For over five years, the ProShares Ultrashort Nasdaq Biotechnology (NasdaqGM: BIS) and the ProShares Ultra Nasdaq Biotechnology (NasdaqGM: BIB) cornered the market for leveraged biotechnology exchange traded funds.

In the span of three weeks, the number of leveraged biotech ETFs has tripled. In late May, Direxion introduced the Direxion Daily S&P Biotech Bull Shares (NYSEArca: LABU) and the Direxion Daily S&P Biotech Bear Shares (NYSEArca: LABD). Today, ProShares, the largest issuer of inverse and leveraged ETFs, launched the UltraPro NASDAQ Biotechnology (NasdaqGM: UBIO) and the UltraPro Short NASDAQ Biotechnology (NasdaqGM: ZBIO). [Don’t Mess With the Leveraged Biotech Bull]

The UltraPro NASDAQ Biotechnology will attempt to deliver three times the daily performance of the NASDAQ Biotechnology Index while the UltraPro Short NASDAQ Biotechnology will seek to deliver three times the daily inverse performance of that index. The NASDAQ Biotechnology Index is the underlying benchmark for the iShares Nasdaq Biotechnology ETF (NasdaqGS: IBB), the largest biotech ETF by assets.

Maryland-based ProShares introduced four leveraged ETFs today, including a pair of leveraged homebuilders funds, a niche rival Direxion is also eyeing.

The Ultra Homebuilders & Supplies (NYSEArca: HBU) and the UltraShort Homebuilders & Supplies (NYSEArca: HBZ) will offer double leverage on the Dow Jones U.S. Select Home Construction Index. That is the underlying benchmark for the $2.1 billion iShares U.S. Home Construction ETF (NYSEArca: ITB).

ProShares also introduced two double-leveraged equity-based energy ETFs today. Those new funds are the Ultra Oil & Gas Exploration & Production (NYSEArca: UOP) and the UltraShort Oil & Gas Exploration & Production (NYSEArca: SOP).

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