Market Overview
U.S. equities were mixed as the Dow Jones Industrial Average edged 0.03% higher while the S&P 500 slipped 0.54% and the Nasdaq Composite eased 1.18%.
ETF flows reflected a defensive tilt, with inverse equity products and volatility-linked funds firming alongside modest gains in Treasuries. Commodity-linked vehicles centered on gold outperformed, while technology-oriented and semiconductor-linked strategies lagged. Leverage and inverse dispersion was pronounced, and financials and transports showed relative strength within sector funds.
Top 5 US ETF Gainers
Defiance Daily Target 2X Long IONQ ETF (IONX) surged 42.35%. The fund seeks to deliver twice the daily performance of quantum computing company IONQ, creating amplified sensitivity to the stock’s move through its 2x leverage design and single-name exposure.
GraniteShares 2x Long IONQ Daily ETF (IONL) climbed 41.95%. This single-stock ETF targets 2x the daily return of quantum computing company IONQ, and its construction magnifies the daily trajectory of the underlying shares.
Defiance Daily Target 2X Long LUNR ETF (LUNL) advanced 22.38%. The product aims for twice the daily performance of space exploration and lunar services company Intuitive Machines, using a daily reset leverage structure that magnifies the stock’s session move.
T-REX 2x Long RDW Daily Target ETF (RDWU) added 21.24%. The ETF is designed to provide 2x the daily return of space infrastructure company Redwire, reflecting amplified exposure to a single company via a daily leveraged methodology.
Tradr 2X Long OPEN Daily ETF (OPEX) gained 18.23%. This single-stock leveraged fund seeks to double the daily performance of real estate iBuying platform Opendoor., using 2x leverage to magnify the underlying stock’s daily fluctuations.
Top 5 US ETF Losers
T-REX 2x Long EOSE Daily Target ETF (EOSU) tumbled 79.09%. The ETF seeks to provide 2x the daily performance of battery energy storage manufacturer Eos Energy Enterprises, and its leveraged construction intensified the impact of the underlying stock’s session.
Defiance Daily Target 2x Short IONQ ETF (IONZ) slid 43.30%. This single-stock inverse ETF targets -2x the daily return of quantum computing company IONQ, so its performance moved inversely, and with leverage, to the stock’s session.
Leverage Shares 2x Long NU Daily ETF (NUG) retreated 18.64%. The fund is structured to deliver twice the daily performance of digital banking platform Nu Holdings, and the 2x leverage embedded in the strategy amplified the move in the underlying shares.
Tradr 2X Long SRPT Daily ETF (SRPU) declined 16.57%. This leveraged vehicle seeks 2x the daily return of biotechnology company Sarepta Therapeutics, applying daily reset leverage that magnifies the stock’s session outcome.
21Shares 2x Long Sui ETF (TXXS) fell 16.21%. The ETF targets twice the daily performance of the Sui blockchain token, using a 2x leveraged structure that increases sensitivity to the token’s daily movements.
Top 5 Equity Index ETFs
Direxion Daily FTSE China Bear 3X Shares (YANG) rose 8.12%. The fund seeks to provide three times the inverse of the FTSE China 50 Index’s daily performance, delivering leveraged short exposure to large-cap China equities and reflecting the index’s session in magnified opposite fashion.
ProShares UltraShort FTSE China 50 (FXP) increased 5.93%. By targeting -2x the daily return of the FTSE China 50 Index, the ETF delivers inverse, leveraged exposure to Chinese blue chips, using a daily reset methodology.
ProShares UltraPro Short QQQ (SQQQ) gained 3.59%. The ETF aims for three times the inverse of the Nasdaq-100’s daily performance, providing highly leveraged short exposure to large-cap growth and technology constituents of that index.
ProShares Short FTSE China 50 (YXI) advanced 2.57%. This fund seeks to deliver the inverse (-1x) of the FTSE China 50 Index on a daily basis, offering unlevered short exposure to China’s largest listed companies.
