Todd Rosenbluth, CFRA's head of ETF and mutual fund research, recommends the Invesco S&P 500 Equal Weight Energy ETF, which provides heavy exposure to energy companies.
"This is equally weighted," Rosenbluth told FOX Business' "The Claman Countdown" Tuesday. "So you get broad exposure to the oil exploration and production companies, the services companies, the refiners, as well as Exxon and Chevron."
Though CRFA is expecting an eventual pullback in the price of oil, Rosenbluth emphasized that the energy companies in the ETF are still extremely profitable.
"So you’re playing the energy companies as opposed to the price of oil," he adds. "But those energy companies are beneficiaries by higher oil prices and by the need for greater supply to meet that very strong demand that’s out there."
On Tuesday, President Biden announced a ban on all imports of Russian oil, gas and energy to the United States, targeting "the main artery" of Russia’s economy amid President Vladimir Putin's war on Ukraine.
Rosenbluth says the move will put commodity ETFs in the spotlight.
For ETFs targeted toward gold, he recommends the SPDR Gold Trust, the iShares Gold Trust and the Goldman Sachs Physical Gold ETF. As for commodity ETFs with broad diversification, he recommends the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF
The national average for gas prices hit $4.25 per gallon Wednesday, according to AAA, with prices ranging from as low as $3.79 per gallon to $5.57 per gallon. Meanwhile, the price of U.S. West Texas Intermediate oil has fallen to $116 per barrel while the price of Brent crude oil is at $119, both easing from previous highs.