ProShares, a provider of alternative exchange-traded funds, has launched ProShares UltraPro Financials and ProShares UltraPro Short Financials.

Both ETFs have listed on NYSE Arca.

FINU seeks to provide 3x the daily performance of the Dow Jones US Financials Index, before fees and expenses.

FINZ seeks to provide -3x the daily performance of the Dow Jones US Financials Index, before fees and expenses.

"Financials have been one of the most dynamic parts of the market and many investors are seeking to manage risk or potentially take advantage of moves by the sector," says Michael L Sapir, chairman and chief executive of ProShare Advisors, ProShares' investment adviser. "Our existing geared financial ETFs have raised more than USD1bn of assets and we are pleased to offer additional ways for investors to manage their exposure to this important market segment."

The introduction of FINU and FINZ expand ProShares' lineup of geared financial ETFs to five.