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| Why Did SEA Stop Trading? |
APRIL 30, 2010SEA stopped trading via ARCA at the market close on April 27, 2010 in order to remain in compliance with provisions set forth in the 1940 Securities Act. According to Claymore, some technical issues arose from the recent Guggenheim acquisition. Specifically, SEA was lacking an approved renewal of the fund's investment management agreement with the investment advisor.SEA shareholders should check with their tax advisors as this liquidation more than likely creates a taxable event for 2010. While the fund is being liquidated in order to pay out the shareholders, Claymore has already filed a registration with authorities to market a new shipping ETF. This new shipping ETF is slated to trade under the same SEA ticker as the old one. |
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Claymore Shipping ETFSEA is an exchange-traded fund which invests in stock and other securities of maritime shipping companies. Its full name was the Claymore/Delta Global Shipping Index ETF from its introduction in 2008 until the fund stopped trading on April 27, 2010. In June 2010 Claymore re-introduced the fund as the Claymore Shipping ETF.Because ETFs are traded on the exchange, fund prices can vary throughout the trading day. This intraday liquidity makes the fund attractive to traders as well as investors looking to hold their shares long enough to qualify for long term capital gains treatment |
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