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The bets they make on commodity indices, however, have a knock-on effect.
This suggests another factor; the flow of investment money into commodity indices.
Some ETFs are based on commodity indices and property markets, others are designed to appeal to the environmentally conscious or to devout Muslims.
You recognise that a new complication has arisen, namely that of the institutional pension managers investing in commodity indices, heavily weighted to crude oil, as an asset class.
Although not as good a proxy for commodity indices as it once was, the Baltic Dry's fall is reckoned to reflect weakened demand for raw materials in China.
"A lower oil price sets the tone for the entire commodity market and drives commodity indices... lower, which creates a negative mood in the market," the Citi analysts said.
Similar(46)
There are futures contracts on the two commodity indexes.
Even the matter of building a commodity index stirs debate.
Between 2003 and 2008, investment in commodity index funds rose from $13bn to $317bn.
Nevertheless, the price of cars, which reflect nearly the entire commodity index, has been weak.
That report highlighted trading linked to commodities indexes and other financial instruments, a field that's exploded with the growth of commodity index investment funds.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com