UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811- 21261 |
Rydex ETF Trust |
(Exact name of registrant as specified in charter) |
805 King Farm Boulevard, Suite 600 |
Rockville, Maryland 20850 |
(Address of principal executive offices) (Zip code) |
Donald C. Cacciapaglia |
Rydex ETF Trust |
805 King Farm Boulevard, Suite 600 |
Rockville, Maryland 20850 |
(Name and address of agent for service) |
Registrant's telephone number, including area code: 1-301-296-5100 |
Date of fiscal year end: October 31
Date of reporting period: October 31, 2013
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
EWRM | GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
EWRI | GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
EWRS | GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
EWEM | GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF |
RCD | GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF |
RHS | GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER STAPLES ETF |
RYE | GUGGENHEIM S&P 500® EQUAL WEIGHT ENERGY ETF |
RYF | GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF |
RYH | GUGGENHEIM S&P 500® EQUAL WEIGHT HEALTH CARE ETF |
RGI | GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF |
RTM | GUGGENHEIM S&P 500® EQUAL WEIGHT MATERIALS ETF |
RYT | GUGGENHEIM S&P 500® EQUAL WEIGHT TECHNOLOGY ETF |
RYU | GUGGENHEIM S&P 500® EQUAL WEIGHT UTILITIES ETF |
ETF1-ANN-1013X1014
TABLE OF CONTENTS |
GUGGENHEIM ETFs ANNUAL REPORT | 1 |
October 31, 2013 |
Security Investors, LLC (the “Investment Adviser”) is pleased to present the annual shareholder report for one or more of our exchange traded funds (“ETFs”).
The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC, (“Guggenheim”) a global, diversified financial services firm.
Guggenheim Distributors, LLC, the distributor of the Funds, is affiliated with Guggenheim Partners and Security Investors. It is committed to providing investors with innovative investment solutions; as of the date of this report we offer 21 ETFs, including our lineup of equal weight ETFs. We have built on the investment management strengths of Guggenheim Investments and worked with a diverse group of index providers to create some of the most distinctive ETFs available.
This report covers performance of the ETFs for the annual period ended October 31, 2013.
We encourage you to read the Economic and Market Overview that follows, which provides additional information regarding the factors that influenced the Funds’ performance for the fiscal year, and then the Manager’s Analysis for each ETF.
Sincerely,
Donald C. Cacciapaglia
President
November 30, 2013
Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.
ETFs may not be suitable for all investors. • Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Most investors will also incur customary brokerage commissions when buying or selling shares of an ETF. • Investments in securities and derivatives, in general, are subject to market risks that may cause their prices to fluctuate over time. • ETF shares may trade below their net asset value per share (“NAV”). The NAV of shares will fluctuate with changes in the market value of an ETF’s holdings. In addition, there can be no assurance that an active trading market for shares will develop or be maintained. • Tracking error risk refers to the risk that the Adviser may not be able to cause the ETF’s performance to match or correlate to that of the ETF’s underlying index, either on a daily or aggregate basis. Tracking error risk may cause the ETF’s performance to be less than you expect.
2 | GUGGENHEIM ETFs ANNUAL REPORT |
ECONOMIC AND MARKET OVERVIEW | October 31, 2013 |
For much of the 12-month period ended October 31, 2013, the U.S. economy and investment markets benefited from continued monetary accommodation from the world’s central banks and an improving picture for housing and employment. But concern over a U.S. government shutdown and the strength of the economic recovery increased volatility over the last months of the period, as did confusion over the expected tapering of quantitative easing (QE). Sharply higher interest rates caused fixed-income assets to sell off in the second quarter, but then rebound somewhat when rates began falling late in the third quarter. Stocks continued their positive response to QE by grinding higher over the course of the summer, with some indices setting new market highs during October.
The yield on the 10-year Treasury note rose to a two-year high of 3% by early September, over 100 basis points above May’s lows. On September 18, the Fed again surprised markets by announcing it would not begin tapering its asset purchases, and rates promptly headed lower. In refraining from tapering, the Fed made it clear that it does not currently see enough economic growth potential to remove extreme monetary accommodation. The Fed was concerned about the impact of higher rates on the economy (particularly housing) and also the looming budget battles in Washington.
Challenges facing the U.S. economy, such as low growth and persistent unemployment, are also helping to keep interest rates subdued.
As rates fell after the Fed’s September meeting, mortgage activity began to stabilize. Housing is positioned to continue improving during the fourth quarter, although the evidence may not show up in the economic data until late 2013 or early 2014.
Overseas, the economic outlook for Europe is improving, and China’s apparent commitment to a 7.5% growth target is supporting Asian equities. European and emerging market equities (which are generally still at lower relative values than U.S. equities) are likely to benefit even more from the global liquidity environment and the expectation of continued monetary accommodation.
Minutes from the Federal Open Market Committee September meeting, which were released in October, indicated significant debate over taper timing. Given the data-dependent nature of the purchase program, some members believed employment weakness and low levels of inflation argued for continued QE. Others said they felt economic growth was sufficiently positive to taper, and believed that markets had been positioned for it. At period-end, there was little chance the Fed would make any move before Senate confirmation of its chairman-nominee, Janet Yellen. Markets may become increasingly concerned about how slow the U.S. economy appears as 2013 winds down, but liquidity rules, continuing to drive performance of risk assets.
For the 12-month period ended October 31, 2013, the return of the Standard & Poor’s 500® Index* (“S&P 500”) was 27.18%. The Barclays U.S. Aggregate Bond Index* returned -1.08% for the period, while the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index* returned 0.09%. The MSCI World Index* returned 25.77%, while the MSCI Emerging Markets Index* returned 6.53%.
The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.
*Index Definitions:
The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.
Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.
Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS.
MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.
MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
S&P 500® Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of the U.S. stock market.
GUGGENHEIM ETFs ANNUAL REPORT | 3 |
ECONOMIC AND MARKET OVERVIEW (concluded) | October 31, 2013 |
Russell 1000® Equal Weight Index is an unmanaged equal-weighted version of the Russell 1000® Index, which is an unmanaged capitalization-weighted index representing the U.S. large-cap market. The Russell 1000® Equal Weight Index offers sector equal weight exposure by equally weighting the nine sectors within the Index and then equally weighting the securities within each sector.
Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000® represents approximately 92% of the U.S. market.
Russell Midcap® Equal Weight Index is an unmanaged equal-weighted version of the Russell Midcap® Index, which is an unmanaged capitalization-weighted index representing the U.S. mid-cap market. The Russell Midcap Equal Weight Index offers sector equal weight exposure by equally weighting the nine sectors within the Index and then equally weighting the securities within each sector.
Russell Midcap® Index measures the performance of the 800 smallest companies in the Russell 1000® Index, which represent approximately 31% of the total market capitalization of the Russell 1000® Index.
Russell 2000® Equal Weight Index is an unmanaged equal-weighted version of the Russell 2000® Index, which is an unmanaged capitalization-weighted index representing the U.S. small-cap market. The Russell 2000® Equal Weight Index offers sector equal weight exposure by equally weighting the nine sectors within the Index and then equally weighting the securities within each sector.
Russell 2000® Index measures the performance of the small-cap value segment of the U.S. equity universe. The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 10% of the total market capitalization of the Russell 3000® Index. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
MSCI Emerging Markets Equal Weight Index equally weights the securities in the MSCI Emerging Markets Index (the MSCI Emerging Markets cap-weighted index), which is a free float-adjusted market capitalization index that is designed to measure the equity market performance of emerging markets. In the MSCI Emerging Markets Equal Weighted Index, each security has the same weight, which means that the weight of each security is set to unity of the rebalancing date.
S&P 500® Equal Weight Index Consumer Discretionary is an unmanaged equal weighted version of the S&P 500® Consumer Discretionary Index that consists of the common stocks of the following industries: automobiles and components, consumer durables, apparel, hotels, restaurants, leisure, media and retailing that comprise the Consumer Discretionary sector of the S&P 500® Index.
S&P 500® Equal Weight Index Consumer Staples is an unmanaged equal weighted version of the S&P 500® Consumer Staples Index that consists of the common stocks of the following industries: food and drug retailing, beverages, food products, tobacco, household products and personal products that comprise the Consumer Staples sector of the S&P 500® Index.
S&P 500® Equal Weight Index Energy is an unmanaged equal weighted version of the S&P 500® Energy Index that consists of the common stocks of the following industries: oil and gas exploration, production, marketing, refining and/or transportation and energy equipment and services industries that comprise the Energy sector of the S&P 500® Index.
S&P 500® Equal Weight Index Financials is an unmanaged equal weighted version of the S&P 500® Financials Index that consists of the common stocks of the following industries: banks, diversified financials, brokerage, asset management insurance and real estate, including investment trusts that comprise the Financials sector of the S&P 500® Index.
S&P 500® Equal Weight Index Health Care is an unmanaged equal weighted version of the S&P 500® Health Care Index that consists of the common stocks of the following industries: health care equipment and supplies, health care providers and services, and biotechnology and pharmaceuticals that comprise the Health Care sector of the S&P 500® Index.
S&P 500® Equal Weight Index Industrials is an unmanaged equal weighted version of the S&P 500® Industrials Index that consists of the common stocks of the following industries: aerospace and defense, building products, construction and engineering, electrical equipment, conglomerates, machinery; commercial services and supplies, air freight and logistics, airlines, and marine, road and rail transportation infrastructure that comprise the 52 Industrials sectors of the S&P 500® Index.
S&P 500® Equal Weight Index Materials is an unmanaged equal weighted version of the S&P 500® Materials Index that consists of the common stocks of the following industries: chemicals, construction materials, containers and packaging, metals and mining, and paper and forest products that comprise the Materials sector of the S&P 500® Index.
S&P 500® Equal Weight Index Information Technology is an unmanaged equal weighted version of the S&P 500® Information Technology Index that consists of the common stocks of the following industries: internet equipment, computers and peripherals, electronic equipment, office electronics and instruments, semiconductor equipment and products, diversified telecommunication services, and wireless telecommunication services that comprise the Information Technology sector of the S&P 500® Index.
S&P 500® Equal Weight Index Telecommunication Services & Utilities is an unmanaged equal weighted version of the S&P 500® Telecommunication Services Index and S&P 500® Utilities Index that consists of the common stocks of the following industries: electric utilities, gas utilities, multi-utilities and unregulated power and water utilities, telecommunication service companies, including fixed-line, cellular, wireless, high bandwidth and fiber-optic cable networks that comprise the Telecommunications Services and Utilities sectors of the S&P 500® Index.
4 | GUGGENHEIM ETFs ANNUAL REPORT |
FEES AND EXPENSES (Unaudited) |
Shareholder Expense Example
As a shareholder of the Rydex ETF Trust, you incur transaction costs such as creation and redemption fees or brokerage charges, and ongoing costs including advisory fees, trustee fees and, if applicable, distribution fees. All other Trust expenses are paid by the advisor. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example in the table is based on an investment of $1,000 invested on April 30, 2013 and held for the six months ended October 31, 2013.
Actual Expenses
The first table provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses attributable to your investment during this period.
Hypothetical Example for Comparison Purposes
The second table provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
GUGGENHEIM ETFs ANNUAL REPORT | 5 |
FEES AND EXPENSES (Unaudited) (concluded) |
Beginning | Ending | Expenses | ||||||||||||||||||
Expense | Fund | Account Value | Account Value | Paid During | ||||||||||||||||
Ratio1 | Return | 04/30/13 | 10/31/13 | Period2 | ||||||||||||||||
Table 1. Based on actual Fund return3 | ||||||||||||||||||||
Guggenheim Russell MidCap® Equal Weight ETF | 0.40 | % | 13.72 | % | $1,000.00 | $1,137.20 | $2.15 | |||||||||||||
Guggenheim Russell 1000® Equal Weight ETF | 0.40 | % | 13.04 | % | 1,000.00 | 1,130.40 | 2.15 | |||||||||||||
Guggenheim Russell 2000® Equal Weight ETF | 0.40 | % | 18.99 | % | 1,000.00 | 1,189.90 | 2.21 | |||||||||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 0.60 | % | -0.45 | % | 1,000.00 | 995.50 | 3.02 | |||||||||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 0.50 | % | 15.81 | % | 1,000.00 | 1,158.10 | 2.72 | |||||||||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 0.50 | % | 7.57 | % | 1,000.00 | 1,075.70 | 2.62 | |||||||||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 0.50 | % | 13.43 | % | 1,000.00 | 1,134.30 | 2.69 | |||||||||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 0.50 | % | 11.55 | % | 1,000.00 | 1,115.50 | 2.67 | |||||||||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 0.50 | % | 15.21 | % | 1,000.00 | 1,152.10 | 2.71 | |||||||||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 0.50 | % | 17.92 | % | 1,000.00 | 1,179.20 | 2.75 | |||||||||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 0.50 | % | 13.61 | % | 1,000.00 | 1,136.10 | 2.69 | |||||||||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 0.50 | % | 15.64 | % | 1,000.00 | 1,156.40 | 2.72 | |||||||||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 0.50 | % | -3.01 | % | 1,000.00 | 969.90 | 2.48 | |||||||||||||
Table 2. Based on hypothetical 5% return (before expenses) | ||||||||||||||||||||
Guggenheim Russell MidCap® Equal Weight ETF | 0.40 | % | 5.00 | % | 1,000.00 | 1,023.19 | 2.04 | |||||||||||||
Guggenheim Russell 1000® Equal Weight ETF | 0.40 | % | 5.00 | % | 1,000.00 | 1,023.19 | 2.04 | |||||||||||||
Guggenheim Russell 2000® Equal Weight ETF | 0.40 | % | 5.00 | % | 1,000.00 | 1,023.19 | 2.04 | |||||||||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 0.60 | % | 5.00 | % | 1,000.00 | 1,022.18 | 3.06 | |||||||||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 0.50 | % | 5.00 | % | 1,000.00 | 1,022.68 | 2.55 | |||||||||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 0.50 | % | 5.00 | % | 1,000.00 | 1,022.68 | 2.55 | |||||||||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 0.50 | % | 5.00 | % | 1,000.00 | 1,022.68 | 2.55 | |||||||||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 0.50 | % | 5.00 | % | 1,000.00 | 1,022.68 | 2.55 | |||||||||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 0.50 | % | 5.00 | % | 1,000.00 | 1,022.68 | 2.55 | |||||||||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 0.50 | % | 5.00 | % | 1,000.00 | 1,022.68 | 2.55 | |||||||||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 0.50 | % | 5.00 | % | 1,000.00 | 1,022.68 | 2.55 | |||||||||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 0.50 | % | 5.00 | % | 1,000.00 | 1,022.68 | 2.55 | |||||||||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 0.50 | % | 5.00 | % | 1,000.00 | 1,022.68 | 2.55 |
1 | Annualized and excludes expenses of the underlying funds in which the Funds invest. |
2 | Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
3 | Actual cumulative return at net asset value for the period April 30, 2013 to October 31, 2013. |
6 | GUGGENHEIM ETFs ANNUAL REPORT |
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GUGGENHEIM ETFs ANNUAL REPORT | 7 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF
Guggenheim Russell Midcap® Equal Weight ETF returned 35.21% for the one-year period ended October 31, 2013, compared with the 35.86% return of the benchmark, the Russell Midcap® Equal Weight Index. The cap-weighted Russell Midcap® Index returned 33.79%. During the period, EWRM achieved over 99% correlation to its benchmark on a daily basis.
The Health Care, Industrials and Consumer Staples sectors contributed most to return for the period. No sector detracted, but those sectors contributing least were Telecommunication Services, Utilities and Materials.
Top contributors to Fund return included Green Mountain Coffee Roasters, Inc., Clearwire Corp.—Class A and Safeway, Inc. Top detractors included Allied Nevada Gold Corp., Walter Energy, Inc. and ARIAD Pharmaceuticals, Inc.
Cumulative Fund Performance: December 3, 2010 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013 | ||||||||
Since Inception | ||||||||
One Year | (12/03/10) | |||||||
Guggenheim Russell MidCap® Equal Weight ETF | 35.21 | % | 16.29 | % | ||||
Russell MidCap Equal Weight Index | 35.86 | % | 16.76 | % | ||||
Russell MidCap Index | 33.79 | % | 15.62 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
8 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
Ten Largest Holdings* | ||||
% of | ||||
Description | Net Assets | |||
iShares Russell Mid-Capital ETF | 0.5 | % | ||
Flowers Foods, Inc. | 0.4 | % | ||
Lorillard, Inc. | 0.4 | % | ||
Constellation Brands, Inc. — Class A | 0.4 | % | ||
Clorox Co. | 0.3 | % | ||
GNC Holdings, Inc. — Class A | 0.3 | % | ||
Safeway, Inc. | 0.3 | % | ||
Whole Foods Market, Inc. | 0.3 | % | ||
Mead Johnson Nutrition Co. — Class A | 0.3 | % | ||
Hershey Co. | 0.3 | % | ||
Top Ten Total | 3.5 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 9 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF
Guggenheim Russell 1000® Equal Weight ETF returned 33.71% for the one-year period ended October 31, 2013, compared with the 34.34% return of the benchmark, the Russell 1000® Equal Weight Index. The cap-weighted Russell 1000® Index returned 28.40%. During the period, EWRI achieved over 99% correlation to its benchmark on a daily basis.
The Health Care, Industrials and Information Technology sectors contributed most to return for the period. No sector detracted, but those sectors contributing least were Telecommunication Services, Utilities and Materials.
Top contributors to Fund return included Green Mountain Coffee Roasters, Inc., Clearwire Corp.—Class A and Safeway, Inc. Top detractors included Allied Nevada Gold Corp., Walter Energy, Inc. and ARIAD Pharmaceuticals, Inc.
Cumulative Fund Performance: December 3, 2010 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013 | ||||||||
Since Inception | ||||||||
One Year | (12/03/10) | |||||||
Guggenheim Russell 1000® Equal Weight ETF | 33.71 | % | 16.02 | % | ||||
Russell 1000 Equal Weight Index | 34.34 | % | 16.51 | % | ||||
Russell 1000 Index | 28.40 | % | 15.77 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
10 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
Ten Largest Holdings* | ||||
% of | ||||
Description | Net Assets | |||
iShares Russell 1000 ETF | 0.5 | % | ||
Flowers Foods, Inc. | 0.3 | % | ||
Lorillard, Inc. | 0.2 | % | ||
Kimberly-Clark Corp. | 0.2 | % | ||
Constellation Brands, Inc. — Class A | 0.2 | % | ||
Archer-Daniels-Midland Co. | 0.2 | % | ||
Clorox Co. | 0.2 | % | ||
GNC Holdings, Inc. — Class A | 0.2 | % | ||
Safeway, Inc. | 0.2 | % | ||
Colgate-Palmolive Co. | 0.2 | % | ||
Top Ten Total | 2.4 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 11 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
Guggenheim Russell 2000® Equal Weight ETF returned 37.07% for the one-year period ended October 31, 2013, compared with the 37.82% return of the benchmark, the Russell 2000® Equal Weight Index. The cap-weighted Russell 2000® Index returned 36.28%. During the period, EWRS achieved over 99% correlation to its benchmark on a daily basis.
The Industrials, Information Technology and Consumer Discretionary sectors contributed most to return for the period. No sector detracted, but those sectors contributing least were Utilities, Telecommunication Services and Materials.
Top contributors to Fund return included Rite Aid Corp., Pilgrim’s Pride Corp. and Leap Wireless International, Inc. Top detractors included Atlantic Power Corp., MagicJack Vocaltec Ltd. and Cincinnati Bell, Inc.
Cumulative Fund Performance: December 3, 2010 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013 | ||||||||
Since Inception | ||||||||
One Year | (12/03/10) | |||||||
Guggenheim Russell 2000® Equal Weight ETF | 37.07 | % | 14.12 | % | ||||
Russell 2000 Equal Weight Index | 37.82 | % | 14.78 | % | ||||
Russell 2000 Index | 36.28 | % | 15.32 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
12 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
Ten Largest Holdings* | ||||
% of | ||||
Description | Net Assets | |||
iShares Russell 2000 ETF | 0.8 | % | ||
Inteliquent, Inc. | 0.2 | % | ||
Pantry, Inc. | 0.2 | % | ||
Shenandoah Telecommunications Co. | 0.2 | % | ||
IDT Corp. — Class B | 0.2 | % | ||
WD-40 Co. | 0.2 | % | ||
Diamond Foods, Inc. | 0.2 | % | ||
Vonage Holdings Corp. | 0.2 | % | ||
NRG Yield, Inc. — Class A | 0.2 | % | ||
ORBCOMM, Inc. | 0.2 | % | ||
Top Ten Total | 2.6 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 13 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF
Guggenheim MSCI Emerging Markets Equal Weight ETF returned 4.76% for the one-year period ended October 31, 2013, compared with the 7.19% return of the benchmark, the MSCI Emerging Markets Equal Weight Index. The cap-weighted MSCI Emerging Markets Index returned 6.53%. During the period, EWEM achieved over 99% correlation to its benchmark on a daily basis.
The Financials, Consumer Discretionary and Information Technology sectors contributed most to return for the period. The only sectors detracting from return were Materials and Energy.
Top contributors to Fund return included Colonial Properties Trust, BYD Co. Ltd. and Turk Hava Yollari A.O. Top detractors included Wisdom Tree India Earnings Fund, Compania de Minas Buenaventura SA and Gold Fields Ltd.
Cumulative Fund Performance: December 3, 2010 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013 | ||||||||
Since Inception | ||||||||
One Year | (12/03/10) | |||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 4.76 | % | -3.54 | % | ||||
MSCI Emerging Markets Equal Weight Index | 7.19 | % | -0.97 | % | ||||
MSCI Emerging Markets Index | 6.53 | % | -0.22 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
14 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
Ten Largest Holdings* | ||||
% of | ||||
Description | Net Assets | |||
WisdomTree India Earnings Fund | 7.8 | % | ||
iShares MSCI Brazil Capped ETF | 7.3 | % | ||
SM Investments Corp. | 0.4 | % | ||
Ayala Land, Inc. | 0.3 | % | ||
Eclat Textile Company Ltd. | 0.3 | % | ||
DMCI Holdings, Inc. | 0.3 | % | ||
BDO Unibank, Inc. | 0.3 | % | ||
Philippine Long Distance Telephone Co. ADR | 0.3 | % | ||
Genting BHD | 0.3 | % | ||
Pacific Rubiales Energy Corp. | 0.3 | % | ||
Top Ten Total | 17.6 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 15 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
For the one-year period ended October 31, 2013, Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF returned 39.91%, compared to its benchmark, the S&P 500® Equal Weight Index Consumer Discretionary, which returned 40.70%. RCD achieved over 99% correlation to its benchmark on a daily basis.
The return of the cap-weighted Standard & Poor’s 500® Index was 27.18%.
The Specialty Retail, Media and Internet & Catalog Retail industries were the largest contributors to return. The Diversified Financial Services and the Distributors industries contributed least to return, while the Professional Services industry was the only detractor from return.
Netflix, Inc., Best Buy Co., Inc. and Tripadvisor, Inc. contributed most to return. J.C. Penney Co., Inc., Apollo Group, Inc.—Class A and Cablevision Systems Corporation—Class A detracted most from return.
Cumulative Fund Performance: November 1, 2006 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013 | ||||||||||||||||
Since Inception | ||||||||||||||||
One Year | Three Year | Five Year | (11/01/06) | |||||||||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 39.91 | % | 23.11 | % | 26.68 | % | 9.14 | % | ||||||||
S&P 500 Equal Weight Index Consumer Discretionary | 40.70 | % | 23.85 | % | 27.29 | % | 9.66 | % | ||||||||
S&P 500 Index | 27.18 | % | 16.56 | % | 15.17 | % | 5.91 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
16 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
Ten Largest Holdings* | ||||
% of | ||||
Description | Net Assets | |||
Chipotle Mexican Grill, Inc. — Class A | 1.4 | % | ||
Amazon.com, Inc. | 1.4 | % | ||
Harman International Industries, Inc. | 1.4 | % | ||
Expedia, Inc. | 1.3 | % | ||
Discovery Communications, Inc. — Class A | 1.3 | % | ||
TripAdvisor, Inc. | 1.3 | % | ||
TJX Companies, Inc. | 1.3 | % | ||
Best Buy Company, Inc. | 1.3 | % | ||
Staples, Inc. | 1.3 | % | ||
NIKE, Inc. — Class B | 1.3 | % | ||
Top Ten Total | 13.3 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 17 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER STAPLES ETF
For the one-year period ended October 31, 2013, Guggenheim S&P 500® Equal Weight Consumer Staples ETF returned 32.59%. For the same period, its benchmark, the S&P 500® Equal Weight Index Consumer Staples, returned 33.34%. RHS achieved over 99% correlation to its benchmark on a daily basis.
The return of the cap-weighted Standard & Poor’s 500® Index was 27.18%.
The Food Products industry, Food & Staples Retailing industry and the Beverages industry were the largest contributors to return. No industry detracted, but the Personal Products industry, Tobacco industry and the Household Products industry contributed least to return.
Safeway, Inc., Constellation Brands, Inc.—Class A and Tyson Foods, Inc.—Class A contributed most to return. Wal-Mart Stores, Inc., Philip Morris International, Inc. and Sysco Corporation contributed least.
Cumulative Fund Performance: November 1, 2006 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013 | ||||||||||||||||
Since Inception | ||||||||||||||||
One Year | Three Year | Five Year | (11/01/06) | |||||||||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 32.59 | % | 19.38 | % | 18.92 | % | 11.37 | % | ||||||||
S&P 500 Equal Weight Index Consumer Staples | 33.34 | % | 20.12 | % | 19.62 | % | 12.01 | % | ||||||||
S&P 500 Index | 27.18 | % | 16.56 | % | 15.17 | % | 5.91 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
18 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER STAPLES ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
Ten Largest Holdings* | ||||
% of | ||||
Description | Net Assets | |||
Safeway, Inc. | 2.9 | % | ||
Lorillard, Inc. | 2.8 | % | ||
Archer-Daniels-Midland Co. | 2.7 | % | ||
Kimberly-Clark Corp. | 2.7 | % | ||
Constellation Brands, Inc. — Class A | 2.6 | % | ||
Walgreen Co. | 2.6 | % | ||
Whole Foods Market, Inc. | 2.6 | % | ||
Kroger Co. | 2.6 | % | ||
Molson Coors Brewing Co. — Class B | 2.6 | % | ||
Colgate-Palmolive Co. | 2.6 | % | ||
Top Ten Total | 26.7 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 19 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ENERGY ETF
For the one-year period ended October 31, 2013, Guggenheim S&P 500® Equal Weight Energy ETF returned 26.19%. For the same period, its benchmark, the S&P 500® Equal Weight Index Energy, returned 26.87%. RYE achieved over 99% correlation to its benchmark on a daily basis.
The return of the cap-weighted Standard & Poor’s 500® Index was 27.18%.
The Oil, Gas & Consumable Fuels industry was the largest contributor to return. The only other industry composing this Fund, Energy Equipment & Services, also contributed to return.
Pioneer Natural Resources Co., Helmerich & Payne, Inc. and Valero Energy Corp. contributed most to return. Peabody Energy Corp., Diamond Offshore Drilling, Inc. and Transocean Ltd. detracted most from return.
Cumulative Fund Performance: November 1, 2006 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013 | ||||||||||||||||
Since Inception | ||||||||||||||||
One Year | Three Year | Five Year | (11/01/06) | |||||||||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 26.19 | % | 15.09 | % | 16.05 | % | 8.70 | % | ||||||||
S&P 500 Equal Weight Index Energy | 26.87 | % | 15.71 | % | 16.77 | % | 9.33 | % | ||||||||
S&P 500 Index | 27.18 | % | 16.56 | % | 15.17 | % | 5.91 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
20 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ENERGY ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
Ten Largest Holdings* | ||||
% of | ||||
Description | Net Assets | |||
Newfield Exploration Co. | 2.6 | % | ||
QEP Resources, Inc. | 2.6 | % | ||
Valero Energy Corp. | 2.6 | % | ||
Baker Hughes, Inc. | 2.5 | % | ||
Phillips 66 | 2.5 | % | ||
Noble Energy, Inc. | 2.4 | % | ||
Helmerich & Payne, Inc. | 2.4 | % | ||
WPX Energy, Inc. | 2.4 | % | ||
Pioneer Natural Resources Co. | 2.4 | % | ||
Peabody Energy Corp. | 2.4 | % | ||
Top Ten Total | 24.8 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 21 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF
For the one-year period ended October 31, 2013, Guggenheim S&P 500® Equal Weight Financials ETF returned 34.05%. For the same period, its benchmark, the S&P 500® Equal Weight Index Financials, returned 34.79%. RYF achieved a daily correlation of over 99% to its benchmark on a daily basis.
The return of the cap-weighted Standard & Poor’s 500® Index was 27.18%.
The Insurance, Capital Markets and Diversified Financial Services industries were the largest contributors to return. No industry detracted, but the three industries contributing least to return were Thrifts & Mortgage Finance, Real Estate Management & Development and Consumer Finance.
Genworth Financial, Inc.—Class A, E*Trade Financial Corporation and NYSE Euronext were the largest contributors to return. Macerich Company, Equity Residential and AvalonBay Communities, Inc. were the largest detractors from return.
Cumulative Fund Performance: November 1, 2006 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013 | ||||||||||||||||
Since Inception | ||||||||||||||||
One Year | Three Year | Five Year | (11/01/06) | |||||||||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 34.05 | % | 16.07 | % | 14.02 | % | -1.69 | % | ||||||||
S&P 500 Equal Weight Index Financials | 34.79 | % | 16.71 | % | 14.84 | % | -0.84 | % | ||||||||
S&P 500 Index | 27.18 | % | 16.56 | % | 15.17 | % | 5.91 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
22 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
Ten Largest Holdings* | ||||
% of | ||||
Description | Net Assets | |||
Genworth Financial, Inc. — Class A | 1.4 | % | ||
Aon plc | 1.4 | % | ||
BlackRock, Inc. — Class A | 1.3 | % | ||
NASDAQ OMX Group, Inc. | 1.3 | % | ||
Legg Mason, Inc. | 1.3 | % | ||
McGraw Hill Financial, Inc. | 1.3 | % | ||
Franklin Resources, Inc. | 1.3 | % | ||
Ameriprise Financial, Inc. | 1.3 | % | ||
Principal Financial Group, Inc. | 1.3 | % | ||
Invesco Ltd. | 1.3 | % | ||
Top Ten Total | 13.2 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 23 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT HEALTH CARE ETF
For the one-year period ended October 31, 2013, Guggenheim S&P 500® Equal Weight Health Care ETF returned 36.81%. For the same period, its benchmark, the S&P 500® Equal Weight Index Health Care, returned 37.65%. RYH achieved over 99% correlation to its benchmark on a daily basis.
The return of the cap-weighted Standard & Poor’s 500® Index was 27.18%.
The Health Care Providers & Services, Health Care Equipment & Supplies and Pharmaceuticals industries were the largest contributors to return. No industry detracted, but the industries contributing least to return were Health Care Technology, Life Sciences Tools & Services and Biotechnology.
Tenet Healthcare Corp., Boston Scientific Corp. and Celgene Corp. were the largest contributors to return. Intuitive Surgical, Inc., Edwards Lifesciences Corp. and Vertex Pharmaceuticals, Inc. were the largest detractors from return.
Cumulative Fund Performance: November 1, 2006 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013 | ||||||||||||||||
Since Inception | ||||||||||||||||
One Year | Three Year | Five Year | (11/01/06) | |||||||||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 36.81 | % | 21.55 | % | 20.71 | % | 11.90 | % | ||||||||
S&P 500 Equal Weight Index Health Care | 37.65 | % | 22.22 | % | 21.46 | % | 12.78 | % | ||||||||
S&P 500 Index | 27.18 | % | 16.56 | % | 15.17 | % | 5.91 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
24 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT HEALTH CARE ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
Ten Largest Holdings* | ||||
% of | ||||
Description | Net Assets | |||
McKesson Corp. | 2.1 | % | ||
Bristol-Myers Squibb Co. | 2.1 | % | ||
Tenet Healthcare Corp. | 2.1 | % | ||
CR Bard, Inc. | 2.0 | % | ||
Cerner Corp. | 2.0 | % | ||
Actavis plc | 2.0 | % | ||
Gilead Sciences, Inc. | 2.0 | % | ||
Perrigo Co. | 2.0 | % | ||
Cardinal Health, Inc. | 1.9 | % | ||
St. Jude Medical, Inc. | 1.9 | % | ||
Top Ten Total | 20.1 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 25 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF
For the one-year period ended October 31, 2013, Guggenheim S&P 500® Equal Weight Industrials ETF returned 36.10% compared to its benchmark S&P 500® Equal Weight Index Industrials, which returned 36.85%. RGI achieved over 99% correlation to its benchmark on a daily basis.
The return of the cap-weighted Standard & Poor’s 500® Index was 27.18%.
The Machinery, Aerospace & Defense and Commercial Services & Supplies industries contributed the most to return. No industry detracted, but Containers & Packaging, Building Products and Trading Companies & Distributors contributed least to return.
Southwest Airlines Co., The Boeing Co. and Pitney Bowes, Inc. contributed most to return. Iron Mountain, Inc., Joy Global, Inc. and R.R. Donnelley & Sons Co. detracted most from return.
Cumulative Fund Performance: November 1, 2006 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013 | ||||||||||||||||
Since Inception | ||||||||||||||||
One Year | Three Year | Five Year | (11/01/06) | |||||||||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 36.10 | % | 17.49 | % | 18.45 | % | 8.67 | % | ||||||||
S&P 500 Equal Weight Index Industrials | 36.85 | % | 18.14 | % | 19.20 | % | 9.26 | % | ||||||||
S&P 500 Index | 27.18 | % | 16.56 | % | 15.17 | % | 5.91 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
26 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
Ten Largest Holdings* | ||||
% of | ||||
Description | Net Assets | |||
Xylem, Inc. | 1.9 | % | ||
Pitney Bowes, Inc. | 1.9 | % | ||
Southwest Airlines Co. | 1.9 | % | ||
FedEx Corp. | 1.8 | % | ||
Delta Air Lines, Inc. | 1.8 | % | ||
Boeing Co. | 1.8 | % | ||
Quanta Services, Inc. | 1.7 | % | ||
Flowserve Corp. | 1.7 | % | ||
Norfolk Southern Corp. | 1.7 | % | ||
Parker Hannifin Corp. | 1.7 | % | ||
Top Ten Total | 17.9 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 27 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT MATERIALS ETF
For the one-year period ended October 31, 2013, Guggenheim S&P 500® Equal Weight Materials ETF returned 26.59% compared with the 27.20% return of the benchmark, the S&P 500® Equal Weight Index Materials. RTM achieved over 99% correlation to its benchmark on a daily basis.
The return of the cap-weighted Standard & Poor’s 500® Index was 27.18%.
The Chemicals, Containers & Packaging and Metals & Mining industries were the largest contributors to return. No industry detracted, but industries contributing least to return were Construction Materials and Paper & Forest Products.
Sealed Air Corp., Owens-Illinois, Inc. and PPG Industries, Inc. contributed most to return. Newmont Mining Corp., Cliff’s Natural Resources, Inc. and The Mosaic Co. detracted most from return.
Cumulative Fund Performance: November 1, 2006 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013 | ||||||||||||||||
Since Inception | ||||||||||||||||
One Year | Three Year | Five Year | (11/01/06) | |||||||||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 26.59 | % | 11.34 | % | 19.32 | % | 8.59 | % | ||||||||
S&P 500 Equal Weight Index Materials | 27.20 | % | 11.89 | % | 20.08 | % | 9.36 | % | ||||||||
S&P 500 Index | 27.18 | % | 16.56 | % | 15.17 | % | 5.91 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
28 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT MATERIALS ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
Ten Largest Holdings* | ||||
% of | ||||
Description | Net Assets | |||
United States Steel Corp. | 3.8 | % | ||
Cliffs Natural Resources, Inc. | 3.6 | % | ||
Allegheny Technologies, Inc. | 3.5 | % | ||
Alcoa, Inc. | 3.5 | % | ||
PPG Industries, Inc. | 3.4 | % | ||
Freeport-McMoRan Copper & Gold, Inc. | 3.4 | % | ||
CF Industries Holdings, Inc. | 3.4 | % | ||
Ecolab, Inc. | 3.4 | % | ||
Ball Corp. | 3.4 | % | ||
Sherwin-Williams Co. | 3.3 | % | ||
Top Ten Total | 34.7 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 29 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT TECHNOLOGY ETF
For the one-year period ended October 31, 2013, Guggenheim S&P 500® Equal Weight Technology ETF returned 39.23% compared with its benchmark, the S&P 500® Equal Weight Index Information Technology, which returned 39.95%. RYT achieved over 99% correlation to its benchmark on a daily basis.
The return of the cap-weighted Standard & Poor’s 500® Index was 27.18%.
The Semiconductors & Semiconductor Equipment industry was the largest contributor to return, followed by the Computers & Peripherals industry and the Software industry. No industry detracted from return, but the Diversified Financial Services industry contributed least, followed by the Consumer Finance industry and the Office Electronics industry.
Micron Technology, Inc., First Solar, Inc. and Western Digital Corp. contributed most to return. Teradata Corp., Apple, Inc. and Broadcom Corp.—Class A detracted most from return.
Cumulative Fund Performance: November 1, 2006 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013 | ||||||||||||||||
Since Inception | ||||||||||||||||
One Year | Three Year | Five Year | (11/01/06) | |||||||||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 39.23 | % | 12.69 | % | 19.51 | % | 6.28 | % | ||||||||
S&P 500 Equal Weight Index Information Technology | 39.95 | % | 13.29 | % | 20.28 | % | 6.86 | % | ||||||||
S&P 500 Index | 27.18 | % | 16.56 | % | 15.17 | % | 5.91 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
30 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT TECHNOLOGY ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
Ten Largest Holdings* | ||||
% of | ||||
Description | Net Assets | |||
First Solar, Inc. | 2.0 | % | ||
Seagate Technology plc | 1.8 | % | ||
Corning, Inc. | 1.7 | % | ||
Google, Inc. — Class A | 1.7 | % | ||
SanDisk Corp. | 1.7 | % | ||
Adobe Systems, Inc. | 1.7 | % | ||
Yahoo!, Inc. | 1.7 | % | ||
Apple, Inc. | 1.7 | % | ||
Applied Materials, Inc. | 1.7 | % | ||
Hewlett-Packard Co. | 1.6 | % | ||
Top Ten Total | 17.3 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 31 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT UTILITIES ETF
For the one-year period ended October 31, 2013, Guggenheim S&P 500® Equal Weight Utilities ETF returned 10.95% while its benchmark, the S&P 500® Equal Weight Telecommunication Services & Utilities Index, returned 11.51%. RYU had a 99% correlation to its benchmark on a daily basis.
The return of the cap-weighted Standard & Poor’s 500® Index was 27.18%.
The Multi-Utilities industry, Independent Power Producers & Energy Traders industry and the Wireless Telecommunications Services industry were the largest contributors to return. No group detracted from return, but the Diversified Telecommunication Services industry contributed least, followed by the Gas Utilities and Electric Utilities industries.
The AES Corp., NRG Energy, Inc. and Sempra Energy contributed most to return. Exelon Corp., FirstEnergy Corp. and Entergy Corp. detracted most from return.
