Yesterday, the ETF Professor told you about a possible shakeup in the Market Vectors Brazil Small-Cap ETF (NYSE: BRF) due to some M&A rumors. Now an IPO could have a similar impact on the Market Vectors Russia ETF (NYSE: RSX), one of the top performing ETFs in 2009.

An IPO by Russia's aluminum giant UC Rusal is planned for December and if the shares perform well, the stock could very well be added to the index that RSX tracks.

Normally, this wouldn't be a big deal, but RSX holds about half of its assets in oil and gas stocks and another 17% in metals and materials issues, so while Rusal would diversify RSX's commodities exposure, it would likely increase sector which is already substantial in this volatile ETF.

The Professor continues to continues to like RSX, but if it breaks below $30, that could be a bearish sign.

The ETF Professor mentioned last weekend that Van Eck is creating a new Poland-specific ETF that will begin trading later this month under the ticker "PLND." At the time, details were scarce, but the Professor has an update for you.

Obviously, PLND will be similar to Van Eck's other country-specific ETFs that trade under the Market Vectors name, such as the Brazil Small Cap ETF (NYSE: BRF), the Russia ETF (NYSE: RSX) and the Indonesia ETF (NYSE: IDX).

Financials, energy and industrials will combine for 65% of PLND's holdings. Components will have a market cap of at least $150 million and a three-month average daily trading volume of at least $1 million to be eligible for the ETFs underlying Poland Index, according to press reports.

The focus will be on small and mid-cap names and with energy making up 40% of the ETF, PLND will be somewhat sector-specific as well. Still, the Professor likes the idea of a Poland ETF because this is one of the better economies in emerging Europe.

Here is the ETF Professor's ETF Watchlist for Tuesday November 10, 2009.

Play Priceline.com's (Nasdaq: PCLN) stellar earnings report on raised fourth-quarter guidance with the Internet HOLDRs ETF (AMEX: HHH). Priceline is the fifth-largest holding in HHH.

Needing no explanation as to why it's a good idea to watch them are the SPDR Gold Shares ETF (NYSE: GLD) and the Market Vectors Gold Miners ETF (NYSE: GDX).

Let's watch the iShares Dow Jones US Technology (NYSE: IYW) for any movement out of Oracle (Nasdaq: ORCL) related to the EU's move to possibly block the software maker's acquisition of Sun Microsystems (Nasdaq: JAVA).

The Market Vectors Russia ETF (NYSE: RSX) has been on fire over the past week, up close to 15%. Keep an eye on it.

The iShares Brazil Index (NYSE: EWZ) closed within three cents of its October high of $77.07 and has been one of the most consistently bullish emerging markets ETFs in 2009.

One more international play: The iShares MSCI Australia Index (NYSE: EWA). EWA up 4.5% on Monday.

Here's a bullish leveraged play for the rise in materials stocks: The Ultra Basic Materials ProShares (NYSE: UYM). Try the Materials Select SPDR (NYSE: XLB) if you don't want a leveraged ETF.

Here's a triple leveraged play it large caps continue to lead the market higher: The Direxion Daily Large Cap Bull 3X Shares (NYSE: BGU).

"Russia is a high-profile emerging economy with great investment potential -- along with high risk," says Leonard Goodall who eyes a Russia-focused ETF in No-Load Portfolios.

"With enhanced growth prospects, emerging economies such as Russia have the potential to outperform fully developed countries over the long term.

"As more and more people join the middle class in these countries, opportunities abound to sell them products of all kinds, driving profits and stock prices higher.

"From 2003 to 2008, Russia's economy grew at an average annual rate of over 5%, but it was slammed last year when commodity prices plunged. Russia is primarily a commodity-based country, heavily dependent on energy and mining exports.

"As oil and other commodity pries have risen this year, the Russian economy has improved, although its GDP is still down 9.8% year-on-year.

"The Russian experience offers a good lesson for all investors who are considering buying into emerging markets. Like Russia, many of these economies are often poorly diversified, depending disproportionally for their well-being on exports of a few commodities or other export products.

"Moreover, many emerging economies carry above-average political risks. And large economic swings are to be expected.

"The Market Vectors Russia ETF (NYSE: RSX) provides a good example. It's up over 100% this year, but over the last half of 2008, its performance was disastrous.

"Young investors with long investing time horizons have the best opportunities to capitalize on the high long term growth rates we can expect from Russia.

"For the rest of us with shorter perspectives, countries such as Russia should be viewed as trading vehicles only."

For subscription information for Leonard Goodall's No-Load Portfolios, contact Portfolios Strategies Inc., 8635 W. Sahara, #420, The Lakes, NV 89117