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<!-- Generated by DFIN XBRL Schema Document - https://www.dfinsolutions.com/  -->
<!-- Copyright(c) 2026 Donnelley Financial Solutions Inc. All Rights Reserved.  -->
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				<link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LegalEntityAxis" xlink:to="S000109196Member" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
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				<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_LegalEntityAxis" xlink:label="LegalEntityAxis"/>
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				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="ExtensionRiskMember" order="5.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_LiquidityRiskMember" xlink:label="LiquidityRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="LiquidityRiskMember" order="6.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_HighYieldJunkBondRiskMember" xlink:label="HighYieldJunkBondRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="HighYieldJunkBondRiskMember" order="7.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_PortfolioSelectionRiskMember" xlink:label="PortfolioSelectionRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="PortfolioSelectionRiskMember" order="8.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_MunicipalSecuritiesRiskMember" xlink:label="MunicipalSecuritiesRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="MunicipalSecuritiesRiskMember" order="9.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_DebtorinPossessionFinancingsRiskMember" xlink:label="DebtorinPossessionFinancingsRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="DebtorinPossessionFinancingsRiskMember" order="10.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_MortgageRelatedandAssetBackedSecuritiesRiskMember" xlink:label="MortgageRelatedandAssetBackedSecuritiesRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="MortgageRelatedandAssetBackedSecuritiesRiskMember" order="11.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_RisksofinvestingincollateralizeddebtobligationsRiskMember" xlink:label="RisksofinvestingincollateralizeddebtobligationsRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="RisksofinvestingincollateralizeddebtobligationsRiskMember" order="12.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_RisksofinstrumentsthatallowforballoonpaymentsornegativeamortizationpaymentsRiskMember" xlink:label="RisksofinstrumentsthatallowforballoonpaymentsornegativeamortizationpaymentsRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="RisksofinstrumentsthatallowforballoonpaymentsornegativeamortizationpaymentsRiskMember" order="13.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_RisksofSubordinatedSecuritiesRiskMember" xlink:label="RisksofSubordinatedSecuritiesRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="RisksofSubordinatedSecuritiesRiskMember" order="14.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_RisksofzerocouponbondspaymentinkinddeferredandcontingenRisktpaymentsecuritiesRiskMember" xlink:label="RisksofzerocouponbondspaymentinkinddeferredandcontingenRisktpaymentsecuritiesRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="RisksofzerocouponbondspaymentinkinddeferredandcontingenRisktpaymentsecuritiesRiskMember" order="15.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_USTreasuryObligationsRiskMember" xlink:label="USTreasuryObligationsRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="USTreasuryObligationsRiskMember" order="16.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_USGovernmentAgencyObligationsRiskMember" xlink:label="USGovernmentAgencyObligationsRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="USGovernmentAgencyObligationsRiskMember" order="17.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_RisksofinvestinginotherfundsRiskMember" xlink:label="RisksofinvestinginotherfundsRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="RisksofinvestinginotherfundsRiskMember" order="18.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_TaxRiskMember" xlink:label="TaxRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="TaxRiskMember" order="19.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_TaxableInvestmentRiskMember" xlink:label="TaxableInvestmentRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="TaxableInvestmentRiskMember" order="20.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_TaxExemptStatusRiskMember" xlink:label="TaxExemptStatusRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="TaxExemptStatusRiskMember" order="21.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_DerivativesRiskMember" xlink:label="DerivativesRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="DerivativesRiskMember" order="22.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_ExchangeTradedFundETFStructureRiskMember" xlink:label="ExchangeTradedFundETFStructureRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="ExchangeTradedFundETFStructureRiskMember" order="23.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_NotIndividuallyRedeemableRiskMember" xlink:label="NotIndividuallyRedeemableRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="NotIndividuallyRedeemableRiskMember" order="24.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_TradingIssuesRiskMember" xlink:label="TradingIssuesRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="TradingIssuesRiskMember" order="25.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_MarketPriceVarianceRiskMember" xlink:label="MarketPriceVarianceRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="MarketPriceVarianceRiskMember" order="26.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_AuthorizedParticipantsConcentrationRiskMember" xlink:label="AuthorizedParticipantsConcentrationRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="AuthorizedParticipantsConcentrationRiskMember" order="27.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_TaxEfficiencyRiskMember" xlink:label="TaxEfficiencyRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="TaxEfficiencyRiskMember" order="28.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_SyntheticMunicipalSecuritiesRiskMember" xlink:label="SyntheticMunicipalSecuritiesRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="SyntheticMunicipalSecuritiesRiskMember" order="29.