NEW YORK (TheStreet) -- Here are five ETFs to watch this week.

PowerShares QQQ

(QQQ) - Get Report

Investors holding QQQ will want to stay vigilant at the start of the week when the


's well-documented and anxiously awaited rebalance goes into effect.

A number of companies including


(GOOG) - Get Report



(ORCL) - Get Report



(MSFT) - Get Report

will see their weightings change.

The firm, however, that most investors will likely have their eyes on will be


(AAPL) - Get Report

. After the rebalance, the tech goliath will remain the index's largest component. However, its weighting will be dropped by 8 percentage points to 12.5%.

QQQ's performance could prove choppy over the short run as this readjustment takes place but I urge investors to stay calm. This fund remains an attractive option for tech-hungry investors.

Guggenheim Solar Energy ETF

(TAN) - Get Report

The solar energy industry got a lift at the end of last week. News that French energy giant


(TOT) - Get Report

was planning to take majority control of



sent shares of the American solar firm soaring over 35% on Friday.

SunPower represents 3% of TAN's portfolio, placing it just shy of the fund's top 10 holdings.

Looking to this week, industry leader

First Solar

(FSLR) - Get Report

will be a major focus as it steps up to report its quarterly earnings performance. The company's results will have a major impact on TAN's performance. FSLR accounts for nearly 15% of its portfolio.

First Trust ISE Revere Natural Gas Index Fund

(FCG) - Get Report

The oil industry was busy last week as a number of top integrated oil giants stepped up to the earnings plate. This week, however, it appears as though natural gas will be in the earnings spotlight.

A number of companies comprising FCG's top 10 positions will report their quarterly performance this week. Firms include

PetroHawk Energy



Stone Energy



SandRidge Energy

(SD) - Get Report


Ultra Petroleum



Murphy Oil

(MUR) - Get Report


Other notable natural gas players companies such as

Chesapeake Energy

(CHK) - Get Report



(APC) - Get Report

will be reporting as well.

As I've mentioned in the past, using FCG is a safer and more reliable option strategy for tracking the performance of natural gas than futures-based products like the

United States Natural Gas Fund

(UNG) - Get Report


iShares Silver Trust

(SLV) - Get Report

SLV suffered some weakness at the start of last week. However, this downward action was short-lived and the fund has once again returned to the steep upward path it has stuck to for months.

In the coming days, analysts and market commentators will continue to home in on this shiny metal with the noteworthy $50 per ounce level in mind.

Despite the recent flurry of interest surrounding silver and other precious metals, I stand by the belief that defensive commodities such as these are best utilized as long-term holdings.

PowerShares Dynamic Media Portfolio

(PBS) - Get Report

Littered amongst this week's busy earnings calendar is a number of leading media companies. The quarterly performance reports released by




CBS Corp

(CBS) - Get Report


Time Warner



News Corp

(NWSA) - Get Report




will provide strong insight into the state of mediums ranging from television to newspapers. Together, these five companies account for a quarter of PBS' portfolio.Given the fund's concentrated exposure to a small segment of the consumer industry, investors must use discretion when considering it as a holding. The fund can be vulnerable to volatile swings and is therefore best utilized as a small niche holding.

Written by Don Dion in Williamstown, Mass.

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At the time of publication, Dion Money Management owned PowerShares QQQ.