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

      <filer>
        <issuerCredentials>
          <cik>0001655589</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000059501</seriesId>
        <classId>C000194935</classId>
      </seriesClassInfo>

    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Franklin Templeton ETF Trust</regName>
      <regFileNumber>811-23124</regFileNumber>
      <regCik>0001655589</regCik>
      <regLei>549300UHXVPT5S43XV04</regLei>
      <regStreet1>One Franklin Parkway</regStreet1>
      <regCity>San Mateo</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>94403-1906</regZipOrPostalCode>
      <regPhone>650-312-2000</regPhone>
      <seriesName>Franklin FTSE Brazil ETF</seriesName>
      <seriesId>S000059501</seriesId>
      <seriesLei>549300U6ULJL7WUJ6046</seriesLei>
      <repPdEnd>2026-03-31</repPdEnd>
      <repPdDate>2026-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>497286309.20</totAssets>
      <totLiabs>75663.53</totLiabs>
      <netAssets>497210645.67</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>839959.09000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000194935" rtn1="18.13901400" rtn2="6.10622440" rtn3="-1.75150160"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <commodityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </commodityContracts>
          <creditContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </creditContracts>
          <equityContracts>
            <mon1 netRealizedGain="128472.25000000" netUnrealizedAppr="695780.38000000"/>
            <mon2 netRealizedGain="977433.44000000" netUnrealizedAppr="-763859.38000000"/>
            <mon3 netRealizedGain="-120056.31000000" netUnrealizedAppr="-57248.27000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="128472.25000000" netUnrealizedAppr="695780.38000000"/>
              <instrMon2 netRealizedGain="977433.44000000" netUnrealizedAppr="-763859.38000000"/>
              <instrMon3 netRealizedGain="-120056.31000000" netUnrealizedAppr="-57248.27000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </equityContracts>
          <foreignExchgContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </foreignExchgContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </interestRtContracts>
          <otherContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-5.28000000" netUnrealizedAppr="46728834.44000000"/>
        <othMon2 netRealizedGain="4.25000000" netUnrealizedAppr="19229947.21000000"/>
        <othMon3 netRealizedGain="-2232462.32000000" netUnrealizedAppr="-3001246.01000000"/>
      </returnInfo>
      <mon1Flow redemption="9014.24000000" reinvestment="0.00000000" sales="8300979.68000000"/>
      <mon2Flow redemption="0.00000000" reinvestment="0.00000000" sales="102737402.24000000"/>
      <mon3Flow redemption="0.00000000" reinvestment="0.00000000" sales="60474661.02000000"/>



    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Companhia Siderurgica Nacional</name>
        <lei>529900K40TEND42S0T46</lei>
        <title>Companhia Siderurgica Nacional COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRCSNAACNOR6"/>
          <ticker value="CSNA3"/>
          <other otherDesc="SEDOL" value="B019KX8"/>
        </identifiers>
        <balance>611900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>741739.58000000</valUSD>
        <pctVal>0.149180148586</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Embraer S.A.</name>
        <lei>549300EM51WYXFHUY333</lei>
        <title>Embraer S.A. COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BREMBJACNOR1"/>
          <ticker value="EMBJ3"/>
          <other otherDesc="SEDOL" value="BTRD974"/>
        </identifiers>
        <balance>686100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>10110283.51000000</valUSD>
        <pctVal>2.033400450703</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Telefonica Brasil S.A</name>
        <lei>529900MTGG2HSDBIWG79</lei>
        <title>Telefonica Brasil S.A COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRVIVTACNOR0"/>
          <ticker value="VIVT3"/>
          <other otherDesc="SEDOL" value="B6XFBX3"/>
        </identifiers>
        <balance>759600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>5997435.44000000</valUSD>
        <pctVal>1.206216216854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ambev S.A.</name>
        <lei>549300TH5Q6VRP8OT012</lei>
        <title>Ambev S.A. COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRABEVACNOR1"/>
          <ticker value="ABEV3"/>
          <other otherDesc="SEDOL" value="BG7ZWY7"/>
        </identifiers>
