ProShares filed with the U.S. Securities and Exchange Commission to launch a number of exchange-traded funds backed by credit defaults swaps, as new regulations for the privately traded contracts reduce some of their risks and open the market to new types of investors, Reuters reports. 

Derivatives markets are adapting to new regulations designed to reduce the risks these contracts pose to the financial system after their opacity, high concentration among the world's largest banks and lack of collateral pledged against the trades were cited as key factors behind the 2007-2009 financial crisis.