A fund firm appears to be ramping up its efforts to provide a broad range of actively managed ETFs in the near future. Claymore filed
an application for exemption with the SEC June 9 that revealed its continued aspirations to join the actively managed ETF game. The filing disclosed details regarding three additional active funds that could be hitting the shelves soon. Claymore also filed for three actively managed commodity ETFs in May (see the MFWire, 5/14/2009
The Claymore Laffer Macro Economic Global Equity
fund will seek to invest in relatively undervalued securities around the world that "stand to benefit from improvements in the value of a countryís equity market relative to other countries." Laffer Associates
will serve as the fundís subadvisor and will use an approach that combines qualitative and quantitative analysis of a countryís exchange rates, fiscal policies and global economic environment to create relative rankings for each market. Laffer will then invest in stocks located in and ETFs focused in the top 12-16 countries identified by the methodology.
The Claymore Active National Municipal
fund will seek to outperform the Barclays Capital 7-Year Municipal Bond Index. It will invest most of its assets in tax-exempt and AMT-free municipal obligations rated BBB/Baa or higher, and may invest up to 20% of its assets in unrated municipal obligations considered to be of similar quality.
Finally, the Claymore/S&P Commodity Trends Strategy
fund will seek to track the performance of the S&P Commodity Trends Indicator
, which the filing refers to as "a benchmark that the advisor believes accurately reflects trends in the commodities market." The fund will invest in a mix of commodity-linked derivatives and fixed income securities as well as commodity-linked notes. The fund will also invest directly in ETFs that will provide access to managed commodities and equity securities.
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