        <balance>4388800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>12816897.90000000</valUSD>
        <pctVal>2.577760152888</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Caixa Seguridade Participacoes SA</name>
        <lei>N/A</lei>
        <title>Caixa Seguridade Participacoes SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRCXSEACNOR7"/>
          <ticker value="CXSE3"/>
          <other otherDesc="SEDOL" value="BMDWWN3"/>
        </identifiers>
        <balance>611900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>2150224.53000000</valUSD>
        <pctVal>0.432457460178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Petroleo Brasileiro SA</name>
        <lei>5493000J801JZRCMFE49</lei>
        <title>Petroleo Brasileiro SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRPETRACNOR9"/>
          <ticker value="PETR3"/>
          <other otherDesc="SEDOL" value="2682365"/>
        </identifiers>
        <balance>3704600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>38245288.83000000</valUSD>
        <pctVal>7.691969020185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METALURGICA GERDAU SA</name>
        <lei>N/A</lei>
        <title>Metalurgica Gerdau PRF NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRGOAUACNPR8"/>
          <ticker value="GOAU4"/>
          <other otherDesc="SEDOL" value="2648862"/>
        </identifiers>
        <balance>822900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>1345774.28000000</valUSD>
        <pctVal>0.270664816153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Petroleo Brasileiro SA</name>
        <lei>5493000J801JZRCMFE49</lei>
        <title>Petroleo Brasileiro SA PRF NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRPETRACNPR6"/>
          <ticker value="PETR4"/>
          <other otherDesc="SEDOL" value="2684532"/>
        </identifiers>
        <balance>4545600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>42366233.30000000</valUSD>
        <pctVal>8.520781618203</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Localiza Rent a Car SA</name>
        <lei>984500C442A7E0CD4D11</lei>
        <title>Localiza Rent a Car SA COM NPV 144A/REG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRRENTACNOR4"/>
          <ticker value="RENT3"/>
          <other otherDesc="SEDOL" value="B08K3S0"/>
        </identifiers>
        <balance>892600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>8030400.14000000</valUSD>
        <pctVal>1.615090145380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rumo SA</name>
        <lei>254900TXQFP7CJCGYM66</lei>
        <title>Rumo SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRRAILACNOR9"/>
          <ticker value="RAIL3"/>
          <other otherDesc="SEDOL" value="BYXZ2W5"/>
        </identifiers>
        <balance>1223800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>3808299.58000000</valUSD>
        <pctVal>0.765932832123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMPANHIA SANEAMENTO DE MINAS GERAIS SA (COPASA)</name>
        <lei>N/A</lei>
        <title>Cia Saneamento Minas Gerais COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRCSMGACNOR5"/>
          <ticker value="CSMG3"/>
          <other otherDesc="SEDOL" value="B0YBZJ2"/>
        </identifiers>
        <balance>189900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>2098302.36000000</valUSD>
        <pctVal>0.422014769448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>M. Dias Branco Sa Industria E Comercio De Alimentos, Brazil</name>
        <lei>894500SZMRHGUL2PHQ60</lei>
        <title>M. Dias Branco Sa Industria E Comercio De Alimentos, Brazil COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRMDIAACNOR7"/>
          <ticker value="MDIA3"/>
          <other otherDesc="SEDOL" value="B1FRH89"/>
        </identifiers>
        <balance>105500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>464875.19000000</valUSD>
        <pctVal>0.093496628450</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>B3 S.A. - BRASIL, BOLSA, BALCAO</name>
        <lei>4GTK5S46E6H318LMDS44</lei>
        <title>Ibovespa Futures Contract</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRBMEFIBV3V3"/>
          <ticker value="INDJ26"/>
          <other otherDesc="FIGI" value="BBG01LPWT761"/>
        </identifiers>
        <balance>125.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>-101146.03000000</valUSD>
        <pctVal>-0.02034269195</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>B3 S.A. - BRASIL, BOLSA, BALCAO</counterpartyName>
              <counterpartyLei>4GTK5S46E6H318LMDS44</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>MINI BOVESPA</issuerName>
