# EDGAR Filing Document

**Accession Number:** 0001648403
**File Stem:** 0001752724-25-161513
**Filing Date:** 2025-6
**Character Count:** 85747
**Document Hash:** 9b943edae9cf98afddf80f600d64f815
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-161513.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001752724-25-161513

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20250731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23078
- **FILM NUMBER:** 251083808

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

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

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

## Series and Classes Contracts Data

### Virtus Stone Harbor Emerging Markets High Yield Bond ETF (Series ID: S000078276)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000239036 | Virtus Stone Harbor Emerging Markets High Yield Bond ETF | VEMY            |

## Nport-Ex

Schedule of Investments – Virtus Stone Harbor Emerging Markets High Yield Bond ETF

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS – 93.4%** | **FOREIGN BONDS – 93.4%** | |
| **Angola – 2.4%** | **Angola – 2.4%** | |
| Angolan Government International Bond, 8.00%, 11/26/29<sup>(1)</sup> | $46000 | $36878 |
| Angolan Government International Bond, 8.75%, 04/14/32<sup>(1)</sup> | 256000 | 198351 |
| Azule Energy Finance PLC, 8.13%, 01/23/30<sup>(1)</sup> | 78000 | 75208 |
| Total Angola |  | 310437 |
| **Argentina – 6.1%** |  |  |
| Argentine Republic Government International Bond, 1.00%, 07/09/29 | 220500 | 178495 |
| Argentine Republic Government International Bond, 0.75%, 07/09/30<sup>(2)</sup> | 149600 | 114893 |
| MSU Energy SA, 9.75%, 12/05/30<sup>(1)</sup> | 94000 | 88317 |
| Provincia de Buenos Aire, 6.63%, 09/01/37<sup>(2)</sup> | 163778 | 110427 |
| Provincia de Buenos Aires/Government Bonds, 6.63%, 09/01/37<sup>(2)</sup> | 51688 | 34851 |
| Telecom Argentina SA, 9.50%, 07/18/31<sup>(1)</sup> | 79000 | 82713 |
| YPF SA, 6.95%, 07/21/27 | 68000 | 67252 |
| YPF SA, 9.50%, 01/17/31<sup>(1)</sup> | 115000 | 119370 |
| Total Argentina |  | 796318 |
| **Armenia – 0.2%** |  |  |
| Republic of Armenia International Bond, 3.60%, 02/02/31<sup>(1)</sup> | 28000 | 23721 |
| **Benin – 0.2%** |  |  |
| Benin Government International Bond, 7.96%, 02/13/38<sup>(1)</sup> | 32000 | 28920 |
| **Bolivia – 0.5%** |  |  |
| Bolivia Government International Bond, 4.50%, 03/20/28 | 103000 | 67465 |
| **Brazil – 13.1%** |  |  |
| 3r Lux Sarl, 9.75%, 02/05/31<sup>(1)</sup> | 130000 | 128294 |
| Braskem Netherlands Finance BV, 8.00%, 10/15/34<sup>(1)</sup> | 174000 | 154903 |
| Brazilian Government International Bond, 7.13%, 05/13/54 | 133000 | 126649 |
| FS Luxembourg Sarl, 8.88%, 02/12/31<sup>(1)</sup> | 132000 | 132660 |
| Iochpe-Maxion Austria GMBH / Maxion Wheels de Mexico S de RL de CV, 5.00%, 05/07/28<sup>(1)</sup> | 78000 | 73033 |
| MC Brazil Downstream Trading Sarl, 7.25%, 06/30/31<sup>(1)</sup> | 81017 | 63031 |
| Minerva Luxembourg SA, 4.38%, 03/18/31 | 253000 | 222956 |
| Movida Europe SA, 7.85%, 04/11/29<sup>(1)</sup> | 183000 | 161223 |
| MV24 Capital BV, 6.75%, 06/01/34<sup>(1)</sup> | 133122 | 127630 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Brazil (continued)** |  |  |
| NewCo Holding USD 20 Sarl, 9.38%, 11/07/29<sup>(1)</sup> | $44000 | $43824 |
| Ohi Group SA, 13.00%, 07/22/29<sup>(1)</sup> | 123000 | 124937 |
| Samarco Mineracao SA, 9.00%, 06/30/31<sup>(1)(3)</sup> | 154661 | 145644 |
| Trident Energy Finance PLC, 12.50%, 11/30/29<sup>(1)</sup> | 75000 | 71273 |
| Yinson Boronia Production BV, 8.95%, 07/31/42<sup>(1)</sup> | 130836 | 134379 |
| Total Brazil |  | 1710436 |
| **Chile – 0.4%** |  |  |
| Banco de Credito E Inversiones SA, 7.50%, (US 5 Year CMT T- Note + 3.77%), perpetual<sup>(1)(4)(5)</sup> | 54000 | 52664 |
| **China – 1.7%** |  |  |
| Prosus NV, 3.06%, 07/13/31 | 119000 | 102695 |
| Prosus NV, 3.83%, 02/08/51<sup>(1)</sup> | 185000 | 117027 |
| Total China |  | 219722 |
| **Colombia – 6.3%** |  |  |
| AI Candelaria Spain SA, 5.75%, 06/15/33 | 157000 | 129768 |
| Banco Gnb Sudameris SA, 7.50%, (US 5 Year CMT T- Note + 6.66%), 04/16/31<sup>(1)(4)</sup> | 57000 | 55519 |
| Colombia Government International Bond, 7.38%, 04/25/30 | 128000 | 130131 |
| Colombia Government International Bond, 3.13%, 04/15/31 | 44000 | 35552 |
| Colombia Government International Bond, 8.00%, 11/14/35 | 72000 | 71064 |
| Colombia Government International Bond, 5.20%, 05/15/49 | 182000 | 118209 |
| Colombia Government International Bond, 3.88%, 02/15/61 | 227000 | 116678 |
| Gran Tierra Energy, Inc., 9.50%, 10/15/29<sup>(1)</sup> | 124000 | 97650 |
| SierraCol Energy Andina LLC, 6.00%, 06/15/28<sup>(1)</sup> | 72000 | 66402 |
| Total Colombia |  | 820973 |
| **Dominican Republic – 1.9%** |  |  |
| Dominican Republic International Bond, 4.88%, 09/23/32<sup>(1)</sup> | 52000 | 46881 |
| Dominican Republic International Bond, 6.00%, 02/22/33 | 99000 | 95931 |
| Dominican Republic International Bond, 6.95%, 03/15/37<sup>(1)</sup> | 25000 | 24900 |
| Dominican Republic International Bond, 7.15%, 02/24/55<sup>(1)</sup> | 77000 | 75515 |
| Total Dominican Republic |  | 243227 |
| **Ecuador – 2.3%** |  |  |
| Ecuador Government International Bond, 6.90%, 07/31/30<sup>(2)</sup> | 311515 | 233987 |
| Ecuador Government International Bond, 5.50%, 07/31/35<sup>(2)</sup> | 99872 | 60073 |
| Total Ecuador |  | 294060 |

