ProShares, the largest issuer of inverse and leveraged exchange traded funds, is entering the competitive field of leveraged gold miners ETFs today with the introduction of four funds.

Maryland-based ProShares is charting new territory because its four new products are the first to be double-leveraged equivalents of the popular Market Vectors Gold Miners ETF’s (NYSEArca: GDX) and the Market Vectors Junior Gold Miners ETF (NYSEArca: GDXJ). Previously existing leveraged gold miners ETFs were only those of the triple-leveraged variety.

The new ProShares gold miners ETFs include the ProShares Ultra Gold Miners (NYSEArca: GDXX) and the ProShares UltraShort Gold Miners (NYSEArca: GDXS). GDXX is designed to deliver twice the daily performance of the NYSE Arca Gold Miners Index while GDXS will attempt to deliver twice the daily inverse performance of that index. The Arca Gold Miners Index is the underlying benchmark for GDX, the largest gold miners ETF and one the most heavily traded U.S. ETFs of any type. [Big Volume Could be a Positive for Gold Miners]

The ProShares Ultra Junior Miners (NYSEArca: GDJJ) will attempt to deliver twice the daily performance of the Market Vectors Junior Gold Miners Index while the ProShares UltraShort Junior Miners (NYSEArca: GDJS) will seek to deliver twice the daily inverse performance of that index. GDXJ tracks the Market Vectors Junior Gold Miners Index.

The junior miners index “includes companies that generate at least 50% of their revenues from (or, in certain circumstances, have at least 50% of their assets related to) gold mining and/or silver mining or have mining projects with the potential to generate at least 50% of their revenues from gold and/or silver when developed. Such companies may include micro- and small-capitalization companies and foreign issuers. The weight of companies determined to be silver stocks will not exceed 20% of the index at any quarterly rebalance. Between rebalances the weight may exceed 20% due to market appreciation,” said ProShares in a statement.

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