Market Wrap-Up

Investors tracking the global slowdown via exchange-traded funds were spared the worst of the economic fallout Friday. That's due to the fact that no offerings focus narrowly on auto-makers like

General Motors

Nissan

NYSE Euronext

Chicago Mercantile Exchange

Instead, the burden of the fading growth expectations within ETF land fell squarely on the stooped shoulders of the miners and other commodity suppliers. The Ultra Basic Materials ProShares, which seeks to double the underlying sector index's daily gain, incurred a loss of nearly 6%. The Market Vectors Steel ETF got nearly 4% bent out of shape despite its lack of leverage. The E-TRACS UBS Long Platinum exchange-traded note converted dismal U.S. auto sales into a 7% decline on worries about reduced demand for catalytic converters, one of the principal end markets for that metal. Other ETFs tracking commodities as diverse as cotton and lead shared in the general disappointment.

Beyond commodities, doubts about the growth outlook and profits jolted power generators' stocks, draining the Utilities Select Sector SPDR 3%. The Market Vectors Gaming ETF similarly proved to be a losing bet.

And yet the market malaise was contained, despite the rising jobless rate and shrinking construction outlays. The most heavily traded SPDR S&P 500 ETF incurred a modest 0.5% loss, less than half that sustained by its nearest volume challenger, the Power Shares QQQ. Among the broadest domestic ETFs, the iShares Russell 2000 Index Fund representing 2,000 small caps fared best, eking out a minor gain.

Winners

If the commodity bull is truly dead, India would stand to benefit, since it depends on imports of natural resources and is still coping with an inflation scare that has driven up interest rates. Bombay shares jumped 2% overnight and a bevy of new India ETFs followed suit in New York trading. The

iPath MSCI India Index ETN

WisdomTree India Earnings Fund

PowerShares India Portfolio

United States Natural Gas Fund

Financial Select Sector SPDR Fund

ProShares UltraShort QQQ

Losers

Joining commodities in the doghouse were the ETFs of key mineral exporting nations, such as the

iShares MSCI Brazil

iShares MSCI Canada

iShares MSCI Australia

Biotech HOLDRs

Biogen-Idec

Elan

UltraShort FTSE/Xinhua China 25 Fund

Next week's notebook

Earnings:

Monday: Fannie Mae

Tuesday: Proctor & Gamble, Cisco Systems

Wednesday: Blackstone, Time Warner, Transocean, AIG

Thursday: Cardinal Health, Sirius XM Radio

Friday: MBIA

Economic Data:

Monday: Personal Income, Personal Spending (8:30 a.m.); Factory Orders (10 a.m.)

Tuesday: ISM Services (10 a.m.), Federal Reserve's rate announcement (2:15 p.m.)

Wednesday: Consumer Credit (3 p.m.)

Thursday: Initial Jobless Claims (8:30 a.m.), Pending Home Sales (10 a.m.)

Friday: Productivity (8:30 a.m.)

Quick Take

A look at how the industry's most popular ETFs did on Friday:

10 Largest ETFs
Symbol	Net Assets	Price	52 Week High	52 Week Low	Volume
SPY	71,655	126.1	156.39	121.48	244,040,380
EFA	43,645	65.41	85.64	64.79	11,859,429
EEM	20,935	42.42	55.13	39.16	36,366,741
GLD	19,258	89.57	99.81	65.04	10,892,597
IVV	16,690	126.27	156.65	121.69	3,145,672
QQQQ	16,302	44.88	55.03	41.17	179,095,959
IWF	13,253	53.62	63.64	52.79	2,527,789
SHY	9,070	82.78	84.49	80.13	657,382
VTI	10,116	63.57	77.66	60.89	2,238,454
IWD	8,091	68.16	88.24	64.01	2,060,328