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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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          <isin value="GB0005405286"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>MERCEDES-BENZ GROUP AG</name>
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          <isin value="DE0007100000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MAGNA INTERNATIONAL INC</name>
        <lei>95RWVLFZX6VGDZNNTN43</lei>
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        <cusip>559222401</cusip>
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          <isin value="CA5592224011"/>
          <ticker value="MG"/>
          <other otherDesc="SEDOL" value="2554475"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TOYOTA MOTOR CORP</name>
        <lei>5493006W3QUS5LMH6R84</lei>
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        <cusip>000000000</cusip>
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          <isin value="JP3633400001"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MIZUHO FINANCIAL GROUP INC</name>
        <lei>353800CI5L6DDAN5XZ33</lei>
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        <cusip>000000000</cusip>
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          <isin value="JP3885780001"/>
          <ticker value="8411"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MAGELLAN FINANCIAL GROUP LTD</name>
        <lei>549300X5WFW6USQQ9U26</lei>
        <title>MAGELLAN FINANCIAL GROUP LTD NPV</title>
        <cusip>000000000</cusip>
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          <isin value="AU000000MFG4"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CAPITALAND INTEGRATED COMMERCIAL TRUST</name>
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        <cusip>000000000</cusip>
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          <isin value="SG1M51904654"/>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BANK OF NOVA SCOTIA (THE)</name>
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          <isin value="CA0641491075"/>
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          <other otherDesc="SEDOL" value="2076281"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NOMURA HOLDINGS INC</name>
        <lei>549300B3CEAHYG7K8164</lei>
        <title>NOMURA HOLDINGS INC NPV</title>
        <cusip>000000000</cusip>
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          <isin value="JP3762600009"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MITSUBISHI UFJ FINANCIAL GROUP INC</name>
        <lei>353800V2V8PUY9TK3E06</lei>
        <title>MITSUBISHI UFJ FINANCIAL GROUP INC NPV</title>
        <cusip>000000000</cusip>
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          <isin value="JP3902900004"/>
          <ticker value="8306"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TELEFONAKTIEBOLAGET LM ERICSSON</name>
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        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
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      <invstOrSec>
        <name>SHELL PLC</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>SHELL PLC ORD EUR0.07</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <name>STOCKLAND TRUST MANAGEMENT LTD</name>
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        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>LEGAL &amp; GENERAL GROUP PLC</name>
        <lei>213800JH9QQWHLO99821</lei>
        <title>LEGAL &amp; GENERAL GROUP PLC ORD GBP0.025</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <name>IMPERIAL BRANDS PLC</name>
        <lei>549300DFVPOB67JL3A42</lei>
        <title>IMPERIAL BRANDS PLC GBP0.10</title>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <name>SOFTBANK CORP</name>
        <lei>353800M1YCTS9JRBJ535</lei>
        <title>SOFTBANK CORP NPV</title>
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        <assetCat>EC</assetCat>
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        <name>TERNA - RETE ELETTRICA NAZIONALE SPA</name>
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        <title>TERNA - RETE ELETTRICA NAZIONALE SPA ORD EUR0.22</title>
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        <assetCat>EC</assetCat>
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        <invCountry>IT</invCountry>
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        <name>SUMITOMO MITSUI FINANCIAL GROUP INC</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>SUMITOMO MITSUI FINANCIAL GROUP INC NPV</title>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <name>PARTNERS GROUP HOLDING AG</name>
        <lei>549300I3IVVWZWDHI788</lei>
        <title>PARTNERS GROUP HOLDING AG CHF0.01 (REGD)</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
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        <name>BANK LEUMI LE - ISRAEL BM</name>
        <lei>7JDSZWRGUQY2DSTWCR57</lei>
        <title>BANK LEUMI LE - ISRAEL BM ILS1</title>
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        <assetCat>EC</assetCat>
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        <invCountry>IL</invCountry>
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        <name>AKER BP ASA</name>
        <lei>549300NFTY73920OYK69</lei>
        <title>AKER BP ASA NOK1</title>
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      </invstOrSec>
      <invstOrSec>
        <name>ROLLS-ROYCE HOLDINGS PLC</name>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>TOKYO ELECTRON LTD</name>
        <lei>549300H5LSF8DP3RIJ34</lei>
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          <isin value="JP3571400005"/>
          <ticker value="8035"/>
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      <invstOrSec>
        <name>KLEPIERRE SA</name>
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          <isin value="FR0000121964"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>NORDEA BANK ABP</name>
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          <isin value="FI4000297767"/>
