# EDGAR Filing Document

**Accession Number:** 0001648403
**File Stem:** 0000940400-25-015039
**Filing Date:** 2025-12
**Character Count:** 92854
**Document Hash:** bee93f3b3801b33d0c502040bea2c66c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-015039.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0000940400-25-015039

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**PERIOD START**: 20260731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23078
- **FILM NUMBER:** 251611883

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

**MAIL ADDRESS:**
- **STREET 1:** 1301 AVENUE OF THE AMERICAS
- **STREET 2:** 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

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

## Series and Classes Contracts Data

### Virtus 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

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description**<br>| **Principal**  | **Value** |
| **FOREIGN GOVERNMENT SECURITIES – 50.5%** | **FOREIGN GOVERNMENT SECURITIES – 50.5%** | |
| **Angola – 2.4%** | **Angola – 2.4%** | |
| Angolan Government International Bond, 8.00%, 11/26/29<sup>(1)</sup> | $46000 | $44217 |
| Angolan Government International Bond, 8.75%, 04/14/32<sup>(1)</sup> | 223000 | 210104 |
| Angolan Government International Bond, 9.13%, 11/26/49<sup>(1)</sup> | 134000 | 113152 |
| Total Angola |  | 367473 |
| **Argentina – 4.3%** |  |  |
| Argentine Republic Government International Bond, 1.00%, 07/09/29 | 254400 | 217130 |
| Argentine Republic Government International Bond, 0.75%, 07/09/30<sup>(2)</sup> | 384800 | 315536 |
| Argentine Republic Government International Bond, 3.50%, 07/09/41<sup>(2)</sup> | 114000 | 74328 |
| Argentine Republic Government International Bond, 4.13%, 07/09/46<sup>(2)</sup> | 78273 | 53773 |
| Total Argentina |  | 660767 |
| **Armenia – 0.2%** |  |  |
| Republic of Armenia International Bond, 3.60%, 02/02/31<sup>(1)</sup> | 28000 | 25620 |
| **Benin – 0.4%** |  |  |
| Benin Government International Bond, 7.96%, 02/13/38<sup>(1)</sup> | 32000 | 33408 |
| Benin Government International Bond, 8.38%, 01/23/41<sup>(1)</sup> | 35000 | 37414 |
| Total Benin |  | 70822 |
| **Brazil – 3.3%** |  |  |
| Brazilian Government International Bond, 5.50%, 11/06/30 | 100000 | 102225 |
| Brazilian Government International Bond, 6.00%, 10/20/33 | 68000 | 69632 |
| Brazilian Government International Bond, 6.63%, 03/15/35 | 170000 | 177608 |
| Brazilian Government International Bond, 7.13%, 05/13/54 | 31000 | 31527 |
| Brazilian Government International Bond, 7.25%, 01/12/56 | 104000 | 105630 |
| Total Brazil |  | 486622 |
| **Cameroon – 1.2%** |  |  |
| Republic of Cameroon International Bond, Series 7Y, 9.50%, 07/31/31 | 200000 | 190517 |
| **Colombia – 3.2%** |  |  |
| Colombia Government International Bond, 7.38%, 04/25/30 | 148000 | 159100 |
| Colombia Government International Bond, 8.00%, 11/14/35 | 27000 | 29538 |
| Colombia Government International Bond, 8.75%, 11/14/53 | 264000 | 304392 |
| Total Colombia |  | 493030 |

---

---

| | | |
|:---|:---|:---|
| <br>**Security Description** | **Principal** | **Value** |
| **FOREIGN GOVERNMENT SECURITIES (continued)** | **FOREIGN GOVERNMENT SECURITIES (continued)** | |
| **Costa Rica – 1.0%** |  |  |
| Costa Rica Government International Bond, 7.30%, 11/13/54<sup>(1)</sup> | $137000 | $153745 |
| **Dominican Republic – 2.4%** |  |  |
| Dominican Republic International Bond, 4.88%, 09/23/32<sup>(1)</sup> | 52000 | 49972 |
| Dominican Republic International Bond, 6.00%, 02/22/33 | 82000 | 84050 |
| Dominican Republic International Bond, 6.60%, 06/01/36<sup>(1)</sup> | 143000 | 151368 |
| Dominican Republic International Bond, 6.95%, 03/15/37 | 58000 | 62176 |
| Dominican Republic International Bond, 6.95%, 03/15/37<sup>(1)</sup> | 25000 | 26800 |
| Total Dominican Republic |  | 374366 |
| **Ecuador – 2.5%** |  |  |
| Ecuador Government International Bond, 6.90%, 07/31/30<sup>(2)</sup> | 416000 | 380224 |
| **Egypt – 2.8%** |  |  |
| Egypt Government International Bond, 3.88%, 02/16/26<sup>(1)</sup> | 118000 | 117288 |
| Egypt Government International Bond, 7.90%, 02/21/48<sup>(1)</sup> | 123000 | 107256 |
| Egypt Government International Bond, 8.88%, 05/29/50<sup>(1)</sup> | 12000 | 11380 |
| Egypt Government International Bond, 8.75%, 09/30/51<sup>(1)</sup> | 202000 | 188417 |
| Total Egypt |  | 424341 |
| **El Salvador – 1.6%** |  |  |
| El Salvador Government International Bond, 8.63%, 02/28/29 | 21000 | 22454 |
| El Salvador Government International Bond, 9.25%, 04/17/30 | 40000 | 43489 |
| El Salvador Government International Bond, 8.25%, 04/10/32<sup>(1)</sup> | 88000 | 94776 |
| El Salvador Government International Bond, 7.65%, 06/15/35 | 76000 | 79192 |
| El Salvador Government International Bond, 7.63%, 02/01/41 | 15000 | 14893 |
| Total El Salvador |  | 254804 |
| **Ethiopia – 0.1%** |  |  |
| Ethiopia International Bond, 6.63%, 12/11/24<sup>(1)(3)</sup> | 12000 | 12660 |
| **Gabon – 1.4%** |  |  |
| Gabon Government International Bond, 6.63%, 02/06/31<sup>(1)</sup> | 270000 | 211950 |
| **Ghana – 1.5%** |  |  |
| Ghana Government International Bond, 4.79%, 07/03/26<sup>(1)(4)</sup> | 3200 | 3136 |

