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      <invstOrSec>
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        <lei>549300HN4UKV1E2R3U73</lei>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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      <invstOrSec>
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        <lei>549300HN4UKV1E2R3U73</lei>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ISHARES MSCI USA MOMENTUM FACTOR ETF" floatingRtSpread="0.00000000" pmntAmt="-2587745.79000000">
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      <invstOrSec>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="STATE STREET SPDR BLOOMBERG 1-3 MONTH T-BILL ETF" floatingRtSpread="0.00000000" pmntAmt="2449879.41000000">
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="UNITED STATES NATURAL GAS FUND LP" floatingRtSpread="0.00000000" pmntAmt="1160053.46000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>-437307.47000000</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <derivativeInfo>
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            <descRefInstrmnt>
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                <identifiers>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="UNITED STATES NATURAL GAS FUND LP" floatingRtSpread="0.00000000" pmntAmt="1160053.46000000">
              <rtResetTenors>
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            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1160053.46000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-438435.63000000</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS FRANKLIN FTSE INDIA ETF</title>
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        <identifiers>
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        <valUSD>-25505.67000000</valUSD>
        <pctVal>-0.00326781935</pctVal>
        <payoffProfile>N/A</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>
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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
              <otherRefInst>
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                <issueTitle>Franklin FTSE India ETF</issueTitle>
                <identifiers>
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                  <isin value="US35473P7693"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="FRANKLIN FTSE INDIA ETF" floatingRtSpread="0.00000000" pmntAmt="-587880.06000000">
              <rtResetTenors>
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            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <unrealizedAppr>-25505.67000000</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
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        <assetCat>DE</assetCat>
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        <derivativeInfo>
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            <descRefInstrmnt>
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                  <isin value="US46090F1003"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="INVESCO OPTIMUM YIELD DIVERSIFIED COMMODITY STRATEGY NO K-1 ETF" floatingRtSpread="0.00000000" pmntAmt="-782017.05000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <unrealizedAppr>72251.02000000</unrealizedAppr>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
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            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ALTSHARES MERGER ARBITRAGE ETF" floatingRtSpread="0.00000000" pmntAmt="-710732.43000000">
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      <invstOrSec>
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      <invstOrSec>
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        <lei>549300HN4UKV1E2R3U73</lei>
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      <invstOrSec>
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      <invstOrSec>
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        <lei>549300HN4UKV1E2R3U73</lei>
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      <invstOrSec>
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        <derivativeInfo>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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        <lei>549300HN4UKV1E2R3U73</lei>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ISHARES SEMICONDUCTOR ETF" floatingRtSpread="0.00000000" pmntAmt="-278262.60000000">
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      <invstOrSec>
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        <derivativeInfo>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF" floatingRtSpread="0.00000000" pmntAmt="10893134.84000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
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            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF" floatingRtSpread="0.00000000" pmntAmt="10893609.74000000">
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>-176027.60000000</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
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        <curCd>USD</curCd>
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        <derivativeInfo>
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            <descRefInstrmnt>
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                  <cusip value="81369Y704"/>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="INDUSTRIAL SELECT SECTOR SPDR FUND" floatingRtSpread="0.00000000" pmntAmt="168770.56000000">
              <rtResetTenors>
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            <otherPmntDesc fixedOrFloating="Other">Performance Leg</otherPmntDesc>
            <terminationDt>2049-12-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>168770.56000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-10796.29000000</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>TRS COMMUNICATION SERVICES SELECT SECTOR SPDR FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="XLC LML"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>19101.04000000</valUSD>
        <pctVal>0.002447249892</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BOFA SECURITIES, INC.</counterpartyName>
              <counterpartyLei>549300HN4UKV1E2R3U73</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street Communication Services Select Sector SPDR ETF</issuerName>
