Momentum in single‑stock ETFs and a sharp bid for rate‑sensitive segments framed a session that otherwise saw major indices tread water, with small caps and real estate signaling a modest turn toward cyclicality and duration.
Market Overview
U.S. equities finished marginally firmer, with the S&P 500, Dow, and Nasdaq hugging narrow ranges and registering fractional gains, leaving headline benchmarks just shy of record territory without a decisive breakout. Across the U.S. ETF complex, breadth leaned constructive as small‑cap equity index products and rate‑sensitive industry funds outpaced large‑cap peers, while several leveraged, single‑stock vehicles were animated by outsized underlying moves, a pattern consistent with a cautious risk‑on tone and selective sector rotation rather than a broad beta impulse.
Top 5 US ETF Gainers
GraniteShares 2x Long ETOR Daily ETF (ETRL) surged 42.25%. The fund provides daily leveraged exposure to the shares of eToro Group, magnifying the underlying stock’s move on a two‑times basis. Today’s outsized advance reflects the methodology’s compounding effect in a tape where the underlying name posted a double‑digit single‑day swing, translating into an amplified result at the ETF level.
Defiance Daily Target 2X Long ONDS ETF (ONDL) added 15.84%. The product seeks to deliver two‑times the daily return of Ondas Holdings, so its trajectory is intrinsically tied to the stock’s session‑to‑session performance. With Ondas advancing briskly, the ETF’s leveraged structure compounded that single‑name strength into a mid‑teens daily gain.
Defiance Daily Target 2x Long AVAV ETF (AVXX) climbed 15.71%. This single‑stock ETF targets twice the daily return of AeroVironment shares. A strong rally in the defense and unmanned systems company set the stage for the ETF’s amplified response, consistent with its mandate to magnify the underlying’s daily move.
Leverage Shares 2X Long ONDS Daily ETF (ONDG) rose 15.14%. Like ONDL, ONDG is designed to produce two‑times daily exposure to Ondas Holdings. The day’s parallel move underscores how multiple leveraged trackers tied to the same underlying will typically echo one another’s direction and magnitude when the issuer’s stock moves decisively.
Tradr 2X Long ONDS Daily ETF (ONDU) gained 14.81%. Like ONDL, ONDU provides leveraged, daily‑reset exposure to Ondas Holdings, seeking approximately two times the stock’s daily return. The move aligns with the underlying equity’s trajectory and the fund’s use of swaps and other instruments to achieve its targeted multiple over a single trading session.
Top 5 US ETF Losers
Leverage Shares 2X Long GEMI Daily ETF (GEMG) declined 24.46%. The ETF seeks twice the daily performance of its Gemini Space Station Inc underlying, so a steep fall in the referenced stock was multiplied at the fund level. The result is emblematic of daily compounding in inverse conditions for leveraged single‑stock vehicles.
T‑REX 2X Long DJT Daily Target ETF (DJTU) fell 19.28%. As a daily 2x long product on the DJT‑ticker underlying, the fund is built to magnify both up and down moves in that stock. Today’s retreat reflects a sizable single‑day slide in the company’s shares, translated into an amplified outcome by the ETF’s leverage.
GraniteShares 2x Long RIVN Daily ETF (RVNL) fell 14.61%. RVNL targets twice the daily return of Rivian, and leverage amplified the stock’s negative move on the session.
Defiance Daily Target 2X Long QS ETF (QSU) declined 13.54%. By providing 2x daily exposure to QuantumScape, QSU’s leveraged structure magnified the underlying’s directional weakness.
Tradr 2X Long QBTS Daily ETF (QBTX) retreated 12.45%. The ETF seeks double the daily performance of D‑Wave Quantum, and its methodology resulted in a two‑times move in line with the stock’s trajectory.
Top 5 Equity Index ETFs
iShares MSCI Spain ETF (EWP) rose 1.60%. EWP tracks large- and mid-cap Spanish equities via the MSCI Spain index, and its session reflected broad strength in Spain’s blue-chip cohort.
