U.S. equities softened on Thursday as the S&P 500 eased 0.28%, the Nasdaq Composite slipped 0.31%, and the Dow Jones Industrial Average lost 0.54%. Across ETFs, price action indicated a cautious, risk-off tone: inverse equity index products led the equity cohort while commodities—especially crude oil and precious metals—showed relative strength; volatility-linked ETPs firmed, and long-beta equity funds and growth-heavy industry exposures lagged.
Top 5 US ETF Gainers
AdvisorShares MSOX 2X Daily ETF (MSOX) advanced 18.84%. The fund seeks to deliver twice the daily return of an underlying U.S. cannabis-themed basket, magnifying moves in multi-state operators and ancillary cannabis exposures. Its daily reset and leverage structure amplifies sector swings, which today favored cannabis-related equities.
T-Rex 2X Long KTOS Daily ETF (KTUP) climbed 17.67%. This single-stock ETF is designed to produce approximately double the daily performance of Kratos Defense & Security Solutions, Inc., using derivatives to target 2x exposure. The move reflects the fund’s leveraged methodology, which magnifies the daily trajectory of KTOS shares.
Defiance Daily Target 2X Long SMCI ETF (SMCX) gained 16.27%. The product targets two times the daily performance of Super Micro Computer, Inc., relying on swaps and other instruments to achieve daily leverage. Its construction is intended for short-term trading around SMCI’s daily moves and magnified today’s underlying performance.
GraniteShares 2x Long SMCI Daily ETF (SMCL) added 16.11%. Similar in objective to its peer, this single-stock ETF tracks Super Micro Computer, Inc. at 2x the daily rate through a leveraged structure. The fund’s design and daily reset process accentuate the underlying stock’s move over each trading session.
Tradr 2X Long LITE Daily ETF (LITX) rose 13.56%. This fund aims to deliver twice the daily return of Lumentum Holdings, Inc. by employing leveraged derivatives exposure. As with other single-stock leveraged ETFs, LITX is geared to short-term positioning and magnifies the daily fluctuations of the underlying issuer.
Top 5 US ETF Losers
Tradr 2X Short CLSK Daily ETF (CLSZ) fell 27.04%. This single-stock ETF seeks twice the inverse of CleanSpark’s daily performance; the fund’s methodology inherently delivers amplified losses when the underlying advances.
Defiance Daily Target 2X Long CVNA ETF (CVNX) declined 16.66%. Designed to provide 2x daily exposure to Carvana, the vehicle’s return mirrors the underlying stock’s move, scaled by the fund’s leverage factor.
Defiance Daily Target 2X Short SMCI ETF (SMCZ) decreased 16.36%. The ETF targets double the inverse of Super Micro Computer’s daily return; strength in the underlying translated into a leveraged decline for the fund.
T-Rex 2X Long FIGR Daily Target ETF (FGRU) retreated 14.42%. The product seeks 200% of the daily moves in Figure Technology Solutions, with its leveraged approach directly tying outcomes to the underlying stock’s session.
Xtrackers Europe Defense Technologies ETF (XDEF) eased 14.01%. The thematic fund tracks European-listed defense technology companies; the day’s outcome reflected constituent price movements across that segment.
Top 5 Equity Index ETFs
iShares MSCI South Korea ETF (EWY) increased 1.72%. EWY tracks MSCI’s Korea large- and mid-cap universe, with performance reflecting that market’s relative resilience versus broader developed and emerging peers.
ProShares UltraPro Short Dow30 ETF (SDOW) gained 1.55%. SDOW delivers 3x the inverse of the Dow Jones Industrial Average’s daily move; the fund’s methodology amplified the Dow’s decline into a stronger positive outcome for the ETF.
iShares MSCI Brazil ETF (EWZ) added 1.53%. EWZ provides exposure to large- and mid-cap Brazilian equities, with the day’s return tied to movements in Brazil’s cash equity market per MSCI’s Brazil methodology.
ProShares UltraShort Dow30 (DXD) climbed 1.14%. DXD targets 2x the inverse of the Dow’s daily change, translating index weakness into a leveraged positive daily return at the ETF level.
