The Black Diamond Trail Trekking Poles is our current top pick for a lightweight value trekking pole because it is so compact, light, and a great value. You can save $10 by going with the Black Diamond Trail Back which, if you are taller, is nice because the Trail Back is 6 inches longer. However, the Trail Back is heavier, does not collapse as small, and does not have the extended foam below the main handle. If you want a shock absorber, there is the Black Diamond Trail Pro Shock.
If you want the ultimate light and compact pole, check out the Black Diamond Distance Carbon Z which about half the weight and compacts much smaller. The Ultra Distance is $50 more expensive and does not adjust.