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

Market Vectors Rare Earth/Strategic Metals ETF

(REMX) - Get Report

5.6%

The rare-earth metal ETF is following up Tuesday's strong gains with another day of upward action.

News that China is planning to drastically slash export quotas at the start of 2011 is helping power a number of the fund's top holdings. Even

Molycorp

(MCP)

, which was on a rollercoaster Tuesdayd, is up over 6% in early afternoon trading.

Rare earth metals will be an exciting region of the market to watch. However, given the industry's volatility, conservative investors may want to stick to the sidelines here.

Market Vectors Poland ETF

(PLND)

2.2%

A diverse collection of emerging market-related ETFs are heading higher today, benefiting from broad market optimism. PLND is one of the biggest movers. Outside of Latin America, funds including

iShares MSCI Israel Capped Investable Market Index Fund

(EIS) - Get Report

,

PowerShares India Portfolio

(PIN) - Get Report

, and

Market Vectors Brazil Small Cap Index ETF

(BRF) - Get Report

are also heading noticeably higher.

Market Vectors Agribusiness ETF

(MOO) - Get Report

2.0%

For months, agriculture has been an exciting region of the market to watch as futures products including

iPath Dow Jones UBS Sugar Total Return Subindex ETN

(SGG) - Get Report

and

iPath Dow Jones UBS Cotton Total Return Subindex ETN

(BAL) - Get Report

rally to brand new all time highs. While impressive, single crop, and futures-backed funds in general may not be suitable for all investors. Ag bulls looking for equity exposure to this region of the market will find the MOO

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

(IEZ) - Get Report

1.8%

Oil prices continue to head higher, providing energy producers with some room to power higher. IEZ,

Oil Services HOLDRs

(OIH) - Get Report

and the

SPDR S&P Oil & Gas Equipment & Services

(XES) - Get Report

are the leading performers from this region of the market today.

Losers

ProShares UltraShort 20+ Year Treasury Bond Fund

(TBT) - Get Report

-3.5%

Although the markets are showing strength, investors are still sticking to the protection which comes with holding long term U.S. treasury bonds. In response, the inverse, leveraged TBT is falling to notable losses.

Looking towards the New Year, investors will want to keep a close watch on defensive plays such as gold and treasuries. In the event that the markets take a turn for the worse, these asset classes will help buffer losses.

iPath S&P 500 VIX Short Term Futures ETN

(VXX) - Get Report

-1.5%

The market's upward action on Wednesday is pressuring the VIX, leading VXX to suffer its first loss in four trading sessions.

Fellow VIX-backed fund, the

iPath S&P 500 VIX Mid-Term Futures ETN

(VXZ) - Get Report

has spent much of the day in unchanged territory.

All prices as of 2:14 PM EST

Written by Don Dion in Williamstown, Mass.

RELATED ARTICLES:

>>Rare Earth Market Trends - 2010

>>Sumitomo May Buy Stake in Molycorp

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

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.