Schedule of Investments – Virtus Stone Harbor Emerging Markets High Yield Bond ETF
April 30, 2025 (unaudited)
| Security Description | Principal | Value | ||||||
| FOREIGN BONDS – 93.4% | ||||||||
| Angola – 2.4% | ||||||||
| Angolan Government International Bond, 8.00%, 11/26/29(1) | $ | 46,000 | $ | 36,878 | ||||
| Angolan Government International Bond, 8.75%, 04/14/32(1) | 256,000 | 198,351 | ||||||
| Azule Energy Finance PLC, 8.13%, 01/23/30(1) | 78,000 | 75,208 | ||||||
| Total Angola | 310,437 | |||||||
| Argentina – 6.1% | ||||||||
| Argentine Republic Government International Bond, 1.00%, 07/09/29 | 220,500 | 178,495 | ||||||
| Argentine Republic Government International Bond, 0.75%, 07/09/30(2) | 149,600 | 114,893 | ||||||
| MSU Energy SA, 9.75%, 12/05/30(1) | 94,000 | 88,317 | ||||||
| Provincia de Buenos Aire, 6.63%, 09/01/37(2) | 163,778 | 110,427 | ||||||
| Provincia de Buenos Aires/Government Bonds, 6.63%, 09/01/37(2) | 51,688 | 34,851 | ||||||
| Telecom Argentina SA, 9.50%, 07/18/31(1) | 79,000 | 82,713 | ||||||
| YPF SA, 6.95%, 07/21/27 | 68,000 | 67,252 | ||||||
| YPF SA, 9.50%, 01/17/31(1) | 115,000 | 119,370 | ||||||
| Total Argentina | 796,318 | |||||||
| Armenia – 0.2% | ||||||||
| Republic of Armenia International Bond, 3.60%, 02/02/31(1) | 28,000 | 23,721 | ||||||
| Benin – 0.2% | ||||||||
| Benin Government International Bond, 7.96%, 02/13/38(1) | 32,000 | 28,920 | ||||||
| Bolivia – 0.5% | ||||||||
| Bolivia Government International Bond, 4.50%, 03/20/28 | 103,000 | 67,465 | ||||||
| Brazil – 13.1% | ||||||||
| 3r Lux Sarl, 9.75%, 02/05/31(1) | 130,000 | 128,294 | ||||||
| Braskem Netherlands Finance BV, 8.00%, 10/15/34(1) | 174,000 | 154,903 | ||||||
| Brazilian Government International Bond, 7.13%, 05/13/54 | 133,000 | 126,649 | ||||||
| FS Luxembourg Sarl, 8.88%, 02/12/31(1) | 132,000 | 132,660 | ||||||
| Iochpe-Maxion Austria GMBH / Maxion Wheels de Mexico S de RL de CV, 5.00%, 05/07/28(1) | 78,000 | 73,033 | ||||||
| MC Brazil Downstream Trading Sarl, 7.25%, 06/30/31(1) | 81,017 | 63,031 | ||||||
| Minerva Luxembourg SA, 4.38%, 03/18/31 | 253,000 | 222,956 | ||||||
| Movida Europe SA, 7.85%, 04/11/29(1) | 183,000 | 161,223 | ||||||
| MV24 Capital BV, 6.75%, 06/01/34(1) | 133,122 | 127,630 | ||||||
| Security Description | Principal | Value | ||||||
| FOREIGN BONDS (continued) | ||||||||
| Brazil (continued) | ||||||||
| NewCo Holding USD 20 Sarl, 9.38%, 11/07/29(1) | $ | 44,000 | $ | 43,824 | ||||
| Ohi Group SA, 13.00%, 07/22/29(1) | 123,000 | 124,937 | ||||||
| Samarco Mineracao SA, 9.00%, 06/30/31(1)(3) | 154,661 | 145,644 | ||||||
| Trident Energy Finance PLC, 12.50%, 11/30/29(1) | 75,000 | 71,273 | ||||||
| Yinson Boronia Production BV, 8.95%, 07/31/42(1) | 130,836 | 134,379 | ||||||
| Total Brazil | 1,710,436 | |||||||
| Chile – 0.4% | ||||||||
| Banco de Credito E Inversiones SA, 7.50%, (US 5 Year CMT T- Note + 3.77%), perpetual(1)(4)(5) | 54,000 | 52,664 | ||||||
| China – 1.7% | ||||||||