                <issueTitle>MINI BOVESPA</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <ticker value="IBOV"/>
                  <other otherDesc="INTERNAL" value="IBOV_INDEX_BR"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-04-15</expDate>
            <notionalAmt>4614354.70000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-101146.03000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP</name>
        <lei>254900UOXRZRS2TNWP19</lei>
        <title>Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRSBSPACNOR5"/>
          <ticker value="SBSP3"/>
          <other otherDesc="SEDOL" value="B1YCHL8"/>
        </identifiers>
        <balance>472159.51700000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>14307781.95000000</valUSD>
        <pctVal>2.877609736356</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BB Seguridade Participacoes SA</name>
        <lei>N/A</lei>
        <title>BB Seguridade Participacoes SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRBBSEACNOR5"/>
          <ticker value="BBSE3"/>
          <other otherDesc="SEDOL" value="B9N3SQ0"/>
        </identifiers>
        <balance>633000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>4219636.34000000</valUSD>
        <pctVal>0.848661704399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lojas Renner SA</name>
        <lei>52990032N7OAAM138D78</lei>
        <title>Lojas Renner SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRLRENACNOR1"/>
          <ticker value="LREN3"/>
          <other otherDesc="SEDOL" value="B0CGYD6"/>
        </identifiers>
        <balance>991700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>2841052.10000000</valUSD>
        <pctVal>0.571398083436</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Allos SA</name>
        <lei>N/A</lei>
        <title>Allos SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRALOSACNOR5"/>
          <ticker value="ALOS3"/>
          <other otherDesc="SEDOL" value="BMHVKZ4"/>
        </identifiers>
        <balance>358700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>2084079.32000000</valUSD>
        <pctVal>0.419154203183</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSN Mineracao SA</name>
        <lei>N/A</lei>
        <title>CSN Mineracao SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRCMINACNOR2"/>
          <ticker value="CMIN3"/>
          <other otherDesc="SEDOL" value="BKZ72K9"/>
        </identifiers>
        <balance>422000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>400022.98000000</valUSD>
        <pctVal>0.080453422203</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Companhia Energetica De Minas Gerais SA</name>
        <lei>254900W703PXLDSEM056</lei>
        <title>Companhia Energetica De Minas Gerais SA COM BRL5.00</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRCMIGACNOR6"/>
          <ticker value="CMIG3"/>
          <other otherDesc="SEDOL" value="B1YBRK4"/>
        </identifiers>
        <balance>63300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>203041.97000000</valUSD>
        <pctVal>0.040836207303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brava Energia SA</name>
        <lei>N/A</lei>
        <title>Brava Energia SA COMMON SHS NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRBRAVACNOR3"/>
          <ticker value="BRAV3"/>
          <other otherDesc="SEDOL" value="BQB4358"/>
        </identifiers>
        <balance>400900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>1579201.83000000</valUSD>
        <pctVal>0.317612232109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ITAUSA SA</name>
        <lei>N/A</lei>
        <title>Itausa S.A. PREF SHS NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRITSAACNPR7"/>
          <ticker value="ITSA4"/>
          <other otherDesc="SEDOL" value="2458771"/>
        </identifiers>
        <balance>5886900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>15760178.09000000</valUSD>
        <pctVal>3.169718554348</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENERGISA SA</name>
        <lei>N/A</lei>
        <title>Energisa S.A. UNITS (1 COM &amp; 4 PRF)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRENGICDAM16"/>
          <ticker value="ENGI11"/>
          <other otherDesc="SEDOL" value="B56XQT8"/>
        </identifiers>
        <balance>422000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>4239435.46000000</valUSD>
        <pctVal>0.852643743033</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gerdau SA</name>
        <lei>254900YDV6SEQQPZVG24</lei>
        <title>Gerdau SA PRF NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRGGBRACNPR8"/>
