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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 Sweden Index Fund

(EWD) - Get iShares MSCI Sweden ETF Report

3.5%

Europe is leading the markets higher as we approach the end of the week. Sweden is out in front of the positive move by ETFs linked to the troubled euro monetary bloc. Despite these impressive gains, EWD is struggling to regain the ground lost during its early week downturn.

Guggenheim China Small Cap ETF

(HAO) - Get Invesco China Small Cap ETF Report

2.6%

China is securing a top spot on the winner's list, improving investor confidence in the emerging economic growth engine. Inherently volatile small-cap names are seeing the biggest bounce, as HAO works off the losses seen at the start of the week.

Other winning ETFs linked to the emerging world include the

Market Vectors India Small Cap Index ETF

(SCIF) - Get VanEck Vectors India Growth Leaders ETF Report

and the

iShares MSCI Russia Capped Index Fund

(ERUS) - Get iShares MSCI Russia ETF Report

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.

Guggenheim Solar ETF

(TAN) - Get Invesco Solar ETF Report

2.3%

After six consecutive days of losses, the solar energy-tracking TAN is finding some footing and powering to gains. It has been a rough couple of weeks of this volatile fund. Since peaking during the first half of February, it has witnessed only five other days of upward action.

Losers

iPath Dow Jones UBS Natural Gas Subindex Total Return ETN

(GAZ) - Get iPath Series B Bloomberg Natural Gas Subindex Total Return ETN Report

-4.4%

The futures-backed

United States Natural Gas Fund

(UNG) - Get United States Natural Gas Fund LP Report

is tumbling for a fourth day, locking in all-time lows. The decline, however, is dwarfed when compared to the losses seen from GAZ. A substantial premium has magnified the ETN's downward action, pushing it to a second day of losses. Morningstar notes that the premium still stands at over 100%.

iPath S&P 500 VIX Short Term Futures ETN

(VXX) - Get iPath Series B S&P 500 VIX Short-Term Futures ETN Report

-3.6%

Investors are expressing some confidence as we await the release of Friday's highly anticipated jobs report. This, in turn, is weighing heavily on fear-tracking indices and exchange traded products. A quick two-day slide has pushed the VIX benchmark back to where it started the month. VXX has struggled as well. The ETN has retreated to its 2012 lows.

iShares FTSE NAREIT Mortgage Plus Capped Index Fund

(REM) - Get iShares Mortgage Real Estate ETF Report

-1.0%

The real estate industry is seeing mixed action. At the same time that REIT-focused funds like REM and the

iShares Cohen & Steers Realty Majors Index Fund

(ICF) - Get iShares Cohen & Steers REIT ETF Report

are sliding into negative territory, the homebuilders are witnessing a jump. The

iShares Dow Jones U.S. Home Construction Index Fund

(ITB) - Get iShares U.S. Home Construction ETF Report

and the

SPDR S&P Homebuilder ETF

(XHB) - Get SPDR S&P Homebuilders ETF Report

are both up over 2%.

All prices as of 2:10 PM EST

Written by Don Dion in Williamstown, Mass.

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At the time of publication, Dion Money Management owned iShares Dow Jones U.S. Real Estate Index Fund.