Two Equal-Weight ETFs Complete Merger

Guggenheim, the eighth-largest issuer of exchange traded funds, completed the merger of the Guggenheim Russell 1000 Equal Weight ETF into the Guggenheim S&P 500 Equal Weight ETF (NYSEArca: RSP), the equal-weight answer to traditional S&P 500 ETFs, earlier this week.

“In connection with the merger, shareholders of EWRI will receive 0.61652528 shares of RSP for each share of EWRI held, plus a cash amount to be determined. Any fractional shares that result will be paid in cash. This may cause some shareholders to realize gains or losses, which could result in a taxable event,” according to a statement issued by Guggenheim.

Guggenheim announced the merger of the Russell 1000 Equal Weight ETF into RSP in a November filing with the Securities and Exchange Commission.

The Guggenheim Russell MidCap Equal Weight ETF (NYSEArca: EWRM) and the Guggenheim Russell 2000 Equal Weight ETF (NYSEArca: EWRS) also changed indexes and took on new tickers.

“From Jan. 26 on, they will track equal-weighted versions of the S&P MidCap 400 and the S&P SmallCap 600 indexes as the Guggenheim S&P MidCap 400 Equal Weight ETF (EWMC) and the Guggenheim S&P SmallCap 600 Equal Weight ETF (EWSC), respectively,” according to ETF.com.

“Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, with $198 billion in assets across fixed income, equity, and alternative strategies,” according to the statement.

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.