Dion's Wednesday 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 Taiwan Index Fund (EWT) 3.0%

December has been a rough month for EWT and at the start of this week the fund descended to its lowest levels of the year. The strength seen over the past two days have been encouraging. However, the fund still has considerable ground to cover before regaining the levels seen at the start of the month.

At the same time that Taiwan's markets are heading higher, other corners of Asia are stumbling. The iShares FTSE China 25 Index Fund (FXI) is off over 1.5% in early afternoon trading.

ProShares UltraShort 20+ Year Treasury ETF (TBT) 2.3%

All three of the major U.S. indices were trading in negative territory early this afternoon. Despite this downward action, however, investors appear hesitant toward safe-haven asset classes. As TBT powers higher, the iShares Barclays 20+ Year Treasury Bond Fund (TLT) is off around 1%. The PowerShares DB U.S. Dollar Index Bullish Fund (UUP) is relatively unchanged.

iPath S&P GSCI Crude Oil Total Return Index ETN (OIL) 1.5%

Futures-tracking energy exchange-traded products are heading higher. While OIL is leading the pack, the United States Oil Fund (USO) and United States Gasoline Fund (UGA) are in positive territory as well.

Earlier today, natural gas futures ETFs like iPath Dow Jones UBS Natural Gas Subindex Total Return ETN (GAZ) were seeing standout strengths. Much of these gains have been dashed, however.

Losers

iShares S&P North American Technology Software Index Fund (IGV) -4.9%

In this morning's feature, I pointed to IGV as an attractive play for investors looking for relatively safe exposure to the tech sector. Although, a weak earnings showing from Oracle (ORCL) has created turmoil for the fund in the near term, it continues to outperform against other single-industry technology ETFs.

In order to avoid taking heavy losses, any exposure to IGV and other industry-specific ETFs should be kept small.

iPath S&P 500 VIX Short Term Futures ETN (VXX) -2.8%

Although the U.S. markets are seeing tepid action, investors appear unwilling to succumb to fear. For a fifth session, the VIX-tracking VXX is heading lower. This descent has pushed the ETN back to its 200-day moving average. This is a level that has not been tested since the opening half of August.

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