Fund, and the Custodian (as amended from time to time). The Trust will
 issue to the Custodian such instructions as may be appropriate in connection with the
 settlement of any transaction initiated by the Sub-Adviser. The Trust will be responsible
 for all custodial arrangements and the payment of all custodial charges and fees and,
 upon giving proper instructions to the Custodian, the Sub-Adviser will have no responsibility
 or liability with respect to custodial arrangements or the act, omissions or other conduct
 of the Custodian.

5. <u>Allocation of Brokerage</u>. The Sub-Adviser will have authority and discretion to select brokers
 and dealers to execute Fund transactions initiated by the Sub-Adviser, and to select
 the markets on or in which the transactions will be executed.

&nbsp;&nbsp;&nbsp;&nbsp;A. In
 placing orders for the sale and purchase of securities for the Fund, the Sub-Adviser's
 primary responsibility will be to seek the best execution of orders at the most favorable
 prices. However, this responsibility will not obligate the Sub-Adviser to solicit competitive
 bids for each transaction or to seek the lowest available spreads or commission costs
 to the Fund, so long as the Sub-Adviser reasonably believes that the broker or dealer
 selected by it can be expected to obtain a "best execution" market price
 on the particular transaction and determines in good faith that the spread or commission
 cost is reasonable in relation to the value of the brokerage and research services (as
 defined in Section 28(e)(3) of the Securities Exchange Act of 1934) provided by such
 broker or dealer to the Sub-Adviser, viewed in terms of either that particular transaction
 or of the Sub-Adviser's overall responsibilities with respect to its clients, including
 the Fund, as to which the Sub-Adviser exercises investment discretion, notwithstanding
 that the Fund may not be the direct or exclusive beneficiary of any such services or
 that another broker may be willing to charge the Fund a lower spread or commission on
 the particular transaction.

&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Sub-Adviser may manage other portfolios and expects that the Fund and other portfolios
 the Sub-Adviser manages will, from time to time, purchase or sell the same securities.
 The Sub-Adviser may aggregate orders for the purchase or sale of securities on behalf
 of the Fund with orders on behalf of other portfolios the Sub-Adviser manages. Securities
 purchased or proceeds of securities sold through aggregated orders, as well as expenses
 incurred in the transaction, will be allocated to the account of each portfolio managed
 by the Sub-Adviser that bought or sold such securities in a manner considered by the
 Sub-Adviser to be equitable and consistent with the Sub-Adviser's fiduciary obligations
 in respect of the Fund and to such other accounts.

&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Sub-Adviser will not execute any transactions for the Fund with a broker or dealer that
 is (i) an "affiliated person" (as defined in the Act) of the Trust, the Sub-Adviser,
 any sub-adviser to any other series of the Trust, or the Adviser; (ii) a principal underwriter
 of the Trust's shares; or (iii) an affiliated person of such an affiliated person
 or principal underwriter; in each case, unless such transactions are permitted by applicable
 law or regulation and carried out in compliance with any applicable policies and procedures
 of the Trust. The Trust will provide the Sub-Adviser with a list of brokers and dealers
 that are "affiliated persons" of the Trust or the Adviser, and applicable
 policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;D. Consistent
 with its fiduciary obligations to the Trust in respect of the Fund and the requirements
 of best price and execution, the Sub-Adviser may, under certain circumstances, arrange
 to have purchase and sale transactions effected directly between the Fund and another
 account managed by the Sub-Adviser ("cross transactions"), provided that
 such transactions are carried out in accordance with applicable law or regulation and
 any applicable policies and procedures of the Trust adopted on behalf of the Fund.

6. <u>Proxies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;A. Unless
 the Adviser or the Trust gives the Sub-Adviser written instructions to the contrary,
 the Sub-Adviser, or a third party designee acting under the authority and supervision
 of the Sub-Adviser, will review all proxy solicitation materials and be responsible for
 voting and handling all proxies in relation to the assets of the Fund. Unless the Adviser
 or the Trust gives the Sub-Adviser written instructions to the contrary, the Sub-Adviser
 will, in compliance with the proxy voting procedures of the Fund then in effect, vote
 or abstain from voting, all proxies solicited by or with respect to the issuers of securities
 in which assets of the Fund may be invested. The Adviser will cause the Custodian to
 forward promptly to the Sub-Adviser all proxies upon receipt, so as to afford the Sub-Adviser
 a reasonable amount of time in which to determine how to vote such proxies. The Sub-Adviser
 agrees to provide the Adviser in a timely manner with a record of votes cast containing
 all of the voting information required by Form N-PX in an electronic format to enable
 the Trust to file Form N-PX as required by Rule 30b1-4 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Sub-Adviser is authorized to deal with reorganizations, exchange offers and other voluntary
 corporate actions with respect to securities held in the Fund in such manner as the Sub-Adviser
 deems advisable, unless the Trust or the Adviser otherwise specifically directs in writing.
 With the Adviser's approval, the Sub-Adviser will also have the authority to: (i)
 identify, evaluate and pursue legal claims, including commencing or defending suits,
 affecting the securities held at any time in the Fund, including claims in bankruptcy,
 class action securities litigation and other litigation; (ii) participate in such litigation
 or related proceedings with respect to such securities as the Sub-Adviser deems appropriate
 to preserve or enhance the value of the Fund, including filing proofs of claim and related
 documents and serving as "lead plaintiff" in class action lawsuits; (iii)
 exercise generally any of the powers of an owner with respect to the supervision and
 management of such rights or claims, including the settlement, compromise or submission
 to arbitration of any claims, the exercise of which the Sub-Adviser deems to be in the
 best interest of the Fund or required by applicable law, including ERISA, and (iv) engage
 suitable agents, including legal counsel, and to pay their reasonable fees, expenses
 and related costs from the Fund.

7. <u>Prohibited Conduct</u>. In providing the services described in this Agreement, the Sub-Adviser's
 responsibility regarding investment advice hereunder is limited to the Fund, and the
 Sub-Adviser will not consult with any other investment advisory firm that provides investment
 advisory services to the Trust or any other investment company (or series thereof) sponsored
 by the Adviser or its affiliates regarding transactions for the Trust in securities or
 other assets. The Trust will provide the Sub-Adviser with a list of investment companies
 sponsored by the Adviser, and the Sub-Adviser will be in breach of the foregoing provision
 only if the investment company (or series thereof) is included in such a list provided
 to the Sub-Adviser prior to such prohibited action or the Sub-Adviser knew or reasonably
 should have known that the investment company (or series thereof) was sponsored by the
 Adviser (including, without limitation, where the Adviser's name is included in
 the name of the investment company or series thereof). In addition, the Sub-Adviser will
 not (i) without the prior written consent of the Trust and the Adviser, delegate any
 obligation assumed pursuant to this Agreement to any unaffiliated third party, and (ii)
 will not delegate under any circumstances its obligation hereunder to provide investment
 advisory services to the Fund.

8. <u>Information and Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Sub-Adviser will keep the Trust and the Adviser informed of developments relating to
 its duties as Sub-Adviser of which the Sub-Adviser has, or should have, knowledge that
 would materially affect the Fund or the Trust. In this regard, the Sub-Adviser will provide
 the Trust, the Adviser and their respective officers with such periodic reports concerning
 the obligations the Sub-Adviser has assumed under this Agreement as the Trust and the
 Adviser may from time to time reasonably request. In addition, prior to each meeting
 of the Trustees, the Sub-Adviser will provide the Adviser and the Trustees with reports
 regarding the Sub-Adviser's management of the Fund during the most recently completed
 quarter, which reports: (i) will include Sub-Adviser's representation that its
 performance of its investment management duties hereunder is in compliance with the Fund's
 investment objectives and practices, the Act and applicable rules and regulations under
 the Act, and the diversification and minimum "good income" requirements of
 Subchapter M under the Internal Revenue Code of 1986, as amended, and (ii) otherwise
 will be in such form as may be mutually agreed upon by the Sub-Adviser and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;B. Each
 of the Adviser and the Sub-Adviser will provide the other party with a list, to the best
 of the Adviser's or the Sub-Adviser's respective knowledge, of each affiliated
 person (and any affiliated person of such an affiliated person) of the Adviser or the
 Sub-Adviser, as the case may be, and each of the Adviser and Sub-Adviser agrees promptly
 to update such list whenever the Adviser or the Sub-Adviser becomes aware of any changes
 that should be added to or deleted from the list of affiliated persons.

&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Sub-Adviser will also provide the Adviser with any information reasonably requested by
 the Adviser regarding its management of the Fund required for any shareholder report,
 amended registration statement, or Prospectus or Statement of Additional Information
 supplement to be filed by the Trust with the SEC.

9. <u>Fees for Services</u>. The compensation of the Sub-Adviser for its services under this Agreement
 will be calculated and paid by the Adviser in accordance with the attached <u>Schedule B</u>. Pursuant to the Investment Advisory Agreement between the Trust and the Adviser,
 the Adviser is solely responsible for the payment of fees to the Sub-Adviser.

10. <u>Limitation of Liability</u>. Except as otherwise stated in this Agreement, the Sub-Adviser will
 not be liable for any action taken, omitted or suffered to be taken by it in its best
 professional judgment, in good faith and believed by it to be authorized or within the
 discretion or rights or powers conferred upon it by this Agreement, or in accordance
 with specific directions or instructions from the Trust; provided, however, that such
 acts or omissions will not have constituted a material breach of the investment objectives,
 policies and restrictions applicable to the Fund as defined in the Prospectus and Statement
 of Additional Information, or a material breach of any laws, rules, regulations or orders
 applicable to the Fund, and that such acts or omissions will not have resulted from the
 Sub-Adviser's willful misfeasance, bad faith or gross negligence, or reckless disregard
 of its obligations and duties hereunder.

11. <u>Confidentiality</u>.
 Subject to the duty of the Sub-Adviser and the Trust to comply with applicable law, including
 any demand of any regulatory or taxing authority having jurisdiction, the parties hereto
 will treat as confidential all information pertaining to the Fund and the actions of
 the Sub-Adviser and the Trust in respect thereof. Notwithstanding the foregoing, the
 Trust and the Adviser agree that the Sub-Adviser may (i) disclose in marketing materials
 and similar communications that the Sub-Adviser has been engaged to manage assets of
 the Fund pursuant to this Agreement, and (ii) include performance statistics regarding
 the Fund in composite performance statistics regarding one or more groups of Sub-Adviser's
 clients published or included in any of the foregoing communications, provided that the
 Sub-Adviser does not identify any performance statistics as relating specifically to
 the Fund.

12. <u>Assignment</u>.
 This Agreement will terminate automatically in the event of its assignment, as that term
 is defined in Section 2(a)(4) of the Act. The Sub-Adviser will notify the Trust and the
 Adviser in writing sufficiently in advance of any proposed change of control, as defined
 in Section 2(a)(9) of the Act, as will enable the Trust to consider whether an assignment
 as defined in Section 2(a)(4) of the Act will occur, and to take the steps necessary
 to enter into a new contract with the Sub-Adviser.

13. <u>Representations, Warranties and Agreements</u> 

&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Sub-Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It
 is registered with the SEC as an "investment adviser" under the Investment
 Advisers Act of 1940, as amended ("Advisers Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It
 will maintain, keep current and preserve such records on behalf of the Trust, in the
 manner required or permitted by the Act and the Rules thereunder as are required of an
 investment adviser of a registered investment company (to the extent applicable), which
 shall include, without limitation, those records set forth on <u>Schedule C</u>. The
 Sub-Adviser agrees that such records are the property of the Trust, and will be surrendered
 to the Trust or to the Adviser as agent of the Trust promptly upon request of either.
 The Trust acknowledges that Sub-Adviser may retain copies of all records required to
 meet the record retention requirements imposed by law and regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It
 will maintain a written code of ethics (the "Code of Ethics") complying with
 the requirements of Rule 204A-1 under the Advisers Act and Rule 17j-l under the Act and
 will provide the Trust and the Adviser with a copy of the Code of Ethics and evidence
 of its adoption. It will institute procedures reasonably necessary to prevent Access
 Persons (as defined in Rule 17j-1) from violating its Code of Ethics. The Sub-Adviser
 acknowledges receipt of the written code of ethics adopted by and on behalf of the Trust.
 Each calendar quarter while this Agreement is in effect, a duly authorized compliance
 officer of the Sub-Adviser will certify to the Trust and to the Adviser that the Sub-Adviser
 has complied with the requirements of Rules 204A-1 and 17j-l during the previous calendar
 quarter and that there has been no material violation of its Code of Ethics, or of Rule
 17j-1(b), or that any persons covered under its Code of Ethics has divulged or acted
 upon any material, non-public information, as such term is defined under relevant securities
 laws, and if such a violation has occurred, that appropriate action was taken in response
 to such violation. Annually, the Sub-Adviser will furnish to the Trust and the Adviser
 a written report which complies with the requirements of Rule 17j-1 concerning the Sub-Adviser's
 Code of Ethics. The Sub-Adviser will permit the Trust and the Adviser to examine the
 reports required to be made by the Sub-Adviser under Rules 204A-1(b) and 17j-l(d)(1)
 and this subparagraph;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. It
 has adopted and implemented, and throughout the term of this Agreement will maintain
 in effect and implement, written policies and procedures reasonably designed to prevent
 violation, by it and its supervised persons, of the Advisers Act and the rules that the
 SEC has adopted under the Advisers Act. Throughout the term of this Agreement, the Sub-
 Adviser will provide the Adviser with any certifications, information and access to personnel
 and resources (including those resources that will permit testing of Sub-Adviser's
 compliance policies by the Adviser) that the Adviser may reasonably request to enable
 the Trust to comply with Rule 38a-1 under the Act. The Sub-Adviser has provided the Trust
 with true and complete copies of its policies and procedures (or summaries thereof) and
 related information reasonably requested by the Trust and/or the Adviser. The Sub-Adviser
 agrees to cooperate with periodic reviews by the Trust's and/or the Adviser's
 compliance personnel of the Sub-Adviser's policies and procedures, their operation
 and implementation and other compliance matters and to provide to the Trust and/or the
 Adviser from time to time such additional information and certifications in respect of
 the Sub-Adviser's policies and procedures, compliance by the Sub-Adviser with federal
 securities laws and related matters as the Trust's and/or the Adviser's compliance
 personnel may reasonably request. The Sub-Adviser agrees to promptly notify the Adviser
 of any compliance violations which affect the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Sub-Adviser will immediately notify the Trust and the Adviser of the occurrence of any
 event which would disqualify the Sub-Adviser from serving as an investment adviser of
 an investment company pursuant to Section 9 of the Act or otherwise. The Sub-Adviser
 will also immediately notify the Trust and the Adviser if it is served or otherwise receives
 notice of any action, suit, proceeding, inquiry or investigation, at law or in equity,
 before or by any court, public board or body, involving the affairs of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Trust represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Trust is a statutory trust established pursuant to the laws of State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Trust is duly registered with the SEC as an investment company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 execution, delivery and performance of this Agreement are within the Trust's powers,
 have been and remain duly authorized by all necessary action (including without limitation
 all necessary approvals and other actions required under the 1940 Act) and will not violate
 or constitute a default under any applicable law or regulation or of any decree, order,
 judgment, agreement or instrument binding on the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No
 consent of any applicable governmental authority or body is necessary, except for such
 consents as have been obtained and are in full force and effect, and all conditions of
 which have been duly complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This
 Agreement constitutes a legal, valid and binding obligation enforceable against the Trust
 in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Adviser is a limited liability company duly established and validly existing under the
 laws of the State of Delaware and is duly qualified to do business and is in good standing
 under the laws of each jurisdiction where the failure to so qualify would have a material
 adverse effect on its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Adviser is duly registered with the SEC as an "investment adviser" under
 the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Adviser has been duly appointed by the Trustees and shareholders of the Trust to provide
 investment services to the Trust as contemplated by the advisory contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 execution, delivery and performance of this Agreement are within Adviser's powers,
 have been and remain duly authorized by all necessary corporate action and will not violate
 or constitute a default under any applicable law or regulation or of any decree, order,
 judgment, agreement or instrument binding on Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. No
 consent of any applicable governmental authority or body is necessary, except for such
 consents as have been obtained and are in full force and effect, and all conditions of
 which have been duly complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This
 Agreement constitutes a legal, valid and binding obligation enforceable against Adviser.

14. <u>No Personal Liability</u>. Reference is hereby made to the Declaration of Trust establishing
 the Trust, a copy of which has been filed with the Secretary of the State of Delaware
 and elsewhere as required by law, and to any and all amendments thereto so filed with
 the Secretary of the State of Delaware and elsewhere as required by law, and to any and
 all amendments thereto so filed or hereafter filed. The name "Virtus ETF Trust
 II" refers to the Trustees under said Declaration of Trust as Trustees, and not
 personally, and no Trustee, shareholder, officer, agent or employee of the Trust will
 be held to any personal liability in connection with the affairs of the Trust; only the
 trust estate under said Declaration of Trust is liable. Without limiting the generality
 of the foregoing, neither the Sub-Adviser nor any of its officers, directors, partners,
 shareholders or employees will, under any circumstances, have recourse or cause or willingly
 permit recourse to be had directly or indirectly to any personal, statutory, or other
 liability of any shareholder, Trustee, officer, agent or employee of the Trust or of
 any successor of the Trust, whether such liability now exists or is hereafter incurred
 for claims against the trust estate.

&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Entire Agreement; Amendment</u>. This Agreement, together with the Schedules attached hereto,
 constitutes the entire agreement of the parties with respect to the subject matter hereof
 and supersedes any prior written or oral agreements pertaining to the subject matter
 of this Agreement. This Agreement may be amended at any time, but only by written agreement
 among the Sub-Adviser, the Adviser and the Trust, which amendment, other than amendments
 to Schedules A, C and D, is subject to the approval of the Trustees and the shareholders
 of the Fund as and to the extent required by the Act, subject to any applicable orders
 of exemption issued by the SEC.

16. <u>Effective Date; Term</u>. This Agreement will become effective on the date set forth on the first
 page of this Agreement (the "Effective Date"), and will continue in effect
 until the date that is two years from the Effective Date. The Agreement will continue
 from year to year thereafter only so long as its continuance has been specifically approved
 at least annually by the Trustees in accordance with Section 15(a) of the Act, and by
 the majority vote of the disinterested Trustees in accordance with the requirements of
 Section 15(c) thereof.

&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Termination</u>.
 This Agreement may be terminated at any time without payment of any penalty (i) by the
 Board, or by a vote of a majority of the outstanding voting securities of the Trust (as
 defined in the Act), upon 30 days' prior written notice to the Adviser and the
 Sub-Adviser, (ii) by the Sub-Adviser upon 60 days' prior written notice to the
 Adviser and the Trust, or (iii) by the Adviser upon 30 days' written notice to
 the Sub-Adviser. This Agreement may also be terminated, without the payment of any penalty,
 by the Adviser or the Board immediately upon the material breach by the Sub-Adviser of
 this Agreement or by the Sub-Adviser immediately upon the material breach by the Adviser
 of this Agreement. This Agreement will terminate automatically and immediately upon termination
 of the Advisory Agreement. This Agreement will terminate automatically and immediately
 in the event of its "assignment", as such term is defined in and interpreted
 under the terms of the Act and the rules promulgated thereunder. Provisions of this Agreement
 relating to indemnification will survive any termination of this Agreement.

18. <u>Applicable Law</u>. To the extent that state law is not preempted by the provisions of any law of
 the United States heretofore or hereafter enacted, as the same may be amended from time
 to time, this Agreement will be administered, construed and enforced according to the
 laws of the State of Delaware.

19. <u>Severability</u>.
 If any term or condition of this Agreement will be invalid or unenforceable to any extent
 or in any application, then the remainder of this Agreement will not be affected thereby,
 and each and every term and condition of this Agreement will be valid and enforced to
 the fullest extent permitted by law.

20. <u>Notices</u>.
 Any notice or other communication required to be given pursuant to this Agreement will
 be deemed duly given if delivered personally or by overnight delivery service or mailed
 by certified or registered mail, return receipt requested and postage prepaid, or sent
 by facsimile addressed to the parties at their respective addresses set forth below,
 or at such other address as will be designated by any party in a written notice to the
 other party.

&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 the Trust at:

Virtus ETF Trust II

1301 Avenue of the Americas, 14<sup>th</sup> Floor

New York, NY 10019

Attention: William J. Smalley

&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 the Adviser at:

Virtus Alternative Investment Advisers, LLC

One Financial Plaza

Hartford, CT 06103

Attention: Legal Department

&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 the Sub-Adviser at:

AlphaSimplex Group, LLC

200 State Street

Boston, MA 02109

Attn: Chief Compliance Officer

21. <u>Certifications</u>.
 The Sub-Adviser hereby warrants and represents that it will provide the requisite certifications
 reasonably requested by the chief executive officer and chief financial officer of the
 Trust necessary for those named officers to fulfill their reporting and certification
 obligations on Form N-CSR and Form N-PORT as required under the Sarbanes-Oxley Act of
 2002 to the extent that such reporting and certifications relate to the Sub-Adviser's
 duties and responsibilities under this Agreement. Sub-Adviser will provide a quarterly
 certification in a form substantially similar to that attached as <u>Schedule D</u>.

22. <u>Indemnification</u>.
 The Sub-Adviser will indemnify and hold harmless the Adviser and the Trust from and against
 any and all claims, losses, liabilities, or damages (including reasonable attorney's
 fees and other related expenses) (collectively, "Losses") arising from the
 Sub-Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard
 of its duties under this Agreement in the performance of its obligations under this Agreement;
 provided, however, that the Sub-Adviser's obligation under this Paragraph will
 be reduced to the extent that the claim against, or the loss, liability, or damage experienced
 by the Adviser or the Trust (as applicable), is caused by or is otherwise directly related
 to (i) any breach by the Adviser or Trust (as applicable) of its representations or warranties
 made herein, (ii) any willful misconduct, bad faith, reckless disregard or negligence
 of the Adviser or Trust (as applicable) in the performance of any of its duties or obligations
 hereunder, or (iii) any untrue statement of a material fact contained in the Prospectus
 or Statement of Additional Information, proxy materials, reports, advertisements, sales
 literature, or other materials pertaining to the Trust or the Fund or the omission to
 state therein a material fact known to the Adviser or Trust (as applicable) that was
 required to be stated therein or necessary to make the statements therein not misleading,
 if such statement or omission was made in reliance upon information furnished to the
 Sub-Adviser or the Trust, or the omission of such information, by the Adviser or Trust
 (as applicable) for use therein.

A party seeking indemnification hereunder (the "Indemnified Party") will (i) provide prompt notice to the other of any claim ("Claim") for which it intends to seek indemnification, (ii) grant control of the defense and /or settlement of the Claim to the other party, and (iii) cooperate with the other party in the defense thereof. The Indemnified Party will have the right at its own expense to participate in the defense of any Claim, but will not have the right to control the defense, consent to judgment or agree to the settlement of any Claim without the written consent of the other party. The party providing the indemnification will not consent to the entry of any judgment or enter any settlement which (i) does not include, as an unconditional term, the release by the claimant of all liabilities for Claims against the Indemnified Party or (ii) which otherwise adversely affects the rights of the Indemnified Party.

No party will be liable to another party for consequential damages under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Relationship of Parties</u>. The Adviser, the Trust and Sub-Adviser are not partners or joint venturers
 with each other and nothing in this Agreement will be construed so as to make them partners
 or joint venturers or impose any liability as such on either of them. Sub-Adviser will
 perform its duties under this Agreement as an independent contractor and not as an agent
 of the Trust, the Trustees or the Adviser.

24. <u>Receipt of Disclosure Document</u>. The Trust and the Adviser acknowledge receipt, at least 48
 hours prior to entering into this Agreement, of a copy of Part 2A of the Sub-Adviser's
 Form ADV containing certain information concerning the Sub-Adviser and the nature of
 its business.

25. <u>Counterparts; Fax Signatures</u>. This Agreement may be executed in any number of counterparts (including
 executed counterparts delivered and exchanged by facsimile transmission) with the same
 effect as if all signing parties had originally signed the same document, and all counterparts
 will be construed together and will constitute the same instrument. For all purposes,
 signatures delivered and exchanged by facsimile transmission will be binding and effective
 to the same extent as original signatures.

*(Signature page follows.)*

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS AGREEMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS AGREEMENT.

---

| | |
|:---|:---|
| **VIRTUS ETF TRUST II** | **VIRTUS ETF TRUST II** |
| By: | /s/ William J. Smalley |

---

Name: William J. Smalley <br> Title: President

---

| | |
|:---|:---|
| **VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC** | **VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC** |
| By: | /s/ Richard W. Smirl |

---

Name: Richard W. Smirl <br> Title: Executive Vice President

---

| | |
|:---|:---|
| **ACCEPTED:** | **ACCEPTED:** |
| **ALPHASIMPLEX GROUP, LLC** | **ALPHASIMPLEX GROUP, LLC** |
| By: | /s/ Arnout M. Eikebook |
| Name: | Arnout M. Eikeboom |
| Title: | Chief Compliance Officer |

---

SCHEDULES: A. Sub-Adviser Functions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Sub-Advisory
 Fee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Records
 to be Maintained by the Sub-Adviser

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Form
 of Sub-Certification

**<u>SCHEDULE A</u>**

**SUB-ADVISER FUNCTIONS**

With respect to managing the investment and reinvestment of the Fund's assets, the Sub-Adviser will provide, at its own expense:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An
 investment program for the Fund consistent with its investment objectives based upon
 the development, review and adjustment of buy/sell strategies approved from time to time
 by the Board of Trustees and the Adviser in paragraph 3 of this Sub-Advisory Agreement
 and implementation of that program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Periodic
 reports, on at least a quarterly basis, in form and substance acceptable to the Adviser,
 with respect to: i) compliance with the Code of Ethics and the Trust's code of
 ethics; ii) compliance with procedures adopted from time to time by the Trustees of the
 Trust relative to securities eligible for resale under Rule 144A under the Securities
 Act of 1933, as amended; iii) diversification of Fund assets in accordance with the then
 prevailing Prospectus and Statement of Additional Information pertaining to the Fund
 and governing laws, regulations, rules and orders; iv) compliance with governing restrictions
 relating to the fair valuation of securities for which market quotations are not readily
 available or considered "illiquid" for the purposes of complying with the
 Fund's limitation on acquisition of illiquid securities; v) any and all other reports
 reasonably requested in accordance with or described in this Agreement; and vi) the implementation
 of the Fund's investment program, including, without limitation, analysis of Fund
 performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly
 after filing with the SEC an amendment to its Form ADV, a copy of such amendment to the
 Adviser and the Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Attendance
 by appropriate representatives of the Sub-Adviser at meetings requested by the Adviser
 or Trustees at such time(s) and location(s) as reasonably requested by the Adviser or
 Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notice
 to the Trustees and the Adviser of the occurrence of any event which would disqualify
 the Sub-Adviser from serving as an investment adviser of an investment company pursuant
 to Section 9(a) of the 1940 Act or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Provide
 reasonable assistance in the valuation of securities including the participation of appropriate
 representatives at fair valuation committee meetings.

**<u>SCHEDULE B</u>**

**SUB-ADVISORY FEE**

For services provided to the Trust, the Adviser will pay to the Sub-Adviser a fee, payable monthly in arrears, equal to 50% of the net advisory fee payable by the Fund to the Adviser for such month.

For this purpose, the "net advisory fee" means the advisory fee paid by the Fund to the Adviser for investment advisory services under the Adviser's investment advisory agreement with the Fund, after deducting the payment of all of the ordinary operating expenses of the Fund under the Adviser's unified fee arrangement. In the event that the Adviser waives all or a portion of its fee pursuant to an applicable waiver agreement between the Trust, on behalf of the Fund, and the Adviser, then the Sub-Adviser shall waive its fee in the same proportion as the Adviser. If, during the term of this Agreement, the Adviser later recaptures some or all of the fees so waived by the Adviser, then the Adviser shall pay (or will direct the Fund to pay) to the Sub-Adviser 50% of the amount recaptured (to the extent that the Sub-Adviser has fully complied with its obligation to waive the amounts then being recaptured).

**<u>SCHEDULE C</u>**

**RECORDS TO BE MAINTAINED BY THE SUB-ADVISER**

1. (Rule
 31a-1(b)(5) and (6)) A record of each brokerage order, and all other Fund purchases and
 sales, given by the Sub-Adviser on behalf of the Trust for, or in connection with, the
 purchase or sale of securities, whether executed or unexecuted. Such records will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 name of the broker;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 terms and conditions of the order and of any modifications or cancellations thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 time of entry or cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The
 price at which executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The
 time of receipt of a report of execution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The
 name of the person who placed the order on behalf of the Trust.

2. (Rule
 31a-1(b)(9)) A record for each fiscal quarter, completed within ten (10) days after the
 end of the quarter, showing specifically the basis or bases upon which the allocation
 of orders for the purchase and sale of Fund securities to named brokers or dealers was
 effected, and the division of brokerage commissions or other compensation on such purchase
 and sale orders. Such record:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Will
 include the consideration given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 sale of shares of the Trust by brokers or dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 supplying of services or benefits by brokers or dealers to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Trust,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Adviser,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Sub-Adviser, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any
 person other than the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any
 other consideration other than the technical qualifications of the brokers and dealers
 as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Will
 show the nature of the services or benefits made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Will
 describe in detail the application of any general or specific formula or other determinant
 used in arriving at such allocation of purchase and sale orders and such division of
 brokerage commissions or other compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Will
 show the name of the person responsible for making the determination of such allocation
 and such division of brokerage commissions or other compensation.

3. (Rule
 31a-1(b)(10)) A record in the form of an appropriate memorandum identifying the person
 or persons, committees or groups authorizing the purchase or sale of Fund securities.
 Where a committee or group makes an authorization, a record will be kept of the names
 of its members who participate in the authorization. There will be retained as part of
 this record: any memorandum, recommendation or instruction supporting or authorizing
 the purchase or sale of Fund securities and such other information as is appropriate
 to support the authorization.\*

4. (Rule
 31a-1(f)) Such accounts, books and other documents as are required to be maintained by
 registered investment advisers by rule adopted under Section 204 of the Advisers Act,
 to the extent such records are necessary or appropriate to record the Sub-Adviser's
 transactions for the Trust.

5. Records
 as necessary under Trust policies and procedures, including without limitation those
 related to valuation determinations.

\* Such information might include: current financial information, annual and quarterly reports, press releases, reports by analysts and from brokerage firms (including their recommendations, i.e., buy, sell, hold) or any internal reports or sub-adviser review.

**<u>SCHEDULE D</u>**

**FORM OF SUB-CERTIFICATION**

To:

Re: Sub-Adviser's Form N-CSR and Form N-PORT Certification for the [Name of Fund].

From: [Name of Sub-Adviser]

Representations in support of Investment Company Act Rule 30a-2 certifications of Form N-CSR and Form N-PORT.

[Name of Fund].

In connection with your certification responsibility under Rule 30a-2 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, I have reviewed the following information presented in the schedule of investments for the period ended [Date of Reporting Period] (the "Report") which forms part of the N-CSR or N-PORT, as applicable, for the Trust.

Schedule of Investments

Our organization has designed, implemented and maintained internal controls and procedures, designed for the purpose of ensuring the accuracy and completeness of relevant portfolio trade data transmitted to those responsible for the preparation of the Schedule of Investments. As of the date of this certification there have been no material modifications to these internal controls and procedures.

In addition, our organization has:

&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such internal controls and procedures to ensure that material information is made known
 to the appropriate groups responsible for servicing the above-mentioned mutual Trust.

&nbsp;&nbsp;&nbsp;&nbsp;b. Evaluated
 the effectiveness of our internal controls and procedures, as of a date within 90 days
 prior to the date of this certification and we have concluded that such controls and
 procedures are effective.

&nbsp;&nbsp;&nbsp;&nbsp;c. In
 addition, to the best of my knowledge, there has been no fraud, whether or not material,
 that involves our organization's management or other employees who have a significant
 role in our organization's control and procedures as they relate to our duties
 as Sub-Adviser to the Fund.

I have read the draft of the Report which I understand to be current as of [Date of Reporting Period] and based on my knowledge, such draft of the Report does not, with respect to the Fund, contain any untrue statement of a material fact or omit to state a material fact necessary to make the information contained therein, in light of the circumstances under which such information is presented, not misleading with respect to the period covered by such draft Report.

I have disclosed, based on my most recent evaluation, to the Fund's Chief Accounting Officer:

&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant changes, deficiencies and material weakness, if any, in the design or operation
 of the Sub-Adviser's internal controls and procedures which could adversely affect
 the Registrant's ability to record, process, summarize and report financial data
 with respect to the Fund in a timely fashion;

&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves the Sub-Adviser's management or other
 employees who have a significant role in the Sub-Adviser's internal controls and
 procedures for financial reporting.

I certify that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;a. The
 Sub-Adviser's Portfolio Manager(s) has/have complied with the restrictions and
 reporting requirements of the Sub-Adviser's and the Trust's Code of Ethics
 (the "Code"). The term Portfolio Manager is as defined in the Code.

&nbsp;&nbsp;&nbsp;&nbsp;b. The
 Sub-Adviser has complied with the Prospectus and Statement of Additional Information
 of the Fund and the Policies and Procedures of the Fund as adopted by the Fund Board
 of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;c. I
 have no knowledge of any compliance violations except as disclosed in writing to the
 Virtus Compliance Department by me or by the Sub-Adviser's compliance administrator.

&nbsp;&nbsp;&nbsp;&nbsp;d. The
 Sub-Adviser has complied with the rules and regulations of the 33 Act and 40 Act, and
 such other regulations as may apply to the extent those rules and regulations pertain
 to the responsibilities of the Sub-Adviser with respect to the Fund as outlined above.

&nbsp;&nbsp;&nbsp;&nbsp;e. Since
 the submission of our most recent certification there have not been any divestments of
 securities of issuers that conduct or have direct investments in business operations
 in Sudan.

This certification relates solely to the Fund named above and may not be relied upon by any other Trust or entity.

The Sub-Adviser does not maintain the official books and records of the above Fund. The Sub-Adviser's records are based on its own portfolio management system, a record-keeping system that is not intended to serve as the Fund official accounting system. The Sub-Adviser is not responsible for the preparation of the Report.

---

| | |
|:---|:---|
| [Name of Sub-Adviser] | Date |
| [Name of Authorized Signer] |  |
| [Title of Authorized Signer] |  |

---

## Ex-99.(D)(16)

**Exhibit 99(d)(16)**

**VIRTUS ETF TRUST II**

**<u>SUB-ADVISORY AGREEMENT</u>**

[ ], 2025

Virtus Advisers, LLC

One Financial Plaza, 26<sup>th</sup> Floor

Hartford, CT 06103

**RE: Sub-Advisory Agreement**

Ladies and Gentlemen:

Virtus ETF Trust II (the "Trust") is an open-end investment company of the series type registered under the Investment Company Act of 1940 (the "Act"), and is subject to the rules and regulations promulgated thereunder. The shares of the Trust are offered or may be offered in several series of shares, including the series set forth on Schedule A to this Agreement (each, a "Fund" and, collectively, the "Funds").

Virtus Investment Advisers, LLC (the "Adviser") evaluates, recommends, selects and retains sub-advisers for the Funds and the other series of the Trust and is responsible for the day-to-day management of the Funds.

1. <u>Engagement as a Sub-Adviser</u>. The Adviser, being duly authorized, hereby engages Virtus Advisers,
 LLC (the "Sub-Adviser") as the discretionary sub-adviser to invest and reinvest
 the assets of each Fund on the terms and conditions set forth herein.

2. <u>Acceptance of Engagement; Standard of Performance</u>. The Sub-Adviser accepts its engagement as
 the discretionary sub-adviser for each Fund and agrees to use its best professional judgment
 to make investment decisions for each Fund in accordance with the provisions of this
 Agreement and as set forth in <u>Schedule B</u> attached hereto and made a part hereof.

3. <u>Services of Sub-Adviser</u>. In providing management services to each Fund, the Sub-Adviser will
 be subject to: (i) the investment objectives, policies and restrictions of the Trust
 as they apply to the Fund and as set forth in the Fund's then current prospectus
 ("Prospectus") and statement of additional information ("Statement
 of Additional Information"), each as filed with the Securities and Exchange Commission
 (the "SEC") as part of the Trust's Registration Statement, and Form
 19b-4 application filed with the SEC, if applicable, as the same may be periodically
 amended and provided to the Sub-Adviser by the Adviser; (ii) the investment restrictions
 set forth in the Act and the Rules thereunder; (iii) the terms and conditions of any
 exemptive order issued to the Adviser and the Trust; (iv) the supervision and control
 of the Trustees of the Trust (the "Trustees"); and (v) instructions from
 the Adviser. The Sub-Adviser will not, without the Trust's prior written approval,
 effect any transactions that would cause a Fund at the time of the transaction to be
 out of compliance with any of such restrictions or policies. The Sub-Adviser also will
 assist the Adviser and each Fund with certain operational services for the Fund including,
 without limitation, the following: (i) the preparation of tax returns; (ii) the preparation
 and submission of reports to existing shareholders; (iii) the periodic updating of the
 Prospectus and Statement of Additional Information; and (iv) the preparation of reports
 to be filed with the SEC and other regulatory authorities.

4. <u>Transaction Procedures</u>. All transactions for a Fund will be consummated by payment to, or delivery
 by, the Custodian(s) from time to time designated by the Trust (the "Custodian"),
 or such depositories or agents as may be designated by the Custodian in writing, of all
 cash and/or securities due to or from the Fund. The Sub-Adviser will not have possession
 or custody of such cash and/or securities or any responsibility or liability with respect
 to such custody. The Sub-Adviser will advise the Custodian and confirm in writing to
 the Trust all investment orders for the Fund placed by it with brokers and dealers at
 the time and in the manner set forth in the Custody Agreement by and between the Trust,
 on behalf of the Fund, and the Custodian (as amended from time to time). The Trust will
 issue to the Custodian such instructions as may be appropriate in connection with the
 settlement of any transaction initiated by the Sub-Adviser. The Trust will be responsible
 for all custodial arrangements and the payment of all custodial charges and fees and,
 upon giving proper instructions to the Custodian, the Sub-Adviser will have no responsibility
 or liability with respect to custodial arrangements or the act, omissions or other conduct
 of the Custodian.

