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

PowerShares QQQ ( QQQ)

Investors holding QQQ will want to stay vigilant at the start of the week when the Nasdaq's well-documented and anxiously awaited rebalance goes into effect.

A number of companies including Google ( GOOG), Oracle ( ORCL) and Microsoft ( MSFT) will see their weightings change.

The firm, however, that most investors will likely have their eyes on will be Apple ( AAPL). 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)

The solar energy industry got a lift at the end of last week. News that French energy giant Total ( TOT) was planning to take majority control of SunPower ( SPWRA) 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) 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)

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 ( HK), Stone Energy ( SGY), SandRidge Energy ( SD), Ultra Petroleum ( UPL) and Murphy Oil ( MUR).

Other notable natural gas players companies such as Chesapeake Energy ( CHK) and Anadarko ( APC) 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).

iShares Silver Trust ( SLV)

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)

Littered amongst this week's busy earnings calendar is a number of leading media companies. The quarterly performance reports released by DirectTV ( DTV), CBS Corp ( CBS), Time Warner ( TMX), News Corp ( NWSA) and Comcast ( CMSCA) 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.