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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Minmetals New Energy Materials (Hunan) Co.,Ltd.</name>
        <lei>N/A</lei>
        <title>MINMETALS NEW ENERGY MATERIA COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000050S7"/>
        </identifiers>
        <balance>129128.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.95130000"/>
        <valUSD>185203.65000000</valUSD>
        <pctVal>0.424881339415</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Boliden AB</name>
        <lei>21380059QU7IM1ONDJ56</lei>
        <title>BOLIDEN AB COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0020050417"/>
        </identifiers>
        <balance>31894.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.85225000"/>
        <valUSD>2257593.31000000</valUSD>
        <pctVal>5.179213635415</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZHEJIANG HUAYOU COBALT CO., LTD</name>
        <lei>30030099QFLNMEGP7M05</lei>
        <title>ZHEJIANG HUAYOU COBALT CO -A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100001VW3"/>
        </identifiers>
        <balance>159030.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.95130000"/>
        <valUSD>1647196.93000000</valUSD>
        <pctVal>3.778884692066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American Battery Technology Co</name>
        <lei>529900JBJ8D85CDPHQ69</lei>
        <title>AMERICAN BATTERY TECHNOLOGY COMMON STOCK</title>
        <cusip>02451V309</cusip>
        <identifiers>
          <isin value="US02451V3096"/>
        </identifiers>
        <balance>35696.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>144211.84000000</valUSD>
        <pctVal>0.330840778455</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIBANYE STILLWATER LIMITED</name>
        <lei>378900F238434B74D281</lei>
        <title>SIBANYE STILLWATER LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000259701"/>
        </identifiers>
        <balance>391535.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.03750000"/>
        <valUSD>1801244.10000000</valUSD>
        <pctVal>4.132289000905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOUTHERN COPPER CORPORATION</name>
        <lei>2549007U6NAP46Q9TU15</lei>
        <title>SOUTHERN COPPER CORP COMMON STOCK</title>
        <cusip>84265V105</cusip>
        <identifiers>
          <isin value="US84265V1052"/>
        </identifiers>
        <balance>10473.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1993221.36000000</valUSD>
        <pctVal>4.572709885516</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yunnan Chihong Zinc &amp; Germanium Co., Ltd.</name>
        <lei>3003001EM2VD5NJ1WN41</lei>
        <title>YUNNAN CHIHONG ZINC &amp; GERM-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000001HC5"/>
        </identifiers>
        <balance>387800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.95130000"/>
        <valUSD>547839.40000000</valUSD>
        <pctVal>1.256815068475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RIO TINTO PLC</name>
        <lei>213800YOEO5OQ72G2R82</lei>
        <title>RIO TINTO PLC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0007188757"/>
        </identifiers>
        <balance>18354.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72873000"/>
        <valUSD>1697051.75000000</valUSD>
        <pctVal>3.893258154457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEXCEL CORPORATION</name>
        <lei>S6Q7LW43WUBUHXY2QP69</lei>
        <title>HEXCEL CORP COMMON STOCK</title>
        <cusip>428291108</cusip>
        <identifiers>
          <isin value="US4282911084"/>
        </identifiers>
        <balance>11014.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>912069.34000000</valUSD>
        <pctVal>2.092406077413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EVE Energy Co., Ltd.</name>
        <lei>300300FTCIO530XV7T38</lei>
        <title>EVE ENERGY CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000GS4"/>
        </identifiers>
        <balance>110200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.95130000"/>
        <valUSD>1011272.42000000</valUSD>
        <pctVal>2.319990887456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LYNAS RARE EARTHS LIMITED</name>
        <lei>529900SGT9M1FJPXXI35</lei>
        <title>Lynas Rare Earths Limited COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000LYC6"/>
        </identifiers>
        <balance>120387.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42745000"/>
        <valUSD>1256622.86000000</valUSD>
        <pctVal>2.882856811391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AFRICAN RAINBOW MINERALS LIMITED</name>
        <lei>529900L3TPSCK8ZVZ589</lei>
        <title>AFRICAN RAINBOW MINERALS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000054045"/>
        </identifiers>
        <balance>13376.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.03750000"/>
        <valUSD>200104.13000000</valUSD>
        <pctVal>0.459064984826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XIANGTAN ELECTROCHEMICAL SCIENTIFIC CO., LTD</name>
        <lei>655600IY5L2BCPGYJV79</lei>
        <title>XIANGTAN ELECTROCHEMICAL -A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000064"/>
        </identifiers>
        <balance>54500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.95130000"/>
        <valUSD>109842.04000000</valUSD>
        <pctVal>0.251991972508</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nanjing Hanrui Cobalt Co., Ltd.</name>
        <lei>836800JFZ1LQ036Z5873</lei>
        <title>NANJING HANRUI COBALT CO L-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100002PM4"/>
        </identifiers>
        <balance>27800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.95130000"/>
        <valUSD>194763.57000000</valUSD>
        <pctVal>0.446813043322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOKAI CARBON CO.,LTD.</name>
        <lei>5299002HKWA5B57KLT43</lei>
        <title>TOKAI CARBON CO LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3560800009"/>
        </identifiers>
        <balance>26155.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>180911.35000000</valUSD>
