Shipping ETF Channel

Guggenheim, faced with eight funds that aren’t pulling in assets, decides to shut them.

Guggenheim Funds filed paperwork with the Securities and Exchange Commission to change the index on its Guggenheim Shipping ETF (NYSE Arca: SEA). The change appears to cut U.S. weighting in the fund by 80 percent. The ETF, currently based on the Delta Global Shipping Index, will be organized around the Dow Jones Global Shipping Index once the change takes place, according to the filing. It said the change will become effective 60 days after the filing, dated May 27.

SEA will get a new index that seems to have a much smaller U.S. allocation.

It’s official: Ameriprise unit Columbia Management is buying Grail.

Struggling Grail Advisors gets a lifeline from Ameriprise in the form of a buyout offer.

Grail says it has a potential buyer in the wings; failure could lead to the liquidation of all its ETFs.

Will 2011 see a record number of dying funds? Here’s what to watch for.