Love bonds?

ProShares has launched two new ETFs that will give investors leveraged exposure to the U.S. Treasury market. The new funds are:

• The ProShares Ultra 20+ Year Treasury (NYSEArca: UBT)
• The ProShares Ultra 7-10 Year Treasury (NYSEArca: UST)

The new funds are designed to deliver 200 percent of the daily return of their respective indexes. As with all daily leverage or inverse ETFs, the long-term returns of these funds will vary from that 200 percent metric.

The new funds—the first positive leverage Treasury funds from ProShares—will compete with two leveraged Treasury ETFs from Direxion. The Direxion Daily 30-Year Treasury Bull 3x Shares (NYSEArca: TMF) and Direxion Daily 10-Year Treasury Bull 3x Shares (NYSEArca: TYD) are designed to deliver 300 percent of the daily return of their benchmark indexes. Those funds, however, have not been popular with investors: They have a combined $20 million in assets.

Investors are shying away from long Treasury bets right now, on concerns that rising rates could lead to capital losses in the Treasury markets.

The new ETFs will serve as “long counterparts" to popular inverse fixed-income ETFs from ProShares—the ProShares UltraShort 20+ Year Treasury (NYSEArca: TBT) and the ProShares UltraShort 7-10 Year Treasury (NYSEArca: PST). Both TBT and PST are bearish takes on the bond market, providing -200 percent the daily returns of their underlying indexes. TBT has become incredibly popular, attracting some $4.6 billion of assets in less than two years since inception.