NEW YORK (TheStreet) -- Welcome to Don Dion's Daily ETF Winners and Losers. Be sure to stop by each day to get a feel of who's winning and who's losing when it comes to ETFs.

Winners

iShares MSCI Spain Index Fund (EWP) - Get Report 3.9%

Europe concerns appear to be subsiding as investors prepare to head into the weekend. In response, ETFs linked to the EU are leading the market higher. Funds such as EWP and

iShares MSCI Italy Index Fund

(EWI) - Get Report

, which track the most vulnerable members of the monetary bloc, are seeing the strongest gains.

Despite this action, investors should continue to approach Europe with extreme caution.

iPath Dow Jones UBS Cotton Subindex Total Return ETN (BAL) - Get Report 3.1%

Cotton and sugar prices are ascending, leading BAL and the

iPath Dow Jones UBS Sugar Subindex Total Return ETN

(SGG) - Get Report

to notable gains.

Not all aspects of the soft commodities spectrum are gaining ground, however. The

iPath Dow Jones UBS Coffee Subindex Total Return ETN

(JO) - Get Report

is slumping.

First Trust ISE Global Copper Index Fund (CU) 1.2%

Copper producers are gaining ground at the close of the weeks, despite the fact that the futures-backed

iPath Dow Jones UBS Copper Subindex Total Return ETN

(JJC) - Get Report

is off nearly 1%.

Base metals-related ETFs and ETNs could be in for rocky action over the short term as the market's weakness weighs on investor confidence in the global economic recovery.

Losers

Market Vectors Vietnam ETF (VNM) - Get Report -2.7%

The volatile Vietnam marketplace is witnessing notable losses, leading VNM to close out a shaky week on a sour note.

Given this nation's rollercoaster performance, it is difficult to determine where VNM will head next. Until a clearer path develops, conservative investors may want to look elsewhere for emerging market exposure.

United States Oil Fund (USO) - Get Report -2.5%

A supply report from the American Petroleum Institute is pressuring crude oil prices and pushing the futures-backed USO to losses. According to the agency, oil producers have raised supplies to their highest levels in over 30 years.

Futures-backed natural gas funds are seeing mixed action.

United States Natural Gas Fund

(UNG) - Get Report

is off over 2% while

iPath Dow Jones UBS Natural Gas Subindex ETN

(GAZ) - Get Report

is largely unchanged.

All prices as of 2:15 PM EST