ProFunds Group Thursday launched the first exchange-traded funds to offer three times the leverage of their benchmark index. The ProShares UltraPro S&P 500 seeks 300% of the performance of the S&P 500 in a single day, and the ProShares UltraPro Short S&P 500 seeks 300% of the inverse performance of the S&P 500.

“The S&P 500 has the largest following in the ETF industry, with nearly $90 billion of assets benchmarked to it,” said Michael L. Sapir, chairman and CEO of ProFunds. “As a leader in short and leveraged ETFs, we are committed to giving investors more choices to manage risk and pursue returns.”

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