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Products July 2, 2009
ETFs Provide Short and Leveraged Exposure to Russell 3000
ProFunds Group launched what it said are the first exchange-traded funds (ETFs) built to provide short and leveraged exposure to the Russell 3000 Index.
Reported by Rebecca Moore
According to an announcement, the ProShares Ultra Russell3000 (UWC) is built to produce 200% of the performance of the Russell 3000 Index for a single day, while ProShares UltraShort Russell3000 (TWQ) is built to produce 200% of the inverse performance of the Russell 3000 Index for a single day.
The Russell 3000 Index measures the stock performance of the largest 3000 U.S. companies, representing approximately 98% of the investable U.S. equity market. The new ETFs are listed on NYSE Arca.
“With the addition of these broad market funds, ProShares now has 17 leveraged and short ETFs linked to Russell indexes,” said Michael L. Sapir, ProFunds Group Chairman and CEO, in the announcement.
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