ProShares announced today the launch of the first short international exchange traded funds (ETFs) designed to go up when a foreign market goes down. The six new ProShares ETFs to be listed on the American Stock Exchange (AMEX) are:

• Short MSCI EAFE (EFZ) – This ETF’s daily objective is to provide daily returns equal to the inverse of the daily return of the MSCI EAFE Index.
• UltraShort MSCI EAFE (EFU) – This ETF’s daily objective is to provide daily returns equal to two times the inverse of the daily return of the MSCI EAFE Index.
• Short MSCI Emerging Markets (EUM) – This ETF’s daily objective is to provide daily returns equal to the inverse of the daily return of the MSCI Emerging Markets Index.
• UltraShort MSCI Emerging Markets (EEV) – This ETF’s daily objective is to provide daily returns equal to two times the inverse of the daily return of the MSCI Emerging Markets Index.
• UltraShort MSCI Japan (EWV) – The ETF’s daily objective is to provide daily returns equal to two times the inverse of the daily return of the MSCI Japan Index.
• UltraShort FTSE/Xinhua China 25 (FXP) – This ETF’s daily objective is to provide daily returns equal to two times the inverse of the daily return of the FTSE/Xinhua 25 China Index.

EFZ and EFU launched today, while the remaining four will launch in November.