Weekly Channel Summary
The Commodities channel, comprising 72 ETFs from 28 issuers, holds a total of $302.51 billion in assets under management. This week, the channel experienced modest net outflows of $155 million. These recent redemptions contribute to a year-to-date outflow total of $8.23 billion, which stands in contrast to the significant $26.51 billion in net inflows gathered over the past year.
This Week’s Performance Leaders and Laggards
Focused – Energy ETFs led all categories with a strong 12.05% weekly gain, extending their impressive year-to-date performance to 64.76%. Broad Market commodity funds also posted a solid 4.13% return for the week. On the other end of the spectrum, Focused – Precious Metals was the worst-performing category, declining by 2.70% and pushing its year-to-date losses to -8.84%.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Focused – Energy | 12.05% | 7.29% | 6.33% | 60.85% | 64.76% | 49.52% |
| Specialty – Shipping Freight | 4.97% | 7.59% | 31.55% | 308.38% | 554.40% | 967.57% |
| Multi-Sector – Broad Market | 4.13% | 4.64% | 2.24% | 22.62% | 27.11% | 33.75% |
| Focused – Agriculture | 1.29% | 4.44% | 4.52% | 10.43% | 10.70% | 10.38% |
| Focused – Industrial Metals | -0.06% | -2.30% | 0.23% | 4.36% | 7.75% | 17.96% |
| Specialty – Carbon Credits | -0.96% | 1.23% | 9.58% | -1.82% | -2.50% | 13.03% |
| Focused – Precious Metals | -2.70% | -6.52% | -19.04% | -15.64% | -8.84% | 22.87% |
Top & Bottom 5 ETFs by Weekly Performance
Energy-focused products dominated the top performers list, led by the United States Brent Oil Fund LP (BNO), which surged 15.54%. Several other oil-linked funds, including the United States Oil Fund LP (USO), also posted gains exceeding 14%. Conversely, silver-backed ETFs saw the largest declines, with the abrdn Physical Silver Shares ETF (SIVR) and the iShares Silver Trust (SLV) both falling nearly 5.9%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| BNO | United States Brent Oil Fund LP | 15.54% |
| USE | USCF Energy Commodity Strategy Absolute Return Fund | 14.76% |
| USO | United States Oil Fund LP | 14.04% |
| DBO | Invesco DB Oil Fund | 13.90% |
| UGA | United States Gasoline Fund LP | 13.03% |
| Bottom Performers | ||
| SIVR | abrdn Physical Silver Shares ETF | -5.89% |
| SLV | iShares Silver Trust | -5.88% |
| GLTR | abrdn Physical Precious Metals Basket Shares ETF | -3.40% |
| UX | Roundhill Uranium ETF | -3.31% |
| DBP | Invesco DB Precious Metals Fund | -3.07% |
Analyzing the Weekly Flows
Commodity ETFs saw net outflows of $155 million for the week, driven primarily by redemptions from Precious Metals funds. The Focused – Precious Metals category shed $188 million, continuing a trend that has seen it lose over $13.9 billion year-to-date. Bucking the trend, Focused – Energy funds attracted the most new capital, pulling in $59 million. Broad Market funds also saw modest outflows of $32 million.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Focused – Energy | 11 | $3.96B | $59M | $71M | $116M | $726M | $807M |
| Focused – Agriculture | 8 | $2.22B | $10M | -$191M | $119M | $1,126M | $1,122M |
| Specialty – Shipping Freight | 2 | $59M | $1M | -$4M | -$31M | -$37M | -$74M |
| Specialty – Carbon Credits | 3 | $258M | -$0M | -$7M | -$11M | -$33M | -$45M |
| Focused – Industrial Metals | 4 | $1.14B | -$4M | -$17M | $48M | $404M | $658M |
| Multi-Sector – Broad Market | 28 | $24.40B | -$32M | -$520M | $872M | $3,497M | $4,794M |
| Focused – Precious Metals | 16 | $270.47B | -$188M | -$2,928M | -$11,957M | -$13,914M | $19,251M |
Top & Bottom 5 ETFs by 5-Day Flow
Despite its poor weekly performance, the iShares Silver Trust (SLV) was the standout inflow leader, attracting $351 million in new assets. In stark contrast, gold ETFs experienced significant redemptions. The SPDR Gold Shares (GLD) led all funds with outflows of $444 million. Its primary competitor, the iShares Gold Trust (IAU), also saw substantial withdrawals, shedding $145 million.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| SLV | iShares Silver Trust | $351M |
| GLDM | SPDR Gold Minishares Trust of beneficial interest | $96M |
| UNG | United States Natural Gas Fund LP | $95M |
| BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | $46M |
| DBA | Invesco DB Agriculture Fund | $23M |
| Outflows | ||
| GLD | SPDR Gold Shares | -$444M |
| IAU | iShares Gold Trust | -$145M |
| CERY | State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | -$81M |
| USO | United States Oil Fund LP | -$48M |
| DBP | Invesco DB Precious Metals Fund | -$23M |
Issuer League Table Update
SPDR and iShares continue to dominate the commodities space, commanding 51.67% and 31.56% of the market share, respectively. This week, their flow stories diverged significantly, reflecting the moves in their flagship gold and silver funds. iShares led all issuers with $208 million in net inflows, largely due to demand for its silver ETF. Conversely, SPDR experienced the largest outflows of any issuer, with investors pulling a net $428 million, driven by redemptions from its primary gold fund.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| SPDR | 3 | $156.31B | 51.67% |
| iShares | 7 | $95.48B | 31.56% |
| aberdeen | 7 | $18.18B | 6.01% |
| Invesco | 9 | $9.62B | 3.18% |
| US Commodity Funds | 8 | $4.51B | 1.49% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $208M |
| US Commodity Funds | $54M |
| aberdeen | $41M |
| Outflows | |
| SPDR | -$428M |
| 3Edge | -$22M |
| VanEck | -$19M |
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.