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_RisksofInvestinginInverseFloatingRateObligationsRiskMember" xlink:label="RisksofInvestinginInverseFloatingRateObligationsRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="RisksofInvestinginInverseFloatingRateObligationsRiskMember" order="30.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_CreditDefaultSwapRiskMember" xlink:label="CreditDefaultSwapRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="CreditDefaultSwapRiskMember" order="31.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_DefaultedSecuritiesRiskMember" xlink:label="DefaultedSecuritiesRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="DefaultedSecuritiesRiskMember" order="32.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_LeveragingRiskMember" xlink:label="LeveragingRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="LeveragingRiskMember" order="33.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_RepurchaseAgreementRiskMember" xlink:label="RepurchaseAgreementRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="RepurchaseAgreementRiskMember" order="34.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_MarketSegmentRiskMember" xlink:label="MarketSegmentRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="MarketSegmentRiskMember" order="35.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_ValuationRiskMember" xlink:label="ValuationRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="ValuationRiskMember" order="36.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_LargeShareholderRiskMember" xlink:label="LargeShareholderRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="LargeShareholderRiskMember" order="37.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_ManagementRiskMember" xlink:label="ManagementRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="ManagementRiskMember" order="38.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_RedemptionRiskMember" xlink:label="RedemptionRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="RedemptionRiskMember" order="39.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_LimitedHistoryofOperationsRiskMember" xlink:label="LimitedHistoryofOperationsRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="LimitedHistoryofOperationsRiskMember" order="40.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_CybersecurityRiskMember" xlink:label="CybersecurityRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="CybersecurityRiskMember" order="41.0"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_ExpenseRiskMember" xlink:label="ExpenseRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="ExpenseRiskMember" order="42.0"/>
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			<link:definitionLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/rr/role/ProspectusOnly">
				<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_DocumentDomain" xlink:label="DocumentDomain"/>
				
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			<link:definitionLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/oef/role/CoregistrantOnly">           
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            </link:definitionLink>
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            <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel"/>
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				<link:loc xlink:type="locator" xlink:href="#vpii_S000109196Member" xlink:label="S000109196Member"/>
				<link:label xlink:type="resource" xlink:label="label_S000109196Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">VictoryShares Municipal High Yield ETF</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="S000109196Member" xlink:to="label_S000109196Member"/>
				<link:label xlink:type="resource" xlink:label="label_S000109196Member_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">S000109196 [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="S000109196Member" xlink:to="label_S000109196Member_2"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_C000280295Member" xlink:label="C000280295Member"/>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000280295Member" xlink:to="label_S000109196Member"/>
				<link:label xlink:type="resource" xlink:label="label_C000280295Member_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">C000280295 [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000280295Member" xlink:to="label_C000280295Member_2"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_MarketRiskMember" xlink:label="MarketRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_MarketRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Market Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketRiskMember" xlink:to="label_MarketRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestRateRiskMember" xlink:label="InterestRateRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_InterestRateRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Interest Rate Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateRiskMember" xlink:to="label_InterestRateRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CreditRiskMember" xlink:label="CreditRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_CreditRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Credit Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRiskMember" xlink:to="label_CreditRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_PrepaymentorCallRiskMember" xlink:label="PrepaymentorCallRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_PrepaymentorCallRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Prepayment or Call Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaymentorCallRiskMember" xlink:to="label_PrepaymentorCallRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_ExtensionRiskMember" xlink:label="ExtensionRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_ExtensionRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Extension Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtensionRiskMember" xlink:to="label_ExtensionRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_LiquidityRiskMember" xlink:label="LiquidityRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_LiquidityRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Liquidity Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidityRiskMember" xlink:to="label_LiquidityRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_HighYieldJunkBondRiskMember" xlink:label="HighYieldJunkBondRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_HighYieldJunkBondRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">High Yield Junk