Claymore Gold Bullion Trust has met the requirements of its ETF conversion feature and is trading as an exchange-traded fund, Claymore Investments Inc. says.
The name of the fund has been changed to the Claymore Gold Bullion ETF. The hedged common units of the fund now trade on the Toronto Stock Exchange (under the ticker CGL.
The fund has also qualified for issuance a new class of non-hedged common units to be launched at a future date, Claymore says.
The conversion to an ETF has not changed the investment objective or investment restrictions of the fund.
According to Claymore, the benefits of the conversion include more efficient trading as the market price of the fund units on the TSX should be closer to its intrinsic net asset value, as well as greater market liquidity.
“We are proud to be able to provide investors with Canada’s first physical gold bullion ETF which is intended to provide enhanced liquidity to the marketplace in a secure, convenient and low-cost manner,” says Som Seif, President of Claymore Investments, Inc.
IE