# EDGAR Filing Document

**Accession Number:** 0001648403
**File Stem:** 0000940400-25-014958
**Filing Date:** 2025-12
**Character Count:** 90578
**Document Hash:** 5cb5e8f9f4b0620c13c5f737052e7e12
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-014958.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000940400-25-014958

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23078
- **FILM NUMBER:** 251606232

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

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

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS – 82.2%** | **CORPORATE BONDS – 82.2%** | |
| **Broadline Retail – 0.2%** |  |  |
| SGUS LLC, 11.00%, 12/15/29<sup>(1)</sup> | $77454 | $67192 |
| **Commercial & Residential Mortgage Finance – 0.4%** |  |  |
| Rocket Cos., Inc., 6.13%, 08/01/30<sup>(1)</sup> | 105000 | 108376 |
| **Communication Services – 8.5%** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 6.38%, 09/01/29<sup>(1)</sup> | 332000 | 334827 |
| CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 03/01/31<sup>(1)</sup> | 75000 | 76200 |
| CSC Holdings LLC, 11.25%, 05/15/28<sup>(1)</sup> | 335000 | 294252 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(1)</sup> | 170000 | 169180 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(1)</sup> | 20000 | 19906 |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27<sup>(1)</sup> | 130000 | 130087 |
| Gray Media, Inc., 9.63%, 07/15/32<sup>(1)</sup> | 150000 | 150917 |
| Gray Media, Inc., 7.25%, 08/15/33<sup>(1)</sup> | 55000 | 53907 |
| McGraw-Hill Education, Inc., 5.75%, 08/01/28<sup>(1)</sup> | 230000 | 229704 |
| Millennium Escrow Corp., 6.63%, 08/01/26<sup>(1)</sup> | 300000 | 289973 |
| Nexstar Media, Inc., 5.63%, 07/15/27<sup>(1)</sup> | 460000 | 460099 |
| Rackspace Technology Global, Inc., 5.38%, 12/01/28<sup>(1)</sup> | 50000 | 13000 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(1)</sup> | 145000 | 147940 |
| Univision Communications, Inc., 8.00%, 08/15/28<sup>(1)</sup> | 175000 | 180279 |
| Univision Communications, Inc., 7.38%, 06/30/30<sup>(1)</sup> | 75000 | 75324 |
| Total Communication Services |  | 2625595 |
| **Consumer Discretionary – 7.0%** |  |  |
| Aptiv Swiss Holdings Ltd., 6.88%, (US 5 Year CMT T- Note + 3.39%), 12/15/54<sup>(2)</sup> | 225000 | 230044 |
| Churchill Downs, Inc., 5.75%, 04/01/30<sup>(1)</sup> | 340000 | 341419 |
| Ford Motor Co., 3.25%, 02/12/32 | 95000 | 82877 |
| Ford Motor Credit Co. LLC, 6.95%, 03/06/26 | 275000 | 276636 |
| New Home Co., Inc. (The), 9.25%, 10/01/29<sup>(1)</sup> | 135000 | 141752 |
| New Home Co., Inc. (The), 8.50%, 11/01/30<sup>(1)</sup> | 10000 | 10361 |
| Newell Brands, Inc., 6.38%, 09/15/27 | 60000 | 60028 |
| Newell Brands, Inc., 6.63%, 09/15/29 | 324000 | 317465 |
| Newell Brands, Inc., 6.38%, 05/15/30 | 80000 | 76200 |
| Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp., 6.25%, 10/15/30<sup>(1)</sup> | 30000 | 30263 |
| Under Armour, Inc., 7.25%, 07/15/30<sup>(1)</sup> | 120000 | 118749 |
| Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/28<sup>(1)</sup> | 350000 | 342094 |
| WULF Compute LLC, 7.75%, 10/15/30<sup>(1)</sup> | 110000 | 114351 |
| Total Consumer Discretionary |  | 2142239 |
