He estimates that index funds swelled by $13 billion in the first quarter of this year, for example, of which all but $2 billion derives from the rise in commodity prices.

据他估计，指数基金在今年第一季度暴涨的130亿美元中，有20亿美元的增长是来自商品自身价格的上升。

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Technically speaking, the report does not deal with the influence of speculators on commodity markets but with the role of index-tracking funds.

从技术上来说，此份报告并没有对投机者在商品市场上的影响进行分析，而是对指数跟踪资金在供应需要中起的作用进行分析。

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But is the recent gyration in oil prices a function of supply and demand or is it a sudden rush in or out of commodity index funds?

FORBES: Oil and Natural Gas Part Ways

Today, there are well over 1, 000 index funds and ETFs that track nearly every stock, bond, and commodity market worldwide, and they do it at very low cost compared to active management.

FORBES: The Odds Favor Index Investors