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        <fairValLevel>2</fairValLevel>
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        <name>APOLLO HOSPITALS ENTERPRISE</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARCA CONTINENTAL SAB DE CV</name>
        <lei>254900U2BSJCQHJCXN24</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARIS MINING CORP</name>
        <lei>5493001GJ5TILX6L1F82</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>ASE TECHNOLOGY HOLDING -ADR</name>
        <lei>300300GO8QHPMV87NZ73</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>ASELSAN ELEKTRONIK SANAYI</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ASPEN PHARMACARE HOLDINGS LT</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>ASTRAL LTD</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>ASUSTEK COMPUTER INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ATOUR LIFESTYLE HOLDINGS-ADR</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>AU SMALL FINANCE BANK LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AVENUE SUPERMARTS LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AXIA ENERGIA SA ADR</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AXIS BANK LTD- GDR REG S GDR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>B3 SA-BRASIL BOLSA BALCAO</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BDO UNIBANK INC</name>
        <lei>3FGIIBS1PEI1FYQBGN97</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BEONE MEDICINES LTD</name>
        <lei>549300JFUK6FRD5MH739</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BHARAT ELECTRONICS LTD</name>
        <lei>335800HS8AOTM9W1F335</lei>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BHARTI AIRTEL LTD</name>
        <lei>335800KQ1FPKOQ84OR26</lei>
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          <isin value="INE397D01024"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>BIM BIRLESIK MAGAZALAR AS</name>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BIZLINK HOLDING INC</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BSE LTD</name>
        <lei>335800UOTLCPTZQVDA19</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BYD COMPANY LTD-H SHS</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CAPITEC BANK HOLDINGS LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CATHAY FINANCIAL HOLDING CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CELLTRION INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CEMEX SAB-SPONS ADR PART CER ADR</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CEZ AS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CGN POWER CO LTD-H SHS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHINA CONSTRUCTION BANK-H SHS</name>
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        <title>CHINA CONSTRUCTION BANK H COMMON STOCK CNY1.0</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CHINA HONGQIAO GROUP LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CHINA INTERNATIONAL CAPITA-H SHS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHINA JUSHI CO LTD -A SHS QFII</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CHINA LIFE INSURANCE CO LTD-H SHS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHINA MENGNIU DAIRY CO</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CHINA MERCHANT BANK-H SHS</name>
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        <fairValLevel>2</fairValLevel>
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        <title>CHINA PACIFIC INSURANCE GR H COMMON STOCK CNY1.0</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHINA RESOURCES BEER (HOLDINGS) CO LTD</name>
        <lei>254900OH02Y7OS7RNG48</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHINA RESOURCES LAND LTD</name>
        <lei>5299001HL0TU7X15HK51</lei>
        <title>CHINA RESOURCES LAND LTD COMMON STOCK HKD.1</title>
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          <isin value="KYG2108Y1052"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHINA RESOURCES MIXC LIFESTY</name>
        <lei>N/A</lei>
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          <isin value="KYG2122G1064"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHINA SHENHUA ENERGY CO-H SHS</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHINA TOWER CORP LTD-H</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHINA YANGTZE POWER CO LTD-A SHS QFII</name>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CHOLAMANDALAM INVEST AND FINAN CO LTD</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>CHUNGHWA TELECOM CO LTD ADR</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CIA SANEAMENTO BASICO DE-ADR</name>
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        <assetCat>EC</assetCat>
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        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>CIMB GROUP HOLDINGS BERHAD</name>
        <lei>549300FYDN5UD7USZW18</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>MY</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CLICKS GROUP LTD</name>
        <lei>378900E967958A677472</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>COAL INDIA</name>
        <lei>335800NLJQZNHM9LBB31</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>COMMERCIAL INTL BANK EG (CIB)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CONTEMPORARY AMPEREX TECHNOLOGY CO - H SHS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COUPANG INC-A</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CP ALL PCL FOREIGN</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CSPC PHARMACEUTICAL GROUP LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>DB INSURANCE CO LTD</name>