| **Consumer Staples – 2.0%** |  |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.88%, 02/15/30<sup>(1)</sup> | 135000 | 133492 |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.50%, 03/31/31<sup>(1)</sup> | 20000 | 20183 |
| Post Holdings, Inc., 5.50%, 12/15/29<sup>(1)</sup> | 155000 | 155268 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Consumer Staples (continued)** |  |  |
| Post Holdings, Inc., 6.25%, 02/15/32<sup>(1)</sup> | $60000 | $61748 |
| Post Holdings, Inc., 6.38%, 03/01/33<sup>(1)</sup> | 25000 | 25382 |
| Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 6.25%, 04/01/29<sup>(1)</sup> | 230000 | 230602 |
| Total Consumer Staples |  | 626675 |
| **Energy – 19.6%** |  |  |
| Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/29<sup>(1)</sup> | 355000 | 375952 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp., 6.63%, 02/01/32<sup>(1)</sup> | 335000 | 347111 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp., 6.63%, 10/15/32<sup>(1)</sup> | 230000 | 234998 |
| Buckeye Partners LP, 6.75%, 02/01/30<sup>(1)</sup> | 335000 | 349910 |
| Caturus Energy LLC, 8.50%, 02/15/30<sup>(1)</sup> | 115000 | 117575 |
| Citgo Petroleum Corp., 6.38%, 06/15/26<sup>(1)</sup> | 455000 | 455834 |
| Civitas Resources, Inc., 8.75%, 07/01/31<sup>(1)</sup> | 40000 | 41172 |
| Energy Transfer LP, 8.00%, (US 5 Year CMT T- Note + 4.02%), 05/15/54<sup>(2)</sup> | 170000 | 181639 |
| Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 02/01/28 | 45000 | 45310 |
| Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/30 | 320000 | 337489 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(1)</sup> | 325000 | 332237 |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/29<sup>(1)</sup> | 305000 | 322616 |
| Hess Midstream Operations LP, 5.88%, 03/01/28<sup>(1)</sup> | 95000 | 97017 |
| Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/29<sup>(1)</sup> | 350000 | 343687 |
| Kodiak Gas Services LLC, 6.50%, 10/01/33<sup>(1)</sup> | 120000 | 123047 |
| Kraken Oil & Gas Partners LLC, 7.63%, 08/15/29<sup>(1)</sup> | 335000 | 328265 |
| Nabors Industries, Inc., 7.38%, 05/15/27<sup>(1)</sup> | 261000 | 265093 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(1)</sup> | 330000 | 342721 |
| Sunoco LP / Sunoco Finance Corp., 7.00%, 09/15/28<sup>(1)</sup> | 365000 | 377728 |
| Tidewater, Inc., 9.13%, 07/15/30<sup>(1)</sup> | 75000 | 80111 |
| Transocean International Ltd., 8.75%, 02/15/30<sup>(1)</sup> | 277500 | 291402 |
| Transocean International Ltd., 7.88%, 10/15/32<sup>(1)</sup> | 10000 | 10308 |
| USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/29<sup>(1)</sup> | 325000 | 335876 |
| Venture Global LNG, Inc., 7.00%, 01/15/30<sup>(1)</sup> | 245000 | 248088 |
| Venture Global LNG, Inc., 9.88%, 02/01/32<sup>(1)</sup> | 50000 | 53439 |
| Total Energy |  | 6038625 |
| **Financials – 13.9%** |  |  |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 6.75%, 04/15/28<sup>(1)</sup> | 235000 | 239434 |
| American National Group, Inc., 7.00%, (US 5 Year CMT T- Note + 3.18%), 12/01/55<sup>(2)</sup> | 48000 | 49216 |
| Apollo Debt Solutions BDC, 6.90%, 04/13/29 | 322000 | 337280 |
| Azorra Finance Ltd., 7.25%, 01/15/31<sup>(1)</sup> | 130000 | 136300 |

