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%

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