The Claymore/S&P Global Dividend Opportunities Index ETF (LVL) recently received a complete overhaul.

LVLUntil September 30, LVL was known as the Claymore-BBD High Income Index ETF and tracked an index of U.S. listed securities with potentially high income and superior risk/return profiles.

The ETF now tracks the Dividend Opportunities Index which consists of 100 common stocks and ADRs that offer high dividend yields and have market capitalizations greater than $1.5 billion.

The fund has seen a dramatic shift in holdings.  Under the old strategy, over 50% of the ETF’s holdings were in the financial sector and included investments across such asset classes as REITs, MLPs and closed end funds.

The new equity-only fund has about 30% in financials with consumer discretionary as the second largest sector at 22%.

Top holdings as of Nov. 5, 2008 include CapitalSourceAmerican Capital, Bank of America and Biovail Corporation.

The fund has also broadened to international exposure to include such holdings as Wolseley PLCMediaset SPA and Gestevision Telecinco SA.

With the change in focus comes a change in payout.  In its past life, LVL made monthly distributions that totaled $1.53 over an 11 month period.

The new version of the fund will pay out dividends quarterly.  Claymore does not provide a current estimate of the dividend yield on the fund’s information page.

For a complete listing, see the Claymore ETF directory.