The new ProShares ETF joins Index IQ Hedge Multi Strategy Tracker ETF (NYSEArca: QAI) and Index IQ Hedge Macro Tracker ETF (NYSEArca: MCRO) — QAI is the larger offering in terms of assets with more than $100 million. [ETF Manager Profile: Index IQ]

ProShares said the hedge fund replication ETF is the third in its Alpha ProShares lineup, along with ProShares RAFI Long/Short (NYSEArca: RALS) and ProShares Credit Suisse 130/30 (NYSEArca: CSM).

“Alpha ProShares are designed to provide advanced investment strategies in an ETF and represent ProShares’ further expansion within the alternative ETF space,” the firm said in a press release.

Tisha Guerrero contributed to this article.

(Article updated to correct asset figures for Index IQ ETFs.)