ProShares has created a new post, head of capital markets and named Stephen Sachs to the position, the company announced in a statement. ProShares is the fifth-largest ETF provider in the U.S., according to the statement.

Sachs, who was most recently with Diamond Hill Capital Management, will oversee ProShares’ Capital Markets Group. He reports to the head of ProShares’ Strategy Group, Steve Cohen.

“Few people have the deep level of understanding of ETF mechanics and market microstructure as Steve Sachs,” said Michael L. Sapir, chairman and CEO of ProShare Advisors, the company’s investment advisor unit. “His experience, along with the strong relationships he brings, will be of significant value as ProShares continues to expand its lineup of alternative ETFs.”