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Investing

Claymore Converts Closed-End Fund to ETF (RYJ)

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By Douglas A. McIntyre Published
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Claymore Advisors, LLC has announced that the Board of Trustees of the Claymore/Raymond James SB-1 Equity Fund (NYSE: RYJ), a diversified closed-end mutual fund, along with the Board of Trustees of the Claymore Exchange-Traded Fund Trust, have approved the conversion of the closed-end fund into an exchange-traded fund or ETF.

The conversion will occur through a reorganization of the closed-end fund into a newly created series of Claymore Exchange-Traded Fund Trust.

The reorganization is subject to approval by shareholders of the fund and other conditions.  A proposal will be submitted to a vote of shareholders at the fund’s 2008 annual shareholder meeting scheduled on August 28, 2008.  A similar announcement was made earlier this month.

The market cap of this fund appears to be $208.3 million with some 11.12 million shares outstanding.  The closed-end fund closed at $18.73 yesterday, and the 52-week trading range is $14.45 to $20.62.  This fund looks like it has only traded since 2006.

Jon C. Ogg
May 29, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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