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Commodity ETF Flows Report: Bleeding Slows As Energy And Ag Etfs Offset SLV Outflows

 May 21, 2011 02:47 PM


The bleeding in commodity-related exchange-traded products didn't entirely stop last week, but it sure slowed down. Investors took out a relatively modest $280 million from said ETPs, dropping total assets to $161 billion. But assets are actually about $1 billion higher than last week, due to modest gains in most commodity prices.

In contrast to prior weeks, however, sector performance was rather uneven. In fact, three of the five sectors actually saw inflows, led by energy with $148 million. Agriculture and broad market (multi-commodity) ETPs followed, with $135 million and $54 million in inflows, respectively. The losers were the metals—precious metals and industrial metals-related products saw outflows totaling $494 million and $123 million.

This week's energy outperformance was thanks largely to the Energy Select SPDR Fund (NYSE Arca: XLE), which saw $659 million in inflows. That more than reversed last week's slew of redemptions.

The No. 2 spot belonged to the Market Vectors Agribusiness ETF (NYSE Arca: MOO), a fund that has been seeing solid interest over the past couple of weeks. The fund saw $251 million in inflows on the heels of the prior week's $534 million. Incidentally, agricultural commodities were by far the strongest performers last week, with corn almost recovering the entire May price decline.

Rounding out the top five best performing ETPs list are the Market Vector Gold Miners ETF (NYSE Arca: GDX), the SPDR S&P Metals and Mining ETF (NYSE Arca: XME), and the ProShares UltraShort DJ-UBS Commodity (NYSE Arca: CMD) with inflows of $221 million, $201 million, and $81 million, respectively.

Just as XLE was responsible for energy's outperformance this week, the iShares Silver Trust (NYSE Arca: SLV) was responsible for precious metals' general underperformance. Investors removed $429 million of capital from the fund, more than reversing the prior week's $283 million in inflows.

Another silver fund, the PowerShares DB Silver Fund (NYSE Arca: DBS) followed suit with $107 million in outflows, which translated into a whopping 34 percent decline in total assets.

Taking the No.3 position on the redemptions list was the PowerShares DB Agriculture Fund (NYSE Arca: DBA) with $103 million in outflows. Recall that last week DBA saw $190 million in outflows. So for two weeks now we've seen outflows from DBA, but inflows into the aforementioned MOO. This trend indicates that investors seem to be favoring indirect exposure to agriculture through agribusiness equities over direct commodity price exposure.

Rounding out the worst performers list are the United States Oil Fund (NYSE Arca: USO) and SPDR Gold Trust (NYSE Arca: GLD), which saw outflows of $99 million and $88 million, respectively.

Switching gears to price performance, agriculture-related ETPs were far and away the best performers as prices for corn, wheat, and soybeans surged. The ELEMENTS MLCX Grains Index Total Return ETN (NYSE Arca: GRU) led with a 7.84 percent return, followed closely by the iPath Dow Jones-UBS Grains Subindex Total Return ETN (NYSE Arca: JJG) and iPath Dow Jones-UBS Cotton Subindex Total Return ETN (NYSE Arca: BAL), with returns of 7.58 percent and 7.45 percent, respectively.

Spots No.4 and No.5 were taken by the Teucrium Corn Fund (NYSE Arca: CORN) and the iPath Dow Jones-UBS Lead Subindex Total Return ETN (NYSE Arca: LD), which gained 5.84 percent and 5.76 percent, respectively. Clean/alternative energy ETPs made up the bulk of the worst price performers list, though iPath Pure Beta Aluminum ETN (NYSE Arca: FOIL) led with a 7.83 percent decline as aluminum warehouse stocks at the London Metal Exchange hit a record high. The Guggenheim Solar ETF (NYSE Arca: TAN), iPath Global Carbon ETN (NYSE Arca: GRN), and Market Vectors Solar Energy ETF (NYSE Arca: KWT) took the Nos. 2, 4, and 5 spots with losses of 6.51 percent, 5.88 percent, and 5.88 percent, respectively.

Fund Flows Data: May 13 - 19, 2011


[Related -Gold And Silver: Which Is Better For Your Portfolio?]

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Commodity ETF Weekly Flows By Asset Class

 Net Flows
($,mm)
AUM
($, mm)
% of AUM
Agriculture53.6412,486.810.43%
Broad Market134.8716,308.780.83%
Energy148.1236,273.830.41%
Industrial Metals-122.523,644.77-3.36%
Precious Metals-493.7292,122.43-0.54%
Total:-279.61160,836.62-0.17%

Top 5 Commodity ETF Creations

TickerNameNet Flows
($,mm)
AUM
($, mm)
AUM % Change
XLEEnergy Select SPDR Fund
659.159,263.937.66%
MOOMarket Vectors Agribusiness ETF
251.144,435.216.00%
GDXMarket Vectors Gold Miners ETF
220.936,505.963.52%
XMESPDR S&P Metals and Mining ETF
201.491,216.0319.86%
CMDProShares UltraShort DJ-UBS Commodity81.2784.722,357.13%

Top 5 Commodity ETF Redemptions

TickerNameNet Flows
($,mm)
AUM
($, mm)
AUM % Change
SLViShares Silver Trust
-429.3511,665.76-3.55%
DBSPowerShares DB Silver Fund
-107.01208.06-33.96%
DBAPowerShares DB Agriculture Fund-103.173,256.90-3.07%
USOUnited States Oil Fund-98.781,671.46-5.58%
GLDSPDR Gold Trust
-87.7957,171.98-0.15%

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

TickerNameWeekly
Performance
Weekly VolumeAUM
($, mm)
GRUELEMENTS MLCX Grains Index - Total Return ETN7.84%923,85830.47
JJGiPath Dow Jones UBS Grains Subindex Total Return ETN7.58%1,470,385320.69
BALiPath Dow Jones-UBS Cotton Subindex Total Return ETN7.45%488,08985.56
CORNTeucrium Corn Fund
5.84%1,138,001129.89
LDiPath Dow Jones-UBS Lead Subindex Total Return ETN5.76%6,2686.54

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

TickerNameWeekly
Performance
Weekly VolumeAUM
($, mm)
FOILiPath Pure Beta Aluminum ETN-7.83%1,9004.20
TANGuggenheim Solar ETF
-7.56%1,915,065176.84
LEDDiPath Pure Beta Lead ETN-6.51%1,3805.54
GRNiPath Global Carbon ETN-5.88%9,4333.96
KWTMarket Vectors Solar Energy ETF
-5.88%415,01033.24

Top 5 Volume Surprises (>$50mm AUM)

TickerNameAverage Volume
(30 Day)
1 Week Average Volume% of Average
CMDProShares UltraShort DJ-UBS Commodity110,7953,123,248563.79%
RYERydex S&P Equal Weight Energy ETF
50,222975,408388.44%
CRBQJefferies TR/J CRB Global Commodity Equity Index Fund
56,265833,243296.19%
USCIUnited States Commodity Index Fund
190,8342,567,015269.03%
MLPNCredit Suisse Cushing 30 MLP Index ETN
50,593643,683254.46%

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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