Agribusiness ETFs: Deere, Corteva and Nutrien, not crops or farmland

What are agribusiness ETFs?

Agribusiness ETFs own the companies that supply and serve farming. That means makers of tractors and other machinery, seed and crop-protection firms, fertilizer producers and grain processors. The funds hold stocks, not crops, farmland or futures contracts. Three companies appear in all five funds: Deere, Corteva and Nutrien. CF Industries is in four. Bayer, Archer-Daniels-Midland and Toro are each in three. Every fund also owns companies based outside the US, such as Canada's Nutrien, Germany's Bayer and Japan's Kubota.

All five are index funds. Each one follows a published list of stocks instead of relying on a manager's picks. None is leveraged, inverse or built on options. MOO tracks the MVIS Global Agribusiness Index, FTAG tracks the Indxx Global Agriculture Index and VEGI tracks an MSCI index of agriculture producers. KROP follows the Solactive AgTech & Food Innovation Index. IVEG follows an index of companies expected to benefit from farm technology or new food products. How concentrated they are varies widely. VEGI has 153 holdings but puts 28.37% in Deere. KROP keeps 85.01% in its top ten, while IVEG's top ten add up to 43.81%.

Fees vary less than fund size does. The median expense ratio (the yearly fee taken out of fund assets) is 0.50%. VEGI is the cheapest at 0.39%, MOO charges 0.56% and FTAG is the most expensive at 0.70%.

The money is very lopsided. With only five funds, the five largest hold all of the group's roughly $1.13 billion. MOO, launched in 2007, accounts for about $944 million of that. VEGI has about $156 million, while FTAG, KROP and IVEG each manage less than $15 million.

Agribusiness ETF holdings: the stocks most funds own

The stocks that show up most often among the largest positions of the 5 biggest agribusiness ETFs with holdings reports, from their latest N-PORT filings.

Typical weight is the median share of each fund’s assets in the stock, among the funds that hold it in their 25 largest positions.

The largest agribusiness ETFs, side by side

Swipe the table to see all 5 funds.

The largest ordinary funds by net assets (leveraged and inverse funds are listed further down). Holdings from each fund’s latest N-PORT report; returns include reinvested distributions, as of Oct 27, 2026.

Head to head

How much do the largest agribusiness ETFs overlap?

Owning two funds that hold the same stocks adds little diversification. Overlap here is the share of assets two funds have in common: for each stock both own, the smaller of its two weights, added up.

From each fund’s full holdings in its latest N-PORT report.

How have agribusiness ETFs performed?

The five largest ordinary funds: growth from the start of the range, distributions reinvested. The dashed gray line is the S&P 500 (SPY).

How agribusiness ETFs did in past market crashes

Total return from the stock market’s peak to its low in each fall, distributions reinvested.

What drives agribusiness ETFs?

These companies make money when farmers spend, and farmers spend more when crop prices and farm incomes are high. In good years, farmers order tractors and combines from Deere and Kubota, seed and crop protection from Corteva, and fertilizer from Nutrien and CF Industries. In lean years they cut back. Fertilizer profits also move with natural gas prices, because gas is a key input for nitrogen fertilizer. Weather, harvest sizes, trade policy such as tariffs and interest rates on equipment loans all affect results. So do currency swings, since every fund holds foreign stocks.

That cycle does not always line up with the wider stock market. In the 2008 financial crisis, MOO fell 46.2%, less than the S&P 500's 55.2%. In the 2020 COVID crash, MOO fell 33.7%, the same as the S&P 500, and FTAG fell 36.6%. The 2022 bear market, a long slide in stock prices, showed the widest gaps. VEGI slipped just 0.8%, FTAG fell 9.6% and MOO 13.2%, against 24.5% for the S&P 500. KROP fell 27.1%, more than the index, so these funds do not all behave alike.

Agribusiness ETFs with the lowest expense ratios

Ordinary funds with at least $10 million in net assets. The median ordinary agribusiness ETF charges 0.5% a year; leveraged and inverse funds usually charge more.

Do agribusiness ETFs pay dividends?

4 of the 5 ordinary agribusiness ETFs with a page here paid distributions over the last 12 months, with a median yield of 1.93%.

Distributions over the last 12 months divided by the price; funds with at least $25 million in net assets.

How to choose a agribusiness ETF

• Cost: 0.39% to 0.70% a year. VEGI is the cheapest at 0.39%, followed by IVEG at 0.47%, KROP at 0.50% and MOO at 0.56%. FTAG costs the most at 0.70%. Fees come out of returns every year, so gaps add up over long periods.
• How much rides on Deere. VEGI puts 28.37% of its assets in Deere, more than any other fund. Deere is 12.47% of KROP, 10.5% of FTAG and 8.86% of MOO. A heavy weight ties results closely to one company.
• Broad farm stocks or AgTech themes. MOO, VEGI and FTAG track broad agriculture indexes built around producers and suppliers. KROP and IVEG target agricultural technology and food innovation. IVEG also holds companies such as International Paper and Danone, which gives it a different mix.
• Concentrated or spread out. KROP has 31 holdings and keeps 85.01% in its top ten. IVEG's top ten add up to just 43.81%. MOO, VEGI and FTAG sit in between, at 60.18%, 66.66% and 63.15%.
• Fund size and track record. MOO has about $944 million and dates back to 2007. VEGI has about $156 million. FTAG, KROP and IVEG each hold under $15 million. Very small funds can cost more to trade and are more likely to close.
• Dividend yields range from zero to 2.23%. As of October 27, 2026, MOO and KROP yielded 2.23%, VEGI 1.93% and FTAG 1.2%. IVEG showed no yield. Retirees who draw on fund income may weigh this alongside cost.

What are the risks of agribusiness ETFs?

• The same three stocks in every fund. All five funds hold Deere, Corteva and Nutrien, at median weights of 10.5%, 10.12% and 6.15%. Owning several of these funds spreads risk less than it seems, and bad news at one of these companies hits them all.
• A few holdings drive results. Top 10 holdings make up 60.18% of MOO, 66.66% of VEGI and 85.01% of KROP. In VEGI, Deere & Company alone is 28.37%, so one company's results can swing the whole fund.
• Big swings within a single year. Over the year to October 27, 2026, KROP fell as much as 14.3% from a peak, and MOO and FTAG 11.2%. Volatility, a measure of how much prices bounce around, ranged from 7.4% for IVEG to 17.2% for KROP.
• No shelter in past crashes. MOO fell 46.2% in the 2008 financial crisis and 33.7% in the 2020 COVID crash, the same as the S&P 500. KROP lost 27.1% in the 2022 bear market, more than the S&P 500's 24.5%.
• Several funds are very small. FTAG, KROP and IVEG are very small next to MOO, which holds most of this group's assets. Small ETFs can have wider gaps between buy and sell prices and are likelier to close, forcing a sale at a bad time.

List of all agribusiness ETFs, by size

All 5 agribusiness ETFs, compared →

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