        <lei>9884000ZF26VNJBWSJ91</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>DELTA ELECTRONICS INC</name>
        <lei>529900UVZWNWGDLJSM52</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>DIVI S LABORATORIES LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DOOSAN ENERBILITY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DPM METALS INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DR SULAIMAN AL HABIB MEDICAL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>E.SUN FINANCIAL HOLDING CO</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ELITE MATERIAL CO LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EMBRAER SA ADR</name>
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        <fairValLevel>1</fairValLevel>
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        <name>EMIRATES TELECOM GROUP CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ENERGISA SA-UNITS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EQUATORIAL SA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ETIHAD ETISALAT CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EUROBANK SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FIRST ABU DHABI BANK PJSC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GEELY AUTOMOBILE HOLDINGS LT</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>GLENCORE PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>GODREJ CONSUMER PRODUCTS LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GRUPO AEROPORTUARIO DEL PACIFICO-B SHS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GRUPO AEROPORT DEL SURESTE-B</name>
        <lei>5299001W7JIDXCUOUC82</lei>
        <title>GRUPO AEROPORT DEL SURESTE B COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GRUPO CIBEST SA-ADR</name>
        <lei>529900OSSJBGZREZ2C28</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GRUPO FINANCIERO BANORTE SAB D</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>GRUPO MEXICO SAB DE CV-SER B</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>GULF BANK</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>GULF DEVELOPMENT PCL-FOREIGN</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HANA FINANCIAL GROUP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>HANWHA AEROSPACE CO LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HD HYUNDAI ELECTRIC &amp; ENERGY SYSTEM</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HD HYUNDAI HEAVY INDUSTRIES CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HD KOREA SHIPBUILDING &amp; OFFSHORE ENGRNG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HDFC BANK LTD-ADR</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HINDALCO INDUSTRIES LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HINDUSTAN AERONAUTICS LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HINDUSTAN UNILEVER LIMITED</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HOA PHAT GROUP JSC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HON HAI PRECISION-GDR REG S GDR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HONGFA TECHNOLOGY CO LTD-A SHS QFII</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>HUA HONG GRACE SEMICONDUCTOR LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>HYOSUNG HEAVY INDUSTRIES COR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HYUNDAI MOBIS CO LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HYUNDAI MOTOR CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HYUNDAI MOTOR INDIA LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HYUNDAI ROTEM COMPANY</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ICICI BANK LTD-SPON ADR</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>IND &amp; COMM BK OF CHINA-H SHS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>INDIAN HOTELS CO LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>INFOSYS LTD ADR</name>
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        <fairValLevel>1</fairValLevel>
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        <name>INNOVENT BIOLOGICS INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>INTERGLOBE AVIATION LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>INTL CONTAINER TERM SVCS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ITAU UNIBANCO HOLDING SA ADR</name>
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        <fairValLevel>1</fairValLevel>
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        <name>JD HEALTH INTERNATIONAL INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>JD.COM INC-CLASS A</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>JENTECH PRECISION INDUSTRIAL CO LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JIANGSU HENGRUI PHARMACEUT - H SHS</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>KB FINANCIAL GROUP INC ADR</name>
        <lei>529900TKE4MXG3Q6GW86</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>KE HOLDINGS INC-CL A</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>KGI FINANCIAL HOLDING CO LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>KIA CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>KINGBOARD LAMINATES HLDG LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>KOTAK MAHINDRA BANK LTD</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KT&amp;G CORP</name>
        <lei>988400ZJV6ISYBLQX875</lei>
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          <isin value="KR7033780008"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KUNLUN ENERGY COMPANY LTD</name>
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          <isin value="BMG5320C1082"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KUWAIT FINANCE HOUSE</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KWEICHOW MOUTAI CO LTD-A SHS QFII</name>
