Originally posted by audiobomber A generic 49mm collapsible rubber lens hood for standard lens will work on the DA 40mm. Just make sure it has filter threads. You can screw the CPL into the hood, pop the rubber hood back to make adjustments, pop it forward to shoot.
I had a metal 49mm hood which I threaded into the front of a CPL, then just rotated the whole hood--probably not as elegant as audiobomber's suggestion because it's so easy to turn it by accident, but it was a decent but cheap hood (about $8 from Heavystar on eBay) and came with its own front cap, so I'd leave it set up like that.