ProShares is launching the first exchange-traded funds with leveraged and inverse exposure to the biotechnology sector.
The ETFs seek to provide 200 per cent or -200 per cent of the return of the Nasdaq Biotechnology Index for a single day.
The index is the most widely used benchmark for US biotechnology stocks.
The new ProShares ETFs, Ultra Nasdaq Biotechnology and UltraShort Nasdaq Biotechnology, will list on The Nasdaq Stock Market today.
"We’re pleased to provide investors with ProShares ETFs benchmarked to the most popular biotech index," says Michael L. Sapir, chairman and chief executive of ProShare Advisors, ProShares’ investment adviser. "Many investors have strong opinions on the biotech industry, and these ETFs provide them with leveraged or inverse exposure to the sector to help them act on their views."