NEW YORK ( TheStreet) -- July experienced $13 billion of net inflows to exchange-traded funds, with iShares capturing one-third of the total, followed by State Street ( STT) (SPDRs), Vanguard, Invesco/PowerShares and U.S. Commodity Funds. Direxion led the list of firms seeing net outflows (almost $0.9 billion), with ProShares close behind. Among individual ETFs, the SPDR S&P 500 ( SPY) gained the most assets, $3 billion, although year to date, the fund has seen $27 billion leave. Next was U.S. Natural Gas ( UNG), which saw $1.2 billion in net inflows. Other ETFs with large inflows included iShares Russell 2000 ( IWM), PowerShares QQQ ( QQQQ), Vanguard Emerging Markets Stock ETF ( VWO) and SPDR Technology ( XLK). Outflow leaders were iShares S&P 500 ( IVV) and SPDR Gold Shares ( GLD). Both saw $1.5 billion exit. Direxion Daily Financial Bull 3X ( FAS) saw $1 billion leave, almost 60% of total assets from June. Volume was still enormous in FAS -- more than $37 billion worth of shares changed hands in July. Other ETFs seeing large outflows were iShares MSCI Brazil ( EWZ), ProShares Ultra S&P 500 ( SSO) and ProShares Ultra Financials ( UYG). Last month we saw a potential shift from iShares MSCI Emerging Markets ( EEM) to Vanguard Emerging Market Stock ETF. This month it appears investors shifted from iShares S&P 500 Index to SPDR S&P 500. There was a difference in fees between EEM and VWO, but IVV is actually the cheaper of the S&P 500 Index ETFs, with 0.09% in expenses vs. 0.0945% for SPY. It is also possible that large institutions making allocation decisions account for the one-time shifts. Outflows from the gold ETF were a sign of reduced fear, as safe-haven investors likely migrated from gold into equities or debt. U.S. Natural Gas remains very popular with investors, despite its shortcomings and despite futures ETFS coming under fire.