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        <assetCat>EC</assetCat>
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        <invCountry>FI</invCountry>
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      <invstOrSec>
        <name>SUBSEA 7 SA</name>
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          <isin value="LU0075646355"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
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        <name>SAFRAN SA</name>
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          <isin value="FR0000073272"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>JAPAN TOBACCO INC</name>
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          <isin value="JP3726800000"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>SWEDBANK AB</name>
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          <isin value="SE0000242455"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RIO TINTO PLC</name>
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        <cusip>000000000</cusip>
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          <isin value="GB0007188757"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BAE SYSTEMS PLC</name>
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      <invstOrSec>
        <name>SHOPIFY INC</name>
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        <assetCat>EC</assetCat>
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        <name>SUMITOMO MITSUI TRUST GROUP INC</name>
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        <name>CREDIT AGRICOLE SA</name>
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        <name>VINCI SA</name>
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        <name>TORONTO DOMINION BANK (THE)</name>
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        <name>SANOFI SA</name>
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      <invstOrSec>
        <name>TELE2 AB</name>
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        <name>BHP GROUP LTD</name>
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        <name>CANADIAN IMPERIAL BANK OF COMMERCE</name>
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        <name>TOTALENERGIES SE</name>
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        <name>HAFNIA LTD</name>
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      <invstOrSec>
        <name>BRITISH AMERICAN TOBACCO PLC</name>
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      <invstOrSec>
        <name>POSTE ITALIANE SPA</name>
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          <isin value="IT0003796171"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>SVENSKA HANDELSBANKEN AB</name>
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          <isin value="SE0007100599"/>
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      <invstOrSec>
        <name>NN GROUP NV</name>
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          <isin value="NL0010773842"/>
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      <invstOrSec>
        <name>ENGIE SA</name>
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        <invCountry>FR</invCountry>
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      <invstOrSec>
        <name>SITC INTERNATIONAL HOLDINGS COMPANY LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
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        <name>WALLENIUS WILHELMSEN ASA</name>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>ABB LTD (CH)</name>
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        <cusip>000000000</cusip>
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          <isin value="CH0012221716"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>FERROTEC CORP</name>
        <lei>3538005N4KWZD4R07U97</lei>
        <title>FERROTEC CORP NPV</title>
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          <isin value="JP3802720007"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>VTECH HOLDINGS LTD</name>
        <lei>N/A</lei>
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          <isin value="BMG9400S1329"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>TELENOR ASA</name>
        <lei>549300IM1QSBY4SLPM26</lei>
        <title>TELENOR ASA ORD NOK6</title>
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          <isin value="NO0010063308"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>CANADIAN NATURAL RESOURCES LTD</name>
        <lei>549300T15RIMIKZC5Q38</lei>
        <title>CANADIAN NATURAL RESOURCES LTD COM NPV</title>
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      <invstOrSec>
        <name>M&amp;G PLC</name>
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        <name>ASTELLAS PHARMA INC</name>
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        <name>BANCA MEDIOLANUM SPA</name>
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        <name>ADVANTEST CORP</name>
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        <name>ADMIRAL GROUP PLC</name>
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        <name>DBS GROUP HOLDINGS LTD</name>
        <lei>5493007FKT78NKPM5V55</lei>
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        <name>ENBRIDGE INC</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
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        <name>STANDARD LIFE PLC</name>
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        <name>ALLIANZ SE</name>
        <lei>529900K9B0N5BT694847</lei>
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        <invCountry>DE</invCountry>
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        <name>REXEL SA</name>
        <lei>969500N6AVPA51648T62</lei>
        <title>REXEL SA EUR5</title>
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      <invstOrSec>
        <name>HITACHI LTD</name>
        <lei>549300T6IPOCDWLKC615</lei>
        <title>HITACHI LTD NPV</title>
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          <isin value="JP3788600009"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>YUE YUEN INDUSTRIAL (HOLDINGS) LTD</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>NESTLE' CAPITAL MARKETS SA</name>