Cumulative Fund Performance: November 1, 2006 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013 | ||||||||||||||||
Since Inception | ||||||||||||||||
One Year | Three Year | Five Year | (11/01/06) | |||||||||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 10.95 | % | 12.72 | % | 13.71 | % | 6.10 | % | ||||||||
S&P 500 Equal Weight Index Telecommunications Services & Utilities | 11.51 | % | 13.36 | % | 14.41 | % | 6.68 | % | ||||||||
S&P 500 Index | 27.18 | % | 16.56 | % | 15.17 | % | 5.91 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
32 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT UTILITIES ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
* | The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time. |
Ten Largest Holdings* | ||||
% of | ||||
Description | Net Assets | |||
ONEOK, Inc. | 2.8 | % | ||
Ameren Corp. | 2.8 | % | ||
American Electric Power Company, Inc. | 2.8 | % | ||
Duke Energy Corp. | 2.8 | % | ||
Edison International | 2.8 | % | ||
Crown Castle International Corp. | 2.8 | % | ||
AGL Resources, Inc. | 2.8 | % | ||
Integrys Energy Group, Inc. | 2.8 | % | ||
Sempra Energy | 2.8 | % | ||
CenterPoint Energy, Inc. | 2.8 | % | ||
Top Ten Total | 28.0 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 33 |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.2% | ||||||||
INFORMATION TECHNOLOGY - 12.2% | ||||||||
First Solar, Inc.* | 3,839 | $ | 192,987 | |||||
IPG Photonics Corp. | 1,479 | 98,013 | ||||||
SanDisk Corp. | 1,406 | 97,717 | ||||||
3D Systems Corp.*,1 | 1,542 | 95,974 | ||||||
Stratasys Ltd.* | 835 | 94,547 | ||||||
DST Systems, Inc. | 1,107 | 93,840 | ||||||
EchoStar Corp. — Class A* | 1,920 | 92,083 | ||||||
MICROS Systems, Inc.* | 1,688 | 91,574 | ||||||
Intuit, Inc. | 1,279 | 91,333 | ||||||
KLA-Tencor Corp. | 1,390 | 91,184 | ||||||
Avago Technologies Ltd. | 2,006 | 91,133 | ||||||
LSI Corp. | 10,737 | 91,050 | ||||||
Microchip Technology, Inc. | 2,099 | 90,173 | ||||||
Western Digital Corp. | 1,294 | 90,101 | ||||||
VeriSign, Inc.* | 1,653 | 89,725 | ||||||
Teradyne, Inc.* | 5,128 | 89,689 | ||||||
Solera Holdings, Inc. | 1,593 | 89,558 | ||||||
CA, Inc. | 2,793 | 88,706 | ||||||
Motorola Solutions, Inc. | 1,416 | 88,528 | ||||||
ServiceNow, Inc.* | 1,618 | 88,359 | ||||||
Lam Research Corp.* | 1,629 | 88,341 | ||||||
Micron Technology, Inc.* | 4,994 | 88,294 | ||||||
Harris Corp. | 1,424 | 88,231 | ||||||
AOL, Inc. | 2,430 | 88,063 | ||||||
Splunk, Inc.* | 1,401 | 87,857 | ||||||
Analog Devices, Inc. | 1,781 | 87,803 | ||||||
Amdocs Ltd. | 2,283 | 87,781 | ||||||
Tech Data Corp.* | 1,686 | 87,773 | ||||||
Linear Technology Corp. | 2,126 | 87,464 | ||||||
Amphenol Corp. — Class A | 1,089 | 87,436 | ||||||
Cree, Inc.* | 1,432 | 86,994 | ||||||
Skyworks Solutions, Inc.* | 3,371 | 86,904 | ||||||
Dolby Laboratories, Inc. — Class A | 2,419 | 86,455 | ||||||
Diebold, Inc. | 2,879 | 86,255 | ||||||
Ingram Micro, Inc. — Class A* | 3,719 | 86,169 | ||||||
SolarWinds, Inc.* | 2,366 | 85,626 | ||||||
ANSYS, Inc.* | 977 | 85,439 | ||||||
AVX Corp. | 6,443 | 85,370 | ||||||
Maxim Integrated Products, Inc. | 2,874 | 85,358 | ||||||
Marvell Technology Group Ltd. | 7,076 | 84,912 | ||||||
Applied Materials, Inc. | 4,752 | 84,823 | ||||||
Molex, Inc. | 2,187 | 84,418 | ||||||
Gartner, Inc.* | 1,429 | 84,240 | ||||||
Arrow Electronics, Inc.* | 1,744 | 83,747 | ||||||
Fortinet, Inc.* | 4,157 | 83,597 | ||||||
Electronic Arts, Inc.* | 3,184 | 83,580 | ||||||
Informatica Corp.* | 2,165 | 83,569 | ||||||
IAC/InterActiveCorp | 1,564 | 83,502 | ||||||
Rackspace Hosting, Inc.* | 1,628 | 83,402 | ||||||
Autodesk, Inc.* | 2,084 | 83,172 | ||||||
VeriFone Systems, Inc.* | 3,670 | 83,162 | ||||||
Activision Blizzard, Inc. | 4,992 | 83,067 | ||||||
Riverbed Technology, Inc.* | 5,599 | 82,977 | ||||||
Brocade Communications Systems, Inc.* | 10,343 | 82,951 | ||||||
Xilinx, Inc. | 1,815 | 82,437 | ||||||
Synopsys, Inc.* | 2,259 | 82,341 | ||||||
TIBCO Software, Inc.* | 3,352 | 82,325 | ||||||
NVIDIA Corp. | 5,422 | 82,306 | ||||||
Silicon Laboratories, Inc.* | 2,033 | 81,767 | ||||||
Polycom, Inc.* | 7,850 | 81,640 | ||||||
ON Semiconductor Corp.* | 11,494 | 81,148 | ||||||
Atmel Corp.* | 11,146 | 81,143 | ||||||
Cadence Design Systems, Inc.* | 6,243 | 80,972 | ||||||
Compuware Corp. | 7,564 | 80,784 | ||||||
Avnet, Inc. | 2,033 | 80,710 | ||||||
Computer Sciences Corp. | 1,636 | 80,589 | ||||||
Zynga, Inc. — Class A* | 22,410 | 80,452 | ||||||
Vishay Intertechnology, Inc.* | 6,472 | 79,411 | ||||||
Zebra Technologies Corp. — Class A* | 1,640 | 79,228 | ||||||
Freescale Semiconductor Ltd.* | 5,120 | 79,053 | ||||||
Lexmark International, Inc. — Class A | 2,222 | 78,992 | ||||||
Workday, Inc. — Class A* | 1,055 | 78,988 | ||||||
NetSuite, Inc.* | 781 | 78,787 | ||||||
Juniper Networks, Inc.* | 4,215 | 78,568 | ||||||
Concur Technologies, Inc.* | 750 | 78,450 | ||||||
F5 Networks, Inc.* | 961 | 78,331 | ||||||
Fairchild Semiconductor | ||||||||
International, Inc. — Class A* | 6,175 | 78,237 | ||||||
Red Hat, Inc.* | 1,806 | 78,146 | ||||||
NCR Corp.* | 2,138 | 78,144 | ||||||
Paychex, Inc. | 1,839 | 77,716 | ||||||
Symantec Corp. | 3,412 | 77,589 | ||||||
NeuStar, Inc. — Class A* | 1,687 | 77,467 | ||||||
CDW Corp.* | 3,510 | 77,185 | ||||||
Genpact Ltd.* | 3,892 | 77,178 | ||||||
Palo Alto Networks, Inc.* | 1,830 | 77,153 | ||||||
NetApp, Inc. | 1,983 | 76,960 | ||||||
LinkedIn Corp. — Class A* | 343 | 76,719 | ||||||
Altera Corp. | 2,267 | 76,171 | ||||||
Booz Allen Hamilton Holding Corp. | 3,838 | 75,992 | ||||||
JDS Uniphase Corp.* | 5,803 | 75,961 | ||||||
Equinix, Inc.* | 467 | 75,411 | ||||||
Leidos Holdings, Inc. | 1,600 | 75,344 | ||||||
Rovi Corp.* | 4,483 | 75,135 | ||||||
Jabil Circuit, Inc. | 3,529 | 73,615 | ||||||
Akamai Technologies, Inc.* | 1,626 | 72,747 | ||||||
Tableau Software, Inc. — Class A* | 1,179 | 72,461 | ||||||
Advanced Micro Devices, Inc.* | 21,664 | 72,358 | ||||||
Trimble Navigation Ltd.* | 2,510 | 71,711 | ||||||
Xerox Corp. | 7,169 | 71,260 | ||||||
National Instruments Corp. | 2,435 | 70,737 | ||||||
Nuance Communications, Inc.* | 4,485 | 69,787 | ||||||
FLIR Systems, Inc. | 2,396 | 68,238 | ||||||
Citrix Systems, Inc.* | 1,181 | 67,057 | ||||||
Teradata Corp.* | 1,459 | 64,298 | ||||||
Pandora Media, Inc.* | 2,196 | 55,185 | ||||||
CoreLogic, Inc.* | 1,620 | 53,897 | ||||||
Global Payments, Inc. | 866 | 51,510 | ||||||
Alliance Data Systems Corp.* | 205 | 48,597 | ||||||
Broadridge Financial Solutions, Inc. | 1,371 | 48,204 | ||||||
Jack Henry & Associates, Inc. | 850 | 46,419 | ||||||
Fidelity National Information | ||||||||
Services, Inc. | 924 | 45,045 |
34 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Lender Processing Services, Inc. | 1,296 | $ | 44,738 | |||||
FleetCor Technologies, Inc.* | 387 | 44,640 | ||||||
Fiserv, Inc.* | 425 | 44,510 | ||||||
Total System Services, Inc. | 1,476 | 44,029 | ||||||
Vantiv, Inc. — Class A* | 1,593 | 43,808 | ||||||
FactSet Research Systems, Inc. | 395 | 43,031 | ||||||
Western Union Co. | 2,325 | 39,572 | ||||||
Science Applications International Corp. | 922 | 32,501 | ||||||
Total Information Technology | 9,379,891 | |||||||
INDUSTRIALS - 12.1% | ||||||||
SolarCity Corp.* | 4,495 | 239,494 | ||||||
Hexcel Corp.* | 3,647 | 154,305 | ||||||
MRC Global, Inc.* | 5,251 | 146,765 | ||||||
Lennox International, Inc. | 1,862 | 145,348 | ||||||
Fastenal Co. | 2,808 | 139,838 | ||||||
Masco Corp. | 6,484 | 137,007 | ||||||
Armstrong World Industries, Inc.* | 2,542 | 135,819 | ||||||
Valmont Industries, Inc. | 950 | 133,475 | ||||||
Owens Corning* | 3,617 | 129,959 | ||||||
Timken Co. | 2,262 | 119,456 | ||||||
Xylem, Inc. | 2,713 | 93,599 | ||||||
RR Donnelley & Sons Co. | 4,834 | 89,767 | ||||||
Pitney Bowes, Inc. | 4,150 | 88,561 | ||||||
Southwest Airlines Co. | 5,121 | 88,184 | ||||||
AO Smith Corp. | 1,666 | 86,049 | ||||||
United Rentals, Inc.* | 1,316 | 85,000 | ||||||
Chicago Bridge & Iron Company N.V. | 1,135 | 84,092 | ||||||
Trinity Industries, Inc. | 1,656 | 83,843 | ||||||
B/E Aerospace, Inc.* | 1,032 | 83,757 | ||||||
Alliant Techsystems, Inc. | 769 | 83,721 | ||||||
Flowserve Corp. | 1,204 | 83,642 | ||||||
Alaska Air Group, Inc. | 1,178 | 83,237 | ||||||
Delta Air Lines, Inc. | 3,138 | 82,780 | ||||||
Kansas City Southern | 680 | 82,634 | ||||||
Spirit Aerosystems Holdings, | ||||||||
Inc. — Class A* | 3,095 | 82,606 | ||||||
Ryder System, Inc. | 1,254 | 82,551 | ||||||
Harsco Corp. | 2,959 | 82,497 | ||||||
ITT Corp. | 2,071 | 82,281 | ||||||
Copa Holdings S.A. — Class A | 550 | 82,247 | ||||||
WESCO International, Inc.* | 958 | 81,871 | ||||||
Joy Global, Inc. | 1,429 | 81,096 | ||||||
Towers Watson & Co. — Class A | 706 | 81,056 | ||||||
Regal-Beloit Corp. | 1,103 | 80,883 | ||||||
Toro Co. | 1,370 | 80,748 | ||||||
Quanta Services, Inc.* | 2,669 | 80,630 | ||||||
Clean Harbors, Inc.* | 1,304 | 80,522 | ||||||
GATX Corp. | 1,558 | 80,315 | ||||||
IDEX Corp. | 1,159 | 80,145 | ||||||
Manpowergroup, Inc. | 1,026 | 80,131 | ||||||
SPX Corp. | 882 | 80,006 | ||||||
TransDigm Group, Inc. | 550 | 79,976 | ||||||
Parker Hannifin Corp. | 684 | 79,836 | ||||||
Genesee & Wyoming, Inc. — Class A* | 798 | 79,672 | ||||||
Rollins, Inc. | 2,873 | 79,410 | ||||||
Huntington Ingalls Industries, Inc. | 1,109 | 79,349 | ||||||
KBR, Inc. | 2,292 | 79,166 | ||||||
Cintas Corp. | 1,472 | 79,149 | ||||||
Air Lease Corp. — Class A | 2,691 | 79,115 | ||||||
Graco, Inc. | 1,024 | 79,114 | ||||||
Verisk Analytics, Inc. — Class A* | 1,149 | 78,729 | ||||||
Donaldson Company, Inc. | 1,984 | 78,586 | ||||||
L-3 Communications Holdings, Inc. | 779 | 78,251 | ||||||
AMETEK, Inc. | 1,633 | 78,106 | ||||||
Carlisle Companies, Inc. | 1,074 | 78,058 | ||||||
Snap-on, Inc. | 750 | 78,053 | ||||||
J.B. Hunt Transport Services, Inc. | 1,040 | 78,031 | ||||||
Jacobs Engineering Group, Inc.* | 1,282 | 77,971 | ||||||
Wabtec Corp. | 1,196 | 77,967 | ||||||
Pall Corp. | 966 | 77,782 | ||||||
Exelis, Inc. | 4,714 | 77,734 | ||||||
Old Dominion Freight Line, Inc.* | 1,654 | 77,573 | ||||||
Lincoln Electric Holdings, Inc. | 1,119 | 77,480 | ||||||
Kirby Corp.* | 875 | 77,429 | ||||||
Copart, Inc.* | 2,401 | 77,384 | ||||||
ADT Corp. | 1,781 | 77,242 | ||||||
Fluor Corp. | 1,039 | 77,115 | ||||||
Textron, Inc. | 2,678 | 77,100 | ||||||
Rockwell Automation, Inc. | 697 | 76,956 | ||||||
Terex Corp.* | 2,195 | 76,715 | ||||||
Expeditors International of | ||||||||
Washington, Inc. | 1,691 | 76,585 | ||||||
Ingersoll-Rand plc | 1,134 | 76,579 | ||||||
Pentair Ltd. | 1,141 | 76,550 | ||||||
Crane Co. | 1,204 | 76,454 | ||||||
Triumph Group, Inc. | 1,066 | 76,379 | ||||||
Dover Corp. | 829 | 76,094 | ||||||
Hubbell, Inc. — Class B | 706 | 75,923 | ||||||
AECOM Technology Corp.* | 2,384 | 75,764 | ||||||
Stericycle, Inc.* | 651 | 75,646 | ||||||
Rockwell Collins, Inc. | 1,082 | 75,556 | ||||||
Manitowoc Company, Inc. | 3,877 | 75,446 | ||||||
WW Grainger, Inc. | 279 | 75,043 | ||||||
Landstar System, Inc. | 1,349 | 74,586 | ||||||
Colfax Corp.* | 1,330 | 74,427 | ||||||
United Continental Holdings, Inc.* | 2,189 | 74,317 | ||||||
Kennametal, Inc. | 1,611 | 74,106 | ||||||
Robert Half International, Inc. | 1,916 | 73,823 | ||||||
PACCAR, Inc. | 1,324 | 73,614 | ||||||
Republic Services, Inc. — Class A | 2,199 | 73,601 | ||||||
Navistar International Corp.* | 2,030 | 73,405 | ||||||
CH Robinson Worldwide, Inc. | 1,225 | 73,182 | ||||||
Nordson Corp. | 1,014 | 73,099 | ||||||
URS Corp. | 1,346 | 72,980 | ||||||
Con-way, Inc. | 1,766 | 72,759 | ||||||
Oshkosh Corp.* | 1,528 | 72,718 | ||||||
IHS, Inc. — Class A* | 665 | 72,518 | ||||||
Waste Connections, Inc. | 1,682 | 71,889 | ||||||
AGCO Corp. | 1,217 | 71,048 | ||||||
Roper Industries, Inc. | 560 | 71,014 | ||||||
Babcock & Wilcox Co. | 2,198 | 70,798 | ||||||
Iron Mountain, Inc. | 2,665 | 70,729 | ||||||
MSC Industrial Direct Company, | ||||||||
Inc. — Class A | 926 | 70,719 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 35 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
HD Supply Holdings, Inc.* | 3,372 | $ | 68,081 | |||||
Stanley Black & Decker, Inc. | 833 | 65,882 | ||||||
Nielsen Holdings N.V. | 1,535 | 60,540 | ||||||
AMERCO | 299 | 60,377 | ||||||
KAR Auction Services, Inc. | 2,019 | 60,005 | ||||||
Covanta Holding Corp. | 3,476 | 59,683 | ||||||
Fortune Brands Home & Security, Inc. | 1,365 | 58,804 | ||||||
Avis Budget Group, Inc.* | 1,857 | 58,180 | ||||||
WABCO Holdings, Inc.* | 662 | 56,720 | ||||||
Hertz Global Holdings, Inc.* | 2,168 | 49,777 | ||||||
Equifax, Inc. | 720 | 46,562 | ||||||
Dun & Bradstreet Corp. | 418 | 45,474 | ||||||
Total Industrials | 9,306,402 | |||||||
ENERGY - 11.2% | ||||||||
Cheniere Energy, Inc.* | 4,690 | 186,662 | ||||||
RPC, Inc.1 | 9,932 | 182,153 | ||||||
WPX Energy, Inc.* | 8,189 | 181,304 | ||||||
QEP Resources, Inc. | 5,442 | 179,913 | ||||||
PBF Energy, Inc. — Class A1 | 6,824 | 179,676 | ||||||
SM Energy Co. | 2,027 | 179,612 | ||||||
Whiting Petroleum Corp.* | 2,634 | 176,188 | ||||||
Helmerich & Payne, Inc. | 2,245 | 174,100 | ||||||
Noble Energy, Inc. | 2,312 | 173,238 | ||||||
Energen Corp. | 2,203 | 172,539 | ||||||
Patterson-UTI Energy, Inc. | 7,105 | 172,367 | ||||||
Unit Corp.* | 3,347 | 172,069 | ||||||
Oasis Petroleum, Inc.* | 3,221 | 171,518 | ||||||
Cimarex Energy Co. | 1,628 | 171,510 | ||||||
Pioneer Natural Resources Co. | 834 | 170,787 | ||||||
Peabody Energy Corp. | 8,745 | 170,353 | ||||||
SandRidge Energy, Inc.*,1 | 26,593 | 168,600 | ||||||
CONSOL Energy, Inc. | 4,619 | 168,594 | ||||||
Newfield Exploration Co.* | 5,534 | 168,510 | ||||||
Laredo Petroleum Holdings, Inc.* | 5,255 | 166,951 | ||||||
Tesoro Corp. | 3,410 | 166,715 | ||||||
Nabors Industries Ltd. | 9,478 | 165,675 | ||||||
Continental Resources, Inc.* | 1,453 | 165,497 | ||||||
HollyFrontier Corp. | 3,588 | 165,263 | ||||||
Oceaneering International, Inc. | 1,911 | 164,117 | ||||||
Chesapeake Energy Corp. | 5,850 | 163,566 | ||||||
Oil States International, Inc.* | 1,496 | 162,510 | ||||||
Superior Energy Services, Inc.* | 6,047 | 162,241 | ||||||
Denbury Resources, Inc.* | 8,514 | 161,681 | ||||||
World Fuel Services Corp. | 4,217 | 160,879 | ||||||
Frank’s International N.V.* | 5,238 | 160,230 | ||||||
Concho Resources, Inc.* | 1,443 | 159,610 | ||||||
Dril-Quip, Inc.* | 1,351 | 158,634 | ||||||
Seadrill Ltd. | 3,359 | 156,597 | ||||||
Southwestern Energy Co.* | 4,189 | 155,915 | ||||||
Kosmos Energy Ltd.* | 14,543 | 155,028 | ||||||
Range Resources Corp. | 2,047 | 154,978 | ||||||
CVR Energy, Inc. | 3,880 | 154,114 | ||||||
Cabot Oil & Gas Corp. | 4,359 | 153,960 | ||||||
Dresser-Rand Group, Inc.* | 2,514 | 152,776 | ||||||
Murphy Oil Corp. | 2,527 | 152,429 | ||||||
Diamond Offshore Drilling, Inc. | 2,445 | 151,419 | ||||||
Rowan Companies plc — Class A* | 4,154 | 149,876 | ||||||
Atwood Oceanics, Inc.* | 2,812 | 149,402 | ||||||
Equities Corp. | 1,726 | 147,763 | ||||||
McDermott International, Inc.* | 20,781 | 146,922 | ||||||
Golar LNG Ltd. | 3,956 | 146,886 | ||||||
Gulfport Energy Corp.* | 2,470 | 144,964 | ||||||
Cameron International Corp.* | 2,614 | 143,404 | ||||||
Cobalt International Energy, Inc.* | 6,170 | 143,206 | ||||||
FMC Technologies, Inc.* | 2,799 | 141,489 | ||||||
Ultra Petroleum Corp.* | 7,537 | 138,379 | ||||||
Tidewater, Inc. | 1,281 | 77,142 | ||||||
Teekay Corp. | 1,759 | 76,393 | ||||||
Total Energy | 8,596,304 | |||||||
CONSUMER STAPLES - 11.1% | ||||||||
Flowers Foods, Inc. | 11,310 | 286,593 | ||||||
Lorillard, Inc. | 5,442 | 277,595 | ||||||
Constellation Brands, Inc. — Class A* | 4,204 | 274,520 | ||||||
Clorox Co. | 2,941 | 265,248 | ||||||
Safeway, Inc. | 7,571 | 264,227 | ||||||
Whole Foods Market, Inc. | 4,144 | 261,610 | ||||||
Mead Johnson Nutrition Co. — Class A | 3,197 | 261,067 | ||||||
Hershey Co. | 2,623 | 260,307 | ||||||
Fresh Market, Inc.* | 5,107 | 259,997 | ||||||
Molson Coors Brewing Co. — Class B | 4,793 | 258,822 | ||||||
Church & Dwight Company, Inc. | 3,961 | 258,059 | ||||||
Energizer Holdings, Inc. | 2,624 | 257,441 | ||||||
Hillshire Brands Co. | 7,832 | 257,125 | ||||||
Bunge Ltd. | 3,128 | 256,903 | ||||||
Brown-Forman Corp. — Class B | 3,513 | 256,379 | ||||||
Kroger Co. | 5,943 | 254,598 | ||||||
Monster Beverage Corp.* | 4,448 | 254,559 | ||||||
Dr Pepper Snapple Group, Inc. | 5,376 | 254,554 | ||||||
JM Smucker Co. | 2,284 | 254,004 | ||||||
ConAgra Foods, Inc. | 7,937 | 252,476 | ||||||
Sprouts Farmers Market, Inc.* | 5,464 | 251,672 | ||||||
Coca-Cola Enterprises, Inc. | 6,026 | 251,465 | ||||||
Beam, Inc. | 3,728 | 250,894 | ||||||
Campbell Soup Co. | 5,854 | 249,205 | ||||||
Dean Foods Co.* | 12,646 | 246,597 | ||||||
Hormel Foods Corp. | 5,668 | 246,331 | ||||||
Pinnacle Foods, Inc. | 9,073 | 245,788 | ||||||
McCormick & Company, Inc. | 3,551 | 245,552 | ||||||
WhiteWave Foods Co. — Class A* | 12,024 | 240,600 | ||||||
Ingredion, Inc. | 3,624 | 238,314 | ||||||
Tyson Foods, Inc. — Class A | 8,431 | 233,286 | ||||||
Herbalife Ltd.1 | 3,416 | 221,425 | ||||||
Green Mountain Coffee Roasters, Inc.* | 3,187 | 200,175 | ||||||
Nu Skin Enterprises, Inc. — Class A | 575 | 67,235 | ||||||
Coty, Inc. — Class A | 3,604 | 55,430 | ||||||
Avon Products, Inc. | 2,694 | 47,145 | ||||||
Total Consumer Staples | 8,517,198 | |||||||
HEALTH CARE - 11.0% | ||||||||
Actavis plc* | 845 | 130,620 | ||||||
CR Bard, Inc. | 957 | 130,363 | ||||||
Illumina, Inc.* | 1,391 | 130,072 | ||||||
Tenet Healthcare Corp.* | 2,755 | 130,008 | ||||||
Hill-Rom Holdings, Inc. | 3,095 | 127,793 |
36 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
United Therapeutics Corp.* | 1,439 | $ | 127,380 | |||||
Cerner Corp.* | 2,266 | 126,964 | ||||||
Teleflex, Inc. | 1,363 | 125,641 | ||||||
LifePoint Hospitals, Inc.* | 2,420 | 124,969 | ||||||
HCA Holdings, Inc. | 2,643 | 124,591 | ||||||
Perrigo Co. | 902 | 124,377 | ||||||
Cardinal Health, Inc. | 2,120 | 124,359 | ||||||
Community Health Systems, Inc. | 2,834 | 123,647 | ||||||
IDEXX Laboratories, Inc.* | 1,136 | 122,529 | ||||||
Hologic, Inc.* | 5,463 | 122,317 | ||||||
Techne Corp. | 1,397 | 122,084 | ||||||
Envision Healthcare Holdings, Inc.* | 4,192 | 121,778 | ||||||
MEDNAX, Inc.* | 1,117 | 121,775 | ||||||
Universal Health Services, Inc. — Class B | 1,508 | 121,484 | ||||||
QIAGEN N.V.* | 5,245 | 121,474 | ||||||
Salix Pharmaceuticals Ltd.* | 1,689 | 121,186 | ||||||
Forest Laboratories, Inc.* | 2,575 | 121,102 | ||||||
Henry Schein, Inc.* | 1,074 | 120,750 | ||||||
St. Jude Medical, Inc. | 2,104 | 120,749 | ||||||
Alexion Pharmaceuticals, Inc.* | 982 | 120,737 | ||||||
Alere, Inc.* | 3,572 | 120,484 | ||||||
DENTSPLY International, Inc. | 2,557 | 120,435 | ||||||
Sirona Dental Systems, Inc.* | 1,660 | 119,935 | ||||||
Zimmer Holdings, Inc. | 1,366 | 119,484 | ||||||
AmerisourceBergen Corp. — Class A | 1,820 | 118,901 | ||||||
Incyte Corporation Ltd.* | 3,037 | 118,443 | ||||||
Charles River Laboratories | ||||||||
International, Inc.* | 2,404 | 118,301 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 954 | 117,838 | ||||||
Patterson Companies, Inc. | 2,767 | 117,625 | ||||||
Alkermes plc* | 3,299 | 116,092 | ||||||
Covance, Inc.* | 1,297 | 115,770 | ||||||
CareFusion Corp.* | 2,984 | 115,690 | ||||||
Hospira, Inc.* | 2,836 | 114,915 | ||||||
Medivation, Inc.* | 1,918 | 114,811 | ||||||
VCA Antech, Inc.* | 4,011 | 114,113 | ||||||
Jazz Pharmaceuticals plc* | 1,257 | 114,060 | ||||||
Laboratory Corporation of America | ||||||||
Holdings* | 1,124 | 113,412 | ||||||
Boston Scientific Corp.* | 9,698 | 113,370 | ||||||
Bruker Corp.* | 5,538 | 113,252 | ||||||
Brookdale Senior Living, Inc. — Class A* | 4,181 | 113,221 | ||||||
Zoetis, Inc. | 3,575 | 113,185 | ||||||
PerkinElmer, Inc. | 2,955 | 112,408 | ||||||
Health Management Associates, | ||||||||
Inc. — Class A* | 8,756 | 112,252 | ||||||
Life Technologies Corp.* | 1,483 | 111,685 | ||||||
Omnicare, Inc. | 2,019 | 111,348 | ||||||
Cooper Companies, Inc. | 858 | 110,862 | ||||||
Pharmacyclics, Inc.* | 934 | 110,810 | ||||||
Mylan, Inc.* | 2,911 | 110,240 | ||||||
Cigna Corp. | 1,418 | 109,158 | ||||||
ResMed, Inc. | 2,106 | 108,964 | ||||||
DaVita HealthCare Partners, Inc.* | 1,935 | 108,766 | ||||||
Varian Medical Systems, Inc.* | 1,494 | 108,435 | ||||||
Catamaran Corp.* | 2,303 | 108,149 | ||||||
Humana, Inc. | 1,173 | 108,092 | ||||||
Endo Health Solutions, Inc.* | 2,454 | 107,313 | ||||||
Health Net, Inc.* | 3,524 | 107,130 | ||||||
Quest Diagnostics, Inc. | 1,786 | 106,999 | ||||||
Vertex Pharmaceuticals, Inc.* | 1,487 | 106,083 | ||||||
Edwards Lifesciences Corp.* | 1,622 | 105,738 | ||||||
Cubist Pharmaceuticals, Inc.* | 1,691 | 104,842 | ||||||
Myriad Genetics, Inc.* | 4,294 | 104,688 | ||||||
Quintiles Transnational Holdings, Inc.* | 2,486 | 104,387 | ||||||
Allscripts Healthcare Solutions, Inc.* | 7,453 | 103,075 | ||||||
Theravance, Inc.* | 2,703 | 99,038 | ||||||
Seattle Genetics, Inc.* | 2,552 | 98,584 | ||||||
BioMarin Pharmaceutical, Inc.* | 1,527 | 95,926 | ||||||
Mettler-Toledo International, Inc.* | 310 | 76,713 | ||||||
Agilent Technologies, Inc. | 1,442 | 73,196 | ||||||
Waters Corp.* | 701 | 70,745 | ||||||
Ariad Pharmaceuticals, Inc.* | 5,856 | 12,883 | ||||||
Total Health Care | 8,460,595 | |||||||
CONSUMER DISCRETIONARY - 10.8% | ||||||||
GNC Holdings, Inc. — Class A | 4,498 | 264,571 | ||||||
Allison Transmission Holdings, Inc. | 3,016 | 73,440 | ||||||
Apollo Group, Inc. — Class A* | 2,724 | 72,704 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 135 | 71,141 | ||||||
Harman International Industries, Inc. | 851 | 68,948 | ||||||
Liberty Ventures* | 638 | 68,502 | ||||||
Advance Auto Parts, Inc. | 686 | 68,037 | ||||||
DreamWorks Animation SKG, | ||||||||
Inc. — Class A* | 1,982 | 67,864 | ||||||
DeVry, Inc. | 1,844 | 66,200 | ||||||
Groupon, Inc. — Class A* | 7,234 | 66,046 | ||||||
Gentex Corp. | 2,192 | 64,532 | ||||||
Expedia, Inc. | 1,083 | 63,767 | ||||||
Jarden Corp.* | 1,149 | 63,609 | ||||||
Liberty Interactive Corp. — Class A* | 2,344 | 63,194 | ||||||
Best Buy Company, Inc. | 1,472 | 63,002 | ||||||
Darden Restaurants, Inc. | 1,215 | 62,609 | ||||||
Starwood Hotels & Resorts | ||||||||
Worldwide, Inc. | 842 | 61,988 | ||||||
TripAdvisor, Inc.* | 747 | 61,784 | ||||||
Six Flags Entertainment Corp. | 1,642 | 61,756 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.* | 478 | 61,590 | ||||||
Kohl’s Corp. | 1,084 | 61,571 | ||||||
Starz — Class A* | 2,039 | 61,476 | ||||||
Tractor Supply Co. | 859 | 61,290 | ||||||
Discovery Communications, | ||||||||
Inc. — Class A* | 688 | 61,177 | ||||||
Choice Hotels International, Inc. | 1,313 | 61,173 | ||||||
Brinker International, Inc. | 1,376 | 61,122 | ||||||
Washington Post Co. — Class B | 95 | 61,115 | ||||||
Dunkin’ Brands Group, Inc. | 1,281 | 61,078 | ||||||
Staples, Inc. | 3,787 | 61,046 | ||||||
Hasbro, Inc. | 1,181 | 60,999 | ||||||
Newell Rubbermaid, Inc. | 2,058 | 60,979 | ||||||
Fossil Group, Inc.* | 480 | 60,931 | ||||||
Hanesbrands, Inc. | 891 | 60,695 | ||||||
American Eagle Outfitters, Inc. | 3,917 | 60,674 | ||||||
DISH Network Corp. — Class A | 1,258 | 60,636 | ||||||
Nordstrom, Inc. | 1,002 | 60,591 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 37 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
GameStop Corp. — Class A | 1,101 | $ | 60,357 | |||||
Macy’s, Inc. | 1,307 | 60,266 | ||||||
Ross Stores, Inc. | 779 | 60,256 | ||||||
Royal Caribbean Cruises Ltd. | 1,433 | 60,243 | ||||||
VF Corp. | 280 | 60,200 | ||||||
Deckers Outdoor Corp.* | 874 | 60,157 | ||||||
Wyndham Worldwide Corp. | 903 | 59,959 | ||||||
Lear Corp. | 773 | 59,822 | ||||||
Foot Locker, Inc. | 1,718 | 59,615 | ||||||
Burger King Worldwide, Inc. | 2,811 | 59,537 | ||||||
Marriott International, Inc. — Class A | 1,320 | 59,506 | ||||||
H&R Block, Inc. | 2,090 | 59,440 | ||||||
AMC Networks, Inc. — Class A* | 848 | 59,436 | ||||||
CST Brands, Inc. | 1,843 | 59,418 | ||||||
Hyatt Hotels Corp. — Class A* | 1,245 | 59,262 | ||||||
John Wiley & Sons, Inc. — Class A | 1,178 | 59,242 | ||||||
Omnicom Group, Inc. | 866 | 58,983 | ||||||
Signet Jewelers Ltd. | 790 | 58,981 | ||||||
Penn National Gaming, Inc.* | 1,008 | 58,978 | ||||||
Clear Channel Outdoor Holdings, | ||||||||
Inc. — Class A* | 6,935 | 58,948 | ||||||
LKQ Corp.* | 1,783 | 58,892 | ||||||
Michael Kors Holdings Ltd.* | 765 | 58,867 | ||||||
L Brands, Inc. | 940 | 58,853 | ||||||
Wynn Resorts Ltd. | 354 | 58,853 | ||||||
Mattel, Inc. | 1,326 | 58,835 | ||||||
Madison Square Garden Co. — Class A* | 972 | 58,825 | ||||||
TRW Automotive Holdings Corp.* | 783 | 58,811 | ||||||
Liberty Media Corp. — Class A* | 384 | 58,717 | ||||||
Cinemark Holdings, Inc. | 1,783 | 58,500 | ||||||
Netflix, Inc.* | 181 | 58,369 | ||||||
Bed Bath & Beyond, Inc.* | 754 | 58,299 | ||||||
Under Armour, Inc. — Class A* | 718 | 58,266 | ||||||
Guess?, Inc. | 1,863 | 58,219 | ||||||
PVH Corp. | 467 | 58,174 | ||||||
Aaron’s, Inc. | 2,050 | 58,159 | ||||||
DSW, Inc. — Class A | 662 | 58,038 | ||||||
Polaris Industries, Inc. | 443 | 58,011 | ||||||
Gannett Company, Inc. | 2,096 | 57,996 | ||||||
Scripps Networks Interactive, | ||||||||
Inc. — Class A | 720 | 57,960 | ||||||
Dillard’s, Inc. — Class A | 707 | 57,960 | ||||||
Garmin Ltd.1 | 1,238 | 57,877 | ||||||
Tupperware Brands Corp. | 645 | 57,824 | ||||||
Visteon Corp.* | 748 | 57,663 | ||||||
Wendy’s Co. | 6,608 | 57,424 | ||||||
PulteGroup, Inc. | 3,253 | 57,415 | ||||||
AutoZone, Inc.* | 132 | 57,379 | ||||||
Urban Outfitters, Inc.* | 1,514 | 57,350 | ||||||
Mohawk Industries, Inc.* | 433 | 57,338 | ||||||
Thor Industries, Inc. | 985 | 57,140 | ||||||
Dick’s Sporting Goods, Inc. | 1,072 | 57,041 | ||||||
Tiffany & Co. | 720 | 57,002 | ||||||
Dollar Tree, Inc.* | 973 | 56,823 | ||||||
Ralph Lauren Corp. — Class A | 343 | 56,815 | ||||||
Chico’s FAS, Inc. | 3,310 | 56,767 | ||||||
Dollar General Corp.* | 981 | 56,682 | ||||||
Abercrombie & Fitch Co. — Class A | 1,509 | 56,557 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 1,766 | 56,547 | ||||||
BorgWarner, Inc. | 547 | 56,412 | ||||||
Regal Entertainment Group — Class A | 2,967 | 56,403 | ||||||
Domino’s Pizza, Inc. | 836 | 56,062 | ||||||
Murphy USA, Inc.* | 1,381 | 56,041 | ||||||
Harley-Davidson, Inc. | 874 | 55,971 | ||||||
Charter Communications, Inc. — Class A* | 416 | 55,844 | ||||||
Sally Beauty Holdings, Inc.* | 2,120 | 55,798 | ||||||
Delphi Automotive plc | 970 | 55,484 | ||||||
Toll Brothers, Inc.* | 1,687 | 55,469 | ||||||
O’Reilly Automotive, Inc.* | 447 | 55,343 | ||||||
Ascena Retail Group, Inc.* | 2,786 | 55,135 | ||||||
NVR, Inc.* | 60 | 55,039 | ||||||
Lions Gate Entertainment Corp.* | 1,591 | 55,017 | ||||||
PetSmart, Inc. | 755 | 54,934 | ||||||
Bally Technologies, Inc.* | 751 | 54,928 | ||||||
Interpublic Group of Companies, Inc. | 3,269 | 54,919 | ||||||
Whirlpool Corp. | 376 | 54,900 | ||||||
Lamar Advertising Co. — Class A* | 1,201 | 54,898 | ||||||
Big Lots, Inc.* | 1,502 | 54,613 | ||||||
Lennar Corp. — Class A | 1,535 | 54,569 | ||||||
SeaWorld Entertainment, Inc. | 1,817 | 54,565 | ||||||
Genuine Parts Co. | 690 | 54,393 | ||||||
Sears Holdings Corp.*,1 | 936 | 54,363 | ||||||
Leggett & Platt, Inc. | 1,826 | 54,305 | ||||||
HomeAway, Inc.* | 1,820 | 53,963 | ||||||
Service Corporation International | 2,995 | 53,940 | ||||||
Taylor Morrison Home Corp. — Class A* | 2,414 | 53,687 | ||||||
Panera Bread Co. — Class A* | 338 | 53,377 | ||||||
Family Dollar Stores, Inc. | 771 | 53,106 | ||||||
Williams-Sonoma, Inc. | 1,011 | 53,017 | ||||||
CarMax, Inc.* | 1,122 | 52,723 | ||||||
MGM Resorts International* | 2,767 | 52,684 | ||||||
Cabela’s, Inc.* | 887 | 52,617 | ||||||
DR Horton, Inc. | 2,773 | 52,548 | ||||||
Coach, Inc. | 1,032 | 52,302 | ||||||
Cablevision Systems Corp. — Class A | 3,300 | 51,315 | ||||||
AutoNation, Inc.* | 1,060 | 51,124 | ||||||
The Gap, Inc. | 1,381 | 51,083 | ||||||
Carter’s, Inc. | 738 | 51,033 | ||||||
Goodyear Tire & Rubber Co. | 2,432 | 51,023 | ||||||
International Game Technology | 2,673 | 50,252 | ||||||
Tempur Sealy International, Inc.* | 1,269 | 48,666 | ||||||
Tesla Motors, Inc.* | 302 | 48,302 | ||||||
Weight Watchers International, Inc. | 1,501 | 48,197 | ||||||
Morningstar, Inc. | 545 | 43,758 | ||||||
JC Penney Company, Inc.* | 5,522 | 41,415 | ||||||
Total Consumer Discretionary | 8,270,228 | |||||||
FINANCIALS - 10.2% | ||||||||
McGraw Hill Financial, Inc. | 853 | 59,437 | ||||||
Waddell & Reed Financial, Inc. — Class A | 834 | 51,500 | ||||||
Artisan Partners Asset Management, | ||||||||
Inc. — Class A | 829 | 49,632 | ||||||
Genworth Financial, Inc. — Class A* | 3,379 | 49,097 | ||||||
Signature Bank* | 482 | 49,077 |
38 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
SVB Financial Group* | 509 | $ | 48,752 | |||||
Legg Mason, Inc. | 1,262 | 48,549 | ||||||
Omega Healthcare Investors, Inc. | 1,445 | 48,032 | ||||||
Washington Federal, Inc. | 2,106 | 47,975 | ||||||
Spirit Realty Capital, Inc. | 4,581 | 47,917 | ||||||
NASDAQ OMX Group, Inc. | 1,343 | 47,582 | ||||||
Old Republic International Corp. | 2,829 | 47,499 | ||||||
Ameriprise Financial, Inc. | 472 | 47,455 | ||||||
Interactive Brokers Group, | ||||||||
Inc. — Class A | 2,295 | 47,346 | ||||||
SEI Investments Co. | 1,426 | 47,329 | ||||||
Allied World Assurance Company | ||||||||
Holdings AG | 436 | 47,214 | ||||||
General Growth Properties, Inc. | 2,222 | 47,173 | ||||||
Principal Financial Group, Inc. | 993 | 47,128 | ||||||
KeyCorp | 3,757 | 47,075 | ||||||
Jones Lang LaSalle, Inc. | 494 | 47,029 | ||||||
Comerica, Inc. | 1,086 | 47,024 | ||||||
First Republic Bank | 920 | 46,984 | ||||||
CapitalSource, Inc. | 3,588 | 46,931 | ||||||
Equity Lifestyle Properties, Inc. | 1,235 | 46,918 | ||||||
Axis Capital Holdings Ltd. | 989 | 46,898 | ||||||
National Retail Properties, Inc. | 1,362 | 46,853 | ||||||
PartnerRe Ltd. | 467 | 46,798 | ||||||
Kemper Corp. | 1,260 | 46,645 | ||||||
CommonWealth REIT | 1,914 | 46,644 | ||||||
Assurant, Inc. | 797 | 46,609 | ||||||
TFS Financial Corp.* | 3,839 | 46,605 | ||||||
City National Corp. | 646 | 46,583 | ||||||
Bank of Hawaii Corp. | 802 | 46,500 | ||||||
Mid-America Apartment | ||||||||
Communities, Inc. | 700 | 46,480 | ||||||
BRE Properties, Inc. | 850 | 46,419 | ||||||
Healthcare Trust of America, | ||||||||
Inc. — Class A | 3,994 | 46,410 | ||||||
Affiliated Managers Group, Inc.* | 235 | 46,398 | ||||||
CBOE Holdings, Inc. | 955 | 46,318 | ||||||
Raymond James Financial, Inc. | 1,014 | 46,289 | ||||||
IntercontinentalExchange, Inc.* | 240 | 46,255 | ||||||
Forest City Enterprises, Inc. — Class A* | 2,282 | 46,233 | ||||||
Weingarten Realty Investors | 1,457 | 46,231 | ||||||
Tanger Factory Outlet Centers | 1,325 | 46,176 | ||||||
First Niagara Financial Group, Inc. | 4,185 | 46,161 | ||||||
Validus Holdings Ltd. | 1,169 | 46,152 | ||||||
Arthur J Gallagher & Co. | 972 | 46,121 | ||||||
Lincoln National Corp. | 1,015 | 46,091 | ||||||
Arch Capital Group Ltd.* | 795 | 46,078 | ||||||
Aspen Insurance Holdings Ltd. | 1,181 | 46,071 | ||||||
East West Bancorp, Inc. | 1,367 | 46,054 | ||||||
StanCorp Financial Group, Inc. | 780 | 45,942 | ||||||
Hartford Financial Services Group, Inc. | 1,363 | 45,933 | ||||||
New York Community Bancorp, Inc. | 2,831 | 45,891 | ||||||
Essex Property Trust, Inc. | 285 | 45,885 | ||||||
Regency Centers Corp. | 888 | 45,874 | ||||||
Weyerhaeuser Co. | 1,509 | 45,874 | ||||||
T. Rowe Price Group, Inc. | 592 | 45,827 | ||||||
Kimco Realty Corp. | 2,131 | 45,774 | ||||||
SL Green Realty Corp. | 484 | 45,772 | ||||||
Protective Life Corp. | 992 | 45,711 | ||||||
CNA Financial Corp. | 1,126 | 45,704 | ||||||
Brandywine Realty Trust | 3,210 | 45,678 | ||||||
LPL Financial Holdings, Inc. | 1,121 | 45,670 | ||||||
Everest Re Group Ltd. | 297 | 45,661 | ||||||
Cincinnati Financial Corp. | 913 | 45,650 | ||||||
Fidelity National Financial, Inc. — Class A | 1,621 | 45,631 | ||||||
NYSE Euronext | 1,036 | 45,605 | ||||||
Hanover Insurance Group, Inc. | 778 | 45,544 | ||||||
DDR Corp. | 2,684 | 45,494 | ||||||
Eaton Vance Corp. | 1,088 | 45,489 | ||||||
TCF Financial Corp. | 2,995 | 45,464 | ||||||
Starwood Property Trust, Inc. | 1,769 | 45,446 | ||||||
Vornado Realty Trust | 510 | 45,421 | ||||||
Reinsurance Group of America, | ||||||||
Inc. — Class A | 638 | 45,413 | ||||||
Commerce Bancshares, Inc. | 987 | 45,412 | ||||||
Duke Realty Corp. | 2,740 | 45,402 | ||||||
Huntington Bancshares, Inc. | 5,153 | 45,346 | ||||||
Piedmont Office Realty Trust, | ||||||||
Inc. — Class A | 2,451 | 45,294 | ||||||
Invesco Ltd. | 1,342 | 45,293 | ||||||
Senior Housing Properties Trust | 1,838 | 45,288 | ||||||
Prologis, Inc. | 1,133 | 45,263 | ||||||
Lazard Ltd. — Class A | 1,171 | 45,259 | ||||||
BioMed Realty Trust, Inc. | 2,272 | 45,258 | ||||||
Kilroy Realty Corp. | 851 | 45,239 | ||||||
Leucadia National Corp. | 1,592 | 45,117 | ||||||
Aon plc | 570 | 45,081 | ||||||
Associated Banc-Corp. | 2,772 | 45,073 | ||||||
ING US, Inc. | 1,452 | 45,041 | ||||||
Hospitality Properties Trust | 1,533 | 45,040 | ||||||
Corrections Corporation of America | 1,216 | 44,992 | ||||||
American Capital Ltd.* | 3,208 | 44,944 | ||||||
UDR, Inc. | 1,811 | 44,931 | ||||||
Douglas Emmett, Inc. | 1,801 | 44,899 | ||||||
CBL & Associates Properties, Inc. | 2,264 | 44,850 | ||||||
American Financial Group, Inc. | 797 | 44,839 | ||||||
Regions Financial Corp. | 4,652 | 44,799 | ||||||
Fulton Financial Corp. | 3,668 | 44,786 | ||||||
Fifth Third Bancorp | 2,353 | 44,778 | ||||||
Endurance Specialty Holdings Ltd. | 809 | 44,730 | ||||||
Host Hotels & Resorts, Inc. | 2,411 | 44,724 | ||||||
RenaissanceRe Holdings Ltd. | 476 | 44,606 | ||||||
HCC Insurance Holdings, Inc. | 977 | 44,600 | ||||||
Assured Guaranty Ltd. | 2,175 | 44,588 | ||||||
Macerich Co. | 753 | 44,585 | ||||||
Ventas, Inc. | 683 | 44,559 | ||||||
TD Ameritrade Holding Corp. | 1,631 | 44,461 | ||||||
American National Insurance Co. | 439 | 44,370 | ||||||
SunTrust Banks, Inc. | 1,318 | 44,338 | ||||||
Unum Group | 1,396 | 44,309 | ||||||
First Citizens BancShares, Inc. — Class A | 209 | 44,252 | ||||||
Zions Bancorporation | 1,558 | 44,200 | ||||||
Realty Income Corp. | 1,061 | 44,191 | ||||||
Corporate Office Properties Trust | 1,796 | 44,182 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 39 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Home Properties, Inc. | 732 | $ | 44,147 | |||||
Howard Hughes Corp.* | 377 | 44,128 | ||||||
Post Properties, Inc. | 964 | 44,093 | ||||||
Liberty Property Trust | 1,184 | 44,033 | ||||||
SLM Corp. | 1,735 | 44,017 | ||||||
Health Care REIT, Inc. | 678 | 43,968 | ||||||
Federal Realty Investment Trust | 424 | 43,926 | ||||||
MBIA, Inc.* | 3,861 | 43,900 | ||||||
White Mountains Insurance Group Ltd. | 75 | 43,805 | ||||||
Northern Trust Corp. | 775 | 43,726 | ||||||
Camden Property Trust | 681 | 43,720 | ||||||
Cullen/Frost Bankers, Inc. | 617 | 43,677 | ||||||
Retail Properties of America, | ||||||||
Inc. — Class A | 3,051 | 43,660 | ||||||
WR Berkley Corp. | 994 | 43,647 | ||||||
MSCI, Inc. — Class A* | 1,068 | 43,542 | ||||||
M&T Bank Corp. | 386 | 43,437 | ||||||
Markel Corp.* | 82 | 43,433 | ||||||
E*TRADE Financial Corp.* | 2,563 | 43,340 | ||||||
Moody’s Corp. | 612 | 43,244 | ||||||
WP Carey, Inc. | 649 | 43,230 | ||||||
Alexandria Real Estate Equities, Inc. | 657 | 43,217 | ||||||
Torchmark Corp. | 593 | 43,206 | ||||||
CIT Group, Inc.* | 897 | 43,200 | ||||||
People’s United Financial, Inc. | 2,989 | 43,131 | ||||||
Alleghany Corp.* | 106 | 42,975 | ||||||
BankUnited, Inc. | 1,396 | 42,955 | ||||||
Ocwen Financial Corp.* | 763 | 42,903 | ||||||
Valley National Bancorp1 | 4,398 | 42,881 | ||||||
HCP, Inc. | 1,033 | 42,870 | ||||||
American Campus Communities, Inc. | 1,240 | 42,854 | ||||||
Hudson City Bancorp, Inc. | 4,769 | 42,826 | ||||||
Extra Space Storage, Inc. | 931 | 42,817 | ||||||
Synovus Financial Corp. | 13,157 | 42,760 | ||||||
Chimera Investment Corp. | 14,108 | 42,747 | ||||||
CBRE Group, Inc. — Class A* | 1,838 | 42,697 | ||||||
Brown & Brown, Inc. | 1,337 | 42,690 | ||||||
Apartment Investment & | ||||||||
Management Co. — Class A | 1,525 | 42,670 | ||||||
MFA Financial, Inc. | 5,751 | 42,615 | ||||||
Ares Capital Corp. | 2,452 | 42,591 | ||||||
XL Group plc — Class A | 1,391 | 42,523 | ||||||
ProAssurance Corp. | 938 | 42,510 | ||||||
Federated Investors, Inc. — Class B1 | 1,566 | 42,470 | ||||||
Boston Properties, Inc. | 405 | 41,918 | ||||||
Annaly Capital Management, Inc. | 3,555 | 41,913 | ||||||
Mercury General Corp. | 899 | 41,857 | ||||||
Taubman Centers, Inc. | 636 | 41,842 | ||||||
Plum Creek Timber Company, Inc. | 921 | 41,813 | ||||||
Two Harbors Investment Corp. | 4,458 | 41,593 | ||||||
AvalonBay Communities, Inc. | 329 | 41,141 | ||||||
BOK Financial Corp. | 671 | 41,085 | ||||||
Progressive Corp. | 1,578 | 40,981 | ||||||
Erie Indemnity Co. — Class A | 567 | 40,722 | ||||||
First Horizon National Corp. | 3,811 | 40,587 | ||||||
Mack-Cali Realty Corp. | 1,968 | 40,462 | ||||||
Popular, Inc.* | 1,602 | 40,451 | ||||||
American Homes 4 Rent — Class A* | 2,590 | 40,093 | ||||||
St. Joe Co.* | 2,139 | 39,935 | ||||||
Hatteras Financial Corp. | 2,190 | 39,858 | ||||||
Realogy Holdings Corp.* | 961 | 39,536 | ||||||
American Capital Agency Corp. | 1,790 | 38,879 | ||||||
Nationstar Mortgage Holdings, Inc.* | 751 | 38,541 | ||||||
Digital Realty Trust, Inc. | 775 | 36,937 | ||||||
Rayonier, Inc. | 774 | 36,393 | ||||||
Total Financials | 7,875,317 | |||||||
MATERIALS - 9.6% | ||||||||
United States Steel Corp.1 | 6,614 | 164,622 | ||||||
Cliffs Natural Resources, Inc.1 | 6,388 | 164,044 | ||||||
Huntsman Corp. | 6,725 | 156,155 | ||||||
NewMarket Corp. | 499 | 155,369 | ||||||
Tahoe Resources, Inc.* | 8,102 | 155,153 | ||||||
Alcoa, Inc. | 16,720 | 154,994 | ||||||
Sealed Air Corp. | 5,130 | 154,823 | ||||||
Cabot Corp. | 3,292 | 153,440 | ||||||
Valspar Corp. | 2,184 | 152,814 | ||||||
Greif, Inc. — Class A | 2,831 | 151,430 | ||||||
Domtar Corp. | 1,785 | 151,207 | ||||||
Celanese Corp. — Class A | 2,679 | 150,051 | ||||||
Ball Corp. | 3,068 | 149,995 | ||||||
Steel Dynamics, Inc. | 8,324 | 149,582 | ||||||
Allegheny Technologies, Inc. | 4,519 | 149,579 | ||||||
RPM International, Inc. | 3,847 | 148,956 | ||||||
Packaging Corporation of America | 2,390 | 148,849 | ||||||
Scotts Miracle-Gro Co. — Class A | 2,528 | 148,444 | ||||||
Aptargroup, Inc. | 2,310 | 148,210 | ||||||
Albemarle Corp. | 2,236 | 148,001 | ||||||
Cytec Industries, Inc. | 1,779 | 147,817 | ||||||
Eagle Materials, Inc. | 1,951 | 146,345 | ||||||
WR Grace & Co.* | 1,596 | 146,289 | ||||||
Sonoco Products Co. | 3,589 | 145,857 | ||||||
Nucor Corp. | 2,814 | 145,681 | ||||||
Sherwin-Williams Co. | 774 | 145,512 | ||||||
Airgas, Inc. | 1,327 | 144,736 | ||||||
Westlake Chemical Corp. | 1,344 | 144,372 | ||||||
Owens-Illinois, Inc.* | 4,530 | 144,009 | ||||||
Eastman Chemical Co. | 1,815 | 143,004 | ||||||
Vulcan Materials Co. | 2,669 | 142,925 | ||||||
Carpenter Technology Corp. | 2,399 | 142,333 | ||||||
FMC Corp. | 1,949 | 141,809 | ||||||
Bemis Company, Inc. | 3,548 | 141,565 | ||||||
Sigma-Aldrich Corp. | 1,628 | 140,708 | ||||||
Crown Holdings, Inc.* | 3,225 | 140,610 | ||||||
Martin Marietta Materials, Inc. | 1,433 | 140,563 | ||||||
Reliance Steel & Aluminum Co. | 1,916 | 140,424 | ||||||
Ashland, Inc. | 1,515 | 140,213 | ||||||
International Flavors & Fragrances, Inc. | 1,696 | 140,174 | ||||||
CF Industries Holdings, Inc. | 650 | 140,140 | ||||||
Kronos Worldwide, Inc. | 8,980 | 139,280 | ||||||
Rock Tenn Co. — Class A | 1,295 | 138,578 | ||||||
Compass Minerals International, Inc. | 1,845 | 137,397 | ||||||
Royal Gold, Inc. | 2,793 | 134,176 | ||||||
Newmont Mining Corp. | 4,919 | 134,092 | ||||||
International Paper Co. | 2,982 | 133,027 |
40 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Silgan Holdings, Inc. | 2,940 | $ | 132,506 | |||||
Rockwood Holdings, Inc. | 2,083 | 131,750 | ||||||
MeadWestvaco Corp. | 3,630 | 126,506 | ||||||
Avery Dennison Corp. | 1,719 | 80,999 | ||||||
Total Materials | 7,349,115 | |||||||
