ProShares on Tuesday launched two volatility exchange-traded funds, the ProShares VIX Short-Term Futures and the ProShares VIX Mid-Term Futures funds.

“Until now, to access volatility, many investors have considered exchange-traded notes, which subject them to the credit risk of the note’s issuer,” said Michael L. Sapir, chairman and CEO of ProShare Capital Management. “Now, for the first time, investors can access volatility with a U.S. exchange-traded fund.”

The two funds are linked to the one-month S&P 500 VIX Short-Term Futures Index and the five-month S&P 500 VIXI Mid-Term Futures Index.