5. <u>Allocation of Brokerage</u>. The Sub-Adviser will have authority and discretion to select brokers
 and dealers to execute Fund transactions initiated by the Sub-Adviser, and to select
 the markets on or in which the transactions will be executed.

&nbsp;&nbsp;&nbsp;&nbsp;A. In
 placing orders for the sale and purchase of securities for a Fund, the Sub-Adviser's
 primary responsibility will be to seek the best execution of orders at the most favorable
 prices. However, this responsibility will not obligate the Sub-Adviser to solicit competitive
 bids for each transaction or to seek the lowest available spreads or commission costs
 to the Fund, so long as the Sub-Adviser reasonably believes that the broker or dealer
 selected by it can be expected to obtain a "best execution" market price
 on the particular transaction and determines in good faith that the spread or commission
 cost is reasonable in relation to the value of the brokerage and research services (as
 defined in Section 28(e)(3) of the Securities Exchange Act of 1934) provided by such
 broker or dealer to the Sub-Adviser, viewed in terms of either that particular transaction
 or of the Sub-Adviser's overall responsibilities with respect to its clients, including
 the Fund, as to which the Sub-Adviser exercises investment discretion, notwithstanding
 that the Fund may not be the direct or exclusive beneficiary of any such services or
 that another broker may be willing to charge the Fund a lower spread or commission on
 the particular transaction.

&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Sub-Adviser may manage other portfolios and expects that the Funds and other portfolios
 the Sub-Adviser manages will, from time to time, purchase or sell the same securities.
 The Sub-Adviser may aggregate orders for the purchase or sale of securities on behalf
 of a Fund with orders on behalf of other portfolios the Sub-Adviser manages. Securities
 purchased or proceeds of securities sold through aggregated orders, as well as expenses
 incurred in the transaction, will be allocated to the account of each portfolio managed
 by the Sub-Adviser that bought or sold such securities in a manner considered by the
 Sub-Adviser to be equitable and consistent with the Sub-Adviser's fiduciary obligations
 in respect of the Fund and to such other accounts.

&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Sub-Adviser will not execute any transactions for a Fund with a broker or dealer that
 is (i) an "affiliated person" (as defined in the Act) of the Trust, the Sub-Adviser,
 any sub-adviser to any other series of the Trust, or the Adviser; (ii) a principal underwriter
 of the Trust's shares; or (iii) an affiliated person of such an affiliated person
 or principal underwriter; in each case, unless such transactions are permitted by applicable
 law or regulation and carried out in compliance with any applicable policies and procedures
 of the Trust. The Trust will provide the Sub-Adviser with a list of brokers and dealers
 that are "affiliated persons" of the Trust or the Adviser, and applicable
 policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;D. Consistent
 with its fiduciary obligations to the Trust in respect of each Fund and the requirements
 of best price and execution, the Sub-Adviser may, under certain circumstances, arrange
 to have purchase and sale transactions effected directly between a Fund and another account
 managed by the Sub-Adviser ("cross transactions"), provided that such transactions
 are carried out in accordance with applicable law or regulation and any applicable policies
 and procedures of the Trust adopted on behalf of the Fund.

6. <u>Proxies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;A. Unless
 the Adviser or the Trust gives the Sub-Adviser written instructions to the contrary,
 the Sub-Adviser, or a third party designee acting under the authority and supervision
 of the Sub-Adviser, will review all proxy solicitation materials and be responsible for
 voting and handling all proxies in relation to the assets of a Fund. Unless the Adviser
 or the Trust gives the Sub-Adviser written instructions to the contrary, the Sub-Adviser
 will, in compliance with the proxy voting procedures of the Fund then in effect, vote
 or abstain from voting, all proxies solicited by or with respect to the issuers of securities
 in which assets of the Fund may be invested. The Adviser will cause the Custodian to
 forward promptly to the Sub-Adviser all proxies upon receipt, so as to afford the Sub-Adviser
 a reasonable amount of time in which to determine how to vote such proxies. The Sub-Adviser
 agrees to provide the Adviser in a timely manner with a record of votes cast containing
 all of the voting information required by Form N-PX in an electronic format to enable
 the Trust to file Form N-PX as required by Rule 30b1-4 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Sub-Adviser is authorized to deal with reorganizations, exchange offers and other voluntary
 corporate actions with respect to securities held in a Fund in such manner as the Sub-Adviser
 deems advisable, unless the Trust or the Adviser otherwise specifically directs in writing.
 With the Adviser's approval, the Sub-Adviser will also have the authority to: (i)
 identify, evaluate and pursue legal claims, including commencing or defending suits,
 affecting the securities held at any time in a Fund, including claims in bankruptcy,
 class action securities litigation and other litigation; (ii) participate in such litigation
 or related proceedings with respect to such securities as the Sub-Adviser deems appropriate
 to preserve or enhance the value of a Fund, including filing proofs of claim and related
 documents and serving as "lead plaintiff" in class action lawsuits; (iii)
 exercise generally any of the powers of an owner with respect to the supervision and
 management of such rights or claims, including the settlement, compromise or submission
 to arbitration of any claims, the exercise of which the Sub-Adviser deems to be in the
 best interest of a Fund or required by applicable law, including ERISA, and (iv) engage
 suitable agents, including legal counsel, and to pay their reasonable fees, expenses
 and related costs from a Fund.

7. <u>Prohibited Conduct</u>. In providing the services described in this Agreement, the Sub-Adviser's
 responsibility regarding investment advice hereunder is limited to the Funds, and the
 Sub-Adviser will not consult with any other investment advisory firm that provides investment
 advisory services to the Trust or any other investment company (or series thereof) sponsored
 by the Adviser or its affiliates regarding transactions for the Trust in securities or
 other assets. The Trust will provide the Sub-Adviser with a list of investment companies
 sponsored by the Adviser, and the Sub-Adviser will be in breach of the foregoing provision
 only if the investment company (or series thereof) is included in such a list provided
 to the Sub-Adviser prior to such prohibited action or the Sub-Adviser knew or reasonably
 should have known that the investment company (or series thereof) was sponsored by the
 Adviser (including, without limitation, where the Adviser's name is included in
 the name of the investment company or series thereof). In addition, the Sub-Adviser will
 not (i) without the prior written consent of the Trust and the Adviser, delegate any
 obligation assumed pursuant to this Agreement to any unaffiliated third party, and (ii)
 will not delegate under any circumstances its obligation hereunder to provide investment
 advisory services to the Funds.

8. <u>Information and Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Sub-Adviser will keep the Trust and the Adviser informed of developments relating to
 its duties as Sub-Adviser of which the Sub-Adviser has, or should have, knowledge that
 would materially affect a Fund or the Trust. In this regard, the Sub-Adviser will provide
 the Trust, the Adviser and their respective officers with such periodic reports concerning
 the obligations the Sub-Adviser has assumed under this Agreement as the Trust and the
 Adviser may from time to time reasonably request. In addition, prior to each meeting
 of the Trustees, the Sub-Adviser will provide the Adviser and the Trustees with reports
 regarding the Sub-Adviser's management of the Funds during the most recently completed
 quarter, which reports: (i) will include Sub-Adviser's representation that its
 performance of its investment management duties hereunder is in compliance with each
 Fund's investment objectives and practices, the Act and applicable rules and regulations
 under the Act, and the diversification and minimum "good income" requirements
 of Subchapter M under the Internal Revenue Code of 1986, as amended, and (ii) otherwise
 will be in such form as may be mutually agreed upon by the Sub-Adviser and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;B. Each
 of the Adviser and the Sub-Adviser will provide the other party with a list, to the best
 of the Adviser's or the Sub-Adviser's respective knowledge, of each affiliated
 person (and any affiliated person of such an affiliated person) of the Adviser or the
 Sub-Adviser, as the case may be, and each of the Adviser and Sub-Adviser agrees promptly
 to update such list whenever the Adviser or the Sub-Adviser becomes aware of any changes
 that should be added to or deleted from the list of affiliated persons.

&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Sub-Adviser will also provide the Adviser with any information reasonably requested by
 the Adviser regarding its management of the Funds required for any shareholder report,
 amended registration statement, or Prospectus or Statement of Additional Information
 supplement to be filed by the Trust with the SEC.

9. <u>Fees for Services</u>. The compensation of the Sub-Adviser for its services under this Agreement
 will be calculated and paid by the Adviser in accordance with the attached <u>Schedule C</u>. Pursuant to the Investment Advisory Agreement between the Trust and the Adviser,
 the Adviser is solely responsible for the payment of fees to the Sub-Adviser.

10. <u>Limitation of Liability</u>. Except as otherwise stated in this Agreement, the Sub-Adviser will
 not be liable for any action taken, omitted or suffered to be taken by it in its best
 professional judgment, in good faith and believed by it to be authorized or within the
 discretion or rights or powers conferred upon it by this Agreement, or in accordance
 with specific directions or instructions from the Trust; provided, however, that such
 acts or omissions will not have constituted a material breach of the investment objectives,
 policies and restrictions applicable to a Fund as defined in the Prospectus and Statement
 of Additional Information, or a material breach of any laws, rules, regulations or orders
 applicable to a Fund, and that such acts or omissions will not have resulted from the
 Sub-Adviser's willful misfeasance, bad faith or gross negligence, or reckless disregard
 of its obligations and duties hereunder.

11. <u>Confidentiality</u>.
 Subject to the duty of the Sub-Adviser and the Trust to comply with applicable law, including
 any demand of any regulatory or taxing authority having jurisdiction, the parties hereto
 will treat as confidential all information pertaining to the Funds and the actions of
 the Sub-Adviser and the Trust in respect thereof. Notwithstanding the foregoing, the
 Trust and the Adviser agree that the Sub-Adviser may (i) disclose in marketing materials
 and similar communications that the Sub-Adviser has been engaged to manage assets of
 a Fund pursuant to this Agreement, and (ii) include performance statistics regarding
 a Fund in composite performance statistics regarding one or more groups of Sub-Adviser's
 clients published or included in any of the foregoing communications, provided that the
 Sub-Adviser does not identify any performance statistics as relating specifically to
 the Fund.

12. <u>Assignment</u>.
 This Agreement will terminate automatically in the event of its assignment, as that term
 is defined in Section 2(a)(4) of the Act. The Sub-Adviser will notify the Trust and the
 Adviser in writing sufficiently in advance of any proposed change of control, as defined
 in Section 2(a)(9) of the Act, as will enable the Trust to consider whether an assignment
 as defined in Section 2(a)(4) of the Act will occur, and to take the steps necessary
 to enter into a new contract with the Sub-Adviser.

13. <u>Representations, Warranties and Agreements</u> 

&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Sub-Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It
 is registered with the SEC as an "investment adviser" under the Investment
 Advisers Act of 1940, as amended ("Advisers Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It
 will maintain, keep current and preserve such records on behalf of the Trust, in the
 manner required or permitted by the Act and the Rules thereunder as are required of an
 investment adviser of a registered investment company (to the extent applicable), which
 shall include, without limitation, those records set forth on <u>Schedule D</u>. The
 Sub-Adviser agrees that such records are the property of the Trust, and will be surrendered
 to the Trust or to the Adviser as agent of the Trust promptly upon request of either.
 The Trust acknowledges that Sub-Adviser may retain copies of all records required to
 meet the record retention requirements imposed by law and regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It
 will maintain a written code of ethics (the "Code of Ethics") complying with
 the requirements of Rule 204A-1 under the Advisers Act and Rule 17j-l under the Act and
 will provide the Trust and the Adviser with a copy of the Code of Ethics and evidence
 of its adoption. It will institute procedures reasonably necessary to prevent Access
 Persons (as defined in Rule 17j-1) from violating its Code of Ethics. The Sub-Adviser
 acknowledges receipt of the written code of ethics adopted by and on behalf of the Trust.
 Each calendar quarter while this Agreement is in effect, a duly authorized compliance
 officer of the Sub-Adviser will certify to the Trust and to the Adviser that the Sub-Adviser
 has complied with the requirements of Rules 204A-1 and 17j-l during the previous calendar
 quarter and that there has been no material violation of its Code of Ethics, or of Rule
 17j-1(b), or that any persons covered under its Code of Ethics has divulged or acted
 upon any material, non-public information, as such term is defined under relevant securities
 laws, and if such a violation has occurred, that appropriate action was taken in response
 to such violation. Annually, the Sub-Adviser will furnish to the Trust and the Adviser
 a written report which complies with the requirements of Rule 17j-1 concerning the Sub-Adviser's
 Code of Ethics. The Sub-Adviser will permit the Trust and the Adviser to examine the
 reports required to be made by the Sub-Adviser under Rules 204A-1(b) and 17j-l(d)(1)
 and this subparagraph;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. It
 has adopted and implemented, and throughout the term of this Agreement will maintain
 in effect and implement, written policies and procedures reasonably designed to prevent
 violation, by it and its supervised persons, of the Advisers Act and the rules that the
 SEC has adopted under the Advisers Act. Throughout the term of this Agreement, the Sub-Adviser will provide the Adviser with any certifications, information and access to personnel
 and resources (including those resources that will permit testing of Sub- Adviser's
 compliance policies by the Adviser) that the Adviser may reasonably request to enable
 the Trust to comply with Rule 38a-1 under the Act. The Sub-Adviser has provided the Trust
 with true and complete copies of its policies and procedures (or summaries thereof) and
 related information reasonably requested by the Trust and/or the Adviser. The Sub-Adviser
 agrees to cooperate with periodic reviews by the Trust's and/or the Adviser's
 compliance personnel of the Sub-Adviser's policies and procedures, their operation
 and implementation and other compliance matters and to provide to the Trust and/or the
 Adviser from time to time such additional information and certifications in respect of
 the Sub-Adviser's policies and procedures, compliance by the Sub-Adviser with federal
 securities laws and related matters as the Trust's and/or the Adviser's compliance
 personnel may reasonably request. The Sub-Adviser agrees to promptly notify the Adviser
 of any compliance violations which affect a Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Sub-Adviser will immediately notify the Trust and the Adviser of the occurrence of any
 event which would disqualify the Sub-Adviser from serving as an investment adviser of
 an investment company pursuant to Section 9 of the Act or otherwise. The Sub-Adviser
 will also immediately notify the Trust and the Adviser if it is served or otherwise receives
 notice of any action, suit, proceeding, inquiry or investigation, at law or in equity,
 before or by any court, public board or body, involving the affairs of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Trust represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Trust is a statutory trust established pursuant to the laws of State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Trust is duly registered with the SEC as an investment company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 execution, delivery and performance of this Agreement are within the Trust's powers,
 have been and remain duly authorized by all necessary action (including without limitation
 all necessary approvals and other actions required under the 1940 Act) and will not violate
 or constitute a default under any applicable law or regulation or of any decree, order,
 judgment, agreement or instrument binding on the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No
 consent of any applicable governmental authority or body is necessary, except for such
 consents as have been obtained and are in full force and effect, and all conditions of
 which have been duly complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This
 Agreement constitutes a legal, valid and binding obligation enforceable against the Trust
 in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Adviser is a limited liability company duly established and validly existing under the
 laws of the State of Delaware and is duly qualified to do business and is in good standing
 under the laws of each jurisdiction where the failure to so qualify would have a material
 adverse effect on its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Adviser is duly registered with the SEC as an "investment adviser" under
 the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Adviser has been duly appointed by the Trustees and shareholders of the Trust to provide
 investment services to the Trust as contemplated by the advisory contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 execution, delivery and performance of this Agreement are within Adviser's powers,
 have been and remain duly authorized by all necessary corporate action and will not violate
 or constitute a default under any applicable law or regulation or of any decree, order,
 judgment, agreement or instrument binding on Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. No
 consent of any applicable governmental authority or body is necessary, except for such
 consents as have been obtained and are in full force and effect, and all conditions of
 which have been duly complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This
 Agreement constitutes a legal, valid and binding obligation enforceable against Adviser.

14. <u>No Personal Liability</u>. Reference is hereby made to the Declaration of Trust establishing
 the Trust, a copy of which has been filed with the Secretary of the State of Delaware
 and elsewhere as required by law, and to any and all amendments thereto so filed with
 the Secretary of the State of Delaware and elsewhere as required by law, and to any and
 all amendments thereto so filed or hereafter filed. The name "Virtus ETF Trust
 II" refers to the Trustees under said Declaration of Trust as Trustees, and not
 personally, and no Trustee, shareholder, officer, agent or employee of the Trust will
 be held to any personal liability in connection with the affairs of the Trust; only the
 trust estate under said Declaration of Trust is liable. Without limiting the generality
 of the foregoing, neither the Sub-Adviser nor any of its officers, directors, partners,
 shareholders or employees will, under any circumstances, have recourse or cause or willingly
 permit recourse to be had directly or indirectly to any personal, statutory, or other
 liability of any shareholder, Trustee, officer, agent or employee of the Trust or of
 any successor of the Trust, whether such liability now exists or is hereafter incurred
 for claims against the trust estate.

15. <u>Entire Agreement; Amendment</u>. This Agreement, together with the Schedules attached hereto,
 constitutes the entire agreement of the parties with respect to the subject matter hereof
 and supersedes any prior written or oral agreements pertaining to the subject matter
 of this Agreement. This Agreement may be amended at any time, but only by written agreement
 among the Sub-Adviser, the Adviser and the Trust, which amendment, other than amendments
 to Schedules A, B, D and E, is subject to the approval of the Trustees and the shareholders
 of a Fund as and to the extent required by the Act, subject to any applicable orders
 of exemption issued by the SEC.

16. <u>Effective Date; Term</u>. This Agreement will become effective on the date set forth on the first
 page of this Agreement (the "Effective Date"), and will continue in effect
 until the date that is two years from the Effective Date. The Agreement will continue
 from year to year thereafter only so long as its continuance has been specifically approved
 at least annually by the Trustees in accordance with Section 15(a) of the Act, and by
 the majority vote of the disinterested Trustees in accordance with the requirements of
 Section 15(c) thereof.

17. <u>Termination</u>.
 This Agreement may be terminated at any time without payment of any penalty (i) by the
 Board, or by a vote of a majority of the outstanding voting securities of the Trust (as
 defined in the Act), upon 30 days' prior written notice to the Adviser and the
 Sub-Adviser, (ii) by the Sub-Adviser upon 60 days' prior written notice to the
 Adviser and the Trust, or (iii) by the Adviser upon 30 days' written notice to
 the Sub-Adviser. This Agreement may also be terminated, without the payment of any penalty,
 by the Adviser or the Board immediately upon the material breach by the Sub-Adviser of
 this Agreement or by the Sub-Adviser immediately upon the material breach by the Adviser
 of this Agreement. This Agreement will terminate automatically and immediately upon termination
 of the Advisory Agreement. This Agreement will terminate automatically and immediately
 in the event of its "assignment", as such term is defined in and interpreted
 under the terms of the Act and the rules promulgated thereunder. Provisions of this Agreement
 relating to indemnification will survive any termination of this Agreement.

18. <u>Applicable Law</u>. To the extent that state law is not preempted by the provisions of any law of
 the United States heretofore or hereafter enacted, as the same may be amended from time
 to time, this Agreement will be administered, construed and enforced according to the
 laws of the State of Delaware.

19. <u>Severability</u>.
 If any term or condition of this Agreement will be invalid or unenforceable to any extent
 or in any application, then the remainder of this Agreement will not be affected thereby,
 and each and every term and condition of this Agreement will be valid and enforced to
 the fullest extent permitted by law.

20. <u>Notices</u>.
 Any notice or other communication required to be given pursuant to this Agreement will
 be deemed duly given if delivered personally or by overnight delivery service or mailed
 by certified or registered mail, return receipt requested and postage prepaid, or sent
 by facsimile addressed to the parties at their respective addresses set forth below,
 or at such other address as will be designated by any party in a written notice to the
 other party.

&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 the Trust at:

Virtus ETF Trust II

1301 Avenue of the Americas, 14<sup>th</sup> Floor

New York, NY 10019

Attention: William J. Smalley

&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 the Adviser at:

Virtus Investment Advisers, LLC

One Financial Plaza

Hartford, CT 06103

Attention: Legal Department

&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 the Sub-Adviser at:

Virtus Systematic, a division of Virtus Advisers, LLC

One Financial Plaza

Hartford, CT 06103

Attn: Legal Counsel

Facsimile (860) 241-1028

E-mail: legalnotices@virtus.com

21. <u>Certifications</u>.
 The Sub-Adviser hereby warrants and represents that it will provide the requisite certifications
 reasonably requested by the chief executive officer and chief financial officer of the
 Trust necessary for those named officers to fulfill their reporting and certification
 obligations on Form N-CSR and Form N-PORT as required under the Sarbanes-Oxley Act of
 2002 to the extent that such reporting and certifications relate to the Sub-Adviser's
 duties and responsibilities under this Agreement. Sub-Adviser will provide a quarterly
 certification in a form substantially similar to that attached as <u>Schedule E</u>.

22. <u>Indemnification</u>.
 The Sub-Adviser will indemnify and hold harmless the Adviser and the Trust from and against
 any and all claims, losses, liabilities, or damages (including reasonable attorney's
 fees and other related expenses) (collectively, "Losses") arising from the
 Sub-Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard
 of its duties under this Agreement in the performance of its obligations under this Agreement;
 provided, however, that the Sub-Adviser's obligation under this Paragraph will
 be reduced to the extent that the claim against, or the loss, liability, or damage experienced
 by the Adviser or the Trust (as applicable), is caused by or is otherwise directly related
 to (i) any breach by the Adviser or Trust (as applicable) of its representations or warranties
 made herein, (ii) any willful misconduct, bad faith, reckless disregard or negligence
 of the Adviser or Trust (as applicable) in the performance of any of its duties or obligations
 hereunder, or (iii) any untrue statement of a material fact contained in the Prospectus
 or Statement of Additional Information, proxy materials, reports, advertisements, sales
 literature, or other materials pertaining to the Trust or a Fund or the omission to state
 therein a material fact known to the Adviser or Trust (as applicable) that was required
 to be stated therein or necessary to make the statements therein not misleading, if such
 statement or omission was made in reliance upon information furnished to the Sub-Adviser
 or the Trust, or the omission of such information, by the Adviser or Trust (as applicable)
 for use therein.

A party seeking indemnification hereunder (the "Indemnified Party") will (i) provide prompt notice to the other of any claim ("Claim") for which it intends to seek indemnification, (ii) grant control of the defense and /or settlement of the Claim to the other party, and (iii) cooperate with the other party in the defense thereof. The Indemnified Party will have the right at its own expense to participate in the defense of any Claim, but will not have the right to control the defense, consent to judgment or agree to the settlement of any Claim without the written consent of the other party. The party providing the indemnification will not consent to the entry of any judgment or enter any settlement which (i) does not include, as an unconditional term, the release by the claimant of all liabilities for Claims against the Indemnified Party or (ii) which otherwise adversely affects the rights of the Indemnified Party.

No party will be liable to another party for consequential damages under any provision of this Agreement.

23. <u>Relationship of Parties</u>. The Adviser, the Trust and Sub-Adviser are not partners or joint venturers
 with each other and nothing in this Agreement will be construed so as to make them partners
 or joint venturers or impose any liability as such on either of them. Sub-Adviser will
 perform its duties under this Agreement as an independent contractor and not as an agent
 of the Trust, the Trustees or the Adviser.

24. <u>Receipt of Disclosure Document</u>. The Trust and the Adviser acknowledge receipt, at least 48
 hours prior to entering into this Agreement, of a copy of Part 2A of the Sub-Adviser's
 Form ADV containing certain information concerning the Sub-Adviser and the nature of
 its business.

25. <u>Counterparts; Fax Signatures</u>. This Agreement may be executed in any number of counterparts (including
 executed counterparts delivered and exchanged by facsimile transmission) with the same
 effect as if all signing parties had originally signed the same document, and all counterparts
 will be construed together and will constitute the same instrument. For all purposes,
 signatures delivered and exchanged by facsimile transmission will be binding and effective
 to the same extent as original signatures.

*(Signature page follows.)*

---

| | |
|:---|:---|
| **VIRTUS ETF TRUST II** | **VIRTUS ETF TRUST II** |
| By: |  |
| Name: | William J. Smalley |
| Title: | President |

---

---

| | |
|:---|:---|
| **VIRTUS INVESTMENT ADVISERS, LLC** | **VIRTUS INVESTMENT ADVISERS, LLC** |
| By: |  |
| Name: | Richard W. Smirl |
| Title: | Executive Vice President |

---

---

| | |
|:---|:---|
| **ACCEPTED:** | **ACCEPTED:** |
| **VIRTUS Advisers, LLC** | **VIRTUS Advisers, LLC** |
| By: |  |
| Name: | [______________] |
| Title: | [______________] |

---

SCHEDULES: A. Funds Subject to Sub-Advisory Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Sub-Adviser
 Functions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Sub-Advisory
 Fee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Records
 to be Maintained by the Sub-Adviser

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Form
 of Sub-Certification

**<u>SCHEDULE A</u>**

**FUNDS SUBJECT TO** 

**SUB-ADVISORY AGREEMENT**

*(As of [ ], 2025)*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Effective Date** |
| &nbsp;&nbsp;Virtus Systematic Emerging Markets Dividend ETF | &nbsp;&nbsp;[ ], 2025 |
| &nbsp;&nbsp;Virtus Systematic Emerging Markets Equity ETF | &nbsp;&nbsp;[ ], 2025 |
| &nbsp;&nbsp;Virtus Systematic International Dividend ETF | &nbsp;&nbsp;[ ], 2025 |
| &nbsp;&nbsp;Virtus Systematic International Small Cap ETF | &nbsp;&nbsp;[ ], 2025 |
| &nbsp;&nbsp;Virtus Systematic U.S. Dividend ETF | &nbsp;&nbsp;[ ], 2025 |
| &nbsp;&nbsp;Virtus Systematic U.S. Small Cap Growth ETF | &nbsp;&nbsp;[ ], 2025 |

---

**<u>SCHEDULE B</u>**

**SUB-ADVISER FUNCTIONS**

With respect to managing the investment and reinvestment of each Fund's assets, the Sub-Adviser will provide, at its own expense:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An
 investment program for each Fund consistent with its investment objectives based upon
 the development, review and adjustment of buy/sell strategies approved from time to time
 by the Board of Trustees and the Adviser in paragraph 3 of this Sub-Advisory Agreement
 and implementation of that program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Periodic
 reports, on at least a quarterly basis, in form and substance acceptable to the Adviser,
 with respect to: i) compliance with the Code of Ethics and the Trust's code of
 ethics; ii) compliance with procedures adopted from time to time by the Trustees of the
 Trust relative to securities eligible for resale under Rule 144A under the Securities
 Act of 1933, as amended; iii) diversification of Fund assets in accordance with the then
 prevailing Prospectus and Statement of Additional Information pertaining to each Fund
 and governing laws, regulations, rules and orders; iv) compliance with governing restrictions
 relating to the fair valuation of securities for which market quotations are not readily
 available or considered "illiquid" for the purposes of complying with each
 Fund's limitation on acquisition of illiquid securities; v) any and all other reports
 reasonably requested in accordance with or described in this Agreement; and vi) the implementation
 of each Fund's investment program, including, without limitation, analysis of Fund
 performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly
 after filing with the SEC an amendment to its Form ADV, a copy of such amendment to the
 Adviser and the Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Attendance
 by appropriate representatives of the Sub-Adviser at meetings requested by the Adviser
 or Trustees at such time(s) and location(s) as reasonably requested by the Adviser or
 Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notice
 to the Trustees and the Adviser of the occurrence of any event which would disqualify
 the Sub-Adviser from serving as an investment adviser of an investment company pursuant
 to Section 9(a) of the 1940 Act or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Provide
 reasonable assistance in the valuation of securities including the participation of appropriate
 representatives at fair valuation committee meetings.

**<u>SCHEDULE C</u>**

**SUB-ADVISORY FEE**

For services provided to the Trust, the Adviser will pay to the Sub-Adviser a fee, payable monthly in arrears, equal to 50% of the net advisory fee payable by each Fund to the Adviser for such month.

For this purpose, the "net advisory fee" means the advisory fee paid by each Fund to the Adviser for investment advisory services under the Adviser's investment advisory agreement with the Fund, after deducting the payment of all of the ordinary operating expenses of the Fund under the Adviser's unified fee arrangement. In the event that the Adviser waives all or a portion of its fee pursuant to an applicable waiver agreement between the Trust, on behalf of a Fund, and the Adviser, then the Sub-Adviser shall waive its fee in the same proportion as the Adviser. If, during the term of this Agreement, the Adviser later recaptures some or all of the fees so waived by the Adviser, then the Adviser shall pay (or will direct the Fund to pay) to the Sub-Adviser 50% of the amount recaptured (to the extent that the Sub-Adviser has fully complied with its obligation to waive the amounts then being recaptured).

**<u>SCHEDULE D</u>**

**RECORDS TO BE MAINTAINED BY THE SUB-ADVISER**

1. (Rule
 31a-1(b)(5) and (6)) A record of each brokerage order, and all other Fund purchases and
 sales, given by the Sub-Adviser on behalf of the Trust for, or in connection with, the
 purchase or sale of securities, whether executed or unexecuted. Such records will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 name of the broker;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 terms and conditions of the order and of any modifications or cancellations thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 time of entry or cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The
 price at which executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The
 time of receipt of a report of execution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The
 name of the person who placed the order on behalf of the Trust.

2. (Rule
 31a-1(b)(9)) A record for each fiscal quarter, completed within ten (10) days after the
 end of the quarter, showing specifically the basis or bases upon which the allocation
 of orders for the purchase and sale of Fund securities to named brokers or dealers was
 effected, and the division of brokerage commissions or other compensation on such purchase
 and sale orders. Such record:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Will
 include the consideration given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 sale of shares of the Trust by brokers or dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 supplying of services or benefits by brokers or dealers to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Trust,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Adviser,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Sub-Adviser, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any
 person other than the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any
 other consideration other than the technical qualifications of the brokers and dealers
 as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Will
 show the nature of the services or benefits made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Will
 describe in detail the application of any general or specific formula or other determinant
 used in arriving at such allocation of purchase and sale orders and such division of
 brokerage commissions or other compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Will
 show the name of the person responsible for making the determination of such allocation
 and such division of brokerage commissions or other compensation.

3. (Rule
 31a-1(b)(10)) A record in the form of an appropriate memorandum identifying the person
 or persons, committees or groups authorizing the purchase or sale of Fund securities.
 Where a committee or group makes an authorization, a record will be kept of the names
 of its members who participate in the authorization. There will be retained as part of
 this record: any memorandum, recommendation or instruction supporting or authorizing
 the purchase or sale of Fund securities and such other information as is appropriate
 to support the authorization.\*

4. (Rule
 31a-1(f)) Such accounts, books and other documents as are required to be maintained by
 registered investment advisers by rule adopted under Section 204 of the Advisers Act,
 to the extent such records are necessary or appropriate to record the Sub-Adviser's
 transactions for the Trust.

5. Records
 as necessary under Trust policies and procedures, including without limitation those
 related to valuation determinations.

\* Such information might include: current financial information, annual and quarterly reports, press releases, reports by analysts and from brokerage firms (including their recommendations, i.e., buy, sell, hold) or any internal reports or sub-adviser review.

**<u>SCHEDULE E</u>**

**FORM OF SUB-CERTIFICATION**

To:

Re: Sub-Adviser's Form N-CSR and Form N-PORT Certification for the [Name of Fund].

From: [Name of Sub-Adviser]

Representations in support of Investment Company Act Rule 30a-2 certifications of Form N-CSR and Form N-PORT.

[Name of Fund].

In connection with your certification responsibility under Rule 30a-2 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, I have reviewed the following information presented in the schedule of investments for the period ended [Date of Reporting Period] (the "Report") which forms part of the N-CSR or N-PORT, as applicable, for the Trust.

Schedule of Investments

Our organization has designed, implemented and maintained internal controls and procedures, designed for the purpose of ensuring the accuracy and completeness of relevant portfolio trade data transmitted to those responsible for the preparation of the Schedule of Investments. As of the date of this certification there have been no material modifications to these internal controls and procedures.

In addition, our organization has:

&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such internal controls and procedures to ensure that material information is made known
 to the appropriate groups responsible for servicing the above-mentioned mutual Trust.

&nbsp;&nbsp;&nbsp;&nbsp;b. Evaluated
 the effectiveness of our internal controls and procedures, as of a date within 90 days
 prior to the date of this certification and we have concluded that such controls and
 procedures are effective.

&nbsp;&nbsp;&nbsp;&nbsp;c. In
 addition, to the best of my knowledge, there has been no fraud, whether or not material,
 that involves our organization's management or other employees who have a significant
 role in our organization's control and procedures as they relate to our duties
 as Sub-Adviser to the Fund.

I have read the draft of the Report which I understand to be current as of [Date of Reporting Period] and based on my knowledge, such draft of the Report does not, with respect to the Fund, contain any untrue statement of a material fact or omit to state a material fact necessary to make the information contained therein, in light of the circumstances under which such information is presented, not misleading with respect to the period covered by such draft Report.

I have disclosed, based on my most recent evaluation, to the Fund's Chief Accounting Officer:

&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant changes, deficiencies and material weakness, if any, in the design or operation
 of the Sub- Adviser's internal controls and procedures which could adversely affect
 the Registrant's ability to record, process, summarize and report financial data
 with respect to the Fund in a timely fashion;

&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves the Sub-Adviser's management or other
 employees who have a significant role in the Sub-Adviser's internal controls and
 procedures for financial reporting.

I certify that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;a. The
 Sub-Adviser's Portfolio Manager(s) has/have complied with the restrictions and
 reporting requirements of the Sub-Adviser's and the Trust's Code of Ethics
 (the "Code"). The term Portfolio Manager is as defined in the Code.

&nbsp;&nbsp;&nbsp;&nbsp;b. The
 Sub-Adviser has complied with the Prospectus and Statement of Additional Information
 of the Fund and the Policies and Procedures of the Fund as adopted by the Fund Board
 of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;c. I
 have no knowledge of any compliance violations except as disclosed in writing to the
 Virtus Compliance Department by me or by the Sub-Adviser's compliance administrator.

&nbsp;&nbsp;&nbsp;&nbsp;d. The
 Sub-Adviser has complied with the rules and regulations of the 33 Act and 40 Act, and
 such other regulations as may apply to the extent those rules and regulations pertain
 to the responsibilities of the Sub- Adviser with respect to the Fund as outlined above.

&nbsp;&nbsp;&nbsp;&nbsp;e. Since
 the submission of our most recent certification there have not been any divestments of
 securities of issuers that conduct or have direct investments in business operations
 in Sudan.

This certification relates solely to the Fund named above and may not be relied upon by any other Trust or entity.

The Sub-Adviser does not maintain the official books and records of the above Fund. The Sub-Adviser's records are based on its own portfolio management system, a record-keeping system that is not intended to serve as the Fund official accounting system. The Sub-Adviser is not responsible for the preparation of the Report.

---

| | |
|:---|:---|
| [Name of Sub-Adviser] | Date |
| [Name of Authorized Signer] |  |
| [Title of Authorized Signer] |  |

---

## Ex-99.(D)(17)

**Exhibit 99(d)(17)**

**ADVISORY AGREEMENT**

ADVISORY AGREEMENT made as of this 28<sup>th</sup> day of July, 2025, by and between Virtus AlphaSimplex Global Macro Offshore Fund, Ltd. (the "Company"), a Cayman Islands exempted company and a wholly-owned subsidiary of Virtus AlphaSimplex Global Macro ETF (the "Fund"), a series of VIRTUS ETF TRUST II (the "Trust"), a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and Virtus Alternative Investment Advisers, LLC, a Delaware limited liability company with its principal place of business at One Financial Plaza, Hartford, CT 06103 (the "Adviser"). The purpose of the Company is to facilitate the implementation of the Fund's investment strategies.