UTILITIES - 9.0% | ||||||||
ITC Holdings Corp. | 1,801 | 181,163 | ||||||
MDU Resources Group, Inc. | 6,049 | 180,139 | ||||||
Questar Corp. | 7,571 | 179,130 | ||||||
ONEOK, Inc. | 3,145 | 177,693 | ||||||
Hawaiian Electric Industries, Inc. | 6,677 | 177,408 | ||||||
Integrys Energy Group, Inc. | 3,011 | 176,685 | ||||||
American Water Works Company, Inc. | 4,117 | 176,496 | ||||||
Edison International | 3,597 | 176,361 | ||||||
Sempra Energy | 1,933 | 176,174 | ||||||
UGI Corp. | 4,253 | 175,947 | ||||||
Atmos Energy Corp. | 3,962 | 175,398 | ||||||
National Fuel Gas Co. | 2,446 | 175,011 | ||||||
Consolidated Edison, Inc. | 3,006 | 175,009 | ||||||
Great Plains Energy, Inc. | 7,466 | 175,003 | ||||||
Vectren Corp. | 5,010 | 174,949 | ||||||
Alliant Energy Corp. | 3,350 | 174,937 | ||||||
AES Corp. | 12,412 | 174,885 | ||||||
CMS Energy Corp. | 6,359 | 174,618 | ||||||
Pepco Holdings, Inc. | 9,046 | 174,407 | ||||||
DTE Energy Co. | 2,521 | 174,302 | ||||||
Northeast Utilities | 4,056 | 173,962 | ||||||
AGL Resources, Inc. | 3,630 | 173,732 | ||||||
Xcel Energy, Inc. | 6,019 | 173,708 | ||||||
Wisconsin Energy Corp. | 4,107 | 172,946 | ||||||
Westar Energy, Inc. | 5,460 | 172,591 | ||||||
NiSource, Inc. | 5,470 | 172,414 | ||||||
OGE Energy Corp. | 4,668 | 172,249 | ||||||
Aqua America, Inc. | 6,838 | 172,181 | ||||||
CenterPoint Energy, Inc. | 6,988 | 171,905 | ||||||
FirstEnergy Corp. | 4,522 | 171,248 | ||||||
Ameren Corp. | 4,732 | 171,204 | ||||||
Calpine Corp.* | 8,466 | 170,759 | ||||||
TECO Energy, Inc. | 9,940 | 170,670 | ||||||
NRG Energy, Inc. | 5,981 | 170,638 | ||||||
Entergy Corp. | 2,635 | 170,537 | ||||||
Pinnacle West Capital Corp. | 3,040 | 170,331 | ||||||
N.V. Energy, Inc. | 7,116 | 168,934 | ||||||
PPL Corp. | 5,500 | 168,465 | ||||||
SCANA Corp. | 3,606 | 168,148 | ||||||
Public Service Enterprise Group, Inc. | 4,998 | 167,433 | ||||||
Total Utilities | 6,949,770 | |||||||
TELECOMMUNICATION SERVICES - 2.0% | ||||||||
Level 3 Communications, Inc.* | 6,296 | 192,343 | ||||||
T-Mobile US, Inc. | 6,429 | 178,276 | ||||||
United States Cellular Corp. | 3,673 | 177,773 | ||||||
Telephone & Data Systems, Inc. | 5,686 | 177,289 | ||||||
tw telecom, Inc. — Class A* | 5,571 | 175,598 | ||||||
Frontier Communications Corp.1 | 39,182 | 172,793 | ||||||
Windstream Holdings, Inc.1 | 19,591 | 167,503 | ||||||
Intelsat S.A.* | 6,916 | 141,017 | ||||||
SBA Communications Corp. — Class A* | 1,086 | 94,992 | ||||||
Crown Castle International Corp.* | 1,186 | 90,160 | ||||||
Total Telecommunication Services | 1,567,744 | |||||||
Total Common Stocks | ||||||||
(Cost $58,821,751) | 76,272,564 | |||||||
EXCHANGE TRADED FUNDS† - 0.5% | ||||||||
iShares Russell Mid-Capital ETF | 2,700 | 388,719 | ||||||
Total Exchange Traded Funds | ||||||||
(Cost $369,128) | 388,719 | |||||||
SHORT TERM INVESTMENTS† - 0.3% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 233,254 | 233,254 | ||||||
Total Short Term Investments | ||||||||
(Cost $233,254) | 233,254 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 1.7% | ||||||||
Joint Repurchase Agreements | ||||||||
RBS Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | $ | 847,303 | 847,303 | |||||
HSBC Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | 451,651 | 451,651 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $1,298,954) | 1,298,954 | |||||||
Total Investments - 101.7% | ||||||||
(Cost $60,723,087) | $ | 78,193,491 | ||||||
Other Assets & Liabilities, net - (1.7)% | (1,289,114 | ) | ||||||
Total Net Assets - 100.0% | $ | 76,904,377 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at October 31, 2013 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 41 |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.3% | ||||||||
INFORMATION TECHNOLOGY - 12.2% | ||||||||
First Solar, Inc.* | 2,344 | $ | 117,833 | |||||
Google, Inc. — Class A* | 67 | 69,049 | ||||||
IPG Photonics Corp. | 1,031 | 68,324 | ||||||
SanDisk Corp. | 980 | 68,110 | ||||||
Corning, Inc. | 3,960 | 67,676 | ||||||
Hewlett-Packard Co. | 2,761 | 67,286 | ||||||
3D Systems Corp.*,1 | 1,075 | 66,908 | ||||||
Stratasys Ltd.* | 582 | 65,900 | ||||||
DST Systems, Inc. | 772 | 65,442 | ||||||
Microsoft Corp. | 1,818 | 64,266 | ||||||
Apple, Inc. | 123 | 64,249 | ||||||
EchoStar Corp. — Class A* | 1,339 | 64,218 | ||||||
MICROS Systems, Inc.* | 1,177 | 63,852 | ||||||
KLA-Tencor Corp. | 972 | 63,763 | ||||||
Intuit, Inc. | 892 | 63,698 | ||||||
Avago Technologies Ltd. | 1,400 | 63,602 | ||||||
LSI Corp. | 7,488 | 63,498 | ||||||
Microchip Technology, Inc. | 1,465 | 62,936 | ||||||
Western Digital Corp. | 899 | 62,597 | ||||||
VeriSign, Inc.* | 1,153 | 62,585 | ||||||
Teradyne, Inc.* | 3,576 | 62,544 | ||||||
Solera Holdings, Inc. | 1,111 | 62,460 | ||||||
Yahoo!, Inc.* | 1,885 | 62,073 | ||||||
CA, Inc. | 1,948 | 61,868 | ||||||
Cognizant Technology Solutions | ||||||||
Corp. — Class A* | 711 | 61,807 | ||||||
Adobe Systems, Inc.* | 1,139 | 61,734 | ||||||
Motorola Solutions, Inc. | 987 | 61,707 | ||||||
Texas Instruments, Inc. | 1,466 | 61,689 | ||||||
ServiceNow, Inc.* | 1,129 | 61,655 | ||||||
Lam Research Corp.* | 1,136 | 61,605 | ||||||
Harris Corp. | 994 | 61,588 | ||||||
Micron Technology, Inc.* | 3,482 | 61,562 | ||||||
AOL, Inc. | 1,695 | 61,427 | ||||||
Splunk, Inc.* | 977 | 61,268 | ||||||
Analog Devices, Inc. | 1,242 | 61,231 | ||||||
Amdocs Ltd. | 1,592 | 61,212 | ||||||
Tech Data Corp.* | 1,175 | 61,171 | ||||||
Linear Technology Corp. | 1,482 | 60,969 | ||||||
Amphenol Corp. — Class A | 759 | 60,940 | ||||||
Intel Corp. | 2,493 | 60,904 | ||||||
Cree, Inc.* | 999 | 60,689 | ||||||
Skyworks Solutions, Inc.* | 2,351 | 60,609 | ||||||
Dolby Laboratories, Inc. — Class A | 1,687 | 60,293 | ||||||
Diebold, Inc. | 2,008 | 60,160 | ||||||
Salesforce.com, Inc.* | 1,126 | 60,083 | ||||||
Ingram Micro, Inc. — Class A* | 2,593 | 60,080 | ||||||
Facebook, Inc. — Class A* | 1,194 | 60,010 | ||||||
SolarWinds, Inc.* | 1,650 | 59,714 | ||||||
QUALCOMM, Inc. | 859 | 59,675 | ||||||
ANSYS, Inc.* | 681 | 59,553 | ||||||
Maxim Integrated Products, Inc. | 2,005 | 59,549 | ||||||
AVX Corp. | 4,493 | 59,532 | ||||||
Marvell Technology Group Ltd. | 4,936 | 59,232 | ||||||
Applied Materials, Inc. | 3,313 | 59,137 | ||||||
Broadcom Corp. — Class A | 2,205 | 58,918 | ||||||
Molex, Inc. | 1,525 | 58,865 | ||||||
Gartner, Inc.* | 997 | 58,773 | ||||||
Oracle Corp. | 1,744 | 58,424 | ||||||
Arrow Electronics, Inc.* | 1,215 | 58,344 | ||||||
Electronic Arts, Inc.* | 2,221 | 58,301 | ||||||
Fortinet, Inc.* | 2,899 | 58,299 | ||||||
Informatica Corp.* | 1,510 | 58,286 | ||||||
IAC/InterActiveCorp | 1,091 | 58,248 | ||||||
Rackspace Hosting, Inc.* | 1,136 | 58,197 | ||||||
Autodesk, Inc.* | 1,453 | 57,989 | ||||||
VeriFone Systems, Inc.* | 2,559 | 57,987 | ||||||
Activision Blizzard, Inc. | 3,481 | 57,924 | ||||||
Riverbed Technology, Inc.* | 3,905 | 57,872 | ||||||
Brocade Communications | ||||||||
Systems, Inc.* | 7,213 | 57,848 | ||||||
VMware, Inc. — Class A* | 710 | 57,709 | ||||||
NVIDIA Corp. | 3,793 | 57,578 | ||||||
Xilinx, Inc. | 1,265 | 57,456 | ||||||
TIBCO Software, Inc.* | 2,338 | 57,421 | ||||||
Synopsys, Inc.* | 1,575 | 57,409 | ||||||
Silicon Laboratories, Inc.* | 1,418 | 57,032 | ||||||
Polycom, Inc.* | 5,475 | 56,940 | ||||||
ON Semiconductor Corp.* | 8,016 | 56,593 | ||||||
Atmel Corp.* | 7,773 | 56,587 | ||||||
Cadence Design Systems, Inc.* | 4,354 | 56,471 | ||||||
Avnet, Inc. | 1,418 | 56,295 | ||||||
Computer Sciences Corp. | 1,142 | 56,255 | ||||||
Zynga, Inc. — Class A* | 15,629 | 56,108 | ||||||
Compuware Corp. | 5,237 | 55,931 | ||||||
International Business Machines Corp. | 312 | 55,914 | ||||||
Vishay Intertechnology, Inc.* | 4,513 | 55,375 | ||||||
Freescale Semiconductor Ltd.* | 3,570 | 55,121 | ||||||
Workday, Inc. — Class A* | 736 | 55,104 | ||||||
NetSuite, Inc.* | 545 | 54,980 | ||||||
Concur Technologies, Inc.* | 523 | 54,706 | ||||||
F5 Networks, Inc.* | 671 | 54,693 | ||||||
Zebra Technologies Corp. — Class A* | 1,131 | 54,639 | ||||||
Juniper Networks, Inc.* | 2,929 | 54,597 | ||||||
Fairchild Semiconductor International, | ||||||||
Inc. — Class A* | 4,306 | 54,557 | ||||||
Lexmark International, Inc. — Class A | 1,534 | 54,534 | ||||||
Red Hat, Inc.* | 1,260 | 54,520 | ||||||
NCR Corp.* | 1,491 | 54,496 | ||||||
Cisco Systems, Inc. | 2,418 | 54,405 | ||||||
EMC Corp. | 2,255 | 54,278 | ||||||
Symantec Corp. | 2,379 | 54,098 | ||||||
NeuStar, Inc. — Class A* | 1,176 | 54,002 | ||||||
CDW Corp.* | 2,447 | 53,810 | ||||||
Palo Alto Networks, Inc.* | 1,276 | 53,796 | ||||||
Paychex, Inc. | 1,271 | 53,712 | ||||||
NetApp, Inc. | 1,383 | 53,674 | ||||||
LinkedIn Corp. — Class A* | 239 | 53,457 | ||||||
Automatic Data Processing, Inc. | 711 | 53,304 | ||||||
Genpact Ltd.* | 2,688 | 53,303 | ||||||
Altera Corp. | 1,581 | 53,122 | ||||||
Leidos Holdings, Inc. | 1,127 | 53,070 | ||||||
JDS Uniphase Corp.* | 4,046 | 52,962 |
42 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Equinix, Inc.* | 325 | $ | 52,481 | |||||
Booz Allen Hamilton Holding Corp. | 2,649 | 52,450 | ||||||
Rovi Corp.* | 3,126 | 52,392 | ||||||
Jabil Circuit, Inc. | 2,462 | 51,357 | ||||||
Akamai Technologies, Inc.* | 1,134 | 50,735 | ||||||
Tableau Software, Inc. — Class A* | 822 | 50,520 | ||||||
Advanced Micro Devices, Inc.* | 15,109 | 50,464 | ||||||
Accenture plc — Class A | 678 | 49,833 | ||||||
Trimble Navigation Ltd.* | 1,733 | 49,512 | ||||||
Xerox Corp. | 4,950 | 49,203 | ||||||
Nuance Communications, Inc.* | 3,127 | 48,656 | ||||||
National Instruments Corp. | 1,668 | 48,455 | ||||||
FLIR Systems, Inc. | 1,654 | 47,106 | ||||||
Citrix Systems, Inc.* | 824 | 46,787 | ||||||
Teradata Corp.* | 1,018 | 44,863 | ||||||
Pandora Media, Inc.* | 1,534 | 38,549 | ||||||
CoreLogic, Inc.* | 1,147 | 38,161 | ||||||
eBay, Inc.* | 720 | 37,951 | ||||||
Global Payments, Inc. | 613 | 36,461 | ||||||
Alliance Data Systems Corp.* | 145 | 34,374 | ||||||
Broadridge Financial Solutions, Inc. | 970 | 34,105 | ||||||
Jack Henry & Associates, Inc. | 602 | 32,875 | ||||||
MasterCard, Inc. — Class A | 45 | 32,270 | ||||||
Fidelity National Information | ||||||||
Services, Inc. | 654 | 31,883 | ||||||
Lender Processing Services, Inc. | 918 | 31,689 | ||||||
FleetCor Technologies, Inc.* | 274 | 31,606 | ||||||
Fiserv, Inc.* | 300 | 31,419 | ||||||
Total System Services, Inc. | 1,045 | 31,172 | ||||||
Vantiv, Inc. — Class A* | 1,127 | 30,993 | ||||||
FactSet Research Systems, Inc. | 284 | 30,939 | ||||||
Visa, Inc. — Class A | 157 | 30,877 | ||||||
Western Union Co. | 1,645 | 27,998 | ||||||
Science Applications International Corp. | 644 | 22,701 | ||||||
Total Information Technology | 7,890,648 | |||||||
INDUSTRIALS - 11.9% | ||||||||
SolarCity Corp.* | 2,745 | 146,254 | ||||||
Precision Castparts Corp. | 427 | 108,223 | ||||||
Hexcel Corp.* | 2,549 | 107,848 | ||||||
MRC Global, Inc.* | 3,671 | 102,604 | ||||||
Lennox International, Inc. | 1,302 | 101,634 | ||||||
Fastenal Co. | 1,963 | 97,757 | ||||||
Masco Corp. | 4,532 | 95,761 | ||||||
Armstrong World Industries, Inc.* | 1,778 | 94,999 | ||||||
Valmont Industries, Inc. | 664 | 93,292 | ||||||
Owens Corning* | 2,529 | 90,867 | ||||||
Timken Co. | 1,581 | 83,493 | ||||||
Xylem, Inc. | 1,874 | 64,653 | ||||||
RR Donnelley & Sons Co. | 3,305 | 61,374 | ||||||
Pitney Bowes, Inc. | 2,866 | 61,160 | ||||||
Southwest Airlines Co. | 3,536 | 60,890 | ||||||
FedEx Corp. | 454 | 59,474 | ||||||
AO Smith Corp. | 1,151 | 59,449 | ||||||
United Rentals, Inc.* | 908 | 58,648 | ||||||
Chicago Bridge & Iron Company N.V. | 787 | 58,309 | ||||||
Northrop Grumman Corp. | 539 | 57,948 | ||||||
Trinity Industries, Inc. | 1,144 | 57,921 | ||||||
Alliant Techsystems, Inc. | 531 | 57,810 | ||||||
B/E Aerospace, Inc.* | 712 | 57,786 | ||||||
Flowserve Corp. | 831 | 57,730 | ||||||
Alaska Air Group, Inc. | 813 | 57,447 | ||||||
Delta Air Lines, Inc. | 2,166 | 57,139 | ||||||
Kansas City Southern | 470 | 57,114 | ||||||
Spirit Aerosystems Holdings, | ||||||||
Inc. — Class A* | 2,137 | 57,037 | ||||||
Norfolk Southern Corp. | 663 | 57,031 | ||||||
Ryder System, Inc. | 866 | 57,009 | ||||||
Copa Holdings S.A. — Class A | 381 | 56,975 | ||||||
Harsco Corp. | 2,043 | 56,959 | ||||||
ITT Corp. | 1,431 | 56,854 | ||||||
Boeing Co. | 435 | 56,768 | ||||||
WESCO International, Inc.* | 662 | 56,575 | ||||||
Joy Global, Inc. | 987 | 56,012 | ||||||
Towers Watson & Co. — Class A | 487 | 55,912 | ||||||
Regal-Beloit Corp. | 761 | 55,804 | ||||||
Toro Co. | 946 | 55,757 | ||||||
United Parcel Service, Inc. — Class B | 567 | 55,702 | ||||||
General Electric Co. | 2,130 | 55,678 | ||||||
Quanta Services, Inc.* | 1,843 | 55,677 | ||||||
GATX Corp. | 1,076 | 55,468 | ||||||
IDEX Corp. | 801 | 55,389 | ||||||
Manpowergroup, Inc. | 709 | 55,373 | ||||||
TransDigm Group, Inc. | 380 | 55,256 | ||||||
SPX Corp. | 609 | 55,242 | ||||||
Parker Hannifin Corp. | 473 | 55,209 | ||||||
Clean Harbors, Inc.* | 893 | 55,143 | ||||||
Cintas Corp. | 1,023 | 55,007 | ||||||
Genesee & Wyoming, Inc. — Class A* | 550 | 54,912 | ||||||
Rollins, Inc. | 1,984 | 54,838 | ||||||
Huntington Ingalls Industries, Inc. | 766 | 54,807 | ||||||
Graco, Inc. | 708 | 54,700 | ||||||
Verisk Analytics, Inc. — Class A* | 798 | 54,679 | ||||||
KBR, Inc. | 1,583 | 54,677 | ||||||
Air Lease Corp. — Class A | 1,858 | 54,625 | ||||||
Waste Management, Inc. | 1,247 | 54,294 | ||||||
Donaldson Company, Inc. | 1,369 | 54,226 | ||||||
Carlisle Companies, Inc. | 745 | 54,147 | ||||||
L-3 Communications Holdings, Inc. | 538 | 54,042 | ||||||
Raytheon Co. | 655 | 53,952 | ||||||
Wabtec Corp. | 827 | 53,912 | ||||||
Snap-on, Inc. | 518 | 53,908 | ||||||
J.B. Hunt Transport Services, Inc. | 718 | 53,872 | ||||||
3M Co. | 428 | 53,864 | ||||||
Jacobs Engineering Group, Inc.* | 885 | 53,826 | ||||||
Lockheed Martin Corp. | 403 | 53,736 | ||||||
Exelis, Inc. | 3,254 | 53,658 | ||||||
Danaher Corp. | 744 | 53,635 | ||||||
Pall Corp. | 666 | 53,626 | ||||||
Old Dominion Freight Line, Inc.* | 1,142 | 53,560 | ||||||
Lincoln Electric Holdings, Inc. | 773 | 53,523 | ||||||
Kirby Corp.* | 604 | 53,448 | ||||||
Copart, Inc.* | 1,658 | 53,437 | ||||||
AMETEK, Inc. | 1,117 | 53,426 | ||||||
ADT Corp. | 1,230 | 53,345 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 43 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Honeywell International, Inc. | 615 | $ | 53,339 | |||||
Textron, Inc. | 1,850 | 53,262 | ||||||
Emerson Electric Co. | 795 | 53,241 | ||||||
Fluor Corp. | 717 | 53,216 | ||||||
Rockwell Automation, Inc. | 481 | 53,107 | ||||||
Terex Corp.* | 1,515 | 52,949 | ||||||
Expeditors International of | ||||||||
Washington, Inc. | 1,168 | 52,899 | ||||||
Ingersoll-Rand plc | 783 | 52,876 | ||||||
Pentair Ltd. | 788 | 52,867 | ||||||
Crane Co. | 831 | 52,769 | ||||||
Triumph Group, Inc. | 735 | 52,663 | ||||||
Illinois Tool Works, Inc. | 668 | 52,632 | ||||||
Rockwell Collins, Inc. | 752 | 52,512 | ||||||
Dover Corp. | 572 | 52,504 | ||||||
Stericycle, Inc.* | 450 | 52,290 | ||||||
AECOM Technology Corp.* | 1,645 | 52,278 | ||||||
CSX Corp. | 2,004 | 52,224 | ||||||
Manitowoc Company, Inc. | 2,677 | 52,094 | ||||||
Hubbell, Inc. — Class B | 484 | 52,049 | ||||||
Eaton Corporation plc | 736 | 51,932 | ||||||
WW Grainger, Inc. | 193 | 51,911 | ||||||
Landstar System, Inc. | 932 | 51,530 | ||||||
United Continental Holdings, Inc.* | 1,510 | 51,265 | ||||||
Kennametal, Inc. | 1,112 | 51,152 | ||||||
Colfax Corp.* | 912 | 51,036 | ||||||
General Dynamics Corp. | 588 | 50,938 | ||||||
Robert Half International, Inc. | 1,322 | 50,937 | ||||||
Caterpillar, Inc. | 610 | 50,850 | ||||||
Republic Services, Inc. — Class A | 1,519 | 50,841 | ||||||
PACCAR, Inc. | 914 | 50,818 | ||||||
CH Robinson Worldwide, Inc. | 850 | 50,779 | ||||||
Navistar International Corp.* | 1,402 | 50,696 | ||||||
Nordson Corp. | 701 | 50,535 | ||||||
URS Corp. | 930 | 50,425 | ||||||
IHS, Inc. — Class A* | 461 | 50,272 | ||||||
Con-way, Inc. | 1,220 | 50,264 | ||||||
Oshkosh Corp.* | 1,056 | 50,255 | ||||||
United Technologies Corp. | 472 | 50,150 | ||||||
Deere & Co. | 609 | 49,841 | ||||||
Union Pacific Corp. | 328 | 49,659 | ||||||
Waste Connections, Inc. | 1,156 | 49,407 | ||||||
Roper Industries, Inc. | 387 | 49,075 | ||||||
AGCO Corp. | 840 | 49,039 | ||||||
Cummins, Inc. | 386 | 49,030 | ||||||
Babcock & Wilcox Co. | 1,518 | 48,895 | ||||||
MSC Industrial Direct Company, | ||||||||
Inc. — Class A | 640 | 48,877 | ||||||
Iron Mountain, Inc. | 1,840 | 48,834 | ||||||
HD Supply Holdings, Inc.* | 2,328 | 47,002 | ||||||
Stanley Black & Decker, Inc. | 575 | 45,477 | ||||||
Nielsen Holdings N.V. | 1,080 | 42,595 | ||||||
AMERCO | 209 | 42,203 | ||||||
KAR Auction Services, Inc. | 1,410 | 41,905 | ||||||
Fortune Brands Home & Security, Inc. | 961 | 41,400 | ||||||
Covanta Holding Corp. | 2,400 | 41,208 | ||||||
Avis Budget Group, Inc.* | 1,297 | 40,635 | ||||||
WABCO Holdings, Inc.* | 462 | 39,584 | ||||||
Hertz Global Holdings, Inc.* | 1,515 | 34,784 | ||||||
Equifax, Inc. | 510 | 32,982 | ||||||
Dun & Bradstreet Corp. | 297 | 32,311 | ||||||
Total Industrials | 7,707,196 | |||||||
CONSUMER STAPLES - 11.4% | ||||||||
Flowers Foods, Inc. | 6,469 | 163,925 | ||||||
Lorillard, Inc. | 3,113 | 158,795 | ||||||
Kimberly-Clark Corp. | 1,460 | 157,681 | ||||||
Constellation Brands, Inc. — Class A* | 2,405 | 157,048 | ||||||
Archer-Daniels-Midland Co. | 3,770 | 154,193 | ||||||
Clorox Co. | 1,682 | 151,700 | ||||||
Safeway, Inc. | 4,331 | 151,152 | ||||||
Colgate-Palmolive Co. | 2,330 | 150,821 | ||||||
Whole Foods Market, Inc. | 2,370 | 149,618 | ||||||
Walgreen Co. | 2,520 | 149,285 | ||||||
Mead Johnson Nutrition Co. — Class A | 1,828 | 149,274 | ||||||
CVS Caremark Corp. | 2,393 | 148,988 | ||||||
Hershey Co. | 1,500 | 148,860 | ||||||
Fresh Market, Inc.* | 2,921 | 148,708 | ||||||
Molson Coors Brewing Co. — Class B | 2,741 | 148,014 | ||||||
Altria Group, Inc. | 3,974 | 147,952 | ||||||
Church & Dwight Company, Inc. | 2,266 | 147,630 | ||||||
Energizer Holdings, Inc. | 1,501 | 147,263 | ||||||
Hillshire Brands Co. | 4,480 | 147,078 | ||||||
Bunge Ltd. | 1,789 | 146,931 | ||||||
Brown-Forman Corp. — Class B | 2,010 | 146,690 | ||||||
Kellogg Co. | 2,309 | 146,044 | ||||||
Dr Pepper Snapple Group, Inc. | 3,076 | 145,649 | ||||||
Kroger Co. | 3,399 | 145,613 | ||||||
Monster Beverage Corp.* | 2,544 | 145,593 | ||||||
JM Smucker Co. | 1,306 | 145,240 | ||||||
PepsiCo, Inc. | 1,724 | 144,971 | ||||||
Mondelez International, Inc. — Class A | 4,308 | 144,921 | ||||||
Reynolds American, Inc. | 2,816 | 144,658 | ||||||
ConAgra Foods, Inc. | 4,540 | 144,417 | ||||||
General Mills, Inc. | 2,857 | 144,050 | ||||||
Sprouts Farmers Market, Inc.* | 3,125 | 143,938 | ||||||
Coca-Cola Enterprises, Inc. | 3,447 | 143,843 | ||||||
Procter & Gamble Co. | 1,779 | 143,654 | ||||||
Beam, Inc. | 2,133 | 143,551 | ||||||
Kraft Foods Group, Inc. | 2,626 | 142,802 | ||||||
Coca-Cola Co. | 3,607 | 142,729 | ||||||
Campbell Soup Co. | 3,349 | 142,567 | ||||||
Philip Morris International, Inc. | 1,591 | 141,790 | ||||||
Dean Foods Co.* | 7,234 | 141,063 | ||||||
Hormel Foods Corp. | 3,242 | 140,897 | ||||||
McCormick & Company, Inc. | 2,031 | 140,444 | ||||||
Pinnacle Foods, Inc. | 5,184 | 140,435 | ||||||
Sysco Corp. | 4,319 | 139,676 | ||||||
WhiteWave Foods Co. — Class A* | 6,878 | 137,629 | ||||||
Ingredion, Inc. | 2,074 | 136,386 | ||||||
Tyson Foods, Inc. — Class A | 4,822 | 133,425 | ||||||
Herbalife Ltd.1 | 1,954 | 126,658 | ||||||
Green Mountain Coffee Roasters, Inc.* | 1,823 | 114,503 | ||||||
Nu Skin Enterprises, Inc. — Class A | 402 | 47,006 | ||||||
Wal-Mart Stores, Inc. | 523 | 40,140 |
44 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Costco Wholesale Corp. | 338 | $ | 39,884 | |||||
Estee Lauder Companies, Inc. — Class A | 549 | 38,957 | ||||||
Coty, Inc. — Class A | 2,517 | 38,711 | ||||||
Avon Products, Inc. | 1,882 | 32,935 | ||||||
Total Consumer Staples | 7,356,385 | |||||||
ENERGY - 11.2% | ||||||||
Energen Corp. | 1,513 | 118,498 | ||||||
Cheniere Energy, Inc.* | 2,864 | 113,987 | ||||||
Valero Energy Corp. | 2,715 | 111,777 | ||||||
Baker Hughes, Inc. | 1,917 | 111,359 | ||||||
RPC, Inc. | 6,066 | 111,250 | ||||||
WPX Energy, Inc.* | 5,002 | 110,744 | ||||||
QEP Resources, Inc. | 3,324 | 109,891 | ||||||
PBF Energy, Inc. — Class A | 4,168 | 109,743 | ||||||
SM Energy Co. | 1,238 | 109,699 | ||||||
Whiting Petroleum Corp.* | 1,609 | 107,626 | ||||||
Helmerich & Payne, Inc. | 1,371 | 106,321 | ||||||
Noble Energy, Inc. | 1,413 | 105,876 | ||||||
Marathon Petroleum Corp. | 1,469 | 105,269 | ||||||
Phillips 66 | 1,631 | 105,085 | ||||||
Unit Corp.* | 2,044 | 105,082 | ||||||
Patterson-UTI Energy, Inc. | 4,326 | 104,949 | ||||||
Oasis Petroleum, Inc.* | 1,967 | 104,743 | ||||||
Cimarex Energy Co. | 994 | 104,718 | ||||||
Pioneer Natural Resources Co. | 509 | 104,233 | ||||||
Peabody Energy Corp. | 5,341 | 104,043 | ||||||
SandRidge Energy, Inc.*,1 | 16,241 | 102,968 | ||||||
CONSOL Energy, Inc. | 2,821 | 102,967 | ||||||
Newfield Exploration Co.* | 3,379 | 102,891 | ||||||
Halliburton Co. | 1,937 | 102,719 | ||||||
Laredo Petroleum Holdings, Inc.* | 3,209 | 101,950 | ||||||
Tesoro Corp. | 2,082 | 101,789 | ||||||
Nabors Industries Ltd. | 5,788 | 101,174 | ||||||
Continental Resources, Inc.* | 887 | 101,029 | ||||||
HollyFrontier Corp. | 2,191 | 100,917 | ||||||
Devon Energy Corp. | 1,591 | 100,583 | ||||||
Schlumberger Ltd. | 1,069 | 100,187 | ||||||
Oceaneering International, Inc. | 1,166 | 100,136 | ||||||
Chesapeake Energy Corp. | 3,573 | 99,901 | ||||||
Oil States International, Inc.* | 914 | 99,288 | ||||||
Superior Energy Services, Inc.* | 3,693 | 99,083 | ||||||
Spectra Energy Corp. | 2,784 | 99,027 | ||||||
Denbury Resources, Inc.* | 5,200 | 98,748 | ||||||
ConocoPhillips | 1,347 | 98,735 | ||||||
EOG Resources, Inc. | 552 | 98,477 | ||||||
World Fuel Services Corp. | 2,575 | 98,236 | ||||||
Occidental Petroleum Corp. | 1,019 | 97,906 | ||||||
Frank’s International N.V.* | 3,199 | 97,857 | ||||||
Hess Corp. | 1,203 | 97,684 | ||||||
Concho Resources, Inc.* | 881 | 97,447 | ||||||
Exxon Mobil Corp. | 1,087 | 97,417 | ||||||
National Oilwell Varco, Inc. | 1,197 | 97,172 | ||||||
Apache Corp. | 1,093 | 97,058 | ||||||
Dril-Quip, Inc.* | 825 | 96,872 | ||||||
Seadrill Ltd. | 2,052 | 95,664 | ||||||
Southwestern Energy Co.* | 2,558 | 95,209 | ||||||
Anadarko Petroleum Corp. | 999 | 95,195 | ||||||
Kosmos Energy Ltd.* | 8,882 | 94,682 | ||||||
Range Resources Corp. | 1,250 | 94,638 | ||||||
Marathon Oil Corp. | 2,670 | 94,144 | ||||||
CVR Energy, Inc. | 2,370 | 94,136 | ||||||
Cabot Oil & Gas Corp. | 2,662 | 94,022 | ||||||
Dresser-Rand Group, Inc.* | 1,536 | 93,343 | ||||||
Williams Companies, Inc. | 2,613 | 93,310 | ||||||
Murphy Oil Corp. | 1,543 | 93,074 | ||||||
Kinder Morgan, Inc. | 2,632 | 92,936 | ||||||
Diamond Offshore Drilling, Inc. | 1,494 | 92,523 | ||||||
Rowan Companies plc — Class A* | 2,537 | 91,535 | ||||||
Chevron Corp. | 763 | 91,529 | ||||||
Atwood Oceanics, Inc.* | 1,718 | 91,277 | ||||||
Equities Corp. | 1,054 | 90,233 | ||||||
McDermott International, Inc.* | 12,692 | 89,732 | ||||||
Golar LNG Ltd. | 2,416 | 89,706 | ||||||
Gulfport Energy Corp.* | 1,508 | 88,505 | ||||||
Cameron International Corp.* | 1,597 | 87,611 | ||||||
Cobalt International Energy, Inc.* | 3,768 | 87,455 | ||||||
FMC Technologies, Inc.* | 1,709 | 86,390 | ||||||
Ultra Petroleum Corp.* | 4,603 | 84,511 | ||||||
Tidewater, Inc. | 884 | 53,234 | ||||||
Teekay Corp. | 1,215 | 52,767 | ||||||
Total Energy | 7,262,472 | |||||||
HEALTH CARE - 11.0% | ||||||||
McKesson Corp. | 538 | 84,111 | ||||||
CR Bard, Inc. | 596 | 81,187 | ||||||
Tenet Healthcare Corp.* | 1,714 | 80,884 | ||||||
Illumina, Inc.* | 861 | 80,512 | ||||||
Hill-Rom Holdings, Inc. | 1,926 | 79,525 | ||||||
Gilead Sciences, Inc.* | 1,120 | 79,509 | ||||||
United Therapeutics Corp.* | 895 | 79,225 | ||||||
Cerner Corp.* | 1,411 | 79,058 | ||||||
Teleflex, Inc. | 851 | 78,445 | ||||||
Bristol-Myers Squibb Co. | 1,483 | 77,887 | ||||||
LifePoint Hospitals, Inc.* | 1,506 | 77,770 | ||||||
HCA Holdings, Inc. | 1,645 | 77,545 | ||||||
Cardinal Health, Inc. | 1,319 | 77,373 | ||||||
Perrigo Co. | 561 | 77,356 | ||||||
Community Health Systems, Inc. | 1,764 | 76,963 | ||||||
IDEXX Laboratories, Inc.* | 713 | 76,904 | ||||||
Actavis plc* | 497 | 76,826 | ||||||
Hologic, Inc.* | 3,400 | 76,126 | ||||||
Techne Corp. | 870 | 76,029 | ||||||
Envision Healthcare Holdings, Inc.* | 2,609 | 75,791 | ||||||
MEDNAX, Inc.* | 695 | 75,769 | ||||||
QIAGEN N.V.* | 3,265 | 75,617 | ||||||
Universal Health Services, | ||||||||
Inc. — Class B | 938 | 75,565 | ||||||
Salix Pharmaceuticals Ltd.* | 1,052 | 75,481 | ||||||
Forest Laboratories, Inc.* | 1,603 | 75,389 | ||||||
DENTSPLY International, Inc. | 1,599 | 75,313 | ||||||
St. Jude Medical, Inc. | 1,310 | 75,181 | ||||||
Medtronic, Inc. | 1,309 | 75,137 | ||||||
Alexion Pharmaceuticals, Inc.* | 611 | 75,122 | ||||||
Henry Schein, Inc.* | 668 | 75,103 | ||||||
Abbott Laboratories | 2,053 | 75,037 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 45 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Alere, Inc.* | 2,223 | $ | 74,982 | |||||
Sirona Dental Systems, Inc.* | 1,034 | 74,707 | ||||||
Pfizer, Inc. | 2,426 | 74,430 | ||||||
Stryker Corp. | 1,005 | 74,229 | ||||||
AmerisourceBergen Corp. — Class A | 1,133 | 74,019 | ||||||
Zimmer Holdings, Inc. | 846 | 74,000 | ||||||
AbbVie, Inc. | 1,525 | 73,886 | ||||||
Incyte Corporation Ltd.* | 1,890 | 73,710 | ||||||
Charles River Laboratories | ||||||||
International, Inc.* | 1,497 | 73,667 | ||||||
Johnson & Johnson | 794 | 73,532 | ||||||
Patterson Companies, Inc. | 1,726 | 73,372 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 594 | 73,371 | ||||||
Thermo Fisher Scientific, Inc. | 748 | 73,139 | ||||||
Covidien plc | 1,131 | 72,508 | ||||||
Becton Dickinson and Co. | 689 | 72,435 | ||||||
Alkermes plc* | 2,053 | 72,245 | ||||||
Covance, Inc.* | 808 | 72,122 | ||||||
CareFusion Corp.* | 1,858 | 72,035 | ||||||
Hospira, Inc.* | 1,766 | 71,558 | ||||||
Medivation, Inc.* | 1,194 | 71,473 | ||||||
Amgen, Inc. | 615 | 71,340 | ||||||
Jazz Pharmaceuticals plc* | 783 | 71,049 | ||||||
VCA Antech, Inc.* | 2,496 | 71,011 | ||||||
Laboratory Corporation of | ||||||||
America Holdings* | 700 | 70,630 | ||||||
Boston Scientific Corp.* | 6,037 | 70,573 | ||||||
Celgene Corp.* | 475 | 70,533 | ||||||
Bruker Corp.* | 3,447 | 70,491 | ||||||
Brookdale Senior Living, | ||||||||
Inc. — Class A* | 2,602 | 70,462 | ||||||
Zoetis, Inc. | 2,225 | �� | 70,444 | |||||
WellPoint, Inc. | 827 | 70,130 | ||||||
PerkinElmer, Inc. | 1,840 | 69,994 | ||||||
Health Management Associates, | ||||||||
Inc. — Class A* | 5,451 | 69,882 | ||||||
Intuitive Surgical, Inc.* | 188 | 69,842 | ||||||
Biogen Idec, Inc.* | 286 | 69,838 | ||||||
Life Technologies Corp.* | 923 | 69,511 | ||||||
Omnicare, Inc. | 1,256 | 69,268 | ||||||
Cooper Companies, Inc. | 535 | 69,127 | ||||||
Express Scripts Holding Co.* | 1,104 | 69,022 | ||||||
Pharmacyclics, Inc.* | 581 | 68,930 | ||||||
Mylan, Inc.* | 1,812 | 68,620 | ||||||
Allergan, Inc. | 756 | 68,501 | ||||||
Baxter International, Inc. | 1,036 | 68,241 | ||||||
Regeneron Pharmaceuticals, Inc.* | 237 | 68,161 | ||||||
Cigna Corp. | 883 | 67,973 | ||||||
ResMed, Inc. | 1,312 | 67,883 | ||||||
DaVita HealthCare Partners, Inc.* | 1,205 | 67,733 | ||||||
Varian Medical Systems, Inc.* | 930 | 67,499 | ||||||
Catamaran Corp.* | 1,434 | 67,341 | ||||||
Humana, Inc. | 730 | 67,270 | ||||||
Endo Health Solutions, Inc.* | 1,527 | 66,776 | ||||||
Aetna, Inc. | 1,065 | 66,776 | ||||||
Health Net, Inc.* | 2,194 | 66,698 | ||||||
Quest Diagnostics, Inc. | 1,112 | 66,620 | ||||||
Mallinckrodt plc* | 1,584 | 66,544 | ||||||
Vertex Pharmaceuticals, Inc.* | 926 | 66,061 | ||||||
Edwards Lifesciences Corp.* | 1,010 | 65,842 | ||||||
UnitedHealth Group, Inc. | 960 | 65,530 | ||||||
Merck & Company, Inc. | 1,450 | 65,381 | ||||||
Eli Lilly & Co. | 1,310 | 65,264 | ||||||
Cubist Pharmaceuticals, Inc.* | 1,052 | 65,224 | ||||||
Myriad Genetics, Inc.* | 2,673 | 65,168 | ||||||
Quintiles Transnational Holdings, Inc.* | 1,547 | 64,959 | ||||||
Allscripts Healthcare Solutions, Inc.* | 4,639 | 64,157 | ||||||
Theravance, Inc.* | 1,683 | 61,665 | ||||||
Seattle Genetics, Inc.* | 1,588 | 61,344 | ||||||
BioMarin Pharmaceutical, Inc.* | 951 | 59,742 | ||||||
Mettler-Toledo International, Inc.* | 215 | 53,204 | ||||||
Agilent Technologies, Inc. | 995 | 50,506 | ||||||
Waters Corp.* | 483 | 48,744 | ||||||
Ariad Pharmaceuticals, Inc.* | 3,646 | 8,021 | ||||||
Total Health Care | 7,138,685 | |||||||
CONSUMER DISCRETIONARY - 10.6% | ||||||||
GNC Holdings, Inc. — Class A | 2,573 | 151,344 | ||||||
Allison Transmission Holdings, Inc. | 2,083 | 50,721 | ||||||
Apollo Group, Inc. — Class A* | 1,885 | 50,311 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 94 | 49,535 | ||||||
Harman International Industries, Inc. | 595 | 48,207 | ||||||
Liberty Ventures* | 446 | 47,887 | ||||||
Advance Auto Parts, Inc. | 479 | 47,507 | ||||||
DreamWorks Animation SKG, | ||||||||
Inc. — Class A* | 1,384 | 47,388 | ||||||
DeVry, Inc. | 1,288 | 46,239 | ||||||
Groupon, Inc. — Class A* | 5,045 | 46,061 | ||||||
Amazon.com, Inc.* | 125 | 45,504 | ||||||
Gentex Corp. | 1,531 | 45,073 | ||||||
Expedia, Inc. | 757 | 44,572 | ||||||
Jarden Corp.* | 803 | 44,454 | ||||||
Liberty Interactive Corp. — Class A* | 1,648 | 44,430 | ||||||
Best Buy Company, Inc. | 1,028 | 43,998 | ||||||
Darden Restaurants, Inc. | 849 | 43,749 | ||||||
Comcast Corp. — Class A | 910 | 43,298 | ||||||
Starwood Hotels & Resorts | ||||||||
Worldwide, Inc. | 588 | 43,289 | ||||||
TripAdvisor, Inc.* | 522 | 43,175 | ||||||
Six Flags Entertainment Corp. | 1,147 | 43,139 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.* | 334 | 43,036 | ||||||
Kohl’s Corp. | 757 | 42,998 | ||||||
Starz — Class A* | 1,425 | 42,964 | ||||||
Choice Hotels International, Inc. | 922 | 42,956 | ||||||
NIKE, Inc. — Class B | 567 | 42,956 | ||||||
Discovery Communications, | ||||||||
Inc. — Class A* | 483 | 42,948 | ||||||
Tractor Supply Co. | 601 | 42,881 | ||||||
Hasbro, Inc. | 829 | 42,818 | ||||||
Brinker International, Inc. | 961 | 42,688 | ||||||
TJX Companies, Inc. | 702 | 42,675 | ||||||
Staples, Inc. | 2,646 | 42,654 | ||||||
Fossil Group, Inc.* | 336 | 42,652 | ||||||
Dunkin’ Brands Group, Inc. | 894 | 42,626 | ||||||
Newell Rubbermaid, Inc. | 1,434 | 42,489 |
46 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Washington Post Co. — Class B | 66 | $ | 42,459 | |||||
Hanesbrands, Inc. | 623 | 42,439 | ||||||
American Eagle Outfitters, Inc. | 2,737 | 42,396 | ||||||
DISH Network Corp. — Class A | 879 | 42,368 | ||||||
Nordstrom, Inc. | 700 | 42,329 | ||||||
Time Warner Cable, Inc. | 352 | 42,293 | ||||||
GameStop Corp. — Class A | 769 | 42,157 | ||||||
VF Corp. | 196 | 42,140 | ||||||
Royal Caribbean Cruises Ltd. | 1,002 | 42,124 | ||||||
Ross Stores, Inc. | 544 | 42,078 | ||||||
Deckers Outdoor Corp.* | 611 | 42,055 | ||||||
Macy’s, Inc. | 912 | 42,052 | ||||||
Johnson Controls, Inc. | 910 | 41,997 | ||||||
Time Warner, Inc. | 610 | 41,931 | ||||||
Wyndham Worldwide Corp. | 631 | 41,898 | ||||||
Marriott International, Inc. — Class A | 928 | 41,834 | ||||||
Lear Corp. | 540 | 41,791 | ||||||
Foot Locker, Inc. | 1,200 | 41,640 | ||||||
Burger King Worldwide, Inc. | 1,964 | 41,598 | ||||||
CBS Corp. — Class B | 703 | 41,575 | ||||||
Las Vegas Sands Corp. | 592 | 41,570 | ||||||
Walt Disney Co. | 606 | 41,566 | ||||||
AMC Networks, Inc. — Class A* | 593 | 41,563 | ||||||
H&R Block, Inc. | 1,460 | 41,522 | ||||||
Starbucks Corp. | 512 | 41,498 | ||||||
CST Brands, Inc. | 1,287 | 41,493 | ||||||
Hyatt Hotels Corp. — Class A* | 870 | 41,412 | ||||||
John Wiley & Sons, Inc. — Class A | 823 | 41,389 | ||||||
Carnival Corp. | 1,194 | 41,372 | ||||||
Penn National Gaming, Inc.* | 706 | 41,308 | ||||||
Wynn Resorts Ltd. | 248 | 41,230 | ||||||
Omnicom Group, Inc. | 605 | 41,207 | ||||||
Clear Channel Outdoor Holdings, | ||||||||
Inc. — Class A* | 4,845 | 41,183 | ||||||
L Brands, Inc. | 657 | 41,135 | ||||||
Liberty Media Corp. — Class A* | 269 | 41,133 | ||||||
Mattel, Inc. | 927 | 41,131 | ||||||
LKQ Corp.* | 1,245 | 41,122 | ||||||
Priceline.com, Inc.* | 39 | 41,099 | ||||||
Madison Square Garden Co. — Class A* | 679 | 41,093 | ||||||
Michael Kors Holdings Ltd.* | 534 | 41,091 | ||||||
TRW Automotive Holdings Corp.* | 547 | 41,085 | ||||||
Bed Bath & Beyond, Inc.* | 531 | 41,057 | ||||||
Signet Jewelers Ltd. | 549 | 40,988 | ||||||
Netflix, Inc.* | 127 | 40,955 | ||||||
News Corp. — Class A* | 2,324 | 40,902 | ||||||
Cinemark Holdings, Inc. | 1,246 | 40,881 | ||||||
Lowe’s Companies, Inc. | 821 | 40,869 | ||||||
DIRECTV* | 652 | 40,743 | ||||||
Under Armour, Inc. — Class A* | 502 | 40,737 | ||||||
Twenty-First Century Fox, | ||||||||
Inc. — Class A | 1,195 | 40,726 | ||||||
Guess?, Inc. | 1,302 | 40,688 | ||||||
Aaron’s, Inc. | 1,432 | 40,626 | ||||||
PVH Corp. | 326 | 40,610 | ||||||
Polaris Industries, Inc. | 310 | 40,595 | ||||||
Gannett Company, Inc. | 1,464 | 40,509 | ||||||
DSW, Inc. — Class A | 462 | 40,504 | ||||||
Dillard’s, Inc. — Class A | 494 | 40,498 | ||||||
Scripps Networks Interactive, | ||||||||
Inc. — Class A | 503 | 40,492 | ||||||
Garmin Ltd. | 865 | 40,439 | ||||||
Tupperware Brands Corp. | 451 | 40,432 | ||||||
Visteon Corp.* | 523 | 40,318 | ||||||
Home Depot, Inc. | 517 | 40,269 | ||||||
PulteGroup, Inc. | 2,273 | 40,118 | ||||||
Wendy’s Co. | 4,616 | 40,113 | ||||||
Target Corp. | 618 | 40,040 | ||||||
Urban Outfitters, Inc.* | 1,057 | 40,039 | ||||||
AutoZone, Inc.* | 92 | 39,991 | ||||||
Mohawk Industries, Inc.* | 302 | 39,991 | ||||||
Thor Industries, Inc. | 688 | 39,911 | ||||||
Tiffany & Co. | 504 | 39,902 | ||||||
Dick’s Sporting Goods, Inc. | 748 | 39,801 | ||||||
Ralph Lauren Corp. — Class A | 240 | 39,754 | ||||||
Dollar Tree, Inc.* | 680 | 39,712 | ||||||
Chico’s FAS, Inc. | 2,312 | 39,651 | ||||||
Regal Entertainment Group — Class A | 2,085 | 39,636 | ||||||
Dollar General Corp.* | 685 | 39,579 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 1,234 | 39,513 | ||||||
Abercrombie & Fitch Co. — Class A | 1,054 | 39,504 | ||||||
BorgWarner, Inc. | 382 | 39,396 | ||||||
Liberty Global plc — Class A* | 502 | 39,342 | ||||||
Viacom, Inc. — Class B | 471 | 39,230 | ||||||
Domino’s Pizza, Inc. | 584 | 39,163 | ||||||
Murphy USA, Inc.* | 965 | 39,160 | ||||||
Harley-Davidson, Inc. | 610 | 39,064 | ||||||
Charter Communications, | ||||||||
Inc. — Class A* | 291 | 39,064 | ||||||
Sally Beauty Holdings, Inc.* | 1,481 | 38,980 | ||||||
Ford Motor Co. | 2,272 | 38,874 | ||||||
General Motors Co.* | 1,050 | 38,798 | ||||||
Toll Brothers, Inc.* | 1,178 | 38,733 | ||||||
Delphi Automotive plc | 677 | 38,724 | ||||||
O’Reilly Automotive, Inc.* | 312 | 38,629 | ||||||
McDonald’s Corp. | 400 | 38,608 | ||||||
Ascena Retail Group, Inc.* | 1,947 | 38,531 | ||||||
NVR, Inc.* | 42 | 38,527 | ||||||
Sirius XM Radio, Inc. | 10,210 | 38,492 | ||||||
Lions Gate Entertainment Corp.* | 1,112 | 38,453 | ||||||
PetSmart, Inc. | 528 | 38,417 | ||||||
Whirlpool Corp. | 263 | 38,401 | ||||||
Bally Technologies, Inc.* | 525 | 38,399 | ||||||
Interpublic Group of Companies, Inc. | 2,284 | 38,371 | ||||||
Lamar Advertising Co. — Class A* | 838 | 38,305 | ||||||
Big Lots, Inc.* | 1,050 | 38,178 | ||||||
Lennar Corp. — Class A | 1,073 | 38,145 | ||||||
SeaWorld Entertainment, Inc. | 1,269 | 38,108 | ||||||
Genuine Parts Co. | 482 | 37,996 | ||||||
Sears Holdings Corp.*,1 | 654 | 37,984 | ||||||
Leggett & Platt, Inc. | 1,276 | 37,948 | ||||||
Service Corporation International | 2,095 | 37,731 | ||||||
HomeAway, Inc.* | 1,272 | 37,715 | ||||||
Taylor Morrison Home Corp. — Class A* | 1,687 | 37,519 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 47 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Panera Bread Co. — Class A* | 236 | $ | 37,269 | |||||
Family Dollar Stores, Inc. | 538 | 37,057 | ||||||
Williams-Sonoma, Inc. | 706 | 37,023 | ||||||
Yum! Brands, Inc. | 545 | 36,853 | ||||||
CarMax, Inc.* | 784 | 36,840 | ||||||
MGM Resorts International* | 1,933 | 36,804 | ||||||
Cabela’s, Inc.* | 620 | 36,778 | ||||||
DR Horton, Inc. | 1,937 | 36,706 | ||||||
Coach, Inc. | 720 | 36,490 | ||||||
Cablevision Systems Corp. — Class A | 2,305 | 35,843 | ||||||
AutoNation, Inc.* | 741 | 35,738 | ||||||
Carter’s, Inc. | 516 | 35,681 | ||||||
The Gap, Inc. | 964 | 35,658 | ||||||
Goodyear Tire & Rubber Co. | 1,699 | 35,645 | ||||||
International Game Technology | 1,868 | 35,118 | ||||||
Tesla Motors, Inc.* | 211 | 33,747 | ||||||
Weight Watchers International, Inc. | 1,049 | 33,683 | ||||||
Tempur Sealy International, Inc.* | 878 | 33,671 | ||||||
Thomson Reuters Corp.1 | 860 | 32,310 | ||||||
Morningstar, Inc. | 386 | 30,992 | ||||||
JC Penney Company, Inc.* | 3,858 | 28,935 | ||||||
Total Consumer Discretionary | 6,840,497 | |||||||
FINANCIALS - 10.2% | ||||||||
McGraw Hill Financial, Inc. | 596 | 41,529 | ||||||
Waddell & Reed Financial, | ||||||||
Inc. — Class A | 590 | 36,433 | ||||||
Artisan Partners Asset Management, | ||||||||
Inc. — Class A | 586 | 35,084 | ||||||
Genworth Financial, Inc. — Class A* | 2,392 | 34,756 | ||||||
Signature Bank* | 341 | 34,721 | ||||||
SVB Financial Group* | 361 | 34,577 | ||||||
Legg Mason, Inc. | 893 | 34,354 | ||||||
Omega Healthcare Investors, Inc. | 1,023 | 34,005 | ||||||
BlackRock, Inc. — Class A | 113 | 33,992 | ||||||
Washington Federal, Inc. | 1,491 | 33,965 | ||||||
Spirit Realty Capital, Inc. | 3,242 | 33,911 | ||||||
NASDAQ OMX Group, Inc. | 950 | 33,659 | ||||||
Old Republic International Corp. | 2,002 | 33,614 | ||||||
Ameriprise Financial, Inc. | 334 | 33,580 | ||||||
SEI Investments Co. | 1,010 | 33,522 | ||||||
Interactive Brokers Group, | ||||||||
Inc. — Class A | 1,624 | 33,503 | ||||||
Principal Financial Group, Inc. | 704 | 33,412 | ||||||
General Growth Properties, Inc. | 1,572 | 33,374 | ||||||
Allied World Assurance Company | ||||||||
Holdings AG | 308 | 33,353 | ||||||
Comerica, Inc. | 769 | 33,298 | ||||||
First Republic Bank | 651 | 33,247 | ||||||
Axis Capital Holdings Ltd. | 701 | 33,241 | ||||||
Jones Lang LaSalle, Inc. | 349 | 33,225 | ||||||
CapitalSource, Inc. | 2,540 | 33,223 | ||||||
PartnerRe Ltd. | 331 | 33,170 | ||||||
Equity Lifestyle Properties, Inc. | 873 | 33,165 | ||||||
National Retail Properties, Inc. | 964 | 33,162 | ||||||
New York Community Bancorp, Inc. | 2,045 | 33,149 | ||||||
Kemper Corp. | 892 | 33,022 | ||||||
CommonWealth REIT | 1,355 | 33,021 | ||||||
Assurant, Inc. | 564 | 32,983 | ||||||
TFS Financial Corp.* | 2,716 | 32,972 | ||||||
City National Corp. | 457 | 32,954 | ||||||
KeyCorp | 2,629 | 32,941 | ||||||
BRE Properties, Inc. | 602 | 32,875 | ||||||
Mid-America Apartment | ||||||||
Communities, Inc. | 495 | 32,868 | ||||||
Healthcare Trust of America, | ||||||||
Inc. — Class A | 2,827 | 32,850 | ||||||
American Express Co. | 401 | 32,802 | ||||||
CBOE Holdings, Inc. | 676 | 32,786 | ||||||
Raymond James Financial, Inc. | 718 | 32,777 | ||||||
Affiliated Managers Group, Inc.* | 166 | 32,775 | ||||||
American Tower Corp. — Class A | 413 | 32,772 | ||||||
IntercontinentalExchange, Inc.* | 170 | 32,764 | ||||||
Forest City Enterprises, Inc. — Class A* | 1,617 | 32,760 | ||||||
Weingarten Realty Investors | 1,032 | 32,745 | ||||||
Arch Capital Group Ltd.* | 564 | 32,689 | ||||||
Tanger Factory Outlet Centers | 938 | 32,689 | ||||||
Essex Property Trust, Inc. | 203 | 32,683 | ||||||
First Niagara Financial Group, Inc. | 2,962 | 32,671 | ||||||
Arthur J Gallagher & Co. | 688 | 32,646 | ||||||
Aspen Insurance Holdings Ltd. | 836 | 32,612 | ||||||
East West Bancorp, Inc. | 968 | 32,612 | ||||||
Lincoln National Corp. | 718 | 32,604 | ||||||
Hartford Financial Services | ||||||||
Group, Inc. | 967 | 32,588 | ||||||
Bank of Hawaii Corp. | 562 | 32,585 | ||||||
StanCorp Financial Group, Inc. | 553 | 32,572 | ||||||
Franklin Resources, Inc. | 604 | 32,531 | ||||||
