“Some professionals have exposure in their own company stock and may look to balance their portfolios by owning the sp without overweighting that sector,” Sapir said. “Rather than having to structure a strategy with many ETFs, you have a one ticker (ETF) solution without having to worry about ongoing rebalancing.”

The S&P 500 Ex-Financial ETF (NYSEArca: SPXN), S&P 500 Ex-Health Care ETF (NYSEArca: SPXV) and S&P 500 Ex-Technology ETF (NYSEArca: SPXT) also began trading Thursday, September 24. The ex-sector S&P 500 ETFs will have a 0.27% expense ratio.

ProShares is currently testing the waters with these four ex-sector S&P 500 ETFs and could roll out with more options if the strategy proves popular.

As the fund names imply, the new ex-sector S&P 500 ETFs will track S&P 500 companies except those mentioned sectors.

SPXN will follow the S&P 500 Ex-Financials Index, which includes S&P 500 companies with the exception of companies included in the Financial Sector.

SPXV will mirror the S&P 500 Ex-Health Care Index, which includes  S&P 500 companies with the exception of those included in the Health Care Index.

Lastly, SPXT will reflect the performance of the S&P 500 Ex-Information Technology & Telecommunications Services Index, which holds S&P 500 companies with the exception of those included in the Information Technology and the Telecommunication Services Sectors, or collectively the Technology Sector.

For more information on new fund products, visit our new ETFs category.

Max Chen contributed to this article.