                <issueTitle>State Street Communication Services Select Sector SPDR ETF</issueTitle>
                <identifiers>
                  <cusip value="81369Y852"/>
                  <isin value="US81369Y8527"/>
                  <ticker value="XLC"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="COMMUNICATION SERVICES SELECT SECTOR SPDR FUND" floatingRtSpread="0.00000000" pmntAmt="-1059596.24000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
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            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>9010.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>19101.04000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>TRS INVESCO DB US DOLLAR INDEX BULLISH FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="UUP LML"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1545.56000000</valUSD>
        <pctVal>-0.00019801914</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BOFA SECURITIES, INC.</counterpartyName>
              <counterpartyLei>549300HN4UKV1E2R3U73</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
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                <issueTitle>Invesco DB US Dollar Index Bullish Fund</issueTitle>
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                  <cusip value="46141D203"/>
                  <isin value="US46141D2036"/>
                  <ticker value="UUP"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="INVESCO DB US DOLLAR INDEX BULLISH FUND" floatingRtSpread="0.00000000" pmntAmt="-110613.04000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
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            <terminationDt>2049-12-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>4073.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1545.56000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS VANECK J. P. MORGAN EM LOCAL CURRENCY BOND ETF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="EMLC LMS"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1449.58000000</valUSD>
        <pctVal>0.000185722060</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
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            <descRefInstrmnt>
              <otherRefInst>
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                <issueTitle>VanEck J. P. Morgan EM Local Currency Bond ETF</issueTitle>
                <identifiers>
                  <cusip value="92189H300"/>
                  <isin value="US92189H3003"/>
                  <ticker value="EMLC"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="VANECK J. P. MORGAN EM LOCAL CURRENCY BOND ETF" floatingRtSpread="0.00000000" pmntAmt="-162994.00000000">
              <rtResetTenors>
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            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>6269.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1449.58000000</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
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        <identifiers>
          <other otherDesc="INTERNAL" value="MCHI LML"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <pctVal>0.002204454922</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BOFA SECURITIES, INC.</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
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                <issueTitle>iShares MSCI China ETF</issueTitle>
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                  <isin value="US46429B6719"/>
                  <ticker value="MCHI"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ISHARES MSCI CHINA ETF" floatingRtSpread="0.00000000" pmntAmt="-634524.42000000">
              <rtResetTenors>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>10476.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>17206.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>TRS FRANKLIN SENIOR LOAN ETF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="FLBL LML"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <pctVal>-0.00289658406</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
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            <descRefInstrmnt>
              <otherRefInst>
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                <issueTitle>Franklin Senior Loan ETF</issueTitle>
                <identifiers>
                  <cusip value="35473P595"/>
                  <isin value="US35473P5952"/>
                  <ticker value="FLBL"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="FRANKLIN SENIOR LOAN ETF" floatingRtSpread="0.00000000" pmntAmt="-4204614.46000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>179437.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-22608.14000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS ISHARES NATIONAL MUNI BOND ETF</title>
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        <identifiers>
          <other otherDesc="INTERNAL" value="MUB LMS"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
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            <descRefInstrmnt>
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                <issueTitle>iShares National Muni Bond ETF</issueTitle>
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                  <isin value="US4642884146"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ISHARES NATIONAL MUNI BOND ETF" floatingRtSpread="0.00000000" pmntAmt="-1664134.87000000">
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>5463.46000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS IMGP DBI MANAGED FUTURES STRATEGY ETF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="DBMF LMS"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>42561.02000000</valUSD>
        <pctVal>0.005452972802</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>iMGP DBi Managed Futures Strategy ETF</issuerName>
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                <identifiers>
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                  <isin value="US53700T8273"/>
                  <ticker value="DBMF"/>
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      <invstOrSec>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ABRDN PHYSICAL SILVER SHARES ETF" floatingRtSpread="0.00000000" pmntAmt="-266009.03000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
