Lisle, Illinois-based Claymore Securities has announced that its Claymore/Robeco Developed International Equity ETF is changing its name to the Claymore/BNY Mellon EW Euro-Pacific LDRs
Lisle, Illinois-based Claymore Securities has announced that its Claymore/Robeco Developed International Equity ETF is changing its name to the Claymore/BNY Mellon EW Euro-Pacific LDRs ETF in conjunction with a change in investment policy.
The fund will seek investment results that correspond generally to the performance, before fees and expenses, of the Bank of New York Mellon Euro-Pacific Select ADR Index, an equal-weighted equity index comprised of securities of issuers from developed international markets.
The fund’s board of trustees also approved a revised advisory agreement for the fund to reduce the advisory fee payable by the fund, which will now pay the investment adviser a unitary management at an annual rate of 0.35 per cent of the fund’s average daily net assets, compared with a cap of 0.65 per cent previously.
Under the new policy, the fund will invest at least 80 per cent of its total assets in securities of issuers from developed Europe and Asia-Pacific countries that comprise the BNY Mellon Euro-Pacific Index.
The index is comprised of American depositary receipts, global depositary receipts, New York shares and global registered shares and as of 28 February 2009 consisted of 120 securities ranging in capitalization from USD299m to USD132bn.
Index constituents are selected, based on liquidity, from a universe of all US-listed ADRs, GDRs, New York shares and global registered shares of developed countries in Europe and the Asia-Pacific region, as determined by Bank of New York Mellon.
BNY Mellon generally follows the World Bank’s classification in determining which markets qualify as developed markets, (markets generally classified as high-income), as defined further in the fund’s prospectus.
Markets currently defined by the index provider as developed markets are Austria, Australia, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK.
Claymore Securities is a privately-held financial services company offering investment solutions for financial advisers and their clients.
