Weekly Channel Summary
As of January 23, 2026, the Commodity ETF channel encompasses 70 ETFs across 28 brands, managing a total of $385.50 billion in assets. The channel experienced significant investor interest this past week, gathering $1.48 billion in net new money. This positive momentum contributes to a robust Year-To-Date (YTD) flow total of $4.79 billion, highlighting continued conviction in the commodity space to start the year.
This Week’s Performance Leaders and Laggards
Performance across the commodity landscape was led by Precious Metals and Multi-Sector strategies. Precious Metals categories saw a surge, with individual segments like Platinum and Palladium leading the way. Conversely, Carbon Credits and Shipping Freight (specifically Wet Futures) were the primary laggards for the week, ending in negative territory.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Precious Metals | 9.47% | 17.20% | 38.79% | 68.14% | 21.70% | 115.99% |
| Energy | 6.91% | 5.75% | 2.83% | 1.62% | 7.53% | -9.69% |
| Multi-Sector | 4.17% | 6.76% | 9.18% | 14.44% | 7.89% | 18.68% |
| Industrial Metals | 3.44% | 11.69% | 21.96% | 25.70% | 9.23% | 44.10% |
| Agriculture | 0.66% | -0.30% | -0.61% | -2.66% | 0.43% | -8.15% |
| Shipping Freight | 0.54% | 31.69% | 54.61% | 111.71% | 38.49% | 145.17% |
| Carbon Credits | -2.20% | -1.10% | 5.71% | 19.49% | -0.43% | 13.07% |
Top & Bottom 5 ETFs by Weekly Performance
The single best-performing fund this week was UNG, which posted a remarkable 35.49% return as Natural Gas prices surged. On the other end of the spectrum, USE and BWET were the week’s notable laggards, with returns of -4.95% and -4.89% respectively.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| UNG | United States Natural Gas Fund LP | 35.49% |
| UNL | United States 12 Month Natural Gas Fund LP | 18.53% |
| PLTM | GraniteShares Platinum Trust | 17.56% |
| PPLT | abrdn Physical Platinum Shares ETF | 17.54% |
| PALL | abrdn Physical Palladium Shares ETF | 12.58% |
| Bottom Performers | ||
| USE | USCF Energy Commodity Strategy Absolute Return Fund | -4.95% |
| BWET | Breakwave Tanker Shipping ETF | -4.89% |
| CTWO | COtwo Advisors Physical European Carbon Allowance Trust | -2.46% |
| KEUA | KraneShares European Carbon Allowance Strategy ETF | -2.35% |
| KRBN | KraneShares Global Carbon Strategy ETF | -2.09% |
Analyzing the Weekly Flows
The channel saw total net inflows of $1.478 billion this week. Precious Metals dominated the landscape, attracting $1.525 billion. Multi-Sector and Industrial Metals categories also saw positive interest. However, the Energy category faced substantial headwinds with $354 million in net outflows, largely driven by significant profit-taking in Natural Gas vehicles.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day Flow | YTD Flow |
|---|---|---|---|---|
| Precious Metals | 16 | $362.82B | $1,525M | $3,969M |
| Multi-Sector | 25 | $18.27B | $246M | $644M |
| Industrial Metals | 4 | $0.91B | $67M | $220M |
| Agriculture | 8 | $1.00B | ($1M) | ($10M) |
| Shipping Freight | 2 | $0.04B | ($1M) | ($2M) |
| Carbon Credits | 4 | $0.29B | ($4M) | ($6M) |
| Energy | 11 | $2.16B | ($354M) | ($21M) |
Top & Bottom 5 ETFs by 5-Day Flow
The top individual fund for inflows was GLDM, securing $565 million in new assets. Conversely, UNG saw massive outflows of $420 million, followed by CMDT with $16 million in withdrawals.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| GLDM | SPDR Gold Minishares Trust | $565M |
| IAUM | iShares Gold Trust Micro ETF | $246M |
| IAU | iShares Gold Trust | $237M |
| GLD | SPDR Gold Shares | $175M |
| PPLT | abrdn Physical Platinum Shares ETF | $136M |
| Outflows | ||
| UNG | United States Natural Gas Fund LP | ($420M) |
| CMDT | PIMCO Commodity Strategy Active ETF | ($16M) |
| COMT | iShares GSCI Commodity Dynamic Roll Strategy ETF | ($10M) |
| KRBN | KraneShares Global Carbon Strategy ETF | ($4M) |
| DBA | Invesco DB Agriculture Fund | ($3M) |
Issuer League Table Update
The commodity ETF landscape remains highly concentrated, with SPDR and iShares collectively controlling over 86% of the market share by AUM. SPDR maintained its leadership position this week, gathering the most net inflows at $740 million, driven by its suite of gold ETFs.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | Market Share |
|---|---|---|---|
| SPDR | 3 | $199.28B | 51.69% |
| iShares | 7 | $134.44B | 34.87% |
| aberdeen | 7 | $25.79B | 6.69% |
| Invesco | 9 | $7.73B | 2.01% |
| Goldman Sachs | 1 | $2.90B | 0.75% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| SPDR | $740M |
| iShares | $521M |
| aberdeen | $220M |
| Outflows | |
| US Commodity Funds | ($305M) |
| PIMCO | ($16M) |
| KraneShares | ($4M) |
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. The information provided is based on data obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. All investment strategies involve risk, including the possible loss of principal. Past performance is not indicative of future results.
This analysis was developed by the team at ETF Action, utilizing the ETF Action classification system and proprietary database tools. For further information, visit etfaction.com.