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        <derivativeInfo>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ISHARES NATIONAL MUNI BOND ETF" floatingRtSpread="0.00000000" pmntAmt="-1664109.91000000">
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            <rcptCurCd>USD</rcptCurCd>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
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      <invstOrSec>
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        <lei>549300HN4UKV1E2R3U73</lei>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ABRDN PHYSICAL SILVER SHARES ETF" floatingRtSpread="0.00000000" pmntAmt="-265995.48000000">
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="INVESCO DB AGRICULTURE FUND" floatingRtSpread="0.00000000" pmntAmt="-1170510.88000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <pctVal>-0.00291313093</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <derivativeInfo>
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            <descRefInstrmnt>
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                  <isin value="US35473P5952"/>
                  <ticker value="FLBL"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="FRANKLIN SENIOR LOAN ETF" floatingRtSpread="0.00000000" pmntAmt="-4204743.27000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
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            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>179437.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-22737.29000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS VANGUARD SHORT-TERM TREASURY ETF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="VGSH LMS"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-8981.21000000</valUSD>
        <pctVal>-0.00115068421</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <derivativeInfo>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Vanguard Short-Term Treasury ETF</issuerName>
                <issueTitle>Vanguard Short-Term Treasury ETF</issueTitle>
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                  <cusip value="92206C102"/>
                  <isin value="US92206C1027"/>
                  <ticker value="VGSH"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="VANGUARD SHORT-TERM TREASURY ETF" floatingRtSpread="0.00000000" pmntAmt="-8923377.47000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
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            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>151939.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-8981.21000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS ISHARES INTERNATIONAL TREASURY BOND ETF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="IGOV SMS"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-134756.24000000</valUSD>
        <pctVal>-0.01726514335</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ISHARES INTERNATIONAL TREASURY BOND ETF</issuerName>
                <issueTitle>ISHARES INTERNATIONAL TREASURY BOND ETF</issueTitle>
                <identifiers>
                  <cusip value="464288117"/>
                  <isin value="US4642881175"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ISHARES INTERNATIONAL TREASURY BOND ETF" floatingRtSpread="0.00000000" pmntAmt="8247805.14000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Performance Leg</otherPmntDesc>
            <terminationDt>2049-12-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>8247805.14000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-134756.24000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>TRS COMMUNICATION SERVICES SELECT SECTOR SPDR FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="XLC LMS"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>19073.04000000</valUSD>
        <pctVal>0.002443662496</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BOFA SECURITIES, INC.</counterpartyName>
              <counterpartyLei>549300HN4UKV1E2R3U73</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
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                <issueTitle>State Street Communication Services Select Sector SPDR ETF</issueTitle>
                <identifiers>
                  <cusip value="81369Y852"/>
                  <isin value="US81369Y8527"/>
                  <ticker value="XLC"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="COMMUNICATION SERVICES SELECT SECTOR SPDR FUND" floatingRtSpread="0.00000000" pmntAmt="-1059624.16000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
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            <terminationDt>2049-08-02</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>19073.04000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS INVESCO CURRENCYSHARES EURO CURRENCY TRUST</title>
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        <identifiers>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
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        <pctVal>-0.02745679226</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
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              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
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                <issueTitle>INVESCO CURRENCYSHARES EURO</issueTitle>
                <identifiers>
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                  <isin value="US46138K1034"/>
                  <ticker value="FXE"/>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="INVESCO CURRENCYSHARES EURO CURRENCY TRUST" floatingRtSpread="0.00000000" pmntAmt="19142836.23490000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
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            <otherPmntDesc fixedOrFloating="Other">Performance Leg</otherPmntDesc>
            <terminationDt>2049-07-02</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>19142836.23490000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-214303.12000000</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>TRS VANGUARD SHORT-TERM TREASURY ETF</title>
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        <identifiers>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <pctVal>-0.00115031266</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
