Weekly Channel Summary
The Commodity ETF channel currently consists of 70 ETFs across 28 brands, managing a total of $437B in assets. For the week ending January 30, 2026, the channel experienced net outflows of ($0.62B). Despite the weekly dip, investor sentiment remains strong over the longer term, with year-to-date (YTD) flows reaching $4.17B and a massive $61.34B in net new money gathered over the past year.
This Week’s Performance Leaders and Laggards
Performance was highly bifurcated this week, led by a massive 9.69% surge in the Precious Metals category. Shipping Freight also continued its volatile climb, posting a 9.18% WTD return. Conversely, Carbon Credits was the clear laggard, dropping -3.77% as environmental markets faced selling pressure. Agriculture and Industrial Metals saw more modest gains of 0.73% and 3.13%, respectively.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Precious Metals | 9.69% | 30.60% | 57.52% | 90.38% | 33.61% | 138.18% |
| Shipping Freight | 9.18% | 44.82% | 59.57% | 132.35% | 51.31% | 152.27% |
| Energy | 5.82% | 11.86% | 9.34% | 3.98% | 13.83% | 2.81% |
| Multi-Sector | 3.72% | 11.54% | 14.25% | 18.45% | 11.92% | 23.63% |
| Industrial Metals | 3.13% | 14.97% | 23.76% | 32.46% | 12.71% | 49.91% |
| Agriculture | 0.73% | 0.24% | 0.16% | -1.25% | 1.17% | -9.20% |
| Carbon Credits | -3.77% | -4.07% | 0.99% | 12.06% | -4.18% | 6.81% |
Top & Bottom 5 ETFs by Weekly Performance
The week was dominated by silver, with SLV and SIVR both returning an impressive 19.64%. On the flip side, carbon strategies struggled significantly, as KCCA fell -4.07% and KEUA dropped -3.87%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| SLV | iShares Silver Trust | 19.64% |
| SIVR | abrdn Physical Silver Shares ETF | 19.64% |
| GLTR | abrdn Physical Precious Metals Basket Shares ETF | 12.95% |
| BWET | Breakwave Tanker Shipping ETF | 9.76% |
| IAU | iShares Gold Trust | 9.28% |
| Bottom Performers | ||
| KCCA | KraneShares California Carbon Allowance Strategy ETF | -4.07% |
| KEUA | KraneShares European Carbon Allowance Strategy ETF | -3.87% |
| KRBN | KraneShares Global Carbon Strategy ETF | -3.61% |
| CTWO | COtwo Advisors Physical European Carbon Allowance Trust | -3.53% |
| ZSC | USCF Sustainable Commodity Strategy Fund | -0.48% |
Analyzing the Weekly Flows
Total net flows for the channel were negative at ($620M) this week, largely driven by significant profit-taking in Silver. The Multi-Sector category led inflows with $260M, followed by Industrial Metals at $158M. Conversely, Precious Metals saw total net outflows of ($813M) as investors rotated out of silver despite its strong performance, while Energy also saw a pullback of ($229M).
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Multi-Sector | 25 | $19.39B | $260M | $939M | $904M | $3,219M |
| Industrial Metals | 4 | $1.13B | $158M | $390M | $378M | $676M |
| Agriculture | 8 | $1.02B | $2M | ($7M) | ($8M) | ($38M) |
| Shipping Freight | 2 | $0.04B | $1M | ($1M) | $0M | ($40M) |
| Carbon Credits | 4 | $0.29B | $0M | ($5M) | ($6M) | ($39M) |
| Energy | 11 | $2.13B | ($229M) | ($302M) | ($250M) | ($391M) |
| Precious Metals | 16 | $413.36B | ($813M) | $2,988M | $3,156M | $57,949M |
Top & Bottom 5 ETFs by 5-Day Flow
IAU was the clear leader for inflows, gathering $595M this week. On the other hand, SLV saw massive outflows of ($1,982M), followed by SIVR with ($252M) in net withdrawals.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| IAU | iShares Gold Trust | $595M |
| GLDM | SPDR Gold Minishares Trust | $335M |
| IAUM | iShares Gold Trust Micro ETF | $163M |
| CPER | United States Copper Index Fund | $146M |
| HGER | Harbor Commodity All-Weather Strategy ETF | $97M |
| Outflows | ||
| SLV | iShares Silver Trust | ($1,982M) |
| SIVR | abrdn Physical Silver Shares ETF | ($252M) |
| UNG | United States Natural Gas Fund LP | ($149M) |
| USO | United States Oil Fund LP | ($90M) |
| UNL | United States 12 Month Natural Gas Fund LP | ($2M) |
Issuer League Table Update
The commodity brand landscape is heavily concentrated, with SPDR and iShares together accounting for over 86% of the total market share. SPDR remains the leader by AUM with $223.31B (51.06% share), while iShares holds $156.09B (35.69%). This week, SPDR gathered the most weekly inflows with $412M, while iShares experienced net outflows of ($1,199M) due to the heavy withdrawals from its silver trust.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| SPDR | 3 | $223.32B | 51.06% |
| iShares | 7 | $156.09B | 35.69% |
| abrdn | 7 | $29.88B | 6.83% |
| Invesco | 9 | $8.09B | 1.85% |
| Goldman Sachs | 1 | $3.31B | 0.76% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| SPDR | $412M |
| Harbor | $97M |
| Goldman Sachs | $63M |
| Outflows | |
| iShares | ($1,199M) |
| US Commodity Funds | ($87M) |
| abrdn | ($74M) |
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 contained herein is based on data obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. All investment strategies involve risks, including the potential loss of principal. Past performance is not indicative of future results.
This analysis was developed by the team at ETF Action, a data analytics and research platform specializing in exchange-traded funds. For more information about our methodology and data sources, please visit www.etfaction.com.
