You can now gain leveraged and inverse-leveraged exposure to US stocks without having to choose a subset of large-cap, mid-cap or small-cap stocks.

Two new ETFs from ProShares started trading today, providing +200% and -200% exposure to the Russell 3000 Index. ProShares Ultra Russell3000 (UWC) and ProShares UltraShort Russell3000 (TWQ) will seek to provide daily returns that are +/- 200% of the index. The Russell 3000 Index represents approximately 98% of the investable US equity market, making these new funds the closest thing to “total US market” leveraged ETFs.

The new funds have an expense ratio of 0.95%. The leverage is reset daily, and anyone considering purchasing them needs to be fully aware of the long-term negative impact of this process.