**W I T N E S S E T H**

WHEREAS, the Trust is an open-end management investment company, registered as such under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act") and is engaged in the business of supplying investment advice as an independent contractor; and

WHEREAS, the Adviser serves as investment adviser to the Fund pursuant to a separate investment advisory agreement (the "Fund Advisory Agreement"); and

WHEREAS, the Company's sole director (the "Director") has selected the Adviser to act as investment adviser to the Company and to provide certain related services, as more fully set forth below, and to perform such services under the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the mutual covenants and benefits set forth herein, the Company and the Adviser do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. The Adviser's Services**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Discretionary Investment Management Services</u>. The Adviser shall act as investment adviser with respect to the Company. In such capacity, the Adviser shall, subject to the supervision of the Director, regularly provide the Company with investment research, advice and supervision and shall furnish continuously an investment program for the Company, consistent with the respective investment objectives and policies of the Company. The Adviser shall determine, from time to time, what securities or other assets shall be purchased for the Company, what securities or other assets shall be held or sold by the Company and what portion of the Company's assets shall be held uninvested in cash, subject always to the investment objectives, policies and restrictions of the Fund as they apply to the Company. To carry out such obligations, the Adviser shall exercise full discretion and act for the Company in the same manner and with the same force and effect as the Company itself might or could do with respect to purchases, sales or other transactions, as well as with respect to all other such things necessary or incidental to the furtherance or conduct of such purchases, sales or other transactions. No reference in this Agreement to the Adviser having full discretionary authority over the Company's investments shall in any way limit the right of the Director, in his or her sole discretion, to establish or revise policies in connection with the management of the Company's assets or to otherwise exercise its right to control the overall management of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Selection of Sub-Adviser(s)</u>. The Adviser shall have the authority hereunder to select and retain sub-advisers (each, a "***Sub-Adviser***", and together, the "***Sub-Advisers***"), including an affiliated person (as defined under the 1940 Act) of the Adviser, for the Company to perform some or all of the services for which the Adviser is responsible pursuant to this Agreement. The Adviser shall supervise the activities of each Sub-Adviser, and the retention of a Sub-Adviser by the Adviser shall not relieve the Adviser of its responsibilities under this Agreement. Any Sub-Adviser shall be registered as an investment adviser and in good standing with the U.S. Securities and Exchange Commission and capable of performing its sub-advisory duties pursuant to a sub-advisory agreement approved by the Director (each a "***Sub-Advisory Agreement***") and a vote of a majority of the outstanding voting securities of the Company. The Adviser will compensate any Sub-Adviser for its services to the Company in accordance with the terms and conditions of the applicable Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Compliance</u>. The Adviser agrees to comply with the requirements of the 1940 Act, the Advisers Act, the 1933 Act, the Securities Exchange Act of 1934, as amended (the "1934 Act"), the Commodity Exchange Act and the respective rules and regulations thereunder, as applicable, as well as with all other applicable federal and state laws, rules, regulations and case law that relate to the services and relationships described hereunder and to the conduct of its business as a registered investment adviser. The Adviser also agrees to comply with the objectives, policies and restrictions of the Company, and with any policies, guidelines, instructions and procedures approved by the Director and provided to the Adviser. The Adviser shall maintain compliance procedures that it reasonably believes are adequate to ensure its compliance with the foregoing. No supervisory activity undertaken by the Director shall limit the Adviser's full responsibility for any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Proxy Voting</u>. The Director has the authority to determine how proxies with respect to securities that are held by the Company shall be voted, and the Director has initially determined to delegate the authority and responsibility to vote proxies for the Company's securities to the Adviser. So long as proxy voting authority for the Company has been delegated to the Adviser, the Adviser shall exercise its proxy voting responsibilities; provided, however, that the Adviser may, under the direction of the Director, delegate such authority to the Sub-Adviser for the Company. The Adviser shall, or shall cause a Sub-Adviser to (as applicable), carry out such responsibility in accordance with any instructions that the Director shall provide from time to time, and at all times in a manner consistent with Rule 206(4)-6 under the Advisers Act and its fiduciary responsibilities to the Company. The Adviser shall, or shall cause a Sub-Adviser to (as applicable), provide periodic reports and keep records relating to proxy voting as the Director may reasonably request or as may be necessary for the Company to comply with applicable law. Any such delegation of proxy voting responsibility to the Adviser or a Sub-Adviser may be revoked or modified by the Director at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Recordkeeping</u>. The Adviser shall not be responsible for the provision of administrative, bookkeeping or accounting services to the Company, except as otherwise provided herein or as may be necessary for the Adviser to supply to the Company or its Director the information required to be supplied under this Agreement.

The Adviser shall maintain separate books and detailed records of all matters pertaining to Company assets advised by the Adviser required by applicable law (other than those records being maintained by any administrator, custodian or transfer agent appointed by the Company) relating to its responsibilities provided hereunder with respect to the Company, and shall preserve such records for the periods and in a manner prescribed therefore by applicable law (the "Company's Books and Records"). The Company's Books and Records shall be available to the Director at any time upon request, shall be delivered to the Company upon the termination of this Agreement and shall be available without delay during any day the Company is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Holdings Information and Pricing</u>. The Adviser shall provide regular reports regarding Company holdings, and shall, on its own initiative, furnish the Company and its Director from time to time with whatever information the Adviser believes is appropriate for this purpose. The Adviser agrees to immediately notify the Company if the Adviser reasonably believes that the value of any security or other asset held by a Company may not reflect its fair value. The Adviser agrees to provide any pricing information of which the Adviser is aware to the Company, its Director and/or any Company pricing agent to assist in the determination of the fair value of any Company holdings for which market quotations are not readily available or as otherwise required in accordance with applicable law or the Company's valuation procedures for the purpose of calculating the Company net asset value in accordance with procedures and methods established by the Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Cooperation with Agents of the</u> Company. The Adviser agrees to cooperate with and provide reasonable assistance to the Company, any Company custodian or foreign sub-custodians, any Company pricing agents and all other agents and representatives of the Company, provide such information with respect to the Company as they may reasonably request from time to time in the performance of their obligations, provide prompt responses to reasonable requests made by such persons and establish appropriate interfaces with each so as to promote the efficient exchange of information and compliance with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Information and Reporting**. The Adviser shall provide the Company and its officers with such periodic reports concerning the obligations the Adviser has assumed under this Agreement as the Company may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notification of Breach / Compliance Reports</u>. The Adviser shall notify the Company immediately upon detection of (i) any material failure to manage the Company in accordance with its investment objectives and policies or any applicable law; or (ii) any material breach of any of the Company's or the Adviser's policies, guidelines or procedures. In addition, the Adviser shall provide a quarterly report regarding the Company's compliance with its investment objectives and policies, applicable law, and the Company's policies, guidelines or procedures as applicable to the Adviser's obligations under this Agreement. The Adviser agrees to correct any such failure promptly and to take any action that the Director may reasonably request in connection with any such breach. The Adviser will promptly notify the Company in the event the Adviser is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board, or body, involving the affairs of the Company (excluding class action suits in which the Company is a member of the plaintiff class by reason of the Company's ownership of shares in the defendant) or the compliance by the Adviser with the federal or state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Director Information</u>. The Adviser will also provide the Company with any information reasonably requested regarding its management of the Company required by the Director. The Adviser will make its officers and employees available to meet with the Director from time to time on due notice to review its investment management services to the Company in light of current and prospective economic and market conditions and shall furnish to the Director such information as may reasonably be necessary in order for the Director to evaluate this Agreement or any proposed amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Transaction Information</u>. The Adviser shall furnish to the Company such information concerning portfolio transactions as may be necessary to enable the Company or its designated agent to perform such compliance testing on the Company and the Adviser's services as the Company may, in its sole discretion, determine to be appropriate. The provision of such information by the Adviser to the Company or its designated agent in no way relieves the Adviser of its own responsibilities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Brokerage**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Principal Transactions</u>. In connection with purchases or sales of securities or other assets for the account of a Company, neither the Adviser nor any of its directors, officers or employees will act as a principal or agent or receive any commission except as permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Placement of Orders</u>. The Adviser shall arrange for the placing of all orders for the purchase and sale of securities or other assets for the Company's account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser is directed at all times to seek for the Company the most favorable execution and net price available under the circumstances. It is also understood that it is desirable for the Company that the Adviser have access to brokerage and research services provided by brokers who may execute brokerage transactions at a higher cost to the Company than may result when allocating brokerage to other brokers. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities or other assets for the Company with such brokers, subject to review by the Director from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Adviser in connection with its or its affiliates' services to other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Aggregated Transactions</u>. On occasions when the Adviser deems the purchase or sale of a security or other asset to be in the best interest of the Company as well as other clients of the Adviser, the Adviser may, to the extent permitted by applicable law and regulations, aggregate the order for securities or other assets to be sold or purchased. In such event, the Adviser will allocate securities or other assets so purchased or sold, as well as the expenses incurred in the transaction, in the manner the Adviser reasonably considers to be equitable and consistent with its fiduciary obligations to the Company and to such other clients under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Affiliated Brokers</u>. The Adviser or any of its affiliates may act as broker in connection with the purchase or sale of securities or other investments for the Company, subject to: (i) the requirement that the Adviser seek to obtain best execution and price within the policy guidelines determined by the Director and (ii) provisions of applicable law. These brokerage services are not within the scope of the duties of the Adviser under this Agreement. Subject to the requirements of applicable law and any procedures adopted by the Director, the Adviser or its affiliates may receive brokerage commissions, fees or other remuneration from the Company for these services in addition to the Adviser's fees for services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Custody**. Nothing in this Agreement shall permit the Adviser to take or receive physical possession of cash, securities or other investments of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Allocation of Charges and Expenses**. The Adviser will bear its own costs of providing services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Representations, Warranties and Covenants**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Properly Registered</u>. The Adviser is registered as an investment adviser under the Advisers Act, and a commodity pool operator under the U.S. Commodity Futures Trading Commission, and will maintain such registrations for the duration of this Agreement. The Adviser is not prohibited by the Advisers Act from performing the services contemplated by this Agreement, and to the best knowledge of the Adviser, there is no proceeding or investigation that is reasonably likely to result in the Adviser being prohibited from performing the services contemplated by this Agreement. The Adviser agrees to promptly notify the Company of the occurrence of any event that would disqualify the Adviser from serving as an investment adviser to the Company. The Adviser is in compliance in all material respects with all applicable federal and state law in connection with its investment management operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>ADV Disclosure</u>. The Adviser has provided the Company with a copy of its Form ADV as most recently filed with the SEC and will, promptly after filing any amendment to its Form ADV with the SEC, furnish a copy of such amendments to the Company. The information contained in the Adviser's Form ADV is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Insurance</u>. The Adviser maintains errors and omissions insurance coverage in an appropriate amount and shall provide prior written notice to the Company (i) of any material changes in its insurance policies or insurance coverage; or (ii) if any material claims will be made on its insurance policies. Furthermore, the Adviser shall upon reasonable request provide the Company with any information it may reasonably require concerning the amount of or scope of such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Detrimental Agreement</u>. The Adviser represents and warrants that it has no arrangement or understanding with any party, other than the Company, that would influence the decision of the Adviser with respect to its selection of securities or other assets for the Company, and that all selections shall be done in accordance with what is in the best interest of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Conflicts</u>. The Adviser shall act honestly, in good faith and in the best interests of the Company including requiring any of its personnel with knowledge of Company activities to place the interest of the Company first, ahead of their own interests, in all personal trading scenarios that may involve a conflict of interest with the Company, consistent with its fiduciary duties under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Representations</u>. The representations and warranties in this Section 6 shall be deemed to be made on the date this Agreement is executed and at the time of delivery of the quarterly compliance report required by Section 2(a), whether or not specifically referenced in such report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Use of Names.** The Adviser grants to the Company a sublicense to use the names "ETFis" and "Virtus" (collectively, the "Name") as part of the name of the Company. The foregoing authorization by the Adviser to the Company to use the Name as part of the name of the Company is not exclusive of the right of the Adviser itself to use, or to authorize others to use, the Name; the Company acknowledges and agrees that, as between the Company and the Adviser, the Adviser has the right to use, or authorize others to use, the Name. The Company shall (1) only use the Name in a manner consistent with uses approved by the Adviser; (2) use its best efforts to maintain the quality of the services offered using the Name; and (3) adhere to such other specific quality control standards as the Adviser may from time to time promulgate. At the request of the Adviser, the Company will (a) submit to Adviser representative samples of any promotional materials using the Name; and (b) change the name of the Company within three months of its receipt of the Adviser's request, or such other shorter time period as may be required under the terms of a settlement agreement or court order, so as to eliminate all reference to the Name and will not thereafter transact any business using the Name in the name of the Company; provided, however, that the Company may continue to use beyond such date any supplies of prospectuses, marketing materials and similar documents that the Company t had on the date of such name change in quantities not exceeding those historically produced and used in connection with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Adviser's Compensation**. The Adviser shall receive no fee or other compensation from the Company for the Adviser's services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Independent Contractor**. In the performance of its duties hereunder, the Adviser is and shall be an independent contractor and, unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority to act for or represent the Company in any way or otherwise be deemed to be an agent of the Company. If any occasion should arise in which the Adviser gives any advice to its clients concerning the shares of the Company, the Adviser will act solely as investment counsel for such clients and not in any way on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Assignment.** This Agreement shall not be assigned without the written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Entire Agreement and Amendments.** This Agreement represents the entire agreement among the parties with regard to the investment management matters described herein and may not be added to or changed orally and may not be modified or rescinded except by a writing signed by the parties hereto except as otherwise noted herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Duration and Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the date executed and shall remain in full force and effect continually thereafter, unless terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company may cause this Agreement to terminate by vote of its Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser may at any time terminate this Agreement by not more than sixty **(60)** days' nor less than thirty **(30)** days' written notice delivered or mailed by registered mail, postage prepaid, to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement shall automatically terminate upon termination of the Fund Advisory Agreement; and

Termination of this Agreement pursuant to this Section shall be without payment of any penalty.

In the event of termination of this Agreement for any reason, the Adviser shall, immediately upon notice of termination or on such later date as may be specified in such notice, cease all activity on behalf of the Company and with respect to any of its assets, except as otherwise required by any fiduciary duties of the Adviser under applicable law. In addition, the Adviser shall deliver the Company Books and Records to the Company by such means and in accordance with such schedule as the Company shall direct and shall otherwise cooperate, as reasonably directed by the Company, in the transition of portfolio asset management to any successor of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Liability of the Adviser**. The Adviser shall indemnify and hold harmless the Company and all affiliated persons thereof and all controlling persons (collectively, the "Adviser Indemnitees") against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) by reason of or arising out of the Adviser's willful misfeasance, bad faith or gross negligence generally in the performance of its duties hereunder or its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. Enforceability**. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Limitation of Liability**. The parties to this Agreement acknowledge and agree that all litigation arising hereunder, whether direct or indirect, and of any and every nature whatsoever shall be satisfied solely out of the assets of the affected Company and that no Director, officer or holder of shares of beneficial interest of the Company shall be personally liable for any of the foregoing liabilities. The Company's Articles of Association, as amended from time to time, shall be made available to the Adviser upon request. Such Articles of Association describe in detail the respective responsibilities and limitations on liability of the Director, officers, and holders of shares of beneficial interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Jurisdiction**. This Agreement shall be governed by and construed in accordance with the substantive laws of state of Delaware and the Adviser consents to the jurisdiction of courts, both state or federal, in Delaware, with respect to any dispute under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Paragraph Headings**. The headings of paragraphs contained in this Agreement are provided for convenience only, form no part of this Agreement and shall not affect its construction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. Counterparts**. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

*(Signature page follows)*

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be signed on their behalf by their duly authorized officers as of the date first above written.

---

| | |
|:---|:---|
| **VIRTUS ALPHASIMPLEX GLOBAL MACRO OFFSHORE FUND, LTD.** | **VIRTUS ALPHASIMPLEX GLOBAL MACRO OFFSHORE FUND, LTD.** |
| By: | /s/ William J. Smalley |
| Name: William J. Smalley | Name: William J. Smalley |
| Title: President | Title: President |

---

---

| | |
|:---|:---|
| **VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC** | **VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC** |
| By: | /s/ Richard W. Smirl |
| Name: Richard W. Smirl | Name: Richard W. Smirl |
| Title: Executive Vice President | Title: Executive Vice President |

---

## Ex-99.(D)(18)

**Exhibit 99(d)(18)**

**VIRTUS ALPHASIMPLEX GLOBAL MACRO OFFSHORE FUND, LTD.**

**<u>SUB-ADVISORY AGREEMENT</u>**

July 28, 2025

AlphaSimplex Group, LLC

200 State Street

Boston, Massachusetts 02109

**RE: Sub-Advisory Agreement**

Ladies and Gentlemen:

Virtus AlphaSimplex Global Macro Offshore Fund, Ltd. (the "Company") is a Cayman Islands exempted company and a wholly-owned subsidiary of Virtus AlphaSimplex Global Macro ETF (the "Fund"), a series of Virtus ETF Trust II (the "Trust"), an open-end investment company of the series type registered under the Investment Company Act of 1940 (the "Act").

Virtus Alternative Investment Advisers, LLC (the "Adviser") evaluates, recommends, selects and retains sub-advisers for the Company, the Fund and the other series of the Trust and is responsible for the day-to-day management of the Company and the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Engagement as a Sub-Adviser</u>. The Adviser, being duly authorized, hereby
engages AlphaSimplex Group, LLC (the "Sub-Adviser") as the discretionary sub-adviser to invest and reinvest the assets
of the Company on the terms and conditions set forth herein. The Sub-Adviser also serves as sub-adviser to the Fund pursuant to
a separate investment advisory agreement (the "Fund Sub-Advisory Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Acceptance of Engagement; Standard of Performance</u>. The Sub-Adviser accepts
its engagement as the discretionary sub-adviser for the Company and agrees to use its best professional judgment to make investment
decisions for the Company in accordance with the provisions of this Agreement and as set forth in <u>Schedule A</u> attached hereto
and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Services of Sub-Adviser</u>. In providing
management services to the Company, the Sub-Adviser will be subject to: (i) the investment objectives, policies and restrictions
of the Company; (ii) the investment restrictions set forth under applicable law; (iii) the supervision and control of the Company's
sole director (the "Director"); and (iv) instructions from the Adviser. The Sub-Adviser will not, without the Company's
prior written approval, effect any transactions that would cause the Company at the time of the transaction to be out of compliance
with any of such restrictions or policies. The Sub-Adviser also will assist the Adviser and the Company with certain operational
services for the Company, as may be reasonably requested by the Adviser from time to time .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Transaction Procedures</u>. All transactions for the Company will be consummated
by payment to, or delivery by, the Custodian(s) from time to time designated by the Company (the "Custodian"), or such
depositories or agents as may be designated by the Custodian in writing, of all cash and/or securities or other assets due to or
from the Company. The Sub-Adviser will not have possession or custody of such cash and/or securities or other assets or any responsibility
or liability with respect to such custody. The Sub-Adviser will advise the Custodian and confirm in writing to the Company all
investment orders for the Company placed by it with brokers and dealers at the time and in the manner set forth in the Custody
Agreement by and between the Company and the Custodian (as amended from time to time). The Company will issue to the Custodian
such instructions as may be appropriate in connection with the settlement of any transaction initiated by the Sub-Adviser. The
Company will be responsible for all custodial arrangements and the payment of all custodial charges and fees and, upon giving proper
instructions to the Custodian, the Sub-Adviser will have no responsibility or liability with respect to custodial arrangements
or the act, omissions or other conduct of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Allocation of Brokerage</u>. The Sub-Adviser will have authority and discretion to select brokers
and dealers to execute Company transactions initiated by the Sub-Adviser, and to select the markets on or in which the transactions
will be executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In placing orders for the sale and purchase of securities for the Company, the Sub-Adviser's
primary responsibility will be to seek the best execution of orders at the most favorable prices. However, this responsibility
will not obligate the Sub-Adviser to solicit competitive bids for each transaction or to seek the lowest available spreads or commission
costs to the Company, so long as the Sub-Adviser reasonably believes that the broker or dealer selected by it can be expected to
obtain a best execution market price on the particular transaction and determines in good faith that the spread or commission cost
is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer to the Sub-Adviser,
viewed in terms of either that particular transaction or of the Sub-Adviser's overall responsibilities with respect to its
clients, including the Company, as to which the Sub-Adviser exercises investment discretion, notwithstanding that the Company may
not be the direct or exclusive beneficiary of any such services or that another broker may be willing to charge the Company a lower
spread or commission on the particular transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Sub-Adviser may manage other portfolios and expects that the Company and other portfolios the
Sub-Adviser manages will, from time to time, purchase or sell the same securities or other assets. The Sub-Adviser may aggregate
orders for the purchase or sale of securities or other assets on behalf of the Company with orders on behalf of other portfolios
the Sub-Adviser manages. Securities or other assets purchased or proceeds of securities or other assets sold through aggregated
orders, as well as expenses incurred in the transaction, will be allocated to the account of each portfolio managed by the Sub-Adviser
that bought or sold such securities or other assets in a manner considered by the Sub-Adviser to be equitable and consistent with
the Sub-Adviser's fiduciary obligations in respect of the Company and to such other accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Sub-Adviser will not execute any transactions for
the Company with a broker or dealer that is (i) an affiliated person of the Company, the Sub-Adviser, any sub-adviser to any series
of the Trust, or the Adviser; (ii) a principal underwriter of the Trust's shares; or (iii) an affiliated person of such
an affiliated person or principal underwriter; in each case, unless such transactions are permitted by applicable law or regulation
and carried out in compliance with any applicable policies and procedures of the Company. The Company will provide the Sub-Adviser
with a list of brokers and dealers that are affiliated persons of the Company or the Adviser, and applicable policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Consistent with its fiduciary obligations to the Company and the requirements of best price and
execution, the Sub-Adviser may, under certain circumstances, arrange to have purchase and sale transactions effected directly between
the Company and another account managed by the Sub-Adviser ("cross transactions"), provided that such transactions
are carried out in accordance with applicable law or regulation and any applicable policies and procedures of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Proxies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Unless the Adviser or the Company gives the Sub-Adviser
written instructions to the contrary, the Sub-Adviser, or a third party designee acting under the authority and supervision of
the Sub-Adviser, will review all proxy solicitation materials and be responsible for voting and handling all proxies in relation
to the assets of the Company. Unless the Adviser or the Company gives the Sub-Adviser written instructions to the contrary, the
Sub-Adviser will, in compliance with the proxy voting procedures of the Company then in effect, vote or abstain from voting, all
proxies solicited by or with respect to the issuers of securities in which assets of the Company may be invested. The Adviser
will cause the Custodian to forward promptly to the Sub-Adviser all proxies upon receipt, so as to afford the Sub-Adviser a reasonable
amount of time in which to determine how to vote such proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Sub-Adviser is authorized to deal with reorganizations,
exchange offers and other voluntary corporate actions with respect to securities held in the Company in such manner as the Sub-Adviser
deems advisable, unless the Company or the Adviser otherwise specifically directs in writing. With the Adviser's approval,
the Sub-Adviser will also have the authority to: (i) identify, evaluate and pursue legal claims, including commencing or defending
suits, affecting the securities held at any time in the Company, including claims in bankruptcy, class action securities litigation
and other litigation; (ii) participate in such litigation or related proceedings with respect to such securities as the Sub-Adviser
deems appropriate to preserve or enhance the value of the Company, including filing proofs of claim and related documents and
serving as "lead plaintiff" in class action lawsuits; (iii) exercise generally any of the powers of an owner with respect to the supervision and management of such rights or claims,
including the settlement, compromise or submission to arbitration of any claims, the exercise of which the Sub-Adviser deems to
be in the best interest of the Company or required by applicable law, and (iv) engage suitable agents, including legal counsel,
and to pay their reasonable fees, expenses and related costs from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Prohibited Conduct</u>. In providing the services described in this Agreement, the Sub-Adviser's
responsibility regarding investment advice hereunder is limited to the Company, and the Sub-Adviser will not consult with any other
investment advisory firm that provides investment advisory services to the Company, the Trust or any other investment company (or
series thereof) sponsored by the Adviser or its affiliates regarding transactions for the Company in securities or other assets.
The Company will provide the Sub-Adviser with a list of investment companies sponsored by the Adviser, and the Sub-Adviser will
be in breach of the foregoing provision only if the investment company (or series thereof) is included in such a list provided
to the Sub-Adviser prior to such prohibited action or the Sub-Adviser knew or reasonably should have known that the investment
company (or series thereof) was sponsored by the Adviser (including, without limitation, where the Adviser's name is included
in the name of the investment company or series thereof). In addition, the Sub-Adviser will not (i) without the prior written consent
of the Company and the Adviser, delegate any obligation assumed pursuant to this Agreement to any unaffiliated third party, and
(ii) will not delegate under any circumstances its obligation hereunder to provide investment advisory services to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Information and Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Sub-Adviser will keep the Company and the Adviser informed of developments relating to its
duties as Sub-Adviser of which the Sub-Adviser has, or should have, knowledge that would materially affect the Company. In this
regard, the Sub-Adviser will provide the Company, the Adviser and their respective officers with such periodic reports concerning
the obligations the Sub-Adviser has assumed under this Agreement as the Company and the Adviser may from time to time reasonably
request. In addition, the Sub-Adviser will provide the Adviser and the Director with reports regarding the Sub-Adviser's
management of the Company during the most recently completed quarter, which reports: (i) will include Sub-Adviser's representation
that its performance of its investment management duties hereunder is in compliance with the Company's investment objectives
and practices and applicable rules and regulations, and (ii) otherwise will be in such form as may be mutually agreed upon by the
Sub-Adviser and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each of the Adviser and the Sub-Adviser will provide the other party with a list, to the best of
the Adviser's or the Sub-Adviser's respective knowledge, of each affiliated person (and any affiliated person of such
an affiliated person) of the Adviser or the Sub-Adviser, as the case may be, and each of the Adviser and Sub-Adviser agrees promptly
to update such list whenever the Adviser or the Sub-Adviser becomes aware of any changes that should be added to or deleted from
the list of affiliated persons.

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Fees for Services</u>. The Sub-Adviser shall receive no fee or other compensation for its services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Limitation of Liability</u>. Except as otherwise stated in this Agreement, the Sub-Adviser will
not be liable for any action taken, omitted or suffered to be taken by it in its best professional judgment, in good faith and
believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement, or in accordance
with specific directions or instructions from the Company; provided, however, that such acts or omissions will not have constituted
a material breach of the investment objectives, policies and restrictions of the Company, or a material breach of any laws, rules,
regulations or orders applicable to the Company, and that such acts or omissions will not have resulted from the Sub-Adviser's
willful misfeasance, bad faith or gross negligence, or reckless disregard of its obligations and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Confidentiality</u>. Subject to the duty of the Sub-Adviser and the Company
to comply with applicable law, including any demand of any regulatory or taxing authority having jurisdiction, the parties hereto
will treat as confidential all information pertaining to the Company and the actions of the Sub-Adviser and the Company in respect
thereof. Notwithstanding the foregoing, the Company and the Adviser agree that the Sub-Adviser may (i) disclose in marketing materials
and similar communications that the Sub-Adviser has been engaged to manage assets of the Company pursuant to this Agreement, and
(ii) include performance statistics regarding the Company in composite performance statistics regarding one or more groups of Sub-Adviser's
clients published or included in any of the foregoing communications, provided that the Sub-Adviser does not identify any performance
statistics as relating specifically to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Assignment</u>. This Agreement shall not be assigned without the written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Representations, Warranties and Agreements</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Sub-Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It is registered with the SEC as an "investment adviser" under the Investment Advisers
Act of 1940, as amended ("Advisers Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is registered as a commodity trading advisor with the U.S. Commodity Futures
Trading Commission, and it will maintain such registration continuously during the term of this Agreement and is a member in good
standing with the National Futures Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It will maintain, keep current and preserve such records on behalf of the Company,
in the manner required or permitted by applicable law as are required of an investment adviser, which shall include, without limitation,
those records set forth on <u>Schedule B</u>. The Sub-Adviser agrees that such records are the property of the Company, and will
be surrendered to the Company or to the Adviser as agent of the Company promptly upon request of either. The Company acknowledges
that Sub-Adviser may retain copies of all records required to meet the record retention requirements imposed by law and regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. It has adopted and implemented, and throughout the term of this Agreement will
maintain in effect and implement, written policies and procedures reasonably designed to prevent violation, by it and its supervised
persons, of the Advisers Act and the rules that the SEC has adopted under the Advisers Act. Throughout the term of this Agreement,
the Sub-Adviser will provide the Adviser with any certifications, information and access to personnel and resources (including
those resources that will permit testing of Sub-Adviser's compliance policies by the Adviser) that the Adviser may reasonably
request. The Sub-Adviser has provided the Company with true and complete copies of its policies and procedures (or summaries thereof)
and related information reasonably requested by the Company and/or the Adviser. The Sub-Adviser agrees to cooperate with periodic
reviews by the Company's and/or the Adviser's compliance personnel of the Sub-Adviser's policies and procedures,
their operation and implementation and other compliance matters and to provide to the Company and/or the Adviser from time to time
such additional information and certifications in respect of the Sub-Adviser's policies and procedures, compliance by the
Sub-Adviser with federal securities laws and related matters as the Company's and/or the Adviser's compliance personnel
may reasonably request. The Sub-Adviser agrees to promptly notify the Adviser of any compliance violations which affect the Company;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Sub-Adviser will immediately notify the Company and the Adviser of the
occurrence of any event which would disqualify the Sub-Adviser from serving as an investment adviser. The Sub-Adviser will also
immediately notify the Company and the Adviser if it is served or otherwise receives notice of any action, suit, proceeding, inquiry
or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Company represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust is a Cayman Islands exempted company established
pursuant to the laws of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The execution, delivery and performance of this Agreement are within the Company's powers,
have been and remain duly authorized by all necessary action and will not violate or constitute a default under any applicable
law or regulation or of any decree, order, judgment, agreement or instrument binding on the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No consent of any applicable governmental authority or body is necessary, except for such consents
as have been obtained and are in full force and effect, and all conditions of which have been duly complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Agreement constitutes a legal, valid and binding obligation enforceable against the Company in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Adviser is a limited liability company duly established and validly existing under the laws
of the State of Delaware and is duly qualified to do business and is in good standing under the laws of each jurisdiction where
the failure to so qualify would have a material adverse effect on its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser is duly registered with the SEC as an "investment adviser" under the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Adviser has been duly appointed by the Director and the Company's shareholder to provide investment services to the
Company as contemplated by the advisory contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The execution, delivery and performance of this Agreement are within Adviser's powers, have
been and remain duly authorized by all necessary corporate action and will not violate or constitute a default under any applicable
law or regulation or of any decree, order, judgment, agreement or instrument binding on Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. No consent of any applicable governmental authority or body is necessary, except for such consents
as have been obtained and are in full force and effect, and all conditions of which have been duly complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Agreement constitutes a legal, valid and binding obligation enforceable against Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>No Personal Liability</u>. Neither the Sub-Adviser nor any of its officers, the Director, partners,
shareholders or employees will, under any circumstances, have recourse or cause or willingly permit recourse to be had directly
or indirectly to any personal, statutory, or other liability of any shareholder, Director, officer, agent or employee of the Company
or of any successor of the Company, whether such liability now exists or is hereafter incurred for claims against the Company's
assets.

&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Entire Agreement; Amendment</u>. This Agreement, together with the Schedules attached hereto,
constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior written or oral
agreements pertaining to the subject matter of this Agreement. This Agreement may be amended at any time, but only by written agreement
among the Sub-Adviser, the Adviser and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Effective Date; Term</u>. This Agreement will become effective on the date set forth on the
first page of this Agreement (the "Effective Date"), and will continue in effect from year to year thereafter until
terminated in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Termination</u>. This Agreement may be terminated
at any time without payment of any penalty by the Company by vote of its Director, upon 30 days' prior written notice to
the Adviser and the Sub-Adviser, (ii) by the Sub-Adviser upon 60 days' prior written notice to the Adviser and the Company,
or (iii) by the Adviser upon 30 days' written notice to the Sub-Adviser. This Agreement may also be terminated, without
the payment of any penalty, by the Adviser or the Company immediately upon the material breach by the Sub-Adviser of this Agreement
or by the Sub-Adviser immediately upon the material breach by the Adviser of this Agreement. This Agreement will terminate automatically
and immediately upon termination of the Advisory Agreement or Fund Sub-Advisory Agreement. Provisions of this Agreement relating
to indemnification will survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Applicable Law</u>. To the extent that state law is not preempted by the provisions of any law
of the United States heretofore or hereafter enacted, as the same may be amended from time to time, this Agreement will be administered,
construed and enforced according to the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Severability</u>. If any term or condition of this Agreement will be invalid or unenforceable
to any extent or in any application, then the remainder of this Agreement will not be affected thereby, and each and every term
and condition of this Agreement will be valid and enforced to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Notices</u>. Any notice or other communication required to be given pursuant to this Agreement
will be deemed duly given if delivered personally or by overnight delivery service or mailed by certified or registered mail, return
receipt requested and postage prepaid, or sent by facsimile addressed to the parties at their respective addresses set forth below,
or at such other address as will be designated by any party in a written notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the Company at:

Virtus AlphaSimplex Global Macro Offshore Fund, Ltd.

One Financial Plaza

Hartford, CT 06103

Attention: Legal Department

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the Adviser at:

Virtus Alternative Investment Advisers, LLC

One Financial Plaza

Hartford, CT 06103

Attention: Legal Department

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the Sub-Adviser at:

AlphaSimplex Group, LLC

200 State Street

Boston, MA 02109

Attn: Chief Compliance Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Certifications</u>. The Sub-Adviser hereby warrants and represents that it will provide the
requisite certifications reasonably requested by the Director to the extent that such certifications relate to the Sub-Adviser's
duties and responsibilities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Indemnification</u>. The Sub-Adviser will indemnify
and hold harmless the Adviser and the Company from and against any and all claims, losses, liabilities, or damages (including
reasonable attorney's fees and other related expenses) (collectively, "Losses") arising from the Sub-Adviser's
willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties under this Agreement in the performance
of its obligations under this Agreement; provided, however, that the Sub-Adviser's obligation under this Paragraph will
be reduced to the extent that the claim against, or the loss, liability, or damage experienced by the Adviser or the Company (as
applicable), is caused by or is otherwise directly related to (i) any breach by the Adviser or Company (as applicable) of its
representations or warranties made herein, (ii) any willful misconduct, bad faith, reckless disregard or negligence of the Adviser
or Company (as applicable) in the performance of any of its duties or obligations hereunder, or (iii) any untrue statement of
a material fact contained in advertisements, sales literature, or other materials pertaining to the Company or the omission to
state therein a material fact known to the Adviser or Company (as applicable) that was required to be stated therein or necessary
to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished to
the Sub-Adviser or the Company, or the omission of such information, by the Adviser or Company (as applicable) for use therein.

A party seeking indemnification hereunder (the "Indemnified Party") will (i) provide prompt notice to the other of any claim ("Claim") for which it intends to seek indemnification, (ii) grant control of the defense and /or settlement of the Claim to the other party, and (iii) cooperate with the other party in the defense thereof. The Indemnified Party will have the right at its own expense to participate in the defense of any Claim, but will not have the right to control the defense, consent to judgment or agree to the settlement of any Claim without the written consent of the other party. The party providing the indemnification will not consent to the entry of any judgment or enter any settlement which (i) does not include, as an unconditional term, the release by the claimant of all liabilities for Claims against the Indemnified Party or (ii) which otherwise adversely affects the rights of the Indemnified Party.

No party will be liable to another party for consequential damages under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Relationship of Parties</u>. The Adviser, the Company and Sub-Adviser are not partners or joint
venturers with each other and nothing in this Agreement will be construed so as to make them partners or joint venturers or impose
any liability as such on either of them. Sub-Adviser will perform its duties under this Agreement as an independent contractor
and not as an agent of the Company, the Director or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Receipt of Disclosure Document</u>. The Company and the Adviser acknowledge receipt, at least
48 hours prior to entering into this Agreement, of a copy of Part 2A of the Sub-Adviser's Form ADV containing certain information
concerning the Sub-Adviser and the nature of its business.

&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Counterparts; Fax Signatures</u>. This Agreement may be executed in any number of counterparts
(including executed counterparts delivered and exchanged by facsimile transmission) with the same effect as if all signing parties
had originally signed the same document, and all counterparts will be construed together and will constitute the same instrument.
For all purposes, signatures delivered and exchanged by facsimile transmission will be binding and effective to the same extent
as original signatures.

*(Signature page follows)*

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS AGREEMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS AGREEMENT.

---

| | |
|:---|:---|
| **VIRTUS ALPHASIMPLEX GLOBAL MACRO OFFSHORE FUND, LTD.** | **VIRTUS ALPHASIMPLEX GLOBAL MACRO OFFSHORE FUND, LTD.** |
| By: | /s/ William J. Smalley |
| Name: William J. Smalley | Name: William J. Smalley |
| Title: President | Title: President |

---

---

| | |
|:---|:---|
| **VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC** | **VIRTUS ALTERNATIVE INVESTMENT ADVISERS, LLC** |
| By: | /s/ Richard W. Smirl |
| Name: Richard W. Smirl | Name: Richard W. Smirl |
| Title: Executive Vice President | Title: Executive Vice President |

---

---

| | |
|:---|:---|
| **ACCEPTED:** | **ACCEPTED:** |
| **ALPHASIMPLEX GROUP, LLC** | **ALPHASIMPLEX GROUP, LLC** |
| By: | /s/ Arnout M. Eikeboom |
| Name: Arnout M. Eikeboom | Name: Arnout M. Eikeboom |
| Title: Chief Compliance Officer | Title: Chief Compliance Officer |

---

SCHEDULES: A. Sub-Adviser Functions <br> B. Records to be Maintained by the Sub-Adviser

**<u>SCHEDULE A</u>**

**SUB-ADVISER FUNCTIONS**

With respect to managing the investment and reinvestment of the Company's assets, the Sub-Adviser will provide, at its own expense:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An investment program for the Company consistent with its investment objectives
based upon the development, review and adjustment of buy/sell strategies approved from time to time by the Director and the Adviser
in paragraph 3 of this Sub-Advisory Agreement and implementation of that program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Periodic reports, on at least a quarterly basis, in form and substance acceptable
to the Adviser, with respect to: i) compliance with applicable procedures of the Company; ii) diversification of Company assets
in accordance with governing laws, regulations, rules and orders; iii) compliance with governing restrictions relating to the fair
valuation of securities or other assets; iv) any and all other reports reasonably requested in accordance with or described in
this Agreement; and v) the implementation of the Company's investment program, including, without limitation, analysis of
performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after filing with the SEC an amendment to its Form ADV, a copy of such amendment to the
Adviser and the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Attendance by appropriate representatives of the Sub-Adviser at meetings requested
by the Adviser or the Company at such time(s) and location(s) as reasonably requested by the Adviser or the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notice to the Company and the Adviser of the occurrence of any event which would disqualify the
Sub-Adviser from serving as an investment adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Provide reasonable assistance in the valuation of securities or other assets.

**<u>SCHEDULE B</u>**

**RECORDS TO BE MAINTAINED BY THE SUB-ADVISER**

1. A record of each brokerage order, and all other Company purchases and sales, given by the Sub-Adviser
on behalf of the Company for, or in connection with, the purchase or sale of securities or other assets, whether executed or unexecuted.
Such records will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The name of the broker;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The terms and conditions of the order and of any modifications or cancellations thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The time of entry or cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The price at which executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The time of receipt of a report of execution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The name of the person who placed the order on behalf of the Company.

