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By Drew Voros

The surge in outflows of SPDR Gold Trust ETF (GLD) picked up pace to the tune of more than $1 billion this past week ended Thursday, which was the main driver behind the $482 million in total net outflows for commodity-related exchange-traded products. However, investors are returning to energy funds, which saw more than $354 million flow into the space. The only other sector with positive flows was broad market (multicommodity), with $15 million.

Precious metals funds led outflows with $798 million, followed by agriculture with $39 million, and industrial metals with $15 million. Exchange-traded products (ETPs) include exchange-traded funds (ETFs), exchange-traded vehicles (ETVs), and exchange-traded notes (ETNs).

ETP Inflows/Outflows

Market Vectors Gold Miners (GDX) led inflows with $174 million, followed by Energy Select SPDR (XLE) with $147 million, iShares Silver Trust (SLV) with $102 million, ProShares UltraShort DJ-UBS Crude Oil (SCO) with $92 million, and PowerShares DB Commodity Tracking (DBC) with in $52 million.

GLD led outflows, which saw 2.5% of its AUM, or $1 billion, flow out despite rising gold prices. It was followed by fellow gold fund iShares Gold Trust (IAU) with $84 million, United States Oil (USO) with $64 million, SPDR S&P Metals and Mining (XME) with $47 million, and Morgan Stanley Cushing MLP High Income ETN (MLPY) with $39 million.

ETP Performance

While physically backed precious metals funds led outflows, precious metals miners led performance, with PureFunds ISE Junior Silver Small- Cap Miners/Explorers (SILJ) jumping 8.13%. It was followed by Guggenheim Solar (TAN) with a 7.85% jump, Market Vector Uranium + Nuclear Energy (NLR) with a 7.84% hike, United States Gasoline (UGA) with a 7.01% increase, and Global X Junior Miners ETF (JUNR), which rose 6.45%.

PowerShares DB Agriculture Long ETN (AGF) led the worst performers, falling 12.12%. It was followed by Elements MLCX Biofuels Total Return ETN (FUE) with a 10.55% decrease, iPath Global Carbon ETN (GRN) with an 8.32% drop, United States Metals (USMI) with a 6.07% slide, and iPath Pure Beta Nickel ETN (NNI) shedding 4.76%.

Fund Flows Data (July 5-11, 2013)

Commodity ETF Weekly Flows by Sector

Net Flows
($,mm)
AUM
($, mm)
% of AUM
Agriculture -38.88 9,696.62 -0.40%
Broad Market 15.31 13,056.11 0.12%
Energy 354.43 39,950.21 0.89%
Industrial Metals -15.49 1,323.31 -1.17%
Precious Metals -797.59 66,063.80 -1.21%
Total: -482.21 130,090.03 -0.37%


Top Five Commodity ETF Creations

Ticker Name Net Flows
($,mm)
AUM
($, mm)
AUM % Change
GDX Market Vectors Gold Miners 174.43 6,194.82 2.90%
XLE Energy Select SPDR 146.75 8,483.66 1.76%
SLV iShares Silver Trust 101.82 6,460.76 1.60%
SCO ProShares UltraShort DJ-UBS Crude Oil 91.64 330.66 38.34%
DBC PowerShares DB Commodity Tracking 51.78 6,350.16 0.82%


Top Five Commodity ETF Redemptions

Ticker Name Net Flows
($,mm)
AUM
($, mm)
AUM % Change
GLD SPDR Gold -1,005.56 38,789.02 -2.53%
IAU iShares Gold Trust -83.92 7,394.49 -1.12%
USO United States Oil -64.16 731.18 -8.07%
XME SPDR S&P Metals and Mining -47.20 556.17 -7.82%
MLPY Morgan Stanley Cushing MLP High Income ETN -39.49 7.25 -84.50%


Top Five Weekly Performers, Excluding <1,000 Shares Traded

Ticker Name Weekly
Performance
Weekly Volume AUM
($, mm)
SILJ PureFunds ISE Junior Silver (Small Cap Miners/Explorers) 8.13% 40,799 1.55
TAN Guggenheim Solar 7.85% 1,592,763 136.38
NLR Market Vectors Uranium + Nuclear Energy 7.84% 39,606 76.27
UGA United States Gasoline 7.01% 225,032 63.44
JUNR Global X Junior Miners ETF 6.45% 13,174 4.61


Bottom Five Weekly Performers, Excluding <1,000 Shares Traded

Ticker Name Weekly
Performance
Weekly Volume AUM
($, mm)
AGF PowerShares DB Agriculture Long ETN -12.12% 1,400 3.67
FUE ELEMENTS MLCX Biofuels Total Return ETN -10.55% 9,450 0.98
GRN iPath Global Carbon ETN -8.32% 14,051 0.85
USMI United States Metals -6.07% 6,000 2.18
NINI iPath Pure Beta Nickel ETN -4.76% 17,770 2.94


Top Five Volume Surprises, Funds >$50 mm AUM

Ticker Name Average Volume
(30 Day)
Weekly Volume % of Average
USCI United States Commodity 72,176 828,871 229.68%
OIL iPath S&P GSCI Crude Oil Total Return ETN 530,988 5,297,438 199.53%
UGAZ VelocityShares 3X Long Natural Gas ETN 723,009 7,043,548 194.84%
DBE PowerShares DB Energy 88,341 851,526 192.78%
SCO ProShares UltraShort DJ-UBS Crude Oil 1,743,065 16,298,384 187.01%

Disclaimer: Data provided by IndexUniverse. All data as of 6 a.m. ET the date of publication. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.

Source: Commodity ETF Flows: Gold Fund GLD Bleeds $1 Billion, But Junior Miners Outperform