NEW YORK ( TheStreet ) -- Here are this week's ETF Winners and Losers.

Winners

iShares MSCI Spain Index Fund (EWP) 6.5%

The Spain ETF enjoyed a second week of gains, helped higher as European debt crisis concerns take a backseat. Top holding Banco Santander ( STD) has been a major driver of EWP's performance, helping the fund undo losses and return to levels last seen in October.

Spain's performance has been impressive, but it is important not to forget the factors weighing on this region of the globe. In the event that euro crisis fears return, EWP will likely be one of the shakier performers.

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United States Natural Gas Fund (UNG) 4.9%

Natural gas prices gained ground this week, helped higher by an optimistic storage report from the Energy Information Administration and cold weather forecasts. In response, futures-backed products including UNG and iPath Dow Jones UBS Natural Gas Total Return Subindex ETN ( GAZ) saw a welcome string of positive action.

Despite its recent spurt of strength, long-term investors should continue to use caution when venturing into natural gas ETFs. Oversupply still threatens the industry and could lead to continued shaky performance in the foreseeable future.

Guggenheim Solar Energy ETF (TAN) 3.3%

With earnings season in full swing, company performance numbers appear to be taking precedence over the larger macro issues facing the globe. This has boded well for the subsidy-dependent alternative energy industry, which tends to take a hit when issues such as the European debt crisis command headlines.

TAN could still have some room to run here as it attempts to recover to levels seen before its November breakdown. However, investors should remain flexible. In the event that Europe and other macro issues fall back into the limelight, the fund could be in for a rocky road.

Losers

Market Vectors Indonesia ETF (IDX) -7.9%

2011 has been a tough year thus far for the Indonesian marketplace. After seeing strong gains throughout 2010, the IDX has run into a roadblock, weighed down by inflation fears. As a result, the fund has tumbled hard and erased multiple months of gains, returning to levels last seen in September.

IDX's performance in recent weeks once again reminds investors of the dangers that can come with playing emerging and frontier markets. These regions of the globe remain attractive, but investors must use caution and keep exposure small to avoid heavy losses.

PowerShares Dynamic Networking Portfolio (PXQ) -6.7%

The tech industry was abuzz this week with earnings reports and management shakeups from major names including Apple ( AAPL) and Google ( GOOG). One of the biggest negative stories of the week, however, was the weak earnings report from the closely watched F5 Networks ( FFIV).

The company's poor performance sent the networking industry into a tailspin, leading PXQ to some of the heaviest losses in the ETF industry. The PowerShares fund boasts heavy exposure to FFIV, setting aside close to 4% of its portfolio to the firm.

iShares MSCI Turkey Investable Market Index Fund (TUR) -4.7%

A surprise rate hike from the Turkish central bank weighed on TUR this week, leading the fund to revisit its 200-day moving average, a technical level investors may want to watch closely. Since the start of 2010, the fund has bumped against this level on a number of occasions.

Turkey has become an attractive nation to watch given its emerging-market status. However, it will likely be heavily affected by the debt issues facing the E.U. given its close proximity to the region.

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.

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