---

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

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Financials (continued)** |  |  |
| Blue Owl Credit Income Corp., 3.13%, 09/23/26 | $400000 | $394637 |
| Blue Owl Credit Income Corp., 6.65%, 03/15/31 | 69000 | 71661 |
| F&G Annuities & Life, Inc., 6.50%, 06/04/29 | 180000 | 188050 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(1)</sup> | 225000 | 232123 |
| FS KKR Capital Corp., 6.88%, 08/15/29 | 315000 | 319612 |
| Global Atlantic Finance Co., 7.95%, (US 5 Year CMT T- Note + 3.61%), 10/15/54<sup>(1)(2)</sup> | 320000 | 335041 |
| Hub International Ltd., 7.25%, 06/15/30<sup>(1)</sup> | 325000 | 339542 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27<sup>(1)</sup> | 350000 | 346727 |
| Liberty Mutual Group, Inc., 4.13%, (US 5 Year CMT T- Note + 3.32%), 12/15/51<sup>(1)(2)</sup> | 190000 | 185768 |
| Midcap Financial Issuer Trust, 6.50%, 05/01/28<sup>(1)</sup> | 355000 | 348936 |
| OneMain Finance Corp., 7.88%, 03/15/30 | 315000 | 332245 |
| OneMain Finance Corp., 7.13%, 11/15/31 | 80000 | 82970 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(1)</sup> | 330000 | 341320 |
| Total Financials |  | 4280862 |
| **Health Care – 8.6%** |  |  |
| Acadia Healthcare Co., Inc., 5.50%, 07/01/28<sup>(1)</sup> | 240000 | 238601 |
| AdaptHealth LLC, 6.13%, 08/01/28<sup>(1)</sup> | 215000 | 215075 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<sup>(1)</sup> | 10000 | 10497 |
| CHS/Community Health Systems, Inc., 4.75%, 02/15/31<sup>(1)</sup> | 20000 | 17874 |
| CVS Health Corp., 7.00%, (US 5 Year CMT T- Note + 2.89%), 03/10/55<sup>(2)</sup> | 335000 | 352496 |
| DaVita, Inc., 4.63%, 06/01/30<sup>(1)</sup> | 168000 | 162380 |
| DENTSPLY SIRONA, Inc., 8.38%, (US 5 Year CMT T- Note + 4.38%), 09/12/55<sup>(2)</sup> | 160000 | 164981 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(1)</sup> | 310000 | 328964 |
| Global Medical Response, Inc., 7.38%, 10/01/32<sup>(1)</sup> | 75000 | 78532 |
| IQVIA, Inc., 6.25%, 06/01/32<sup>(1)</sup> | 145000 | 151310 |
| LifePoint Health, Inc., 11.00%, 10/15/30<sup>(1)</sup> | 300000 | 331156 |
| Medline Borrower LP, 5.25%, 10/01/29<sup>(1)</sup> | 345000 | 343913 |
| Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/29<sup>(1)</sup> | 65000 | 66950 |
| Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/28<sup>(1)</sup> | 190000 | 180888 |
| Total Health Care |  | 2643617 |
| **Industrials – 5.5%** |  |  |
| Builders FirstSource, Inc., 5.00%, 03/01/30<sup>(1)</sup> | 125000 | 123848 |
| Cornerstone Building Brands, Inc., 9.50%, 08/15/29<sup>(1)</sup> | 325000 | 300246 |
| FTAI Aviation Investors LLC, 5.50%, 05/01/28<sup>(1)</sup> | 195000 | 195268 |
| FTAI Aviation Investors LLC, 7.00%, 05/01/31<sup>(1)</sup> | 85000 | 89151 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Industrials (continued)** |  |  |
| Global Infrastructure Solutions, Inc., 5.63%, 06/01/29<sup>(1)</sup> | $240000 | $240885 |
| Herc Holdings, Inc., 7.00%, 06/15/30<sup>(1)</sup> | 175000 | 183284 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., 10.00%, 11/15/29<sup>(1)</sup> | 175000 | 175860 |
| TransDigm, Inc., 6.75%, 08/15/28<sup>(1)</sup> | 385000 | 393076 |
| Total Industrials |  | 1701618 |
| **Information Technology – 4.0%** |  |  |
| Cloud Software Group, Inc., 9.00%, 09/30/29<sup>(1)</sup> | 220000 | 227743 |
| Consensus Cloud Solutions, Inc., 6.00%, 10/15/26<sup>(1)</sup> | 48000 | 48030 |
| Consensus Cloud Solutions, Inc., 6.50%, 10/15/28<sup>(1)</sup> | 45000 | 44966 |
| Neptune Bidco US, Inc., 9.29%, 04/15/29<sup>(1)</sup> | 390000 | 385480 |
| Rocket Software, Inc., 9.00%, 11/28/28<sup>(1)</sup> | 325000 | 335167 |
| UKG, Inc., 6.88%, 02/01/31<sup>(1)</sup> | 195000 | 200875 |
| Total Information Technology |  | 1242261 |
| **Materials – 4.5%** |  |  |
| Cleveland-Cliffs, Inc., 7.63%, 01/15/34<sup>(1)</sup> | 45000 | 46819 |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/28<sup>(1)</sup> | 335000 | 336175 |
| JH North America Holdings, Inc., 5.88%, 01/31/31<sup>(1)</sup> | 150000 | 153085 |
| LSB Industries, Inc., 6.25%, 10/15/28<sup>(1)</sup> | 340000 | 335417 |
| Mauser Packaging Solutions Holding Co., 7.88%, 04/15/27<sup>(1)</sup> | 325000 | 326260 |
| Solstice Advanced Materials, Inc., 5.63%, 09/30/33<sup>(1)</sup> | 10000 | 10015 |
| Windsor Holdings III LLC, 8.50%, 06/15/30<sup>(1)</sup> | 150000 | 158539 |
| Total Materials |  | 1366310 |
| **Real Estate – 1.4%** |  |  |
| HAT Holdings I LLC / Hat Holdings II LLC, 3.38%, 06/15/26<sup>(1)</sup> | 71000 | 70319 |
| Iron Mountain, Inc., 5.25%, 07/15/30<sup>(1)</sup> | 155000 | 154406 |
| Millrose Properties, Inc., 6.38%, 08/01/30<sup>(1)</sup> | 90000 | 91250 |
| Outfront Media Capital LLC / Outfront Media Capital Corp., 7.38%, 02/15/31<sup>(1)</sup> | 100000 | 105721 |
| Total Real Estate |  | 421696 |
| **Transaction & Payment Processing Services – 1.8%** |  |  |
| Block, Inc., 5.63%, 08/15/30<sup>(1)</sup> | 300000 | 304720 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(1)</sup> | 220000 | 237740 |
| Total Transaction & Payment Processing Services |  | 542460 |
| **Utilities – 4.8%** |  |  |
| American Electric Power Co., Inc., 7.05%, (US 5 Year CMT T- Note + 2.75%), 12/15/54<sup>(2)</sup> | 150000 | 157707 |
| Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.00%, 07/15/29<sup>(1)</sup> | 330000 | 342618 |
| CenterPoint Energy, Inc., Series A, 7.00%, (US 5 Year CMT T- Note + 3.25%), 02/15/55<sup>(2)</sup> | 100000 | 104979 |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/29<sup>(1)</sup> | 178000 | 169328 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(1)</sup> | 320000 | 339833 |

