Market Overview
U.S. equities firmed as the S&P 500 gained 0.56%, the Nasdaq Composite advanced 0.78%, and the Dow Jones Industrial Average added 0.26%. Across ETFs, price action reflected a risk-on tilt and a commodities-led rotation, with leveraged technology and small-cap products in positive territory, precious-metals and energy complexes out front, inverse equity and inverse metals funds lagging, defensive sectors such as utilities and real estate softer, and long-duration Treasuries easing modestly.
Top 5 US ETF Gainers
Leverage Shares 2X Long CNC Daily ETF (CNCG) recorded a 22.95% advance. The product seeks to provide double the daily performance of Centene shares through a swap-based structure. Its outsized single-day move reflects amplified exposure to the underlying stock’s trajectory, where firm-specific catalysts can translate into disproportionately large returns at the fund level due to its 2x design and daily reset.
Leverage Shares 2X Long ONDS Daily ETF (ONDG) climbed 21.21%. This fund also delivers leveraged daily exposure to Ondas Holdings. Multiple issuers’ versions of 2x single-stock ONDS products can exhibit comparable directionality but slightly different outcomes on the same day as a function of tracking precision, cash management, and rebalancing cadence linked to market conditions.
Tradr 2X Long ONDS Daily ETF (ONDU) appreciated 20.69%. Similar to ONDL, ONDU provides 2x daily exposure to Ondas Holdings, though it is offered by a different issuer with its own tracking and operational mechanics. Performance disparities between seemingly similar leveraged products can emerge from factors including swap counterparties, fee structures, and intraday execution effects around the daily rebalance.
Defiance Daily Target 2X Long ONDS ETF (ONDL) added 20.10%. This single-stock fund targets approximately two times the daily return of Ondas Holdings, a company focused on industrial wireless networking and autonomous drone technologies. The fund’s methodology resets leverage daily, magnifying both the upside from positive sessions in the underlying and the sensitivity to stock-specific developments.
Tradr 2X Long BE Daily ETF (BEX) rose 17.30%. The fund seeks to capture approximately twice the daily performance of Bloom Energy shares. Its construction is designed to translate company-specific price swings in Bloom Energy—often influenced by investor views on hydrogen and fuel-cell adoption—into amplified daily fund moves, with the compounding and daily reset features affecting multi-session outcomes.
Top 5 US ETF Losers
Tradr 2X Short BE Daily ETF (BEZ) declined 14.94%. This fund targets inverse, leveraged daily exposure to Bloom Energy. Because it seeks approximately negative twice the daily return of the underlying stock, a favorable day for Bloom Energy can lead to an outsized negative daily move in BEZ due to its 2x construction and daily reset.
Direxion Daily PANW Bull 2X Shares (PALU) slipped 13.80%. The ETF provides leveraged daily exposure to Palo Alto Networks. Its structure magnifies the underlying stock’s daily move; a risk-off day for the company’s shares translates into amplified weakness for the fund. The daily reset dynamic also means that intraday volatility and close-to-close performance determine the fund’s one-day outcome.
Leverage Shares 2X Long PANW Daily ETF (PANG) eased 13.53%. Similar to PALU, PANG seeks approximately 2x daily performance of Palo Alto Networks via a leveraged, daily resetting approach. Differences across issuers in portfolio operations and swap arrangements can create modest dispersion in returns, but both products reflect the same leveraged single-stock exposure.
Defiance Daily Target 2x Short RKLB ETF (RKLZ) weakened 12.89%. The fund targets negative two times the daily return of Rocket Lab shares. This inverse, leveraged construction means advances in Rocket Lab stock can yield amplified declines in the ETF on that day. As with other daily-reset leveraged funds, the path of returns and daily compounding shape multi-day results.
ProShares UltraShort Silver (ZSL) fell 10.95%. ZSL targets twice the inverse of silver’s daily move, so a rally in silver prices produced a pronounced negative return for this leveraged short metals product.
Top 5 Equity Index ETFs
ProShares UltraPro QQQ (TQQQ) advanced 2.15%, reflecting its 3x daily leveraged exposure to the Nasdaq-100. A constructive session for large-cap growth and mega-cap technology constituents translated into amplified gains for this high-beta vehicle.
iShares MSCI South Korea ETF (EWY) added 1.72%, tracking a market-cap-weighted basket of South Korean equities. The fund’s exposure to major exporters and technology hardware names contributed to the day’s positive outcome for the country’s broad benchmark.
Direxion Daily MSCI Emerging Markets Bull 3X Shares (EDC) rose 1.63%, consistent with its mandate to deliver 3x the daily performance of MSCI’s Emerging Markets benchmark. The product’s leveraged beta to a diversified EM basket captured incremental improvement across key regional exposures.
