On a net asset growth level, natural gas and TIPS dominated the ETF universe throughout June, while a lagging Emerging Markets fund, as well as the SPDR Gold ETF, were hit hard. US Natural Gas ( UNG) led the markets with $1.547 billion net growth. The next closest contender was iShares Barclays TIPS ( TIP), with a respectable growth of $958 million. Other successful funds within June's market examination notably include: SPDR Financial ( XLF), up $437 million; Vanguard MSCI Emerging Markets ( VWO), up $726 million; PowerShares QQQ ( QQQQ), up $666 million; SPDR Retail ( XRT), up $642 million; SPDR Index 500 ( SPY), up 602 million; iShares FTSE/XINHUA China 25 ( FXI) up $597 million; iShares S&P 500 ( IVV) up $585 million; and iShares iBoxx Corp Bond (LQD), up $535 million. On the other end of the ETF spectrum, June was an extremely harsh month for several funds. Down a devastating $2.344 billion is iShares MSCI-Emerging Markets ( EEM), losing out to the dominant Vanguard MSCI Emerging Markets ( VWO). Other June losers include SPDR Equity Gold ( GLD), down $1.422 billion; Vanguard MSCI MidCap ( VO), down $831 million; iShares MSCI-EAFE ( EFA), down $810 million; and US Oil Fund ( USO), down $500 million. Overall, June was an extremely volatile month, ranging from soaring gains due to fund inflows (a la UNG), to punishing outflows (as with EEM). Overall the lack of volatility meant that the funds seeing the largest changes in net assets, in both directions, were often the ones with the largest fund flows. An exception was FXI, where more than half the gains came from price appreciation.