<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001039803</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>

      <seriesClassInfo>
        <seriesId>S000020739</seriesId>
        <classId>C000057897</classId>
        <classId>C000057898</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>ProFunds</regName>
      <regFileNumber>811-08239</regFileNumber>
      <regCik>0001039803</regCik>
      <regLei>549300HM4OOUYSE5DP77</regLei>
      <regStreet1>7272 Wisconsin Avenue</regStreet1>
      <regStreet2>21st Floor</regStreet2>
      <regCity>Bethesda</regCity>
      <regStateConditional regCountry="US" regState="US-MD"/>
      <regZipOrPostalCode>20814</regZipOrPostalCode>
      <regPhone>240-497-6400</regPhone>
      <seriesName>ULTRACHINA PROFUND</seriesName>
      <seriesId>S000020739</seriesId>
      <seriesLei>FLE00H0RRIU4FXC5O289</seriesLei>
      <repPdEnd>2026-07-31</repPdEnd>
      <repPdDate>2026-01-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>63714550.42</totAssets>
      <totLiabs>37527108.96</totLiabs>
      <netAssets>26187441.46</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>1059.38</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000057897" rtn1="-14.40084700" rtn2="-6.81005000" rtn3="4.43393500"/>
          <monthlyTotReturn classId="C000057898" rtn1="-14.47406700" rtn2="-6.90997900" rtn3="4.38804400"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <equityContracts>
            <mon1 netRealizedGain="-152758.01000000" netUnrealizedAppr="-2789635.36000000"/>
            <mon2 netRealizedGain="-4997205.18000000" netUnrealizedAppr="3888809.51000000"/>
            <mon3 netRealizedGain="793519.82000000" netUnrealizedAppr="-347800.33000000"/>
            <swapCategory>
              <instrMon1 netRealizedGain="-152758.01000000" netUnrealizedAppr="-2789635.35999999"/>
              <instrMon2 netRealizedGain="-4997205.18000000" netUnrealizedAppr="3888809.51000000"/>
              <instrMon3 netRealizedGain="793519.82000000" netUnrealizedAppr="-347800.33000000"/>
            </swapCategory>
          </equityContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-243502.26000000" netUnrealizedAppr="-1912014.19000000"/>
        <othMon2 netRealizedGain="167580.55000000" netUnrealizedAppr="-863589.69000000"/>
        <othMon3 netRealizedGain="-65375.81000000" netUnrealizedAppr="553821.25000000"/>
      </returnInfo>
      <mon1Flow redemption="15068030.17000000" reinvestment="0.00000000" sales="8137461.84000000"/>
      <mon2Flow redemption="6461259.87000000" reinvestment="1360640.66000000" sales="5228208.20000000"/>
      <mon3Flow redemption="9388570.85000000" reinvestment="0.00000000" sales="11606925.10000000"/>
      <varInfo>

        <fundsDesignatedInfo>
          <nameDesignatedIndex>S&amp;P China Select ADR Index</nameDesignatedIndex>
          <indexIdentifier>BKTCN</indexIdentifier>

        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>ATRenew Inc.</name>
        <lei>N/A</lei>
        <title>ATRenew, Inc. </title>
        <cusip>00138L108</cusip>
        <identifiers>
          <isin value="US00138L1089"/>
        </identifiers>
        <balance>6615.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>38896.20000000</valUSD>
        <pctVal>0.148529974031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alibaba Group Holding Ltd.</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd. </title>
        <cusip>01609W102</cusip>
        <identifiers>
          <isin value="US01609W1027"/>
        </identifiers>
        <balance>27865.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4724789.40000000</valUSD>
        <pctVal>18.04219555857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ascentage Pharma Group International</name>
        <lei>300300WBVGZIXEF27W64</lei>
        <title>Ascentage Pharma Group International </title>
        <cusip>04390B105</cusip>
        <identifiers>
          <isin value="US04390B1052"/>
        </identifiers>
        <balance>3957.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>95680.26000000</valUSD>
        <pctVal>0.365366964719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="91884.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Atour Lifestyle Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>Atour Lifestyle Holdings Ltd. </title>
        <cusip>04965M106</cusip>
        <identifiers>
          <isin value="US04965M1062"/>
        </identifiers>
        <balance>4754.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>169907.96000000</valUSD>
        <pctVal>0.648814662782</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Autohome Inc.</name>
        <lei>529900NYB6ZGZN3MVT56</lei>
        <title>Autohome, Inc. </title>
        <cusip>05278C107</cusip>
        <identifiers>
          <isin value="US05278C1071"/>
        </identifiers>
        <balance>3456.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>76170.24000000</valUSD>
        <pctVal>0.290865528487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Baidu Inc.</name>
        <lei>254900AL64IANZYI1E02</lei>
        <title>Baidu, Inc. </title>
        <cusip>056752108</cusip>
        <identifiers>
          <isin value="US0567521085"/>
        </identifiers>
        <balance>8969.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1373871.42000000</valUSD>
        <pctVal>5.246298773014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BeOne Medicines Ltd.</name>