2. A record for each fiscal quarter, completed within ten (10) days after the end of the quarter,
showing specifically the basis or bases upon which the allocation of orders for the purchase and sale of Company securities or
other assets to named brokers or dealers was effected, and the division of brokerage commissions or other compensation on such
purchase and sale orders. Such record:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Will include the consideration given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The sale of shares of the Company by brokers or dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The supplying of services or benefits by brokers or dealers to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any person other than the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any other consideration other than the technical qualifications of the brokers and dealers as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Will show the nature of the services or benefits made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Will describe in detail the application of any general or specific formula or other determinant
used in arriving at such allocation of purchase and sale orders and such division of brokerage commissions or other compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Will show the name of the person responsible for making the determination of such allocation and such division of brokerage
commissions or other compensation.

3. A record in the form of an appropriate memorandum identifying the person or persons, committees
or groups authorizing the purchase or sale of Company securities or other assets. Where a committee or group makes an authorization,
a record will be kept of the names of its members who participate in the authorization. There will be retained as part of this
record: any memorandum, recommendation or instruction supporting or authorizing the purchase or sale of Company securities or other
assets and such other information as is appropriate to support the authorization.<sup>\*</sup>

4. Such accounts, books and other documents as are required to be maintained by registered investment
advisers by rule adopted under Section 204 of the Advisers Act, to the extent such records are necessary or appropriate to record
the Sub-Adviser's transactions for the Company.

5. Records as necessary under Company policies and procedures, including without limitation those related to valuation determinations.

<sup>\*</sup> Such information might include: current financial information, annual and quarterly reports, press releases, reports by analysts and from brokerage firms (including their recommendations, i.e., buy, sell, hold) or any internal reports or sub-adviser review.

## Ex-99.(E)(1)

**Exhibit 99(e)(1)**

**VIRTUS ETF TRUST II**

**AMENDMENT TO EXHIBIT A TO** **DISTRIBUTION AGREEMENT**

**THIS AMENDMENT** (the "***Amendment***") dated as of the 28<sup>th</sup> day of July, 2025, to Exhibit A to the Distribution Agreement, dated December 1, 2019 (the "***Distribution Agreement***"), is entered into by and between VIRTUS ETF TRUST II (the "***Trust***"), a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940, as amended (the "***1940 Act***"), and VP Distributors, LLC, a Delaware limited liability company with its principal place of business at One Financial Plaza, 26<sup>th</sup> Floor, Hartford, CT 06103 (the "***Distributor***").

**WHEREAS,** each of the Trust and the Distributor is a party to the Distribution Agreement; and

**WHEREAS,** each of the Trust and the Distributor desires to amend the Distribution Agreement to replace Exhibit A.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Exhibit A to the Distribution Agreement is hereby deleted in its entirety and replaced with Exhibit A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except to the extent amended hereby, the Distribution Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.

---

| | | | |
|:---|:---|:---|:---|
| **VIRTUS ETF TRUST II** | **VIRTUS ETF TRUST II** | **VP Distributors LLC** | **VP Distributors LLC** |
| By: | /s/ William J. Smalley  | By: | /s/ David G. Hanley  |
|  | William J. Smalley, President |  | David G. Hanley, Treasurer |

---

**EXHIBIT A**

*(As of July 28, 2025)*

Virtus AlphaSimplex Global Macro ETF

Virtus AlphaSimplex Managed Futures ETF

Virtus Duff & Phelps Clean Energy ETF

Virtus IG Public & Private Credit ETF

Virtus KAR Mid-Cap ETF

Virtus Newfleet ABS/MBS ETF

Virtus Newfleet Short Duration High Yield Bond ETF

Virtus Newfleet Short Duration Core Plus Bond ETF

Virtus Seix AAA Private Credit CLO ETF

Virtus Seix Senior Loan ETF

Virtus Stone Harbor Emerging Markets High Yield Bond ETF

Virtus Stone Harbor International Bond ETF

Virtus Terranova U.S. Quality Momentum ETF

## Ex-99.(E)(2)

**Exhibit 99(e)(2)**

**VIRTUS ETF TRUST II**

**AMENDMENT TO EXHIBIT A TO** **DISTRIBUTION AGREEMENT**

**THIS AMENDMENT** (the "***Amendment***") dated as of the [____] day of [________], 2025, to Exhibit A to the Distribution Agreement, dated December 1, 2019 (the "***Distribution Agreement***"), is entered into by and between VIRTUS ETF TRUST II (the "***Trust***"), a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940, as amended (the "***1940 Act***"), and VP Distributors, LLC, a Delaware limited liability company with its principal place of business at One Financial Plaza, 26<sup>th</sup> Floor, Hartford, CT 06103 (the "***Distributor***").

**WHEREAS,** each of the Trust and the Distributor is a party to the Distribution Agreement; and

**WHEREAS,** each of the Trust and the Distributor desires to amend the Distribution Agreement to replace Exhibit A.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Exhibit A to the Distribution Agreement is hereby deleted in its entirety and replaced with Exhibit A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except to the extent amended hereby, the Distribution Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.

---

| | | | |
|:---|:---|:---|:---|
| **VIRTUS ETF TRUST II** | **VIRTUS ETF TRUST II** | **VP Distributors LLC** | **VP Distributors LLC** |
| By: |  | By: |  |
|  | William J. Smalley, President |  | David G. Hanley, Treasurer |

---

**EXHIBIT A**

*(As of [_________], 2025)*

Virtus AlphaSimplex Global Macro ETF

Virtus AlphaSimplex Managed Futures ETF

Virtus Duff & Phelps Clean Energy ETF

Virtus IG Public & Private Credit ETF

Virtus KAR Mid-Cap ETF

Virtus Newfleet ABS/MBS ETF

Virtus Newfleet Short Duration High Yield Bond ETF

Virtus Newfleet Short Duration Core Plus Bond ETF

Virtus Seix AAA Private Credit CLO ETF

Virtus Seix Senior Loan ETF

Virtus Stone Harbor Emerging Markets High Yield Bond ETF

Virtus Stone Harbor International Bond ETF

Virtus Systematic Emerging Markets Dividend ETF

Virtus Systematic Emerging Markets Equity ETF

Virtus Systematic International Dividend ETF

Virtus Systematic International Small Cap ETF

Virtus Systematic U.S. Dividend ETF

Virtus Systematic U.S. Small Cap Growth ETF

Virtus Terranova U.S. Quality Momentum ETF

## Ex-99.(G)(1)(C)

**Exhibit 99(g)(1)(c)**

*EXECUTION*

**AMENDMENT**

**TO**

**CUSTODY AGREEMENT**

This Amendment ("Amendment") effective as of July 24, 2025 ("Effective Date") is by and between Virtus ETF Trust II (the "Trust") and The Bank of New York Mellon ("BNY").

**BACKGROUND:**

A. BNY and the Trust entered into a Custody Agreement dated as of December 17, 2015, as amended (the
"Agreement") relating to BNY's provision of custody services.

B. The parties desire to amend the Agreement as set forth herein.

C. This Background section is incorporated by reference into and made a part of this Amendment.

**TERMS:**

The parties hereby agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Schedule II to the Agreement is hereby deleted and replaced in its entirety with Schedule II attached
hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As hereby amended and supplemented, the Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agreement, as amended hereby, constitutes the complete understanding and agreement of the parties
with respect to the subject matter thereof and supersedes all prior communications with respect thereto.

*EXECUTION*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties expressly agree that this Amendment may be executed in one or more counterparts and
expressly agree that such execution may occur by manual signature on a physically delivered copy of this Amendment, by a manual
signature on a copy of this Amendment transmitted by facsimile transmission, by a manual signature on a copy of this Amendment
transmitted as an imaged document attached to an email, or by "Electronic Signature", which is hereby defined to mean
inserting an image, representation or symbol of a signature into an electronic copy of this Amendment by electronic, digital or
other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such
counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Amendment or of executed
signature pages to counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to
an email transmission, shall constitute effective execution and delivery of this Amendment and may be used for all purposes in
lieu of a manually executed and physically delivered copy of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Amendment shall be governed by the laws of the State of New York, without regard to its principles
of conflicts of laws.

**IN WITNESS WHEREOF**, each of the parties hereto has caused this Amendment to be executed as of the Effective Date by its duly authorized representative indicated below. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

---

| | |
|:---|:---|
| **VIRTUS ETF TRUST II** | **VIRTUS ETF TRUST II** |
| On behalf of its Series identified on Schedule II to the Agreement | On behalf of its Series identified on Schedule II to the Agreement |
| By: | /s/ Brinton W. Frith |
| Name: Brinton W. Frith | Name: Brinton W. Frith |
| Title: CFO | Title: CFO |

---

---

| | |
|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** |
| By: | /s/ Robert M. Stein, Jr. |
| Name: Robert M. Stein, Jr. | Name: Robert M. Stein, Jr. |
| Title: Vice President | Title: Vice President |

---

*EXECUTION*

**<u>SCHEDULE II</u>**

**<u>SERIES</u>**

Virtus Seix Senior Loan ETF

Virtus Terranova U.S. Quality Momentum ETF

Virtus Newfleet ABS/MBS ETF

Virtus Duff & Phelps Clean Energy ETF

Virtus Stone Harbor Emerging Markets High Yield Bond ETF

Virtus Newfleet Short Duration Core Plus Bond ETF

Virtus Newfleet Short Duration High Yield Bond ETF

Virtus AlphaSimplex Managed Futures ETF

Virtus KAR Mid-Cap ETF

Virtus Seix AAA Private Credit CLO ETF

Virtus AlphaSimplex Global Macro ETF

Virtus Stone Harbor International Bond ETF

Virtus IG Public & Private Credit ETF

## Ex-99.(G)(2)(A)

**Exhibit 99(g)(2)(a)**

*EXECUTION*

**AMENDMENT** 

**TO** 

**FOREIGN CUSTODY MANAGER AGREEMENT**

This Amendment ("Amendment") effective as of July 24, 2025 ("Effective Date") is by and between Virtus ETF Trust II (the "Trust") and The Bank of New York Mellon ("BNY").

**BACKGROUND:**

A. BNY and the Trust entered into a Foreign Custody Manager Agreement dated as of December 3, 2015,
as amended (the "Agreement") relating to BNY's provision of foreign custody manager services.

B. The parties desire to amend the Agreement as set forth herein.

C. This Background section is incorporated by reference into and made a part of this Amendment.

**TERMS:**

The parties hereby agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Annex I to the Agreement is hereby deleted and replaced in its entirety with Annex I attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As hereby amended and supplemented, the Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agreement, as amended hereby, constitutes the complete understanding and agreement of the parties
with respect to the subject matter thereof and supersedes all prior communications with respect thereto.

*EXECUTION*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties expressly agree that this Amendment may be executed in one or more counterparts and
expressly agree that such execution may occur by manual signature on a physically delivered copy of this Amendment, by a manual
signature on a copy of this Amendment transmitted by facsimile transmission, by a manual signature on a copy of this Amendment
transmitted as an imaged document attached to an email, or by "Electronic Signature", which is hereby defined to mean
inserting an image, representation or symbol of a signature into an electronic copy of this Amendment by electronic, digital or
other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such
counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Amendment or of executed
signature pages to counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to
an email transmission, shall constitute effective execution and delivery of this Amendment and may be used for all purposes in
lieu of a manually executed and physically delivered copy of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Amendment shall be governed by the laws of the State of New York, without regard to its principles
of conflicts of laws.

**IN WITNESS WHEREOF**, each of the parties hereto has caused this Amendment to be executed as of the Effective Date by its duly authorized representative indicated below. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

---

| | |
|:---|:---|
| **VIRTUS ETF TRUST II** | **VIRTUS ETF TRUST II** |
| On behalf of its Series identified on Annex I to the Agreement | On behalf of its Series identified on Annex I to the Agreement |
| By: | /s/ Brinton W. Frith |
| Name: Brinton W. Frith | Name: Brinton W. Frith |
| Title: CFO | Title: CFO |
| **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** |
| By: | /s/ Robert M. Stein, Jr. |
| Name: Robert M. Stein, Jr. | Name: Robert M. Stein, Jr. |
| Title: Vice President | Title: Vice President |

---

*EXECUTION*

**<u>ANNEX I</u>**

**Fund Name**

Virtus Seix Senior Loan ETF

Virtus Terranova U.S. Quality Momentum ETF

Virtus Newfleet ABS/MBS ETF

Virtus Duff & Phelps Clean Energy ETF

Virtus Stone Harbor Emerging Markets High Yield Bond ETF

Virtus Newfleet Short Duration Core Plus Bond ETF

Virtus Newfleet Short Duration High Yield Bond ETF

Virtus AlphaSimplex Managed Futures ETF

Virtus KAR Mid-Cap ETF

Virtus Seix AAA Private Credit CLO ETF

Virtus AlphaSimplex Global Macro ETF

Virtus Stone Harbor International Bond ETF

Virtus IG Public & Private Credit ETF

## Ex-99.(G)(3)

**Exhibit 99(g)(3)**

**BNY MELLON AND CUSTOMER CONFIDENTIAL**

EXECUTION

![](ex99g3001.jpg)

**CUSTODY AGREEMENT**

**By and Between**

**THE BANK OF NEW YORK MELLON**

**And**

**VATS OFFSHORE FUND, LTD.,** 

**AND OTHER VIRTUS ENTITIES LISTED ON SCHEDULE I HERETO**

**BNY MELLON AND CUSTOMER CONFIDENTIAL**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **1.** | **DEFINITIONS** | **1** |
| **2.** | **APPOINTMENT OF CUSTODIAN; ACCOUNTS** | **3** |
|  | 2.1 Appointment of Custodian | 3 |
|  | 2.2 Establishment of Accounts | 4 |
| **3.** | **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** | **5** |
|  | 3.1 Authorized Persons | 5 |
|  | 3.2 Instructions | 5 |
|  | 3.3 BNY Mellon Actions Without Instructions | 6 |
|  | 3.4 Funds Transfers | 7 |
|  | 3.5 Electronic Access | 7 |
| **4.** | **SUBCUSTODIANS, DEPOSITORIES AND AGENTS** | **7** |
|  | 4.1 Use of Subcustodians and Depositories | 7 |
|  | 4.2 Liability for Subcustodians | 8 |
|  | 4.3 Liability for Depositories | 8 |
|  | 4.4 Use of Agents | 9 |
| **5.** | **CORPORATE ACTIONS** | **9** |
|  | 5.1 Notification | 9 |
|  | 5.2 Exercise of Rights | 9 |
|  | 5.3 Partial Redemptions, Payments, Etc. | 9 |
| **6.** | **SETTLEMENT** | **10** |
|  | 6.1 Settlement Instructions | 10 |
|  | 6.2 Settlement Funds | 10 |
|  | 6.3 Settlement Practices | 10 |
| **7.** | **TAX MATTERS** | **10** |
|  | 7.1 Tax Obligations | 10 |
|  | 7.2 Payments | 11 |
| **8.** | **CREDITS AND ADVANCES** | **11** |
|  | 8.1 Contractual Settlement and Income | 11 |
|  | 8.2 Advances | 12 |
|  | 8.3 Payment | 12 |
|  | 8.4 Securing Payment | 12 |
|  | 8.5 Setoff | 13 |
|  | 8.6 Currency Conversion | 13 |
| **9.** | **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** | **13** |
|  | 9.1 Statements | 13 |
|  | 9.2 Books and Records | 14 |
|  | 9.3 Third Party Data | 14 |

---

i

**BNY MELLON AND CUSTOMER CONFIDENTIAL**

---

| | | |
|:---|:---|:---|
| **10.** | **DISCLOSURES** | **15** |
|  | 10.1 Required Disclosure | 15 |
|  | 10.2 Foreign Exchange Transactions | 15 |
|  | 10.3 Investment of Cash | 15 |
| **11.** | **REGULATORY MATTERS** | **16** |
|  | 11.1 USA PATRIOT Act | 16 |
|  | 11.2 Sanctions; Anti-Money Laundering | 16 |
| **12.** | **COMPENSATION** | **17** |
|  | 12.1 Fees and Expenses | 17 |
|  | 12.2 Other Compensation | 17 |
| **13.** | **REPRESENTATIONS, WARRANTIES AND COVENANTS** | **18** |
|  | 13.1 BNY Mellon | 18 |
|  | 13.2 Customer | 18 |
| **14.** | **LIABILITY** | **19** |
|  | 14.1 Standard of Care | 19 |
|  | 14.2 Limitation of Liability | 19 |
|  | 14.3 Force Majeure | 20 |
|  | 14.4 Indemnification | 21 |
| **15.** | **CONFIDENTIALITY** | **22** |
|  | 15.1 Confidentiality Obligations | 22 |
|  | 15.2 Exceptions | 22 |
| **16.** | **TERM AND TERMINATION** | **23** |
|  | 16.1 Term | 23 |
|  | 16.2 Termination | 23 |
|  | 16.3 Effect of Termination | 23 |
|  | 16.4 Survival | 23 |
| **17.** | **GENERAL** | **24** |
|  | 17.1 Non-Custody Assets | 24 |
|  | 17.2 Assignment/U.S. Special Resolution Regime Transferability | 24 |
|  | 17.3 Amendment | 25 |
|  | 17.4 Governing Law/Forum | 25 |
|  | 17.5 Business Continuity/Disaster Recovery | 25 |
|  | 17.6 Non-Fiduciary Status | 25 |
|  | 17.7 Notices | 25 |
|  | 17.8 Entire Agreement | 26 |
|  | 17.9 No Third Party Beneficiaries | 26 |
|  | 17.10 Counterparts | 26 |
|  | 17.11 Interpretation | 26 |
|  | 17.12 No Waiver | 26 |
|  | 17.13 Headings | 26 |
|  | 17.14 Severability | 27 |
|  | 17.15 Several Obligations of the Customer | 27 |
|  | 17.16 Information Security and Other Matters | 27 |

---

ii

**CUSTODY AGREEMENT**

This Custody Agreement is made and entered into as of the latest date set forth on the signature page hereto (the "**Effective Date**") by and among **THE BANK OF NEW YORK MELLON**, a New York state chartered bank ("**BNY Mellon**"), and severally and not jointly each Cayman exempted company identified on Schedule I (as such exhibit may be amended from time to time), (each individually, a "**Customer**"). BNY Mellon and Customer are collectively referred to as the "**Parties**" and individually as a "**Party**".

**RECITALS**

WHEREAS, Customer wishes to appoint BNY Mellon as the custodian of certain of its assets, and BNY Mellon is willing to provide such services on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and intending to be legally bound, the Parties agree as follows.

**1.** **DEFINITIONS** 

Whenever used in this Agreement, the following words have the meanings set forth below:

"**1940 Act**" means the U.S. Investment Company Act of 1940, as amended and the rules and regulations thereunder.

"**Account**" or "**Accounts**" has the meaning set forth in Section 2.2.

"**Act**" has the meaning set forth in Section 10.1(a).

"**Affiliate**" means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by or under common control with such entity.

"**Affiliate Securities**" has the meaning set forth in Section 8.4.

"**Agreement**" means, collectively, this Custody Agreement, any Exhibits hereto and any other documents incorporated herein by reference.

"**Anti-Money Laundering Laws**" means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT Act, the Money Laundering Control Act, and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Assets**" has the meaning set forth in Section 2.1(a).

"**Authorized Person**" has the meaning set forth in Section 3.1.

"**BNY Mellon**" has the meaning set forth in the introductory paragraph.

"**Cash**" means the money and currency of any jurisdiction which BNY Mellon accepts for deposit in an Account.

"**Confidential Information**" means, with respect to a Party, the terms of this Agreement and all non-public business and financial information of such Party (including, with respect to Customer, information regarding the Accounts and Assets and including, with respect to BNY Mellon, information regarding its practices and procedures related to the services provided hereunder) disclosed to the other Party in connection with this Agreement.

"**Customer**" has the meaning set forth in the introductory paragraph.

"**Data Terms Website**" means *http://www.bnymellon.com/products/assetservicing/vendoragreement.pdf* or any successor website the address of which is provided by BNY Mellon to Customer.

"**Depository**" means the Depository Trust Company, Euroclear, Clearstream Banking S.A., the Canadian Depository System, CLS Bank and any other securities depository, book-entry system or clearing agency authorized to act as a system for the central handling of securities pursuant to the laws of the applicable jurisdiction, and any successors to, and/or nominees of, any of the foregoing.

"**Effective Date**" has the meaning set forth in the introductory paragraph.

"**Electronic Access Services**" means such services made available by BNY Mellon or a BNY Mellon Affiliate to Customer to electronically access information relating to the Accounts and/or transmit Instructions.

"**Electronic Signature**" means an image, representation or symbol inserted into an electronic copy of the Agreement by electronic, digital or other technological methods.

"**Foreign Depository**" means an "Eligible Securities Depository" (as defined in Rule 17f-7 under the 1940 Act) identified by BNY Mellon to Customer from time to time.

"**Instructions**" means, with respect to this Agreement, instructions issued to BNY Mellon by way of (a) one of the following methods (each as and to the extent specified by BNY Mellon as available for use in connection with the services hereunder): (i) the Electronic Access Services; (ii) third-party electronic communication services containing, where applicable, appropriate authorization codes, passwords or authentication keys, or otherwise appearing on their face to have been transmitted by an Authorized Person or (iii) third-party institutional trade matching utilities used to effect transactions in accordance with such utility's customary procedures or (b) such other method as may be agreed upon by the Parties and that appear on their face to have been transmitted by an Authorized Person.

"**Market Data**" means pricing, valuations or other commercially sourced data applicable to any Security. Market Data also includes security identifiers, bond ratings and classification data.

"**Market Data Providers**" means vendors and analytics providers and any other Person providing Market Data to BNY Mellon.

"**Non-Custody Assets**" has the meaning set forth in Section 17.1.

"**Oral Instructions**" means, with respect to this Agreement, spoken instructions issued to BNY Mellon and reasonably believed by BNY Mellon to be from an Authorized Person.

"**Parent Fund**" means the investment company registered pursuant to the Investment Company Act of 1940 which owns all of the outstanding shares of the Customer.

"**Party**" or "**Parties**" has the meaning set forth in the introductory paragraph.

"**Person**" or "**Persons**" means any entity or individual.

"**Sanctions**" means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Securities**" means all (a) debt and equity securities and (b) instruments representing rights or interests therein, including rights to receive, subscribe to or purchase the foregoing; in each case as may be agreed upon from time to time by BNY Mellon and Customer and which are from time to time delivered to or received by BNY Mellon and/or any Subcustodian for deposit in an Account.

"**Standard of Care**" has the meaning set forth in Section 14.1.

"**Subcustodian**" means a bank or other financial institution (other than a Depository) that is selected and used by BNY Mellon or a BNY Mellon Affiliate (acting as subcustodian) in connection with the settlement of transactions and/or custody of Assets hereunder, and any successors to, and/or nominees of, any of the foregoing.

"**Tax Information**" means all accurate, relevant and necessary information with respect to the Accounts or with respect to Customer's identification or classification for purposes of Tax Obligations, in each case as may be required by applicable tax laws or by a tax authority inquiry, or as may be requested by BNY Mellon in connection with the matters in Section 7.

"**Tax Obligations**" means taxes, withholding, certification and reporting requirements, claims for exemptions or refund, interest, penalties, additions to tax and other related expenses.

"**Third Party Data**" has the meaning set forth in Section 9.3(a).

**2.** **APPOINTMENT OF CUSTODIAN; ACCOUNTS** 

**2.1** **Appointment of Custodian** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer
 hereby appoints BNY Mellon as custodian of all Securities and Cash to be held under,
 and in accordance with the terms of, this Agreement (collectively, "Assets"),
 and BNY Mellon hereby accepts such appointment. BNY Mellon shall keep safely all Assets
 of the Customer delivered to and actually received by BNY Mellon pursuant to this Agreement,
 in accordance with the provisions of this Agreement and in accordance with laws that
 are applicable to BNY Mellon in connection with the services provided hereunder. The
 Parties acknowledge and agree that BNY Mellon's duties pursuant to such appointment
 will be limited solely to those duties expressly undertaken pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 the foregoing, BNY Mellon has no obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With
 respect to any Assets until they are actually received in an Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 inquire into, make recommendations, supervise or determine the suitability of any transactions
 affecting any Account or to question any Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To
 monitor the Securities in the Accounts to determine whether Customer complies with limitations
 on ownership or any restrictions on investors provided for by local law, regulations
 or market practice, or provisions in the issuer's articles of incorporation or
 by-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To
 determine the adequacy of title to, or the validity or genuineness of, any Assets received
 by it or delivered by it pursuant to this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) With
 respect to any matters related to: the establishment, maintenance operation or termination
 of Customer; or the offer, sale or distribution of the shares of, or interests in, Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Operational
 terms, procedures and processes supporting the services described herein are set out
 in a separate service level description, a current version of which will be available
 upon request at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Cash
 held hereunder may be subject to additional deposit terms and conditions issued by BNY
 Mellon or the applicable Subcustodian from time to time, including rates of interest
 and deposit account access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 Customer engages in securities lending activities, such activities will be subject to
 certain additional and/or modified terms to be set forth in a separate written agreement
 between Customer and BNY Mellon or a BNY Mellon Affiliate.

**2.2** **Establishment of Accounts** 

BNY Mellon will establish and maintain a separate account for each Customer in which BNY Mellon will hold Assets relating to the relevant Customer as provided herein (each, an "**Account**," and collectively, the "**Accounts**"). The Account of each Customer established under this Agreement shall be maintained separately from the Account of each other Customer. and all Accounts and Securities shall be marked on BNY Mellon's books and records so as to clearly identify them as property of a particular Customer. Except as otherwise contemplated in this Agreement, the Asset shall be and remain the sole property of Customer. BNY Mellon shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any Assets except as contemplated by the terms of this Agreement or as provided by applicable law or regulation.

**3.** **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** 

**3.1** **Authorized Persons** 

Promptly following the Effective Date, Customer and/or its designee (including any of Customer's investment managers) will furnish BNY Mellon with one or more written lists or other documentation acceptable to BNY Mellon specifying the names and titles of, or otherwise identifying, all Persons authorized to act on behalf of Customer with respect to this Agreement (each, an "**Authorized Person**"). Customer will be responsible for keeping such lists and/or other documentation current, and will update such lists and/or other documentation, as necessary from time to time, pursuant to Instructions.

**3.2** **Instructions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as otherwise expressly provided in this Agreement, BNY Mellon will have no obligation
 to take any action hereunder unless and until it receives Instructions issued in accordance
 with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer
 will be responsible for ensuring that (i) only Authorized Persons issue Instructions
 to BNY Mellon and (ii) all Authorized Persons safeguard and treat with extreme care any
 user and authorization codes, passwords and authentication keys used in connection with
 the issuance of Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where
 Customer may or is required to issue Instructions, such Instructions will be issued by
 an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY
 Mellon will be entitled to deal with any Authorized Person until notified otherwise pursuant
 to Instructions, and will be entitled to act and rely upon any Instruction received by
 BNY Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All
 Instructions must include all information necessary, and must be delivered using such
 methods and in such format as BNY Mellon may require and be received within BNY Mellon's
 established cut-off times and otherwise in sufficient time, to enable BNY Mellon to act
 upon such Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) BNY
 Mellon may in its sole discretion decline to act upon any Instructions that do not comply
 with requirements set forth in Section 3.2(e) or that conflict with applicable law or
 regulations or BNY Mellon's operating policies and practices, in which event BNY
 Mellon will promptly notify Customer unless prevented from doing so by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Customer
 acknowledges that while it is not part of BNY Mellon's normal practices and procedures
 to accept Oral Instructions, BNY Mellon may in certain limited circumstances accept Oral
 Instructions. In such event, such Oral Instructions will be deemed to be Instructions
 for purposes of this Agreement. An Authorized Person issuing such an Oral Instruction
 will promptly confirm such Oral Instruction to BNY Mellon in writing. Notwithstanding
 the foregoing, Customer agrees that the fact that such written confirmation is not received
 by BNY Mellon, or that such written confirmation contradicts the Oral Instruction, will
 in no way affect (i) BNY Mellon's reliance on such Oral Instruction or (ii) the
 validity or enforceability of transactions authorized by such Oral Instruction and effected
 by BNY Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Customer
 acknowledges and agrees that it is fully informed of the protections and risks associated
 with the various methods of transmitting Instructions to BNY Mellon and that there may
 be more secure methods of transmitting Instructions than the method selected by the sender.
 Customer agrees that the security procedures, if any, to be followed by Customer and
 BNY Mellon with respect to the transmission and authentication of Instructions provide
 to Customer a commercially reasonable degree of protection in light of its particular
 needs and circumstances.

**3.3** **BNY Mellon Actions Without Instructions** 

Notwithstanding anything to the contrary set forth in this Agreement, Customer hereby authorizes BNY Mellon, without Instructions, to take any administrative or ministerial actions with respect to the Accounts that it deems reasonably necessary or appropriate to perform its obligations under this Agreement, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Receive
 income and other payments due to the Accounts; provided, however, that BNY Mellon will
 have no duty to pursue collection of any amount due to an Account, including for Securities
 in default, if such amount is not paid when due ; .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Carry
 out any exchanges of Securities or other corporate actions not requiring discretionary
 decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Facilitate
 access by Customer or its designee to ballots or online systems to assist it in the voting
 of proxies received by BNY Mellon in its capacity as custodian for eligible positions
 of Securities held in the Accounts (excluding bankruptcy matters), all of which will
 be exercised by Customer or its designee and not by BNY Mellon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Forward
 to Customer or its designee information (or summaries of information) that BNY Mellon
 receives in its capacity as custodian from Depositories or Subcustodians concerning Securities
 in the Accounts (excluding bankruptcy matters);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Forward
 to Customer or its designee an initial notice of bankruptcy cases relating to Securities
 held in the Accounts and a notice of any required action related to such bankruptcy cases
 as may be received by BNY Mellon in its capacity as custodian. BNY Mellon will take no
 further action nor provide further notification related to the bankruptcy case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless
 otherwise elected by Customer, and in accordance with BNY Mellon's standard terms
 and conditions, provide class action filing services for settled claims related to Securities
 with industry recognized identifiers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Endorse
 for collection checks, drafts or other negotiable instruments received for the Accounts;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Execute
 and deliver, solely in its capacity as custodian, certificates, documents or instruments
 incidental to BNY Mellon's performance under this Agreement ; and .

**3.4** **Funds Transfers** 

With respect to each Instruction for a Cash transfer, when the Instruction is to credit or pay a party by both a name and a unique numeric or alpha-numeric identifier (e.g., IBAN or ABA or account number), BNY Mellon and any other bank participating in the Cash transfer will be entitled to rely solely on such numeric or alpha-numeric identifier, even if it identifies a party different from the party named. Such reliance on an identifier will apply to beneficiaries named in the Instruction, as well as any financial institution that is designated in the Instruction to act as an intermediary in such Cash transfer. To the extent permitted by applicable law, the parties will be bound by the rules of any transfer system used to effect a Cash transfer under this Agreement.

**3.5** **Electronic Access** 

If Customer elects to use the Electronic Access Services in connection with this Agreement, the use thereof will be subject to any terms and conditions contained in a separate written agreement between the Parties or their Affiliates. However, if an Authorized Person elects, with BNY Mellon's prior consent, to transmit Instructions through a third-party electronic communications service, BNY Mellon will not be responsible or liable for the reliability or availability of any such service.

**4.** **SUBCUSTODIANS, DEPOSITORIES AND AGENTS** 

**4.1** **Use of Subcustodians and Depositories** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY
 Mellon will be entitled to utilize Subcustodians and Depositories in connection with
 its performance hereunder; provided that BNY Mellon will not utilize a Subcustodian that
 is an "Eligible Foreign Custodian" (as defined in Rule 17f-5 under the 1940
 Act) to hold "Foreign Assets" (as defined in such Rule 17f-5) until after
 BNY Mellon is informed, pursuant to such means as determined by BNY Mellon, that the
 board of directors or similar governing body of the Parent Fund of each Customer or each
 Parent Fund's "Foreign Custody Manager" (as defined in such Rule 17f-5)
 has determined that utilization of such Subcustodian satisfies the applicable requirements
 of such Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY
 Mellon will only utilize Subcustodians that have entered into an agreement with BNY Mellon
 or a BNY Mellon Affiliate, and Assets held through a Subcustodian will be held subject
 to the terms and conditions of such Subcustodian's respective agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assets
 deposited in a Depository will be held subject to the rules, procedures, terms and conditions
 of such Depository. Subcustodians may hold Assets in Depositories in which such Subcustodians
 participate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In
 connection with each Depository utilized by BNY Mellon that is a "securities depository"
 (as defined in Rule 17f-4 under the 1940 Act), BNY Mellon (a) will exercise due care
 in accordance with reasonable commercial standards in discharging its duties as a securities
 intermediary to obtain and thereafter maintain Securities or financial assets deposited
 or held in such Depository and (b) will provide, promptly upon request by Customer, such
 reports as are available concerning the internal accounting controls and financial strength
 of BNY Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With
 respect to each Foreign Depository, BNY Mellon will exercise reasonable care, prudence
 and diligence (a) to provide Customer with an analysis of the custody risks associated
 with maintaining assets with the Foreign Depository and (b) to monitor such custody risks
 on a continuing basis and promptly notify Customer of any material change in such risks.
 Customer acknowledges and agrees that such analysis and monitoring will be made on the
 basis of, and limited by, information gathered from certain Subcustodians or through
 publicly available information otherwise obtained by BNY Mellon, and will not include
 any evaluation of the matters referenced in Section 14.2(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless
 otherwise required by local law or practice or a particular Subcustodian agreement, Assets
 deposited with Subcustodians or Depositories may be held in a commingled account in the
 name of, as applicable, BNY Mellon, a BNY Mellon Affiliate or the applicable Subcustodian,
 for its clients. BNY Mellon shall identify on its books and records the Securities and
 Cash belonging to a Customer, whether held directly, through Depositories, Foreign Depositories
 or Subcustodians.

**4.2** **Liability for Subcustodians** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY
 Mellon will exercise the Standard of Care in selecting, retaining and monitoring Subcustodians.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With
 respect to Assets held by a Subcustodian, BNY Mellon will be liable to Customer for the
 activities of such Subcustodian under this Agreement to the extent that BNY Mellon would
 have been liable to Customer under this Agreement if BNY Mellon had performed such activities
 itself in the relevant market in which such Subcustodian is located; provided, however,
 that with respect to Securities held by a Subcustodian that is not a BNY Mellon Affiliate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY
 Mellon's liability will be limited solely to the extent resulting directly from
 BNY Mellon's failure to exercise the Standard of Care in selecting, retaining,
 and monitoring such Subcustodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 the extent that BNY Mellon is not liable pursuant to Section 4.2(b)(i), BNY Mellon's
 sole responsibility to Customer will be to: (A) take reasonable and appropriate action
 to recover from such Subcustodian, and (B) forward to Customer any amounts so recovered
 (exclusive of costs and expenses incurred by BNY Mellon in connection therewith).

**4.3** **Liability for Depositories** 

BNY Mellon will have no responsibility or liability for the activities of any Depository arising out of or relating to this Agreement or any cost or burden imposed on the transfer or holding of Assets held with such Depository.

**4.4** **Use of Agents** 

BNY Mellon may appoint agents, including BNY Mellon Affiliates, on such terms and conditions as it reasonably deems appropriate to perform its obligations hereunder. Except as otherwise specifically provided herein, no such appointment will discharge BNY Mellon from its obligations hereunder. BNY Mellon will be liable to the Customer for the activities of a BNY Mellon Affiliate under this Agreement to the extent that BNY Mellon would have been liable to Customer under this Agreement if BNY Mellon had performed such activities itself.

**5.** **CORPORATE ACTIONS** 

**5.1** **Notification** 

BNY Mellon will notify Customer or its designee of rights or discretionary corporate actions and of the date or dates when such rights must be exercised or such action must be taken as promptly as practicable under the circumstances, provided that BNY Mellon has actually received, in its capacity as custodian, notice of such right or discretionary corporate action from the relevant issuer, or from a Subcustodian, Depository or third party vendor and such notification includes the date or dates by which such rights must be exercised or such action must be taken. Without actual receipt of such notice by BNY Mellon, BNY Mellon will have no responsibility or liability for failing to so notify Customer.

**5.2** **Exercise of Rights** 

Whenever there are voluntary rights that may be exercised or alternate courses of action that may be taken with respect to Securities in an Account, Customer or its designee will be responsible for making any decisions relating thereto and for instructing BNY Mellon to act. In order for BNY Mellon to act, Customer must issue Instructions using, or directly referencing, the BNY Mellon-issued corporate actions instruction form, and include all the required information fields therein. Such Instructions must be addressed as BNY Mellon may request, by the deadline specified by BNY Mellon in its sole discretion from time to time, together with any amount which is required to be paid in carrying out any such action. In the event BNY Mellon does not receive such Instructions together with any required amount prior to its specified deadlines, BNY Mellon will not be liable for failure to take any action relating to, or to exercise any rights conferred by, such Securities.

**5.3** **Partial Redemptions, Payments, Etc.** 

BNY Mellon will advise Customer or its designee upon its notification, in its capacity as custodian, of a partial redemption, partial payment or other action with respect to a Security affecting fewer than all such Securities held within an Account. If BNY Mellon or any Subcustodian or Depository holds any Securities affected by one of the events described, BNY Mellon or such Subcustodian or Depository may select the Securities to participate in such partial redemption, partial payment or other action in any non-discriminatory manner that it customarily uses to make such selection.

**6.** **SETTLEMENT** 

**6.1** **Settlement Instructions** 

Promptly after the execution of each Securities transaction, Customer will issue to BNY Mellon Instructions to settle such transaction. Unless otherwise agreed by BNY Mellon and subject to Section 8.1, Assets will be credited to the relevant Account only when actually received by BNY Mellon.

