NEW YORK ( TheStreet) -- Welcome to Don Dion's "Daily ETF Winners and Losers." Be sure to stop by each day to find out which ETFs are gaining or losing.

Winners

iShares MSCI Indonesia Investable Market Index Fund ( EIDO) 8.1%

Emerging markets are benefiting from the market's turnaround as we approach the close. Strength can be felt around the globe as indicated by the upward action witnessed from EIDO, Market Vectors Poland ETF ( PLND) and iShares MSCI South Africa Index Fund ( EZA).

Despite today's strength, I encourage investors to use discretion when handling emerging market ETFs since they are inherently volatile and can add unnecessary risk when used in excess.

iShares MSCI Sweden Index Fund ( EWD) 6.7%

While the emerging markets are leading the pack, ETFs linked to developed corners of the globe are witnessing strength as well. Products designed to track European nations that reside outside of the EU such as EWD and Global X Norway ETF ( NORW), are seeing the biggest gains.

Euro-bloc countries are getting a lift, too. The iShares Germany Index Fund ( EWG) and iShares MSCI Spain Index Fund ( EWP) are both up over 4.5%.

iShares S&P North American Technology-Multimedia Networking Index Fund ( IGN) 6.0%

A strong earnings report from Cisco ( CSCO) is sending the stock soaring over 16.5% during early afternoon trading. This upward action, combined with the broader market's strength, is boding well for IGN. The fund lists CSCO as its top holding, accounting for nearly 10% of its portfolio.

Losers

CurrencyShares Swiss Franc Trust ( FXF) -4.9%

The Swiss franc has become a darling among investors seeking shelter against the turbulent euro. As we approach the close however, the safe-haven currency is taking a hit as markets head higher and investors speculate over the likelihood of an intervention by the Swiss National Bank.

At the start of the week, I highlighted FXF as an attractive option for this rocky market. Despite its attraction, the threat of intervention is something I urge investors to keep a close watch on.

iShares Barclays 20+ Year Treasury Bond Fund ( TLT) -4.4%

In light of this upward action, investors are pouring out of defensive asset classes like long term U.S. Treasuries, leading TLT to suffer industry-leading losses.

Gold is being shunned as well. Physically-backed ETFs like iShares Gold Trust ( IAU) and SPDR Gold Shares ( GLD) are off over 3%.

iPath S&P 500 VIX Short Term Futures ETN ( VXX) -4.0%

The fear-tracking VIX is taking a hit as the markets head higher. In response, the VXX and other VIX-related exchange-traded products are trading in negative territory.

Despite these losses, VXX remains above its 200-day moving average. It will be interesting to see if the ETN can maintain this level in the days ahead.

All prices as of 2:14 PM EST

Written by Don Dion in Williamstown, Mass.

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At the time of publication, Dion Money Management iShares Gold Trust and iShares MSCI South Africa Index Fund.

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