Regency Centers Corp. | 629 | 32,494 | ||||||
Charles Schwab Corp. | 1,434 | 32,480 | ||||||
Validus Holdings Ltd. | 822 | 32,453 | ||||||
SL Green Realty Corp. | 343 | 32,438 | ||||||
Weyerhaeuser Co. | 1,067 | 32,437 | ||||||
Kimco Realty Corp. | 1,508 | 32,392 | ||||||
CNA Financial Corp. | 798 | 32,391 | ||||||
T. Rowe Price Group, Inc. | 418 | 32,357 | ||||||
Morgan Stanley | 1,126 | 32,350 | ||||||
Protective Life Corp. | 702 | 32,348 | ||||||
LPL Financial Holdings, Inc. | 794 | 32,348 | ||||||
Brandywine Realty Trust | 2,272 | 32,331 | ||||||
Cincinnati Financial Corp. | 646 | 32,300 | ||||||
Aflac, Inc. | 497 | 32,295 | ||||||
Fidelity National Financial, | ||||||||
Inc. — Class A | 1,147 | 32,288 | ||||||
Everest Re Group Ltd. | 210 | 32,285 | ||||||
NYSE Euronext | 733 | 32,267 | ||||||
Hanover Insurance Group, Inc. | 551 | 32,256 | ||||||
DDR Corp. | 1,901 | 32,222 | ||||||
Eaton Vance Corp. | 770 | 32,194 | ||||||
Starwood Property Trust, Inc. | 1,253 | 32,190 | ||||||
TCF Financial Corp. | 2,119 | 32,166 | ||||||
Commerce Bancshares, Inc. | 699 | 32,161 | ||||||
Duke Realty Corp. | 1,939 | 32,129 | ||||||
Reinsurance Group of America, | ||||||||
Inc. — Class A | 451 | 32,102 |
48 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Invesco Ltd. | 950 | $ | 32,063 | |||||
Senior Housing Properties Trust | 1,301 | 32,057 | ||||||
BioMed Realty Trust, Inc. | 1,609 | 32,051 | ||||||
Piedmont Office Realty Trust, | ||||||||
Inc. — Class A | 1,734 | 32,044 | ||||||
Prologis, Inc. | 802 | 32,040 | ||||||
Kilroy Realty Corp. | 602 | 32,002 | ||||||
Lazard Ltd. — Class A | 828 | 32,002 | ||||||
Leucadia National Corp. | 1,128 | 31,968 | ||||||
State Street Corp. | 456 | 31,952 | ||||||
Hospitality Properties Trust | 1,086 | 31,907 | ||||||
Associated Banc-Corp. | 1,962 | 31,902 | ||||||
Allstate Corp. | 601 | 31,889 | ||||||
ING US, Inc. | 1,028 | 31,889 | ||||||
Aon plc | 403 | 31,873 | ||||||
Huntington Bancshares, Inc. | 3,621 | 31,865 | ||||||
Corrections Corporation of America | 860 | 31,820 | ||||||
American Capital Ltd.* | 2,271 | 31,817 | ||||||
UDR, Inc. | 1,282 | 31,806 | ||||||
Vornado Realty Trust | 357 | 31,794 | ||||||
Douglas Emmett, Inc. | 1,275 | 31,786 | ||||||
American International Group, Inc. | 615 | 31,765 | ||||||
CBL & Associates Properties, Inc. | 1,603 | 31,755 | ||||||
American Financial Group, Inc. | 564 | 31,731 | ||||||
Regions Financial Corp. | 3,292 | 31,702 | ||||||
Fulton Financial Corp. | 2,596 | 31,697 | ||||||
Fifth Third Bancorp | 1,665 | 31,685 | ||||||
Host Hotels & Resorts, Inc. | 1,708 | 31,683 | ||||||
Marsh & McLennan Companies, Inc. | 691 | 31,648 | ||||||
Discover Financial Services | 610 | 31,647 | ||||||
Bank of New York Mellon Corp. | 995 | 31,641 | ||||||
Macerich Co. | 534 | 31,618 | ||||||
Ventas, Inc. | 484 | 31,576 | ||||||
Assured Guaranty Ltd. | 1,540 | 31,570 | ||||||
HCC Insurance Holdings, Inc. | 691 | 31,544 | ||||||
Endurance Specialty Holdings Ltd. | 570 | 31,515 | ||||||
Chubb Corp. | 342 | 31,491 | ||||||
TD Ameritrade Holding Corp. | 1,155 | 31,485 | ||||||
Prudential Financial, Inc. | 386 | 31,417 | ||||||
Public Storage | 188 | 31,390 | ||||||
SunTrust Banks, Inc. | 933 | 31,386 | ||||||
Simon Property Group, Inc. | 203 | 31,374 | ||||||
First Citizens BancShares, | ||||||||
Inc. — Class A | 148 | 31,336 | ||||||
American National Insurance Co. | 310 | 31,332 | ||||||
Realty Income Corp. | 752 | 31,321 | ||||||
RenaissanceRe Holdings Ltd. | 334 | 31,299 | ||||||
Zions Bancorporation | 1,103 | 31,292 | ||||||
Corporate Office Properties Trust | 1,271 | 31,267 | ||||||
Markel Corp.* | 59 | 31,251 | ||||||
Home Properties, Inc. | 518 | 31,241 | ||||||
ACE Ltd. | 327 | 31,209 | ||||||
Post Properties, Inc. | 682 | 31,195 | ||||||
Liberty Property Trust | 838 | 31,165 | ||||||
SLM Corp. | 1,228 | 31,154 | ||||||
Travelers Companies, Inc. | 361 | 31,154 | ||||||
Health Care REIT, Inc. | 480 | 31,128 | ||||||
Unum Group | 980 | 31,105 | ||||||
Federal Realty Investment Trust | 300 | 31,080 | ||||||
Wells Fargo & Co. | 728 | 31,078 | ||||||
MBIA, Inc.* | 2,733 | 31,074 | ||||||
Loews Corp. | 643 | 31,063 | ||||||
Howard Hughes Corp.* | 265 | 31,018 | ||||||
WR Berkley Corp. | 706 | 31,000 | ||||||
White Mountains Insurance | ||||||||
Group Ltd. | 53 | 30,956 | ||||||
Camden Property Trust | 482 | 30,944 | ||||||
Cullen/Frost Bankers, Inc. | 437 | 30,935 | ||||||
U.S. Bancorp | 828 | 30,934 | ||||||
Northern Trust Corp. | 548 | 30,918 | ||||||
Retail Properties of America, | ||||||||
Inc. — Class A | 2,160 | 30,910 | ||||||
M&T Bank Corp. | 274 | 30,833 | ||||||
MSCI, Inc. — Class A* | 755 | 30,781 | ||||||
E*TRADE Financial Corp.* | 1,814 | 30,675 | ||||||
Moody’s Corp. | 434 | 30,666 | ||||||
PNC Financial Services Group, Inc. | 417 | 30,662 | ||||||
Alexandria Real Estate Equities, Inc. | 466 | 30,653 | ||||||
WP Carey, Inc. | 460 | 30,641 | ||||||
CIT Group, Inc.* | 635 | 30,582 | ||||||
People’s United Financial, Inc. | 2,116 | 30,534 | ||||||
Torchmark Corp. | 419 | 30,528 | ||||||
BB&T Corp. | 896 | 30,437 | ||||||
BankUnited, Inc. | 989 | 30,432 | ||||||
Alleghany Corp.* | 75 | 30,407 | ||||||
Berkshire Hathaway, Inc. — Class B* | 264 | 30,381 | ||||||
Ocwen Financial Corp.* | 540 | 30,364 | ||||||
JPMorgan Chase & Co. | 589 | 30,357 | ||||||
CME Group, Inc. — Class A | 409 | 30,352 | ||||||
Valley National Bancorp1 | 3,113 | 30,352 | ||||||
American Campus Communities, Inc. | 878 | 30,344 | ||||||
HCP, Inc. | 731 | 30,337 | ||||||
Hudson City Bancorp, Inc. | 3,376 | 30,316 | ||||||
Synovus Financial Corp. | 9,312 | 30,264 | ||||||
Extra Space Storage, Inc. | 658 | 30,261 | ||||||
Chimera Investment Corp. | 9,984 | 30,252 | ||||||
Goldman Sachs Group, Inc. | 188 | 30,242 | ||||||
Capital One Financial Corp. | 440 | 30,215 | ||||||
Apartment Investment & | ||||||||
Management Co. — Class A | 1,079 | 30,190 | ||||||
Brown & Brown, Inc. | 945 | 30,174 | ||||||
MFA Financial, Inc. | 4,071 | 30,166 | ||||||
Citigroup, Inc. | 618 | 30,146 | ||||||
Ares Capital Corp. | 1,735 | 30,137 | ||||||
XL Group plc — Class A | 985 | 30,111 | ||||||
Federated Investors, Inc. — Class B1 | 1,109 | 30,076 | ||||||
Bank of America Corp. | 2,153 | 30,056 | ||||||
ProAssurance Corp. | 663 | 30,047 | ||||||
CBRE Group, Inc. — Class A* | 1,283 | 29,804 | ||||||
MetLife, Inc. | 628 | 29,711 | ||||||
Annaly Capital Management, Inc. | 2,517 | 29,675 | ||||||
Taubman Centers, Inc. | 450 | 29,606 | ||||||
Boston Properties, Inc. | 286 | 29,601 | ||||||
Plum Creek Timber Company, Inc. | 652 | 29,601 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 49 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Mercury General Corp. | 635 | $ | 29,566 | |||||
Two Harbors Investment Corp. | 3,155 | 29,436 | ||||||
Equity Residential | 558 | 29,217 | ||||||
AvalonBay Communities, Inc. | 233 | 29,137 | ||||||
BOK Financial Corp. | 475 | 29,084 | ||||||
Progressive Corp. | 1,117 | 29,008 | ||||||
Erie Indemnity Co. — Class A | 401 | 28,800 | ||||||
First Horizon National Corp. | 2,697 | 28,723 | ||||||
Mack-Cali Realty Corp. | 1,394 | 28,661 | ||||||
Popular, Inc.* | 1,135 | 28,659 | ||||||
American Homes 4 Rent — Class A* | 1,832 | 28,359 | ||||||
St. Joe Co.* | 1,514 | 28,266 | ||||||
Hatteras Financial Corp. | 1,550 | 28,210 | ||||||
Realogy Holdings Corp.* | 681 | 28,016 | ||||||
American Capital Agency Corp. | 1,267 | 27,519 | ||||||
Nationstar Mortgage Holdings, Inc.* | 532 | 27,302 | ||||||
Digital Realty Trust, Inc. | 548 | 26,118 | ||||||
Rayonier, Inc. | 548 | 25,767 | ||||||
Total Financials | 6,605,070 | |||||||
MATERIALS - 9.7% | ||||||||
United States Steel Corp. | 4,623 | 115,066 | ||||||
Cliffs Natural Resources, Inc.1 | 4,466 | 114,687 | ||||||
Huntsman Corp. | 4,701 | 109,157 | ||||||
NewMarket Corp. | 349 | 108,665 | ||||||
Tahoe Resources, Inc.* | 5,663 | 108,446 | ||||||
Alcoa, Inc. | 11,687 | 108,338 | ||||||
Sealed Air Corp. | 3,586 | 108,225 | ||||||
PPG Industries, Inc. | 591 | 107,905 | ||||||
Cabot Corp. | 2,302 | 107,296 | ||||||
Valspar Corp. | 1,526 | 106,774 | ||||||
Greif, Inc. — Class A | 1,978 | 105,803 | ||||||
Freeport-McMoRan Copper & | ||||||||
Gold, Inc. | 2,878 | 105,795 | ||||||
Domtar Corp. | 1,248 | 105,718 | ||||||
Celanese Corp. — Class A | 1,873 | 104,907 | ||||||
Ball Corp. | 2,144 | 104,820 | ||||||
Ecolab, Inc. | 987 | 104,622 | ||||||
Steel Dynamics, Inc. | 5,819 | 104,567 | ||||||
Allegheny Technologies, Inc. | 3,159 | 104,563 | ||||||
RPM International, Inc. | 2,689 | 104,118 | ||||||
Packaging Corporation of America | 1,670 | 104,008 | ||||||
Aptargroup, Inc. | 1,621 | 104,003 | ||||||
Scotts Miracle-Gro Co. — Class A | 1,767 | 103,758 | ||||||
Albemarle Corp. | 1,563 | 103,455 | ||||||
Cytec Industries, Inc. | 1,243 | 103,281 | ||||||
WR Grace & Co.* | 1,116 | 102,293 | ||||||
Eagle Materials, Inc. | 1,363 | 102,239 | ||||||
Sonoco Products Co. | 2,509 | 101,966 | ||||||
Nucor Corp. | 1,968 | 101,883 | ||||||
Sherwin-Williams Co. | 541 | 101,708 | ||||||
Praxair, Inc. | 815 | 101,639 | ||||||
Westlake Chemical Corp. | 939 | 100,867 | ||||||
Owens-Illinois, Inc.* | 3,167 | 100,679 | ||||||
Airgas, Inc. | 923 | 100,672 | ||||||
EI du Pont de Nemours & Co. | 1,641 | 100,429 | ||||||
Mosaic Co. | 2,184 | 100,136 | ||||||
Vulcan Materials Co. | 1,866 | 99,924 | ||||||
LyondellBasell Industries | ||||||||
N.V. — Class A | 1,339 | 99,889 | ||||||
Eastman Chemical Co. | 1,264 | 99,591 | ||||||
Carpenter Technology Corp. | 1,677 | 99,496 | ||||||
FMC Corp. | 1,362 | 99,099 | ||||||
Bemis Company, Inc. | 2,480 | 98,952 | ||||||
Air Products & Chemicals, Inc. | 907 | 98,872 | ||||||
Martin Marietta Materials, Inc. | 1,003 | 98,384 | ||||||
Sigma-Aldrich Corp. | 1,138 | 98,357 | ||||||
Crown Holdings, Inc.* | 2,255 | 98,318 | ||||||
Reliance Steel & Aluminum Co. | 1,339 | 98,135 | ||||||
CF Industries Holdings, Inc. | 455 | 98,098 | ||||||
International Flavors & | ||||||||
Fragrances, Inc. | 1,186 | 98,023 | ||||||
Ashland, Inc. | 1,059 | 98,010 | ||||||
Southern Copper Corp. | 3,489 | 97,518 | ||||||
Kronos Worldwide, Inc. | 6,277 | 97,356 | ||||||
Monsanto Co. | 925 | 97,014 | ||||||
Rock Tenn Co. — Class A | 906 | 96,951 | ||||||
Dow Chemical Co. | 2,442 | 96,386 | ||||||
Compass Minerals International, Inc. | 1,289 | 95,992 | ||||||
Royal Gold, Inc. | 1,952 | 93,774 | ||||||
Newmont Mining Corp. | 3,438 | 93,720 | ||||||
International Paper Co. | 2,085 | 93,012 | ||||||
Silgan Holdings, Inc. | 2,055 | 92,619 | ||||||
Rockwood Holdings, Inc. | 1,456 | 92,092 | ||||||
MeadWestvaco Corp. | 2,538 | 88,449 | ||||||
Avery Dennison Corp. | 1,187 | 55,931 | ||||||
Total Materials | 6,246,450 | |||||||
UTILITIES - 8.7% | ||||||||
ITC Holdings Corp. | 1,238 | 124,530 | ||||||
MDU Resources Group, Inc. | 4,156 | 123,766 | ||||||
American Electric Power Company, Inc. | 2,631 | 123,236 | ||||||
Questar Corp. | 5,201 | 123,056 | ||||||
Duke Energy Corp. | 1,713 | 122,873 | ||||||
ONEOK, Inc. | 2,161 | 122,097 | ||||||
Hawaiian Electric Industries, Inc. | 4,586 | 121,850 | ||||||
NextEra Energy, Inc. | 1,434 | 121,532 | ||||||
Integrys Energy Group, Inc. | 2,069 | 121,409 | ||||||
American Water Works Company, Inc. | 2,828 | 121,236 | ||||||
Edison International | 2,472 | 121,202 | ||||||
Sempra Energy | 1,328 | 121,034 | ||||||
UGI Corp. | 2,922 | 120,883 | ||||||
Atmos Energy Corp. | 2,722 | 120,503 | ||||||
National Fuel Gas Co. | 1,681 | 120,276 | ||||||
Consolidated Edison, Inc. | 2,065 | 120,224 | ||||||
Great Plains Energy, Inc. | 5,129 | 120,224 | ||||||
Alliant Energy Corp. | 2,302 | 120,210 | ||||||
Vectren Corp. | 3,442 | 120,195 | ||||||
AES Corp. | 8,527 | 120,145 | ||||||
CMS Energy Corp. | 4,369 | 119,973 | ||||||
Pepco Holdings, Inc. | 6,214 | 119,806 | ||||||
DTE Energy Co. | 1,731 | 119,681 | ||||||
Northeast Utilities | 2,787 | 119,534 | ||||||
AGL Resources, Inc. | 2,495 | 119,411 | ||||||
Xcel Energy, Inc. | 4,135 | 119,336 | ||||||
Wisconsin Energy Corp. | 2,821 | 118,792 |
50 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (concluded) | October 31, 2013 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Westar Energy, Inc. | 3,750 | $ | 118,538 | |||||
NiSource, Inc. | 3,757 | 118,421 | ||||||
OGE Energy Corp. | 3,207 | 118,338 | ||||||
Aqua America, Inc. | 4,698 | 118,296 | ||||||
Dominion Resources, Inc. | 1,853 | 118,129 | ||||||
CenterPoint Energy, Inc. | 4,800 | 118,080 | ||||||
FirstEnergy Corp. | 3,106 | 117,624 | ||||||
Ameren Corp. | 3,251 | 117,621 | ||||||
Calpine Corp.* | 5,815 | 117,289 | ||||||
TECO Energy, Inc. | 6,829 | 117,254 | ||||||
NRG Energy, Inc. | 4,109 | 117,230 | ||||||
Entergy Corp. | 1,811 | 117,208 | ||||||
Pinnacle West Capital Corp. | 2,088 | 116,991 | ||||||
N.V. Energy, Inc. | 4,888 | 116,041 | ||||||
PPL Corp. | 3,778 | 115,720 | ||||||
SCANA Corp. | 2,477 | 115,503 | ||||||
PG&E Corp. | 2,751 | 115,129 | ||||||
Public Service Enterprise | ||||||||
Group, Inc. | 3,434 | 115,039 | ||||||
Southern Co. | 2,761 | 112,953 | ||||||
Exelon Corp. | 3,801 | 108,481 | ||||||
Total Utilities | 5,596,899 | |||||||
TELECOMMUNICATION SERVICES - 2.4% | ||||||||
Level 3 Communications, Inc.* | 4,326 | 132,159 | ||||||
Sprint Corp.* | 18,606 | 125,218 | ||||||
Verizon Communications, Inc. | 2,453 | 123,901 | ||||||
T-Mobile US, Inc. | 4,417 | 122,483 | ||||||
AT&T, Inc. | 3,383 | 122,465 | ||||||
United States Cellular Corp. | 2,523 | 122,113 | ||||||
CenturyLink, Inc. | 3,600 | 121,896 | ||||||
Telephone & Data Systems, Inc. | 3,907 | 121,820 | ||||||
tw telecom, Inc. — Class A* | 3,827 | 120,627 | ||||||
Frontier Communications Corp.1 | 26,917 | 118,704 | ||||||
Windstream Holdings, Inc.1 | 13,458 | 115,066 | ||||||
Intelsat S.A.* | 4,751 | 96,873 | ||||||
SBA Communications | ||||||||
Corp. — Class A* | 755 | 66,040 | ||||||
Crown Castle International Corp.* | 827 | 62,869 | ||||||
Total Telecommunication Services | 1,572,234 | |||||||
Total Common Stocks | ||||||||
(Cost $51,653,304) | 64,216,536 | |||||||
EXCHANGE TRADED FUNDS† - 0.5% | ||||||||
iShares Russell 1000 ETF | 3,600 | 353,773 | ||||||
Total Exchange Traded Funds | ||||||||
(Cost $333,514) | 353,773 | |||||||
SHORT TERM INVESTMENTS† - 0.2% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund† | 132,070 | 132,070 | ||||||
Total Short Term Investments | ||||||||
(Cost $132,070) | 132,070 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 0.8% | ||||||||
Joint Repurchase Agreements | ||||||||
RBS Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | $ | 345,766 | 345,766 | |||||
HSBC Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | 184,309 | 184,309 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $530,075) | 530,075 | |||||||
Total Investments - 100.8% | ||||||||
(Cost $52,648,963) | $ | 65,232,454 | ||||||
Other Assets & Liabilities, net - (0.8)% | (512,366 | ) | ||||||
Total Net Assets - 100.0% | $ | 64,720,088 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at October 31, 2013 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 51 |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.0% | ||||||||
INDUSTRIALS - 14.2% | ||||||||
Pendrell Corp.* | 20,282 | $ | 45,229 | |||||
West Corp. | 1,951 | 42,961 | ||||||
Pike Electric Corp. | 3,876 | 41,900 | ||||||
Edgen Group, Inc. — Class A* | 3,317 | 39,704 | ||||||
Trex Company, Inc.* | 466 | 32,723 | ||||||
PowerSecure International, Inc.* | 1,646 | 29,760 | ||||||
EnerNOC, Inc.* | 1,700 | 28,271 | ||||||
Universal Forest Products, Inc. | 527 | 27,889 | ||||||
Builders FirstSource, Inc.* | 3,748 | 27,773 | ||||||
Ameresco, Inc. — Class A* | 2,589 | 27,081 | ||||||
Capstone Turbine Corp.* | 20,988 | 26,655 | ||||||
FuelCell Energy, Inc.*,1 | 19,458 | 26,074 | ||||||
NCI Building Systems, Inc.* | 1,788 | 25,801 | ||||||
Rexnord Corp.* | 1,066 | 25,072 | ||||||
Stock Building Supply Holdings, Inc.* | 1,625 | 25,025 | ||||||
Simpson Manufacturing Company, Inc. | 698 | 24,744 | ||||||
Gibraltar Industries, Inc.* | 1,535 | 24,575 | ||||||
Northwest Pipe Co.* | 682 | 24,572 | ||||||
Acuity Brands, Inc. | 243 | 24,424 | ||||||
Polypore International, Inc.* | 539 | 24,363 | ||||||
Comfort Systems USA, Inc. | 1,305 | 24,312 | ||||||
Mueller Industries, Inc. | 402 | 24,237 | ||||||
Enphase Energy, Inc.*,1 | 3,205 | 24,198 | ||||||
Global Brass & Copper Holdings, Inc.* | 1,287 | 24,106 | ||||||
PGT, Inc.* | 2,284 | 23,868 | ||||||
Mueller Water Products, Inc. — Class A | 2,769 | 23,730 | ||||||
LSI Industries, Inc. | 2,574 | 23,707 | ||||||
CLARCOR, Inc. | 402 | 23,509 | ||||||
Interface, Inc. — Class A | 1,156 | 23,409 | ||||||
Apogee Enterprises, Inc. | 748 | 23,397 | ||||||
NN, Inc. | 1,451 | 23,332 | ||||||
RBC Bearings, Inc.* | 338 | 23,251 | ||||||
Patrick Industries, Inc.* | 732 | 22,897 | ||||||
Nortek, Inc.* | 326 | 22,875 | ||||||
Insteel Industries, Inc. | 1,378 | 22,861 | ||||||
Watsco, Inc. | 239 | 22,774 | ||||||
AAON, Inc. | 838 | 22,634 | ||||||
Ply Gem Holdings, Inc.* | 1,514 | 22,559 | ||||||
Griffon Corp. | 1,799 | 22,541 | ||||||
LB Foster Co. — Class A | 479 | 22,393 | ||||||
Ampco-Pittsburgh Corp. | 1,212 | 22,313 | ||||||
USG Corp.* | 805 | 21,985 | ||||||
Aceto Corp. | 1,360 | 21,692 | ||||||
Quanex Building Products Corp. | 1,197 | 21,283 | ||||||
Beacon Roofing Supply, Inc.* | 606 | 21,034 | ||||||
Dynamic Materials Corp. | 936 | 20,686 | ||||||
CECO Environmental Corp. | 849 | 14,985 | ||||||
Erickson Air-Crane, Inc.* | 742 | 14,543 | ||||||
Pacer International, Inc.* | 1,804 | 14,396 | ||||||
Spirit Airlines, Inc.* | 323 | 13,937 | ||||||
Encore Wire Corp. | 278 | 13,769 | ||||||
Aerovironment, Inc.* | 502 | 13,609 | ||||||
Manitex International, Inc.* | 1,036 | 13,395 | ||||||
Orion Marine Group, Inc.* | 1,069 | 13,363 | ||||||
DXP Enterprises, Inc.* | 145 | 13,326 | ||||||
Taser International, Inc.* | 746 | 13,256 | ||||||
US Ecology, Inc. | 372 | 13,225 | ||||||
Coleman Cable, Inc. | 537 | 13,210 | ||||||
Huron Consulting Group, Inc.* | 225 | 13,178 | ||||||
Advisory Board Co.* | 192 | 13,171 | ||||||
US Airways Group, Inc.* | 597 | 13,116 | ||||||
CIRCOR International, Inc. | 177 | 13,057 | ||||||
Preformed Line Products Co. | 155 | 13,023 | ||||||
LMI Aerospace, Inc.* | 828 | 13,000 | ||||||
Deluxe Corp. | 275 | 12,950 | ||||||
Barrett Business Services, Inc. | 155 | 12,907 | ||||||
Consolidated Graphics, Inc.* | 200 | 12,818 | ||||||
Quad/Graphics, Inc. | 366 | 12,781 | ||||||
Mistras Group, Inc.* | 693 | 12,723 | ||||||
Furmanite Corp.* | 1,130 | 12,713 | ||||||
Navigant Consulting, Inc.* | 732 | 12,700 | ||||||
John Bean Technologies Corp. | 467 | 12,693 | ||||||
Generac Holdings, Inc. | 257 | 12,683 | ||||||
ARC Document Solutions, Inc.* | 2,015 | 12,574 | ||||||
Brink’s Co. | 400 | 12,560 | ||||||
Quality Distribution, Inc.* | 1,217 | 12,511 | ||||||
Orbital Sciences Corp.* | 542 | 12,504 | ||||||
Altra Holdings, Inc. | 411 | 12,482 | ||||||
EnerSys, Inc. | 187 | 12,407 | ||||||
Kforce, Inc. | 630 | 12,405 | ||||||
Great Lakes Dredge & Dock Corp. | 1,527 | 12,399 | ||||||
Sun Hydraulics Corp. | 312 | 12,380 | ||||||
Swift Transportation Co. — | ||||||||
Class A* | 567 | 12,355 | ||||||
Korn/Ferry International* | 518 | 12,328 | ||||||
Lydall, Inc.* | 674 | 12,280 | ||||||
Titan Machinery, Inc.* | 696 | 12,277 | ||||||
Rush Enterprises, Inc. — Class A* | 428 | 12,249 | ||||||
HNI Corp. | 315 | 12,238 | ||||||
Patriot Transportation Holding, Inc.* | 331 | 12,237 | ||||||
Xerium Technologies, Inc.* | 1,019 | 12,218 | ||||||
ESCO Technologies, Inc. | 338 | 12,195 | ||||||
Tutor Perini Corp.* | 531 | 12,186 | ||||||
PMFG, Inc.* | 1,550 | 12,152 | ||||||
FTI Consulting, Inc.* | 299 | 12,133 | ||||||
Mobile Mini, Inc.* | 335 | 12,100 | ||||||
Park-Ohio Holdings Corp.* | 292 | 12,092 | ||||||
Middleby Corp.* | 53 | 12,065 | ||||||
Powell Industries, Inc.* | 192 | 12,063 | ||||||
MYR Group, Inc.* | 455 | 12,035 | ||||||
AAR Corp. | 411 | 12,034 | ||||||
Greenbrier Companies, Inc.* | 453 | 12,023 | ||||||
Miller Industries, Inc. | 641 | 12,012 | ||||||
ExOne Co.*,1 | 234 | 12,011 | ||||||
G&K Services, Inc. — Class A | 192 | 11,981 | ||||||
Federal Signal Corp.* | 875 | 11,979 | ||||||
Arkansas Best Corp. | 437 | 11,961 | ||||||
Kelly Services, Inc. — Class A | 573 | 11,953 | ||||||
CBIZ, Inc.* | 1,464 | 11,946 | ||||||
Flow International Corp.* | 2,993 | 11,942 | ||||||
Aircastle Ltd. | 632 | 11,926 |
52 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
FreightCar America, Inc. | 536 | $ | 11,921 | |||||
Proto Labs, Inc.* | 142 | 11,908 | ||||||
Barnes Group, Inc. | 335 | 11,906 | ||||||
Hawaiian Holdings, Inc.* | 1,442 | 11,897 | ||||||
Exponent, Inc. | 157 | 11,871 | ||||||
Herman Miller, Inc. | 391 | 11,863 | ||||||
Knight Transportation, Inc. | 698 | 11,845 | ||||||
Kadant, Inc. | 330 | 11,814 | ||||||
Dycom Industries, Inc.* | 398 | 11,801 | ||||||
Granite Construction, Inc. | 364 | 11,775 | ||||||
Heritage-Crystal Clean, Inc.* | 666 | 11,768 | ||||||
American Railcar Industries, Inc. | 287 | 11,756 | ||||||
Columbus McKinnon Corp.* | 451 | 11,731 | ||||||
Teledyne Technologies, Inc.* | 132 | 11,724 | ||||||
GP Strategies Corp.* | 418 | 11,712 | ||||||
Moog, Inc. — Class A* | 196 | 11,707 | ||||||
Multi-Color Corp. | 336 | 11,703 | ||||||
CDI Corp. | 728 | 11,684 | ||||||
Houston Wire & Cable Co. | 842 | 11,679 | ||||||
ABM Industries, Inc. | 424 | 11,664 | ||||||
General Cable Corp. | 354 | 11,657 | ||||||
Revolution Lighting Technologies, Inc.* | 3,898 | 11,655 | ||||||
Curtiss-Wright Corp. | 234 | 11,649 | ||||||
United Stationers, Inc. | 262 | 11,643 | ||||||
AZZ, Inc. | 259 | 11,629 | ||||||
Standex International Corp. | 189 | 11,625 | ||||||
GenCorp, Inc.* | 691 | 11,609 | ||||||
Insperity, Inc. | 299 | 11,562 | ||||||
Kimball International, Inc. — | ||||||||
Class B | 988 | 11,560 | ||||||
Sterling Construction Company, Inc.* | 1,204 | 11,558 | ||||||
Tetra Tech, Inc.* | 441 | 11,523 | ||||||
Corporate Executive Board Co. | 158 | 11,518 | ||||||
Vicor Corp.* | 1,307 | 11,515 | ||||||
GrafTech International Ltd.* | 1,293 | 11,508 | ||||||
Marten Transport Ltd. | 652 | 11,501 | ||||||
Thermon Group Holdings, Inc.* | 489 | 11,496 | ||||||
Heartland Express, Inc. | 800 | 11,488 | ||||||
Standard Parking Corp.* | 434 | 11,488 | ||||||
Matson, Inc. | 424 | 11,486 | ||||||
MasTec, Inc.* | 359 | 11,477 | ||||||
Power Solutions International, Inc.* | 197 | 11,477 | ||||||
Allegiant Travel Co. — | ||||||||
Class A | 110 | 11,470 | ||||||
TrueBlue, Inc.* | 464 | 11,461 | ||||||
Argan, Inc. | 515 | 11,459 | ||||||
JetBlue Airways Corp.* | 1,616 | 11,457 | ||||||
Casella Waste Systems, Inc. — | ||||||||
Class A* | 1,938 | 11,454 | ||||||
Saia, Inc.* | 352 | 11,451 | ||||||
Universal Truckload Services, Inc. | 429 | 11,437 | ||||||
Primoris Services Corp. | 439 | 11,432 | ||||||
On Assignment, Inc.* | 338 | 11,421 | ||||||
Global Power Equipment Group, Inc. | 560 | 11,402 | ||||||
Esterline Technologies Corp.* | 142 | 11,383 | ||||||
Watts Water Technologies, Inc. — | ||||||||
Class A | 197 | 11,383 | ||||||
Healthcare Services Group, Inc. | 415 | 11,367 | ||||||
TAL International Group, Inc. | 235 | 11,353 | ||||||
Graham Corp. | 308 | 11,337 | ||||||
Forward Air Corp. | 280 | 11,334 | ||||||
RPX Corp.* | 634 | 11,323 | ||||||
Trimas Corp.* | 299 | 11,320 | ||||||
TRC Companies, Inc.* | 1,472 | 11,320 | ||||||
UniFirst Corp. | 110 | 11,310 | ||||||
Albany International Corp. — | ||||||||
Class A | 307 | 11,301 | ||||||
CRA International, Inc.* | 591 | 11,259 | ||||||
Ultrapetrol Bahamas Ltd.* | 3,127 | 11,257 | ||||||
Franklin Electric Company, Inc. | 297 | 11,241 | ||||||
Werner Enterprises, Inc. | 485 | 11,233 | ||||||
UTI Worldwide, Inc. | 738 | 11,218 | ||||||
Douglas Dynamics, Inc. | 739 | 11,211 | ||||||
Raven Industries, Inc. | 336 | 11,209 | ||||||
SkyWest, Inc. | 744 | 11,190 | ||||||
National Technical Systems, Inc.* | 488 | 11,170 | ||||||
Wabash National Corp.* | 958 | 11,170 | ||||||
Steelcase, Inc. — Class A | 681 | 11,162 | ||||||
Twin Disc, Inc. | 431 | 11,150 | ||||||
API Technologies Corp.* | 3,818 | 11,149 | ||||||
Kratos Defense & Security Solutions, | ||||||||
Inc.* | 1,313 | 11,134 | ||||||
ICF International, Inc.* | 321 | 11,113 | ||||||
Celadon Group, Inc. | 599 | 11,105 | ||||||
EnPro Industries, Inc.* | 186 | 11,099 | ||||||
Heidrick & Struggles International, Inc. | 598 | 11,075 | ||||||
Textainer Group Holdings Ltd. | 292 | 11,067 | ||||||
Blount International, Inc.* | 908 | 11,059 | ||||||
Gorman-Rupp Co. | 271 | 11,041 | ||||||
Titan International, Inc. | 760 | 11,020 | ||||||
McGrath RentCorp | 308 | 10,986 | ||||||
Air Transport Services Group, Inc.* | 1,515 | 10,969 | ||||||
Engility Holdings, Inc.* | 354 | 10,963 | ||||||
WageWorks, Inc.* | 214 | 10,959 | ||||||
Layne Christensen Co.* | 566 | 10,946 | ||||||
Tennant Co. | 180 | 10,924 | ||||||
Commercial Vehicle Group, Inc.* | 1,387 | 10,916 | ||||||
HEICO Corp. | 203 | 10,877 | ||||||
Franklin Covey Co.* | 577 | 10,848 | ||||||
Ennis, Inc. | 611 | 10,845 | ||||||
Actuant Corp. — Class A | 288 | 10,817 | ||||||
Brady Corp. — Class A | 370 | 10,800 | ||||||
Astronics Corp.* | 220 | 10,793 | ||||||
Knoll, Inc. | 656 | 10,772 | ||||||
Cubic Corp. | 205 | 10,763 | ||||||
Alamo Group, Inc. | 228 | 10,759 | ||||||
Roadrunner Transportation Systems, | ||||||||
Inc.* | 406 | 10,759 | ||||||
Cenveo, Inc.* | 3,424 | 10,751 | ||||||
Kaman Corp. | 289 | 10,745 | ||||||
Woodward, Inc. | 268 | 10,744 | ||||||
Schawk, Inc. — Class A | 734 | 10,731 | ||||||
Team, Inc.* | 287 | 10,702 | ||||||
InnerWorkings, Inc.* | 1,115 | 10,671 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 53 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
CAI International, Inc.* | 486 | $ | 10,639 | |||||
American Science & Engineering, Inc. | 161 | 10,591 | ||||||
VSE Corp. | 241 | 10,556 | ||||||
H&E Equipment Services, Inc.* | 421 | 10,538 | ||||||
American Superconductor Corp.* | 4,833 | 10,536 | ||||||
Courier Corp. | 620 | 10,534 | ||||||
Resources Connection, Inc. | 823 | 10,501 | ||||||
Hurco Companies, Inc. | 428 | 10,482 | ||||||
Astec Industries, Inc. | 309 | 10,447 | ||||||
EMCOR Group, Inc. | 281 | 10,414 | ||||||
Viad Corp. | 390 | 10,413 | ||||||
Applied Industrial Technologies, Inc. | 220 | 10,408 | ||||||
Hub Group, Inc. — Class A* | 283 | 10,395 | ||||||
XPO Logistics, Inc.* | 515 | 10,393 | ||||||
Mine Safety Appliances Co. | 215 | 10,354 | ||||||
Hardinge, Inc. | 697 | 10,309 | ||||||
International Shipholding Corp. | 415 | 10,300 | ||||||
Sparton Corp.* | 390 | 10,292 | ||||||
Republic Airways Holdings, Inc.* | 871 | 10,260 | ||||||
Performant Financial Corp.* | 1,013 | 10,100 | ||||||
Ducommun, Inc.* | 405 | 10,068 | ||||||
Innovative Solutions & Support, Inc. | 1,268 | 9,992 | ||||||
Briggs & Stratton Corp. | 543 | 9,959 | ||||||
Lindsay Corp. | 131 | 9,957 | ||||||
Aegion Corp. — Class A* | 478 | 9,799 | ||||||
Chart Industries, Inc.* | 91 | 9,780 | ||||||
National Presto Industries, Inc. | 138 | 9,736 | ||||||
Accuride Corp.* | 2,155 | 9,698 | ||||||
Wesco Aircraft Holdings, Inc.* | 527 | 9,655 | ||||||
Swisher Hygiene, Inc.* | 15,947 | 9,629 | ||||||
ACCO Brands Corp.* | 1,644 | 9,617 | ||||||
Echo Global Logistics, Inc.* | 522 | 9,610 | ||||||
Tecumseh Products Co. — Class A* | 1,215 | 9,477 | ||||||
American Woodmark Corp.* | 276 | 9,362 | ||||||
Energy Recovery, Inc.* | 1,593 | 9,303 | ||||||
Hyster-Yale Materials Handling, Inc. | 117 | 9,177 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 247 | 9,146 | ||||||
DigitalGlobe, Inc.* | 285 | 9,069 | ||||||
II-VI, Inc.* | 509 | 8,684 | ||||||
KEYW Holding Corp.* | 730 | 8,395 | ||||||
Meritor, Inc.* | 1,213 | 8,333 | ||||||
Odyssey Marine Exploration, Inc.* | 3,613 | 7,840 | ||||||
Acacia Research Corp. | 430 | 6,489 | ||||||
YRC Worldwide, Inc.* | 671 | 6,361 | ||||||
Acorn Energy, Inc. | 1,547 | 5,817 | ||||||
Intersections, Inc. | 583 | 4,996 | ||||||
Astronics Corp. — Class B* | 44 | 2,125 | ||||||
Total Industrials | 3,652,335 | |||||||
INFORMATION TECHNOLOGY - 13.2% | ||||||||
j2 Global, Inc. | 876 | 48,162 | ||||||
Gogo, Inc.*,1 | 2,360 | 43,990 | ||||||
SunPower Corp. — Class A*,1 | 1,007 | 30,401 | ||||||
Cabot Microelectronics Corp.* | 590 | 24,125 | ||||||
Belden, Inc. | 347 | 23,339 | ||||||
GT Advanced Technologies, Inc.*,1 | 3,023 | 22,673 | ||||||
ModusLink Global Solutions, Inc.* | 3,462 | 14,263 | ||||||
Symmetricom, Inc.* | 1,889 | 13,544 | ||||||
Brightcove, Inc.* | 886 | 13,529 | ||||||
CalAmp Corp.* | 563 | 13,247 | ||||||
KEMET Corp.* | 2,306 | 13,075 | ||||||
Advanced Energy Industries, | ||||||||
Inc.* | 626 | 13,071 | ||||||
Ultra Clean Holdings, Inc.* | 1,396 | 12,997 | ||||||
PRGX Global, Inc.* | 1,796 | 12,895 | ||||||
FARO Technologies, Inc.* | 270 | 12,825 | ||||||
Avid Technology, Inc.* | 1,713 | 12,762 | ||||||
MAXIMUS, Inc. | 260 | 12,597 | ||||||
Vishay Precision Group, Inc.* | 763 | 12,513 | ||||||
ShoreTel, Inc.* | 1,567 | 12,458 | ||||||
Badger Meter, Inc. | 239 | 12,430 | ||||||
Glu Mobile, Inc.*,1 | 3,652 | 12,417 | ||||||
PC Connection, Inc. | 621 | 12,414 | ||||||
Active Network, Inc.* | 859 | 12,404 | ||||||
Hackett Group, Inc. | 1,720 | 12,246 | ||||||
Electronics for Imaging, Inc.* | 356 | 12,214 | ||||||
WebMD Health Corp. — | ||||||||
Class A* | 344 | 12,116 | ||||||
Measurement Specialties, Inc.* | 217 | 12,093 | ||||||
Littelfuse, Inc. | 142 | 12,074 | ||||||
CoStar Group, Inc.* | 68 | 12,035 | ||||||
Forrester Research, Inc. | 310 | 12,031 | ||||||
Telenav, Inc.* | 1,653 | 11,984 | ||||||
Seachange International, Inc.* | 841 | 11,934 | ||||||
Convergys Corp. | 602 | 11,883 | ||||||
Marchex, Inc. — Class B | 1,328 | 11,846 | ||||||
TeleTech Holdings, Inc.* | 447 | 11,832 | ||||||
MoSys, Inc.* | 2,687 | 11,823 | ||||||
Silver Spring Networks, Inc.* | 540 | 11,794 | ||||||
CTS Corp. | 632 | 11,768 | ||||||
IntraLinks Holdings, Inc.* | 1,120 | 11,637 | ||||||
Sykes Enterprises, Inc.* | 621 | 11,625 | ||||||
Amkor Technology, Inc.* | 2,185 | 11,602 | ||||||
Comtech Telecommunications | ||||||||
Corp. | 384 | 11,528 | ||||||
Bel Fuse, Inc. — Class B | 547 | 11,509 | ||||||
MTS Systems Corp. | 176 | 11,496 | ||||||
Spansion, Inc. — Class A* | 960 | 11,491 | ||||||
Acxiom Corp.* | 343 | 11,398 | ||||||
Lionbridge Technologies, Inc.* | 2,599 | 11,332 | ||||||
Constant Contact, Inc.* | 436 | 11,297 | ||||||
OSI Systems, Inc.* | 155 | 11,290 | ||||||
MicroStrategy, Inc. — | ||||||||
Class A* | 92 | 11,223 | ||||||
Itron, Inc.* | 262 | 11,180 | ||||||
Nanometrics, Inc.* | 600 | 11,148 | ||||||
Envestnet, Inc.* | 307 | 11,144 | ||||||
ExlService Holdings, Inc.* | 385 | 11,130 | ||||||
CSG Systems International, Inc. | 399 | 11,116 | ||||||
Electro Rent Corp. | 612 | 11,102 | ||||||
Aruba Networks, Inc.* | 587 | 11,012 | ||||||
iGATE Corp.* | 345 | 10,985 | ||||||
Ubiquiti Networks, Inc. | 284 | 10,957 | ||||||
Ebix, Inc. | 961 | 10,936 | ||||||
Mesa Laboratories, Inc. | 157 | 10,932 |
54 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
SunEdison, Inc.* | 1,175 | $ | 10,928 | |||||
IXYS Corp. | 938 | 10,909 | ||||||
Bottomline Technologies de, Inc.* | 347 | 10,903 | ||||||
Fabrinet* | 648 | 10,848 | ||||||
ScanSource, Inc.* | 282 | 10,846 | ||||||
Imation Corp.* | 2,328 | 10,825 | ||||||
Integrated Device Technology, Inc.* | 1,016 | 10,810 | ||||||
MKS Instruments, Inc. | 364 | 10,789 | ||||||
Ambarella, Inc.* | 524 | 10,768 | ||||||
Manhattan Associates, Inc.* | 101 | 10,758 | ||||||
Epiq Systems, Inc. | 718 | 10,741 | ||||||
Infoblox, Inc.* | 241 | 10,712 | ||||||
Callidus Software, Inc.* | 1,035 | 10,712 | ||||||
Zygo Corp.* | 693 | 10,700 | ||||||
Demandware, Inc.* | 216 | 10,681 | ||||||
ARRIS Group, Inc.* | 597 | 10,662 | ||||||
Inphi Corp.* | 723 | 10,657 | ||||||
GSI Group, Inc.* | 1,066 | 10,639 | ||||||
Tyler Technologies, Inc.* | 110 | 10,638 | ||||||
Luxoft Holding, Inc.* | 364 | 10,636 | ||||||
Actuate Corp.* | 1,325 | 10,613 | ||||||
NIC, Inc. | 431 | 10,611 | ||||||
Lattice Semiconductor Corp.* | 2,067 | 10,604 | ||||||
Insight Enterprises, Inc.* | 503 | 10,598 | ||||||
TiVo, Inc.* | 796 | 10,579 | ||||||
Aspen Technology, Inc.* | 276 | 10,551 | ||||||
Reis, Inc.* | 586 | 10,542 | ||||||
NetScout Systems, Inc.* | 372 | 10,535 | ||||||
Numerex Corp. — Class A* | 891 | 10,523 | ||||||
QLogic Corp.* | 852 | 10,522 | ||||||
ServiceSource International, Inc.* | 972 | 10,517 | ||||||
United Online, Inc. | 1,211 | 10,463 | ||||||
Guidewire Software, Inc.* | 206 | 10,448 | ||||||
Monster Worldwide, Inc.* | 2,416 | 10,437 | ||||||
Extreme Networks, Inc.* | 1,934 | 10,366 | ||||||
Marketo, Inc.* | 307 | 10,364 | ||||||
Stamps.com, Inc.* | 228 | 10,360 | ||||||
DSP Group, Inc.* | 1,390 | 10,356 | ||||||
Aeroflex Holding Corp.* | 1,336 | 10,354 | ||||||
Ultimate Software Group, Inc.* | 67 | 10,350 | ||||||
QAD, Inc. — Class A | 693 | 10,340 | ||||||
Coherent, Inc. | 156 | 10,326 | ||||||
Photronics, Inc.* | 1,228 | 10,315 | ||||||
Tellabs, Inc. | 4,224 | 10,307 | ||||||
EPAM Systems, Inc.* | 275 | 10,304 | ||||||
Syntel, Inc. | 120 | 10,301 | ||||||
SS&C Technologies Holdings, Inc.* | 262 | 10,297 | ||||||
Westell Technologies, Inc. — Class A* | 2,863 | 10,278 | ||||||
Rofin-Sinar Technologies, Inc.* | 391 | 10,264 | ||||||
CACI International, Inc. — Class A* | 142 | 10,221 | ||||||
XO Group, Inc.* | 736 | 10,216 | ||||||
VistaPrint N.V.* | 189 | 10,215 | ||||||
Viasystems Group, Inc.* | 680 | 10,200 | ||||||
ANADIGICS, Inc.* | 5,048 | 10,197 | ||||||
Virtusa Corp.* | 328 | 10,194 | ||||||
Daktronics, Inc. | 852 | 10,190 | ||||||
Universal Display Corp.* | 319 | 10,176 | ||||||
PDF Solutions, Inc.* | 443 | 10,176 | ||||||
Sapiens International Corporation N.V. | 1,575 | 10,159 | ||||||
RealPage, Inc.*,1 | 414 | 10,155 | ||||||
Tessco Technologies, Inc. | 286 | 10,133 | ||||||
Move, Inc.* | 597 | 10,131 | ||||||
Monolithic Power Systems, Inc. | 318 | 10,125 | ||||||
Unisys Corp.* | 384 | 10,118 | ||||||
Cavium, Inc.* | 250 | 10,078 | ||||||
PROS Holdings, Inc.* | 285 | 10,075 | ||||||
TechTarget, Inc.* | 2,005 | 10,065 | ||||||
MaxLinear, Inc. — Class A* | 1,160 | 10,046 | ||||||
LogMeIn, Inc.* | 311 | 10,045 | ||||||
Speed Commerce, Inc.* | 2,737 | 10,045 | ||||||
M/A-COM Technology Solutions Holdings, | ||||||||
Inc.* | 580 | 10,017 | ||||||
International Rectifier Corp.* | 384 | 9,999 | ||||||
Power Integrations, Inc. | 174 | 9,995 | ||||||
American Software, Inc. — Class A | 1,142 | 9,993 | ||||||
Plexus Corp.* | 261 | 9,991 | ||||||
Brooks Automation, Inc. | 1,035 | 9,977 | ||||||
Global Eagle Entertainment, Inc.* | 979 | 9,966 | ||||||
ATMI, Inc.* | 364 | 9,952 | ||||||
Synaptics, Inc.* | 214 | 9,951 | ||||||
Control4 Corp.* | 604 | 9,936 | ||||||
Microsemi Corp.* | 395 | 9,926 | ||||||
VirnetX Holding Corp.* | 456 | 9,913 | ||||||
PC-Telephone, Inc. | 1,076 | 9,910 | ||||||
Hittite Microwave Corp.* | 155 | 9,903 | ||||||
Checkpoint Systems, Inc.* | 581 | 9,889 | ||||||
Super Micro Computer, Inc.* | 710 | 9,883 | ||||||
InterDigital, Inc. | 255 | 9,881 | ||||||
ACI Worldwide, Inc.* | 179 | 9,866 | ||||||
Entegris, Inc.* | 951 | 9,843 | ||||||
Digimarc Corp. | 467 | 9,835 | ||||||
Micrel, Inc. | 1,067 | 9,816 | ||||||
Progress Software Corp.* | 378 | 9,813 | ||||||
Pericom Semiconductor Corp.* | 1,214 | 9,809 | ||||||
GSI Technology, Inc.* | 1,396 | 9,800 | ||||||
OpenTable, Inc.* | 141 | 9,797 | ||||||
Benchmark Electronics, Inc.* | 431 | 9,797 | ||||||
Monotype Imaging Holdings, Inc. | 347 | 9,792 | ||||||
Richardson Electronics Ltd. | 850 | 9,792 | ||||||
Electro Scientific Industries, Inc. | 817 | 9,788 | ||||||
ViaSat, Inc.* | 148 | 9,786 | ||||||
Cypress Semiconductor Corp. | 1,053 | 9,772 | ||||||
Rogers Corp.* | 160 | 9,754 | ||||||
Proofpoint, Inc.* | 308 | 9,745 | ||||||
Dice Holdings, Inc.* | 1,320 | 9,742 | ||||||
Digital River, Inc.* | 546 | 9,741 | ||||||
Semtech Corp.* | 313 | 9,737 | ||||||
Blucora, Inc.* | 412 | 9,736 | ||||||
PLX Technology, Inc.* | 1,609 | 9,718 | ||||||
Mitek Systems, Inc.* | �� | 1,837 | 9,718 | |||||
NVE Corp.* | 182 | 9,713 | ||||||
FEI Co. | 109 | 9,710 | ||||||
Digi International, Inc.* | 963 | 9,707 | ||||||
Newport Corp.* | 610 | 9,681 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 55 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Supertex, Inc. | 379 | $ | 9,668 | |||||
Internap Network Services Corp.* | 1,327 | 9,647 | ||||||
Sapient Corp.* | 609 | 9,628 | ||||||
ePlus, Inc. | 177 | 9,622 | ||||||
ManTech International Corp. — Class A | 344 | 9,611 | ||||||
Intersil Corp. — Class A | 861 | 9,609 | ||||||
Perficient, Inc.* | 531 | 9,606 | ||||||
Finisar Corp.* | 417 | 9,595 | ||||||
Shutterstock, Inc.* | 135 | 9,558 | ||||||
SPS Commerce, Inc.* | 140 | 9,541 | ||||||
QuinStreet, Inc.* | 1,073 | 9,539 | ||||||
Hutchinson Technology, Inc.* | 2,558 | 9,516 | ||||||
Intermolecular, Inc.* | 1,640 | 9,512 | ||||||
EarthLink, Inc. | 1,879 | 9,508 | ||||||
Computer Task Group, Inc. | 555 | 9,507 | ||||||
SYNNEX Corp.* | 155 | 9,502 | ||||||
Audience, Inc.* | 832 | 9,501 | ||||||
Globecomm Systems, Inc.* | 677 | 9,498 | ||||||
KVH Industries, Inc.* | 691 | 9,494 | ||||||
E2open, Inc.* | 421 | 9,473 | ||||||
Anaren, Inc.* | 379 | 9,467 | ||||||
Entropic Communications, Inc.* | 2,210 | 9,459 | ||||||
Accelrys, Inc.* | 1,011 | 9,453 | ||||||
Responsys, Inc.* | 577 | 9,428 | ||||||
RealD, Inc.* | 1,361 | 9,418 | ||||||
Axcelis Technologies, Inc.* | 4,340 | 9,418 | ||||||
Yelp, Inc. — Class A* | 139 | 9,417 | ||||||
Bazaarvoice, Inc.* | 1,003 | 9,408 | ||||||
Cognex Corp. | 301 | 9,406 | ||||||
Interactive Intelligence Group, Inc.* | 153 | 9,402 | ||||||
PTC, Inc.* | 339 | 9,397 | ||||||
Comverse, Inc.* | 297 | 9,379 | ||||||
Take-Two Interactive Software, Inc.* | 523 | 9,367 | ||||||
Diodes, Inc.* | 386 | 9,349 | ||||||
Oplink Communications, Inc.* | 511 | 9,326 | ||||||
Tessera Technologies, Inc. | 490 | 9,320 | ||||||
Anixter International, Inc.* | 109 | 9,318 | ||||||
Immersion Corp.* | 732 | 9,311 | ||||||
NeoPhotonics Corp.* | 1,312 | 9,302 | ||||||
TriQuint Semiconductor, Inc.* | 1,170 | 9,278 | ||||||
CIBER, Inc.* | 2,854 | 9,276 | ||||||
Silicon Image, Inc.* | 1,766 | 9,272 | ||||||
Pegasystems, Inc. | 243 | 9,249 | ||||||
Cirrus Logic, Inc.* | 412 | 9,241 | ||||||
Procera Networks, Inc.* | 653 | 9,240 | ||||||
Vringo, Inc.*,1 | 3,273 | 9,230 | ||||||
Park Electrochemical Corp. | 329 | 9,228 | ||||||
Integrated Silicon Solution, Inc.* | 856 | 9,228 | ||||||
Qualys, Inc.* | 443 | 9,214 | ||||||
Tremor Video, Inc.* | 955 | 9,206 | ||||||
Mentor Graphics Corp. | 416 | 9,185 | ||||||
Verint Systems, Inc.* | 251 | 9,167 | ||||||
Limelight Networks, Inc.* | 4,772 | 9,162 | ||||||
ValueClick, Inc.* | 476 | 9,144 | ||||||
Guidance Software, Inc.* | 1,046 | 9,142 | ||||||
InvenSense, Inc. — Class A* | 541 | 9,137 | ||||||
Mercury Systems, Inc.* | 987 | 9,100 | ||||||
Sigma Designs, Inc.* | 1,671 | 9,090 | ||||||
Agilysys, Inc.* | 771 | 9,059 | ||||||
Model N, Inc.* | 1,005 | 9,035 | ||||||
VASCO Data Security International, Inc.* | 1,203 | 9,035 | ||||||
LivePerson, Inc.* | 967 | 9,032 | ||||||
NETGEAR, Inc.* | 314 | 9,031 | ||||||
Ellie Mae, Inc.* | 312 | 9,017 | ||||||
Emulex Corp.* | 1,196 | 9,006 | ||||||
Carbonite, Inc.* | 678 | 8,977 | ||||||
RealNetworks, Inc.* | 1,170 | 8,974 | ||||||
Rosetta Stone, Inc.* | 591 | 8,971 | ||||||
Maxwell Technologies, Inc.* | 1,195 | 8,963 | ||||||
Harmonic, Inc.* | 1,226 | 8,962 | ||||||
SciQuest, Inc.* | 410 | 8,954 | ||||||
Rudolph Technologies, Inc.* | 844 | 8,946 | ||||||
Cray, Inc.* | 400 | 8,944 | ||||||
Mindspeed Technologies, Inc.* | 3,094 | 8,942 | ||||||
Applied Micro Circuits Corp.* | 765 | 8,920 | ||||||
Kopin Corp.* | 2,427 | 8,907 | ||||||
DTS, Inc.* | 445 | 8,900 | ||||||
Rambus, Inc.* | 1,018 | 8,897 | ||||||
Ciena Corp.* | 382 | 8,889 | ||||||
LTX-Credence Corp.* | 1,450 | 8,889 | ||||||
Millennial Media, Inc.* | 1,262 | 8,872 | ||||||
comScore, Inc.* | 332 | 8,871 | ||||||
Plantronics, Inc. | 206 | 8,846 | ||||||
Blackbaud, Inc. | 244 | 8,784 | ||||||
Methode Electronics, Inc. | 343 | 8,774 | ||||||
Cvent, Inc.* | 283 | 8,770 | ||||||
Textura Corp.* | 228 | 8,739 | ||||||
