NEW YORK ( TheStreet) --- ETF investors once again have the opportunity to play the shipping industry using the Claymore Shipping ETF ( SEA), but the fund returns at a difficult time for the sector.

In April, Claymore was forced to close this popular fund due to an unfortunate shareholder snafu. When the fund's sponsor, Claymore, was purchased by Guggenheim Partners in late 2009, shareholders were asked to vote to approve a new investment advisory agreement.

After the voting deadline came and passed, not enough votes were turned in. Having failed to reach a quorum, in late April Claymore was forced to close the fund. SEA's final day of trading was April 27.

With SEA officially out of the picture, shipping fans were forced to rely on the iShares Dow Jones Transportation Average Index Fund ( IYT) or the Fidelity Select Transportation Fund ( FSRFX) to get their maritime fix. Unfortunately, the shipping industry represents a mere 9% of IYT's total index, and as of April 29, 0.3% of the FSRFX portfolio.

SEA 2.0, which returned to trading on June 11, not only trades under the same ticker symbol as its predecessor, it also tracks the same index: the Delta Global Shipping Index.

This index is comprised of 30 individual companies from various sectors within the broader shipping industry. The fleets managed by the companies underlying SEA consist of both tanker and container ships which are focused on the transportation of goods such as iron ore, grains, natural gas and oil.

Top holdings include Pacific Basin Shipping, Overseas Shipholding ( OSG), Navios Maritime Partners ( NMM) and Ship Finance International ( SFL).

Looking at the fund's holding breakdown, SEA's assets appear to be allocated in a laddered fashion. Top holdings represent approximately 4% of the fund, middle-tier holdings account for between 3% and 4% and the smallest positions represent between 2.5% and 3% of the fund. By weighting the fund in this fashion, no single position within SEA will steer the fund's overall performance.

SEA's appeal, however, is not only its pure-play exposure to the shipping industry. In 2010, this fund has also attracted interest due to its heavy weighting in Greece.

Whereas many fund providers wouldn't want to be caught with heavy exposure to Greece due to its current debt issues, it is impossible for SEA to avoid the nation's markets. Representing one of the largest portions of its economy, the Greek Merchant Marine is the largest merchant fleet in the world.

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