Commodities Net $10 Billion In 2011 Flows

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[This feature originally appeared on HardAssetsInvestor.com , and is published here with permission.]

 

Editor's note:This week, ETF Flows focuses on year-end results for 2011. However, the weekly ETF flows charts appear at the bottom of the story. Next week we will return to our weekly snapshot.

 

An 11 th -straight year of gains in gold helped keep investors interested in commodity-related exchange-traded products in 2011. Altogether, commodity ETPs saw net inflows of $10 billion, taking total assets to $152 billion. Exchange-traded products (ETPs) include exchange-traded funds (ETFs), exchange-traded vehicles (ETVs) and exchange-traded notes (ETNs).

The gain was thanks to a solid $5.9 billion inflow into precious metals ETPs, which now have assets totaling $98.5 billion. But agriculture was the best performer on a percentage basis, as inflows totaled $3.5 billion, sending total assets to $10.5 billion.

Broad market (multicommodity) and industrial metals ETPs saw much more modest, but still respectable, inflows:$611 million and $204 million, respectively. Total assets in those ETPs now amount to $13.1 billion and $1.7 billion, respectively.

The only sector to see a net outflow for the year was energy, which lost $171 million. That's ironic considering that crude oil (as measured by Brent) was the top-performing commodity of the year. A plunge in natural gas prices may have hurt sentiment. Total assets in energy-related ETPs now stands at $28.4 billion.

ETP Inflows/Outflows

While on the surface it looks like agriculture ETPs garnered strong investor interest in 2011, it was really only one ETP that benefited:the Market Vectors Agribusiness ETF (NYSE Arca:MOO). It alone attracted $3.7 billion in investor capital, which helped send its assets to $5.5 billion.

Other standouts were the Market Vectors Gold Miners ETF (NYSE Arca:GDX) and iShares Gold Trust (NYSE Arca:IAU), with inflows of $2.8 billion and $2.7 billion. Indeed, precious-metals-related ETPs comprised five of the top 10 best performers of the year.

On the outflows side, the Energy Select Sector SPDR Fund (NYSE Arca:XLE) saw withdrawals of $1.7 billion. Other energy underperformers were the United States Natural Gas Fund (NYSE Arca:UNG) and the United States Oil Fund (NYSE Arca:USO), with outflows of $814 million and $788 million, respectively.

Interestingly, the SPDR Gold Trust (NYSE Arca:GLD) saw an outflow of $534 million, which is in contrast to the aforementioned $2.7 billion inflow into IAU. The disparity in expense ratios between the funds — 0.4 percent for GLD vs. 0.25 percent for IAU — may explain the divergence. A $10,000 investment in GLD would incur expenses of $40, compared with $25 for IAU for basically the same product.

ETP Rankings

Finally, taking a look at the largest ETPs in the commodity space, ranked by size, the SPDR Gold Trust (NYSE Arca:GLD) still leads the pack despite the net outflow in 2011. It has $63.5 billion in assets. Three other precious metals ETPs follow:the Market Vectors Gold Miners ETF (NYSE Arca:GDX), iShares Silver Trust (NYSE Arca:SLV) and iShares Gold Trust (NYSE Arca:IAU), with total assets of $8.8 billion, $8.7 billion and $8.4 billion, respectively.

Rounding out the top five is the Energy Select Sector SPDR Fund (NYSE Arca:XLE), with $6.7 billion in assets, while the Market Vectors Agribusiness ETF (NYSE Arca:MOO) takes the sixth spot, with $5.5 billion.

 

 

Top Gainers ($, Millions)

Ticker Name Year-End Flows Year-End AUM
($, M)
MOO Market Vectors Agribusiness 3,706.54
GDX Market Vectors Gold Miners 2,782.37 8,772.66
IAU iShares Gold Trust 2,744.57 8,418.28
AMLP Alerian MLP 1,311.29 1,989.90
AMJ JPMorgan Alerian MLP ETN 1,148.94 3,638.97
OIH Market Vectors Oil Services 907.56 913.66
GDXJ Market Vectors Junior Gold Miners 900.51 1,922.69
DBC PowerShares DB Commodity Tracking 593.70 5,467.38
AGQ ProShares Ultra Silver 501.19 600.40
SGOL ETFS Physical Swiss Gold 394.72 1,677.38

 

Biggest Losers ($, Millions)

Ticker Name Year-End Flows Year-End AUM
($, M)
XLE Energy Select SPDR - 1,740.64 6,717.57
SLV iShares Silver - 1,520.69 8,699.50
UNG United States Natural Gas - 813.57 1,072.10
USO United States Oil - 787.88 1,134.61
GLD SPDR Gold - 533.59 63,484.27
GSG iShares S'P GSCI Commodity - 448.88 1,313.32
PALL ETFS Physical Palladium - 353.10 373.94
DBA PowerShares DB Agriculture - 321.10 2,034.31
PHO PowerShares Water Resources Portfolio - 222.92 808.80
OIL iPath S'P GSCI Crude Oil Total Return ETN - 209.71 436.51