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      <invstOrSec>
        <name>BANK OF MONTREAL</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
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          <isin value="CA0636711016"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>BANCA MONTE DEI PASCHI DI SIENA SPA</name>
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        <cusip>000000000</cusip>
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          <isin value="IT0005508921"/>
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      <invstOrSec>
        <name>A.P. MOLLER-MAERSK A/S</name>
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        <assetCat>EC</assetCat>
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        <invCountry>DK</invCountry>
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      <invstOrSec>
        <name>BPER BANCA SPA</name>
        <lei>N747OI7JINV7RUUH6190</lei>
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        <cusip>000000000</cusip>
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          <isin value="IT0000066123"/>
          <ticker value="BPE"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>DAIWA SECURITIES GROUP INC</name>
        <lei>353800WRC7Y23PWFJG38</lei>
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        <cusip>000000000</cusip>
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          <isin value="JP3502200003"/>
          <ticker value="8601"/>
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        <assetCat>EC</assetCat>
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        <name>HKT TRUST AND HKT LTD</name>
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          <isin value="HK0000093390"/>
          <ticker value="6823"/>
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        <assetCat>EC</assetCat>
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        <name>MURATA MANUFACTURING COMPANY LTD</name>
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        <title>MURATA MANUFACTURING COMPANY LTD NPV</title>
        <cusip>000000000</cusip>
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          <isin value="JP3914400001"/>
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        <name>REPSOL SA</name>
        <lei>BSYCX13Y0NOTV14V9N85</lei>
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        <name>ROCHE HOLDING AG</name>
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        <assetCat>EP</assetCat>
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        <name>QBE INSURANCE GROUP LTD</name>
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        <name>OMV AG</name>
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        <name>EMERA INC</name>
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        <name>GPT MANAGEMENT HOLDINGS LTD</name>
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        <name>BNP PARIBAS SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <name>ENEL SPA</name>
        <lei>WOCMU6HCI0OJWNPRZS33</lei>
        <title>ENEL SPA EUR1</title>
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        <name>FIRST RESOURCES LTD</name>
        <lei>5493007RRD817HUP4O49</lei>
        <title>FIRST RESOURCES LTD NPV</title>
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        <name>PAREX RESOURCES INC</name>
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        <title>PAREX RESOURCES INC COM NPV</title>
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        <name>TOYOBO CO LTD</name>
        <lei>5299005EWBCNUAZ4PM62</lei>
        <title>TOYOBO CO LTD NPV</title>
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        <payoffProfile>Long</payoffProfile>
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      <invstOrSec>
        <name>NATIONAL GRID PLC</name>
        <lei>8R95QZMKZLJX5Q2XR704</lei>
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        <balance>3087.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>A.P. MOLLER-MAERSK A/S</name>
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        <payoffProfile>Long</payoffProfile>
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      </invstOrSec>
      <invstOrSec>
        <name>LAND SECURITIES GROUP PLC</name>
        <lei>213800V8IAVKS37D6B88</lei>
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        <cusip>000000000</cusip>
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          <isin value="GB00BYW0PQ60"/>
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      <invstOrSec>
        <name>NOVARTIS AG</name>
        <lei>5493007HIVTX6SY6XD66</lei>
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          <isin value="CH0012005267"/>
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        <currencyConditional curCd="CHF" exchangeRt="0.78135000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CH</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ING GROEP NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING GROEP NV EUR0.01</title>
        <cusip>000000000</cusip>
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          <isin value="NL0011821202"/>
          <ticker value="INGA"/>
          <other otherDesc="SEDOL" value="BZ57390"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TOYOTA BOSHOKU CORP</name>
        <lei>529900KS87U6EY7PWG26</lei>
        <title>TOYOTA BOSHOKU CORP NPV</title>
        <cusip>000000000</cusip>
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          <isin value="JP3635400009"/>
          <ticker value="3116"/>
          <other otherDesc="SEDOL" value="6900591"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INTESA SANPAOLO SPA</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>INTESA SANPAOLO SPA NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0000072618"/>
          <ticker value="ISP"/>
          <other otherDesc="SEDOL" value="4076836"/>
