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ProShares, the ETF issuer known for its 2x leveraged and inverse ETFs, announced today the launch of eight new 3x and -3x leveraged ETFs covering four major U.S. equity indexes. The benchmarks covered by the new ETFs include the NASDAQ-100, Dow Jones Industrial Average, S&P MidCap 400, and Russell 2000.

The new fund launches bring the number of 3x leveraged ProShares ETFs to ten. The company launched the UltraPro S&P 500 (NYSEARCA:UPRO) and UltraProShort S&P 500 (NYSEARCA:SPXU) in June 2009, and through January these funds had accumulated almost $270 million in aggregate assets.

New ProShares ETFs

Index 3x ETF -3x ETF
Dow Jones Industrial Average UltraPro Dow30 (NYSEARCA:UDOW) UltraPro Short Dow30 (NYSEARCA:SDOW)
S&P MidCap 400 UltraPro MidCap 400 (NYSEARCA:UMDD) UltraPro Short MidCap 400 (NYSEARCA:SMDD)
Russell 2000 UltraPro Russell 2000 (NYSEARCA:URTY) UltraPro Short Russell 2000 (NYSEARCA:SRTY)

By expanding its product line to include more 300% leveraged ETFs, ProShares will begin competing more directly with Direxion, the ETF issuer that pioneered 300% leverage and has historically dominated the space. ProShares’ Russell 2000 ETFs will compete directly with Direxion’s Daily Small Cap Bull 3x Shares (NYSEARCA:TNA) and Daily Small Cap Bear 3x Shares (NYSEARCA:TZA). Direxion’s product line consists of 26 leveraged ETFs based on 13 indexes, including broad-based and sector-specific equity benchmarks, developed and emerging markets, real estate, and fixed income.

ProShares has also registered fixed income, developed markets, and emerging markets ETFs offering 300% leverage.

Disclosure: No positions at time of writing.