The ProShares and Direxion leveraged ETF’s have been extremely popular so it comes as no surprise they continue to launch new leveraged funds.  Yesterday, ProShares added 4 new leveraged international ETFs that seek to capture 2x the daily performance of the underlying benchmarks.  Here are the funds:

• ProShares Ultra MSCI EAFE (NYSE Arca: EFO)

• ProShares Ultra MSCI Emerging Markets (NYSE Arca: EET)

• ProShares Ultra FTSE/Xinhua China 25 (NYSE Arca: XPP)

• ProShares Ultra MSCI Japan (NYSE Arca: EZJ)

• Does the launch of these 4 funds indicate a top approaching in international and emerging market ETFs.  Perhaps, but I wouldn’t make large bets on that just yet.  Most markets remains in strong up trends.  I’d expect these ETF’s to be just as popular as the inverse versions were, I’m just wondering why they didn’t launch them in pairs at the same time.  The inverse counterparts of the above ETF’s have been around for nearly two years.  Here are the inverse versions:

• ProShares UltraShort MSCI EAFE (NYSE Arca: EFU)
• ProShares UltraShort MSCI Emerging Markets (NYSE Arca: EEV)
• ProShares UltraShort FTSE/Xinhua China 25 (NYSE Arca: FXP)
• ProShares Ultra MSCI Japan (NYSE Arca: EWV)
• What interests me more will be these inverse ETF’s once the markets go into rally correction mode.  They have been slaughtered and once they break their downtrends, should provide big profits.