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Create Your Own ETF Hedge Fund: A Do-It-Yourself ETF Strategy for Private Wealth Management


Create Your Own ETF Hedge Fund

"As a psychologist, I find this book and the ETF Digest web site to do an excellent job of helping us separate our emotional reactions to the market from our more cognitive ones. As humans, we always emotionally want to gain more resources, but are constantly afraid we are about to lose everything. Dave Fry helps to balance these two points of view so we can move forward. In his book, Dave shows us how to think like a hedge fund manager and to understand risk and evaluate rewards. In comparison to many market 'gurus' who keep wanting the market to follow their views, Dave Fry turns to reality by having us focus on the market to organize our responses. Balancing the realities of both human instincts and the markets, we come to see ways of using ETFs and cash in a variety of circumstances. Learning from his experiences helps even sophisticated investors create a valuable roadmap for their future."
—William J. Ray, Professor of Psychology, Penn State University

"Dave cuts through some of the financial markets' most deep-seated canards to provide the do-it-yourself investor with strategies and ideas for staying ahead of the game. And he suggests some important questions that other investors should be asking their professional advisors about how they're handling their assets."
—Greg Newton, former president of MARHedge Fund Newsletter and current Publisher of NakedShorts

"Dave Fry extolled the benefits of exchange-traded funds before much of the rest of the world caught up with him. Now, in Create Your Own ETF Hedge Fund, Dave shows investors how to use the wide variety of ETFs now available to pursue sophisticated strategies that used to be available to only a select few."
—Michael Sapir, CEO, ProShares

David H. Fry is founder of ETF Digest, a leading newsletter web site ( for active traders and investors involved with ETFs. He founded ETF Digest in 2001 and was among the very first to see the need for a pulication that provided extensive information and advice on ETF investing. Fry has devoted over thirty years to the business of trading and portfolio management. His registration as an arbitrator with both the National Association of Securities Dealers(NASD) and the National Futures Association (NFA) attests to his extensive experience and spotless compliance record.


About the Author.


Part One. Contemporary Investment Conditions.

Chapter 1. Hobson's Choice.

Current Situation: The Captive Client.

How the Investment Business Changed.

The Age of the DIY Investor.

If You Can't Beat 'Em, Join 'Em.

Bad Apples and Unethical Practices.

High Pressure Environment.

The Regulators Crackdown.

The Mother of All Mutual Fund Scandals.

But Wait, There's More Potential Scandal Ahead.

Client Rumblings and Grumblings.

I Still Want Someone Else To Do It.

Reports of My Death Have Been Greatly Exaggerated.

Future Area of Growth: Unified Accounts.

The Future for Financial Advisors Never Brighter...Maybe.

Two Body Blows to Wall Street Fees.


Chapter 2. ETFs - The New Investment of Choice.

DIY Investors Take Charge.

What Took ETFs So Long To Catch On?

Indexing versus Active Management.

ETFs and Indexing.

The ETF Tsunami.

Current Choices.

New Quantitative Indexes.

International ETFs.

Inverse ETFs.

Ultra, Leveraged Short, or Long ETFs.

Commodity and Currency Etfs.

Actively Managed ETFs?

With Growth Comes Other Problems.

A Disruptive Technology Indeed!

Chapter 3. The Rise of Hedge Funds.

What We Really Mean By Hedge Fund.

Hot New Sector: Private Equity.

Growth of Hedge Funds.

Who Invests In These Complex Strategies?

Why Invest In Hedge Funds Anyway?

But Can Retail Investors Participate?

Hedge Fund Disasters.

To Regulate or Not.

Hedge Funds Are Here To Stay.

Chapter 4. A Convergence Story.

Mutual Funds, ETFs, and Hedge Funds.

Mutual Funds Adopting Some Hedge Fund Strategies.

Alternative Investment Strategies in Hedge Funds.

Rydex Investments Leads a Big Change.

PowerShares Actively Traded ETF.

PowerShares Private Equity ETF.

Commodity ETFs Direct.

Currency ETFs Direct.

Inverse ETFs Direct.

New Margin Rules.

The Zero Commission.

Convergence Well Underway.

Chapter 5. The Bullish Bias Gets a Makeover.

Other Contributing Forces.

Commissions Out, Fees In.

Recurring Fees.

The Greenspan and Bernanke Put.

Money Supply Shenanigans.

Excess Liquidity and Stock Buybacks.

I’m Forever Blowing Bubbles.

Bye Bye Glass-Steagall.

"Da Boyz" and Primary Dealers Merge.

Does the Fed or Treasury Manipulate Markets?

Time to Connect the Dots.

The New Robber Barons.

Two Jokers in the Deck.

What Bears Are Up Against.

Part Two. Strategies.

Chapter 6. Market Neutral.

The Northwest Quadrant.

Even Here, Risks Remain.

ETFs and Market Neutral Strategies.

Alpha Strategies.

Market Neutral Mutual Funds.


Chapter 7. Global Macro.

LTCM Blows Up.


Think Global, Invest Global.

Trade Global.

So You Wanna Be a Gunslinger Too?


Chapter 8. Doing It Their Way.

Selected "Trader" Profiles.

Selected "Stock Pickers" Profiles.

Selected "Distressed Securities" Profiles.

Selected "Quantitative" Profiles.

Other Famous Hedge Fund Practitioners.

Insider Trading Building Performance?

So if it's a Game for the Big Boys, How Can We Play?

Chapter 9. Trading...Do I Have To?

One True Thing.

Market Timing Myths and Realities.

The Lazy or Passive Investor: No Single Strategy Always Performs Best.

The Lazy Hedge Fund Investor: The Do-Nothing Crowd.

Merrill and Goldman Try To Shake Things Up: Can Passive Indexes Destroy Fees?

Day Trading: Frenetic and Intense.

Shorting Explained: To Go North, Head South.

Quantitative Trading: Reserved for the Left Brain Crowd.

Multistrategy: All Things to All People.


Part Three. Hedge Funds for the Rest of Us.

Chapter 10. Lower Risk Global Macro Long/Short Strategies.

The ETF Digest Methodology.


Fast Forward 35 Years.

Trend Following.

Risk Management.

The Two-Thirds Objective.

Finding Your Sacred Cows.

ETFs Provide the Tools for Implementing Global Macro Long/Short Strategies.

The Trick Is Putting Them Together.

Chapter 11. Constructing Your Own ETF Hedge Fund.

Typical Questionnaire.

Long-Term Investor or Short-Term Trader.

Awash in ETF Choices.

Performance Myths and Realities of Style.

One World Market.

True Diversification.

Shorting Essentials.

Portfolio Reallocation.

Actively Managed ETFs and Mutual Fund Posers.


Chapter 12. ETF Hedge Fund Portfolios.

Long-Term or Short-Term Approach.

Aggressive Growth.


Growth and Income.

Dave's Special Portfolio.

ETF Substitutes.


Chapter 13. Tools and Resources.

Where to Get the Help You Need.

Online Tools.

Important Tools I Like.

Market Information Resources.


Chapter 14. Eight Steps To Building Your ETF Hedge Fund.

Step 1. Define Yourself.

Step 2. Develop Your Hedge Fund Strategy.

Step 3. Use ETFs as the Primary Tool.

Step 4. Using Mutual Funds as an Alternate Vehicle.

Step 5. Get Help, Even if You're a DIY.

Step 6. If You Want To Use a Financial Advisor, Find the Right One.

Step 7. DIYs Need an Online Broker.

Step 8. Find the Support Tools You Need.