Commodity ETF Flows Report: Ags Over Energy, MOO Keeps Growing

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Includes: BAL, DBC, DBS, GDXJ, GLDX, GWO, MOO, PALL, REMX, SGAR, SGG, TAN, UNG, URA, USO, XLE
by: Hard Assets Investor

By Sumit Roy

Commodity ETPs have seenmore outflows, but one agriculture ETF continues its hot streak. Spiking oil and corn prices didn’t stop commodity-related exchange-traded products from experiencing their fifth outflow in six weeks, as economic concerns and falling stock prices created a dreary mood among investors.

Once again, the energy sector led the exodus last week, with $371 million in redemptions, followed by industrial metals with $42 million, and precious metals with nearly $15 million. Broad market and agriculture ETPs saw more favorable action, with inflows of almost $16 million and $246 million, respectively.

As usual, agriculture’s outperformance comes courtesy of the Market Vectors Agribusiness ETF (NYSEARCA:MOO), which showed up on the inflows leaderboard for the fifth straight week. That takes its five-week total to over $1.3 billion, with $241 million of that from last week.

On the other end of the spectrum, the Energy Select SPDR Fund (NYSEARCA:XLE) topped the outflows leaderboard for a second straight week, as investors pulled out $168 million. Another energy product, the United States Oil Fund (NYSEARCA:USO), also made its second straight appearance on the list, after seeing $127 million in redemptions.

USO’s cousin, the United States Natural Gas Fund (NYSEARCA:UNG), was right behind, with $126 million in redemptions, as investors liquidated their positions after a steep run-up in prices for the fuel. The Market Vectors Junior Gold Miners ETF (NYSEARCA:GDXJ) and the PowerShares DB Commodity Tracking Fund (NYSEARCA:DBC) rounded out the top five, with $60 million and $55 million in outflows, respectively.

Fast-recovering palladium and sugar prices enabled the ETFS Physical Palladium Shares (NYSEARCA:PALL), iPath Pure Beta Sugar ETN (NYSEARCA:SGAR) and the iPath Dow Jones-UBS Sugar Total Return ETN (NYSEARCA:SGG) to take the Nos. 1, 2 and 3 spots in the price performance leaderboard last week, with returns of 5.92 percent, 5.76 percent and 5.38 percent, respectively.

The Elements Credit Suisse Global Warming ETN (NYSEARCA:GWO) and PowerShares DB Silver Fund (NYSEARCA:DBS) rounded out the top five, with returns of 4.73 percent and 4.11 percent, respectively.

The worst price performers of the week were a diverse bunch. The iPath Dow Jones-UBS Cotton Total Return ETN (NYSEARCA:BAL), Global X Uranium ETF (NYSEARCA:URA), Guggenheim Solar ETF (NYSEARCA:TAN), Global X Gold Explorers ETF (NYSEARCA:GLDX) and Market Vectors Rare Earth/Strategic Metals ETF (NYSEARCA:REMX) fell 8.58 percent, 7.82 percent, 5.83 percent, 5.58 percent and 5.51 percent, respectively.

Fund Flows Data: June 2-9

Commodity ETF Weekly Flows By Asset Class

Net Flows
($,mm)
AUM
($, mm)
% of AUM
Agriculture 245.90 13,386.53 1.84%
Broad Market 15.71 16,592.70 0.09%
Energy -370.91 35,427.08 -1.05%
Industrial Metals -42.43 3,463.76 -1.22%
Precious Metals -14.75 95,694.53 -0.02%
Total: -166.48 164,564.60 -0.10%
Click to enlarge

Top 5 Commodity ETF Creations

Ticker Name Net Flows
($,mm)
AUM
($, mm)
AUM % Change
MOO Market Vectors Agribusiness ETF 241.34 5,496.05 4.59%
XME SPDR S&P Metals and Mining ETF 148.04 1,100.31 15.55%
IAU iShares Gold Trust 112.78 6,984.15 1.64%
XOP SPDR S&P Oil & Gas Exploration
& Production ETF
96.63 907.64 11.92%
DBP PowerShares DB Precious Metals Fund 34.09 572.16 6.34%
Click to enlarge

Top 5 Commodity ETF Redemptions

Ticker Name Net Flows
($,mm)
AUM
($, mm)
AUM % Change
XLE Energy Select SPDR Fund -168.05 9,081.31 -1.82%
USO United States Oil Fund -126.94 1,359.07 -8.54%
UNG United States Natural Gas Fund -125.94 1,888.70 -6.25%
GDXJ Market Vectors Junior Gold Miners ETF -60.02 1,975.66 -2.95%
DBC PowerShares DB Commodity Tracking Fund -54.92 6,315.88 -0.86%
Click to enlarge

Top 5 Weekly Performers (Excluding Leverage/Inverse, >1,000 Shares Traded)

Ticker Name Weekly
Performance
Weekly Volume AUM
($, mm)
PALL ETFS Physical Palladium Shares 5.92% 1,324,579 811.14
SGAR iPath Pure Beta Sugar ETN 5.76% 7,842 6.35
SGG iPath Dow Jones-UBS Sugar Total Return ETN 5.38% 328,170 68.13
GWO ELEMENTS Credit Suisse Global Warming ETN 4.73% 5,415 0.00
DBS PowerShares DB Silver Fund 4.11% 720,780 196.76
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Bottom 5 Weekly Performers (Excluding Leverage/Inverse, >1,000 Shares Traded)

Ticker Name Weekly
Performance
Weekly
Volume
AUM
($, mm)
BAL iPath Dow Jones-UBS Cotton Total Return ETN -8.58% 595,929 77.15
URA Global X Uranium ETF -7.82% 2,668,869 242.18
TAN Guggenheim Solar ETF -5.83% 1,955,319 157.06
GLDX Global X Gold Explorers ETF -5.58% 155,775 24.83
REMX Market Vectors Rare Earth/Strategic Metals ETF -5.51% 1,672,058 475.59
Click to enlarge

Top 5 Volume Surprises (>$50mm AUM)

Ticker Name Average Volume
(30 Day)
1 Week
Average
Volume
% of Average
NLR Market Vectors Uranium + Nuclear Energy ETF 67,057 768,423 229.18%
PBD PowerShares Global
Clean Energy Portfolio Fund
52,347 523,202 199.90%
CROP IQ Global Agribusiness Small Cap ETF 47,085 461,153 195.88%
WOOD iShares S&P Global Timber & Forestry Fund 77,993 693,781 177.91%
CUT Guggenheim Timber ETF 142,441 1,199,698 168.45%
Click to enlarge

Disclaimer: Data provided by IndexUniverse. All data as of 6 a.m. Eastern 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.