Create a unique list from a list of duplicated dynamically?

If I have a list like this:

Blue
Blue
Red
Blue
Green
Red
Green
Green
Yellow
Yellow

Is there a way for me to make a list based on the values above that will only display the unique values? Making it look like this:

Blue
Red
Green
Yellow



I want it to be dynamic, so if I throw in new colors to the first list, my second list will automatically update and include the new color.

Try this

Assuming your Data is in Column A beginning A2
In B2

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In C2

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This is an array formula and must be confirmed with
Ctrl+Shift+Enter, not just Enter

Drag/Fill Both Down as required.

Column B can be hidden.

Hope this helps

non array and much simpler same as marcol's above but
in b2 put
=IF(COUNTIF($A$2:A2,A2)=1,ROW(),"")
in c2 put
=IF(ROW(A2)>COUNT($B$2:$B$100),"",INDEX($A$2:$A$100,MATCH(SMALL($B$2:$B$100,ROW(A2)),$B$2:$B$100,0)))

I used what Marcol posted btw

it took a while

thats because its an array formula they do that! both the other solutions are non array and work quicker.