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      <invstOrSec>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ISHARES 0-5 YEAR TIPS BOND ETF" floatingRtSpread="0.00000000" pmntAmt="-2250820.65000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>TRS ISHARES MSCI CHINA ETF</title>
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        <identifiers>
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        <curCd>USD</curCd>
        <valUSD>-16666.97000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
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            <descRefInstrmnt>
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                  <isin value="US46429B6719"/>
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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="-405337.68000000">
              <rtResetTenors>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>7551.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-16666.97000000</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 NATIONAL MUNI BOND ETF</title>
        <cusip>000000000</cusip>
        <identifiers>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-26053.36000000</valUSD>
        <pctVal>-0.00378104993</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
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                  <isin value="US4642884146"/>
                  <ticker value="MUB"/>
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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="-2204156.04000000">
              <rtResetTenors>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>20876.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-26053.36000000</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 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>
        <valUSD>18026.81000000</valUSD>
        <pctVal>0.002616179592</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>549300HN4UKV1E2R3U73</counterpartyLei>
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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="-3434054.29000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>144573.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>18026.81000000</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>TRS ISHARES MSCI CHINA ETF</title>
        <cusip>000000000</cusip>
        <identifiers>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-16742.75000000</valUSD>
        <pctVal>-0.00242982762</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>
                <issuerName>iShares MSCI China ETF</issuerName>
                <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="-405413.19000000">
              <rtResetTenors>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>7551.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-16742.75000000</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 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>-1656.94000000</valUSD>
        <pctVal>-0.00024046698</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
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                  <cusip value="53700T827"/>
                  <isin value="US53700T8273"/>
                  <ticker value="DBMF"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="IMGP DBI MANAGED FUTURES STRATEGY ETF" floatingRtSpread="0.00000000" pmntAmt="-639366.90000000">
              <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>25343.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1656.94000000</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 GLOBAL X US PREFERRED ETF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="PFFD LMS"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-4110.44000000</valUSD>
        <pctVal>-0.00059653645</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>
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                  <isin value="US37954Y6573"/>
                  <ticker value="PFFD"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="GLOBAL X US PREFERRED ETF" floatingRtSpread="0.00000000" pmntAmt="-1858849.60000000">
              <rtResetTenors>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>99376.00000000</notionalAmt>
            <curCd>USD</curCd>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <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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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
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        <derivativeInfo>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ALTSHARES MERGER ARBITRAGE ETF" floatingRtSpread="0.00000000" pmntAmt="-512668.96000000">
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            <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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        <curCd>USD</curCd>
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        <payoffProfile>N/A</payoffProfile>
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        <derivativeInfo>
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      <invstOrSec>
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        <lei>549300HN4UKV1E2R3U73</lei>
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            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ISHARES NATIONAL MUNI BOND ETF" floatingRtSpread="0.00000000" pmntAmt="-2204077.34000000">
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            <curCd>USD</curCd>
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      <invstOrSec>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="FINANCIAL SELECT SECTOR SPDR FUND" floatingRtSpread="0.00000000" pmntAmt="-407571.72000000">
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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>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
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        <identifiers>
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        <pctVal>-0.00602911740</pctVal>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
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                  <isin value="US46429B6552"/>
                  <ticker value="FLOT"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ISHARES FLOATING RATE BOND ETF" floatingRtSpread="0.00000000" pmntAmt="-7006101.65000000">
              <rtResetTenors>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>-41543.69000000</unrealizedAppr>
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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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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
              <otherRefInst>
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                  <isin value="US4642878049"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ISHARES CORE S&amp;P SMALL-CAP ETF" floatingRtSpread="0.00000000" pmntAmt="-1698886.95000000">
              <rtResetTenors>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>-50442.14000000</unrealizedAppr>
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        <securityLending>
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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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        <identifiers>
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        <derivativeInfo>
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            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="MATERIALS SELECT SECTOR SPDR FUND" floatingRtSpread="0.00000000" pmntAmt="-324998.71000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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      <invstOrSec>
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        <assetCat>DE</assetCat>
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        <derivativeInfo>
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      <invstOrSec>
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            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
