FUND PROFILES:
Oil & Gas
XOP – SPDR S&P Oil & Gas Exploration & Production ETF:
XOP is a more direct way to invest in U.S. energy producers. It owns oil and gas exploration and production companies, so it sits near the upstream end of the energy value chain, where profits are most sensitive to changes in crude oil and natural gas prices. As of Mar. 26, 2026, the fund had about $3.54 billion in AUM, a 0.35% gross expense ratio, and traded at roughly a 0.01% discount to NAV.
XES – SPDR S&P Oil & Gas Equipment & Services ETF:
XES invests in the companies that supply tools, equipment, and services to oil and gas producers. That places it one step removed from the commodity itself, but still near the upstream side of the energy chain because demand tends to rise when drilling and production activity increases. As of Mar. 26, 2026, the fund had about $465.9 million in AUM, a 0.35% gross expense ratio, and traded at about a 0.02% discount to NAV.
ET – Energy Transfer LP:
ET is a midstream energy company that owns pipelines, storage facilities, and transportation assets. Unlike a producer fund, ET is less about commodity price direction and more about moving and storing energy, which makes it more of an infrastructure and cash-flow story within the energy value chain. ET is an operating company rather than an ETF.
UNG – United States Natural Gas Fund:
UNG gives investors direct exposure to natural gas prices through futures contracts. It sits at the commodity-price end of the value chain, not the corporate earnings layer, so it is best viewed as a tactical tool for expressing a view on natural gas. The fund’s management fee is 0.60% on the first $1 billion of NAV and 0.50% above that level.
USO – United States Oil Fund:
USO is a direct crude oil futures fund designed to track daily oil price movements. It is one of the clearest pure-play commodity funds in the group, sitting at the very front end of the energy value chain because it reflects the commodity itself rather than energy company economics.
Precious Metals
GLD – SPDR Gold Shares:
GLD is a straightforward way to own gold exposure through physical bullion. It sits at the pure commodity end of the value chain, because it is built to reflect the price of gold itself rather than the results of mining companies. As of Mar. 26, 2026, GLD had about $150.8 billion in AUM, a 0.40% expense ratio.
SLV – iShares Silver Trust:
SLV provides physical silver exposure and is designed to track the silver spot price, less expenses. Silver can behave like both a precious metal and an industrial input, so it sits between the store-of-value and manufacturing parts of the commodity chain.
Industrial Metals
REMX – VanEck Rare Earth & Strategic Metals ETF:
REMX gives exposure to companies involved in rare earth and strategic metals, including production, refining, and recycling. This places it near the upstream and processing stages of the industrial-metals chain, especially around critical materials needed for technology and defense.
PPLT – abrdn Physical Platinum Shares ETF:
PPLT offers direct platinum exposure through physical metal holdings. It sits at the commodity end of the chain rather than the mining or industrial-user end, so it is best understood as a bullion-style allocation to platinum.
PALL – abrdn Physical Palladium Shares ETF
PALL provides direct palladium exposure through physical holdings. Like PPLT, it is a direct commodity instrument rather than a mining equity fund, so it sits closest to the raw-material side of the industrial-metals chain.
LIT – Global X Lithium & Battery Tech ETF:
LIT gives exposure to companies involved in lithium and battery technology rather than to lithium itself. That makes it a broader value-chain play spanning miners, processors, and battery-related companies, with a strong link to electrification and energy storage.
CPER – United States Copper Index Fund:
CPER provides copper exposure through futures contracts. Copper is a core industrial metal tied to construction, electrification, and infrastructure, so this fund sits near the raw-material end of the industrial value chain.
Metal Miners
PICK – iShares MSCI Global Metals & Mining Producers ETF:
PICK invests in global metals and mining producers, including companies involved in diversified metals, steel, aluminum, and precious metals mining. This places it in the upstream equity layer of the commodity chain, where performance depends on both metal prices and mining company operating results. As of the source reviewed, PICK had about $820.6 million in AUM, a 0.39% expense ratio, and traded at about a 0.05% discount to NAV.
COPX – Global X Copper Miners ETF:
COPX focuses on global copper miners, giving investors indirect exposure to copper through the companies that produce it. Because it owns miners rather than the metal itself, it sits in the upstream equity part of the value chain and can amplify moves in copper prices through operating leverage. The source reviewed showed about $3.19 billion in AUM, a 0.65% expense ratio, and roughly a 0.9% premium to NAV.
SETM – Sprott Critical Materials ETF:
SETM invests in companies tied to energy-transition materials, including mining, refining, recycling, and related activities. It sits across the upstream and processing layers of the critical-materials chain, with exposure to the businesses that help supply materials needed for electrification and clean energy.
Agriculture
DBA – Invesco DB Agriculture Fund:
DBA provides broad agricultural commodity exposure through futures on crops and livestock-related contracts. It sits at the direct commodity level of the ag value chain, which makes it a straightforward way to express a view on food-related inflation, weather shocks, and supply-demand imbalances. As of the source reviewed, DBA had about $815.9 million in AUM, a 0.90% gross expense ratio and 0.83% net expense ratio and trade at about a 0.04% premium to NAV.
MOO – VanEck Agribusiness ETF:
MOO invests in companies that support agriculture, including fertilizer producers, seed companies, farm equipment makers, and related agribusinesses. That places it in the corporate and infrastructure side of the agricultural value chain rather than in futures or spot commodity exposure. As of the source reviewed, MOO had about $1.09 billion in AUM, a 0.55% expense ratio, and traded at about a 0.05% discount to NAV.
INVESTOR EXPOSURE TO THE MODEL PORTFOLIO:
A diversified commodity model portfolio is attractive because it gives investors exposure to the full value chain, not just one part of the market. Direct commodity funds can help capture price moves in gold, oil, gas, copper, and agriculture, while miners, producers, and agribusiness companies add operating leverage, income potential, and exposure to the businesses that produce, process, and transport these resources. Commodities are also widely used for diversification and inflation protection, and research sources note that they have historically shown low correlation with stocks and bonds, which can help improve portfolio resilience during market stress.
Owning the whole value chain can also improve the way a portfolio participates across different market environments. When raw material prices rise, direct commodity exposures may lead; when capital spending and production activity increase, equipment, service, and mining companies may benefit; and when transport and storage matter more, midstream businesses can provide a different return stream. In that sense, the model is not just a single commodity bet — it is a more complete way to access real assets, inflation sensitivity, and global demand trends across the commodity cycle.
