A 5-Star exchange-traded fund from ProShares Advisors has gotten a makeover.
CSM has changed its name and lowered its expense ratio, steps that the Bethesda, Md.-based alternatives fund shop hopes will make the fund more competitive with other large cap options.
The fund will now be called ProShares Large Cap Core Plus, changed from ProShares Credit Suisse 130/30, to better reflect its role in the large cap portion of a portfolio.
Its expense ratio has been lowered to 45 basis points from 95 bps. The net expense ratio is subject to a waiver in effect at least until Sept. 30, 2014.
“CSM combines the discipline and transparency of indexing with an opportunity to beat traditional index returns,” said Michael Sapir, chairman and chief executive officer of ProShares, in a company press release. “We’re pleased that now CSM will be even more competitive with other large cap options.”
Large Cap Core Plus is designed as an alternative approach for investors who want to outperform large cap indexes but shy away from actively managed mutual funds. CSM tracks the Credit Suisse 130/30 Large Cap index, a rules-based benchmark that has 100% equity exposure and is designed to outperform an index of the 500 largest cap U.S. stocks.