Market Overview
On Wednesday, Sep 23, the Dow Jones slipped 0.68%, the S&P 500 lost 0.75%, and the Nasdaq fell 1.13%.
ETF market tone skewed defensive, with inverse and bear products broadly firming while many leveraged longs lagged. Commodity-linked funds were mixed as oil-related vehicles advanced.
Top 5 US ETF Gainers
MicroSectors Gold Miners -3x Inverse Leveraged ETN (GDXD) gained 13.86%. The note targets three times the inverse daily performance of gold mining equities, and it advanced as the miners eased.
Tradr 2X Short AXTI Daily ETF (AXTQ) increased 12.26%. The vehicle seeks two times the inverse of compound semiconductor substrate maker AXT, and it climbed as the underlying exposure weakened intraday.
AXT was noted to rebound alongside chip and optical communication shares.
Direxion Daily S&P Biotech Bear 3x Shares (LABD) added 12.04%. The fund targets three times the inverse daily move of S&P biotech shares, and it gained as the segment softened.
Corgi ACMR 2x Daily ETF (ACMM) climbed 11.36%. This product amplifies, by two times, daily moves in semiconductor cleaning equipment maker ACM Research and rallied alongside the company's upswing.
Defiance Daily Target 2X Short ASTS ETF (ASTN) advanced 11.32%. Designed to deliver two times the inverse of satellite-to-cellular communications developer AST SpaceMobile, the ETF increased as the underlying shares retreated.
Top 5 US ETF Losers
T-REX 2x Long EOSE Daily Target ETF (EOSU) tumbled 23.43%. The fund targets two times the daily return of long-duration energy storage manufacturer Eos Energy Enterprises, and it sank as the underlying shares pulled back.
Eos Energy Enterprises outlined a 2026 revenue range, reported a quarterly loss, and said it will consolidate battery manufacturing at its Thorn Hill facility while naming a new chief commercial officer.
Leverage Shares 2X Long CRML Daily ETF (CRMU) dropped 19.78%. The ETF seeks two times the daily move of battery metals developer Critical Metals Corp, tracking the underlying shares' retreat during the session.
Tradr 2X Long CRML Daily ETF (CRMX) slid 19.59%. This product amplifies, by two times, daily moves in Critical Metals Corp and slumped alongside the company's pullback.
Corgi EOSE 2x Daily ETF (EO) declined 17.14%. Designed to deliver two times the daily performance of Eos Energy Enterprises, the ETF sank as the underlying stock weakened.
TRADR 2X LONG XNDU DAILY ETF (XNDX) fell 16.27%. The fund targets two times the daily return of quantum computing company Xanadu Quantum Technologies, and it declined as the underlying shares eased.
Top 5 Equity Index ETFs
Direxion Daily Small Cap Bear 3X Shares (TZA) advanced 5.51%. The ETF targets three times inverse exposure to the Russell 2000, and it rose as small-cap equities softened.
Direxion Daily FTSE China Bear 3X Shares (YANG) increased 5.51%. The fund provides three times inverse exposure to FTSE China large caps, and it climbed as the market retreated.
ProShares UltraShort Russell 2000 (TWM) gained 3.58%. This product magnifies, by two times, inverse daily moves in the Russell 2000 and increased as the index weakened.
ProShares UltraShort FTSE China 50 (FXP) added 3.15%. Designed to deliver two times inverse exposure to the FTSE China 50, the ETF gained as Chinese blue chips eased.
ProShares UltraPro Short QQQ (SQQQ) rose 2.53%. The vehicle targets three times the inverse of the Nasdaq-100, and it added as the benchmark slipped.
Top 5 Commodity ETFs
ProShares UltraShort Silver (ZSL) jumped 9.16%. The fund seeks two times inverse exposure to silver, and it rallied as spot prices softened.
Direxion Daily Gold Miners Index Bear 2X Shares (DUST) gained 8.50%. The ETF targets two times inverse performance of gold mining equities, and it moved higher as miners weakened.
ProShares UltraShort Gold (GLL) advanced 3.80%. The product provides two times inverse exposure to gold, and it rose on the metal's intraday pullback.
United States Oil Fund LP (USO) increased 3.30%. The fund tracks front-month West Texas Intermediate crude oil futures, and it climbed as oil prices strengthened.
Oil futures were reported to firm after a recent losing streak.
ProShares Ultra Bloomberg Crude Oil (UCO) added 3.02%. The ETF targets two times the daily move of Bloomberg's WTI crude oil benchmark, and it advanced alongside the commodity's upswing.
Top 5 Industry ETFs
Direxion Daily Real Estate Bear 3X Shares (DRV) rose 4.68%. The ETF seeks three times inverse exposure to U.S. real estate equities, and it gained as the sector softened.
Direxion Daily Semiconductors Bear 3x Shares (SOXS) climbed 3.82%. The fund targets three times inverse performance of large semiconductor manufacturers, and it benefited from the group's intraday weakness.
ProShares UltraShort Real Estate (SRS) advanced 3.06%. Designed to provide two times inverse exposure to U.S. real estate stocks, the ETF increased as the space eased.
Direxion Daily Energy Bull 2X ETF (ERX) gained 2.03%. The product seeks two times the daily performance of U.S. energy equities and rallied with the sector's strength.
Direxion Daily Financial Bear 3X ETF (FAZ) added 1.37%. The fund targets three times inverse exposure to U.S. financial stocks, and it inched higher as the group softened.
Top 5 Bond ETFs
SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN) added 0.03%. The fund holds investment-grade corporate floaters, and the small gain reflected steady conditions in floating-rate credit.
SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) increased 0.02%. The ETF invests in 1- to 3-month U.S. Treasury bills, mirroring the short-dated government securities' steadiness.
WisdomTree Floating Rate Treasury Fund (USFR) was unchanged at 0.00%. The fund tracks floating rate U.S. Treasuries tied to 13-week bill auctions, reflecting a flat session.
VanEck IG Floating Rate ETF (FLTR) ended flat at 0.00%. The ETF focuses on investment-grade floating-rate notes, with little net movement during the day.
iShares Floating Rate Bond ETF (FLOT) held steady at 0.00%. The portfolio of investment-grade floating-rate bonds saw minimal change.
Conclusion
Defensive positioning shaped ETF flows, with inverse and bear products across small caps, China, and metals mining leading gains while several leveraged single-stock vehicles posted sharp losses. Oil-linked funds advanced alongside firmer crude, and real estate inverses outperformed within sector strategies. The session featured pronounced dispersion between leveraged longs and their inverse counterparts tied to the same underlyings, highlighting leverage-driven volatility across the products covered above.