Call it extreme investing.

ProFunds

launched its

no-load

Utilities UltraSector ProFund

Thursday, according to a company announcement. Like the firm's other 11 UltraSector funds, this one is designed to produce 150% of an industry-specific index, in this case the

Dow Jones Utilities Index

.

How? The funds primarily use leverage -- the practice of investing borrowed money -- to boost their returns. Of course, while leveraging means the fund should produce 150% of the index's gains, its losses will be equally as large when the stocks slide.

TheStreet.com

, on April 27,

previewed the 17 total UltraSector funds the Bethesda, Md.-based shop has planned. The 11 UltraSector funds that have launched so far cover a wide range of sectors, including hot ones such as biotechnology, Internet and wireless communications.

These new offerings make ProFunds all the more attractive to market timers who jump in and out of markets and sectors depending on the outlooks. ProFunds doesn't levy sales charges or transaction fees and doesn't limit exchanges between funds.

The fund's investor share class expenses are 1.35%; expenses on its service class (for those buying the fund through an adviser) are 2.35%. The average utilities fund's expenses are 1.41%, according to

Morningstar

.