ProFunds is adding two funds that seem to catch the latest investment waves, only it is targeting investors betting on a wipeout. The Bethesda, Maryland-based fund firm launched the Short Oil & Gas and Short Real Estate Sector Funds. As their name suggests, the two funds target the oil and real estate industries and both funds are betting stocks in those sectors will fall.

"Our investors have asked us to create additional opportunities for when they believe a sector of the economy will cycle downward," said Michael L. Sapir, chairman and CEO of ProFund Advisors LLC. "We are responding by launching these new ProFunds, which cover two sectors that recently have been the subject of much attention--real estate and oil and gas."

The funds are intended to allow investors to hedge their existing investments in those sectors without having to sell their stakes and trigger taxes or redemption fees.

The Short Oil & Gas fund is inversely tied to the Dow Jones Oil & Gas Index. The Short Real Estate ProFund benchmarks to the Dow Jones Real Estate Index.  

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