ProFunds investors can now take aim at the Japanese stock market, whether they think it will rise or fall. Made available to investors last Wednesday, the UltraShort Japan ProFund bets the Nikkei 225 will fall, balancing the long strategy of the UltraJapan ProFund.

The Bethesda, Maryland-based fund firm has built its reputation by offering such complementary funds, and thus allowing investors to choose between bullish or bearish approaches to various market sectors. Michael Sapir, chairman and chief executive of ProFund Advisors, told Dow Jones Newswires that the offering was created in response to demand from clients who believe Japan's booming financial market "has run its course."

The UltraShort Japan ProFund seeks to provide daily investment results that, before fees and expenses, gain 2 percent for every 1 percent drop in the dollar-denominated Nikkei 225. The UltraJapan ProFund, on the bullish side, also magnifies investment exposure by a factor of two. General information on the ProFunds Web site suggests the new fund can be used to hedge against losses on large-cap Japanese equity holdings. 

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