Infinera Corp.* | 855 | 8,730 | ||||||
OmniVision Technologies, Inc.* | 620 | 8,686 | ||||||
Liquidity Services, Inc.* | 331 | 8,642 | ||||||
Unwired Planet, Inc.* | 5,328 | 8,631 | ||||||
RF Micro Devices, Inc.* | 1,644 | 8,631 | ||||||
Synchronoss Technologies, Inc.* | 249 | 8,620 | ||||||
Marin Software, Inc.* | 743 | 8,611 | ||||||
CommVault Systems, Inc.* | 110 | 8,589 | ||||||
Uni-Pixel, Inc.* | 522 | 8,587 | ||||||
Dealertrack Technologies, Inc.* | 230 | 8,579 | ||||||
Cornerstone OnDemand, Inc.* | 181 | 8,574 | ||||||
Peregrine Semiconductor Corp.* | 1,051 | 8,555 | ||||||
BroadSoft, Inc.* | 261 | 8,540 | ||||||
Ixia* | 602 | 8,536 | ||||||
ADTRAN, Inc. | 363 | 8,523 | ||||||
Radisys Corp.* | 2,812 | 8,492 | ||||||
TeleCommunication Systems, Inc. — | ||||||||
Class A* | 3,698 | 8,431 | ||||||
Exar Corp.* | 731 | 8,428 | ||||||
TTM Technologies, Inc.* | 962 | 8,418 | ||||||
Quantum Corp.* | 6,754 | 8,375 | ||||||
ChannelAdvisor Corp.* | 240 | 8,366 | ||||||
Imperva, Inc.* | 218 | 8,358 | ||||||
Cohu, Inc. | 872 | 8,336 | ||||||
PMC - Sierra, Inc.* | 1,419 | 8,330 | ||||||
Rally Software Development Corp.* | 310 | 8,317 | ||||||
Vocus, Inc.* | 960 | 8,304 |
56 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Bankrate, Inc.* | 493 | $ | 8,302 | |||||
Ruckus Wireless, Inc.* | 572 | 8,294 | ||||||
Sonus Networks, Inc.* | 2,761 | 8,283 | ||||||
Alpha & Omega Semiconductor Ltd.* | 1,116 | 8,214 | ||||||
Spark Networks, Inc.* | 1,140 | 8,162 | ||||||
Jive Software, Inc.* | 749 | 8,157 | ||||||
Alliance Fiber Optic Products, Inc. | 436 | 8,097 | ||||||
Web.com Group, Inc.* | 300 | 8,085 | ||||||
Zix Corp.* | 1,961 | 8,001 | ||||||
Parkervision, Inc.* | 2,915 | 7,987 | ||||||
Neonode, Inc.* | 1,473 | 7,969 | ||||||
Trulia, Inc.* | 199 | 7,954 | ||||||
Multi-Fineline Electronix, Inc.* | 589 | 7,898 | ||||||
Veeco Instruments, Inc.* | 269 | 7,857 | ||||||
FleetMatics Group plc* | 247 | 7,842 | ||||||
Black Box Corp. | 309 | 7,737 | ||||||
Ceva, Inc.* | 539 | 7,724 | ||||||
Sanmina Corp.* | 530 | 7,717 | ||||||
eGain Corp.* | 671 | 7,703 | ||||||
Travelzoo, Inc.* | 356 | 7,665 | ||||||
Tangoe, Inc.* | 401 | 7,659 | ||||||
Calix, Inc.* | 746 | 7,587 | ||||||
AVG Technologies N.V.* | 376 | 7,558 | ||||||
Aviat Networks, Inc.* | 3,661 | 7,542 | ||||||
Silicon Graphics International Corp.* | 587 | 7,496 | ||||||
Gigamon, Inc.* | 241 | 7,418 | ||||||
Fusion-io, Inc.* | 689 | 7,407 | ||||||
support.com, Inc.* | 1,654 | 7,377 | ||||||
Ultratech, Inc.* | 309 | 7,351 | ||||||
Datalink Corp.* | 699 | 7,179 | ||||||
Demand Media, Inc.* | 1,494 | 7,141 | ||||||
FormFactor, Inc.* | 1,359 | 7,094 | ||||||
Qlik Technologies, Inc.* | 275 | 6,969 | ||||||
YuMe, Inc.* | 825 | 6,798 | ||||||
Rubicon Technology, Inc.* | 757 | 6,510 | ||||||
Euronet Worldwide, Inc.* | 150 | 6,510 | ||||||
Higher One Holdings, Inc.* | 800 | 6,360 | ||||||
WEX, Inc.* | 68 | 6,348 | ||||||
Fair Isaac Corp. | 110 | 6,301 | ||||||
Planet Payment, Inc.* | 2,292 | 6,234 | ||||||
Cass Information Systems, Inc. | 108 | 6,192 | ||||||
Cardtronics, Inc.* | 152 | 5,966 | ||||||
Global Cash Access Holdings, Inc.* | 718 | 5,959 | ||||||
Advent Software, Inc. | 176 | 5,905 | ||||||
MoneyGram International, Inc.* | 279 | 5,890 | ||||||
EVERTEC, Inc. | 250 | 5,865 | ||||||
Angie’s List, Inc.* | 414 | 5,833 | ||||||
Heartland Payment Systems, Inc. | 144 | 5,825 | ||||||
Xoom Corp.* | 178 | 5,296 | ||||||
Zillow, Inc. — Class A* | 64 | 5,096 | ||||||
Blackhawk Network Holdings, Inc.* | 213 | 4,869 | ||||||
Cyan, Inc.* | 978 | 4,606 | ||||||
Total Information Technology | 3,396,664 | |||||||
CONSUMER DISCRETIONARY - 11.1% | ||||||||
Core-Mark Holding Company, Inc. | 699 | 49,440 | ||||||
Vitacost.com, Inc.* | 5,511 | 43,592 | ||||||
PetMed Express, Inc. | 2,806 | 41,641 | ||||||
Unifi, Inc.* | 947 | 23,097 | ||||||
Culp, Inc. | 1,178 | 22,794 | ||||||
Career Education Corp.* | 3,640 | 19,947 | ||||||
Education Management Corp.* | 1,087 | 16,631 | ||||||
Mac-Gray Corp. | 755 | 15,915 | ||||||
NutriSystem, Inc. | 731 | 13,743 | ||||||
JAKKS Pacific, Inc. | 2,081 | 13,402 | ||||||
Outerwall, Inc.* | 201 | 13,061 | ||||||
Buffalo Wild Wings, Inc.* | 91 | 12,975 | ||||||
ITT Educational Services, Inc.* | 321 | 12,879 | ||||||
World Wrestling Entertainment, Inc. — | ||||||||
Class A | 978 | 12,665 | ||||||
ValueVision Media, Inc. — | ||||||||
Class A* | 2,302 | 12,293 | ||||||
Krispy Kreme Doughnuts, Inc.* | 506 | 12,276 | ||||||
Men’s Wearhouse, Inc. | 289 | 12,225 | ||||||
Federal-Mogul Corp.* | 595 | 12,192 | ||||||
Spartan Motors, Inc. | 1,781 | 12,093 | ||||||
Black Diamond, Inc.* | 810 | 12,077 | ||||||
Costa, Inc.* | 597 | 12,012 | ||||||
Grand Canyon Education, Inc.* | 252 | 11,912 | ||||||
Gentherm, Inc.* | 509 | 11,885 | ||||||
Winnebago Industries, Inc.* | 400 | 11,864 | ||||||
OfficeMax, Inc. | 791 | 11,849 | ||||||
Ascent Capital Group, Inc. — | ||||||||
Class A* | 140 | 11,819 | ||||||
DineEquity, Inc. | 144 | 11,818 | ||||||
Quiksilver, Inc.* | 1,418 | 11,798 | ||||||
Conn’s, Inc.* | 193 | 11,665 | ||||||
Entravision Communications Corp. — | ||||||||
Class A | 1,730 | 11,660 | ||||||
New York Times Co. — Class A | 843 | 11,659 | ||||||
Office Depot, Inc.* | 2,082 | 11,638 | ||||||
Callaway Golf Co. | 1,369 | 11,541 | ||||||
NACCO Industries, Inc. — Class A | 202 | 11,508 | ||||||
Big 5 Sporting Goods Corp. | 607 | 11,478 | ||||||
Rentrak Corp.* | 303 | 11,359 | ||||||
Cumulus Media, Inc. — Class A* | 1,894 | 11,326 | ||||||
MarineMax, Inc.* | 765 | 11,268 | ||||||
Marriott Vacations Worldwide Corp.* | 225 | 11,268 | ||||||
Brunswick Corp. | 249 | 11,237 | ||||||
MDC Partners, Inc. — Class A | 364 | 11,222 | ||||||
Global Sources Ltd.* | 1,493 | 11,183 | ||||||
Stein Mart, Inc. | 757 | 11,181 | ||||||
Gray Television, Inc.* | 1,323 | 11,179 | ||||||
Fiesta Restaurant Group, Inc.* | 263 | 11,149 | ||||||
EW Scripps Co. — Class A* | 561 | 11,119 | ||||||
Stoneridge, Inc.* | 870 | 11,101 | ||||||
William Lyon Homes — Class A* | 479 | 11,098 | ||||||
Scientific Games Corp. — | ||||||||
Class A* | 606 | 11,078 | ||||||
Standard Motor Products, Inc. | 306 | 11,065 | ||||||
Drew Industries, Inc. | 220 | 11,057 | ||||||
Finish Line, Inc. — Class A | 441 | 11,043 | ||||||
VOXX International Corp. — Class A* | 708 | 10,981 | ||||||
Columbia Sportswear Co. | 164 | 10,967 | ||||||
Five Below, Inc.* | 227 | 10,955 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 57 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Vitamin Shoppe, Inc.* | 233 | $ | 10,930 | |||||
Flexsteel Industries, Inc. | 398 | 10,929 | ||||||
Nautilus, Inc.* | 1,373 | 10,929 | ||||||
Live Nation Entertainment, Inc.* | 561 | 10,906 | ||||||
Media General, Inc. — Class A* | 748 | 10,906 | ||||||
Universal Electronics, Inc.* | 280 | 10,895 | ||||||
Red Robin Gourmet Burgers, Inc.* | 143 | 10,894 | ||||||
Vera Bradley, Inc.* | 491 | 10,876 | ||||||
Meredith Corp. | 212 | 10,876 | ||||||
Isle of Capri Casinos, Inc.* | 1,341 | 10,876 | ||||||
Zumiez, Inc.* | 366 | 10,848 | ||||||
Capella Education Co.* | 178 | 10,844 | ||||||
Iconix Brand Group, Inc.* | 300 | 10,827 | ||||||
TRI Pointe Homes, Inc.* | 680 | 10,826 | ||||||
Universal Technical Institute, Inc. | 813 | 10,805 | ||||||
Matthews International Corp. — | ||||||||
Class A | 266 | 10,800 | ||||||
JTH Holding, Inc. — Class A* | 545 | 10,764 | ||||||
Bridgepoint Education, Inc.* | 549 | 10,760 | ||||||
Jos. A. Bank Clothiers, Inc.* | 224 | 10,748 | ||||||
Fifth & Pacific Companies, Inc.* | 404 | 10,702 | ||||||
Haverty Furniture Companies, Inc. | 384 | 10,679 | ||||||
Cato Corp. — Class A | 356 | 10,669 | ||||||
Tenneco, Inc.* | 201 | 10,667 | ||||||
Crown Media Holdings, Inc. — | ||||||||
Class A* | 3,212 | 10,664 | ||||||
Nexstar Broadcasting Group, Inc. — | ||||||||
Class A | 240 | 10,654 | ||||||
Cheesecake Factory, Inc. | 225 | 10,631 | ||||||
Interval Leisure Group, Inc. | 438 | 10,630 | ||||||
LifeLock, Inc.* | 660 | 10,619 | ||||||
Remy International, Inc. | 482 | 10,618 | ||||||
American Apparel, Inc.* | 7,923 | 10,617 | ||||||
Martha Stewart Living Omnimedia, Inc. — | ||||||||
Class A* | 4,147 | 10,616 | ||||||
Barnes & Noble, Inc.* | 750 | 10,598 | ||||||
Movado Group, Inc. | 227 | 10,585 | ||||||
Helen of Troy Ltd.* | 226 | 10,559 | ||||||
Hibbett Sports, Inc.* | 181 | 10,558 | ||||||
Sonic Corp.* | 547 | 10,557 | ||||||
Destination XL Group, Inc.* | 1,517 | 10,543 | ||||||
Bloomin’ Brands, Inc.* | 421 | 10,538 | ||||||
Sotheby’s | 203 | 10,536 | ||||||
Restoration Hardware Holdings, Inc.* | 151 | 10,531 | ||||||
Carriage Services, Inc. — Class A | 524 | 10,527 | ||||||
Hillenbrand, Inc. | 373 | 10,526 | ||||||
Town Sports International Holdings, Inc. | 811 | 10,478 | ||||||
Biglari Holdings, Inc.* | 24 | 10,464 | ||||||
WCI Communities, Inc.* | 580 | 10,463 | ||||||
Chuy’s Holdings, Inc.* | 278 | 10,453 | ||||||
Diversified Restaurant Holdings, | ||||||||
Inc.* | 1,512 | 10,448 | ||||||
Cracker Barrel Old Country Store, Inc. | 95 | 10,438 | ||||||
Genesco, Inc.* | 153 | 10,421 | ||||||
Oxford Industries, Inc. | 145 | 10,407 | ||||||
Saga Communications, Inc. — | ||||||||
Class A | 218 | 10,379 | ||||||
Daily Journal Corp.* | 70 | 10,356 | ||||||
Hooker Furniture Corp. | 655 | 10,349 | ||||||
Texas Roadhouse, Inc. — | ||||||||
Class A | 377 | 10,337 | ||||||
G-III Apparel Group Ltd.* | 182 | 10,323 | ||||||
La-Z-Boy, Inc. | 447 | 10,317 | ||||||
AH Belo Corp. — | ||||||||
Class A | 1,283 | 10,315 | ||||||
Pier 1 Imports, Inc. | 494 | 10,315 | ||||||
Cavco Industries, Inc.* | 176 | 10,308 | ||||||
Ignite Restaurant Group, Inc.* | 641 | 10,294 | ||||||
Superior Industries International, Inc. | 549 | 10,294 | ||||||
Luby’s, Inc.* | 1,343 | 10,287 | ||||||
Steven Madden Ltd.* | 280 | 10,270 | ||||||
Marine Products Corp. | 1,096 | 10,270 | ||||||
Meritage Homes Corp.* | 226 | 10,258 | ||||||
Einstein Noah Restaurant Group, Inc. | 575 | 10,258 | ||||||
Modine Manufacturing Co.* | 770 | 10,256 | ||||||
Blyth, Inc. | 742 | 10,247 | ||||||
Ruth’s Hospitality Group, Inc. | 840 | 10,240 | ||||||
Bon-Ton Stores, Inc. | 893 | 10,225 | ||||||
Carmike Cinemas, Inc.* | 446 | 10,209 | ||||||
Saks, Inc.* | 638 | 10,202 | ||||||
Denny’s Corp.* | 1,602 | 10,173 | ||||||
Weyco Group, Inc. | 354 | 10,170 | ||||||
Monro Muffler Brake, Inc. | 221 | 10,166 | ||||||
Lumber Liquidators Holdings, Inc.* | 89 | 10,163 | ||||||
CSS Industries, Inc. | 392 | 10,149 | ||||||
Lincoln Educational Services Corp. | 2,123 | 10,148 | ||||||
Papa John’s International, Inc. | 134 | 10,140 | ||||||
Loral Space & Communications, Inc. | 142 | 10,135 | ||||||
AFC Enterprises, Inc.* | 227 | 10,120 | ||||||
Salem Communications Corp. — | ||||||||
Class A | 1,223 | 10,102 | ||||||
American Public Education, Inc.* | 252 | 10,088 | ||||||
Pep Boys-Manny Moe & Jack* | 779 | 10,080 | ||||||
Stage Stores, Inc. | 488 | 10,077 | ||||||
Fred’s, Inc. — Class A | 622 | 10,076 | ||||||
Orient-Express Hotels Ltd. — | ||||||||
Class A* | 757 | 10,076 | ||||||
Vail Resorts, Inc. | 143 | 10,074 | ||||||
Bright Horizons Family Solutions, | ||||||||
Inc.* | 270 | 10,058 | ||||||
RG Barry Corp. | 527 | 10,055 | ||||||
Morgans Hotel Group Co.* | 1,404 | 10,053 | ||||||
ReachLocal, Inc.* | 817 | 10,041 | ||||||
America’s Car-Mart, Inc.* | 219 | 10,017 | ||||||
1-800-Flowers.com, Inc. — | ||||||||
Class A* | 1,844 | 10,013 | ||||||
bebe stores, Inc. | 1,660 | 10,010 | ||||||
Jack in the Box, Inc.* | 246 | 10,007 | ||||||
Johnson Outdoors, Inc. — Class A | 364 | 9,985 | ||||||
Noodles & Co.* | 228 | 9,984 | ||||||
Diamond Resorts International, Inc.* | 523 | 9,979 | ||||||
Zale Corp.* | 638 | 9,972 | ||||||
Reading International, Inc. — Class A* | 1,505 | 9,963 | ||||||
Tilly’s, Inc. — Class A* | 684 | 9,959 |
58 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Zagg, Inc.* | 2,100 | $ | 9,954 | |||||
Marcus Corp. | 693 | 9,951 | ||||||
Sturm Ruger & Company, Inc.1 | 152 | 9,942 | ||||||
SHFL Entertainment, Inc.* | 428 | 9,921 | ||||||
CEC Entertainment, Inc. | 214 | 9,919 | ||||||
Destination Maternity Corp. | 317 | 9,903 | ||||||
Tower International, Inc.* | 466 | 9,889 | ||||||
Express, Inc.* | 426 | 9,887 | ||||||
Perry Ellis International, Inc. | 520 | 9,885 | ||||||
Tumi Holdings, Inc.* | 463 | 9,885 | ||||||
Stewart Enterprises, Inc. — Class A | 747 | 9,868 | ||||||
Journal Communications, Inc. — | ||||||||
Class A* | 1,181 | 9,861 | ||||||
Speedway Motorsports, Inc. | 539 | 9,842 | ||||||
Belo Corp. — Class A | 716 | 9,831 | ||||||
Beazer Homes USA, Inc.* | 541 | 9,830 | ||||||
International Speedway Corp. — | ||||||||
Class A | 300 | 9,813 | ||||||
Bravo Brio Restaurant Group, Inc.* | 657 | 9,809 | ||||||
Valassis Communications, Inc. | 358 | 9,795 | ||||||
Bob Evans Farms, Inc. | 171 | 9,762 | ||||||
Corinthian Colleges, Inc.*,1 | 4,550 | 9,737 | ||||||
Winmark Corp. | 133 | 9,737 | ||||||
Blue Nile, Inc.* | 237 | 9,734 | ||||||
Entercom Communications Corp. — | ||||||||
Class A* | 1,109 | 9,726 | ||||||
Scholastic Corp. | 339 | 9,726 | ||||||
Sinclair Broadcast Group, Inc. — | ||||||||
Class A | 303 | 9,714 | ||||||
Systemax, Inc. | 1,022 | 9,709 | ||||||
Skullcandy, Inc.* | 1,545 | 9,703 | ||||||
Steiner Leisure Ltd.* | 173 | 9,691 | ||||||
Standard Pacific Corp.* | 1,221 | 9,683 | ||||||
M/I Homes, Inc.* | 473 | 9,682 | ||||||
Digital Generation, Inc.* | 765 | 9,677 | ||||||
Skechers U.S.A., Inc. — Class A* | 332 | 9,674 | ||||||
Wolverine World Wide, Inc. | 167 | 9,643 | ||||||
Aeropostale, Inc.* | 1,036 | 9,624 | ||||||
Kirkland’s, Inc.* | 541 | 9,603 | ||||||
Regis Corp. | 660 | 9,570 | ||||||
Brown Shoe Company, Inc. | 426 | 9,559 | ||||||
Lifetime Brands, Inc. | 609 | 9,537 | ||||||
Ethan Allen Interiors, Inc. | 357 | 9,510 | ||||||
Sonic Automotive, Inc. — Class A | 426 | 9,491 | ||||||
West Marine, Inc.* | 777 | 9,487 | ||||||
HSN, Inc. | 181 | 9,484 | ||||||
ANN, Inc.* | 268 | 9,476 | ||||||
Pool Corp. | 174 | 9,462 | ||||||
Churchill Downs, Inc. | 110 | 9,450 | ||||||
Ryland Group, Inc. | 235 | 9,447 | ||||||
Hovnanian Enterprises, Inc. — | ||||||||
Class A* | 1,865 | 9,437 | ||||||
Trans World Entertainment Corp. | 2,174 | 9,413 | ||||||
Strayer Education, Inc. | 238 | 9,408 | ||||||
Jones Group, Inc. | 605 | 9,402 | ||||||
Children’s Place Retail Stores, Inc.* | 172 | 9,389 | ||||||
MDC Holdings, Inc. | 321 | 9,370 | ||||||
Smith & Wesson Holding Corp.* | 869 | 9,368 | ||||||
Shoe Carnival, Inc. | 360 | 9,356 | ||||||
Pinnacle Entertainment, Inc.* | 399 | 9,337 | ||||||
Orbitz Worldwide, Inc.* | 1,008 | 9,314 | ||||||
Francesca’s Holdings Corp.* | 517 | 9,301 | ||||||
Dorman Products, Inc. | 191 | 9,285 | ||||||
Tuesday Morning Corp.* | 654 | 9,254 | ||||||
Carrols Restaurant Group, Inc.* | 1,593 | 9,239 | ||||||
KB Home | 543 | 9,215 | ||||||
American Axle & Manufacturing Holdings, | ||||||||
Inc.* | 494 | 9,193 | ||||||
Penske Automotive Group, Inc. | 231 | 9,152 | ||||||
McClatchy Co. — Class A* | 3,243 | 9,145 | ||||||
Multimedia Games Holding Company, | ||||||||
Inc.* | 281 | 9,135 | ||||||
National CineMedia, Inc. | 518 | 9,075 | ||||||
Buckle, Inc. | 185 | 9,054 | ||||||
Nathan’s Famous, Inc.* | 176 | 9,032 | ||||||
Fox Factory Holding Corp.* | 515 | 8,971 | ||||||
Arctic Cat, Inc. | 171 | 8,960 | ||||||
BJ’s Restaurants, Inc.* | 331 | 8,957 | ||||||
New York & Company, Inc.* | 1,749 | 8,955 | ||||||
Mattress Firm Holding Corp.* | 297 | 8,928 | ||||||
Rent-A-Center, Inc. — Class A | 260 | 8,902 | ||||||
Fuel Systems Solutions, Inc.* | 494 | 8,872 | ||||||
LeapFrog Enterprises, Inc. — | ||||||||
Class A* | 1,034 | 8,851 | ||||||
Del Frisco’s Restaurant Group, Inc.* | 488 | 8,833 | ||||||
Monarch Casino & Resort, Inc.* | 522 | 8,827 | ||||||
Asbury Automotive Group, Inc.* | 183 | 8,793 | ||||||
Libbey, Inc.* | 411 | 8,775 | ||||||
Crocs, Inc.* | 720 | 8,770 | ||||||
Life Time Fitness, Inc.* | 193 | 8,766 | ||||||
Harte-Hanks, Inc. | 1,099 | 8,759 | ||||||
Sears Hometown and Outlet Stores, | ||||||||
Inc.* | 314 | 8,748 | ||||||
Cooper Tire & Rubber Co. | 331 | 8,609 | ||||||
Gordmans Stores, Inc. | 869 | 8,603 | ||||||
Bassett Furniture Industries, Inc. | 614 | 8,596 | ||||||
iRobot Corp.* | 253 | 8,569 | ||||||
Wet Seal, Inc. — Class A* | 2,586 | 8,560 | ||||||
Shutterfly, Inc.* | 174 | 8,550 | ||||||
Lithia Motors, Inc. — Class A | 135 | 8,485 | ||||||
Jamba, Inc.* | 740 | 8,451 | ||||||
Dana Holding Corp. | 429 | 8,408 | ||||||
Body Central Corp.* | 1,489 | 8,338 | ||||||
EveryWare Global, Inc.* | 866 | 8,331 | ||||||
Caesars Entertainment Corp.* | 470 | 8,187 | ||||||
RetailMeNot, Inc.* | 249 | 8,122 | ||||||
hhgregg, Inc.* | 523 | 8,112 | ||||||
Citi Trends, Inc.* | 552 | 8,103 | ||||||
Hemisphere Media Group, Inc.* | 836 | 7,909 | ||||||
Group 1 Automotive, Inc. | 123 | 7,872 | ||||||
Christopher & Banks Corp.* | 1,356 | 7,824 | ||||||
Pacific Sunwear of California, Inc.* | 2,891 | 7,777 | ||||||
Tile Shop Holdings, Inc.* | 348 | 7,771 | ||||||
Ruby Tuesday, Inc.* | 1,295 | 7,679 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 59 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Overstock.com, Inc.* | 323 | $ | 7,568 | |||||
Boyd Gaming Corp.* | 689 | 7,276 | ||||||
Select Comfort Corp.* | 397 | 7,273 | ||||||
RadioShack Corp.* | 2,494 | 7,008 | ||||||
Dex Media, Inc.* | 1,025 | 6,919 | ||||||
Central European Media | ||||||||
Enterprises Ltd. — Class A* | 1,890 | 5,802 | ||||||
K12, Inc.* | 306 | 5,594 | ||||||
UCP, Inc. — Class A* | 379 | 5,344 | ||||||
Total Consumer Discretionary | 2,864,121 | |||||||
ENERGY - 10.8% | ||||||||
Clayton Williams Energy, Inc.* | 486 | 37,825 | ||||||
Crosstex Energy, Inc. | 1,215 | 37,288 | ||||||
Emerald Oil, Inc.* | 3,909 | 34,008 | ||||||
Penn Virginia Corp.* | 3,958 | 33,683 | ||||||
Callon Petroleum Co.* | 4,924 | 33,631 | ||||||
CARBO Ceramics, Inc. | 267 | 33,466 | ||||||
Magnum Hunter Resources Corp.* | 4,690 | 33,440 | ||||||
Parker Drilling Co.* | 4,370 | 31,464 | ||||||
Geospace Technologies Corp.* | 318 | 30,980 | ||||||
Carrizo Oil & Gas, Inc.* | 699 | 30,644 | ||||||
PetroQuest Energy, Inc.* | 6,434 | 30,368 | ||||||
Swift Energy Co.* | 2,207 | 30,280 | ||||||
Delek US Holdings, Inc. | 1,185 | 30,277 | ||||||
Diamondback Energy, Inc.* | 585 | 30,215 | ||||||
Northern Oil and Gas, Inc.* | 1,836 | 30,165 | ||||||
Contango Oil & Gas Co. | 696 | 29,824 | ||||||
Basic Energy Services, Inc.* | 2,000 | 29,340 | ||||||
Era Group, Inc.* | 924 | 29,198 | ||||||
Alon USA Energy, Inc. | 2,402 | 29,016 | ||||||
Panhandle Oil and Gas, Inc. — Class A | 862 | 28,937 | ||||||
Kodiak Oil & Gas Corp.* | 2,227 | 28,884 | ||||||
Abraxas Petroleum Corp.* | 9,963 | 28,793 | ||||||
Alpha Natural Resources, Inc.* | 4,103 | 28,721 | ||||||
Rosetta Resources, Inc.* | 479 | 28,711 | ||||||
Mitcham Industries, Inc.* | 1,725 | 28,704 | ||||||
Quicksilver Resources, Inc.* | 13,406 | 28,689 | ||||||
Isramco, Inc.* | 216 | 28,506 | ||||||
Halcon Resources Corp.*,1 | 5,470 | 28,335 | ||||||
Berry Petroleum Co. — Class A | 593 | 28,316 | ||||||
Bill Barrett Corp.* | 1,018 | 28,168 | ||||||
Pioneer Energy Services Corp.* | 3,348 | 28,123 | ||||||
Westmoreland Coal Co.* | 1,977 | 28,093 | ||||||
Triangle Petroleum Corp.* | 2,653 | 28,042 | ||||||
Matrix Service Co.* | 1,341 | 27,879 | ||||||
Matador Resources Co.* | 1,511 | 27,818 | ||||||
Synergy Resources Corp.* | 2,676 | 27,723 | ||||||
SEACOR Holdings, Inc. | 283 | 27,677 | ||||||
C&J Energy Services, Inc.* | 1,199 | 27,625 | ||||||
W&T Offshore, Inc. | 1,446 | 27,604 | ||||||
PDC Energy, Inc.* | 407 | 27,599 | ||||||
Comstock Resources, Inc. | 1,613 | 27,598 | ||||||
Stone Energy Corp.* | 791 | 27,574 | ||||||
Newpark Resources, Inc.* | 2,157 | 27,502 | ||||||
Resolute Energy Corp.* | 2,929 | 27,474 | ||||||
Approach Resources, Inc.* | 973 | 27,390 | ||||||
Evolution Petroleum Corp.* | 2,268 | 27,352 | ||||||
Nuverra Environmental Solutions, | ||||||||
Inc.* | 11,180 | 27,279 | ||||||
Warren Resources, Inc.* | 8,680 | 27,168 | ||||||
TETRA Technologies, Inc.* | 2,090 | 27,107 | ||||||
Forum Energy Technologies, Inc.* | 926 | 27,095 | ||||||
FX Energy, Inc.* | 7,782 | 27,081 | ||||||
Western Refining, Inc. | 838 | 27,042 | ||||||
Sanchez Energy Corp.* | 948 | 27,027 | ||||||
Key Energy Services, Inc.* | 3,456 | 27,026 | ||||||
RigNet, Inc.* | 733 | 27,018 | ||||||
Targa Resources Corp. | 348 | 26,991 | ||||||
SemGroup Corp. — Class A | 446 | 26,934 | ||||||
Midstates Petroleum Company, | ||||||||
Inc.* | 4,759 | 26,841 | ||||||
Athlon Energy, Inc.* | 813 | 26,748 | ||||||
Gastar Exploration Ltd.* | 6,155 | 26,590 | ||||||
Endeavour International Corp.* | 4,469 | 26,546 | ||||||
Apco Oil and Gas International, Inc.* | 1,736 | 26,422 | ||||||
Bonanza Creek Energy, Inc.* | 522 | 26,382 | ||||||
Natural Gas Services Group, Inc.* | 941 | 26,339 | ||||||
Green Plains Renewable Energy, Inc. | 1,631 | 26,308 | ||||||
Willbros Group, Inc.* | 2,695 | 26,303 | ||||||
Cloud Peak Energy, Inc.* | 1,685 | 26,303 | ||||||
Equal Energy Ltd. | 5,542 | 26,269 | ||||||
Tesco Corp.* | 1,524 | 26,182 | ||||||
Exterran Holdings, Inc.* | 908 | 25,923 | ||||||
Vantage Drilling Co.* | 14,548 | 25,895 | ||||||
Gulf Island Fabrication, Inc. | 1,025 | 25,851 | ||||||
Jones Energy, Inc. — | ||||||||
Class A* | 1,599 | 25,600 | ||||||
BPZ Resources, Inc.* | 12,717 | 25,561 | ||||||
Vaalco Energy, Inc.* | 4,850 | 25,560 | ||||||
Bolt Technology Corp. | 1,427 | 25,529 | ||||||
Rex Energy Corp.* | 1,170 | 25,155 | ||||||
Cal Dive International, Inc.* | 12,613 | 24,848 | ||||||
Energy XXI Bermuda Ltd. | 851 | 24,730 | ||||||
Miller Energy Resources, Inc.* | 3,601 | 24,343 | ||||||
Hornbeck Offshore Services, Inc.* | 438 | 24,208 | ||||||
Hercules Offshore, Inc.* | 3,517 | 23,916 | ||||||
Goodrich Petroleum Corp.* | 1,021 | 23,881 | ||||||
REX American Resources Corp.* | 825 | 23,793 | ||||||
Helix Energy Solutions Group, Inc.* | 999 | 23,636 | ||||||
Arch Coal, Inc. | 5,566 | 23,600 | ||||||
Solazyme, Inc.* | 2,225 | 23,274 | ||||||
Clean Energy Fuels Corp.*,1 | 2,011 | 22,905 | ||||||
TGC Industries, Inc. | 3,085 | 22,736 | ||||||
ION Geophysical Corp.* | 4,859 | 22,546 | ||||||
Dawson Geophysical Co.* | 769 | 22,486 | ||||||
Adams Resources & Energy, Inc. | 426 | 22,054 | ||||||
Ur-Energy, Inc.* | 20,895 | 21,940 | ||||||
EPL Oil & Gas, Inc.* | 683 | 21,774 | ||||||
EXCO Resources, Inc. | 3,695 | 19,990 | ||||||
Forest Oil Corp.* | 4,103 | 19,448 | ||||||
Rentech, Inc. | 10,965 | 18,750 | ||||||
Renewable Energy Group, Inc.* | 1,653 | 18,034 | ||||||
Uranium Energy Corp.* | 10,069 | 17,721 | ||||||
Scorpio Tankers, Inc. | 1,139 | 13,144 |
60 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Bristow Group, Inc. | 153 | $ | 12,312 | |||||
Ship Finance International Ltd. | 733 | 12,131 | ||||||
PHI, Inc.* | 288 | 11,468 | ||||||
Gulfmark Offshore, Inc. — Class A | 226 | 11,250 | ||||||
GasLog Ltd. | 753 | 11,205 | ||||||
Teekay Tankers Ltd. — Class A | 4,089 | 10,672 | ||||||
Nordic American Tankers Ltd. | 1,252 | 10,216 | ||||||
Knightsbridge Tankers Ltd. | 1,068 | 8,800 | ||||||
Frontline Ltd.*,1 | 4,089 | 8,669 | ||||||
Total Energy | 2,783,504 | |||||||
FINANCIALS - 10.7% | ||||||||
Marlin Business Services Corp. | 433 | 11,938 | ||||||
PHH Corp.* | 478 | 11,496 | ||||||
ICG Group, Inc.* | 668 | 10,895 | ||||||
eHealth, Inc.* | 170 | 7,245 | ||||||
Western Alliance Bancorporation* | 331 | 7,001 | ||||||
Altisource Residential Corp. | 261 | 6,935 | ||||||
Virtus Investment Partners, Inc.* | 34 | 6,920 | ||||||
WisdomTree Investments, Inc.* | 497 | 6,908 | ||||||
MGIC Investment Corp.* | 844 | 6,870 | ||||||
Washington Banking Co. | 398 | 6,770 | ||||||
Home Federal Bancorp, Inc. | 433 | 6,750 | ||||||
WSFS Financial Corp. | 95 | 6,651 | ||||||
Tree.com, Inc. | 225 | 6,640 | ||||||
Consumer Portfolio Services, Inc.* | 985 | 6,619 | ||||||
CoBiz Financial, Inc. | 607 | 6,586 | ||||||
World Acceptance Corp.* | 63 | 6,560 | ||||||
Cowen Group, Inc. — Class A* | 1,652 | 6,558 | ||||||
Sierra Bancorp | 346 | 6,550 | ||||||
Greenlight Capital Re Ltd. — Class A* | 212 | 6,527 | ||||||
Safeguard Scientifics, Inc.* | 374 | 6,526 | ||||||
Tejon Ranch Co.* | 176 | 6,516 | ||||||
First Commonwealth Financial Corp. | 747 | 6,491 | ||||||
Provident Financial Services, Inc. | 346 | 6,484 | ||||||
Meridian Interstate Bancorp, Inc.* | 273 | 6,481 | ||||||
CNB Financial Corp. | 323 | 6,463 | ||||||
Federal Agricultural Mortgage Corp. — | ||||||||
Class C | 181 | 6,460 | ||||||
Sabra Health Care REIT, Inc. | 240 | 6,456 | ||||||
Financial Institutions, Inc. | 272 | 6,438 | ||||||
Alexander’s, Inc. | 20 | 6,435 | ||||||
EMC Insurance Group, Inc. | 189 | 6,434 | ||||||
1st Source Corp. | 205 | 6,433 | ||||||
RLI Corp. | 68 | 6,425 | ||||||
Janus Capital Group, Inc. | 650 | 6,416 | ||||||
LaSalle Hotel Properties | 205 | 6,365 | ||||||
PrivateBancorp, Inc. — Class A | 261 | 6,358 | ||||||
PacWest Bancorp | 167 | 6,354 | ||||||
Crawford & Co. — Class B | 578 | 6,352 | ||||||
ConnectOne Bancorp, Inc.* | 167 | 6,348 | ||||||
BancorpSouth, Inc. | 287 | 6,343 | ||||||
AV Homes, Inc.* | 331 | 6,322 | ||||||
Westwood Holdings Group, Inc. | 118 | 6,293 | ||||||
Fidelity Southern Corp. | 412 | 6,290 | ||||||
Astoria Financial Corp. | 475 | 6,275 | ||||||
Regional Management Corp.* | 196 | 6,274 | ||||||
Lakeland Financial Corp. | 176 | 6,264 | ||||||
FelCor Lodging Trust, Inc.* | 932 | 6,263 | ||||||
Simmons First National Corp. — Class A | 191 | 6,253 | ||||||
DiamondRock Hospitality Co. | 549 | 6,253 | ||||||
Oppenheimer Holdings, Inc. — Class A | 315 | 6,246 | ||||||
Home BancShares, Inc. | 184 | 6,234 | ||||||
Donegal Group, Inc. — Class A | 393 | 6,229 | ||||||
Independent Bank Group, Inc. | 165 | 6,225 | ||||||
Glacier Bancorp, Inc. | 225 | 6,217 | ||||||
Sterling Bancorp* | 530 | 6,212 | ||||||
S&T Bancorp, Inc. | 253 | 6,204 | ||||||
Suffolk Bancorp* | 317 | 6,197 | ||||||
Equity One, Inc. | 257 | 6,196 | ||||||
CVB Financial Corp. | 426 | 6,194 | ||||||
Third Point Reinsurance Ltd.* | 397 | 6,193 | ||||||
Flushing Financial Corp. | 308 | 6,188 | ||||||
First Midwest Bancorp, Inc. | 372 | 6,186 | ||||||
First American Financial Corp. | 239 | 6,181 | ||||||
Cousins Properties, Inc. | 545 | 6,175 | ||||||
First Marblehead Corp.* | 6,428 | 6,171 | ||||||
German American Bancorp, Inc. | 227 | 6,170 | ||||||
Pinnacle Financial Partners, Inc.* | 199 | 6,169 | ||||||
First NBC Bank Holding Co.* | 231 | 6,156 | ||||||
Baldwin & Lyons, Inc. — Class B | 225 | 6,149 | ||||||
Silvercrest Asset Management Group, Inc. — | ||||||||
Class A* | 416 | 6,144 | ||||||
Penns Woods Bancorp, Inc. | 120 | 6,144 | ||||||
Ladenburg Thalmann Financial Services, | ||||||||
Inc.* | 2,925 | 6,143 | ||||||
Webster Financial Corp. | 220 | 6,136 | ||||||
IBERIABANK Corp. | 105 | 6,135 | ||||||
Employers Holdings, Inc. | 204 | 6,134 | ||||||
Cathay General Bancorp | 249 | 6,133 | ||||||
Gramercy Property Trust, Inc.* | 1,341 | 6,128 | ||||||
UMB Financial Corp. | 104 | 6,128 | ||||||
CNO Financial Group, Inc. | 393 | 6,123 | ||||||
Aviv REIT, Inc. | 241 | 6,121 | ||||||
Sovran Self Storage, Inc. | 80 | 6,119 | ||||||
First Merchants Corp. | 325 | 6,110 | ||||||
RCS Capital Corp. — Class A | 347 | 6,107 | ||||||
Pacific Continental Corp. | 443 | 6,105 | ||||||
Southwest Bancorp, Inc.* | 381 | 6,100 | ||||||
Highwoods Properties, Inc. | 158 | 6,099 | ||||||
Cedar Realty Trust, Inc. | 1,067 | 6,093 | ||||||
TrustCo Bank Corp. NY | 905 | 6,082 | ||||||
MarketAxess Holdings, Inc. | 93 | 6,066 | ||||||
Tompkins Financial Corp. | 123 | 6,066 | ||||||
OneBeacon Insurance Group Ltd. — | ||||||||
Class A | 380 | 6,065 | ||||||
SY Bancorp, Inc. | 202 | 6,062 | ||||||
Kansas City Life Insurance Co. | 132 | 6,059 | ||||||
Prosperity Bancshares, Inc. | 97 | 6,058 | ||||||
First Industrial Realty Trust, Inc. | 335 | 6,053 | ||||||
StellarOne Corp. | 260 | 6,053 | ||||||
Community Trust Bancorp, Inc. | 142 | 6,048 | ||||||
CommunityOne Bancorp* | 562 | 6,047 | ||||||
Texas Capital Bancshares, Inc.* | 116 | 6,038 | ||||||
Pacific Premier Bancorp, Inc.* | 434 | 6,037 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 61 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Community Bank System, Inc. | 166 | $ | 6,027 | |||||
American Assets Trust, Inc. | 181 | 6,025 | ||||||
First of Long Island Corp. | 153 | 6,021 | ||||||
HCI Group, Inc. | 137 | 6,020 | ||||||
Symetra Financial Corp. | 321 | 6,012 | ||||||
Encore Capital Group, Inc.* | 123 | 6,009 | ||||||
Union First Market Bankshares | ||||||||
Corp. | 249 | 6,006 | ||||||
National Health Investors, Inc. | 96 | 6,002 | ||||||
Northwest Bancshares, Inc. | 429 | 6,002 | ||||||
BancFirst Corp. | 108 | 6,002 | ||||||
Acadia Realty Trust | 225 | 6,001 | ||||||
ViewPoint Financial Group, Inc. | 275 | 5,998 | ||||||
Universal Insurance Holdings, Inc. | 765 | 5,998 | ||||||
First Financial Holdings, Inc. | 100 | 5,993 | ||||||
Bryn Mawr Bank Corp. | 215 | 5,990 | ||||||
NewBridge Bancorp* | 801 | 5,975 | ||||||
State Bank Financial Corp. | 350 | 5,971 | ||||||
Trico Bancshares | 236 | 5,968 | ||||||
Nelnet, Inc. — Class A | 140 | 5,968 | ||||||
DCT Industrial Trust, Inc. | 770 | 5,968 | ||||||
First Financial Bankshares, Inc. | 97 | 5,966 | ||||||
RAIT Financial Trust | 789 | 5,957 | ||||||
Select Income REIT | 216 | 5,951 | ||||||
Home Loan Servicing Solutions Ltd. | 252 | 5,950 | ||||||
Flagstar Bancorp, Inc.* | 367 | 5,949 | ||||||
PS Business Parks, Inc. | 73 | 5,949 | ||||||
Ryman Hospitality Properties, Inc. | 161 | 5,943 | ||||||
Kennedy-Wilson Holdings, Inc. | 296 | 5,932 | ||||||
AMERISAFE, Inc. | 154 | 5,929 | ||||||
Bridge Capital Holdings* | 337 | 5,928 | ||||||
Health Insurance Innovations, Inc. — | ||||||||
Class A* | 488 | 5,924 | ||||||
Preferred Bank/Los Angeles CA* | 308 | 5,920 | ||||||
American Realty Capital Properties, Inc. | 446 | 5,918 | ||||||
BBCN Bancorp, Inc. | 399 | 5,917 | ||||||
CU Bancorp* | 318 | 5,915 | ||||||
OceanFirst Financial Corp. | 336 | 5,910 | ||||||
California First National Bancorp | 331 | 5,908 | ||||||
Hanmi Financial Corp. | 338 | 5,908 | ||||||
Hannon Armstrong Sustainable | ||||||||
Infrastructure Capital, Inc. | 482 | 5,905 | ||||||
iStar Financial, Inc.* | 467 | 5,898 | ||||||
Center Bancorp, Inc. | 394 | 5,894 | ||||||
Trustmark Corp. | 217 | 5,894 | ||||||
Hingham Institution for Savings | 81 | 5,890 | ||||||
Geo Group, Inc. | 167 | 5,890 | ||||||
Taylor Capital Group, Inc.* | 256 | 5,888 | ||||||
Bridge Bancorp, Inc. | 255 | 5,888 | ||||||
Bar Harbor Bankshares | 156 | 5,887 | ||||||
Ramco-Gershenson Properties Trust | 362 | 5,886 | ||||||
Resource America, Inc. — | ||||||||
Class A | 682 | 5,886 | ||||||
DFC Global Corp.* | 486 | 5,881 | ||||||
Renasant Corp. | 205 | 5,879 | ||||||
LTC Properties, Inc. | 149 | 5,878 | ||||||
Gladstone Commercial Corp. | 311 | 5,878 | ||||||
Bank of Kentucky Financial Corp. | 204 | 5,877 | ||||||
C&F Financial Corp. | 109 | 5,876 | ||||||
Northrim BanCorp, Inc. | 234 | 5,873 | ||||||
Univest Corporation of Pennsylvania | 294 | 5,871 | ||||||
Washington Real Estate Investment | ||||||||
Trust | 224 | 5,871 | ||||||
City Holding Co. | 129 | 5,870 | ||||||
Chambers Street Properties | 629 | 5,869 | ||||||
Capital Bank Financial Corp. — | ||||||||
Class A* | 264 | 5,866 | ||||||
Customers Bancorp, Inc.* | 350 | 5,863 | ||||||
Pebblebrook Hotel Trust | 194 | 5,859 | ||||||
EastGroup Properties, Inc. | 92 | 5,857 | ||||||
Stifel Financial Corp.* | 143 | 5,856 | ||||||
Washington Trust Bancorp, Inc. | 178 | 5,854 | ||||||
Peoples Bancorp, Inc. | 261 | 5,852 | ||||||
Banco Latinoamericano de | ||||||||
Comercio Exterior S.A. — Class E | 223 | 5,849 | ||||||
Investors Real Estate Trust | 678 | 5,844 | ||||||
Radian Group, Inc. | 401 | 5,843 | ||||||
Universal Health Realty Income Trust | 133 | 5,841 | ||||||
Agree Realty Corp. | 185 | 5,840 | ||||||
MainSource Financial Group, Inc. | 360 | 5,839 | ||||||
MVC Capital, Inc. | 422 | 5,836 | ||||||
Hudson Pacific Properties, Inc. | 282 | 5,835 | ||||||
International. FCStone, Inc.* | 285 | 5,831 | ||||||
Solar Capital Ltd. | 254 | 5,829 | ||||||
International Bancshares Corp. | 255 | 5,827 | ||||||
ESSA Bancorp, Inc. | 531 | 5,820 | ||||||
MetroCorp Bancshares, Inc. | 406 | 5,818 | ||||||
Physicians Realty Trust | 463 | 5,815 | ||||||
Associated Estates Realty Corp. | 379 | 5,814 | ||||||
Medical Properties Trust, Inc. | 445 | 5,803 | ||||||
FNB Corp. | 463 | 5,792 | ||||||
Capital City Bank Group, Inc.* | 470 | 5,781 | ||||||
Sandy Spring Bancorp, Inc. | 236 | 5,780 | ||||||
Walter Investment Management | ||||||||
Corp.* | 153 | 5,779 | ||||||
Banner Corp. | 151 | 5,777 | ||||||
NBT Bancorp, Inc. | 237 | 5,776 | ||||||
Ambac Financial Group, Inc.* | 286 | 5,774 | ||||||
CYS Investments, Inc. | 680 | 5,773 | ||||||
PennyMac Mortgage Investment Trust | 250 | 5,768 | ||||||
Apollo Commercial Real Estate Finance, | ||||||||
Inc. | 358 | 5,767 | ||||||
Portfolio Recovery Associates, | ||||||||
Inc.* | 97 | 5,767 | ||||||
Kearny Financial Corp.* | 549 | 5,765 | ||||||
West Bancorporation, Inc. | 417 | 5,763 | ||||||
Healthcare Realty Trust, Inc. | 240 | 5,762 | ||||||
Infinity Property & Casualty Corp. | 84 | 5,761 | ||||||
BankFinancial Corp. | 620 | 5,760 | ||||||
Thomas Properties Group, Inc. | 847 | 5,760 | ||||||
Potlatch Corp. | 141 | 5,757 | ||||||
Primerica, Inc. | 134 | 5,755 | ||||||
Franklin Street Properties Corp. | 436 | 5,755 | ||||||
CubeSmart | 315 | 5,755 |
62 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Kite Realty Group Trust | 899 | $ | 5,754 | |||||
EPR Properties | 112 | 5,753 | ||||||
Beneficial Mutual Bancorp, Inc.* | 590 | 5,753 | ||||||
Enterprise Financial Services Corp. | 319 | 5,752 | ||||||
First Bancorp, Inc. | 330 | 5,745 | ||||||
Enterprise Bancorp, Inc. | 294 | 5,745 | ||||||
National Penn Bancshares, Inc. | 553 | 5,735 | ||||||
TCP Capital Corp. | 344 | 5,734 | ||||||
Saul Centers, Inc. | 122 | 5,734 | ||||||
Ashford Hospitality Trust, Inc. | 439 | 5,733 | ||||||
Merchants Bancshares, Inc. | 191 | 5,726 | ||||||
First Community Bancshares, Inc. | 343 | 5,725 | ||||||
Virginia Commerce Bancorp, Inc.* | 357 | 5,723 | ||||||
1st United Bancorp, Inc. | 749 | 5,722 | ||||||
Platinum Underwriters Holdings Ltd. | 92 | 5,721 | ||||||
First Federal Bancshares of Arkansas, | ||||||||
Inc.* | 637 | 5,720 | ||||||
New York Mortgage Trust, Inc. | 891 | 5,720 | ||||||
HFF, Inc. — Class A | 233 | 5,720 | ||||||
AmREIT, Inc. — Class B | 325 | 5,720 | ||||||
GSV Capital Corp.* | 374 | 5,718 | ||||||
Main Street Capital Corp. | 188 | 5,715 | ||||||
Heritage Oaks Bancorp* | 834 | 5,713 | ||||||
Sunstone Hotel Investors, Inc. | 431 | 5,711 | ||||||
Heritage Commerce Corp. | 733 | 5,710 | ||||||
Heritage Financial Corp. | 354 | 5,710 | ||||||
Glimcher Realty Trust | 557 | 5,709 | ||||||
Centerstate Banks, Inc. | 579 | 5,709 | ||||||
RLJ Lodging Trust | 226 | 5,709 | ||||||
United Community Financial Corp.* | 1,427 | 5,708 | ||||||
United Community Banks, Inc.* | 366 | 5,706 | ||||||
Evercore Partners, Inc. — | ||||||||
Class A | 113 | 5,703 | ||||||
Capitol Federal Financial, Inc. | 450 | 5,702 | ||||||
TICC Capital Corp. | 570 | 5,700 | ||||||
First Interstate Bancsystem, Inc. — | ||||||||
Class A | 227 | 5,700 | ||||||
Wintrust Financial Corp. | 131 | 5,700 | ||||||
Monmouth Real Estate Investment | ||||||||
Corp. — Class A | 618 | 5,698 | ||||||
Hercules Technology Growth | ||||||||
Capital, Inc. | 369 | 5,697 | ||||||
Meadowbrook Insurance Group, Inc. | 858 | 5,697 | ||||||
Park Sterling Corp. | 875 | 5,696 | ||||||
First Busey Corp. | 1,101 | 5,692 | ||||||
Central Pacific Financial Corp. | 309 | 5,692 | ||||||
Investors Bancorp, Inc. | 240 | 5,690 | ||||||
Bank of the Ozarks, Inc. | 115 | 5,690 | ||||||
Safety Insurance Group, Inc. | 104 | 5,688 | ||||||
Investment Technology | ||||||||
Group, Inc.* | 355 | 5,687 | ||||||
Banc of California, Inc. | 403 | 5,686 | ||||||
Old National Bancorp | 391 | 5,685 | ||||||
Wilshire Bancorp, Inc. | 671 | 5,683 | ||||||
Chatham Lodging Trust | 301 | 5,677 | ||||||
Sterling Financial Corp. | 196 | 5,676 | ||||||
Selective Insurance Group, Inc. | 216 | 5,674 | ||||||
Medley Capital Corp. | 407 | 5,674 | ||||||
MB Financial, Inc. | 191 | 5,673 | ||||||
Apollo Investment Corp. | 665 | 5,672 | ||||||
Chemung Financial Corp. | 161 | 5,672 | ||||||
New Residential Investment Corp. | 858 | 5,671 | ||||||
Palmetto Bancshares, Inc.* | 422 | 5,663 | ||||||
Anworth Mortgage Asset Corp. | 1,153 | 5,661 | ||||||
Alexander & Baldwin, Inc.* | 153 | 5,661 | ||||||
Berkshire Hills Bancorp, Inc. | 223 | 5,658 | ||||||
Chesapeake Lodging Trust | 240 | 5,657 | ||||||
CyrusOne, Inc. | 290 | 5,652 | ||||||
Pzena Investment Management, Inc. — | ||||||||
Class A | 786 | 5,651 | ||||||
Lexington Realty Trust | 483 | 5,651 | ||||||
Camden National Corp. | 140 | 5,649 | ||||||
Government Properties Income Trust | 231 | 5,648 | ||||||
Greenhill & Company, Inc. | 110 | 5,643 | ||||||
United Fire Group, Inc. | 178 | 5,643 | ||||||
Rockville Financial, Inc. | 429 | 5,641 | ||||||
Ellington Residential Mortgage REIT | 361 | 5,639 | ||||||
Terreno Realty Corp. | 317 | 5,636 | ||||||
First Financial Corp. | 163 | 5,630 | ||||||
Arrow Financial Corp. | 218 | 5,627 | ||||||
Park National Corp. | 71 | 5,625 | ||||||
Diamond Hill Investment | ||||||||
Group, Inc. | 51 | 5,624 | ||||||
Horace Mann Educators Corp. | 203 | 5,623 | ||||||
Horizon Technology Finance Corp. | 417 | 5,621 | ||||||
First Financial Bancorp | 362 | 5,618 | ||||||
Great Southern Bancorp, Inc. | 200 | 5,616 | ||||||
WesBanco, Inc. | 191 | 5,615 | ||||||
First Financial Northwest, Inc. | 518 | 5,615 | ||||||
FirstMerit Corp. | 250 | 5,615 | ||||||
Golub Capital BDC, Inc. | 319 | 5,614 | ||||||
UMH Properties, Inc. | 558 | 5,613 | ||||||
Seacoast Banking Corporation of | ||||||||
Florida* | 2,462 | 5,613 | ||||||
SWS Group, Inc.* | 997 | 5,613 | ||||||
Education Realty Trust, Inc. | 614 | 5,612 | ||||||
Manning & Napier, Inc. — Class A | 338 | 5,611 | ||||||
Cardinal Financial Corp. | 340 | 5,610 | ||||||
CapLease, Inc. | 660 | 5,610 | ||||||
WhiteHorse Finance, Inc. | 364 | 5,609 | ||||||
PennantPark Investment Corp. | 498 | 5,607 | ||||||
BBX Capital Corp. — Class A* | 425 | 5,606 | ||||||
Fidus Investment Corp. | 276 | 5,606 | ||||||
Territorial Bancorp, Inc. | 257 | 5,605 | ||||||
Montpelier Re Holdings Ltd. | 203 | 5,605 | ||||||
Cohen & Steers, Inc. | 146 | 5,601 | ||||||
Solar Senior Capital Ltd. | 307 | 5,600 | ||||||
Eastern Insurance Holdings, Inc. | 229 | 5,597 | ||||||
Home Bancorp, Inc.* | 308 | 5,596 | ||||||
Retail Opportunity Investments Corp. | 378 | 5,594 | ||||||
EverBank Financial Corp. | 370 | 5,594 | ||||||
Strategic Hotels & Resorts, Inc.* | 643 | 5,594 | ||||||
Tristate Capital Holdings, Inc.* | 447 | 5,592 | ||||||
Mercantile Bank Corp. | 256 | 5,591 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 63 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
United Bankshares, Inc. | 189 | $ | 5,591 | |||||
Lakeland Bancorp, Inc. | 490 | 5,586 | ||||||
Hersha Hospitality Trust — Class A | 985 | 5,585 | ||||||
Colony Financial, Inc. | 276 | 5,583 | ||||||
Clifton Savings Bancorp, Inc. | 442 | 5,582 | ||||||
LCNB Corp. | 277 | 5,582 | ||||||
Stellus Capital Investment Corp. | 376 | 5,580 | ||||||
JAVELIN Mortgage Investment Corp. | 470 | 5,579 | ||||||
First Defiance Financial Corp. | 216 | 5,577 | ||||||
Sun Communities, Inc. | 125 | 5,571 | ||||||
Inland Real Estate Corp. | 521 | 5,569 | ||||||
Southside Bancshares, Inc. | 204 | 5,569 | ||||||
Urstadt Biddle Properties, Inc. — | ||||||||
Class A | 282 | 5,567 | ||||||
First Security Group, Inc.* | 2,742 | 5,566 | ||||||
Chemical Financial Corp. | 190 | 5,565 | ||||||
First Cash Financial Services, Inc.* | 92 | 5,565 | ||||||
Access National Corp. | 383 | 5,565 | ||||||
PICO Holdings, Inc.* | 237 | 5,565 | ||||||
Piper Jaffray Cos.* | 155 | 5,563 | ||||||
TowneBank | 382 | 5,562 | ||||||
Independent Bank Corp. | 155 | 5,561 | ||||||
Fox Chase Bancorp, Inc. | 322 | 5,561 | ||||||
Credit Acceptance Corp.* | 47 | 5,560 | ||||||
Westamerica Bancorporation | 108 | 5,560 | ||||||
