ProShares has officially joined the exchange-traded funds 3x party.

The leader in leveraged ETFs launched Thursday a pair of portfolios that will put it into a different sort of niche market. Each of the new ETFs will aim at providing 300% exposure — both inverse as well as leveraged — to the S&P 500 index.

The new ETFs are the: ProShares UltraPro S&P 500 (NYSE Arca: UPRO) and ProShares UltraPro Short S&P 500 (NYSE Arca: SPXU).

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