---

Schedule of Investments – Virtus Stone Harbor Emerging Markets High Yield Bond ETF (continued)

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Egypt – 3.7%** |  |  |
| Egypt Government International Bond, 3.88%, 02/16/26<sup>(1)</sup> | $118000 | $115640 |
| Egypt Government International Bond, 8.63%, 02/04/30<sup>(1)</sup> | 158000 | 150700 |
| Egypt Government International Bond, 7.63%, 05/29/32<sup>(1)</sup> | 137000 | 115834 |
| Egypt Government International Bond, 7.90%, 02/21/48<sup>(1)</sup> | 123000 | 84707 |
| Egypt Government International Bond, 8.88%, 05/29/50<sup>(1)</sup> | 12000 | 8985 |
| Total Egypt |  | 475866 |
| **El Salvador – 1.2%** |  |  |
| El Salvador Government International Bond, 8.63%, 02/28/29<sup>(1)</sup> | 14000 | 14280 |
| El Salvador Government International Bond, 8.63%, 02/28/29 | 21000 | 21420 |
| El Salvador Government International Bond, 9.25%, 04/17/30 | 10000 | 10358 |
| El Salvador Government International Bond, 8.25%, 04/10/32<sup>(1)</sup> | 88000 | 86504 |
| El Salvador Government International Bond, 7.63%, 02/01/41 | 15000 | 13597 |
| Total El Salvador |  | 146159 |
| **Ethiopia – 0.7%** |  |  |
| Ethiopia International Bond, 6.63%, 12/11/24<sup>(1)(6)</sup> | 114000 | 96330 |
| **Gabon – 0.3%** |  |  |
| Gabon Government International Bond, 6.63%, 02/06/31<sup>(1)</sup> | 11000 | 7827 |
| Gabon Government International Bond, 7.00%, 11/24/31<sup>(1)</sup> | 36000 | 25526 |
| Total Gabon |  | 33353 |
| **Georgia – 0.5%** |  |  |
| Georgian Railway JSC, 4.00%, 06/17/28<sup>(1)</sup> | 73000 | 64925 |
| **Ghana – 2.6%** |  |  |
| Ghana Government International Bond, 4.79%, 07/03/26<sup>(1)(7)</sup> | 4800 | 4560 |
| Ghana Government International Bond, 5.03%, 01/03/30<sup>(1)(7)</sup> | 62715 | 47663 |
| Ghana Government International Bond, 5.00%, 07/03/35<sup>(1)(2)</sup> | 118600 | 79462 |
| Kosmos Energy Ltd., 7.13%, 04/04/26 | 116000 | 111795 |
| Kosmos Energy Ltd., 7.75%, 05/01/27 | 96000 | 86880 |
| Total Ghana |  | 330360 |
| **Guatemala – 1.8%** |  |  |
| Guatemala Government Bond, 6.60%, 06/13/36<sup>(1)</sup> | 112000 | 112224 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Guatemala (continued)** |  |  |
| Investment Energy Resources Ltd., 6.25%, 04/26/29<sup>(1)</sup> | $125000 | $119688 |
| Total Guatemala |  | 231912 |
| **Honduras – 0.4%** |  |  |
| Honduras Government International Bond, 8.63%, 11/27/34<sup>(1)</sup> | 51000 | 50648 |
| **Hong Kong – 1.6%** |  |  |
| Melco Resorts Finance Ltd., 5.38%, 12/04/29 | 238000 | 214771 |
| **India – 2.4%** |  |  |
| Adani Ports & Special Economic Zone Ltd., 3.83%, 02/02/32 | 55000 | 45100 |
| Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharash, 4.63%, 10/15/39<sup>(1)</sup> | 58450 | 46322 |
| Jsw Hydro Energy Ltd., 4.13%, 05/18/31 | 110625 | 97903 |
| ReNew Wind Energy AP2 / ReNew Power Pvt Ltd., 4.50%, 07/14/28 | 56000 | 51905 |
| Vedanta Resources Finance II PLC, 10.88%, 09/17/29<sup>(1)</sup> | 32000 | 31034 |
| Vedanta Resources Finance II PLC, 9.48%, 07/24/30<sup>(1)</sup> | 60000 | 55463 |
| Total India |  | 327727 |
| **Indonesia – 1.3%** |  |  |
| LLPL Capital Pte Ltd., 6.88%, 02/04/39 | 43632 | 43032 |
| Minejesa Capital BV, 5.63%, 08/10/37<sup>(1)</sup> | 134000 | 125173 |
| Total Indonesia |  | 168205 |
| **Israel – 2.6%** |  |  |
| Energean Israel Finance Ltd., 5.88%, 03/30/31<sup>(1)</sup> | 99000 | 90028 |
| Energean PLC, 6.50%, 04/30/27 | 30000 | 29597 |
| Leviathan Bond Ltd., 6.75%, 06/30/30<sup>(1)</sup> | 52000 | 50586 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 | 100000 | 96838 |
| Teva Pharmaceutical Finance Netherlands III BV, 4.10%, 10/01/46 | 100000 | 70720 |
| Total Israel |  | 337769 |
| **Ivory Coast – 1.4%** |  |  |
| Ivory Coast Government International Bond, 7.63%, 01/30/33<sup>(1)</sup> | 21000 | 19714 |
| Ivory Coast Government International Bond, 8.08%, 04/01/36<sup>(1)</sup> | 31000 | 28559 |
| Ivory Coast Government International Bond, 8.25%, 01/30/37<sup>(1)</sup> | 163000 | 150368 |
| Total Ivory Coast |  | 198641 |

