Market Overview

For Sep 21 – Sep 25, 2026, the Dow Jones Industrial Average gained 0.28%, the S&P 500 rose 1.21%, and the Nasdaq Composite advanced 2.06%.

ETF market tone was constructive, with leveraged equity exposures broadly firmer while several inverse commodity products also advanced. Activity skewed toward growth proxies as risk appetite improved across major benchmarks.

Top 5 US ETF Gainers

GraniteShares 2X Long QCOM Daily ETF (QCML) jumped 26.87%. The fund targets two times the Daily return of wireless chip designer Qualcomm, and the move tracked the underlying stock's advance during the week.

Qualcomm said ​on Thursday Apple has extended its patent-licensing agreement with ‌the chip designer, even as the iPhone maker looks to cut its reliance on the company's modem chips.

GraniteShares 2X Long INTC Daily ETF (INTW) gained 25.99%. The fund Designed to deliver two times the Daily performance of semiconductor manufacturer Intel.

Intel shares jumped 13.26% this week, driven by improving sentiment in the semiconductor sector.

Direxion Daily AMD Bull 2X Shares (AMUU) added 25.91%. The ETF seeks two times the Daily move of semiconductor company AMD.

GraniteShares 2x Long META Daily ETF (FBL) increased 25.71%. This product amplifies, by two times, daily moves in social media company Meta Platforms.

Wall Street has turned bullish on Meta Platforms, betting that its new AI agent Muse could open a new revenue stream for the social media giant and reshape ​the company's AI monetization prospects.

GraniteShares 2x Long AMD Daily ETF (AMDL) climbed 25.67%. The vehicle seeks two times the Daily return of AMD.

Top 5 US ETF Losers

BREAKWAVE TANKER SHIPPING ETF (BWET) fell 24.59%. The fund provides unlevered exposure to crude and product tanker freight futures, and it declined in step with softer shipping benchmarks during the week.

Direxion Daily Semiconductors Bear 3x Shares (SOXS) slumped 21.84%. The product offers three times inverse exposure to U.S. semiconductor equities, and it retreated as the sector firmed over the week.

Defiance Daily Target 2X Long NVO ETF (NVOX) dropped 20.44%. The fund targets two times the Daily return of pharmaceutical manufacturer Novo Nordisk, and the loss reflected the stock's pullback during the period.

Novo’s new long-term goals failed to ease investor concerns about its ability to compete in the increasingly crowded weight loss market it helped pioneer.

ProShares UltraShort Bloomberg Natural Gas (KOLD) declined 14.48%. The ETF seeks two times inverse exposure to natural gas prices, and it slipped as the underlying commodity strengthened this week.

Defiance Daily Target 2X Long ORCL ETF (ORCX) decreased 14.15%. Designed to deliver two times the Daily performance of enterprise software provider Oracle, the ETF weakened as the shares eased during the week.

Shares of Oracle dropped this week as a report flagged challenges related to a data-center project in New Mexico.

Top 5 Equity Index ETFs

ProShares UltraPro QQQ (TQQQ) rose 9.58%. The ETF targets three times the daily performance of the Nasdaq-100, and it benefited from the index's weekly strength.

ProShares Ultra QQQ ETF (QLD) gained 6.54%. The fund seeks two times the daily return of the Nasdaq-100, mirroring the technology-heavy benchmark's advance.

ProShares UltraPro S&P500 ETF (UPRO) added 3.42%. The vehicle targets three times the daily performance of the S&P 500, and it participated in the broad market's climb.

Direxion Daily MSCI Emerging Markets Bull 3X ETF (EDC) advanced 3.42%. The fund seeks three times the daily move of the MSCI Emerging Markets index, and it rose with developing market equities.

iShares MSCI South Korea ETF (EWY) increased 3.24%. The fund holds large- and mid-cap South Korean equities, and the gain aligned with the country's equity benchmark's weekly advance.

Top 5 Commodity ETFs

DB GOLD SHORT ETN (DGZ) climbed 7.33%. The note provides short exposure to gold, and it advanced as bullion softened over the week.

ProShares UltraShort Silver (ZSL) rose 6.21%. The ETF targets two times inverse exposure to silver prices, gaining as the metal eased.

ProShares UltraShort Energy (DUG) added 5.55%. The fund seeks two times inverse exposure to U.S. energy equities, and it increased as the sector weakened.

Direxion Daily Gold Miners Index Bear 2X Shares (DUST) advanced 4.26%. The ETF targets two times inverse exposure to a gold miners index, rising as mining shares softened.

ProShares UltraShort Gold (GLL) gained 4.09%. The vehicle offers two times inverse exposure to bullion and moved higher as gold eased.

Top 5 Industry ETFs

Direxion Daily Semiconductors Bull 3x Shares (SOXL) surged 22.46%. The fund targets three times the Daily performance of U.S. semiconductor manufacturers and benefited from sector-wide strength.

United States Natural Gas Fund LP (UNG) increased 6.92%. The product holds front-month U.S. natural gas futures, and the climb matched gains in benchmark contracts.

VanEck Semiconductor ETF (SMH) rose 5.86%. The ETF concentrates on large semiconductor manufacturers and participated in the week's strength across the group.

Direxion Daily Energy Bear 2X ETF (ERY) advanced 5.32%. The fund provides two times inverse exposure to U.S. energy equities and firmed as the sector softened.

Direxion Daily Financial Bear 3X ETF (FAZ) gained 4.31%. It targets three times inverse exposure to U.S. financials, and the move reflected a weaker tone in bank and diversified finance shares.

Top 5 Bond ETFs

First Trust SSI Strategic Convertible Securities ETF (FCVT) rose 1.10%. The fund invests in U.S. convertible bonds, and the gain echoed strength in hybrid credit sensitive to equity moves.

SPDR Bloomberg Convertible Securities ETF (CWB) added 0.57%. The ETF holds a diversified portfolio of convertible bonds, advancing alongside the hybrid segment.

iShares Convertible Bond ETF (ICVT) increased 0.56%. The fund tracks U.S. convertible issues, and it edged higher with broad risk assets.

SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) inched 0.08% higher. The vehicle holds short-term U.S. Treasury bills, and the modest move reflected stability at the front end.

iShares Floating Rate Bond ETF (FLOT) gained 0.06%. The fund invests in investment-grade floating-rate notes, and the slight increase tracked steady short-term benchmarks.

Conclusion

A risk-on tone defined the week’s ETF tape, with leveraged single-stock products and semiconductor-focused vehicles leading the advance while several inverse energy and precious-metals plays also firmed. Index-linked leverage outperformed broad equity benchmarks, and growth-heavy exposures dominated flows reflected by technology strength across both single-name and sector funds. The period featured clear dispersion between leveraged longs and their inverse counterparts tied to the same drivers, underscoring volatility concentration in semiconductors and natural gas within the products covered above.