ProShares, a manager of leveraged and inverse exchange-traded funds, and investment bank KBW have launched the first ETFs providing leveraged or inverse exposure to the regional banking sector.
The ETFs seek to provide 200 per cent or minus 100 per cent of the return of the KBW Regional Banking Index for a single day, before fees and expenses.
The KBW Regional Banking Index was created and is managed by KBW.
The new ProShares ETFs, Ultra KBW Regional Banking and Short KBW Regional Banking, are listed on NYSE Arca.
"We’re pleased to provide investors with ProShares ETFs on the regional banking sector," says Michael L. Sapir (pictured), chairman and chief executive of ProShare Advisors, ProShares’ investment adviser. "Many investors follow regional banking stocks, and these ETFs provide them with additional tools to act on their views."
"We are excited about teaming with ProShares to bring investors these valuable new tools for managing exposure to regional banks," adds John N. Howard, co-director of research at KBW.