          <ticker value="GGBR4"/>
          <other otherDesc="SEDOL" value="2645517"/>
        </identifiers>
        <balance>1266000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>4606325.22000000</valUSD>
        <pctVal>0.926433345728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Companhia Paranaense de Energia - COPEL</name>
        <lei>2549001AS1I9A71VG663</lei>
        <title>Companhia Paranaense de Energia - COPEL COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRCPLEACNOR8"/>
          <ticker value="CPLE3"/>
          <other otherDesc="SEDOL" value="2192831"/>
        </identifiers>
        <balance>1835700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>5424190.39000000</valUSD>
        <pctVal>1.090924025307</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Natura Cosmeticos S A</name>
        <lei>98450085D7XCFF5A9N75</lei>
        <title>Natura Cosmeticos S A COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRNATUACNOR6"/>
          <ticker value="NATU3"/>
          <other otherDesc="SEDOL" value="B014K55"/>
        </identifiers>
        <balance>886200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>1771738.14000000</valUSD>
        <pctVal>0.356335520051</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GPS Participacoes e Empreendimentos SA</name>
        <lei>N/A</lei>
        <title>GPS Participacoes e Empreendimentos SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRGGPSACNOR9"/>
          <ticker value="GGPS3"/>
          <other otherDesc="SEDOL" value="BLFG6N4"/>
        </identifiers>
        <balance>443100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>1417051.10000000</valUSD>
        <pctVal>0.285000152820</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco BTG Pactual S.A.</name>
        <lei>ZXLTQRYIK6IJH3R0IK66</lei>
        <title>Banco BTG Pactual S.A. UNITS(1COM &amp; 2PRF A) 02/17</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRBPACUNT006"/>
          <ticker value="BPAC11"/>
          <other otherDesc="SEDOL" value="BZBZVC7"/>
        </identifiers>
        <balance>1223800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>13191949.75000000</valUSD>
        <pctVal>2.653191331457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equatorial SA</name>
        <lei>N/A</lei>
        <title>Equatorial SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BREQTLACNOR0"/>
          <ticker value="EQTL3"/>
          <other otherDesc="SEDOL" value="B128R96"/>
        </identifiers>
        <balance>1076100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>8401573.55000000</valUSD>
        <pctVal>1.689741284336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Companhia Energetica De Minas Gerais SA</name>
        <lei>254900W703PXLDSEM056</lei>
        <title>Companhia Energetica De Minas Gerais SA PRF BRL5.00</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRCMIGACNPR3"/>
          <ticker value="CMIG4"/>
          <other otherDesc="SEDOL" value="B1YBRG0"/>
        </identifiers>
        <balance>1624700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>3923336.49000000</valUSD>
        <pctVal>0.789069285657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>B3 S.A. - Brasil, Bolsa, Balcao</name>
        <lei>4GTK5S46E6H318LMDS44</lei>
        <title>B3 S.A. - Brasil, Bolsa, Balcao COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRB3SAACNOR6"/>
          <ticker value="B3SA3"/>
          <other otherDesc="SEDOL" value="BG36ZK1"/>
        </identifiers>
        <balance>5275000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>18586926.34000000</valUSD>
        <pctVal>3.738239818850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Porto Seguro SA</name>
        <lei>N/A</lei>
        <title>Porto Seguro SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRPSSAACNOR7"/>
          <ticker value="PSSA3"/>
          <other otherDesc="SEDOL" value="B0498T7"/>
        </identifiers>
        <balance>180700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>1747844.58000000</valUSD>
        <pctVal>0.351529999452</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Mateus SA</name>
        <lei>2549009L391XCIGEGQ92</lei>
        <title>Grupo Mateus SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRGMATACNOR7"/>
          <ticker value="GMAT3"/>
          <other otherDesc="SEDOL" value="BN7JD67"/>
        </identifiers>
        <balance>506400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>455783.76000000</valUSD>
        <pctVal>0.091668141856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Centrais Elet Bras Sa Eletrobras</name>