---

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

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Utilities (continued)** |  |  |
| Sempra, 6.38%, (US 5 Year CMT T- Note + 2.63%), 04/01/56<sup>(2)</sup> | $150000 | $154187 |
| Vistra Operations Co. LLC, 6.88%, 04/15/32<sup>(1)</sup> | 175000 | 183943 |
| VoltaGrid LLC, 7.38%, 11/01/30<sup>(1)</sup> | 30000 | 30530 |
| Total Utilities |  | 1483125 |
| **Total Corporate Bonds** |  |  |
| (Cost $25,123,597) |  | **25290651** |
| **FOREIGN BONDS – 15.7% <sup>†</sup>** |  |  |
| **Communication Services – 0.0%<sup>(3)</sup>** |  |  |
| Telesat Canada / Telesat LLC, 6.50%, 10/15/27 (Canada)<sup>(1)</sup> | 20000 | 10150 |
| **Consumer Discretionary – 3.6%** |  |  |
| 1011778 BC ULC / New Red Finance, Inc., 6.13%, 06/15/29 (Canada)<sup>(1)</sup> | 235000 | 241779 |
| Flutter Treasury DAC, 5.88%, 06/04/31 (Ireland)<sup>(1)</sup> | 250000 | 253281 |
| Great Canadian Gaming Corp. / Raptor LLC, 8.75%, 11/15/29 (Canada)<sup>(1)</sup> | 40000 | 39144 |
| Merlin Entertainments Group US Holdings, Inc., 7.38%, 02/15/31 (United Kingdom)<sup>(1)</sup> | 150000 | 125841 |
| Ontario Gaming GTA LP/OTG Co.-Issuer LLC, 8.00%, 08/01/30 (Canada)<sup>(1)</sup> | 330000 | 325794 |
| Opal Bidco SAS, 6.50%, 03/31/32 (France)<sup>(1)</sup> | 100000 | 103080 |
| Total Consumer Discretionary |  | 1088919 |
| **Consumer Staples – 0.3%** |  |  |
| Froneri Lux FinCo Sarl, 6.00%, 08/01/32 (United Kingdom)<sup>(1)</sup> | 90000 | 90900 |
| **Energy – 3.2%** |  |  |
| Coronado Finance Pty Ltd., 9.25%, 10/01/29 (Australia)<sup>(1)</sup> | 325000 | 299803 |
| South Bow Canadian Infrastructure Holdings Ltd., 7.63%, (US 5 Year CMT T- Note + 3.95%), 03/01/55 (Canada)<sup>(2)</sup> | 322000 | 335521 |
| Teine Energy Ltd., 6.88%, 04/15/29 (Canada)<sup>(1)</sup> | 345000 | 344449 |
| Total Energy |  | 979773 |
| **Financials – 1.7%** |  |  |
| Albion Financing 1 Sarl / Aggreko Holdings, Inc., 7.00%, 05/21/30 (Luxembourg)<sup>(1)</sup> | 178000 | 184156 |
| GGAM Finance Ltd., 6.88%, 04/15/29 (Ireland)<sup>(1)</sup> | 330000 | 343178 |
| Total Financials |  | 527334 |
| **Health Care – 1.5%** |  |  |
| Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28 (Germany)<sup>(1)</sup> | 110000 | 108252 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Health Care (continued)** |  |  |
| Grifols SA, 4.75%, 10/15/28 (Spain)<sup>(1)</sup> | $235000 | $227402 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 (Israel) | 138000 | 136016 |
| Total Health Care |  | 471670 |
| **Industrials – 1.5%** |  |  |
| Cimpress PLC, 7.38%, 09/15/32 (Ireland)<sup>(1)</sup> | 335000 | 340892 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30 (Ireland)<sup>(1)</sup> | 110000 | 115977 |
| Total Industrials |  | 456869 |
| **Materials – 3.9%** |  |  |
| Capstone Copper Corp., 6.75%, 03/31/33 (Canada)<sup>(1)</sup> | 250000 | 258885 |
| Fortescue Treasury Pty Ltd., 5.88%, 04/15/30 (Australia)<sup>(1)</sup> | 169000 | 174493 |
| INEOS Quattro Finance 2 PLC, 9.63%, 03/15/29 (United Kingdom)<sup>(1)</sup> | 320000 | 300301 |
| Maxam Prill Sarl, 7.75%, 07/15/30 (Luxembourg)<sup>(1)</sup> | 200000 | 204407 |
| Taseko Mines Ltd., 8.25%, 05/01/30 (Canada)<sup>(1)</sup> | 160000 | 169362 |
| Trivium Packaging Finance BV, 8.25%, 07/15/30 (Netherlands)<sup>(1)</sup> | 85000 | 88138 |
| Total Materials |  | 1195586 |
| **Total Foreign Bonds** |  |  |
| (Cost $4,854,223) |  | **4821201** |
| **COMMON STOCK - 0.0%** |  |  |
| **Health Care - 0.0%** |  |  |
| Lannett Co., Inc.\*<sup>(4)</sup><br> (Cost $462) | 416 | 10770 |
| **TERM LOAN – 0.0%<sup>(3)</sup>** |  |  |
| **Financials – 0.0%<sup>(3)</sup>** |  |  |
| Lannett Co., Inc., 2.00%, 06/16/30<sup>(2)(4)</sup> | 1919 | 1473 |
| **MONEY MARKET FUND - 0.9%** |  |  |
| JP Morgan U.S. Government Money Market Institutional Shares, 3.95%<sup>(5)</sup><br> (Cost $286,539) | 286539 | 286539 |
| **TOTAL INVESTMENTS - 98.8%** |  |  |
| (Cost $30,264,880) |  | **30410634** |
| Other Assets in Excess of Liabilities - 1.2% |  | 366157 |
| **Net Assets - 100.0%** |  | $**30776791** |

---

---

| | |
|:---|:---|
| † | Principal disclosed in USD unless otherwise stated. |
| \* | Non-income producing security. |
| (1) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. At October 31, 2025, the aggregate value of these securities was $25,322,606, or 82.3% of net assets. |

---

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

October 31, 2025 (unaudited)

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

(3) Amount rounds to less than 0.05%.

