NEW YORK (TheStreet) -- 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.

Winners

iShares MSCI Italy Index Fund

(EWI) - Get iShares MSCI Italy ETF Report

4.3%

EU leaders are convening in Brussels to sort out a solution to the ongoing economic crisis that has gripped the region. As indicated by the upward action seen from EWI, the

iShares MSCI France Index Fund

(EWQ) - Get iShares MSCI France ETF Report

and

iShares MSCI Germany Index Fund

(EWG) - Get iShares MSCI Germany ETF Report

, the markets are showing confidence as we head into the weekend. Still, I encourage investors to steer clear of this corner of the developed world.

iShares MSCI South Africa Index Fund

(EZA) - Get iShares MSCI South Africa ETF Report

3.8%

A collection of emerging market ETFs can be found towards the top of the winners list as broad upward action reignites investor appetite for risk. EZA,

iShares MSCI Indonesia Investable Market Index Fund

(EIDO) - Get iShares MSCI Indonesia ETF Report

,

iShares MSCI Turkey Investable Market Index Fund

(TUR) - Get iShares MSCI Turkey ETF Report

and

Guggenheim China Small Cap Index ETF

(HAO) - Get Invesco China Small Cap ETF Report

are among the biggest movers.

Global X Copper Miners ETF

(COPX) - Get Global X Copper Miners ETF Report

2.8%

Copper producers are gaining ground, helping COPX recover some of the losses suffered during Thursday's sell-off. The futures-linked

iPath Dow Jones UBS Copper Subindex Total Return ETN

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

is climbing as well.

The

PowerShares Dynamic Networking Fund

(PXQ) - Get Invesco Dynamic Networking ETF Report

TheStreet Recommends

is another industry-linked fund scoring gains.

Losers

iPath S&P 500 VIX Short Term Futures ETN

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

-5.5%

The fear-tracking VIX index is tumbling, marking a dramatic end to the fund's five-day rally. Exchange-traded products linked to the VIX are falling off as well. Both VXX and the

iPath S&P 500 VIX Mid Term Futures ETN

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

appear to be struggling against their 50-day moving averages.

iPath Dow Jones UBS Natural Gas Subindex Total Return ETN

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

-4.1%

Natural gas futures exchange traded products are closing out a choppy week on a sour note. With these losses, both GAZ and the

United States Natural Gas Fund

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

have locked in all-time lows.

The same can not be said for other energy futures products. The

United States Oil Fund

(USO) - Get United States Oil Fund LP Report

and

United States Gasoline Fund

(UGA) - Get United States Gasoline Fund LP Report

were both in positive territory during early afternoon trading.

iShares MSCI Russia Capped Index Fund

(ERUS) - Get iShares MSCI Russia ETF Report

-2.1%

Political unrest in Russia has translated into choppy action for ERUS and other Russia-linked ETFs like the

Market Vectors Russia ETF

(RSX) - Get VanEck Vectors Russia ETF Report

. Over the past few days both funds managed to give back all their gains over the past few weeks, returning to previous November lows.

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 did not own any equities mentioned.