Another day, another dozen ETFs. We had not seen this news anywhere else, so we decided to pass it along. According to a Reuters.com report ProFunds has won approval for 12 new ETFs. Among these funds would be leveraged funds and inverse funds based on some standard indices. These type of funds have been available as open-end mutual funds, but apparently these would be the first ETFs of this kind.
Given the growth in the ETF industry, this news is not particularly surprising. Investors in accounts with limitations, like IRAs, might find these products of use. Leverage is of course a double-edged sword. Proceed with caution.