After an abrupt delisting and liquidation following the close of April 27, 2010, SEA is back in action today (6/11/2010). Today’s press release says the Claymore Shipping ETF (SEA) will carry the same ticker symbol and underlying index of its predecessor Claymore/Delta Global Shipping Index ETF.
The underlying index from Delta Global Advisors uses a modified dividend weighting mechanism. The fund holds 30 stocks, with the largest being Seaspan 4.8%, Teekay Shipping 4.8%, Teekay LNG Partners 4.4%, Frontline 4.4%, and Teekay Tank Class A 4.4%.
The SEA summary page has additional information including the country weighting which is topped by Greece 18.6%, U.S. 12.3%, Bermuda 10.3%, Japan 10.2%, and Hong Kong 10.0%. Sector representation is listed as 63.9% Industrials and 36.1% Energy. The fund will carry a 0.65% expense ratio.
According to the press release of 4/27/10, the previous closing of the fund was due to an inability to reach a shareholder quorum to approve a new advisory agreement. The new advisory agreement is required because of the recent acquisition of Claymore by Guggenheim Partners.
At the time, shareholders were not given a chance to exit their positions prior to the delisting and were forced to go through the liquidation process. Claymore said liquidation would begin immediately but gave no indication when it would be complete or when shareholders could expect to receive their cash. On May 10, Claymore issued the details of the final fund proceeds, which totaled $15.7147 per share and was payable on May 11.