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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Royal Bank Of Canada</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                  <ticker value="LXK5"/>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
        <title>Soybean Future</title>
        <cusip>N/A</cusip>
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          <ticker value="S K5"/>
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        <balance>115.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>5834812.50000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Royal Bank Of Canada</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                  <ticker value="S K5"/>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
        <title>KC HRW WHEAT FUT  May25</title>
        <cusip>N/A</cusip>
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          <ticker value="KWK5"/>
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        <balance>64.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1782400.00000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Royal Bank Of Canada</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>KC HRW WHEAT FUT  May25</issuerName>
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                  <ticker value="KWK5"/>
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            <notionalAmt>1782400.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-133062.50000000</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>N/A</lei>
        <title>Soybean Meal Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SMK5"/>
        </identifiers>
        <balance>112.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3278240.00000000</valUSD>
        <pctVal>3.151675879960</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>Royal Bank Of Canada</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SOYBEAN MEAL FUTR May25</issuerName>
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                  <ticker value="SMK5"/>
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            <notionalAmt>3278240.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-122100.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures Europe Commodities</name>
        <lei>N/A</lei>
        <title>Low Su Gasoil G   May25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H6D16Z23"/>
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        <balance>39.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2659800.00000000</valUSD>
        <pctVal>2.557112202132</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>Royal Bank Of Canada</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Low Su Gasoil G   May25</issuerName>
                <issueTitle>Low Su Gasoil G   May25</issueTitle>
                <identifiers>
                  <ticker value="QSK5"/>
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            </descRefInstrmnt>
            <expDate>2025-05-12</expDate>
            <notionalAmt>2659800.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-32825.00000000</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 US Softs</name>
        <lei>N/A</lei>
        <title>Coffee C Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KCK5"/>
        </identifiers>
        <balance>24.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3417750.00000000</valUSD>
        <pctVal>3.285799770222</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>Royal Bank Of Canada</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>COFFEE 'C' FUTURE May25</issuerName>
                <issueTitle>COFFEE 'C' FUTURE May25</issueTitle>
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                  <ticker value="KCK5"/>
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            <expDate>2025-05-19</expDate>
            <notionalAmt>3417750.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-300825.00000000</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>N/A</lei>
        <title>LME NICKEL FUTURE May25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H2472196"/>
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        <balance>27.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2562898.32000000</valUSD>
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        <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>Royal Bank Of Canada</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>LME NICKEL FUTURE May25</issuerName>
                <issueTitle>LME NICKEL FUTURE May25</issueTitle>
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                  <ticker value="LNK5"/>
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            <expDate>2025-05-19</expDate>
            <notionalAmt>2562898.32000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>34847.46000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>NY Harbor ULSD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HOK5"/>
        </identifiers>
        <balance>22.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2106165.60000000</valUSD>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Royal Bank Of Canada</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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                <issuerName>NY Harb ULSD Fut  May25</issuerName>
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                  <ticker value="HOK5"/>
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        <securityLending>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H2474689"/>
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        <balance>32.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2279040.00000000</valUSD>
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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>Royal Bank Of Canada</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>LME ZINC FUTURE   May25</issuerName>
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                  <ticker value="LXK5"/>
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        <securityLending>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>LIVE CATTLE FUTR  Jun25</title>
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        <identifiers>
          <ticker value="LCM5"/>
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        <balance>44.00000000</balance>
        <units>NC</units>
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        <assetCat>DCO</assetCat>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Royal Bank Of Canada</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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                <issuerName>LIVE CATTLE FUTR  Jun25</issuerName>
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                  <ticker value="LCM5"/>
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        <securityLending>
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      <invstOrSec>
        <name>Commodity Exchange, Inc.</name>
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          <ticker value="SIK5"/>
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        <balance>28.00000000</balance>
        <units>NC</units>
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        <assetCat>DCO</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Royal Bank Of Canada</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>SILVER FUTURE     May25</issuerName>
                <issueTitle>SILVER FUTURE     May25</issueTitle>
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                  <ticker value="SIK5"/>
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            <expDate>2025-05-28</expDate>
