Two new Exchange Traded Funds (ETF) commenced trading on Thursday. Both new ETFs trade on the NASDAQ and are based on the NASDAQ Biotechnology Index (NBI).
ProShares Ultra Nasdaq Biotechnology (NASDAQ Stock Symbol BIB) is a leveraged ETF that seeks to provide investment results that correspond to 200% (before fees and expenses) of the daily performance of the NASDAQ Biotechnology Index.
The other new Biotech ETF offering from Proshares provides investors and traders leveraged short side exposure to the NASDAQ Biotechnology Index. ProShares UltraShort Nasdaq Biotechnology, which trades on the NASDAQ under the symbol BIS, aims to produce 200% of the inverse daily performance of the NASDAQ Biotechnology Index (before fees and expenses).