 

ETF Giants ($, Millions)

Ticker Name Issuer Year-End Flows Year-End AUM
($, M)
GLD SPDR Gold SSgA - 533.59 63,484.27
GDX Market Vectors Gold Miners Van Eck 2,782.37 8,772.66
SLV iShares Silver BlackRock - 1,520.69 8,699.50
IAU iShares Gold Trust BlackRock 2,744.57 8,418.28
XLE Energy Select SPDR SSgA - 1,740.64 6,717.57
MOO Market Vectors Agribusiness Van Eck 3,706.54 5,530.63
DBC PowerShares DB Commodity Tracking Invesco PowerShares 593.70 5,467.38
AMJ JPMorgan Alerian MLP ETN JPMorgan Chase 1,148.94 3,638.97
DJP iPath Dow Jones-UBS Commodity Total Return ETN Barclays Capital 166.56 2,581.95
DBA PowerShares DB Agriculture Invesco PowerShares - 321.10

 

Asset Class

Net Flows ($, M) AUM ($, M) % of AUM
Agriculture 3,530.24 10,471.79 337118.94%
Broad Market 611.22 13,101.39 4.67%
Energy - 170.91 28,432.09 -0.60%
Industrial Metals 203.98 1,715.63 11.89%
Precious Metals 5,853.94 98,461.30 5.95%
Total: 10,028.48 152,182.20 6.59%

 

 

Fund Flows Data:(December 30 – January 5)

 

Commodity ETF Weekly Flows By Asset Class


Net Flows
($,mm)
AUM
($, mm)
% of AUM
Agriculture -89.85 10,680.83 -0.84%
Broad Market 99.68 13,534.58 0.74%
Energy -206.47 29,410.98 -0.70%
Industrial Metals -16.62 1,751.65 -0.95%
Precious Metals -495.37 100,539.17 -0.49%
Total: -708.64 155,917.21 -0.45%


Top 5 Commodity ETF Creations

Ticker Name Net Flows
($,mm)
AUM
($, mm)
AUM % Change
DJP iPath Dow Jones-UBS Commodity Total Return ETN 155.00 2,660.93 6.19%
AMJ JPMorgan Alerian MLP ETN 81.85 3,730.24 2.24%
DBC PowerShares DB Commodity Tracking 77.16 5,670.47 1.38%
AMLP Alerian MLP 49.15 2,055.05 2.45%
SCO ProShares UltraShort DJ-UBS Crude Oil 41.12 153.36 36.63%


Top 5 Commodity ETF Redemptions

Ticker Name Net Flows
($,mm)
AUM
($, mm)
AUM % Change
GDX Market Vectors Gold Miners -187.04 9,131.61 -2.01%
OIH Market Vectors Oil Services -136.25 963.45 -12.39%
XLE Energy Select SPDR -126.02 7,196.13 -1.72%
XOP SPDR S'P Oil ' Gas Exploration ' Production -88.09 777.97 -10.17%
XME SPDR S'P Metals and Mining -85.72 777.31 -9.93%


Top 5 Weekly Performers, Excluding '1,000 Shares Traded

Ticker Name Weekly
Performance
Weekly Volume AUM
($, mm)
GDXJ Market Vectors Junior Gold Miners 12.60% 21,545,411 2,039.88
SIL Global X Silver Miners 9.68% 1,727,315 328.84
GLDX Global X Gold Explorers 9.01% 280,791 24.98
GGGG Global X PURE Gold Miners 8.57% 32,434 4.45
SLV iShares Silver 8.53% 159,584,249 8,849.36


Bottom 5 Weekly Performers, Excluding '1,000 Shares Traded

Ticker Name Weekly
Performance
Weekly Volume AUM
($, mm)
GAZ iPath Dow Jones-UBS Natural Gas Total Return ETN -5.50% 1,212,296 56.10
NIB iPath Dow Jones-UBS Cocoa Total Return ETN -5.42% 193,181 16.57
UNG United States Natural Gas -5.31% 105,851,569 1,068.75
UNL United States 12 Month Natural Gas -4.13% 220,519 21.19
JO iPath Dow Jones-UBS Coffee Total Return ETN -4.07% 83,040 24.83


Top 5 Volume Surprises, Funds '$50 mm AUM

Ticker Name Average Volume
(30 Day)
Weekly Volume % of Average
JJP iPath Dow Jones-UBS Precious Metals Total Return ETN 15,879 290,280 365.62%
DBE PowerShares DB Energy 144,306 2,304,441 319.38%
DBS PowerShares DB Silver 31,212 490,075 314.03%
GSP iPath S'P GSCI Total Return ETN 39,861 612,361 307.25%
DGL PowerShares DB Gold 178,938 2,608,385 291.54%

 

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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