NEW YORK (TheStreet) -- Welcome to Don Dion's Daily ETF Winners and Losers. Be sure to stop by each day to find out who's winning and who's losing when it comes to ETFs.

Winners

iPath S&P 500 VIX Short Term Futures ETN

(VXX) - Get iPath Series B S&P 500 VIX Short-Term Futures ETN Report

3.4%

The markets are closing out a choppy week on a down note sending the fear-tracking VIX ETNs higher.

VIX-tracking products like VXX are often among either the top winners or biggest losers on a daily basis. While attractive during periods of uncertainty, the inherent volatility of these products makes them unsuitable for long term minded investors.

Market Vectors India Small Cap Index ETF

(SCIF) - Get VanEck Vectors India Small-Cap Index ETF Report

1.6%

Although the U.S. markets are struggling, a number of developing nations are seeing notable gains.

India is a big winner with the SCIF and

iShares S&P India Nifty 50 Index Fund

(INDY) - Get iShares India 50 ETF Report

carving out ETF industry leading gains.

Other BRIC-related products such as

Guggenheim China Small Cap ETF

(HAO) - Get Invesco China Small Cap ETF Report

and

First Trust BICK Index Fund

(BICK) - Get First Trust BICK Index Fund Report

are also heading higher.

iPath Dow Jones UBS Copper Subindex Total Return ETN

(JJC) - Get iPath Series B Bloomberg Copper Subindex Total Return ETN Report

0.8%

The futures-backed copper ETN has jockeyed back and forth throughout the past week as investors question the strength of the global economic recovery.

Looking to the near term, investors will want to keep a close eye on this fund's 50-day moving average. Since initially dipping below this level at the start of 2011, it appears to have become a point of resistance.

Losers

iShares MSCI Italy Index Fund

(EWI) - Get iShares MSCI Italy ETF Report

-3.3%

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A downgrade threat from Moody's sent the Italian financial industry into a tailspin. This downward action is weighing heavily on EWI. Representing a 30% slice, financials account for the largest component of EWI's index.

Although Greece has been commanding headlines as of late, it is important to keep an eye on other vulnerable EU members. The

iShares MSCI Spain Index Fund

(EWP) - Get iShares MSCI Spain ETF Report

is taking a hit as well.

United States Brent Oil Fund

(BNO) - Get United States Brent Oil Fund LP Report

-2.7%

For a second day, ETFs linked to energy futures contracts are taking heavy hits. BNO's decline has been dramatic. Over the past two days, the fund has retreated to levels last seen in late February.

Compared to BNO, equity-backed funds like the

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

(IEZ) - Get iShares U.S. Oil Equipment & Services ETF Report

and the

SPDR Oil & Gas Equipment & Services ETF

(XES) - Get SPDR S&P Oil & Gas Equipment & Services ETF Report

are seeing less dramatic losses.

Market Vectors Junior Gold Miners ETF

(GDXJ) - Get VanEck Vectors Junior Gold Miners ETF Report

-2.8%

The volatile junior gold miner ETF is struggling to find footing as it combats against both a down market and gold losses. In early afternoon trading, the physically-backed

iShares Gold Trusts

(IAU) - Get iShares Gold Trust Report

was off nearly 1.5%.

Despite its spurt of weakness, I still view gold as an attractive long-term bet. The yellow metal typically performs well during times of market uncertainty.

All prices as of 2:14 PM EST

Written by Don Dion in Williamstown, Mass.

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At the time of publication, Dion Money Management owned iShares Gold Trust.