---

Schedule of Investments – Virtus Stone Harbor Emerging Markets High Yield Bond ETF (continued)

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Jordan – 0.7%** |  |  |
| Jordan Government International Bond, 7.50%, 01/13/29<sup>(1)</sup> | $29000 | $28991 |
| Jordan Government International Bond, 5.85%, 07/07/30<sup>(1)</sup> | 45000 | 41553 |
| Jordan Government International Bond, 7.38%, 10/10/47<sup>(1)</sup> | 35000 | 29466 |
| Total Jordan |  | 100010 |
| **Kazakhstan – 0.7%** |  |  |
| KazMunayGas National Co. JSC, 6.38%, 10/24/48<sup>(1)</sup> | 109000 | 97215 |
| **Kenya – 1.1%** |  |  |
| Republic of Kenya Government International Bond, 9.75%, 02/16/31<sup>(1)</sup> | 14000 | 13335 |
| Republic of Kenya Government International Bond, 9.50%, 03/05/36<sup>(1)</sup> | 155000 | 135238 |
| Total Kenya |  | 148573 |
| **Lebanon – 0.3%** |  |  |
| Lebanon Government International Bond, 8.25%, 04/12/21 | 200000 | 34200 |
| **Macau – 1.1%** |  |  |
| Studio City Finance Ltd., 5.00%, 01/15/29<sup>(1)</sup> | 161000 | 141814 |
| **Mexico – 9.7%** |  |  |
| Banco Mercantil del Norte SA, 5.88%, (US 5 Year CMT T- Note + 4.64%), perpetual<sup>(4)(5)</sup> | 192000 | 185624 |
| Banco Mercantil del Norte SA, 6.63%, (US 10 Year CMT T- Note + 5.03%), perpetual<sup>(1)(4)(5)</sup> | 82000 | 73106 |
| BBVA Bancomer SA, 5.13%, (US 5 Year CMT T- Note + 2.65%), 01/18/33<sup>(1)(4)</sup> | 57000 | 54007 |
| Braskem Idesa Sapi, 6.99%, 02/20/32<sup>(1)</sup> | 20000 | 14475 |
| Cemex SAB de CV, 5.13%, (US 5 Year CMT T- Note + 4.53%), perpetual<sup>(4)(5)</sup> | 153000 | 151088 |
| Grupo Aeromexico SAB de CV, 8.63%, 11/15/31<sup>(1)</sup> | 90000 | 83475 |
| Petroleos Mexicanos, 6.50%, 03/13/27 | 68000 | 66497 |
| Petroleos Mexicanos, 5.35%, 02/12/28 | 272000 | 251627 |
| Petroleos Mexicanos, 8.75%, 06/02/29 | 148000 | 145617 |
| Petroleos Mexicanos, 5.95%, 01/28/31 | 221000 | 183187 |
| Saavi Energia Sarl, 8.88%, 02/10/35<sup>(1)</sup> | 67000 | 67335 |
| Total Mexico |  | 1276038 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **MNE – 0.2%** |  |  |
| Montenegro Government International Bond, 7.25%, 03/12/31<sup>(1)</sup> | $26000 | $26257 |
| **Morocco – 1.0%** |  |  |
| Morocco Government International Bond, 3.00%, 12/15/32<sup>(1)</sup> | 17000 | 14062 |
| OCP SA, 3.75%, 06/23/31<sup>(1)</sup> | 5000 | 4417 |
| OCP SA, 6.88%, 04/25/44<sup>(1)</sup> | 87000 | 81704 |
| OCP SA, 7.50%, 05/02/54<sup>(1)</sup> | 45000 | 44249 |
| Total Morocco |  | 144432 |
| **Nigeria – 3.4%** |  |  |
| IHS Holding Ltd., 5.63%, 11/29/26<sup>(1)</sup> | 39000 | 38220 |
| IHS Holding Ltd., 8.25%, 11/29/31<sup>(1)</sup> | 50000 | 48250 |
| IHS Netherlands Holdco BV, 8.00%, 09/18/27<sup>(1)</sup> | 54998 | 55067 |
| Nigeria Government International Bond, 6.13%, 09/28/28<sup>(1)</sup> | 185000 | 164881 |
| Nigeria Government International Bond, 9.63%, 06/09/31<sup>(1)</sup> | 99000 | 93184 |
| Nigeria Government International Bond, 7.88%, 02/16/32<sup>(1)</sup> | 51000 | 43605 |
| Total Nigeria |  | 443207 |
| **Pakistan – 0.7%** |  |  |
| Pakistan Government International Bond, 6.00%, 04/08/26<sup>(1)</sup> | 71000 | 67006 |
| Pakistan Government International Bond, 6.88%, 12/05/27<sup>(1)</sup> | 29000 | 25534 |
| Total Pakistan |  | 92540 |
| **Peru – 0.8%** |  |  |
| Petroleos del Peru SA, 4.75%, 06/19/32 | 135000 | 100069 |
| **Senegal – 0.4%** |  |  |
| Senegal Government International Bond, 6.25%, 05/23/33<sup>(1)</sup> | 69000 | 48162 |
| **Serbia – 0.6%** |  |  |
| Serbia International Bond, 2.13%, 12/01/30<sup>(1)</sup> | 46000 | 38416 |
| Serbia International Bond, 6.00%, 06/12/34<sup>(1)</sup> | 37000 | 36676 |
| Total Serbia |  | 75092 |
| **South Africa – 4.4%** |  |  |
| Eskom Holdings SOC Ltd., 8.45%, 08/10/28<sup>(1)</sup> | 162000 | 164430 |
| Eskom Holdings SOC Ltd., 6.35%, 08/10/28<sup>(1)</sup> | 43000 | 42462 |
| Republic of South Africa Government International Bond, 7.10%, 11/19/36<sup>(1)</sup> | 82000 | 78064 |
| Republic of South Africa Government International Bond, 6.30%, 06/22/48 | 125000 | 96649 |
| Sasol Financing USA LLC, 4.38%, 09/18/26 | 90000 | 86512 |

---

Schedule of Investments – Virtus Stone Harbor Emerging Markets High Yield Bond ETF (continued)

