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Any brokers allowing Claymore ETF PACC?

6454 Views 2 Replies 3 Participants Last post by  nick24
Has anyone set up a PACC to buy Claymore ETFs ?

Just wondering if any of the low-fee brokers have set it up yet or if they even plan to.

According to an email from Claymore, Questrade is allowing it, but a support agent from Questrade told me otherwise.

My plan is to use the PACC for my SM monthly investing. (Then possibly rebalance yearly from the etf into individual stocks.)
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I believe you need to register a stock certificate in your name (not the street name of the broker) to register with a Claymore PACC. You can only do synthetic DRIPing (whole shares only) for some securities at discount brokers.
I use Credential Direct for my discount brokerage and asked the same question. They said that given that PACC for ETFs is very new, they are still working on it. So, while the ability to PACC is there, the capability to execute has yet to appear.

IMHO, Claymore should have held back announcing the PACC until at least some brokerage firms were set up to handle the transactions.
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