        <lei>549300JFUK6FRD5MH739</lei>
        <title>BeOne Medicines Ltd. </title>
        <cusip>07725L102</cusip>
        <identifiers>
          <isin value="US07725L1026"/>
        </identifiers>
        <balance>3086.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1050412.68000000</valUSD>
        <pctVal>4.011131372281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Belite Bio Inc</name>
        <lei>984500BD54036BOEAE79</lei>
        <title>Belite Bio, Inc. </title>
        <cusip>07782B104</cusip>
        <identifiers>
          <isin value="US07782B1044"/>
        </identifiers>
        <balance>1003.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>169507.00000000</valUSD>
        <pctVal>0.647283547187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bilibili Inc.</name>
        <lei>5493008V60M52L3PIS45</lei>
        <title>Bilibili, Inc. </title>
        <cusip>090040106</cusip>
        <identifiers>
          <isin value="US0900401060"/>
        </identifiers>
        <balance>15949.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>542903.96000000</valUSD>
        <pctVal>2.073146247712</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="533168.52000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>UGPIX_BKTCN_GOLDMAN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="1101GSWPL"/>
        </identifiers>
        <balance>840.61569999</balance>
        <units>OU</units>
        <curCd>USD</curCd>
        <valUSD>-83709.14000000</valUSD>
        <pctVal>-0.31965375513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Total Return Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS GROUP, INC.</counterpartyName>
              <counterpartyLei>784F5XWPLTWKTBV3E584</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P CHINA SELECT ADR INDEX (USD)</indexName>
                <indexIdentifier>BKTCN Index</indexIdentifier>
                <narrativeDesc>This swap is not based on custom baskets or indices</narrativeDesc>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">S&amp;P CHINA SELECT ADR INDEX (USD)</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="FEDL01" floatingRtSpread="0.00750000" pmntAmt="840.61569999">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2026-02-27</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>3900347.57000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-83709.14000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>UGPIX_BKTCN_GOLDMAN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="1101GSWPS"/>
        </identifiers>
        <balance>-235.00000000</balance>
        <units>OU</units>
        <curCd>USD</curCd>
        <valUSD>6075.18000000</valUSD>
        <pctVal>0.023198829902</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Total Return Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS GROUP, INC.</counterpartyName>
              <counterpartyLei>784F5XWPLTWKTBV3E584</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P CHINA SELECT ADR INDEX (USD)</indexName>
                <indexIdentifier>BKTCN Index</indexIdentifier>
                <narrativeDesc>This swap is not based on custom baskets or indices</narrativeDesc>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="FEDL01" floatingRtSpread="0.00750000" pmntAmt="-235.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <otherPmntDesc fixedOrFloating="Other">S&amp;P CHINA SELECT ADR INDEX (USD)</otherPmntDesc>
            <terminationDt>2026-02-27</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-1090369.45000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>6075.18000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>UGPIX_BKTCN_UBS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="1101USWPL"/>
        </identifiers>
        <balance>6183.50000000</balance>
        <units>OU</units>
        <curCd>USD</curCd>
        <valUSD>-615268.88000000</valUSD>
        <pctVal>-2.34948068882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Total Return Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>UBS SECURITIES LLC</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P CHINA SELECT ADR INDEX (USD)</indexName>
                <indexIdentifier>BKTCN Index</indexIdentifier>
                <narrativeDesc>This swap is not based on custom baskets or indices</narrativeDesc>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">S&amp;P CHINA SELECT ADR INDEX (USD)</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="FEDL01" floatingRtSpread="0.00600000" pmntAmt="6183.50000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2026-02-27</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>28690636.14999999</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-615268.88000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>UGPIX_BKTCN_UBS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="1101USWPS"/>
        </identifiers>
        <balance>-677.00000000</balance>
        <units>OU</units>
        <curCd>USD</curCd>
        <valUSD>37664.06000000</valUSD>
        <pctVal>0.143824894301</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Total Return Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>UBS SECURITIES LLC</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P CHINA SELECT ADR INDEX (USD)</indexName>
                <indexIdentifier>BKTCN Index</indexIdentifier>
