ProShares has launched two new exchange-traded funds, the ProShares Ultra High Yield and the ProShares Ultra Investment Grade Corporate funds. The firm says it is they are the first ETFs to offer exposure to the two fixed income asset classes.

The high yield fund seeks to offer 2x the daily performance of the Markit iBoxx Liquid High Yield Index, and the investment grade fund seeks to offer 2x the daily performance of the Markit iBoxx Liquid Investment Grade Index.

The two funds join a pair of existing ProShares fund that short the two asset classes, the ProShares Short High Yield and the ProShares Short Investment Grade Corporate funds.

“With today’s launch, knowledgeable investors now have an even larger suite of geared ETFs to help manage their exposures to high yield and investment grade corporate bonds,” said Michael L. Sapir, chairman and CEO of ProShare Advisors.

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