Bond Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HighYieldJunkBondRiskMember" xlink:to="label_HighYieldJunkBondRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_PortfolioSelectionRiskMember" xlink:label="PortfolioSelectionRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_PortfolioSelectionRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Portfolio Selection Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PortfolioSelectionRiskMember" xlink:to="label_PortfolioSelectionRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_MunicipalSecuritiesRiskMember" xlink:label="MunicipalSecuritiesRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_MunicipalSecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Municipal Securities Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MunicipalSecuritiesRiskMember" xlink:to="label_MunicipalSecuritiesRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_DebtorinPossessionFinancingsRiskMember" xlink:label="DebtorinPossessionFinancingsRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_DebtorinPossessionFinancingsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Debtor-in-Possession Financings Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtorinPossessionFinancingsRiskMember" xlink:to="label_DebtorinPossessionFinancingsRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_MortgageRelatedandAssetBackedSecuritiesRiskMember" xlink:label="MortgageRelatedandAssetBackedSecuritiesRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_MortgageRelatedandAssetBackedSecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Mortgage Related and Asset Backed Securities [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MortgageRelatedandAssetBackedSecuritiesRiskMember" xlink:to="label_MortgageRelatedandAssetBackedSecuritiesRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_RisksofinvestingincollateralizeddebtobligationsRiskMember" xlink:label="RisksofinvestingincollateralizeddebtobligationsRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_RisksofinvestingincollateralizeddebtobligationsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Risks of investing in collateralized debt obligations [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RisksofinvestingincollateralizeddebtobligationsRiskMember" xlink:to="label_RisksofinvestingincollateralizeddebtobligationsRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_RisksofinstrumentsthatallowforballoonpaymentsornegativeamortizationpaymentsRiskMember" xlink:label="RisksofinstrumentsthatallowforballoonpaymentsornegativeamortizationpaymentsRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_RisksofinstrumentsthatallowforballoonpaymentsornegativeamortizationpaymentsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Risks of instruments that allow for balloon payments or negative amortization payments [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RisksofinstrumentsthatallowforballoonpaymentsornegativeamortizationpaymentsRiskMember" xlink:to="label_RisksofinstrumentsthatallowforballoonpaymentsornegativeamortizationpaymentsRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_RisksofSubordinatedSecuritiesRiskMember" xlink:label="RisksofSubordinatedSecuritiesRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_RisksofSubordinatedSecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Risks of Subordinated Securities [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RisksofSubordinatedSecuritiesRiskMember" xlink:to="label_RisksofSubordinatedSecuritiesRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_RisksofzerocouponbondspaymentinkinddeferredandcontingenRisktpaymentsecuritiesRiskMember" xlink:label="RisksofzerocouponbondspaymentinkinddeferredandcontingenRisktpaymentsecuritiesRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_RisksofzerocouponbondspaymentinkinddeferredandcontingenRisktpaymentsecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Risks of zero coupon bonds payment in kind deferred and contingent payment securities [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RisksofzerocouponbondspaymentinkinddeferredandcontingenRisktpaymentsecuritiesRiskMember" xlink:to="label_RisksofzerocouponbondspaymentinkinddeferredandcontingenRisktpaymentsecuritiesRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_USTreasuryObligationsRiskMember" xlink:label="USTreasuryObligationsRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_USTreasuryObligationsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">US Treasury Obligations Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="USTreasuryObligationsRiskMember" xlink:to="label_USTreasuryObligationsRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_USGovernmentAgencyObligationsRiskMember" xlink:label="USGovernmentAgencyObligationsRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_USGovernmentAgencyObligationsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">US Government Agency Obligations Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="USGovernmentAgencyObligationsRiskMember" xlink:to="label_USGovernmentAgencyObligationsRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_RisksofinvestinginotherfundsRiskMember" xlink:label="RisksofinvestinginotherfundsRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_RisksofinvestinginotherfundsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Risks of investing in other funds [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RisksofinvestinginotherfundsRiskMember" xlink:to="label_RisksofinvestinginotherfundsRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_TaxRiskMember" xlink:label="TaxRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_TaxRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Tax Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxRiskMember" xlink:to="label_TaxRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_TaxableInvestmentRiskMember" xlink:label="TaxableInvestmentRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_TaxableInvestmentRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Taxable Investment Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxableInvestmentRiskMember" xlink:to="label_TaxableInvestmentRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_TaxExemptStatusRiskMember" xlink:label="TaxExemptStatusRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_TaxExemptStatusRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Tax Exempt