Claymore Changes ETF to Provide Exposure to International Small-Caps

Claymore Securities Inc. announced changes to the Claymore/Great Companies Large-Cap Growth Index ETF (NYSE Arca: XGC), including a reduction of the advisory fee.

According to an announcement, the fund’s name is now the Claymore/BNY Mellon International Small Cap LDRs ETF and it will seek investment results that correspond generally to the performance, before the fund’s fees and expenses, of The Bank of New York Mellon Small Cap Select ADR Index. The changes were approved by the fund’s board of trustees. The fund’s ticker symbol and CUSIP remain unchanged.

The index provides investors with broad exposure to international small-cap companies as defined by The Bank of New York Mellon. It is composed of U.S.-listed American depositary receipts (ADRs), global depositary receipts (GDRs), New York Shares, and Global Registered Shares, based on liquidity of companies worldwide, excluding the United States and Canada. For initial inclusion, constituents must have a market capitalization ranging from $250 million to $2 billion.

The announcement said the fund’s board of trustees also approved a revised Advisory Agreement for the fund that reduces the advisory fee to an annual rate of 0.45% of the fund’s average daily net assets. Previously the fund employed an expense cap of 0.65%.