Some funds track the trading of carbon allowances, like the iPath Global Carbon ETN (GRN).

New ETFs in the works may one day also provide for trading credit default swaps and even a fund tracking the direction of home prices.

Intrepid investors may also consider ETFs from Direxion that offer 3-times leverage on indexes and sectors. These ETFs are best for short-term trades since volitility can wipe away returns over time. It should be noted that these ETFs are not for the novice and faint-of-heart.

Whether you’re an exotic type of investor or you trend more toward the plain vanilla funds, always be sure to watch the trend lines to see what’s moving. Use the 50-day or 200-day moving averages as your guide for both entry and exit.

Read the disclaimer, as Tom Lydon is a board member of Rydex Funds.