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Saying Goodbye to an ETF

The Claymore products will conclude trading on Sept. 10 while Grail's funds will see their last day of trading on Aug. 30. Up until these dates, investors are free to buy and sell shares of these products as they please.

Although trading will essentially go on as usual, during this time investors may start shedding shares in droves. This can cause ROB, RPQ and others to trade at a steep discount. Therefore, it will be crucial to use extreme caution.

If by Sept. 10 you still have exposure to any of the Claymore products slated for extinction, funds will be locked up until Sept. 17. This is not a reason to worry unless shares take a heavy knock.

Rather, on the 17th, shareholders will be issued a cash payout representative of the position's value as of that date. This will include any dividends and capital gains.

Shares of RPQ and RFF will be redeemed for cash on Aug. 31.

-- Written by Don Dion in Williamstown, Mass.

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Stock quotes in this article: FAA, SEA, ROB 
At the time of publication, Dion Money Management was not long any of the equities mentioned.

Don Dion is president and founder of Dion Money Management, a fee-based investment advisory firm to affluent individuals, families and nonprofit organizations, where he is responsible for setting investment policy, creating custom portfolios and overseeing the performance of client accounts. Founded in 1996 and based in Williamstown, Mass., Dion Money Management manages assets for clients in 49 states and 11 countries. Dion is a licensed attorney in Massachusetts and Maine and has more than 25 years' experience working in the financial markets, having founded and run two publicly traded companies before establishing Dion Money Management.

Dion also is publisher of the Fidelity Independent Adviser family of newsletters, which provides to a broad range of investors his commentary on the financial markets, with a specific emphasis on mutual funds and exchange-traded funds. With more than 100,000 subscribers in the U.S. and 29 other countries, Fidelity Independent Adviser publishes six monthly newsletters and three weekly newsletters. Its flagship publication, Fidelity Independent Adviser, has been published monthly for 11 years and reaches 40,000 subscribers.

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