ETF Securities has launched the first comprehensive range of double-leveraged and double-inverse funds on four major European equity market benchmarks: the DJ Euro Stoxx 50, FTSE 100, DAX and CAC 40 indices.

The funds will provide two times (in the case of the double-leveraged) or minus two times (in the case of the double-inverse) the daily return on the given indices. As the issuer highlights, this return is likely to differ from double the positive or negative return on the indices when measured over multi-day periods, due to the effect of daily compounding.

The listings are on the London Stock Exchange and, in the case of the DJ Euro Stoxx 50, DAX and CAC 40, there are listings in both euro and sterling currency classes.

The full list of the new ETFs, together with fund codes and total expense ratios, is as follows:

• ETFS FTSE 100 Leveraged (2*) Fund (LSE: LUK2, 0.50%)
• ETFS DJ Euro Stoxx 50 Leveraged (2*) Fund (LSE:LEU2, LSE:LE2P, 0.40%)
• ETFS CAC 40 2* Long Fund (LSE:FRL2, LSE:FL2P, 0.50%)
• ETFS DAX 2* Long Fund (LSE:DEL2, LSE:DL2P, 0.40%)
• ETFS FTSE 100 Super Short Strategy (2*) Fund (LSE: SUK2, 0.60%)
• ETFS DJ Euro Stoxx 50 Double Short (2*) Fund (LSE:SEU2, LSE:SE2P, 0.60%)
• ETFS CAC 40 2* Short Fund (LSE:FRS2, LSE:FS2P, 0.60%)
• ETFS DAX 2* Short Fund (LSE:DES2, LSE:DS2P, 0.60%)

All the ETFs will be issued under what ETF Securities calls its third-generation issuance platform, which involves multiple financial institutions and reduces exposure to any single fund issuer or sponsor. The firm is developing this issuer platform as a separate entity, called ETF Exchange, although the names of the other participating firms have not yet been revealed. Last week a new chief executive of ETF Exchange was appointed.