| Prosus NV, 3.06%, 07/13/31 | 119,000 | 102,695 | ||||||
| Prosus NV, 3.83%, 02/08/51(1) | 185,000 | 117,027 | ||||||
| Total China | 219,722 | |||||||
| Colombia – 6.3% | ||||||||
| AI Candelaria Spain SA, 5.75%, 06/15/33 | 157,000 | 129,768 | ||||||
| Banco Gnb Sudameris SA, 7.50%, (US 5 Year CMT T- Note + 6.66%), 04/16/31(1)(4) | 57,000 | 55,519 | ||||||
| Colombia Government International Bond, 7.38%, 04/25/30 | 128,000 | 130,131 | ||||||
| Colombia Government International Bond, 3.13%, 04/15/31 | 44,000 | 35,552 | ||||||
| Colombia Government International Bond, 8.00%, 11/14/35 | 72,000 | 71,064 | ||||||
| Colombia Government International Bond, 5.20%, 05/15/49 | 182,000 | 118,209 | ||||||
| Colombia Government International Bond, 3.88%, 02/15/61 | 227,000 | 116,678 | ||||||
| Gran Tierra Energy, Inc., 9.50%, 10/15/29(1) | 124,000 | 97,650 | ||||||
| SierraCol Energy Andina LLC, 6.00%, 06/15/28(1) | 72,000 | 66,402 | ||||||
| Total Colombia | 820,973 | |||||||
| Dominican Republic – 1.9% | ||||||||
| Dominican Republic International Bond, 4.88%, 09/23/32(1) | 52,000 | 46,881 | ||||||
| Dominican Republic International Bond, 6.00%, 02/22/33 | 99,000 | 95,931 | ||||||
| Dominican Republic International Bond, 6.95%, 03/15/37(1) | 25,000 | 24,900 | ||||||
| Dominican Republic International Bond, 7.15%, 02/24/55(1) | 77,000 | 75,515 | ||||||
| Total Dominican Republic | 243,227 | |||||||
| Ecuador – 2.3% | ||||||||
| Ecuador Government International Bond, 6.90%, 07/31/30(2) | 311,515 | 233,987 | ||||||
| Ecuador Government International Bond, 5.50%, 07/31/35(2) | 99,872 | 60,073 | ||||||
| Total Ecuador | 294,060 | |||||||
Schedule of Investments – Virtus Stone Harbor Emerging Markets High Yield Bond ETF (continued)
April 30, 2025 (unaudited)
| Security Description | Principal | Value | ||||||
| FOREIGN BONDS (continued) | ||||||||
| Egypt – 3.7% | ||||||||
| Egypt Government International Bond, 3.88%, 02/16/26(1) | $ | 118,000 | $ | 115,640 | ||||
| Egypt Government International Bond, 8.63%, 02/04/30(1) | 158,000 | 150,700 | ||||||
| Egypt Government International Bond, 7.63%, 05/29/32(1) | 137,000 | 115,834 | ||||||
| Egypt Government International Bond, 7.90%, 02/21/48(1) | 123,000 | 84,707 | ||||||
| Egypt Government International Bond, 8.88%, 05/29/50(1) | 12,000 | 8,985 | ||||||
| Total Egypt | 475,866 | |||||||
| El Salvador – 1.2% | ||||||||
| El Salvador Government International Bond, 8.63%, 02/28/29(1) | 14,000 | 14,280 | ||||||
| El Salvador Government International Bond, 8.63%, 02/28/29 | 21,000 | 21,420 | ||||||
| El Salvador Government International Bond, 9.25%, 04/17/30 | 10,000 | 10,358 | ||||||
| El Salvador Government International Bond, 8.25%, 04/10/32(1) | 88,000 | 86,504 | ||||||
| El Salvador Government International Bond, 7.63%, 02/01/41 | 15,000 | 13,597 | ||||||
| Total El Salvador | 146,159 | |||||||
| Ethiopia – 0.7% | ||||||||
| Ethiopia International Bond, 6.63%, 12/11/24(1)(6) | 114,000 | 96,330 | ||||||