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **South Africa (continued)** |  |  |
| Sasol Financing USA LLC, 6.50%, 09/27/28 | $105000 | $97125 |
| Total South Africa |  | 565242 |
| **Sri Lanka – 0.9%** |  |  |
| Sri Lanka Government International Bond, 3.35%, 03/15/33<sup>(1)(2)</sup> | 166000 | 117877 |
| **Tanzania – 0.6%** |  |  |
| HTA Group Ltd./Mauritius, 7.50%, 06/04/29<sup>(1)</sup> | 84000 | 84210 |
| **Trinidad and Tobago – 0.9%** |  |  |
| Trinidad & Tobago Government International Bond, 6.40%, 06/26/34 | 121000 | 115283 |
| **Turkey – 6.1%** |  |  |
| Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27<sup>(1)</sup> | 63900 | 63596 |
| Istanbul Metropolitan Municipality, 10.50%, 12/06/28<sup>(1)</sup> | 82000 | 87309 |
| Turkcell Iletisim Hizmetleri AS, 7.65%, 01/24/32<sup>(1)</sup> | 10000 | 10031 |
| Turkey Government International Bond, Series 10Y, 5.95%, 01/15/31 | 382000 | 357911 |
| Turkiye Government International Bond, Series 7Y, 7.13%, 02/12/32 | 33000 | 32282 |
| We Soda Investments Holding PLC, 9.50%, 10/06/28<sup>(1)</sup> | 88000 | 90219 |
| Yapi VE Kredi Bankasi AS, 9.25%, (US 5 Year CMT T- Note + 5.28%), 01/17/34<sup>(1)(4)</sup> | 50000 | 51313 |
| Zorlu Enerji Elektrik Uretim As, 11.00%, 04/23/30<sup>(1)</sup> | 109000 | 99742 |
| Total Turkey |  | 792403 |
| **Ukraine – 1.6%** |  |  |
| Ukraine Government International Bond, 16.34%, 02/01/30<sup>(1)(2)</sup> | 8035 | 3949 |
| Ukraine Government International Bond, 1.75%, 02/01/34<sup>(1)(2)</sup> | 130197 | 64903 |
| Ukraine Government International Bond, 1.75%, 02/01/35<sup>(2)</sup> | 60000 | 29520 |
| Ukraine Government International Bond, 8.21%, 02/01/36<sup>(1)(2)</sup> | 113146 | 56856 |
| Ukraine Government International Bond, 1.75%, 02/01/36<sup>(1)(2)</sup> | 15421 | 7495 |
| Ukraine Government International Bond, 1.75%, 02/01/36<sup>(2)</sup> | 27000 | 13122 |
| Ukraine Government International Bond, 08/01/41<sup>(1)(4)</sup> | 50000 | 35375 |
| Total Ukraine |  | 211220 |
| **Uzbekistan – 0.6%** |  |  |
| Republic of Uzbekistan International Bond, 3.90%, 10/19/31<sup>(1)</sup> | 89000 | 75606 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Venezuela – 0.6%** |  |  |
| Petroleos de Venezuela SA, 9.00%, 11/17/21<sup>(6)</sup> | $203000 | $25832 |
| Petroleos de Venezuela SA, 9.75%, 05/17/35<sup>(6)</sup> | 77000 | 9991 |
| Venezuela Government International Bond, 12.75%, 08/23/22 | 44000 | 7480 |
| Venezuela Government International Bond, 11.95%, 08/05/31 | 189000 | 32035 |
| Total Venezuela |  | 75338 |
| **Vietnam – 0.7%** |  |  |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 | 69383 | 66543 |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29<sup>(1)</sup> | 31260 | 29981 |
| Total Vietnam |  | 96524 |
| **Zambia – 0.7%** |  |  |
| Zambia Government International Bond, 5.75%, 06/30/33<sup>(1)(2)</sup> | 65552 | 56886 |
| Zambia Government International Bond, 0.50%, 12/31/53<sup>(1)</sup> | 79000 | 45228 |
| Total Zambia |  | 102114 |
| **TOTAL INVESTMENTS – 93.4%** |  |  |
| (Cost $12,225,794) |  | **12208035** |
| Other Assets in Excess of Liabilities – 6.6% |  | 866898 |
| **Net Assets – 100.0%** |  | $**13074933** |

---

(1) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. At April 30, 2025, the aggregate value of these securities was $7,208,849, or 55.1% of net assets.

(2) Represents step coupon bond. Rate shown reflects the rate in effect as of April 30, 2025.

(3) Payment in-kind security.

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

(5) Perpetual security with no stated maturity date.

(6) Security in default, no interest payments are being received during the bankruptcy proceedings.

(7) Represents a zero coupon bond. Rate shown reflects the effective yield.

---

| |
|:---|
| **Abbreviations:** |
| CMT — Constant Maturity Treasury Index |

---

Schedule of Investments – Virtus Stone Harbor Emerging Markets High Yield Bond ETF (continued)

April 30, 2025 (unaudited)

**Fair Value Measurements**

The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 includes unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Bonds | $— | $12208035 | $— | $12208035 |
| **Total** | $**—** | $**12208035** | $**—** | $**12208035** |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 1540 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

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

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

- **a. Name of Series:** Virtus Stone Harbor Emerging Markets High Yield Bond ETF

- **b. EDGAR series identifier (if any):** S000078276

- **c. LEI of Series:** 549300XJPVD8EVRFU454

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $13275774.87

**Total Liabilities:** $200795.02

**Net Assets:** $13074979.85

**Cash Not Reported:** $693534.40

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -117.96405650 | **10-Year:** -288.27594700 | **30-Year:** -370.61776370

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

- **3-Month:** 0.00000000 | **1-Year:** -24.22945939 | **5-Year:** -940.81682670 | **10-Year:** -1898.81593900 | **30-Year:** -1955.57942700

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000239036 | 1.22%                | -1.24%               | -1.06%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $22793.41                | $50183.25                                  |
| Month 2  | $-930.18                 | $-243808.29                                |
| Month 3  | $-32928.84               | $-191191.07                                |

