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



The most concentrated portion of the current earnings season will wrap this week when



reports Tuesday. Other firms reporting include

Urban Outfitters








, and

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The coming holiday shopping season should benefit discounters, luxury destinations and teen retailers. However, picking individuals winners can be a difficult task since certain aspects of the retail industry usually outperform others.

Rather than trying your luck with individual names, a fund like XRT will allow investors to take advantage of investing in the industry as a whole.

iShares Dow Jones U.S. Home Construction Index Fund


Although I remain vigilant in my belief that we are well on the road to economic recovery, not all areas of the market are equally promising. One slice which's outlook is questionable is real estate. With supply issues still posing a threat, residential homebuilders still face substantial hurdles on their way back to strength.

Despite their headwinds, the week ahead could prove exciting for ITB and fellow homebuilder ETF,

SPDR S&P Homebuilder ETF



Household names from the home construction industry,

Home Depot





are scheduled to report their quarterly earnings early in the week. Their numbers and outlook for the coming future will play a big part in shaping the sentiment towards this industry.

iPath Dow Jones UBS Sugar Total Return Subindex ETN


Sugar prices have been on a tear over the past few months, leading SGG to recover all of its early 2010 losses and continue on to test brand new highs. The sweetener's days of rallying may be over, however, as prices took a sharp turn lower late last week.

Forecasts of a sugar surplus in India played a big part in driving sugar prices to their steepest one-day drop in 30 years last week. Also aiding in the commodity's sharp sell off was the Pakistani government. In order to fight back against rising prices, the nation's interior minister gave hoarders a two day ultimatum to release more sugar into the market.

As we head into this week, it will be interesting to see if sugar is due for a further tumble. Sharp drop offs such as the one witnessed last week highlight the volatile nature of single commodity funds. Conservative investors should not be taking on exposure to funds such as SGG. Rather, agriculture bulls would be better off with a well diversified play such as

PowerShares DB Agriculture Fund



iPath Dow Jones UBS Natural Gas Subindex ETN


Accurately using ETFs and ETNs to track natural gas prices was difficult last week. While the

United States Natural Gas Fund


ended the week on a down note, GAZ powered higher nearly every day, locking in some of the industry's strongest gains.

Although both are designed to track the same commodity, it is clear that the 26% premium is distorting the performance of the iPath ETN option.

Although I wouldn't recommend using either of these funds as a way to capture natural gas, GAZ is particularly susceptible to trouble at this time.

Global X FTSE Norway 30 ETF


Global X, which is fast becoming a leading player among boutique ETF providers, came to the market with a number of new products in the first weeks of November. The firm has launched funds aimed at tracking gold explorers, uranium, and now Norway.

Although it is seen as the first pure play on this European nation, it is not the first product from Global X which seeks Norwegian exposure. Rather, one of the fund's very first products, the

Global X FTSE Nordic 30 ETF


, dedicates more than 17% of its portfolio to the nation.

Although it has been slow off the start, NORW already boasts a higher average daily trading volume than GXF. It will be interesting to see if this trend continues.

Written by Don Dion in Williamstown, Mass.

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At the time of publication, Dion Money Management does not own any of the equities mentioned.

Don Dion is president and founder of

Dion Money Management

, a fee-based investment advisory firm to affluent individuals, families and nonprofit organizations, where he is responsible for setting investment policy, creating custom portfolios and overseeing the performance of client accounts. Founded in 1996 and based in Williamstown, Mass., Dion Money Management manages assets for clients in 49 states and 11 countries. Dion is a licensed attorney in Massachusetts and Maine and has more than 25 years' experience working in the financial markets, having founded and run two publicly traded companies before establishing Dion Money Management.

Dion also is publisher of the Fidelity Independent Adviser family of newsletters, which provides to a broad range of investors his commentary on the financial markets, with a specific emphasis on mutual funds and exchange-traded funds. With more than 100,000 subscribers in the U.S. and 29 other countries, Fidelity Independent Adviser publishes six monthly newsletters and three weekly newsletters. Its flagship publication, Fidelity Independent Adviser, has been published monthly for 11 years and reaches 40,000 subscribers.