Dion's Weekly ETF Winners and Losers

iShares Cohen & Steers Realty Majors(ICF) +9.6%

An IRS rule change designed to prop up the limping commercial real estate market generated a surge of optimism last week, with shares of several REITs up more than 5% on the day of the announcement.

Fitch Ratings' head of U.S. REIT group said public REITs have more access to capital now, mostly via secondary offerings.

Losers

iShares Japan Small Cap(SCJ) -0.8%

iShares Japan(EWJ) -1.1%

With little help from the Japanese yen last week, Japanese equities ETFs fell more than the Nikkei's 0.7% drop. Shares rallied following the Japanese election results, but since then the market has moved sideways.

iShares S&P North American Semiconductor(IGW) -0.8%

IGW lost a little territory this week, but it remains on the cusp of a new 52-week high.

PowerShares DB U.S. Dollar Bullish(UUP) -0.2%

CurrencyShares Japanese Yen(FXY) -0.8%

Equity markets gained ground in the U.S., and that meant lower prices for the dollar and Japanese yen. Discussion of the dollar as a carry-trade currency has increased in recent weeks and suggests that the selling in the greenback may be done for the near term.

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