        <lei>254900I8KYDELP4B4Z08</lei>
        <title>Centrais Elet Bras Sa Eletrobras COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRAXIAACNOR0"/>
          <ticker value="AXIA3"/>
          <other otherDesc="SEDOL" value="BV9B624"/>
        </identifiers>
        <balance>1160500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>13014080.95000000</valUSD>
        <pctVal>2.617418002477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hypera SA</name>
        <lei>25490092WKPBKTIZX403</lei>
        <title>Hypera SA RECEIPT ORD 02/2026</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRHYPER01OR5"/>
          <ticker value="HYPE9"/>
          <other otherDesc="SEDOL" value="BW1M1H2"/>
        </identifiers>
        <balance>22325.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>103417.64000000</valUSD>
        <pctVal>0.020799562700</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Totvs SA</name>
        <lei>N/A</lei>
        <title>Totvs SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRTOTSACNOR8"/>
          <ticker value="TOTS3"/>
          <other otherDesc="SEDOL" value="B10LQP6"/>
        </identifiers>
        <balance>527500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>3529495.69000000</valUSD>
        <pctVal>0.709859235866</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Localiza Rent a Car SA</name>
        <lei>984500C442A7E0CD4D11</lei>
        <title>Localiza Rent a Car SA PRF NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRRENTACNPR1"/>
          <ticker value="RENT4"/>
          <other otherDesc="SEDOL" value="BSHQ619"/>
        </identifiers>
        <balance>31241.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>270953.36000000</valUSD>
        <pctVal>0.054494681954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Prio SA</name>
        <lei>N/A</lei>
        <title>Prio SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRPRIOACNOR1"/>
          <ticker value="PRIO3"/>
          <other otherDesc="SEDOL" value="BYY0144"/>
        </identifiers>
        <balance>809800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>10267593.14000000</valUSD>
        <pctVal>2.065038878273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tim S A</name>
        <lei>529900QI0CH1DN5ZCS77</lei>
        <title>Tim S A COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRTIMSACNOR5"/>
          <ticker value="TIMS3"/>
          <other otherDesc="SEDOL" value="BN71RB6"/>
        </identifiers>
        <balance>801800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>4216323.02000000</valUSD>
        <pctVal>0.847995322851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vibra Energia SA</name>
        <lei>549300U7VLJ3SYVNY689</lei>
        <title>Vibra Energia SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRVBBRACNOR1"/>
          <ticker value="VBBR3"/>
          <other otherDesc="SEDOL" value="BPBLV81"/>
        </identifiers>
        <balance>1139400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>6899305.43000000</valUSD>
        <pctVal>1.387602113929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco do Brasil SA</name>
        <lei>QE0Q0253K88YAGNPE356</lei>
        <title>Banco do Brasil SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRBBASACNOR3"/>
          <ticker value="BBAS3"/>
          <other otherDesc="SEDOL" value="2328595"/>
        </identifiers>
        <balance>1709100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>7527705.17000000</valUSD>
        <pctVal>1.513987127097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Klabin S.A.</name>
        <lei>254900C8UYA6YUPSDU10</lei>
        <title>Klabin S.A. UNITS (1 COM &amp; 4 PRF)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRKLBNCDAM18"/>
          <ticker value="KLBN11"/>
          <other otherDesc="SEDOL" value="BJ0K6Z9"/>
        </identifiers>
        <balance>886200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>3310978.08000000</valUSD>
        <pctVal>0.665910536878</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ultrapar Participacoes S.A.</name>
        <lei>529900FU4XBXGQMLRE72</lei>
        <title>Ultrapar Participacoes S.A. COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRUGPAACNOR8"/>
          <ticker value="UGPA3"/>
          <other otherDesc="SEDOL" value="B0FHTN1"/>
        </identifiers>
        <balance>717400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>3945600.40000000</valUSD>
        <pctVal>0.793547047787</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Weg SA</name>
        <lei>254900NKQV127YFRO022</lei>