---

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

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description**<br>| **Principal**  | **Value** |
| **FOREIGN GOVERNMENT SECURITIES (continued)** | **FOREIGN GOVERNMENT SECURITIES (continued)** | |
| **Ghana (continued)** |  |  |
| Ghana Government International Bond, 5.00%, 07/03/29<sup>(1)(2)</sup> | $32000 | $31320 |
| Ghana Government International Bond, 5.17%, 01/03/30<sup>(1)(4)</sup> | 19692 | 17082 |
| Ghana Government International Bond, 5.00%, 07/03/35<sup>(1)(2)</sup> | 118600 | 102144 |
| Ghana Government International Bond, 5.00%, 07/03/35<sup>(2)</sup> | 89000 | 76651 |
| Total Ghana |  | 230333 |
| **Guatemala – 0.8%** |  |  |
| Guatemala Government Bond, 6.60%, 06/13/36<sup>(1)</sup> | 112000 | 121156 |
| **Honduras – 0.5%** |  |  |
| Honduras Government International Bond, 8.63%, 11/27/34<sup>(1)</sup> | 75000 | 80859 |
| **Ivory Coast – 0.9%** |  |  |
| Ivory Coast Government International Bond, 7.63%, 01/30/33<sup>(1)</sup> | 39000 | 41145 |
| Ivory Coast Government International Bond, 8.25%, 01/30/37<sup>(1)</sup> | 91000 | 96895 |
| Total Ivory Coast |  | 138040 |
| **Kenya – 1.0%** |  |  |
| Republic of Kenya Government International Bond, 7.88%, 10/09/33<sup>(1)</sup> | 73000 | 71540 |
| Republic of Kenya Government International Bond, 9.50%, 03/05/36<sup>(1)</sup> | 82000 | 84271 |
| Total Kenya |  | 155811 |
| **Kyrgyzstan – 1.1%** |  |  |
| Kyrgyz Republic International Bond, 7.75%, 06/03/30<sup>(1)</sup> | 169000 | 170373 |
| **Lebanon – 0.3%** |  |  |
| Lebanon Government International Bond, 8.25%, 04/12/21<sup>(3)</sup> | 200000 | 46000 |
| **Morocco – 0.1%** |  |  |
| Morocco Government International Bond, 3.00%, 12/15/32<sup>(1)</sup> | 17000 | 15048 |
| **Mozambique – 1.1%** |  |  |
| Mozambique International Bond, 9.00%, 09/15/31<sup>(1)(2)</sup> | 200000 | 174144 |
| **Nigeria – 1.7%** |  |  |
| Nigeria Government International Bond, 6.13%, 09/28/28<sup>(1)</sup> | 56000 | 55160 |
| Nigeria Government International Bond, 9.63%, 06/09/31<sup>(1)</sup> | 191000 | 208263 |
| Nigeria Government International Bond, 10.38%, 12/09/34<sup>(1)</sup> | 3000 | 3375 |
| Total Nigeria |  | 266798 |

---

---

| | | |
|:---|:---|:---|
| **Security Description**<br>| **Principal**  | **Value** |
| **FOREIGN GOVERNMENT SECURITIES (continued)** | **FOREIGN GOVERNMENT SECURITIES (continued)** | |
| **Pakistan – 1.3%** | **Pakistan – 1.3%** | |
| Pakistan Government International Bond, 6.88%, 12/05/27 | $200000 | $200100 |
| **Senegal – 1.7%** |  |  |
| Senegal Government International Bond, 6.25%, 05/23/33<sup>(1)</sup> | 372000 | 265980 |
| **Serbia – 0.4%** |  |  |
| Serbia International Bond, 6.00%, 06/12/34<sup>(1)</sup> | 64000 | 67360 |
| **South Africa – 1.5%** |  |  |
| Republic of South Africa Government International Bond, Series 10Y, 5.88%, 04/20/32 | 30000 | 30986 |
| Republic of South Africa Government International Bond, Series 30Y, 5.65%, 09/27/47 | 44000 | 37180 |
| Republic of South Africa Government International Bond, Series 30Y, 6.30%, 06/22/48 | 125000 | 113683 |
| Republic of South Africa Government International Bond, 7.95%, 11/19/54<sup>(1)</sup> | 60000 | 64142 |
| Total South Africa |  | 245991 |
| **Sri Lanka – 1.5%** |  |  |
| Sri Lanka Government International Bond, 3.35%, 03/15/33<sup>(1)(2)</sup> | 166000 | 145105 |
| Sri Lanka Government International Bond, 3.60%, 06/15/35<sup>(1)(2)</sup> | 122000 | 94703 |
| Total Sri Lanka |  | 239808 |
| **Suriname – 0.3%** |  |  |
| Suriname Government International Bond, 8.50%, 11/06/35<sup>(1)</sup> | 42000 | 43313 |
| **Trinidad and Tobago – 1.0%** |  |  |
| Trinidad & Tobago Government International Bond, 6.40%, 06/26/34 | 158000 | 156736 |
| **Turkey – 4.6%** |  |  |
| Istanbul Metropolitan Municipality, 10.50%, 12/06/28<sup>(1)</sup> | 82000 | 90017 |
| Turkiye Government International Bond, Series 10Y, 5.95%, 01/15/31 | 382000 | 382527 |
| Turkiye Government International Bond, Series 7Y, 7.13%, 02/12/32 | 33000 | 34361 |
| Turkiye Government International Bond, 7.25%, 05/29/32 | 124000 | 130012 |
| Turkiye Government International Bond, 6.95%, 09/16/35 | 76000 | 77140 |
| Total Turkey |  | 714057 |

