Home > Commodity ETF Flows: Energy Gains Despite Oil Plunge, MOO Sees Outflows (XLE, XOP, USO, XME, GDX, DBA)
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Commodity ETF Flows: Energy Gains Despite Oil Plunge, MOO Sees Outflows (XLE, XOP, USO, XME, GDX, DBA)

June 24th, 2011

Sumit Roy: Investors add money to commodity ETPs despite continued jitters over the economy. Despite more macroeconomic worries and volatility in financial markets, commodity-related exchange-traded products managed to see a solid net inflow in aggregate last week. Investors added $863 million to the space, only the second inflow in eight weeks.

The energy sector was the big winner in the period. Investors added $646 million in energy-related ETPs despite plunging oil prices amid an emergency release of stockpiles by the International Energy Agency.

Precious metals also fared well, with $271 million in inflows, bucking a decline in prices for underlying gold and silver prices.


Broad market (multicommodity) ETPs eked out $82 million in inflows, while industrial metals and agriculture saw outflows of $39 million and $96 million, respectively.

Fueling energy’s strong performance this week was the Energy Select Sector SPDR Fund (NYSE:XLE). After losing almost $3 billion since April, the fund took the top spot last week, with $352 million in inflows.

Other energy products on this week’s top five include the SPDR S&P Oil & Gas Exploration & Production ETF (NYSE:XOP) and the United States Oil Fund (NYSE:USO), taking the Nos. 2 and 4 spots, with $179 million and $104 million in inflows, respectively.

Spot Nos. 3 and 5 went to the SPDR S&P Metals and Mining ETF (NYSE:XME) and the Market Vectors Gold Miners ETF (NYSE:GDX) after investors added $122 million and $100 million, respectively, to the funds.

Noticeably absent from the top inflows list this week is the Market Vectors Agribusiness ETF (NYSE:MOO). That’s because after six weeks of continued inflows, MOO flows flipped and the fund now finds itself at No. 5 on the outflows list for last week. But the mere $18 million in outflows does little to reverse the $1.1 billion in inflows the fund saw over the past several weeks.

Indeed, none of the funds on this past week’s outflows list saw huge investor withdrawals. Both the iShares S&P GSCI Commodity-Indexed Trust (NYSE:GSG) and the PowerShares DB Agriculture Fund (NYSE:DBA) led, with a modest $46 million in outflows each, while the PowerShares DB Crude Oil Double Short ETN (NYSE:DTO) and the First Trust ISE Global Copper Index ETF (NASDAQ:CU) followed, with $21 million and $20 million in outflows, respectively.

The top price performers for the week were miners, sugar and cocoa. The Global X Silver Miners ETF (NYSE:SIL) came in first, with a 5.24 percent return.

The iPath Dow Jones-UBS Sugar Subindex Total Return (NYSE:SGG) was next, with a 4.91 percent gain, followed by the Market Vectors Rare Earth/Strategic Metals ETF (NYSE:REMX), the Market Vectors Gold Miners ETF (NYSE:GDXJ) and the iPath Dow Jones-UBS Cocoa Subindex Total Return ETN (NYSE:NIB), with returns of 4.85 percent, 4.57 percent and 4.33 percent, respectively.

Meanwhile, the bottom price performers consisted of traditional energy, alternative energy and agriculture products. The iPath Global Carbon ETN (NYSE:GRN) was the worst performer, losing 9.9 percent on the week.

The United States Heating Oil Fund (NYSE:UHN), the Elements Credit Suisse Global Warming ETN (NYSE:GWO), the iPath Pure Beta Agriculture ETN (NYSE:DIRT), and the United States Brent Oil Fund (NYSE:BNO) followed, with losses of 6.29 percent, 5.74 percent, 5.52 percent and 5.32 percent, respectively.

Fund Flows Data: June 16 – June 23

Commodity ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
Agriculture -96.39 12,757.63 -0.76%
Broad Market 81.51 15,406.00 0.53%
Energy 646.19 34,308.69 1.88%
Industrial Metals -38.92 3,012.75 -1.29%
Precious Metals 270.50 94,322.95 0.29%
Total: 862.89 159,808.03 0.54%

Top 5 Commodity ETF Creations

Ticker Name Net Flows
($, mm)
AUM
($, mm)
AUM % Change
XLE Energy Select SPDR Fund 352.13 8,900.05 4.12%
XOP SPDR S&P Oil & Gas Exploration & Production ETF 179.38 1,053.39 20.52%
XME SPDR S&P Metals and Mining ETF 122.18 1,018.62 13.63%
USO United States Oil Fund 104.04 1,349.81 8.35%
GDX Market Vectors Gold Miners ETF 100.29 6,753.79 1.51%

Top 5 Commodity ETF Redemptions

Ticker Name Net Flows
($, mm)
AUM
($, mm)
AUM % Change
GSG iShares S&P GSCI Commodity-Index Trust -45.72 1,540.50 -2.88%
DBA PowerShares DB Agriculture Fund -45.47 3,152.81 -1.42%
DTO PowerShares DB Crude Oil Double Short ETN - 21.11 130.14 -13.96%
CU First Trust ISE Global Copper Index ETF -19.63 207.93 -8.63%
MOO Market Vectors Agribusiness ETF -18.11 5,303.03 -0.34%

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

Ticker Name Weekly
Performance
Weekly Volume AUM
($, mm)
SIL Global X Silver Miners ETF 5.24% 1,554,001 408.55
SGG iPath Dow Jones-UBS Sugar Total Return ETN 4.91% 289,376 70.37
REMX Market Vectors Rare Earth/Strategic Metals ETF 4.85% 991,274 448.25
GDXJ Market Vectors Junior Gold Miners ETF 4.57% 13,641,645 2,008.25
NIB iPath Dow Jones-UBS Cocoa Total Return ETN 4.33% 202,699 25.24

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

Ticker Name Weekly
Performance
Weekly Volume AUM
($, mm)
GRN iPath Global Carbon ETN -9.90% 17,770 2.48
UHN United States Heating Oil Fund -6.29% 29,154 6.42
GWO ELEMENTS Credit Suisse Global Warming ETN -5.74% 4,072 0.00
DIRT iPath Pure Beta Agriculture ETN -5.52% 4,704 5.75
BNO United States Brent Oil Fund -5.32% 815,168 50.12

Top 5 Volume Surprises (>$50mm AUM)

Ticker Name Average Volume
(30 Day)
1 Week Average Volume % of Average
MLPI UBS E-TRACS Alerian MLP Infrastructure ETN 36,578 534,473 292.24%
COW iPath Dow Jones-UBS Livestock Total Return ETN 86,645 1,033,681 238.60%
PUW PowerShares WilderHill
Progressive Energy Portfolio Fund
15,722 180,753 229.94%
MLPN Credit Suisse Cushing 30 MLP Index ETN 117,042 1,270,600 217.12%
BNO United States Brent Oil Fund 78,793 815,168 206.91%

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.

Written by Sumit Roy From Hard Assets Investor   

HardAssetsInvestor.com (HAI) is a research-oriented Web site devoted to sharing ideas about hard assets investing. The site has been developed as an educational resource for both individual and institutional investors interested in learning more about commodity equities, commodity futures and gold (the three major components of the hard assets marketplace). The site will focus on hard assets investing without endorsing or recommending any particular investment product.  

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NYSE:DBA, NYSE:GDX, NYSE:MOO, NYSE:USO, NYSE:XLE, NYSE:XME, NYSE:XOP


 

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