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        <balance>23701.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85204000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IT</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ASTRAZENECA PLC</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>ASTRAZENECA PLC ORD USD0.25</title>
        <cusip>000000000</cusip>
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          <isin value="GB0009895292"/>
          <ticker value="AZN"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IBERDROLA SA</name>
        <lei>5QK37QC7NWOJ8D7WVQ45</lei>
        <title>IBERDROLA SA EUR0.75</title>
        <cusip>000000000</cusip>
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          <isin value="ES0144580Y14"/>
          <ticker value="IBE"/>
          <other otherDesc="SEDOL" value="B288C92"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>ES</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ASML HOLDING NV</name>
        <lei>724500Y6DUVHQD6OXN27</lei>
        <title>ASML HOLDING NV EUR0.09</title>
        <cusip>000000000</cusip>
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          <isin value="NL0010273215"/>
          <ticker value="ASML"/>
          <other otherDesc="SEDOL" value="B929F46"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NSK LTD</name>
        <lei>353800FVQK6SULSPBC69</lei>
        <title>NSK LTD NPV</title>
        <cusip>000000000</cusip>
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          <isin value="JP3720800006"/>
          <ticker value="6471"/>
          <other otherDesc="SEDOL" value="6641544"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>SIEMENS ENERGY AG</name>
        <lei>5299005CHJZ14D4FDJ62</lei>
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        <cusip>000000000</cusip>
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          <isin value="DE000ENER6Y0"/>
          <ticker value="ENR"/>
          <other otherDesc="SEDOL" value="BMTVQK9"/>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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      <invstOrSec>
        <name>TALANX AG</name>
        <lei>5299006ZIILJ6VJVSJ32</lei>
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        <cusip>000000000</cusip>
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          <isin value="DE000TLX1005"/>
          <ticker value="TLX"/>
          <other otherDesc="SEDOL" value="B8F0TD6"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>ENI SPA</name>
        <lei>BUCRF72VH5RBN7X3VL35</lei>
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        <cusip>000000000</cusip>
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          <isin value="IT0003132476"/>
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          <other otherDesc="SEDOL" value="7145056"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IT</invCountry>
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      <invstOrSec>
        <name>FORTESCUE LTD</name>
        <lei>529900VEJFORCO6I4826</lei>
        <title>FORTESCUE LTD NPV</title>
        <cusip>000000000</cusip>
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          <isin value="AU000000FMG4"/>
          <ticker value="FMG"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>VOLVO AB</name>
        <lei>549300HGV012CNC8JD22</lei>
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      <invstOrSec>
        <name>WH GROUP LTD</name>
        <lei>254900A4AYEDRWYSE928</lei>
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          <isin value="KYG960071028"/>
          <ticker value="288"/>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
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        <name>BANCO BPM SPA</name>
        <lei>815600E4E6DCD2D25E30</lei>
        <title>BANCO BPM SPA NPV</title>
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          <ticker value="BAMI"/>
          <other otherDesc="SEDOL" value="BYMD5K9"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>SUBARU CORP</name>
        <lei>549300N244BVAEE6HH86</lei>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>BARRICK MINING CORP</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>BARRICK MINING CORP COM SHS</title>
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          <other otherDesc="SEDOL" value="BNM23Q1"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>MPC CONTAINER SHIPS ASA</name>
        <lei>213800MXS7CXYJ2Q1805</lei>
        <title>MPC CONTAINER SHIPS ASA NOK1</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PAX GLOBAL TECHNOLOGY LTD</name>
        <lei>5299008CRGPD1WZXCD36</lei>
        <title>PAX GLOBAL TECHNOLOGY LTD HKD0.10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG6955J1036"/>
          <ticker value="327"/>
          <other otherDesc="SEDOL" value="B3LX5R0"/>
        </identifiers>
        <balance>108000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83250000"/>
        <valUSD>53775.93000000</valUSD>
        <pctVal>0.344295428234</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IDEC CORP</name>
        <lei>N/A</lei>
        <title>IDEC CORP NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3138800002"/>
          <ticker value="6652"/>
          <other otherDesc="SEDOL" value="6456737"/>
        </identifiers>
        <balance>5400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>115722.91000000</valUSD>
        <pctVal>0.740905249895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AXA SA</name>
        <lei>F5WCUMTUM4RKZ1MAIE39</lei>
        <title>AXA SA EUR2.29</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0000120628"/>
          <ticker value="CS"/>
          <other otherDesc="SEDOL" value="7088429"/>
        </identifiers>
        <balance>990.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204000"/>
        <valUSD>47568.89000000</valUSD>
        <pctVal>0.304555427552</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-24</ncom:dateSigned>
      <ncom:nameOfApplicant>Virtus ETF Trust II</ncom:nameOfApplicant>
      <ncom:signature>Brinton W. Frith</ncom:signature>
      <ncom:signerName>Brinton W. Frith</ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
