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

ProShares UltraShort 20+ Year Treasury Bond ETF

(TBT) - Get Report

4.3%

U.S. market indices have managed to hold onto Tuesday's gains, and as risk stays in vogue, investors are unloading their exposure to safe haven asset classes. Shedding defense bodes well for TBT, which has broken near term resistance and powered to levels last seen in November. The

iShares Barclays 20+ Year Treasury Bond Fund

(TLT) - Get Report

, on the other hand, is tumbling to new 2012 lows.

iShares MSCI European Financials Index Fund

(EUFN) - Get Report

1.3%

A pair of positive sessions has helped propel EUFN back to its 2012 highs. Despite this upward action, ETFs linked to certain EU nations and other corners of Europe are not faring as well. The

iShares MSCI Italy Index Fund

(EWP) - Get Report

and the

iShares MSiCI Sweden Index Fund

(EWD) - Get Report

are both taking hits.

iPath S&P 500 VIX Short Term Futures ETN

(VXX) - Get Report

4.3%

After five days of losses, VXX has reversed course. This steep drop has pushed the volatile product levels seen prior to last summer's rally. In the days ahead, it will be interesting to see if the fund can regain some lost ground, or if more losses are on the way.

Losers

Market Vectors Junior Gold Miners ETF

(GDXJ) - Get Report

-5.1%

Gold prices are taking a shot across the bow, pushing the bullion-backed

iShares Gold Trust

(IAU) - Get Report

back to mid-January levels. The weakness is weighing heavily on gold miners, although the smaller, more volatile producers underlying the

Market Vectors Junior Gold Miners ETF

(GDXJ) - Get Report

are taking the brunt of the hit.

Gold miners are not the only precious metal producers heading lower, however. The

Global X Silver Miners ETF

(SIL) - Get Report

is also declining.

iShares MSCI South Africa Index Fund

(EZA) - Get Report

-2.2%

The weakness in the precious metals mining industry is weighing on the South Africa ETF. With companies like

AngloGold Ashanti

(AU) - Get Report

and

Gold Fields

(GFI) - Get Report

finding spots among its top 10 holdings, I have mentioned in the past how the fund may appeal to those looking for a unique play on the industry.

The

Market Vectors Vietnam ETF

(VNM) - Get Report

is another emerging market ETF heading lower.

Global X Uranium ETF

(URA) - Get Report

-3.4%

Uranium producers's impressive strength on Tuesday was short-lived as URA has given back its gains.

The earthquake that struck Japan this morning likely did little to inject confidence into this industry. With last year's natural disaster fresh on investors' minds, it may be best to watch URA from the sidelines.

All prices as of 2:10 PM DST.

Written by Don Dion in Williamstown, Mass.

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