Weekly Channel Summary
As of September 12, 2025, the Commodity ETF channel holds nearly $250 billion in Assets Under Management (AUM) across 71 ETFs from 28 distinct issuers. The channel continued to attract capital, posting net inflows of $818 million over the past week, bringing the year-to-date total to $31.5 billion.
This Week’s Performance Leaders and Laggards
The past week saw significant divergence in performance across commodity categories. Shipping Freight (4.33%) and Carbon Credits (3.06%) posted the strongest weekly returns. Both categories also have positive year-to-date returns. Agriculture (1.40% WTD) and Energy (0.32% WTD) posted modest gains this week, but remain in negative territory year-to-date at -2.72% and -4.36%, respectively.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Shipping Freight | 4.33% | 18.85% | 49.14% | 31.66% | 45.81% | -10.63% |
| Carbon Credits | 3.06% | 8.37% | 9.83% | 12.08% | 6.40% | 6.74% |
| Industrial Metals | 2.41% | 2.81% | 3.71% | 0.02% | 12.52% | 11.37% |
| Precious Metals | 2.14% | 8.45% | 9.45% | 25.39% | 39.21% | 39.48% |
| Multi-Sector | 1.52% | 3.77% | 3.12% | 4.58% | 9.61% | 14.95% |
| Agriculture | 1.40% | 1.13% | -1.39% | -3.65% | -2.72% | -1.19% |
| Energy | 0.32% | 2.05% | -2.15% | -2.83% | -4.36% | 3.41% |
Top & Bottom 5 ETFs by Weekly Performance
At the individual ETF level, the KraneShares California Carbon Allowance Strategy ETF (KCCA) was the top performer with a 10.76% gain. The bottom performers for the week included the Roundhill Uranium ETF (UX) with a -4.85% return and the United States Natural Gas Fund LP (UNG) with a -3.45% return.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| KCCA | KraneShares California Carbon Allowance Strategy ETF | 10.76% |
| PALL | abrdn Physical Palladium Shares ETF | 7.78% |
| BWET | Breakwave Tanker Shipping ETF | 5.94% |
| SLV | iShares Silver Trust | 3.73% |
| SIVR | abrdn Physical Silver Shares ETF | 3.71% |
| Bottom Performers | ||
| UX | Roundhill Uranium ETF | -4.85% |
| UNG | United States Natural Gas Fund LP | -3.45% |
| UNL | United States 12 Month Natural Gas Fund LP | -1.01% |
| CTWO | COtwo Advisors Physical European Carbon Allowance Trust | -0.71% |
| KEUA | KraneShares European Carbon Allowance Strategy ETF | -0.27% |
Analyzing the Weekly Flows
The Commodity channel recorded over $818 million in net inflows this week. Precious Metals ETFs were the primary recipient, attracting $737 million. This category holds the largest AUM in the channel at nearly $230 billion. Energy ($42M) and Multi-Sector ($33M) funds also saw net inflows. Year-to-date, Energy and Carbon Credits are the only categories with net outflows.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Precious Metals | 17 | $229.87B | $737M | $5,176M | $13,627M | $29,873M | $32,984M |
| Energy | 11 | $2.06B | $42M | $35M | $372M | ($276M) | ($1,209M) |
| Multi-Sector | 25 | $15.80B | $33M | $42M | $782M | $1,810M | $1,867M |
| Industrial Metals | 4 | $0.37B | $6M | ($9M) | $56M | $69M | $58M |
| Agriculture | 8 | $1.11B | $4M | $20M | ($50M) | $36M | $79M |
| Carbon Credits | 4 | $0.32B | $1M | $5M | $17M | ($14M) | ($164M) |
| Shipping Freight | 2 | $0.05B | ($5M) | $1M | ($37M) | ($2M) | $14M |
Top & Bottom 5 ETFs by 5-Day Flow
On an individual fund level, flows were concentrated in Precious Metals. The iShares Gold Trust (IAU) led all ETFs, pulling in $768 million. The largest outflows also came from a gold fund, with the SPDR Gold Shares (GLD) seeing $433 million in redemptions. The iShares Silver Trust (SLV) saw the second-largest outflow at $214 million.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| IAU | iShares Gold Trust | $768M |
| IAUM | iShares Gold Trust Micro ETF | $318M |
| SGOL | abrdn Physical Gold Shares ETF | $72M |
| GLDM | SPDR Gold Minishares Trust | $67M |
| USO | United States Oil Fund LP | $51M |
| Outflows | ||
| GLD | SPDR Gold Shares | ($433M) |
| SLV | iShares Silver Trust | ($214M) |
| GSG | iShares S&P GSCI Commodity Indexed Trust | ($23M) |
| DBC | Invesco DB Commodity Index Tracking Fund | ($15M) |
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy | ($11M) |
Issuer League Table Update
The issuer landscape remains led by SPDR and iShares, who together control over 85% of the market AUM. For the week, iShares gathered the most assets with $847 million in net inflows. AUM leader SPDR saw net outflows of $367 million. Aberdeen recorded the second-highest inflows among all issuers at $151 million.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| SPDR | 3 | $134.33B | 53.82% |
| iShares | 7 | $80.17B | 32.12% |
| aberdeen | 8 | $14.33B | 5.74% |
| Invesco | 9 | $7.21B | 2.89% |
| First Trust | 1 | $2.22B | 0.89% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $847M |
| aberdeen | $151M |
| US Commodity Funds | $53M |
| Outflows | |
| SPDR | ($367M) |
| Invesco | ($24M) |
| Amplify | ($5M) |
This recap provides a high-level overview of the past week’s activity in the Commodity ETF channel. For a deeper dive into the data, including detailed fund-level analytics and historical trends, be sure to access our comprehensive, FREE reports available in the right side panel.
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.
