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                  <cusip value="000000000"/>
                  <ticker value="XBM0 XNYM"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-05-29</expDate>
            <notionalAmt>110712.00</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-168520.3</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMMODITIES EXCHANGE CENTER</name>
        <lei>N/A</lei>
        <title>F/C GOLD 100 OZ FUTR  JUN20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="GCM0"/>
          <other otherDesc="INTERNAL" value="3341TP"/>
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        <balance>4.0000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>40572.44</valUSD>
        <pctVal>0.1706109506</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>COMMODITIES EXCHANGE CENTER</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Other</issuerName>
                <issueTitle>Other</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <ticker value="GCM0 XCEC"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-06-26</expDate>
            <notionalAmt>638640.00</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>40572.44</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES U.S.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>F/C COTTON NO.2 FUTR  JUL20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="CTN0"/>
          <other otherDesc="INTERNAL" value="334716"/>
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        <balance>-10.0000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>17755</valUSD>
        <pctVal>0.0746614556</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE FUTURES U.S.</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>Other</issuerName>
                <issueTitle>Other</issueTitle>
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                  <cusip value="000000000"/>
                  <ticker value="CTN0 IFUS"/>
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              </otherRefInst>
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            <expDate>2020-07-09</expDate>
            <notionalAmt>-254500.00</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>17755</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO BOARD OF TRADE</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>F/C SOYBEAN FUTURE    JUL20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="S"/>
          <other otherDesc="INTERNAL" value="33472G"/>
        </identifiers>
        <balance>20.0000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-511.9</valUSD>
        <pctVal>-0.0021525880</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CHICAGO BOARD OF TRADE</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>Other</issuerName>
                <issueTitle>Other</issueTitle>
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                  <cusip value="000000000"/>
                  <ticker value="S N0 XCBT"/>
                  <other otherDesc="Other" value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-07-14</expDate>
            <notionalAmt>889500.00</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-511.9</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES U.S.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>F/C COFFEE 'C' FUTURE JUL20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="KCN0"/>
          <other otherDesc="INTERNAL" value="33472W"/>
        </identifiers>
        <balance>-12.0000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-199.35</valUSD>
        <pctVal>-0.0008382856</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE FUTURES U.S.</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Other</issuerName>
                <issueTitle>Other</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <ticker value="KCN0 IFUS"/>
                  <other otherDesc="Other" value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-07-21</expDate>
            <notionalAmt>-541575.00</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-199.35</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CME GLOBEX</name>
        <lei>N/A</lei>
        <title>F/C LIVE CATTLE FUTR  JUN20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="LCM0"/>
          <other otherDesc="INTERNAL" value="33472X"/>
        </identifiers>
        <balance>3.0000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-6770.04</valUSD>
        <pctVal>-0.0284686590</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME GLOBEX</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Other</issuerName>
                <issueTitle>Other</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <ticker value="LCM0 XCME"/>
                  <other otherDesc="Other" value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-06-30</expDate>
            <notionalAmt>110490.00</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-6770.04</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES U.S.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>F/C COCOA FUTURE      JUL20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="CCN0"/>
          <other otherDesc="INTERNAL" value="334FBW"/>
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        <balance>16.0000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>7922.95</valUSD>
        <pctVal>0.0333167547</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE FUTURES U.S.</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Other</issuerName>
                <issueTitle>Other</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <ticker value="CCN0 IFUS"/>
                  <other otherDesc="Other" value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-07-16</expDate>
            <notionalAmt>361440.00</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>7922.95</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>F/C LME ZINC FUTURE   JUN20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="LXM0"/>
          <other otherDesc="INTERNAL" value="334Z39"/>
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        <balance>-5.0000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>11600</valUSD>
        <pctVal>0.0487790980</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>LONDON METAL EXCHANGE</counterpartyName>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Other</issuerName>
                <issueTitle>Other</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <ticker value="LXM0 XLME"/>
                  <other otherDesc="Other" value="N/A"/>
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            <expDate>2020-06-15</expDate>
            <notionalAmt>-238093.75</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>11600</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>F/C LME PRI ALUM FUTR JUN20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="LAM20"/>
          <other otherDesc="INTERNAL" value="33585Z"/>
