Market Overview

U.S. stocks tumbled on Friday, with each of the three major ​U.S. indexes closing at their lowest levels in over seven months and the Dow confirming it was in correction territory as the month-long ‌Middle East war continued to suppress risk appetite.

ETF market tone skewed defensive, with inverse equity and volatility-linked products strengthening as stocks sold off. Commodity-linked funds broadly advanced on precious metals and energy gains, while short-duration bond funds edged higher.

Top 5 US ETF Gainers

Tradr 2X Long U Daily ETF (UNX) surged 28.74%. The fund targets two times the daily performance of shares of game development software platform Unity Software, and it benefited from a strong intraday advance in the underlying stock.

Unity Software jumped 13.5% on Friday, after the videogame software company hiked its preliminary Q1 revenue and profit forecast and announced plans to shed its lower-growth ad and publishing divisions. The stock outperformed in a generally down Wall Street session.

Defiance Daily Target 2X Short ASTS ETF (ASTN) climbed 21.69%. The ETF is designed to deliver two times the inverse of satellite-to-cellular communications company AST SpaceMobile, and it rallied as the company’s shares slid during the session.

2x Long VIX Futures ETF (UVIX) gained 15.16%. The product seeks two times the daily return of short-term VIX futures and advanced as equity market weakness coincided with a pickup in implied volatility across the VIX futures curve.

The CBOE Volatility Index (VIX) considered Wall Street's fear gauge, was up 3.61 points to ‌close at ⁠31.05, its highest close since April 21.

Defiance Daily Target 2x Short IONQ ETF (IONZ) rose 15.13%. The fund offers two times the inverse exposure to quantum computing hardware and software company IonQ, and it moved higher as the stock retreated intraday.

Defiance Daily Target 2X Short RGTI ETF (RGTZ) added 14.90%. The ETF aims for two times the opposite of quantum computing hardware developer Rigetti Computing, and it gained as the company’s shares declined over the trading day.

Top 5 US ETF Losers

Fundrise Innovation Fund LLC (VCX) slumped 33.97%. The listed fund provides exposure to innovation-focused growth assets without leverage, and the share price softened as risk appetite waned across higher-beta growth exposures during the session.

Shares of the Fundrise Innovation Fund sank again as Citron Research revealed it was shorting the stock in the newly public venture capital investment vehicle.

Tradr 2X Long FLY Daily ETF (FLYT) fell 24.02%. The ETF seeks two times the daily performance of aerospace and defense company Firefly Aerospace, and it declined as the underlying stock lost ground intraday.

Tradr 2X Long ASTS Daily ETF (ASTX) dropped 21.45%. The product targets two times the daily move of satellite-to-cell service developer AST SpaceMobile, and it retreated as the company’s shares weakened on the day.

Leverage Shares 2X Long GEMI Daily ETF (GEMG) decreased 20.80%. The fund provides two times leveraged exposure to cryptocurrency exchange operator Gemini Space Station, and it slid as the underlying equity pulled back through the session.

Defiance Daily Target 2X Long ZETA ETF (ZETX) declined 19.13%. The ETF is structured to deliver two times the daily return of marketing software and data cloud provider Zeta Global, and it moved lower as the stock traded weaker intraday.

Top 5 Equity Index ETFs

ProShares UltraPro Short QQQ (SQQQ) advanced 5.96%. The fund seeks three times the inverse of the Nasdaq-100’s daily performance, and it strengthened as the technology-heavy index declined.

ProShares UltraPro Short Dow30 ETF (SDOW) gained 5.33%. This ETF targets three times the opposite of the Dow Jones Industrial Average each day and climbed as the blue-chip benchmark fell.

ProShares UltraPro Short S&P500 ETF (SPXU) rose 5.21%. The product delivers three times the inverse of the S&P 500’s daily move and rallied as the broad market index softened.

Direxion Daily Small Cap Bear 3X Shares (TZA) added 5.18%. The ETF is designed for three times the inverse of the Russell 2000 on a daily basis and firmed as small-cap stocks declined.

ProShares UltraShort QQQ (QID) increased 3.91%. The fund provides two times the inverse daily exposure to the Nasdaq-100 and advanced with the index’s intraday retreat.

