Empirical studies concerning the existence of contrarian and momentum strategies on exchange traded funds (ETFs) are still scarcely. This paper examines the profitability of contrarian and momentum trading strategies of the ETFs traded in U.S markets. Using a unique sample of ETFs traded during the last two decades, this study examine several investment strategies based on various and asymmetric lengths of ranking and holding periods. Results indicate that the contrarian and momentum strategies produce significant profits. Further analysis reveals that microstructure biases has no effect on the existence of contrarian and momentum strategies, which indicates that miscalculation biases is a matter regarding the contrarian and momentum trading strategies of the ETFs traded in U.S markets. The results are robust even after returns are adjusted for risk using Fama and French's three-factor model and the global financial crisis.