**6.2** **Settlement Funds** 

For the purpose of settling a Securities transaction, Customer will provide BNY Mellon with sufficient immediately available funds or Securities, as applicable, in the relevant Account by such time and date as is required to enable BNY Mellon to settle such transaction in the country of settlement and in the currency to be used to settle such transaction.

**6.3** **Settlement Practices** 

Securities transactions will be settled using practices customary in the jurisdiction or market where the transaction occurs. Customer understands that when BNY Mellon is instructed to deliver Securities against payment, delivery of such Securities and receipt of payment related to such Securities may not be completed simultaneously and can also be made without payment. Customer assumes full responsibility for all risks involved in connection with BNY Mellon's delivery of Securities or Cash in accordance with such practices.

**7.** **TAX MATTERS** 

**7.1** **Tax Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 the extent that BNY Mellon has received the Tax Information within the time stipulated,
 BNY Mellon will perform the following services with respect to Tax Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless
 prohibited by law or regulation, at the reasonable request of Customer, BNY Mellon will
 provide to Customer such information received by BNY Mellon in its capacity as custodian
 that could, in Customer's reasonable belief, assist Customer or its designee in
 the submission of any reports or returns with respect to Tax Obligations. An Authorized
 Person will inform BNY Mellon in writing as to which party or parties will receive information
 from BNY Mellon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY
 Mellon will, upon receipt of sufficient Tax Information from Customer (as reasonably
 determined by BNY Mellon), file claims for exemptions or refunds with respect to withheld
 taxes in those markets where it provides such services and subject to BNY Mellon's
 service level description (in each case as made available to Customer from time to time).
 Where Customer (for whatever reason) fails or neglects to provide BNY Mellon with or
 to review and confirm the Tax Information within the time stipulated by BNY Mellon, then
 such failure or neglect may result in the disapplication of withholding tax relief or
 the obligation on Customer to immediately return amounts already refunded by a tax authority.
 Customer may, however, elect to appoint its own tax agent to file claims for exemptions
 or refunds in any or all markets, with advance notice to BNY Mellon of such appointment
 and subject to such terms as separately agreed in writing between Customer and BNY Mellon;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) BNY
 Mellon or the applicable Subcustodian will withhold appropriate amounts, as required
 by applicable tax laws, with respect to amounts received and is authorized to debit the
 relevant Account in the amount of a Tax Obligation and to pay such amount to the appropriate
 taxing authority.

Customer's receipt of the foregoing services is dependent upon its subscription to BNY Mellon's information reporting system, and Customer will be responsible for enrolling its designated Authorized Persons in such system. Customer acknowledges that BNY Mellon may, at any time, amend the scope of its tax service offering and notice of such changes will be made available to BNY Mellon's customers through its information reporting system. Such changes may require additional documentation, attestations or declarations to be entered into by Customer in order to continue receiving the relevant tax service in a particular market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer
 acknowledges that BNY Mellon is a service provider and not an economic beneficiary of
 any transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer
 will be responsible for understanding its Tax Obligations, and will be solely responsible
 and liable for all Tax Obligations with respect to any Assets held on behalf of Customer
 and any transaction related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Customer
 will provide BNY Mellon with Tax Information to enable BNY Mellon to comply with BNY
 Mellon's obligations under any applicable tax laws or with any tax authority enquiry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Customer
 acknowledges and agrees that none of BNY Mellon nor any BNY Mellon Affiliate is a tax
 adviser and none of BNY Mellon nor any BNY Mellon Affiliate will, under any circumstances,
 provide tax advice to Customer. Customer will obtain its own independent tax advice for
 any tax-related matters or Tax Obligations.

**7.2** **Payments** 

Where BNY Mellon receives Instructions to make distributions or transfers out of an Account in order to pay Customer's third party service providers, Customer acknowledges that in making such payments BNY Mellon is acting in an administrative capacity, and not as the payor, for tax information reporting and withholding purposes.

**8.** **CREDITS AND ADVANCES** 

**8.1** **Contractual Settlement and Income** 

BNY Mellon may, in its sole discretion, as a matter of bookkeeping convenience, credit the relevant Account with the proceeds resulting from the purchase, sale, redemption or other delivery or receipt of Securities, or interest, dividends or other distributions payable on Securities prior to its actual receipt thereof. All such credits will be conditional until BNY Mellon's actual receipt of such proceeds and may be reversed by BNY Mellon to the extent that such proceeds are not received. Actual receipt of proceeds with respect to a transaction will not be deemed to have occurred, and the transaction will not be considered final, until BNY Mellon has received sufficient immediately available funds or Securities specifically applicable to such transaction that, under applicable local law, rule or practice, are irreversible.

**8.2** **Advances** 

If BNY Mellon receives an Instruction that, if processed, would result in an overdraft in an Account, BNY Mellon may, in its sole discretion, advance funds in any currency hereunder; however, BNY Mellon will have no obligation to advance its own funds.

**8.3** **Payment** 

If: (a) BNY Mellon has advanced funds to an Account; (b) an overdraft has occurred in an Account (including overdrafts incurred in connection with the settlement of securities transactions, funds transfers or foreign exchange transactions) or (c) Customer is for any other reason indebted to BNY Mellon, Customer agrees to pay BNY Mellon (on demand or upon becoming aware thereof) the amount of such advance, overdraft or indebtedness, plus accrued interest at a rate then charged by BNY Mellon to its institutional custody clients in the relevant currency.

**8.4** **Securing Payment** 

In order to secure payment of Customer's obligations (whether or not matured) to BNY Mellon or any BNY Mellon Affiliate, relating to or arising under this Agreement or any other agreement with BNY Mellon or any BNY Mellon Affiliate, and in addition to any preference, lien or other rights and security interest to which BNY Mellon or such BNY Mellon Affiliate may be entitled under applicable law or any other agreement, Customer hereby pledges and grants to BNY Mellon and such BNY Mellon Affiliate, and agrees BNY Mellon and such BNY Mellon Affiliate will have to the maximum extent permitted by law, a continuing first lien and security interest in: (a) all of Customer's right, title and interest in and to all Accounts in Customer's name and the Assets now or hereafter held in such Accounts (including proceeds thereof) and (b) any other property at any time held by BNY Mellon or any BNY Mellon Affiliate for Customer; provided that Customer does not hereby grant a security interest in any Securities issued by an affiliate (as defined in Section 23A of the U.S. Federal Reserve Act and related implementing regulations (Regulation W, 12 C.F.R. part 223)) of BNY Mellon (such securities, "**Affiliate Securities**") with the exception of Affiliate Securities that (i) constitute "eligible affiliated mutual fund securities" as defined in Section 223.24(c) of Regulation W (12 C.F.R. 223.24(c)) and (ii) meet the requirements in Section 223.24(c) of Regulation W (12 C.F.R. 223.24(c)). Customer represents, warrants and covenants that it owns the Assets in the Accounts, and such other property at any time held by BNY Mellon or any BNY Mellon Affiliate for Customer, free and clear of all liens, claims and security interests (except for those granted in accordance with this Agreement or as otherwise acknowledged in writing by BNY Mellon), and that the first lien and security interest granted herein will be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any third party (other than specific liens granted preferred status by statute). Customer will take any additional steps required to assure BNY Mellon of such priority security interest, including notifying third parties or obtaining their consent. BNY Mellon will be entitled to collect from the Accounts sufficient Cash for reimbursement, and if such Cash is insufficient, to sell Securities to the extent necessary to obtain reimbursement. In this regard, BNY Mellon will be entitled to all the rights and remedies of a pledgee, secured creditor and/or securities intermediary under applicable laws, rules and regulations as then in effect as if Customer is in default.

**8.5** **Setoff** 

BNY Mellon has the right to debit any Cash for any amount payable by Customer in connection with any and all obligations (whether or not matured) of a Customer to BNY Mellon or any BNY Mellon Affiliate, relating to or arising under this Agreement or any other agreement with BNY Mellon or any BNY Mellon Affiliate. In addition to the rights of BNY Mellon or such BNY Mellon Affiliate under applicable law or any other agreement, at any time when a Customer has not honored any of its obligations to BNY Mellon or such BNY Mellon Affiliate, BNY Mellon will have the right without notice to Customer to retain or set-off against such obligations of a Customer any cash BNY Mellon or any BNY Mellon Affiliate may directly or indirectly hold for a Customer, and any obligations (whether or not matured) that BNY Mellon or any BNY Mellon Affiliate may have to a Customer in any currency. Any such cash of, or obligation to, a Customer may be transferred to BNY Mellon and any BNY Mellon Affiliate in order to effect the above rights. The Accounts or assets of any one particular Customer may not be used to satisfy the obligations of any other Customer. No lien or security interest in, or right of setoff against, the Accounts or other assets of one particular Customer shall apply to another Customer.

**8.6** **Currency Conversion** 

BNY Mellon is hereby authorized to effect any necessary currency conversions in order to exercise its rights under this Section 8 at BNY Mellon's own rate of exchange then prevailing.

**9.** **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** 

**9.1** **Statements** 

BNY Mellon shall make available to the Customer daily transactions as promptly as practicable in its ordinary course processing, after the close of business or each business day. BNY Mellon will make available to Customer, through the Electronic Access Services, a monthly statement (or report for such other time period as the Parties may agree upon from time to time) reflecting all transfers to or from the Accounts during such month and all holdings in the Accounts as of the last business day of such month (or as of such other date(s) as the Parties may agree upon from time to time). Customer will promptly review each such statement and, within ninety (90) days of when such statement is made available by BNY Mellon, notify BNY Mellon of any exception or objection thereto. Notwithstanding the foregoing, Customer may notify BNY Mellon of any such exceptions or objections at any time; provided, however, that BNY Mellon will not be responsible or liable for any losses that could have been mitigated had such notice been provided during such ninety (90) day period.

**9.2** **Books and Records** 

BNY Mellon will maintain accurate books and records associated with its services. The books and records directly pertaining to the Accounts which are in the possession of BNY Mellon will be the property of Customer. BNY Mellon will identify on its books and records the Assets belonging to Customer, whether held directly or indirectly through Subcustodians or Depositories. Securities held in the Accounts will be held in registered form in the name of BNY Mellon or one of its nominees and will be segregated on BNY Mellon's books and records from BNY Mellon's own property. Customer and its authorized representatives (including the Customer's independent public accountants) will have the right, at Customer's own expense and with reasonable prior written notice to BNY Mellon, to have reasonable access to those books and records directly pertaining to the Accounts. Any such access will occur during BNY Mellon's normal business hours and will be subject to BNY Mellon's applicable security and confidentiality policies and procedures. Upon Customer's reasonable request, copies of those books and records directly pertaining to the Accounts will be provided by BNY Mellon to Customer or its authorized representative. BNY Mellon shall reasonably cooperate with a Customer's independent public accountants and shall provide such information, as may be reasonably requested by a Fund and subject to BNY Mellon's applicable security and confidentiality policies and procedures, from time to time, to such accountants for the expression of their opinion.

**9.3** **Third Party Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer
 acknowledges that BNY Mellon will be receiving, utilizing and relying on Market Data
 and other data provided by Customer and/or by third parties in connection with its performance
 of the services hereunder (collectively, "**Third Party Data** "). BNY
 Mellon is entitled to rely without inquiry on all Third Party Data provided to BNY Mellon
 hereunder (and all Instructions related to Third Party Data), and BNY Mellon makes no
 assurances or warranties in relation to the accuracy or completeness of Third Party Data
 and will not be responsible or liable for any losses or damages incurred as a result
 of any Third Party Data that is inaccurate or incomplete. BNY Mellon may follow Instructions
 with respect to Third Party Data, even if such Instructions direct BNY Mellon to override
 its usual procedures and data sources or if BNY Mellon, in performing services for itself
 or others (including services similar to those performed for Customer), receives different
 Third Party Data for the same or similar Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Although
 statements and reports provided by BNY Mellon hereunder with respect to the Accounts
 may contain values of, and pricing information in relation to, Securities held pursuant
 to this Agreement, BNY Mellon does not undertake any duty or responsibility under this
 Agreement to report such values or pricing information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Certain
 Market Data may be the intellectual property of Market Data Providers, which impose additional
 terms and conditions upon Customer's use of such Market Data. Such additional terms
 and conditions can be found on the Data Terms Website. Customer agrees to those terms
 and conditions as they are posted on the Data Terms Website from time to time.

**10.** **DISCLOSURES** 

**10.1** **Required Disclosure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With
 respect to Securities that are registered under the U.S. Securities Exchange Act of 1934,
 as amended, or that are issued by an issuer registered under the 1940 Act, the U.S. Shareholder
 Communications Act of 1985 (the "**Act**") requires BNY Mellon to disclose
 to issuers of such Securities, upon their request, the name, address and securities position
 of BNY Mellon's clients who are "beneficial owners" (as defined in
 the Act) of the issuer's Securities, unless the beneficial owner objects to such
 disclosure. The Act defines a "beneficial owner" as any person who has or
 shares the power to vote a security (pursuant to an agreement or otherwise) or who directs
 the voting of a security. Customer has designated on the signature page hereof whether
 (i) as beneficial owner, it objects to the disclosure of its name, address and securities
 position to any U.S. issuer that requests such information pursuant to the Act for the
 specific purpose of direct communications between such issuer and Customer or (ii) it
 requires BNY Mellon to contact the relevant investment manager with respect to relevant
 Securities to make the decision as to whether it objects to the disclosure of the beneficial
 owner's name, address and securities position to any U.S. issuer that requests
 such information pursuant to the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With
 respect to certain Securities issued outside the United States, BNY Mellon may disclose
 information to issuers of Securities as required by the organizational documents of the
 relevant issuer or in accordance with local market practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 connection with any disclosure contemplated by this Section 10, Customer agrees to supply
 BNY Mellon with any required information.

**10.2** **Foreign Exchange Transactions** 

In connection with this Agreement, Customer may enter into foreign exchange transactions (including foreign exchange hedging transactions) with BNY Mellon or a BNY Mellon Affiliate acting as a principal through customary channels. Customer may issue standing Instructions with respect to any such foreign exchange transactions, subject to any terms, rules or limitations that apply to any foreign exchange facility made available to Customer. With respect to any such foreign exchange transactions, BNY Mellon or such BNY Mellon Affiliate is acting as a principal counterparty on its own behalf which may retain any profits from such foreign exchange transactions, and is not acting as a fiduciary or agent for, or on behalf of, Customer, its investment manager or any Account.

**10.3** **Investment of Cash** 

In connection with this Agreement, Customer may issue standing Instructions to invest Cash in one or more sweep investment vehicles. Such investment vehicles may be offered by a BNY Mellon Affiliate or by a client of BNY Mellon, and BNY Mellon may receive compensation therefrom. By making investment vehicles available, BNY Mellon and its Affiliates will not be deemed to have recommended, endorsed or guaranteed any such investment vehicle in any way or otherwise to have acted as a fiduciary or agent for, or on behalf of, Customer, its investment manager or any Account. BNY Mellon will have no liability for any loss incurred on any such investments. Customer understands that Cash may be uninvested if it is received or reconciled to an Account after the applicable deadline to be swept into Customer's selected investment vehicle.

**11.** **REGULATORY MATTERS** 

**11.1** **USA PATRIOT Act** 

Section 326 of the U.S. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (including its implementing regulations) requires BNY Mellon to implement a customer identification program pursuant to which BNY Mellon must obtain certain information from Customer in order to verify Customer's identity prior to establishing an Account. Accordingly, prior to establishing an Account, Customer will be required to provide BNY Mellon with certain information, including Customer's name, physical address, tax identification number and other pertinent identifying information, to enable BNY Mellon to verify Customer's identity. Customer acknowledges that BNY Mellon cannot establish an Account unless and until BNY Mellon has successfully performed such verification.

**11.2** **Sanctions; Anti-Money Laundering** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Throughout
 the term of this Agreement, Customer: (i) will have in place and will implement policies
 and procedures designed to prevent violations of Sanctions, including measures to accomplish
 effective and timely scanning of all relevant data with respect to its clients (to the
 extent the Assets are client assets) and with respect to incoming or outgoing assets
 or transactions relating to this Agreement; (ii) will ensure that neither Customer nor
 any of its Affiliates, directors, officers, employees or clients (to the extent the Assets
 are client assets) is an individual or entity that is, or is owned or controlled by an
 individual or entity that is: (A) the target of Sanctions or (B) located, organized or
 resident in a country or territory that is, or whose government is, the target of Sanctions
 and (iii) will not, directly or indirectly, use the Accounts in any manner that would
 result in a violation by Customer or BNY Mellon of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer
 acknowledges and agrees that, in connection with the services provided by BNY Mellon
 under this Agreement, each of the Parent Fund's authorized participants is not
 a customer or joint customer with BNY Mellon. Customer (and not BNY Mellon) has the responsibility
 to, and will, fulfill any compliance requirement or obligation with respect to each of
 its authorized participants under all Anti-Money Laundering Laws. Without limiting any
 obligation imposed on Customer by Anti-Money Laundering Laws, throughout the term of
 this Agreement, each Parent Fund will maintain a compliance program with respect to its
 authorized participants that includes the following: (i) a know-your-customer program
 in order to understand and verify the identity of each authorized participant, in accordance
 with the requirements of the Bank Secrecy Act and the relevant regulations thereunder,
 (ii) a transaction surveillance and monitoring program, and (iii) a policy for identifying
 and reporting any suspicious transactions and/or activities with respect to each authorized
 participant to the appropriate law enforcement and regulatory authorities and to BNY
 Mellon where related to the services provided by BNY Mellon hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer
 will promptly provide to BNY Mellon such information as BNY Mellon reasonably requests
 in connection with the matters referenced in this Section 11.2, including information
 regarding (i) the Accounts, (ii) the Assets and the source thereof, (iii) the identity
 of any individual or entity having or claiming an interest therein, and (iv) Customer's
 anti-money laundering and Sanctions compliance programs and any related records and/or
 transaction information, including with respect to any authorized participant, regardless
 of whether such request is made under USA PATRIOT Act Section 314(b) (where applicable).
 Customer will cooperate with BNY Mellon and provide assistance reasonably requested by
 BNY Mellon in connection with any anti-money laundering and terrorist financing or Sanctions
 inquiries. Prior to delivering to BNY Mellon the assets of any authorized participant,
 Customer will obtain from each such authorized participant, and will continue to maintain
 in effect throughout the term of this Agreement, any consents or waivers that may be
 required under applicable law in order to comply with the foregoing obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY
 Mellon may decline to act or provide services in respect of any Account, and take such
 other actions as it, in its reasonable discretion, deems necessary or advisable, in connection
 with the matters referenced in this Section 11.2. If BNY Mellon declines to act or provide
 services as provided in the preceding sentence, except as otherwise prohibited by applicable
 law or official request, BNY Mellon will inform Customer as soon as reasonably practicable.

**12.** **COMPENSATION** 

**12.1** **Fees and Expenses** 

In consideration of BNY Mellon's services provided hereunder, Customer will (a) pay to BNY Mellon the fees set forth in the agreed upon fee schedule (as such fee schedule may be amended by mutual agreement between BNY Mellon and Customer) and (b) reimburse BNY Mellon for any reasonable out-of-pocket and incidental expenses incurred by BNY Mellon in connection therewith. Unless otherwise agreed by the Parties, such amounts will be payable to BNY Mellon within thirty (30) days of Customer's receipt of the relevant invoice. Without limiting BNY Mellon's other rights set forth in this Agreement, BNY Mellon may charge interest on overdue amounts at a rate then charged by BNY Mellon to its institutional custody clients in the relevant currency. The Parties shall mutually agree to any new fees and/or expenses to be charged to the Customer that are related to any changes to the services required by any new applicable law, rule or regulation. Notwithstanding the foregoing, all fees shall be paid to BNY Mellon in its role as custodian to the Parent Fund.

**12.2** **Other Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer
 acknowledges that, as part of BNY Mellon's compensation, BNY Mellon will earn interest
 on Cash balances held by BNY Mellon (including disbursement balances, balances arising
 from purchase and sale transactions and when Cash otherwise remains uninvested) as provided
 in BNY Mellon's compensation disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 an error or omission has occurred under this Agreement that results in an unintended
 gain, provided that Customer is put in the same or equivalent position as it would have
 been in had such error or omission not occurred, any such gain will be solely for the
 account of BNY Mellon without any duty to report such gain to Customer.

**13.** **REPRESENTATIONS, WARRANTIES AND COVENANTS** 

**13.1** **BNY Mellon** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY
 Mellon represents and warrants that: (a) it is duly organized, validly existing and in
 good standing in its jurisdiction of organization; (b) it has the requisite corporate
 power and authority to enter into and to carry out the transactions contemplated by this
 Agreement and (c) the individual executing this Agreement on its behalf has the requisite
 authority to bind BNY Mellon to this Agreement including by Electronic Signature, and
 any such Electronic Signature represents an intent to enter into this Agreement and an
 agreement with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY
 Mellon represents and warrants that it is conducting its business in material compliance
 with laws applicable to the services hereunder, and has obtained regulatory licenses,
 approvals and consents necessary to provide the services contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BNY
 Mellon represents and warrants that the Agreement has been duly authorized, executed
 and delivered by BNY Mellon and constitutes a valid and legally binding obligation of
 BNY Mellon, enforceable in accordance with its terms except as such enforceability may
 be limited by applicable bankruptcy, insolvency, reorganization or other similar law
 affecting the enforcement of creditors' rights generally, and there is no statute,
 regulation, rule, order or judgment binding on it, and no provision of its charter or
 by-laws, nor of any mortgage, indenture, credit agreement or other contract binding on
 it or affecting its property, which would prohibit its execution or performance of this
 Agreement.

**13.2** **Customer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer
 represents and warrants that: (i) it is duly organized, validly existing and in good
 standing in its jurisdiction of organization; (ii) it has the requisite corporate power
 and authority to enter into and to carry out the transactions contemplated by this Agreement;
 and (iii) the individual executing this Agreement on its behalf has the requisite authority
 to bind Customer to this Agreement including by Electronic Signature, and any such Electronic
 Signature represents an intent to enter into this Agreement and an agreement with its
 terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer
 represents, warrants and covenants that (i) its Parent Fund or its investment manager
 has determined that the custody arrangements of each Depository maintaining "Foreign
 Assets" (as defined in Rule 17f-5 under the 1940 Act) provide reasonable safeguards
 against the custody risks associated with maintaining assets with such Depository within
 the meaning of Rule 17f-7 under the 1940 Act and (ii) it shall manage its borrowings,
 including without limitation any advance or overdraft (including any daylight overdraft)
 in an Account, so that the aggregate of its total borrowings do not exceed the amount
 each Customer and its Parent Fund is permitted to borrow under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer
 represents and warrants that all actions taken, or to be taken, by or on behalf of Customer
 in connection with establishing, maintaining, operating or terminating Customer (including,
 any offer, sale or distribution of the shares of, or interest in, Customer) shall be
 done in compliance with all applicable U.S. state and federal securities laws and regulations
 and all other applicable laws and regulations of all applicable jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Customer
 represents and warrants that this Agreement has been duly authorized, executed and delivered
 by the Customer, constitutes a valid and legally binding obligation of the Customer,
 enforceable in accordance with its terms except as such enforceability may be limited
 by applicable bankruptcy, insolvency, reorganization or other similar law affecting the
 enforcement of creditors' rights generally, and there is no statute, regulation,
 rule, order or judgment binding on it, and no provision of its charter or by-laws, nor
 of any mortgage, indenture, credit agreement or other contract binding on it or affecting
 its property, which would prohibit its execution or performance of this Agreement.

**14.** **LIABILITY** 

**14.1** **Standard of Care** 

In performing its duties under this Agreement, BNY Mellon will exercise the standard of care and diligence that a professional custodian would observe in these affairs taking into account the prevailing laws, rules, practices, procedures and circumstances in the relevant market and shall perform its duties and obligations without negligence, fraud, bad faith or willful misconduct ("**Standard of Care**").

**14.2** **Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY
 Mellon's liability arising out of or relating to this Agreement will be limited
 solely to those direct damages that are caused by BNY Mellon's failure to perform
 its obligations under this Agreement in accordance with the Standard of Care. In no event
 will BNY Mellon be liable for any indirect, incidental, consequential, exemplary, punitive
 or special losses or damages, or for any loss of revenues, profits or business opportunity,
 arising out of or relating to this Agreement (whether or not foreseeable and even if
 BNY Mellon has been advised of the possibility of such losses or damages).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 anything to the contrary set forth in this Agreement, in no event will BNY Mellon be
 liable for any losses or damages arising out of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Customer's
 or an Authorized Person's decision to invest in or hold Assets in any particular
 country, including any losses or damages arising out of or relating to: (A) the financial
 infrastructure of a country; (B) a country's prevailing custody and settlement
 practices; (C) nationalization, expropriation or other governmental actions; (D) a country's
 regulation of the banking or securities industry; (E) currency and exchange controls,
 restrictions, devaluations, redenominations, fluctuations or asset freezes; (F) laws,
 rules, regulations or orders that at any time prohibit or impose burdens or costs on
 the transfer of Assets to, by or for the account of Customer or (G) market conditions
 which affect the orderly execution of securities transactions or affect the value of
 securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY
 Mellon's reliance on Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) BNY
 Mellon's receipt or acceptance of fraudulent, forged or invalid Securities (or
 Securities which are otherwise not freely transferable or deliverable without encumbrance
 in any relevant market);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For
 any matter with respect to which BNY Mellon is required to act only upon the receipt
 of Instructions, (A) BNY Mellon's failure to act in the absence of such Instructions
 or (B) Instructions that are late or incomplete or do not otherwise satisfy the requirements
 of Section 3.2(e), whether or not BNY Mellon acted upon such Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) BNY
 Mellon receiving or transmitting any data to or from Customer or any Authorized Person
 via any non-secure method of transmission or communication selected by Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Customer's
 or an Authorized Person's decision to invest in Securities or to hold Cash in any
 currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The
 insolvency of any Person, including a Subcustodian that is not a BNY Mellon Affiliate,
 Depository, broker, bank or a counterparty to the settlement of a transaction or to a
 foreign exchange transaction, except to the extent arising directly from BNY Mellon's
 failure to exercise the Standard of Care in selecting, retaining, and monitoring a Subcustodian
 that is not a BNY Mellon Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Any
 inability of BNY Mellon, a Subcustodian or any of their respective agents to file claims
 for exemptions or refunds or otherwise obtain relief from Tax Obligations due to (A)
 Customer's failure to provide, or delay in providing, Tax Information to BNY Mellon,
 (B) any failure of Customer to comply with applicable tax laws, or (C) any failure or
 refusal of any taxing authority to provide such relief; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The
 use of any third party appointed or selected by Customer, or by BNY Mellon at the express
 request of Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 BNY Mellon is in doubt as to any action it should or should not take, either pursuant
 to, or in the absence of, Instructions, BNY Mellon may obtain the advice of either reputable
 counsel of its own choosing at BNY Mellon's expense or counsel to Customer at Customer's
 expense, and BNY Mellon will not be liable for acting in accordance with such advice

**14.3** **Force Majeure** 

BNY Mellon will not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement to the extent caused, directly or indirectly, by natural disasters, fire, acts of God, strikes or other labor disputes, work stoppages, acts of war or terrorism, general civil unrest, actual or threatened epidemics, disease, act of any government, governmental authority or police or military authority, declared or threatened state of emergency, legal constraint, the interruption, loss or malfunction of utilities or transportation, communications or computer systems, or any other similar events beyond its reasonable control. BNY Mellon will use commercially reasonable efforts to minimize the effect of any such events.

**14.4** **Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer
 will indemnify and hold harmless BNY Mellon from and against all losses, costs, expenses,
 damages and liabilities (including reasonable counsel fees and expenses) incurred by
 BNY Mellon arising out of or relating to BNY Mellon's performance under this Agreement,
 except to the extent resulting from BNY Mellon's failure to perform its obligations
 under this Agreement in accordance with the Standard of Care. The Parties agree that
 the foregoing will include reasonable counsel fees and expenses incurred by BNY Mellon
 in its successful defense of claims that are asserted by Customer against BNY Mellon
 arising out of or relating to BNY Mellon's performance under this Agreement. Any
 obligations of a Customer under this Section 14.4 with respect to a particular Customer
 will not be satisfied out of the assets of another Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to the limitation of liability in Section 14.2(a) herein, BNY Mellon will indemnify and
 hold harmless the Customer from and against losses, costs, expenses, damages and liabilities
 (including reasonable counsel fees and expenses) incurred by the Customer as the direct
 result of BNY Mellon's failure to meet the Standard of Care, except to the extent
 resulting from the Customer's negligence, fraud, bad faith or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 the event of any demand, or any civil, criminal, administrative, or investigative claim,
 action, or proceeding for which one Party may be required to indemnify the other Party,
 the indemnified Party shall promptly notify the indemnifying Party of such assertion,
 and shall keep the indemnifying Party advised with respect to all developments concerning
 such claim; provided, however, that any failure by the indemnified Party to provide such
 notice shall not relieve the indemnifying Party of its obligations to indemnify and hold
 harmless the indemnified Party under this Agreement except to the extent the indemnifying
 Party can demonstrate actual prejudice as a result of such failure. The indemnifying
 Party shall have the option to participate with the indemnified Party in the defense
 of such claim or to defend against said claim in its own name or in the name of the indemnified
 Party. The indemnified Party shall in no case confess any claim or make any compromise
 in any case in which the indemnifying Party may be required to indemnify the indemnified
 Party except with the indemnifying Party's prior written consent. In no event will
 the Customer or BNY Mellon be liable for any settlement of any action or claim effected
 without its prior written consent.

**15.** **CONFIDENTIALITY** 

**15.1** **Confidentiality Obligations** 

Each Party agrees to use the Confidential Information of the other Party solely to accomplish the purposes of this Agreement and, except in connection with such purposes or as otherwise permitted herein, not to disclose such information to any other Person without the prior written consent of the other Party. Notwithstanding the foregoing, BNY Mellon may: (a) use Customer's Confidential Information in connection with certain functions performed on a centralized basis by BNY Mellon, its Affiliates and joint ventures and their service providers (including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, compilation and analysis of customer-related data and storage); (b) disclose such information to its Affiliates and joint ventures and to its and their service providers who are subject to confidentiality obligations and need to know such information in connection with the performance of BNY Mellon's duties or obligations under this Agreement; provided however that unless such Customer Confidential Information is aggregated and anonymized, no such consent is provided for disclosure of Confidential Information to Affiliates or joint ventures operating as a registered investment adviser or investment adviser to mutual funds, exchange traded funds, other collective investment vehicle, separate accounts or other investment management products and (c) store the names and business contact information of Customer's employees and representatives relating to this Agreement on the systems or in the records of its Affiliates and joint ventures and its and their service providers. In addition, BNY Mellon may aggregate information regarding Customer and the Accounts on an anonymized basis with other similar client data for BNY Mellon's and its Affiliates' reporting, research, product development and distribution, and marketing purposes.

**15.2** **Exceptions** 

The Parties' respective obligations under Section 15.1 will not apply to any such information: (a) that is, as of the time of its disclosure or thereafter becomes, part of the public domain through a source other than the receiving Party; (b) that was known to the receiving Party as of the time of its disclosure and was not otherwise subject to confidentiality obligations; (c) that is independently developed by the receiving Party without reference to such information; (d) that is subsequently learned from a third party not known to be under a confidentiality obligation to the disclosing Party or (e) that is required to be disclosed pursuant to applicable law, rule, regulation, requirement of any law enforcement agency, court order or other legal process or at the request of a regulatory authority. In addition, notwithstanding any provision of this Agreement to the contrary, Parent Fund may, if required, file electronically copies of this Agreement and any amendments thereto with the SEC as a material agreement to the Parent Fund's registration statement and such filings are public.

**16.** **TERM AND TERMINATION** 

**16.1** **Term** 

The term of this Agreement will commence on the Effective Date and will continue in effect until terminated in accordance with the provisions herein.

**16.2** **Termination** 

Each Party may terminate this Agreement by giving to the other Party a notice in writing specifying the date of such termination, which will be not less than ninety (90) days after the date of such notice. The termination of this Agreement by one Customer shall not automatically terminate this Agreement for any other Customer on Appendix I. The removal of a Customer from Appendix I, for any reason, shall not be deemed a termination of this Agreement.

Either Party hereto may terminate this Agreement immediately by sending notice thereof to the other Party upon the happening of any of the following: (i) a Party commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against such Party any such case or proceeding; (ii) a Party commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for such Party or any substantial part of its property or there is commenced against the Party any such case or proceeding; or (iii) a Party makes a general assignment for the benefit of creditors.

**16.3** **Effect of Termination** 

Upon termination hereof, Customer will pay to BNY Mellon such compensation as may be due to BNY Mellon, and will reimburse BNY Mellon for other amounts payable or reimbursable to BNY Mellon hereunder, through the date of termination. As soon as practical following the service of a termination notice (and in any case not less than 30 days before the termination of this Agreement), Customer will give BNY Mellon the details of the successor custodian or other person or persons to whom the Assets are to be transferred. BNY Mellon will follow such reasonable Instructions as Customer issues concerning the transfer of custody of records, Assets and other items; provided that (a) BNY Mellon will have no responsibility or liability for shipping and insurance costs associated therewith and (b) full payment has been made to BNY Mellon of its compensation, costs, expenses and other amounts to which it is entitled hereunder. If any Assets remain in any Account after termination, BNY Mellon may deliver to Customer such Assets. The terms of this Agreement (including the terms relating to fees payable to BNY Mellon) will continue to apply from day to day until any transferable Asset is transferred in accordance with this Section, except that no additional Cash or Securities may be deposited with BNY Mellon or any Subcustodian after such date other than with BNY Mellon's express prior consent, and Customer will have a continuing obligation to provide BNY Mellon as soon as possible with the details of the Person or Persons to whom the remaining Assets are to be transferred.

**16.4** **Survival** 

Any and all provisions of this Agreement which by their nature or effect are required or intended to be observed, kept or performed after the expiration or termination of this Agreement will survive the expiration or any termination of this Agreement and remain binding upon and for the Parties' benefit, including Section 13 (Representations, Warranties and Covenants); Section 14 (Liability); Section 15 (Confidentiality); Section 16.3 (Effect of Termination); Section 16.4 (Survival) and Section 17.4 (Governing Law/Forum).

**17.** **GENERAL** 

**17.1** **Non-Custody Assets** 

At Customer's request pursuant to Instructions, subject to BNY Mellon's approval and as an accommodation to Customer, BNY Mellon will provide consolidated recordkeeping services reflecting on statements provided to Customer securities and other assets not held by BNY Mellon ("**Non-Custody Assets**"). Non-Custody Assets will be designated on BNY Mellon's books as "assets not held in custody" or by other similar designation and will not constitute Assets for purposes of this Agreement. Customer acknowledges and agrees that, notwithstanding anything contained elsewhere in this Agreement, (a) Customer will have no security entitlement against BNY Mellon with respect to Non-Custody Assets; (b) BNY Mellon will rely, without independent verification, on information provided by Customer or its designee regarding Non-Custody Assets (including positions and market valuations) and (c) BNY Mellon will have no responsibility whatsoever with respect to Non-Custody Assets or the accuracy of any information maintained on BNY Mellon's books or set forth on account statements concerning Non-Custody Assets.

**17.2** **Assignment/U.S. Special Resolution Regime Transferability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
 Party may, without the other Party's prior written consent, assign any of its rights
 or delegate any of its duties under this Agreement (whether by change of control, operation
 of law or otherwise); provided, however that BNY Mellon may, without the prior written
 consent of Customer but with notice to the Customer, assign this Agreement or any of
 its rights, or delegate any of its duties hereunder: (a) to any BNY Mellon Affiliate;
 (b) to any successor to the business of BNY Mellon to which this Agreement relates, in
 which event BNY Mellon agrees to provide notice of such successor to Customer or (c)
 as otherwise permitted in this Agreement; provided further that any entity to which this
 Agreement is assigned by BNY Mellon without the prior written consent of Customer pursuant
 to a foregoing item (a), (b) or (c) will satisfy the requirements for serving as a custodian
 for a subsidiary of a registered investment company. Any purported assignment or delegation
 by a Party in violation of this provision will be voidable at the option of the other
 Party. This Agreement will be binding upon, and inure to the benefit of, the Parties
 and their respective permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 anything herein to the contrary, in the event BNY Mellon becomes subject to a proceeding
 under a U.S. special resolution regime, the transfer of the Agreement (and any interest
 and obligation in or under, and any property securing, the Agreement) from BNY Mellon
 will be effective to the same extent as the transfer would be effective under the U.S.
 special resolution regime if the Agreement (and any interest and obligation in or under,
 and any property securing, the Agreement) were governed by the laws of the United States
 or a state of the United States; and, in the event BNY Mellon or any affiliate becomes
 subject to a proceeding under a U.S. special resolution regime, default rights with respect
 to the Agreement that may be exercised against BNY Mellon are permitted to be exercised
 to no greater extent than the default rights could be exercised under the U.S. special
 resolution regime if the Agreement were governed by the laws of the United States or
 a state of the United States.

**17.3** **Amendment** 

This Agreement may be amended or modified only in a written agreement signed by an authorized representative of each Party. For purposes of the foregoing, email exchanges between the Parties will not be deemed to constitute a written agreement.

**17.4** **Governing Law/Forum** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 substantive laws of the state of New York (without regard to its conflicts of law provisions)
 will govern all matters arising out of or relating to this Agreement, including the establishment
 and maintenance of the Accounts and for purposes of the Uniform Commercial Code and all
 issues specified in Article 2(1) of the Hague Securities Convention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Party irrevocably agrees that all legal actions or proceedings brought by it against
 the other Party arising out of or relating to this Agreement will be brought solely and
 exclusively before the state or federal courts situated in New York City, New York. Each
 Party irrevocably submits to personal jurisdiction in such courts and waives any objection
 which it may now or hereafter have based on improper venue or *forum non conveniens*.
 The Parties hereby unconditionally waive, to the fullest extent permitted by applicable
 law, any right to a jury trial with respect to any such actions or proceedings.

