ProShares, a premier provider of alternative exchange-traded funds (ETFs), announced the launch of ProShares RAFI ® Long/Short (RALS). The ETF, the first dedicated fund that offers a long/short strategy based on Research Affiliate’s pioneering Fundamental Index (RAFI ®) methodology, lists on NYSE Arca today. The RAFI approach uses fundamental measures of company size—sales, dividends, cash flow and book value— instead of security price in selecting and weighting securities. The new ETF seeks to match the performance of the RAFI ® US Equity Long/Short Index before fees and expenses. The Index takes long positions in companies with large RAFI weights relative to their capitalization weights and short positions in companies with small RAFI weights relative to their capitalization weights. By allocating an equal dollar amount to its long and short positions, the Index is designed to generate an absolute return over a full market cycle. “We are pleased to partner with Research Affiliates and Rob Arnott on ProShares RAFI Long/Short,” said Michael L. Sapir, Chairman and CEO of ProShare Advisors LLC, ProShares' investment advisor. “This ETF may appeal to investors looking for strategies that strive to deliver low correlation and favorable returns regardless of market direction.” “Lifting the long-only constraint extends the potential benefits of the RAFI approach,” said Rob Arnott, founder of Research Affiliates. “We are excited that ProShares is providing access to another important alternative strategy for investors.” Concurrent with the launch of the ProShares RAFI ETF, ProShares is introducing a new marketing campaign with the themeline, “The Alternative ETF Company®.” ProShares introduced the industry’s first, and today is the world’s leading provider of, geared (leveraged and inverse) ETFs. Last year, ProShares introduced ProShares Credit Suisse 130/30 (CSM), the first ETF of its kind. With the introduction of the ProShares RAFI ® Long/Short, ProShares continues to demonstrate its commitment to provide investors with ETFs that pursue alternative strategies. About ProShares ProShares is a premier provider of alternative ETFs. The firm offers 112 ETFs with nearly $25 billion 1 in assets. The ProShares lineup includes the world’s largest family of geared ETFs. ProShares is part of ProFunds Group, which was founded in 1997 and manages nearly $32 billion 1 in mutual fund and ETF assets. 1 Number of funds and assets as of 12/09/2010.