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Where ETFs and Mutual Funds Collide

While Frank allocates 20% to 25% of the fund to "opportunity areas," his current top holding is the large and liquid PowerShares QQQ (QQQQ), which tracks 100 of the largest domestic and international non-financial companies listed on the Nasdaq based on market capitalization.

The top 10 holdings in the QQQQ are currently Apple (AAPL), Qualcomm (QCOM), Microsoft (MSFT), Google (GOOG) and Research In Motion (RIMM), Oracle (ORCL), Cisco (CSCO), Gilead (GILD), Teva Pharmaceuticals (TEVA) and Intel (INTC).

In terms of trading, Frank maintains that his turnover has ranged between 100% and 500%, but lately has been just below 100%. His monitoring has paid off in 2009 -- as the fund hits its five-year mark this April, it held a five star three-year Morningstar (MORN) ranking.

As of June 1, the fund had outperformed the S&P 500 by nearly 12%. As of May 31, ETFOX had a beta of 0.80. The table below lists the fund's holdings as of June 1.

Holdings of the ETF Market Opportunity Fund
NAME
TICKER
Percentage
PowerShares QQQ QQQQ 15.58%
Vanguard Small Cap VB 8.93%
Vanguard Growth VUG 7.56%
iShares Dow Jones U.S. Aerospace ITA 7.34%
iShares Russell 1000 Growth IWF 7.19%
iShares Dow Energy IYE 5.98%
iShares iBoxx $ Invest Grade C LQD 5.84%
iShares MSCI Hong Kong Index EWH 5.50%
Revenue Shares Small Cap RWJ 4.99%
UltraShort Lehman 20+ Treasury Pro TBT 4.75%
iShares DJ U.S. OE S IEZ 4.61%
Vanguard Info Tech VGT 3.99%
iShares Silver SLV 3.68%
Ultra S&P ProShares SSO 3.43%
Vanguard Small-Cap Growth VBK 2.50%
iShares Russell 1000 Value Ind IWD 0.86%
S&P 500 Depositary Receipts SPY 0.81%
iShares ChileI ECH 0.78%
94.30%
Cash & Miscellaneous - 5.70%
Net Assets - 100.00%

Don Dion is the publisher of the Fidelity Independent Adviser family of newsletters, which provides to a broad range of investors his commentary on the financial markets, with a specific emphasis on mutual funds and exchange-traded funds. With more than 100,000 subscribers in the U.S. and 29 other countries, Fidelity Independent Adviser publishes six monthly newsletters and three weekly newsletters. Its flagship publication, Fidelity Independent Adviser, has been published monthly for 11 years and reaches 40,000 subscribers. Dion is also president and founder of Dion Money Management, a fee-based investment advisory firm to affluent individuals, families and nonprofit organizations, where he is responsible for setting investment policy, creating custom portfolios and overseeing the performance of client accounts. Founded in 1996 and based in Williamstown, Mass., Dion Money Management manages assets for clients in 49 states and 11 countries. Dion is a licensed attorney in Massachusetts and Maine and has more than 25 years� experience working in the financial markets, having founded and run two publicly traded companies before establishing Dion Money Management.
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