Claymore Securities announced the listing of the Claymore/Delta Global Shipping Index ETF (SEA) which invests in global shipping companies.
SEA tracks a global portfolio of 30 maritime shipping stocks with a current combined market cap near $50 billion.
According to the prospectus, the index includes companies that derive at least 80% of their revenues from the seaborne transport of dry bulk goods and the leasing and/or operating of tanker ships,container ships, specialty chemical ships and ships that transport liquid natural gas (“LNG”) or dry bulk goods. Additionally, index constituents must have market capitalizations of at least $250 million.
The index uses a modified dividend weighting approach that caps the maximum exposure to any one company at 4% at the time of rebalance. The Index will be reconstituted annually with rebalancing occurring quarterly.