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

iShares Dow Jones U.S. Telecommunications Sector Index Fund ( IYZ)

The telecommunications industry was in the spotlight during the middle of last week following reports that the Justice Department was suing in order to block AT&T's ( T) proposed multi-billion dollar plan to acquire T-Mobile.

The agency believes that this plan will impede competition and ultimately prove detrimental to the consumer.

Investors with exposure to IYZ and other telecom-focused ETFs will want to pay close attention to how this event plays out. Many of these funds are notoriously top heavy, dedicating the largest chunks of their portfolios to AT&T and Verizon Communications ( VZ). The two firms account for close to 30% of IYZ's assets.

SPDR KBW Banks ETF ( KBE)

It has been a rollercoaster ride for the financial industry during the past few weeks. While Warren Buffett's surprising $5 billion bet on Bank of America ( BAC) instilled some welcomed confidence into the industry, trouble appears to be brewing once again.

At the end of last week, the U.S. Federal Housing Finance Agency reported was expected to file suits against a number of big banks. The agency is accusing institutions including BofA, JPMorgan ( JPM) and Goldman Sachs ( GS) of misrepresenting the value of mortgage-backed securities constructed during the housing bubble.

The Wall Street Journal notes that the lawsuits could be filed in the coming days. While exciting to watch, I would encourage conservative investors to stick to the sidelines here.

PowerShares DB Agriculture Fund ( DBA)

August was a rocky month for investors as macroeconomic turmoil in the developed world weighed heavily on confidence. Interestingly, although many corners of the global marketplace stumbled, the agriculture industry stood out as a beacon of strength.

DBA's multi-week rally has helped it power through its 50- and 200-day moving average and recover to levels last seen prior to its spring sell-off. Additionally, the fund has witnessed a strong rise in both our short- and long-term momentum rankings.

Food prices could witness a continued lift during the days ahead if the markets find footing. While it may be tempting to dive into a fast-moving single crop ETN, I urge long term investors to stick to a diversified product like DBA.

iShares MSCI Germany Index Fund ( EWG)

Europe remains a notoriously volatile region of the globe as nations comprising the EU continue to work out their respective debt issues. In the week ahead, Germany will be a particularly interesting to watch as it releases a battery of economic data points.

During the middle of the week, investors will get a glimpse at the state of the German marketplace when factory orders, industrial production numbers, and exports data are released.

Germany is often fingered as a point of stability amidst the troubled euro bloc. However, as we have witnessed in recent months, the nation still faces substantial headwinds.

SPDR Gold Shares ( GLD)

Although they struggled a bit during the final full week of August, gold ETFs appear to have found their footing, propelled by continued investor concerns regarding the state of the global economic recovery.

Friday's dismal jobs report helped lift both GLD and iShares Gold Trust ( IAU) back to previous all-time highs.

There is a chance that this shortened week of trading will be marked by increased volatility. Defensive asset classes like gold will likely continue to be a popular destination.

Written by Don Dion in Williamstown, Mass.

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At the time of publication, Dion Money Management owned iShares Gold Trust and PowerShares DB Agriculture Fund.

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