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

PowerShares Golden Dragon Halter USX China Portfolio (PGJ) - Get Report

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and other financial media outlets have been buzzing recently in regard to the SEC's probe into U.S.-listed Chinese firms. It is unclear as to how far the investigation will reach but for now investors should use a sharp eye when venturing into some China-focused ETFs.

PGJ has me more concerned than other large cap China ETFs such as the

iShares FTSE/Xinhua China 25 Index Fund

(FXI) - Get Report

. Whereas FXI tracks a basket of companies traded on China and Hong Kong exchanges, PGJ tracks a collection of U.S.-listed Chinese ADRs. These companies, which have a dual listing on U.S. stock exchanges, are more likely to fall under the SEC's scrutiny.

iPath Dow Jones UBS Copper Total Return Subindex ETN (JJC) - Get Report

Copper continues to be watched as investors mull ways to track the ongoing economic recovery. The red metal has received a lot of coverage last week after the

Wall Street Journal

reported that a single trader owns 80%-90% of the copper in the London Metal Exchange. This stockpile, valued at $3 billion, represents nearly half of the world's exchange listed copper.

It will be interesting to see if more details of this story are uncovered in the coming week.

In the absence of a physically based copper ETF, the most direct way ETF investors can gain access to this base metal is through the futures-based JJC or the

PowerShares DB Base Metals Fund

(DBB) - Get Report

. It is also possible to track a collection of copper miners using the

Global X Copper Miners ETF

(COPX) - Get Report

.

SPDR S&P 500 ETF (SPY) - Get Report

Although economic headwinds are sure to remain as we head into the New Year, we continue to see evidence that the markets are well on the path to recovery. For instance, last week, the

S&P 500

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regained levels last seen prior to the collapse of

Lehman Brothers.

December has been another great month for the S&P and the rest of the broad marketplace. Looking ahead to the coming weeks, it will be interesting to see if these levels can be maintained.

PowerShares DB Agriculture Fund (DBA) - Get Report

The food industry has become a closely watched region of the market as a number of agricultural products including cotton and sugar have taken off on a tear. While, the rising prices of sugar and cotton have aided ETNs such as

iPath Dow Jones UBS Sugar Total Return Subindex ETN

(SGG) - Get Report

and

iPath Dow Jones UBS Cotton Total Return Subindex ETN

(BAL) - Get Report

respectively, they have also helped power the DBA well above previous 2010 and 2009 highs.

Agricultural goods could be in for additional gains in the New Year. Investors cautious of futures-based funds may find a product such as the

Market Vectors Agribusiness ETF

(MOO) - Get Report

an attractive tool for navigating this sector.

First Trust Dow Jones Internet Index Fund (FDN) - Get Report

Although Christmas has passed, investors needn't take FDN off of their ETF wish lists. While this fund bodes well for investors looking for access to the online retail industry, it should also hold strength in 2011 as we become reliant on our smart phones, laptops, and other gadgets to stay up-to-date with the increasingly fast-paced, interconnected global marketplace.

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At the time of publication, Dion Money Management owned DBA and FDN.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.