ProShares on Thursday said it is lowering the expense ratio for ProShares Large Cap Core Plus ETF (NYSEArca: CSM) to 0.45% from 0.95%.

The fund is also changing its name. It was previously known as ProShares Credit Suisse 130/30 ETF. The name change will not affect the fund’s holdings or its strategy.

The fund takes an approach similar to some hedge fund strategies. It goes long 130% of large-cap stocks deemed attractive by the benchmark, and shorts the 30% of companies it sees as weaker, providing a 100% overall market exposure. [Long/Short Strategies]

“CSM provides an alternative approach for investors who want to outperform large cap indexes, but don’t have faith in actively managed mutual funds,” ProShares said in a press release.

“CSM combines the discipline and transparency of indexing with an opportunity to beat traditional index returns,” said Michael Sapir, Chairman and CEO of ProShare Advisors LLC, ProShares’ investment advisor. “We’re pleased that now CSM will be even more competitive with other large cap options.”

ProShares Large Cap Core Plus ETF

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