There are a few ways that ETF investors can mimic Buffett's first-quarter investing decisions. Currently, the iShares Dow Jones U.S. Financial Services Index Fund ( IYG) is likely the best bet for those looking to tap into the credit card industry.

Together, Mastercard, American Express, and Visa ( V) account for less than 10% of the fund's index. The fund also provides exposure to a number of other financial institutions Buffett has previously expressed interest in. Wells Fargo ( WFC), Bank of New York Mellon ( BK) and M&T Bank ( MTB) can be found listed among the fund's holdings.

While IYG may prove attractive for those looking to gain direct access to Buffett's credit card plays, fans of the investor can also follow his recent actions by homing in on the broader consumer.

In the past, I've highlighted funds such as SPDR S&P Retail ETF ( XRT) and the iShares Dow Jones Consumer Goods Index Fund ( IYK) as strong options designed to target this market sector.

Of these two products, IYK stands out as likely the best choice for investors looking to follow the Nebraska native. P&G, Coca-Cola, and Kraft can be found listed among the fund's top ten holdings and together represent over a quarter of its portfolio.

Although Buffett made only a few tweaks to his portfolio during the first quarter of 2011, the moves were attention-grabbing. Looking ahead, it will be interesting to see what is more in store for this legendary portfolio.

Written by Don Dion in Williamstown, Mass.

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At the time of publication, Dion Money Management owned the iShares Dow Jones Consumer Goods Index Fund.

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