Status Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExemptStatusRiskMember" xlink:to="label_TaxExemptStatusRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_DerivativesRiskMember" xlink:label="DerivativesRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_DerivativesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Derivatives Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativesRiskMember" xlink:to="label_DerivativesRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_ExchangeTradedFundETFStructureRiskMember" xlink:label="ExchangeTradedFundETFStructureRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_ExchangeTradedFundETFStructureRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Exchange Traded Fund ETF Structure Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExchangeTradedFundETFStructureRiskMember" xlink:to="label_ExchangeTradedFundETFStructureRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_NotIndividuallyRedeemableRiskMember" xlink:label="NotIndividuallyRedeemableRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_NotIndividuallyRedeemableRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Not Individually Redeemable [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotIndividuallyRedeemableRiskMember" xlink:to="label_NotIndividuallyRedeemableRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_TradingIssuesRiskMember" xlink:label="TradingIssuesRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_TradingIssuesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Trading Issues [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradingIssuesRiskMember" xlink:to="label_TradingIssuesRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_MarketPriceVarianceRiskMember" xlink:label="MarketPriceVarianceRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_MarketPriceVarianceRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Market Price Variance Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketPriceVarianceRiskMember" xlink:to="label_MarketPriceVarianceRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_AuthorizedParticipantsConcentrationRiskMember" xlink:label="AuthorizedParticipantsConcentrationRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_AuthorizedParticipantsConcentrationRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Authorized Participants Concentration Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuthorizedParticipantsConcentrationRiskMember" xlink:to="label_AuthorizedParticipantsConcentrationRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_TaxEfficiencyRiskMember" xlink:label="TaxEfficiencyRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_TaxEfficiencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Tax Efficiency Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEfficiencyRiskMember" xlink:to="label_TaxEfficiencyRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_SyntheticMunicipalSecuritiesRiskMember" xlink:label="SyntheticMunicipalSecuritiesRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_SyntheticMunicipalSecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Synthetic Municipal Securities Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SyntheticMunicipalSecuritiesRiskMember" xlink:to="label_SyntheticMunicipalSecuritiesRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_RisksofInvestinginInverseFloatingRateObligationsRiskMember" xlink:label="RisksofInvestinginInverseFloatingRateObligationsRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_RisksofInvestinginInverseFloatingRateObligationsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Risks of Investing in Inverse Floating Rate Obligations [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RisksofInvestinginInverseFloatingRateObligationsRiskMember" xlink:to="label_RisksofInvestinginInverseFloatingRateObligationsRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_CreditDefaultSwapRiskMember" xlink:label="CreditDefaultSwapRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_CreditDefaultSwapRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Credit Default Swap Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditDefaultSwapRiskMember" xlink:to="label_CreditDefaultSwapRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_DefaultedSecuritiesRiskMember" xlink:label="DefaultedSecuritiesRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_DefaultedSecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Defaulted Securities Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DefaultedSecuritiesRiskMember" xlink:to="label_DefaultedSecuritiesRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_LeveragingRiskMember" xlink:label="LeveragingRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_LeveragingRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Leveraging Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeveragingRiskMember" xlink:to="label_LeveragingRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_RepurchaseAgreementRiskMember" xlink:label="RepurchaseAgreementRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_RepurchaseAgreementRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Repurchase Agreement Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepurchaseAgreementRiskMember" xlink:to="label_RepurchaseAgreementRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_MarketSegmentRiskMember" xlink:label="MarketSegmentRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_MarketSegmentRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Market Segment Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketSegmentRiskMember" xlink:to="label_MarketSegmentRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_ValuationRiskMember" xlink:label="ValuationRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_ValuationRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Valuation Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValuationRiskMember" xlink:to="label_ValuationRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_LargeShareholderRiskMember" xlink:label="LargeShareholderRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_LargeShareholderRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Large