        <title>Weg SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRWEGEACNOR0"/>
          <ticker value="WEGE3"/>
          <other otherDesc="SEDOL" value="2945422"/>
        </identifiers>
        <balance>1486100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>14516791.81000000</valUSD>
        <pctVal>2.919646217638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CPFL Energia SA</name>
        <lei>529900GBWSBDXN8GGM28</lei>
        <title>CPFL Energia SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRCPFEACNOR0"/>
          <ticker value="CPFE3"/>
          <other otherDesc="SEDOL" value="B031NN3"/>
        </identifiers>
        <balance>189900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>1773192.77000000</valUSD>
        <pctVal>0.356628078147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SENDAS DISTRIBUIDORA SA</name>
        <lei>N/A</lei>
        <title>Sendas Distribuidora S.A. COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRASAIACNOR0"/>
          <ticker value="ASAI3"/>
          <other otherDesc="SEDOL" value="BMZ9R04"/>
        </identifiers>
        <balance>1350400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>2451534.77000000</valUSD>
        <pctVal>0.493057578583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alupar Investimento SA</name>
        <lei>N/A</lei>
        <title>Alupar Investimento SA UNITS (1 COM &amp; 2 PRF)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRALUPCDAM15"/>
          <ticker value="ALUP11"/>
          <other otherDesc="SEDOL" value="B8DWT90"/>
        </identifiers>
        <balance>147700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>995047.06000000</valUSD>
        <pctVal>0.200125855845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hypera SA</name>
        <lei>25490092WKPBKTIZX403</lei>
        <title>Hypera SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRHYPEACNOR0"/>
          <ticker value="HYPE3"/>
          <other otherDesc="SEDOL" value="B2QY968"/>
        </identifiers>
        <balance>294175.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>1311462.96000000</valUSD>
        <pctVal>0.263764054816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Motiva Infraestrutura De Mobilidade SA</name>
        <lei>254900H4EUL83CCQ6781</lei>
        <title>Motiva Infraestrutura De Mobilidade SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRMOTVACNOR7"/>
          <ticker value="MOTV3"/>
          <other otherDesc="SEDOL" value="BV8BRB1"/>
        </identifiers>
        <balance>1202700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>3641300.09000000</valUSD>
        <pctVal>0.732345560520</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Neoenergia SA</name>
        <lei>959800B3RXPMGEZ1W429</lei>
        <title>Neoenergia SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRNEOEACNOR3"/>
          <ticker value="NEOE3"/>
          <other otherDesc="SEDOL" value="BF8GMG4"/>
        </identifiers>
        <balance>189900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>1212796.94000000</valUSD>
        <pctVal>0.243920147438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco Santander (Brasil) S.A.</name>
        <lei>549300D1H731B30TSI43</lei>
        <title>Banco Santander (Brasil) S.A. UNITS (1 COM &amp; 1 PRF)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRSANBCDAM13"/>
          <ticker value="SANB11"/>
          <other otherDesc="SEDOL" value="B4V5RY4"/>
        </identifiers>
        <balance>400900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>2352296.75000000</valUSD>
        <pctVal>0.473098629420</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Institutional Fidu</name>
        <lei>549300DHQLI8W1JIXY85</lei>
        <title>Institutional Fidu US GOVT MNY MRKT</title>
        <cusip>457756500</cusip>
        <identifiers>
          <isin value="US4577565009"/>
        </identifiers>
        <balance>239739.46000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>239739.46000000</valUSD>
        <pctVal>0.048216879925</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</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>Vale S.A.</name>
        <lei>254900SMTWBX7RU2SR20</lei>
        <title>Vale S.A. COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRVALEACNOR0"/>
          <ticker value="VALE3"/>
          <other otherDesc="SEDOL" value="2196286"/>
        </identifiers>
        <balance>3587000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>56656183.99000000</valUSD>
        <pctVal>11.39480509586</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Itau Unibanco Holding SA</name>
