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Claymore Solar ETF (TAN) Now Available to Investors; First ETF to Provide Investor Access to Fast-Growth Solar Power Industry
Tuesday April 15, 9:00 am ET
Exchange-traded fund tracks 25 global solar companies
LISLE, Ill.--(BUSINESS WIRE)--Claymore Securities Inc., the third-fastest growing exchange-traded fund
provider in 2007*, today announced the launch of the Claymore/MAC Global
Solar Energy Index ETF (NYSE Arca: TAN) on NYSE Arca. TAN is the first
solar ETF and, as such, provides investors a cost-efficient means of
accessing the fast-growing global solar power industry.
“The availability of this product acknowledges
the maturing of the solar energy industry and investor interest in
funding solar power development,
” said
Christian Magoon, President of Claymore Securities, Inc.
“At
its inception, TAN gives investors access to a global portfolio of 25
leading solar companies with a combined market capitalization of close
to $100 billion. TAN exemplifies the innovation Claymore strives to
deliver to the marketplace--it
’s the latest in
our series of industry firsts.
”The
ETF will seek to replicate the MAC Global Solar Energy Index (Index
Ticker: SUNIDX), which was developed and is maintained by MAC Indexing,
LLC, an affiliate of Melvin & Company. Melvin specializes in clean
energy equity research and index development.
“Many accept that alternative energy is the
way of the future,” said Christopher C.
Melvin, Jr., Melvin Chairman and Chief Executive Officer. “Solar
power offers one of the few current mass-scale solutions to meet the
world’s enormous demand for clean and
renewable power. The conversion from sunlight to solar energy produces
no pollution or greenhouse gas emissions. Today’s
leading companies are developing more affordable and efficient
technologies that will continue to fuel growth in the area for years to
come,” said Melvin.
TAN is listed on the NYSE Arca and trades the same way as shares of a
publicly traded company. TAN and other Claymore ETFs can be purchased
through most brokerage accounts. They can be bought and sold throughout
the day on the NYSE Arca or the American Stock Exchange, depending on
the ETF listing, during normal trading hours. The Fund issues and
redeems Shares at NAV only in large blocks of 80,000 of Shares (each
block of Shares called a “Creation Unit”)
or multiples thereof. Only broker-dealers or large institutional
investors with creation and redemption agreements and called Authorized
Participants (“APs”)
can purchase or redeem these Creation Units.
*Source: Claymore Securities, Inc., Bloomberg 2007 ETF data