                <narrativeDesc>This swap is not based on custom baskets or indices</narrativeDesc>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="FEDL01" floatingRtSpread="0.00600000" pmntAmt="-677.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <otherPmntDesc fixedOrFloating="Other">S&amp;P CHINA SELECT ADR INDEX (USD)</otherPmntDesc>
            <terminationDt>2026-02-27</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-3141191.99000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>37664.06000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canaan Inc</name>
        <lei>254900OEOGK9ALNMUN24</lei>
        <title>Canaan, Inc. </title>
        <cusip>134748102</cusip>
        <identifiers>
          <isin value="US1347481020"/>
        </identifiers>
        <balance>34394.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23387.92000000</valUSD>
        <pctVal>0.089309679358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Daqo New Energy Corp.</name>
        <lei>529900711JBZ5O7VA827</lei>
        <title>Daqo New Energy Corporation </title>
        <cusip>23703Q203</cusip>
        <identifiers>
          <isin value="US23703Q2030"/>
        </identifiers>
        <balance>2880.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>71193.60000000</valUSD>
        <pctVal>0.271861610110</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ehang Holdings Limited</name>
        <lei>N/A</lei>
        <title>EHang Holdings Ltd. </title>
        <cusip>26853E102</cusip>
        <identifiers>
          <isin value="US26853E1029"/>
        </identifiers>
        <balance>2889.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36892.53000000</valUSD>
        <pctVal>0.140878711104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FinVolution Group</name>
        <lei>3003000RAVUT809U6P08</lei>
        <title>FinVolution Group </title>
        <cusip>31810T101</cusip>
        <identifiers>
          <isin value="US31810T1016"/>
        </identifiers>
        <balance>6709.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34417.17000000</valUSD>
        <pctVal>0.131426241286</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Full Truck Alliance Co Ltd</name>
        <lei>984500884LB1DP8DAC57</lei>
        <title>Full Truck Alliance Company Ltd. </title>
        <cusip>35969L108</cusip>
        <identifiers>
          <isin value="US35969L1089"/>
        </identifiers>
        <balance>45509.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>450539.10000000</valUSD>
        <pctVal>1.720439549958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GDS Holdings Ltd.</name>
        <lei>391200MGV8DDCHTN2R77</lei>
        <title>GDS Holdings Ltd. </title>
        <cusip>36165L108</cusip>
        <identifiers>
          <isin value="US36165L1089"/>
        </identifiers>
        <balance>7083.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>316539.27000000</valUSD>
        <pctVal>1.208744544531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="308361.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hello Group Inc</name>
        <lei>549300YMGLID32W48529</lei>
        <title>Hello Group, Inc. </title>
        <cusip>423403104</cusip>
        <identifiers>
          <isin value="US4234031049"/>
        </identifiers>
        <balance>5450.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37169.00000000</valUSD>
        <pctVal>0.141934446161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hesai Group</name>
        <lei>836800KOYHURQT1JZY11</lei>
        <title>Hesai Group </title>
        <cusip>428050108</cusip>
        <identifiers>
          <isin value="US4280501085"/>
        </identifiers>
        <balance>6115.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>145965.05000000</valUSD>
        <pctVal>0.557385685130</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>H World Group Ltd.</name>
        <lei>549300Y5ML31FVN83730</lei>
        <title>H World Group Ltd. </title>
        <cusip>44332N106</cusip>
        <identifiers>
          <isin value="US44332N1063"/>
        </identifiers>
        <balance>9463.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>449587.13000000</valUSD>
        <pctVal>1.716804334194</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Novabridge Biosciences</name>
        <lei>549300L1A5T19703RR64</lei>
        <title>NovaBridge Biosciences </title>
        <cusip>44975P103</cusip>
        <identifiers>
          <isin value="US44975P1030"/>
        </identifiers>
        <balance>3935.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13024.85000000</valUSD>
        <pctVal>0.049737008557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iQIYI Inc.</name>
        <lei>222100XL8T2Q5B8MS302</lei>
        <title>iQIYI, Inc. </title>
        <cusip>46267X108</cusip>
        <identifiers>
          <isin value="US46267X1081"/>
        </identifiers>
        <balance>29098.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>60523.84000000</valUSD>
        <pctVal>0.231117805427</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JOYY Inc.</name>
        <lei>549300N6CHVU5CQZPW24</lei>
        <title>JOYY, Inc. </title>
        <cusip>46591M109</cusip>
        <identifiers>
          <isin value="US46591M1099"/>
        </identifiers>
        <balance>1466.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>94337.10000000</valUSD>
