Claymore Securities Inc., an exchange-traded fund provider, has launched the Claymore/BNY Mellon Frontier Markets Exchange Traded Fund.
The fund provides investors with access to up to 41 countries that are less developed than traditional emerging markets, the Lisle, Ill., company said last week. (These countries are often referred to as "frontier markets.")
The fund will seek to replicate the Bank of New York Mellon New Frontier DR Index, which was developed and is maintained by Bank of New York Mellon Corp.
The index includes only companies with float-adjusted market capitalizations of more than $100 million that have depositary receipts that trade on U.S. exchanges or the London Stock Exchange.
Companies included in the index may be located in Bahrain, Jordan, Kuwait, Lebanon, Oman, Qatar, United Arab Emirates, Egypt, Ghana, Kenya, Malawi, Mauritius, Morocco, Nigeria, Tunisia, Zimbabwe, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Kazakhstan, Latvia, Lithuania, Poland, Romania, Slovak Republic, Slovenia, Ukraine, Bangladesh, Pakistan, Papua New Guinea, Sri Lanka, Vietnam, Peru, Chile, Colombia, Ecuador, Jamaica, Panama, or Trinidad and Tobago.
Claymore Securities had $18.4 billion of assets under management on April 30.