We have seen a surge of trading volume in Global X FTSE Colombia 20 ETF (NYSEArca: GXG) in recent sessions, with a 1 million share plus trading day and another that just fell shy of the million share mark.

Averaging only 225,346 shares per day, this volume has caught our attention and by monitoring the “flows” from a creation/redemption standpoint, we note that GXG has seen recent outflows, to the tune of about $17 million.

That said, GXG has rallied off of recent lows ($19.66 a share was touched on Monday) but the fund is still trading below its 50 and 200 day moving averages.

Interestingly, GXG was one of the top performers in the ETF landscape last year, rallying an astounding 51.7% in 2010, but has faltered somewhat this year, losing 5.1%.