Best Cocoa ETFs and ETNs: Full List of Cocoa Funds

Nearly half of the world’s cocoa supply comes from just two countries — Côte d’Ivoire and Ghana — making cocoa one of the most geographically concentrated soft commodities traded on public markets. Cocoa ETFs and ETNs give investors a way to track cocoa price movements without trading futures contracts directly.

The ICE Futures U.S. Cocoa contract serves as the world benchmark for the global cocoa market, and most cocoa ETFs and ETNs derive their pricing from this or related indexes. Cocoa futures and options also trade on ICE Futures Europe, with options on cocoa futures first introduced in 1986.

Notable cocoa ETFs and ETNs include:

• iPath Bloomberg Cocoa Subindex Total Return ETN (NIB) — listed on NYSE Arca, issued by Barclays iPath, tracking the Bloomberg Cocoa Subindex Total Return. Launched in June 2008. Note: this ETN is no longer active.
• iPath Pure Beta Cocoa ETN (CHOC) — also from Barclays iPath, tracking the Barclays Cocoa Pure Beta Total Return Index. This product uses a flexible roll strategy rather than always holding the front-month contract.

Both products are structured as exchange-traded notes (ETNs), meaning they carry issuer credit risk in addition to commodity price risk. The differences between ETNs and ETFs are worth understanding before committing capital.

Cocoa itself has deep historical roots — the term originates from the Nahuatl word “cacahuatl,” and the Mayans and Aztecs once used cocoa beans as currency. Today, the chocolate industry remains cocoa’s primary end user, with about 70% of global production concentrated in four West African countries. The International Cocoa Organization (ICCO), formed in 1973, oversees member countries representing roughly 85% of world cocoa production.

For broader agricultural commodity exposure, see our list of agriculture and farming ETFs or the full commodity ETF overview.

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The table below lists all available cocoa ETFs and ETNs with live data.