ProShares has launched its first leveraged and inverse exchange traded funds that follow CBOE Volatility Index futures.

ProShares Ultra VIX Short-Term Futures ETF (NYSEArca: UVXY) will try to reflect 200% of the daily performance of the S&P 500 VIX Short-term Futures Index. UVXY has an expense ratio of 0.95%.

The ProShares Short VIX Short-Term Futures ETF (NYSEArca: SVXY) is an inverse fund that provides 100% of the daily opposite return of the index. The ETF is designed to rise when VIX futures fall. SVXY has an expense ratio of 0.95%. [Leveraged ETFs See Inflows in Q3]

“Many investors are focused on volatility of the equity markets and are interested in tools that could help manage or incorporate volatility in sophisticated portfolios,” Michael L. Sapir, Chairman and CEO of ProShare Capital Management, commented in a press release. “Now, with our introduction of these new ProShares, investors for the first time can get leveraged or inverse exposure to VIX futures with an exchange traded fund.”

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