Feb 13 (Reuters) - Defiance ETFs launched an

exchange-traded fund (ETF), the Battleshares TSLA vs F ETF

, on Thursday, the first of a group pairing bullish bets

on innovative companies with bearish ones on their traditional

industry counterparts.

The new ETF pairs a leveraged long holding in electric car

manufacturer Tesla, offering investors 200% of the

stock's upside, with a position that will pay investors 100% of

any decline in the shares of Ford.

Investors already can use leveraged single-stock ETFs to bet

on where they think shares of individual companies such as

Nvidia ( NVDA ) and Tesla are going. This is the first attempt

to combine two different stocks and two different directional

bets in a single product.

"Pairs trades, as these are called, exist out there for

professional traders and institutions but just are not

accessible in an ETF," said Sylvia Jablonski, CEO of Defiance, a

firm that already has a series of leveraged single-stock ETFs on

the market.

Each of the lineup of Battleshares ETFs that Jablonski hopes

to launch will match a bullish leveraged bet on a "new leader"

such as Tesla, with a bearish one on the legacy company, such as

ETFs twinning Nvidia ( NVDA ) with Intel ( INTC ), Coinbase with

Wells Fargo & Co ( WFC ) and Amazon ( AMZN ) with Macy's.

The next ETF launch might come as early as next week,

Jablonski said, if investors demonstrate interest in the Tesla

versus Ford match up.

"Tesla is in the news a lot right now, and so is Elon Musk,

so we thought this was a logical product to test out the concept

of investors being able to invest in the battle of an incumbent

against an innovator."

The ETF carries a hefty 1.29% fee, well above the average

0.45% calculated by Morningstar.