Weekly Channel Summary
The Commodities channel ended the week with $325.05B in total AUM spread across 76 ETFs from 32 issuers. Net flows were negative over five days at -$1,740M, though the channel remains firmly positive over longer horizons with YTD inflows of $8,177M and 1-Year inflows of $16,876M. The weekly pullback was driven largely by a single large redemption in the precious metals space, which has otherwise been a strong gatherer of assets over the trailing year.
This Week’s Performance Leaders and Laggards
Focused – Energy led all categories on the week with a 2.74% gain, extending a remarkable run that has pushed its YTD return to 120.74% and 1-Year return above 109%. Specialty – Carbon Credits also posted a positive week at 1.57%, while Multi-Sector – Broad Market rose a modest 0.37%. On the downside, Focused – Precious Metals was the weakest category, falling 4.21% WTD and now down 9.56% YTD, with Focused – Agriculture also declining 1.77%. Among individual funds, BNO topped the leaderboard with a 5.66% weekly gain, while UNG was the biggest laggard, dropping 10.13%.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Focused – Energy | 2.74% | 10.64% | 20.04% | 24.32% | 120.74% | 109.19% |
| Specialty – Carbon Credits | 1.57% | 3.10% | 0.73% | 12.24% | -1.13% | 1.90% |
| Multi-Sector – Broad Market | 0.37% | 1.64% | 10.21% | 11.45% | 45.28% | 46.80% |
| Specialty – Shipping Freight | -0.16% | 15.29% | 224.84% | 461.74% | 3917.00% | 4542.17% |
| Focused – Industrial Metals | -0.54% | -3.88% | 1.54% | 3.02% | 10.32% | 22.37% |
| Focused – Agriculture | -1.77% | -3.67% | -1.73% | 1.99% | 10.14% | 8.22% |
| Focused – Precious Metals | -4.21% | -7.82% | -1.93% | -16.59% | -9.56% | -1.68% |
Top & Bottom 5 ETFs by Weekly Performance
Energy-linked commodity funds dominated the top of the weekly performance table, with BNO up 5.66%, CCOM up 5.42%, and USO gaining 4.80%, consistent with the strength seen across the Focused – Energy category. On the other end, natural gas exposure via UNG fell 10.13%, and precious metals names PALL and SIVR each declined more than 5%, reflecting broad-based weakness in that segment. This divergence between energy strength and metals softness defined the week’s performance landscape.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| BNO | United States Brent Oil Fund LP | 5.66% |
| CCOM | Simplify Chinese Commodities Strategy No K-1 ETF | 5.42% |
| USO | United States Oil Fund LP | 4.80% |
| USE | USCF Energy Commodity Strategy Absolute Return Fund | 3.52% |
| DBO | Invesco DB Oil Fund | 3.39% |
| Bottom Performers | ||
| UNG | United States Natural Gas Fund LP | -10.13% |
| PALL | abrdn Physical Palladium Shares ETF | -6.10% |
| MWHS | Skylar Electricity Futures ETF | -5.94% |
| SIVR | abrdn Physical Silver Shares ETF | -5.45% |
| SLV | iShares Silver Trust | -5.42% |
Analyzing the Weekly Flows
The channel posted a net outflow of $1,740M for the week, reversing some of its strong longer-term flow trends. Multi-Sector – Broad Market was the only category to gather meaningful inflows, adding $137M for the week and remaining the largest contributor to YTD flows at $7,695M. Focused – Precious Metals accounted for the bulk of the weekly outflow, shedding $1,713M despite still holding a 1-Year inflow figure of $7,307M, while Specialty – Shipping Freight and Focused – Agriculture also saw modest redemptions of $71M each.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Multi-Sector – Broad Market | 29 | $32.11B | $137M | $409M | $2,835M | $7,695M | $8,458M |
| Specialty – Carbon Credits | 3 | $259M | -$1M | -$2M | -$2M | -$35M | -$42M |
| Focused – Energy | 12 | $4.03B | -$7M | -$480M | -$812M | -$270M | -$335M |
| Focused – Industrial Metals | 4 | $1.02B | -$14M | -$59M | -$104M | $279M | $425M |
| Specialty – Shipping Freight | 2 | $190M | -$71M | -$94M | -$18M | -$56M | -$65M |
| Focused – Agriculture | 8 | $2.25B | -$71M | -$169M | $33M | $1,146M | $1,128M |
| Focused – Precious Metals | 18 | $285.19B | -$1,713M | -$442M | $11,842M | -$582M | $7,307M |
Top & Bottom 5 ETFs by 5-Day Flow
GLDM led all funds with $288M of weekly inflows, followed closely by IAUM at $252M, indicating investors rotated within the gold complex rather than exiting it entirely. On the outflow side, GLD dominated with a redemption of $2,297M, far outpacing the next largest outflow from USO, which lost $112M. This pattern suggests a shift from the flagship gold trust toward lower-cost or micro-share alternatives within the same category.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| GLDM | SPDR Gold Minishares Trust of beneficial interest | $288M |
| IAUM | iShares Gold Trust Micro ETF of Benef Interest | $252M |
| BNO | United States Brent Oil Fund LP | $94M |
| HGER | Harbor Commodity All-Weather Strategy ETF | $60M |
| CERY | State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | $46M |
| Outflows | ||
| GLD | SPDR Gold Shares | -$2,297M |
| USO | United States Oil Fund LP | -$112M |
| BWET | Breakwave Tanker Shipping ETF | -$71M |
| DBA | Invesco DB Agriculture Fund | -$29M |
| DBC | Invesco DB Commodity Index Tracking Fund | -$22M |
Issuer League Table Update
SPDR remains the largest issuer by assets with $167.37B and a 51.49% market share, followed by iShares at $99.33B and 30.56% share. iShares was the top gatherer of weekly inflows at $310M, aided by strength in its micro gold product, while Harbor added $60M. SPDR, by contrast, led all issuers in weekly outflows at -$1,964M, driven almost entirely by redemptions from its flagship gold trust, with Amplify and Invesco posting smaller outflows of $71M and $55M respectively.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| SPDR | 3 | $167.37B | 51.49% |
| iShares | 7 | $99.33B | 30.56% |
| aberdeen | 7 | $19.59B | 6.03% |
| Invesco | 9 | $12.65B | 3.89% |
| Harbor | 2 | $4.99B | 1.54% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $310M |
| Harbor | $60M |
| First Trust | $14M |
| Outflows | |
| SPDR | -$1,964M |
| Amplify | -$71M |
| Invesco | -$55M |
For a deeper dive into these trends, access our FREE, in-depth Commodity ETF reports in the right side panel of this page.
Disclosures
This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.
This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.
