Dion's Thursday 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

iPath Dow Jones UBS Natural Gas Subindex Total Return ETN (GAZ) 4.6%

The effects of the substantial premium underlying GAZ were felt Wednesday as the ETN whipsawed between gains and losses. As we approach the end of the week, it has managed to push back into positive territory alongside fellow futures-tracking natural gas ETF, the United States Natural Gas Fund (UNG).

Continue to steer clear of GAZ. Its premium currently stands at over 40%.

SPDR S&P Regional Banking ETF (KRE) 2.5%

The financials are witnessing strength as the end of the week approaches. The regional banking ETFs like KRE are seeing some of the strongest gains.

This upward action is impressive. Prior to the opening bell, investors learned that Moody's was considering downgrades on a number of domestic and international banking institutions including Morgan Stanley (MS) and UBS (UBS).

Global X Uranium ETF (URA) 4.5%

Uranium producers are powering higher as investors shake off the jitters brought on by Wednesday's late-session downturn. These gains have helped URA recover back to levels seen at the start of the week.

URA and the Market Vectors Uranium+Nuclear Energy ETF (NLR) will be interesting to watch in the coming weeks as we approach the one-year anniversary of the Japanese earthquake and tsunami.

Losers

iPath S&P 500 VIX Short Term Futures ETN (VXX) -2.3%

U.S. market indices have rebounded following Wednesday's tumble, helped higher by a welcomed dose of strong economic data regarding the U.S. economy. This news is driving volatility-tracking ETNs including VXX and the iPath S&P 500 VIX Mid Term Futurse ETN (VXZ) to notable losses.

iShares Barclays 20+ Year Treasury Bond Fund (TLT) -0.8%

Long-term Treasuries are being shunned as the markets head higher and investors regain some confidence. It has been a back-and-forth month for TLT as the fund has struggled to regain ground above its 50-day moving average.

The market's climb has been encouraging, but I urge investors to avoid unloading defensive assets entirely. As we saw yesterday, the threat of a downturn is still present. Safe havens can help defend against turmoil down the road.

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