        <pctVal>0.360237941320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JD.com Inc.</name>
        <lei>549300HVTWB0GJZ16V92</lei>
        <title>JD.com, Inc. </title>
        <cusip>47215P106</cusip>
        <identifiers>
          <isin value="US47215P1066"/>
        </identifiers>
        <balance>33628.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>957725.44000000</valUSD>
        <pctVal>3.657193626429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JinkoSolar Holding Co., Ltd.</name>
        <lei>529900Y93WNCS05FG852</lei>
        <title>JinkoSolar Holding Company Ltd. </title>
        <cusip>47759T100</cusip>
        <identifiers>
          <isin value="US47759T1007"/>
        </identifiers>
        <balance>1678.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43007.14000000</valUSD>
        <pctVal>0.164228109361</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KE Holdings Inc.</name>
        <lei>254900RHVY072XPAZE03</lei>
        <title>KE Holdings, Inc. </title>
        <cusip>482497104</cusip>
        <identifiers>
          <isin value="US4824971042"/>
        </identifiers>
        <balance>35837.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>670868.64000000</valUSD>
        <pctVal>2.561795282768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kanzhun Limited</name>
        <lei>254900F4ZCBITP7L0251</lei>
        <title>Kanzhun Ltd. </title>
        <cusip>48553T106</cusip>
        <identifiers>
          <isin value="US48553T1060"/>
        </identifiers>
        <balance>20521.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>380048.92000000</valUSD>
        <pctVal>1.451264036544</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kingsoft Cloud Holdings Limited</name>
        <lei>875500HZE0VKCD0Z8K15</lei>
        <title>Kingsoft Cloud Holdings Ltd. </title>
        <cusip>49639K101</cusip>
        <identifiers>
          <isin value="US49639K1016"/>
        </identifiers>
        <balance>8982.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>118652.22000000</valUSD>
        <pctVal>0.453088249118</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Li Auto Inc.</name>
        <lei>2549003R73Q70J5H4I65</lei>
        <title>Li Auto, Inc. </title>
        <cusip>50202M102</cusip>
        <identifiers>
          <isin value="US50202M1027"/>
        </identifiers>
        <balance>32924.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>547526.12000000</valUSD>
        <pctVal>2.090796540151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="516411.39000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Legend Biotech Corporation</name>
        <lei>254900EIUFZTW136H859</lei>
        <title>Legend Biotech Corporation </title>
        <cusip>52490G102</cusip>
        <identifiers>
          <isin value="US52490G1022"/>
        </identifiers>
        <balance>4471.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>78242.50000000</valUSD>
        <pctVal>0.298778710854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lexinfintech Hldgs Ltd</name>
        <lei>549300F9QU71NQ28CS19</lei>
        <title>LexinFintech Holdings Ltd. </title>
        <cusip>528877103</cusip>
        <identifiers>
          <isin value="US5288771034"/>
        </identifiers>
        <balance>6278.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17892.30000000</valUSD>
        <pctVal>0.068323971348</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lufax Holding Ltd.</name>
        <lei>254900TYH7RTK8E9NH16</lei>
        <title>Lufax Holding Ltd. </title>
        <cusip>54975P201</cusip>
        <identifiers>
          <isin value="US54975P2011"/>
        </identifiers>
        <balance>26244.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>69809.04000000</valUSD>
        <pctVal>0.266574495666</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NIO Inc.</name>
        <lei>549300JBU4TV5OCKJV96</lei>
        <title>NIO, Inc. </title>
        <cusip>62914V106</cusip>
        <identifiers>
          <isin value="US62914V1061"/>
        </identifiers>
        <balance>101201.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>475644.70000000</valUSD>
        <pctVal>1.816308403883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NetEase Inc.</name>
        <lei>5299004AF4DSJDB0PA32</lei>
        <title>NetEase, Inc. </title>
        <cusip>64110W102</cusip>
        <identifiers>
          <isin value="US64110W1027"/>
        </identifiers>
        <balance>11022.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1419964.26000000</valUSD>
        <pctVal>5.422310011342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Oriental Education &amp;  Technology Group Inc.</name>
        <lei>529900NHZVBZQZ8EKN29</lei>
        <title>New Oriental Education &amp; Technology Group, Inc. </title>
        <cusip>647581206</cusip>
        <identifiers>
          <isin value="US6475812060"/>
        </identifiers>
        <balance>7550.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>455869.00000000</valUSD>
        <pctVal>1.740792435550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MINISO Group Holding Ltd.</name>
        <lei>2549006PIKT2YKNBL092</lei>
        <title>MINISO Group Holding Ltd. </title>
        <cusip>66981J102</cusip>
        <identifiers>
          <isin value="US66981J1025"/>
        </identifiers>
