The recent surge in shares of gold and silver miners is proving beneficial to a plethora of ETFs and the list is not limited to the Market Vectors Gold Miners ETF (NYSEArca: GDX) and the Market Vectors Junior Gold Miners ETF (NYSEArca: GDXJ).

GDX and GDXJ stand as two of the largest, most heavily traded ETFs tracking gold miners, but other funds such as the iShares MSCI Global Silver Miners ETF (NYSEArca: SLVP) and the Global X Junior Miners ETF (NYSEArca: JUNR) have recently shown, investors can be rewarded for considering some off the beaten path plays. [Obscure Silver Miners ETF Soars]

Investors looking to participate in further upside for gold and silver miners while gaining global exposure may want to give the often overlooked IndexIQ Canada Small Cap ETF (NYSEArca: CNDA) a look. Many U.S. investors already know that our northern neighbor is one of the most resource-rich countries in the world. The oil sands boom in Western Canada shows that the country has some of the largest reserves in the world, ranking it in the top three with OPEC members Venezuela and Saudi Arabia. [Canada ETFs: Developed Market Commodity Exposure]

Canada’s status as an oil superpower should not hide the fact that the country was a top-10 silver producer and the seventh-largest gold producer in the world last year, according to Gold Investing News. That means CNDA is perfectly situated to deliver solid returns to investors as precious metals rebound. In fact, the ETF is already doing just that.

In the past month, CNDA has surged almost 16%. The ETF allocates 38% of its weight to materials stocks, roughly 1,300 basis points more than to energy, the fund’s second-largest sector exposure. And when it comes to that 38% weight to materials stocks, the bulk of those names are gold and silver miners. That roster includes stocks such as Pan American Silver (NasdaqGM: PAAS) and First Majestic (NYSE: FR), both of which are also found in SLVP.

When it comes to CNDA, the ETF’s biggest selling point might just be what it does not offer as a global play on resurgent miners. Single-country funds tracking Peru and South Africa are leveraged to the mining story. South Africa and Peru are bigger gold producers than Canada and the former is the largest platinum producer as well as the second-largest palladium producer. [More Problems Looming for South Africa ETF]

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