        <lei>5493002W2IVG62O3ZJ94</lei>
        <title>Itau Unibanco Holding SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRITUBACNOR4"/>
          <ticker value="ITUB3"/>
          <other otherDesc="SEDOL" value="B03DN17"/>
        </identifiers>
        <balance>506400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>4152480.97000000</valUSD>
        <pctVal>0.835155282004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Multiplan Empreendimentos Imobiliarios SA</name>
        <lei>N/A</lei>
        <title>Multiplan Empreendimentos Imobiliarios SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRMULTACNOR5"/>
          <ticker value="MULT3"/>
          <other otherDesc="SEDOL" value="B23DZG0"/>
        </identifiers>
        <balance>316500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>1927989.54000000</valUSD>
        <pctVal>0.387761114286</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eneva SA</name>
        <lei>549300T1AP7HKCABII19</lei>
        <title>Eneva SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRENEVACNOR8"/>
          <ticker value="ENEV3"/>
          <other otherDesc="SEDOL" value="BFWHKM5"/>
        </identifiers>
        <balance>928400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>4362917.30000000</valUSD>
        <pctVal>0.877478657787</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Itau Unibanco Holding SA</name>
        <lei>5493002W2IVG62O3ZJ94</lei>
        <title>Itau Unibanco Holding SA PRF NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRITUBACNPR1"/>
          <ticker value="ITUB4"/>
          <other otherDesc="SEDOL" value="B037HR3"/>
        </identifiers>
        <balance>5464900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>45502896.81000000</valUSD>
        <pctVal>9.151633659951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Companhia De Saneamento Do Parana Sa - Sanepar</name>
        <lei>254900SZW9X2D21A7X94</lei>
        <title>Companhia De Saneamento Do Parana Sa - Sanepar UNITS (1 COM &amp; 4 PRF)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRSAPRCDAM13"/>
          <ticker value="SAPR11"/>
          <other otherDesc="SEDOL" value="BF0WB74"/>
        </identifiers>
        <balance>147700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>1259506.70000000</valUSD>
        <pctVal>0.253314507838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Centrais Elet Bras Sa Eletrobras</name>
        <lei>254900I8KYDELP4B4Z08</lei>
        <title>Centrais Elet Bras Sa Eletrobras PREF C NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRAXIAACNPC9"/>
          <ticker value="AXIA7"/>
          <other otherDesc="SEDOL" value="BVPBRT2"/>
        </identifiers>
        <balance>400900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>4348371.01000000</valUSD>
        <pctVal>0.874553078834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco Bradesco SA</name>
        <lei>549300CTUU1RFXHQJE44</lei>
        <title>Banco Bradesco SA PRF NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRBBDCACNPR8"/>
          <ticker value="BBDC4"/>
          <other otherDesc="SEDOL" value="B00FM53"/>
        </identifiers>
        <balance>5169500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>18977453.82000000</valUSD>
        <pctVal>3.816783487092</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Raia Drogasil SA</name>
        <lei>N/A</lei>
        <title>Raia Drogasil SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRRADLACNOR0"/>
          <ticker value="RADL3"/>
          <other otherDesc="SEDOL" value="B7FQV64"/>
        </identifiers>
        <balance>1308200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>5894722.47000000</valUSD>
        <pctVal>1.185558378794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Centrais Elet Bras Sa Eletrobras</name>
        <lei>254900I8KYDELP4B4Z08</lei>
        <title>Centrais Elet Bras Sa Eletrobras PREF B</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRAXIAACNPB1"/>
          <ticker value="AXIA6"/>
          <other otherDesc="SEDOL" value="BV9B635"/>
        </identifiers>
        <balance>225100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>2766575.32000000</valUSD>
        <pctVal>0.556419164411</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cosan SA</name>
        <lei>549300PGFCX2JMKKLC96</lei>
        <title>Cosan SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRCSANACNOR6"/>
          <ticker value="CSAN3"/>
          <other otherDesc="SEDOL" value="B0P72G5"/>
        </identifiers>
        <balance>1962300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>2021691.90000000</valUSD>