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      <invstOrSec>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="FINANCIAL SELECT SECTOR SPDR FUND" floatingRtSpread="0.00000000" pmntAmt="-407503.06000000">
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            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
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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>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
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                  <isin value="US46140H1068"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="INVESCO DB AGRICULTURE FUND" floatingRtSpread="0.00000000" pmntAmt="-1144209.60000000">
              <rtResetTenors>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>43440.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>15964.87000000</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>
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        <identifiers>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <pctVal>-0.00088728854</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>
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                <issueTitle>Materials Select Sector SPDR Fund</issueTitle>
                <identifiers>
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                  <isin value="US81369Y1001"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="MATERIALS SELECT SECTOR SPDR FUND" floatingRtSpread="0.00000000" pmntAmt="-325009.44000000">
              <rtResetTenors>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>3816.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-6113.87000000</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>
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        <cusip>000000000</cusip>
        <identifiers>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18388.75000000</valUSD>
        <pctVal>0.002668706914</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
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                <issueTitle>Franklin Senior Loan ETF</issueTitle>
                <identifiers>
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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="-3433707.27000000">
              <rtResetTenors>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>18388.75000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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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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        <identifiers>
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        <balance>1.00000000</balance>
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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
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                  <isin value="US9229086296"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="VANGUARD MID-CAP ETF" floatingRtSpread="0.00000000" pmntAmt="-534432.57000000">
              <rtResetTenors>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>6028.38000000</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 VANGUARD SHORT-TERM TREASURY ETF</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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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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                  <isin value="US92206C1027"/>
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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="-5103642.39000000">
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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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          <isNonCashCollateral>N</isNonCashCollateral>
          <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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        <payoffProfile>N/A</payoffProfile>
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        <invCountry>US</invCountry>
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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <swapFlag>Y</swapFlag>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
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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>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="VANGUARD TAX-EXEMPT BOND INDEX ETF" floatingRtSpread="0.00000000" pmntAmt="-1977979.24000000">
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            <curCd>USD</curCd>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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            <descRefInstrmnt>
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                  <isin value="US0032611040"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ABRDN BLOOMBERG ALL COMMODITY STRATEGY K-1 FREE ETF" floatingRtSpread="0.00000000" pmntAmt="-132489.06000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>TRS INVESCO CURRENCYSHARES EURO CURRENCY TRUST</title>
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        <pctVal>-0.08233220789</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
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        <derivativeInfo>
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            <descRefInstrmnt>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="INVESCO CURRENCYSHARES EURO CURRENCY TRUST" floatingRtSpread="0.00000000" pmntAmt="17544020.19000000">
              <rtResetTenors>
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            <otherPmntDesc fixedOrFloating="Other">Performance Leg</otherPmntDesc>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>-567310.85000000</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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        <derivativeInfo>
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            <descRefInstrmnt>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="VANECK MSCI INTERNATIONAL QUALITY ETF" floatingRtSpread="0.00000000" pmntAmt="-455763.63000000">
              <rtResetTenors>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <curCd>USD</curCd>
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      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
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        <derivativeInfo>
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                  <isin value="US46435G1022"/>
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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="-1669022.82000000">
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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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            <rcptCurCd>USD</rcptCurCd>
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      <invstOrSec>
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        <derivativeInfo>
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            <descRefInstrmnt>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="XTRACKERS HARVEST CSI 300 CHINA A-SHARES ETF" floatingRtSpread="0.00000000" pmntAmt="-168780.40000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>6442.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-3036.72000000</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 ISHARES MSCI USA MOMENTUM FACTOR ETF</title>
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        <identifiers>
          <other otherDesc="INTERNAL" value="MTUM LMS"/>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>41268.17000000</valUSD>
        <pctVal>0.005989131975</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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                  <cusip value="46432F396"/>
                  <isin value="US46432F3964"/>
                  <ticker value="MTUM"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ISHARES MSCI USA MOMENTUM FACTOR ETF" floatingRtSpread="0.00000000" pmntAmt="-1242493.11000000">