---

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

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description**<br>| **Principal**  | **Value**  |
| **FOREIGN GOVERNMENT SECURITIES (continued)** | **FOREIGN GOVERNMENT SECURITIES (continued)** | |
| **Ukraine – 1.4%** | **Ukraine – 1.4%** | |
| Ukraine Government International Bond, 0.00%, 02/01/30<sup>(1)(2)</sup> | $8035 | $4279 |
| Ukraine Government International Bond, 4.50%, 02/01/34<sup>(1)(2)</sup> | 152197 | 86144 |
| Ukraine Government International Bond, 4.50%, 02/01/35<sup>(2)</sup> | 60000 | 33600 |
| Ukraine Government International Bond, 0.00%, 02/01/36<sup>(1)(2)</sup> | 113146 | 57987 |
| Ukraine Government International Bond, 4.50%, 02/01/36<sup>(1)(2)</sup> | 15421 | 8536 |
| Ukraine Government International Bond, 4.50%, 02/01/36<sup>(2)</sup> | 27000 | 14945 |
| Total Ukraine |  | 205491 |
| **Uzbekistan – 0.5%** |  |  |
| Republic of Uzbekistan International Bond, 3.90%, 10/19/31<sup>(1)</sup> | 89000 | 82896 |
| **Venezuela – 0.1%** |  |  |
| Venezuela Government International Bond, 12.75%, 08/23/22<sup>(3)</sup> | 44000 | 13134 |
| **Zambia – 0.4%** |  |  |
| Zambia Government International Bond, 5.75%, 06/30/33<sup>(1)(2)</sup> | 35353 | 34027 |
| Zambia Government International Bond, 0.50%, 12/31/53<sup>(1)</sup> | 50000 | 35000 |
| Total Zambia |  | 69027 |
| **Total Foreign Government Securities** |  |  |
| **(Cost $7,264,562)** |  | 7809396 |
| **CORPORATE BONDS AND NOTES – 45.6%** |  |  |
| **Angola – 0.5%** |  |  |
| Azule Energy Finance PLC, 8.13%, 01/23/30<sup>(1)</sup> | 78000 | 78465 |
| **Argentina – 3.6%** |  |  |
| MSU Energy SA, 9.75%, 12/05/30<sup>(1)</sup> | 94000 | 88184 |
| Provincia de Buenos Aires, 6.63%, 09/01/37<sup>(2)</sup> | 270928 | 200148 |
| Telecom Argentina SA, 9.50%, 07/18/31<sup>(1)</sup> | 39000 | 40560 |
| Telecom Argentina SA, 9.25%, 05/28/33<sup>(1)</sup> | 34000 | 34626 |
| YPF SA, 6.95%, 07/21/27 | 68000 | 68000 |
| YPF SA, 9.50%, 01/17/31<sup>(1)</sup> | 115000 | 121124 |
| Total Argentina |  | 552642 |
| **Brazil – 8.8%** |  |  |
| 3r Lux Sarl, 9.75%, 02/05/31<sup>(1)</sup> | 130000 | 132886 |
| Braskem Netherlands Finance BV, 8.00%, 10/15/34<sup>(1)</sup> | 223000 | 92823 |
| Constellation Oil Services Holding SA, 9.38%, 11/07/29<sup>(1)</sup> | 44000 | 45529 |
| FS Luxembourg Sarl, 8.88%, 02/12/31<sup>(1)</sup> | 132000 | 137717 |
| MC Brazil Downstream Trading Sarl, 7.25%, 06/30/31<sup>(1)</sup> | 80274 | 66327 |

---

---

| | | |
|:---|:---|:---|
| **Security Description**<br>| **Principal** | **Value** |
| **CORPORATE BONDS AND NOTES (continued)** | **CORPORATE BONDS AND NOTES (continued)** | |
| **Brazil (continued)** |  |  |
| Minerva Luxembourg SA, 4.38%, 03/18/31 | $220000 | $203254 |
| Movida Europe SA, 7.85%, 04/11/29<sup>(1)</sup> | 92000 | 84698 |
| MV24 Capital BV, 6.75%, 06/01/34<sup>(1)</sup> | 54924 | 54773 |
| Ohi Group SA, 13.00%, 07/22/29<sup>(1)</sup> | 116850 | 121181 |
| Raizen Fuels Finance SA, 6.45%, 03/05/34<sup>(1)</sup> | 44000 | 37510 |
| Samarco Mineracao SA, 9.50%, 06/30/31<sup>(1)(5)</sup> | 161722 | 161625 |
| Trident Energy Finance PLC, 12.50%, 11/30/29<sup>(1)</sup> | 75000 | 77332 |
| Vamos Europe SA, 9.20%, 01/26/31<sup>(1)</sup> | 39000 | 36632 |
| Yinson Boronia Production BV, 8.95%, 07/31/42<sup>(1)</sup> | 129504 | 141774 |
| Total Brazil |  | 1394061 |
| **Chile – 0.4%** |  |  |
| Banco de Credito E Inversiones SA, 7.50%, (US 5 Year CMT T- Note + 3.77%), perpetual<sup>(1)(6)(7)</sup> | 54000 | 56848 |
| **China – 2.5%** |  |  |
| Melco Resorts Finance Ltd. (Macau), 5.38%, 12/04/29 | 238000 | 234103 |
| Studio City Finance Ltd. (Macau), 5.00%, 01/15/29<sup>(1)</sup> | 161000 | 154363 |
| Total China |  | 388466 |
| **Colombia – 2.1%** |  |  |
| AI Candelaria Spain SA, 5.75%, 06/15/33 | 157000 | 142792 |
| Gran Tierra Energy, Inc., 9.50%, 10/15/29<sup>(1)</sup> | 124000 | 100988 |
| Sierracol Energy Andina LLC, 6.00%, 06/15/28<sup>(1)</sup> | 72000 | 70740 |
| Total Colombia |  | 314520 |
| **El Salvador – 0.3%** |  |  |
| Comision Ejecutiva Hidroelectrica del Rio Lempa, 8.65%, 01/24/33<sup>(1)</sup> | 39000 | 41418 |
| **Georgia – 0.1%** |  |  |
| Georgian Railway JSC, 4.00%, 06/17/28<sup>(1)</sup> | 14000 | 13135 |
| **Ghana – 0.6%** |  |  |
| Kosmos Energy Ltd., 7.75%, 05/01/27 | 96000 | 90056 |
| **Guatemala – 0.8%** |  |  |
| Investment Energy Resources Ltd., 6.25%, 04/26/29<sup>(1)</sup> | 125000 | 124625 |
| **India – 2.5%** |  |  |
| Adani Ports & Special Economic Zone Ltd., 3.83%, 02/02/32 | 111000 | 100871 |

