Gus Fleites, the exchange traded fund (ETF) expert, has left ProFunds after a little less than a year. When Fleites joined the firm, they were seeking SEC approval to start ETFs that either leveraged index returns or returns opposite of specified indexes, according to Tom Leswing of Ignites. Since then, ProFunds has been the first firm to launch such funds, which they have branded ProShares. ProFunds now offer 12 ETFs with a total of $1.5 billion in assets; they are seeking to launch another 66 ETFs. William Seale, ProFunds Principle Chief Economist, will take over Fleites position, in addition to his other responsibilities.
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