              <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>6147.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>41268.17000000</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="MTUM LML"/>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>41268.17000000</valUSD>
        <pctVal>0.005989131975</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>iShares MSCI USA Momentum Factor ETF</issueTitle>
                <identifiers>
                  <cusip value="46432F396"/>
                  <isin value="US46432F3964"/>
                  <ticker value="MTUM"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ISHARES MSCI USA MOMENTUM FACTOR ETF" floatingRtSpread="0.00000000" pmntAmt="-1242493.11000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
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            <terminationDt>2025-07-02</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>6147.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>41268.17000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>TRS ISHARES 0-5 YEAR TIPS BOND ETF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="STIP LML"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-7088.21000000</valUSD>
        <pctVal>-0.00102869172</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>iShares 0-5 Year TIPS Bond ETF</issuerName>
                <issueTitle>iShares 0-5 Year TIPS Bond ETF</issueTitle>
                <identifiers>
                  <cusip value="46429B747"/>
                  <isin value="US46429B7477"/>
                  <ticker value="STIP"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ISHARES 0-5 YEAR TIPS BOND ETF" floatingRtSpread="0.00000000" pmntAmt="-2250776.76000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
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            </floatingPmntDesc>
            <terminationDt>2025-07-02</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>21761.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-7088.21000000</unrealizedAppr>
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        </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 SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="FLRN LMS"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-12355.52000000</valUSD>
        <pctVal>-0.00179312142</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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              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
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                <issueTitle>SPDR Bloomberg Investment Grade Floating Rate ETF</issueTitle>
                <identifiers>
                  <cusip value="78468R200"/>
                  <isin value="US78468R2004"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF" floatingRtSpread="0.00000000" pmntAmt="-2116532.68000000">
              <rtResetTenors>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>68674.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-12355.52000000</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>
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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>-0.00602672716</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
              <otherRefInst>
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                  <isin value="US46090F1003"/>
                  <ticker value="PDBC"/>
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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="-455351.04000000">
              <rtResetTenors>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>33408.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-41527.22000000</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>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
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        <pctVal>0.040919585887</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
              <otherRefInst>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="UNITED STATES NATURAL GAS FUND LP" floatingRtSpread="0.00000000" pmntAmt="1254525.33000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <unrealizedAppr>281956.79000000</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS UNITED STATES NATURAL GAS FUND LP</title>
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        <identifiers>
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        <derivativeInfo>
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            <descRefInstrmnt>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="UNITED STATES NATURAL GAS FUND LP" floatingRtSpread="0.00000000" pmntAmt="1254525.33000000">
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <identifiers>
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                  <isin value="US35473P7693"/>
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      <invstOrSec>
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        <lei>549300HN4UKV1E2R3U73</lei>
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            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ALTSHARES MERGER ARBITRAGE ETF" floatingRtSpread="0.00000000" pmntAmt="-512668.96000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
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        <derivativeInfo>
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              <counterpartyName>BOFA SECURITIES, INC.</counterpartyName>
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            <descRefInstrmnt>
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                  <isin value="US37954Y6573"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="GLOBAL X US PREFERRED ETF" floatingRtSpread="0.00000000" pmntAmt="-1858867.15000000">
              <rtResetTenors>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>-4128.05000000</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>
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        <balance>1.00000000</balance>
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        <valUSD>39423.47000000</valUSD>
        <pctVal>0.005721415918</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BOFA SECURITIES, INC.</counterpartyName>
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            <descRefInstrmnt>
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                <issueTitle>Franklin FTSE India ETF</issueTitle>
                <identifiers>
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                  <isin value="US35473P7693"/>
                  <ticker value="FLIN"/>
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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="-983547.23000000">
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            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>39423.47000000</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS NYLI MERGER ARBITRAGE ETF</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>0.000685836089</pctVal>
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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
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            <descRefInstrmnt>
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                  <isin value="US45409B8000"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="NYLI MERGER ARBITRAGE ETF" floatingRtSpread="0.00000000" pmntAmt="-1390830.70000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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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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        <derivativeInfo>
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                  <isin value="US4642875235"/>
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            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ISHARES SEMICONDUCTOR ETF" floatingRtSpread="0.00000000" pmntAmt="-58777.65000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
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        <lei>549300HN4UKV1E2R3U73</lei>
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      <invstOrSec>
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        <lei>549300HN4UKV1E2R3U73</lei>
