June 06, 2008 at 1:00 am by Tom Lydon
Claymore Advisors is moving closer to convert the Claymore/Raymond James SB-1 Equity closed end fund into an exchange traded fund (ETF).
The board for both the fund and the Claymore ETF Trust approved the conversion. A proposal to convert the fund will be submitted to a vote of shareholders at the 2008 annual meeting of sharholders in August.
Marc Hogan for Ignites reports that stocks from all market capitalizations are included within the index, and the securities all rate a Strong Buy 1 rating by the research company, Raymond James Research Services. The ETF has applied to list on the NYSE Arca.
