Market Overview
For Oct 19–Oct 23, 2026, the Dow Jones Industrial Average rose 0.41%, while the S&P 500 fell 0.47% and the Nasdaq Composite slipped 0.71%.
ETF market tone was mixed, with inverse products generally firmer as pockets of growth exposure lagged. Breadth reflected elevated dispersion across leveraged strategies.
Top 5 US ETF Gainers
MicroSectors Gold Miners -3x Inverse Leveraged ETN (GDXD) surged 28.97%. The note provides three times inverse exposure to equity shares of global gold miners. The advance came as gold-mining equities weakened on the week.
GraniteShares 2x Long CRWD Daily ETF (CRWL) gained 27.17%. The ETF seeks two times the daily move of cybersecurity software provider CrowdStrike Holdings. It climbed alongside the underlying stock's weekly advance.
CrowdStrike shares rose during the week, outpacing the broader market amid a rebound in select technology stocks.
Direxion Daily Junior Gold Miners Index Bear 2X ETF (JDST) added 20.71%. This product delivers two times the daily inverse performance of an index of small- and mid-cap gold mining companies. It rallied as junior miners softened over the week.
Direxion Daily Gold Miners Index Bear 2X Shares (DUST) advanced 18.42%. The ETF targets two times the daily inverse return of a large-cap gold miners index. The fund increased as senior gold miner shares fell for the week.
Direxion Daily FTSE China Bear 3X Shares (YANG) climbed 14.87%. The fund pursues three times the daily inverse move of the FTSE China 50, providing bearish exposure to large mainland-linked Chinese equities. It rose as Chinese equities retreated on the week.
Top 5 US ETF Losers
KraneShares China Alpha Index ETF (KCAI) tumbled 53.13%. The fund provides long exposure to a rules-based China equity selection strategy. The decline coincided with weakness in the fund’s China-focused constituents during the week.
MicroSectors Gold Miners 3x Leveraged ETN (GDXU) sank 25.54%. The note targets three times the return of gold-mining equities, amplifying moves in a large-cap miners basket. It fell as gold miner shares pulled back for the week.
Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) slid 18.85%. The product magnifies, by two times, daily moves in junior gold miners. It declined as small- and mid-cap miners retreated over the week.
GraniteShares 2x Long META Daily ETF (FBL) dropped 18.74%. The ETF seeks two times the daily move of social media company Meta. It fell as Meta shares pulled back during the week.
Meta discussed an AI financing plan that shifts risk and reward for shareholders and agreed to acquire the AI data platform Sundial.
Direxion Daily META Bull 2X ETF (METU) declined 18.62%. The fund targets two times the daily return of Meta. It slipped as the underlying shares weakened during the week.
Top 5 Equity Index ETFs
Direxion Daily FTSE China Bear 3X Shares (YANG) gained 14.87%. The ETF seeks three times the daily inverse move of the FTSE China 50, offering bearish exposure to large Chinese equities. The gain aligned with a weekly decline in the index.
ProShares UltraShort FTSE China 50 (FXP) rose 9.03%. The fund provides two times inverse exposure to the FTSE China 50. It advanced as Chinese blue chips softened this week.
Direxion Daily Small Cap Bull 3x Shares (TNA) added 5.63%. The ETF seeks three times the daily performance of the Russell 2000. It benefited from the index’s weekly strength.
ProShares Short FTSE China 50 (YXI) increased 4.35%. The fund delivers one times inverse exposure to the FTSE China 50. The product rose as the underlying benchmark eased for the week.
ProShares Ultra Russell 2000 (UWM) climbed 3.78%. The fund targets two times the return of the Russell 2000. It moved higher as small-cap equities advanced on the week.
Top 5 Commodity ETFs
Direxion Daily Gold Miners Index Bear 2X Shares (DUST) advanced 18.42%. The ETF aims for two times the daily inverse performance of an index of senior gold miners. It rallied as gold-mining equities weakened this week.
ProShares UltraShort Silver (ZSL) rose 11.10%. The fund provides two times inverse exposure to silver bullion. It gained as silver prices fell over the week.
ProShares UltraShort Gold (GLL) gained 8.85%. The ETF offers two times inverse exposure to gold bullion. It climbed as gold prices eased on the week.
DB GOLD SHORT ETN (DGZ) added 7.65%. The note provides unlevered short exposure to gold via a Deutsche Bank index. It advanced as bullion softened this week.
DB Gold Double Short Exchange Traded Notes (DZZ) increased 5.90%. The ETN targets two times inverse exposure to gold. It rose as bullion retreated for the week.
Top 5 Industry ETFs
Direxion Daily Semiconductors Bear 3x Shares (SOXS) gained 6.60%. The fund seeks three times the daily inverse move of U.S. semiconductor equities. It rose as semiconductor shares eased during the week.
iShares U.S. Home Construction ETF (ITB) advanced 4.83%. The fund concentrates on U.S. homebuilders and related construction firms. It climbed as the group firmed on the week.
SPDR S&P Homebuilders ETF (XHB) added 3.66%. The ETF holds U.S. homebuilding, building products, and home furnishing companies. The fund advanced as housing-related equities strengthened this week.
ProShares Ultra Real Estate (URE) gained 3.63%. The fund targets two times the performance of U.S. real estate equities. It increased as property-linked shares advanced on the week.
SPDR S&P Bank ETF (KBE) climbed 3.54%. The fund invests in U.S. banking stocks across large and regional institutions. It rose as financials improved over the week.
Top 5 Bond ETFs
iShares 20+ Year Treasury Bond ETF (TLT) rose 1.61%. The ETF holds long-duration U.S. Treasury securities. It gained as long Treasuries firmed over the week.
SPDR Portfolio Long Term Treasury ETF (SPTL) increased 1.47%. The fund tracks long-maturity U.S. Treasury bonds. It climbed with a weekly advance in long-duration Treasuries.
SPDR Nuveen ICE Municipal Bond ETF (TFI) added 1.08%. The ETF targets investment-grade U.S. municipal debt. It rose as muni prices improved this week.
Vanguard Tax-Exempt Bond ETF (VTEB) gained 1.06%. The fund holds a broad portfolio of investment-grade municipal bonds. It advanced amid a weekly firming in tax-exempt debt.
iShares National Muni Bond ETF (MUB) climbed 1.06%. The ETF invests in investment-grade U.S. municipal securities. It edged higher as muni bonds strengthened during the week.
Conclusion
Inverse trades dominated the ETF leaderboard, with bearish gold miner vehicles and China-focused shorts outpacing long counterparts, while leveraged long products tied to the same themes lagged. Single-stock leverage showed sharp dispersion, as strength in a cybersecurity name contrasted with weakness across select megacap exposure. Real estate and homebuilding funds improved alongside small-cap leveraged products, and long-duration Treasuries and municipal debt provided a steadier bid. The week underscored elevated divergence between leveraged and inverse structures across equities and commodities.
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