It’s been a rare occurrence, but some closed-end mutual funds are opting to become exchange-traded funds.
To that end, Claymore Advisors announced that the shareholders of Claymore/Raymond James SB-1 Equity Fund (RYJ) have approved the fund’s reorganization into an ETF format.
The reorganized fund’s performance will be linked to the Raymond James Strong Buy 1 (“SB-1″) Index. Equity components within the index are determined by analyst equity ratings at Raymond James. After being selected, fund holdings are assigned a modified equal-weighting.
Currently, the analysts at Raymond James publish research on more than 600 companies. Much of the research focuses on specific industry sectors like consumer, energy, financial services, healthcare, real estate and technology.