Market Overview

For the week of Oct 12–Oct 16, 2026, the Dow Jones Industrial Average rose 0.67%, the S&P 500 fell 1.95%, and the Nasdaq Composite declined 4.48%.

ETF market tone skewed defensive, with inverse and bear-leveraged equity products broadly firmer as growth benchmarks weakened. Trading flows were characterized by elevated dispersion across leveraged long and inverse exposures.

Top 5 US ETF Gainers

Direxion Daily Semiconductors Bear 3x Shares (SOXS) jumped 43.15%. The fund targets three times the daily inverse performance of U.S. semiconductor equities. It rallied as chip stocks retreated during the week.

Direxion Daily S&P 500 High Beta Bear 3X ETF (HIBS) gained 32.81%. The ETF seeks three times the daily inverse move of the S&P 500 High Beta cohort. The advance aligned with a weekly pullback in high-beta shares.

Direxion Daily Technology Bear 3X ETF (TECS) added 25.82%. This product delivers three times the daily inverse exposure to U.S. technology equities. It climbed as tech shares weakened over the week.

MicroSectors FANG & Innovation -3X Inverse Leveraged ETN (BERZ) rose 23.70%. The note targets negative three times exposure to a basket of mega-cap growth and innovation-oriented stocks. It advanced as that basket declined during the week.

ProShares UltraShort Semiconductors (SSG) increased 21.80%. The fund provides two times inverse exposure to global semiconductor equities. It gained as semiconductor shares softened during the week.

Top 5 US ETF Losers

Graniteshares 2x Long SMCI Daily ETF (SMCL) tumbled 44.55%. The fund targets two times the daily return of server hardware company Super Micro Computer. It declined as the underlying shares pulled back during the week.

Defiance Daily Target 2X Long SMCI ETF (SMCX) slid 44.48%. The ETF seeks two times the daily move of Super Micro Computer. It dropped alongside the stock’s weekly retreat.

GraniteShares 2X Long DELL Daily ETF (DLLL) sank 42.08%. This product amplifies, by two times, daily moves in personal computers and enterprise hardware company Dell Technologies. It fell as the underlying shares weakened during the week.

Direxion Daily MSCI South Korea Bull 3x Shares (KORU) declined 40.39%. The vehicle targets three times the daily return of large- and mid-cap South Korean equities. It dropped as South Korea’s equity market retreated over the week.

Defiance Daily Target 2X Long RIOT ETF (RIOX) retreated 36.05%. The product magnifies, by two times, daily moves in bitcoin mining company Riot Platforms. It declined as Riot Platforms slumped during the week.

Morgan Stanley and Cantor Fitzgerald lowered their price targets on Riot Platforms during the week.

Top 5 Equity Index ETFs

ProShares UltraPro Short QQQ (SQQQ) gained 17.97%. The ETF targets three times inverse exposure to the Nasdaq-100. It advanced as the index weakened during the week.

ProShares UltraShort QQQ (QID) added 11.87%. The fund provides two times inverse exposure to the Nasdaq-100. It climbed as the benchmark declined for the week.

Direxion Daily Small Cap Bear 3X Shares (TZA) rose 9.36%. The fund seeks three times the daily inverse move of the Russell 2000 small-cap universe. It rallied as small-cap equities eased during the week.

ProShares UltraShort Russell 2000 (TWM) increased 6.33%. The product offers two times inverse exposure to the Russell 2000. It gained as small caps pulled back on the week.

ProShares UltraPro Short S&P500 ETF (SPXU) advanced 6.21%. The ETF seeks three times inverse exposure to the S&P 500. It rose as the large-cap benchmark fell during the week.

Top 5 Commodity ETFs

Proshares Ultrashort Silver (ZSL) climbed 12.24%. The fund provides two times inverse exposure to silver prices. It advanced as silver softened over the week.

ProShares Ultra Bloomberg Crude Oil (UCO) gained 11.93%. The ETF targets two times exposure to West Texas Intermediate crude oil futures. It rose as oil prices advanced during the week.

Global oil prices rose amid heightened tensions in the Middle East and the Russia-Ukraine conflict.

PROSHARES ULTRA ENERGY (DIG) added 9.31%. The fund offers two times exposure to U.S. energy equities. It climbed as energy shares firmed during the week.

United States Oil Fund LP (USO) increased 9.15%. The fund reflects front-month West Texas Intermediate crude oil futures. It gained alongside the week’s oil price strength.

Direxion Daily Gold Miners Index Bear 2X Shares (DUST) rose 2.55%. The ETF seeks two times the daily inverse performance of the NYSE Arca Gold Miners Index. It advanced as gold mining shares eased during the week.

Top 5 Industry ETFs

Direxion Daily Semiconductors Bear 3x Shares (SOXS) jumped 43.15%. The fund targets three times the daily inverse performance of semiconductor stocks. It rallied as the chip cohort weakened during the week.

Direxion Daily Energy Bull 2X ETF (ERX) rose 9.69%. The fund aims for two times the daily return of U.S. energy equities. It advanced as energy stocks strengthened during the week.

PROSHARES ULTRA MATERIALS (UYM) gained 6.16%. The ETF provides two times exposure to U.S. materials companies. It rose as the materials sector firmed for the week.

Consumer Staples Select Sector SPDR Fund (XLP) increased 5.02%. The fund concentrates on U.S. consumer staples constituents of the S&P 500. It strengthened as staples advanced during the week.

Energy Select Sector SPDR Fund (XLE) added 4.86%. The ETF focuses on S&P 500 energy companies. It climbed as the energy sector gained over the week.

Top 5 Bond ETFs

iShares 20+ Year Treasury Bond ETF (TLT) gained 2.63%. The fund holds long-duration U.S. Treasury securities. It advanced as long-maturity bonds firmed during the week.

SPDR Portfolio Long Term Treasury ETF (SPTL) added 2.39%. The ETF targets long-term U.S. Treasury exposure. It rose as Treasury prices strengthened for the week.

Vanguard Long-Term Corporate Bond ETF (VCLT) increased 1.62%. The fund invests in long-dated U.S. investment-grade corporate bonds. It advanced as corporate debt prices firmed during the week.

VanEck High Yield Muni ETF (HYD) gained 1.56%. The ETF focuses on high-yield U.S. municipal bonds. It climbed as municipal debt strengthened this week.

SPDR Portfolio Long Term Corporate Bond ETF (SPLB) rose 1.52%. The fund targets long-term U.S. investment-grade corporate bonds. It advanced as long-duration credit firmed over the week.

Conclusion

A risk-off tone defined ETF trading this week, with bear-leveraged equity products and semiconductor inverses leading gains while long products tied to growth underperformed. Oil-linked funds advanced alongside an upswing in crude, and energy sector vehicles outpaced defensives within equities. Long-duration Treasurys and investment-grade credit also posted gains, reinforcing the week’s defensive bias. The period featured notable dispersion between leveraged longs and their inverse counterparts linked to the same exposures, underscoring leverage-driven volatility across the products highlighted above.