Parkway Properties, Inc. | 307 | 5,560 | ||||||
Boston Private Financial Holdings, | ||||||||
Inc. | 488 | 5,558 | ||||||
Garrison Capital, Inc. | 377 | 5,553 | ||||||
Silver Bay Realty Trust Corp. | 359 | 5,550 | ||||||
Columbia Banking System, Inc. | 216 | 5,549 | ||||||
Guaranty Bancorp | 411 | 5,549 | ||||||
Investors Title Co. | 71 | 5,548 | ||||||
VantageSouth Bancshares, Inc.* | 1,133 | 5,540 | ||||||
Fifth Street Finance Corp. | 543 | 5,539 | ||||||
Forestar Group, Inc.* | 248 | 5,538 | ||||||
Northfield Bancorp, Inc. | 428 | 5,534 | ||||||
KCG Holdings, Inc. — Class A* | 633 | 5,532 | ||||||
Invesco Mortgage Capital, Inc. | 358 | 5,531 | ||||||
Gladstone Investment Corp. | 782 | 5,529 | ||||||
Calamos Asset Management, Inc. — | ||||||||
Class A | 563 | 5,529 | ||||||
Amtrust Financial Services, Inc. | 144 | 5,524 | ||||||
Westfield Financial, Inc. | 766 | 5,523 | ||||||
Resource Capital Corp. | 896 | 5,510 | ||||||
Ameris Bancorp* | 301 | 5,508 | ||||||
Hancock Holding Co. | 168 | 5,507 | ||||||
Dynex Capital, Inc. | 637 | 5,504 | ||||||
PennantPark Floating Rate Capital Ltd. | 414 | 5,502 | ||||||
Citizens, Inc.* | 655 | 5,502 | ||||||
American Equity Investment Life | ||||||||
Holding Co. | 264 | 5,502 | ||||||
Argo Group International | ||||||||
Holdings Ltd. | 131 | 5,499 | ||||||
Apollo Residential Mortgage, Inc. | 365 | 5,497 | ||||||
Ares Commercial Real Estate Corp. | 442 | 5,494 | ||||||
Intervest Bancshares Corp. — Class A* | 753 | 5,489 | ||||||
Bank of Marin Bancorp | 129 | 5,489 | ||||||
Getty Realty Corp. | 286 | 5,485 | ||||||
BlackRock Kelso Capital Corp. | 584 | 5,484 | ||||||
Oritani Financial Corp. | 338 | 5,482 | ||||||
Stewart Information Services Corp. | 175 | 5,481 | ||||||
Waterstone Financial, Inc.* | 515 | 5,480 | ||||||
American Residential Properties, Inc.* | 318 | 5,479 | ||||||
NGP Capital Resources Co. | 736 | 5,476 | ||||||
HomeTrust Bancshares, Inc.* | 339 | 5,475 | ||||||
Ames National Corp. | 243 | 5,475 | ||||||
JMP Group, Inc. | 853 | 5,468 | ||||||
Peapack Gladstone Financial Corp. | 298 | 5,465 | ||||||
Dime Community Bancshares, Inc. | 334 | 5,464 | ||||||
Winthrop Realty Trust | 464 | 5,461 | ||||||
American National Bankshares, Inc. | 238 | 5,460 | ||||||
HomeStreet, Inc. | 287 | 5,459 | ||||||
Bank Mutual Corp. | 858 | 5,457 | ||||||
One Liberty Properties, Inc. | 258 | 5,454 | ||||||
Yadkin Financial Corp.* | 332 | 5,451 | ||||||
Umpqua Holdings Corp. | 333 | 5,451 | ||||||
Gladstone Capital Corp. | 618 | 5,451 | ||||||
Medallion Financial Corp. | 359 | 5,450 | ||||||
Roma Financial Corp.* | 280 | 5,449 | ||||||
Rexford Industrial Realty, Inc.* | 400 | 5,448 | ||||||
MidWestOne Financial Group, Inc. | 206 | 5,443 | ||||||
National Bank Holdings Corp. — | ||||||||
Class A | 259 | 5,439 | ||||||
Enstar Group Ltd.* | 40 | 5,437 | ||||||
Meta Financial Group, Inc. | 146 | 5,434 | ||||||
Summit Hotel Properties, Inc. | 591 | 5,431 | ||||||
BNC Bancorp | 414 | 5,428 | ||||||
Century Bancorp, Inc. — | ||||||||
Class A | 167 | 5,428 | ||||||
THL Credit, Inc. | 334 | 5,428 | ||||||
ARMOUR Residential REIT, Inc. | 1,316 | 5,422 | ||||||
Capstead Mortgage Corp. | 458 | 5,418 | ||||||
New Mountain Finance Corp. | 382 | 5,417 | ||||||
Triangle Capital Corp. | 182 | 5,416 | ||||||
ZAIS Financial Corp. | 311 | 5,411 | ||||||
National Western Life Insurance Co. — | ||||||||
Class A | 26 | 5,408 | ||||||
Horizon Bancorp | 249 | 5,406 | ||||||
Hallmark Financial Services, Inc.* | 635 | 5,404 | ||||||
Consolidated-Tomoka Land Co. | 144 | 5,403 | ||||||
Excel Trust, Inc. | 447 | 5,400 | ||||||
Hudson Valley Holding Corp. | 292 | 5,399 | ||||||
Navigators Group, Inc.* | 96 | 5,399 | ||||||
Charter Financial Corp. | 498 | 5,398 | ||||||
First Potomac Realty Trust | 439 | 5,395 | ||||||
Pennsylvania Real Estate Investment Trust | 297 | 5,385 | ||||||
CIFC Corp. | 681 | 5,380 | ||||||
ESB Financial Corp. | 404 | 5,377 | ||||||
MidSouth Bancorp, Inc. | 354 | 5,374 | ||||||
GAMCO Investors, Inc. — Class A | 75 | 5,363 | ||||||
Rouse Properties, Inc. | 265 | 5,358 | ||||||
CoreSite Realty Corp. | 165 | 5,353 | ||||||
NorthStar Realty Finance Corp. | 573 | 5,346 |
64 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Eagle Bancorp, Inc.* | 202 | $ | 5,343 | |||||
First Bancorp | 356 | 5,333 | ||||||
Macatawa Bank Corp.* | 1,086 | 5,332 | ||||||
AG Mortgage Investment Trust, Inc. | 326 | 5,327 | ||||||
FBR & Co.* | 201 | 5,327 | ||||||
Phoenix Companies, Inc.* | 138 | 5,323 | ||||||
Prospect Capital Corp. | 469 | 5,318 | ||||||
Firsthand Technology Value Fund, Inc.* | 228 | 5,315 | ||||||
DuPont Fabros Technology, Inc. | 213 | 5,293 | ||||||
Campus Crest Communities, Inc. | 527 | 5,275 | ||||||
Heartland Financial USA, Inc. | 199 | 5,272 | ||||||
Hilltop Holdings, Inc.* | 304 | 5,271 | ||||||
Global Indemnity plc — | ||||||||
Class A* | 214 | 5,271 | ||||||
First Connecticut Bancorp, Inc. | 359 | 5,270 | ||||||
STAG Industrial, Inc. | 252 | 5,269 | ||||||
Farmers Capital Bank Corp.* | 256 | 5,258 | ||||||
First BanCorp* | 945 | 5,245 | ||||||
State Auto Financial Corp. | 276 | 5,244 | ||||||
Redwood Trust, Inc. | 299 | 5,238 | ||||||
American Capital Mortgage Investment | ||||||||
Corp. | 274 | 5,236 | ||||||
FBL Financial Group, Inc. — | ||||||||
Class A | 117 | 5,235 | ||||||
BGC Partners, Inc. — | ||||||||
Class A | 983 | 5,230 | ||||||
Capital Southwest Corp. | 159 | 5,226 | ||||||
KCAP Financial, Inc. | 619 | 5,218 | ||||||
Nicholas Financial, Inc. | 325 | 5,216 | ||||||
Independence Holding Co. | 380 | 5,214 | ||||||
Franklin Financial Corp. | 276 | 5,208 | ||||||
Metro Bancorp, Inc.* | 244 | 5,207 | ||||||
NewStar Financial, Inc.* | 299 | 5,206 | ||||||
MCG Capital Corp. | 1,105 | 5,205 | ||||||
BofI Holding, Inc.* | 86 | 5,196 | ||||||
Susquehanna Bancshares, Inc. | 440 | 5,185 | ||||||
United Financial Bancorp, Inc. | 330 | 5,174 | ||||||
Whitestone REIT — Class B | 375 | 5,171 | ||||||
Arlington Asset Investment Corp. — | ||||||||
Class A | 209 | 5,156 | ||||||
Armada Hoffler Properties, Inc. | 535 | 5,147 | ||||||
Financial Engines, Inc. | 92 | 5,140 | ||||||
Citizens & Northern Corp. | 260 | 5,138 | ||||||
National Bankshares, Inc. | 146 | 5,132 | ||||||
Imperial Holdings, Inc.* | 874 | 5,122 | ||||||
Western Asset Mortgage Capital Corp. | 317 | 5,107 | ||||||
Brookline Bancorp, Inc. | 574 | 5,091 | ||||||
Hampton Roads Bankshares, Inc.* | 3,603 | 5,080 | ||||||
Bancorp, Inc.* | 313 | 5,061 | ||||||
EZCORP, Inc. — Class A* | 321 | 5,049 | ||||||
OFG Bancorp | 337 | 4,991 | ||||||
Cascade Bancorp* | 964 | 4,984 | ||||||
FXCM, Inc. — Class A | 304 | 4,983 | ||||||
NASB Financial, Inc.* | 193 | 4,970 | ||||||
OmniAmerican Bancorp, Inc.* | 226 | 4,954 | ||||||
Maiden Holdings Ltd. | 452 | 4,949 | ||||||
National Interstate Corp. | 188 | 4,912 | ||||||
Fortegra Financial Corp.* | 661 | 4,872 | ||||||
Middleburg Financial Corp. | 264 | 4,836 | ||||||
PennyMac Financial Services, Inc. — | ||||||||
Class A* | 300 | 4,830 | ||||||
Cash America International, Inc. | 122 | 4,813 | ||||||
Green Dot Corp. — Class A* | 224 | 4,807 | ||||||
Provident Financial Holdings, Inc. | 316 | 4,791 | ||||||
Doral Financial Corp.* | 281 | 4,749 | ||||||
Sun Bancorp, Inc.* | 1,438 | 4,745 | ||||||
Walker & Dunlop, Inc.* | 364 | 4,725 | ||||||
Republic Bancorp, Inc. — Class A | 199 | 4,581 | ||||||
GFI Group, Inc. | 1,312 | 4,553 | ||||||
Gain Capital Holdings, Inc. | 391 | 4,094 | ||||||
Tower Group International Ltd. | 681 | 2,472 | ||||||
Total Financials | 2,757,185 | |||||||
HEALTH CARE - 10.7% | ||||||||
PhotoMedex, Inc.* | 2,905 | 36,719 | ||||||
Zogenix, Inc.* | 5,379 | 15,760 | ||||||
Cardiovascular Systems, Inc.* | 493 | 14,963 | ||||||
Zeltiq Aesthetics, Inc.* | 1,131 | 14,669 | ||||||
TherapeuticsMD, Inc.* | 3,378 | 14,255 | ||||||
Natus Medical, Inc.* | 698 | 13,772 | ||||||
Fluidigm Corp.* | 435 | 13,703 | ||||||
Dyax Corp.* | 1,633 | 13,423 | ||||||
CryoLife, Inc. | 1,482 | 13,323 | ||||||
Ampio Pharmaceuticals, Inc.* | 1,497 | 13,233 | ||||||
AtriCure, Inc.* | 955 | 13,227 | ||||||
NeoGenomics, Inc.* | 3,624 | 13,191 | ||||||
NuVasive, Inc.* | 412 | 13,093 | ||||||
Accelerate Diagnostics, Inc.* | 1,008 | 12,923 | ||||||
Anacor Pharmaceuticals, Inc.* | 993 | 12,919 | ||||||
MiMedx Group, Inc.* | 2,401 | 12,725 | ||||||
Rockwell Medical, Inc.* | 1,102 | 12,695 | ||||||
Cambrex Corp.* | 749 | 12,598 | ||||||
Geron Corp.* | 3,182 | 12,569 | ||||||
ABIOMED, Inc.* | 523 | 12,542 | ||||||
Merit Medical Systems, Inc.* | 783 | 12,520 | ||||||
Spectranetics Corp.* | 597 | 12,471 | ||||||
athenahealth, Inc.* | 93 | 12,416 | ||||||
Ligand Pharmaceuticals, Inc. — | ||||||||
Class B* | 237 | 12,267 | ||||||
Invacare Corp. | 567 | 12,173 | ||||||
Vascular Solutions, Inc.* | 620 | 12,164 | ||||||
Anika Therapeutics, Inc.* | 407 | 12,157 | ||||||
Horizon Pharma, Inc.* | 2,869 | 12,021 | ||||||
Cantel Medical Corp. | 342 | 12,004 | ||||||
Align Technology, Inc.* | 209 | 11,926 | ||||||
AMAG Pharmaceuticals, Inc.* | 441 | 11,898 | ||||||
West Pharmaceutical Services, Inc. | 246 | 11,894 | ||||||
Prothena Corporation plc* | 494 | 11,876 | ||||||
Halozyme Therapeutics, Inc.* | 1,015 | 11,825 | ||||||
AngioDynamics, Inc.* | 746 | 11,727 | ||||||
Lannett Company, Inc.* | 496 | 11,711 | ||||||
Affymetrix, Inc.* | 1,647 | 11,644 | ||||||
Team Health Holdings, Inc.* | 268 | 11,642 | ||||||
Thoratec Corp.* | 266 | 11,489 | ||||||
Corvel Corp.* | 276 | 11,482 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 65 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Cempra, Inc.* | 1,010 | $ | 11,474 | |||||
Medidata Solutions, Inc.* | 104 | 11,472 | ||||||
Neogen Corp.* | 248 | 11,439 | ||||||
Galena Biopharma, Inc.*,1 | 5,102 | 11,377 | ||||||
Insys Therapeutics, Inc.* | 285 | 11,369 | ||||||
Opko Health, Inc.* | 1,134 | 11,363 | ||||||
Momenta Pharmaceuticals, Inc.* | 693 | 11,358 | ||||||
Integra LifeSciences Holdings Corp.* | 248 | 11,353 | ||||||
Exactech, Inc.* | 498 | 11,305 | ||||||
Insulet Corp.* | 288 | 11,238 | ||||||
Acadia Healthcare Company, Inc.* | 259 | 11,230 | ||||||
Endologix, Inc.* | 619 | 11,185 | ||||||
Analogic Corp. | 121 | 11,160 | ||||||
Cyberonics, Inc.* | 193 | 11,148 | ||||||
Harvard Bioscience, Inc.* | 1,890 | 11,132 | ||||||
Greatbatch, Inc.* | 292 | 11,131 | ||||||
Hanger, Inc.* | 303 | 11,120 | ||||||
Amsurg Corp. — Class A* | 259 | 11,109 | ||||||
Akorn, Inc.* | 542 | 11,078 | ||||||
PharMerica Corp.* | 750 | 11,070 | ||||||
Cutera, Inc.* | 1,098 | 11,035 | ||||||
Tetraphase Pharmaceuticals, Inc.* | 880 | 11,026 | ||||||
IPC The Hospitalist Company, Inc.* | 201 | 11,013 | ||||||
ZIOPHARM Oncology, Inc.* | 3,103 | 10,985 | ||||||
Globus Medical, Inc. — Class A* | 567 | 10,886 | ||||||
Tornier N.V.* | 505 | 10,863 | ||||||
Questcor Pharmaceuticals, Inc. | 177 | 10,862 | ||||||
Bio-Reference Labs, Inc.* | 333 | 10,793 | ||||||
OraSure Technologies, Inc.* | 1,655 | 10,791 | ||||||
Sunesis Pharmaceuticals, Inc.* | 2,152 | 10,782 | ||||||
Cerus Corp.* | 1,701 | 10,733 | ||||||
Pacira Pharmaceuticals, Inc.* | 212 | 10,708 | ||||||
Owens & Minor, Inc. | 286 | 10,702 | ||||||
CONMED Corp. | 295 | 10,700 | ||||||
Lexicon Pharmaceuticals, Inc.* | 4,457 | 10,697 | ||||||
Santarus, Inc.* | 458 | 10,685 | ||||||
Medicines Co.* | 315 | 10,685 | ||||||
Pozen, Inc.* | 1,698 | 10,672 | ||||||
Providence Service Corp.* | 357 | 10,671 | ||||||
Quality Systems, Inc. | 467 | 10,657 | ||||||
Aratana Therapeutics, Inc.* | 532 | 10,619 | ||||||
Receptos, Inc.* | 415 | 10,607 | ||||||
KYTHERA Biopharmaceuticals, Inc.* | 237 | 10,596 | ||||||
Durata Therapeutics, Inc.* | 1,091 | 10,561 | ||||||
Omeros Corp.* | 1,056 | 10,560 | ||||||
Select Medical Holdings Corp. | 1,240 | 10,515 | ||||||
MWI Veterinary Supply, Inc.* | 66 | 10,470 | ||||||
Albany Molecular Research, Inc.* | 798 | 10,454 | ||||||
STERIS Corp. | 231 | 10,439 | ||||||
Atrion Corp. | 39 | 10,420 | ||||||
Cepheid, Inc.* | 255 | 10,384 | ||||||
ArthroCare Corp.* | 277 | 10,371 | ||||||
DexCom, Inc.* | 360 | 10,343 | ||||||
Emergent Biosolutions, Inc.* | 529 | 10,331 | ||||||
Capital Senior Living Corp.* | 465 | 10,314 | ||||||
US Physical Therapy, Inc. | 323 | 10,310 | ||||||
Meridian Bioscience, Inc. | 417 | 10,308 | ||||||
Spectrum Pharmaceuticals, Inc. | 1,199 | 10,299 | ||||||
Kindred Healthcare, Inc. | 741 | 10,285 | ||||||
Raptor Pharmaceutical Corp.* | 715 | 10,282 | ||||||
Sagent Pharmaceuticals, Inc.* | 474 | 10,281 | ||||||
Air Methods Corp. | 234 | 10,230 | ||||||
Wright Medical Group, Inc.* | 376 | 10,216 | ||||||
Alliance HealthCare Services, Inc.* | 405 | 10,210 | ||||||
Epizyme, Inc.* | 266 | 10,193 | ||||||
Cell Therapeutics, Inc.* | 5,788 | 10,187 | ||||||
NxStage Medical, Inc.* | 767 | 10,178 | ||||||
Sucampo Pharmaceuticals, Inc. — | ||||||||
Class A* | 1,639 | 10,162 | ||||||
HealthSouth Corp. | 289 | 10,147 | ||||||
XOMA Corp.* | 2,249 | 10,143 | ||||||
Ensign Group, Inc. | 238 | 10,134 | ||||||
Staar Surgical Co.* | 765 | 10,129 | ||||||
GenMark Diagnostics, Inc.* | 837 | 10,128 | ||||||
Keryx Biopharmaceuticals, Inc.* | 971 | 10,050 | ||||||
PDL BioPharma, Inc. | 1,242 | 10,048 | ||||||
Emeritus Corp.* | 523 | 10,021 | ||||||
MAKO Surgical Corp.* | 336 | 10,016 | ||||||
Corcept Therapeutics, Inc.* | 5,891 | 9,956 | ||||||
ExamWorks Group, Inc.* | 385 | 9,952 | ||||||
Rochester Medical Corp.* | 497 | 9,930 | ||||||
Supernus Pharmaceuticals, Inc.*,1 | 1,400 | 9,898 | ||||||
Dynavax Technologies Corp.* | 8,047 | 9,898 | ||||||
Haemonetics Corp.* | 244 | 9,897 | ||||||
Cross Country Healthcare, Inc.* | 1,666 | 9,896 | ||||||
Antares Pharma, Inc.* | 2,468 | 9,872 | ||||||
Hi-Tech Pharmacal Company, Inc. | 229 | 9,868 | ||||||
Greenway Medical Technologies* | 484 | 9,849 | ||||||
Skilled Healthcare Group, Inc. — | ||||||||
Class A* | 2,312 | 9,849 | ||||||
Almost Family, Inc. | 512 | 9,846 | ||||||
ViroPharma, Inc.* | 253 | 9,821 | ||||||
Computer Programs & Systems, Inc. | 172 | 9,811 | ||||||
Symmetry Medical, Inc.* | 1,211 | 9,809 | ||||||
Gentiva Health Services, Inc.* | 852 | 9,755 | ||||||
ImmunoGen, Inc.*,1 | 592 | 9,744 | ||||||
National Research Corp. — | ||||||||
Class A* | 555 | 9,735 | ||||||
Repligen Corp.* | 889 | 9,726 | ||||||
National Healthcare Corp. | 201 | 9,724 | ||||||
Luminex Corp.* | 498 | 9,711 | ||||||
Cornerstone Therapeutics, Inc.* | 1,025 | 9,707 | ||||||
TESARO, Inc.* | 252 | 9,702 | ||||||
Aegerion Pharmaceuticals, Inc.* | 117 | 9,690 | ||||||
OvaScience, Inc.* | 1,001 | 9,680 | ||||||
AVEO Pharmaceuticals, Inc.* | 4,668 | 9,663 | ||||||
HeartWare International, Inc.* | 133 | 9,650 | ||||||
Novavax, Inc.* | 3,112 | 9,647 | ||||||
SurModics, Inc.* | 409 | 9,644 | ||||||
Genomic Health, Inc.* | 322 | 9,634 | ||||||
Vivus, Inc.*,1 | 1,026 | 9,634 | ||||||
Chemed Corp. | 142 | 9,630 |
66 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Masimo Corp. | 375 | $ | 9,608 | |||||
BioDelivery Sciences International, | ||||||||
Inc.* | 1,829 | 9,602 | ||||||
Amedisys, Inc.* | 589 | 9,589 | ||||||
Vical, Inc.* | 7,670 | 9,588 | ||||||
Utah Medical Products, Inc. | 172 | 9,574 | ||||||
Magellan Health Services, Inc.* | 163 | 9,568 | ||||||
Impax Laboratories, Inc.* | 471 | 9,542 | ||||||
Five Star Quality Care, Inc.* | 1,882 | 9,542 | ||||||
WellCare Health Plans, Inc.* | 143 | 9,535 | ||||||
Biotime, Inc.* | 2,625 | 9,529 | ||||||
Insmed, Inc.* | 669 | 9,527 | ||||||
InterMune, Inc.* | 673 | 9,483 | ||||||
NewLink Genetics Corp.* | 566 | 9,481 | ||||||
Intrexon Corp.* | 447 | 9,476 | ||||||
Universal American Corp. | 1,272 | 9,438 | ||||||
Auxilium Pharmaceuticals, Inc.* | 548 | 9,431 | ||||||
Chindex International, Inc.* | 560 | 9,425 | ||||||
Depomed, Inc.* | 1,307 | 9,410 | ||||||
SIGA Technologies, Inc.* | 2,742 | 9,405 | ||||||
Landauer, Inc. | 194 | 9,390 | ||||||
Accuray, Inc.* | 1,390 | 9,383 | ||||||
Portola Pharmaceuticals, Inc.* | 422 | 9,347 | ||||||
Cynosure, Inc. — Class A* | 432 | 9,336 | ||||||
Triple-S Management Corp. — | ||||||||
Class B* | 523 | 9,315 | ||||||
HealthStream, Inc.* | 260 | 9,287 | ||||||
Chelsea Therapeutics International | ||||||||
Ltd.* | 3,277 | 9,274 | ||||||
Peregrine Pharmaceuticals, Inc.* | 7,171 | 9,251 | ||||||
Merge Healthcare, Inc.* | 3,639 | 9,243 | ||||||
Orthofix International N.V.* | 451 | 9,241 | ||||||
AVANIR Pharmaceuticals, Inc. — | ||||||||
Class A* | 2,280 | 9,234 | ||||||
Nanosphere, Inc.* | 4,735 | 9,233 | ||||||
Exact Sciences Corp.* | 837 | 9,224 | ||||||
TearLab Corp.* | 884 | 9,220 | ||||||
Curis, Inc.* | 2,307 | 9,205 | ||||||
Threshold Pharmaceuticals, Inc.* | 2,115 | 9,179 | ||||||
XenoPort, Inc.* | 1,749 | 9,147 | ||||||
PAREXEL International Corp.* | 200 | 9,142 | ||||||
Medical Action Industries, Inc.* | 1,506 | 9,126 | ||||||
Arqule, Inc.* | 4,056 | 9,126 | ||||||
MedAssets, Inc.* | 396 | 9,120 | ||||||
ACADIA Pharmaceuticals, Inc.* | 401 | 9,115 | ||||||
Omnicell, Inc.* | 395 | 9,113 | ||||||
Alnylam Pharmaceuticals, Inc.* | 157 | 9,045 | ||||||
SciClone Pharmaceuticals, Inc.* | 1,911 | 9,039 | ||||||
Targacept, Inc.* | 1,892 | 8,987 | ||||||
Unilife Corp.*,1 | 2,958 | 8,963 | ||||||
ICU Medical, Inc.* | 145 | 8,961 | ||||||
Furiex Pharmaceuticals, Inc.* | 229 | 8,954 | ||||||
HMS Holdings Corp.* | 422 | 8,917 | ||||||
Biolase, Inc.* | 4,757 | 8,896 | ||||||
Molina Healthcare, Inc.* | 281 | 8,891 | ||||||
ChemoCentryx, Inc.* | 1,795 | 8,885 | ||||||
Sangamo Biosciences, Inc.* | 947 | 8,873 | ||||||
Accretive Health, Inc.* | 1,071 | 8,846 | ||||||
Derma Sciences, Inc.* | 761 | 8,805 | ||||||
Isis Pharmaceuticals, Inc.* | 264 | 8,783 | ||||||
AMN Healthcare Services, Inc.* | 708 | 8,779 | ||||||
Alphatec Holdings, Inc.* | 4,804 | 8,743 | ||||||
Amicus Therapeutics, Inc.* | 4,107 | 8,707 | ||||||
Centene Corp.* | 155 | 8,705 | ||||||
Acorda Therapeutics, Inc.* | 284 | 8,693 | ||||||
Addus HomeCare Corp.* | 336 | 8,686 | ||||||
Enanta Pharmaceuticals, Inc.* | 435 | 8,683 | ||||||
Rigel Pharmaceuticals, Inc.* | 2,804 | 8,664 | ||||||
NPS Pharmaceuticals, Inc.* | 301 | 8,663 | ||||||
Exelixis, Inc.* | 1,752 | 8,637 | ||||||
Quidel Corp.* | 349 | 8,620 | ||||||
LHC Group, Inc.* | 418 | 8,611 | ||||||
KaloBios Pharmaceuticals, Inc.* | 2,138 | 8,573 | ||||||
Dendreon Corp.*,1 | 3,331 | 8,561 | ||||||
Solta Medical, Inc.* | 4,625 | 8,556 | ||||||
Enzon Pharmaceuticals, Inc. | 5,754 | 8,516 | ||||||
OncoMed Pharmaceuticals, Inc.* | 612 | 8,513 | ||||||
Esperion Therapeutics, Inc.* | 543 | 8,509 | ||||||
Synergy Pharmaceuticals, Inc.* | 2,106 | 8,508 | ||||||
Agios Pharmaceuticals, Inc.* | 367 | 8,500 | ||||||
Conatus Pharmaceuticals, Inc.* | 952 | 8,473 | ||||||
Abaxis, Inc. | 237 | 8,468 | ||||||
Intercept Pharmaceuticals, Inc.* | 156 | 8,461 | ||||||
Vocera Communications, Inc.* | 497 | 8,365 | ||||||
Neurocrine Biosciences, Inc.* | 879 | 8,298 | ||||||
Sarepta Therapeutics, Inc.* | 213 | 8,294 | ||||||
Array BioPharma, Inc.* | 1,650 | 8,283 | ||||||
Cytori Therapeutics, Inc.* | 3,999 | 8,238 | ||||||
Synageva BioPharma Corp.* | 161 | 8,179 | ||||||
PTC Therapeutics, Inc.* | 453 | 8,149 | ||||||
MannKind Corp.* | 1,666 | 8,147 | ||||||
Volcano Corp.* | 424 | 8,128 | ||||||
Ironwood Pharmaceuticals, Inc. — | ||||||||
Class A* | 835 | 8,024 | ||||||
MEI Pharma, Inc.* | 995 | 7,980 | ||||||
GTx, Inc.* | 4,646 | 7,945 | ||||||
Cadence Pharmaceuticals, Inc.* | 1,607 | 7,923 | ||||||
Osiris Therapeutics, Inc.* | 595 | 7,919 | ||||||
Bluebird Bio, Inc.* | 371 | 7,884 | ||||||
Cytokinetics, Inc.* | 1,297 | 7,795 | ||||||
Clovis Oncology, Inc.* | 152 | 7,769 | ||||||
Infinity Pharmaceuticals, Inc.* | 571 | 7,737 | ||||||
Verastem, Inc.* | 770 | 7,700 | ||||||
Orexigen Therapeutics, Inc.* | 1,573 | 7,676 | ||||||
OncoGenex Pharmaceutical, Inc.* | 1,090 | 7,663 | ||||||
Endocyte, Inc.* | 733 | 7,645 | ||||||
BioScrip, Inc.* | 1,075 | 7,536 | ||||||
Pernix Therapeutics Holdings* | 3,599 | 7,522 | ||||||
Arena Pharmaceuticals, Inc.* | 1,709 | 7,503 | ||||||
Chimerix, Inc.* | 495 | 7,499 | ||||||
RTI Surgical, Inc.* | 2,682 | 7,483 | ||||||
Navidea Biopharmaceuticals, Inc.* | 3,693 | 7,386 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 67 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Regulus Therapeutics, Inc.* | 1,059 | $ | 7,381 | |||||
Fibrocell Science, Inc.* | 1,983 | 7,337 | ||||||
Synta Pharmaceuticals Corp.*,1 | 1,615 | 7,332 | ||||||
Hyperion Therapeutics, Inc.* | 362 | 7,251 | ||||||
Sequenom, Inc.* | 3,720 | 7,142 | ||||||
Nektar Therapeutics* | 738 | 7,018 | ||||||
Merrimack Pharmaceuticals, Inc.* | 2,605 | 6,981 | ||||||
Progenics Pharmaceuticals, Inc.* | 1,914 | 6,967 | ||||||
Puma Biotechnology, Inc.* | 179 | 6,857 | ||||||
Pacific Biosciences of California, Inc.* | 1,655 | 6,802 | ||||||
Celldex Therapeutics, Inc.* | 296 | 6,781 | ||||||
Stemline Therapeutics, Inc.* | 235 | 6,540 | ||||||
Repros Therapeutics, Inc.* | 352 | 6,350 | ||||||
Idenix Pharmaceuticals, Inc.* | 1,900 | 6,251 | ||||||
AcelRx Pharmaceuticals, Inc.* | 929 | 6,243 | ||||||
Immunomedics, Inc.* | 1,617 | 6,128 | ||||||
Vanda Pharmaceuticals, Inc.* | 835 | 5,979 | ||||||
Onconova Therapeutics, Inc.* | 378 | 5,950 | ||||||
Cellular Dynamics International, Inc.* | 415 | 5,856 | ||||||
Alimera Sciences, Inc.* | 2,653 | 5,677 | ||||||
Healthways, Inc.* | 539 | 5,191 | ||||||
TG Therapeutics, Inc.* | 1,434 | 5,177 | ||||||
Achillion Pharmaceuticals, Inc.* | 1,398 | 3,509 | ||||||
Coronado Biosciences, Inc.* | 1,424 | 2,378 | ||||||
Total Health Care | 2,751,861 | |||||||
CONSUMER STAPLES - 10.5% | ||||||||
Pantry, Inc.* | 3,993 | 53,466 | ||||||
WD-40 Co. | 722 | 52,338 | ||||||
Diamond Foods, Inc.* | 2,110 | 51,505 | ||||||
Orchids Paper Products Co. | 1,671 | 50,966 | ||||||
Hain Celestial Group, Inc.* | 610 | 50,770 | ||||||
Rite Aid Corp.* | 9,513 | 50,704 | ||||||
United Natural Foods, Inc.* | 697 | 49,801 | ||||||
TreeHouse Foods, Inc.* | 678 | 49,670 | ||||||
Natural Grocers by Vitamin Cottage, | ||||||||
Inc.* | 1,240 | 49,476 | ||||||
J&J Snack Foods Corp. | 578 | 49,459 | ||||||
Lancaster Colony Corp. | 591 | 49,047 | ||||||
Nash Finch Co. | 1,746 | 48,993 | ||||||
Spartan Stores, Inc. | 2,081 | 48,966 | ||||||
Andersons, Inc. | 658 | 48,810 | ||||||
John B Sanfilippo & Son, Inc. | 1,978 | 48,619 | ||||||
Snyders-Lance, Inc. | 1,621 | 48,614 | ||||||
Roundy’s, Inc. | 5,221 | 48,555 | ||||||
Post Holdings, Inc.* | 1,128 | 48,448 | ||||||
Universal Corp. | 907 | 48,098 | ||||||
Cal-Maine Foods, Inc. | 945 | 47,940 | ||||||
Alliance One International, Inc.* | 16,094 | 47,799 | ||||||
Limoneira Co. | 1,809 | 47,649 | ||||||
Weis Markets, Inc. | 928 | 47,486 | ||||||
Tootsie Roll Industries, Inc. | 1,483 | 47,456 | ||||||
Susser Holdings Corp.* | 864 | 47,382 | ||||||
Chefs’ Warehouse, Inc.* | 1,974 | 47,297 | ||||||
Boulder Brands, Inc.* | 2,873 | 47,088 | ||||||
Nutraceutical International Corp. | 1,951 | 46,922 | ||||||
Spectrum Brands Holdings, Inc. | 710 | 46,803 | ||||||
National Beverage Corp. | 2,553 | 46,745 | ||||||
Vector Group Ltd. | 2,886 | 46,667 | ||||||
Harris Teeter Supermarkets, Inc. | 946 | 46,657 | ||||||
Casey’s General Stores, Inc. | 640 | 46,643 | ||||||
Coca-Cola Bottling Company | ||||||||
Consolidated | 736 | 46,604 | ||||||
Dole Food Company, Inc.* | 3,438 | 46,585 | ||||||
Seaboard Corp. | 17 | 46,410 | ||||||
Nature’s Sunshine Products, Inc. | 2,435 | 45,997 | ||||||
Female Health Co. | 4,830 | 45,982 | ||||||
Fairway Group Holdings Corp.* | 1,861 | 45,464 | ||||||
Seneca Foods Corp. — Class A* | 1,541 | 45,182 | ||||||
Annie’s, Inc.* | 945 | 44,651 | ||||||
B&G Foods, Inc. — Class A | 1,316 | 44,547 | ||||||
Calavo Growers, Inc. | 1,500 | 44,535 | ||||||
Sanderson Farms, Inc. | 694 | 43,868 | ||||||
Village Super Market, Inc. — Class A | 1,193 | 43,735 | ||||||
Boston Beer Company, Inc. — Class A* | 189 | 43,393 | ||||||
Lifevantage Corp.* | 19,545 | 42,804 | ||||||
Star Scientific, Inc.*,1 | 23,613 | 42,740 | ||||||
Omega Protein Corp.* | 4,560 | 42,682 | ||||||
Ingles Markets, Inc. — Class A | 1,652 | 42,638 | ||||||
Fresh Del Monte Produce, Inc. | 1,539 | 40,922 | ||||||
SUPERVALU, Inc.* | 5,598 | 39,354 | ||||||
Medifast, Inc.* | 1,681 | 39,184 | ||||||
Pilgrim’s Pride Corp.* | 2,678 | 37,947 | ||||||
Chiquita Brands International, Inc.* | 3,567 | 36,918 | ||||||
USANA Health Sciences, Inc.* | 541 | 36,912 | ||||||
Oil-Dri Corporation of America | 658 | 23,352 | ||||||
Darling International, Inc.* | 526 | 12,240 | ||||||
PriceSmart, Inc. | 103 | 11,720 | ||||||
Inter Parfums, Inc. | 331 | 11,638 | ||||||
Central Garden and Pet Co. — | ||||||||
Class A* | 1,443 | 10,620 | ||||||
Prestige Brands Holdings, Inc.* | 312 | 9,744 | ||||||
Elizabeth Arden, Inc.* | 263 | 9,518 | ||||||
Revlon, Inc. — | ||||||||
Class A* | 359 | 8,526 | ||||||
Harbinger Group, Inc.* | 558 | 6,077 | ||||||
Griffin Land & Nurseries, Inc. | 181 | 5,973 | ||||||
Total Consumer Staples | 2,705,301 | |||||||
MATERIALS - 7.5% | ||||||||
US Silica Holdings, Inc. | 918 | 31,965 | ||||||
Ferro Corp.* | 2,475 | 31,754 | ||||||
SunCoke Energy, Inc.* | 1,532 | 30,640 | ||||||
Walter Energy, Inc. | 1,862 | 29,587 | ||||||
Zep, Inc. | 1,383 | 27,508 | ||||||
KapStone Paper and Packaging Corp. | 514 | 26,707 | ||||||
Haynes International, Inc. | 495 | 26,681 | ||||||
Resolute Forest Products, Inc.* | 1,663 | 26,591 | ||||||
Worthington Industries, Inc. | 653 | 26,473 | ||||||
HB Fuller Co. | 548 | 26,233 | ||||||
Minerals Technologies, Inc. | 455 | 25,767 | ||||||
Arabian American Development Co.* | 2,826 | 25,717 | ||||||
Tredegar Corp. | 863 | 25,217 | ||||||
Globe Specialty Metals, Inc. | 1,437 | 25,205 | ||||||
US Concrete, Inc.* | 1,153 | 25,193 | ||||||
A. Schulman, Inc. | 757 | 25,072 |
68 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Balchem Corp. | 429 | $ | 24,565 | |||||
Sensient Technologies Corp. | 470 | 24,501 | ||||||
AK Steel Holding Corp.* | 5,524 | 24,306 | ||||||
Kraton Performance Polymers, Inc.* | 1,138 | 24,205 | ||||||
Horsehead Holding Corp.* | 1,668 | 24,203 | ||||||
Commercial Metals Co. | 1,306 | 23,978 | ||||||
Clearwater Paper Corp.* | 459 | 23,969 | ||||||
Calgon Carbon Corp.* | 1,198 | 23,900 | ||||||
Flotek Industries, Inc.* | 1,117 | 23,881 | ||||||
Neenah Paper, Inc. | 577 | 23,738 | ||||||
LSB Industries, Inc.* | 646 | 23,721 | ||||||
Koppers Holdings, Inc. | 531 | 23,635 | ||||||
Schnitzer Steel Industries, Inc. — | ||||||||
Class A | 809 | 23,493 | ||||||
RTI International Metals, Inc.* | 690 | 23,391 | ||||||
Chemtura Corp.* | 954 | 23,373 | ||||||
Quaker Chemical Corp. | 307 | 23,304 | ||||||
Noranda Aluminum Holding Corp. | 8,551 | 23,259 | ||||||
UFP Technologies, Inc.* | 1,008 | 23,234 | ||||||
Century Aluminum Co.* | 2,656 | 23,054 | ||||||
OMNOVA Solutions, Inc.* | 2,637 | 22,942 | ||||||
Marrone Bio Innovations, Inc.* | 1,320 | 22,942 | ||||||
OM Group, Inc.* | 671 | 22,814 | ||||||
Axiall Corp. | 586 | 22,790 | ||||||
Stepan Co. | 384 | 22,606 | ||||||
Schweitzer-Mauduit International, | ||||||||
Inc. | 364 | 22,524 | ||||||
Innospec, Inc. | 489 | 22,523 | ||||||
Zoltek Companies, Inc.* | 1,348 | 22,512 | ||||||
PolyOne Corp. | 740 | 22,422 | ||||||
Chase Corp. | 740 | 22,392 | ||||||
Universal Stainless & Alloy Products, | ||||||||
Inc.* | 686 | 22,172 | ||||||
Stillwater Mining Co.* | 2,023 | 22,071 | ||||||
Deltic Timber Corp. | 345 | 22,039 | ||||||
Handy & Harman Ltd.* | 951 | 21,959 | ||||||
PH Glatfelter Co. | 836 | 21,903 | ||||||
Olympic Steel, Inc. | 800 | 21,896 | ||||||
Graphic Packaging Holding Co.* | 2,594 | 21,790 | ||||||
Louisiana-Pacific Corp.* | 1,274 | 21,671 | ||||||
Taminco Corp.* | 1,085 | 21,667 | ||||||
Penford Corp.* | 1,592 | 21,651 | ||||||
American Vanguard Corp. | 826 | 21,559 | ||||||
AMCOL International Corp. | 672 | 21,558 | ||||||
Hecla Mining Co. | 6,885 | 21,481 | ||||||
Coeur Mining, Inc.* | 1,759 | 21,477 | ||||||
Landec Corp.* | 1,834 | 21,476 | ||||||
Midway Gold Corp.* | 22,833 | 21,463 | ||||||
Boise Cascade Co.* | 838 | 21,461 | ||||||
Kaiser Aluminum Corp. | 318 | 21,449 | ||||||
Headwaters, Inc.* | 2,448 | 21,371 | ||||||
Berry Plastics Group, Inc.* | 1,063 | 21,345 | ||||||
Innophos Holdings, Inc. | 425 | 21,301 | ||||||
Olin Corp. | 943 | 21,227 | ||||||
FutureFuel Corp. | 1,202 | 20,927 | ||||||
Hawkins, Inc. | 580 | 20,886 | ||||||
United States Lime & Minerals, Inc.* | 375 | 20,835 | ||||||
Paramount Gold and Silver Corp.*,1 | 17,171 | 20,777 | ||||||
General Moly, Inc.* | 12,585 | 20,639 | ||||||
Intrepid Potash, Inc. | 1,371 | 20,359 | ||||||
Wausau Paper Corp. | 1,728 | 20,218 | ||||||
Materion Corp. | 676 | 20,152 | ||||||
Allied Nevada Gold Corp.* | 4,867 | 19,857 | ||||||
KMG Chemicals, Inc. | 993 | 19,840 | ||||||
Myers Industries, Inc. | 1,102 | 19,638 | ||||||
American Pacific Corp.* | 425 | 19,346 | ||||||
AEP Industries, Inc.* | 322 | 19,133 | ||||||
Texas Industries, Inc.* | 338 | 18,151 | ||||||
Gold Resource Corp. | 3,300 | 17,127 | ||||||
Molycorp, Inc.* | 3,072 | 15,575 | ||||||
AM Castle & Co.* | 689 | 9,860 | ||||||
Advanced Emissions Solutions, Inc.* | 260 | 9,820 | ||||||
Total Materials | 1,923,614 | |||||||
UTILITIES - 6.1% | ||||||||
NRG Yield, Inc. — Class A* | 1,449 | 51,324 | ||||||
Southwest Gas Corp. | 880 | 47,749 | ||||||
California Water Service Group | 2,175 | 47,415 | ||||||
PNM Resources, Inc. | 1,939 | 46,381 | ||||||
El Paso Electric Co. | 1,317 | 46,319 | ||||||
UNS Energy Corp. | 936 | 46,313 | ||||||
Otter Tail Corp. | 1,546 | 46,117 | ||||||
IDACORP, Inc. | 890 | 45,924 | ||||||
WGL Holdings, Inc. | 1,017 | 45,775 | ||||||
American States Water Co. | 1,605 | 45,710 | ||||||
Laclede Group, Inc. | 969 | 45,611 | ||||||
ALLETE, Inc. | 902 | 45,578 | ||||||
NorthWestern Corp. | 994 | 45,565 | ||||||
Atlantic Power Corp.1 | 10,142 | 45,538 | ||||||
Northwest Natural Gas Co. | 1,040 | 45,167 | ||||||
Piedmont Natural Gas Company, Inc. | 1,320 | 45,065 | ||||||
New Jersey Resources Corp. | 979 | 45,063 | ||||||
Empire District Electric Co. | 2,001 | 45,002 | ||||||
Avista Corp. | 1,616 | 44,909 | ||||||
Black Hills Corp. | 883 | 44,786 | ||||||
Chesapeake Utilities Corp. | 822 | 44,725 | ||||||
South Jersey Industries, Inc. | 750 | 44,663 | ||||||
Cleco Corp. | 963 | 44,625 | ||||||
Unitil Corp. | 1,475 | 44,575 | ||||||
Artesian Resources Corp. — | ||||||||
Class A | 1,939 | 44,403 | ||||||
Portland General Electric Co. | 1,537 | 44,112 | ||||||
MGE Energy, Inc. | 783 | 44,091 | ||||||
Consolidated Water Company Ltd. | 2,925 | 43,992 | ||||||
Connecticut Water Service, Inc. | 1,371 | 43,941 | ||||||
UIL Holdings Corp. | 1,134 | 43,682 | ||||||
York Water Co. | 2,106 | 43,615 | ||||||
Dynegy, Inc.* | 2,226 | 43,251 | ||||||
SJW Corp. | 1,531 | 43,220 | ||||||
Ormat Technologies, Inc. | 1,631 | 42,520 | ||||||
Middlesex Water Co. | 2,045 | 42,393 | ||||||
Total Utilities | 1,579,119 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 69 |
SCHEDULE OF INVESTMENTS (concluded) | October 31, 2013 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
TELECOMMUNICATION SERVICES - 4.2% | ||||||||
Inteliquent, Inc. | 4,586 | $ | 58,928 | |||||
Shenandoah Telecommunications Co. | 1,921 | 53,269 | ||||||
IDT Corp. — Class B | 2,424 | 53,061 | ||||||
Vonage Holdings Corp.* | 13,800 | 51,474 | ||||||
ORBCOMM, Inc.* | 8,480 | 51,134 | ||||||
NTELOS Holdings Corp. | 2,532 | 48,209 | ||||||
Cogent Communications Group, Inc. | 1,351 | 47,461 | ||||||
Atlantic Tele-Network, Inc. | 850 | 47,107 | ||||||
8x8, Inc.* | 4,057 | 46,493 | ||||||
Consolidated Communications Holdings, | ||||||||
Inc. | 2,492 | 46,426 | ||||||
USA Mobility, Inc. | 3,026 | 45,148 | ||||||
Lumos Networks Corp. | 2,051 | 45,143 | ||||||
Leap Wireless International, Inc.* | 2,799 | 45,064 | ||||||
Cincinnati Bell, Inc.* | 15,630 | 44,702 | ||||||
General Communication, Inc. — | ||||||||
Class A* | 4,659 | 44,307 | ||||||
Fairpoint Communications, Inc.* | 4,725 | 44,132 | ||||||
Cbeyond, Inc.* | 6,845 | 44,082 | ||||||
Hawaiian Telcom Holdco, Inc.* | 1,645 | 43,724 | ||||||
Towerstream Corp.* | 17,792 | 42,701 | ||||||
Premiere Global Services, Inc.* | 4,473 | 40,302 | ||||||
inContact, Inc.* | 5,223 | 39,643 | ||||||
Iridium Communications, Inc.* | 6,320 | 38,110 | ||||||
magicJack VocalTec Ltd.* | 3,352 | 37,811 | ||||||
NII Holdings, Inc.* | 7,057 | 24,276 | ||||||
Total Telecommunication Services | 1,082,707 | |||||||
Total Common Stocks | ||||||||
(Cost $21,658,498) | 25,496,411 | |||||||
WARRANTS - 0.0% | ||||||||
Tejon Ranch Co.† | ||||||||
$40.00, 08/31/16* | 22 | 118 | ||||||
Magnum Hunter Corp.†† | — | — | ||||||
Total Warrants | ||||||||
(Cost $129) | 118 | |||||||
RIGHTS - 0.0% | ||||||||
Caesars Entertainment Corp.* | ||||||||
Expires 12/02/13††† | 470 | $ | 1,749 | |||||
Cubist Pharmaceuticals, Inc.† | 782 | 1,509 | ||||||
Omthera Pharmaceuticals, Inc.*,†† | 449 | 269 | ||||||
Total Rights | ||||||||
(Cost $1,515) | 3,527 | |||||||
EXCHANGE TRADED FUNDS† - 0.8% | ||||||||
iShares Russell 2000 ETF | 1,870 | 204,260 | ||||||
Total Exchange Traded Funds | ||||||||
(Cost $200,714) | 204,260 | |||||||
SHORT TERM INVESTMENTS† - 0.4% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 95,372 | 95,372 | ||||||
Total Short Term Investments | ||||||||
(Cost $95,372) | 95,372 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL2 - 1.4% | ||||||||
Joint Repurchase Agreements | ||||||||
RBS Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | $ | 192,317 | 192,317 | |||||
HSBC Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | 102,513 | 102,513 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $294,830) | 294,830 | |||||||
Total Investments - 101.4% | ||||||||
(Cost $22,251,058) | $ | 26,094,518 | ||||||
Other Assets & Liabilities, net - (1.4)% | (358,425 | ) | ||||||
Total Net Assets - 100.0% | $ | 25,736,093 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
††† | Value determined based on Level 3 inputs — See Note 4. |
2 | All or portion of this security is on loan at October 31, 2013 — See Note 7. |
3 | Securities lending collateral — See Note 7. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
70 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF |
Shares | Value | |||||||
COMMON STOCKS† - 84.5% | ||||||||
FINANCIALS - 19.7% | ||||||||
Ayala Land, Inc. | 49,200 | $ | 33,532 | |||||
BDO Unibank, Inc. | 16,705 | 31,314 | ||||||
Metro Pacific Investments Corp. | 246,000 | 27,782 | ||||||
CIMB Group Holdings BHD | 11,700 | 27,697 | ||||||
Bancolombia S.A. ADR | 486 | 27,279 | ||||||
AMMB Holdings BHD | 11,400 | 26,698 | ||||||
Malayan Banking BHD | 8,400 | 25,981 | ||||||
UEM Sunrise BHD | 34,800 | 25,806 | ||||||
Commercial International Bank | ||||||||
Egypt SAE GDR | 3,879 | 22,421 | ||||||
Powszechna Kasa Oszczednosci | ||||||||
Bank Polski S.A. | 1,638 | 21,747 | ||||||
Bank Mandiri Persero Tbk PT | 28,500 | 21,743 | ||||||
Bank Negara Indonesia Persero Tbk PT | 51,000 | 21,717 | ||||||
Fibra Uno Administracion S.A. de CV | 6,900 | 21,540 | ||||||
Bank Pekao S.A. | 342 | 21,453 | ||||||
Bumi Serpong Damai PT | 153,000 | 21,309 | ||||||
Bank Central Asia Tbk PT | 22,684 | 21,029 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 30,000 | 21,025 | ||||||
Komercni Banka AS | 84 | 20,901 | ||||||
Chailease Holding Company Ltd. | 8,600 | 20,900 | ||||||
Banco Santander Chile ADR | 846 | 20,778 | ||||||
Powszechny Zaklad Ubezpieczen S.A. | 135 | 20,569 | ||||||
Credicorp Ltd. | 150 | 20,490 | ||||||
OTP Bank plc | 981 | 20,429 | ||||||
Banco de Chile | 131,460 | 20,130 | ||||||
RMB Holdings Ltd. | 3,927 | 19,754 | ||||||
Sanlam Ltd. | 3,633 | 19,564 | ||||||
Grupo Financiero Banorte SAB de CV — | ||||||||
Class O | 3,032 | 19,425 | ||||||
FirstRand Ltd. | 5,325 | 19,159 | ||||||
Cathay Financial Holding Company Ltd. | 12,702 | 19,153 | ||||||
VTB Bank OJSC GDR | 6,810 | 18,925 | ||||||
Ruentex Development Company Ltd. | 9,000 | 18,840 | ||||||
Chang Hwa Commercial Bank | 31,124 | 18,645 | ||||||
Nedbank Group Ltd. | 855 | 18,629 | ||||||
China Overseas Land & Investment Ltd. | 6,000 | 18,573 | ||||||
PICC Property & Casualty Company Ltd. — | ||||||||
Class H | 12,000 | 18,388 | ||||||
Remgro Ltd. | 900 | 18,386 | ||||||
China Merchants Bank Company | ||||||||
Ltd. — Class H | 9,204 | 18,282 | ||||||
China CITIC Bank Corporation | ||||||||
Ltd. — Class H | 32,520 | 18,246 | ||||||
Lippo Karawaci Tbk PT* | 181,500 | 18,194 | ||||||
Shin Kong Financial Holding Company Ltd. | 52,338 | 18,171 | ||||||
Mega Financial Holding Company Ltd. | 20,956 | 18,117 | ||||||
Taishin Financial Holding Company Ltd. | 35,684 | 18,037 | ||||||
Yuanta Financial Holding Company Ltd. | 33,068 | 18,009 | ||||||
Standard Bank Group Ltd. | 1,407 | 17,932 | ||||||
China Development Financial Holding Corp. | 60,000 | 17,910 | ||||||
Barclays Africa Group Ltd. | 1,155 | 17,892 | ||||||
Bank of Communications Company | ||||||||
Ltd. — Class H | 24,444 | 17,877 | ||||||
Guangzhou R&F Properties Company | ||||||||
Ltd. — Class H | 10,132 | 17,773 | ||||||
China Everbright Ltd. | 12,000 | 17,768 | ||||||
Growthpoint Properties Ltd. | 6,906 | 17,601 | ||||||
Hua Nan Financial Holdings Company Ltd. | 29,605 | 17,534 | ||||||
Investec Ltd. | 2,448 | 17,425 | ||||||
China Resources Land Ltd. | 6,000 | 17,374 | ||||||
Hana Financial Group, Inc. | 450 | 17,351 | ||||||
KB Financial Group, Inc. ADR | 447 | 17,348 | ||||||
Fubon Financial Holding Company Ltd. | 11,788 | 17,253 | ||||||
Agricultural Bank of China Ltd. — Class H | 35,664 | 17,158 | ||||||
Turkiye Halk Bankasi AS | 2,112 | 17,121 | ||||||
Alior Bank S.A.* | 675 | 17,112 | ||||||
Shinhan Financial Group Company Ltd. ADR | 393 | 17,033 | ||||||
Emlak Konut Gayrimenkul Yatirim | ||||||||
Ortakligi AS | 11,821 | 16,910 | ||||||
China Life Insurance Company Ltd. | 17,220 | 16,880 | ||||||
BS Financial Group, Inc. | 1,050 | 16,877 | ||||||
Hyundai Securities Company Ltd. | 2,640 | 16,750 | ||||||
Woori Finance Holdings Company Ltd. | 1,410 | 16,749 | ||||||
African Bank Investments Ltd. | 9,837 | 16,714 | ||||||
Bank of China Ltd. — Class H | 35,620 | 16,677 | ||||||
Industrial & Commercial Bank of China | ||||||||
Ltd. — Class H | 23,600 | 16,529 | ||||||
Turkiye Vakiflar Bankasi Tao — Class D | 6,852 | 16,509 | ||||||
First Financial Holding Company Ltd. | 26,558 | 16,452 | ||||||
Chongqing Rural Commercial Bank — | ||||||||
Class H | 32,592 | 16,437 | ||||||
Haitong Securities Company Ltd. — | ||||||||
Class H | 10,800 | 16,382 | ||||||
Country Garden Holdings Company Ltd. | 23,940 | 16,365 | ||||||
CTBC Financial Holding Company Ltd. | 24,069 | 16,303 | ||||||
E.Sun Financial Holding Company Ltd. | 24,220 | 16,199 | ||||||
CITIC Securities Company Ltd. — Class H | 7,732 | 16,196 | ||||||
China Construction Bank Corp. — Class H | 20,752 | 16,113 | ||||||
Turkiye Garanti Bankasi AS | 3,984 | 16,078 | ||||||
Hanwha Life Insurance Company Ltd. | 2,400 | 16,064 | ||||||
New China Life Insurance Company | ||||||||
Ltd. — Class H* | 5,700 | 16,064 | ||||||
Turkiye Is Bankasi — Class C | 5,799 | 15,951 | ||||||
China Life Insurance Company Ltd. — Class H | 6,000 | 15,942 | ||||||
Akbank TAS | 4,041 | 15,902 | ||||||
Yapi ve Kredi Bankasi AS | 6,819 | 15,847 | ||||||
SOHO China Ltd. | 17,924 | 15,698 | ||||||
Industrial Bank of Korea | 1,350 | 15,590 | ||||||
Samsung Card Company Ltd. | 420 | 15,561 | ||||||
Hyundai Marine & Fire Insurance | ||||||||
Company Ltd. | 540 | 15,450 | ||||||
Samsung Fire & Marine Insurance | ||||||||
Company Ltd. | 66 | 15,431 | ||||||
Daewoo Securities Company Ltd. | 1,650 | 15,415 | ||||||
Shimao Property Holdings Ltd. | 6,108 | 15,378 | ||||||
China Minsheng Banking Corporation | ||||||||
Ltd. — Class H | 13,396 | 15,360 | ||||||
Evergrande Real Estate Group Ltd. | 36,272 | 15,298 | ||||||
China Pacific Insurance Group Company | �� | |||||||
Ltd. — Class H | 4,200 | 15,168 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 71 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF |
Shares | Value | |||||||
Longfor Properties Company Ltd. | 9,232 | $ | 15,051 | |||||
Dongbu Insurance Company Ltd. | 333 | 14,896 | ||||||
Central Pattana PCL | 9,600 | 14,805 | ||||||