        <pctVal>0.415034243134</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MMG Limited</name>
        <lei>529900XB5IQXFMSWEC48</lei>
        <title>MMG LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK1208013172"/>
        </identifiers>
        <balance>548520.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.80970000"/>
        <valUSD>722725.69000000</valUSD>
        <pctVal>1.658027037789</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREEPORT-MCMORAN INC.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>FREEPORT-MCMORAN INC COMMON STOCK</title>
        <cusip>35671D857</cusip>
        <identifiers>
          <isin value="US35671D8570"/>
        </identifiers>
        <balance>25624.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1543333.52000000</valUSD>
        <pctVal>3.540608476899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PLS GROUP LIMITED</name>
        <lei>5299000VV1CZVF5K9C16</lei>
        <title>PLS GROUP LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000PLS0"/>
        </identifiers>
        <balance>429387.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42745000"/>
        <valUSD>1290462.17000000</valUSD>
        <pctVal>2.960488604057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fangda Carbon New Material Co., Ltd.</name>
        <lei>300300O5JPB0SVAI9Q63</lei>
        <title>FANGDA CARBON NEW MATERIAL-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000001CC6"/>
        </identifiers>
        <balance>334100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.95130000"/>
        <valUSD>276361.98000000</valUSD>
        <pctVal>0.634010443238</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Northern Rare Earth (Group) High-Tech Co., Ltd.</name>
        <lei>300300CY5TYMU38UDM49</lei>
        <title>CHINA NORTHERN RARE EARTH -A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000T18"/>
        </identifiers>
        <balance>162500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.95130000"/>
        <valUSD>1206015.42000000</valUSD>
        <pctVal>2.766756740515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JIANGXI BLACK CAT CARBON BLACK INC., LTD</name>
        <lei>300300YOEFU1VEHA8075</lei>
        <title>JIANGXI BLACK CAT CARBON -A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000001NQ3"/>
        </identifiers>
        <balance>55400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.95130000"/>
        <valUSD>80494.30000000</valUSD>
        <pctVal>0.184664427506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Guizhou Zhenhua E-chem Inc</name>
        <lei>N/A</lei>
        <title>GUIZHOU ZHENHUA E-CHEM INC-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000050B3"/>
        </identifiers>
        <balance>38998.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.95130000"/>
        <valUSD>79159.55000000</valUSD>
        <pctVal>0.181602336841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GEM Co., Ltd.</name>
        <lei>300300FYIZ7FGM2QRC06</lei>
        <title>GEM CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000KT4"/>
        </identifiers>
        <balance>625300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.95130000"/>
        <valUSD>805991.40000000</valUSD>
        <pctVal>1.849049441463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XTC New Energy Materials Xiamen Co Ltd</name>
        <lei>N/A</lei>
        <title>XTC NEW ENERGY MATERIALS X-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100004NQ6"/>
        </identifiers>
        <balance>27411.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.95130000"/>
        <valUSD>340306.03000000</valUSD>
        <pctVal>0.780706437684</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANTOFAGASTA PLC</name>
        <lei>213800MY6QVH4FVLD628</lei>
        <title>ANTOFAGASTA PLC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0000456144"/>
        </identifiers>
        <balance>37255.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72873000"/>
        <valUSD>1864973.86000000</valUSD>
        <pctVal>4.278493386129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shenghe Resources Holding Co., Ltd.</name>
        <lei>N/A</lei>
        <title>SHENGHE RESOURCES HOLDINGS-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000001DZ5"/>
        </identifiers>
        <balance>231000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.95130000"/>
        <valUSD>898239.18000000</valUSD>
        <pctVal>2.060677885743</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NICKEL INDUSTRIES LIMITED</name>
        <lei>54930007K0WX53TSIK16</lei>
        <title>NICKEL INDUSTRIES LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000018236"/>
        </identifiers>
        <balance>269052.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42745000"/>
        <valUSD>172463.19000000</valUSD>
        <pctVal>0.395653061735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sinomine Resource Group Co., Ltd.</name>
        <lei>N/A</lei>
        <title>SINOMINE RESOURCE GROUP CO-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100001WV3"/>
        </identifiers>
        <balance>79000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.95130000"/>
        <valUSD>971688.75000000</valUSD>
        <pctVal>2.229180783397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Mexico, S.A.B. de C.V.</name>
        <lei>N/A</lei>
        <title>GRUPO MEXICO SAB DE CV-SER B COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MXP370841019"/>
        </identifiers>
        <balance>157700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.34700000"/>
        <valUSD>1764090.91000000</valUSD>
        <pctVal>4.047054735108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lithium Americas Corp</name>
        <lei>529900Q9ENG7EHHZ5R75</lei>
        <title>LITHIUM AMERICAS CORP COMMON STOCK</title>
        <cusip>53681J103</cusip>
        <identifiers>
          <isin value="CA53681J1030"/>
        </identifiers>
        <balance>27779.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35415000"/>
        <valUSD>135802.52000000</valUSD>