---

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

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description**<br>| **Principal**  | **Value** |
| **CORPORATE BONDS AND NOTES (continued)** | **CORPORATE BONDS AND NOTES (continued)** | |
| **India (continued)** |  |  |
| Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharash, 4.63%, 10/15/39<sup>(1)</sup> | $57488 | $49813 |
| JSW Hydro Energy Ltd., 4.13%, 05/18/31 | 106500 | 100776 |
| ReNew Wind Energy AP2 / ReNew Power Pvt Ltd., 4.50%, 07/14/28 | 56000 | 54075 |
| Vedanta Resources Finance II PLC, 10.88%, 09/17/29<sup>(1)</sup> | 32000 | 33610 |
| Vedanta Resources Finance II PLC, 9.48%, 07/24/30<sup>(1)</sup> | 60000 | 60900 |
| Total India |  | 400045 |
| **Indonesia – 1.2%** |  |  |
| LLPL Capital Pte Ltd., 6.88%, 02/04/39 | 42138 | 44100 |
| Minejesa Capital BV, 5.63%, 08/10/37<sup>(1)</sup> | 134000 | 133732 |
| Total Indonesia |  | 177832 |
| **Israel – 2.1%** |  |  |
| Energean Israel Finance Ltd., 5.38%, 03/30/28<sup>(1)</sup> | 22000 | 21681 |
| Energean Israel Finance Ltd., 5.88%, 03/30/31<sup>(1)</sup> | 76000 | 73458 |
| Energean PLC, 6.50%, 04/30/27 | 25000 | 25039 |
| Leviathan Bond Ltd., 6.75%, 06/30/30<sup>(1)</sup> | 52000 | 52674 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 | 40000 | 39425 |
| Teva Pharmaceutical Finance Netherlands III BV, 4.10%, 10/01/46 | 149000 | 112395 |
| Total Israel |  | 324672 |
| **Kazakhstan – 0.7%** |  |  |
| Kazmunaygas National Co. JSC, 6.38%, 10/24/48<sup>(1)</sup> | 109000 | 110118 |
| **Mexico – 7.1%** |  |  |
| Banco Mercantil del Norte SA/Grand Cayman, 8.38%, (US 5 Year CMT T- Note + 4.07%), perpetual<sup>(1)(6)(7)</sup> | 186000 | 195626 |
| Banco Mercantil del Norte SA/Grand Cayman, 6.63%, (US 10 Year CMT T- Note + 5.03%), perpetual<sup>(1)(6)(7)</sup> | 82000 | 80238 |
| BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero Bbva Mexico, 5.13%, (US 5 Year CMT T- Note + 2.65%), 01/18/33<sup>(1)(6)</sup> | 29000 | 28627 |
| Cemex SAB de CV, 5.13%, (US 5 Year CMT T- Note + 4.53%), perpetual<sup>(6)(7)</sup> | 123000 | 122861 |
| Grupo Aeromexico SAB de CV, 8.63%, 11/15/31<sup>(1)</sup> | 90000 | 90932 |

---

---

| | | |
|:---|:---|:---|
| **Security Description**<br>| **Principal**  | **Value** |
| **CORPORATE BONDS AND NOTES (continued)** | **CORPORATE BONDS AND NOTES (continued)** | |
| **Mexico (continued)** |  |  |
| Orbia Advance Corp. SAB de CV, 7.50%, 05/13/35<sup>(1)</sup> | $27000 | $26899 |
| Petroleos Mexicanos, 5.95%, 01/28/31 | 118000 | 115781 |
| Petroleos Mexicanos, 6.70%, 02/16/32 | 59000 | 59088 |
| Petroleos Mexicanos, 7.69%, 01/23/50 | 136000 | 123699 |
| Petroleos Mexicanos, 6.95%, 01/28/60 | 205000 | 168988 |
| Saavi Energia Sarl, 8.88%, 02/10/35<sup>(1)</sup> | 67000 | 71941 |
| Total Mexico |  | 1084680 |
| **Morocco – 0.0%** |  |  |
| OCP SA, 3.75%, 06/23/31<sup>(1)</sup> | 5000 | 4689 |
| **Nigeria – 1.0%** |  |  |
| IHS Holding Ltd., 5.63%, 11/29/26<sup>(1)</sup> | 25000 | 24813 |
| IHS Holding Ltd., 7.88%, 05/29/30<sup>(1)</sup> | 40000 | 40800 |
| IHS Holding Ltd., 8.25%, 11/29/31<sup>(1)</sup> | 50000 | 52185 |
| IHS Netherlands Holdco BV, 8.00%, 09/18/27<sup>(1)</sup> | 37124 | 37309 |
| Total Nigeria |  | 155107 |
| **Peru – 1.2%** |  |  |
| Petroleos del Peru SA, 4.75%, 06/19/32 | 214000 | 183242 |
| **South Africa – 3.9%** |  |  |
| Eskom Holdings, 8.45%, 08/10/28<sup>(1)</sup> | 162000 | 173729 |
| Eskom Holdings, 6.35%, 08/10/28<sup>(1)</sup> | 43000 | 44419 |
| Prosus NV, 3.06%, 07/13/31 | 79000 | 71987 |
| Prosus NV, 3.83%, 02/08/51<sup>(1)</sup> | 251000 | 173140 |
| Sasol Financing USA LLC, 4.38%, 09/18/26 | 90000 | 89583 |
| Sasol Financing USA LLC, 6.50%, 09/27/28 | 55000 | 54415 |
| Total South Africa |  | 607273 |
| **Tanzania – 0.6%** |  |  |
| HTA Group Ltd., 7.50%, 06/04/29<sup>(1)</sup> | 84000 | 87486 |
| **Turkey – 1.6%** |  |  |
| Aydem Yenilenebilir Enerji AS, 9.88%, 09/30/30<sup>(1)</sup> | 69000 | 68086 |
| Turk Telekomunikasyon AS, 6.95%, 10/07/32<sup>(1)</sup> | 30000 | 30371 |
| Turkcell Iletisim Hizmetleri AS, 7.65%, 01/24/32<sup>(1)</sup> | 10000 | 10514 |
| We Soda Investments Holding PLC, 9.50%, 10/06/28<sup>(1)</sup> | 47000 | 47228 |
| Yapi VE Kredi Bankasi AS, 9.25%, (H15T5Y + 5.28%), 01/17/34<sup>(1)(6)</sup> | 50000 | 53302 |
| Zorlu Enerji Elektrik Uretim AS, 11.00%, 04/23/30<sup>(1)</sup> | 46000 | 41466 |
| Total Turkey |  | 250967 |