Poly Property Group Company Ltd. | 24,120 | 14,777 | ||||||
Haci Omer Sabanci Holding AS | 3,093 | 14,718 | ||||||
Woori Investment & Securities Company Ltd. | 1,380 | 14,571 | ||||||
Greentown China Holdings Ltd. | 7,500 | 14,568 | ||||||
Agile Property Holdings Ltd. | 12,000 | 14,472 | ||||||
Siam Commercial Bank PCL | 2,722 | 14,386 | ||||||
Samsung Securities Company Ltd. | 324 | 14,371 | ||||||
China Overseas Grand Oceans Group Ltd. | 12,000 | 14,301 | ||||||
Samsung Life Insurance Company Ltd. | 144 | 14,186 | ||||||
Bangkok Bank PCL | 2,141 | 14,170 | ||||||
People’s Insurance Company Group of China | ||||||||
Ltd. — Class H | 30,000 | 14,162 | ||||||
Krung Thai Bank PCL | 21,597 | 14,086 | ||||||
Kasikornbank PCL | 2,128 | 12,990 | ||||||
Highwealth Construction Corp. | 5,600 | 12,085 | ||||||
Bank of Ayudhya PCL | 9,329 | 11,465 | ||||||
Ping An Insurance Group Company of China | ||||||||
Ltd. — Class H | 1,332 | 10,489 | ||||||
Banco Santander Brasil S.A. ADR | 1,449 | 10,042 | ||||||
Total Financials | 2,038,059 | |||||||
INDUSTRIALS - 12.3% | ||||||||
SM Investments Corp. | 1,861 | 36,866 | ||||||
DMCI Holdings, Inc. | 26,420 | 31,671 | ||||||
IJM Corporation BHD | 15,900 | 29,225 | ||||||
AirAsia BHD | 33,600 | 28,536 | ||||||
Sime Darby BHD | 9,000 | 27,181 | ||||||
Beijing Enterprises Holdings Ltd. | 3,232 | 26,534 | ||||||
Larsen & Toubro Ltd. GDR | 1,713 | 26,295 | ||||||
Latam Airlines Group S.A. ADR | 1,488 | 24,626 | ||||||
China Merchants Holdings International | ||||||||
Company Ltd. | 6,920 | 24,545 | ||||||
Hiwin Technologies Corp. | 3,003 | 23,714 | ||||||
Shanghai Industrial Holdings Ltd. | 6,432 | 21,279 | ||||||
Zhuzhou CSR Times Electric Company | ||||||||
Ltd. — Class H | 5,920 | 21,227 | ||||||
Alfa SAB de CV — Class A | 7,469 | 20,558 | ||||||
Grupo Aeroportuario del Sureste SAB de | ||||||||
CV ADR | 168 | 19,994 | ||||||
Hyundai Glovis Company Ltd. | 87 | 19,315 | ||||||
United Tractors Tbk PT | 12,000 | 18,629 | ||||||
OHL Mexico SAB de CV* | 7,200 | 18,572 | ||||||
Zoomlion Heavy Industry Science and | ||||||||
Technology Company Ltd. — Class H | 19,856 | 18,312 | ||||||
Hyundai Mipo Dockyard | 114 | 18,163 | ||||||
Bidvest Group Ltd. | 669 | 17,900 | ||||||
CSR Corporation Ltd. — Class H | 21,348 | 17,788 | ||||||
Orascom Construction Industries GDR* | 459 | 17,717 | ||||||
Far Eastern New Century Corp. | 15,365 | 17,651 | ||||||
Barloworld Ltd. | 1,962 | 17,648 | ||||||
Turk Hava Yollari | 4,467 | 17,534 | ||||||
COSCO Pacific Ltd. | 12,000 | 17,490 | ||||||
China Railway Group Ltd. — Class H | 30,408 | 17,179 | ||||||
China Communications Construction | ||||||||
Company Ltd. — Class H | 21,012 | 17,155 | ||||||
CITIC Pacific Ltd. | 12,000 | 17,087 | ||||||
Daewoo Engineering & Construction | ||||||||
Company Ltd.* | 2,100 | 17,006 | ||||||
Jasa Marga Persero Tbk PT | 35,881 | 16,711 | ||||||
Daelim Industrial Company Ltd. | 180 | 16,698 | ||||||
Eva Airways Corp.* | 30,000 | 16,695 | ||||||
China Railway Construction Corporation | ||||||||
Ltd. — Class H | 15,164 | 16,625 | ||||||
LS Corp. | 222 | 16,596 | ||||||
Air China Ltd. — Class H | 24,284 | 16,569 | ||||||
KOC Holding AS | 3,360 | 16,528 | ||||||
Hyundai Heavy Industries Company Ltd. | 69 | 16,490 | ||||||
China Airlines Ltd.* | 45,400 | 16,457 | ||||||
Airports of Thailand PCL | 2,400 | 16,347 | ||||||
China COSCO Holdings Company Ltd. — | ||||||||
Class H* | 34,304 | 16,282 | ||||||
Evergreen Marine Corporation Taiwan Ltd.* | 27,499 | 16,193 | ||||||
Daewoo Shipbuilding & Marine Engineering | ||||||||
Company Ltd. | 510 | 16,082 | ||||||
Samsung C&T Corp. | 270 | 16,036 | ||||||
Hyundai Development Company- | ||||||||
Engineering & Construction | 720 | 16,019 | ||||||
Hyundai Engineering & Construction | ||||||||
Company Ltd. | 279 | 16,018 | ||||||
Yang Ming Marine Transport Corp.* | 36,000 | 15,991 | ||||||
Doosan Infracore Company Ltd.* | 1,110 | 15,906 | ||||||
China Shipping Container Lines Company | ||||||||
Ltd. — Class H* | 63,228 | 15,658 | ||||||
Daewoo International Corp. | 420 | 15,501 | ||||||
LS Industrial Systems Company Ltd. | 246 | 15,422 | ||||||
CTCI Corp. | 8,805 | 15,405 | ||||||
CJ Corp. | 147 | 15,383 | ||||||
China Southern Airlines Company Ltd. — | ||||||||
Class H | 41,676 | 15,374 | ||||||
Doosan Corp. | 114 | 15,261 | ||||||
SK Holdings Company Ltd. | 84 | 15,244 | ||||||
GS Engineering & Construction Corp. | 448 | 15,120 | ||||||
SK Networks Company Ltd. | 2,400 | 15,069 | ||||||
Korea Aerospace Industries Ltd. | 570 | 15,046 | ||||||
China Everbright International Ltd. | 15,000 | 14,955 | ||||||
Doosan Heavy Industries & Construction | ||||||||
Company Ltd. | 365 | 14,917 | ||||||
Shanghai Electric Group Company Ltd. — | ||||||||
Class H | 42,000 | 14,843 | ||||||
KCC Corp. | 36 | 14,441 | ||||||
Samsung Heavy Industries Company Ltd. | 390 | 14,321 | ||||||
Samsung Engineering Company Ltd. | 189 | 13,310 | ||||||
LG Corp. | 224 | 13,240 | ||||||
Samsung Techwin Company Ltd. | 234 | 12,773 | ||||||
Gol Linhas Aereas Inteligentes S.A. ADR* | 2,295 | 11,865 | ||||||
Korean Air Lines Company Ltd.* | 365 | 11,716 | ||||||
Weichai Power Company Ltd. — | ||||||||
Class H | 2,868 | 11,486 | ||||||
Embraer S.A. ADR | 255 | 7,494 | ||||||
Hanjin Kal Corp.* | 176 | 2,331 | ||||||
Neo Holdings Company Ltd.*†† | — | — | ||||||
Total Industrials | 1,267,815 |
72 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF |
Shares | Value | |||||||
MATERIALS - 11.6% | ||||||||
Petronas Chemicals Group BHD | 13,200 | $ | 29,742 | |||||
Sesa Sterlite Ltd. ADR* | 1,976 | 25,490 | ||||||
MMC Norilsk Nickel OJSC ADR | 1,401 | 21,211 | ||||||
Nan Ya Plastics Corp. | 9,090 | 20,730 | ||||||
Semen Indonesia Persero Tbk PT | 16,276 | 20,720 | ||||||
Cia de Minas Buenaventura SAA ADR | 1,425 | 20,663 | ||||||
Uralkali OJSC GDR | 771 | 20,593 | ||||||
Sociedad Quimica y Minera | ||||||||
de Chile S.A. ADR | 732 | 20,211 | ||||||
Grupo Mexico SAB de CV | 6,284 | 19,921 | ||||||
Nine Dragons Paper Holdings Ltd. | 23,872 | 19,706 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 10,572 | 19,601 | ||||||
Sappi Ltd.* | 6,627 | 19,579 | ||||||
KGHM Polska Miedz S.A. | 474 | 19,188 | ||||||
Empresas CMPC S.A. | 6,435 | 19,091 | ||||||
Mexichem SAB de CV | 4,543 | 19,043 | ||||||
Severstal OAO GDR | 2,154 | 18,804 | ||||||
Southern Copper Corp. | 669 | 18,699 | ||||||
Lotte Chemical Corp. | 90 | 18,454 | ||||||
Hanwha Chemical Corp. | 840 | 18,451 | ||||||
China National Building Material Company | ||||||||
Ltd. — Class H | 18,768 | 18,349 | ||||||
CAP S.A. | 876 | 18,249 | ||||||
China Petrochemical Development Corp. | 36,312 | 18,230 | ||||||
Hanwha Corp. | 480 | 18,168 | ||||||
Jiangxi Copper Company Ltd. — Class H | 9,444 | 18,150 | ||||||
Nampak Ltd. | 5,400 | 17,918 | ||||||
Taiwan Cement Corp. | 12,296 | 17,892 | ||||||
Formosa Chemicals & Fibre Corp. | 6,180 | 17,859 | ||||||
AngloGold Ashanti Ltd. ADR | 1,170 | 17,667 | ||||||
Cemex SAB de CV ADR* | 1,656 | 17,520 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 12,564 | 17,469 | ||||||
OCI Company Ltd. | 96 | 17,376 | ||||||
Asia Cement Corp. | 12,805 | 17,369 | ||||||
Kumho Petro chemical Company Ltd. | 177 | 17,354 | ||||||
Assore Ltd. | 420 | 17,211 | ||||||
Hyundai Steel Co. | 207 | 17,075 | ||||||
Formosa Plastics Corp. | 6,240 | 16,949 | ||||||
Impala Platinum Holdings Ltd. | 1,386 | 16,900 | ||||||
Yingde Gases Group Company Ltd. | 16,272 | 16,706 | ||||||
Aluminum Corporation of China Ltd. ADR* | 1,833 | 16,680 | ||||||
China Resources Cement Holdings Ltd. | 24,820 | 16,615 | ||||||
Industrias CH SAB de CV* | 3,348 | 16,561 | ||||||
TSRC Corp. | 8,900 | 16,449 | ||||||
African Rainbow Minerals Ltd. | 855 | 16,430 | ||||||
Shougang Fushan Resources Group Ltd. | 48,748 | 16,411 | ||||||
Indorama Ventures PCL | 20,410 | 16,394 | ||||||
BBMG Corp. — Class H | 22,468 | 16,113 | ||||||
China Steel Corp. | 18,367 | 15,973 | ||||||
Industrias Penoles SAB de CV | 542 | 15,917 | ||||||
Anhui Conch Cement Company Ltd. — | ||||||||
Class H | 4,560 | 15,910 | ||||||
Koza Altin Isletmeleri AS | 894 | 15,885 | ||||||
LCY Chemical Corp. | 12,000 | 15,848 | ||||||
Anglo American Platinum Ltd.* | 381 | 15,465 | ||||||
LG Chem Ltd. | 54 | 15,247 | ||||||
Hyosung Corp. | 219 | 14,782 | ||||||
Kumba Iron Ore Ltd. | 351 | 14,742 | ||||||
Harmony Gold Mining Company Ltd. ADR | 4,242 | 14,423 | ||||||
Taiwan Fertilizer Company Ltd. | 6,000 | 14,296 | ||||||
Hyundai Hysco Company Ltd. | 360 | 14,288 | ||||||
Cheil Industries, Inc. | 168 | 14,254 | ||||||
POSCO ADR | 189 | 14,073 | ||||||
Korea Zinc Company Ltd. | 48 | 14,028 | ||||||
China Shanshui Cement Group Ltd. | 38,968 | 13,872 | ||||||
Gold Fields Ltd. ADR | 2,994 | 13,772 | ||||||
Zijin Mining Group Company Ltd. — | ||||||||
Class H | 59,248 | 13,679 | ||||||
Zhaojin Mining Industry Company Ltd. — | ||||||||
Class H | 16,576 | 13,427 | ||||||
PTT Global Chemical PCL | 5,111 | 12,890 | ||||||
Siam Cement PCL | 900 | 12,376 | ||||||
Cia Siderurgica Nacional S.A. ADR | 2,223 | 12,315 | ||||||
Braskem S.A. ADR* | 570 | 10,049 | ||||||
Fibria Celulose S.A. ADR* | 720 | 9,396 | ||||||
Gerdau S.A. ADR | 1,125 | 8,921 | ||||||
Total Materials | 1,201,789 | |||||||
CONSUMER DISCRETIONARY - 10.2% | ||||||||
Eclat Textile Company Ltd. | 3,000 | 33,033 | ||||||
Genting BHD | 9,300 | 30,886 | ||||||
Genting Malaysia BHD | 21,000 | 28,749 | ||||||
Astro Malaysia Holdings BHD | 29,400 | 27,019 | ||||||
Grupo Televisa SAB ADR | 754 | 22,952 | ||||||
Merida Industry Company Ltd. | 3,000 | 22,771 | ||||||
GOME Electrical Appliances Holding Ltd. | 146,600 | 22,690 | ||||||
Byd Company Ltd. — Class H* | 4,532 | 22,447 | ||||||
Global Mediacom Tbk PT | 130,500 | 22,112 | ||||||
Guangzhou Automobile Group | ||||||||
Company Ltd. — Class H | 18,408 | 21,843 | ||||||
Steinhoff International Holdings Ltd.* | 5,496 | 21,318 | ||||||
Shenzhou International Group | ||||||||
Holdings Ltd. | 6,000 | 20,663 | ||||||
Brilliance China Automotive Holdings Ltd. | 11,712 | 20,484 | ||||||
Mr Price Group Ltd. | 1,284 | 20,298 | ||||||
SACI Falabella | 1,998 | 19,893 | ||||||
Astra International Tbk PT | 33,000 | 19,468 | ||||||
Foschini Group Ltd. | 1,665 | 19,238 | ||||||
Zhongsheng Group Holdings Ltd. | 12,000 | 19,223 | ||||||
Woolworths Holdings Limited/South Africa | 2,538 | 19,151 | ||||||
Truworths International Ltd. | 1,989 | 19,084 | ||||||
Shinsegae Company Ltd. | 75 | 18,914 | ||||||
Nan Kang Rubber Tire Company Ltd. | 14,568 | 18,719 | ||||||
Haier Electronics Group Company Ltd. | 8,740 | 18,646 | ||||||
Dah Chong Hong Holdings Ltd. | 21,500 | 18,247 | ||||||
Matahari Department Store Tbk PT* | 16,500 | 18,004 | ||||||
Naspers Ltd. — Class N | 189 | 17,737 | ||||||
Golden Eagle Retail Group Ltd. | 11,724 | 17,602 | ||||||
Great Wall Motor Company Ltd. — | ||||||||
Class H | 2,968 | 17,437 | ||||||
China Motor Corp. | 18,000 | 17,216 | ||||||
Lotte Shopping Company Ltd. | 45 | 17,075 | ||||||
Belle International Holdings Ltd. | 12,100 | 17,074 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 2,553 | 16,979 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 73 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF |
Shares | Value | |||||||
Dongfeng Motor Group Company Ltd. — | ||||||||
Class H | 12,000 | $ | 16,964 | |||||
Imperial Holdings Ltd. | 792 | 16,884 | ||||||
Far Eastern Department Stores Ltd. | 15,594 | 16,773 | ||||||
ANTA Sports Products Ltd. | 11,656 | 16,718 | ||||||
Hyundai Wia Corp. | 96 | 16,562 | ||||||
Cheng Shin Rubber Industry Company Ltd. | 6,199 | 16,542 | ||||||
Intime Retail Group Company Ltd. | 13,724 | 16,338 | ||||||
Cheil Worldwide, Inc.* | 660 | 16,271 | ||||||
Hyundai Department Store Company Ltd. | 102 | 16,251 | ||||||
Hyundai Mobis | 57 | 16,094 | ||||||
Yulon Motor Company Ltd. | 9,000 | 15,899 | ||||||
Geely Automobile Holdings Ltd. | 31,328 | 15,799 | ||||||
Kangwon Land, Inc. | 570 | 15,664 | ||||||
Media Nusantara Citra Tbk PT | 70,500 | 15,635 | ||||||
Hankook Tire Company Ltd. | 261 | 15,329 | ||||||
Ruentex Industries Ltd. | 5,872 | 15,150 | ||||||
Hyundai Motor Co. | 63 | 15,026 | ||||||
Minor International PCL | 16,800 | 14,978 | ||||||
Coway Company Ltd. | 261 | 14,911 | ||||||
Halla Visteon Climate Control Corp. | 390 | 14,596 | ||||||
Parkson Retail Group Ltd. | 40,500 | 13,895 | ||||||
Kia Motors Corp. | 237 | 13,785 | ||||||
LG Electronics, Inc. | 213 | 13,654 | ||||||
Home Product Center PCL | 36,400 | 13,566 | ||||||
BEC World PCL | 6,930 | 12,969 | ||||||
Total Consumer Discretionary | 1,053,225 | |||||||
INFORMATION TECHNOLOGY - 7.1% | ||||||||
Radiant Opto-Electronics Corp. | 6,301 | 23,592 | ||||||
Wipro Ltd. ADR | 2,004 | 22,244 | ||||||
Phison Electronics Corp. | 2,964 | 21,388 | ||||||
Lenovo Group Ltd. | 18,000 | 19,270 | ||||||
Compal Electronics, Inc. | 24,000 | 18,789 | ||||||
Tencent Holdings Ltd. | 344 | 18,777 | ||||||
Cheng Uei Precision Industry Company Ltd. | 8,924 | 18,711 | ||||||
NAVER Corp. | 33 | 18,573 | ||||||
WPG Holdings Ltd. | 15,208 | 18,532 | ||||||
GCL-Poly Energy Holdings Ltd.* | 60,156 | 18,466 | ||||||
Tripod Technology Corp. | 9,132 | 18,059 | ||||||
NCSoft Corp. | 93 | 18,017 | ||||||
Siliconware Precision Industries Co. ADR | 2,981 | 17,856 | ||||||
Wistron Corp. | 18,690 | 17,558 | ||||||
Catcher Technology Company Ltd. | 3,000 | 17,461 | ||||||
Advanced Semiconductor Engineering, Inc. | 17,700 | 17,381 | ||||||
SK Hynix, Inc.* | 570 | 17,169 | ||||||
Taiwan Semiconductor Manufacturing | ||||||||
Company Ltd. ADR | 931 | 17,140 | ||||||
ZTE Corp. — Class H* | 7,840 | 17,090 | ||||||
Simplo Technology Company Ltd. | 3,400 | 16,723 | ||||||
Samsung Electronics Company Ltd. GDR | 24 | 16,668 | ||||||
United Microelectronics Corp. ADR1 | 8,109 | 16,623 | ||||||
Hon Hai Precision Industry Company | ||||||||
Ltd. GDR | 3,287 | 16,309 | ||||||
Powertech Technology, Inc. | 9,000 | 16,236 | ||||||
Vanguard International Semiconductor Corp. | 15,000 | 16,236 | ||||||
Acer, Inc.* | 24,000 | 15,684 | ||||||
Epistar Corp. | 9,000 | 15,654 | ||||||
Lite-On Technology Corp. | 8,927 | 15,618 | ||||||
SK C&C Company Ltd. | 141 | 15,220 | ||||||
Samsung SDI Company Ltd. | 87 | 14,517 | ||||||
Zhen Ding Technology Holding Ltd. | 6,163 | 14,474 | ||||||
Synnex Technology International Corp. | 9,000 | 14,382 | ||||||
Samsung Electro-Mechanics Company Ltd. | 186 | 14,291 | ||||||
Unimicron Technology Corp. | 18,000 | 14,245 | ||||||
Quanta Computer, Inc. | 6,000 | 14,234 | ||||||
Foxconn Technology Company Ltd. | 5,615 | 14,105 | ||||||
Delta Electronics, Inc. | 2,680 | 13,911 | ||||||
LG Innotek Company Ltd.* | 171 | 13,815 | ||||||
AU Optronics Corp. ADR* | 4,185 | 13,225 | ||||||
LG Display Company Ltd. ADR* | 1,122 | 13,127 | ||||||
Novatek Microelectronics Corp. | 3,284 | 13,022 | ||||||
Innolux Corp.* | 32,820 | 13,014 | ||||||
Realtek Semiconductor Corp. | 5,544 | 12,907 | ||||||
Pegatron Corp. | 9,000 | 12,529 | ||||||
Kinsus Interconnect Technology Corp. | 2,628 | 9,392 | ||||||
NHN Entertainment Corp.* | 17 | 1,819 | ||||||
Total Information Technology | 734,053 | |||||||
CONSUMER STAPLES - 6.7% | ||||||||
Kuala Lumpur Kepong BHD | 3,900 | 28,550 | ||||||
IOI Corporation BHD | 15,900 | 27,411 | ||||||
President Chain Store Corp. | 3,000 | 21,852 | ||||||
Magnit OJSC GDR | 330 | 21,203 | ||||||
China Resources Enterprise Ltd. | 5,828 | 20,634 | ||||||
Grupo Comercial Chedraui S.A. de CV | 6,300 | 19,773 | ||||||
Controladora Comercial Mexicana | ||||||||
SAB de CV | 4,801 | 19,755 | ||||||
Wal-Mart de Mexico SAB de CV | 7,525 | 19,636 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 19,500 | 19,375 | ||||||
Grupo Modelo SAB de CV | 2,111 | 18,906 | ||||||
Indofood Sukses Makmur Tbk PT | 31,500 | 18,583 | ||||||
Cencosud S.A. | 4,551 | 18,571 | ||||||
Eurocash S.A. | 1,206 | 18,560 | ||||||
Fomento Economico Mexicano | ||||||||
SAB de CV ADR | 198 | 18,473 | ||||||
Uni-President China Holdings Ltd. | 18,400 | 18,393 | ||||||
Hengan International Group | ||||||||
Company Ltd. | 1,500 | 18,370 | ||||||
Shoprite Holdings Ltd. | 993 | 18,241 | ||||||
Standard Foods Corp. | 5,808 | 17,792 | ||||||
Uni-President Enterprises Corp. | 9,281 | 17,690 | ||||||
Coca-Cola Femsa SAB de CV ADR | 144 | 17,502 | ||||||
E-Mart Company Ltd. | 72 | 17,241 | ||||||
Sun Art Retail Group Ltd. | 10,352 | 16,957 | ||||||
Tingyi Cayman Islands Holding Corp. | 6,000 | 16,948 | ||||||
Massmart Holdings Ltd. | 1,038 | 16,703 | ||||||
Tiger Brands Ltd. | 561 | 16,494 | ||||||
BIM Birlesik Magazalar AS | 764 | 16,068 | ||||||
LG Household & Health Care Ltd. | 30 | 15,583 | ||||||
KT&G Corp. | 210 | 15,343 | ||||||
AMOREPACIFIC Group | 42 | 14,828 | ||||||
Amorepacific Corp. | 18 | 14,763 | ||||||
Hite Jinro Company Ltd. | 600 | 14,735 | ||||||
Gudang Garam Tbk PT | 4,500 | 14,731 | ||||||
Orion Corp./Republic of South Korea | 15 | 14,636 |
74 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF |
Shares | Value | |||||||
CJ CheilJedang Corp. | 60 | $ | 14,565 | |||||
Want Want China Holdings Ltd. | 9,312 | 14,317 | ||||||
China Mengniu Dairy Company Ltd. | 3,000 | 13,195 | ||||||
CP ALL PCL | 10,161 | 12,813 | ||||||
Siam Makro PCL | 12,000 | 12,627 | ||||||
Charoen Pokphand Foods PCL | 15,035 | 11,738 | ||||||
Cia Brasileira de Distribuicao Grupo | ||||||||
Pao de Acucar ADR | 204 | 10,286 | ||||||
Total Consumer Staples | 693,841 | |||||||
ENERGY - 6.3% | ||||||||
Pacific Rubiales Energy Corp. | 1,461 | 30,374 | ||||||
Ecopetrol S.A. ADR | 597 | 28,274 | ||||||
Bumi Armada BHD | 21,600 | 27,107 | ||||||
NovaTek OAO GDR | 153 | 21,497 | ||||||
Gazprom OAO ADR | 2,286 | 21,397 | ||||||
Empresas COPEC S.A. | 1,437 | 21,046 | ||||||
Surgutneftegas OAO ADR | 2,361 | 20,871 | ||||||
Tatneft OAO ADR | 498 | 20,473 | ||||||
Lukoil OAO ADR | 309 | 20,270 | ||||||
Kunlun Energy Company Ltd. | 12,380 | 20,247 | ||||||
Rosneft OAOGDR | 2,550 | 20,132 | ||||||
Adaro Energy Tbk PT | 222,000 | 20,088 | ||||||
Bumi Resources Tbk PT* | 478,500 | 19,314 | ||||||
Yanzhou Coal Mining Company Ltd. — | ||||||||
Class H | 17,876 | 18,538 | ||||||
Polski Koncern Naftowy Orlen S.A. | 1,308 | 18,493 | ||||||
MOL Hungarian Oil & Gas plc | 258 | 17,711 | ||||||
Polskie Gornictwo Naftowe i | ||||||||
Gazownictwo S.A. | 9,540 | 17,581 | ||||||
Sasol Ltd. ADR | 333 | 16,990 | ||||||
China Coal Energy Company Ltd. — | ||||||||
Class H | 27,216 | 16,709 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 720 | 16,371 | ||||||
SK Innovation Company Ltd. | 114 | 16,013 | ||||||
Formosa Petrochemical Corp. | 5,908 | 15,927 | ||||||
Indo Tambangraya Megah Tbk PT | 6,000 | 15,915 | ||||||
GS Holdings | 273 | 15,056 | ||||||
CNOOC Ltd. ADR | 74 | 14,971 | ||||||
Exxaro Resources Ltd. | 969 | 14,914 | ||||||
S-Oil Corp. | 201 | 14,685 | ||||||
China Petroleum & Chemical Corp. — Class H | 17,654 | 14,414 | ||||||
China Shenhua Energy Company Ltd. — | ||||||||
Class H | 4,724 | 14,380 | ||||||
China Oilfield Services Ltd. — Class H | 5,096 | 14,263 | ||||||
PetroChina Company Ltd. — Class H | 12,000 | 13,744 | ||||||
IRPC PCL | 117,026 | 13,460 | ||||||
Thai Oil PCL | 6,424 | 13,003 | ||||||
PTT PCL | 1,167 | 11,886 | ||||||
PTT Exploration & Production PCL | 2,122 | 11,488 | ||||||
Banpu PCL | 11,740 | 10,938 | ||||||
Ultrapar Participacoes S.A. ADR | 372 | 9,906 | ||||||
Total Energy | 648,446 | |||||||
TELECOMMUNICATION SERVICES - 5.5% | ||||||||
Philippine Long Distance Telephone | ||||||||
Co. ADR | 468 | 30,957 | ||||||
DiGi.com BHD | 18,000 | 28,521 | ||||||
Maxis BHD | 12,300 | 28,026 | ||||||
Axiata Group BHD | 12,600 | 27,432 | ||||||
Telekom Malaysia BHD | 16,200 | 26,901 | ||||||
Telekomunikacja Polska S.A. | 7,701 | 24,979 | ||||||
Sistema JSFC GDR | 831 | 22,271 | ||||||
Global Telecom Holding GDR* | 6,207 | 20,980 | ||||||
Mobile Telesystems OJSC ADR | 898 | 20,474 | ||||||
Telefonica Czech Republic AS | 1,224 | 20,012 | ||||||
America Movil SAB de CV ADR | 934 | 19,997 | ||||||
Telekomunikasi Indonesia Persero | ||||||||
Tbk PT ADR | 477 | 19,443 | ||||||
ENTEL Chile S.A. | 1,176 | 18,112 | ||||||
Turkcell Iletisim Hizmetleri AS ADR* | 1,112 | 17,392 | ||||||
MTN Group Ltd. | 852 | 16,991 | ||||||
Chunghwa Telecom Company Ltd. ADR | 532 | 16,939 | ||||||
True Corporation PCL* | 55,800 | 15,866 | ||||||
Vodacom Group Ltd. | 1,380 | 15,861 | ||||||
China Unicom Hong Kong Ltd. ADR | 1,011 | 15,772 | ||||||
SK Telecom Company Ltd. ADR | 642 | 15,716 | ||||||
China Telecom Corporation Ltd. — Class H | 30,000 | 15,671 | ||||||
Turk Telekomunikasyon AS | 4,402 | 15,246 | ||||||
China Mobile Ltd. ADR | 285 | 14,826 | ||||||
KT Corp. ADR | 879 | 14,574 | ||||||
Far EasTone Telecommunications | ||||||||
Company Ltd. | 6,000 | 13,785 | ||||||
LG Uplus Corp.* | 1,170 | 13,401 | ||||||
Advanced Info Service PCL | 1,548 | 12,682 | ||||||
Tim Participacoes S.A. ADR | 435 | 11,058 | ||||||
Taiwan Mobile Company Ltd. | 2,816 | 9,633 | ||||||
Oi S.A. ADR | 5,496 | 9,508 | ||||||
Telefonica Brasil S.A. ADR | 414 | 9,183 | ||||||
Total Telecommunication Services | 562,209 | |||||||
UTILITIES - 3.2% | ||||||||
Tenaga Nasional BHD | 9,900 | 29,585 | ||||||
CEZ AS | 792 | 22,848 | ||||||
PGE S.A. | 3,663 | 21,429 | ||||||
Empresa Nacional de Electricidad S.A. ADR | 456 | 20,566 | ||||||
Enersis S.A. ADR | 1,200 | 19,800 | ||||||
RusHydro JSC ADR | 11,193 | 18,849 | ||||||
Aguas Andinas S.A. — Class A | 27,810 | 18,771 | ||||||
Huaneng Power International, Inc. — | ||||||||
Class H | 17,664 | 18,454 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 39,248 | 17,757 | ||||||
Korea Gas Corp. | 291 | 17,530 | ||||||
China Longyuan Power Group Corp. — | ||||||||
Class H | 15,000 | 17,238 | ||||||
Guangdong Investment Ltd. | 18,452 | 15,874 | ||||||
China Resources Power Holdings | ||||||||
Company Ltd. | 6,000 | 15,710 | ||||||
China Gas Holdings Ltd. | 12,428 | 13,850 | ||||||
Korea Electric Power Corp. ADR* | 1,029 | 13,624 | ||||||
Centrais Eletricas Brasileiras S.A. ADR | 3,888 | 12,286 | ||||||
Cia de Saneamento Basico do Estado de | ||||||||
Sao Paulo ADR | 972 | 10,313 | ||||||
Cia Paranaense de Energia ADR | 672 | 9,327 | ||||||
Cia Energetica de Minas Gerais ADR | 1,038 | 9,311 | ||||||
CPFL Energia S.A. ADR | 504 | 8,508 | ||||||
Total Utilities | 331,630 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 75 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF |
Shares | Value | |||||||
HEALTH CARE - 1.9% | ||||||||
Genomma Lab Internacional SAB de CV — | ||||||||
Class B* | 9,000 | $ | 24,073 | |||||
Dr Reddy’s Laboratories Ltd. ADR | 567 | 22,482 | ||||||
ScinoPharm Taiwan Ltd. | 6,240 | 20,815 | ||||||
Aspen Pharmacare Holdings Ltd. | 708 | 19,776 | ||||||
Life Healthcare Group Holdings Ltd. | 4,713 | 19,313 | ||||||
Mediclinic International Ltd. | 2,244 | 16,967 | ||||||
Sino Biopharmaceutical Ltd. | 24,000 | 16,933 | ||||||
Sinopharm Group Company Ltd. — | ||||||||
Class H | 6,000 | 16,252 | ||||||
Celltrion, Inc. | 288 | 12,503 | ||||||
Bangkok Dusit Medical Services PCL — | ||||||||
Class F | 2,700 | 11,624 | ||||||
Shandong Weigao Group Medical | ||||||||
Polymer Company Ltd. — Class H | 12,000 | 11,268 | ||||||
Total Health Care | 192,006 | |||||||
Total Common Stocks | ||||||||
(Cost $8,439,141) | 8,723,073 | |||||||
PREFERRED STOCKS† - 0.2% | ||||||||
Embotelladora Andina S.A. | 3,708 | 20,918 | ||||||
Total Preferred Stocks | ||||||||
(Cost $22,509) | 20,918 | |||||||
RIGHTS†† - 0.0% | ||||||||
Mega Financial Holdings | ||||||||
Expires 01/06/14 | 1,668 | 221 | ||||||
Total Rights | ||||||||
(Cost $—) | 221 | |||||||
EXCHANGE TRADED FUNDS† - 15.0% | ||||||||
WisdomTree India Earnings Fund | 48,084 | 806,849 | ||||||
iShares MSCI Brazil Capped ETF1 | 15,081 | 756,312 | ||||||
Total Exchange Traded Funds | ||||||||
(Cost $2,046,509) | 1,563,161 | |||||||
SHORT TERM INVESTMENTS† - 0.2% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 18,744 | 18,744 | ||||||
Total Short Term Investments | ||||||||
(Cost $18,744) | 18,744 |
Face Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 7.5% | ||||||||
Joint Repurchase Agreements | ||||||||
RBS Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | $ | 506,867 | 506,867 | |||||
HSBC Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | 270,183 | 270,183 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $777,050) | 777,050 | |||||||
Total Investments - 107.5% | ||||||||
(Cost $11,303,953) | $ | 11,103,167 | ||||||
Other Assets & Liabilities, net - (7.5)% | (775,309 | ) | ||||||
Total Net Assets - 100.0% | $ | 10,327,858 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs, unless otherwise indicated — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at October 31, 2013 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
ADR — American Depositary Receipt
GDR— Global Depositary Receipt
plc — Public Limited Company
76 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (concluded) | October 31, 2013 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF |
INVESTMENT CONCENTRATION
At October 31, 2013, the investment diversification of the Fund was as follows:
Country | % of Total Investments | |||
United States | 15.50 | % | ||
Republic of Korea | 13.93 | % | ||
Taiwan, Province of China | 13.17 | % | ||
China | 11.93 | % | ||
South Africa | 6.67 | % | ||
Hong Kong | 5.52 | % | ||
Malaysia | 5.14 | % | ||
Indonesia | 4.08 | % | ||
Mexico | 3.58 | % | ||
Thailand | 3.09 | % | ||
Russian Federation | 2.78 | % | ||
Chile | 2.72 | % | ||
Turkey | 2.70 | % | ||
Poland | 1.95 | % | ||
Philippines | 1.86 | % | ||
Brazil | 1.64 | % | ||
India | 0.93 | % | ||
Colombia | 0.83 | % | ||
Czech Republic | 0.62 | % | ||
Egypt | 0.59 | % | ||
Peru | 0.40 | % | ||
Hungary | 0.37 | % | ||
Total Investments | 100.00 | % |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 77 |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
APPAREL RETAIL - 7.2% | ||||||||
TJX Companies, Inc. | 26,801 | $ | 1,629,233 | |||||
Ross Stores, Inc. | 20,705 | 1,601,532 | ||||||
L Brands, Inc. | 24,811 | 1,553,417 | ||||||
Abercrombie & Fitch Co. — Class A | 39,026 | 1,462,694 | ||||||
Urban Outfitters, Inc.* | 37,847 | 1,433,644 | ||||||
The Gap, Inc. | 34,895 | 1,290,766 | ||||||
Total Apparel Retail | 8,971,286 | |||||||
INTERNET RETAIL - 6.5% | ||||||||
Amazon.com, Inc.* | 4,876 | 1,775,010 | ||||||
Expedia, Inc. | 28,380 | 1,671,014 | ||||||
TripAdvisor, Inc.* | 19,944 | 1,649,568 | ||||||
Priceline.com, Inc.* | 1,496 | 1,576,530 | ||||||
Netflix, Inc.* | 4,749 | 1,531,458 | ||||||
Total Internet Retail | 8,203,580 | |||||||
RESTAURANTS - 6.1% | ||||||||
Chipotle Mexican Grill, Inc. — Class A* | 3,419 | 1,801,711 | ||||||
Starbucks Corp. | 19,223 | 1,558,024 | ||||||
Darden Restaurants, Inc. | 30,033 | 1,547,600 | ||||||
McDonald’s Corp. | 14,924 | 1,440,464 | ||||||
Yum! Brands, Inc. | 20,032 | 1,354,564 | ||||||
Total Restaurants | 7,702,363 | |||||||
APPAREL, ACCESSORIES & LUXURY GOODS - 6.0% | ||||||||
VF Corp. | 7,438 | 1,599,170 | ||||||
Fossil Group, Inc.* | 12,498 | 1,586,496 | ||||||
PVH Corp. | 11,671 | 1,453,856 | ||||||
Ralph Lauren Corp. — Class A | 8,733 | 1,446,534 | ||||||
Coach, Inc. | 26,595 | 1,347,835 | ||||||
Total Apparel, Accessories & Luxury Goods | 7,433,891 | |||||||
MOVIES & ENTERTAINMENT - 4.8% | ||||||||
Time Warner, Inc. | 23,228 | 1,596,693 | ||||||
Twenty-First Century Fox, Inc. — Class A | 44,524 | 1,517,378 | ||||||
Walt Disney Co. | 21,785 | 1,494,233 | ||||||
Viacom, Inc. — Class B | 17,662 | 1,471,068 | ||||||
Total Movies & Entertainment | 6,079,372 | |||||||
HOTELS, RESORTS & CRUISE LINES - 4.8% | ||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 21,340 | 1,571,051 | ||||||
Wyndham Worldwide Corp. | 23,399 | 1,553,694 | ||||||
Marriott International, Inc. — Class A | 33,889 | 1,527,716 | ||||||
Carnival Corp. | 38,817 | 1,345,009 | ||||||
Total Hotels, Resorts & Cruise Lines | 5,997,470 | |||||||
CABLE & SATELLITE - 4.7% | ||||||||
Comcast Corp. — Class A | 33,039 | 1,571,996 | ||||||
Time Warner Cable, Inc. | 13,057 | 1,568,799 | ||||||
DIRECTV* | 23,526 | 1,470,140 | ||||||
Cablevision Systems Corp. — Class A | 82,305 | 1,279,843 | ||||||
Total Cable & Satellite | 5,890,778 | |||||||
GENERAL MERCHANDISE STORES - 4.7% | ||||||||
Dollar Tree, Inc.* | 26,473 | 1,546,023 | ||||||
Dollar General Corp.* | 25,568 | 1,477,319 | ||||||
Target Corp. | 22,782 | 1,476,046 | ||||||
Family Dollar Stores, Inc. | 20,146 | 1,387,656 | ||||||
Total General Merchandise Stores | 5,887,044 | |||||||
AUTOMOTIVE RETAIL - 4.5% | ||||||||
AutoZone, Inc.* | 3,494 | 1,518,807 | ||||||
O’Reilly Automotive, Inc.* | 11,540 | 1,428,767 | ||||||
CarMax, Inc.* | 28,441 | 1,336,443 | ||||||
AutoNation, Inc.* | 27,387 | 1,320,875 | ||||||
Total Automotive Retail | 5,604,892 | |||||||
DEPARTMENT STORES - 4.3% | ||||||||
Kohl’s Corp. | 28,349 | 1,610,223 | ||||||
Nordstrom, Inc. | 25,371 | 1,534,184 | ||||||
Macy’s, Inc. | 32,499 | 1,498,529 | ||||||
JC Penney Company, Inc.*,1 | 105,116 | 788,370 | ||||||
Total Department Stores | 5,431,306 | |||||||
BROADCASTING - 3.8% | ||||||||
Discovery Communications, Inc. — | ||||||||
Class A* | 18,663 | 1,659,514 | ||||||
Scripps Networks Interactive, Inc. — | ||||||||
Class A | 19,573 | 1,575,627 | ||||||
CBS Corp. — Class B | 26,198 | 1,549,350 | ||||||
Total Broadcasting | 4,784,491 | |||||||
PUBLISHING - 3.8% | ||||||||
Washington Post Co. — Class B | 2,506 | 1,612,160 | ||||||
Gannett Company, Inc. | 56,991 | 1,576,941 | ||||||
News Corp. — Class A* | 86,010 | 1,513,776 | ||||||
Total Publishing | 4,702,877 | |||||||
AUTO PARTS & EQUIPMENT - 3.6% | ||||||||
Johnson Controls, Inc. | 34,449 | 1,589,821 | ||||||
BorgWarner, Inc. | 14,662 | 1,512,092 | ||||||
Delphi Automotive plc | 25,537 | 1,460,716 | ||||||
Total Auto Parts & Equipment | 4,562,629 | |||||||
SPECIALTY STORES - 3.6% | ||||||||
Staples, Inc. | 100,670 | 1,622,800 | ||||||
Tiffany & Co. | 18,396 | 1,456,411 | ||||||
PetSmart, Inc. | 20,001 | 1,455,273 | ||||||
Total Specialty Stores | 4,534,484 | |||||||
HOMEBUILDING - 3.6% | ||||||||
PulteGroup, Inc. | 87,940 | 1,552,141 | ||||||
Lennar Corp. — Class A | 42,127 | 1,497,615 | ||||||
DR Horton, Inc. | 75,901 | 1,438,324 | ||||||
Total Homebuilding | 4,488,080 | |||||||
CONSUMER ELECTRONICS - 2.7% | ||||||||
Harman International Industries, Inc. | 21,855 | 1,770,692 | ||||||
Garmin Ltd. | 34,021 | 1,590,482 | ||||||
Total Consumer Electronics | 3,361,174 | |||||||
COMPUTER & ELECTRONICS RETAIL - 2.5% | ||||||||
Best Buy Company, Inc. | 37,947 | 1,624,132 | ||||||
GameStop Corp. — Class A | 27,693 | 1,518,130 | ||||||
Total Computer & Electronics Retail | 3,142,262 |
78 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (concluded) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF |
Shares | Value | |||||||
LEISURE PRODUCTS - 2.5% | ||||||||
Hasbro, Inc. | 31,025 | $ | 1,602,441 | |||||
Mattel, Inc. | 34,571 | 1,533,915 | ||||||
Total Leisure Products | 3,136,356 | |||||||
HOME IMPROVEMENT RETAIL - 2.4% | ||||||||
Lowe’s Companies, Inc. | 31,008 | 1,543,578 | ||||||
Home Depot, Inc. | 19,345 | 1,506,782 | ||||||
Total Home Improvement Retail | 3,050,360 | |||||||
ADVERTISING - 2.4% | ||||||||
Omnicom Group, Inc. | 22,345 | 1,521,918 | ||||||
Interpublic Group of Companies, Inc. | 86,162 | 1,447,522 | ||||||
Total Advertising | 2,969,440 | |||||||
CASINOS & GAMING - 2.4% | ||||||||
Wynn Resorts Ltd. | 9,660 | 1,605,975 | ||||||
International Game Technology | 71,496 | 1,344,125 | ||||||
Total Casinos & Gaming | 2,950,100 | |||||||
AUTOMOBILE MANUFACTURERS - 2.3% | ||||||||
General Motors Co.* | 40,282 | 1,488,420 | ||||||
Ford Motor Co. | 83,726 | 1,432,552 | ||||||
Total Automobile Manufacturers | 2,920,972 | |||||||
FOOTWEAR - 1.3% | ||||||||
NIKE, Inc. — Class B | 21,392 | 1,620,658 | ||||||
HOUSEWARES & SPECIALTIES - 1.3% | ||||||||
Newell Rubbermaid, Inc. | 53,952 | 1,598,598 | ||||||
HOUSEHOLD APPLIANCES - 1.2% | ||||||||
Whirlpool Corp. | 10,608 | 1,548,874 | ||||||
HOMEFURNISHING RETAIL - 1.2% | ||||||||
Bed Bath & Beyond, Inc.* | 19,734 | 1,525,833 | ||||||
SPECIALIZED CONSUMER SERVICES - 1.2% | ||||||||
H&R Block, Inc. | 53,330 | 1,516,705 | ||||||
MOTORCYCLE MANUFACTURERS - 1.2% | ||||||||
Harley-Davidson, Inc. | 22,949 | 1,469,654 | ||||||
DISTRIBUTORS - 1.1% | ||||||||
Genuine Parts Co. | 18,200 | 1,434,706 | ||||||
HOME FURNISHINGS - 1.1% | ||||||||
Leggett & Platt, Inc. | 47,397 | 1,409,587 | ||||||
TIRES & RUBBER - 1.1% | ||||||||
Goodyear Tire & Rubber Co. | 66,581 | 1,396,869 | ||||||
Total Common Stocks | ||||||||
(Cost $107,009,068) | 125,326,691 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 156,620 | 156,620 | ||||||
TOTAL SHORT TERM INVESTMENTS | ||||||||
(Cost $156,620) | 156,620 |
Face | ||||||||
amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 1.9% | ||||||||
Joint Repurchase Agreements | ||||||||
RBS Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | $ | 1,572,556 | 1,572,556 | |||||
HSBC Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | 838,244 | 838,244 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $2,410,800) | 2,410,800 | |||||||
Total Investments - 101.9% | ||||||||
(Cost $109,576,488) | $ | 127,894,111 | ||||||
Other Assets & Liabilities, net - (1.9)% | (2,397,028 | ) | ||||||
Total Net Assets - 100.0% | $ | 125,497,083 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at October 31, 2013 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
plc — Public Limited Company
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 79 |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER STAPLES ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.8% | ||||||||
PACKAGED FOODS & MEATS - 29.2% | ||||||||
Hershey Co. | 21,823 | $ | 2,165,715 | |||||
Mead Johnson Nutrition Co. — Class A | 26,419 | 2,157,376 | ||||||
Mondelez International, Inc. — Class A | 63,341 | 2,130,791 | ||||||
Kellogg Co. | 32,954 | 2,084,341 | ||||||
JM Smucker Co. | 18,526 | 2,060,276 | ||||||
General Mills, Inc. | 40,578 | 2,045,943 | ||||||
McCormick & Company, Inc. | 29,477 | 2,038,335 | ||||||
Hormel Foods Corp. | 46,724 | 2,030,625 | ||||||
Campbell Soup Co. | 47,263 | 2,011,986 | ||||||
Kraft Foods Group, Inc. | 36,841 | 2,003,414 | ||||||
ConAgra Foods, Inc. | 62,691 | 1,994,201 | ||||||
Tyson Foods, Inc. — Class A | 66,069 | 1,828,129 | ||||||
Total Packaged Foods & Meats | 24,551,132 | |||||||
SOFT DRINKS - 12.4% | ||||||||
Dr Pepper Snapple Group, Inc. | 44,495 | 2,106,838 | ||||||
Coca-Cola Enterprises, Inc. | 50,331 | 2,100,313 | ||||||
PepsiCo, Inc. | 24,881 | 2,092,243 | ||||||
Monster Beverage Corp.* | 36,301 | 2,077,506 | ||||||
Coca-Cola Co. | 51,650 | 2,043,791 | ||||||
Total Soft Drinks | 10,420,691 | |||||||
HOUSEHOLD PRODUCTS - 10.3% | ||||||||
Kimberly-Clark Corp. | 20,884 | 2,255,472 | ||||||
Colgate-Palmolive Co. | 33,624 | 2,176,482 | ||||||
Clorox Co. | 23,821 | 2,148,416 | ||||||
Procter & Gamble Co. | 25,280 | 2,041,360 | ||||||
Total Household Products | 8,621,730 | |||||||
TOBACCO - 10.2% | ||||||||
Lorillard, Inc. | 45,394 | 2,315,547 | ||||||
Altria Group, Inc. | 57,365 | 2,135,699 | ||||||
Reynolds American, Inc. | 40,958 | 2,104,012 | ||||||
Philip Morris International, Inc. | 22,762 | 2,028,549 | ||||||
Total Tobacco | 8,583,807 | |||||||
FOOD RETAIL - 8.2% | ||||||||
Safeway, Inc. | 70,865 | 2,473,188 | ||||||
Whole Foods Market, Inc. | 34,993 | 2,209,108 | ||||||
Kroger Co. | 51,200 | 2,193,408 | ||||||
Total Food Retail | 6,875,704 | |||||||
DISTILLERS & VINTNERS - 7.5% | ||||||||
Constellation Brands, Inc. — Class A* | 34,043 | 2,223,008 | ||||||
Brown-Forman Corp. — Class B | 28,538 | 2,082,703 | ||||||
Beam, Inc. | 30,605 | 2,059,717 | ||||||
Total Distillers & Vintners | 6,365,428 | |||||||
DRUG RETAIL - 5.1% | ||||||||
Walgreen Co. | 37,381 | 2,214,450 | ||||||
CVS Caremark Corp. | 33,364 | 2,077,243 | ||||||
Total Drug Retail | 4,291,693 | |||||||
HYPERMARKETS & SUPER CENTERS - 4.9% | ||||||||
Wal-Mart Stores, Inc. | 26,879 | 2,062,963 | ||||||
Costco Wholesale Corp. | 17,077 | 2,015,086 | ||||||
Total Hypermarkets & Super Centers | 4,078,049 | |||||||
PERSONAL PRODUCTS - 4.4% | ||||||||
Estee Lauder Companies, Inc. — Class A | 28,228 | 2,003,059 | ||||||
Avon Products, Inc. | 96,316 | 1,685,530 | ||||||
Total Personal Products | 3,688,589 | |||||||
AGRICULTURAL PRODUCTS - 2.7% | ||||||||
Archer-Daniels-Midland Co. | 55,177 | 2,256,739 | ||||||
BREWERS - 2.6% | ||||||||
Molson Coors Brewing Co. — Class B | 40,339 | 2,178,306 | ||||||
FOOD DISTRIBUTORS - 2.3% | ||||||||
Sysco Corp. | 60,781 | 1,965,658 | ||||||
Total Common Stocks | ||||||||
(Cost $74,423,617) | 83,877,526 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 117,232 | 117,232 | ||||||
Total Short Term Investments | ||||||||
(Cost $117,232) | 117,232 | |||||||
Total Investments - 99.9% | ||||||||
(Cost $74,540,849) | $ | 83,994,758 | ||||||
Other Assets & Liabilities, net - 0.1% | 59,738 | |||||||
Total Net Assets - 100.0% | $ | 84,054,496 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
80 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ENERGY ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
OIL & GAS EXPLORATION & PRODUCTION - 41.1% | ||||||||
Newfield Exploration Co.* | 37,307 | $ | 1,135,998 | |||||
QEP Resources, Inc. | 33,960 | 1,122,718 | ||||||
Noble Energy, Inc. | 14,359 | 1,075,920 | ||||||
WPX Energy, Inc.* | 48,405 | 1,071,687 | ||||||
Pioneer Natural Resources Co. | 5,167 | 1,058,098 | ||||||
Devon Energy Corp. | 16,355 | 1,033,963 | ||||||
EOG Resources, Inc. | 5,740 | 1,024,016 | ||||||
Denbury Resources, Inc.* | 53,715 | 1,020,048 | ||||||
ConocoPhillips | 13,805 | 1,011,907 | ||||||
Chesapeake Energy Corp. | 35,808 | 1,001,192 | ||||||
Apache Corp. | 11,002 | 976,978 | ||||||
Anadarko Petroleum Corp. | 10,085 | 961,000 | ||||||
Marathon Oil Corp. | 26,850 | 946,731 | ||||||
Southwestern Energy Co.* | 25,179 | 937,162 | ||||||
Murphy Oil Corp. | 15,514 | 935,804 | ||||||
Equities Corp. | 10,839 | 927,927 | ||||||
Range Resources Corp. | 12,143 | 919,347 | ||||||
Cabot Oil & Gas Corp. | 25,451 | 898,929 | ||||||
Total Oil & Gas Exploration & Production | 18,059,425 | |||||||
OIL & GAS DRILLING - 15.4% | ||||||||
Helmerich & Payne, Inc. | 13,843 | 1,073,525 | ||||||
Nabors Industries Ltd. | 58,337 | 1,019,731 | ||||||
Ensco plc — Class A | 17,214 | 992,387 | ||||||
Noble Corp. | 24,615 | 927,986 | ||||||
Diamond Offshore Drilling, Inc. | 14,827 | 918,236 | ||||||
Transocean Ltd. | 19,477 | 916,782 | ||||||
Rowan Companies plc — Class A* | 25,217 | 909,829 | ||||||
Total Oil & Gas Drilling | 6,758,476 | |||||||
OIL & GAS EQUIPMENT & SERVICES - 13.5% | ||||||||
Baker Hughes, Inc. | 19,215 | 1,116,199 | ||||||
Schlumberger Ltd. | 11,011 | 1,031,951 | ||||||
Halliburton Co. | 19,220 | 1,019,237 | ||||||
National Oilwell Varco, Inc. | 12,205 | 990,802 | ||||||
Cameron International Corp.* | 16,483 | 904,257 | ||||||
FMC Technologies, Inc.* | 17,553 | 887,304 | ||||||
Total Oil & Gas Equipment & Services | 5,949,750 | |||||||
OIL & GAS REFINING & MARKETING - 9.6% | ||||||||
Valero Energy Corp. | 27,246 | 1,121,718 | ||||||
Phillips 66 | 16,717 | 1,077,076 | ||||||
Tesoro Corp. | 20,709 | 1,012,463 | ||||||
Marathon Petroleum Corp. | 14,067 | 1,008,041 | ||||||
Total Oil & Gas Refining & Marketing | 4,219,298 | |||||||
INTEGRATED OIL & GAS - 8.9% | ||||||||
Occidental Petroleum Corp. | 10,672 | 1,025,366 | ||||||
Hess Corp. | 12,286 | 997,623 | ||||||
Exxon Mobil Corp. | 10,801 | 967,986 | ||||||
Chevron Corp. | 7,693 | 922,852 | ||||||
Total Integrated Oil & Gas | 3,913,827 | |||||||
OIL & GAS STORAGE & TRANSPORTATION - 6.7% | ||||||||
Spectra Energy Corp. | 28,440 | 1,011,611 | ||||||
Kinder Morgan, Inc. | 27,223 | 961,244 | ||||||
Williams Companies, Inc. | 26,578 | 949,100 | ||||||
Total Oil & Gas Storage & Transportation | 2,921,955 | |||||||
COAL & CONSUMABLE FUELS - 4.7% | ||||||||
Peabody Energy Corp. | 53,113 | 1,034,641 | ||||||
CONSOL Energy, Inc. | 28,254 | 1,031,271 | ||||||
Total Coal & Consumable Fuels | 2,065,912 | |||||||
Total Common Stocks | ||||||||
