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WILLIAMSTOWN, Mass. (TheStreet) -- A number of leveraged and inverse ETFs attracted capital at a fast clip last month, including ProShares UltraPro Short S&P 500 (SPXU) and iShares DB Gold Short ETN (DGZ) . SPXU saw $72 million net flow into the fund and finished July with $69 million in assets. DGZ saw net inflow of $31 million and finished the month with $44 million in assets.

Aside from the leveraged and inverse ETFs, here are the ETFs with the largest inflows as a percentage of assets.

iPath S&P 500 VIX Short Term Futures ETN


saw $273 million flood into the fund as it grew to $408 million in total assets.

Market Vectors Brazil Small Cap


had net inflows of $59 million, while $34 million poured into

iShares Peru



Market Vectors Indonesia


gathered $27 million in assets, while

iPath DJ UBS Nickel ETN



iPath DJ UBS Sugar ETN


each attracted $7 million in assets.

Other notable growers were

Vanguard Mega Cap 300 Growth


, which saw assets grow to $494 million after gaining $203 million in net inflows.

ProShares UltraShort FTSE/Xinhua China 25


added $117 million and closed July with $270 million in assets.

ETFs seeing major outflows as a percentage of assets were led by

Direxion Daily Financials Bull 3X


. It went from $1,771 million in assets at the end of June to $1,041 million at the end of July after suffering a $984 million outflow. On a percentage basis, but far less in terms of nominal dollars,

iPath DJ UBS Cocoa ETN


saw its assets fall 50% after $2 million left the fund.

ProShares UltraShort Silver



PowerShares Dynamic Food & Beverage



PowerShares Dynamic Banking


rounded out the bottom five.

Repeating the findings from yesterday's article on the funds with

the largest inflows and outflows

, it's obvious that bearish investors are finding a use for the inverse ETFs as well as short-term VIX futures-tracking VXX. That fund rolls the first and second month VIX futures contracts. VXX declined as the market rallied, sending shares down 45% from $113 at the end of March.


also offers a midterm VIX ETN:

iPath S&P 500 VIX Mid Term Futures ETN


, which is less volatile. It lost 25% over the same period, but it will also gain less if the VIX spikes during a market panic. VXZ rolls the fourth, fifth, sixth and seventh month futures contracts.

Also, the data shows that


is hitting its ETF stride. Its funds are competitive with




and the intense competition will eventually lead to lower expense ratios across the industry.

-- written by Don Dion in Williamstown, Mass.

At the time of publication, Dion had no positions in the stocks mentioned.

Don Dion is president and founder of

Dion Money Management

, a fee-based investment advisory firm to affluent individuals, families and nonprofit organizations, where he is responsible for setting investment policy, creating custom portfolios and overseeing the performance of client accounts. Founded in 1996 and based in Williamstown, Mass., Dion Money Management manages assets for clients in 49 states and 11 countries. Dion is a licensed attorney in Massachusetts and Maine and has more than 25 years' experience working in the financial markets, having founded and run two publicly traded companies before establishing Dion Money Management.

Dion also is publisher of the Fidelity Independent Adviser family of newsletters, which provides to a broad range of investors his commentary on the financial markets, with a specific emphasis on mutual funds and exchange-traded funds. With more than 100,000 subscribers in the U.S. and 29 other countries, Fidelity Independent Adviser publishes six monthly newsletters and three weekly newsletters. Its flagship publication, Fidelity Independent Adviser, has been published monthly for 11 years and reaches 40,000 subscribers.