Weekly Channel Summary
The Commodity ETF channel, currently managing $297B in assets across 71 ETFs and 28 issuers, faced headwinds this week. The channel recorded total net outflows of ($532M) for the week, contrasting with its robust year-to-date inflows of $45.7B. Activity was dominated by redemptions in Precious Metals and Energy funds, while niche segments like Carbon Credits remained flat.
This Week’s Performance Leaders and Laggards
Performance diverged significantly across the complex, with Shipping Freight emerging as the clear outlier, surging 3.34% WTD. Conversely, the Energy category struggled the most, declining -3.02%, followed closely by Multi-Sector strategies. While Precious Metals have been strong YTD, they took a breather this week, posting a modest loss.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Shipping Freight | 3.34% | 27.41% | 48.34% | 86.41% | 92.46% | 56.85% |
| Carbon Credits | -0.70% | -1.40% | 9.02% | 13.45% | 8.21% | 8.93% |
| Agriculture | -0.92% | 0.62% | -2.98% | -7.06% | -5.64% | -5.28% |
| Precious Metals | -1.03% | -1.98% | 21.86% | 28.92% | 55.74% | 50.00% |
| Industrial Metals | -1.31% | 0.89% | 11.90% | 12.90% | 20.63% | 17.83% |
| Multi-Sector | -1.73% | 0.67% | 4.68% | 6.76% | 11.66% | 12.37% |
| Energy | -3.02% | 1.66% | -1.42% | 0.20% | -6.78% | -3.40% |
Top & Bottom 5 ETFs by Weekly Performance
The BDRY (Breakwave Dry Bulk Shipping ETF) took the top spot this week, gaining 3.81% as shipping rates strengthened. At the other end of the spectrum, the UGA (United States Gasoline Fund) fell -6.12%, followed closely by silver-focused funds like SIVR, which dropped nearly 6%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| BDRY | Breakwave Dry Bulk Shipping ETF | 3.81% |
| BWET | Breakwave Tanker Shipping ETF | 2.86% |
| KCCA | KraneShares California Carbon Allowance Strategy ETF | 0.60% |
| PALL | abrdn Physical Palladium Shares ETF | 0.20% |
| ZSC | USCF Sustainable Commodity Strategy Fund | 0.13% |
| Bottom Performers | ||
| UGA | United States Gasoline Fund LP | -6.12% |
| SIVR | abrdn Physical Silver Shares ETF | -5.98% |
| SLV | iShares Silver Trust | -5.98% |
| UX | Roundhill Uranium ETF | -4.57% |
| DBE | Invesco DB Energy Fund | -3.28% |
Analyzing the Weekly Flows
The channel saw total net outflows of ($532M) this week. No single category recorded net inflows, with Carbon Credits staying flat at $0. Precious Metals experienced the most significant outflows, shedding ($391M), followed by Energy and Multi-Sector funds.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Carbon Credits | 4 | $0.30B | $0M | ($9M) | ($26M) | ($42M) | ($164M) |
| Shipping Freight | 2 | $0.04B | ($1M) | ($3M) | ($11M) | ($19M) | ($3M) |
| Industrial Metals | 4 | $0.48B | ($2M) | $8M | $93M | $155M | $134M |
| Agriculture | 8 | $1.06B | ($4M) | $12M | $22M | $46M | $49M |
| Multi-Sector | 25 | $16.86B | ($56M) | $271M | $567M | $2,371M | $2,062M |
| Energy | 11 | $1.99B | ($78M) | ($252M) | ($194M) | ($456M) | ($1,034M) |
| Precious Metals | 17 | $276.14B | ($391M) | ($3,865M) | $19,486M | $43,640M | $42,976M |
Top & Bottom 5 ETFs by 5-Day Flow
Despite the broader outflows, the GLDM (SPDR Gold Minishares Trust) managed to attract $73M in inflows. In contrast, the GLD (SPDR Gold Shares) and UNG (United States Natural Gas Fund) faced the heaviest redemptions.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| GLDM | SPDR Gold Minishares Trust of beneficial interest | $73M |
| SLV | iShares Silver Trust | $65M |
| BAR | GraniteShares Gold Shares | $18M |
| HGER | Harbor Commodity All-Weather Strategy ETF | $17M |
| PIT | VanEck Commodity Strategy ETF | $6M |
| Outflows | ||
| GLD | SPDR Gold Shares | ($457M) |
| UNG | United States Natural Gas Fund LP | ($47M) |
| IAUM | iShares Gold Trust Micro ETF of Benef Interest | ($35M) |
| IAU | iShares Gold Trust | ($31M) |
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | ($31M) |
Issuer League Table Update
SPDR and iShares continue to control the lion’s share of the market, holding 54.08% and 32.34% of assets respectively. However, in a week of outflows for the giants, GraniteShares bucked the trend, gathering the most weekly inflows among all issuers.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| SPDR | 3 | $160.55B | 54.08% |
| iShares | 7 | $96.02B | 32.34% |
| aberdeen | 8 | $17.58B | 5.92% |
| Invesco | 9 | $7.14B | 2.41% |
| VanEck | 3 | $2.39B | 0.81% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| GraniteShares | $18M |
| Harbor | $17M |
| VanEck | $5M |
| Outflows | |
| SPDR | ($382M) |
| US Commodity Funds | ($72M) |
| Invesco | ($64M) |
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, a recommendation or promotion. ETF Action is not a registered investment adviser or broker-dealer. All information is provided “as is” without warranty of any kind. Past performance does not guarantee future results.
This analysis was developed by the team at ETF Action using their proprietary platform, which aggregates data from FactSet and other reliable sources. For full terms of service, including copyrights and disclaimers, please visit www.etfaction.com/termsofservice.