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          <isin value="CNE0000018R8"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>LARSEN &amp; TB-REGS GDR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LATAM AIRLINES GROUP SA</name>
        <lei>549300HX3UUDPEFTG707</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>LENOVO GROUP LTD</name>
        <lei>254900VUZRGD5U73RE46</lei>
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          <isin value="HK0992009065"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LG CHEM LTD</name>
        <lei>988400IES4EIG7O06940</lei>
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          <isin value="KR7051910008"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LG ELECTRONICS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LG ENERGY SOLUTION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LI AUTO INC-CLASS A</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>LOCALIZA RENT A CAR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LOTES CO LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LS ELECTRIC CO LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LUCKIN COFFEE INC - ADR</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>MAKEMYTRIP LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>MEITUAN-CL B</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>MTN GROUP LTD</name>
        <lei>2549009JD6Q6XHZS5E05</lei>
        <title>MTN GROUP LTD COMMON STOCK ZAR.0001</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Muyuan Foods Group Co Ltd</name>
        <lei>3003006NCTDQW4KZR676</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NASPERS LTD-N SHS</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NATIONAL BANK OF GREECE</name>
        <lei>5UMCZOEYKCVFAW8ZLO05</lei>
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          <isin value="GRS003003035"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NATIONAL BANK OF KUWAIT</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NAURA TECHNOLOGY GROUP CO-A SHS QFII</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NAVER CORP</name>
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        <assetCat>EC</assetCat>
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        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NETEASE INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NEW ORIENTAL EDUCATION &amp; TEC</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NTPC LTD</name>
        <lei>335800Q4TRGJXNLVMB81</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>NU HOLDINGS LTD/CAYMAN ISL-A</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>OIL &amp; NATURAL GAS CORP LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ORLEN SA</name>
        <lei>259400VVMM70CQREJT74</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>OTP BANK PLC</name>
        <lei>529900W3MOO00A18X956</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>PDD HOLDINGS INC-ADR</name>
        <lei>5493000573DS7005T657</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PETROCHINA CO LTD-H SHS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PETROLEO BRASILEIRO-SPON ADR</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>PING AN BANK CO LTD A-SHS QFII</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>PROSUS</name>
        <lei>635400Z5LQ5F9OLVT688</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PTT EXPLORATION &amp; PROD-FOR</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PTT PCL/FOREIGN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PUBLIC BANK BERHAD</name>
        <lei>549300L2RSQCVMOHGM20</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>QATAR NATIONAL BANK</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>QUANTA COMPUTER INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RAIA DROGASIL SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RASAN INFORMATION TECHNOLOGY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>REDE D OR SAO LUIZ SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RELIANCE INDS-SPONS GDR 144A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SABIC AGRI-NUTRIENTS CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SAMSUNG BIOLOGICS CO LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SAMSUNG C&amp;T CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SAMSUNG ELECTRONICS GDR REGS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SAMSUNG ELECTRONICS CO LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SAUDI ARABIAN OIL CO</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>SBI LIFE INSURANCE CO LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SEA LTD ADR</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SG MICRO CORP-H SHS</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WUXI BIOLOGICS CAYMAN INC</name>
        <lei>5493001TD2TH6VDTJU11</lei>
        <title>WUXI BIOLOGICS CAYMAN INC COMMON STOCK USD.00001</title>
        <cusip>TC4UDMCR9</cusip>
        <identifiers>
          <isin value="KYG970081173"/>
        </identifiers>
        <balance>6500.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.842400"/>
        <valUSD>32080.760000</valUSD>
        <pctVal>0.1379623454</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WUXI XDC CAYMAN INC</name>
        <lei>549300BV0TP5RVPBYO24</lei>
        <title>WUXI XDC CAYMAN INC COMMON STOCK USD.00005</title>
        <cusip>TC6S8W7T8</cusip>
        <identifiers>
          <isin value="KYG9808A1058"/>
        </identifiers>
