ProShares is requesting approval to launch ETFs that would provide 3X leverage to the S&P 500.

The world's more recognized investable blue-chip index could be getting triple-leverage coverage for the first time.

ProShares has filed to launch an exchange-traded fund seeking to provide 300% of the daily returns of the S&P 500 index. It's also requesting approval from the Securities and Exchange Commission for a new ETF that would give investors 300% short exposure of the index.

Both would have expense ratios of 0.95% and trade on the NYSE exchange. Earlier this year, ProShares filed to offer 3X leverage with 94 new ETFs. But in that April filing, no mention was made of the S&P 500. (See related story here.)

Currently, ProShares offers the Ultra S&P 500 ETF (NYSE: SSO). But that provides 200%, or 2X, the daily returns of its benchmark. It also has the UltraShort S&P 500 ETF (NYSE: SDS), which

Toronto-based adviser taking advantage of rally to sell high-flying stocks and buy more of his favorite bond ETFs and DFA funds.

Mike Bayer considers himself a contrarian investor.

In the past few months, as stock markets soared, that sort of go-against-the-grain approach has taken center stage.

The Toronto, Canada-based adviser and president of Strategic Analysis Capital Management says he prefers to buy exchange-traded funds and mutual funds from Dimensional Fund Advisors when they’re out of favor.

“The problem most investors have is that they tend to trade too frequently and make changes in the wrong direction. They’re buying high and selling low,” said Bayer, who works with individual and institutional clients in Canada and the United States.

Since early March, SACM has been taking advantage of the rally in stocks to rebalance client portfolios. Bayer has been trimming positions in the Vanguard Emerging Markets Stock ETF (NYSE: VWO).

“Emerging markets have had a big run-up in