### Schedule of Portfolio Investments

| Name                     | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ARAB REPUBLIC OF EGYPT   | Egypt Government International Bond                                              | CUSIP: 03846JAA8<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    118000 | PA      | $115640.00    | 0.88%             | 2026-02-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA    | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    166000 | PA      | $117876.60    | 0.90%             | 2033-03-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| SAAVI ENERGIA SARL       | Saavi Energia Sarl                                                               | CUSIP: 78518PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     67000 | PA      | $67335.00     | 0.51%             | 2035-02-10      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| GRAN TIERRA ENERGY INC   | Gran Tierra Energy Inc                                                           | CUSIP: 38500TAC5<br>LEI: 549300IH2S17MAIUCM32 | Long             | DBT              | CORP              | US        |    124000 | PA      | $97650.00     | 0.75%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA        | Republic of Kenya Government International Bond                                  | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    155000 | PA      | $135237.50    | 1.03%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| MINERVA LUXEMBOURG SA    | Minerva Luxembourg SA                                                            | CUSIP: 000000000<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |    253000 | PA      | $222956.25    | 1.71%             | 2031-03-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ADANI PORTS AND SPECIAL  | Adani Ports & Special Economic Zone Ltd                                          | CUSIP: 000000000<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |     55000 | PA      | $45100.00     | 0.34%             | 2032-02-02      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| MINEJESA CAPITAL BV      | Minejesa Capital BV                                                              | CUSIP: 602736AB6<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |    134000 | PA      | $125172.75    | 0.96%             | 2037-08-10      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA        | Republic of Kenya Government International Bond                                  | CUSIP: 491798AM6<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     14000 | PA      | $13335.00     | 0.10%             | 2031-02-16      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC       | Dominican Republic International Bond                                            | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     25000 | PA      | $24900.00     | 0.19%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN        | Jordan Government International Bond                                             | CUSIP: 418097AJ0<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |     35000 | PA      | $29465.80     | 0.23%             | 2047-10-10      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| OHI GROUP SA             | OHI Group SA                                                                     | CUSIP: 67712MAB5<br>LEI: 529900GW2J8DSYJHEH26 | Long             | DBT              | CORP              | LU        |    123000 | PA      | $124937.25    | 0.96%             | 2029-07-22      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| PROSUS NV                | Prosus NV                                                                        | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    119000 | PA      | $102694.62    | 0.79%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA    | Argentine Republic Government International Bond                                 | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    149600 | PA      | $114892.80    | 0.88%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY FINANCE LTD  | Studio City Finance Ltd                                                          | CUSIP: 86389QAG7<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |    161000 | PA      | $141813.63    | 1.08%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR  | El Salvador Government International Bond                                        | CUSIP: 283875BW1<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     14000 | PA      | $14280.00     | 0.11%             | 2029-02-28      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN        | Jordan Government International Bond                                             | CUSIP: 41809JAB1<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |     29000 | PA      | $28991.01     | 0.22%             | 2029-01-13      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA     | Telecom Argentina SA                                                             | CUSIP: 879273AU4<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     79000 | PA      | $82713.00     | 0.63%             | 2031-07-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ZAMBIA       | Zambia Government International Bond                                             | CUSIP: 988895AQ1<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     65552 | PA      | $56886.35     | 0.44%             | 2033-06-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| MOVIDA EUROPE SA         | Movida Europe SA                                                                 | CUSIP: 62459LAC3<br>LEI: 549300YRJE0V6QKU7C86 | Long             | DBT              | CORP              | LU        |    183000 | PA      | $161223.00    | 1.23%             | 2029-04-11      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA | Republic of South Africa Government International Bond                           | CUSIP: 836205BF0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     82000 | PA      | $78064.41     | 0.60%             | 2036-11-19      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT       | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     60000 | PA      | $29520.00     | 0.23%             | 2035-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| ADANIREN KODSOPAR WARSOM | Adani Renewable Energy RJ Ltd/Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash | CUSIP: 00654CAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |     58450 | PA      | $46321.63     | 0.35%             | 2039-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE  | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $70720.00     | 0.54%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| HTA GROUP LTD            | HTA Group Ltd/Mauritius                                                          | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |     84000 | PA      | $84210.00     | 0.64%             | 2029-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE  | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $96838.00     | 0.74%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| BOLIVIA GOVERNMENT       | Bolivian Government International Bond                                           | CUSIP: 000000000<br>LEI: 529900TGIRPY3SZXEB56 | Long             | DBT              | NUSS              | BO        |    103000 | PA      | $67465.00     | 0.52%             | 2028-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS      | Petroleos Mexicanos                                                              | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     68000 | PA      | $66497.20     | 0.51%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN  | Pakistan Government International Bond                                           | CUSIP: 740840AC7<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |     29000 | PA      | $25534.17     | 0.20%             | 2027-12-05      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV  | Mong Duong Finance Holdings BV                                                   | CUSIP: 60935DAA3<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |     31260 | PA      | $29980.84     | 0.23%             | 2029-05-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC  | Sasol Financing USA LLC                                                          | CUSIP: 80386WAB1<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    105000 | PA      | $97125.00     | 0.74%             | 2028-09-27      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR  | El Salvador Government International Bond                                        | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     10000 | PA      | $10357.50     | 0.08%             | 2030-04-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV          | Cemex SAB de CV                                                                  | CUSIP: 000000000<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    153000 | PA      | $151087.50    | 1.16%             | N/A             | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC       | Dominican Republic International Bond                                            | CUSIP: 25714PFC7<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     77000 | PA      | $75514.54     | 0.58%             | 2055-02-24      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA | Republic of South Africa Government International Bond                           | CUSIP: 836205AZ7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    125000 | PA      | $96648.75     | 0.74%             | 2048-06-22      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| YAPI VE KREDI BANKASI AS | Yapi ve Kredi Bankasi AS                                                         | CUSIP: 984848AR2<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |     50000 | PA      | $51312.50     | 0.39%             | 2034-01-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL   | Brazilian Government International Bond                                          | CUSIP: 105756CJ7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    133000 | PA      | $126649.25    | 0.97%             | 2054-05-13      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| 10 RENEW POWER SUBSIDIAR | ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9 Subsidiaries                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |     56000 | PA      | $51905.00     | 0.40%             | 2028-07-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BRASKEM IDESA SAPI       | Braskem Idesa SAPI                                                               | CUSIP: 10554NAB4<br>LEI: YH0V7ZHY352ITDGEYB83 | Long             | DBT              | CORP              | MX        |     20000 | PA      | $14475.00     | 0.11%             | 2032-02-20      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA     | Colombia Government International Bond                                           | CUSIP: 195325DQ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    182000 | PA      | $118209.00    | 0.90%             | 2049-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| IOCHPE-MAX/MAX WHEELS MX | Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV               | CUSIP: 46188AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | AT        |     78000 | PA      | $73032.96     | 0.56%             | 2028-05-07      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO | OCP SA                                                                           | CUSIP: 67091TAB1<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     87000 | PA      | $81703.88     | 0.62%             | 2044-04-25      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARMENIA      | Republic of Armenia International Bond                                           | CUSIP: 042207AD2<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |     28000 | PA      | $23721.32     | 0.18%             | 2031-02-02      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC       | Dominican Republic International Bond                                            | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     99000 | PA      | $95931.00     | 0.73%             | 2033-02-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES | Banco de Credito e Inversiones SA                                                | CUSIP: 05956NAF9<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |     54000 | PA      | $52663.50     | 0.40%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA       | Serbia International Bond                                                        | CUSIP: 817477AJ1<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     37000 | PA      | $36676.25     | 0.28%             | 2034-06-12      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT   | Egypt Government International Bond                                              | CUSIP: 03846JW55<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    123000 | PA      | $84707.03     | 0.65%             | 2048-02-21      | Fixed         | 7.90%                 | No            |                  2 | On Loan: No      |
| FEDERAL REP OF ETHIOPIA  | Ethiopia International Bond                                                      | CUSIP: 29766LAA4<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |    114000 | PA      | $96330.00     | 0.74%             | 2024-12-11      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AYDEM YENILENEBILIR ENER | Aydem Yenilenebilir Enerji AS                                                    | CUSIP: 054644AA7<br>LEI: 9845009C50EDA74OA532 | Long             | DBT              | CORP              | TR        |     63900 | PA      | $63596.48     | 0.49%             | 2027-02-02      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MC BRAZIL DWNSTRM        | MC Brazil Downstream Trading SARL                                                | CUSIP: 55292WAA8<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |     81017 | PA      | $63031.11     | 0.48%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV  | Mong Duong Finance Holdings BV                                                   | CUSIP: 000000000<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |     69383 | PA      | $66542.85     | 0.51%             | 2029-05-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA      | Nigeria Government International Bond                                            | CUSIP: 65412JAA1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     51000 | PA      | $43605.00     | 0.33%             | 2032-02-16      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES        | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAH4<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     32000 | PA      | $31033.60     | 0.24%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD        | Kosmos Energy Ltd                                                                | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |    116000 | PA      | $111795.00    | 0.86%             | 2026-04-04      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT       | Ukraine Government International Bond                                            | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    113146 | PA      | $56855.87     | 0.43%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| INVEST ENERGY RES LTD    | Investment Energy Resources Ltd                                                  | CUSIP: 46143NAB6<br>LEI: 254900A71Y7WHN7L5K89 | Long             | DBT              | CORP              | BM        |    125000 | PA      | $119687.50    | 0.92%             | 2029-04-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO       | Morocco Government International Bond                                            | CUSIP: 617726AL8<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |     17000 | PA      | $14062.23     | 0.11%             | 2032-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN        | Jordan Government International Bond                                             | CUSIP: 418097AL5<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |     45000 | PA      | $41553.00     | 0.32%             | 2030-07-07      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET | Turkcell Iletisim Hizmetleri AS                                                  | CUSIP: 900111AD7<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     10000 | PA      | $10031.30     | 0.08%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE      | Turkiye Government International Bond                                            | CUSIP: 900123DP2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     33000 | PA      | $32282.25     | 0.25%             | 2032-02-12      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD          | IHS Holding Ltd                                                                  | CUSIP: 44963HAA3<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     39000 | PA      | $38220.00     | 0.29%             | 2026-11-29      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD       | Leviathan Bond Ltd                                                               | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |     52000 | PA      | $50586.12     | 0.39%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA    | Argentine Republic Government International Bond                                 | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    220500 | PA      | $178494.75    | 1.37%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA        | Ghana Government International Bond                                              | CUSIP: 374422AP8<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    118600 | PA      | $79462.00     | 0.61%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO | OCP SA                                                                           | CUSIP: 67091TAD7<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |      5000 | PA      | $4416.72      | 0.03%             | 2031-06-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT   | Egypt Government International Bond                                              | CUSIP: 03846JX54<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    137000 | PA      | $115833.50    | 0.89%             | 2032-05-29      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON        | Gabon Government International Bond                                              | CUSIP: 362420AD3<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |     11000 | PA      | $7827.22      | 0.06%             | 2031-02-06      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA    | Venezuela Government International Bond                                          | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    189000 | PA      | $32035.50     | 0.25%             | 2031-08-05      | Fixed         | 11.95%                | No            |                  2 | On Loan: No      |
| NEWCO HOLDING USD SARL   | NewCo Holding USD 20 Sarl                                                        | CUSIP: 650921AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     44000 | PA      | $43824.00     | 0.34%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ISTANBUL METROPOLITAN MU | Istanbul Metropolitan Municipality                                               | CUSIP: 46522TAC2<br>LEI: 213800T1VDQSNKA2MD76 | Long             | DBT              | NUSS              | TR        |     82000 | PA      | $87309.09     | 0.67%             | 2028-12-06      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| JSW HYDRO ENERGY LTD     | JSW Hydro Energy Ltd                                                             | CUSIP: 000000000<br>LEI: 3358006ZP5KO7VUH2790 | Long             | DBT              | CORP              | IN        |    110625 | PA      | $97903.13     | 0.75%             | 2031-05-18      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC  | Sasol Financing USA LLC                                                          | CUSIP: 80386WAC9<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     90000 | PA      | $86512.50     | 0.66%             | 2026-09-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA      | Nigeria Government International Bond                                            | CUSIP: 65412AFC1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     99000 | PA      | $93183.75     | 0.71%             | 2031-06-09      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF MONTENEGRO   | Montenegro Government International Bond                                         | CUSIP: 857305AA4<br>LEI: 747800V014106FYLL014 | Long             | DBT              | NUSS              | ME        |     26000 | PA      | $26257.40     | 0.20%             | 2031-03-12      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR  | El Salvador Government International Bond                                        | CUSIP: 283875AH5<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     88000 | PA      | $86504.00     | 0.66%             | 2032-04-10      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO        | Trinidad & Tobago Government International Bond                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    