---

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

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description**<br>| **Principal**  | **Value** |
| **CORPORATE BONDS AND NOTES (continued)** | **CORPORATE BONDS AND NOTES (continued)** | |
| **Ukraine – 0.8%** | **Ukraine – 0.8%** | |
| VF Ukraine Pat Via Vfu Funding PLC, 9.63%, 02/11/27<sup>(1)</sup> | $127538 | $123712 |
| **Uzbekistan – 0.7%** |  |  |
| Uzbekneftegaz JSC, 8.75%, 05/07/30<sup>(1)</sup> | 96000 | 102540 |
| **Venezuela – 1.7%** |  |  |
| Petroleos de Venezuela SA, 9.00%, 11/17/21<sup>(3)</sup> | 408000 | 93942 |
| Petroleos de Venezuela SA, 6.00%, 05/16/24<sup>(3)</sup> | 200000 | 44850 |
| Petroleos de Venezuela SA, 9.75%, 05/17/35<sup>(3)</sup> | 525000 | 129544 |
| Total Venezuela |  | 268336 |
| **Vietnam – 0.8%** |  |  |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 | 94864 | 94191 |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29<sup>(1)</sup> | 27782 | 27584 |
| Total Vietnam |  | 121775 |
| **Total Corporate Bonds and Notes** |  |  |
| **(Cost $6,738,615)** |  | 7056710 |
| **TOTAL INVESTMENTS - 96.1%** |  |  |
| (Cost $14,003,177) |  | **14866106** |
| Other Assets in Excess of Liabilities - 3.9% |  | 608709 |
| **Net Assets - 100.0%** |  | $**15474815** |

---

(1) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. At October 31, 2025, the aggregate value of these securities was $8,234,432, or 53.2% of net assets.

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

(3) Security in default, no interest payments are being received.

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

(5) Payment in-kind security, which may pay interest/dividends in additional par/shares and/or in cash.

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

(7) Perpetual security with no contractual maturity date.

---

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

---

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

October 31, 2025 (unaudited)

**Fair Value Measurements**

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

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Securities | $— | $7809396 | $— | $7809396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds and Notes |  | 7056710 |  | 7056710 |
| **Total** | $**—** | $**14866106** | $**—** | $**14866106** |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 1540 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 1-888-383-0553

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

- **a. Name of Series:** Virtus 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:** 2026-07-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $15561061.39

**Total Liabilities:** $86246.00

**Net Assets:** $15474815.39

**Cash Not Reported:** $309456.26

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** -348.57093150 | **30-Year:** -785.93271960

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

- **3-Month:** 0.00000000 | **1-Year:** -14.45801638 | **5-Year:** -996.63283890 | **10-Year:** -2538.43956800 | **30-Year:** -2570.58234800

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000239036 | 1.57%                | 0.52%                | 2.55%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $16344.46                | $122157.41                                 |
| Month 2  | $7072.80                 | $-14289.98                                 |
| Month 3  | $67878.53                | $221883.21                                 |

