Patricia Oey, at Morningstar, brought attention to a recent filing made by Claymore with the SEC on July 22nd. The filing contains the prospectus for two actively-managed ETFs which are going to come into being when two existing passive ETFs are converted into the new active ETFs. This will be a first in the industry but follows a theme which in recent months has seen several issuers propose the conversion of other fund structures into actively-managed ETFs.
Claymore Advisors
Claymore Advisors filed an amended 40-APP to provide further details on its planned Claymore Active National Municipal ETF. Claymore expects to file a registration statement for this product in the near future. Actively-managed ETFs in the municipal bonds space have been increasingly popular with issuers as they see a market for such products amongst investors looking for tax free income, especially given that most investors are expecting tax rates in the United States to rise.
