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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
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          <other otherDesc="Bloomberg Identifier" value="BBG003NFCDP5"/>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
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      <invstOrSec>
        <name>ICE Futures Europe</name>
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          <other otherDesc="Bloomberg Identifier" value="BBG00FJJ0P35"/>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>ICE Futures Europe</counterpartyName>
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                <indexName>ICE Gas Oil Futures</indexName>
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      </invstOrSec>
      <invstOrSec>
        <name>Commodities Exchange Center</name>
        <lei>N/A</lei>
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          <other otherDesc="Bloomberg Identifier" value="BBG0108BF295"/>
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        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Commodities Exchange Center</counterpartyName>
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            <payOffProf>Long</payOffProf>
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      <invstOrSec>
        <name>London Metal Exchange</name>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>London Metal Exchange</counterpartyName>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
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                <indexName>NYMEX Light Sweet Crude Oil Futures</indexName>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
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          <other otherDesc="Bloomberg Identifier" value="BBG00YFT23B4"/>
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            <payOffProf>Long</payOffProf>
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        <name>United States Treasury</name>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
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        <name>Chicago Board of Trade</name>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <cusip>825252885</cusip>
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          <isin value="US8252528851"/>
        </identifiers>
        <balance>48650946.64000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>48650946.64000000</valUSD>
        <pctVal>5.624721428258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commodities Exchange Center</name>
        <lei>N/A</lei>
        <title>GOLD 100 OZ FUTR FEB23</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG00ZS44JZ9"/>
        </identifiers>
        <balance>689.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4738380.32000000</valUSD>
        <pctVal>0.547822214403</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <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>
              <indexBasketInfo>
                <indexName>COMEX Gold 100 Troy Ounces Future</indexName>
                <indexIdentifier>GCG3 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2023-02-24</expDate>
            <notionalAmt>121086799.68000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>4738380.32000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME ZINC FUTURE JAN23</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG00HS2HYD0"/>
        </identifiers>
        <balance>-346.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2279785.64000000</valUSD>
        <pctVal>0.263574709779</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>London Metal Exchange</counterpartyName>
              <counterpartyLei>213800NB8G5VRT1DXC91</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>LME Zinc Futures</indexName>
                <indexIdentifier>LMZM22 COMDTY</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2023-01-16</expDate>
            <notionalAmt>-28145448.14000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>2279785.64000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures U.S., Inc.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>COFFEE 'C' FUTURE MAR23</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG00SY49W93"/>
        </identifiers>
        <balance>259.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>171448.57000000</valUSD>
        <pctVal>0.019821822844</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE Futures U.S., Inc.</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>NYBOT CSC C Coffee Futures</indexName>
                <indexIdentifier>KCH3 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2023-03-21</expDate>
            <notionalAmt>16077563.93000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>171448.57000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796ZL6</cusip>
        <identifiers>
          <isin value="US912796ZL67"/>
        </identifiers>
        <balance>50000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49888124.00000000</valUSD>
        <pctVal>5.767756219725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-24</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796ZH5</cusip>
        <identifiers>
          <isin value="US912796ZH55"/>
        </identifiers>
        <balance>50000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50000000.00000000</valUSD>
        <pctVal>5.780690630625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-03</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796XZ7</cusip>
        <identifiers>
          <isin value="US912796XZ71"/>
        </identifiers>
        <balance>30000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29880469.50000000</valUSD>
        <pctVal>3.454595001546</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-09</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME NICKEL FUTURE MAR23</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG00J7C12B6"/>
        </identifiers>
        <balance>220.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>449636.80000000</valUSD>
        <pctVal>0.051984224738</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>London Metal Exchange</counterpartyName>
              <counterpartyLei>213800NB8G5VRT1DXC91</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>LME Nickel Futures</indexName>
                <indexIdentifier>LNH3 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2023-03-13</expDate>
            <notionalAmt>39209763.20000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>449636.80000000</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>SOYBEAN MEAL FUTR MAR23</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG00YFT2BR9"/>
        </identifiers>
        <balance>704.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>971161.52000000</valUSD>
        <pctVal>0.112279685989</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <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>
              <indexBasketInfo>
                <indexName>CBOT Soybean Meal Futures</indexName>
                <indexIdentifier>SMF3 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2023-03-14</expDate>
            <notionalAmt>32187238.48000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>971161.52000000</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>GASOLINE RBOB FUT MAR23</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG00QXSXT04"/>
        </identifiers>
        <balance>184.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2755185.32000000</valUSD>
        <pctVal>0.318537479299</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <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>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>NYMEX Reformulated Gasoline Blendstock for Oxygen Blending RBOB Futures</indexName>
                <indexIdentifier>XBH3 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2023-02-28</expDate>
            <notionalAmt>16397117.08000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>2755185.32000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796YB9</cusip>
        <identifiers>
          <isin value="US912796YB94"/>
        </identifiers>
        <balance>50000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49658938.00000000</valUSD>
        <pctVal>5.741259152468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-02</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>2024-03-13</ncom:dateSigned>
      <ncom:nameOfApplicant>abrdn ETFs</ncom:nameOfApplicant>
      <ncom:signature>Brian Kordeck</ncom:signature>
      <ncom:signerName>Brian Kordeck</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
