With Australia seemingly having dodged the bullets that have hit so many other members of the global economy—high debt levels, shaky currencies, stubbornly high unemployment—perhaps it should come as no surprise that the “lucky country” has been wooing investments that used to flow elsewhere. And ETFs are no different.
As reported earlier this year in Investment Advisor, there are a number of ETFs that have sought out the Land Down Under as a place to park dollars—American dollars, that is—in the hope of positive returns. Now two more have joined the pack: ProShares Ultra Australian Dollar (GDAY) and ProShares UltraShort Australian Dollar (CROC).
GDAY and CROC both launched Thursday. They are the latest additions to the geared currency ETF lineup at ProShares, which already offers investors opportunities in euros and Japanese yen via ETFs providing magnified or inverse exposure.