EMA ETF FUND PORTFOLIO 6/11/09

Total Assets                                                                              $ 1,130,889

ETF                 Description                                                          Value              Face Value

PBW      Green Energy                                                            $      61,537        $   61,537

PHO      Water Resources                                                               22,200             22,200

IGW     Semi-Conductors                                                                45,731             45,731

IYW     Tech stocks                                                                          43,210             43,210

IBB      Biotech                                                                                  51,859             51,859

TLT     Long T-Bonds                                                                     49,918              49,918

UUP    Long  Dollar                                                                         50,000             50,000

QQQQ  Long NASDAQ 100                                                         105,305            105,305

SDS     Double Short S&P 500                                                       99,433          (198,866)

SH       Short S&P 500                                                                    91,763             (91,763)

QID    Double Short Nasdaq 100                                                 137,417          (274,834)

TWM  Double Short Russell Index                                               87,674           (175,348)

DXD    Double Short Dow                                                               44,570            (89,140)

DUG   Double Short Oil                                                                   57,010          (114.020)

SMN   Double Short Basic Material                                               57,802          (115,604)

DZZ    Double Short Gold                                                                 21,122           (42,244)

Cash                                                                                                   104,338                      0

TOTALS                                                                                     $ 1,130,889     $ (672,059)