Top 5 Commodity ETFs

DB GOLD DOUBLE LONG EXCH TRADED NOTES (DGP) rallied 8.93%. The ETN seeks two times the daily performance of gold and climbed as spot and futures gold prices strengthened.

Gold prices surged about 3% on Friday on dip-buying after a pullback earlier this week, while ‌investors looked for signs of de-escalation in the Middle East conflict.

ProShares Ultra Silver (AGQ) jumped 8.57%. The fund targets two times the daily move in silver and gained as silver prices advanced alongside precious metals strength.

Direxion Daily Gold Miners Index Bull 2X Shares (NUGT) rose 7.48%. The ETF offers two times leveraged exposure to gold mining equities and benefited as miners tracked the underlying metal’s intraday upswing.

ProShares Ultra Gold (UGL) advanced 6.90%. The product seeks two times the daily return of gold and moved higher in step with the metal’s intraday climb.

United States Oil Fund LP (USO) gained 5.92%. The fund tracks front-month WTI crude oil futures and increased as crude prices strengthened during the session.

Oil prices rose on Friday (Mar 27) as the United States and Israel struck Iranian nuclear sites, denting optimism over potential talks to end nearly a month of war in the Middle East. Oil prices climbed, with the Brent international benchmark rising 4.2 per cent to US$112.57 while the US benchmark contract, WTI, jumped 5.5 per cent to US$99.64.

Top 5 Industry ETFs

Direxion Daily Financial Bear 3x Shares (FAZ) surged 7.47%. The ETF aims for three times the inverse of U.S. financial stocks and rallied as banks and diversified financials lost ground.

ProShares UltraShort Financials (SKF) climbed 5.04%. The fund targets two times the opposite of U.S. financials and advanced as the sector retreated.

Direxion Daily Semiconductors Bear 3x Shares (SOXS) rose 4.66%. The ETF seeks three times the inverse daily performance of semiconductor equities and strengthened as chip stocks eased.

United States Natural Gas Fund LP (UNG) gained 3.72%. The product offers direct exposure to natural gas futures and increased as benchmark natural gas prices firmed intraday.

Direxion Daily Energy Bull 2x Shares (ERX) added 3.41%. The fund targets two times the daily move of U.S. energy equities and advanced as energy stocks benefited from higher crude oil prices.

Top 5 Bond ETFs

iShares 1-3 Year Treasury Bond ETF (SHY) inched 0.21% higher. The fund tracks short-maturity U.S. Treasuries and ticked up as front-end yields eased in a defensive session.

iShares 3-7 Year Treasury Bond ETF (IEI) edged 0.19% higher. The ETF provides exposure to intermediate Treasuries and firmed with a modest pullback in yields.

FlexShares iBoxx 3 Year Target Duration TIPS Index Fund (TDTT) rose 0.19%. The product targets a three-year duration portfolio of U.S. TIPS and gained as real yields drifted lower.

Vanguard Short-Term Treasury ETF (VGSH) increased 0.17%. The fund focuses on short-duration Treasuries and saw incremental gains with a slight rally in government bonds.

Vanguard Short-Term Bond ETF (BSV) advanced 0.17%. The ETF holds a mix of short-term Treasuries and investment-grade corporates and benefited from cautious demand across high-quality short-duration debt.

Conclusion

Inverse equity and volatility-linked ETFs led a defensive tape, with leveraged inverse Nasdaq, Dow, and S&P 500 products firming alongside a notable rise in VIX futures exposure. Commodities showed broad strength, where leveraged gold and silver products outperformed and oil-linked funds also rallied, while industry leadership skewed toward bearish financials and semiconductors with a contrasting advance in leveraged energy equity exposure. Across categories, equity index inverse funds and precious metals trackers were the clear cross-asset leaders, as short-duration bond ETFs posted small, steady gains. Dispersion between leveraged and inverse structures was pronounced, with three times and two times inverse strategies producing the day’s best results while comparable long structures in high-beta segments lagged. Single-stock leveraged funds were volatile, highlighted by large moves tied to game development software platform Unity Software Inc., satellite-to-cellular communications firm AST SpaceMobile Inc., and quantum computing names IonQ Inc. and Rigetti Computing Inc., underscoring the day’s preference for defensive positioning and idiosyncratic stock-specific swings within leveraged wrappers.