NEW YORK (TheStreet) -- Here are this week's exchange-traded fund winners and losers.

Winners

Guggenheim Solar ETF

(TAN) - Get Invesco Solar ETF Report

9.6%

The rocky market action witnessed this summer has wreaked havoc on the volatile solar energy industry, pushing ETFs like TAN to steep losses.

As I've explained in the past, companies in this sector tend to rely heavily on government subsidies to stay afloat. Therefore, it is not unusual that, as regions like the U.S. and EU work to rein in their debts, these companies have faced heavy pressure.

This week, however, the sun shined on TAN, pushing the fund to industry-leading gains.

Although TAN and other solar energy ETFs could continue to witness strength in the near term, I encourage investors to be cautious here.

iShares Dow Jones U.S. Home Construction Index Fund

(ITB) - Get iShares U.S. Home Construction ETF Report

8.7%

After last week's steep drop pushed ITB to levels last seen in mid-2009, the residential homebuilders managed to bounce.

This corner of the real estate market continues to be choppy. Investors looking for a safer bet on housing should look to the

iShares Cohen & Steers Realty Majors Index Fund

(ICF) - Get iShares Cohen & Steers REIT ETF Report

.

SPDR KBW Bank ETF

(KBE) - Get SPDR S&P Bank ETF Report

7.3%

The month of August has been a rough one overall for the financial industry as economic turmoil facing the developed world weighed heavily on investor confidence.

Over the past week, however, shares of KBE managed to climb higher, recovering some of their lost ground.

Berkshire Hathaway

(BRK.A) - Get BRK.A Report

CEO Warren Buffett played a big role in helping this sector higher.

The Nebraska native stole headlines Thursday with his $5 billion investment in troubled

Bank of America

(BAC) - Get Bank of America Corp Report

.

The move is reminiscent of the investments he made in

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. (GS) Report

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and

General Electric

(GE) - Get General Electric Company (GE) Report

at the height of the financial crisis.

It will be interesting to see what's in store for the banks in the days ahead as initial reactions to Buffett's move subside.

Losers

iPath S&P 500 VIX Short Term Futures ETN

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

-3.7%

After trudging higher over the course of the month, the fear-tracking VIX ETN, VXX, closed out the last full week of August with notable losses.

Despite the ETN's decline, the fund's gains over the past month are still impressive. VXX has managed to recover all of the losses it suffered in 2011 and is currently sitting above its 200-day moving average for the first time in its trading history.

iShares MSCI Thailand Investable Market Index Fund

(THD) - Get iShares MSCI Thailand ETF Report

-2.4%

Emerging markets continued to struggle this week as jittery investors steered clear of risky corners of the globe. Some of the biggest decliners hailed from Southeast Asia. THD and

iShares MSCI Malaysia Index Fund

(EWM) - Get iShares MSCI Malaysia ETF Report

both took notable hits.

Given the economic hurdles facing the global markets, I encourage investors to use caution when venturing into volatile regions.

iShares Gold Trust

(IAU) - Get iShares Gold Trust Report

-1.4%

Physically backed gold ETFs stumbled this week after the yellow metal failed to hold onto brand-new record highs.

Although IAU found itself high on the losers list, this week marked a landmark event for the closely watched

SPDR Gold Shares

(GLD) - Get SPDR Gold Trust Report

. For a short period early in the week this wildly popular fund managed to surpass the

SPDR S&P 500 ETF

(SPY) - Get SPDR S&P 500 ETF Trust Report

to take the crown as the largest exchange-traded fund.

GLD has since fallen back into the second place spot. However, looking ahead, it will be interesting to see whether it will once again contend for the throne.

-- Written by Don Dion in Williamstown, Mass.

At the time of publication, Dion owned shares of EWM, ICF, IAU, THD.