Still No Sun Shining On Solar ETFs

July 03, 2012


Gold Miners Lack Luster

Equities-based gold miner funds were also found among the worst-performing ETFs in the first half of the year.

The Global X Gold Explorers ETF (NYSEArca: GLDX) dropped 29.1 percent, while the Market Vectors Junior Gold Miners ETF (NYSEArca: GDXJ) dropped 22.2 percent.

The funds were caught up in the risk aversion in the past six months as the eurozone’s debt problems weighed on markets, and by a bull market in gold that seems to be taking a breather—instead of bullion, investors have gravitated toward the relative safety of fixed-income assets as they pared equities holdings.

But few have declared gold’s 12-year run finished, and inflows of $722 million into GDXJ in the first half suggest that investors are buying the ETF on the dip in preparation for a resumption of gold’s bullish run.

GDXJ, which offers exposure to some of the smaller gold mining companies in the space, had total assets of $2.22 billion as of July 5, according to data compiled by IndexUniverse.

Bottom 10 Performers YTD (Excluding Leveraged and Inverse as well as 2012 launches)

Ticker Name YTD TRR YTD Flows ($,M) AUM ($,M)
KWT Market Vectors Solar Energy -29.27 -4.15 0.63
GLDX Global X Gold Explorers -29.12 13.88 28.08
JO iPath Dow Jones-UBS Coffee Total Return ETN -27.76 9.47 27.06
CAFE iPath Pure Beta Coffee ETN -26.47 1.00 2.42
ARGT Global X FTSE Argentina 20 -26.36 0.00 2.84
TAN Guggenheim Solar -25.75 13.52 50.25
UNG United States Natural Gas -25.35 284.41 1,117.03
CTNN iPath Pure Beta Cotton ETN -23.95 1.05 2.47
KOL Market Vectors Coal -23.94 -96.40 174.70
GDXJ Market Vectors Junior Gold Miners -22.23 722.03 2,120.45


Top 10 Performers YTD (Excluding Leveraged and Inverse as well as 2012 launches)

Ticker Name YTD TRR YTD Flows ($,M) AUM ($,M)
ITB iShares Dow Jones U.S. Home Construction 41.86 242.17 806.84
FBT First Trust NYSE Arca Biotechnology 34.14 6.17 249.95
XBI SPDR S&P Biotech 33.24 76.13 641.43
EGPT Market Vectors Egypt 32.88 -5.64 41.37
TUR iShares MSCI Turkey Investable Market 29.81 -34.71 406.83
BBH Market Vectors Biotech 29.43 21.47 105.89
EPHE iShares MSCI Philippines Investable Market 27.56 52.86 143.66
VNM Market Vectors Vietnam 26.25 59.93 301.30
XHB SPDR S&P Homebuilders 25.72 264.43 1,361.99
IBB iShares NASDAQ Biotechnology 24.75 212.64 1,962.16

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