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

iShares MSCI South Korea Index Fund ( EWY)

The Korea ETF saw rollercoaster-like performance last week as tensions between North and South Korea came to a head. There is a strong chance that this type of wild performance will continue as long as strains remain high between these two nations.

The Korea crisis once again serves as a reminder of the risks in investing in emerging markets. When venturing into EWY or any other fund focused on the developing world, it is crucial to keep a close eye on the macro picture as well as the state of the fund's underlying holdings.

First Trust Dow Jones Internet Index Fund ( FDN)

Black Friday is behind us but the holiday retail push is just beginning. As we start the new week, FDN will take center stage as consumers take advantage of "cyber Monday."

Online retail destinations including Amazon ( AMZN) and eBay ( EBAY) will be in vogue as workers, in their free time, browse gifts for loved ones without ever having to leave their desks.

This week, retail driven funds such as FDN and SPDR S&P Retail ETF ( XRT) will be watched closely as investors prepare for the holidays.

Investors may want to consider taking on exposure to these funds as a longer- term play on the broad consumer recovery.

iShares MSCI EMU Index Fund ( EZU)

European debt crisis fears sent investors fleeing from EU-related ETFs. As we head into next week, investors with exposure to this region should closely watch on their holdings.

While difficult, properly investing in Europe during these volatile times is not impossible. Rather than taking broad approach, using a fund such as EZU to capture the region as a whole, investors would be better off using single nation products to pick out pockets of strength.

The iShares MSCI German Index Fund ( EWG), iShares MSCI Netherlands Investable Market Index Fund ( EWN), and Fidelity Nordic Fund ( FNORX) are three ways risk-tolerant investors can gain exposure to the fiscally stable parts of Europe.

iShares Dow Jones U.S. Financial Services Index Fund ( IYG)

As we head into the week, many market commentators will have their eyes locked on the ongoing, government-led, insider trading crackdown. Last week, these efforts resulted in the arrest of one man who, according to the New York Times, is accused of helping hedge funds obtain improper information about publicly traded companies.

As a result, investors fled big name financial institutions, sending shares of Goldman Sachs ( GS), JPMorgan ( JPM) and Bank of America ( BAC) to trade lower.

Until more is known about the government's plan, investors holding IYG could be prepared for a rocky ride.

iShares MSCI Canada Index Fund ( EWC)

Investors looking for an earnings-related play for this week should look to the Canadian ETF.

Throughout the week, a number of the country's top banks including Royal Bank of Canada ( RBC), Toronto-Dominion ( TD), Bank of Nova Scotia ( BNS), National Bank of Canada, and Canadian Imperial Bank of Commerce ( CM) are all slated to announce their quarterly performance. Together, these 5 positions account for close to 20% of the fund's total portfolio.

With the debt crisis threatening Europe and China's government taking steps to curb inflation, Canada may provide a welcomed source of stability for investors seeking international exposure.

Written by Don Dion in Williamstown, Mass.

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At the time of publication, Dion Money Management owned First Trust Dow Jones Internet Index Fund.

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.

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