ProShares Thursday launched four new exchange-traded funds to trade on the New York Stock Exchange designed to track different indexes and deliver twice the inverse of their retruns, before fees and expenses. The UltraShort Funds aim to provide greater short exposure for investors.

"Over the past few years, we have seen increasing investor interest in more sophisticated strategies to use when the markets are heading down," said Michael Sapir, CEO of ProShare Advisors. "But for those investors who use ETFs, it hasn't necessarily been easy to execute those strategies. Shorting a traditional ETF can involve setting up a margin account, borrowing securities and, potentially, losing more than the original investment."

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