Overall inflows to commodity funds rebound from prior week’s drop-off, but the yellow metal’s price correction undercuts performance.
Positive inflows of investor capital returned to commodity-related exchange-traded products this past week ending Thursday, largely thanks to precious metals.
While commodity funds saw $171 million of inflows, only the precious metals and energy sectors saw net inflows, of $228 million and $76 million, respectively. Agriculture, industrial metals and broad market (multicommodity) funds registered outflows of $61 million, $39 million and $34 million, respectively.
Exchange-traded products (ETPs) include exchange-traded funds (ETFs), exchange-traded vehicles (ETVs) and exchange-traded notes (ETNs)
One ETF in particular, the Market Vectors Gold Miners (NYSE Arca: GDX), took the lion’s share of inflows for the entire asset class, by attracting more than $227 million of investor money. That was followed by the Alerian MLP (NYSE Arca: AMLP) with $61 million, Energy Select SPDR (NYSE Arca: XLE) with $37 million, iPath S&P GSCI Crude Oil Total Return ETN (NYSE Arca: OIL) with $34 million and Market Vector Oil Services (NYSE Arca: OIH) with $27 million.
Energy funds populated the top outflows. The SPDR S&P Oil & Gas Exploration & Production (NYSE Arca: XOP) saw $51 million in outflows, followed by United States Natural Gas (NYSE Arca: UNG) with $40 million, JPMorgan Alerian MLP ETN (NYSE Arca: AMJ) with $39 million, Market Vectors Coal (NYSE Arca: KOL) with $30 million and Market Vectors Agribusiness (NYSE Arca: MOO) with $29 million.
ETP Price Performance
No sector can claim outperformance, as the top five gainers came from a mixed bag of sectors, led by the iPath Dow Jones-UBS Sugar Total Return ETN (NYSE Arca: SGG) with a gain of 6.52 percent. That was followed by the PowerShares WilderHill Clean Energy Portfolio (NYSE Arca: PBW) with a 5.83 percent gain, iPath Dow Jones-UBS Natural Gas Total Return ETN (NYSE Arca: GAZ) with a 5.43 percent increase, First Trust NASDAQ Clean Edge Green Energy (NYSE Arca: QCLN) with a 5.24 percent jump and PowerShares Global Steel Portfolio (NYSE Arca: PSTL) that added 4.98 percent.
Unlike the top performers, the worst-performing funds came from the precious metals sector and gold funds in particular. The Global X Pure Gold Miners (NYSE Arca: GGGG) lost 7.88 percent as the top underperformer. The Global X Gold Explorers (NYSE Arca: GLDX) took the third spot, with a 6.17 percent loss, Market Vectors Gold Miners (NYSE Arca: GDX) took the fourth position, with a 5.96 percent decline and Market Vectors Junior Gold Miners (NYSE Arca: GDXJ) followed GDX with a 5.52 percent fall.
The only nongold fund in the worst performers list was the iPath Dow Jones-UBS Cocoa Total Return ETN (NYSE Arca: NIB), which posted a 6.5 loss for the week.
Fund Flows Data: (March 9 - March 15, 2012)
Commodity ETF Weekly Flows By Sector
Net Flows |
|% of AUM|
Top 5 Commodity ETF Creations
Net Flows |
|AUM % Change|
|GDX||Market Vectors Gold Miners||227.14||8,008.54||2.92%|
|XLE||Energy Select SPDR||36.67||8,273.52||0.45%|
|OIL||iPath S&P GSCI Crude Oil Total Return ETN||33.60||673.37||5.25%|
|OIH||Market Vectors Oil Services||27.29||1,040.38||2.69%|
Top 5 Commodity ETF Redemptions
Net Flows |
|AUM % Change|
|XOP||SPDR S&P Oil & Gas Exploration & Production||-50.64||1,037.69||-4.65%|
|UNG||United States Natural Gas||-39.77||829.27||-4.58%|
|AMJ||JPMorgan Alerian MLP ETN||-38.62||4,123.72||-0.93%|
|KOL||Market Vectors Coal||-30.23||260.29||-10.40%|
|MOO||Market Vectors Agribusiness||-28.83||6,001.90||-0.48%|
Top 5 Weekly Performers, Excluding <1,000 Shares Traded
|SGG||iPath Dow Jones-UBS Sugar Total Return ETN||6.52%||127,155||39.58|
|PBW||PowerShares WilderHill Clean Energy Portfolio||5.83%||1,325,909||211.86|
|GAZ||iPath Dow Jones-UBS Natural Gas Total Return ETN||5.43%||2,030,791||38.53|
|QCLN||First Trust NASDAQ Clean Edge Green Energy||5.24%||15,549||20.36|
|PSTL||PowerShares Global Steel Portfolio||4.98%||3,835||4.35|
Bottom 5 Weekly Performers, Excluding <1,000 Shares Traded
|GGGG||Global X PURE Gold Miners||-7.88%||11,740||4.91|
|NIB||iPath Dow Jones-UBS Cocoa Total Return ETN||-6.50%||88,974||19.28|
|GLDX||Global X Gold Explorers||-6.17%||85,412||26.75|
|GDX||Market Vectors Gold Miners||-5.96%||66,260,796||8,008.54|
|GDXJ||Market Vectors Junior Gold Miners||-5.52%||13,258,107||2,052.21|
Top 5 Volume Surprises, Funds >$50 mm AUM
Average Volume |
|Weekly Volume||% of Average|
|REMX||Market Vectors Rare Earth/Strategic Metals||96,479||840,435||174.22%|
|MLPL||ETRACS 2X Monthly Leveraged Long Alerian MLP Infrastructure ETN||30,329||261,513||172.45%|
|KOL||Market Vectors Coal||313,700||2,614,250||166.67%|
|FXN||First Trust Energy AlphaDEX||46,686||363,448||155.70%|
|DAG||PowerShares DB Agriculture Double Long ETN||61,665||479,941||155.66%|
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.