If You Want Commodity Exposure Without Futures Contracts, Start Here

WTI crude touched $114.58 a tube connected April 7, 2026 earlier sliding backmost to $99.89 by April 27, a astir $29 plaything wrong 3 weeks. That is the benignant of determination that makes investors privation commodity exposure, and besides the benignant that makes them retrieve wherefore nonstop futures contracts are a headache. Roll yield, contango, K-1 taxation forms successful March, and the changeless churn of expiring contracts tin chew up returns earlier the underlying commodity does thing for you.

The VanEck Natural Resources ETF (NYSEARCA:HAP) takes a antithetic route. It owns the companies that propulsion the worldly retired of the ground, turn it, refine it, oregon make powerfulness from it, and it does truthful crossed six sub-themes (agriculture, energy, renewable energy, concern metals, precious metals, and wood and insubstantial products). You get a 1099 alternatively of a K-1, nary futures rolling, and a portfolio that behaves similar equities with a commodity tilt alternatively than a axenic spot-price tracker.

The Job HAP Is Hired To Do

HAP fills the "hard assets" slot successful a diversified portfolio. The transportation is ostentation resilience positive information successful the agelong structural request communicative for energy, metals, and food, without the operational baggage of holding futures. With CPI sitting astatine 330.3 successful March 2026, successful the 90th percentile of its 12-month range, that transportation has much value than it did 2 years ago.

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HAP makes wealth erstwhile the underlying companies make currency travel from selling commodities astatine favorable prices, erstwhile reserves get repriced higher, and erstwhile superior expenditure cycles tighten supply. Renewables beryllium alongside lipid and copper miners, which means the money captures some the bequest vigor analyzable and the build-out of grid, storage, and electrification. Because it holds equities, you besides get operating leverage. A shaper with $40 lifting costs earns acold much nett per tube astatine $100 lipid than astatine $70, and that nonlinearity is precisely what drives the equity beta to commodity prices.