) -- 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.


iShares MSCI Taiwan Index Fund

(EWT) - Get Report


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) - Get Report

is off over 1.5% in early afternoon trading.

ProShares UltraShort 20+ Year Treasury ETF

(TBT) - Get Report


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) - Get Report

is off around 1%. The

PowerShares DB U.S. Dollar Index Bullish Fund

(UUP) - Get Report

is relatively unchanged.

iPath S&P GSCI Crude Oil Total Return Index ETN

(OIL) - Get Report


Futures-tracking energy exchange-traded products are heading higher. While OIL is leading the pack, the

United States Oil Fund

(USO) - Get Report


United States Gasoline Fund

(UGA) - Get Report

are in positive territory as well.

Earlier today, natural gas futures ETFs like

iPath Dow Jones UBS Natural Gas Subindex Total Return ETN

(GAZ) - Get Report

were seeing standout strengths. Much of these gains have been dashed, however.


iShares S&P North American Technology Software Index Fund

(IGV) - Get Report


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


(ORCL) - Get Report

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) - Get Report


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.

The VIX index is heading lower as well. It is also trading at levels not seen since August.

iShares Dow Jones U.S. Broker-Dealers Index Fund

(IAI) - Get Report


A number of financial-related ETFs are taking hits during the middle of the week. The broker-dealer-focused IAI is leading the retreat, however. Although losses can be seen from many of the fund's top holdings, companies such as

Jeffries Group

(JEF) - Get Report


CME Group

(CME) - Get Report


Charles Schwab

(SCHW) - Get Report

appear to be the biggest losers.

All prices as of 2:15 PM EST

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