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Here's a look at Don Dion's ETF winners and losers for the week.

Winners

ProShares UltraShort Real Estate

(SRS) - Get ProShares UltraShort Real Estate Report

+10.1%

Last week the real estate ETFs dominated the weekly winners; this week they were among the losers. The drop in REITs provided a much needed lift to SRS, which is down more than 40% in the past three months.

PowerShares DB Crude Oil Double Short ETN

(DTO) - Get DB Crude Oil Double Short Exchange Traded Notes Report

+9.3%

DTO has been a weekly winner several times because the moves in oil have been swift.

Friday's 9% gain delivered all the gains for the week and then some, as DTO was trading slightly lower for the week at the close on Thursday. Traders need to watch the flip side though: DTO lost 14% from July 29 to July 31.

WisdomTree Japan Small Cap

(DFJ) - Get WisdomTree Japan SmallCap Dividend Fund Report

+3.8%

A humdrum week for the broad U.S. market was a quiet gainer for DFJ. Japan's Nikkei gained 1.8% for the week, while

CurrencyShares Japanese Yen

(FXY) - Get Invesco Currencyshares Japanese Yen Trust Report

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advanced nearly 3%. Most Japan funds failed to take advantage of a double-gain (equity plus currency) week, which have been rare of late, but DFJ made the most of it.

Losers

U.S. Natural Gas

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

-4.9%

iPath Natural Gas

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

-6.7%

GAZ underperformed UNG by a wide margin because UNG refuses to issue shares until the CFTC announces potential changes to futures regulations. UNG had a premium that grew to nearly 10% on Friday.

Meanwhile, GAZ has no premium and therefore followed the price of natural gas down.

ProShares UltraShort 20+ Year Treasury

(TBT) - Get ProShares UltraShort 20+ Year Treasury Report

-6.4%

ProShares UltraShort 7-10 Year Treasury

(PST) - Get ProShares UltraShort 7-10 Year Treasury Report

-4.4%

A strong Treasury auction for longer-term bonds and a weak stock market combined to support bond prices, which hit TBT. With no sign of inflation, investors' only hope for higher rates is the end of quantitative easing, but reduced money supply plus higher rates is a recipe for deflation.

Market Vectors Solar

(KWT)

-5.8%

I had a positive

report on solar energy this week on RealMoney

, but I concluded that investors should be wary of this volatile ETF. Although it tracks energy prices, it does so with more volatility. Furthermore, over the past five-day, one-month, three-month, six-month and one-year periods,

PowerShares DB Oil

(DBO) - Get Invesco DB Oil Fund Report

outperformed KWT.

Capacity issues, resulting from massive Chinese subsidies, are likely to pressure prices for the industry. While that's positive for consumers, it's not great for companies that can't slash prices. If oil makes a run to higher ground, KWT is likely to catch up and even pass DBO's returns, or at least those of related equity ETFs. On the downside, however, solar becomes uncompetitive if oil prices slide too far.

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.