Market Overview
For the week of Aug 17–Aug 21, 2026, the Dow Jones Industrial Average fell 0.85%, the S&P 500 declined 1.43%, and the Nasdaq Composite dropped 2.05%.
ETF market breadth tilted risk-on, with leveraged long vehicles outperforming while inverse counterparts broadly slipped.
Top 5 US ETF Gainers
YieldMax MRNA Option Income Strategy ETF (MRNY) advanced 1.20%. The fund employs an option income approach referencing biopharmaceutical company Moderna, and it gained as the underlying shares firmed over the week.
Amylyx Pharmaceuticals (AMLX) jumped 78.73%. This vehicle seeks to reflect the weekly performance of neurodegenerative disease drug developer Amylyx Pharmaceuticals, and it rallied as the stock advanced.
Volatility Shares 2x Ether ETF (ETHU) surged 61.53%. The ETF targets two times the daily move of the cryptocurrency Ether, and it climbed alongside the token’s upswing during the week.
ProShares Ultra Ether ETF (ETHT) increased 61.44%. Designed to deliver two times the daily performance of Ether, the fund advanced as the underlying asset strengthened.
T-Rex 2X Long Ether Daily Target ETF (ETU) rose 60.72%. This product amplifies, by two times, the daily moves in Ether and rallied on the same upward impulse.
Top 5 US ETF Losers
Defiance Daily Target 2X Short MSTR ETF (SMST) sank 45.21%. The vehicle seeks two times inverse exposure to bitcoin treasury company MicroStrategy, and it declined as the underlying shares strengthened during the week.
T-Rex 2X Inverse MSTR Daily Target ETF (MSTZ) slid 44.84%. The fund targets two times the inverse daily move of MicroStrategy, and it retreated as the stock firmed.
ProShares UltraShort Ether ETF (ETHD) dropped 43.69%. The ETF provides two times inverse exposure to Ether and weakened as the cryptocurrency advanced.
GraniteShares 2x Short COIN Daily ETF (CONI) fell 41.04%. The product delivers two times inverse exposure to the cryptocurrency exchange Coinbase, and it declined as the company’s shares firmed over the week.
MicroSectors Gold Miners -3x Inverse Leveraged ETN (GDXD) tumbled 37.38%. The note seeks three times inverse exposure to large and mid-cap gold miners, and it slipped as the mining cohort strengthened.
Top 5 Equity Index ETFs
Direxion Daily FTSE China Bull 3X Shares (YINN) gained 8.20%. The fund targets three times the daily performance of the FTSE China 50, and it advanced as Chinese large-cap equities strengthened.
ProShares UltraPro Short QQQ (SQQQ) added 7.67%. The ETF seeks three times inverse exposure to the Nasdaq-100, and it rose as the index eased during the week.
Direxion Daily Small Cap Bear 3X Shares (TZA) climbed 5.17%. This vehicle provides three times inverse exposure to U.S. small-cap equities, and it increased as the cohort softened.
ProShares Ultra FTSE China 50 (XPP) advanced 5.13%. The fund delivers two times the daily move of the FTSE China 50 and rallied with the benchmark’s strength.
ProShares UltraShort QQQ (QID) rose 5.05%. The ETF offers two times inverse exposure to the Nasdaq-100 and benefited as the index pulled back.
Top 5 Commodity ETFs
Direxion Daily Gold Miners Index Bull 2X Shares (NUGT) jumped 29.26%. The fund seeks two times leveraged exposure to global gold miners, and it rallied as the mining complex strengthened.
VanEck Gold Miners ETF (GDX) gained 14.29%. The fund concentrates on large and mid-cap gold mining companies, and the move reflected strength across the group.
ProShares Ultra Silver (AGQ) climbed 14.21%. The ETF targets two times the daily performance of silver, and it advanced as the metal firmed.
VanEck Junior Gold Miners ETF (GDXJ) added 12.28%. The fund focuses on small and mid-cap gold miners, and it participated in the week’s sector gains.
ProShares Ultra Gold (UGL) increased 11.13%. The ETF seeks two times the daily move of gold, and it rose as the bullion price advanced.
Commentary underscored rising U.S. fiscal risks and advocated higher gold allocations, while discussion of yield control reinforced a currency-debasement bid for gold.
Top 5 Industry ETFs
Direxion Daily Semiconductors Bear 3x Shares (SOXS) rallied 16.76%. The fund targets three times inverse exposure to U.S. semiconductor equities and advanced as the group softened.
iShares Biotechnology ETF (IBB) rose 7.72%. The fund concentrates on U.S. biotechnology companies, and the gain mirrored broad-based strength in the industry.
Direxion Daily Energy Bull 2x Shares (ERX) advanced 5.38%. The vehicle provides two times leveraged exposure to U.S. energy equities and benefited from the sector’s weekly firmness.
VanEck Agribusiness ETF (MOO) added 4.69%. The fund focuses on global agribusiness companies and participated in the week’s gains.
Health Care Select Sector SPDR Fund (XLV) climbed 4.33%. The ETF targets large-cap U.S. health care constituents, and it moved higher with the sector.
Top 5 Bond ETFs
VanEck J.P. Morgan EM Local Currency Bond ETF (EMLC) increased 0.82%. The fund tracks emerging-market local currency sovereign bonds, and it gained with the segment’s weekly firmness.
SPDR Bloomberg Emerging Markets Local Bond ETF (EBND) rose 0.71%. The ETF targets emerging-market local currency debt, and it advanced as the benchmark firmed.
iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) added 0.66%. The fund focuses on emerging-market local currency bonds and benefited from steady risk sentiment in the segment.
First Trust Emerging Markets Local Currency Bond ETF (FEMB) gained 0.41%. The fund invests in emerging-market local currency debt, and it inched higher alongside peers.
VanEck IG Floating Rate ETF (FLTR) edged up 0.20%. The fund concentrates on investment-grade floating-rate corporate notes, and it nudged higher with modest credit stability.
Conclusion
Risk appetite favored leveraged long exposures, with crypto-linked vehicles and gold-related products leading advances while inverse strategies lagged. Single-name inverse funds tied to MicroStrategy and Coinbase posted large declines against gains in their underlying shares, highlighting dispersion between levered pairs. Broader index hedges in the Nasdaq-100 and small caps were firm, and industry moves featured a notable upswing in semiconductor inverses alongside steadier gains in health care and biotechnology. Bond products were relatively muted, with emerging-market local currency funds inching ahead.
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