Weekly Channel Summary
The Commodity ETF channel, encompassing 72 ETFs across 28 issuers, currently accounts for $335.24B in total Assets Under Management. Over the past five days, the channel witnessed a net positive momentum, gathering $536M in inflows. However, despite this recent positive activity, the segment remains in net outflow territory year-to-date at -$3,359M.
This Week’s Performance Leaders and Laggards
Performance was mixed across commodity segments this week. Carbon Credits led the pack with a solid 2.84% week-to-date return, followed by Agriculture gaining 1.18%. On the opposite end of the spectrum, Energy funds suffered the steepest drop, declining -4.30%, while the broad-based Multi-Sector category also finished in the red at -1.96%.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Carbon Credits | 2.84% | 5.95% | 18.28% | -3.30% | -4.92% | 12.99% |
| Agriculture | 1.18% | -6.49% | -2.91% | 5.08% | 4.32% | -2.75% |
| Precious Metals | 0.96% | -8.67% | -13.97% | -4.32% | -5.36% | 34.19% |
| Shipping Freight | -0.78% | 3.77% | 90.63% | 408.08% | 511.60% | 928.67% |
| Industrial Metals | -1.12% | -1.96% | 6.60% | 15.57% | 9.62% | 37.16% |
| Multi-Sector | -1.96% | -9.90% | -3.51% | 19.97% | 18.01% | 23.22% |
| Energy | -4.30% | -14.65% | -5.75% | 37.98% | 35.91% | 16.82% |
Top & Bottom 5 ETFs by Weekly Performance
Drilling down to individual products, the Breakwave Tanker Shipping ETF (BWET) posted the channel’s single best return, rallying 4.40%. Conversely, exposure to crude oil drove the steepest losses, with the United States Oil Fund LP (USO) and the United States Brent Oil Fund LP (BNO) serving as the two worst-performing funds, tumbling -8.96% and -8.55%, respectively.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| BWET | Breakwave Tanker Shipping ETF | 4.40% |
| UNG | United States Natural Gas Fund LP | 4.09% |
| KRBN | KraneShares Global Carbon Strategy ETF | 2.89% |
| KCCA | KraneShares California Carbon Allowance Strategy ETF | 2.87% |
| WEAT | Teucrium Wheat Fund | 2.77% |
| Bottom Performers | ||
| USO | United States Oil Fund LP | -8.96% |
| BNO | United States Brent Oil Fund LP | -8.55% |
| DBO | Invesco DB Oil Fund | -8.04% |
| USE | USCF Energy Commodity Strategy Absolute Return Fund | -7.47% |
| DBE | Invesco DB Energy Fund | -6.85% |
Analyzing the Weekly Flows
Commodity ETFs accumulated a net $536M over the past five days. The Multi-Sector – Broad Market category was the primary engine for asset gathering, pulling in $380M. Conversely, investors trimmed their positions in several niche segments, with the Focused – Agriculture category seeing the most significant redemptions at -$44M.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Multi-Sector – Broad Market | 27 | $24.35B | $380M | $499M | $1,612M | $4,008M | $5,881M |
| Focused – Precious Metals | 16 | $303.29B | $171M | -$4,934M | -$7,762M | -$9,689M | $25,375M |
| Focused – Energy | 11 | $3.77B | $65M | $495M | -$292M | $656M | $867M |
| Specialty – Shipping Freight | 2 | $0.06B | -$3M | -$27M | -$39M | -$32M | -$93M |
| Specialty – Carbon Credits | 3 | $0.26B | -$5M | -$7M | -$11M | -$26M | -$34M |
| Focused – Industrial Metals | 4 | $1.20B | -$27M | -$62M | -$86M | $421M | $689M |
| Focused – Agriculture | 8 | $2.32B | -$44M | -$341M | $830M | $1,304M | $1,239M |
Top & Bottom 5 ETFs by 5-Day Flow
On an individual product level, the SPDR Gold Shares (GLD) dominated the channel’s creations, amassing a massive $963M over the past five days. On the redemption side, precious metals funds felt the squeeze, with the iShares Gold Trust (IAU) and the iShares Silver Trust (SLV) hemorrhaging -$504M and -$139M, respectively.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| GLD | SPDR Gold Shares | $963M |
| FTGC | First Trust Global Tactical Commodity Strategy Fund | $232M |
| HGER | Harbor Commodity All-Weather Strategy ETF | $181M |
| USO | United States Oil Fund LP | $164M |
| BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | $42M |
| Outflows | ||
| IAU | iShares Gold Trust | -$504M |
| SLV | iShares Silver Trust | -$139M |
| SIVR | abrdn Physical Silver Shares ETF | -$90M |
| BNO | United States Brent Oil Fund LP | -$71M |
| GLDM | SPDR Gold Minishares Trust of beneficial interest | -$51M |
Issuer League Table Update
The commodity space continues to be dominated by a duopoly, with SPDR and iShares controlling 51.58% and 32.50% of the market share, respectively. SPDR also commanded the weekly flows leaderboard, translating its immense scale into an impressive $924M in net new assets over the trailing five days.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| SPDR | 3 | $172.91B | 51.58% |
| iShares | 7 | $108.94B | 32.50% |
| aberdeen | 7 | $20.29B | 6.05% |
| Invesco | 9 | $10.09B | 3.01% |
| US Commodity Funds | 8 | $4.28B | 1.28% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| SPDR | $924M |
| First Trust | $232M |
| Harbor | $186M |
| Outflows | |
| iShares | -$625M |
| aberdeen | -$65M |
| Invesco | -$45M |
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…
This analysis was developed by the team at ETF Action…
