Claymore announced the listing of the Claymore/Raymond James SB-1 Equity ETF (RYJ).
The new ETF tracks the SB-1 Equity Index which is composed of all equity securities rated Strong Buy 1 (“SB-1”) by Raymond James & Associates.
The index can include equity securities of all market capitalizations that trade on a U.S. securities exchange, including common stocks, American depository receipts, real estate investment trusts and master limited partnerships.
The index is equal weighted and is rebalanced twice per month. The index currently includes 139 securities and is most heavily weighted in energy and information technology.
The new ETF acquired the assets of a mutual fund that tracked the same index. The predecessor fund, which rebalanced its portolio approximately every two weeks, had a portfolio turnover rate of 166% for its fiscal year ended August 31, 2007. The expense ratio of the ETF is 0.75%.
See the Claymore ETF directory for a complete listing.