ETFs For Oil's Rise That Aren't Energy-Specific Funds

Oil's on the rise again. Last week, JPMorgan Chase and Bank of America Merrill Lynch we could see a return to $100 per barrel for the first time since the onset of the financial crisis. Beyond that, the Commodities Futures Trading Commission said bullish bets on oil prices from hedge funds, commodity pools and other speculators rose to their highest levels since June 2006 last week. Beyond the usual suspects like the Energy Select Sector SPDR XLE, the Oil Services HOLDRs OIH and other energy-specific ETFs, where can investors turn to get a decent amount of oil exposure along with some sector diversity? Here's a list of five ETFs to think about. 1) Global X/InterBolsa FTSE Colombia 20 ETF GXG: One of the top performing emerging markets ETFs in 2010, GXG is home to one of the best oil stocks in the world, Ecopetrol EC. Energy names make up 29% of GXG's weight with Ecopetrol coming in at over 20%. Colombia is a growing oil producer and is sure to benefit from higher oil prices. 2) CurrencyShares Canadian Dollar Trust FXC: Almost a no brainer. The Canadian dollar (aka the loonie) is the epitome of a commodity currency. The commodity the loonie shares an intimate correlation with? Oil. 3) Market Vectors Russia ETF RSX: You've heard it before: Russia's economy is the least diverse among the BRIC nations. That's not a bad thing when oil prices are high and high oil prices are good for RSX as energy names account for almost 40% of this ETF's weight. 4) iShares MSCI Brazil Index Fund EWZ: EWZ is another no brainer on this list. Combine the seemingly never ending stream of announcements about Brazil's pre-salt oil fields holding more reserves than previously estimated and EWZ's big exposure to Petrobras PBR, and the ETF makes for a nice indirect oil play. 5) Guggenheim Solar Energy ETF TAN: For the last three months, 86 days to be specific, TAN and West Texas Intermediate crude futures have moved in lock-step with each other. This correlation does break from time to time, but if we see $100 oil again, it's a safe bet that the alternative energy crowd will be crowing about solar energy quite loudly.