Claymore launched a new energy exchange traded fund (ETF) Tuesday, the Claymore/SWM Canadian Energy Income Fund (ENY).

ENY has an unusual allocation approach: During bull markets, it comprises 70% oil sands stocks and 30% high-yielding trusts. However, during bear markets, it flips those allocations. Currently, ENY is set to bull market. This ETF not only focuses on energy but is also 100% Canadian. ENY comprises 45% mid-caps and with a mere 29 holdings, Roger Nusbaum of Random Roger bets that ENY is set to growth for now, but during bear markets it might switch to value.

Nusbaum raises a good question: If oil goes up, how will ENY perform?

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Mr. Lydon serves as an independent trustee of certain mutual funds and ETFs that are managed by Guggenheim Investments; however, any opinions or forecasts expressed herein are solely those of Mr. Lydon and not those of Guggenheim Funds, Guggenheim Investments, Guggenheim Specialized Products, LLC or any of their affiliates. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.