By Jeff Reeves of InvestorPlace

NEW YORK (

InvestorPlace

) -- There has been a lot of speculation in recent weeks that iShares, ETF Securities and other firms will soon bring an exchange-traded fund to the market that tracks physical copper the way that the

SPDR Gold Shares ETF

(GLD) - Get Report

tracks physical gold or the

iShares Silver Trust ETF

(SLV) - Get Report

follows silver.

While any physical copper fund will certainly make a splash, don't feel you have to wait until such an ETF debuts to capitalize on copper price inflation. One of the biggest movers in the past several days has been the

Global X Copper Miners ETF

(COPX) - Get Report

and it could continue to push upwards next week and beyond if copper extends a record-setting run.

Here's my take on COPX and four other hot ETFs for the coming week:

Copper Miners ETF

The Global X Copper Miners ETF has been on fire in December. The fund is up 9% on the month, opening at $17.17 on Dec. 1 and closing at $18.68 on Thursday evening. There's no mystery as to why: Fears of a major currency devaluation have sparked commodity inflation as of late, and copper prices are at record highs.

Bloomberg

reports that demand will outpace supply next year, and Bank of America Merrill Lynch analysts have warned that copper inventories may drop to an all-time low of less than one week's usage.

See related article: Oil ETF a Great Long Term Buy

Gold Miners ETF

I know, I know. Everybody loves the trusts like the SPDR Gold Trust ETF and the

iShares Gold Trust ETF

(IAU) - Get Report

since they're pure plays on the yellow stuff. But don't underestimate the miners.

In fact, the

Market Vectors Gold Miners ETF

(GDX) - Get Report

has outperformed the trusts in both the short and medium terms.

The GLD trust opened Dec. 1 at $135.71, and has barely managed to hold firm, closing at $135.37 Thursday for a tiny loss. Meanwhile, the GDX miners ETF opened Dec. 1 at $60.02 and has added about 2% to close at $61.43 on Thursday. What's more, the GDX gold miners ETF is up more than 14% since Sept. 1 while GLD and IAU are both up less than 11%. Whoever says a pure play on gold is the most profitable investment right now isn't doing the math properly.

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3X Leveraged Bear Financials

In the long term, there are many reasons to believe financial stocks are on the mend. But at least for the short term, I think it's reasonable to expect some consolidation in the sector after some recent uptrends.

The cheer from Uncle Sam's exiting

Citigroup

(C) - Get Report

drove up the bank's stock nearly 12% since Dec. 1 while the broader stock market added about one-third of that.

Other major financials joined the party, with Bank of America up 10%, and

Wells Fargo

(WFC) - Get Report

up 16%.

But if we see profit-taking as the market takes a breather, investors could find that the

Direxion Daily Financial Bear 3X ETF

(FAZ) - Get Report

is a risky but powerful way to make the most of events. For those unfamiliar with this leveraged fund, it returns 300% of the inverse of the Russell 1000 Financial Services Index -- meaning you gain three times what the financial sector loses.

See Related Article: FAZ ETF is a buy under $11.

Korea ETF

Amid distress and uncertainty on the Korean peninsula, some may think that the

iShares MSCI South Korea Index Fund

(EWY) - Get Report

would have seen a rough few months.

But when you look at real numbers, EWY has outperformed the broader market significantly both in the short and long term. Year to date in 2010 it's up about 21%, double the broader market.

And since Dec. 1 it's up more than 7% -- about double the major indices. And with a free-trade agreement between the U.S. and South Korea paving the way for new opportunities in 2011, the growth in this region could be heating up.

See related article: iShares MSCI South Korea ETF Thriving Amid Diversity

Another Airline ETF?

The reason to watch this last fund is not its profit potential, but the sheer head-scratching curiosity of its launch.

Leveraged ETF powerhouse Direxion is dipping its toes into the regular old 1X space with the liftoff of the

Direxion Airline Shares ETF

(FLYX)

.

But aside from the ability to snag a quirky ticker symbol, there's really no compelling reason for the fund's existence. Granted, its 0.55% expense ratio is slightly better than the

Guggenheim Airline ETF

(FAA)

-- which, by the way, also gets points for a clever ticker.

But considering FAA has just $38 million in assets under management, does Direxion really think there's a lot of business to poach? I am a big believer in the power of ETFs, and I think that in general they are a great innovation to the market that help individual investors. But this fund is just a waste of time -- for investors, and likely for Direxion.

But in the words of Benzinga's ETF professor, there is a silver lining. "When oil goes to $100 and beyond, traders will have two airline ETFs to short," the ETF prof writes.

Jeff Reeves is editor of InvestorPlace.com. As of this writing, he did not own a position in any of the funds listed here. Follow him on Twitter at http://twitter.com/JeffReevesIP.

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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.