In any given year, closures of exchange-traded products (ETPs), including exchange-traded funds (ETFs), can approach the triple digits in the U.S. The hallmark of liquidated ETFs is usually a weak assets under management tally, which underscores light investor interest in the product to be closed.

So it was perhaps odd that Credit Suisse Group AG (CS) opted to close the VelocityShares 3x Long Crude Oil ETN and the VelocityShares 3x Inverse Crude Oil ETN late last year. When that announcement was made in November, those two exchange-traded notes (ETNs) had about $1.8 billion in assets under management combined. In fact, the VelocityShares 3x Long Crude Oil ETN was the first ETP in U.S. history to fall victim to a closure while sporting more than $1 billion in assets under management. The VelocityShares 3x Long Crude Oil ETN and the VelocityShares 3x Inverse Crude Oil ETN were officially liquidated in December. (See also: The Long and Short of Trading Oil ETFs/ETNs.)

Other ETF issuers see an opportunity where Credit Suisse left off. On Monday, ProShares​, the largest U.S. issuer of inverse and leveraged ETFs, rolled out the ProShares UltraPro 3x Crude Oil ETF (OILU) and ProShares UltraPro 3x Short Crude Oil ETF (OILD). OILU and OILD are not ProShares' first rodeo with leveraged oil products. Maryland-based ProShares also sponsors the double-leveraged ProShares Ultra Bloomberg Crude Oil (UCO) and the ProShares UltraShort Bloomberg Crude Oil (SCO).

In terms of the new products, OILU is designed to deliver triple the daily returns of the Bloomberg WTI Crude Oil Subindex, while OILD will attempt to deliver three times the daily inverse returns of that index. "With OILU and OILD, investors can, for the first time, obtain daily 3x and -3x exposure to crude oil with the liquidity, transparency and cost-effectiveness of ETFs," said ProShares Capital Management CEO Michael Sapir in a statement. (See also: Top 5 Inverse Oil ETFs for 2017.)

Like other leveraged ETFs, OILD and OILU come with risks indicating that these products are best used by sophisticated, active traders over short periods. "Due to the compounding of daily returns, ProShares' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced in funds with larger or inverse multiples and in funds with volatile benchmarks," according to ProShares. (See also: Dissecting Leveraged ETF Returns.)

U.S. Commodity Funds, the company behind the popular United States Oil Fund (USO), has also filed plans for leveraged oil ETFs.