Shareholder Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LargeShareholderRiskMember" xlink:to="label_LargeShareholderRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_ManagementRiskMember" xlink:label="ManagementRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_ManagementRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Management Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementRiskMember" xlink:to="label_ManagementRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_RedemptionRiskMember" xlink:label="RedemptionRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_RedemptionRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Redemption Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RedemptionRiskMember" xlink:to="label_RedemptionRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_LimitedHistoryofOperationsRiskMember" xlink:label="LimitedHistoryofOperationsRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_LimitedHistoryofOperationsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Limited History of Operations [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LimitedHistoryofOperationsRiskMember" xlink:to="label_LimitedHistoryofOperationsRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_CybersecurityRiskMember" xlink:label="CybersecurityRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_CybersecurityRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Cybersecurity Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CybersecurityRiskMember" xlink:to="label_CybersecurityRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#vpii_ExpenseRiskMember" xlink:label="ExpenseRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_ExpenseRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Expense Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseRiskMember" xlink:to="label_ExpenseRiskMember"/>

            </link:labelLink>
         </link:linkbase>
      </xs:appinfo>
  </xs:annotation>
	<xs:element name="S000109196Member" id="vpii_S000109196Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="C000280295Member" id="vpii_C000280295Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="MarketRiskMember" id="vpii_MarketRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="PrepaymentorCallRiskMember" id="vpii_PrepaymentorCallRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="ExtensionRiskMember" id="vpii_ExtensionRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="LiquidityRiskMember" id="vpii_LiquidityRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="HighYieldJunkBondRiskMember" id="vpii_HighYieldJunkBondRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="PortfolioSelectionRiskMember" id="vpii_PortfolioSelectionRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="MunicipalSecuritiesRiskMember" id="vpii_MunicipalSecuritiesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="DebtorinPossessionFinancingsRiskMember" id="vpii_DebtorinPossessionFinancingsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="MortgageRelatedandAssetBackedSecuritiesRiskMember" id="vpii_MortgageRelatedandAssetBackedSecuritiesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="RisksofinvestingincollateralizeddebtobligationsRiskMember" id="vpii_RisksofinvestingincollateralizeddebtobligationsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="RisksofinstrumentsthatallowforballoonpaymentsornegativeamortizationpaymentsRiskMember" id="vpii_RisksofinstrumentsthatallowforballoonpaymentsornegativeamortizationpaymentsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="RisksofSubordinatedSecuritiesRiskMember" id="vpii_RisksofSubordinatedSecuritiesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="RisksofzerocouponbondspaymentinkinddeferredandcontingenRisktpaymentsecuritiesRiskMember" id="vpii_RisksofzerocouponbondspaymentinkinddeferredandcontingenRisktpaymentsecuritiesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="USTreasuryObligationsRiskMember" id="vpii_USTreasuryObligationsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="USGovernmentAgencyObligationsRiskMember" id="vpii_USGovernmentAgencyObligationsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="RisksofinvestinginotherfundsRiskMember" id="vpii_RisksofinvestinginotherfundsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="TaxRiskMember" id="vpii_TaxRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="TaxableInvestmentRiskMember" id="vpii_TaxableInvestmentRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="TaxExemptStatusRiskMember" id="vpii_TaxExemptStatusRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="DerivativesRiskMember" id="vpii_DerivativesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="ExchangeTradedFundETFStructureRiskMember" id="vpii_ExchangeTradedFundETFStructureRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="NotIndividuallyRedeemableRiskMember" id="vpii_NotIndividuallyRedeemableRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="TradingIssuesRiskMember" id="vpii_TradingIssuesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="MarketPriceVarianceRiskMember" id="vpii_MarketPriceVarianceRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="AuthorizedParticipantsConcentrationRiskMember" id="vpii_AuthorizedParticipantsConcentrationRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="TaxEfficiencyRiskMember" id="vpii_TaxEfficiencyRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="SyntheticMunicipalSecuritiesRiskMember" id="vpii_SyntheticMunicipalSecuritiesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="RisksofInvestinginInverseFloatingRateObligationsRiskMember" id="vpii_RisksofInvestinginInverseFloatingRateObligationsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="CreditDefaultSwapRiskMember" id="vpii_CreditDefaultSwapRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="DefaultedSecuritiesRiskMember" id="vpii_DefaultedSecuritiesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="LeveragingRiskMember" id="vpii_LeveragingRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="RepurchaseAgreementRiskMember" id="vpii_RepurchaseAgreementRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="MarketSegmentRiskMember" id="vpii_MarketSegmentRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="ValuationRiskMember" id="vpii_ValuationRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="LargeShareholderRiskMember" id="vpii_LargeShareholderRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="ManagementRiskMember" id="vpii_ManagementRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="RedemptionRiskMember" id="vpii_RedemptionRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="LimitedHistoryofOperationsRiskMember" id="vpii_LimitedHistoryofOperationsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="CybersecurityRiskMember" id="vpii_CybersecurityRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="ExpenseRiskMember" id="vpii_ExpenseRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>

</xs:schema>
