A dozen ProFunds ETFs make their debut

Nov 25, 2008 @ 3:24 pm

By Erin Yerke

ProFunds Group today announced 12 exchange traded funds to be listed on the NYSE Arca, a division of NYSE Euronext of New York.

They are the first ETFs in the United States to provide short exposure or leveraged exposure to commodities or to the euro and the yen, according to a statement from ProFunds.

The funds are independent of the series of the ProShares Trust II ETFs that trade separately.

Only eight funds are available: Ultra DJ-AIG Commodity, UltraShort DJ-AIG Commodity, Ultra DJ-AIG Crude Oil, UltraShort DJ-AIG Crude Oil, Ultra Euro, UltraShort Euro, Ultra Yen and UltraShort Yen.

The other four funds, benchmarked to gold and silver, are expected to start trading in the coming weeks.

These are the Ultra Gold, UltraShort Gold, Ultra Silver, and UltraShort Silver.

“Ultra” funds will seek daily investment results corresponding to 200% the daily performance of its corresponding benchmark.

“UltraShort” funds will seek daily investment results corresponding to 200% of the inverse of daily performance of its corresponding benchmark.

The ProShares Trust is sponsored by ProShare Capital Management LLC, a part of Bethesda, Md.-based ProFunds Group.

ProFunds has 64 other short and leveraged ProShares ETFs.

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