**17.5** **Business Continuity/Disaster Recovery** 

BNY Mellon will implement business continuity and disaster recovery plans designed to minimize interruptions of service and ensure recovery of systems and applications used to provide the services under this Agreement. Such plans will cover the facilities, systems, applications and employees that are critical to the provision of the services hereunder, and will be tested at least annually to validate whether the recovery strategies, requirements, and protocols are viable and sustainable.

**17.6** **Non-Fiduciary Status** 

Customer hereby acknowledges and agrees that BNY Mellon is not a fiduciary by virtue of accepting and carrying out its obligations under this Agreement and has not accepted any fiduciary duties, responsibilities or liabilities with respect to its services hereunder, including with respect to the management, investment advisory or sub-advisory functions of Customer.

**17.7** **Notices** 

Other than routine communications in the ordinary course of providing or receiving services hereunder (including Instructions), notices given hereunder will be: (a) addressed to BNY Mellon or Customer at the address set forth on the signature page (or such other address as either Party may designate in writing to the other Party) and (b) delivered either (i) by hand delivery, by certified mail, or by overnight delivery service, in each case with receipt acknowledged and postage or charges prepaid or (ii) by email (as a signed attachment). All notices given in accordance with this Section will be effective upon receipt.

**17.8** **Entire Agreement** 

This Agreement constitutes the sole and entire agreement among the Parties with respect to the matters dealt with herein, and merges, integrates and supersedes all prior and contemporaneous discussions, agreements and understandings between the Parties, whether oral or written, with respect to such matters.

**17.9** **No Third Party Beneficiaries** 

This Agreement is entered into solely between, and may be enforced only by, the Parties. Each Party intends that this Agreement will not, and no provision of this Agreement will be interpreted to, benefit, or create any right or cause of action in or on behalf of, any party or entity other than the Parties.

**17.10** **Counterparts** 

This Agreement may be executed in any number of counterparts, either manually or by Electronic Signature, each of which will be deemed an original, and said counterparts when taken together will constitute one and the same instrument and may be sufficiently evidenced by one set of counterparts. Executed counterparts may be delivered by facsimile or email.

**17.11** **Interpretation** 

The terms and conditions of this Agreement are the result of negotiations between the Parties. The Parties intend that this Agreement will not be construed in favor of or against a Party by reason of the extent to which such Party or its professional advisors participated in the preparation or drafting of this Agreement.

**17.12** **No Waiver** 

No failure or delay by a Party to exercise any right, remedy or power it has under this Agreement will impair or be construed as a waiver of such right, remedy or power. A waiver by a Party of any provision or any breach of any provision will not be construed to be a waiver by such Party of such provision in any other instance or any succeeding breach of such provision or a breach of any other provision.

**17.13** **Headings** 

All section and subsection headings in this Agreement are included for convenience of reference only and will not be considered in the interpretation of the scope or intent of any provision of this Agreement.

**17.14** **Severability** 

The invalidity, illegality or unenforceability of any provision of this Agreement will not affect the validity, legality or enforceability of any other provision, and if any provision is held to be unenforceable as a matter of law, the other provisions will remain in full force and effect. In such case, the Parties will negotiate in good faith to replace each illegal, invalid or unenforceable provision with a valid, legal and enforceable provision that fulfills as closely as possible the original intent of the Parties.

**17.15** **Several Obligations of the Customer** 

This Agreement is an agreement entered into between BNY Mellon and a Customer. With respect to any obligation of the Customer arising out of this Agreement, BNY Mellon shall look for payment or satisfaction of such obligation solely to the assets of the particular Customer to which such obligation relates as though BNY Mellon had separately contracted with the Customer by separate written instrument.

**17.16** **Information Security and Other Matters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY Mellon will implement and maintain an information security program with written policies and procedures reasonably designed to protect the confidentiality and integrity of the Customer's Confidential Information provided to BNY Mellon in accordance with this Agreement and when in BNY Mellon's possession or under BNY Mellon's control. The information security program will contain administrative, technical and physical safeguards, appropriate to the type of information concerned, reasonably designed to: (i) maintain the integrity, confidentiality and availability of such information; (ii) protect against any reasonably foreseeable threats or hazards to the security or integrity of such information; (iii) reasonably protect against unauthorized access to or use of such information that could result in substantial harm or inconvenience to the Customer; and (iv) provide for secure disposal of such information. BNY Mellon may revise its information security program as necessary and in its sole discretion at any time to address as it deems necessary any technological changes or changes in the threat landscape. BNY Mellon shall periodically test and audit its information security program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY Mellon shall: (i) promptly notify the Customer in the event of a declared Security Incident; (ii) provide updates to the Customer regarding BNY Mellon's response to the extent any such updates may be available and not privileged information or otherwise part of an investigation; and, (iii) use reasonable efforts to implement measures designed to prevent a reoccurrence of Security Incidents of a similar nature. "Security Incident", as used herein, shall mean any known loss or unauthorized access of Customer's Confidential Information that in BNY Mellon's reasonable determination is sufficiently serious enough to notify to Client.

[Signature page follows]

**IN WITNESS WHEREOF**, the Parties have executed this Agreement as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** | **VATS OFFSHORE FUND, LTD.** | **VATS OFFSHORE FUND, LTD.** |
| By: | /s/ Allison Gardner | By: | /s/ Brinton Frith |
| Name: | Allison Gardner | Name: | Brinton Frith |
| Title: | Senior Vice President | Title: | CFO |
| Date: | May 9, 2024 | Date: | May 9, 2024 |

---

---

| | |
|:---|:---|
| **Address for Notice:** | **Address for Notice:** |
| &nbsp;&nbsp;The Bank of New York Mellon<br>BNY Mellon Center<br>1 Boston Place<br>Boston, MA 02108<br>Attention: ______________________<br>| &nbsp;&nbsp;Virtus Investment Partners<br>One Financial Plaza<br>Hartford, CT 06103<br>Attention: Legal Dept.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section 10.1(a):<br>☐ <br> as beneficial owner, Customer objects to disclosure<br>☐ <br> as beneficial owner, Customer does not object to disclosure<br>☐<br> BNY Mellon will contact THE RELEVANT investment manager with respect to relevant Securities to make the decision whether it objects to disclosure<br>IF NO BOX IS CHECKED, BNY MELLON WILL RELEASE SUCH INFORMATION UNTIL IT RECEIVES A CONTRARY INSTRUCTION FROM CUSTOMER.<br>

BNY Mellon 40 Act ETF Subsidiary Custody (revised 8.25.2022)

**SCHEDULE I** 

**VATS OFFSHORE FUND, LTD.**

## Ex-99.(G)(3)(A)

**Exhibit 99(g)(3)(a)**

EXECUTION COPY

**AMENDMENT TO CUSTODY AGREEMENT**

This Amendment (this "*Amendment*") to the Custody Agreement dated May 9, 2024 (the "*Agreement*") is made effective as of July 28, 2025 (the "*Effective Date*"), severally and not jointly, by and among each Cayman exempted company listed on Schedule I (each individually a "*Customer*") and The Bank of New York Mellon (*"BNY"*).

**WHEREAS**, the parties wish to amend the Agreement to add Virtus AlphaSimplex Global Macro Offshore Fund, Ltd, as a party to the Agreement;

**NOW, THEREFORE**, for and in consideration of the mutual promises hereinafter set forth, the parties hereto agree as follows:

1. <u>Schedule I</u> to the Agreement is hereby deleted in its entirety and replaced with the new <u>Schedule I</u> attached hereto.

2. Capitalized
 terms used herein that are not specifically defined herein shall be as defined in the
 Agreement. Except as expressly amended hereby, all of the provisions of the Agreement
 shall continue in full force and effect; and are hereby ratified and confirmed in all
 respects. Upon the effectiveness of this Amendment, all references in the Agreement to
 "this Agreement" (and all indirect references such as "herein,"
 "hereby," "hereunder" and "hereof") shall be deemed
 to refer to the Agreement as amended by this Amendment.

3. This
 Amendment may be executed in two or more counterparts, each of which shall be an original,
 but all of which shall constitute but one agreement, by a manual signature on a copy
 of this Amendment transmitted by facsimile transmission, by a manual signature on a copy
 of this Amendment transmitted as an imaged document attached to an email, or by "**Electronic Signature** ", which is hereby defined to mean inserting an image, representation
 or symbol of a signature into an electronic copy of this Amendment by electronic, digital
 or other technological methods. Each counterpart executed in accordance with the foregoing
 shall be deemed an original, with all such counterparts together constituting one and
 the same instrument. The exchange of executed counterparts of this Amendment or of executed
 signature pages to counterparts of this Amendment, in either case by facsimile transmission
 or as an imaged document attached to an email transmission, shall constitute effective
 execution and delivery of this Amendment and may be used for all purposes in lieu of
 a manually executed and physically delivered copy of this Amendment.

[Remainder of page intentionally left blank.]

EXECUTION COPY

**IN WITNESS WHEREOF**, the parties have executed this Amendment to the Custody Agreement as of the date set forth above.

---

| | |
|:---|:---|
| VATS OFFSHORE FUND, LTD. | VATS OFFSHORE FUND, LTD. |
| By: | /s/ Brinton Frith |
| Name: | Brinton Frith |
| Title: | CFO |
| VIRTUS ALPHASIMPLEX GLOBAL MACRO OFFSHORE FUND, LTD. | VIRTUS ALPHASIMPLEX GLOBAL MACRO OFFSHORE FUND, LTD. |
| By: | /s/ Brinton Frith |
| Name: | Brinton Frith |
| Title: | CFO |
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: | /s/ Robert M. Stein, Jr. |
| Name: | Robert M. Stein, Jr. |
| Title: | Vice President |

---

EXECUTION COPY

**SCHEDULE I**

Effective as of July 28, 2025

VATS OFFSHORE FUND, LTD.

VIRTUS ALPHASIMPLEX GLOBAL MACRO OFFSHORE FUND, LTD.

## Ex-99.(H)(1)(C)

**Exhibit 99(h)(1)(c)**

*EXECUTION*

**AMENDMENT** 

**TO** 

**FUND ADMINISTRATION AND ACCOUNTING AGREEMENT**

This Amendment effective as of July 24, 2025 ("Effective Date") is by and between VIRTUS ETF TRUST II (the "Trust") and THE BANK OF NEW YORK MELLON ("BNY").

**BACKGROUND:**

A. The Trust and BNY are parties to a Fund Administration and Accounting Agreement dated as of December
17, 2015, as amended (the "Agreement") relating to BNY's provision of services to the Trust and its series (each
a "Series").

B. The parties desire to amend the Agreement as set forth herein.

C. This Background section is incorporated by reference into and made a part of this Amendment.

**TERMS:**

The parties hereby agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Exhibit A to the Agreement is hereby deleted and replaced in its entirety with Exhibit A attached
hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As amended and supplemented hereby, the Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties expressly agree that this Amendment may
be executed in one or more counterparts and expressly agree that such execution may occur by manual signature on a physically
delivered copy of this Amendment, by a manual signature on a copy of this Amendment transmitted by facsimile transmission, by
a manual signature on a copy of Amendment transmitted as an imaged document attached to an email, or by "**Electronic Signature** ",
which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of this Amendment
by electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed
an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts
of this Amendment or of executed signature pages to counterparts of this Amendment, in either case by facsimile transmission or
as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Amendment and
may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

*EXECUTION*

**IN WITNESS WHEREOF**, each of the parties hereto has caused this Amendment to be executed as of the Effective Date by its duly authorized representative indicated below. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

---

| | |
|:---|:---|
| **VIRTUS ETF TRUST II** | **VIRTUS ETF TRUST II** |
| On behalf of each Series identified on Exhibit A attached to the Agreement | On behalf of each Series identified on Exhibit A attached to the Agreement |
| By: | /s/ Brinton W. Frith |
| Name: Brinton W. Frith | Name: Brinton W. Frith |
| Title: CFO | Title: CFO |
| **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** |
| By: | /s/ Robert M. Stein, Jr. |
| Name: Robert M. Stein, Jr. | Name: Robert M. Stein, Jr. |
| Title: Vice President | Title: Vice President |

---

*EXECUTION*

**<u>EXHIBIT A</u>**

**<u>SERIES</u>**

Virtus Seix Senior Loan ETF

Virtus Terranova U.S. Quality Momentum ETF

Virtus Newfleet ABS/MBS ETF

Virtus Duff & Phelps Clean Energy ETF

Virtus Stone Harbor Emerging Markets High Yield Bond ETF

Virtus Newfleet Short Duration Core Plus Bond ETF

Virtus Newfleet Short Duration High Yield Bond ETF

Virtus AlphaSimplex Managed Futures ETF

Virtus KAR Mid-Cap ETF

Virtus Seix AAA Private Credit CLO ETF

Virtus AlphaSimplex Global Macro ETF

Virtus Stone Harbor International Bond ETF

Virtus IG Public & Private Credit ETF

## Ex-99.(H)(2)(B)

**Exhibit 99(h)(2)(b)**

*EXECUTION*

**AMENDMENT** 

**TO** 

**TRANSFER AGENCY AND SERVICE AGREEMENT**

This Amendment effective as of July 24, 2025 ("Effective Date") is by and between VIRTUS ETF TRUST II (the "Trust") and THE BANK OF NEW YORK MELLON (the "Bank").

**BACKGROUND:**

A. The Trust and the Bank are parties to a Transfer Agency and Service Agreement dated as of December
17, 2015, as amended (the "Agreement") relating to the Bank's provision of services to the Trust and its series
(each a "Series").

B. The parties desire to amend the Agreement as set forth herein.

C. This Background section is incorporated by reference into and made a part of this Amendment.

**TERMS:**

The parties hereby agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Appendix I to the Agreement is hereby deleted and replaced in its entirety with Appendix I attached
hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As amended and supplemented hereby, the Agreement shall remain in full force and effect.

*EXECUTION*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties expressly agree that this Amendment may be executed in one or more counterparts and
expressly agree that such execution may occur by manual signature on a physically delivered copy of this Amendment, by a manual
signature on a copy of this Amendment transmitted by facsimile transmission, by a manual signature on a copy of Amendment transmitted
as an imaged document attached to an email, or by "**Electronic Signature** ", which is hereby defined to mean inserting
an image, representation or symbol of a signature into an electronic copy of this Amendment by electronic, digital or other technological
methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together
constituting one and the same instrument. The exchange of executed counterparts of this Amendment or of executed signature pages
to counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to an email transmission,
shall constitute effective execution and delivery of this Amendment and may be used for all purposes in lieu of a manually executed
and physically delivered copy of this Amendment.

[Signature page follows.]

*EXECUTION*

**IN WITNESS WHEREOF**, each of the parties hereto has caused this Amendment to be executed as of the Effective Date by its duly authorized representative indicated below. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

---

| | |
|:---|:---|
| **VIRTUS ETF TRUST II** | **VIRTUS ETF TRUST II** |
| On behalf of each Series identified on Appendix I attached to the Agreement | On behalf of each Series identified on Appendix I attached to the Agreement |
| By: | /s/ Brinton W. Frith |
| Name: Brinton W. Frith | Name: Brinton W. Frith |
| Title: CFO | Title: CFO |
| **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** |
| By: | /s/ Robert M. Stein, Jr. |
| Name: Robert M. Stein, Jr. | Name: Robert M. Stein, Jr. |
| Title: Vice President | Title: Vice President |

---

*EXECUTION*

**APPENDIX I**

**SERIES**

Virtus Seix Senior Loan ETF

Virtus Terranova U.S. Quality Momentum ETF

Virtus Newfleet ABS/MBS ETF

Virtus Duff & Phelps Clean Energy ETF

Virtus Stone Harbor Emerging Markets High Yield Bond ETF

Virtus Newfleet Short Duration Core Plus Bond ETF

Virtus AlphaSimplex Managed Futures ETF

Virtus Newfleet Short Duration High Yield Bond ETF

Virtus KAR Mid-Cap ETF

Virtus Seix AAA Private Credit CLO ETF

Virtus AlphaSimplex Global Macro ETF

Virtus Stone Harbor International Bond ETF

Virtus IG Public & Private Credit ETF

## Ex-99.(H)(4)(A)

**Exhibit 99(h)(4)(a)**

**VIRTUS ETF TRUST II**

**AMENDMENT TO Exhibits a and c to** 

**ADMINISTRATIVE SERVICES AGREEMENT**

**THIS AMENDMENT** (the "***Amendment***") dated as of the 28<sup>th</sup> day of July, 2025, to Exhibits A and C to the Administrative Services Agreement, dated as of November 10, 2015 (the "***Administrative Services Agreement***"), is entered into by and between VIRTUS ETF TRUST II (the "***Trust***"), a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940, as amended (the "***1940 Act***"), and VIRTUS ETF SOLUTIONS LLC, a Delaware limited liability company with its principal place of business at 1301 Avenue of the Americas, 14<sup>th</sup> Floor, New York, NY 10019 (the "***Administrator***").

**WHEREAS,** each of the Trust and the Administrator is a party to the Administrative Services Agreement; and

**WHEREAS**, each of the Trust and the Administrator desires to amend the Administrative Services Agreement to replace Exhibits A and C.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Exhibit A to the Administrative Services Agreement is hereby deleted in its entirety and replaced with Exhibit A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exhibit C to the Administrative Services Agreement is hereby deleted in its entirety and replaced with Exhibit C attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except to the extent amended hereby, the Administrative Services Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.

---

| | | | |
|:---|:---|:---|:---|
| **VIRTUS ETF TRUST II** | **VIRTUS ETF TRUST II** | **VIRTUS ETF SOLUTIONS LLC** | **VIRTUS ETF SOLUTIONS LLC** |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ William J. Smalley<br>| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Daphne Chisolm <br>|
|  | William J. Smalley, President |  | Daphne Chisolm, Vice President |

---

**EXHIBIT A**

**<u>Series of the Trust</u>**

*(As of July 28, 2025)*

The following Funds are covered under this agreement:

Virtus AlphaSimplex Global Macro ETF

Virtus AlphaSimplex Managed Futures ETF

Virtus Duff & Phelps Clean Energy ETF

Virtus IG Public & Private Credit ETF

Virtus KAR Mid-Cap ETF

Virtus Newfleet ABS/MBS ETF

Virtus Newfleet Short Duration High Yield Bond ETF

Virtus Newfleet Short Duration Core Plus Bond ETF

Virtus Seix AAA Private Credit CLO ETF

Virtus Seix Senior Loan ETF

Virtus Stone Harbor Emerging Markets High Yield Bond ETF

Virtus Stone Harbor International Bond ETF

Virtus Terranova U.S. Quality Momentum ETF

**EXHIBIT C**

*(As of July 28, 2025)*

**A. Fund Operations and Administration**

The Adviser will pay to the Administrator as compensation for the Administrator's services rendered, a fee, computed daily at an annual rate based on the greater of (1) the minimum fee or (2) the average daily net assets of the respective Fund in accordance with the following fee schedule:

---

| | | |
|:---|:---|:---|
| Virtus AlphaSimplex Global Macro ETF | $0.0 | 0.01% |
| Virtus AlphaSimplex Managed Futures ETF | $0.0 | 0.01% |
| Virtus Duff & Phelps Clean Energy ETF | $0.0 | 0.01% |
| Virtus IG Public & Private Credit ETF | $0.0 | 0.01% |
| Virtus KAR Mid-Cap ETF | $0.0 | 0.01% |
| Virtus Newfleet ABS/MBS ETF | $0.0 | 0.01% |
| Virtus Newfleet Short Duration High Yield Bond ETF | $0.0 | 0.01% |
| Virtus Newfleet Short Duration Core Plus Bond ETF | $0.0 | 0.01% |
| Virtus Seix AAA Private Credit CLO ETF | $0.0 | 0.01% |
| Virtus Seix Senior Loan ETF | $0.0 | 0.01% |
| Virtus Stone Harbor Emerging Markets High Yield Bond ETF | $0.0 | 0.01% |
| Virtus Stone Harbor International Bond ETF | $0.0 | 0.01% |
| Virtus Terranova U.S. Quality Momentum ETF | $0.0 | 0.01% |

---

**B. Out-Of-Pocket and Related Expenses**

The Adviser shall also reimburse Administrator for reasonable out-of-pocket and related expenses incurred in the provision of services pursuant to this Agreement, including but not limited to the following: communications; postage and delivery services; record storage and retention; and reproduction.

## Ex-99.(H)(4)(B)

**Exhibit 99(h)(4)(b)**

**VIRTUS ETF TRUST II**

**AMENDMENT TO Exhibits a and c to** 

**ADMINISTRATIVE SERVICES AGREEMENT**

**THIS AMENDMENT** (the "***Amendment***") dated as of the [____] day of [__________], 2025, to Exhibits A and C to the Administrative Services Agreement, dated as of November 10, 2015 (the "***Administrative Services Agreement***"), is entered into by and between VIRTUS ETF TRUST II (the "***Trust***"), a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940, as amended (the "***1940 Act***"), and VIRTUS ETF SOLUTIONS LLC, a Delaware limited liability company with its principal place of business at 1301 Avenue of the Americas, 14<sup>th</sup> Floor, New York, NY 10019 (the "***Administrator***").

**WHEREAS,** each of the Trust and the Administrator is a party to the Administrative Services Agreement; and

**WHEREAS**, each of the Trust and the Administrator desires to amend the Administrative Services Agreement to replace Exhibits A and C.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Exhibit A to the Administrative Services Agreement is hereby deleted in its entirety and replaced with Exhibit A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exhibit C to the Administrative Services Agreement is hereby deleted in its entirety and replaced with Exhibit C attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except to the extent amended hereby, the Administrative Services Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.

---

| | | | |
|:---|:---|:---|:---|
| **VIRTUS ETF TRUST II** | **VIRTUS ETF TRUST II** | **VIRTUS ETF SOLUTIONS LLC** | **VIRTUS ETF SOLUTIONS LLC** |
| By: |  | By: |  |
|  | William J. Smalley, President |  | Matthew Brown, Executive Vice President |

---

**EXHIBIT A**

**<u>Series of the Trust</u>**

*(As of [___________], 2025)*

The following Funds are covered under this agreement:

Virtus AlphaSimplex Global Macro ETF

Virtus AlphaSimplex Managed Futures ETF

Virtus Duff & Phelps Clean Energy ETF

Virtus IG Public & Private Credit ETF

Virtus KAR Mid-Cap ETF

Virtus Newfleet ABS/MBS ETF

Virtus Newfleet Short Duration High Yield Bond ETF

Virtus Newfleet Short Duration Core Plus Bond ETF

Virtus Seix AAA Private Credit CLO ETF

Virtus Seix Senior Loan ETF

Virtus Stone Harbor Emerging Markets High Yield Bond ETF

Virtus Stone Harbor International Bond ETF

Virtus Systematic Emerging Markets Dividend ETF

Virtus Systematic Emerging Markets Equity ETF

Virtus Systematic International Dividend ETF

Virtus Systematic International Small Cap ETF

Virtus Systematic U.S. Dividend ETF

Virtus Systematic U.S. Small Cap Growth ETF

Virtus Terranova U.S. Quality Momentum ETF

**EXHIBIT C**

*(As of July 28, 2025)*

**A. Fund Operations and Administration**

The Adviser will pay to the Administrator as compensation for the Administrator's services rendered, a fee, computed daily at an annual rate based on the greater of (1) the minimum fee or (2) the average daily net assets of the respective Fund in accordance with the following fee schedule:

---

| | | |
|:---|:---|:---|
| Virtus AlphaSimplex Global Macro ETF | $0.0 | 0.01% |
| Virtus AlphaSimplex Managed Futures ETF | $0.0 | 0.01% |
| Virtus Duff & Phelps Clean Energy ETF | $0.0 | 0.01% |
| Virtus IG Public & Private Credit ETF | $0.0 | 0.01% |
| Virtus KAR Mid-Cap ETF | $0.0 | 0.01% |
| Virtus Newfleet ABS/MBS ETF | $0.0 | 0.01% |
| Virtus Newfleet Short Duration High Yield Bond ETF | $0.0 | 0.01% |
| Virtus Newfleet Short Duration Core Plus Bond ETF | $0.0 | 0.01% |
| Virtus Seix AAA Private Credit CLO ETF | $0.0 | 0.01% |
| Virtus Seix Senior Loan ETF | $0.0 | 0.01% |
| Virtus Stone Harbor Emerging Markets High Yield Bond ETF | $0.0 | 0.01% |
| Virtus Stone Harbor International Bond ETF | $0.0 | 0.01% |
| Virtus Terranova U.S. Quality Momentum ETF | $0.0 | 0.01% |

---

**B. Out-Of-Pocket and Related Expenses**

The Adviser shall also reimburse Administrator for reasonable out-of-pocket and related expenses incurred in the provision of services pursuant to this Agreement, including but not limited to the following: communications; postage and delivery services; record storage and retention; and reproduction.

## Ex-99.(H)(9)(A)

**Exhibit 99(h)(9)(a)**

EXECUTION COPY

**AMENDMENT TO** 

**FUND ADMINISTRATION AND ACCOUNTING AGREEMENT**

This Amendment (this "*Amendment*") made as of July 28, 2025 to that certain Fund Administration and Accounting Agreement dated May 9, 2024 (the "*Agreement*") by and among each Cayman exempted company identified on Exhibit A, severally and not jointly, (each a "*Fund*", and collectively the "*Funds*") and The Bank of New York Mellon (*"BNY"*).

**WHEREAS**, the parties wish to amend the Agreement to add Virtus AlphaSimplex Global Macro Offshore Fund, Ltd, as a party to the Agreement;

**NOW, THEREFORE**, for and in consideration of the mutual promises hereinafter set forth, the parties hereto agree as follows:

1. <u>Exhibit A</u> to the Agreement is hereby deleted in its entirety and replaced with the new <u>Exhibit A</u> attached hereto.

2. Capitalized
 terms used herein that are not specifically defined herein shall be as defined in the
 Agreement. Except as expressly amended hereby, all of the provisions of the Agreement
 shall continue in full force and effect; and are hereby ratified and confirmed in all
 respects. Upon the effectiveness of this Amendment, all references in the Agreement to
 "this Agreement" (and all indirect references such as "herein,"
 "hereby," "hereunder" and "hereof") shall be deemed
 to refer to the Agreement as amended by this Amendment.

3. This
 Amendment may be executed in two or more counterparts, each of which shall be an original,
 but all of which shall constitute but one agreement, by a manual signature on a copy
 of this Amendment transmitted by facsimile transmission, by a manual signature on a copy
 of this Amendment transmitted as an imaged document attached to an email, or by "**Electronic Signature** ", which is hereby defined to mean inserting an image, representation
 or symbol of a signature into an electronic copy of this Amendment by electronic, digital
 or other technological methods. Each counterpart executed in accordance with the foregoing
 shall be deemed an original, with all such counterparts together constituting one and
 the same instrument. The exchange of executed counterparts of this Amendment or of executed
 signature pages to counterparts of this Amendment, in either case by facsimile transmission
 or as an imaged document attached to an email transmission, shall constitute effective
 execution and delivery of this Amendment and may be used for all purposes in lieu of
 a manually executed and physically delivered copy of this Amendment.

4. If
 any provision of the Agreement including this Amendment is found to be invalid, illegal
 or unenforceable, no other provision of the Agreement or this Amendment shall be affected,
 and all other provisions shall be enforced to the full extent of the law.

[Remainder of page intentionally left blank.]

EXECUTION COPY

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by their duly authorized representatives, as of the day and year first above written.

---

| | |
|:---|:---|
| VATS OFFSHORE FUND, LTD. | VATS OFFSHORE FUND, LTD. |
| By: | /s/ Brinton Frith |
| Name: | Brinton Frith |
| Title: | CFO |
| VIRTUS ALPHASIMPLEX GLOBAL MACRO OFFSHORE FUND, LTD. | VIRTUS ALPHASIMPLEX GLOBAL MACRO OFFSHORE FUND, LTD. |
| By: | /s/ Brinton Frith |
| Name: | Brinton Frith |
| Title: | CFO |
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: | /s/ Robert M. Stein, Jr. |
| Name: | Robert M. Stein, Jr. |
| Title: | Vice President |

---

EXECUTION COPY

**EXHIBIT A**

List of Funds

Effective as of July 28, 2025

---

| | |
|:---|:---|
| **<u>Name</u>** | **<u>Parent Fund</u>** |

---

VATS OFFSHORE FUND, LTD.

VIRTUS ALPHASIMPLEX GLOBAL MACRO OFFSHORE FUND, LTD.

## Ex-99.(H)(11)

**Exhibit 99(h)(11)**

**ADMINISTRATIVE SERVICES AGREEMENT**

This **ADMINISTRATIVE SERVICES AGREEMENT** is made and entered into as of this 28<sup>th</sup> day of July, 2025 by and between **VIRTUS ALPHASIMPLEX GLOBAL MACRO OFFSHORE FUND, LTD.** (the <u>"Company"</u>) and **VIRTUS ETF SOLUTIONS, LLC,** a Delaware limited liability company ("Administrator").

**WHEREAS,** the Company is a Cayman Islands exempted company and a wholly-owned subsidiary of Virtus AlphaSimplex Global Macro ETF **<u>("Fund")</u>**, a series of Virtus ETF Trust II, a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"); and

**WHEREAS,** Administrator serves as an administration agent of the Fund pursuant to a separate administrative services agreement **<u>("Fund Services Agreement")</u>**; and

**WHEREAS,** the Company desires to retain Administrator to perform various administrative services for the Company on the terms and conditions contained herein.

**NOW, THEREFORE,** in consideration of the mutual covenants contained herein and further good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Appointment.** The Company hereby appoints Administrator as an administration agent of the Company on the terms and conditions set forth in this Agreement, and Administrator hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of Administrator shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against Administrator hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Services.** Subject to the direction and control of the sole director of the Company <u>("Director"),</u> Administrator will perform for the Company all of the administration services set forth on Exhibit A <u>("Services").</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Documentation and Information Related to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company will provide Administrator with copies of the Company's governing documents and any other documents requested by Administrator, from time to time, that are reasonably necessary or advisable to assist Administrator in performing the Services. In addition, the Company will notify Administrator promptly of any matter affecting the performance by Administrator of the Services including, without limitation, changes in <u>"Service Providers"</u> (as such term is defined in Exhibit A) or issues that arise with respect to any Service Provider that may affect Administrator's provision of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Administrator will maintain and preserve on behalf of the Company books and records related to Administrator' provision of the Services as and to the extent required by applicable law. Administrator acknowledges that the records maintained and preserved by Administrator pursuant to this Agreement are the property of the Company and will be surrendered promptly upon reasonable request. In maintaining books and records under this paragraph, Administrator may use micrographic and electronic storage media as well as independent third party storage facilities, to the extent permitted under applicable law. Administrator may maintain duplicate copies of the Company's books and records regarding the Services at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Expenses and Personnel.** Administrator agrees, at its own expense or at the expense of one or more of its affiliates, to render the Services and to provide the office space, furnishings, equipment and personnel as may be reasonably required in the judgment of the Director and Officers of the Company to perform the Services on the terms provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Compensation.** The Administrator shall receive no fee or other compensation from the Company for the Administrator's services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Term.** This Agreement shall terminate automatically upon termination of the Fund Services Agreement. The Agreement may also be terminated by either party on 90 days' written notice to the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Non-Exclusive Services.** The Services provided to the Company by Administrator pursuant to this Agreement are not to be deemed to be exclusive, and it is understood that Administrator may render administrative and other services to others, including to other registered investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Representations and Warranties.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A. The Company represents and warrants the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. this Agreement has been duly authorized by the Company and, when executed and delivered, will constitute a legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. it will, in good faith, promptly provide the Administrator all the necessary corporate, performance and other information regarding the Company as may be reasonably requested by the Administrator in order for the Administrator to fulfill its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B. The Administrator represents and warrants the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. it is and will be in material compliance with all applicable provisions of the Securities Act of 1933, as amended <u>("1933 Act"),</u> the Securities Exchange Act of 1934 <u>("1934 Act"),</u> the Investment Advisers Act of 1940, as amended <u>("Advisers Act"),</u> and the 1940 Act and any other applicable laws, rules and regulations including those of the Financial Industry Regulatory Authority <u>("FINRA")(collectively, "Relevant Laws")</u> during the term of this Agreement and it agrees to perform its duties and obligations under this Agreement in material compliance with all Relevant Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. it will establish and maintain any and all registrations and licenses required or necessary regarding the Services provided or to be provided by its principals, officers, registered representatives, agents, and employees under this Agreement. In providing the Services under this Agreement, the Administrator specifically represents and warrants that (a) it and any of its affiliates, agents, employees, principals, officers, and their registered representatives, if any, will abide by all Relevant Laws and (b) it and any of its affiliates, agents, employees, principals, officers, and their registered representatives will comply with its specific guidelines and restrictions relating to receipt of cash and non-cash compensation and FINRA mandated "point of sale" disclosures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. this Agreement has been duly authorized by the Administrator and, when executed and delivered, will constitute a legal, valid and binding obligation of the Administrator, enforceable against the Administrator in accordance with its terms subject to bankruptcy, insolvency, reorganizations, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Limitation of Liability; Standard of Care; Indemnification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The parties acknowledge and agree that, in providing the Services, Administrator may rely on information provided by the Company and any investment adviser or sub-adviser to Company (each an **<u>"Adviser"</u>**) reasonably believed to be accurate and reliable by Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Administrator shall be held to the exercise of reasonable care and diligence in carrying out the provisions of this Agreement. In no event will Administrator be required to take any action, which is in contravention of any applicable law, rule or regulation, Relevant Laws or any order or judgment of any court of competent jurisdiction in providing the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Administrator assumes no responsibility under this Agreement other than to render the Services called for hereunder. Administrator shall not be liable for any error of judgment or for any loss suffered by the Company in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or negligence on its part in the performance of, or from reckless disregard by it of its obligations and duties under, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Company agrees to indemnify Administrator against and hold it harmless from any and all losses, claims, damages, liabilities or expenses (including reasonable counsel fees and expenses) resulting from any act, omission, error or delay or any claim, demand, action or suit, in connection with or arising out of performance of its obligations and duties under this Agreement, not resulting from the willful malfeasance, bad faith or negligence of Administrator in the performance of such obligations and duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Any person, even though also a director, principal, officer, manager, employee, shareholder, or agent of Administrator, who may be or become a director, Officer, employee, or agent of the Company, shall be deemed, when rendering services to the Company or acting on any business of the Company (other than services or business in connection with your duties hereunder), to be rendering such services to or acting solely for the Company and not as a director, principal, officer, manager, employee, shareholder, or agent of Administrator, even though paid by Administrator. Nothing herein shall limit in any way any liability protections or limits, or indemnification rights, to which any director, principal, officer, manager, employee, shareholder, or agent of Administrator may be entitled when acting in the capacity of a director, Officer, employee, or agent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Reliance on Opinions of Counsel and Opinions of Certified Public Accountants.** Administrator may consult with the Company's counsel in any case where so doing appears to Administrator to be necessary or desirable. Administrator shall not be considered to have engaged in any misconduct or to have acted negligently and shall be without liability in acting upon the advice of the Company's counsel. Administrator may consult with the Company's certified public accountant in any case where so doing appears to Administrator to be necessary or desirable. Administrator shall not be considered to have engaged in any misconduct or to have acted negligently and shall be without liability in acting upon the advice of the Company's certified public accountant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Authority to Execute and Perform Agreements.** Administrator and Company each represent that it has the full legal right and power and all authority and approval required to enter into, execute and deliver this Agreement and to perform its respective obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Amendments.** No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Applicable Law.** This Agreement shall be construed in accordance with, and governed by, the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. Severability.** In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Notices.** Notices and other writings delivered or mailed postage prepaid to the Company addressed to the Company at One Financial Plaza, Hartford, CT 06103 or to such other address as the Company may have designated to Administrator in writing, or to Administrator at 1301 Avenue of the Americas, 14<sup>th</sup> Floor, New York, NY 10019, or to such other address as Administrator may have designated to the Company in writing, shall be deemed to have been properly delivered or given hereunder to the respective addressee. Copies of all notices and other writings shall be promptly emailed to Company counsel at the email address of Company counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Confidentiality.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Administrator and the Company (in such capacity, <u>"Receiving Party")</u> acknowledge and agree to maintain the confidentiality of Confidential Information (as hereinafter defined) provided by the Administrator or the Company to the other party, as applicable (in such capacity, <u>"Disclosing Party")</u> in connection with this Agreement. The Receiving Party shall not disclose or disseminate the Disclosing Party's Confidential Information to any person or entity other than those employees, members, partners, directors, officers, agents and affiliates of the Receiving Party (each of the foregoing, other than the Receiving Party, a <u>"Representative")</u> who have a need to know it in order to assist the Receiving Party in performing its obligations, or to permit the Receiving Party to exercise its rights, under this Agreement The Receiving Party agrees that the Confidential Information shall otherwise be kept confidential by it and its Representatives and shall not, directly or indirectly, be disclosed to any person or used by the Receiving Party or any of its Representatives, except: (i) after prior written notification to and approval by the Disclosing Party; (ii) where so requested by the Disclosing Party. In the event that the Receiving Party or any of its Representatives is requested or required under applicable law or the applicable rules or regulations of any securities regulator, securities exchange or self-regulatory organization (including by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process) to disclose Confidential Information, it is agreed that the Receiving Party and any such Representative shall provide the Disclosing Party with prompt notice of such event. In such circumstance, the Receiving Party or its Representative (i) may furnish that portion (and only that portion) of the Confidential Information which, in the opinion of counsel to the Receiving Party or such Representative, as the case may be, the Receiving Party or such Representative is legally required to disclose and (ii) shall exercise its best efforts to have confidential treatment accorded any Confidential Info1mation so furnished.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The term <u>"Confidential Information,"</u> as used herein, means any of the Disclosing Party's proprietary or confidential information including, without limitation, any non-public personal information (as defined in Regulation S-P) of the Disclosing Party, its Representatives, their respective clients or suppliers, or other persons with whom they do business, that may be obtained by the Receiving Party from any source or that may be developed as a result of this Agreement, the terms of (or any exercise of rights granted by) this Agreement, technical data; trade secrets; know-how; business processes; product plans; product designs; service plans; services; customer lists and customers; markets; software; developments; inventions; processes; formulas; technology; designs; drawings; and marketing, distribution or sales methods and systems; sales and profit figures or other financial information that is disclosed, directly or indirectly, to the Receiving Party by or on behalf of the Disclosing Party, whether in writing, orally or by other means and whether or not such information is marked as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The term Confidential Information does not include information that the Receiving Party can demonstrate (i) is generally available to the public, other than as a result of a disclosure by the Receiving Party in breach of this Agreement; (ii) was available to the Receiving Party or any of its Representatives, or has become available to the Receiving Party or any of its Representatives, on a non-confidential basis from a source other than the Disclosing Party or its Representatives, provided that the source of such infom1ation was not bound by a confidentiality agreement with, or owed any confidentiality obligations to, the Disclosing Party with respect to such material, or otherwise prohibited from transmitting the information to the Receiving Party or any of its Representatives by a contractual, legal or fiduciary obligation; or (iii) the Receiving Party or any of its Representatives independently developed without reference to Confidential Information or any derivative thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Receiving Party shall require its Representatives to adhere to the Receiving Party's obligations under this Section 16, and shall be responsible for ensuring compliance by its Representatives with such obligations. In addition, the Receiving Party shall require all Representatives that are provided access to the Disclosing Party's Confidential Information, other than the Receiving Party's accountants and legal counsel, to execute confidentiality or non-disclosure agreements containing provisions substantially similar to those set forth in this Section 16. The Receiving Party shall promptly notify the Disclosing Party in writing upon learning of any unauthorized disclosure or use of the Disclosing Party's Confidential Information by such Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Upon the Disclosing Party's written request following the termination of this Agreement, the Receiving Party promptly shall return to the Disclosing Party, or destroy, all Confidential Information of the Disclosing Party provided under or in connection with this Agreement, including all copies, portions and summaries thereof. If requested by the Disclosing Party, the Receiving Party shall ce1iify in writing its compliance with the provisions of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Binding Effect; Assignment.** This Agreement shall be binding upon and inure to the benefit of the Company and Administrator and their respective successors and assigns, provided that no party hereto may assign this Agreement or any of its rights or obligations hereunder without the written consent of the other party. Each party agrees that only the parties to this Agreement and/or their successors in interest shall have a right to enforce the terms of this Agreement. Accordingly, no shareholder of the Company or other third party shall have any rights under this Agreement and such rights are explicitly disclaimed by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. Counterparts.** This Agreement may be executed in any number of counterparts each of which shall be deemed to be an original. This Agreement shall become effective when one or more counterparts have been signed and delivered by each of the parties. A photocopy, e-mail or fax of the Agreement shall be acceptable evidence of the existence of the Agreement and Administrator shall be protected in relying on the photocopy, e-mail or fax until Administrator has received the original of the Agreement.

