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        <cusip>453038408</cusip>
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          <isin value="CA4530384086"/>
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        <balance>11324.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>International Paper Co</name>
        <lei>824LMFJDH41EY779Q875</lei>
        <title>International Paper Co</title>
        <cusip>460146103</cusip>
        <identifiers>
          <isin value="US4601461035"/>
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        <balance>25519.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>972273.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JBT Marel Corp</name>
        <lei>5493007CT6ATBZ2L6826</lei>
        <title>JBT Marel Corp</title>
        <cusip>477839104</cusip>
        <identifiers>
          <isin value="US4778391049"/>
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        <balance>7327.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1062415.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Repsol SA</name>
        <lei>BSYCX13Y0NOTV14V9N85</lei>
        <title>Repsol SA</title>
        <cusip>000000000</cusip>
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          <isin value="ES0173516115"/>
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        <balance>58483.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MasTec Inc</name>
        <lei>549300TMDIT8WREDOF45</lei>
        <title>MasTec Inc</title>
        <cusip>576323109</cusip>
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          <isin value="US5763231090"/>
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        <balance>1551.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>645309.06000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <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>Givaudan SA</name>
        <lei>213800SVRMQA1TD91D41</lei>
        <title>Givaudan SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0010645932"/>
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        <balance>293.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.80800000"/>
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        <pctVal>1.362254981579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mosaic Co/The</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
        <title>Mosaic Co/The</title>
        <cusip>61945C103</cusip>
        <identifiers>
          <isin value="US61945C1036"/>
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        <balance>45735.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>969124.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <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>Aluminum Corp of China Ltd</name>
        <lei>529900TKZUWQLIQN6T48</lei>
        <title>Aluminum Corp of China Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE1000001T8"/>
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        <balance>808000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285000"/>
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        <pctVal>0.844213549826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Newmont Corp</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp</title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
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        <balance>25506.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2382260.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nisshin Seifun Group Inc</name>
        <lei>529900N4QFZS1P6PYX29</lei>
        <title>Nisshin Seifun Group Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3676800000"/>
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        <balance>96400.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="162.59500000"/>
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        <pctVal>1.293051365353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nucor Corp</name>
        <lei>549300GGJCRSI2TIEJ46</lei>
        <title>Nucor Corp</title>
        <cusip>670346105</cusip>
        <identifiers>
          <isin value="US6703461052"/>
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        <balance>5910.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1316452.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nutrien Ltd</name>
        <lei>5493002QQ7GD21OWF963</lei>
        <title>Nutrien Ltd</title>
        <cusip>67077M108</cusip>
        <identifiers>
          <isin value="CA67077M1086"/>
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        <balance>52205.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3286304.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Perpetua Resources Corp</name>
        <lei>529900BQBMS383SEPY05</lei>
        <title>Perpetua Resources Corp</title>
        <cusip>714266103</cusip>
        <identifiers>
          <isin value="CA7142661031"/>
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        <balance>35702.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>741173.52000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eni SpA</name>
        <lei>BUCRF72VH5RBN7X3VL35</lei>
        <title>Eni SpA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0003132476"/>
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        <balance>82959.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
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        <pctVal>2.146952259522</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Petroleo Brasileiro SA - Petrobras</name>
        <lei>5493000J801JZRCMFE49</lei>
        <title>Petroleo Brasileiro SA - Petrobras</title>
        <cusip>71654V408</cusip>
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          <isin value="US71654V4086"/>
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        <balance>25327.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>409284.32000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Phillips 66</name>
        <lei>5493005JBO5YSIGK1814</lei>
        <title>Phillips 66</title>
        <cusip>718546104</cusip>
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          <isin value="US7185461040"/>
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        <balance>10002.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1690838.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Rio Tinto PLC</name>
        <lei>213800YOEO5OQ72G2R82</lei>
        <title>Rio Tinto PLC</title>
        <cusip>767204100</cusip>
        <identifiers>
          <isin value="US7672041008"/>
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        <balance>19066.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1809935.38000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Yara International ASA</name>
        <lei>213800WKOUWXWFJ5Z514</lei>
        <title>Yara International ASA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NO0010208051"/>
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        <balance>48385.00000000</balance>
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        <pctVal>2.337791742477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Solv Energy Inc</name>
        <lei>N/A</lei>
        <title>Solv Energy Inc</title>
        <cusip>78475V103</cusip>
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          <isin value="US78475V1035"/>
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        <balance>20873.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>SLB Ltd</name>
        <lei>213800ZUA17OK3QLGM62</lei>
        <title>SLB Ltd</title>
        <cusip>806857108</cusip>
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        <balance>31059.00000000</balance>
        <units>NS</units>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Skeena Resources Ltd</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>Skeena Resources Ltd</title>
        <cusip>83056P715</cusip>
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          <isin value="CA83056P7157"/>
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        <balance>19391.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Smithfield Foods Inc</name>