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        <balance>-11.0000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>46250</valUSD>
        <pctVal>0.1944856278</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>LONDON METAL EXCHANGE</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>Other</issuerName>
                <issueTitle>Other</issueTitle>
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                  <cusip value="000000000"/>
                  <ticker value="LAM20XLME"/>
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            <expDate>2020-06-15</expDate>
            <notionalAmt>-418687.50</notionalAmt>
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            <unrealizedAppr>46250</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO BOARD OF TRADE</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>F/C SOYBEAN OIL FUTR  JUL20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="BON0"/>
          <other otherDesc="INTERNAL" value="335K55"/>
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        <balance>-31.0000</balance>
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        <curCd>USD</curCd>
        <valUSD>-21762</valUSD>
        <pctVal>-0.0915112699</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>CHICAGO BOARD OF TRADE</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>Other</issuerName>
                <issueTitle>Other</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <ticker value="BON0 XCBT"/>
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            <expDate>2020-07-14</expDate>
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            <unrealizedAppr>-21762</unrealizedAppr>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>F/C LME NICKEL FUTURE JUN20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="LNM0"/>
          <other otherDesc="INTERNAL" value="335K7B"/>
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        <balance>-4.0000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>LONDON METAL EXCHANGE</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>Other</issuerName>
                <issueTitle>Other</issueTitle>
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                  <cusip value="000000000"/>
                  <ticker value="LNM0 XLME"/>
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            <expDate>2020-06-15</expDate>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES EUROPE</name>
        <lei>549300UF4R84F48NCH34</lei>
        <title>F/C BRENT CRUDE FUTR  JUL20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="CON0"/>
          <other otherDesc="INTERNAL" value="335NH8"/>
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        <balance>9.0000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>ICE FUTURES EUROPE</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>Other</issuerName>
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                  <cusip value="000000000"/>
                  <ticker value="CON0 IFEU"/>
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            <expDate>2020-05-29</expDate>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK MERCANTILE EXCHANGE</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>F/C PLATINUM FUTURE   JUL20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="PLN0"/>
          <other otherDesc="INTERNAL" value="3367BK"/>
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        <curCd>USD</curCd>
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        <pctVal>0.0060721567</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>NEW YORK MERCANTILE EXCHANGE</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>Other</issuerName>
                <issueTitle>Other</issueTitle>
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                  <cusip value="000000000"/>
                  <ticker value="PLN0 XNYM"/>
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            <expDate>2020-07-29</expDate>
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            <unrealizedAppr>1444</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COMMODITIES EXCHANGE CENTER</name>
        <lei>N/A</lei>
        <title>F/C COPPER FUTURE     JUL20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="HGN0"/>
          <other otherDesc="INTERNAL" value="336SNL"/>
        </identifiers>
        <balance>10.0000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>5919.7</valUSD>
        <pctVal>0.0248928988</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>COMMODITIES EXCHANGE CENTER</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Other</issuerName>
                <issueTitle>Other</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <ticker value="HGN0 XCEC"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-07-29</expDate>
            <notionalAmt>558375.00</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>5919.7</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CME GLOBEX</name>
        <lei>N/A</lei>
        <title>F/C CATTLE FEEDER FUT MAY20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="FCK0"/>
          <other otherDesc="INTERNAL" value="336SXM"/>
        </identifiers>
        <balance>-7.0000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-18312.4</valUSD>
        <pctVal>-0.0770053753</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME GLOBEX</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Other</issuerName>
                <issueTitle>Other</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <ticker value="FCK0 XCME"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-05-21</expDate>
            <notionalAmt>-430150.00</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-18312.4</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES EUROPE</name>
        <lei>549300UF4R84F48NCH34</lei>
        <title>F/C BRENT CRUDE FUTR  AUG20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="COQ0"/>
          <other otherDesc="INTERNAL" value="336WCX"/>
        </identifiers>
        <balance>13.0000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-17847.7</valUSD>
        <pctVal>-0.0750512679</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE FUTURES EUROPE</counterpartyName>
              <counterpartyLei>549300UF4R84F48NCH34</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Other</issuerName>
                <issueTitle>Other</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <ticker value="COQ0 IFEU"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-06-30</expDate>
            <notionalAmt>419120.00</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-17847.7</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK MERCANTILE EXCHANGE</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>F/C NY HARB ULSD FUT  JUL20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="HON0"/>
          <other otherDesc="INTERNAL" value="337C2W"/>
        </identifiers>
