ETF List

ETF (Exchange Traded Fund), a security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange, thus experiencing price changes throughout the day as it is bought and sold.

Because it trades like a stock whose price fluctuates daily, an ETF does not have its net asset value (NAV) calculated every day like a mutual fund does. By owning an ETF, you get the diversification of an index fund as well as the ability to sell short, buy on margin and purchase as little as one share. Another advantage is that the expense ratios for most ETFs are lower than those of the average mutual fund. When buying and selling ETFs, you have to pay the same commission to your broker that you'd pay on any regular order.

Two most widely known ETFs are SPDR and QQQQ. ETF 最常見的 QQQQ, SPY, DIA, IWM (Ishare Rusell 2000) 之外， 還有很多專業的EFTs, SPDR FD, IShare Fund, Merrill Lynch Holders 常見的行業績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.

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 here for over one week witch 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
它們的好處是: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.

對做多的,也有相對應的四個加倍基金: (Ultra Long Fund)

1. QLD – Ultra Long QQQQ
2. SSQ – 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, 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!
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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

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Standard Index Funds

QQQQ - NDX 100
SPY - SP500
DIA - Dow Jones Industrials
MDY - SP Mid Cap 400
IWM - Russell 2000

Short/Bear Funds (Allows you to short in IRA/401K accounts)

PSQ - Short QQQ Inverse of the NASDAQ-100
SH - Short S&P500 Inverse of the S&P 500
DOG - Short Dow30 Inverse of the DJIA
MYY - Short MidCap400 Inverse of the S&P Mid Cap 400

2x Margin Built In (Allows you to leverage IRA/401K)

QLD - Double the NASDAQ-100
SSO - Double the S&P 500
DDM - Double the DJIA
MVV - Double the S&P MidCap 400

QID - Double the inverse of the NASDAQ-100
SDS - Double the inverse of the S&P 500
DXD - Double the inverse of the DJIA
MZZ - Double the inverse of the S&P MidCap 400
TWM - UltraShort Russell2000 ProShares

Countries (Allows you to invest in other economies)

EWJ - Japan
EWT - Taiwan
EWH - Hong Kong
EWB - Brazil
EWU - UK
EWW - Mexico
EWM - Malaysia
EWS - Singapore
EWC - Canada
EWY - South Korea
EWP - Spain
EWA - Australia
EWP - Pacific ex. Japan
EWG - Germany
EWI - Italy
EWL - Switzerland
EWQ - France
EWD - Sweden
EWK - Belgium
EWO - Austria
EWN - Netherlands

Stock Market Sector Funds (Sector Baskets)

OIH - Oil Services Sector
XLE - Oil Sector
XLI - Industrial Sector
IGE - Natural Resources Sector
IYR - US Real Estate Sector
XLU - Utility Sector
SMH - Semiconductor Sector
XLF - Financial Sector
RTH - Retail Sector
TTH - Telecom Sector
WMH - Wireless Sector
SWH - Software Sector
XLK - Technology Sector
HHH - Internet Sector
XLB - Materials Sector
XLY - Consumer Discretionary Sector
PPH - Pharmaceuticals Sector
XLV - Health Care Sector
IGN - Networking Sector
BBH - Biotech Sector
ITB - Homebuilder Sector

UYM Ultra Basic Materials
UGE Ultra Consumer Goods
UCC Ultra Consumer Services
UYG Ultra Financials
RXL Ultra Health Care
UXI Ultra Industrials
DIG Ultra Oil & Gas
URE Ultra Real Estate
USD Ultra Semiconductors
ROM Ultra Technology
UPW Ultra Utilities
SMN UltraShort Basic Materials
SZK UltraShort Consumer Goods
SCC UltraShort Consumer Services
SKF UltraShort Financials
RXD UltraShort Health Care
SIJ UltraShort Industrials
DUG UltraShort Oil & Gas
SRS UltraShort Real Estate
SSG UltraShort Semiconductors
REW UltraShort Technology
SDP UltraShort Utilities

Bond Funds

SHY - 1-3 yr treasury bond
IEF - 7-10 yr treasury bond
TLT - 20+ yr treasury bond
LQD - corporate bond

Commodities

GLD - Gold
SLV - Silver
USO - Oil

Currencies

FXA - Rydex CurrencyShares Australian Dollar Trust ETF
FXB - Rydex CurrencyShares British Pound Sterling ETF
FXC - Rydex CurrencyShares Canadian Dollar Trust ETF
FXE - Euro Currency Trust ETF
FXF - Rydex CurrencyShares Swiss Franc Trust ETF
FXM - Mexican Peso Trust ETF
FXS - Rydex CurrencyShares Swedish Krona Trust ETF

FXI是由在中國大陸上海證券交易所上市的一籃子少數個股所組成的。簡單來講，我們可以將新華指數視為道瓊斯工業平均指數的對等物。SPDR S&P China(GXC)與FXI形態比較類似，但其內在動力不同，GXC的投資組合是由100多隻個股所組成，而FXI隻跟蹤25隻個股的走勢。盡管FXI的交易比GXC要活躍一些，不過有些交易者可能更喜歡GXC，因為它的投資組合更加分散。

(short: FXP)

　　iShares Hong Kong Index(EWH)從技術上來講也是一隻中國ETF，但它顯然是跟蹤在香港聯合交易所上市的股票。與FXI和GXC一樣，EWH也位於6月份前期低點之上，不過上周跌破了50日均線。但是EWH僅位於50日均線下方不遠處，隻需一個強勁上漲的交易日就能讓它返回均線上方

ETF: twn

For more information:
http://finance.yahoo.com/etf