        <lei>CVTIPZRZJC0JQEZLL598</lei>
        <title>Smithfield Foods Inc</title>
        <cusip>832248207</cusip>
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          <isin value="US8322482071"/>
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        <balance>96958.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2352201.08000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Suncor Energy Inc</name>
        <lei>894500XO86FKXQGPYV71</lei>
        <title>Suncor Energy Inc</title>
        <cusip>867224107</cusip>
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          <isin value="CA8672241079"/>
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        <balance>51950.00000000</balance>
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        <pctVal>3.069964380193</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tamboran Resources Corp</name>
        <lei>529900WBYBEP48BB5133</lei>
        <title>Tamboran Resources Corp</title>
        <cusip>87507T101</cusip>
        <identifiers>
          <isin value="US87507T1016"/>
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        <balance>19214.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>624647.14000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <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>Tyson Foods Inc</name>
        <lei>WD6L6041MNRW1JE49D58</lei>
        <title>Tyson Foods Inc</title>
        <cusip>902494103</cusip>
        <identifiers>
          <isin value="US9024941034"/>
        </identifiers>
        <balance>12461.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>713392.25000000</valUSD>
        <pctVal>0.783618039423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Valero Energy Corp</name>
        <lei>549300XTO5VR8SKV1V74</lei>
        <title>Valero Energy Corp</title>
        <cusip>91913Y100</cusip>
        <identifiers>
          <isin value="US91913Y1001"/>
        </identifiers>
        <balance>6171.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1607175.24000000</valUSD>
        <pctVal>1.765384345818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Venture Global Inc</name>
        <lei>2549007XC91CAB3E0N98</lei>
        <title>Venture Global Inc</title>
        <cusip>92333F101</cusip>
        <identifiers>
          <isin value="US92333F1012"/>
        </identifiers>
        <balance>66458.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>739677.54000000</valUSD>
        <pctVal>0.812490833339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ArcelorMittal SA</name>
        <lei>2EULGUTUI56JI9SAL165</lei>
        <title>ArcelorMittal SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="LU1598757687"/>
        </identifiers>
        <balance>24673.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>1485685.05000000</valUSD>
        <pctVal>1.631934754101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</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</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BTK05J60"/>
        </identifiers>
        <balance>43987.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75389200"/>
        <valUSD>2157072.09000000</valUSD>
        <pctVal>2.369412622663</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mowi ASA</name>
        <lei>549300W1OGQF5LZIH349</lei>
        <title>Mowi ASA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NO0003054108"/>
        </identifiers>
        <balance>122903.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.89850000"/>
        <valUSD>2269704.34000000</valUSD>
        <pctVal>2.493132305518</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TotalEnergies SE</name>
        <lei>529900S21EQ1BO4ESM68</lei>
        <title>TotalEnergies SE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0000120271"/>
        </identifiers>
        <balance>44459.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>3455845.68000000</valUSD>
        <pctVal>3.796036495085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Reliance Industries Ltd</name>
        <lei>5493003UOETFYRONLG31</lei>
        <title>Reliance Industries Ltd</title>
        <cusip>759470107</cusip>
        <identifiers>
          <isin value="US7594701077"/>
        </identifiers>
        <balance>50947.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2822463.80000000</valUSD>
        <pctVal>3.100304985509</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Minerva SA/Brazil</name>
        <lei>391200UHL6YHY0OA1P30</lei>
        <title>Minerva SA/Brazil</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRBEEFACNOR6"/>
        </identifiers>
        <balance>719728.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.16230000"/>
        <valUSD>517248.30000000</valUSD>
        <pctVal>0.568165828463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Glencore PLC</name>
        <lei>2138002658CPO9NBH955</lei>
        <title>Glencore PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JE00B4T3BW64"/>
        </identifiers>
        <balance>408802.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75389200"/>
        <valUSD>2786108.20000000</valUSD>
        <pctVal>3.060370567952</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bakkafrost P/F</name>
        <lei>2138007LH7OP4V112978</lei>
        <title>Bakkafrost P/F</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FO0000000179"/>
        </identifiers>
        <balance>18474.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.89850000"/>
        <valUSD>751016.58000000</valUSD>
        <pctVal>0.824946079795</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shell PLC</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>Shell PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BP6MXD84"/>
        </identifiers>
        <balance>75368.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75389200"/>
        <valUSD>2932175.22000000</valUSD>
        <pctVal>3.220816314085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Minerva SA/Brazil Warrants</name>
        <lei>391200UHL6YHY0OA1P30</lei>
        <title>Minerva SA/Brazil Warrants</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRBEEFN03OR6"/>
        </identifiers>
        <balance>35052.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.16230000"/>
        <valUSD>3462.90000000</valUSD>
        <pctVal>0.003803785236</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Minerva SA</issuerName>
                <issueTitle>Minerva SA</issueTitle>
                <identifiers>
                  <isin value="BRBEEFACNOR6"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>5.17000000</exercisePrice>
            <exercisePriceCurCd>BRL</exercisePriceCurCd>
            <expDt>2028-04-07</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>3462.90000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Weatherford International PLC</name>
        <lei>529900LPBDSCQDJKHQ39</lei>
        <title>Weatherford International PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00BLNN3691"/>
        </identifiers>
        <balance>4866.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>396579.00000000</valUSD>
        <pctVal>0.435617934532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bunge Global SA</name>
        <lei>254900IVXSV9K0B7PO26</lei>
        <title>Bunge Global SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH1300646267"/>
        </identifiers>
        <balance>36970.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3945808.10000000</valUSD>
        <pctVal>4.334230442316</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JBS NV</name>
        <lei>254900JSFON4WL81TW77</lei>
        <title>JBS NV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NL0015002J37"/>
        </identifiers>
        <balance>152312.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1804897.20000000</valUSD>
        <pctVal>1.982569904879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Cohen &amp; Steers ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Albert Laskaj</ncom:signature>
      <ncom:signerName>Albert Laskaj</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
