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TORONTO, Aug. 14 /CNW/ - Claymore Investments, Inc. is pleased to
announce that the Claymore Canadian Financial Monthly Income ETF (TSX:FIE)
("FIE" or the "Fund") will be changing its investment strategy to a passive
quantitative methodology from the current actively managed approach. MFC
Global Investment Management (Canada) ("MFC") will continue in its role as
investment advisor to FIE, providing the underlying quantitative strategy with
Claymore retaining portfolio execution responsibilities. The Fund will
maintain its investment objective of maximizing total returns for investors
while providing investors with a stable stream of monthly cash distributions.
In addition, Claymore will be reducing the management fee payable to
Claymore from 1.00% to 0.65% with a corresponding increase in the service fee
component from 0.40% to 0.75%. The total fee payable by the Fund shall remain
the same at 1.40% of the net asset value of the Fund.
As a result, effective August 17, 2009, all existing units of FIE listed
for trading on the Toronto Stock Exchange shall be redesignated as "Advisor
Class" units and the ticker symbol of FIE will be changed to "FIE.A".
"These changes are subtle, however very important to the long term
success of the fund. FIE was the first active ETF in the world and we are very
proud of that distinction. However, in working closely with MFC's quantitative
group in other Claymore ETFs, we recognized the strength of their strategy and
value-add they can provide for the fund's unitholders going forward. Overall,
the movement to a passive strategy and the changes in the fee structure brings
FIE in line with our broad lineup of Claymore ETFs."
MFC employs a proprietary quantitative multi-factor "bottom-up" selection
process incorporating a number of factor rankings which are weighted
differently based on a proprietary algorithm in order to select the top equity
securities from the Canadian financial sector. The MFC team evaluates a broad
range of market and economic variables to arrive at the appropriate asset
allocation mix that includes the debt securities within the Canadian financial
sector. The portfolio constituents of the Fund will be rebalanced on quarterly
About Claymore Investments
Claymore Investments, Inc. is a leader in bringing intelligent, low cost
exchange traded funds in Canada through its family of 23 ETFs and 3 closed-end
funds across broad asset classes including core equity, global sectors, fixed
income and commodities and includes the Claymore Gold Bullion Trust (TSX:
CGL.UN, CGL.WT). Claymore Investments, Inc., which, as of July 31, 2009 had
approximately $2.7 billion in assets under management, is a wholly-owned
subsidiary of Claymore Group, Inc., a financial services and asset management
company based in the Chicago, Illinois area. In aggregate, Claymore Group Inc.
and its affiliates have approximately 175 employees providing supervisory,
management, servicing or distribution services on approximately US$12.9
billion in assets as of June 30, 2009.
MFC Global Investment Management (Canada), a division of Elliott & Page
Limited, a member of the Manulife Financial group of companies, provides
investment advisory services to FIE. MFC Global and its affiliates, one of
North America's largest and most experienced asset management groups, provide
investment advisory and portfolio management services to institutional clients
and investment funds and, as of June 30, 2009, had over $291 billion in assets
under management including assets managed for Manulife's general fund.
For more information investors should consult with their investment
advisor or visit our website at www.claymoreinvestments.ca.
Commissions, trailing commissions, management fees and expenses all may
be associated with fund investments. Please read the prospectus before
investing. The indicated rate of return is the historical annual compounded
total return including changes in unit value and reinvestment of all
distributions and does not take into account sales, redemption, distribution
or optional charges or income taxes payable by any securityholder that would
have reduced returns. Funds are not guaranteed, their values change frequently
and past performance may not be repeated.
For further information:
For further information: For media inquiries, please contact: Sara
Beazely, (416) 813-2007, firstname.lastname@example.org; or Som Seif,
President, Claymore Investments, Inc., (866) 417-4640,