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            <descRefInstrmnt>
              <otherRefInst>
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                <issueTitle>Vanguard Short-Term Treasury ETF</issueTitle>
                <identifiers>
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                  <isin value="US92206C1027"/>
                  <ticker value="VGSH"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="VANGUARD SHORT-TERM TREASURY ETF" floatingRtSpread="0.00000000" pmntAmt="-8920499.70000000">
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
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        <identifiers>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1524.92000000</valUSD>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ISHARES 0-3 MONTH TREASURY BOND ETF" floatingRtSpread="0.00000000" pmntAmt="3934254.76000000">
              <rtResetTenors>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS FINANCIAL SELECT SECTOR SPDR FUND</title>
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        <identifiers>
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        <units>NC</units>
        <curCd>USD</curCd>
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        <derivativeInfo>
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            <descRefInstrmnt>
              <otherRefInst>
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                <identifiers>
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            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
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            <rcptCurCd>USD</rcptCurCd>
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      <invstOrSec>
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        <lei>549300HN4UKV1E2R3U73</lei>
        <title>TRS ISHARES INTERNATIONAL TREASURY BOND ETF</title>
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        <curCd>USD</curCd>
        <valUSD>-144075.41000000</valUSD>
        <pctVal>-0.01845912744</pctVal>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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            <descRefInstrmnt>
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            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ISHARES INTERNATIONAL TREASURY BOND ETF" floatingRtSpread="0.00000000" pmntAmt="8247805.14000000">
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>8247805.14000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-144075.41000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS STATE STREET CONSUMER STAPLES SELECT SECTOR SPDR ETF</title>
        <cusip>000000000</cusip>
        <identifiers>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-93252.49000000</valUSD>
        <pctVal>-0.01194762934</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <derivativeInfo>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street Consumer Staples Select Sector SPDR ETF</issuerName>
                <issueTitle>State Street Consumer Staples Select Sector SPDR ETF</issueTitle>
                <identifiers>
                  <cusip value="81369Y308"/>
                  <isin value="US81369Y3080"/>
                  <ticker value="XLP"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="STATE STREET CONSUMER STAPLES SELECT SECTOR SPDR ETF" floatingRtSpread="0.00000000" pmntAmt="1224716.85000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
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            <otherPmntDesc fixedOrFloating="Other">Performance Leg</otherPmntDesc>
            <terminationDt>2049-12-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1224716.85000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-93252.49000000</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS INVESCO DB AGRICULTURE FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="DBA LMS"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>778.12000000</valUSD>
        <pctVal>0.000099693738</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
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                <issueTitle>Invesco DB Agriculture Fund</issueTitle>
                <identifiers>
                  <cusip value="46140H106"/>
                  <isin value="US46140H1068"/>
                  <ticker value="DBA"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="INVESCO DB AGRICULTURE FUND" floatingRtSpread="0.00000000" pmntAmt="-1170546.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
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            <terminationDt>2049-12-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>45821.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>778.12000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>TRS INVESCO CURRENCYSHARES EURO CURRENCY TRUST</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="FXE SML"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-209973.42000000</valUSD>
        <pctVal>-0.02690206551</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BOFA SECURITIES, INC.</counterpartyName>
              <counterpartyLei>549300HN4UKV1E2R3U73</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>INVESCO CURRENCYSHARES EURO</issuerName>
                <issueTitle>INVESCO CURRENCYSHARES EURO</issueTitle>
                <identifiers>
                  <cusip value="46138K103"/>
                  <isin value="US46138K1034"/>
                  <ticker value="FXE"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="INVESCO CURRENCYSHARES EURO CURRENCY TRUST" floatingRtSpread="0.00000000" pmntAmt="19142836.44490000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Performance Leg</otherPmntDesc>
            <terminationDt>2049-07-02</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>19142836.44490000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-209973.42000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>TRS ISHARES CONVERTIBLE BOND ETF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="ICVT LML"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>80161.63000000</valUSD>
        <pctVal>0.010270411474</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BOFA SECURITIES, INC.</counterpartyName>
              <counterpartyLei>549300HN4UKV1E2R3U73</counterpartyLei>
