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Dion's Wednesday ETF Winners and Losers

Market Vectors Steel ETF holds the biggest gains on the strength of Gerdau Ameristeel.
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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

Market Vectors Steel ETF

(SLX) - Get Report

, 5.1%

During midday trading, SLX was the biggest ETF gainer. One of the fund's top holdings,

Gerdau Ameristeel

(GNA)

is responsible for a big chunk of this fund's rise. On news that Brazilian steelmaker, Gerdau, would buy up the remaining shares of the U.S. unit for $1.7 billion, shares of GNA surged more than 50%. GNA accounts for 5.3% of SLX's total portfolio.

iShares Dow Jones U.S. Oil Equipment & Services Index Fund

(IEZ) - Get Report

, 5.1%

IEZ has managed to bounce after yesterday's selloff. This whipsaw action should continue as oil producers face scrutiny stemming from BP's inability to stem the flow of oil pumping into the Gulf Coast.

Natural gas is riding higher along with oil companies.

United States Natural Gas

(UNG) - Get Report

and

First Trust Revere-ISE Natural Gas Index ETF

(FCG) - Get Report

are also performing well today.

iShares MSCI Turkey Investable Market Index Fund

(TUR) - Get Report

, 4.1%

The Turkey ETF is scoring impressive gains today as well. Investors should be cautious playing this Middle Eastern nation in the near future, however, as the Turkish government remains at odds with Israeli leaders over their attack on a flotilla earlier this week.

Other international ETFs leading the pack include

Market Vectors Russia ETF

(RSX) - Get Report

and

TheStreet Recommends

iShares MSCI Sweden Index Fund

(EWD) - Get Report

.

Losers

iPath Dow Jones-UBS Sugar Total Return Subindex ETN

(SGG) - Get Report

, -2.7%

Sugar prices continue to head lower, causing investors holding SGG to take a loss.

Pushing the sweetener lower on Wednesday was news that Brazil's top sugar- producing region saw output jump nearly 30%.

Playing a single crop like sugar is incredibly risky. Rather than holding SGG, investors should opt for a more diversified play, with an ETF such as the

PowerShares DB Agriculture Fund

(DBA) - Get Report

.

iShares Silver Trust

(SLV) - Get Report

, -0.5%

Precious metals are seeing a choppy day of trading as well. Silver is leading the pack of shiny metals lower.

Wednesday's dip brings SLV back to its 50-day moving average, which has been a source of support since late March.

iPath Dow Jones-UBS Copper Total Return Subindex ETN

(JJC) - Get Report

, -0.4% Copper prices are also dipping, causing JJC to stumble. JJC and other base metal-focused ETFs will likely continue to face pressure due to fears that China's economy is overheating and that economic growth could slow.

All prices as of 2:17 PM EST.

Written by Don Dion in Williamstown, Mass.

At the time of publication, Dion Money Management was long TUR.

Don Dion is president and founder of

Dion Money Management

, a fee-based investment advisory firm to affluent individuals, families and nonprofit organizations, where he is responsible for setting investment policy, creating custom portfolios and overseeing the performance of client accounts. Founded in 1996 and based in Williamstown, Mass., Dion Money Management manages assets for clients in 49 states and 11 countries. Dion is a licensed attorney in Massachusetts and Maine and has more than 25 years' experience working in the financial markets, having founded and run two publicly traded companies before establishing Dion Money Management.

Dion also is publisher of the Fidelity Independent Adviser family of newsletters, which provides to a broad range of investors his commentary on the financial markets, with a specific emphasis on mutual funds and exchange-traded funds. With more than 100,000 subscribers in the U.S. and 29 other countries, Fidelity Independent Adviser publishes six monthly newsletters and three weekly newsletters. Its flagship publication, Fidelity Independent Adviser, has been published monthly for 11 years and reaches 40,000 subscribers.