### 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      | $117288.46    | 0.76%             | 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      | $145104.75    | 0.94%             | 2033-03-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE | Provincia de Buenos Aires/Government Bonds                                       | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |    107150 | PA      | $79157.06     | 0.51%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA      | Nigeria Government International Bond                                            | CUSIP: 65412JAR4<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     56000 | PA      | $55160.00     | 0.36%             | 2028-09-28      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL   | Brazilian Government International Bond                                          | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    170000 | PA      | $177607.50    | 1.15%             | 2035-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD          | IHS Holding Ltd                                                                  | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     50000 | PA      | $52185.17     | 0.34%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| AYDEM YENILENEBILIR ENER | Aydem Yenilenebilir Enerji AS                                                    | CUSIP: 054644AB5<br>LEI: 9845009C50EDA74OA532 | Long             | DBT              | CORP              | TR        |     69000 | PA      | $68085.75     | 0.44%             | 2030-09-30      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S | Petroleos de Venezuela SA                                                        | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |    408000 | PA      | $93942.00     | 0.61%             | 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      | $121156.00    | 0.78%             | 2036-06-13      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE | Banco Mercantil del Norte SA/Grand Cayman                                        | CUSIP: 05971PAD0<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    186000 | PA      | $195625.50    | 1.26%             | N/A             | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA | Republic of South Africa Government International Bond                           | CUSIP: 836205BG8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     60000 | PA      | $64141.80     | 0.41%             | 2054-11-19      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| MV24 CAPITAL BV          | MV24 Capital BV                                                                  | CUSIP: 55388RAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     54924 | PA      | $54772.41     | 0.35%             | 2034-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                | Prosus NV                                                                        | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     79000 | PA      | $71987.17     | 0.47%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS      | Petroleos Mexicanos                                                              | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     59000 | PA      | $59088.50     | 0.38%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA     | Colombia Government International Bond                                           | CUSIP: 195325EM3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    264000 | PA      | $304392.00    | 1.97%             | 2053-11-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SAAVI ENERGIA SARL       | Saavi Energia Sarl                                                               | CUSIP: 78518PAA3<br>LEI: 254900A2V0IO8K56UH35 | Long             | DBT              | CORP              | LU        |     67000 | PA      | $71941.25     | 0.46%             | 2035-02-10      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS      | Petroleos Mexicanos                                                              | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    136000 | PA      | $123698.80    | 0.80%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| GRAN TIERRA ENERGY INC   | Gran Tierra Energy Inc                                                           | CUSIP: 38500TAC5<br>LEI: 549300IH2S17MAIUCM32 | Long             | DBT              | CORP              | US        |    124000 | PA      | $100988.08    | 0.65%             | 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        |     82000 | PA      | $84271.40     | 0.54%             | 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        |    220000 | PA      | $203253.60    | 1.31%             | 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        |    111000 | PA      | $100871.25    | 0.65%             | 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      | $133732.00    | 0.86%             | 2037-08-10      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC       | Dominican Republic International Bond                                            | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     25000 | PA      | $26800.00     | 0.17%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE  | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    149000 | PA      | $112395.17    | 0.73%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| OHI GROUP SA             | OHI Group SA                                                                     | CUSIP: 67712MAB5<br>LEI: 529900GW2J8DSYJHEH26 | Long             | DBT              | CORP              | LU        |    116850 | PA      | $121180.46    | 0.78%             | 2029-07-22      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA       | Angolan Government International Bond                                            | CUSIP: 035198AE0<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    134000 | PA      | $113152.28    | 0.73%             | 2049-11-26      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD          | IHS Holding Ltd                                                                  | CUSIP: 44963HAC9<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     40000 | PA      | $40800.00     | 0.26%             | 2030-05-29      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA    | Argentine Republic Government International Bond                                 | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    384800 | PA      | $315536.00    | 2.04%             | 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      | $154362.78    | 1.00%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL   | Brazilian Government International Bond                                          | CUSIP: 105756CM0<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    100000 | PA      | $102225.00    | 0.66%             | 2030-11-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA        | Ghana Government International Bond                                              | CUSIP: 374422AM5<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     32000 | PA      | $31320.00     | 0.20%             | 2029-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ZAMBIA       | Zambia Government International Bond                                             | CUSIP: 988895AQ1<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     35353 | PA      | $34027.26     | 0.22%             | 2033-06-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA     | Telecom Argentina SA                                                             | CUSIP: 879273AU4<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     39000 | PA      | $40560.00     | 0.26%             | 2031-07-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| MOVIDA EUROPE SA         | Movida Europe SA                                                                 | CUSIP: 62459LAC3<br>LEI: 549300YRJE0V6QKU7C86 | Long             | DBT              | CORP              | LU        |     92000 | PA      | $84697.50     | 0.55%             | 2029-04-11      | Fixed         | 7.85%                 | 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      | $113683.13    | 0.73%             | 2048-06-22      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT       | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     60000 | PA      | $33600.00     | 0.22%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| HTA GROUP LTD            | HTA Group Ltd/Mauritius                                                          | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |     84000 | PA      | $87486.42     | 0.57%             | 2029-06-04      | Fixed         | 7.50%                 | 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        |     57488 | PA      | $49812.92     | 0.32%             | 2039-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE  | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     40000 | PA      | $39425.00     | 0.25%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CAMEROON     | Republic of Cameroon International Bond                                          | CUSIP: 000000000<br>LEI: 54930021BO6NHYGBBV24 | Long             | DBT              | NUSS              | CM        |    200000 | PA      | $190517.00    | 1.23%             | 2031-07-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV  | Mong Duong Finance Holdings BV                                                   | CUSIP: 60935DAA3<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |     27782 | PA      | $27584.38     | 0.18%             | 2029-05-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR  | El Salvador Government International Bond                                        | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     40000 | PA      | $43489.20     | 0.28%             | 2030-04-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC  | Sasol Financing USA LLC                                                          | CUSIP: 80386WAB1<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54414.80     | 0.35%             | 2028-09-27      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV          | Cemex SAB de CV                                                                  | CUSIP: 000000000<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    123000 | PA      | $122861.01    | 0.79%             | N/A             | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA        | Republic of Kenya Government International Bond                                  | CUSIP: 491798AP9<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     73000 | PA      | $71540.00     | 0.46%             | 2033-10-09      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR  | El Salvador Government International Bond                                        | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     76000 | PA      | $79192.00     | 0.51%             | 2035-06-15      | Fixed         | 7.65%                 | 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      | $53302.25     | 0.34%             | 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        |     31000 | PA      | $31527.00     | 0.20%             | 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      | $54075.00     | 0.35%             | 2028-07-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA    | Argentine Republic Government International Bond                                 | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    114000 | PA      | $74328.00     | 0.48%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC       | Dominican Republic International Bond                                            | CUSIP: 25714PEZ7<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    143000 | PA      | $151367.65    | 0.98%             | 2036-06-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA      | Nigeria Government International Bond                                            | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      3000 | PA      | $3375.00      | 0.02%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARMENIA      | Republic of Armenia International Bond                                           | CUSIP: 042207AD2<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |     28000 | PA      | $25620.00     | 0.17%             | 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        |     82000 | PA      | $84050.00     | 0.54%             | 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      | $56848.50     | 0.37%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UZBEKNEFTEGAZ            | Uzbekneftegaz JSC                                                                | CUSIP: 91825MAC7<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | CORP              | UZ        |     96000 | PA      | $102540.00    | 0.66%             | 2030-05-07      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA       | Serbia International Bond                                                        | CUSIP: 