| Gabon – 0.3% | ||||||||
| Gabon Government International Bond, 6.63%, 02/06/31(1) | 11,000 | 7,827 | ||||||
| Gabon Government International Bond, 7.00%, 11/24/31(1) | 36,000 | 25,526 | ||||||
| Total Gabon | 33,353 | |||||||
| Georgia – 0.5% | ||||||||
| Georgian Railway JSC, 4.00%, 06/17/28(1) | 73,000 | 64,925 | ||||||
| Ghana – 2.6% | ||||||||
| Ghana Government International Bond, 4.79%, 07/03/26(1)(7) | 4,800 | 4,560 | ||||||
| Ghana Government International Bond, 5.03%, 01/03/30(1)(7) | 62,715 | 47,663 | ||||||
| Ghana Government International Bond, 5.00%, 07/03/35(1)(2) | 118,600 | 79,462 | ||||||
| Kosmos Energy Ltd., 7.13%, 04/04/26 | 116,000 | 111,795 | ||||||
| Kosmos Energy Ltd., 7.75%, 05/01/27 | 96,000 | 86,880 | ||||||
| Total Ghana | 330,360 | |||||||
| Guatemala – 1.8% | ||||||||
| Guatemala Government Bond, 6.60%, 06/13/36(1) | 112,000 | 112,224 | ||||||
| Security Description | Principal | Value | ||||||
| FOREIGN BONDS (continued) | ||||||||
| Guatemala (continued) | ||||||||
| Investment Energy Resources Ltd., 6.25%, 04/26/29(1) | $ | 125,000 | $ | 119,688 | ||||
| Total Guatemala | 231,912 | |||||||
| Honduras – 0.4% | ||||||||
| Honduras Government International Bond, 8.63%, 11/27/34(1) | 51,000 | 50,648 | ||||||
| Hong Kong – 1.6% | ||||||||
| Melco Resorts Finance Ltd., 5.38%, 12/04/29 | 238,000 | 214,771 | ||||||
| India – 2.4% | ||||||||
| Adani Ports & Special Economic Zone Ltd., 3.83%, 02/02/32 | 55,000 | 45,100 | ||||||
| Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharash, 4.63%, 10/15/39(1) | 58,450 | 46,322 | ||||||
| Jsw Hydro Energy Ltd., 4.13%, 05/18/31 | 110,625 | 97,903 | ||||||
| ReNew Wind Energy AP2 / ReNew Power Pvt Ltd., 4.50%, 07/14/28 | 56,000 | 51,905 | ||||||
| Vedanta Resources Finance II PLC, 10.88%, 09/17/29(1) | 32,000 | 31,034 | ||||||
| Vedanta Resources Finance II PLC, 9.48%, 07/24/30(1) | 60,000 | 55,463 | ||||||
| Total India | 327,727 | |||||||
| Indonesia – 1.3% | ||||||||
| LLPL Capital Pte Ltd., 6.88%, 02/04/39 | 43,632 | 43,032 | ||||||
| Minejesa Capital BV, 5.63%, 08/10/37(1) | 134,000 | 125,173 | ||||||
| Total Indonesia | 168,205 | |||||||
| Israel – 2.6% | ||||||||
| Energean Israel Finance Ltd., 5.88%, 03/30/31(1) | 99,000 | 90,028 | ||||||
| Energean PLC, 6.50%, 04/30/27 | 30,000 | 29,597 | ||||||
| Leviathan Bond Ltd., 6.75%, 06/30/30(1) | 52,000 | 50,586 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 | 100,000 | 96,838 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV, 4.10%, 10/01/46 | 100,000 | 70,720 | ||||||
| Total Israel | 337,769 | |||||||
| Ivory Coast – 1.4% | ||||||||
| Ivory Coast Government International Bond, 7.63%, 01/30/33(1) | 21,000 | 19,714 | ||||||
| Ivory Coast Government International Bond, 8.08%, 04/01/36(1) | 31,000 | 28,559 | ||||||
| Ivory Coast Government International Bond, 8.25%, 01/30/37(1) | 163,000 | 150,368 | ||||||
| Total Ivory Coast | 198,641 | |||||||
Schedule of Investments – Virtus Stone Harbor Emerging Markets High Yield Bond ETF (continued)
