• Claymore U.S.-1–The Capital Markets Index ETF (AMEX: UEM); The Capital Markets Index (the "CPMKTS Index") includes equity, fixed income and money market securities and is designed to be a long term measure of the three segments of the U.S. investment grade capital markets.
• Claymore U.S. Capital Markets Bond ETF (AMEX: UBD); The Capital Markets Bond Index (the "CPMKTB Index") is designed to be a long-term measure of the performance of the U.S. investment grade bond markets.
• Claymore U.S. Micro-Term Fixed Income ETF (AMEX: ULQ); The Capital Markets Liquidity Index (the "CPMKTL Index") represents the U.S. money markets and in the micro-term fixed income capital markets, but the Fund is not a money market fund and thus does not seek to maintain a stable net asset value of $1.00 per share.

ETF launches have been muted so far this year.  It is not just that the market has been volatile and adverse to new issuances.  The merger between the NYSE & AMEX has likely created some confusion over listings and future fees for being listed.  Hopefully this won’t be the last group of new ETF’s we see, even if these might be a bit thinner in trading volume than some of the other fixed income ETF’s.

Jon C. Ogg
February 12, 2008

This ETF (HAO) aims to track the performance of the AlphaShares China Small Cap Index, which was designed to track the performance of publicly-traded small cap stocks in mainland China.

According to the launch site, this ETF launched with only 200,000 shares outstanding and it traded 2,800 shares yesterday.  It was also listed as having a 5.32% Bid/Ask premium and has 120 securities in the AlphaShares China Small Cap Index (ACNSC).

This ETF actually is fairly distributed after looking at the holdingsversus the weighting of each.  Many ETF’s tracking specific markets andsectors have a few components making up a large percentage of theentire group.  Of the top 20 holdings below, this only comprises about37% of the entire ETF.

Below is a snapshot of the top 20 holdings, although you can see the full list here.
BEIJING ENTERPRISES HOLDINGS    2.97 %
CHAODA MODERN AGRICULTURE      2.95 %
SINOFERT HOLDINGS LTD                    2.45 %
WUXI PHARMATECH INC – ADR            1.92 %
SHANGHAI JIN JIANG INT’L                    1.89 %
CHINA SHIPPING CONTAINER              1.89 %
NETEASE.COM INC-ADR                         1.88 %
SOHU.COM INC                                         1.84 %
CHINA COMMUNICATIONS SERVICES 1.82 %
PORTS DESIGN LTD                                 1.74 %
CNPC HONG KONG LTD                          1.74 %
JIANGSU EXPRESSWAY CO LTD           1.72 %
TSINGTAO BREWERY CO LTD               1.72 %
DONGFANG ELECTRIC CORP LTD      1.67 %
GUANGDONG INVESTMENT LTD          1.67 %
CHINA SOUTHERN AIRLINES CORP    1.62 %
SINOPEC SHANGHAI PETROCHEMICAL 1.62 %
CHINA EASTERN AIRLINES CO              1.46 %
MAANSHAN IRON & STEEL                      1.45 %
KWG PROPERTY HOLDING                     1.44 %

Jon C. Ogg
January 31, 2008