Claymore Advisors has filed with the Securities and Exchange Commission to offer five exchange-traded funds, including one that will track 250 small- and micro-cap stocks and American depositary receipts with market capitalizations of less than $1 billion that get little or no coverage from Wall Street, using an index developed by quantitative equity research company Sabrient Systems, The Wall Street Journal reports.

The fund will seek "to actively represent a group of stocks that are 'flying under the radar screen' of Wall Street's analysts, but which have displayed robust growth characteristics," according to the filing. Its main benchmark will be the Russell 2000 Index.

According to Scott Martindale, senior managing director at Sabrient, "Stocks that are not heavily followed and not widely owned tend to be available at a lower price and outperform over time."

Other ETFs Claymore is planning include one that will look for companies where there is active insider buying of shares and analyst upgrades, an emerging-markets fund, a fund that switches between sectors and a fund that invests in dividend-paying stocks.

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