[remainder of page left blank intentionally]

**IN WITNESS WHEREOF,** the parties hereto have duly caused this Agreement to be executed as of the day and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| **VIRTUS ALPHASIMPLEX GLOBAL MACRO OFFSHORE FUND, LTD.** | **VIRTUS ALPHASIMPLEX GLOBAL MACRO OFFSHORE FUND, LTD.** | **VIRTUS ETF SOLUTIONS LLC** | **VIRTUS ETF SOLUTIONS LLC** |
| By: |  | By: |  |
| Name: | William J. Smalley | Name: | Daphne Chisolm |
| Title: | President | Title: | Vice President |

---

**<u>Exhibit A</u>**

**Services**

**A.** **General Company Administration Services**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Assist the Director in the evaluation and selection of the Company's accounting agent, transfer agent, sub-administrator, distributor, custodian, independent registered public accounting firm, trading desk provider, and/or other independent contractors or agents, as may be requested <u>("Service Providers").</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Supervise and coordinate the day-to-day administrative operations of the Company, including the provision of services to the Company by the Service Providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Negotiate contracts and fees and monitor and coordinate the performance and billings of the Service Providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Coordinate with the Company's independent registered public accounting firm and facilitate the audit process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Maintain the Company's books and records (as required by Relevant Laws) that are not otherwise maintained by a Service Provider pursuant to the Service Provider's contractual obligation to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. <u>Regulatory Compliance</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Assist the Company's counsel in the development of the Company's compliance program under applicable law <u>("Compliance Program").</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Implement the Company's Compliance Program and monitor the Company's compliance therewith, including the Company's policies, investment limitations and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Perform Services in compliance with the Compliance Program and all Relevant Laws and regulations and provide any sub-certifications reasonably requested by the Company in connection with (x) applicable law and (y) the operation of the Administrator's compliance program as it relates to the Company, provided the same shall not be deemed to change the Administrator's standard of care as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Monitor the operation of the compliance programs of each of the Service Providers to assure that such compliance programs operate as designed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Monitor applicable regulatory and operational service issues, and update the Director periodically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b. <u>Registration and Reporting</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Prepare and file notices, reports, tax returns and other documents required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Facilitate the preparation and execution of the Company's contracts and documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Supervise and/or assist in the preparation of notices, proxy statements and minutes of meetings of shareholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Subject to approval of the Director, administratively assist the Company in obtaining applicable insurance coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Work with the Company's accounting agent and/or custodian to establish appropriate expense accruals, maintain expense files and coordinate the payment of invoices for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Provide one or more persons to serve (subject to the approval of the Director) as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company's Chief Compliance Officer; (ii) the Company's Principal Financial Officer; and (iii) other officers of the Company, each as may be requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Provide other services as may be mutually agreed to by the Company and the Administrator from time to time.

## Ex-99.(M)(1)(A)

**Exhibit 99(m)(1)(a)**

VIRTUS ETF TRUST II

(the "Trust")

AMENDMENT TO AMENDED AND

RESTATED DISTRIBUTION AND SERVICE PLAN

THIS AMENDMENT made effective as of the 28<sup>th</sup> day of July, 2025, amends that certain Amended and Restated Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, unanimously adopted by the Board of Trustees of the Trust, including a majority of the Independent Trustees, at a meeting held on November 7, 2019, by and for the Trust (as may be amended from time to time, the "Plan") as herein below provided.

W I T N E S S E T H :

WHEREAS, the Trust wishes to amend Exhibit A of the Plan to reflect the addition of a new series of the Trust which has been approved as a party to the Plan and to otherwise update the exhibit.

NOW, THEREFORE, in consideration of the foregoing premises, the Trust hereby agrees that the Plan is amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Exhibit A to the Plan is hereby replaced with Exhibit A attached hereto and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as herein provided, the Plan shall be and remain unmodified and in full force and effect.

**EXHIBIT A**

Virtus ETF Trust II - 12b-1 Plans

(As of July 28, 2025)

Virtus AlphaSimplex Global Macro ETF

Virtus AlphaSimplex Managed Futures ETF

Virtus Duff & Phelps Clean Energy ETF

Virtus IG Public & Private Credit ETF

Virtus KAR Mid-Cap ETF

Virtus Newfleet ABS/MBS ETF

Virtus Newfleet Short Duration Core Plus Bond ETF

Virtus Seix AAA Private Credit CLO ETF

Virtus Seix Senior Loan ETF

Virtus Stone Harbor Emerging Markets High Yield Bond ETF

Virtus Stone Harbor International Bond ETF

Virtus Terranova U.S. Quality Momentum ETF

## Ex-99.(P)(2)

**Exhibit 99(p)(2)**

![](ex99p2001.jpg)

***VIRTUS CODE OF ETHICS***

**Amended and Restated March 1, 2025**

**A message from George Aylward, President and Chief Executive Officer**

At Virtus Investment Partners, our goal is to be a distinctive and trusted provider of asset management products and services that is profitable, growing and consistently delivers value for our clients and shareholders. In this highly competitive industry, we need to distinguish Virtus through our products, our service approach, and our values in managing our company.

Foremost among those values is the expectation I have that each member of the Virtus team adhere to the highest standards of legal and ethical conduct in all of our business dealings.

By demonstrating Virtus is a company that our clients can trust with their assets, a company that our distribution partners respect, and a company that all of our stakeholders think of with admiration, we can accomplish our business goals.

**George Aylward** 

**President and Chief Executive Officer**

**Virtus Investment Partners, Inc.**

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**Introduction**

Each wholly owned registered investment adviser and the broker-dealer of Virtus Investment Partners, Inc. ("Virtus") listed in Schedule A (each referred to individually as a "Firm" and collectively as the "Firms") has adopted this Code of Ethics (the "Code") in accordance with applicable requirements of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and the Investment Company Act of 1940, as amended (the "Investment Company Act"). From time to time, a Firm may attach an Appendix to this Code describing any unique provisions the Firm has made to provide additional requirements or modify requirements set forth by this Code. Modifications for one Firm in such Appendix will not be considered an amendment to any other Firm's Code.

Employees subject to this Code (as described below) are required to adhere to both the letter and spirit of the Code. Failure to adhere to this Code may result in disciplinary actions including fines, disgorgement of profits (or losses avoided), unwinding of securities transactions, curtailment of personal trading privileges, and/or termination of employment. In addition, certain violations of this Code may be considered violations of securities laws and regulations that could result in civil and/or criminal penalties.

1. Standards
 of Conduct

In providing investment services to registered investment companies, institutional accounts and other clients, the Firms are governed by legal and fiduciary duties that mandate adherence to the highest standards of ethical conduct and integrity. Because an employee may have knowledge of present or future portfolio transactions in client accounts and, in some cases, the power to influence those portfolio transactions, it is possible that an employee's personal interests could – or could appear to – conflict with those of the Firms' clients if the employee engages in personal transactions in securities that are eligible for investment by the Firms' clients.

The procedures set forth in this Code are designed to address potential conflicts of interest with respect to the personal investing activities of the Firms' Supervised Persons, including those further designated as Access or Advisory Persons (all as defined below). When persons covered by the terms of this Code engage in personal securities transactions, they must adhere to the following general principles as well as to the Code's specific provisions:

&nbsp;&nbsp;&nbsp;&nbsp;■ At
 all times, the interests of the Firms' clients must be paramount;

&nbsp;&nbsp;&nbsp;&nbsp;■ Personal
 transactions must be conducted consistent with this Code in a manner that avoids or mitigates
 any actual or potential conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;■ No
 inappropriate advantage should be taken of any position of trust or responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;■ Non-public
 information regarding security holdings in client accounts must remain confidential;
 and

&nbsp;&nbsp;&nbsp;&nbsp;■ Compliance
 with all applicable federal securities laws must be maintained.

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In addition to the provisions of this Code, employees are responsible for compliance with other Virtus policies and procedures concerning personal conduct and conflicts of interest including, but not limited to: the Virtus Code of Conduct; Insider Trading Policy and related Guidelines; Social Media Policy; Acceptable Technology Use Policy; Political and PAC Contribution Policy and Procedures; and Gifts, Entertainment, Business Meals, Sponsorships, Business Building and Charitable Donations Policy.

Irrespective of any investment transactions permitted under this Code and/or investment transactions approved by Compliance, this Code is subject to, and superseded by, federal securities laws, which prohibit trading, whether for personal or client accounts, while in possession of material non-public information. Likewise, material non-public information regarding Virtus or a Firm may not be shared with other employees, other than Legal or Compliance personnel. <u>Under no circumstances may employees use material nonpublic information about client recommendations and transactions in their own personal trading.</u>

2. Persons
 Subject to the Code

All employees of Virtus and its wholly owned subsidiaries are subject to this Code and are deemed to be **Supervised Persons** of a particular investment adviser and/or broker-dealer subsidiary within the meaning of the Advisers Act and the Investment Company Act. This includes persons working at Virtus entities that are not investment advisers or broker-dealers, such as Virtus Fund Services, LLC and Virtus Shared Services, LLC, as well as employees of departments such as Human Resources, Finance, Sales, Marketing, and Product Management. Certain Supervised Persons are further classified as **Access Persons** or **Advisory Persons**, depending upon their access to client portfolio information and their role in managing client accounts.

Supervised Persons are further designated as **Access Persons** if:

&nbsp;&nbsp;&nbsp;&nbsp;■ In
 connection with their job functions or duties they have access to timely, non-public
 information regarding a Firm's investment management activities, client portfolio
 holdings and/or client trading activity or they are a director or officer of a Firm.
 In general, employees with duties or responsibilities within Information Technology,
 Investment Operations, Investment Risk and Performance, Product Management, Fund Administration,
 Compliance, Legal, Internal Audit or other areas determined by Compliance are designated
 as Access Persons.

Supervised Persons are further designated as **Advisory Persons** if:

&nbsp;&nbsp;&nbsp;&nbsp;■ In
 connection with their job functions or duties, they make, recommend or implement investment
 decisions on behalf of client accounts managed by a Firm. In general, portfolio managers,
 investment research analysts, traders and certain of their support personnel are designated
 as Advisory Persons.

Employees who perform certain services for multiple Firms (i.e., shared services) or share office space with another Firm, may be designated by Compliance as Supervised, Access and/or Advisory Persons of multiple Firms.<sup>1</sup> The above are general rules and Compliance may designate persons as Supervised, Access or Advisory for reasons other than indicated above, if determined to be consistent with the purpose of this Code.

<sup>1</sup> Reference: Rule 204A-1(a)(3) Section 202(a)(25) of the Advisers Act [15 U.S.C. 80b-2(a)(25)], which defines "supervised person" as an adviser's partners, officers, directors (or other persons occupying a similar status or performing similar functions) and employees, as well as any other persons who provide advice on behalf of the adviser and are subject to the adviser's supervision and control; Footnotes 23, 25 and 28 of Adopting Release of Final Rule 204A-1 (17 CFR Parts 270, 275 and 279) [Release Nos. IA-2256, IC-26492]; File No. S7-04-04.

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The chart below provides a summary of requirements under this Code depending upon the employee's designation as a Supervised Person, or additional designation as an Access or Advisory Person and references the Section of this Code providing additional explanations of each requirement:

**Summary of Code of Ethics Requirements by Employee Classification**

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| | | | |
|:---|:---|:---|:---|
| **REQUIREMENT / CODE SECTION** | **SUPERVISED**<br> **PERSONS** | **ACCESS**<br> **PERSONS** | **ADVISORY**<br> **PERSONS** |
| &nbsp;&nbsp;Section 1. STANDARDS OF CONDUCT | ✓ | ✓ | ✓ |
| &nbsp;&nbsp;Section 2. PERSONS SUBJECT TO THE CODE | ✓ | ✓ | ✓ |
| &nbsp;&nbsp;Section 3.1. ATTESTATION OF RECEIPT, UNDERSTANDING AND COMPLIANCE | ✓ | ✓ | ✓ |
| &nbsp;&nbsp;Section 3.2. REPORTABLE SECURITIES AND REPORTABLE ACCOUNTS:<br> ■ DEFINITION OF REPORTABLE SECURITIES AND REPORTABLE ACCOUNTS<br> ■ NOTIFYING COMPLIANCE OF EXISTING REPORTABLE ACCOUNTS AND APPROVAL FOR NEW REPORTABLE ACCOUNTS<br> ■ MANAGED ACCOUNTS (DEFINED) | ✓ ✓ ✓ | ✓ ✓ ✓ | ✓ ✓ ✓ |
| &nbsp;&nbsp;Section 3.3. NOTIFYING COMPLIANCE OF EXISTING REPORTABLE ACCOUNTS AND APPROVAL FOR NEW REPORTABLE ACCOUNTS | ✓ | ✓ | ✓ |
| &nbsp;&nbsp;Section 3.4. INITIAL AND ANNUAL HOLDINGS REPORTS | ✓ | ✓ | ✓ |
| &nbsp;&nbsp;Section 3.5. QUARTERLY TRANSACTIONS REPORTS | ✓ | ✓ | ✓ |
| &nbsp;&nbsp;Section 3.6. DUPLICATE TRADE CONFIRMATIONS AND PERSONAL BROKERAGE ACCOUNT STATEMENTS | ✓ | ✓ | ✓ |
| &nbsp;&nbsp;Section 4.1. TRADE PRECLEARANCE REQUIREMENTS FOR NON-VIRTUS SECURITIES |  | ✓ | ✓ |
| &nbsp;&nbsp;Section 4.2. TRADE PRECLEARANCE REQUIREMENTS FOR VIRTUS SECURITIES | ✓ | ✓ | ✓ |
| &nbsp;&nbsp;Section 5. TRADE BLACKOUT RULE |  |  | ✓ |
| &nbsp;&nbsp;Section 6. OTHER TRADING RESTRICTIONS |  | ✓ | ✓ |
| &nbsp;&nbsp;Section 7. HOLDING PERIOD RULE |  | ✓ | ✓ |
| &nbsp;&nbsp;Section 8. DUTY TO REPORT VIOLATIONS | ✓ | ✓ | ✓ |
| &nbsp;&nbsp;Section 9. SANCTIONS FOR VIOLATIONS OF THE CODE | ✓ | ✓ | ✓ |
| &nbsp;&nbsp;Section 10. WAIVERS, TEMPORARY EXEMPTION FROM CODE APPLICATION, AND EXTENSIONS | ✓ | ✓ | ✓ |

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3. Reporting
 Requirements for Supervised, Access and Advisory Persons

&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Attestation of Receipt, Understanding and Compliance** 

All employees will receive a copy of the Code upon hire and must certify their receipt, reading, understanding of, and compliance with the Code within ten (10) days of becoming subject to the Code and at least annually thereafter. Employees are also required to certify the same with respect to amendments of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Reportable Securities and Reportable Accounts** 

Supervised Persons, including those further designated as Access or Advisory Persons, must disclose to Compliance all Reportable Securities positions as well as all Reportable Accounts (both brokerage and investment advisory accounts), as further defined and discussed below.

**Reportable Securities** are broadly defined and include transactions (both long and short) in the following:

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares
 of stocks, ADRs, and other equity securities (including any security convertible into
 equity securities);

&nbsp;&nbsp;&nbsp;&nbsp;■ Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;■ Bonds
 and notes;

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares
 of exchange traded funds ("ETFs") and exchange traded notes ("ETNs");

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares
 of closed-end funds;

&nbsp;&nbsp;&nbsp;&nbsp;■ Options,
 futures and other derivatives;

&nbsp;&nbsp;&nbsp;&nbsp;■ Private
 placement securities<sup>2</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares
 of open-end mutual funds managed by a Firm or managed by a non-affiliate as a subadviser
 to a Firm<sup>3</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;■ Securities
 acquired in an initial public offering ("IPO") or a limited offering, or
 crowdfunding initiatives to raise capital;

&nbsp;&nbsp;&nbsp;&nbsp;■ Initial
 or limited coin offerings; and

&nbsp;&nbsp;&nbsp;&nbsp;■ "Cryptocurrency"
 or "digital assets" unless specifically exempted by Compliance (as indicated
 in Schedule B).

The following are ***not*** considered Reportable Securities**:**

&nbsp;&nbsp;&nbsp;&nbsp;■ Direct
 obligations of the U.S. Government;

&nbsp;&nbsp;&nbsp;&nbsp;■ Money
 market instruments and funds;

&nbsp;&nbsp;&nbsp;&nbsp;■ Bankers'
 acceptances, certificates of deposit, commercial paper and other high quality short-term
 debt instruments;

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares
 of open-end mutual funds that are not managed by a Firm; and

<sup>2</sup> A private placement is an offering of securities that are exempt from registration under various laws and rules, such as the Securities Act of 1933 in the U.S. and the Listing Rules in the U.K. Private placements can include limited partnerships, certain cooperative investments in real estate, co-mingled investment vehicles such as hedge funds, and investments in privately held and family-owned businesses. For the purpose of this Code, time-shares and cooperative investments in real estate used as a primary or secondary residence are not considered to be private placements.

<sup>3</sup> A list of open-end mutual funds managed by a Firm or managed by a non-affiliate as a subadviser to a Firm is available on VirtusNet.

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&nbsp;&nbsp;&nbsp;&nbsp;■ Holdings
 in 529 Plans (unless such holdings are a mutual fund managed by a Firm or managed by
 a non-affiliate as a subadviser to a Firm).<sup>4</sup>

**Reportable Accounts** are all securities accounts (brokerage and investment accounts) that a Supervised Person or members of their household have direct or indirect investment discretion over and that hold, or can hold, Reportable Securities. Reportable Accounts include investment accounts of certain related persons including a Supervised Person's spouse, domestic partner, children and stepchildren, and certain other persons<sup>5</sup> residing in the same household as the Supervised Person. Investment accounts meeting the above definition must be reported even if Reportable Securities are not currently held in the account. Accounts maintained through Fidelity for the Virtus 401(k) Plan (other than BrokerageLink accounts) or any other U.S. Virtus-sponsored retirement or benefit plans do not require reporting.

**Managed Accounts** are Reportable Accounts from which a Supervised Person or a member of their household benefits financially, but over which neither the Supervised Person nor a member of their household exercise direct or indirect investment discretion. Usually, with a Managed Account, a third-party money manager or financial advisor is hired to make all investment decisions for the account and the Supervised Person does not discuss any specific transactions for the account with the manager. Designation of a Managed Account must be properly documented and approved in accordance with Compliance procedures. Once designated as such by Compliance, Managed Accounts are not subject to the requirements of *Section 4.1. - Trade Preclearance Requirements for Non-Virtus Securities*, *Section 4.2. - Preclearance requirement for Virtus Securities* (subject to the limitations for Restricted Insiders discussed below), *Section 5. - Blackout Rule for Advisory Persons*, or *Section 7. - Holding Period Rule for Access and Advisory Persons*. <u>However, brokerage statements and trade confirmations must be provided (see Section 3.6); purchasing IPOs is restricted (see Section 6); and private placement and limited offerings must be precleared, including those opportunities recommended by an outside financial advisor (see Section 6).</u>

<sup>4</sup> A list of open-end mutual funds managed by a Firm or managed by a non-affiliate as a subadviser to a Firm is available on VirtusNet.

<sup>5</sup> Compliance may determine certain persons (other than those specifically listed above) who reside at the same address are <u>not</u> part of the same household if they do not otherwise have any of the following: direct or indirect investment discretion over the person's brokerage account(s) or investment(s); transparency, influence or control over the person's financial affairs; nor provide or receive recommendations or advice from the person concerning investments. Employees are encouraged to be forthcoming and discuss such matters with Compliance promptly at the time of hire and/or upon the development of such situation.

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&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Notifying Compliance of Existing Reportable Accounts and Approval for New Reportable Accounts** 

Supervised Persons must notify Compliance of all existing Reportable Accounts within ten (10) days of hire. After hire, Supervised Persons must obtain approval from Compliance *<u>in advance</u>* of opening any new Reportable Account and promptly provide Compliance with the account number and related details when they become available. Note the following:

&nbsp;&nbsp;&nbsp;&nbsp;■ Any
 Virtus 401(k) Plan Fidelity Account and activity therein will automatically be reported
 to Compliance; <u>however, Supervised Persons must specifically notify Compliance of any new or existing Fidelity "BrokerageLink" account, Virtus/Fidelity Health Savings Account ("HSA") or any other Fidelity account capable of holding Reportable Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;■ Other
 company 401(k) or 403(b) plan accounts or any IRA account maintained by the Supervised
 Person or members of their household need to be reported <u>if</u> such accounts have
 the capacity to invest in Reportable Securities<sup>6</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;■ Fidelity
 accounts that hold Restricted Stock Units ("RSUs") are not considered Reportable
 Accounts. The shares of Virtus common stock issued upon vesting of the RSUs become Reportable
 Securities.

&nbsp;&nbsp;&nbsp;&nbsp;■ Supervised
 Persons are required to promptly inform Compliance when Fidelity automatically opens
 a brokerage account when they become vested in Virtus RSUs, Virtus options or similar
 instruments.

&nbsp;&nbsp;&nbsp;&nbsp;■ A
 Supervised Person's investments in Virtus open-end mutual funds that are made directly
 through the funds' <u>transfer agent</u> will automatically be reported to Compliance.

Only those broker-dealers providing Compliance with electronic feeds containing required information will automatically be approved. A listing of such broker-dealers is available on VirtusNet. Exceptions may be made in the sole discretion of Compliance.

Compliance reserves the right to require Supervised Persons to close any Reportable Accounts with broker-dealers who do not provide required information on a reliable, timely or efficient basis. Supervised Persons must promptly notify Compliance upon closing any Reportable Account.

&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Initial and Annual Holdings Reports** 

Supervised Persons, including those further designated as Access or Advisory Persons, must submit or confirm a report listing all personal holdings of Reportable Securities within ten (10) days of hire and annually thereafter. Information contained in the initial report must be current as of a date not more than forty-five (45) days prior to a Supervised Person's hire date. Annual reports must be current as of December 31<sup>st</sup> of each year, submitted by the following January 31<sup>st</sup>, and shall include such information required by Compliance including a certification by the Supervised Person that they have read, understand and complied with the requirements of the Code. Reporting is normally initiated by Compliance and completed through the StarCompliance System or other formats designated by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;**3.5** **Quarterly Transactions Reports** 

Supervised Persons, including those further designated as Access or Advisory Persons, must complete a quarterly report of transactions in Reportable Securities within the timeframe specified by Compliance (generally fifteen (15) days after quarter-end). Reporting is generally completed through the StarCompliance System.

<sup>6</sup> Non-Virtus 401(k) plan and 403(b) plan accounts are <u>not</u> considered Reportable Accounts as long as they cannot hold shares of reportable securities or open-end mutual funds managed by a Firm or managed by a non-affiliate as a subadviser to a Firm.

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&nbsp;&nbsp;&nbsp;&nbsp;**3.6** **Duplicate Trade Confirmations and Personal Brokerage Account Statements** 

Broker-dealers must promptly provide Compliance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;■ Duplicate
 copies of trade confirmations for Reportable Security transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Account
 statements for each Reportable Account at least quarterly.

The above requirements may be satisfied by arrangements Supervised Persons make through Compliance for broker-dealers to provide electronic feeds to the StarCompliance System or other designated location. In the event broker-dealers cannot provide electronic feeds, Supervised Persons will be responsible to promptly upload necessary information into the StarCompliance System or other designated location.

4. Trade
 Preclearance Requirements

&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Preclearance Requirements for non-Virtus Securities for Access and Advisory Persons** 

Generally, subject to other provisions of this Code, Access and Advisory Persons may not purchase or sell a Reportable Security for their own account at times during which any client account has a buy or sell order pending for a security of the same issuer or when trading in the Reportable Security is otherwise restricted. Advisory Persons are subject to additional restrictions as described in *Section 5. – Blackout Rule for Advisory Persons*.

&nbsp;&nbsp;&nbsp;&nbsp;■ *<u>Access and Advisory Persons must obtain approval from Compliance prior to buying or selling Reportable Securities ("preclearance") (unless the security type is indicated as not requiring preclearance further below).</u>* 

Preclearance requests are generally initiated by submitting a request to Compliance through the StarCompliance System and awaiting a response for approval before placing an order for a Reportable Security.

When submitting requests for multiple transactions at one time, Access and Advisory Persons should carefully review the responses from Compliance, which will be provided separately for each request, as some may be approved but others may be denied.

– Preclearance is also required for all investments in IPOs or private placements, so the terms of such offering can be reviewed and approved by Compliance in advance.

&nbsp;&nbsp;&nbsp;&nbsp;■ *<u>Unless otherwise indicated, preclearance approvals are valid until 5 pm (ET) of the next business day</u>* regardless of an Access or Advisory Person's specific geographic location,
 (with the exception of private placement transactions and limited offerings, which are
 determined on a case-by-case basis). An order, including limit orders, not executed within
 that time must be re-submitted for preclearance approval.

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Preclearance will be denied in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;■ When
 the Firm(s) of which an employee is an Access or Advisory Person has a pending buy or
 sell order for any security of the same issuer for a client account;

&nbsp;&nbsp;&nbsp;&nbsp;■ When
 a security is restricted by any Firm(s) for which an employee is an Access or Advisory
 Person; or

&nbsp;&nbsp;&nbsp;&nbsp;■ Other
 circumstances as may be determined by Compliance on a case-by-case basis consistent with
 the purposes of the Code.

Where no other conflict is deemed present<sup>7</sup>, Compliance, in its discretion, may approve preclearance requests for Access Persons *(but <u>not</u> Advisory Persons)* up to the following "de minimis" transaction amounts<sup>8</sup>, irrespective of the Firm's pending buy or sell order for the security for a client account:

&nbsp;&nbsp;&nbsp;&nbsp;■ Up
 to (but not exceeding) 1,000 shares during a *<u>rolling</u>* 30-days (in the aggregate
 for all of an Access Person's Reportable Accounts) in issuers with a market cap
 equivalent of $10 billion (USD) or more at the time of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;■ Up
 to (but not exceeding) 1,000 shares during a *<u>rolling</u>* 30-days (in the aggregate
 for all of an Access Person's Reportable Accounts) in ETFs or ETNs that are not
 managed by a Firm or managed by a non-affiliate as a subadviser to a Firm.<sup>9</sup>

Access and Advisory Persons are <u>not</u> required to preclear transactions in the following types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;■ Direct
 obligations of the Government of the United States

&nbsp;&nbsp;&nbsp;&nbsp;■ Money
 market instruments such as commercial paper, repurchase agreements, bankers' acceptances
 and bank certificates of deposit, and other high quality short-term debt instruments

&nbsp;&nbsp;&nbsp;&nbsp;■ Shares
 of money market funds

&nbsp;&nbsp;&nbsp;&nbsp;■ "Cryptocurrency"
 or "digital assets" that are not otherwise considered initial or limited
 coin offerings

&nbsp;&nbsp;&nbsp;&nbsp;■ Open-end
 mutual funds and unit investment trusts invested in open-end mutual funds

&nbsp;&nbsp;&nbsp;&nbsp;■ Purchases
 pursuant to an automatic investment or dividend reinvestment plan

&nbsp;&nbsp;&nbsp;&nbsp;■ Purchases
 upon the exercise of rights issued by an issuer pro rata to all holders of a class of
 its securities, to the extent the rights were acquired from the issuer, and sales of
 such rights so acquired

&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions
 under an employee stock purchase or incentive program unless otherwise restricted

&nbsp;&nbsp;&nbsp;&nbsp;■ Non-volitional
 transactions (such as stock splits, dividends, corporate actions, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions
 in Managed Accounts, with the exception of IPOs and private placement transactions, provided
 that prior to the transaction Compliance has approved the classification of the account
 as a Managed Account

<sup>7</sup> Trade preclearance requests in conflict with the Holding Period Rule (Section 7) and issuers listed on applicable restricted lists will generally be denied.

<sup>8</sup> "Transaction amounts" means the number of shares sold *<u>plus</u>* the number of shares bought, i.e., sells *<u>do not</u>* offset buys.

<sup>9</sup> A list of ETFs and ETNs managed by a Firm or managed by a non-affiliate as a subadviser to a Firm is available on VirtusNet.

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&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Preclearance, transaction and account requirements for Virtus Securities** 

Supervised Persons, including those also designated as Access and Advisory Persons, must preclear transactions in Virtus common shares (ticker: VRTS) and any other type of security Virtus may issue, including, but not limited to, preferred stock, convertible debentures, and warrants (collectively, with Virtus common shares, "Virtus Securities").

&nbsp;&nbsp;&nbsp;&nbsp;■ Employees
 must comply with the **Virtus Insider Trading Policy** and employees designated as
 Restricted Insiders must also comply with the related **Trading Restrictions and Pre-Clearance Guidelines Applicable to Restricted Insiders** ("Trading Guidelines"),
 both of which are available on VirtusNet.

&nbsp;&nbsp;&nbsp;&nbsp;■ Unless
 otherwise indicated, preclearance approvals for Virtus Securities are valid until 5 pm
 (ET) of the next business day, regardless of the employee's specific geographic
 location. An order (including limit orders) not executed within that time must be re-submitted
 for preclearance approval. Once designated as an approved Managed Account by Compliance,
 transactions in Virtus Securities within such Managed Accounts are not subject to preclearance
 requirements; provided, however, employees who are deemed Restricted Insiders pursuant
 to the Virtus Insider Trading Policy and related Trading Guidelines must preclear any
 transaction in Virtus Securities, whether in an approved Managed Account or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;■ Employees
 may not engage in short sales of Virtus Securities or transact in any derivatives (such
 as puts, calls or futures) of Virtus Securities. Additionally, employees may not engage
 in hedging or monetization strategies of Virtus Securities.

&nbsp;&nbsp;&nbsp;&nbsp;■ Employees
 who are designated Restricted Insiders may not hold Virtus Securities in a brokerage
 account with margin capabilities or pledge Virtus Securities as collateral for a loan
 without Legal and Compliance pre-approval.

5. Blackout
 Rule for Advisory Persons

In addition to the preclearance requirements of *Section 4. - Trade Preclearance Requirements*, Advisory Persons may not transact in any Reportable Security on the same day as, or seven (7) calendar days before or after, a trade in securities of the same issuer that is also traded in any client account(s) associated with the Advisory Person. The Blackout Rule does not apply to transactions in Reportable Securities that are exempt from the preclearance requirements of *Section 4*.

6. Other
 Restrictions for Access and Advisory Persons

Access and Advisory Persons are at all times prohibited from engaging in any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;■ Purchasing
 or selling single-stock futures;

&nbsp;&nbsp;&nbsp;&nbsp;■ Purchasing
 or selling options on (referencing) a single name/issuer. Transactions and holdings of
 options referencing broad-based indices are allowed. A list of options referencing broad-based
 indices is available on VirtusNet and additions may be approved by Compliance;

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&nbsp;&nbsp;&nbsp;&nbsp;■ Taking
 short positions other than on broad-based indices;

&nbsp;&nbsp;&nbsp;&nbsp;■ Purchasing
 or otherwise acquiring securities in an IPO, the substantial equivalent of an IPO, or
 in so-called initial coin (cryptocurrency) offerings, unless otherwise approved by Compliance;
 or

&nbsp;&nbsp;&nbsp;&nbsp;■ Using
 a derivative or synthetic instrument or using any other means to circumvent a restriction
 in the Code.

In addition to the above, Advisory Persons are further prohibited from engaging in the following:

&nbsp;&nbsp;&nbsp;&nbsp;■ Taking
 a short position on any index that is held long in a client account of a Firm the employee
 is an Advisory Person of;

&nbsp;&nbsp;&nbsp;&nbsp;■ Serving
 on the board of directors of any publicly traded company, absent the prior approval of
 an Executive Officer<sup>10</sup> of Virtus and Compliance, based on a determination
 that such service will not conflict with the interests of any Firms or their clients;
 or

&nbsp;&nbsp;&nbsp;&nbsp;■ Purchasing
 a private placement or limited offering in client accounts where there exists a personal
 interest in the same issuer without preapproval from Compliance.

7. Holding
 Period Rule for Access and Advisory Persons

Unless an exception applies, Access and Advisory Persons must hold all Reportable Securities for no less than thirty (30) days, even if the purchase was exempt from preclearance (the "Holding Period Rule"). The Holding Period Rule prohibits the purchase or sale of options with an expiration date that is within thirty (30) days of the transaction date, as well as the sale of covered calls on securities held for less than thirty (30) days.

Compliance with the Holding Period Rule will be determined using a last in, first out methodology applied across all Reportable Accounts unless otherwise exempted, and Access and Advisory Persons may not sell any share(s) of a Reportable Security until a minimum of thirty (30) days have passed since the last purchase of the same security in any of their Reportable Accounts.

**Exceptions: The Holding Period Rule does not apply to the following:**

&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions
 in open-end mutual funds that are managed by any Firm (although "market timing"
 restrictions imposed by such funds must be observed);

&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions
 in shares of VRTS received upon the vesting of RSU grants;

&nbsp;&nbsp;&nbsp;&nbsp;■ Exercising
 VRTS options and selling the shares, where such options have been provided as grants;

&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions
 in approved Managed Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions
 in digital assets.

8. Duty
 to Report Violations

Employees must promptly report any known violations of this Code to Compliance and should contact Compliance if they have reason to believe that a violation may have occurred or is reasonably likely to occur. Failure to report such matters is itself a violation of this Code. If the matter involves a member of Compliance, the report should be made directly to Virtus' Global Chief Compliance Officer. In the event the reported event involves the Global Chief Compliance Officer, the report should be made directly to the Virtus' Chief Legal Officer. Employees may also report such matters using the Virtus Whistleblower Hotline.<sup>11</sup>

<sup>10</sup> Includes the Virtus Executive Officers listed on www.virtus.com.

<sup>11</sup> Instructions for using the Virtus Whistleblower Hotline are available on VirtusNet.

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|:---|:---|
| 11 | ![](ex99p2002.jpg) |

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9. Sanctions
 for Violations of the Code

In the event of a violation of the Code by any Supervised Person, including those further designated as Access or Advisory Persons, Compliance may impose appropriate sanctions considering the following:

&nbsp;&nbsp;&nbsp;&nbsp;■ The
 seriousness of the violation;

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether
 the violation was willful or inadvertent;

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether
 the violation was self-reported;

&nbsp;&nbsp;&nbsp;&nbsp;■ The
 employee's job function and classification as a Supervised, Access or Advisory
 Person;

&nbsp;&nbsp;&nbsp;&nbsp;■ Prior
 violations of the Code; and/or

&nbsp;&nbsp;&nbsp;&nbsp;■ Any
 other factor(s) that Compliance may consider important under the specific circumstances.

Sanctions may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;■ Verbal
 and/or written admonishment;

&nbsp;&nbsp;&nbsp;&nbsp;■ Re-training
 on the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;■ Notice
 to the person's manager and/or members of firm management;

&nbsp;&nbsp;&nbsp;&nbsp;■ Fines
 and/or reversal of trades, with the fines and disgorgement of profits (or losses avoided)
 donated to a charity designated by Compliance;

&nbsp;&nbsp;&nbsp;&nbsp;■ Partial
 or full restriction of personal trading for a period of time (which may be the remainder
 of the Person's employment); and/or

&nbsp;&nbsp;&nbsp;&nbsp;■ Suspension
 or termination of employment.

