Market Overview

On Thursday, Nov 12, the Dow Jones Industrial Average declined 0.36%, the S&P 500 slipped 0.35%, and the Nasdaq Composite fell 0.39%.

ETF market breadth skewed defensive, with inverse and short products outperforming while growth-linked exposures lagged. Cross-asset participation was mixed, with leverage amplifying dispersion across single-stock and thematic vehicles.

Top 5 US ETF Gainers

Tradr 2X Short NBIS Daily ETF (NBIZ) rallied 34.38%. The vehicle seeks two times the inverse of AI cloud infrastructure provider Nebius, and it advanced as the underlying exposure weakened intraday.

Nebius said full-year guidance lagged expectations, and the update weighed on shares alongside cloud infrastructure peers.

Defiance Daily Target 2X Short SMCI ETF (SMCZ) jumped 22.36%. The fund targets two times the inverse of server hardware company Super Micro Computer, and it rallied as the underlying shares retreated.

Defiance Daily Target 2x Short IONQ ETF (IONZ) advanced 18.57%. The ETF seeks two times the inverse move of quantum computing company IonQ, tracking the underlying shares' pullback during the session.

Tradr 2X Short AXTI Daily ETF (AXTQ) gained 14.73%. This product amplifies, by two times, inverse daily moves in compound semiconductor wafer maker AXT, Inc., and it gained on the same downward impulse.

Defiance Daily Target 2X Short QBTS ETF (QBTZ) increased 14.35%. Designed to deliver two times the inverse of quantum computing hardware firm D-Wave Quantum, the ETF climbed as the stock weakened.

Top 5 US ETF Losers

Corgi NBIS 2x Daily ETF (NBIC) tumbled 35.16%. The fund targets two times the daily return of Nebius, and it slid as the underlying shares retreated.

GraniteShares 2x Long NBIS Daily ETF (NBIL) sank 34.15%. The ETF seeks two times the daily move of Nebius, tracking the underlying shares' decline during the session.

Tradr 2X Long NBIS Daily ETF (NEBX) dropped 34.06%. This product amplifies, by two times, daily moves in Nebius and fell alongside the pullback.

Leverage Shares 2X Long NBIS Daily ETF (NBIG) declined 33.75%. Designed to deliver two times the daily performance of Nebius, the ETF retreated as the stock weakened.

GraniteShares 2x Long BTDR Daily ETF (BTDL) fell 25.82%. The fund targets two times the daily return of bitcoin mining operator Bitdeer Technologies, and it slid as the underlying shares eased.

Top 5 Equity Index ETFs

Direxion Daily Small Cap Bear 3X Shares (TZA) advanced 4.93%. The vehicle seeks three times inverse exposure to the Russell 2000, and it rose as small-cap equities weakened.

Direxion Daily FTSE China Bear 3X Shares (YANG) gained 3.91%. The fund targets three times inverse exposure to large-cap Chinese stocks tracked by the FTSE China 50, and it increased as the market softened.

ProShares UltraShort Russell 2000 (TWM) added 3.32%. The ETF provides two times inverse exposure to the Russell 2000 and climbed as small-cap shares slipped.

ProShares UltraShort FTSE China 50 (FXP) rose 2.13%. The product delivers two times inverse exposure to the FTSE China 50 and advanced amid weakness in Chinese equities.

ProShares Short Russell2000 (RWM) increased 1.69%. The fund offers one times inverse exposure to the Russell 2000 and firmed as small caps declined.

Top 5 Commodity ETFs

Direxion Daily Gold Miners Index Bear 2X Shares (DUST) jumped 7.89%. The ETF targets two times inverse exposure to gold mining equities and benefited as the group weakened.

ProShares UltraShort Silver (ZSL) climbed 6.99%. The fund seeks two times inverse exposure to silver prices, and it advanced as the metal eased.

DB Gold Double Short Exchange Traded Notes (DZZ) rose 6.68%. The vehicle offers two times inverse exposure to gold prices and gained as bullion softened.

ProShares UltraShort Gold (GLL) gained 5.61%. The product seeks two times inverse exposure to gold and increased on the same downward impulse.

ProShares Ultra Bloomberg Crude Oil (UCO) advanced 5.15%. The fund targets two times long exposure to crude oil futures, and it rallied as oil strengthened.

Reports of a drone strike on a Saudi Aramco facility coincided with a rise in oil prices.

Top 5 Industry ETFs

Direxion Daily Energy Bull 2X ETF (ERX) increased 3.01%. The fund targets two times the daily performance of U.S. energy equities and rose with sector strength.

PROSHARES ULTRASHORT MATERIALS (SMN) advanced 2.46%. The ETF seeks two times inverse exposure to U.S. materials stocks and gained as the group softened.

United States Natural Gas Fund LP (UNG) added 2.35%. The vehicle is linked to front-month Henry Hub natural gas futures and benefited from a firmer tone in the contract.

Direxion Daily Financial Bear 3X ETF (FAZ) climbed 2.16%. The product seeks three times inverse exposure to U.S. financials and rose as bank shares eased.

Direxion Daily Real Estate Bear 3X Shares (DRV) rose 1.57%. The fund targets three times inverse exposure to U.S. real estate equities and advanced as the sector weakened.

Top 5 Bond ETFs

VanEck IG Floating Rate ETF (FLTR) edged up 0.04%. The fund holds investment-grade floating-rate notes, and the slight gain reflected steady short-duration credit.

PIMCO Enhanced Short Maturity Exchange-Traded Fund (MINT) inched up 0.02%. The ETF invests in ultra-short, high-quality debt, and the move mirrored a stable front-end rates backdrop.

WisdomTree Floating Rate Treasury Fund (USFR) was unchanged at 0.00%. The vehicle tracks U.S. floating rate Treasury notes and held steady with minimal movement along the short end.

ISHARES TRUST TRUST ISHARES 0-1 YEAR TREASURY BOND ETF (SHV) was flat at 0.00%. The fund owns very short-term U.S. Treasuries and showed little change.

SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) was flat at 0.00%. The ETF focuses on ultra-short Treasury bills and was little changed.

Conclusion

Inverse single-stock ETFs led activity as declines in Nebius drove sharp losses in leveraged longs and outsized gains in inverse counterparts, while commodity shorts in gold and silver also firmed. Sector-wise, energy bulls benefited from firmer oil, and defensive tilts in financials and real estate inverses underscored a cautious tone. Overall, dispersion between leveraged products and their inverse pairs remained pronounced, reflecting intraday volatility across the themes covered above.

Read More: New Wave of Cyber Threats: Three ETFs to Watch" target="_blank" class="">Cybersecurity Stocks in Focus as AI Fuels a New Wave of Cyber Threats: Three ETFs to Watch