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

iShares MSCI Spain Index Fund ( EWP) 6.1%

For the second day in a row, the ETF designed to track one of the most troubled members of the European Union is scoring some of the strongest gains among the entire industry. The iShares MSCI Italy Index Fund ( EWI) and the iShares MSCI Austria Investable Market Index Fund ( EWO) are two other euro-focused ETFs treading higher today.

Claymore/MAC Global Solar Energy Index ETF ( TAN) 5.1%

The volatile solar energy ETF broke today above its 50-day moving average for the first time since tumbling below it at the start of May.

TAN will continue to move wildly as nations around the world sort out their respective debt crises, but the fund's movement in recent weeks may be evidence of bottoming. It will be worth watching to see if this fund can follow through with strength in the near future.

SPDR Metals & Mining ETF ( XME) 4.6%

Although issues facing Europe and other regions of the global economy remain, metal producers have managed to churn out gains for the second consecutive day.

The continuation of the global economic recovery will be essential to the future strength of XME and other materials- and commodities-focused ETFs. Losers S&P 500 VIX Short Term Futures ETN ( VXX) -5.7%

On Tuesday, the bulls managed to hold onto comfortable gains for most of the day until a last minute onslaught from bears caused the markets to close nearly unchanged. Although this type of volatility is typically a welcomed event for VXX, the ETN failed to capitalize and closed the day in negative territory.

Today, the bulls appear to be holding onto their gains and once again the fear-based ETN is being driven lower.

United States Natural Gas Fund ( UNG) -1.9%

Normally the heat wave sweeping the Eastern Coast of the U.S. would be bullish event for natural gas, which is typically relied upon to power cranked up air conditioning units. However, investors hoping to see a pop in fuel prices will have to wait another day as UNG struggles to find positive territory.

Although the futures-based ETF is struggling, equity-based natural gas plays are finding strength and First Trust ISE Revere Natural Gas Index ETF ( FCG) is heading higher.

All prices as of 2:16 PM EST

-- Written by Don Dion in Williamstown, Mass.
At the time of publication, Dion Money Management was not long any of the funds mentioned.

Don Dion is president and founder of Dion Money Management, a fee-based investment advisory firm to affluent individuals, families and nonprofit organizations, where he is responsible for setting investment policy, creating custom portfolios and overseeing the performance of client accounts. Founded in 1996 and based in Williamstown, Mass., Dion Money Management manages assets for clients in 49 states and 11 countries. Dion is a licensed attorney in Massachusetts and Maine and has more than 25 years' experience working in the financial markets, having founded and run two publicly traded companies before establishing Dion Money Management.

Dion also is publisher of the Fidelity Independent Adviser family of newsletters, which provides to a broad range of investors his commentary on the financial markets, with a specific emphasis on mutual funds and exchange-traded funds. With more than 100,000 subscribers in the U.S. and 29 other countries, Fidelity Independent Adviser publishes six monthly newsletters and three weekly newsletters. Its flagship publication, Fidelity Independent Adviser, has been published monthly for 11 years and reaches 40,000 subscribers.