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        <name>Vanguard Long Term Treasury ETF</name>
        <lei>N/A</lei>
        <title>VANGUARD LONG-TERM TREASURY MUTUAL FUND</title>
        <cusip>92206C847</cusip>
        <identifiers>
          <isin value="US92206C8477"/>
        </identifiers>
        <balance>581758.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32101406.44000000</valUSD>
        <pctVal>77.39975157803</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>
    <signature>
      <ncom:dateSigned>2026-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Krane Funds Advisors, LLC</ncom:nameOfApplicant>
      <ncom:signature>Jonathan Krane</ncom:signature>
      <ncom:signerName>Jonathan Krane</ncom:signerName>
      <ncom:title>CEO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
