A news release said the new offering seeks to track the Credit Suisse 130/30 Large-Cap Index before fees and expenses.
The index, introduced in 2007 by Credit Suisse in collaboration with AlphaSimplex Group, was designed by Andrew Lo, in collaboration with Pankaj Patel, the news release said. Lo is chairman and chief scientific officer of AlphaSimplex Group and Harris & Harris Group Professor at the MIT Sloan School of Management, while Patel is director of Quantitative Research at Credit Suisse.
“We believe that this new ETF will be attractive for investors’ 130/30 allocations because it combines a rigorous quantitative investment process developed by two renowned experts with the index transparency, low cost and liquidity of an ETF,” said Michael L. Sapir, ProShares chairman and CEO, in the news release.
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