(4) Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

(5) The rate shown reflects the seven-day yield as of October 31, 2025.

**Abbreviations:**

CMT — Constant Maturity Treasury Index

Schedule of Investments - Virtus Newfleet Short Duration 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;Corporate Bonds | $— | $25290651 | $— | $25290651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Bonds |  | 4821201 |  | 4821201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock |  |  | 10770 | 10770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan |  |  | 1473 | 1473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | 286539 |  |  | 286539 |
| **Total** | $**286539** | $**30111852** | $**12243** | $**30410634** |

---

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended October 31, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 1540 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 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:** $30883497.45

**Total Liabilities:** $106706.20

**Net Assets:** $30776791.25

**Delayed Delivery Securities:** $20000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -45.70899716 | **5-Year:** -281.96723020 | **10-Year:** -211.32383060 | **30-Year:** -162.78042050

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

- **3-Month:** 0.00000000 | **1-Year:** -34.77484298 | **5-Year:** -3633.07383800 | **10-Year:** -1523.82373900 | **30-Year:** -593.96268260

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000162265 | 1.10%                | 0.68%                | 0.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-204130.15              | $364092.97                                 |
| Month 2  | $-18430.69               | $69598.26                                  |
| Month 3  | $39502.82                | $-118893.57                                |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                        | Title                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 1011778 BC / NEW RED FIN                                    | 1011778 BC ULC / New Red Finance Inc                                     | CUSIP: 68245XAR0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    235000 | PA      | $241778.34    | 0.79%             | 2029-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                      | Venture Global LNG Inc                                                   | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53438.85     | 0.17%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                      | Cloud Software Group Inc                                                 | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    220000 | PA      | $227742.90    | 0.74%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                                      | HAT Holdings I LLC / HAT Holdings II LLC                                 | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     71000 | PA      | $70318.97     | 0.23%             | 2026-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY INC                                      | CenterPoint Energy Inc                                                   | CUSIP: 15189TBH9<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104978.80    | 0.34%             | 2055-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                                        | Noble Finance II LLC                                                     | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $342720.84    | 1.11%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                                         | Lightning Power LLC                                                      | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |    320000 | PA      | $339832.96    | 1.10%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                                    | Midcap Financial Issuer Trust                                            | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    355000 | PA      | $348936.39    | 1.13%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                        | LifePoint Health Inc                                                     | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    300000 | PA      | $331155.77    | 1.08%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| WULF COMPUTE LLC                                            | WULF Compute LLC                                                         | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $114351.04    | 0.37%             | 2030-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                        | Flutter Treasury DAC                                                     | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    250000 | PA      | $253281.25    | 0.82%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                                         | FS KKR Capital Corp                                                      | CUSIP: 302635AN7<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    315000 | PA      | $319612.27    | 1.04%             | 2029-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                       | Directv Financing LLC                                                    | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19906.58     | 0.06%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                    | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer           | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    235000 | PA      | $239433.51    | 0.78%             | 2028-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                      | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC    | CUSIP: 013092AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $133492.24    | 0.43%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Lannett Company Inc Common Stock                            | Lannett Company Inc Common Stock                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       416 | NS      | $10770.24     | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| CORNERSTONE BUILDING                                        | Cornerstone Building Brands Inc                                          | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    325000 | PA      | $300245.69    | 0.98%             | 2029-08-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD                                    | Primo Water Holdings Inc / Triton Water Holdings Inc                     | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $230601.45    | 0.75%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                                       | Panther Escrow Issuer LLC                                                | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $341319.66    | 1.11%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                    | Vistra Operations Co LLC                                                 | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    175000 | PA      | $183943.55    | 0.60%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                    | Univision Communications Inc                                             | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    175000 | PA      | $180278.70    | 0.59%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                         | Buckeye Partners LP                                                      | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    335000 | PA      | $349909.51    | 1.14%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                      | Global Atlantic Fin Co                                                   | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    320000 | PA      | $335041.28    | 1.09%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                                     | INEOS Quattro Finance 2 Plc                                              | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    320000 | PA      | $300300.80    | 0.98%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                        | OneMain Finance Corp                                                     | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    315000 | PA      | $332244.75    | 1.08%             | 2030-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                                    | Apollo Debt Solutions BDC                                                | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    322000 | PA      | $337279.52    | 1.10%             | 2029-04-13      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| MERLIN ENTERTAINMENTS GR                                    | Merlin Entertainments Group US Holdings Inc                              | CUSIP: 59010UAA5<br>LEI: 549300HBQPPKS1187K54 | Long             | DBT              | CORP              | US        |    150000 | PA      | $125841.12    | 0.41%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                      | CCO Holdings LLC / CCO Holdings Capital Corp                             | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    332000 | PA      | $334826.98    | 1.09%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                       | Directv Financing LLC / Directv Financing Co-Obligor Inc                 | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $130087.36    | 0.42%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                          | Ford Motor Co                                                            | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     95000 | PA      | $82876.82     | 0.27%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SOLSTICE ADVANCED MATERI                                    | Solstice Advanced Materials Inc                                          | CUSIP: 83443QAA1<br>LEI: 2138004GZ4H9TW6HK435 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10015.10     | 0.03%             | 2033-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                             | CVS Health Corp                                                          | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    335000 | PA      | $352495.71    | 1.15%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                           | Nexstar Media Inc                                                        | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    460000 | PA      | $460098.62    | 1.49%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                                    | Acadia Healthcare Co Inc                                                 | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    240000 | PA      | $238601.38    | 0.78%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                       | Genesis Energy LP / Genesis Energy Finance Corp                          | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $45309.51     | 0.15%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                           | Post Holdings Inc                                                        | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    155000 | PA      | $155267.69    | 0.50%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                   | Block Inc                                                                | CUSIP: 852234AT0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    300000 | PA      | $304720.20    | 0.99%             | 2030-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| UKG INC                                                     | UKG Inc                                                                  | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |    195000 | PA      | $200874.96    | 0.65%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                     | Teva Pharmaceutical Finance Netherlands III BV                           | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    138000 | PA      | $136016.25    | 0.44%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                    | Liberty Mutual Group Inc                                                 | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    190000 | PA      | $185768.38    | 0.60%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                                    | Transocean International Ltd                                             | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |    277500 | PA      | $291402.47    | 0.95%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                                    | Medline Borrower LP/Medline Co-Issuer Inc                                | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $66950.20     | 0.22%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L                                    | Telesat Canada / Telesat LLC                                             | CUSIP: 87952VAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     20000 | PA      | $10150.00     | 0.03%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES                                              | LSB Industries Inc                                                       | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |    340000 | PA      | $335416.53    | 1.09%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                           | Herc Holdings Inc                                                        | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    175000 | PA      | $183284.33    | 0.60%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                                    | Antero Midstream Partners LP / Antero Midstream Finance Corp             | CUSIP: 03690AAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    335000 | PA      | $347111.24    | 1.13%             | 2032-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER                                    | Kraken Oil & Gas Partners LLC                                            | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |    335000 | PA      | $328265.36    | 1.07%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP                                     | Gulfport Energy Operating Corp                                           | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    325000 | PA      | $332236.52    | 1.08%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                                    | Blue Racer Midstream LLC / Blue Racer Finance Corp                       | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $342617.88    | 1.11%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                       | Civitas Resources Inc                                                    | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41172.18     | 0.13%             | 2031-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC                                              | NCR Atleos Corp                                                          | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |    220000 | PA      | $237739.70    | 0.77%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                           | Newell Brands Inc                                                        | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     80000 | PA      | $76200.00     | 0.25%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                               | TransDigm Inc                                                            | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    385000 | PA      | $393076.15    | 1.28%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                                    | Fortescue Treasury Pty Ltd                                               | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    169000 | PA      | $174493.51    | 0.57%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                        | OneMain Finance Corp                                                     | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82970.32     | 0.27%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                                    | Transocean International Ltd                                             | CUSIP: 893814AA1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     10000 | PA      | $10308.09     | 0.03%             | 2032-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                                                | Cimpress PLC                                                             | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |    335000 | PA      | $340891.98    | 1.11%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                    | Ferrellgas LP / Ferrellgas Finance Corp                                  | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    178000 | PA      | $169327.61    | 0.55%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE                                           | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp             | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30263.27     | 0.10%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD                                    | Aptiv Swiss Holdings Ltd                                                 | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    225000 | PA      | $230043.83    | 0.75%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                              | Rocket Cos Inc                                                           | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $108376.07    | 0.35%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                                      | Sempra                                                                   | CUSIP: 816851BW8<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154186.74    | 0.50%             | 2056-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                                    | Cheplapharm Arzneimittel GmbH                                            | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |    110000 | PA      | $108252.33    | 0.35%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                    | Hilcorp Energy I LP / Hilcorp Finance Co                                 | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $343687.02    | 1.12%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                           | Newell Brands Inc                                                        | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60028.43     | 0.20%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                                         | New Home Co Inc/The                                                      | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    135000 | PA      | $141752.16    | 0.46%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                                         | Rocket Software Inc                                                      | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    325000 | PA      | $335167.05    | 1.09%             | 2028-11-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL                                    | Phoenix Aviation Capital Ltd                                             | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |    110000 | PA      | $115977.07    | 0.38%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                           | Newell Brands Inc                                                        | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    324000 | PA      | $317464.69    | 1.03%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                                    | F&G Annuities & Life Inc                                                 | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $188050.14    | 0.61%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                            | GGAM Finance Ltd                                                         | CUSIP: 36170JAD8<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    330000 | PA      | $343178.55    | 1.12%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN                                    | Weekley Homes LLC / Weekley Finance Corp                                 | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $342094.17    | 1.11%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                       | Icahn Enterprises LP / Icahn Enterprises Finance Corp                    | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $175859.78    | 0.57%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                      | Mauser Packaging Solutions Holding Co                                    | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    325000 | PA      | $326260.03    | 1.06%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                              | Gray Media Inc                                                           | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     55000 | PA      | $53907.07     | 