Warren Buffett, the billionaire investor next door, once said, “Be fearful when others are greedy and greedy when others are fearful.” A new exchange traded fund (ETF) will make that job a bit easier for contrarian investors.

The JETS Contrarian Opportunities Index Fund (NYSEArca: JCO) is a new and first-of-its kind product that tracks stocks that are currently out of favor with investors, reports Olivier Ludwig of Index Universe. Javelin Investment Management, famous for its JETS Dow Jones Islamic Market International Index Fund (NYSEArca: JVS), created the fund.

“About 30% of the portfolio is currently invested in the consumer services industry, 21% in health care, and almost 15% in industrials,“ according Olivier Ludwig.

The fund, which is based on the Dow Jones U.S. Contrarian Opportunities Index, is designed to invest in those stocks that have underperformed in recent years, but have strong fundamentals relative to other companies. Stocks are chosen semiannually based on three-year trailing returns.

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