Market Overview

On Tuesday, Nov. 10, the Dow Jones Industrial Average fell 0.30%, the S&P 500 slipped 0.38%, and the Nasdaq Composite declined 0.74%.

ETF market breadth was defensive, with inverse equity and commodity-linked products broadly firmer while leveraged longs saw mixed performance. Single-stock vehicles exhibited wide dispersion across themes.

Top 5 US ETF Gainers

Corgi MARA 2x Daily ETF (MHX) jumped 21.20%. The fund targets two times the daily return of bitcoin mining company MARA Holdings, and it rallied as the underlying shares advanced.

MARA Holdings reported earnings that exceeded expectations while revenue lagged forecasts and emphasized plans to expand power capacity with bitcoin mining as a foundation.

GraniteShares 2X Long MARA Daily ETF (MRAL) gained 19.73%. The ETF seeks two times the daily move of MARA Holdings, tracking the underlying shares' advance during the session.

Defiance Daily Target 2X Short ASTS ETF (ASTN) surged 17.70%. The vehicle seeks two times the inverse of satellite-to-cellular communications developer AST SpaceMobile, and it advanced as the underlying exposure weakened intraday.

AST SpaceMobile reported a wider loss but growing revenue in the third quarter, as the company said it is on track to hit its 2026 targets.

Defiance Daily Target 2X Short QBTS ETF (QBTZ) climbed 17.21%. The product delivers two times inverse exposure to quantum computing company D-Wave Quantum, and it increased as the underlying shares eased.

D-Wave Quantum reported third-quarter revenue of $4.5 million, up 21% from the prior year, but its operating loss nearly doubled to $53.5 million. The company’s quarterly bookings fell 19% to $1.9 million, highlighting the lumpiness and unpredictable timing of larger system sales.

MicroSectors Gold Miners -3x Inverse Leveraged ETN (GDXD) advanced 16.13%. The ETN provides three times inverse exposure to large gold mining equities, and it rose as the miners softened.

Top 5 US ETF Losers

Corgi HIMS 2x Daily ETF (HIMC) sank 33.72%. The fund targets two times the daily return of telehealth and wellness provider Hims & Hers Health, and it slid as the underlying shares retreated.

Hims & Hers Health trimmed its full-year core profit outlook amid higher weight-loss treatment costs and international expansion and reported a quarterly loss.

Defiance Daily Target 2X Long HIMS ETF (HIMZ) fell 33.56%. The ETF seeks two times the daily move of Hims & Hers Health, mirroring the underlying shares' pullback.

Tradr 2X Long LWLG Daily ETF (LWLX) dropped 21.04%. This product amplifies, by two times, daily moves in electro-optic materials developer Lightwave Logic and declined alongside the stock's pullback.

Tradr 2x Long USAR Daily ETF (USAX) fell 19.48%. Designed to deliver two times the daily performance of rare earth company USA Rare Earth, the ETF declined as the underlying shares weakened.

USA Rare Earth reported quarterly losses of 44 cents per share, which missed the consensus estimate for losses of 16 cents.

Leverage Shares 2X Long USAR Daily ETF (USGG) declined 19.20%. The fund targets two times the daily return of USA Rare Earth, and it moved lower as the stock retreated.

Top 5 Equity Index ETFs

ProShares UltraShort FTSE China 50 (FXP) added 2.14%. The fund seeks two times inverse exposure to large-cap Chinese equities represented by the FTSE China 50, and it rose as the cohort weakened.

Direxion Daily FTSE China Bear 3X Shares (YANG) increased 2.07%. The ETF targets three times inverse performance of the FTSE China 50 and gained as the index slipped.

Direxion Daily Small Cap Bear 3X Shares (TZA) advanced 2.00%. The vehicle provides three times inverse exposure to the Russell 2000, benefiting as small-cap shares eased.

ProShares UltraPro Short QQQ (SQQQ) rose 1.80%. The product targets three times inverse performance of the Nasdaq-100 and moved higher as the index declined.

ProShares UltraShort Russell 2000 (TWM) gained 1.42%. The fund seeks two times inverse exposure to the Russell 2000 and advanced as small caps softened.

Top 5 Commodity ETFs

Direxion Daily Gold Miners Index Bear 2X Shares (DUST) jumped 10.62%. The fund targets two times inverse exposure to gold mining equities and climbed as the group weakened.

ProShares UltraShort Silver (ZSL) advanced 7.28%. The ETF delivers two times inverse exposure to silver, and it gained as the metal declined.

ProShares UltraShort Gold (GLL) rose 5.54%. The product seeks two times inverse exposure to gold prices and firmed as bullion eased.

ProShares UltraShort Bloomberg Crude Oil (SCO) added 2.28%. The fund provides two times inverse exposure to West Texas Intermediate crude oil and increased as oil prices fell.

Global oil prices have been declining, with attention on what the move could mean for inflation dynamics.

ProShares Ultra Energy (DIG) gained 0.70%. The ETF offers two times exposure to U.S. energy equities and edged higher alongside the sector.

Top 5 Industry ETFs

United States Natural Gas Fund LP (UNG) climbed 3.37%. The fund holds front-month U.S. natural gas futures, and the gain tracked a move higher in benchmark gas prices.

Direxion Daily Financial Bull 3X ETF (FAS) rose 1.64%. The product seeks three times daily performance of U.S. financials and advanced with the group's strength.

SPDR S&P Insurance ETF (KIE) increased 1.51%. The fund concentrates on U.S. insurance companies and participated in the industry's intraday advance.

ProShares Ultra Financials (UYG) added 1.13%. The ETF targets two times daily exposure to financial stocks and gained as the sector firmed.

Direxion Daily Energy Bull 2X ETF (ERX) edged up 0.65%. The vehicle seeks two times daily performance of U.S. energy equities and moved higher with the sector.

Top 5 Bond ETFs

SPDR Blackstone Senior Loan ETF (SRLN) increased 0.15%. The fund invests in floating-rate senior loans, and it ticked higher alongside the asset class.

Invesco Senior Loan ETF (BKLN) added 0.10%. The ETF holds U.S. leveraged loans and edged up with the broader loan market.

VanEck IG Floating Rate ETF (FLTR) rose 0.08%. The fund targets investment-grade floating-rate notes, and the gain reflected steady demand for rate-resilient paper.

PIMCO Enhanced Short Maturity Exchange-Traded Fund (MINT) advanced 0.04%. The vehicle focuses on ultra-short duration securities and inched higher during the session.

WisdomTree Floating Rate Treasury Fund (USFR) advanced 0.04%. The ETF holds U.S. Treasury floating rate notes and was little changed to slightly firmer.

Conclusion

A defensive tone permeated ETF trading, with inverse equity products tied to China large caps, small caps, and the Nasdaq-100 firming while several long vehicles lagged. Single-stock leverage drove the widest swings, as MARA-linked products rallied and HIMS-linked exposures slumped, highlighting sharp dispersion between leveraged longs and their inverse counterparts. Cross-asset leadership skewed toward commodity inverses, particularly gold miners, with energy-linked vehicles mixed. Bond funds were steady, reflecting modest moves across floating-rate and ultra-short segments.

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