The Claymore/BBD High Income Index ETF (LVL) has changed its name and underlying index. The fund has been renamed the Claymore S&P Global Dividend Opportunities Index ETF, and it will retain the same ticker symbol.
The S&P Global Opportunities Index contains exposure to 100 high yielding ADRs and stocks. Companies within the index are screened based upon various factors including dividends, market size, and trading volume. After being selected, stocks are weighted based upon their dividend payouts.
Top companies represented in the fund are American Capital Ltd. (ACAS), Capitalsource Inc. (CSE), and Bank of America Corp. (BAC).
Although the fund’s holdings include large, mid, and small cap stocks, the weighted average market size is just over $15 billion and leans toward larger companies.
Top country representation is the United States (21.27%), the United Kingdom (12.71%), and Italy (9.18%). The fund’s industry sector representation is heavily weighted towards financial (30.67%), consumer discretionary (21.63%), and healthcare (14.75%) stocks.
The index is rebalanced semi-annually after the close of the 10th U.S. trading day in January and July. Common stocks and ADRs in the index are screened and taken from the S&P/Citigroup Broad Market Index.
According to the prospectus the fund’s annual expense ratio is 1.73%. The fund’s changes were completed on September 30, 2008.