0.18%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                      | Venture Global LNG Inc                                                   | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    245000 | PA      | $248088.23    | 0.81%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                     | Millrose Properties Inc                                                  | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $91250.15     | 0.30%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                                        | Neptune Bidco US Inc                                                     | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    390000 | PA      | $385479.90    | 1.25%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                    | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp       | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $346726.63    | 1.13%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE                                     | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    355000 | PA      | $375951.75    | 1.22%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                                    | Consensus Cloud Solutions Inc                                            | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $44965.86     | 0.15%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ONT GAMING GTA/OTG CO-IS                                    | Ontario Gaming GTA LP/OTG Co-Issuer Inc                                  | CUSIP: 68306MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    330000 | PA      | $325793.59    | 1.06%             | 2030-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO                                    | Global Infrastructure Solutions Inc                                      | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    240000 | PA      | $240884.98    | 0.78%             | 2029-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                                    | Amneal Pharmaceuticals LLC                                               | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10496.91     | 0.03%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS                                    | Focus Financial Partners LLC                                             | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |    225000 | PA      | $232123.39    | 0.75%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS                                      | Helix Energy Solutions Group Inc                                         | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |    305000 | PA      | $322615.89    | 1.05%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                         | Medline Borrower LP                                                      | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    345000 | PA      | $343913.11    | 1.12%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                                      | Blue Owl Credit Income Corp                                              | CUSIP: 69120VAM3<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    400000 | PA      | $394636.83    | 1.28%             | 2026-09-23      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                   | IQVIA Inc                                                                | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    145000 | PA      | $151309.82    | 0.49%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD                                    | South Bow Canadian Infrastructure Holdings Ltd                           | CUSIP: 836720AG7<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    322000 | PA      | $335520.46    | 1.09%             | 2055-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| FRONERI LUX FINCO SARL                                      | Froneri Lux FinCo SARL                                                   | CUSIP: 35901MAA5<br>LEI: 9845005YBZ75E5AA3B94 | Long             | DBT              | CORP              | LU        |     90000 | PA      | $90900.18     | 0.30%             | 2032-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                                    | Organon & Co / Organon Foreign Debt Co-Issuer BV                         | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $180888.00    | 0.59%             | 2028-04-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                                     | FTAI Aviation Investors LLC                                              | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    195000 | PA      | $195267.93    | 0.63%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM ESCROW CORP                                      | Millennium Escrow Corp                                                   | CUSIP: 60041CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $289973.03    | 0.94%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                                      | Sunoco LP / Sunoco Finance Corp                                          | CUSIP: 86765KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    365000 | PA      | $377727.92    | 1.23%             | 2028-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                      | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC    | CUSIP: 01309QAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20183.08     | 0.07%             | 2031-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                                    | Outfront Media Capital LLC / Outfront Media Capital Corp                 | CUSIP: 69007TAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $105720.48    | 0.34%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                                            | Taseko Mines Ltd                                                         | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    160000 | PA      | $169361.92    | 0.55%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                                            | Under Armour Inc                                                         | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118748.59    | 0.39%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                                         | New Home Co Inc/The                                                      | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10360.68     | 0.03%             | 2030-11-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                                       | McGraw-Hill Education Inc                                                | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    230000 | PA      | $229703.88    | 0.75%             | 2028-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                                       | Trivium Packaging Finance BV                                             | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |     85000 | PA      | $88138.12     | 0.29%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| JP MORGAN U.S. GOVERNMENT MONEY MARKET INSTITUTIONAL SHARES | JP MORGAN U.S. GOVERNMENT MONEY MARKET INSTITUTIONAL SHARES              | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    286539 | NS      | $286538.85    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                      | CCO Holdings LLC / CCO Holdings Capital Corp                             | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $76199.63     | 0.25%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                       | Genesis Energy LP / Genesis Energy Finance Corp                          | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $337488.64    | 1.10%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC                                             | AdaptHealth LLC                                                          | CUSIP: 00653VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $215074.69    | 0.70%             | 2028-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Lannett Co Inc                                              | LANNETT C 06/16/30                                                       | CUSIP: 000000000<br>LEI: 5299001DJ6C90XX17G45 | Long             | LON              | CORP              | US        |      1919 | PA      | $1473.39      | 0.00%             | 2030-06-16      | Variable      | 0.01%                 | No            |                  3 | On Loan: No      |
| BLUE OWL CREDIT INCOME                                      | Blue Owl Credit Income Corp                                              | CUSIP: 69120VAZ4<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |     69000 | PA      | $71661.06     | 0.23%             | 2031-03-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| RACKSPACE TECHNOLOGY                                        | Rackspace Technology Global Inc                                          | CUSIP: 750098AA3<br>LEI: 549300QTYCKLMFSE8I97 | Long             | DBT              | CORP              | US        |     50000 | PA      | $13000.00     | 0.04%             | 2028-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                                    | Consensus Cloud Solutions Inc                                            | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     48000 | PA      | $48030.72     | 0.16%             | 2026-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                           | Iron Mountain Inc                                                        | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    155000 | PA      | $154406.21    | 0.50%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC                                               | Tidewater Inc                                                            | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |     75000 | PA      | $80111.48     | 0.26%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                                    | Sinclair Television Group Inc                                            | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    145000 | PA      | $147939.88    | 0.48%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ILLUMINATE BUYER/HLDG                                       | Illuminate Buyer LLC / Illuminate Holdings IV Inc                        | CUSIP: 45232TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    335000 | PA      | $336175.18    | 1.09%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                                              | Azorra Finance Ltd                                                       | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    130000 | PA      | $136300.19    | 0.44%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC                                    | Windsor Holdings III LLC                                                 | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158538.75    | 0.52%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                                    | JH North America Holdings Inc                                            | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153084.75    | 0.50%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                            | CSC Holdings LLC                                                         | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    335000 | PA      | $294251.61    | 0.96%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                              | Gray Media Inc                                                           | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150916.69    | 0.49%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                                         | Churchill Downs Inc                                                      | CUSIP: 12511VAA6<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    340000 | PA      | $341419.16    | 1.11%             | 2030-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP                                        | Capstone Copper Corp                                                     | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $258885.00    | 0.84%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TEINE ENERGY LTD                                            | Teine Energy Ltd                                                         | CUSIP: 879068AB0<br>LEI: 894500JBC83AX7PYEU16 | Long             | DBT              | CORP              | CA        |    345000 | PA      | $344449.31    | 1.12%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                                     | American National Group Inc                                              | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |     48000 | PA      | $49216.46     | 0.16%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS                                       | Endo Finance Holdings Inc                                                | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    310000 | PA      | $328963.63    | 1.07%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP                                        | CITGO Petroleum Corp                                                     | CUSIP: 17302XAM8<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |    455000 | PA      | $455834.02    | 1.48%             | 2026-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                                    | Ascent Resources Utica Holdings LLC / ARU Finance Corp                   | CUSIP: 04364VAX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $234998.36    | 0.76%             | 2032-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                    | Builders FirstSource Inc                                                 | CUSIP: 12008RAN7<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123848.40    | 0.40%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                                     | Kodiak Gas Services LLC                                                  | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    120000 | PA      | $123047.16    | 0.40%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE                                     | Global Medical Response Inc                                              | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78531.75     | 0.26%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /                                    | Albion Financing 1 SARL / Aggreko Holdings Inc                           | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    178000 | PA      | $184155.60    | 0.60%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                                  | Grifols SA                                                               | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    235000 | PA      | $227401.46    | 0.74%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CORONADO FINANCE PTY LTD                                    | Coronado Finance Pty Ltd                                                 | CUSIP: 21979LAB2<br>LEI: 549300NS5FS0W548RE27 | Long             | DBT              | CORP              | AU        |    325000 | PA      | $299803.20    | 0.97%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                           | Post Holdings Inc                                                        | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61748.44     | 0.20%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO                                                  | Opal Bidco SAS                                                           | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $103079.86    | 0.33%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                          | Energy Transfer LP                                                       | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    170000 | PA      | $181638.71    | 0.59%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                           | Post Holdings Inc                                                        | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25382.35     | 0.08%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CATURUS ENERGY LLC                                          | Caturus Energy LLC                                                       | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |    115000 | PA      | $117575.08    | 0.38%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                       | HUB International Ltd                                                    | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    325000 | PA      | $339541.48    | 1.10%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                        | Cleveland-Cliffs Inc                                                     | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46819.43     | 0.15%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                                       | Nabors Industries Inc                                                    | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    261000 | PA      | $265093.00    | 0.86%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                                     | FTAI Aviation Investors LLC                                              | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     85000 | PA      | $89151.15     | 0.29%             | 2031-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                                         | DENTSPLY SIRONA Inc                                                      | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    160000 | PA      | $164981.01    | 0.54%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| MAXAM PRILL SARL                                            | Maxam Prill Sarl                                                         | CUSIP: 57779MAA8<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $204407.00    | 0.66%             | 2030-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                    | CHS/Community Health Systems Inc                                         | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17873.93     | 0.06%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                                     | American Electric Power Co Inc                                           | CUSIP: 025537AZ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157706.70    | 0.51%             | 2054-12-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                                    | Hess Midstream Operations LP                                             | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $97017.33     | 0.32%             | 2028-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SGUS LLC                                                    | SGUS LLC                                                                 | CUSIP: 81880AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     77454 | PA      | $67192.12     | 0.22%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| VOLTAGRID LLC                                               | VoltaGrid LLC                                                            | CUSIP: 92874BAA3<br>LEI: 254900R5BEUGIKK1FM03 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30530.31     | 0.10%             | 2030-11-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                    | Ford Motor Credit Co LLC                                                 | CUSIP: 345397C43<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    275000 | PA      | $276636.02    | 0.90%             | 2026-03-06      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                                    | USA Compression Partners LP / USA Compression Finance Corp               | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $335876.13    | 1.09%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                    | Univision Communications Inc                                             | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75324.38     | 0.24%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                                  | DaVita Inc                                                               | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    168000 | PA      | $162380.58    | 0.53%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GREAT CAN GAMING/RAPTOR                                     | Great Canadian Gaming Corp/Raptor LLC                                    | CUSIP: 389925AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     40000 | PA      | $39144.29     | 0.13%             | 2029-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                       | Directv Financing LLC                                                    | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $169180.23    | 0.55%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Brinton W. Frith

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

**Title:** Treasurer and Principal Financial Officer