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We present two different diode-pumped passively mode-locked Nd:YVO4 lasers with a repetition rate of 40 GHz. This is the highest repetition rate demonstrated so far with diode-pumped 1-μm solid-state lasers. The first laser design allows short pulses of 2.7-ps duration whereas the second laser design is optimized for high average output power of up to 288 mW. We compare both design approaches and show that there is a tradeoff between output power and pulse duration.