ProShares has taken steps to launch an extensive list of leveraged and inverse ETFs offering 300 percent exposure to a lineup of popular indexes. The firm already has a pair of "UltraPro" ETFs that are tied to the S&P 500—the ProShares UltraPro S&P 500 ETF (NYSEArca: UPRO) and the ProShares UltraPro Short S&P 500 (NYSEArca: SPXU).

This latest move is a direct shot over the bow of Direxion, a relative newcomer to the market that has attracted significant assets to its own family of geared ETFs, all of which provide 300 percent leveraged or inverse exposure to their underlying indexes.

The funds include the following:

Market Cap:

• UltraPro QQQ
• UltraPro Dow30
• UltraPro MidCap 40
• UltraPro Russell2000

International:

• UltraPro MSCI EAFE
• UltraPro MSCI Emerging Markets

Fixed Income:

• UltraPro 7-10 Year Treasury
• UltraPro 20+ Year Treasury

Short Strategies:

• UltraPro Short QQQ
• UltraPro Short Dow30
• UltraPro Short MidCap 40
• UltraPro Short Russell2000
• UltraPro Short MSCI EAFE
• UltraPro Short MSCI Emerging Markets
• UltraPro Short 7-10 Year Treasury
• UltraPro Short 20+ Year Treasury

As with all leveraged and inverse funds, the products are designed mainly for short-term investment purposes. Like the rest of the ProShares lineup—and like the Direxion Shares family—each of the ETFs comes with a net 95 basis point expense ratio.