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Claymore/Raymond James closed-ended fund completes ETF conversion

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The Claymore/Raymond James SB-1 Equity ETF has become the first-ever New York Stock Exchange-listed closed-end fund to be converted into an exchang

The Claymore/Raymond James SB-1 Equity ETF has become the first-ever New York Stock Exchange-listed closed-end fund to be converted into an exchange-traded and listed on NYSE Arca, the exchange’s electronic trading platform.

The move was decided by the fund’s board in May, on the grounds that conversion to an ETF structure should be in the best interest of the fund and its shareholders, by continuing to provide the liquidity associated with exchange listing while potentially reducing the discount to net asset value at which the fund’s shares then traded.

The Claymore/Raymond James SB-1 Equity ETF seeks to replicate, before fees and expenses, the performance of the Raymond James SB-1 Equity Index, composed of all equity securities rated Strong Buy 1 by Raymond James & Associates, an affiliate of the index provider Raymond James Research Services.

Index constituents include equity securities of all market capitalisations that trade on a US securities exchange, including common stocks, American depository receipts, real-estate investment trusts and master limited partnerships.

Under normal conditions, the fund will invest at least 80 per cent of its assets in equity securities and will normally invest at least 80 per cent of its total assets in securities that comprise the index or investments with economic characteristics that are substantially identical to those of the index components.

The Claymore/Raymond James SB-1 Equity ETF is now a sub-fund of the Claymore Exchange-Traded Fund Trust. Based in Lisle, Illinois, the fund’s investment adviser Claymore Advisors is part of a privately-owned financial services group providing supervision, management, servicing and/or distribution on some USD18.4bn in assets at the end of June in closed-ended funds, unit trusts and 20 exchange-traded funds.

NYSE Arca now has 271 primary ETF and 80 exchange-traded note listings and trades all other eligible ETFs on a UTP basis. Last year the exchange added 101 new ETFs and ETNs to its roster of primary listings, including 80 IPOs. According to the NYSE, ETFs and ETNs listed on NYSE Arca represent nearly USD591bn or 55 per cent of total exchange-traded product assets under management in the US, the largest share of any exchange.

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