        <balance>4500.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.842400"/>
        <valUSD>29683.540000</valUSD>
        <pctVal>0.1276531728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XIAOMI CORP-B</name>
        <lei>2549001ACVFAZRNMKL32</lei>
        <title>XIAOMI CORP CLASS B COMMON STOCK USD.0000025</title>
        <cusip>TC91CIUB3</cusip>
        <identifiers>
          <isin value="KYG9830T1067"/>
        </identifiers>
        <balance>30800.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.842400"/>
        <valUSD>113020.070000</valUSD>
        <pctVal>0.4860394185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XPENG INC - CLASS A SHARES</name>
        <lei>549300TZNMIREMWQU857</lei>
        <title>XPENG INC   CLASS A SHARES COMMON STOCK USD.00001</title>
        <cusip>TC41GL897</cusip>
        <identifiers>
          <isin value="KYG982AW1003"/>
        </identifiers>
        <balance>2700.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.842400"/>
        <valUSD>17513.000000</valUSD>
        <pctVal>0.0753141308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YAGEO CORPORATION</name>
        <lei>5493001P0TOZH7GGNQ21</lei>
        <title>YAGEO CORPORATION COMMON STOCK TWD2.5</title>
        <cusip>984331991</cusip>
        <identifiers>
          <isin value="TW0002327004"/>
        </identifiers>
        <balance>3000.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.319000"/>
        <valUSD>45153.910000</valUSD>
        <pctVal>0.1941830346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YANGTZE OPTICAL FIBRE AND-H</name>
        <lei>836800VT7MZILX431W47</lei>
        <title>YANGTZE OPTICAL FIBRE AND H COMMON STOCK CNY1.0</title>
        <cusip>TC1XJ5CS5</cusip>
        <identifiers>
          <isin value="CNE100001T72"/>
        </identifiers>
        <balance>1000.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.842400"/>
        <valUSD>12129.610000</valUSD>
        <pctVal>0.0521630237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YANKUANG ENERGY GROUP CO-H SHS</name>
        <lei>3003005N7A6HYZ4Z0K39</lei>
        <title>YANKUANG ENERGY GROUP CO H COMMON STOCK CNY1.0</title>
        <cusip>9847HK995</cusip>
        <identifiers>
          <isin value="CNE1000004Q8"/>
        </identifiers>
        <balance>24000.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.842400"/>
        <valUSD>36532.920000</valUSD>
        <pctVal>0.1571087258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YANTAI JEREH OILFIELD-A SHS QFII</name>
        <lei>300300QPHWK638H2EU20</lei>
        <title>YANTAI JEREH OILFIELD A COMMON STOCK CNY1.0</title>
        <cusip>TC91UE330</cusip>
        <identifiers>
          <isin value="CNE100000L55"/>
        </identifiers>
        <balance>1300.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.752450"/>
        <valUSD>25916.650000</valUSD>
        <pctVal>0.1114537754</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YUANTA FINANCIAL HOLDING CO</name>
        <lei>21380045JG57LJEFFE13</lei>
        <title>YUANTA FINANCIAL HOLDING CO COMMON STOCK TWD10.0</title>
        <cusip>TW6424112</cusip>
        <identifiers>
          <isin value="TW0002885001"/>
        </identifiers>
        <balance>22000.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.319000"/>
        <valUSD>45896.130000</valUSD>
        <pctVal>0.1973749294</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YUM CHINA HOLDINGS INC</name>
        <lei>529900DO9BYZ7VA3K502</lei>
        <title>YUM CHINA HOLDINGS INC COMMON STOCK USD.01</title>
        <cusip>98850P109</cusip>
        <identifiers>
          <isin value="US98850P1093"/>
        </identifiers>
        <balance>900.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.842400"/>
        <valUSD>42646.040000</valUSD>
        <pctVal>0.1833980149</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YUNNAN ALUMINIUM CO LTD-A SHS QFII</name>
        <lei>3003008AXWSVMLG3MX37</lei>
        <title>YUNNAN ALUMINIUM CO LTD A COMMON STOCK CNY1.0</title>
        <cusip>TC7GJJNL9</cusip>
        <identifiers>
          <isin value="CNE000000VG9"/>
        </identifiers>
        <balance>4300.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.752450"/>
        <valUSD>16984.640000</valUSD>
        <pctVal>0.0730419345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZHONGJI INNOLIGHT CO LTD-A SHS QFII</name>
        <lei>655600K7YZDKAI214O83</lei>
        <title>ZHONGJI INNOLIGHT CO LTD A COMMON STOCK CNY1.0</title>
        <cusip>TC4E4CMW5</cusip>
        <identifiers>
          <isin value="CNE100001CY9"/>
        </identifiers>
        <balance>600.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.752450"/>
        <valUSD>79841.080000</valUSD>
        <pctVal>0.3433541679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZIJIN MINING GROUP CO LTD-H SHS</name>
        <lei>836800JRNL2393Z2I561</lei>
        <title>ZIJIN MINING GROUP CO LTD H COMMON STOCK CNY.1</title>
        <cusip>CN6725292</cusip>
        <identifiers>
          <isin value="CNE100000502"/>
        </identifiers>
        <balance>30000.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.842400"/>
        <valUSD>127379.380000</valUSD>
        <pctVal>0.5477912001</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</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>2026-09-02</ncom:dateSigned>
      <ncom:nameOfApplicant>T. Rowe Price Exchange-Traded Funds, Inc.</ncom:nameOfApplicant>
      <ncom:signature>/s/ Alan Dupski</ncom:signature>
      <ncom:signerName>Alan Dupski</ncom:signerName>
      <ncom:title>Treasurer &amp; Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