            <notionalAmt>4845540.00000000</notionalAmt>
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            <unrealizedAppr>250080.00000000</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
        <title>Corn Future</title>
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          <ticker value="C K5"/>
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        <balance>237.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Royal Bank Of Canada</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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                <issuerName>CORN FUTURE       May25</issuerName>
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                  <ticker value="C K5"/>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>LEAN HOGS FUTURE  Jun25</title>
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        <identifiers>
          <ticker value="LHM5"/>
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        <balance>53.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2019830.00000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Royal Bank Of Canada</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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                <issuerName>LEAN HOGS FUTURE  Jun25</issuerName>
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            <unrealizedAppr>-58680.00000000</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
        <title>Wheat Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="W K5"/>
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        <balance>100.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2685000.00000000</valUSD>
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        <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>Royal Bank Of Canada</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>WHEAT FUTURE(CBT) May25</issuerName>
                <issueTitle>WHEAT FUTURE(CBT) May25</issueTitle>
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                  <ticker value="W K5"/>
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            </descRefInstrmnt>
            <expDate>2025-05-14</expDate>
            <notionalAmt>2685000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-234824.30000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commodity Exchange, Inc.</name>
        <lei>N/A</lei>
        <title>Copper Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HGK5"/>
        </identifiers>
        <balance>49.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>6166650.00000000</valUSD>
        <pctVal>5.928572058530</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>Royal Bank Of Canada</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>COPPER FUTURE     May25</issuerName>
                <issueTitle>COPPER FUTURE     May25</issueTitle>
                <identifiers>
                  <ticker value="HGK5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-05-28</expDate>
            <notionalAmt>6166650.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>390800.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME NICKEL FUTURE May25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H2472196"/>
        </identifiers>
        <balance>-2.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-189844.32000000</valUSD>
        <pctVal>-0.18251493615</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>Royal Bank Of Canada</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LME NICKEL FUTURE May25</issuerName>
                <issueTitle>LME NICKEL FUTURE May25</issueTitle>
                <identifiers>
                  <ticker value="LNK5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-05-19</expDate>
            <notionalAmt>-189844.32000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>4802.52000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>NATURAL GAS FUTR  May25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NGK25"/>
        </identifiers>
        <balance>247.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>10173930.00000000</valUSD>
        <pctVal>9.781141644725</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>Royal Bank Of Canada</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>NATURAL GAS FUTR  May25</issuerName>
                <issueTitle>NATURAL GAS FUTR  May25</issueTitle>
                <identifiers>
                  <ticker value="NGK25"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-04-28</expDate>
            <notionalAmt>10173930.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1010440.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME PRI ALUM FUTR May25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00FVN1B219"/>
        </identifiers>
        <balance>68.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4300014.00000000</valUSD>
        <pctVal>4.134001905684</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>Royal Bank Of Canada</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LME PRI ALUM FUTR May25</issuerName>
                <issueTitle>LME PRI ALUM FUTR May25</issueTitle>
                <identifiers>
                  <ticker value="LAK25"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-05-19</expDate>
            <notionalAmt>4300014.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-177659.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commodity Exchange, Inc.</name>
        <lei>N/A</lei>
        <title>Gold 100 Oz Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GCM5"/>
        </identifiers>
        <balance>52.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>16381560.00000000</valUSD>
        <pctVal>15.74911157454</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>Royal Bank Of Canada</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>GOLD 100 OZ FUTR  Jun25</issuerName>
                <issueTitle>GOLD 100 OZ FUTR  Jun25</issueTitle>
                <identifiers>
                  <ticker value="GCM5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-06-26</expDate>
            <notionalAmt>16381560.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>969360.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME LEAD FUTURE   May25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H2472R53"/>
        </identifiers>
        <balance>19.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>951919.00000000</valUSD>
        <pctVal>0.915167941327</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>Royal Bank Of Canada</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LME LEAD FUTURE   May25</issuerName>
                <issueTitle>LME LEAD FUTURE   May25</issueTitle>
                <identifiers>
                  <ticker value="LLK5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-05-19</expDate>
            <notionalAmt>951919.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>4304.75000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Treasury Bill</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797PS0</cusip>
        <identifiers>
          <isin value="US912797PS04"/>
        </identifiers>
        <balance>30000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29732745.90000000</valUSD>
        <pctVal>28.58484372651</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-17</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>
    <signature>
      <ncom:dateSigned>2025-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>GraniteShares ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>William Rhind</ncom:signature>
      <ncom:signerName>William Rhind</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
