ProShares has launched two ETFs with leveraged and inverse exposure to the U.S. biotechnology sector. Ultra Nasdaq Biotechnology (BIB), and UltraShort Nasdaq Biotechnology (BIS), seek to provide 200% or -200% of the return of the NASDAQ Biotechnology Index for a single day. That index is the most widely used benchmark for U.S. biotechnology stocks, according to Bloomberg.
The two funds were listed on NYSE Arca on April 8.
"Many investors have strong opinions on the biotech industry, and these ETFs provide them with leveraged or inverse exposure to help them act on their views," Michael Sapir, chairman and chief executive of ProShares Advisors LLC, said in a statement.
ProShares, part of ProFunds Group, introduced the first leveraged and inverse ETFs in the U.S. in 2006, the statement said.
Michael S. Fischer (msf7@columbia.edu) is a New York-based financial writer and editor and a frequent contributor to Wealth Manager.
