Copper ETFs Gain As Grain ETFs Suffer (XLE, GDX, XME, MOO, UNG, XOP, SLV, ERX, GLD, DBA)
Sumit Roy: For the first time in a long time, commodity-related ETPs saw their second straight week of inflows, as market sentiment improves.
It wasn’t much, but commodity-related exchange-traded products saw their second straight week of net inflows last week. Investors added a modest $28 million to the space. In turn, total assets inched higher, to $160.4 billion.
None of the individual sectors saw any outsized flows. Energy led with $46 million in inflows, followed by broad market (multicommodity) ETPs. Precious metals, industrial metals and agriculture saw outflows of $17 million, $13 million and $11 million, respectively.
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The energy behemoth Energy Select Sector SPDR Fund (NYSE:XLE) continued to recover from recent withdrawals, as investors plowed $219 million into the fund, allowing it to take the top spot for the week.
The Market Vectors Gold Miners ETF (NYSE:GDX) and the SPDR S&P Metals and Mining ETF (NYSE:XME) followed, with $123 million and $94 million in inflows, respectively.
At spot No. 4 was a familiar name—the Market Vectors Agribusiness ETF (NYSE:MOO), with $68 million in inflows. Clearly, last week’s minor $18 million outflow was an anomaly in a trend that has seen MOO accumulate almost $1.2 billion in investor capital over eight weeks. Following MOO was the United States Natural Gas Fund (NYSE:UNG) at No. 5, with $37 million in inflows.
Though XLE took the top spot on the inflows list last week, another energy fund, the SPDR S&P Oil & Gas Exploration & Production ETF (NYSE:XOP), was No. 1 on the outflows list, with $143 million in withdrawals.
The rest of the list included the iShares Silver Trust (NYSE:SLV), the Direxion Daily Energy Bull 3x Shares (NYSE:ERX), the PowerShares DB Agriculture Fund (NYSE:DBA) and the SPDR Gold Trust (NYSE:GLD) with $94 million, $64 million, $45 million and $44 million in outflows, respectively.
Shifting gears to price performance for the week, base metals dominated the top performers list, though the Elements Credit Suisse Global Warming ETN (NYSE:GWO) led, with a 9.49 percent gain.
The First Trust ISE Global Copper Index Fund (NASDAQ:CU), the Global X Copper Miners ETF (NYSE:COPX) and the iPath Dow Jones-UBS Lead Subindex Total Return ETN (NYSE:LD) were next, with gains of 9 percent, 8.65 percent and 7.23 percent, respectively.
The Global X Oil Equities ETF (NYSE:XOIL) rounded out the top five, with a 7.12 percent rally.
It was all about grains when it comes to the worst performers of the week. The exception was the No. 1 product on the list, the iPath Global Carbon ETN (NYSE:GRN), which shed 8.53 percent.
The Elements MLCX Grains Index – Total Return ETN (NYSE:GRU), the Teucrium Corn Fund (NYSE:CORN), the iPath Dow Jones UBS Grains Subindex Total Return ETN (NYSE:JJG) and the iPath Pure Beta Grains ETN (NYSE:WEET) fell 7.9 percent, 7.47 percent, 6.76 percent and 5.01 percent, respectively.
Fund Flows Data: June 23 – June 30
Commodity ETF Weekly Flows By Asset Class
| Net Flows ($,mm) |
AUM ($, mm) |
% of AUM | |
| Agriculture | -10.52 | 12,963.24 | -0.08% |
| Broad Market | 22.42 | 15,731.53 | 0.14% |
| Energy | 46.01 | 35,395.90 | 0.13% |
| Industrial Metals | -13.44 | 3,112.90 | -0.43% |
| Precious Metals | -16.86 | 93,235.20 | -0.02% |
| Total: | 27.61 | 160,438.77 | 0.02% |
Top 5 Commodity ETF Creations
| Ticker | Name | Net Flows ($,mm) |
AUM ($, mm) |
AUM % Change |
| XLE | Energy Select SPDR | 218.55 | 9,011.39 | 2.49% |
| GDX | Market Vectors Gold Miners | 123.15 | 6,837.03 | 1.83% |
| XME | SPDR S&P Metals and Mining | 94.44 | 1,086.08 | 9.52% |
| MOO | Market Vectors Agribusiness | 67.71 | 5,538.75 | 1.24% |
| UNG | United States Natural Gas | 37.28 | 1,861.61 | 2.04% |
Top 5 Commodity ETF Redemptions
| Ticker | Name | Net Flows ($,mm) |
AUM ($, mm) |
AUM % Change |
| XOP | SPDR S&P Oil & Gas Exploration & Production | -143.00 | 907.98 | -13.61% |
| SLV | iShares Silver | -94.22 | 10,733.62 | -0.87% |
| ERX | Direxion Daily Energy Bull 3x | -64.39 | 408.81 | -13.61% |
| DBA | PowerShares DB Agriculture | -45.31 | 3,097.84 | -1.44% |
| GLD | SPDR Gold | -43.96 | 58,460.23 | -0.08% |
Top 5 Weekly Performers, Excluding <1,000 Shares Traded
| Ticker | Name | Weekly Performance |
Weekly Volume | AUM ($, mm) |
| GWO | ELEMENTS Credit Suisse Global Warming ETN | 9.49% | 3,566 | 0.00 |
| CU | First Trust ISE Global Copper | 9.00% | 888,761 | 209.00 |
| COPX | Global X Copper Miners | 8.65% | 258,418 | 87.00 |
| LD | iPath Dow Jones-UBS Lead Total Return ETN | 7.23% | 383,368 | 17.28 |
| XOIL | Global X Oil Equities | 7.12% | 30,064 | 3.57 |
Bottom 5 Weekly Performers, Excluding <1,000 Shares Traded
| Ticker | Name | Weekly Performance |
Weekly Volume | AUM ($, mm) |
| GRN | iPath Global Carbon ETN | -8.53% | 3,973 | 2.54 |
| GRU | ELEMENTS MLCX Grains – Total Return ETN | -7.89% | 656,539 | 25.37 |
| CORN | Teucrium Corn | -7.47% | 1,187,989 | 126.98 |
| JJG | iPath Dow Jones UBS Grains Subindex Total Return ETN | -6.76% | 1,223,891 | 266.75 |
| WEET | iPath Pure Beta Grains ETN | -5.01% | 9,911 | 6.18 |
Top 5 Volume Surprises, Funds >$50 mm AUM
| Ticker | Name | Average Volume (30 Day) |
1 Week Average Volume | % of Average |
| DBE | PowerShares DB Energy | 118,660 | 1,407,170 | 237.18% |
| USL | United States 12 Month Oil | 58,114 | 597,989 | 205.80% |
| PUW | PowerShares WilderHill Progressive Energy Portfolio | 19,024 | 158,163 | 166.28% |
| DGL | PowerShares DB Gold | 39,730 | 316,519 | 159.33% |
| GSP | iPath S&P GSCI Total Return ETN | 20,689 | 158,322 | 153.05% |
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.
NYSE:ERX, NYSE:GDX, NYSE:GLD, NYSE:MOO, NYSE:SLV, NYSE:UNG, NYSE:XLE, NYSE:XME, NYSE:XOIL
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.