ProShares files for hedge fund replication ETF

The Hedge Replication ETF seeks investment results that track the performance of the Merrill Lynch Factor Model - Exchange Series. This index maintains a high correlation with hedge fund beta performance by using the HFRI Fund Weighted Composite Index, which reflects performance through the construction of an equally weighted composite of over 2000 constituent funds. Each month the index utilises a systematic model to establish positions, weighted long or short, in six underlying factors. These are the S&P 500 Total Return Index, the ProShares UltraShort Euro ETF, the MSCI EAFE US ...