Weekly Channel Summary
The Commodities channel, encompassing 72 ETFs from 28 issuers, holds a total of $307.27 billion in assets under management. The channel experienced significant net outflows of $1.59 billion over the past week, deepening the year-to-date redemptions to $7.90 billion. Despite the recent negative sentiment, the channel has attracted a substantial $27.64 billion in net new assets over the trailing one-year period.
This Week’s Performance Leaders and Laggards
Specialty – Shipping Freight was the standout performer this week, surging by 17.29% and bringing its year-to-date return to an impressive 297.51%. Most other categories saw muted gains, with Precious Metals rising 1.44%. On the other end of the spectrum, Focused – Energy was the weakest category, declining by 1.29% for the week, though it remains up over 40% year-to-date.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Specialty – Shipping Freight | 17.29% | -5.26% | 21.49% | 309.60% | 297.51% | 613.84% |
| Focused – Precious Metals | 1.44% | -9.54% | -12.49% | -6.53% | -5.90% | 27.35% |
| Specialty – Carbon Credits | 0.39% | 1.91% | 13.56% | -4.25% | -2.76% | 12.15% |
| Multi-Sector – Broad Market | 0.34% | -9.75% | -8.01% | 17.91% | 17.96% | 25.32% |
| Focused – Agriculture | 0.07% | -1.89% | -2.15% | 4.96% | 4.96% | 3.93% |
| Focused – Industrial Metals | -0.48% | -8.87% | 5.96% | 5.63% | 5.80% | 19.58% |
| Focused – Energy | -1.29% | -19.93% | -18.93% | 41.53% | 40.99% | 28.92% |
Top & Bottom 5 ETFs by Weekly Performance
The Breakwave Tanker Shipping ETF (BWET) delivered a remarkable 33.24% gain, leading all commodity funds by a wide margin. Precious metals funds also performed well, with iShares Silver Trust (SLV) rising 3.27%. Conversely, natural gas products struggled, as seen with the United States Natural Gas Fund LP (UNG) which fell 2.44%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| BWET | Breakwave Tanker Shipping ETF | 33.24% |
| BDRY | Breakwave Dry Bulk Shipping ETF | 8.87% |
| PALL | abrdn Physical Palladium Shares ETF | 3.95% |
| UX | Roundhill Uranium ETF | 3.55% |
| SLV | iShares Silver Trust | 3.27% |
| Bottom Performers | ||
| UNL | United States 12 Month Natural Gas Fund LP | -2.46% |
| UNG | United States Natural Gas Fund LP | -2.44% |
| BNO | United States Brent Oil Fund LP | -1.59% |
| USO | United States Oil Fund LP | -1.42% |
| DBB | Invesco DB Base Metals Fund | -1.28% |
Analyzing the Weekly Flows
Investors pulled nearly $1.6 billion from the Commodities channel this week, with the vast majority of outflows originating from a single category. Focused – Precious Metals saw redemptions of $1.4 billion, continuing a trend that has seen the category lose $13.65 billion year-to-date. In a notable contrast, Focused – Energy was the only group to attract significant capital, pulling in $134 million in net new assets.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Focused – Energy | 11 | $3.61B | $134M | $462M | $109M | $781M | $809M |
| Specialty – Carbon Credits | 3 | $256M | -$7M | -$12M | -$12M | -$33M | -$46M |
| Specialty – Shipping Freight | 2 | $44M | -$10M | -$17M | -$66M | -$42M | -$101M |
| Focused – Industrial Metals | 4 | $1.09B | -$51M | -$83M | $20M | $387M | $642M |
| Focused – Agriculture | 8 | $2.10B | -$62M | -$502M | -$40M | $1,086M | $1,048M |
| Multi-Sector – Broad Market | 28 | $22.97B | -$193M | -$19M | $404M | $3,574M | $5,175M |
| Focused – Precious Metals | 16 | $277.20B | -$1,399M | -$6,316M | -$8,611M | -$13,648M | $20,117M |
Top & Bottom 5 ETFs by 5-Day Flow
The United States Oil Fund LP (USO) was the week’s most popular fund, attracting $200 million in fresh capital. However, this was overshadowed by massive withdrawals from the two largest gold ETFs. SPDR Gold Shares (GLD) bled $746 million, and the iShares Gold Trust (IAU) saw outflows of $426 million.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| USO | United States Oil Fund LP | $200M |
| HGER | Harbor Commodity All-Weather Strategy ETF | $26M |
| CERY | State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | $21M |
| OUNZ | VanEck Merk Gold ETF | $12M |
| FTGC | First Trust Global Tactical Commodity Strategy Fund | $11M |
| Outflows | ||
| GLD | SPDR Gold Shares | -$746M |
| IAU | iShares Gold Trust | -$426M |
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | -$132M |
| SLV | iShares Silver Trust | -$84M |
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | -$66M |
Issuer League Table Update
SPDR and iShares maintain their dominant positions in the commodities space, collectively controlling over 83% of the channel’s assets. US Commodity Funds led all issuers in weekly inflows, gathering $117 million, primarily driven by its flagship oil fund. Conversely, the market share leaders faced the largest redemptions, with SPDR losing $765 million and iShares shedding $546 million due to outflows from their gold ETFs.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| SPDR | 3 | $160.23B | 52.15% |
| iShares | 7 | $97.74B | 31.81% |
| aberdeen | 7 | $18.25B | 5.94% |
| Invesco | 9 | $9.15B | 2.98% |
| US Commodity Funds | 8 | $4.15B | 1.35% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| US Commodity Funds | $117M |
| Harbor | $26M |
| VanEck | $16M |
| Outflows | |
| SPDR | -$765M |
| iShares | -$546M |
| Invesco | -$226M |
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.