ProShares UltraPro Short QQQ (SQQQ) rose 1.13%. SQQQ delivers 3x the inverse of the Nasdaq-100’s daily performance, amplifying the index’s technology- and growth-led decline into a stronger positive print.
Top 5 Commodity ETFs
ProShares Ultra Bloomberg Crude Oil (UCO) advanced 4.06%. UCO provides 2x daily exposure to Bloomberg’s crude oil futures index; as front-month contracts firmed, the ETF’s leveraged structure produced a larger daily gain.
Direxion Daily Gold Miners Index Bull 2X Shares (NUGT) gained 3.08%. NUGT targets 2x the daily performance of a gold miners index, with equity sensitivity to bullion prices and operating leverage translating into an amplified move.
VanEck Junior Gold Miners ETF (GDXJ) added 2.88%. GDXJ holds small- and mid-cap gold miners, a segment that tends to exhibit higher beta to gold price changes, reflected in the day’s return.
ProShares Ultra Silver (AGQ) climbed 2.64%. AGQ seeks twice the daily performance of silver, with the leveraged ETP mapping spot price action into amplified daily outcomes.
United States Oil Fund LP (USO) rose 2.25%. USO tracks near-term WTI crude oil futures, with the fund’s move driven by front-month contract pricing along the futures curve.
Top 5 Industry ETFs
Direxion Daily Financial Bear 3x Shares (FAZ) increased 2.47%. FAZ delivers 3x inverse daily exposure to U.S. financial sector equities, with the day’s sector softness translating into a stronger positive reading for the fund.
ProShares UltraShort Financials (SKF) gained 1.74%. SKF provides 2x inverse exposure to U.S. financials, structurally benefiting when bank and diversified financial names weaken.
VanEck Agribusiness ETF (MOO) added 1.65%. MOO tracks global agribusiness equities spanning inputs, equipment, and services, with the day’s performance tied to that diversified basket.
Direxion Daily Energy Bull 2x Shares (ERX) climbed 1.53%. ERX seeks 2x the daily return of U.S. energy sector equities; strength in oil-linked producers and services translated into a leveraged daily gain.
VanEck Uranium and Nuclear ETF (NLR) rose 1.41%. NLR holds companies engaged in uranium mining and nuclear energy supply chains, with the day’s move reflecting constituent pricing within the theme.
Top 5 Bond ETFs
InfraCap REIT Preferred ETF (PFFR) edged 0.38% higher. PFFR focuses on preferred securities issued by real estate investment trusts, with returns linked to that hybrid income asset class.
VanEck High Yield Muni ETF (HYD) added 0.23%. HYD tracks a portfolio of lower-rated municipal bonds, providing credit-spread exposure within tax-exempt fixed income.
SPDR Portfolio Long Term Corporate Bond ETF (SPLB) gained 0.17%. SPLB holds long-duration investment-grade corporate bonds, with duration and credit characteristics driving the day’s modest advance.
iShares Convertible Bond ETF (ICVT) rose 0.15%. ICVT invests in U.S. convertible securities, blending equity-sensitive features with fixed income characteristics.
iShares National Muni Bond ETF (MUB) increased 0.14%. MUB provides broad exposure to investment-grade municipal bonds across states and sectors, reflecting incremental strength in tax-exempt benchmarks.
Conclusion
ETF trading on Thursday reflected a defensive tilt as inverse index vehicles and volatility-linked exposures firmed while long beta equity funds softened in line with modest index declines. Commodities stood out, with leveraged crude oil and precious metals strategies posting notable gains, and energy-related industry funds also showing relative support. Single-stock leveraged products produced the day’s biggest moves, tracking pronounced swings in their underlying names—particularly Super Micro Computer and select auto and defense stocks—while short-side single-stock constructions declined against advancing constituents. In fixed income, returns were broadly stable with slight gains concentrated in preferreds, high-yield munis, and longer-dated corporates. Overall, the session’s ETF structure suggested reduced risk appetite, rotation toward commodity and inverse exposures, and continued use of targeted leverage to express single-name and thematic views.
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