April 30, 2025 (unaudited)
| Security Description | Principal | Value | ||||||
| FOREIGN BONDS (continued) | ||||||||
| Jordan – 0.7% | ||||||||
| Jordan Government International Bond, 7.50%, 01/13/29(1) | $ | 29,000 | $ | 28,991 | ||||
| Jordan Government International Bond, 5.85%, 07/07/30(1) | 45,000 | 41,553 | ||||||
| Jordan Government International Bond, 7.38%, 10/10/47(1) | 35,000 | 29,466 | ||||||
| Total Jordan | 100,010 | |||||||
| Kazakhstan – 0.7% | ||||||||
| KazMunayGas National Co. JSC, 6.38%, 10/24/48(1) | 109,000 | 97,215 | ||||||
| Kenya – 1.1% | ||||||||
| Republic of Kenya Government International Bond, 9.75%, 02/16/31(1) | 14,000 | 13,335 | ||||||
| Republic of Kenya Government International Bond, 9.50%, 03/05/36(1) | 155,000 | 135,238 | ||||||
| Total Kenya | 148,573 | |||||||
| Lebanon – 0.3% | ||||||||
| Lebanon Government International Bond, 8.25%, 04/12/21 | 200,000 | 34,200 | ||||||
| Macau – 1.1% | ||||||||
| Studio City Finance Ltd., 5.00%, 01/15/29(1) | 161,000 | 141,814 | ||||||
| Mexico – 9.7% | ||||||||
| Banco Mercantil del Norte SA, 5.88%, (US 5 Year CMT T- Note + 4.64%), perpetual(4)(5) | 192,000 | 185,624 | ||||||
| Banco Mercantil del Norte SA, 6.63%, (US 10 Year CMT T- Note + 5.03%), perpetual(1)(4)(5) | 82,000 | 73,106 | ||||||
| BBVA Bancomer SA, 5.13%, (US 5 Year CMT T- Note + 2.65%), 01/18/33(1)(4) | 57,000 | 54,007 | ||||||
| Braskem Idesa Sapi, 6.99%, 02/20/32(1) | 20,000 | 14,475 | ||||||
| Cemex SAB de CV, 5.13%, (US 5 Year CMT T- Note + 4.53%), perpetual(4)(5) | 153,000 | 151,088 | ||||||
| Grupo Aeromexico SAB de CV, 8.63%, 11/15/31(1) | 90,000 | 83,475 | ||||||
| Petroleos Mexicanos, 6.50%, 03/13/27 | 68,000 | 66,497 | ||||||
| Petroleos Mexicanos, 5.35%, 02/12/28 | 272,000 | 251,627 | ||||||
| Petroleos Mexicanos, 8.75%, 06/02/29 | 148,000 | 145,617 | ||||||
| Petroleos Mexicanos, 5.95%, 01/28/31 | 221,000 | 183,187 | ||||||
| Saavi Energia Sarl, 8.88%, 02/10/35(1) | 67,000 | 67,335 | ||||||
| Total Mexico | 1,276,038 | |||||||
| Security Description | Principal | Value | ||||||
| FOREIGN BONDS (continued) | ||||||||
| MNE – 0.2% | ||||||||
| Montenegro Government International Bond, 7.25%, 03/12/31(1) | $ | 26,000 | $ | 26,257 | ||||
| Morocco – 1.0% | ||||||||
| Morocco Government International Bond, 3.00%, 12/15/32(1) | 17,000 | 14,062 | ||||||
| OCP SA, 3.75%, 06/23/31(1) | 5,000 | 4,417 | ||||||
| OCP SA, 6.88%, 04/25/44(1) | 87,000 | 81,704 | ||||||
| OCP SA, 7.50%, 05/02/54(1) | 45,000 | 44,249 | ||||||
| Total Morocco | 144,432 | |||||||
| Nigeria – 3.4% | ||||||||
| IHS Holding Ltd., 5.63%, 11/29/26(1) | 39,000 | 38,220 | ||||||
| IHS Holding Ltd., 8.25%, 11/29/31(1) | 50,000 | 48,250 | ||||||
| IHS Netherlands Holdco BV, 8.00%, 09/18/27(1) | 54,998 | 55,067 | ||||||
| Nigeria Government International Bond, 6.13%, 09/28/28(1) | 185,000 | 164,881 | ||||||
| Nigeria Government International Bond, 9.63%, 06/09/31(1) | 99,000 | 93,184 | ||||||
