The Globe and Mail
But "the big turnoff for new investors looking at the industry now is that they are going to see basically one giant player," Mr. Toronto-based Claymore was once a unit of U. The Canadian arm was built up by entrepreneur Som Seif, who left the company recently. Industry observers suggest it will be interesting to watch how BlackRock manages its two brands under one roof when it and Claymore used to bash each other about flaws in each other's offerings.
The iShares ETFs focus on market-capitalization weighted indexes, while the Claymore brand was identified with indexes that weighted companies according to "fundamental" factors like cash flow and dividends. DeGoey, who became a big supporter of the Claymore products partly because he felt "the Canadian market place needed more competition in the ETF space. The disappearance of the Claymore brand, however, could help Invesco Canada Ltd.
Dan Hallett, a fund analyst at HighView Financial Group, expects existing investors to be complacent about the Claymore brand's disappearance. If investors liked the Claymore ETF offerings, they are still there, he said. It's just the sponsor name that has changed. This is a space where subscribers can engage with each other and Globe staff.
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Read our community guidelines here. Article text size A. Open this photo in gallery: Published March 29, Updated May 8, Story continues below advertisement. Each Commodity Pool may also use specified derivatives to hedge, or protect, against changes in asset class prices or foreign exchange risks if applicable.
The Commodity Pools may also invest in futures contracts in order to provide market exposure for cash held by the Commodity Pools and may hold money market instruments or cash to meet their current obligations. It is expected that other Funds will use similar investment strategies. Claymore acts, or will act, as trustee and manager of the Funds. Claymore is registered as a portfolio manager and exempt market dealer.
The principal and head office of Claymore is located in Toronto, Ontario. The investment strategies of the Funds will, except to the extent that the Exemption Sought is granted, be limited to the investment practices permitted by NI and NI The Funds may take both long and short positions in their portfolios on exchanges in the United States, Canada and elsewhere around the world.
The Funds may seek to apply leverage. Claymore may seek to engage in specified derivative transactions in Canada and outside of Canada. Claymore is authorized to establish, maintain, change and close brokerage accounts on behalf of the Funds.
In order to facilitate specified derivatives transactions outside of Canada, Claymore may establish accounts with futures commissions merchants in the United States of America "Dealers". Each Dealer is subject to audits and must have insurance to guard against employee fraud. Each Dealer has an exchange assigned to it as its designated self-regulatory organization the "DSRO".
The dealers are members of the clearing corporations and exchanges through which the standardized futures in the Funds' portfolio are primarily traded. Each clearing corporation is obliged to apply its surplus funds and the security deposits of its members to reimburse clients of failed members.
Margin represents the minimum amount of funds that must be deposited with the dealer to initiate trading in specified derivatives transactions or to maintain the dealer's open position in standardized futures.
Dealers are required to hold all Margin, including cash and government securities, in segregated accounts and the Margin is not available to satisfy claims against the dealer made by parties other than the Funds. Margin will be deposited with dealers in respect of standardized futures traded on exchanges.
Levels of Margin are established at the dealers' discretion.