Today Nasdaq announced that ProShares will list two new exchange-traded funds (ETFs), UltraPro Nasdaq Biotechnology ETF (Symbol: UBIO) and UltraPro Short Nasdaq Biotechnology ETF (Symbol: ZBIO), which will both begin trading today, June 23, 2015. Both funds track the Nasdaq Biotechnology Index.
"We're pleased to expand our suite of biotech ETFs listed on Nasdaq," said Michael L. Sapir, cofounder and CEO of ProShares Advisors, LLC, advisor to ProShares. "We now offer investors four ETFs providing magnified or inverse exposure to the Nasdaq Biotechnology Index, including the first and only 3x ETF on the index."
ProShares is the world's largest provider of geared ETFs. Geared ETFs are designed to offer knowledgeable investors the opportunity to act on their views, whether it's hedging against downturns with inverse ETFs or using a leveraged ETF to get magnified exposure to a benchmark.
UBIO seeks to provide 3x and ZBIO seeks to provide -3x the daily performance of the Nasdaq Biotechnology Index, before fees and expenses. The Nasdaq Biotechnology Index is a modified capitalization weighted index that includes Nasdaq-listed companies classified as either biotechnology or pharmaceutical.
"We are thrilled to add UBIO and ZBIO to the ProShares product suite listed on The Nasdaq Stock Market," said Jeff McCarthy, Vice President and Head of ETP Listings at Nasdaq. "These two products join the ProShares Ultra Nasdaq Biotechnology ETF (Symbol: BIB) and ProShares UltraShort Nasdaq Biotechnology ETF (Symbol: BIS), all benchmarked to the Nasdaq Biotechnology Index (Symbol: NBI). These launches demonstrate how Nasdaq can provide clients with turn-key solutions for passive products supporting both listing and index strategy."
Nasdaq operates an efficient platform for successfully introducing a product suite into one of the single largest pools of liquidity, including market participants which represent a full spectrum of investors. ETF issuers benefit from an end-to-end solution that provides ongoing product support including index licensing, listings opportunities, data offerings and trading services. As the home to some of the world's most innovative ventures, Nasdaq generates opportunities for issuers to access new markets and deliver new concepts that change the way the industry develops, manages and applies ETFs.
