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

iPath Dow Jones UBS Natural Gas Subindex Total Return ETN

(GAZ) - Get Report

6.4%

Investors using GAZ to track the performance of natural gas futures would think that the fuel is rocketing higher as we approach the end of the week. Most of the gains seen from this ETN, however, are due to its massive premium. The

United States Natural Gas Fund

(UNG) - Get Report

, which currently doesn't boast any disconnect, is up less than 1%.

Market Vectors Vietnam ETF

(VNM) - Get Report

2.5%

The Vietnam ETF has been on a roller coaster the past few days. However, the fund appears set to close out the week with gains.

Given the magnitude of VNM's early 2012 run, it will be interesting to see if the fund has some gas left in the tank in the coming days. Conservative investors should steer clear, however. This fund tends to move quickly in both directions.

Guggenheim China Small Cap Index ETF

(HAO) - Get Report

1.1%

After suffering through two days of losses, the small cap China ETF has found some footing and is pushing higher. In the past, I have encouraged investors looking to target the blossoming Chinese middle class to turn to this small-cap option. Another appealing fund for those looking for access to the Chinese consumer is the

Global X China Consumer ETF

(CHIQ) - Get Report

. Be warned, like any other single-sector product, CHIQ is vulnerable to wild day-to-day action.

Losers

United States Gasoline Fund

(UGA) - Get Report

-2.2%

While natural gas futures are enjoying some strength, the same cannot be said for other components of the energy spectrum. UGA and the oil futures-backed

United States Oil Fund

(USO) - Get Report

are in negative territory.

Energy producers are floundering as well, including the

SPDR S&P Oil & Gas Exploration & Production ETF

(XOP) - Get Report

, which is off nearly 2% in mid-day trading.

ProShares UltraShort 20+ Year Treasury Bond Fund

(TBT) - Get Report

-1.8%

As U.S. stock market indices slide into the close, investors are regaining an appetite for safe haven asset classes. As TBT heads into negative territory, the

iShares Barclays 20+ Year Treasury Bond Fund

(TLT) - Get Report

is enjoying approximately 1% gains. The U.S. dollar is gaining ground as well. The

PowerShares DB U.S. Dollar Index Bullish Fund

(UUP) - Get Report

is up over 0.5%.

iShares MSCI Sweden Index Fund

(EWD) - Get Report

-1.5%

After Thursday's climb, ETFs linked to the troubled European Union are again heading lower. The losses are not exclusive to the monetary bloc, however. On the contrary, EWD and the

iShares MSCI Switzerland Index Fund

(EWL) - Get Report

(EWL) are following the iShares MSCI Italy Index Fund and

iShares MSCI Germany Index Fund

(EWG) - Get Report

into the red.

All prices as of 2:11 PM EST.

Written by Don Dion in Williamstown, Mass.

RELATED ARTICLES:

>>Kass: Constant Stock Craving Misguided

>>Biotech Stock Mailbag: Cyclacel Fallout

At the time of publication, Dion Money Management did not own any equities mentioned.