Bethesda, Md.-based ProShares has launched a globally diversified exchange-traded fund focusing on listed companies that invest primarily in private companies.

The ProShares Global Listed Private Equity ETF (BATS: PEX) tracks the LPX Direct Listed Private Equity Index, a portfolio of up to 30 listed private equity companies worldwide whose primary business is direct investments in private equity. The index's methodology generally defines such investments as those in the equity, mezzanine or debt facility of a private company. It excludes companies whose primary business is private-equity fund management.

According to an IndexUniverse article, few ETFs focus on private equity firms, with the space anchored by veteran PowerShares Global Listed Private Equity Portfolio (NYSEArca: PSP). IndexUniverse ETF analyst Spencer Bogart noted, "The timing of this launch seems ideal, considering that mergers and acquisitions is a 'hot' sector right now and that interest rates remain low in historical perspective, both of which are good for private equity firms that are highly dependent on debt leverage."

"Private equity has long been a staple of institutional and high-net-worth individuals' portfolios; for other investors, it's been difficult to access," said Michael L. Sapir, chairman and CEO of ProShare Advisors LLC, ProShares' investment advisor. "PEX offers access to global private equity with the liquidity, transparency and cost effectiveness of an ETF."

ProShares' 140 ETFs are focused on alternative investing strategies.