Weekly Channel Summary
The Commodities channel, comprising 72 ETFs from 28 issuers, holds $306.43 billion in total assets. This week, the channel experienced significant net outflows of $2.95 billion, deepening year-to-date redemptions to $6.31 billion. This recent exit contrasts sharply with the channel’s performance over the past year, during which it has accumulated $29.13 billion in net new assets.
This Week’s Performance Leaders and Laggards
Agriculture-focused funds were a bright spot in a broadly negative week for commodity performance, gaining 0.55% and leading all categories. On the other end of the spectrum, Specialty – Shipping Freight funds plunged by 15.88%, giving back a small portion of their substantial year-to-date gains. Precious Metals also saw a significant decline, falling 5.49% for the week, contributing to the channel’s overall negative performance.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Focused – Agriculture | 0.55% | -3.76% | -1.65% | 4.43% | 5.46% | 4.33% |
| Specialty – Carbon Credits | 0.31% | 5.30% | 13.42% | -2.16% | -2.69% | 12.34% |
| Multi-Sector – Broad Market | -2.05% | -10.03% | -3.41% | 17.11% | 18.71% | 28.11% |
| Focused – Energy | -3.82% | -17.66% | -5.24% | 44.37% | 46.48% | 37.52% |
| Focused – Industrial Metals | -4.78% | -5.74% | 7.67% | 7.85% | 5.47% | 23.49% |
| Focused – Precious Metals | -5.49% | -12.34% | -12.33% | -11.63% | -8.39% | 25.05% |
| Specialty – Shipping Freight | -15.88% | -11.94% | 36.24% | 345.06% | 366.78% | 710.33% |
Top & Bottom 5 ETFs by Weekly Performance
The Teucrium Soybean Fund (SOYB) led all individual funds with a 1.19% weekly gain, followed closely by other agriculture-focused products. Conversely, the Breakwave Tanker Shipping ETF (BWET) posted the steepest decline, falling 29.23%. Silver funds also suffered heavy losses, with the iShares Silver Trust (SLV) and abrdn Physical Silver Shares ETF (SIVR) both dropping by more than 12%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| SOYB | Teucrium Soybean Fund | 1.19% |
| DBA | Invesco DB Agriculture Fund | 1.09% |
| PDBA | Invesco Agriculture Commodity Strategy No K-1 ETF | 1.01% |
| KCCA | KraneShares California Carbon Allowance Strategy ETF | 0.40% |
| UGA | United States Gasoline Fund LP | 0.26% |
| Bottom Performers | ||
| BWET | Breakwave Tanker Shipping ETF | -29.23% |
| SIVR | abrdn Physical Silver Shares ETF | -12.05% |
| SLV | iShares Silver Trust | -12.01% |
| PALL | abrdn Physical Palladium Shares ETF | -7.36% |
| GLTR | abrdn Physical Precious Metals Basket Shares ETF | -7.18% |
Analyzing the Weekly Flows
The channel saw substantial net outflows of nearly $3.0 billion, driven almost entirely by one category. Focused – Precious Metals funds bled $2.56 billion, continuing a trend that has seen the group lose over $12.2 billion year-to-date. In contrast, Focused – Industrial Metals was the only category to attract meaningful new assets, pulling in a modest $18 million. Broad Market and Agriculture funds also saw notable redemptions of $246 million and $156 million, respectively.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Focused – Industrial Metals | 4 | $1.12B | $18M | -$15M | $48M | $438M | $704M |
| Specialty – Shipping Freight | 2 | $64M | $1M | -$28M | -$44M | -$32M | -$93M |
| Specialty – Carbon Credits | 3 | $265M | $0M | -$5M | -$8M | -$26M | -$35M |
| Focused – Energy | 11 | $3.55B | -$10M | $342M | -$329M | $646M | $519M |
| Focused – Agriculture | 8 | $2.14B | -$156M | -$504M | $328M | $1,148M | $1,102M |
| Multi-Sector – Broad Market | 28 | $23.09B | -$246M | $76M | $1,341M | $3,767M | $5,650M |
| Focused – Precious Metals | 16 | $276.19B | -$2,560M | -$6,570M | -$7,219M | -$12,249M | $21,282M |
Top & Bottom 5 ETFs by 5-Day Flow
Despite its poor weekly performance, the iShares Silver Trust (SLV) led all funds with $104 million in net inflows, suggesting some investors were buying the dip. However, outflows from the two largest gold ETFs dominated the week’s activity. The SPDR Gold Shares (GLD) saw a massive $1.77 billion exit, while the iShares Gold Trust (IAU) shed $751 million.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| SLV | iShares Silver Trust | $104M |
| USO | United States Oil Fund LP | $103M |
| CPER | United States Copper Index Fund | $18M |
| GLTR | abrdn Physical Precious Metals Basket Shares ETF | $10M |
| PIT | VanEck Commodity Strategy ETF | $7M |
| Outflows | ||
| GLD | SPDR Gold Shares | -$1,765M |
| IAU | iShares Gold Trust | -$751M |
| PDBA | Invesco Agriculture Commodity Strategy No K-1 ETF | -$96M |
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | -$77M |
| GLDM | SPDR Gold Minishares Trust of beneficial interest | -$72M |
Issuer League Table Update
The issuer landscape remains concentrated, with SPDR and iShares controlling a combined 83.8% of the channel’s assets. The week’s flow story mirrored the fund-level activity, as SPDR experienced the largest outflows at $1.83 billion, followed by iShares with $733 million in redemptions. On the other side of the ledger, US Commodity Funds led all issuers in collections, albeit with a comparatively small net inflow of $37 million.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| SPDR | 3 | $158.50B | 51.73% |
| iShares | 7 | $98.40B | 32.11% |
| aberdeen | 7 | $18.34B | 5.99% |
| Invesco | 9 | $9.35B | 3.05% |
| US Commodity Funds | 8 | $4.06B | 1.33% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| US Commodity Funds | $37M |
| VanEck | $7M |
| PIMCO | $5M |
| Outflows | |
| SPDR | -$1,834M |
| iShares | -$733M |
| Invesco | -$265M |
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.