817477AJ1<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     64000 | PA      | $67360.00     | 0.44%             | 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      | $107256.00    | 0.69%             | 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        |     12000 | PA      | $12660.00     | 0.08%             | 2024-12-11      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TURK TELEKOMUNIKASYON AS | Turk Telekomunikasyon AS                                                         | CUSIP: 90011QAE0<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |     30000 | PA      | $30371.40     | 0.20%             | 2032-10-07      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| MC BRAZIL DWNSTRM        | MC Brazil Downstream Trading SARL                                                | CUSIP: 55292WAA8<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |     80274 | PA      | $66326.70     | 0.43%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA     | Telecom Argentina SA                                                             | CUSIP: 879273AV2<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     34000 | PA      | $34625.60     | 0.22%             | 2033-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV  | Mong Duong Finance Holdings BV                                                   | CUSIP: 000000000<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |     94864 | PA      | $94190.55     | 0.61%             | 2029-05-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA    | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    122000 | PA      | $94702.50     | 0.61%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES        | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAH4<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     32000 | PA      | $33609.60     | 0.22%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT       | Ukraine Government International Bond                                            | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    113146 | PA      | $57987.33     | 0.37%             | 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      | $124625.00    | 0.81%             | 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      | $15047.89     | 0.10%             | 2032-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE      | Turkiye Government International Bond                                            | CUSIP: 900123DP2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     33000 | PA      | $34361.25     | 0.22%             | 2032-02-12      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET | Turkcell Iletisim Hizmetleri AS                                                  | CUSIP: 900111AD7<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     10000 | PA      | $10514.35     | 0.07%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD          | IHS Holding Ltd                                                                  | CUSIP: 44963HAA3<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     25000 | PA      | $24812.50     | 0.16%             | 2026-11-29      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| KYRGYZ REP INTL BOND     | Kyrgyz Republic International Bond                                               | CUSIP: 50158LAA6<br>LEI: N/A                  | Long             | DBT              | NUSS              | KG        |    169000 | PA      | $170373.13    | 1.10%             | 2030-06-03      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD       | Leviathan Bond Ltd                                                               | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |     52000 | PA      | $52674.44     | 0.34%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA        | Ghana Government International Bond                                              | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     89000 | PA      | $76651.25     | 0.50%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE      | Turkiye Government International Bond                                            | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    124000 | PA      | $130011.52    | 0.84%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA    | Argentine Republic Government International Bond                                 | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    254400 | PA      | $217130.40    | 1.40%             | 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      | $102144.25    | 0.66%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON        | Gabon Government International Bond                                              | CUSIP: 362420AD3<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |    270000 | PA      | $211950.00    | 1.37%             | 2031-02-06      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO | OCP SA                                                                           | CUSIP: 67091TAD7<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |      5000 | PA      | $4688.86      | 0.03%             | 2031-06-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION OIL SA     | Constellation Oil Services Holding SA                                            | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |     44000 | PA      | $45529.00     | 0.29%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| JSW HYDRO ENERGY LTD     | JSW Hydro Energy Ltd                                                             | CUSIP: 000000000<br>LEI: 3358006ZP5KO7VUH2790 | Long             | DBT              | CORP              | IN        |    106500 | PA      | $100775.63    | 0.65%             | 2031-05-18      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ISTANBUL METROPOLITAN MU | Istanbul Metropolitan Municipality                                               | CUSIP: 46522TAC2<br>LEI: 213800T1VDQSNKA2MD76 | Long             | DBT              | NUSS              | TR        |     82000 | PA      | $90017.55     | 0.58%             | 2028-12-06      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC  | Sasol Financing USA LLC                                                          | CUSIP: 80386WAC9<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89582.85     | 0.58%             | 2026-09-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE      | Turkiye Government International Bond                                            | CUSIP: 900123DR8<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     76000 | PA      | $77140.00     | 0.50%             | 2035-09-16      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA      | Nigeria Government International Bond                                            | CUSIP: 65412AFC1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    191000 | PA      | $208262.58    | 1.35%             | 2031-06-09      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO        | Trinidad & Tobago Government International Bond                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    158000 | PA      | $156736.00    | 1.01%             | 2034-06-26      | Fixed         | 6.40%                 | 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      | $94776.00     | 0.61%             | 2032-04-10      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ZAMBIA       | Zambia Government International Bond                                             | CUSIP: 988895AR9<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     50000 | PA      | $35000.00     | 0.23%             | 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        |     42138 | PA      | $44100.16     | 0.28%             | 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      | $120991.00    | 0.78%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA | Republic of South Africa Government International Bond                           | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     30000 | PA      | $30986.25     | 0.20%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AI CANDELARIA -SPAIN- SA | AI Candelaria -spain- SA                                                         | CUSIP: 000000000<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |    157000 | PA      | $142791.50    | 0.92%             | 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        |    214000 | PA      | $183241.78    | 1.18%             | 2032-06-19      | Fixed         | 4.75%                 | 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      | $80237.82     | 0.52%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA    | Argentine Republic Government International Bond                                 | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     78273 | PA      | $53773.36     | 0.35%             | 2046-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL      | Senegal Government International Bond                                            | CUSIP: 81720TAC9<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |    372000 | PA      | $265980.00    | 1.72%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT       | Ukraine Government International Bond                                            | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    152197 | PA      | $86143.50     | 0.56%             | 2034-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA     | Colombia Government International Bond                                           | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    148000 | PA      | $159100.00    | 1.03%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S | Petroleos de Venezuela SA                                                        | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |    200000 | PA      | $44850.00     | 0.29%             | 2024-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT   | Egypt Government International Bond                                              | CUSIP: 03846JX62<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     12000 | PA      | $11380.14     | 0.07%             | 2050-05-29      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA     | Samarco Mineracao SA                                                             | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |    161722 | PA      | $161624.97    | 1.04%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC       | Dominican Republic International Bond                                            | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     58000 | PA      | $62176.00     | 0.40%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS           | Eskom Holdings                                                                   | CUSIP: 29646AAD8<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    162000 | PA      | $173728.80    | 1.12%             | 2028-08-10      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES        | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAM3<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     60000 | PA      | $60900.00     | 0.39%             | 2030-07-24      | Fixed         | 9.47%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC       | Dominican Republic International Bond                                            | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     52000 | PA      | $49972.00     | 0.32%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE  | Energean Israel Finance Ltd                                                      | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     22000 | PA      | $21681.00     | 0.14%             | 2028-03-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| IHS MAURITIUS NG HOLDCO  | IHS Netherlands Holdco BV                                                        | CUSIP: 44963LAC0<br>LEI: 5493006Z6YQYCCN2XI74 | Long             | DBT              | CORP              | NL        |     37124 | PA      | $37309.28     | 0.24%             | 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      | $44217.50     | 0.29%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VF UKRAINE (VFU FUNDING) | VF Ukraine PAT via VFU Funding PLC                                               | CUSIP: 918212AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | UA        |    127538 | PA      | $123712.11    | 0.80%             | 2027-02-11      | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE    | Melco Resorts Finance Ltd                                                        | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    238000 | PA      | $234102.75    | 1.51%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR      | Ecuador Government International Bond                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    416000 | PA      | $380224.02    | 2.46%             | 2030-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL   | Brazilian Government International Bond                                          | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     68000 | PA      | $69632.00     | 0.45%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD        | Kosmos Energy Ltd                                                                | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |     96000 | PA      | $90056.16     | 0.58%             | 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      | $110118.34    | 0.71%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC  | WE Soda Investments Holding PLC                                                  | CUSIP: 92943TAA1<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |     47000 | PA      | $47228.19     | 0.31%             | 2028-10-06      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL   | Brazilian Government International Bond                                          | CUSIP: 105756CN8<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    104000 | PA      | $105629.57    | 0.68%             | 2056-01-12      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND      | Benin Government International Bond                                              | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |     32000 | PA      | $33408.00     | 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      | $88183.75     | 0.57%             | 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        |     19692 | PA      | $17082.48     | 0.11%             | 2030-01-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF UZBEKISTAN   | Republic of Uzbekistan International Bond                                        | CUSIP: 91822Q2E6<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |     89000 | PA      | $82895.90     | 0.54%             | 2031-10-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SURINAME INT | SURINAME GOVERNMENT INTERNATIONAL BOND                                           | CUSIP: 86886PAF9<br>LEI: 254900SYU4G5JM13TN77 | Long             | DBT              | NUSS              | SR        |     42000 | PA      | $43312.50     | 0.28%             | 2035-11-06      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC        | Lebanon Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    200000 | PA      | $46000.00     | 0.30%             | 2021-04-12      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA    | Venezuela Government International Bond                                          | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |     44000 | PA      | $13134.00     | 0.08%             | 2022-08-23      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF MOZAMBIQUE   | Mozambique International Bond                                                    | CUSIP: 000000000<br>LEI: 213800759WLKYIKPER73 | Long             | DBT              | NUSS              | MZ        |    200000 | PA      | $174144.00    | 1.13%             | 2031-09-15      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| COMISION EJ HI RIO LEMPA | Comision Ejecutiva Hidroelectrica del Rio Lempa                                  | CUSIP: 200444AA5<br>LEI: 254900YU43PQQ27Q0E71 | Long             | DBT              | CORP              | SV        |     39000 | PA      | $41418.00     | 0.27%             | 2033-01-24      | Fixed         | 8.65%                 | 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      | $22454.25     | 0.15%             | 2029-02-28      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| VAMOS EUROPE SA          | Vamos Europe SA                                                                  | CUSIP: 92049NAA7<br>LEI: 894500FA5CLVV8HLE261 | Long             | DBT              | CORP              | LU        |     39000 | PA      | $36632.31     | 0.24%             | 2031-01-26      | Fixed         | 9.20%                 | No            |                  2 | On Loan: No      |
| TRIDENT ENERGY FINANCE   | Trident Energy Finance PLC                                                       | CUSIP: 89616MAB6<br>LEI: 9845004ECK3FYO64I382 | Long             | DBT              | CORP              | GB        |     75000 | PA      | $77332.50     | 0.50%             | 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        |     46000 | PA      | $41466.24     | 0.27%             | 2030-04-23      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA | Republic of South Africa Government International Bond                           | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     44000 | PA      | $37180.00     | 0.24%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS      | Petroleos Mexicanos                                                              | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    205000 | PA      | $168987.65    | 1.09%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ORBIA ADVANCE CORP SAB   | Orbia Advance Corp SAB de CV                                                     | CUSIP: 68560EAD0<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | DBT              | CORP              | MX        |     27000 | PA      | $26898.75     | 0.17%             | 2035-05-13      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE      | Turkiye Government International Bond                                            | CUSIP: 900123DA5<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    382000 | PA      | $382527.16    | 2.47%             | 2031-01-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL       | FS Luxembourg Sarl                                                               | CUSIP: 30315XAC8<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |    132000 | PA      | $137716.92    | 0.89%             | 2031-02-12      | Fixed         | 8.88%                 | 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        |     29000 | PA      | $28627.35     | 0.18%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT       | Ukraine Government International Bond                                            | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     15421 | PA      | $8535.52      | 0.06%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS      | Petroleos Mexicanos                                                              | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    118000 | PA      | $115781.60    | 0.75%             | 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        |     75000 | PA      | $80859.38     | 0.52%             | 2034-11-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT    | Costa Rica Government International Bond                                         | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    137000 | PA      | $153744.83    | 0.99%             | 2054-11-13      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN  | Pakistan Government International Bond                                           | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |    200000 | PA      | $200100.00    | 1.29%             | 2027-12-05      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                | Prosus NV                                                                        | CUSIP: 74365PAE8<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    251000 | PA      | $173139.80    | 1.12%             | 2051-02-08      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| IVORY COAST              | Ivory Coast Government International Bond                                        | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     91000 | PA      | $96894.98     | 0.63%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SIERRACOL ENRGY ANDINA   | SierraCol Energy Andina LLC                                                      | CUSIP: 82653LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     72000 | PA      | $70740.00     | 0.46%             | 2028-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT       | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     27000 | PA      | $14944.50     | 0.10%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA     | Colombia Government International Bond                                           | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     27000 | PA      | $29538.00     | 0.19%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA       | Angolan Government International Bond                                            | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    223000 | PA      | $210103.91    | 1.36%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE  | Energean Israel Finance Ltd                                                      | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     76000 | PA      | $73457.80     | 0.47%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA     | YPF SA                                                                           | CUSIP: 000000000<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     68000 | PA      | $68000.00     | 0.44%             | 2027-07-21      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ENERGEAN PLC             | Energean PLC                                                                     | CUSIP: 000000000<br>LEI: 549300RVMKU0CYUZBB05 | Long             | DBT              | CORP              | GB        |     25000 | PA      | $25039.06     | 0.16%             | 2027-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| 3R LUX SARL              | 3R Lux SARL                                                                      | CUSIP: 88563PAA6<br>LEI: 9845007D0DF0BEFD8D97 | Long             | DBT              | CORP              | LU        |    130000 | PA      | $132886.00    | 0.86%             | 2031-02-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S | Petroleos de Venezuela SA                                                        | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |    525000 | PA      | $129543.75    | 0.84%             | 2035-05-17      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA     | YPF SA                                                                           | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    115000 | PA      | $121123.75    | 0.78%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND      | Benin Government International Bond                                              | CUSIP: 08205QAC2<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |     35000 | PA      | $37413.78     | 0.24%             | 2041-01-23      | Fixed         | 8.38%                 | 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      | $90932.40     | 0.59%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| GEORGIAN RAILWAY JSC     | Georgian Railway JSC                                                             | CUSIP: 37363BAB4<br>LEI: 2138005UZV4ZT2B2ZO19 | Long             | DBT              | CORP              | GE        |     14000 | PA      | $13135.22     | 0.08%             | 2028-06-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC | Azule Energy Finance Plc                                                         | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |     78000 | PA      | $78464.82     | 0.51%             | 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        |    129504 | PA      | $141774.37    | 0.92%             | 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        |     39000 | PA      | $41145.00     | 0.27%             | 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      | $4278.64      | 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        |      3200 | PA      | $3136.00      | 0.02%             | 2026-07-03      | None          | 0.00%                 | 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      | $14892.60     | 0.10%             | 2041-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT   | Egypt Government International Bond                                              | CUSIP: 03846JAF7<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    202000 | PA      | $188417.19    | 1.22%             | 2051-09-30      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS           | Eskom Holdings                                                                   | CUSIP: 29646AAC0<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |     43000 | PA      | $44419.00     | 0.29%             | 2028-08-10      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE     | Raizen Fuels Finance SA                                                          | CUSIP: 75102XAB2<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |     44000 | PA      | $37510.00     | 0.24%             | 2034-03-05      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS      | Braskem Netherlands Finance BV                                                   | CUSIP: 10554TAJ4<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    223000 | PA      | $92823.75     | 0.60%             | 2034-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

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

**Signature:** Brinton W. Frith

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

**Title:** Treasurer and Principal Financial Officer