Here's what was up and down in ETFs last week.

Winners

SPDR KBW Bank

(KBE) - Get Report

+8.5%

iShares Dow Jones U.S. Regional Banks

(IAT) - Get Report

+7.2%

These banking ETFs have some of the weakest momentum in the ETF universe, aside from double-short ETFs. Banks finally rebounded this week, however. It was the smaller regional banks such as

Fifth Third Bancorp

(FITB) - Get Report

-- accounting for 2.87% of IAT but up 11.8% for the week -- that pushed up the fund.

U.S. Bancorp

(USB) - Get Report

, which accounts for 19.34% of IAT, gained only 3.6% for the week.

iShares Israel

(EIS) - Get Report

+6.1%

iShares Turkey

(TUR) - Get Report

+6.3%

Market Vectors Indonesia

(IDX) - Get Report

+7.9%

Emerging markets climbed on the market rally this week, and the already strong TUR and IDX added to their winning streak. EIS joined in this week; it has racked up a 19.1% gain in the past three weeks. These ETFs have room to run as long as the global equity markets continue their winning streak, but Indonesia

was helped this week

by a positive report from the IMF.

PowerShares Lux Nanotech

(PXN)

+6.5%

Veeco Instruments

(VECO) - Get Report

grew to 7.83% of PXN after gaining 29% this week on an improved forecast for the second half and an upgrade from

Citigroup

(C) - Get Report

. Volatility is a staple with the holdings in this fund. On Friday,

Headwaters

(HW)

, 4.78% of assets, fell 11%.

Losers

United States Natural Gas

(UNG) - Get Report

-3.5%

UNG can't catch a break. Oil prices tumbled for most of the week before bouncing back on Thursday and Friday, but whereas

U.S. Oil

(USO) - Get Report

and

PowerShares DB Oil

(DBO) - Get Report

finished with a small loss and a small gain, UNG sank. Supply and demand issues are still holding natural gas prices in check, but this hasn't hurt the popularity of UNG.

iShares Dow Jones U.S. Oil Equipment

(IEZ) - Get Report

-3.5%

PowerShares Dynamic Oil & Gas Services

(PXJ) - Get Report

-2.1%

The volatility in oil prices also wreaked havoc on the oil service stocks, which finished down for the week. It didn't help that a large customer,

Exxon Mobil

(XOM) - Get Report

, reported earnings that were 66% below year-ago levels.

ProShares Ultra Short 20+ Year Treasury

(TBT) - Get Report

-7.1%

The Treasury market continues to disappoint the bears. A big week of auctions closed with the long bonds trading higher, and conversely, inverse funds trading lower. Perhaps the stronger-than-expected GDP report will spark inflation concerns, TBT suffered half of its losses for the week on Friday alone, the day the report was released.

Don Dion is the 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.

Dion is also 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.