The board of directors of Claymore Investments, Inc. has approved a proposal that would result in the merger of Claymore Canadian Fundamental 100 Monthly Income ETF (RFI) and Claymore Canadian Fundamental Index ETF (CRQ).

As both funds have similar underlying index exposure and are both managed by Claymore, merging RFI and CRQ will provide unitholders of both funds with the opportunity to continue their investment in a single fund that will have a larger market capitalization, increased liquidity for the units and a lower management expense ratio

If the Merger Proposal is approved and implemented, CRQ will be the continuing fund and unitholders of RFI will become unitholders of CRQ as a result of the merger.

A special meeting of unitholders of RFI has been called and will be held on September 24 to vote on the merger. Details of the merger will be set out in a management information circular to be prepared and delivered to RFI Unitholders. In order to become effective, the merger must be approved by a two-thirds majority of the RFI Unitholders present in person or represented by proxy at the special meeting. The merger is also subject to the receipt of all necessary regulatory approvals. A meeting of CRQ unitholders is not required to implement the merger.