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In July, the best-performing exchange-traded funds bet either against commodities, or on biotechnology stocks.

With the sharp pullback in the price of oil to the $110 level from the $140 level, the

UltraShort Oil & Gas ProShares

(DUG) - Get ProShares UltraShort Oil & Gas Report

gained 32.24% in July. The fund tracks the inverse of the Dow Jones U.S. Oil & Gas Index with 200% leverage.

The second-best performer,

iShares MSCI Turkey Investible Market Index Fund

(TUR) - Get iShares MSCI Turkey ETF Report

, added 25.23% for the month. This index fund, which began trading on March 28, is off to a good start.

Two other hot newcomers with even shorter track records focus on shorting commodities. For July, the

PowerShares DB Commodity Double Short ETN


is up 23.06%. Over the same period, the

PowerShares DB Agriculture Double Short ETN


returned 21.70%.

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Most of the remaining funds on the list hold biotech stocks like





(AMGN) - Get Amgen Inc. Report


Biogen Idec

(BIIB) - Get Biogen Inc. Report


The best-performing of these biotechnology funds are the

SPDR S&P Biotech ETF


and the

Biotech HOLDRs Trust

(BBH) - Get VanEck Biotech ETF Report

, appreciating 20.10% and 19.75%, respectively.

Climbing out of the abyss, the

Regional Bank HOLDRs Trust


halved its loss over the last year with a solid, 16.60% performance in July. Top holdings include

JPMorgan Chase

(JPM) - Get JPMorgan Chase & Co. Report


Wells Fargo

(WFC) - Get Wells Fargo & Company Report


Bank of America

(BAC) - Get Bank of America Corp Report


For an explanation of our ratings,

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Kevin Baker became the senior financial analyst for TSC Ratings upon the August 2006 acquisition of Weiss Ratings by, covering mutual funds. He joined the Weiss Group in 1997 as a banking and brokerage analyst. In 1999, he created the Weiss Group's first ratings to gauge the level of risk in U.S. equities. Baker received a B.S. degree in management from Rensselaer Polytechnic Institute and an M.B.A. with a finance specialization from Nova Southeastern University.