Conclusion
The first 30 years of commodities index-based investing offered increasingly sophisticated alternatives to broad commodities beta, direct access to the performance of individual commodities, and application of alternative risk premia strategies to the asset class. Looking ahead, we expect commodities investing to merge with a number of powerful trends such as incorporating ESG metrics, greater adoption of commodities risk premia, the tactical use of commodities, the incorporation of non-traditional data, and the likely disruption from digital assets and tokenization.