The PowerShares DB Commodity Index Tracking Fund (NYSEArca: DBC), which holds a basket of agriculture and energy commodities, has bled nearly $85 million in assets this month.

Thus far, July 2015 is the seventh worst performing month in the history of the S&P GSCI that goes back to January 1970. It is one of the worst months in more than 45 years or 547 months,” adds Gunzberg.

Some commodities ETFs are defying logic. For example, the iShares Silver Trust (NYSEArca: SLV) has added almost $55 million in new assets this month even though it has lost 6% over the past two weeks. The United States Oil Fund (NYSEArca: USO), despite being down 21.7% over the past month, has seen July inflows of $545.6 million.

United States Oil Fund