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            <descRefInstrmnt>
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                <issueTitle>iShares Convertible Bond ETF</issueTitle>
                <identifiers>
                  <cusip value="46435G102"/>
                  <isin value="US46435G1022"/>
                  <ticker value="ICVT"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ISHARES CONVERTIBLE BOND ETF" floatingRtSpread="0.00000000" pmntAmt="-1954953.50000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
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            <terminationDt>2049-07-02</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>19718.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>80161.63000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>TRS XTRACKERS HARVEST CSI 300 CHINA A-SHARES ETF</title>
        <cusip>000000000</cusip>
        <identifiers>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2153.34000000</valUSD>
        <pctVal>0.000275888699</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
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            <descRefInstrmnt>
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                <issueTitle>Xtrackers Harvest CSI 300 China A-Shares ETF</issueTitle>
                <identifiers>
                  <cusip value="233051879"/>
                  <isin value="US2330518794"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="XTRACKERS HARVEST CSI 300 CHINA A-SHARES ETF" floatingRtSpread="0.00000000" pmntAmt="-146083.95000000">
              <rtResetTenors>
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            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>4447.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>2153.34000000</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS ISHARES CONVERTIBLE BOND ETF</title>
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        <identifiers>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>80127.04000000</valUSD>
        <pctVal>0.010265979758</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
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                <issueTitle>iShares Convertible Bond ETF</issueTitle>
                <identifiers>
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                  <isin value="US46435G1022"/>
                  <ticker value="ICVT"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ISHARES CONVERTIBLE BOND ETF" floatingRtSpread="0.00000000" pmntAmt="-1954988.00000000">
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>19718.00000000</notionalAmt>
            <curCd>USD</curCd>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <identifiers>
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        <derivativeInfo>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="XTRACKERS HARVEST CSI 300 CHINA A-SHARES ETF" floatingRtSpread="0.00000000" pmntAmt="-146083.95000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>TRS STATE STREET ENERGY SELECT SECTOR SPDR ETF</title>
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        <identifiers>
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        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ISHARES BROAD USD INVESTMENT GRADE CORPORATE BOND ETF" floatingRtSpread="0.00000000" pmntAmt="-301850.40000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2049-12-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>5816.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-449.43000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS SIMPLIFY MANAGED FUTURES STRATEGY ETF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="CTA LMS"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>18666.72000000</valUSD>
        <pctVal>0.002391604253</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Simplify Managed Futures Strategy ETF</issuerName>
                <issueTitle>Simplify Managed Futures Strategy ETF</issueTitle>
                <identifiers>
                  <cusip value="82889N699"/>
                  <isin value="US82889N6994"/>
                  <ticker value="CTA"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SIMPLIFY MANAGED FUTURES STRATEGY ETF" floatingRtSpread="0.00000000" pmntAmt="-750007.48000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2049-12-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>27489.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>18666.72000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS GLOBAL X MLP &amp; ENERGY INFRASTRUCTURE ETF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="MLPX SMS"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-58823.63000000</valUSD>
        <pctVal>-0.00753655938</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>GLOBAL X MLP &amp; ENERGY INFRASTRUCTURE ETF</issuerName>
                <issueTitle>GLOBAL X MLP &amp; ENERGY INFRASTRUCTURE ETF</issueTitle>
                <identifiers>
                  <cusip value="37954Y293"/>
                  <isin value="US37954Y2937"/>
                  <ticker value="MLPX"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="GLOBAL X MLP &amp; ENERGY INFRASTRUCTURE ETF" floatingRtSpread="0.00000000" pmntAmt="582659.46000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Performance Leg</otherPmntDesc>
            <terminationDt>2049-12-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>582659.46000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-58823.63000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Mortgage-Backed Securities ETF</name>
        <lei>N/A</lei>
        <title>Vanguard Mortgage-Backed Securities ETF</title>
        <cusip>92206C771</cusip>
        <identifiers>
          <isin value="US92206C7719"/>
          <ticker value="VMBS"/>
        </identifiers>
        <balance>308343.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14566123.32000000</valUSD>
        <pctVal>1.866230515565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="10636889.08000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-25</ncom:dateSigned>
      <ncom:nameOfApplicant>New York Life Investments ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Adefolahan Oyefeso</ncom:signature>
      <ncom:signerName>Adefolahan Oyefeso</ncom:signerName>
      <ncom:title>Director and Vice President, IndexIQ</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
