For many investors, ETFs are fast becoming an effective way to engage in tactical trading. And when it comes to investment tactics, commodities represent one of the most challenging arenas in which to participate. Last year, the Dow Jones-UBS Commodity Index was down nearly 9 per cent. This was reflected in outflows from Exchange Traded Commodities (ETCs). Figures reported last December by London-based ETF consultancy firm, ETFGI, showed that commodity ETPs suffered a record level of USD39.7bn in net outflows for the year.