The sector brings together certain FAANG stocks, media giants and telecom leaders, among others. As of January 8, 2019, the top five companies in the Index by weight include Facebook Inc., Alphabet Inc., Netflix, Inc., Activision Blizzard, Inc., and AT&T Inc.

The leveraged and inverse ETFs will invest in financial instruments including derivatives like swap agreements and money market instruments such as U.S. Treasury bills and repurchase agreements to achieve their respective target strategies.

“ProShares is committed to providing knowledgeable investors with a comprehensive set of tools for tactical investing,” Ben Fulton, managing director of ProShares’ tactical products business, said in a note. “To that end, we are particularly excited about adding leveraged and inverse communication services ETFs to our sector suite.”

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