Dion's Weekly ETF Winners and Losers

NEW YORK (TheStreet) -- Here are my weekly ETF winners and losers.

Winners

Market Vectors Vietnam ETF (VNM) 7.4%

A number of popular emerging market-focused ETFs managed to top this week's winners list. Among the biggest gainers were VNM, iShares MSCI South Africa Index Fund (EZA) and iShares S&P India Nifty 50 Index Fund (INDY).

Although they struggled on Friday, Brazil-linked ETFs were standout performers throughout most of the past week. The iShares MSCI Brazil Index Fund (EWZ) and Market Vectors Brazil Small Cap Index ETF (BRF) saw strong gains following the nation's surprise rate cut.

Investors should continue to approach the emerging markets with caution. Economic turmoil could make the road ahead rough for these inherently volatile countries.

Market Vectors Gaming ETF (BJK) 2.9%

Although the industry struggled along with much of the rest of the market heading into the long weekend, the gaming ETF's losses were not enough to pull the fund off this week's winners list.

While I would encourage conservative investors to steer clear of this concentrated product, the larger consumer sector may be a region to keep an eye on. Investors can capture a combination of consumer staples and consumer discretionary firms using a product like the iShares Dow Jones U.S. Consumer Goods Index Fund (IYK).

SPDR S&P Oil & Gas Equipment & Services ETF (XES) 1.9%

Energy producers benefited throughout much of the past week as upward market action instilled some confidence in investors' minds. Heading into the long weekend, however, XES struggled and much of the fund's gains were wiped out.

In the event that XES continues lower over the next few days, investors may want to keep a close watch on the $31 area. During the month of August fund bounced off of level on two separate occasions.

Losers

ProShares UltraShort 20+ Year Treasury Bond ETF (TBT) -7.9%

Long-term U.S. Treasuries continue to fall into favor as jittery investors work to arm themselves against the threat of market upheaval. In response, the inverse-tracking TBT has faced ample headwinds. Friday's losses pushed the leveraged fund to all-time lows.

Playing defense is essential in this choppy market. Keep safe haven ETFs like iShares Gold Trust (IAU) and iShares Dow Jones Select Dividend Index Fund (DVY) on the radar.

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