Market Overview
For Jul 27 – Jul 31, 2026, the Dow Jones Industrial Average gained 1.04%, the S&P 500 advanced 1.05%, and the Nasdaq Composite climbed 1.59%.
ETF market breadth was constructive, with leveraged equity products broadly firmer while short-oriented funds were mixed.
Top 5 US ETF Gainers
Direxion Daily MSFT Bull 2X Shares (MSFU) surged 45.11%. Designed to deliver two times the daily performance of enterprise software company Microsoft, the ETF rallied as the underlying shares advanced during the week.
GraniteShares 2x Long MSFT Daily ETF (MSFL) climbed 44.98%. The ETF seeks two times the daily move of Microsoft, tracking the underlying shares' advance during the week.
T-Rex 2X Long Microsoft Daily Target ETF (MSFX) gained 44.59%. This product amplifies, by two times, daily moves in Microsoft and rallied alongside the stock's upswing.
GraniteShares 2x Long AMZN Daily ETF (AMZZ) advanced 34.07%. The fund targets two times the daily return of e-commerce and cloud company Amazon, and it climbed as the shares advanced over the week.
Amazon expanded its investment in OpenAI and drew more positive broker commentary after strong quarterly results.
Direxion Daily AMZN Bull 2X Shares (AMZU) rose 33.85%. The vehicle seeks two times the daily performance of Amazon, and it gained on the same upward impulse.
Top 5 US ETF Losers
Defiance Daily Target 2X Long RIOT ETF (RIOX) fell 25.46%. The fund provides two times daily exposure to bitcoin mining company Riot Platforms, and it slipped as the underlying shares retreated during the week.
Direxion Daily MU Bull 2X Shares (MUU) tumbled 24.30%. Designed to deliver two times the daily performance of memory chip manufacturer Micron Technology, the ETF dropped as the stock weakened over the week.
GraniteShares 2x Long MU Daily ETF (MULL) declined 24.26%. This product magnifies, by two times, daily moves in Micron Technology, and it slid on the same downward impulse.
GraniteShares 2X Long QCOM Daily ETF (QCML) sank 22.65%. The fund seeks two times the daily return of wireless chip designer Qualcomm, and it retreated as the shares eased during the week.
Direxion Daily MSFT Bear 1X Shares (MSFD) lost 19.89%. This vehicle targets one times inverse daily exposure to Microsoft, and it declined as the underlying shares firmed during the week.
Top 5 Equity Index ETFs
Direxion Daily FTSE China Bull 3X Shares (YINN) rose 17.22%. The fund targets three times the daily performance of the FTSE China 50, and the advance reflected strength in large-cap Chinese equities during the week.
ProShares Ultra FTSE China 50 (XPP) gained 10.49%. The ETF seeks two times the daily return of the FTSE China 50, and it rose alongside the benchmark's weekly gain.
KraneShares CSI China Internet ETF (KWEB) added 8.37%. The fund concentrates on China internet and e-commerce platforms, and the move mirrored the segment's weekly advance.
Invesco Golden Dragon China ETF (PGJ) increased 8.20%. The ETF tracks U.S.-listed Chinese ADRs across consumer and technology franchises, and it benefited from broad gains in the cohort.
iShares China Large-Cap ETF (FXI) advanced 5.55%. The vehicle holds large-cap Chinese companies represented in the FTSE China 50, and it added as heavyweight constituents advanced.
Top 5 Commodity ETFs
DB GOLD SHORT ETN (DGZ) rose 8.45%. The ETN provides inverse exposure to spot gold prices, and it gained as bullion softened.
ProShares UltraShort Bloomberg Crude Oil (SCO) climbed 6.14%. The fund seeks two times inverse exposure to the Bloomberg WTI crude oil index, and it advanced as oil prices eased during the week.
Reports of shipping disruptions in the Middle East kept oil markets in focus.
Direxion Daily Gold Miners Index Bear 2X Shares (DUST) increased 2.08%. The ETF delivers two times inverse exposure to gold mining equities, and it rose as the miners weakened.
ProShares UltraShort Silver (ZSL) edged up 0.90%. The fund offers two times inverse exposure to silver prices, and it edged higher as the metal softened.
DB Gold Double Short Exchange Traded Notes (DZZ) added 0.66%. The ETN seeks two times inverse exposure to gold prices, and it inched up as bullion dipped.
Top 5 Industry ETFs
Consumer Discretionary Select Sector SPDR Fund (XLY) gained 6.11%. The fund tracks U.S. consumer discretionary equities, and the gain reflected the sector's weekly strength.
Direxion Daily Real Estate Bear 3X Shares (DRV) rose 6.00%. This inverse product targets three times the daily move of U.S. real estate equities, and it advanced as the sector declined.
Direxion Daily Semiconductors Bear 3x Shares (SOXS) increased 5.28%. The fund provides three times inverse exposure to semiconductor stocks, and it climbed as chip shares eased.
VanEck Retail ETF (RTH) advanced 4.99%. The vehicle focuses on large U.S. retailers, and it rose in step with the group's advance.
ProShares UltraShort Real Estate (SRS) added 3.97%. This inverse ETF seeks two times the daily performance of U.S. real estate equities, and it gained as property names softened.
Top 5 Bond ETFs
First Trust Emerging Markets Local Currency Bond ETF (FEMB) rose 1.21%. The fund holds emerging market sovereign bonds denominated in local currencies, and it nudged higher alongside the segment.
iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) gained 1.15%. The ETF tracks the J.P. Morgan EM local-currency government bond universe, and it advanced during the week.
VanEck Preferred Securities ex Financials ETF (PFXF) increased 1.09%. The vehicle invests in preferred securities issued by non-financial companies, and it benefited from modest strength in the asset class.
SPDR Bloomberg Emerging Markets Local Bond ETF (EBND) rose 1.06%. The fund targets local-currency emerging market government bonds, and it gained with the category.
VanEck J.P. Morgan EM Local Currency Bond ETF (EMLC) added 1.03%. The ETF follows a portfolio of EM local-currency sovereign debt, and it added over the week.
Conclusion
A risk-on tone characterized ETF trading this week, with leveraged single-stock technology vehicles and China-focused index products leading gains while several commodity and real estate inverse funds also firmed. Dispersion was pronounced between leveraged longs and their inverse counterparts tied to the same underlyings, underscoring how leverage amplified directional moves across products covered above.
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