Core Insights - The total scale of commodity funds has shown steady growth in 2023, with over 60 funds reaching a total scale of 293.7 billion yuan, an increase of 16.37 billion yuan since the beginning of the year, representing a year-to-date growth rate of 123.1% [1] - Gold ETFs have outperformed other commodity funds, with all top ten products being gold-themed ETFs, and 55 out of the 60 funds showing a net value growth rate of over 40% this year [1][2] - The strong performance of gold ETFs is attributed to three main factors: heightened demand for safe-haven assets due to global geopolitical conflicts and economic uncertainty, expectations that the interest rate hike cycle of major central banks has peaked, and ongoing gold purchases by central banks providing stable demand support [1] Performance Disparity - There is a notable disparity in the performance of commodity funds, primarily due to the Federal Reserve's interest rate cuts not meeting expectations and the high volatility of the US dollar index, benefiting precious metals like gold as a safe-haven asset [2] - The slowdown in global economic growth and accelerated energy transition have pressured traditional oil and gas prices, leading to poor performance in related thematic funds [2] - Analysts indicate that the performance disparity among different commodity funds will likely continue in the short term, with a shift of funds from cyclical commodities to defensive assets as macroeconomic cycles evolve [2]