10. Waivers,
 Temporary Exemption from Code Application, and Extensions

Compliance may, from time to time, grant waivers to provisions of this Code for equitable or other reasons. Compliance will maintain reasonable documentation of any such waivers. The waivers may be granted to individuals or classes of individuals with respect to particular transactions or classes of transactions and may apply to past as well as future transactions. No waiver will be granted if Compliance is aware or reasonably believes that doing so will result in a violation of applicable federal securities laws or the principles of this Code.

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|:---|:---|
| 12 | ![](ex99p2002.jpg) |

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Employees on approved leaves of absence (e.g., leaves for medical, active military service, bereavement, FMLA, etc.) may be temporarily exempt from the pre-clearance and reporting provisions of the Code, provided that the following requirements are met:

&nbsp;&nbsp;&nbsp;&nbsp;■ They
 do not participate in, obtain information with respect to, or make recommendations as
 to, the purchase or sale of securities on behalf of any client;

&nbsp;&nbsp;&nbsp;&nbsp;■ They
 do not have access to information regarding the day-to-day investment activities of the
 Firm including but not limited to IT systems and Firm email;

&nbsp;&nbsp;&nbsp;&nbsp;■ They
 do not devote significant time to the activities of the Firm; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Compliance
 approves such temporary exemption in writing.

Employees must complete quarterly transaction reports promptly upon their return to work after an approved leave of absence.

In addition to the above, Compliance may grant extensions to quarterly reporting deadlines in cases of hardship, illness, system unavailability or other circumstances provided that the timeframe, as extended, may not exceed thirty (30) days after quarter-end. Any such extension shall not be deemed a waiver of the Code's provisions.

11. Responsibilities
 of Compliance

In addition to those responsibilities described in the foregoing, Compliance is responsible for the following:

&nbsp;&nbsp;&nbsp;&nbsp;■ Determining
 which employees are classified as Supervised, Access or Advisory Persons and notifying
 employees of their classification. In doing so, Compliance may determine whether any
 temporary employees, consultants, interns or the equivalent should be treated as employees
 under this Code and, if so, whether they should be classified as Supervised, Access or
 Advisory Persons.

&nbsp;&nbsp;&nbsp;&nbsp;■ Maintaining
 records regarding the Code and its administration as required by Rule 204-2 of the Advisers
 Act and Rule 31a-2 of the Investment Company Act. Such records will be maintained in
 a readily accessible place for at least five (5) years, with the first two (2) years
 in a Firm office. Required records include the following for the past five (5) years:

– A copy of each Code in effect;

– Records of any violations of the Code and action taken in response thereto;

– Records of employees' written acknowledgements of the Code;

– A list of all employees who have been required to make reports pursuant to the Code;

– Records of decisions to approve transactions in private placements and the basis for such approvals; and

Copies of all reports made by the Chief Compliance Officer of each Firm and by the Chief Compliance Officer of the Virtus Funds regarding the administration of the Code as required by the Advisers Act or the Investment Company Act.

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|:---|:---|
| 13 | ![](ex99p2002.jpg) |

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***<u>Appendix</u>***

Certain Firms may, from time to time, attach to this Code an Appendix describing any unique provisions the Firm has made to provide additional requirements or modify requirements set forth by this Code. Modifications appended will not be considered an amendment to any other Firm's Code, other than the one to which the Appendix specifically applies.

&nbsp;&nbsp;&nbsp;&nbsp;■ **Kayne Anderson Rudnick Investment Management, LLC** 

**Section 4.1 Preclearance Requirements for non-Virtus Securities (applies to Access and Advisory Persons)** is supplemented with the additional requirement that Access and Advisory Persons may not purchase or sell a Reportable Security for their own account at times in which any investment team is *considering* initiating a buy or sell program for a security of the same issuer.

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|:---|:---|
| 14 | ![](ex99p2002.jpg) |

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***<u>Schedule A</u>***

The following regulated entities have adopted this Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;■ AlphaSimplex
 Group, LLC

&nbsp;&nbsp;&nbsp;&nbsp;■ Ceredex
 Value Advisors LLC

&nbsp;&nbsp;&nbsp;&nbsp;■ Duff
 & Phelps Investment Management Co.

&nbsp;&nbsp;&nbsp;&nbsp;■ Kayne
 Anderson Rudnick Investment Management, LLC

&nbsp;&nbsp;&nbsp;&nbsp;■ NFJ
 Investment Group, LLC

&nbsp;&nbsp;&nbsp;&nbsp;■ Seix
 CLO Management LLC

&nbsp;&nbsp;&nbsp;&nbsp;■ Silvant
 Capital Management LLC

&nbsp;&nbsp;&nbsp;&nbsp;■ Virtus
 Alternative Investment Advisers, LLC

&nbsp;&nbsp;&nbsp;&nbsp;■ Virtus
 Advisers, LLC

&nbsp;&nbsp;&nbsp;&nbsp;■ Virtus
 Capital Advisers, LLC

&nbsp;&nbsp;&nbsp;&nbsp;■ Virtus
 Fixed Income Advisers, LLC divisions:

– Newfleet Asset Management

– Seix Investment Advisors

– Stone Harbor Investment Partners

&nbsp;&nbsp;&nbsp;&nbsp;■ Virtus
 Investment Advisers, LLC

&nbsp;&nbsp;&nbsp;&nbsp;■ VP
 Distributors, LLC

&nbsp;&nbsp;&nbsp;&nbsp;■ Westchester
 Capital Management, LLC

&nbsp;&nbsp;&nbsp;&nbsp;■ Westchester
 Capital Partners, LLC

*This Schedule will be updated from time to time without being considered an amendment to the Code of Ethics.*

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|:---|:---|
| 15 | ![](ex99p2002.jpg) |

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***<u>Schedule B</u>***

This Schedule last updated: April 1, 2023

**Digital Assets Exempted from the Code of Ethics Reporting Requirements**

The following digital assets are specifically exempted from Code reporting requirements:

&nbsp;&nbsp;&nbsp;&nbsp;■ Bitcoin
 currency code "BTC" <u>and</u> "XBT"

*This Schedule will be updated from time to time without being considered an amendment to the Code of Ethics.*

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|:---|:---|
| 16 | ![](ex99p2002.jpg) |

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## Ex-99.(P)(3)

**Exhibit 99(p)(3)**

**<u>APPENDIX H</u>**

**<u>CODE OF ETHICS</u>**

Adopted March 1, 2006

Revised as of March 31, 2025

**Introduction**

Each wholly owned registered investment adviser and the broker-dealer of Virtus Investment Partners, Inc. ("Virtus") (each referred to individually as a "Firm" and collectively as the "Firms") has adopted this Code of Ethics (the "Code") in accordance with applicable requirements of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and the Investment Company Act of 1940, as amended (the "Investment Company Act"). From time to time, a Firm may attach an Appendix to this Code describing any unique provisions the Firm has made to provide additional requirements or modify requirements set forth by this Code. Modifications for one Firm in such Appendix will not be considered an amendment to any other Firm's Code.

Employees subject to this Code (as described below) are required to adhere to both the letter and spirit of the Code. Failure to adhere to this Code may result in disciplinary actions including fines, disgorgement of profits (or losses avoided), unwinding of securities transactions, curtailment of personal trading privileges, and/or termination of employment. In addition, certain violations of this Code may be considered violations of securities laws and regulations that could result in civil and/or criminal penalties.

**1.** **Standards of Conduct** 

In providing investment services to registered investment companies, institutional accounts and other clients, the Firms are governed by legal and fiduciary duties that mandate adherence to the highest standards of ethical conduct and integrity. Because an employee may have knowledge of present or future portfolio transactions in client accounts and, in some cases, the power to influence those portfolio transactions, it is possible that an employee's personal interests could – or could appear to – conflict with those of the Firms' clients if the employee engages in personal transactions in securities that are eligible for investment by the Firms' clients.

The procedures set forth in this Code are designed to address potential conflicts of interest with respect to the personal investing activities of the Firms' Supervised Persons, including those further designated as Access or Advisory Persons (all as defined below). When persons covered by the terms of this Code engage in personal securities transactions, they must adhere to the following general principles as well as to the Code's specific provisions:

&nbsp;&nbsp;&nbsp;&nbsp;■ At
 all times, the interests of the Firms' clients must be paramount;

&nbsp;&nbsp;&nbsp;&nbsp;■ Personal
 transactions must be conducted consistent with this Code in a manner that avoids or mitigates
 any actual or potential conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;■ No
 inappropriate advantage should be taken of any position of trust or responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;■ Nonpublic
 information regarding security holdings in client accounts must remain confidential;
 and

&nbsp;&nbsp;&nbsp;&nbsp;■ Compliance
 with all applicable federal securities laws must be maintained.

In addition to the provisions of this Code, employees are responsible for compliance with other Virtus policies and procedures concerning personal conduct and conflicts of interest including, but not limited to: the Virtus Code of Conduct; Insider Trading Policy and related Guidelines; Social Media Policy; Acceptable Technology Use Policy; Political and PAC Contribution Policy and Procedures; and Gifts, Entertainment, Business Meals, Sponsorships, Business Building and Charitable Donations Policy.

Irrespective of any investment transactions permitted under this Code and/or investment transactions approved by Compliance, this Code is subject to, and superseded by, federal securities laws, which prohibit trading, whether for personal or client accounts, while in possession of material nonpublic information. Likewise, material nonpublic information regarding Virtus or a Firm may not be shared with other employees, other than Legal or Compliance personnel. <u>Under no circumstances may employees use material nonpublic information about client recommendations and transactions in their own personal trading.</u>

**2.** **Persons Subject to the Code** 

All employees of Virtus and its wholly owned subsidiaries are subject to this Code and are deemed to be **Supervised Persons** of a particular investment adviser and/or broker-dealer subsidiary within the meaning of the Advisers Act and the Investment Company Act. This includes persons working at Virtus entities that are not investment advisers or broker-dealers, such as Virtus Fund Services, LLC and Virtus Shared Services, LLC, as well as employees of departments such as Human Resources, Finance, Sales, Marketing, and Product Management. Certain Supervised Persons are further classified as **Access Persons** or **Advisory Persons**, depending upon their access to client portfolio information and their role in managing client accounts.

Supervised Persons are further designated as **Access Persons** if:

&nbsp;&nbsp;&nbsp;&nbsp;■ In
 connection with their job functions or duties they have access to timely, nonpublic information
 regarding a Firm's investment management activities, client portfolio holdings
 and/or client trading activity or they are a director or officer of a Firm. In general,
 employees with duties or responsibilities within Information Technology, Investment Operations,
 Investment Risk and Performance, Product Management, Fund Administration, Compliance,
 Legal, Internal Audit or other areas determined by Compliance are designated as Access
 Persons.

Supervised Persons are further designated as **Advisory Persons** if:

&nbsp;&nbsp;&nbsp;&nbsp;■ In
 connection with their job functions or duties, they make, recommend or implement investment
 decisions on behalf of client accounts managed by a Firm. In general, portfolio managers,
 investment research analysts, traders and certain of their support personnel are designated
 as Advisory Persons.

Employees who perform certain services for multiple Firms (i.e., shared services) or share office space with another Firm, may be designated by Compliance as Supervised, Access and/or Advisory Persons of multiple Firms.<sup>1</sup> These are general rules and Compliance may designate persons as Supervised, Access or Advisory for reasons other than indicated above, if determined to be consistent with the purpose of this Code.

<sup>1</sup> Reference: Rule 204A-1(a)(3) Section 202(a)(25) of the Advisers Act [15 U.S.C. 80b-2(a)(25)], which defines "supervised person" as an adviser's partners, officers, directors (or other persons occupying a similar status or performing similar functions) and employees, as well as any other persons who provide advice on behalf of the adviser and are subject to the adviser's supervision and control; Footnotes 23, 25 and 28 of Adopting Release of Final Rule 204A-1 (17 CFR Parts 270, 275 and 279) [Release Nos. IA-2256, IC-26492]; File No. S7-04-04.

The chart below provides a summary of requirements under this Code depending upon the employee's designation as a Supervised Person, or additional designation as an Access or Advisory Person and references the Section of this Code providing additional explanations of each requirement:

**Summary of Code of Ethics Requirements by Employee Classification**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**REQUIREMENT / CODE SECTION** | &nbsp;&nbsp;**SUPERVISED** <br> **PERSONS** | &nbsp;&nbsp;**ACCESS**<br> **PERSONS** | &nbsp;&nbsp;**ADVISORY**<br> **PERSONS** |
| &nbsp;&nbsp;Section 1. STANDARDS OF CONDUCT |  | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ |
| &nbsp;&nbsp;Section 2. PERSONS SUBJECT TO THE CODE | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ |
| &nbsp;&nbsp;Section 3.1. ATTESTATION OF RECEIPT, UNDERSTANDING AND COMPLIANCE | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ |
| &nbsp;&nbsp;Section 3.2. REPORTABLE SECURITIES AND REPORTABLE ACCOUNTS:<br> ■ DEFINITION OF REPORTABLE SECURITIES AND REPORTABLE ACCOUNTS<br> ■ NOTIFYING COMPLIANCE OF EXISTING REPORTABLE ACCOUNTS AND APPROVAL FOR NEW REPORTABLE ACCOUNTS<br> ■ MANAGED ACCOUNTS (DEFINED) | &nbsp;&nbsp;✓ ✓ ✓ | &nbsp;&nbsp;✓ ✓ ✓ | &nbsp;&nbsp;✓ ✓ ✓ |
| &nbsp;&nbsp;Section 3.3. NOTIFYING COMPLIANCE OF EXISTING REPORTABLE ACCOUNTS AND APPROVAL FOR NEW REPORTABLE ACCOUNTS | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ |
| &nbsp;&nbsp;Section 3.4. INITIAL AND ANNUAL HOLDINGS REPORTS | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ |
| &nbsp;&nbsp;Section 3.5. QUARTERLY TRANSACTIONS REPORTS | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ |
| &nbsp;&nbsp;Section 3.6. DUPLICATE TRADE CONFIRMATIONS AND PERSONAL BROKERAGE ACCOUNT STATEMENTS | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ |
| &nbsp;&nbsp;Section 4.1. TRADE PRECLEARANCE REQUIREMENTS FOR NON- VIRTUS SECURITIES |  | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ |
| &nbsp;&nbsp;Section 4.2. TRADE PRECLEARANCE REQUIREMENTS FOR VIRTUS SECURITIES | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ |
| &nbsp;&nbsp;Section 5. TRADE BLACKOUT RULE |  |  | &nbsp;&nbsp;✓ |
| &nbsp;&nbsp;Section 6. OTHER TRADING RESTRICTIONS |  | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ |
| &nbsp;&nbsp;Section 7. HOLDING PERIOD RULE |  | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ |
| &nbsp;&nbsp;Section 8. DUTY TO REPORT VIOLATIONS | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ |
| &nbsp;&nbsp;Section 9. SANCTIONS FOR VIOLATIONS OF THE CODE | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ |
| &nbsp;&nbsp;Section 10. WAIVERS, TEMPORARY EXEMPTION FROM CODE APPLICATION, AND EXTENSIONS | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ | &nbsp;&nbsp;✓ |

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**3.** **Reporting Requirements for Supervised, Access and Advisory Persons** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Attestation of Receipt, Understanding and Compliance** 

All employees will receive a copy of the Code upon hire and must certify their receipt, reading, understanding of, and compliance with the Code within ten (10) days of becoming subject to the Code and at least annually thereafter. Employees are also required to certify the same with respect to amendments of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Reportable Securities and Reportable Accounts** 

Supervised Persons, including those further designated as Access or Advisory Persons, must disclose to Compliance all Reportable Securities positions as well as all Reportable Accounts (both brokerage and investment advisory accounts), as further defined and discussed below.

**Reportable Securities** are broadly defined and include transactions (both long and short) in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Shares
 of stocks, ADRs, and other equity securities (including any security convertible into
 equity securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Bonds
 and notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Shares
 of exchange traded funds ("ETFs") and exchange traded notes ("ETNs");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Shares
 of closed-end funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Options,
 futures and other derivatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Private
 placement securities<sup>2</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Shares
 of open-end mutual funds managed by a Firm or managed by a non-affiliate as a subadviser
 to a Firm<sup>3</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Securities
 acquired in an initial public offering ("IPO") or a limited offering, or
 crowdfunding initiatives to raise capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Initial
 or limited coin offerings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ "Cryptocurrency"
 or "digital assets" unless specifically exempted by Compliance (as indicated
 in Schedule A).

The following are ***not*** considered Reportable Securities**:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Direct
 obligations of the U.S. Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Money
 market instruments and funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Bankers'
 acceptances, certificates of deposit, commercial paper and other high quality short-term
 debt instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Shares
 of open-end mutual funds that are not managed by a Firm; and

<sup>2</sup> A private placement is an offering of securities that are exempt from registration under various laws and rules, such as the Securities Act of 1933 in the U.S. and the Listing Rules in the U.K. Private placements can include limited partnerships, certain cooperative investments in real estate, co-mingled investment vehicles such as hedge funds, and investments in privately held and family-owned businesses. For the purpose of this Code, time-shares and cooperative investments in real estate used as a primary or secondary residence are not considered to be private placements.

<sup>3</sup> A list of open-end mutual funds managed by a Firm or managed by a non-affiliate as a subadviser to a Firm is available on VirtusNet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Holdings
 in 529 Plans (unless such holdings are a mutual fund managed by a Firm or managed by
 a non-affiliate as a subadviser to a Firm).<sup>4</sup>

**Reportable Accounts** are all securities accounts (brokerage and investment accounts) that a Supervised Person or members of their household have direct or indirect investment discretion over and that hold, or can hold, Reportable Securities. Reportable Accounts include investment accounts of certain related persons including a Supervised Person's spouse, domestic partner, children and stepchildren, and certain other persons<sup>5</sup> residing in the same household as the Supervised Person. Investment accounts meeting the above definition must be reported even if Reportable Securities are not currently held in the account. Accounts maintained through Fidelity for the Virtus 401(k) Plan (other than BrokerageLink accounts) or any other U.S. Virtus-sponsored retirement or benefit plans do not require reporting.

**Managed Accounts** are Reportable Accounts from which a Supervised Person or a member of their household benefits financially, but over which neither the Supervised Person nor a member of their household exercise direct or indirect investment discretion. Usually, with a Managed Account, a third-party money manager or financial advisor is hired to make all investment decisions for the account and the Supervised Person does not discuss any specific transactions for the account with the manager. Designation of a Managed Account must be properly documented and approved in accordance with Compliance procedures. Once designated as such by Compliance, Managed Accounts are not subject to the requirements of Section 4.1 (Trade Preclearance Requirements for Non-Virtus Securities), Section 4.2 (Preclearance requirement for Virtus Securities) (subject to the limitations for Restricted Insiders discussed below), Section 5 (Blackout Rule for Advisory Persons), or Section 7 (Holding Period Rule for Access and Advisory Persons). <u>However, brokerage statements and trade confirmations must be provided (see Section 3.6); purchasing IPOs is restricted (see Section 6); and private placement and limited offerings must be precleared, including those opportunities recommended by an outside financial advisor (see Section 6).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Notifying Compliance of Existing Reportable Accounts and Approval for New Reportable Accounts** 

Supervised Persons must notify Compliance of all existing Reportable Accounts within ten (10) days of hire. After hire, Supervised Persons must obtain approval from Compliance *<u>in advance</u>* of opening any new Reportable Account and promptly provide Compliance with the account number and related details when they become available. Note the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Any
 Virtus 401(k) Plan Fidelity Account and activity therein will automatically be reported
 to Compliance; <u>however, Supervised Persons must specifically notify Compliance of any new or existing Fidelity "BrokerageLink" account, Virtus/Fidelity Health Savings Account ("HSA") or any other Fidelity account capable of holding Reportable Securities</u>.

<sup>4</sup> A list of open-end mutual funds managed by a Firm or managed by a non-affiliate as a subadviser to a Firm is available on VirtusNet.

<sup>5</sup> Compliance may determine certain persons (other than those specifically listed above) who reside at the same address are <u>not</u> part of the same household if they do not otherwise have any of the following: direct or indirect investment discretion over the person's brokerage account(s) or investment(s); transparency, influence or control over the person's financial affairs; nor provide or receive recommendations or advice from the person concerning investments. Employees are encouraged to be forthcoming and discuss such matters with Compliance promptly at the time of hire and/or upon the development of such situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Other
 company 401(k) or 403(b) plan accounts or any IRA account maintained by the Supervised
 Person or members of their household need to be reported <u>if</u> such accounts have
 the capacity to invest in Reportable Securities<sup>6</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Fidelity
 accounts that hold Restricted Stock Units ("RSUs") are not considered Reportable
 Accounts. The shares of Virtus common stock issued upon vesting of the RSUs become Reportable
 Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Supervised
 Persons are required to promptly inform Compliance when Fidelity automatically opens
 a brokerage account when they become vested in Virtus RSUs, Virtus options or similar
 instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ A
 Supervised Person's investments in Virtus open-end mutual funds that are made directly
 through the funds' <u>transfer agent</u> will automatically be reported to Compliance.

Only those broker-dealers providing Compliance with electronic feeds containing required information will automatically be approved. A listing of such broker-dealers is available on VirtusNet. Exceptions may be made in the sole discretion of Compliance.

Compliance reserves the right to require Supervised Persons to close any Reportable Accounts with broker-dealers who do not provide required information on a reliable, timely or efficient basis.

Supervised Persons must promptly notify Compliance upon closing any Reportable Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Initial and Annual Holdings Reports** 

Supervised Persons, including those further designated as Access or Advisory Persons, must submit or confirm a report listing all personal holdings of Reportable Securities within ten (10) days of hire and annually thereafter. Information contained in the initial report must be current as of a date not more than forty-five (45) days prior to a Supervised Person's hire date. Annual reports must be current as of December 31<sup>st</sup> of each year, submitted by the following January 31<sup>st</sup>, and shall include such information required by Compliance including a certification by the Supervised Person that they have read, understand and complied with the requirements of the Code. Reporting is normally initiated by Compliance and completed through the StarCompliance system or other formats designated by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5** **Quarterly Transactions Reports** 

Supervised Persons, including those further designated as Access or Advisory Persons, must complete a quarterly report of transactions in Reportable Securities within the timeframe specified by Compliance (generally fifteen (15) days after quarter-end). Reporting is generally completed through the StarCompliance system.

<sup>6</sup> Non-Virtus 401(k) plan and 403(b) plan accounts are <u>not</u> considered Reportable Accounts as long as they cannot hold shares of Reportable Securities or open-end mutual funds managed by a Firm or managed by a non-affiliate as a subadviser to a Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6** **Duplicate Trade Confirmations and Personal Brokerage Account Statements** 

Broker-dealers must promptly provide Compliance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Duplicate
 copies of trade confirmations for Reportable Security transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Account
 statements for each Reportable Account at least quarterly.

The above requirements may be satisfied by arrangements Supervised Persons make through Compliance for broker-dealers to provide electronic feeds to the StarCompliance system or other designated location. In the event broker-dealers cannot provide electronic feeds, Supervised Persons will be responsible to promptly upload necessary information into the StarCompliance system or other designated location.

**4.** **Trade Preclearance Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Preclearance Requirements for non-Virtus Securities for Access and Advisory Persons** 

Generally, subject to other provisions of this Code, Access and Advisory Persons may not purchase or sell a Reportable Security for their own account at times during which any client account has a buy or sell order pending for a security of the same issuer or when trading in the Reportable Security is otherwise restricted. Advisory Persons are subject to additional restrictions as described in *Section 5* (Blackout Rule for Advisory Persons).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Access
 and Advisory Persons must obtain approval from Compliance prior to buying or selling
 Reportable Securities ("preclearance") (unless the security type is indicated
 as not requiring preclearance further below).

Preclearance requests are generally initiated by submitting a request to Compliance through the StarCompliance system and awaiting a response for approval before placing an order for a Reportable Security.

When submitting requests for multiple transactions at one time, Access and Advisory Persons should carefully review the responses from Compliance, which will be provided separately for each request, as some may be approved but others may be denied.

– Preclearance is also required for all investments in IPOs or private placements, so the terms of such offering can be reviewed and approved by Compliance in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Unless
 otherwise indicated, preclearance approvals are valid until 5 pm (ET) of the next business
 day regardless of an Access or Advisory Person's specific geographic location,
 (with the exception of private placement transactions and limited offerings, which are
 determined on a case-by-case basis). An order, including limit orders, not executed within
 that time must be re-submitted for preclearance approval.

Preclearance will be denied in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ When
 the Firm(s) of which an employee is an Access or Advisory Person has a pending buy or
 sell order for any security of the same issuer for a client account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ When
 a security is restricted by any Firm(s) for which an employee is an Access or Advisory
 Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Other
 circumstances as may be determined by Compliance on a case-by-case basis consistent with
 the purposes of the Code.

Where no other conflict is deemed present<sup>7</sup>, Compliance, in its discretion, may approve preclearance requests for **Access Persons** *(but <u>not</u> Advisory Persons)* up to the following "de minimis" transaction amounts<sup>8</sup>, irrespective of the Firm's pending buy or sell order for the security for a client account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Up
 to (but not exceeding) 1,000 shares during a *<u>rolling</u>* 30 days (in the aggregate
 for all of an Access Person's Reportable Accounts) in issuers with a market cap
 equivalent of $10 billion (USD) or more at the time of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Up
 to (but not exceeding) 1,000 shares during a *<u>rolling</u>* 30 days (in the aggregate
 for all of an Access Person's Reportable Accounts) in ETFs or ETNs that are not
 managed by a Firm or managed by a non-affiliate as a subadviser to a Firm.<sup>9</sup>

<sup>7</sup> Trade preclearance requests in conflict with the Holding Period Rule (*Section 7*) and issuers listed on applicable restricted lists will generally be denied.

<sup>8</sup> "Transaction amounts" means the number of shares sold *<u>plus</u>* the number of shares bought, i.e., sells *<u>do not</u>* offset buys.

<sup>9</sup> A list of ETFs and ETNs managed by a Firm or managed by a non-affiliate as a subadviser to a Firm is available on VirtusNet.

Access and Advisory Persons are <u>not</u> required to preclear transactions in the following types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Direct
 obligations of the Government of the United States

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Money
 market instruments such as commercial paper, repurchase agreements, bankers' acceptances
 and bank certificates of deposit, and other high quality short-term debt instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Shares
 of money market funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ "Cryptocurrency"
 or "digital assets" that are not otherwise considered initial or limited
 coin offerings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Open-end
 mutual funds and unit investment trusts invested in open-end mutual funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Purchases
 pursuant to an automatic investment or dividend reinvestment plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Purchases
 upon the exercise of rights issued by an issuer pro rata to all holders of a class of
 its securities, to the extent the rights were acquired from the issuer, and sales of
 such rights so acquired

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions
 under an employee stock purchase or incentive program unless otherwise restricted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Non-volitional
 transactions (such as stock splits, dividends, corporate actions, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions
 in Managed Accounts, with the exception of IPOs and private placement transactions, provided
 that prior to the transaction Compliance has approved the classification of the account
 as a Managed Account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Preclearance, transaction and account requirements for Virtus Securities** 

Supervised Persons, including those also designated as Access and Advisory Persons, must preclear transactions in Virtus common shares (ticker: VRTS) and any other type of security Virtus may issue, including, but not limited to, preferred stock, convertible debentures, and warrants (collectively, with Virtus common shares, "Virtus Securities").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Employees
 must comply with the Virtus Insider Trading Policy and employees designated as Restricted
 Insiders must also comply with the related Trading Restrictions and Preclearance Guidelines
 Applicable to Restricted Insiders ("Trading Guidelines"), both of which are
 available on VirtusNet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Unless
 otherwise indicated, preclearance approvals for Virtus Securities are valid until 5 pm
 (ET) of the next business day, regardless of the employee's specific geographical
 location. An order (including limit orders) not executed within that time must be re-submitted
 for preclearance approval. Once designated as an approved Managed Account by Compliance,
 transactions in Virtus Securities within such managed accounts are not subject to preclearance
 requirements; provided, however, employees who are deemed Restricted Insiders pursuant
 to the Virtus Insider Trading Policy and related Trading Guidelines must preclear any
 transaction in Virtus Securities, whether in an approved Managed Account or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Employees
 may not engage in short sales of Virtus Securities or transact in any derivatives (such
 as puts, calls, or futures) of Virtus Securities. Additionally, employees may not engage
 in hedging or monetization strategies of Virtus Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Employees
 who are designated Restricted Insiders may not hold Virtus Securities in a brokerage
 account with margin capabilities or pledge Virtus Securities as collateral for a loan
 without Legal and Compliance pre-approval.

**5.** **Blackout Rule for Advisory Persons** 

In addition to the preclearance requirements of Section 4 (Trade Preclearance Requirements), Advisory Persons may not transact in any Reportable Security on the same day as, or seven (7) calendar days before or after, a trade in securities of the same issuer that is also traded in any client account(s) associated with the Advisory Person. The Blackout Rule does not apply to transactions in Reportable Securities that are exempt from the preclearance requirements of Section 4.

**6.** **Other Restrictions for Access and Advisory Persons** 

Access and Advisory Persons are at all times prohibited from engaging in any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Purchasing
 or selling single-stock futures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Purchasing
 or selling options on (referencing) a single name/issuer. Transactions and holdings of
 options referencing broad-based indices are allowed. A list of options referencing broad-based
 indices is available on VirtusNet and additions may be approved by Compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Taking
 short positions other than on broad-based indices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Purchasing
 or otherwise acquiring securities in an IPO, the substantial equivalent of an IPO, or
 in so-called initial coin (cryptocurrency) offerings, unless otherwise approved by Compliance;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Using
 a derivative or synthetic instrument or using any other means to circumvent a restriction
 in the Code.

In addition to the above, Advisory Persons are further prohibited from engaging in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Taking
 a short position on any index that is held long in a client account of a Firm the employee
 is an Advisory Person of;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Serving
 on the board of directors of any publicly traded company, absent the prior approval of
 an Executive Officer<sup>10</sup> of Virtus and Compliance, based on a determination
 that such service will not conflict with the interests of any Firms or their clients;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Purchasing
 a private placement or limited offering in client accounts where there exists a personal
 interest in the same issuer without preapproval from Compliance.

<sup>10</sup> Includes the Virtus Executive Officers listed on www.virtus.com.

**7.** **Holding Period Rule for Access and Advisory Persons** 

Unless an exception applies, Access and Advisory Persons must hold all Reportable Securities for no less than thirty (30) days, even if the purchase was exempt from preclearance (the "Holding Period Rule"). The Holding Period Rule prohibits the purchase or sale of options with an expiration date that is within thirty (30) days of the transaction date, as well as the sale of covered calls on securities held for less than thirty (30) days.

Compliance with the Holding Period Rule will be determined using a last in, first out methodology applied across all Reportable Accounts unless otherwise exempted, and Access and Advisory Persons may not sell any share(s) of a Reportable Security until a minimum of thirty (30) days have passed since the last purchase of the same security in any of their Reportable Accounts.

**Exceptions: The Holding Period Rule does not apply to the following:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions
 in open-end mutual funds that are managed by any Firm (although "market timing"
 restrictions imposed by such funds must be observed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions
 in shares of VRTS received upon the vesting of RSU grants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Exercising
 VRTS options and selling the shares, where such options have been provided as grants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions
 in approved Managed Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions
 in digital assets.

**8.** **Duty to Report Violations** 

Employees must promptly report any known violations of this Code to Compliance and should contact Compliance if they have reason to believe that a violation may have occurred or is reasonably likely to occur. Failure to report such matters is itself a violation of this Code. If the matter involves a member of Compliance, the report should be made directly to Virtus' Global Chief Compliance Officer. In the event the reported event involves the Global Chief Compliance Officer, the report should be made directly to the Virtus' Chief Legal Officer. Employees may also report such matters using the Virtus Whistleblower Hotline.<sup>11</sup>

**9.** **Sanctions for Violations of the Code** 

In the event of a violation of the Code by any Supervised Person, including those further designated as Access or Advisory Persons, Compliance may impose appropriate sanctions considering the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The
 seriousness of the violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Whether
 the violation was willful or inadvertent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Whether
 the violation was self-reported;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The
 employee's job function and classification as a Supervised, Access or Advisory
 Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prior
 violations of the Code; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Any
 other factor(s) that Compliance may consider important under the specific circumstances.

<sup>11</sup> Instructions for using the Virtus Whistleblower Hotline are available on VirtusNet.

Sanctions may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Verbal
 and/or written admonishment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Re-training
 on the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Notice
 to the person's manager and/or members of firm management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Fines
 and/or reversal of trades, with the fines and disgorgement of profits (or losses avoided)
 donated to a charity designated by Compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Partial
 or full restriction of personal trading for a period of time (which may be the remainder
 of the Person's employment); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Suspension
 or termination of employment.

**10.** **Waivers, Temporary Exemption from Code Application, and Extensions** 

Compliance may, from time to time, grant waivers to provisions of this Code for equitable or other reasons. Compliance will maintain reasonable documentation of any such waivers. The waivers may be granted to individuals or classes of individuals with respect to particular transactions or classes of transactions and may apply to past as well as future transactions. No waiver will be granted if Compliance is aware or reasonably believes that doing so will result in a violation of applicable federal securities laws or the principles of this Code.

Employees on approved leaves of absence (e.g., leaves for medical, active military service, bereavement, FMLA, etc.) may be temporarily exempt from the pre-clearance and reporting provisions of the Code, provided that the following requirements are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ They
 do not participate in, obtain information with respect to, or make recommendations as
 to, the purchase or sale of securities on behalf of any client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ They
 do not have access to information regarding the day-to-day investment activities of the
 Firm including but not limited to IT systems and Firm email;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ They
 do not devote significant time to the activities of the Firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Compliance
 approves such temporary exemption in writing.

Employees must complete quarterly transaction reports promptly upon their return to work after an approved leave of absence.

In addition to the above, Compliance may grant extensions to quarterly reporting deadlines in cases of hardship, illness, system unavailability or other circumstances provided that the timeframe, as extended, may not exceed thirty (30) days after quarter-end. Any such extension shall not be deemed a waiver of the Code's provisions.

**11.** **Responsibilities of Compliance** 

In addition to those responsibilities described in the foregoing, Compliance is responsible for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Determining
 which employees are classified as Supervised, Access or Advisory Persons and notifying
 employees of their classification. In doing so, Compliance may determine whether any
 temporary employees, consultants, interns or the equivalent should be treated as employees
 under this Code and, if so, whether they should be classified as Supervised, Access or
 Advisory Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Maintaining
 records regarding the Code and its administration as required by Rule 204-2 of the Advisers
 Act and Rule 31a-2 of the Investment Company Act. Such records will be maintained in
 a readily accessible place for at least five (5) years, with the first two (2) years
 in a Firm office. Required records include the following for the past five (5) years:

– A copy of each Code in effect;

– Records of any violations of the Code and action taken in response thereto;

– Records of employees' written acknowledgements of the Code;

– A list of all employees who have been required to make reports pursuant to the Code;

– Records of decisions to approve transactions in private placements and the basis for such approvals; and

Copies of all reports made by the Chief Compliance Officer of each Firm and by the Chief Compliance Officer of the Virtus Funds regarding the administration of the Code as required by the Advisers Act or the Investment Company Act.

***<u>Schedule A</u>***

This Schedule last updated: April 1, 2023

**Digital Assets Exempted from the Code of Ethics Reporting Requirements**

The following digital assets are specifically exempted from Code reporting requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Bitcoin
 currency code "BTC" and "XBT"

*This Schedule will be updated from time to time without being considered an amendment to the Code of Ethics.*

## Cover

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| ![](cover_image001.jpg) |
| 1301 Avenue of the Americas, 14<sup>th</sup> Floor \| New York, NY 10019 \| 800.248.7971 \| Virtus.com |

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August 14, 2025

Filing Desk

U.S. Securities and Exchange Commission

100 F Street, NE

Washington, DC 20549

Re: Virtus ETF Trust II (the "Trust") <br> File Nos. 333-206600 and 811-23078 <br> Rule 485(a) Filing

Dear Sir or Madam:

Pursuant to Rule 485(a)(2) under the Securities Act of 1933 (the "1933 Act"), submitted electronically via the EDGAR system, please find enclosed Post-Effective Amendment No. 96 under the 1933 Act and Amendment No. 98 under the Investment Company Act of 1940 (the "Amendment") to the Registration Statement of the Trust. The Trust is filing the Amendment for the purpose of adding six new series' of shares to the Trust, designated as the Virtus Systematic U.S. Small Cap Growth ETF, Virtus Systematic International Small Cap ETF, Virtus Systematic Emerging Markets Equity ETF, Virtus Systematic U.S. Dividend ETF, Virtus Systematic International Dividend ETF and Virtus Systematic Emerging Markets Dividend ETF (the "Funds"). The Amendment relates only to the Funds and does not affect the prospectuses and statements of additional information of the Trust's other series.

Prior to or upon the effective date of the Amendment, the Trust intends to file a subsequent post-effective amendment, pursuant to Rule 485(b) under the 1933 Act, for the purposes of: (i) responding to any comments conveyed by the staff of the U.S. Securities and Exchange Commission on the Amendment; (ii) updating certain information contained in the prospectus and the statement of additional information relating to each Fund; and (iii) adding new exhibits to the Registration Statement.

If you have any questions or comments regarding this filing, please contact me at 860-503-1285 or by email at daphne.chisolm@virtus.com. Thank you.

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| Sincerely, |
| /s/ Daphne Chisolm |
| Daphne Chisolm |

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Securities distributed by **VP Distributors, LLC**