For 26 years, at the start of each year, I've conducted an annual survey of newsletter advisors, asking for their favorite investment for the coming year. Until 2 or 3 years ago, their responses were almost always individual stocks and an occasional mutual fund.

Increasingly in recent years, many advisors have found their favorite positions to be exchange traded funds, whereby they can invest in a sector, region, or strategy without the inherent risk of an individual company. Indeed, in this year survey of 75 advisors, fully 1 out of 5 advisors chose ETFs.

ETFs were a popular choice for those seeking global exposure. Mark Salzinger, editor of The Investor's ETF Report, selects the S&P China SPDR (NYSE: GXC) as his favored play. (Read the full article here.)

Nick Vardy sees opportunity in China, but also sees potential in a broader range of emerging global markets. The editor of Global Stock Investor looks to the iShares MSCI Emerging Markets (ASE: EEM) as his top idea for 2009. (Read the full article here.)

Carl Delfeld of Chartwell Advisors also wants to own a basket of emerging markets stocks, but only small caps. His pick is the WisdomTree Emerging Market Small Cap (NYSE: DGS). (Read the full article here.)

Jim Lowell takes a similar view -- chosing global small caps -- but adds a further restriction. His recommended ETF limits its holdings to dividend paying stocks. Hence, the top pick in his Marketwatch ETF Trader is the WisdomTree International Small Cap Dividend (NYSE: DLS). (Read the full article here.)

ETFs an also be used to play a specific sector, such as consumer stocks. Leonard Goodall sees upside in companies making the "basics" such as soda, toothpaste and soap. In his No-Load Fund Investor, his top way to play this trend is the Consumer Staples ETF (NYSE: XLP). (Read the full article here.)

In addition to using ETFs to invest in a region, country or sector, these vehicles can also be used to invest in a certain strategy. For example, Tom Bishop, editor of BI Research, chooses the PowerShares Value Line Industry Rotation ETF (NYSE: PYH), which rotates its holdings to only include stocks that earn Value Line's top investment rating. (Read the full article here.)

Doug Fabian, editor of Successful Investing, looks to PowerShares DB Crude (NYSE: DXO), an exchange-traded note. While this leveraged position goes up twice as much as the underlying index when it rises, it also goes down twice as much when the index declines. (Read the full article here.)

Paul Tracy, editor of StreetAuthority Market Advisor takes a similar approach, but rather than speculate on the price of oil and gas, he looks to ProShares Ultra Oil & Gas (NYSE: DIG), which invests in a basket of stocks operating within these sectors. (Read the full article here.)

The most popular choice in this year's survey was ETFs investing in gold. Both Vivian Lewis, editor of Global Investing, recommends the SPDR Gold Trust (NYSE: GLD); it's price reflects 1/10th of an ounce of gold. (Read the full article here.)

Mary Anne Aden, editor of The Aden Forecast, also selects the SPDR Gold Trust (NYSE: GLD) as her top investment ideas for the coming year. (Read the full article here.)

Mark Leibovit, market timer and editor of VRTrader, holds a long-term bullish view on gold and opts for upside leverage. His top pick is the PowerShares DB Gold Double Long (NYSE: DGP). (Read the full article here.)

Pamela Aden, co-editor for The Aden Forecast, also sees upside potential in gold but prefers to invest in the companies that mine for the precious metal. Her top pick is the Market Vectors Gold Miners (NYSE: GDX). (Read the full article here.)

For greater leverage (and higher risk), Steve Rawls, editor of Tipping Point Stocks, suggests the ProShares Ultra Gold (NYSE: UGL), which moves twice the rate of the underlying London gold price. (Read the full article here.)

Mike Larson, editor of Money & Markets, sees downside risk in financial stocks. But rather than try and select which stock might fall, he opts for a basket of financial players with the ProShares Trust Short Financials (NYSE: SEF). As an "inverse" fund, this moves in the opposite direction of the underlying index. (Read the full article here.)

And for even higher risk and volatility, Michael Shulman, editor of ChangeWave Shorts, looks to the ProShares UltraShort Financials (NYSE: SKF), an inverse double fund. Not only does it move in the opposite direction of financial stocks, but it moves twice as much. (Read the full article here.)

Steven Halpern's TheStockAdvisors.com offers a daily look at the latest market commentary and favorite stock picks and investment ideas from the nation's leading financial newsletter advisors.

"iShares MSCI Emerging Markets (ASE: EEM) is a bet on on a short-term bottom in emerging markets," says international expert Nick Vardy in The Global Bull Market Alert.

"This recommendation is based on the belief that the initiatives of policy makers across the globe will trigger a sustained, short-term bounce between now and the end of the year.

"First, the policy responses to the global economic crisis have been both massive and coordinated. These efforts combined will ease the shortage of dollars that has ravaged emerging markets.

"Second, emerging market equities are as cheap as they have ever been. The benchmark MSCI Emerging Markets index is trading at a P/E in the single digits, down from 18.5 a year ago.