ProShares’ new ProShares RAFI Long/Short exchange-traded fund began trading on NYSE Arca Thursday.

The fund is based on Research Affiliate’s Fundamental Index methodology that bases investments on fundamental measurements of companies, such as sales, dividends, cash flow and book value, rather than security prices.

The fund is benchmarked against the RAFI U.S. Equity Long/Short Index and takes long positions with large RAFI weights relative to their capitalization weights and short positions in companies with small RAFI weights relative to their capitalization weights. As an absolute-return fund, it also allocates equal dollar amounts to its long and short positions.

“We are pleased to partner with Research Affiliates and Rob Arnott on ProShares RAFI Long/Short,” said Michael L. Sapir, chairman and CEO of ProShares Advisors. “This ETF may appeal to investors looking for strategies that strive to deliver low correlation and favorable returns regardless of market direction.”

Arnott added: “Lifting the long-only constraint extends the potential benefits of the RAFI approach. We are excited that ProShares is providing access to another important alternative strategy for investors.”

In conjunction with this launch, ProShares has a new marketing campaign with the tagline, “The Alternative ETF Company.” The campaign will promote its leveraged and inverse ETFs.