Here's what was up and down in ETFs last week.
SPDR KBW Bank (KBE) +8.5%
iShares Dow Jones U.S. Regional Banks (IAT) +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 - Get Report) -- accounting for 2.87% of IAT but up 11.8% for the week -- that pushed up the fund. U.S. Bancorp (USB), which accounts for 19.34% of IAT, gained only 3.6% for the week.iShares Israel (EIS) +6.1% iShares Turkey (TUR) +6.3% Market Vectors Indonesia (IDX) +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) +6.5% Veeco Instruments (VECO) 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). Volatility is a staple with the holdings in this fund. On Friday, Headwaters (HW), 4.78% of assets, fell 11%.