談談反向基金(ETFs) --兼論如何在IRA 帳戶中Short Market

     相信大家對ETF ( Exchange Traded Fund)都很熟了. 最常見的 QQQQ, SPY, DIA, IWM (Ishare Rusell 2000) 都是ETF. 還有很多專業的EFTs, SPDR FD, IShare Fund, Merrill Lynch Holders 常見的行業EFT 有:

OIH Oil Serice Holder
SMH, Semiconductor Holder
GLD, Gold holder
RKH Bank Holder
IAI Broker-delar
XLP SPDR FD Consummer Staples
XLY Consumer Discretionary Select SPDR
XLF SPDR FD Financial
XLE Energy

近年增漲很快的地區ETFs:

EPP -- Asian Pacifics
EWW -- Mexico Index Fund
EWZ -- Brazil Index

這些ETFs 都可以在市場上象STOCK 一樣自由交易.

EFTs 最近有加速發展和細化的趨勢.

(DQ很多高手早知道了,就不用看這段了.)

反向基金 –是與市場走向相反的基金. (相當於Bear Fund)
早期是由RYDEX fund and ProFund 建立的. 隻能在基金內由 Fund Manager 交易. 著名的 RYDEX NOVA 和 URSA fund 就是一對 Bull/Bear fund. NOVA 是看漲的 BULL FUND. URSA 是看跌的 BEAR fund. 市場好時, Smart Money 就從 URSA (Bear)Fund, 流向 NOVA.(Bull fund) 市場不好時,基金就會反向流回URSA. 由於很多”財主” 和專業基金經理經常 Trading NOVA and URSA, 基金的流向在一定程度上代表了市場的情緒. 因此Professional trader and Institution MM 用 Nova/Ursa Ratio 作為一個衡量市場的情緒指標.(Sentiment Indicator) Nova/Ursa Ratio at extreme condition 會預示市場的翻轉.(Reversal).
如 6/15/06 Nova/Ursa Ratio has reached extreme condition at 0.07 and stay there for over one week which indicated the major market bottom has been formed. (Of course this indicator needs to use together with other market indicators to increase accuracy.)

和我們有關的反向基金(ETF) 是最近AMEX 新建的四個加倍反向基金.

1. QID -- Ultra short QQQQ
2. SDS – Ultra short S&P 500
3. DXD – Ultra short Dow 30
4. MZZ – Ultra short MidCap 400
他們的好處是:這些ETFs 都可以在市場上象STOCK 一樣自由交易. 通常IRA or Roth IRA account 是不允許 short 股票的. 有了這些反向基金(ETF)就可以自由自在的 Short market. 再也不用空等牛市的到來了.

對牛派的,也有相對應的四個加倍基金: (Ultra Long Fund)

1. QLD – Ultra Long QQQQ
2. SSO – Ultra Long S&P 500
3. DDM – Ultra Long Dow 30
4. MVV – Ultra Long MidCap 400

(You can get more detail information by visit WWW.AMEX.com)

為方便, 我把四個BEAR ultra fund 的定義copy 如下:

1. QID
UltraShort QQQ ProShares seek daily investment results that correspond to twice (200%)the inverse (opposite) of the daily performance of the NASDAQ-100 Index. The Fund employs leveraged investment techniques to achieve its investment objective, which may expose the Fund to potentially dramatic changes (losses) in the value of its portfolio holdings and imperfect correlation to the index underlying the Fund's benchmark.

2. SDS
UltraShort S&P500 ProShares seek daily investment results, before fees and expenses, that corresponds to twice (200%) the inverse (opposite) of the daily performance of the S&P 500 Index. The Fund employs leveraged investment techniques to achieve its investment objective, which may expose the Fund to potentially dramatic changes (losses) in the value of its portfolio holdings and imperfect correlation to the index underlying the Fund's benchmark.

3. DXD
The UltraShort Dow30 ProShares seek daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Dow Jones Industrial Average (DJIA). The Fund employs leveraged investment techniques to achieve its investment objective, which may expose the Fund to potentially dramatic changes (losses) in the value of its portfolio holdings and imperfect correlation to the index underlying the Fund's benchmark.

4. MZZ
UltraShort MidCap400 ProShares seek daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the S&P MidCap 400 Index. The Fund employs leveraged investment techniques to achieve its investment objective, which may expose the Fund to potentially dramatic changes (losses) in the value of its portfolio holdings and imperfect correlation to the index underlying the Fund's benchmark.

Happy Trade!
----------------------------------------------------------------

附上 AMEX 今年來 (2006) 新建的ETFs:

VOT 08/24/06 Vanguard Mid-Cap Growth ETF
VOE 08/24/06 Vanguard Mid-Cap Value ETF
SDS 08/24/06 UltraShort S&P500 ProShares
MZZ 07/13/06 UltraShort MidCap400 ProShares
QID 07/13/06 UltraShort QQQ ProShares
DXD 07/13/06 UltraShort Dow30 ProShares
FDV 07/13/06 First Trust DB Strategic Value Index Fund
FDN 07/11/06 First Trust Dow Jones Internet Index Fund
FBI 06/23/06 First Trust Amex Biotechnology Index Fund
XPH 06/23/06 SPDR Pharmaceuticals ETF
XES 06/22/06 SPDR Oil & Gas Equipment & Services ETF
KRE 06/22/06 streetTRACKS KBW Regional Banking ETF
XME 06/22/06 SPDR Metals & Mining ETF
XOP 06/22/06 SPDR Oil & Gas Exploration & Production ETF
XRT 06/22/06 SPDR Retail ETF
DDM 06/22/06 Ultra Dow30 ProShares
MYY 06/21/06 Short MidCap400 ProShares
MVV 06/21/06 Ultra MidCap400 ProShares
SHO 06/21/06 Short S&P500 ProShares
DOG 6/21/06 Short Dow30 ProShares
SSO 06/21/06 Ultra S&P500 ProShares
PSQ 06/21/06 Short QQQ ProShares
QLD 06/21/06 Ultra QQQ ProShares
GDX 06/21/06 Market Vectors Gold Miners ETF
SLV 05/22/06 iShares Silver Trust
VIG 04/28/06 Vanguard Dividend Appreciation ETF
FPX 04/27/06 First Trust IPOX-100 Index Fund
USO 04/13/06 United States Oil Fund, LP
FDL 04/10/06 First Trust Morningstar Dividend Leaders Index Fund
RFG 03/15/06 Rydex S&P Midcap 400 Pure Growth ETF
RPV 03/07/06 Rydex S&P 500 Pure Value ETF
RZG 03/07/06 Rydex S&P Smallcap 600 Pure Growth ETF
RPG 03/07/06 Rydex S&P 500 Pure Growth ETF
RZV 03/07/06 Rydex S&P Smallcap 600 Pure Value ETF
RFV 03/07/06 Rydex S&P Midcap 400 Pure Value ETF
PZJ 03/07/06 PowerShares Zacks Small Cap Portfolio
XHB 02/16/06 SPDR Homebuilders ETF
XSD 02/06/06 SPDR Semiconductor ETF
XBI 02/06/06 SPDR Biotech ETF
DBC 02/03/06 PowerShares DB Commodity Index Tracking Fund

[學無止境]

好文章！謝謝！