One of the fastest-growing segments of the financial market now has an exchange traded fund (ETF) entry. According to Matthew Hougan at IndexUniverse, ProShares has filed with the Securities and Exchange Commission (SEC) for a "130/30" ETF.

The fund will be constructed by ranking all of the large-cap stocks in the U.S. It will then take a 130% long position in the high-ranked ones, and a 30% short position in the low-ranked ones. The goal in this is to get additional alpha and excess returns while netting 100% exposure to the market.

The fund is still shrouded in a little bit of mystery, though. The prospectus leaves the index name blank, so what index the fund will follow is anyone’s guess right now. The prospectus is also mum on expenses and the underlying quantitative strategy.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.