Closed-end fund specialist Claymore Group is jumping into the exhange-traded fund arena with five offerings that track more exotic indices than most. The funds are using the fact that they are not tied to generic indices as an explanation for their relatively high 60 basis point expense ratios (well, they are high compared to other ETFs, if not compared to other funds).

The funds will be based on indexes from Sabrient and Zacks. Neither of the two firms is known for its index work.

To some, the ETFs may look more like well-disciplined actively managed offerings rather than index offerings that seek to replicate a broad market or one of its component segments.

In one case, for example, the Claymore/Sabrient Insider ETF will invest in companies with reporting large insider buys by key executives or that have been the beneficiaries of a recommendation upgrade by a Wall Street analyst. The funds analog -- The Claymore/Sabrient Stealth ETF -- will buy stocks that are being ignored by Wall Street analysts. Another fund -- Claymore/Zacks Yield Hog ETF -- will track stocks with high-paying dividends. Claymore/BNY BRIC ETF, a more traditional fund will, invest in the emerging markets of Brazil, Russia, India and China (get it? BRIC). That quartet makes the Claymore/Zacks Sector Rotation ETF, which will rotate among hot sectors of the economy, as downright boring.  

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