Claymore Changes Name To Guggenheim Funds

by on September 27, 2010 | ETFs Mentioned:

As the ETF world continues to expand at an impressive pace, a number of companies have sought to bring their own lineup of funds to the market in order to grab a piece of this rapidly-increasing pie. However, some have taken a different approach to gaining an ETF foothold, preferring to buy up existing issuers with established product lines. That’s the strategy used by Guggenheim, which has purchased both Rydex and Claymore over the last year. 

Earlier today, the company announced that it was rebranding Claymore’s ETF products under the Guggenheim Funds name. All of the ETFs will retain their ticker symbols and CUSIP numbers; only the name “Claymore” will change. “Taking on the Guggenheim name is a significant milestone as we continue to develop our U.S. retail effort,” said Steven A. Baffico, Senior Managing Director at Guggenheim in an e-mail. “From the outset, Claymore has been a first-to-market provider of creative investment strategies, achieved through strategic partnerships with best-in-class asset managers and index providers, and the industry has long recognized Claymore’s unwavering commitment to innovation and client service.”

Guggenheim is also dropping the names of many of its partners from official ETF names, a move that has no impact on the underlying products but simplifies the product brochure [also see our brand new mutual fund to ETF converter].

Two great examples of this are with the company’s solar and Canadian Income Trust funds. Before, the solar fund was known as the Claymore/MAC Global Solar Energy Index ETF while the new fund name is simply Guggenheim Solar ETF (TAN). Meanwhile, the Claymore/SWM Canadian Energy Income Index ETF is now simply the Guggenheim Canadian Energy Income ETF (ENY).

Guggenheim ETF Lineup

The company inherits an interesting and relatively unique suite of 38 ETFs, including both sector-specific and broad-based funds. Among the most popular funds that the company offers are the Guggenheim BRIC ETF (EEB) and the Guggenheim China Small Cap Fund (HAO), which have amassed $1 billion and $400 million in assets, respectively. In addition to these popular funds, the company also possesses a variety of unique sector products that offer investors access to interesting segments of the stock market. These funds include the Guggenheim Spin-Off ETF (CSD), which tracks companies that were recently spun-off by a parent company and the Guggenheim Insider Sentiment ETF (NFO) which targets companies that show high levels of insider buying relative to their peers [see the full list of Guggenheim ETFs here].

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Disclosure: No positions at time of writing.