Top 10 Cocoa ETFs for Commodity Investors in 2025

Cocoa has emerged as one of the most dynamic commodities of 2025, driven by supply shortages, geopolitical tensions, and rising global demand.

With cocoa prices hovering around $6,000 per tonne and experiencing significant volatility, investors are turning to cocoa-focused Exchange-Traded Funds (ETFs) to gain exposure to this lucrative market.

This listicle explores the top 10 cocoa ETFs available in 2025, providing insights into their performance, structure, and suitability for different investment strategies.

10 Best Cocoa ETFs to Watch in 2025

1) WisdomTree Cocoa (COCO)

• Ticker: COCO

• Exchange: London Stock Exchange (LSE)

• Expense Ratio: 0.49%

• Structure: Exchange-Traded Commodity (ETC)

• Benchmark: Bloomberg Cocoa Subindex

WisdomTree Cocoa is a leading ETC that offers direct exposure to cocoa futures. It tracks the Bloomberg Cocoa Subindex, providing investors with a straightforward way to invest in cocoa prices.

COCO's low expense ratio and strong correlation to the Bloomberg Cocoa Subindex make it a preferred choice for those wanting a simple, highly liquid vehicle to speculate on cocoa prices or hedge inflation.

As of April 2025, COCO is trading at $12.13, with a 52-week range between $6.84 and $18.99, reflecting the commodity's volatility.

2) iPath Series B Bloomberg Cocoa Subindex Total Return ETN (NIB)

• Ticker: NIB

• Exchange: NYSE Arca

• Expense Ratio: 0.45%

• Structure: Exchange-Traded Note (ETN)

• Benchmark: Bloomberg Cocoa Subindex Total Return

NIB offers U.S.-based investors an easy way to access cocoa price movements without dealing directly in commodity futures. As an Exchange-Traded Note (ETN), it tracks the Bloomberg Cocoa Subindex Total Return. In 2025, when volatility in agricultural commodities is high, ETNs like NIB are gaining favour for precise tracking.

However, since ETNs carry issuer credit risk, they are best suited for investors prioritising tax efficiency and direct index replication over physical commodity holding.

3) iPath Pure Beta Cocoa ETN (CHOC)

• Ticker: CHOC

• Exchange: NYSE Arca

• Expense Ratio: 0.75%

• Structure: Exchange-Traded Note (ETN)

• Benchmark: Barclays Cocoa Pure Beta TR Index

The CHOC ETN reduces roll costs, a massive issue for commodity futures investors, especially during times of backwardation and contango.

In 2025, with cocoa experiencing unusual market structures and steep futures curves, CHOC's pure beta strategy aims to smooth returns by minimising losses associated with rolling futures contracts.

It can benefit investors in contango markets, where future prices are higher than spot prices.

4) Teucrium Agricultural Fund (TAGS)

• Ticker: TAGS

• Exchange: NYSE Arca

• Expense Ratio: 0.13%

• Structure: ETF

• Holdings: Includes cocoa futures, among other agricultural commodities

Although TAGS is not solely focused on cocoa, it holds cocoa futures alongside other key agricultural commodities like corn, wheat, and soybeans.

During periods of broader commodity market rallies, such as the one in 2025 due to inflation and geopolitical disruptions, diversified funds like TAGS allow investors to gain cocoa exposure while balancing risk across multiple soft commodities.

It makes TAGS particularly attractive for conservative investors seeking agriculture-themed exposure without betting solely on cocoa.

5) Invesco DB Agriculture Fund (DBA)

• Ticker: DBA

• Exchange: NYSE Arca

• Expense Ratio: 0.85%

• Structure: ETF

• Cocoa Allocation: Approximately 12%

DBA is another broad agricultural ETF but differs in a larger cocoa allocation (about 12%). In 2025, when cocoa outperformed many other agricultural commodities, DBA became a smart way to gain leveraged exposure to cocoa without taking on single-commodity risk.

Additionally, its focus on liquid, actively traded futures contracts helps mitigate liquidity risk when commodity volatility spikes.

6) WisdomTree Enhanced Commodity UCITS ETF

• Ticker: WCOA

• Exchange: London Stock Exchange (LSE)

• Expense Ratio: 0.35%

• Structure: UCITS ETF

• Cocoa Exposure: Part of a diversified commodity portfolio

WisdomTree's Enhanced Commodity UCITS ETF applies smart roll strategies to improve commodity investment returns. In cocoa's case, this is highly relevant in 2025, when traditional futures contracts are impacted by high roll costs due to market dislocations.

WCOA strategically rolls futures contracts to maximise roll yield, an essential performance advantage in volatile environments. It's popular among European investors who want cocoa exposure in a diversified, cost-efficient UCITS wrapper.

7) iShares Diversified Commodity Swap UCITS ETF

• Ticker: ICOM

• Exchange: Euronext

• Expense Ratio: 0.19%

• Structure: UCITS ETF

• Cocoa Exposure: Included among various commodities

ICOM offers synthetic exposure to a diversified basket of commodities via swap contracts, including cocoa. This design minimises tracking error and enhances liquidity — two significant concerns for commodity investors amid the market stress in 2025.

Investors in ICOM are attracted by its low cost and the opportunity to access cocoa alongside other commodities without worrying about physically backed logistics.

8) Lyxor Commodities CRB TR UCITS ETF

• Ticker: CRB

• Exchange: Euronext

• Expense Ratio: 0.35%

• Structure: UCITS ETF

• Cocoa Exposure: Part of the CRB index constituents

Lyxor's CRB ETF tracks the Thomson Reuters/CoreCommodity CRB Index, including cocoa within a broader set of agricultural and energy commodities.

With cocoa prices spiking, CRB allows investors to indirectly benefit from the rally while maintaining exposure to energy and metals, which are also performing well.

CRB's diversified portfolio makes it a very appealing choice in 2025 for those seeking to avoid overconcentration in a single commodity.

9) ETFS Cocoa (COCOA)

• Ticker: COCOA

• Exchange: London Stock Exchange (LSE)

• Expense Ratio: 0.49%

• Structure: Exchange-Traded Commodity (ETC)

• Benchmark: Bloomberg Cocoa Subindex

ETFS Cocoa is another direct play on cocoa futures like WisdomTree's offering but issued separately. It is particularly notable for its strong tracking of cocoa spot prices and London listing, making it an ideal choice for UK and European investors.

With much of the cocoa market denominated in British pounds and euros, COCOA offers a natural currency advantage for European buyers — further increasing demand amid 2025's cocoa rally.

10) First Trust Global Tactical Commodity Strategy Fund (FTGC)

• Ticker: FTGC

• Exchange: NYSE Arca

• Expense Ratio: 0.95%

• Structure: ETF

• Cocoa Exposure: Part of a tactical commodity strategy

FTGC takes a tactical approach to commodity investing, adjusting exposure dynamically based on market conditions.

With cocoa being highly volatile and unpredictable in 2025, FTGC's ability to increase or reduce its exposure according to momentum indicators and market trends makes it appealing to investors who prefer an actively managed strategy.

FTGC's global diversification and professional management provide comfort in a year when many commodity markets are in flux.

Conclusion

In summary, cocoa ETFs are enjoying unprecedented attention in 2025 due to a perfect storm of factors: historic supply shortages, surging global demand, geopolitical disruptions, the search for inflation protection, and better investment products.

As cocoa remains at the centre of commodity conversations throughout the year, the popularity of these ETFs is expected to stay strong — potentially continuing to grow beyond 2025.

Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.