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Rating:Claymore Puts Four ETFs on the Chopping Block Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, November 27, 2009

Claymore Puts Four ETFs on the Chopping Block

Reported by Patricia Kelly

Four of Claymore Securities' ETFs will not live to see 2010. Lisle, Illinois-based Claymore, recently purchased by Guggenheim Partners, plans to shutter the funds in mid-December. The four represent less than 0.7 percent of Claymore's total ETF assets of $2.5 billion, company officials said.

The liquidation comes in the wake of the October 15 close of Guggenheim's acquisition of Claymore.

"We have taken a reflective review of our current product lineup and after careful evaluation, we feel that these changes are in the best interest of shareholders," said Claymore Securities president Christian Magoon in a press release issued on Wednesday.

The ETFs headed for liquidation include the Claymore/ Morningstar Manufacturing Super Sector Index ETF, Claymore/Morningstar Information Super Sector Index ETF, Claymore/Morningstar Services Super Sector Index ETF and Claymore U.S.-1 – The Capital Markets Index ETF. Manufacturing Super Sector Index, the Information Super Sector Index, the Services Super Sector Index, and the Claymore U.S.-1 Capital markets Index ETF. Their last day of trading is December 11.
Company Press Release

LISLE, Ill. - (Business Wire) Claymore, an exchange-traded fund (ETF) sponsor with ETF assets exceeding $2.5 billion*, announced today that it intends to close and liquidate four lightly followed ETFs. The combined assets of these ETFs represent less than 0.70%* of its total ETF assets.

“We have taken a reflective review of our current product lineup and after careful evaluation, we feel that these changes are in the best interest of shareholders,” said Christian Magoon, President of Claymore Securities, Inc. “We will continue to assess the needs of investors and launch products where the potential for marketplace appeal exists.”

December 11, 2009 will be the last day of trading for Claymore/ Morningstar Manufacturing Super Sector Index ETF, Claymore/Morningstar Information Super Sector Index ETF, Claymore/Morningstar Services Super Sector Index ETF, and Claymore U.S.-1 – The Capital Markets Index ETF (together, the “Funds”) on the NYSE Arca. Effective that day, the Funds will be closed to new investments through creation activity. The NYSE Arca will halt trading in the Funds before the open of trading on December 14, 2009.

Shareholders may sell their Fund shares prior to December 14, 2009. It is anticipated that transactions executed prior to December 14, 2009 will be subject to the fees normally assessed by broker-dealers for such transactions. From December 14, 2009 through December 18, 2009, shareholders may be able to sell their shares to certain broker-dealers, but there can be no assurance that there will be a market for the Funds. All shareholders remaining on December 18, 2009, will receive a cash distribution into their brokerage account representing the value of their shares as of that date, which will also include any capital gains and dividends.

For additional information, shareholders in these ETFs may call their financial advisor or Claymore at 888-949-3837.

*About Claymore Securities*

Claymore Securities, Inc. is a privately-held financial services company offering unique investment solutions for financial advisors and their valued clients. Claymore entities have provided supervision, management, or servicing on approximately $13.3 billion in assets, as of September 30, 2009. Claymore currently offers closed-end funds, unit investment trusts and exchange-traded funds. Additional information on Claymore’s exchange-traded funds is available by calling 888.WHY.ETFS (888.949.3837) or visiting www.claymore.com/ETFs . Claymore Advisors, LLC, an affiliate of Claymore Securities, Inc., serves as the investment adviser.

*as of 11/24/2009



 

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