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

iShares MSCI Spain Index Fund

(EWP) - Get Report

4%

The Spain ETF is leading a pack of Europe-focused funds to strong gains today. Funds such as EWP and

iShares MSCI Italy Index Fund

(EWI) - Get Report

found room to run after learning that durable-goods orders in August fell less than expected.

I continue to advise investors to exhibit caution when seeking out investing opportunity in Europe. Rather than playing debt-laden nations such as Spain and Italy, a fund such as

iShares MSCI Germany Index Fund

(EWG) - Get Report

may be a more reliable play.

Market Vectors Indonesia ETF

(IDX) - Get Report

4%

The U.S. and Europe are not the only regions of the globe finding strength as we head into the close of the week. In Asia, Indonesia and India are also powering higher, helping lift IDX and

WisdomTree India Earnings ETF

(EPI) - Get Report

to nice gains.

Emerging markets such as India and Indonesia remain attractive as investors seek out alternatives to the developed world.

iShares S&P North American Technology-Semiconductors Index Fund

(IGW)

3.9%

Semiconductor companies are jumping today amidst the broad strength across U.S. markets.

Altera

(ALTR) - Get Report

,

Analog Devices

(ADI) - Get Report

and

Micron Technologies

(MU) - Get Report

are seeing particularly strong movement on Friday, jumping over 4% in late morning trading.

Tech remains a strong and exciting region of the markets to watch as smartphones, iPads and Kindles become more engrained into our everyday lives.

Losers

iPath S&P 500 VIX Short Term Futures ETN

(VXX) - Get Report

-4.9%

Today's broad market strength is wreaking havoc on the VIX, causing ETNs designed to track the fear-based index to take a shot across the bow. Today's dip easily erased yesterday's gains, preparing the fund to revisit all-time lows.

Despite the persistent volatility in today's market, investors should continue to avoid VXX and other funds designed to track the VIX.

United States Natural Gas Fund

(UNG) - Get Report

-2.9%

Natural gas prices are slumping today, causing UNG to tumble back to levels seen at the start of the week. While this futures-based play on natural gas is getting hit hard, the equity based play I typically turn to,

First Trust ISE Revere Natural Gas Index ETF

(FCG) - Get Report

is powering higher along with the broad market, jumping 2.5%.

iShares Barclays 20+ Year Treasury Bond Fund

(TLT) - Get Report

-1.2%

With all three major U.S. indices heading higher today, investors are abandoning the protection of long-term U.S. government debt in favor of riskier assets. In response to this flight to risk, ProShares UltraShort 20+ Year Treasury Bond ETF is pocketing strong gains, jumping over 2.5% heading into the early afternoon.

All prices as of 2:15 PM EST

-- Written by Don Dion in Williamstown, Mass.

At the time of publication, Dion Money Management was not long any of the equities mentioned.

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.