121000 | PA      | $115282.75    | 0.88%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ZAMBIA       | Zambia Government International Bond                                             | CUSIP: 988895AR9<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     79000 | PA      | $45227.90     | 0.35%             | 2053-12-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| LLPL CAPITAL PTE LTD     | LLPL Capital Pte Ltd                                                             | CUSIP: 000000000<br>LEI: 254900VXZ8FXTUQNON22 | Long             | DBT              | CORP              | SG        |     43632 | PA      | $43032.06     | 0.33%             | 2039-02-04      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE | Provincia de Buenos Aires/Government Bonds                                       | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |    163778 | PA      | $110427.32    | 0.84%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| AI CANDELARIA -SPAIN- SA | AI Candelaria -spain- SA                                                         | CUSIP: 000000000<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |    157000 | PA      | $129768.35    | 0.99%             | 2033-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA    | Petroleos del Peru SA                                                            | CUSIP: 000000000<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |    135000 | PA      | $100068.75    | 0.77%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA     | Colombia Government International Bond                                           | CUSIP: 195325DX0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    227000 | PA      | $116678.00    | 0.89%             | 2061-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE | Banco Mercantil del Norte SA/Grand Cayman                                        | CUSIP: 05973KAB3<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |     82000 | PA      | $73106.08     | 0.56%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN  | Pakistan Government International Bond                                           | CUSIP: 695847AS2<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |     71000 | PA      | $67006.25     | 0.51%             | 2026-04-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL      | Senegal Government International Bond                                            | CUSIP: 81720TAC9<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |     69000 | PA      | $48162.00     | 0.37%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA     | COLOMBIA GOVERNMENT INTERNATIONAL BOND                                           | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    128000 | PA      | $130131.25    | 1.00%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT       | Ukraine Government International Bond                                            | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    130197 | PA      | $64903.20     | 0.50%             | 2034-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA     | Samarco Mineracao SA                                                             | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |    154661 | PA      | $145644.56    | 1.11%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT   | Egypt Government International Bond                                              | CUSIP: 03846JX62<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     12000 | PA      | $8985.00      | 0.07%             | 2050-05-29      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS SOC LTD   | Eskom Holdings SOC Ltd                                                           | CUSIP: 29646AAD8<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    162000 | PA      | $164430.00    | 1.26%             | 2028-08-10      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO | OCP SA                                                                           | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     45000 | PA      | $44248.95     | 0.34%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC       | Dominican Republic International Bond                                            | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     52000 | PA      | $46881.12     | 0.36%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES        | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAM3<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     60000 | PA      | $55462.80     | 0.42%             | 2030-07-24      | Fixed         | 9.47%                 | No            |                  2 | On Loan: No      |
| IHS NETHERLANDS HOLDCO   | IHS Netherlands Holdco BV                                                        | CUSIP: 44963LAC0<br>LEI: 5493006Z6YQYCCN2XI74 | Long             | DBT              | CORP              | NL        |     54998 | PA      | $55066.77     | 0.42%             | 2027-09-18      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA       | Angolan Government International Bond                                            | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     46000 | PA      | $36877.74     | 0.28%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS      | Petroleos Mexicanos                                                              | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    272000 | PA      | $251627.20    | 1.92%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE    | Melco Resorts Finance Ltd                                                        | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    238000 | PA      | $214771.20    | 1.64%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD        | Kosmos Energy Ltd                                                                | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |     96000 | PA      | $86880.00     | 0.66%             | 2027-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO  | KazMunayGas National Co JSC                                                      | CUSIP: 48667QAS4<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    109000 | PA      | $97214.92     | 0.74%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR      | Ecuador Government International Bond                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    311515 | PA      | $233986.70    | 1.79%             | 2030-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC  | WE Soda Investments Holding PLC                                                  | CUSIP: 92943TAA1<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |     88000 | PA      | $90219.25     | 0.69%             | 2028-10-06      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| IVORY COAST              | Ivory Coast Government International Bond                                        | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     31000 | PA      | $28558.75     | 0.22%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND      | Benin Government International Bond                                              | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |     32000 | PA      | $28920.00     | 0.22%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| MSU ENERGY SA            | MSU Energy SA                                                                    | CUSIP: 55377JAC1<br>LEI: 529900D1ZX75KRP2HC66 | Long             | DBT              | CORP              | AR        |     94000 | PA      | $88317.23     | 0.68%             | 2030-12-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA        | Ghana Government International Bond                                              | CUSIP: 374422AN3<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     62715 | PA      | $47663.41     | 0.36%             | 2030-01-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT       | Ukraine Government International Bond                                            | CUSIP: 903724AW2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     50000 | PA      | $35375.00     | 0.27%             | 2041-08-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF UZBEKISTAN   | Republic of Uzbekistan International Bond                                        | CUSIP: 91822Q2E6<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |     89000 | PA      | $75605.50     | 0.58%             | 2031-10-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT   | Egypt Government International Bond                                              | CUSIP: 03846JAH3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    158000 | PA      | $150700.40    | 1.15%             | 2030-02-04      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE | Banco Mercantil del Norte SA/Grand Cayman                                        | CUSIP: 000000000<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    192000 | PA      | $185623.68    | 1.42%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA    | Venezuela Government International Bond                                          | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |     44000 | PA      | $7480.00      | 0.06%             | 2022-08-23      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC        | Lebanon Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    200000 | PA      | $34200.00     | 0.26%             | 2021-04-12      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR  | El Salvador Government International Bond                                        | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     21000 | PA      | $21420.00     | 0.16%             | 2029-02-28      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| TRIDENT ENERGY FINANCE   | Trident Energy Finance PLC                                                       | CUSIP: 89616MAB6<br>LEI: 9845004ECK3FYO64I382 | Long             | DBT              | CORP              | GB        |     75000 | PA      | $71273.25     | 0.55%             | 2029-11-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| ZORLU ENERJI ELEKTRIK    | Zorlu Enerji Elektrik Uretim AS                                                  | CUSIP: 98977LAA4<br>LEI: 7890005B5CSNL39OYO75 | Long             | DBT              | CORP              | TR        |    109000 | PA      | $99741.98     | 0.76%             | 2030-04-23      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON        | Gabon Government International Bond                                              | CUSIP: 362420AE1<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |     36000 | PA      | $25526.34     | 0.20%             | 2031-11-24      