Sumit Roy: All large precious metals ETPs saw substantial inflows over past week, but grains ETPs performed best.
Record highs in gold and one-month highs in the overall commodity sector spurred investors to finally deploy a large amount of capital into commodity-related exchange-traded products this week. Investors added $1.3 billion to the space, helping to send total assets to $168.6 billion.
But sector performance varied significantly. Precious metals completely dominated with inflows of $1.7 billion. The only other sector to see a net inflow was agriculture, with $135 million.
Energy was the biggest loser. The sector saw outflows of $459 million, while the broad market (multicommodity) and industrial metals sectors saw fractional outflows of $12 million and $11 million, respectively.
Given the week’s sector performance, it’s unsurprising that precious metals ETPs dominated the inflows list. Only the agriculture superstar, the Market Vectors Agribusiness ETF (NYSE:MOO), had the inflows necessary to make it onto the top 5 list. The fund took the No. 4 spot with $145 million in inflows, taking its 10-week total to more than $1.5 billion.
The rest of the inflows list consisted of precious metals juggernauts, including the SPDR Gold Trust (NYSE:GLD), iShares Gold Trust (NYSE:IAU), iShares Silver Trust (NYSE:SLV) and Market Vectors Gold Miners ETF (NYSE:GDX), with inflows of $1 billion, $246 million, $150 million and $85 million, respectively.
Just as precious metals ETPs dominated the inflows list, energy ETPs dominated the outflows list. The Energy Select Sector SPDR Fund (NYSE:XLE), SPDR S&P Oil & Gas Exploration & Production ETF (NYSE:XOP), United States Natural Gas Fund (NYSE:UNG), United States Oil Fund (NYSE:USO) and iPath S&P GSCI Crude Oil Total Return ETN (NYSE:OIL) took spots Nos. 1 through 5, with outflows of $262 million, $80 million, $54 million, $53 million and $29 million, respectively.
Hot Midwestern weather sent grain prices surging. In turn, grain-related ETPs were the top price performers this week. The iPath Beta Grains ETN (NYSE:WEET), Teucrium Corn Fund (NYSE:CORN), Elements MLCX Grains Index Total Return ETN (NYSE:GRU) and iPath Dow Jones UBS Grains Subindex Total Return ETN (NYSE:JJG) rose by 8.74 percent, 8.47 percent, 8.46 percent and 7.92 percent, respectively.
The UBS ETRACS CMCI Gold Total Return ETN (NYSE:UBG) was the only ETP unrelated to grains that made the list, with a 5.87 percent gain.
Finally, solar and cotton ETPs made up the bottom price performers list. The Market Vectors Solar Energy ETF (NYSE:KWT), Guggenheim Solar ETF (NYSE:TAN) and iShares S&P Global Clean Energy Index Fund (NYSE:ICLN) fell 9.37 percent, 7.76 percent and 7.21 percent, respectively.
The iPath Pure Beta Cotton ETN (NYSE:CTNN) and iPath Dow Jones-UBS Cotton Subindex Total Return ETN (NYSE:BAL) shed 8.93 percent and 8.19 percent, respectively.
Fund Flows Data: July 8 – July 14
Commodity ETF Weekly Flows By Asset Class
|% of AUM|
Top 5 Commodity ETF Creations
|AUM % Change|
|GLD||SPDR Gold Trust||996.80||62,650.94||1.62%|
|IAU||iShares Gold Trust||245.56||7,672.60||3.31%|
|SLV||iShares Silver Trust||149.69||12,201.60||1.24%|
|MOO||Market Vectors Agribusiness ETF||145.20||5,901.96||2.52%|
|GDX||Market Vectors Gold Miners ETF||84.83||7,360.23||1.17%|
Top 5 Commodity ETF Redemptions
|AUM % Change|
|XLE||Energy Select Sector SPDR Fund||-262.35||8,838.36||-2.88%|
|XOP||SPDR S&P Oil & Gas Exploration & Production ETF||-80.05||920.72||-8.00%|
|UNG||United States Natural Gas Fund||-53.91||1,850.08||-2.83%|
|USO||United States Oil Fund||-52.80||1,293.97||-3.92%|
|OIL||iPath S&P GSCI Crude Oil Total Return ETN||-29.26||578.78||-4.81%|
Top 5 Weekly Performers, Excluding <1,000 Shares Traded
|WEET||iPath Pure Beta Grains ETN||8.74%||8,016||6.68|
|CORN||Teucrium Corn Fund||8.47%||1,011,418||131.68|
|GRU||ELEMENTS MLCX Grains Index Total Return ETN||8.46%||425,635||27.75|
|JJG||iPath Dow Jones UBS Grains Subindex Total Return ETN||7.92%||936,993||299.32|
|UBG||UBS E-TRACS CMCI Gold Total Return ETN||5.87%||2,600||7.13|
Bottom 5 Weekly Performers, Excluding <1,000 Shares Traded
|KWT||Market Vectors Solar Energy ETF||-9.37%||356,754||26.24|
|CTNN||iPath Pure Beta Cotton ETN||-8.93%||20,350||5.10|
|BAL||iPath Dow Jones-UBS Cotton Subindex Total Return ETN||-8.19%||621,480||48.05|
|TAN||Guggenheim Solar ETF||-7.76%||1,669,969||148.67|
|ICLN||iShares S&P Global Clean Energy Index Fund||-7.21%||206,626||65.69|
Top 5 Volume Surprises, Funds >$50 mm AUM
|1 Week Average Volume||% of Average|
|NUGT||Direxion Daily Gold Miners Bull 2X Shares||271,648||2,793,112||205.64%|
|JO||iPath Dow Jones-UBS Coffee Subindex Total Return ETN||54,979||546,578||198.83%|
|SGG||iPath Dow Jones-UBS Sugar Subindex Total Return ETN||78,567||771,087||196.29%|
|GCC||GreenHaven Continuous Commodity Index Fund||175,254||1,706,896||194.79%|
|MLPL||UBS E-TRACS 2X Monthly Leveraged Long Alerian MLP Infrastructure ETN||55,654||535,002||192.26%|
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.
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