        <balance>5281.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>97487.26000000</valUSD>
        <pctVal>0.372267218807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PDD Holdings Inc.</name>
        <lei>5493000573DS7005T657</lei>
        <title>PDD Holdings, Inc. </title>
        <cusip>722304102</cusip>
        <identifiers>
          <isin value="US7223041028"/>
        </identifiers>
        <balance>25169.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2543327.45000000</valUSD>
        <pctVal>9.712011972932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pony AI Inc.</name>
        <lei>9845006P7613D2A61368</lei>
        <title>Pony AI, Inc. </title>
        <cusip>732908108</cusip>
        <identifiers>
          <isin value="US7329081084"/>
        </identifiers>
        <balance>10931.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>151722.28000000</valUSD>
        <pctVal>0.579370383440</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rlx Technology Inc</name>
        <lei>984500EG5DBB2F7F4002</lei>
        <title>RLX Technology, Inc. </title>
        <cusip>74969N103</cusip>
        <identifiers>
          <isin value="US74969N1037"/>
        </identifiers>
        <balance>33353.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>77045.43000000</valUSD>
        <pctVal>0.294207550278</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Structure Therapeutics Inc</name>
        <lei>N/A</lei>
        <title>Structure Therapeutics, Inc. </title>
        <cusip>86366E106</cusip>
        <identifiers>
          <isin value="US86366E1064"/>
        </identifiers>
        <balance>3616.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>319835.20000000</valUSD>
        <pctVal>1.221330462880</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TAL Education Group</name>
        <lei>5493003PJZS0EC085V72</lei>
        <title>TAL Education Group </title>
        <cusip>874080104</cusip>
        <identifiers>
          <isin value="US8740801043"/>
        </identifiers>
        <balance>22917.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>291045.90000000</valUSD>
        <pctVal>1.111394942665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tencent Music Entertainment Group</name>
        <lei>213800XTZK2GOHQTYK41</lei>
        <title>Tencent Music Entertainment Group </title>
        <cusip>88034P109</cusip>
        <identifiers>
          <isin value="US88034P1093"/>
        </identifiers>
        <balance>27216.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>456684.48000000</valUSD>
        <pctVal>1.743906447285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Qfin Holdings Inc.</name>
        <lei>836800R59NKEPDR6I240</lei>
        <title>Qfin Holdings, Inc. </title>
        <cusip>88557W101</cusip>
        <identifiers>
          <isin value="US88557W1018"/>
        </identifiers>
        <balance>5774.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>89785.70000000</valUSD>
        <pctVal>0.342857854735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Trip.com Group Ltd.</name>
        <lei>2549004RMYDSRQL4KW41</lei>
        <title>Trip.com Group Ltd. </title>
        <cusip>89677Q107</cusip>
        <identifiers>
          <isin value="US89677Q1076"/>
        </identifiers>
        <balance>14058.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>862739.46000000</valUSD>
        <pctVal>3.294477856180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VNET Group Inc.</name>
        <lei>529900672GYJQ3T38I58</lei>
        <title>Vnet Group, Inc. </title>
        <cusip>90138A103</cusip>
        <identifiers>
          <isin value="US90138A1034"/>
        </identifiers>
        <balance>8717.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>91790.01000000</valUSD>
        <pctVal>0.350511561582</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="84187.35000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Up Fintech Holding Ltd.</name>
        <lei>213800JJDNMAG3L84P54</lei>
        <title>Up Fintech Holding Ltd. </title>
        <cusip>91531W106</cusip>
        <identifiers>
          <isin value="US91531W1062"/>
        </identifiers>
        <balance>6975.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>59566.50000000</valUSD>
        <pctVal>0.227462083651</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vipshop Holdings Ltd.</name>
        <lei>549300I9F52K06HPZX60</lei>
        <title>Vipshop Holdings Ltd. </title>
        <cusip>92763W103</cusip>
        <identifiers>
          <isin value="US92763W1036"/>
        </identifiers>
        <balance>12513.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>214097.43000000</valUSD>
        <pctVal>0.817557646198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Weibo Corp.</name>
        <lei>549300Q9ID4640FE0422</lei>
        <title>Weibo Corporation </title>
        <cusip>948596101</cusip>
        <identifiers>
          <isin value="US9485961018"/>
        </identifiers>
        <balance>5359.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>56698.22000000</valUSD>
        <pctVal>0.216509199978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WeRide Inc.</name>
        <lei>254900R1B7IWBCPDQ262</lei>
        <title>WeRide, Inc. </title>
        <cusip>950915108</cusip>
        <identifiers>
          <isin value="US9509151083"/>
        </identifiers>