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS   | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX     | CUSIP: 05533UAF5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |     57000 | PA      | $54007.50     | 0.41%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL       | FS Luxembourg Sarl                                                               | CUSIP: 30315XAC8<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |    132000 | PA      | $132660.00    | 1.01%             | 2031-02-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT       | Ukraine Government International Bond                                            | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     15421 | PA      | $7494.61      | 0.06%             | 2036-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS      | Petroleos Mexicanos                                                              | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    221000 | PA      | $183186.90    | 1.40%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HONDURAS GOVERNMENT      | Honduras Government International Bond                                           | CUSIP: 438180AK7<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |     51000 | PA      | $50648.10     | 0.39%             | 2034-11-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| IVORY COAST              | Ivory Coast Government International Bond                                        | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    163000 | PA      | $150367.50    | 1.15%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE      | Turkiye Government International Bond                                            | CUSIP: 900123DA5<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    382000 | PA      | $357911.08    | 2.74%             | 2031-01-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                | Prosus NV                                                                        | CUSIP: 74365PAE8<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    185000 | PA      | $117027.30    | 0.90%             | 2051-02-08      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| SIERRACOL ENRGY ANDINA   | SierraCol Energy Andina LLC                                                      | CUSIP: 82653LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     72000 | PA      | $66402.00     | 0.51%             | 2028-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA       | Angolan Government International Bond                                            | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    256000 | PA      | $198351.36    | 1.52%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA     | Colombia Government International Bond                                           | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     72000 | PA      | $71064.00     | 0.54%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR      | Ecuador Government International Bond                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     99872 | PA      | $60073.01     | 0.46%             | 2035-07-31      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE  | Energean Israel Finance Ltd                                                      | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     99000 | PA      | $90028.13     | 0.69%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENERGEAN PLC             | Energean PLC                                                                     | CUSIP: 000000000<br>LEI: 549300RVMKU0CYUZBB05 | Long             | DBT              | CORP              | GB        |     30000 | PA      | $29596.80     | 0.23%             | 2027-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA     | YPF SA                                                                           | CUSIP: 000000000<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     68000 | PA      | $67252.00     | 0.51%             | 2027-07-21      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| 3R LUX SARL              | 3R Lux SARL                                                                      | CUSIP: 88563PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    130000 | PA      | $128293.75    | 0.98%             | 2031-02-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA     | YPF SA                                                                           | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    115000 | PA      | $119370.00    | 0.91%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT       | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     27000 | PA      | $13122.00     | 0.10%             | 2036-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S | Petroleos de Venezuela SA                                                        | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |     77000 | PA      | $9990.75      | 0.08%             | 2035-05-17      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB     | Grupo Aeromexico SAB de CV                                                       | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     90000 | PA      | $83475.00     | 0.64%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC | Azule Energy Finance Plc                                                         | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |     78000 | PA      | $75207.60     | 0.58%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| YINSON BORONIA PRODUCTIO | Yinson Boronia Production BV                                                     | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |    130836 | PA      | $134378.79    | 1.03%             | 2042-07-31      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| IVORY COAST              | Ivory Coast Government International Bond                                        | CUSIP: 221625AT3<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     21000 | PA      | $19713.75     | 0.15%             | 2033-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT       | Ukraine Government International Bond                                            | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      8035 | PA      | $3949.20      | 0.03%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA        | Ghana Government International Bond                                              | CUSIP: 374422AL7<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      4800 | PA      | $4560.00      | 0.03%             | 2026-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BANCO GNB SUDAMERIS SA   | Banco GNB Sudameris SA                                                           | CUSIP: 059593AE3<br>LEI: 549300SO7QUETMQD9D84 | Long             | DBT              | CORP              | CO        |     57000 | PA      | $55519.14     | 0.42%             | 2031-04-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR  | El Salvador Government International Bond                                        | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     15000 | PA      | $13597.50     | 0.10%             | 2041-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS SOC LTD   | Eskom Holdings SOC Ltd                                                           | CUSIP: 29646AAC0<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |     43000 | PA      | $42462.50     | 0.32%             | 2028-08-10      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| GEORGIAN RAILWAY JSC     | Georgian Railway JSC                                                             | CUSIP: 37363BAB4<br>LEI: 2138005UZV4ZT2B2ZO19 | Long             | DBT              | CORP              | GE        |     73000 | PA      | $64924.74     | 0.50%             | 2028-06-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA       | Serbia International Bond                                                        | CUSIP: 817477AF9<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     46000 | PA      | $38415.75     | 0.29%             | 2030-12-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS      | Braskem Netherlands Finance BV                                                   | CUSIP: 10554TAJ4<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    174000 | PA      | $154903.50    | 1.18%             | 2034-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA      | Nigeria Government International Bond                                            | CUSIP: 65412JAR4<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    185000 | PA      | $164881.25    | 1.26%             | 2028-09-28      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE | Provincia de Buenos Aires/Government Bonds                                       | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |     51688 | PA      | $34850.70     | 0.27%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA     | Colombia Government International Bond                                           | CUSIP: 195325DS1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     44000 | PA      | $35552.00     | 0.27%             | 2031-04-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD          | IHS Holding Ltd                                                                  | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     50000 | PA      | $48250.00     | 0.37%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S | Petroleos de Venezuela SA                                                        | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |    203000 | PA      | $25831.75     | 0.20%             | 2021-11-17      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA    | Guatemala Government Bond                                                        | CUSIP: 401494AW9<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    112000 | PA      | $112224.00    | 0.86%             | 2036-06-13      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| MV24 CAPITAL BV          | MV24 Capital BV                                                                  | CUSIP: 55388RAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    133122 | PA      | $127630.43    | 0.98%             | 2034-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS      | Petroleos Mexicanos                                                              | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    148000 | PA      | $145617.20    | 1.11%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Brinton W. Frith

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

**Title:** Treasurer and Principal Financial Officer