Dion's Friday ETF Winners and Losers

NEW YORK (TheStreet) -- Welcome to Don Dion's "ETF Winners and Losers." Be sure to stop by throughout the week to find out which ETFs are gaining or losing.

Winners

iShares MSCI Italy Index Fund (EWI) 4.3%

EU leaders are convening in Brussels to sort out a solution to the ongoing economic crisis that has gripped the region. As indicated by the upward action seen from EWI, the iShares MSCI France Index Fund (EWQ) and iShares MSCI Germany Index Fund (EWG), the markets are showing confidence as we head into the weekend. Still, I encourage investors to steer clear of this corner of the developed world.

iShares MSCI South Africa Index Fund (EZA) 3.8%

A collection of emerging market ETFs can be found towards the top of the winners list as broad upward action reignites investor appetite for risk. EZA, iShares MSCI Indonesia Investable Market Index Fund (EIDO), iShares MSCI Turkey Investable Market Index Fund (TUR) and Guggenheim China Small Cap Index ETF (HAO) are among the biggest movers.

Global X Copper Miners ETF (COPX) 2.8%

Copper producers are gaining ground, helping COPX recover some of the losses suffered during Thursday's sell-off. The futures-linked iPath Dow Jones UBS Copper Subindex Total Return ETN (JJC) is climbing as well.

The PowerShares Dynamic Networking Fund (PXQ) is another industry-linked fund scoring gains.

Losers

iPath S&P 500 VIX Short Term Futures ETN (VXX) -5.5%

The fear-tracking VIX index is tumbling, marking a dramatic end to the fund's five-day rally. Exchange-traded products linked to the VIX are falling off as well. Both VXX and the iPath S&P 500 VIX Mid Term Futures ETN (VXZ) appear to be struggling against their 50-day moving averages.

iPath Dow Jones UBS Natural Gas Subindex Total Return ETN (GAZ) -4.1%

Natural gas futures exchange traded products are closing out a choppy week on a sour note. With these losses, both GAZ and the United States Natural Gas Fund (UNG) have locked in all-time lows.

The same can not be said for other energy futures products. The United States Oil Fund (USO) and United States Gasoline Fund (UGA) were both in positive territory during early afternoon trading.

iShares MSCI Russia Capped Index Fund (ERUS) -2.1%

Political unrest in Russia has translated into choppy action for ERUS and other Russia-linked ETFs like the Market Vectors Russia ETF (RSX). Over the past few days both funds managed to give back all their gains over the past few weeks, returning to previous November lows.

All prices as of 2:14 PM EST

Written by Don Dion in Williamstown, Mass.

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At the time of publication, Dion Money Management did not own any equities mentioned.