| Nigeria Government International Bond, 7.88%, 02/16/32(1) | 51,000 | 43,605 | ||||||
| Total Nigeria | 443,207 | |||||||
| Pakistan – 0.7% | ||||||||
| Pakistan Government International Bond, 6.00%, 04/08/26(1) | 71,000 | 67,006 | ||||||
| Pakistan Government International Bond, 6.88%, 12/05/27(1) | 29,000 | 25,534 | ||||||
| Total Pakistan | 92,540 | |||||||
| Peru – 0.8% | ||||||||
| Petroleos del Peru SA, 4.75%, 06/19/32 | 135,000 | 100,069 | ||||||
| Senegal – 0.4% | ||||||||
| Senegal Government International Bond, 6.25%, 05/23/33(1) | 69,000 | 48,162 | ||||||
| Serbia – 0.6% | ||||||||
| Serbia International Bond, 2.13%, 12/01/30(1) | 46,000 | 38,416 | ||||||
| Serbia International Bond, 6.00%, 06/12/34(1) | 37,000 | 36,676 | ||||||
| Total Serbia | 75,092 | |||||||
| South Africa – 4.4% | ||||||||
| Eskom Holdings SOC Ltd., 8.45%, 08/10/28(1) | 162,000 | 164,430 | ||||||
| Eskom Holdings SOC Ltd., 6.35%, 08/10/28(1) | 43,000 | 42,462 | ||||||
| Republic of South Africa Government International Bond, 7.10%, 11/19/36(1) | 82,000 | 78,064 | ||||||
| Republic of South Africa Government International Bond, 6.30%, 06/22/48 | 125,000 | 96,649 | ||||||
| Sasol Financing USA LLC, 4.38%, 09/18/26 | 90,000 | 86,512 | ||||||
Schedule of Investments – Virtus Stone Harbor Emerging Markets High Yield Bond ETF (continued)
April 30, 2025 (unaudited)
| Security Description | Principal | Value | ||||||
| FOREIGN BONDS (continued) | ||||||||
| South Africa (continued) | ||||||||
| Sasol Financing USA LLC, 6.50%, 09/27/28 | $ | 105,000 | $ | 97,125 | ||||
| Total South Africa | 565,242 | |||||||
| Sri Lanka – 0.9% | ||||||||
| Sri Lanka Government International Bond, 3.35%, 03/15/33(1)(2) | 166,000 | 117,877 | ||||||
| Tanzania – 0.6% | ||||||||
| HTA Group Ltd./Mauritius, 7.50%, 06/04/29(1) | 84,000 | 84,210 | ||||||
| Trinidad and Tobago – 0.9% | ||||||||
| Trinidad & Tobago Government International Bond, 6.40%, 06/26/34 | 121,000 | 115,283 | ||||||
| Turkey – 6.1% | ||||||||
| Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27(1) | 63,900 | 63,596 | ||||||
| Istanbul Metropolitan Municipality, 10.50%, 12/06/28(1) | 82,000 | 87,309 | ||||||
| Turkcell Iletisim Hizmetleri AS, 7.65%, 01/24/32(1) | 10,000 | 10,031 | ||||||
| Turkey Government International Bond, Series 10Y, 5.95%, 01/15/31 | 382,000 | 357,911 | ||||||
| Turkiye Government International Bond, Series 7Y, 7.13%, 02/12/32 | 33,000 | 32,282 | ||||||
| We Soda Investments Holding PLC, 9.50%, 10/06/28(1) | 88,000 | 90,219 | ||||||
| Yapi VE Kredi Bankasi AS, 9.25%, (US 5 Year CMT T- Note + 5.28%), 01/17/34(1)(4) | 50,000 | 51,313 | ||||||
| Zorlu Enerji Elektrik Uretim As, 11.00%, 04/23/30(1) | 109,000 | 99,742 | ||||||
| Total Turkey | 792,403 | |||||||
| Ukraine – 1.6% | ||||||||
| Ukraine Government International Bond, 16.34%, 02/01/30(1)(2) | 8,035 | 3,949 | ||||||
| Ukraine Government International Bond, 1.75%, 02/01/34(1)(2) | 130,197 | 64,903 | ||||||
