Claymore Securities has changed the name of the Claymore/Great Companies Large-Cap Growth Index ETF to the Claymore/BNY Mellon International Small Cap LDRs ETF, which will seek investme
Claymore Securities has changed the name of the Claymore/Great Companies Large-Cap Growth Index ETF to the Claymore/BNY Mellon International Small Cap LDRs ETF, which will seek investment results that correspond to the performance of The Bank of New York Mellon Small Cap Select ADR Index.
The index provides investors with broad exposure to international small-cap companies as defined by The Bank of New York Mellon.
The fund’s ticker symbol and Cusip remain unchanged.
‘We believe this change expands our product offering into an opportune space for long-term growth oriented investors: international small cap companies,’ says Christian Magoon, president of Claymore Securities.
The fund’s board of trustees also approved a revised advisory agreement for the fund that reduces the advisory fee. With this change, the fund will pay the investment adviser a unitary management fee at an annual rate of 0.45 per cent of the fund’s average daily net assets. Previously the fund employed an expense cap of 0.65 per cent.
The index is comprised of US-listed American depositary receipts, global depositary receipts, New York shares and global registered shares, based on liquidity of companies worldwide, excluding the US and Canada. For initial inclusion, constituents must have a market capitalization ranging from USD250m to USD2.0bn.