ProShares UltraShort QQQ (QID) added 2.39%. The ETF is structured to produce -2x the daily performance of the Nasdaq-100 Index, providing a leveraged inverse angle on large-cap U.S. growth and technology names via a daily reset approach.
Top 5 Commodity ETFs
Direxion Daily Gold Miners Index Bull 2X Shares (NUGT) climbed 5.08%. The ETF targets twice the daily return of a gold miners equity index, creating leveraged exposure to the equity side of the gold mining segment rather than spot bullion, with a daily compounding profile.
VanEck Junior Gold Miners ETF (GDXJ) gained 3.67%. This unlevered fund tracks small- and mid-cap gold mining companies, providing equity-linked exposure to producers and explorers whose fundamentals are often more volatile than larger peers.
VanEck Gold Miners ETF (GDX) advanced 2.46%. GDX tracks a market-cap-weighted basket of global large- and mid-cap gold mining companies, giving investors diversified equity exposure to the gold mining industry.
ProShares Ultra Gold (UGL) increased 1.70%. UGL seeks to deliver twice the daily performance of gold bullion via financial instruments tied to the metal’s price, offering leveraged exposure to daily moves in gold.
ProShares Ultra Silver (AGQ) firmed 0.91%. The fund is designed to provide 2x the daily performance of silver prices, using derivatives to magnify the metal’s daily returns in a daily resetting structure.
Top 5 Industry ETFs
Direxion Daily Financial Bull 3x Shares (FAS) rose 3.80%. The ETF targets three times the daily return of a U.S. financials sector index, providing highly leveraged exposure across banks, insurers, and other financial services companies.
ProShares Ultra Financials (UYG) added 2.49%. UYG seeks 2x the daily performance of a U.S. financials benchmark, using daily reset leverage to magnify sector-level equity moves across diversified financial industries.
iShares U.S. Transportation ETF (IYT) gained 2.21%. This unlevered fund tracks U.S. transportation stocks spanning airlines, railroads, trucking, and logistics providers, reflecting the breadth of the transport industry.
SPDR S&P Insurance ETF (KIE) increased 1.47%. KIE tracks an equal-weighted basket of U.S. insurance companies, diversifying across property & casualty, life, and reinsurance names to represent the industry group.
Direxion Daily Real Estate Bull 3X Shares (DRN) advanced 1.35%. The fund is structured to deliver three times the daily performance of a U.S. real estate index, amplifying the equity moves of REITs and related real estate securities through daily leverage.
Top 5 Bond ETFs
InfraCap REIT Preferred ETF (PFFR) edged 0.55% higher. The ETF focuses on preferred securities issued by U.S. REITs, offering exposure to the preferred share layer of capital structures within the real estate sector.
SPDR Portfolio Long Term Treasury ETF (SPTL) gained 0.40%. The fund tracks long-maturity U.S. Treasury bonds, increasing sensitivity to interest rate shifts via longer duration exposure.
iShares 20+ Year Treasury Bond ETF (TLT) added 0.40%. TLT holds U.S. Treasury securities with maturities of 20 years or more, offering long-duration exposure to the Treasury curve.
Vanguard Mortgage-Backed Securities ETF (VMBS) rose 0.27%. VMBS tracks a broad portfolio of agency mortgage-backed securities, providing intermediate-rate exposure backed by pools of U.S. mortgages.
iShares TIPS Bond ETF (TIP) increased 0.27%. TIP invests in U.S. Treasury Inflation-Protected Securities, linking principal and interest payments to inflation measures to provide real-rate exposure.
Conclusion
The session conveyed a cautious tone across U.S. ETFs, with inverse technology and China-focused strategies at the forefront and leveraged long products largely lagging. Commodity-linked exposures, particularly gold miners and leveraged bullion funds, provided a relative ballast, while long-duration Treasuries recorded incremental gains. Cross-asset leadership favored bearish index vehicles and selected financials and transportation industry funds, contrasting with weakness in high-beta single-stock leveraged longs. The dispersion between leveraged and inverse structures was pronounced, highlighted by sharp moves in single-name 2x products and steady gains across inverse index benchmarks.