        <pctVal>0.311548701084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sumitomo Metal Mining Co., Ltd.</name>
        <lei>353800CF81IXL9974H84</lei>
        <title>SUMITOMO METAL MINING CO LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3402600005"/>
        </identifiers>
        <balance>31645.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>1920116.69000000</valUSD>
        <pctVal>4.404998233466</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IGO LIMITED</name>
        <lei>2549005DZO8VGXM5QN07</lei>
        <title>IGO LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000IGO4"/>
        </identifiers>
        <balance>81718.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42745000"/>
        <valUSD>476299.53000000</valUSD>
        <pctVal>1.092693271808</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MP MATERIALS CORP</name>
        <lei>89450063PHPS61USMT84</lei>
        <title>MP MATERIALS CORP COMMON STOCK</title>
        <cusip>553368101</cusip>
        <identifiers>
          <isin value="US5533681012"/>
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        <balance>17296.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1016485.92000000</valUSD>
        <pctVal>2.331951336740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANGLO AMERICAN PLC</name>
        <lei>549300S9XF92D1X8ME43</lei>
        <title>ANGLO AMERICAN PLC COMMON STOCK</title>
        <cusip>G0376B104</cusip>
        <identifiers>
          <isin value="GB00BTK05J60"/>
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        <balance>33607.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72873000"/>
        <valUSD>1571674.78000000</valUSD>
        <pctVal>3.605627025451</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northam Platinum Holdings Limited</name>
        <lei>3789009D0712C7101695</lei>
        <title>NORTHAM PLATINUM HOLDINGS LT COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000298253"/>
        </identifiers>
        <balance>52033.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.03750000"/>
        <valUSD>1287401.05000000</valUSD>
        <pctVal>2.953465995347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VALTERRA PLATINUM LIMITED</name>
        <lei>529900RORCZ0E5S5FX81</lei>
        <title>VALTERRA PLATINUM LIMITED COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000013181"/>
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        <balance>20658.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.03750000"/>
        <valUSD>1957921.12000000</valUSD>
        <pctVal>4.491726528801</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Western Mining Co., Ltd.</name>
        <lei>300300QBV4A9N1NDK519</lei>
        <title>WESTERN MINING CO -A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000619"/>
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        <balance>209200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.95130000"/>
        <valUSD>1071385.21000000</valUSD>
        <pctVal>2.457897471539</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Weihai Guangwei Composites Co Ltd</name>
        <lei>6556005NSLA1CR4BUU74</lei>
        <title>WEIHAI GUANGWEI COMPOSITES-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000034T9"/>
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        <balance>112460.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.95130000"/>
        <valUSD>645998.27000000</valUSD>
        <pctVal>1.482004324524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Zhongfu Shenying Carbon Fiber Co Ltd</name>
        <lei>N/A</lei>
        <title>ZHONGFU SHENYING CARBON FI-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000059J7"/>
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        <balance>22732.00000000</balance>
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        <currencyConditional curCd="CNY" exchangeRt="6.95130000"/>
        <valUSD>107392.70000000</valUSD>
        <pctVal>0.246372866946</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALBEMARLE CORPORATION</name>
        <lei>HDBLS2Q6GV1LSKQPBS54</lei>
        <title>ALBEMARLE CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US0126531013"/>
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        <balance>14427.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2461679.01000000</valUSD>
        <pctVal>5.647412861356</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHINA RARE EARTH RESOURCES AND TECHNOLOGY CO., LTD.</name>
        <lei>N/A</lei>
        <title>CHINA RARE EARTH RESOURCES-A COMMON STOCK</title>
        <cusip>Y1521G105</cusip>
        <identifiers>
          <isin value="CNE000000WS2"/>
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        <balance>89600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.95130000"/>
        <valUSD>698878.20000000</valUSD>
        <pctVal>1.603317783987</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IMPALA PLATINUM HOLDINGS LIMITED</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>IMPALA PLATINUM HOLDINGS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000083648"/>
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        <balance>107593.00000000</balance>
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        <currencyConditional curCd="ZAR" exchangeRt="16.03750000"/>
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        <pctVal>4.863540615368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GRAFTECH INTERNATIONAL LTD.</name>
        <lei>549300GY32W00XP57351</lei>
        <title>GRAFTECH INTERNATIONAL LTD COMMON STOCK</title>
        <cusip>384313607</cusip>
        <identifiers>
          <isin value="US3843136074"/>
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        <balance>7209.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>108927.99000000</valUSD>
        <pctVal>0.249895022539</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-01-31</ncom:dateSigned>
      <ncom:nameOfApplicant>GLOBAL X FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Joe Costello</ncom:signature>
      <ncom:signerName>Joe Costello</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