| Ukraine Government International Bond, 1.75%, 02/01/35(2) | 60,000 | 29,520 | ||||||
| Ukraine Government International Bond, 8.21%, 02/01/36(1)(2) | 113,146 | 56,856 | ||||||
| Ukraine Government International Bond, 1.75%, 02/01/36(1)(2) | 15,421 | 7,495 | ||||||
| Ukraine Government International Bond, 1.75%, 02/01/36(2) | 27,000 | 13,122 | ||||||
| Ukraine Government International Bond, 08/01/41(1)(4) | 50,000 | 35,375 | ||||||
| Total Ukraine | 211,220 | |||||||
| Uzbekistan – 0.6% | ||||||||
| Republic of Uzbekistan International Bond, 3.90%, 10/19/31(1) | 89,000 | 75,606 | ||||||
| Security Description | Principal | Value | ||||||
| FOREIGN BONDS (continued) | ||||||||
| Venezuela – 0.6% | ||||||||
| Petroleos de Venezuela SA, 9.00%, 11/17/21(6) | $ | 203,000 | $ | 25,832 | ||||
| Petroleos de Venezuela SA, 9.75%, 05/17/35(6) | 77,000 | 9,991 | ||||||
| Venezuela Government International Bond, 12.75%, 08/23/22 | 44,000 | 7,480 | ||||||
| Venezuela Government International Bond, 11.95%, 08/05/31 | 189,000 | 32,035 | ||||||
| Total Venezuela | 75,338 | |||||||
| Vietnam – 0.7% | ||||||||
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 | 69,383 | 66,543 | ||||||
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29(1) | 31,260 | 29,981 | ||||||
| Total Vietnam | 96,524 | |||||||
| Zambia – 0.7% | ||||||||
| Zambia Government International Bond, 5.75%, 06/30/33(1)(2) | 65,552 | 56,886 | ||||||
| Zambia Government International Bond, 0.50%, 12/31/53(1) | 79,000 | 45,228 | ||||||
| Total Zambia | 102,114 | |||||||
| TOTAL INVESTMENTS – 93.4% | ||||||||
| (Cost $12,225,794) | 12,208,035 | |||||||
| Other Assets in Excess of Liabilities – 6.6% | 866,898 | |||||||
| Net Assets – 100.0% | $ | 13,074,933 | ||||||
| (1) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. At April 30, 2025, the aggregate value of these securities was $7,208,849, or 55.1% of net assets. |
| (2) | Represents step coupon bond. Rate shown reflects the rate in effect as of April 30, 2025. |
| (3) | Payment in-kind security. |
| (4) | Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2025. |
| (5) | Perpetual security with no stated maturity date. |
| (6) | Security in default, no interest payments are being received during the bankruptcy proceedings. |
| (7) | Represents a zero coupon bond. Rate shown reflects the effective yield. |
| Abbreviations: |
| CMT — Constant Maturity Treasury Index |
Schedule of Investments – Virtus Stone Harbor Emerging Markets High Yield Bond ETF (continued)
April 30, 2025 (unaudited)
Fair Value Measurements
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 includes unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes valuation of the Fund’s investments under the fair value hierarchy levels as of April 30, 2025.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Asset Valuation Inputs | ||||||||||||||||
| Foreign Bonds | $ | — | $ | 12,208,035 | $ | — | $ | 12,208,035 | ||||||||
| Total | $ | — | $ | 12,208,035 | $ | — | $ | 12,208,035 | ||||||||