Commodity ETFs had a strong month in July, with only one fund landing in negative territory. The United States Gasoline Fund LP (UGA) was the worst performer, with a decline of 1.21%. The United States Natural Gas Fund LP (UNG) was flat for the month, and the iPath Series B Bloomberg Cotton Subindex Total Return ETN (BAL) was up 3.35%. At the other end of the spectrum, the iShares Silver Trust (SLV) blew its peers out of the water, with a gain of 33.16%. It was followed by the iPath Series B Bloomberg Coffee Subindex Total Return ETN (JO) and the iPath Bloomberg Cocoa Subindex Total Return ETN (NIB), up 16.86% and 11.74%, respectively. The entire space saw inflows of nearly $5 billion, led by the SPDR Gold Trust (GLD), which pulled in $3.7 billion, while SLV gained $1.4 billion and the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) absorbed $210.1 million. In terms of outflows, the largest was a $716.2 million loss for the United States Oil Fund LP (USO), UNG decreased by $64.3 million and the iPath Bloomberg Commodity Index Total Return ETN (DJP) saw outflows of $25.8 million. Sources: Bloomberg and FactSet. Data from 6/30/2020 to 7/31/2020. ETFs chosen to represent each sector based on the most liquid ETF in each segment of the ETF.com ETF Classification System.