Direxion Daily FTSE China Bull 3X Shares (YINN) advanced 1.40%. YINN provides triple-leveraged daily exposure to the FTSE China 50, magnifying gains in large-cap Chinese names concentrated in financials, tech and consumer sectors.
iShares MSCI Austria ETF (EWO) gained 1.37%. EWO mirrors Austrian large- and mid-cap companies; its showing aligned with firm European trading led by cyclicals and financials.
iShares MSCI Hong Kong ETF (EWH) added 1.21%. EWH tracks Hong Kong-listed equities with heavy exposure to financials and property, and benefited as those segments firmed.
Direxion Daily CSI 300 China A Share Bull 2X Shares (CHAU) increased 1.14%. CHAU seeks 2x the daily performance of the CSI 300, which captures large- and mid-cap A-shares; leverage amplified a modest rebound in mainland China equities.
Top 5 Commodity ETFs
ProShares UltraShort Silver (ZSL) jumped 9.16%. ZSL targets twice the inverse of silver’s daily return; a decline in silver spot prices drove a sharp move in this 2x inverse note.
Direxion Daily Gold Miners Index Bear 2X Shares (DUST) climbed 7.43%. DUST provides 2x inverse exposure to gold miners; the group’s weakness translated into outsized gains for the bearish fund.
ProShares UltraShort Gold (GLL) gained 6.31%. GLL seeks 2x inverse daily performance of gold; bullion’s slip supported the fund’s rise.
DB Gold Double Short ETNs (DZZ) rose 3.24%. DZZ delivers double inverse exposure to gold prices via an ETN format, benefitting from the metal’s retreat.
ProShares UltraShort Energy (DUG) added 2.53%. DUG is a 2x inverse play on U.S. energy equities; pressure in oil-and-gas names helped the fund move higher.
Top 5 Industry ETFs
Invesco Solar ETF (TAN) advanced 3.37%. TAN tracks global solar manufacturers and installers; its performance reflected a bid for high-beta renewable energy names within the broader cyclical tone.
Direxion Daily Real Estate Bull 3X Shares (DRN) gained 3.07%. DRN offers triple-leveraged exposure to U.S. real estate equities; firming property and REIT shares translated into amplified gains.
Direxion Daily Financial Bull 3x Shares (FAS) climbed 3.07%. FAS delivers 3x daily exposure to large-cap U.S. financials; an improving tone in banks and insurers lifted the levered vehicle.
ProShares UltraShort Materials (SMN) rose 2.49%. SMN targets 2x inverse daily returns of U.S. materials stocks; the fund’s move indicated relative softness in chemicals, metals and packaging constituents.
Direxion Daily Energy Bear 2x Shares (ERY) increased 2.25%. ERY provides double inverse exposure to U.S. energy equities; weakness across oilfield services and integrated names supported the inverse outcome.
Top 5 Bond ETFs
InfraCap REIT Preferred ETF (PFFR) edged 0.63% higher. PFFR holds preferred securities issued by REITs, a hybrid pocket that often benefits from constructive credit tone and stable rates.
Virtus InfraCap U.S. Preferred Stock ETF (PFFA) gained 0.59%. PFFA invests in U.S.-listed preferreds with active management; a modest reach for yield aided the sleeve.
Invesco Preferred ETF (PGX) added 0.52%. PGX tracks investment-grade preferred securities; steady Treasury yields and contained volatility supported incremental price appreciation.
VanEck Preferred Securities ex Financials ETF (PFXF) increased 0.38%. PFXF excludes bank-issued preferreds, tilting toward utilities and industrials; its move mirrored broader preferred stability.
First Trust SSI Strategic Convertible Securities ETF (FCVT) rose 0.35%. FCVT is an actively managed convertible bond portfolio; firm equity markets and contained rate moves provided a supportive backdrop for convertibles.
Conclusion
Today’s ETF tape was defined less by broad index beta and more by factor and structure. Small‑cap and rate‑sensitive equity sleeves outperformed, evidenced by notable gains in products tied to the Russell 2000, REITs, and utilities. Precious metals and miners registers were active, with leveraged gold and silver trackers reflecting a supportive commodity backdrop. At the same time, the most dramatic moves were concentrated in single‑stock leveraged ETFs, where underlying company volatility—particularly in AeroVironment and Ondas—translated into double‑digit swings. Inverse miners and other short‑bias products lagged as their referenced cohorts strengthened. Overall, the session pointed to a selective risk‑on posture with nascent rotation toward cyclicality and duration, while structural leverage magnified idiosyncratic single‑name stories across the ETF landscape.