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.

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)
% 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 % 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 % 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
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
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.

Written by Sumit Roy From Hard Assets Investor (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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