ProShares UltraPro S&P500 ETF (UPRO) gained 1.50%, reflecting 3x daily exposure to the S&P 500. The fund’s leveraged structure transmitted the broad index’s steady advance into a larger percentage move for investors seeking magnified core U.S. equity exposure.
ProShares Ultra QQQ ETF (QLD) increased 1.47%, in line with its 2x daily leveraged exposure to the Nasdaq-100. The concentration in technology and communication services constituents aided performance during a session favoring growth factors.
Top 5 Commodity ETFs
ProShares Ultra Silver (AGQ) climbed 11.11%, as its 2x daily leveraged exposure to silver futures amplified the precious metal’s strong session. The product’s high sensitivity to intraday bullion moves made it the day’s standout in commodities.
ProShares Ultra Bloomberg Crude Oil (UCO) advanced 8.25%, consistent with its 2x daily leverage to front-month WTI futures. A firm bid in crude oil filtered directly into an outsized move for this energy-leveraged vehicle.
iShares Silver Trust (SLV) gained 5.60%, tracking changes in the price of silver bullion held in custody. The fund’s physically backed structure provides straightforward exposure to silver price dynamics, which strengthened throughout the session.
DB Gold Double Long ETN (DGP) rose 5.54%, providing 2x daily exposure to gold prices via an index-linked ETN structure. Momentum in gold translated into a proportional leveraged return for the note.
United States Oil Fund (USO) added 4.85%, echoing the strength in near-month WTI contracts it tracks through a rolling futures strategy. The fund’s front-end concentration makes it particularly responsive to shifts in spot and prompt-month crude pricing.
Top 5 Industry ETFs
Direxion Daily Real Estate Bear 3X Shares (DRV) increased 4.38%, reflecting its 3x inverse exposure to U.S. REITs. The advance suggests underlying pressure across real estate equities, with the fund benefitting from amplified inverse sensitivity to the sector’s daily move.
Direxion Daily Energy Bull 2x Shares (ERX) gained 3.85%, in line with its 2x daily leverage to the S&P energy sector. Strength among oil and gas companies, supported by firmer crude prices, was magnified through ERX’s leveraged structure.
Direxion Daily Semiconductors Bull 3x Shares (SOXL) rose 3.01%, delivering 3x daily exposure to the ICE Semiconductor Index. Continued resilience in chipmakers and AI-related hardware leaders translated into an outsized move for this high-beta semiconductor vehicle.
ProShares UltraShort Real Estate (SRS) advanced 2.69%, reflecting 2x inverse exposure to U.S. real estate equities. The double-inverse positioning benefitted from the sector’s weaker tone, offering magnified inverse participation in the day’s REIT declines.
Invesco DB Commodity Index Tracking Fund (DBC) increased 2.63%, offering a diversified, rules-based futures basket across energy, metals, and agriculture. A session dominated by strength in energy and precious metals lifted the fund’s broad commodity mix.
Top 5 Bond ETFs
SPDR ICE Preferred Securities ETF (PSK) edged 0.28% higher, tracking a portfolio of U.S. dollar preferred securities issued largely by financials and utilities. The hybrid credit/equity profile of preferreds lent modest support as credit spreads remained stable.
iShares Convertible Bond ETF (ICVT) firmed 0.28%, reflecting exposure to U.S. convertible bonds that blend fixed income characteristics with embedded equity optionality. A constructive equity backdrop typically provides a mild tailwind to convertibles’ convexity profile.
First Trust SSI Strategic Convertible Securities ETF (FCVT) advanced 0.20%, actively allocating across convertible securities with an emphasis on credit quality and risk-adjusted total return. The fund’s diversified approach captured incremental gains alongside a favorable equity tone.
Innovator S&P Investment Grade Preferred ETF (EPRF) added 0.17%, focusing on investment grade preferreds tied to large, higher-quality issuers. The portfolio’s income orientation and credit quality mix supported a small positive session.
PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) rose 0.17%, reflecting short-duration high-yield exposure with limited interest-rate sensitivity. The fund’s carry profile and reduced duration footprint contributed to a marginally positive print.
Conclusion
ETF flows and price action reflected a measured risk-on posture centered on commodities and high-beta equity themes. Leveraged silver and crude oil vehicles led the tape, while inverse counterparts in precious metals and oil recorded the day’s heaviest declines. Equity beta outperformed through leveraged Nasdaq-100 and S&P 500 exposures, with semiconductor-focused strategies also showing relative strength. Conversely, real estate proxies softened, as evidenced by gains in inverse REIT products. Within fixed income, moves were subdued and skewed slightly positive in preferreds and convertibles, consistent with a stable credit backdrop. The overall structure points to ongoing rotation toward cyclicals and commodities, paired with selective appetite for growth-oriented equity risk.