Money Managers' Top ETF Picks for 2009

Another pick that Welch says will do well in the long run is the iShares MSCI Emerging Markets Index(EEM Quote). "It's very diversified for an emerging market fund," he says. "It is volatile, but it hasn't done much worse than the S&P 500."

Golden opportunity: The uncertainty that was ever-present in the market in 2008 could very well have a hangover effect in 2009. This doubt could make gold a good bet going forward. Tom Lydon, president and portfolio manager for Global Trends Investments, says the Market Vectors Gold Miners ETF(GDX Quote) is the best way to play this theme.

"Gold should continue to gain momentum as investors look for safe havens in challenging markets even with a weaker U.S. dollar," he says. "Production costs for gold miners have also been declining, leading to wider profit margins for gold mining companies."

Another theme that Lydon likes for 2009 is the potential for a strong infrastructure build-out brought about by a new administration. Lydon sees the iShares S&P Global Infrastructure Index(IGF Quote) as being an efficient way to invest in infrastructure.

"Don't let 'global' fool you -- 26% of this fund is in the U.S., the largest country weighting in the fund," he says. "Proposed improvement projects cannot be outsourced, so they'll directly benefit the U.S. economy and employ many of the people who have lost their jobs in recent months."

Treasury bubble? David Vomund, president and founder of Vomund Investment Management, isn't so sure that the recent rush into Treasuries, which has pushed ETFs such as the iShares Lehman 20+ Year Treasury Bond Fund(TLT Quote) higher, is sustainable over the long haul.

Vomund likes the UltraShort Lehman 20+ Year Treasury Fund(TBT Quote). "With yields so low, I can't imagine what those who are buying T-bonds are thinking," he says. "T-bond prices are parabolic now, but when this bubble bursts, as it surely will, momentum players will exit and prices will plummet just as fast as they rose."