The CurrencyShares Euro Currency Trust (NYSEArca: FXE) is off another 0.2% Wednesday, bringing its July tumble to 2.2%, giving investors little reason to stand by the ETF.

FXE has bled almost $6.8 million in assets this month, bringing its year-to-date outflows north of $70 million.

Year-to-date, the fund has lost a significant portion of assets, with more than $70 million leaving the fund via redemptions,” said Street One Financial Vice President Paul Weisbruch in a note out last week. “What is surprising to us is that this ETF is only the seventh largest currency ETP listed in the U.S. marketplace in general currently in terms of assets under management, behind products that track things such as the Swiss Franc, Canadian Dollar, and Australian Dollar for example.” [ETF Chart of the Day: Euro Bears]

With FXE trading near its lowest levels since November, investors are flocking to ETFs that benefit from euro weakness. For example, the PowerShares DB U.S. Dollar Index Bullish Fund (NYSEArca: UUP) has pulled in almost $13 million over the past month, according to PowerShares data. UUP is the equivalent of a U.S. Dollar Index tracking ETF.

The WisdomTree Bloomberg U.S. Dollar Bullish Fund (NYSEArca: USDU), which currently tracks the dollar against the euro, yen, Canadian dollar, British pound, Mexican peso, Australia dollar, franc, South Korean won, Chinese yuan and Brazilian real, has added $2.5 million this month on its way to a 1.6% gain. USDU’s bullishness is accelerating as the fund has jumped 1.3% in just the past week.

Although the euro is weakening, European equities are pulling back as well. However, some investors are betting that scenario will not persist.