        <balance>-3.0000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>8920.8</valUSD>
        <pctVal>0.0375128084</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>NEW YORK MERCANTILE EXCHANGE</counterpartyName>
              <counterpartyLei>5493008GFNDTXFPHWI47</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Other</issuerName>
                <issueTitle>Other</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <ticker value="HON0 XNYM"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-06-30</expDate>
            <notionalAmt>-131229.00</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>8920.8</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO BOARD OF TRADE</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>F/C SOYBEAN MEAL FUTR JUL20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="SMN0"/>
          <other otherDesc="INTERNAL" value="337T32"/>
        </identifiers>
        <balance>18.0000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-12439.98</valUSD>
        <pctVal>-0.0523112934</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CHICAGO BOARD OF TRADE</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Other</issuerName>
                <issueTitle>Other</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <ticker value="SMN0 XCBT"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-07-14</expDate>
            <notionalAmt>574020.00</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-12439.98</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMMODITIES EXCHANGE CENTER</name>
        <lei>N/A</lei>
        <title>F/C SILVER FUTURE     JUL20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="SIN0"/>
          <other otherDesc="INTERNAL" value="337V0P"/>
        </identifiers>
        <balance>2.0000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3645</valUSD>
        <pctVal>-0.0153275700</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>COMMODITIES EXCHANGE CENTER</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Other</issuerName>
                <issueTitle>Other</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <ticker value="SIN0 XCEC"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-07-29</expDate>
            <notionalAmt>141910.00</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-3645</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>US T BILL ZCP 04/23/20</title>
        <cusip>912796SM2</cusip>
        <identifiers>
          <isin value="US912796SM24"/>
          <ticker value="B"/>
          <other otherDesc="SEDOL" value="BK1LRD3"/>
        </identifiers>
        <balance>2000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1999973.72</valUSD>
        <pctVal>8.4100787988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-23</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>N/A</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>US T BILL ZCP 06/18/20</title>
        <cusip>912796SV2</cusip>
        <identifiers>
          <isin value="US912796SV23"/>
          <ticker value="B"/>
          <other otherDesc="SEDOL" value="BK6WVP1"/>
        </identifiers>
        <balance>800000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>799856.57</valUSD>
        <pctVal>3.3634725867</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-06-18</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>N/A</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>US T BILL ZCP 04/02/20</title>
        <cusip>912796TM1</cusip>
        <identifiers>
          <isin value="US912796TM15"/>
          <ticker value="B"/>
          <other otherDesc="SEDOL" value="BJN3QF5"/>
        </identifiers>
        <balance>4000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4000001.08</valUSD>
        <pctVal>16.8203831589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-02</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>N/A</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>US T BILL ZCP 04/09/20</title>
        <cusip>912796TQ2</cusip>
        <identifiers>
          <isin value="US912796TQ29"/>
          <ticker value="B"/>
          <other otherDesc="SEDOL" value="BJK6B18"/>
        </identifiers>
        <balance>3000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2999947.32</valUSD>
        <pctVal>12.6150624386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-09</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>N/A</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>US T BILL ZCP 04/16/20</title>
        <cusip>912796TR0</cusip>
        <identifiers>
          <isin value="US912796TR02"/>
          <ticker value="B"/>
          <other otherDesc="SEDOL" value="BKDTS43"/>
        </identifiers>
        <balance>4500000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4499878.14</valUSD>
        <pctVal>18.9224135117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-16</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>N/A</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>US T BILL ZCP 04/16/20</title>
        <cusip>912796TR0</cusip>
        <identifiers>
          <isin value="US912796TR02"/>
          <ticker value="B"/>
          <other otherDesc="SEDOL" value="BKDTS43"/>
        </identifiers>
        <balance>800000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>799978.34</valUSD>
        <pctVal>3.3639846411</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-16</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>N/A</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>US T BILL ZCP 04/30/20</title>
        <cusip>912796TS8</cusip>
        <identifiers>
          <isin value="US912796TS84"/>
          <ticker value="B"/>
          <other otherDesc="SEDOL" value="BKWBFG1"/>
        </identifiers>
        <balance>1000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>999963.55</valUSD>
        <pctVal>4.2049413786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-30</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>N/A</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>US T BILL ZCP 07/09/20</title>
        <cusip>912796WW5</cusip>
        <identifiers>
          <isin value="US912796WW59"/>
          <ticker value="B"/>
          <other otherDesc="SEDOL" value="BL1GL11"/>
        </identifiers>
        <balance>1000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>999817.12</valUSD>
        <pctVal>4.2043256266</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-07-09</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>N/A</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <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>2020-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>First Trust Exchange-Traded Fund VII</ncom:nameOfApplicant>
      <ncom:signature>Donald P. Swade</ncom:signature>
      <ncom:signerName>First Trust Exchange-Traded Fund VII </ncom:signerName>
      <ncom:title>Treasurer, Chief Financial Officer and Chief Accounting Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
