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There's a new ETF dedicated to spinoff stocks that launched this week - The Claymore/Clear Spin-Off exchange-traded fund.

"This ETF will be the first devoted solely to spinoffs. It tracks the Clear Index, composed of 40 companies that have split from their parents over the previous 36 months. CI uses a computer algorithm to sift through a broad universe of candidates based on price/earnings ratio, return on equity, free cash flow and liquidity, among other things. It then weights them by market capitalization, with no company taking up more than 5% of the index. New candidates — they have to be at least six months old since CI is keenly aware of the initial selling period associated with most spinoffs — replace those that turn three during two rebalancing periods that take place in June and December."

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