COW is down 2.4% this month, but that performance is almost impressive relative to other commodities ETFs and ETNs. Of the 20-worst performing ETFs in May, 15 are in some form related to commodities, including soft commodities such as coffee.

Tight supplies could lift cattle futures. Increased demand for heifers for breeding purposes is crimping heifer supply “which, in addition to exerting upward pressure on prices, will lead to reduced cattle slaughter and reduced beef production later in 2014 and beyond,” according to Drovers Cattle Network.

iPath Dow Jones-UBS Livestock Total Return Sub-Index ETN

ETF Trends editorial team contributed to this post.

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