In their zeal to cash in on the latest investment craze, fund companies all too often have displayed a lack of originality and bad timing when launching new funds. Since exchange-traded funds have taken all of the major indexes, those that have come late to the ETF rage have come out with incredibly narrow niche and enhanced index funds that defy logic.

But a recent report of new luxury indexes could actually be the basis of some truly innovative, fresh ETFs. Proving that the rich really are getting richer, these so-called "blingdexes" that track stocks of companies that cater to the wealthy are booming, according to The Wall Street Journal. Although the indexes are new to the market, most of their sponsors have backtracked their performance; between 2001 and 2006, most of these luxury indexes would have returned an average of at least 13% a year.

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