        <pctVal>0.406606720432</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco Bradesco SA</name>
        <lei>549300CTUU1RFXHQJE44</lei>
        <title>Banco Bradesco SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRBBDCACNOR1"/>
          <ticker value="BBDC3"/>
          <other otherDesc="SEDOL" value="B00FM86"/>
        </identifiers>
        <balance>1477000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>4726332.12000000</valUSD>
        <pctVal>0.950569373596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISA ENERGIA BRASIL SA</name>
        <lei>N/A</lei>
        <title>Isa Energia Brasil PREF NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRISAEACNPR9"/>
          <ticker value="ISAE4"/>
          <other otherDesc="SEDOL" value="BSLLXS6"/>
        </identifiers>
        <balance>274300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>1528047.38000000</valUSD>
        <pctVal>0.307323946763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Auren Energia SA</name>
        <lei>N/A</lei>
        <title>Auren Energia SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRAUREACNOR9"/>
          <ticker value="AURE3"/>
          <other otherDesc="SEDOL" value="BMXHJ82"/>
        </identifiers>
        <balance>316500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>723677.94000000</valUSD>
        <pctVal>0.145547555407</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marfrig Global Foods SA</name>
        <lei>391200219USWMOBN3F92</lei>
        <title>Marfrig Global Foods SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRMBRFACNOR1"/>
          <ticker value="MBRF3"/>
          <other otherDesc="SEDOL" value="BV8H6L2"/>
        </identifiers>
        <balance>759600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>3147817.19000000</valUSD>
        <pctVal>0.633095292189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Transmissora Alianca de Energia Eletrica SA</name>
        <lei>N/A</lei>
        <title>Transmissora Alianca de Energia Eletrica SA UNITS(1 COM NPV &amp; 2 PRF NPV)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRTAEECDAM10"/>
          <ticker value="TAEE11"/>
          <other otherDesc="SEDOL" value="B1G8KX7"/>
        </identifiers>
        <balance>220000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>1812005.09000000</valUSD>
        <pctVal>0.364434089611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REDE D'OR SAO LUIZ SA</name>
        <lei>N/A</lei>
        <title>Rede D Or Sao Luiz SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRRDORACNOR8"/>
          <ticker value="RDOR3"/>
          <other otherDesc="SEDOL" value="BNDQ8P6"/>
        </identifiers>
        <balance>949500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>7085861.60000000</valUSD>
        <pctVal>1.425122664148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Suzano S A</name>
        <lei>391200AW174YQSDMGG41</lei>
        <title>Suzano S A COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRSUZBACNOR0"/>
          <ticker value="SUZB3"/>
          <other otherDesc="SEDOL" value="B02GKC7"/>
        </identifiers>
        <balance>675200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>6710688.54000000</valUSD>
        <pctVal>1.349667107581</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Engie Brasil Energia SA</name>
        <lei>52990057Q0EK2Q9YBC07</lei>
        <title>Engie Brasil Energia SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BREGIEACNOR9"/>
          <ticker value="EGIE3"/>
          <other otherDesc="SEDOL" value="BD1WX84"/>
        </identifiers>
        <balance>358700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>2255119.45000000</valUSD>
        <pctVal>0.453554136388</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Smartfit Escola De Ginastica E Danca S.A.</name>
        <lei>254900H3CKKQHXK8BK20</lei>
        <title>Smartfit Escola De Ginastica E Danca S.A. COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRSMFTACNOR1"/>
          <ticker value="SMFT3"/>
          <other otherDesc="SEDOL" value="BF4XNJ9"/>
        </identifiers>
        <balance>527500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.22195000"/>
        <valUSD>1935464.72000000</valUSD>
        <pctVal>0.389264537446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</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>2026-05-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Templeton ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer Controller, US Fund Administration and Oversight</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