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      <invstOrSec>
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        <name>DREYFUS GOVERNMENT CASH MANAGE</name>
        <lei>N/A</lei>
        <title>DREYFUS GOVERNMENT CASH MANAGE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="DGCXX"/>
          <other otherDesc="INTERNAL" value="BYM4G0625"/>
        </identifiers>
        <balance>66584992.76000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>66584992.76000000</valUSD>
        <pctVal>9.663290357478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="66584992.76000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AltShares Merger Arbitrage ETF</name>
        <lei>549300253RKVXL6EB213</lei>
        <title>AltShares Merger Arbitrage ETF</title>
        <cusip>02210T108</cusip>
        <identifiers>
          <isin value="US02210T1088"/>
          <ticker value="ARB"/>
        </identifiers>
        <balance>253441.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7134364.15000000</valUSD>
        <pctVal>1.035389949593</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares Convertible Bond ETF</name>
        <lei>5493009GXGY863LN1X56</lei>
        <title>iShares Convertible Bond ETF</title>
        <cusip>46435G102</cusip>
        <identifiers>
          <isin value="US46435G1022"/>
          <ticker value="ICVT"/>
        </identifiers>
        <balance>278690.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23621764.40000000</valUSD>
        <pctVal>3.428159389847</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="25428.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Short-Term Treasury ETF</name>
        <lei>N/A</lei>
        <title>Vanguard Short-Term Treasury ETF</title>
        <cusip>92206C102</cusip>
        <identifiers>
          <isin value="US92206C1027"/>
          <ticker value="VGSH"/>
        </identifiers>
        <balance>1165354.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>68732578.92000000</valUSD>
        <pctVal>9.974963420304</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>TRS VANGUARD SHORT-TERM INFLATION-PROTECTED SECURITIES ETF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="VTIP LML"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4446.11000000</valUSD>
        <pctVal>0.000645251281</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>Vanguard Short-Term Inflation-Protected Securities ETF</issuerName>
                <issueTitle>Vanguard Short-Term Inflation-Protected Securities ETF</issueTitle>
                <identifiers>
                  <cusip value="922020805"/>
                  <isin value="US9220208055"/>
                  <ticker value="VTIP"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="VANGUARD SHORT-TERM INFLATION-PROTECTED SECURITIES ETF" floatingRtSpread="0.00000000" pmntAmt="-2660271.58000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-07-02</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>53273.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>4446.11000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NYLI Merger Arbitrage ETF</name>
        <lei>549300Q7XHADH3DHV187</lei>
        <title>NYLI Merger Arbitrage ETF</title>
        <cusip>45409B800</cusip>
        <identifiers>
          <isin value="US45409B8000"/>
          <ticker value="MNA"/>
        </identifiers>
        <balance>566092.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19558478.60000000</valUSD>
        <pctVal>2.838466294403</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="203845.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Simplify Managed Futures Strategy ETF</name>
        <lei>549300WB4VYZON2V0562</lei>
        <title>Simplify Managed Futures Strategy ETF</title>
        <cusip>82889N699</cusip>
        <identifiers>
          <isin value="US82889N6994"/>
          <ticker value="CTA"/>
        </identifiers>
        <balance>237088.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6652689.28000000</valUSD>
        <pctVal>0.965485847575</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Xtrackers Harvest CSI 300 China A-Shares ETF</name>
        <lei>549300KGVW9YY7MPVQ67</lei>
        <title>Xtrackers Harvest CSI 300 China A-Shares ETF</title>
        <cusip>233051879</cusip>
        <identifiers>
          <isin value="US2330518794"/>
          <ticker value="ASHR"/>
        </identifiers>
        <balance>90557.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2338181.74000000</valUSD>
        <pctVal>0.339333656513</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="2291395.90000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco DB Agriculture Fund</name>
        <lei>549300CW37D800HX4P40</lei>
        <title>Invesco DB Agriculture Fund</title>
        <cusip>46140H106</cusip>
        <identifiers>
          <isin value="US46140H1068"/>
          <ticker value="DBA"/>
        </identifiers>
        <balance>606448.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16258870.88000000</valUSD>
        <pctVal>2.359603623664</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Mid-Cap ETF</name>
        <lei>N/A</lei>
        <title>Vanguard Mid-Cap ETF</title>
        <cusip>922908629</cusip>
        <identifiers>
          <isin value="US9229086296"/>
          <ticker value="VO"/>
        </identifiers>
        <balance>29576.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7574117.84000000</valUSD>
        <pctVal>1.099210150153</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="4660838.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Short-Term Inflation-Protected Securities ETF</name>
        <lei>N/A</lei>
        <title>Vanguard Short-Term Inflation-Protected Securities ETF</title>
        <cusip>922020805</cusip>
        <identifiers>
          <isin value="US9220208055"/>
          <ticker value="VTIP"/>
        </identifiers>
        <balance>743738.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37343084.98000000</valUSD>
        <pctVal>5.419495565711</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="35147.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF</name>
        <lei>549300FMDZNC0BEIYQ10</lei>
        <title>Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF</title>
        <cusip>46090F100</cusip>
        <identifiers>
          <isin value="US46090F1003"/>
          <ticker value="PDBC"/>
        </identifiers>
        <balance>467648.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5817541.12000000</valUSD>
        <pctVal>0.844283173713</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Global X US Preferred ETF</name>
        <lei>5493002F5H3KM07K2Y09</lei>
        <title>Global X US Preferred ETF</title>
        <cusip>37954Y657</cusip>
        <identifiers>
          <isin value="US37954Y6573"/>
          <ticker value="PFFD"/>
        </identifiers>
        <balance>1387356.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25985177.88000000</valUSD>
        <pctVal>3.771154856924</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares Floating Rate Bond ETF</name>
        <lei>549300G2T0MQ0NCEG317</lei>
        <title>iShares Floating Rate Bond ETF</title>
        <cusip>46429B655</cusip>
        <identifiers>
          <isin value="US46429B6552"/>
          <ticker value="FLOT"/>
        </identifiers>
        <balance>1840077.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>93696720.84000000</valUSD>
        <pctVal>13.59793823638</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iMGP DBi Managed Futures Strategy ETF</name>
        <lei>5493001M6OM3MQRFQ366</lei>
        <title>iMGP DBi Managed Futures Strategy ETF</title>
        <cusip>53700T827</cusip>
        <identifiers>
          <isin value="US53700T8273"/>
          <ticker value="DBMF"/>
        </identifiers>
        <balance>353804.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8937089.04000000</valUSD>
        <pctVal>1.297014278509</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>
          <isLoanByFund>N</isLoanByFund>
        </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>2025-06-23</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>
</edgarSubmission>
