Don Dion's Weekly ETF Winners and Losers

Here's what was up and down in ETFs last week.

Winners

SPDR KBW Bank(KBE Quote) +8.5%

iShares Dow Jones U.S. Regional Banks(IAT Quote) +7.2%

These banking ETFs have some of the weakest momentum in the ETF universe, aside from double-short ETFs. Banks finally rebounded this week, however. It was the smaller regional banks such as Fifth Third Bancorp(FITB Quote) -- accounting for 2.87% of IAT but up 11.8% for the week -- that pushed up the fund. U.S. Bancorp (USB Quote), which accounts for 19.34% of IAT, gained only 3.6% for the week.

iShares Israel(EIS Quote) +6.1%

iShares Turkey (TUR Quote) +6.3%

Market Vectors Indonesia(IDX Quote) +7.9%

Emerging markets climbed on the market rally this week, and the already strong TUR and IDX added to their winning streak. EIS joined in this week; it has racked up a 19.1% gain in the past three weeks. These ETFs have room to run as long as the global equity markets continue their winning streak, but Indonesia was helped this week by a positive report from the IMF.

PowerShares Lux Nanotech(PXN Quote) +6.5%

Veeco Instruments(VECO Quote) grew to 7.83% of PXN after gaining 29% this week on an improved forecast for the second half and an upgrade from Citigroup(C Quote). Volatility is a staple with the holdings in this fund. On Friday, Headwaters(HW Quote), 4.78% of assets, fell 11%.