        <balance>10585.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>84785.85000000</valUSD>
        <pctVal>0.323765306089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XPeng Inc.</name>
        <lei>549300TZNMIREMWQU857</lei>
        <title>XPeng, Inc. </title>
        <cusip>98422D105</cusip>
        <identifiers>
          <isin value="US98422D1054"/>
        </identifiers>
        <balance>50673.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>911100.54000000</valUSD>
        <pctVal>3.479150650863</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="9924.95999999"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zai Lab Ltd.</name>
        <lei>549300P2UYQ9U5LY1T58</lei>
        <title>Zai Lab Ltd. </title>
        <cusip>98887Q104</cusip>
        <identifiers>
          <isin value="US98887Q1040"/>
        </identifiers>
        <balance>5599.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>92943.40000000</valUSD>
        <pctVal>0.354915924650</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZTO Express (Cayman) Inc.</name>
        <lei>549300SCJPK3YZJTJR78</lei>
        <title>ZTO Express Cayman, Inc. </title>
        <cusip>98980A105</cusip>
        <identifiers>
          <isin value="US98980A1051"/>
        </identifiers>
        <balance>23061.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>505727.73000000</valUSD>
        <pctVal>1.931184192898</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AGPXX</name>
        <lei>N/A</lei>
        <title>Invesco Government &amp; Agency Portfolio</title>
        <cusip>825252885</cusip>
        <identifiers>
          <isin value="US8252528851"/>
        </identifiers>
        <balance>1644056.25000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1644056.25000000</valUSD>
        <pctVal>6.278033127104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1644056.25000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>HSBC SECURITIES (USA), INC.  3.55 , 2/02/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="HSB26202"/>
        </identifiers>
        <balance>888000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>888000.00000000</valUSD>
        <pctVal>3.390938367753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="CYYGQCGNHMHPSMRL3R97" name="HSBC SECURITIES (USA), INC."/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.55000000</repurchaseRt>
          <maturityDt>2026-02-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1023300.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>905842.98000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NATWEST MARKETS PLC  3.53 , 2/02/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NTM26202"/>
        </identifiers>
        <balance>924000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>924000.00000000</valUSD>
        <pctVal>3.528408842121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="RR3QWICWWIPCS8A4S074" name="NATWEST MARKETS PLC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.53000000</repurchaseRt>
          <maturityDt>2026-02-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>917100.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>942655.92999999</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>ROYAL BANK OF CANADA  3.45 , 2/02/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="RBC26202"/>
        </identifiers>
        <balance>497000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>497000.00000000</valUSD>
        <pctVal>1.897856271141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="ES7IP3U3RHIGC71XBU11" name="ROYAL BANK OF CANADA"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.45000000</repurchaseRt>
          <maturityDt>2026-02-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>501700.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>507160.49000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SOCIETE' GENERALE  3.55 , 2/02/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="SOC26202"/>
        </identifiers>
        <balance>1155000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1155000.00000000</valUSD>
        <pctVal>4.410511052651</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="5493004I6N8OONF6V179" name="SOCIETE' GENERALE"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.55000000</repurchaseRt>
          <maturityDt>2026-02-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1171200.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1178263.16000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>UMB FINANCIAL CORP. B 3.4 , 2/02/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="UMB26202"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500000.00000000</valUSD>
        <pctVal>1.909312144005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="549300MGEH3N3CUCV828" name="UMB FINANCIAL CORP."/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.40000000</repurchaseRt>
          <maturityDt>2026-02-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>505200.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>510181.45000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-01-31</ncom:dateSigned>
      <ncom:nameOfApplicant>UltraChina ProFund</ncom:nameOfApplicant>
      <ncom:signature>Rebecca Colvin </ncom:signature>
      <ncom:signerName>Rebecca Colvin </ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer </ncom:title>
    </signature>
  </formData>
</edgarSubmission>