(Cost $41,618,570) | 43,888,643 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 24,916 | 24,916 | ||||||
Total Short Term Investments | ||||||||
(Cost $24,916) | 24,916 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $41,643,486) | $ | 43,913,559 | ||||||
Other Assets & Liabilities, net - 0.0% | 10,135 | |||||||
Total Net Assets - 100.0% | $ | 43,923,694 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
plc — Public Limited Company
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 81 |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
ASSET MANAGEMENT & CUSTODY BANKS - 11.5% | ||||||||
BlackRock, Inc. — Class A | 2,618 | $ | 787,521 | |||||
Legg Mason, Inc. | 20,373 | 783,749 | ||||||
Franklin Resources, Inc. | 14,262 | 768,151 | ||||||
Ameriprise Financial, Inc. | 7,628 | 766,919 | ||||||
Invesco Ltd. | 22,294 | 752,423 | ||||||
T. Rowe Price Group, Inc. | 9,677 | 749,097 | ||||||
State Street Corp. | 10,176 | 713,032 | ||||||
Northern Trust Corp. | 12,634 | 712,810 | ||||||
Bank of New York Mellon Corp. | 22,260 | 707,868 | ||||||
Total Asset Management & Custody Banks | 6,741,570 | |||||||
REGIONAL BANKS - 10.8% | ||||||||
KeyCorp | 57,850 | 724,861 | ||||||
Fifth Third Bancorp | 37,674 | 716,936 | ||||||
Huntington Bancshares, Inc. | 81,276 | 715,229 | ||||||
Regions Financial Corp. | 72,738 | 700,467 | ||||||
SunTrust Banks, Inc. | 20,788 | 699,308 | ||||||
M&T Bank Corp. | 6,187 | 696,223 | ||||||
PNC Financial Services Group, Inc. | 9,452 | 695,006 | ||||||
BB&T Corp. | 20,362 | 691,697 | ||||||
Zions Bancorporation | 23,887 | 677,674 | ||||||
Total Regional Banks | 6,317,401 | |||||||
SPECIALIZED REITs - 9.9% | ||||||||
American Tower Corp. — Class A | 9,393 | 745,335 | ||||||
Weyerhaeuser Co. | 24,393 | 741,547 | ||||||
Public Storage | 4,439 | 741,180 | ||||||
Ventas, Inc. | 11,270 | 735,255 | ||||||
Health Care REIT, Inc. | 11,211 | 727,033 | ||||||
Host Hotels & Resorts, Inc. | 38,343 | 711,263 | ||||||
HCP, Inc. | 16,713 | 693,590 | ||||||
Plum Creek Timber Company, Inc. | 15,037 | 682,680 | ||||||
Total Specialized REITs | 5,777,883 | |||||||
PROPERTY & CASUALTY INSURANCE - 8.6% | ||||||||
Cincinnati Financial Corp. | 14,874 | 743,700 | ||||||
Allstate Corp. | 13,832 | 733,926 | ||||||
Chubb Corp. | 7,905 | 727,892 | ||||||
ACE Ltd. | 7,555 | 721,049 | ||||||
Travelers Companies, Inc. | 8,286 | 715,082 | ||||||
XL Group plc — Class A | 22,696 | 693,817 | ||||||
Progressive Corp. | 26,705 | 693,529 | ||||||
Total Property & Casualty Insurance | 5,028,995 | |||||||
LIFE & HEALTH INSURANCE - 8.6% | ||||||||
Principal Financial Group, Inc. | 16,069 | 762,635 | ||||||
Aflac, Inc. | 11,346 | 737,263 | ||||||
Unum Group | 22,346 | 709,262 | ||||||
Lincoln National Corp. | 15,584 | 707,669 | ||||||
Prudential Financial, Inc. | 8,691 | 707,360 | ||||||
Torchmark Corp. | 9,594 | 699,019 | ||||||
MetLife, Inc. | 14,182 | 670,950 | ||||||
Total Life & Health Insurance | 4,994,158 | |||||||
SPECIALIZED FINANCE - 7.7% | ||||||||
NASDAQ OMX Group, Inc. | 22,159 | 785,093 | ||||||
McGraw Hill Financial, Inc. | 11,215 | 781,461 | ||||||
IntercontinentalExchange, Inc.* | 3,836 | 739,312 | ||||||
NYSE Euronext | 16,557 | 728,839 | ||||||
Moody’s Corp. | 10,273 | 725,890 | ||||||
CME Group, Inc. — Class A | 9,570 | 710,190 | ||||||
Total Specialized Finance | 4,470,785 | |||||||
MULTI-LINE INSURANCE - 6.4% | ||||||||
Genworth Financial, Inc. — Class A* | 56,621 | 822,704 | ||||||
Hartford Financial Services Group, Inc. | 21,900 | 738,030 | ||||||
Assurant, Inc. | 12,544 | 733,573 | ||||||
Loews Corp. | 14,978 | 723,587 | ||||||
American International Group, Inc. | 13,933 | 719,639 | ||||||
Total Multi-Line Insurance | 3,737,533 | |||||||
CONSUMER FINANCE - 4.9% | ||||||||
American Express Co. | 9,196 | 752,233 | ||||||
SLM Corp. | 27,955 | 709,218 | ||||||
Discover Financial Services | 13,583 | 704,686 | ||||||
Capital One Financial Corp. | 10,259 | 704,486 | ||||||
Total Consumer Finance | 2,870,623 | |||||||
INVESTMENT BANKING & BROKERAGE - 4.8% | ||||||||
Charles Schwab Corp. | 31,435 | 712,003 | ||||||
Morgan Stanley | 24,618 | 707,275 | ||||||
E*TRADE Financial Corp.* | 40,472 | 684,382 | ||||||
Goldman Sachs Group, Inc. | 4,224 | 679,473 | ||||||
Total Investment Banking & Brokerage | 2,783,133 | |||||||
RETAIL REITs - 3.7% | ||||||||
Kimco Realty Corp. | 34,198 | 734,573 | ||||||
Simon Property Group, Inc. | 4,664 | 720,821 | ||||||
Macerich Co. | 12,108 | 716,915 | ||||||
Total Retail REITs | 2,172,309 | |||||||
DIVERSIFIED BANKS - 3.7% | ||||||||
Comerica, Inc. | 17,094 | 740,170 | ||||||
Wells Fargo & Co. | 16,412 | 700,628 | ||||||
U.S. Bancorp | 18,645 | 696,577 | ||||||
Total Diversified Banks | 2,137,375 | |||||||
OTHER DIVERSIFIED FINANCIAL SERVICES - 3.4% | ||||||||
JPMorgan Chase & Co. | 13,167 | 678,627 | ||||||
Citigroup, Inc. | 13,715 | 669,018 | ||||||
Bank of America Corp. | 47,791 | 667,162 | ||||||
Total Other Diversified Financial Services | 2,014,807 | |||||||
RESIDENTIAL REITs - 3.4% | ||||||||
Apartment Investment & | ||||||||
Management Co. — Class A | 24,247 | 678,431 | ||||||
AvalonBay Communities, Inc. | 5,360 | 670,268 | ||||||
Equity Residential | 12,686 | 664,239 | ||||||
Total Residential REITs | 2,012,938 | |||||||
INSURANCE BROKERS - 2.7% | ||||||||
Aon plc | 10,107 | 799,364 | ||||||
Marsh & McLennan Companies, Inc. | 16,329 | 747,868 | ||||||
Total Insurance Brokers | 1,547,232 |
82 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (concluded) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF |
Shares | Value | |||||||
MULTI-SECTOR HOLDINGS - 2.4% | ||||||||
Leucadia National Corp. | 24,863 | $ | 704,617 | |||||
Berkshire Hathaway, Inc. — Class B* | 6,097 | 701,643 | ||||||
Total Multi-Sector Holdings | 1,406,260 | |||||||
THRIFTS & MORTGAGE FINANCE - 2.4% | ||||||||
People’s United Financial, Inc. | 47,823 | 690,086 | ||||||
Hudson City Bancorp, Inc. | 76,685 | 688,631 | ||||||
Total Thrifts & Mortgage Finance | 1,378,717 | |||||||
INDUSTRIAL REITs - 1.3% | ||||||||
Prologis, Inc. | 18,732 | 748,343 | ||||||
DIVERSIFIED REITSs - 1.3% | ||||||||
Vornado Realty Trust | 8,189 | 729,312 | ||||||
Real Estate Services - 1.2% | ||||||||
CBRE Group, Inc. — Class A* | 29,593 | 687,445 | ||||||
OFFICE REITs - 1.2% | ||||||||
Boston Properties, Inc. | 6,606 | 683,721 | ||||||
Total Common Stocks | ||||||||
(Cost $54,180,861) | 58,240,540 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 75,142 | 75,142 | ||||||
Total Short Term Investments | ||||||||
(Cost $75,142) | 75,142 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $54,256,003) | $ | 58,315,682 | ||||||
Other Assets & Liabilities, net - 0.0% | 21,047 | |||||||
Total Net Assets - 100.0% | $ | 58,336,729 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 83 |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT HEALTH CARE ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.8% | ||||||||
HEALTH CARE EQUIPMENT - 25.3% | ||||||||
CR Bard, Inc. | 19,371 | $ | 2,638,718 | |||||
St. Jude Medical, Inc. | 43,493 | 2,496,063 | ||||||
Medtronic, Inc. | 42,890 | 2,461,886 | ||||||
Zimmer Holdings, Inc. | 28,056 | 2,454,058 | ||||||
Covidien plc | 38,017 | 2,437,270 | ||||||
Stryker Corp. | 32,763 | 2,419,875 | ||||||
Becton Dickinson and Co. | 22,973 | 2,415,151 | ||||||
Abbott Laboratories | 65,902 | 2,408,718 | ||||||
CareFusion Corp.* | 61,797 | 2,395,870 | ||||||
Intuitive Surgical, Inc.* | 6,127 | 2,276,181 | ||||||
Boston Scientific Corp.* | 194,073 | 2,268,713 | ||||||
Varian Medical Systems, Inc.* | 30,824 | 2,237,206 | ||||||
Baxter International, Inc. | 32,006 | 2,108,235 | ||||||
Edwards Lifesciences Corp.* | 32,089 | 2,091,882 | ||||||
Total Health Care Equipment | 33,109,826 | |||||||
PHARMACEUTICALS - 24.0% | ||||||||
Bristol-Myers Squibb Co. | 52,740 | 2,769,906 | ||||||
Actavis plc* | 16,945 | 2,619,358 | ||||||
Perrigo Co. | 18,608 | 2,565,857 | ||||||
AbbVie, Inc. | 51,178 | 2,479,574 | ||||||
Pfizer, Inc. | 80,593 | 2,472,593 | ||||||
Forest Laboratories, Inc.* | 52,072 | 2,448,946 | ||||||
Johnson & Johnson | 25,945 | 2,402,766 | ||||||
Hospira, Inc.* | 57,995 | 2,349,957 | ||||||
Allergan, Inc. | 25,885 | 2,345,440 | ||||||
Zoetis, Inc. | 73,996 | 2,342,713 | ||||||
Mylan, Inc.* | 59,045 | 2,236,034 | ||||||
Merck & Company, Inc. | 48,084 | 2,168,108 | ||||||
Eli Lilly & Co. | 43,128 | 2,148,637 | ||||||
Total Pharmaceuticals | 31,349,889 | |||||||
BIOTECHNOLOGY - 12.6% | ||||||||
Gilead Sciences, Inc.* | 36,167 | 2,567,495 | ||||||
Alexion Pharmaceuticals, Inc.* | 20,121 | 2,473,877 | ||||||
Biogen Idec, Inc.* | 9,790 | 2,390,620 | ||||||
Amgen, Inc. | 19,967 | 2,316,172 | ||||||
Celgene Corp.* | 15,370 | 2,282,291 | ||||||
Regeneron Pharmaceuticals, Inc.* | 7,923 | 2,278,655 | ||||||
Vertex Pharmaceuticals, Inc.* | 29,370 | 2,095,256 | ||||||
Total Biotechnology | 16,404,366 | |||||||
LIFE SCIENCES TOOLS & SERVICES - 9.0% | ||||||||
Thermo Fisher Scientific, Inc. | 25,222 | 2,466,207 | ||||||
Agilent Technologies, Inc. | 47,410 | 2,406,532 | ||||||
PerkinElmer, Inc. | 60,957 | 2,318,804 | ||||||
Life Technologies Corp.* | 30,741 | 2,315,105 | ||||||
Waters Corp.* | 22,056 | 2,225,892 | ||||||
Total Life Sciences Tools & Services | 11,732,540 | |||||||
MANAGED HEALTH CARE - 8.2% | ||||||||
WellPoint, Inc. | 25,796 | 2,187,501 | ||||||
Humana, Inc. | 23,393 | 2,155,665 | ||||||
Aetna, Inc. | 34,056 | 2,135,311 | ||||||
Cigna Corp. | 27,470 | 2,114,641 | ||||||
UnitedHealth Group, Inc. | 30,846 | 2,105,548 | ||||||
Total Managed Health Care | 10,698,666 | |||||||
HEALTH CARE DISTRIBUTORS - 7.8% | ||||||||
McKesson Corp. | 17,857 | 2,791,764 | ||||||
Cardinal Health, Inc. | 43,338 | 2,542,207 | ||||||
AmerisourceBergen Corp. — Class A | 38,122 | 2,490,510 | ||||||
Patterson Companies, Inc. | 56,123 | 2,385,789 | ||||||
Total Health Care Distributors | 10,210,270 | |||||||
HEALTH CARE SERVICES - 6.9% | ||||||||
DaVita HealthCare Partners, Inc.* | 41,211 | 2,316,470 | ||||||
Laboratory Corporation of America Holdings* | 22,818 | 2,302,336 | ||||||
Quest Diagnostics, Inc. | 37,409 | 2,241,173 | ||||||
Express Scripts Holding Co.* | 34,962 | 2,185,824 | ||||||
Total Health Care Services | 9,045,803 | |||||||
HEALTH CARE FACILITIES - 2.1% | ||||||||
Tenet Healthcare Corp.* | 57,134 | 2,696,154 | ||||||
HEALTH CARE TECHNOLOGY - 2.0% | ||||||||
Cerner Corp.* | 46,907 | 2,628,199 | ||||||
HEALTH CARE SUPPLIES - 1.9% | ||||||||
DENTSPLY International, Inc. | 52,089 | 2,453,392 | ||||||
Total Common Stocks | ||||||||
(Cost $118,807,383) | 130,329,105 | |||||||
SHORT TERM INVESTMENTS† - 0.2% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 298,949 | 298,949 | ||||||
Total Short Term Investments | ||||||||
(Cost $298,949) | 298,949 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $119,106,332) | $ | 130,628,054 | ||||||
Other Assets & Liabilities, net - 0.0% | (657 | ) | ||||||
Total Net Assets - 100.0% | $ | 130,627,397 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
plc — Public Limited Company
84 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
AEROSPACE & DEFENSE - 17.2% | ||||||||
Boeing Co. | 7,683 | $ | 1,002,632 | |||||
Northrop Grumman Corp. | 8,894 | 956,194 | ||||||
Precision Castparts Corp. | 3,683 | 933,456 | ||||||
L-3 Communications Holdings, Inc. | 9,078 | 911,885 | ||||||
Raytheon Co. | 10,900 | 897,833 | ||||||
Lockheed Martin Corp. | 6,725 | 896,712 | ||||||
Honeywell International, Inc. | 10,181 | 882,998 | ||||||
Textron, Inc. | 29,843 | 859,180 | ||||||
General Dynamics Corp. | 9,818 | 850,533 | ||||||
United Technologies Corp. | 7,893 | 838,631 | ||||||
Rockwell Collins, Inc. | 11,717 | 818,198 | ||||||
Total Aerospace & Defense | 9,848,252 | |||||||
INDUSTRIAL MACHINERY - 14.8% | ||||||||
Xylem, Inc. | 31,746 | 1,095,237 | ||||||
Flowserve Corp. | 14,027 | 974,456 | ||||||
Parker Hannifin Corp. | 8,197 | 956,754 | ||||||
Pall Corp. | 11,674 | 939,990 | ||||||
Ingersoll-Rand plc | 13,462 | 909,089 | ||||||
Illinois Tool Works, Inc. | 11,503 | 906,321 | ||||||
Pentair Ltd. | 13,351 | 895,719 | ||||||
Snap-on, Inc. | 8,599 | 894,898 | ||||||
Dover Corp. | 9,612 | 882,285 | ||||||
Total Industrial Machinery | 8,454,749 | |||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 7.7% | ||||||||
AMETEK, Inc. | 18,955 | 906,618 | ||||||
Rockwell Automation, Inc. | 8,145 | 899,289 | ||||||
Eaton Corporation plc | 12,705 | 896,465 | ||||||
Emerson Electric Co. | 13,360 | 894,719 | ||||||
Roper Industries, Inc. | 6,545 | 829,971 | ||||||
Total Electrical Components & Equipment | 4,427,062 | |||||||
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS - 7.4% | ||||||||
Joy Global, Inc. | 15,899 | 902,268 | ||||||
Deere & Co. | 10,374 | 849,008 | ||||||
PACCAR, Inc. | 15,204 | 845,342 | ||||||
Caterpillar, Inc. | 9,835 | 819,846 | ||||||
Cummins, Inc. | 6,400 | 812,928 | ||||||
Total Construction & Farm Machinery & Heavy Trucks | 4,229,392 | |||||||
AIR FREIGHT & LOGISTICS - 6.5% | ||||||||
FedEx Corp. | 7,978 | 1,045,118 | ||||||
United Parcel Service, Inc. — Class B | 9,650 | 948,016 | ||||||
Expeditors International of Washington, Inc. | 19,323 | 875,139 | ||||||
CH Robinson Worldwide, Inc. | 14,468 | 864,318 | ||||||
Total Air Freight & Logistics | 3,732,591 | |||||||
RAILROADS - 6.3% | ||||||||
Norfolk Southern Corp. | 11,311 | 972,972 | ||||||
Kansas City Southern | 7,756 | 942,509 | ||||||
CSX Corp. | 32,833 | 855,628 | ||||||
Union Pacific Corp. | 5,527 | 836,788 | ||||||
Total Railroads | 3,607,897 | |||||||
CONSTRUCTION & ENGINEERING - 5.0% | ||||||||
Quanta Services, Inc.* | 32,879 | 993,275 | ||||||
Fluor Corp. | 12,731 | 944,895 | ||||||
Jacobs Engineering Group, Inc.* | 14,776 | 898,676 | ||||||
Total Construction & Engineering | 2,836,846 | |||||||
RESEARCH & CONSULTING SERVICES - 4.8% | ||||||||
Nielsen Holdings N.V. | 24,059 | 948,887 | ||||||
Equifax, Inc. | 14,271 | 922,906 | ||||||
Dun & Bradstreet Corp. | 8,158 | 887,509 | ||||||
Total Research & Consulting Services | 2,759,302 | |||||||
INDUSTRIAL CONGLOMERATES - 4.8% | ||||||||
General Electric Co. | 35,977 | 940,439 | ||||||
3M Co. | 7,213 | 907,756 | ||||||
Danaher Corp. | 12,265 | 884,184 | ||||||
Total Industrial Conglomerates | 2,732,379 | |||||||
ENVIRONMENTAL & FACILITIES SERVICES - 4.6% | ||||||||
Waste Management, Inc. | 20,923 | 910,987 | ||||||
Republic Services, Inc. — Class A | 25,928 | 867,810 | ||||||
Stericycle, Inc.* | 7,465 | 867,433 | ||||||
Total Environmental & Facilities Services | 2,646,230 | |||||||
AIRLINES - 3.6% | ||||||||
Southwest Airlines Co. | 61,552 | 1,059,925 | ||||||
Delta Air Lines, Inc. | 38,078 | 1,004,498 | ||||||
Total Airlines | 2,064,423 | |||||||
SECURITY & ALARM SERVICES - 3.2% | ||||||||
ADT Corp. | 21,373 | 926,947 | ||||||
Tyco International Ltd. | 25,242 | 922,595 | ||||||
Total Security & Alarm Services | 1,849,542 | |||||||
DIVERSIFIED SUPPORT SERVICES - 3.1% | ||||||||
Cintas Corp. | 17,214 | 925,597 | ||||||
Iron Mountain, Inc. | 32,179 | 854,031 | ||||||
Total Diversified Support Services | 1,779,628 | |||||||
TRADING COMPANIES & DISTRIBUTORS - 3.0% | ||||||||
WW Grainger, Inc. | 3,200 | 860,704 | ||||||
Fastenal Co. | 17,086 | 850,883 | ||||||
Total Trading Companies & Distributors | 1,711,587 | |||||||
OFFICE SERVICES & SUPPLIES - 1.9% | ||||||||
Pitney Bowes, Inc.1 | 49,684 | 1,060,257 | ||||||
TRUCKING - 1.7% | ||||||||
Ryder System, Inc. | 14,389 | 947,228 | ||||||
BUILDING PRODUCTS - 1.5% | ||||||||
Masco Corp. | 41,114 | 868,739 | ||||||
HUMAN RESOURCES & EMPLOYMENT SERVICES - 1.5% | ||||||||
Robert Half International, Inc. | 22,480 | 866,154 | ||||||
HOUSEHOLD APPLIANCES - 1.3% | ||||||||
Stanley Black & Decker, Inc. | 9,587 | 758,236 | ||||||
Total Common Stocks | ||||||||
(Cost $50,377,876) | 57,180,494 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 85 |
SCHEDULE OF INVESTMENTS (concluded) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF |
Shares | Value | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 38,073 | $ | 38,073 | |||||
Total Short Term Investments | ||||||||
(Cost $38,073) | 38,073 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 1.7% | ||||||||
Joint Repurchase Agreements | ||||||||
RBS Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | $ | 643,719 | 643,719 | |||||
HSBC Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | 343,131 | 343,131 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $986,850) | 986,850 | |||||||
Total Investments - 101.7% | ||||||||
(Cost $51,402,799) | $ | 58,205,417 | ||||||
Other Assets & Liabilities, net - (1.7)% | (954,888 | ) | ||||||
Total Net Assets - 100.0% | $ | 57,250,529 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at October 31, 2013 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
plc — Public Limited Company
86 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT MATERIALS ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
SPECIALTY CHEMICALS - 16.3% | ||||||||
PPG Industries, Inc. | 9,234 | $ | 1,685,944 | |||||
Ecolab, Inc. | 15,678 | 1,661,868 | ||||||
Sherwin-Williams Co. | 8,574 | 1,611,912 | ||||||
Sigma-Aldrich Corp. | 17,553 | 1,517,106 | ||||||
International Flavors & Fragrances, Inc. | 18,295 | 1,512,082 | ||||||
Total Specialty Chemicals | 7,988,912 | |||||||
STEEL - 14.2% | ||||||||
United States Steel Corp.1 | 75,499 | 1,879,169 | ||||||
Cliffs Natural Resources, Inc.1 | 67,976 | 1,745,623 | ||||||
Allegheny Technologies, Inc. | 52,403 | 1,734,539 | ||||||
Nucor Corp. | 31,062 | 1,608,080 | ||||||
Total Steel | 6,967,411 | |||||||
DIVERSIFIED CHEMICALS - 12.5% | ||||||||
EI du Pont de Nemours & Co. | 25,481 | 1,559,437 | ||||||
FMC Corp. | 21,378 | 1,555,463 | ||||||
Eastman Chemical Co. | 19,608 | 1,544,914 | ||||||
Dow Chemical Co. | 37,626 | 1,485,098 | ||||||
Total Diversified Chemicals | 6,144,912 | |||||||
PAPER PACKAGING - 12.3% | ||||||||
Avery Dennison Corp. | 33,988 | 1,601,515 | ||||||
Bemis Company, Inc. | 38,068 | 1,518,913 | ||||||
Sealed Air Corp. | 49,943 | 1,507,280 | ||||||
MeadWestvaco Corp. | 38,909 | 1,355,979 | ||||||
Total Paper Packaging | 5,983,687 | |||||||
FERTILIZERS & AGRICULTURAL CHEMICALS - 9.5% | ||||||||
CF Industries Holdings, Inc. | 7,741 | 1,668,960 | ||||||
Monsanto Co. | 14,402 | 1,510,482 | ||||||
Mosaic Co. | 32,623 | 1,495,765 | ||||||
Total Fertilizers & Agricultural Chemicals | 4,675,207 | |||||||
INDUSTRIAL GASES - 9.5% | ||||||||
Airgas, Inc. | 14,447 | 1,575,734 | ||||||
Praxair, Inc. | 12,452 | 1,552,889 | ||||||
Air Products & Chemicals, Inc. | 14,132 | 1,540,529 | ||||||
Total Industrial Gases | 4,669,152 | |||||||
METAL & GLASS CONTAINERS - 6.6% | ||||||||
Ball Corp. | 33,740 | 1,649,549 | ||||||
Owens-Illinois, Inc.* | 50,025 | 1,590,295 | ||||||
Total Metal & Glass Containers | 3,239,844 | |||||||
ALUMINUM - 3.5% | ||||||||
Alcoa, Inc. | 185,670 | 1,721,161 | ||||||
DIVERSIFIED METALS & MINING - 3.4% | ||||||||
Freeport-McMoRan Copper & Gold, Inc. | 45,405 | 1,669,088 | ||||||
COMMODITY CHEMICALS - 3.2% | ||||||||
LyondellBasell Industries N.V. — Class A | 21,130 | 1,576,298 | ||||||
CONSTRUCTION MATERIALS - 3.1% | ||||||||
Vulcan Materials Co. | 28,534 | 1,527,996 | ||||||
GOLD - 3.0% | ||||||||
Newmont Mining Corp. | 53,199 | 1,450,205 | ||||||
PAPER PRODUCTS - 2.8% | ||||||||
International Paper Co. | 30,822 | 1,374,969 | ||||||
Total Common Stocks | ||||||||
(Cost $39,325,728) | 48,988,842 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 62,634 | 62,634 | ||||||
Total Short Term Investments | ||||||||
(Cost $62,634) | 62,634 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 6.5% | ||||||||
Joint Repurchase Agreements | ||||||||
RBS Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | $ | 2,092,518 | 2,092,518 | |||||
HSBC Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | 1,115,407 | 1,115,407 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $3,207,925) | 3,207,925 | |||||||
Total Investments - 106.5% | ||||||||
(Cost $42,596,287) | $ | 52,259,401 | ||||||
Other Assets & Liabilities, net - (6.5)% | (3,190,711 | ) | ||||||
Total Net Assets - 100.0% | $ | 49,068,690 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at October 31, 2013 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 87 |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT TECHNOLOGY ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
SEMICONDUCTORS - 18.6% | ||||||||
First Solar, Inc.* | 106,411 | $ | 5,349,280 | |||||
Micron Technology, Inc.* | 251,044 | 4,438,458 | ||||||
Microchip Technology, Inc. | 102,709 | 4,412,379 | ||||||
LSI Corp. | 514,762 | 4,365,182 | ||||||
Texas Instruments, Inc. | 100,961 | 4,248,439 | ||||||
Intel Corp. | 173,495 | 4,238,483 | ||||||
Analog Devices, Inc. | 84,814 | 4,181,330 | ||||||
Broadcom Corp. — Class A | 155,822 | 4,163,564 | ||||||
Linear Technology Corp. | 100,941 | 4,152,713 | ||||||
Xilinx, Inc. | 86,037 | 3,907,801 | ||||||
NVIDIA Corp. | 257,393 | 3,907,226 | ||||||
Altera Corp. | 105,170 | 3,533,712 | ||||||
Total Semiconductors | 50,898,567 | |||||||
DATA PROCESSING & OUTSOURCED SERVICES - 13.7% | ||||||||
Fidelity National Information | ||||||||
Services, Inc. | 88,495 | 4,314,131 | ||||||
MasterCard, Inc. — Class A | 6,012 | 4,311,205 | ||||||
Paychex, Inc. | 100,838 | 4,261,414 | ||||||
Fiserv, Inc.* | 40,527 | 4,244,393 | ||||||
Visa, Inc. — Class A | 21,514 | 4,231,158 | ||||||
Total System Services, Inc. | 139,698 | 4,167,191 | ||||||
Automatic Data Processing, Inc. | 54,884 | 4,114,653 | ||||||
Computer Sciences Corp. | 78,776 | 3,880,506 | ||||||
Western Union Co. | 220,913 | 3,759,939 | ||||||
Total Data Processing & Outsourced Services | 37,284,590 | |||||||
COMMUNICATIONS EQUIPMENT - 10.0% | ||||||||
Motorola Solutions, Inc. | 70,784 | 4,425,416 | ||||||
Harris Corp. | 70,196 | 4,349,344 | ||||||
QUALCOMM, Inc. | 59,295 | 4,119,224 | ||||||
Cisco Systems, Inc. | 167,229 | 3,762,653 | ||||||
Juniper Networks, Inc.* | 193,483 | 3,606,523 | ||||||
F5 Networks, Inc.* | 44,207 | 3,603,313 | ||||||
JDS Uniphase Corp.* | 270,937 | 3,546,565 | ||||||
Total Communications Equipment | 27,413,038 | |||||||
INTERNET SOFTWARE & SERVICES - 7.8% | ||||||||
Google, Inc. — Class A* | 4,575 | 4,714,903 | ||||||
Yahoo!, Inc.* | 138,987 | 4,576,842 | ||||||
VeriSign, Inc.* | 81,582 | 4,428,271 | ||||||
eBay, Inc.* | 75,564 | 3,982,978 | ||||||
Akamai Technologies, Inc.* | 79,325 | 3,549,001 | ||||||
Total Internet Software & Services | 21,251,995 | |||||||
COMPUTER STORAGE & PERIPHERALS - 7.8% | ||||||||
Seagate Technology plc | 101,042 | 4,918,724 | ||||||
SanDisk Corp. | 66,817 | 4,643,782 | ||||||
Western Digital Corp. | 63,198 | 4,400,477 | ||||||
EMC Corp. | 151,531 | 3,647,351 | ||||||
NetApp, Inc. | 92,909 | 3,605,798 | ||||||
Total Computer Storage & Peripherals | 21,216,132 | |||||||
APPLICATION SOFTWARE - 7.6% | ||||||||
Adobe Systems, Inc.* | 85,160 | 4,615,672 | ||||||
Intuit, Inc. | 61,675 | 4,404,212 | ||||||
Salesforce.com, Inc.* | 81,927 | 4,371,625 | ||||||
Autodesk, Inc.* | 106,513 | 4,250,934 | ||||||
Citrix Systems, Inc.* | 55,107 | 3,128,975 | ||||||
Total Application Software | 20,771,418 | |||||||
SYSTEMS SOFTWARE - 7.3% | ||||||||
Microsoft Corp. | 123,132 | 4,352,716 | ||||||
CA, Inc. | 133,821 | 4,250,155 | ||||||
Oracle Corp. | 125,280 | 4,196,880 | ||||||
Symantec Corp. | 162,152 | 3,687,336 | ||||||
Red Hat, Inc.* | 77,575 | 3,356,670 | ||||||
Total Systems Software | 19,843,757 | |||||||
SEMICONDUCTOR EQUIPMENT - 6.5% | ||||||||
Applied Materials, Inc. | 255,623 | 4,562,871 | ||||||
KLA-Tencor Corp. | 67,470 | 4,426,032 | ||||||
Lam Research Corp.* | 81,582 | 4,424,192 | ||||||
Teradyne, Inc.* | 252,290 | 4,412,552 | ||||||
Total Semiconductor Equipment | 17,825,647 | |||||||
IT CONSULTING & OTHER SERVICES - 5.6% | ||||||||
Cognizant Technology Solutions | ||||||||
Corp. — Class A* | 51,038 | 4,436,733 | ||||||
Accenture plc — Class A | 54,598 | 4,012,953 | ||||||
International Business Machines Corp. | 21,168 | 3,793,517 | ||||||
Teradata Corp.* | 68,567 | 3,021,748 | ||||||
Total IT Consulting & Other Services | 15,264,951 | |||||||
ELECTRONIC MANUFACTURING SERVICES - 4.2% | ||||||||
Molex, Inc. | 105,232 | 4,061,955 | ||||||
TE Connectivity Ltd. | 76,110 | 3,918,904 | ||||||
Jabil Circuit, Inc. | 171,825 | 3,584,270 | ||||||
Total Electronic Manufacturing Services | 11,565,129 | |||||||
COMPUTER HARDWARE - 3.3% | ||||||||
Apple, Inc. | 8,745 | 4,567,951 | ||||||
Hewlett-Packard Co. | 184,272 | 4,490,709 | ||||||
Total Computer Hardware | 9,058,660 |
88 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (concluded) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT TECHNOLOGY ETF |
Shares | Value | |||||||
ELECTRONIC COMPONENTS - 3.3% | ||||||||
Corning, Inc. | 277,788 | $ | 4,747,396 | |||||
Amphenol Corp. — Class A | 52,626 | 4,225,342 | ||||||
Total Electronic Components | 8,972,738 | |||||||
HOME ENTERTAINMENT SOFTWARE - 1.5% | ||||||||
Electronic Arts, Inc.* | 152,489 | 4,002,836 | ||||||
OFFICE ELECTRONICS - 1.4% | ||||||||
Xerox Corp. | 389,182 | 3,868,469 | ||||||
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.3% | ||||||||
FLIR Systems, Inc. | 127,681 | 3,636,355 | ||||||
Total Common Stocks | ||||||||
(Cost $252,387,205) | 272,874,282 | |||||||
Total Investments - 99.9% | ||||||||
(Cost $252,387,205) | $ | 272,874,282 | ||||||
Other Assets & Liabilities, net - 0.1% | 401,029 | |||||||
Total Net Assets - 100.0% | $ | 273,275,311 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
plc — Public Limited Company
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 89 |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT UTILITIES ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.7% | ||||||||
MULTI-UTILITIES - 37.8% | ||||||||
Ameren Corp. | 40,335 | $ | 1,459,320 | |||||
Integrys Energy Group, Inc. | 24,528 | 1,439,303 | ||||||
Sempra Energy | 15,654 | 1,426,706 | ||||||
CenterPoint Energy, Inc. | 57,905 | 1,424,463 | ||||||
Consolidated Edison, Inc. | 24,151 | 1,406,071 | ||||||
Wisconsin Energy Corp. | 33,270 | 1,401,000 | ||||||
NiSource, Inc. | 44,259 | 1,395,044 | ||||||
DTE Energy Co. | 20,141 | 1,392,549 | ||||||
TECO Energy, Inc. | 81,068 | 1,391,938 | ||||||
CMS Energy Corp. | 50,614 | 1,389,860 | ||||||
Dominion Resources, Inc. | 21,632 | 1,379,040 | ||||||
Public Service Enterprise Group, Inc. | 40,998 | 1,373,433 | ||||||
PG&E Corp. | 32,071 | 1,342,171 | ||||||
SCANA Corp. | 28,664 | 1,336,602 | ||||||
Total Multi-Utilities | 19,557,500 | |||||||
ELECTRIC UTILITIES - 34.8% | ||||||||
American Electric Power Company, Inc. | 31,103 | 1,456,865 | ||||||
Duke Energy Corp. | 20,221 | 1,450,452 | ||||||
Edison International | 29,492 | 1,445,993 | ||||||
NextEra Energy, Inc. | 16,734 | 1,418,207 | ||||||
Northeast Utilities | 32,899 | 1,411,038 | ||||||
Pepco Holdings, Inc. | 72,949 | 1,406,457 | ||||||
Xcel Energy, Inc. | 47,957 | 1,384,039 | ||||||
Pinnacle West Capital Corp. | 24,615 | 1,379,178 | ||||||
Entergy Corp. | 21,009 | 1,359,702 | ||||||
PPL Corp. | 44,186 | 1,353,417 | ||||||
FirstEnergy Corp. | 35,716 | 1,352,565 | ||||||
Southern Co. | 32,362 | 1,323,929 | ||||||
Exelon Corp. | 43,934 | 1,253,876 | ||||||
Total Electric Utilities | 17,995,718 | |||||||
INTEGRATED TELECOMMUNICATION SERVICES - 13.3% | ||||||||
Verizon Communications, Inc. | 27,756 | 1,401,956 | ||||||
AT&T, Inc. | 38,625 | 1,398,225 | ||||||
CenturyLink, Inc. | 40,985 | 1,387,752 | ||||||
Frontier Communications Corp.1 | 304,713 | 1,343,784 | ||||||
Windstream Holdings, Inc.1 | 156,310 | 1,336,451 | ||||||
Total Integrated Telecommunication Services | 6,868,168 | |||||||
GAS UTILITIES - 5.6% | ||||||||
ONEOK, Inc. | 25,927 | 1,464,875 | ||||||
AGL Resources, Inc. | 30,102 | 1,440,682 | ||||||
Total Gas Utilities | 2,905,557 | |||||||
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 5.4% | ||||||||
AES Corp. | 99,890 | 1,407,450 | ||||||
NRG Energy, Inc. | 48,838 | 1,393,348 | ||||||
Total Independent Power Producers & Energy Traders | 2,800,798 | |||||||
WIRELESS TELECOMMUNICATION SERVICES - 2.8% | ||||||||
Crown Castle International Corp.* | 18,975 | 1,442,480 | ||||||
Total Common Stocks | ||||||||
(Cost $48,680,741) | 51,570,221 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 72,198 | 72,198 | ||||||
Total Short Term Investments | ||||||||
(Cost $72,198) | 72,198 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 5.1% | ||||||||
Joint Repurchase Agreements | ||||||||
RBS Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | $ | 1,714,512 | 1,714,512 | |||||
HSBC Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | 913,913 | 913,913 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $2,628,425) | 2,628,425 | |||||||
Total Investments - 104.9% | ||||||||
(Cost $51,381,364) | $ | 54,270,844 | ||||||
Other Assets & Liabilities, net - (4.9)% | (2,532,814 | ) | ||||||
Total Net Assets - 100.0% | $ | 51,738,030 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at October 31, 2013 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
90 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF ASSETS AND LIABILITIES | October 31, 2013 |
Guggenheim | ||||||||||||||||
Guggenheim | Guggenheim | Guggenheim | MSCI | |||||||||||||
Russell | Russell | Russell | Emerging | |||||||||||||
MidCap® Equal | 1000® Equal | 2000® Equal | Markets Equal | |||||||||||||
Weight ETF | Weight ETF | Weight ETF | Weight ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value — including $1,259,294, $511,243, | ||||||||||||||||
$275,876 and $749,285 of securities loaned, respectively | $ | 76,894,537 | $ | 64,702,379 | $ | 25,799,688 | $ | 10,326,117 | ||||||||
Repurchase agreements | 1,298,954 | 530,075 | 294,830 | 777,050 | ||||||||||||
Total investments* | 78,193,491 | 65,232,454 | 26,094,518 | 11,103,167 | ||||||||||||
Foreign currency, at value (cost $—, $—, $— and $533) | — | — | — | 532 | ||||||||||||
Cash | — | — | 198 | — | ||||||||||||
Receivables: | ||||||||||||||||
Fund shares sold | 4,523,783 | — | — | — | ||||||||||||
Investments sold | — | — | 60,152 | — | ||||||||||||
Receivable from manager | — | — | — | 840 | ||||||||||||
Securities lending income | 1,677 | 932 | 3,508 | 350 | ||||||||||||
Dividends and interest | 28,885 | 38,203 | 9,464 | 6,694 | ||||||||||||
Tax reclaims | — | 141 | — | — | ||||||||||||
Total assets | 82,747,836 | 65,271,730 | 26,167,840 | 11,111,583 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable upon return of securities loaned | 1,298,954 | 530,075 | 294,830 | 777,050 | ||||||||||||
Payable for: | ||||||||||||||||
Investments purchased | 4,520,345 | — | 128,226 | — | ||||||||||||
Due to custodian | — | — | — | 590 | ||||||||||||
Accrued management fees | 24,160 | 21,567 | 8,691 | 6,085 | ||||||||||||
Total liabilities | 5,843,459 | 551,642 | 431,747 | 783,725 | ||||||||||||
Net assets | $ | 76,904,377 | $ | 64,720,088 | $ | 25,736,093 | $ | 10,327,858 | ||||||||
Net assets consist of: | ||||||||||||||||
Paid-In capital | $ | 58,863,955 | $ | 52,353,907 | $ | 23,036,555 | $ | 13,102,259 | ||||||||
Undistributed net investment income | 32,425 | 21,969 | 1,018 | 36,977 | ||||||||||||
Accumulated net realized gain (loss) on investments | 537,593 | (239,279 | ) | (1,144,940 | ) | (2,610,592 | ) | |||||||||
Net unrealized appreciation (depreciation) on investments | ||||||||||||||||
and foreign currency | 17,470,404 | 12,583,491 | 3,843,460 | (200,786 | ) | |||||||||||
Net assets | $ | 76,904,377 | $ | 64,720,088 | $ | 25,736,093 | $ | 10,327,858 | ||||||||
Shares outstanding (unlimited shares authorized), no par value | 1,700,000 | 1,450,000 | 600,000 | 300,000 | ||||||||||||
Net asset value, offering price and repurchase price per share | $ | 45.24 | $ | 44.63 | $ | 42.89 | $ | 34.43 | ||||||||
Cost of investments | $ | 59,424,133 | $ | 52,118,888 | $ | 21,956,228 | $ | 10,526,903 | ||||||||
Cost of repurchase agreements | 1,298,954 | 530,075 | 294,830 | 777,050 | ||||||||||||
*Total cost of investments | $ | 60,723,087 | $ | 52,648,963 | $ | 22,251,058 | $ | 11,303,953 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 91 |
STATEMENTS OF ASSETS AND LIABILITIES (continued) | October 31, 2013 |
Guggenheim | Guggenheim | |||||||||||
S&P 500® | S&P 500® | Guggenheim | ||||||||||
Equal Weight | Equal Weight | S&P 500® | ||||||||||
Consumer | Consumer | Equal Weight | ||||||||||
Discretionary ETF | Staples ETF | Energy ETF | ||||||||||
Assets: | ||||||||||||
Investments, at value — including $2,279,550, $— and $— of securities loaned, respectively | $ | 125,483,311 | $ | 83,994,758 | $ | 43,913,559 | ||||||
Repurchase agreements | 2,410,800 | — | — | |||||||||
Total investments* | 127,894,111 | 83,994,758 | 43,913,559 | |||||||||
Cash | — | — | 946,387 | |||||||||
Receivables: | ||||||||||||
Fund shares sold | — | 4,508,881 | — | |||||||||
Securities lending income | 979 | — | — | |||||||||
Dividends and interest | 60,034 | 85,350 | 26,948 | |||||||||
Total assets | 127,955,124 | 88,588,989 | 44,886,894 | |||||||||
Liabilities: | ||||||||||||
Payable upon return of securities loaned | 2,410,800 | — | — | |||||||||
Payable for: | ||||||||||||
Investments purchased | — | 4,501,496 | 946,387 | |||||||||
Accrued management fees | 47,241 | 32,997 | 16,813 | |||||||||
Total liabilities | 2,458,041 | 4,534,493 | 963,200 | |||||||||
Net assets | $ | 125,497,083 | $ | 84,054,496 | $ | 43,923,694 | ||||||
Net assets consist of: | ||||||||||||
Paid-In capital | $ | 110,310,588 | $ | 74,831,681 | $ | 45,840,017 | ||||||
Undistributed net investment income | 28,888 | 130,780 | 7,918 | |||||||||
Accumulated net realized loss on investments | (3,160,016 | ) | (361,874 | ) | (4,194,314 | ) | ||||||
Net unrealized appreciation (depreciation) on investments | 18,317,623 | 9,453,909 | 2,270,073 | |||||||||
Net assets | $ | 125,497,083 | $ | 84,054,496 | $ | 43,923,694 | ||||||
Shares outstanding (unlimited shares authorized), no par value | 1,650,000 | 950,000 | 550,005 | |||||||||
Net asset value, offering price and repurchase price per share | $ | 76.06 | $ | 88.48 | $ | 79.86 | ||||||
Cost of investments | $ | 107,165,688 | $ | 74,540,849 | $ | 41,643,486 | ||||||
Cost of repurchase agreements | 2,410,800 | — | — | |||||||||
*Total cost of investments | $ | 109,576,488 | $ | 74,540,849 | $ | 41,643,486 |
92 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF ASSETS AND LIABILITIES (continued) | October 31, 2013 |
Guggenheim | Guggenheim | Guggenheim | Guggenheim | |||||||||||||
S&P 500® | S&P 500® | S&P 500® | S&P 500® | |||||||||||||
Equal Weight | Equal Weight | Equal Weight | Equal Weight | |||||||||||||
Financials ETF | Health Care ETF | Industrials ETF | Materials ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value — including $—, $—, $979,506 and $3,179,392 of securities loaned, respectively | $ | 58,315,682 | $ | 130,628,054 | $ | 57,218,567 | $ | 49,051,476 | ||||||||
Repurchase agreements | — | — | 986,850 | 3,207,925 | ||||||||||||
Total investments* | 58,315,682 | 130,628,054 | 58,205,417 | 52,259,401 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | — | 31,328,241 | — | — | ||||||||||||
Securities lending income | — | — | 419 | 3,080 | ||||||||||||
Dividends and interest | 45,485 | 88,377 | 55,008 | 32,913 | ||||||||||||
Total assets | 58,361,167 | 162,044,672 | 58,260,844 | 52,295,394 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable upon return of securities loaned | — | — | 986,850 | 3,207,925 | ||||||||||||
Payable for: | ||||||||||||||||
Fund shares redeemed | — | 31,350,575 | — | — | ||||||||||||
Accrued management fees | 24,438 | 66,700 | 23,465 | 18,779 | ||||||||||||
Total liabilities | 24,438 | 31,417,275 | 1,010,315 | 3,226,704 | ||||||||||||
Net assets | $ | 58,336,729 | $ | 130,627,397 | $ | 57,250,529 | $ | 49,068,690 | ||||||||
Net assets consist of: | ||||||||||||||||
Paid-In capital | $ | 61,094,714 | $ | 122,983,982 | $ | 51,802,300 | $ | 41,101,574 | ||||||||
Undistributed net investment income | 10,189 | 115,335 | 60,402 | 47,155 | ||||||||||||
Accumulated net realized loss on investments | (6,827,853 | ) | (3,993,642 | ) | (1,414,791 | ) | (1,743,153 | ) | ||||||||
Net unrealized appreciation (depreciation) on investments | 4,059,679 | 11,521,722 | 6,802,618 | 9,663,114 | ||||||||||||
Net assets | $ | 58,336,729 | $ | 130,627,397 | $ | 57,250,529 | $ | 49,068,690 | ||||||||
Shares outstanding (unlimited shares authorized), no par value | 1,550,000 | 1,250,000 | 750,000 | 650,000 | ||||||||||||
Net asset value, offering price and repurchase price per share | $ | 37.64 | $ | 104.50 | $ | 76.33 | $ | 75.49 | ||||||||
Cost of investments | $ | 54,256,003 | $ | 119,106,332 | $ | 50,415,949 | $ | 39,388,362 | ||||||||
Cost of repurchase agreements | — | — | 986,850 | 3,207,925 | ||||||||||||
*Total cost of investments | $ | 54,256,003 | $ | 119,106,332 | $ | 51,402,799 | $ | 42,596,287 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 93 |
STATEMENTS OF ASSETS AND LIABILITIES (concluded) | October 31, 2013 |
Guggenheim | Guggenheim | |||||||
S&P 500® | S&P 500® | |||||||
Equal Weight | Equal Weight | |||||||
Technology ETF | Utilities ETF | |||||||
Assets: | ||||||||
Investments, at value — including $— and $2,498,733 of securities loaned, respectively | $ | 272,874,282 | $ | 51,642,419 | ||||
Repurchase agreements | — | 2,628,425 | ||||||
Total investments* | 272,874,282 | 54,270,844 | ||||||
Receivables: | ||||||||
Fund shares sold | 3,549,030 | — | ||||||
Investments sold | 3,843,277 | — | ||||||
Receivable from manager | — | 8,670 | ||||||
Securities lending income | 120 | 2,278 | ||||||
Dividends and interest | 135,209 | 106,165 | ||||||
Total assets | 280,401,918 | 54,387,957 | ||||||
Liabilities: | ||||||||
Payable upon return of securities loaned | — | 2,628,425 | ||||||
Payable for: | ||||||||
Investments purchased | 3,547,138 | — | ||||||
Due to custodian | 3,465,417 | — | ||||||
Accrued management fees | 114,052 | 21,502 | ||||||
Total liabilities | 7,126,607 | 2,649,927 | ||||||
Net assets | $ | 273,275,311 | $ | 51,738,030 | ||||
Net assets consist of: | ||||||||
Paid-In capital | $ | 264,277,271 | $ | 49,456,395 | ||||
Undistributed net investment income | 131,943 | 142,246 | ||||||
Accumulated net realized loss on investments | (11,620,980 | ) | (750,091 | ) | ||||
Net unrealized appreciation (depreciation) on investments | 20,487,077 | 2,889,480 | ||||||
Net assets | $ | 273,275,311 | $ | 51,738,030 | ||||
Shares outstanding (unlimited shares authorized), no par value | 3,850,000 | 800,000 | ||||||
Net asset value, offering price and repurchase price per share | $ | 70.98 | $ | 64.67 | ||||
Cost of investments | $ | 252,387,205 | $ | 48,752,939 | ||||
Cost of repurchase agreements | — | 2,628,425 | ||||||
*Total cost of investments | $ | 252,387,205 | $ | 51,381,364 |
94 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF OPERATIONS |
For the Year Ended October 31, 2013 |
Guggenheim | ||||||||||||||||
Guggenheim | Guggenheim | Guggenheim | MSCI | |||||||||||||
Russell | Russell | Russell | Emerging | |||||||||||||
MidCap® Equal | 1000® Equal | 2000® Equal | Markets Equal | |||||||||||||
Weight ETF | Weight ETF | Weight ETF | Weight ETF | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends, net of foreign taxes withheld* | $ | 1,093,654 | $ | 1,047,365 | $ | 279,692 | $ | 232,121 | ||||||||
Income from securities lending | 35,985 | 21,630 | 26,244 | 4,839 | ||||||||||||
Interest | 3 | 2 | 1 | — | ||||||||||||
Total investment income | 1,129,642 | 1,068,997 | 305,937 | 236,960 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 246,331 | 217,098 | 65,992 | 80,427 | ||||||||||||
Trustee fees | 2,418 | 1,767 | 641 | — | ||||||||||||
Other fees | 33 | 14 | 14 | 502 | ||||||||||||
Total expenses | 248,782 | 218,879 | 66,647 | 80,929 | ||||||||||||
Less: | ||||||||||||||||
Expenses waived by advisor | — | — | — | (12,436 | ) | |||||||||||
Net investment income | 880,860 | 850,118 | 239,290 | 168,467 | ||||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | 1,394,953 | 318,398 | 131,140 | (826,697 | ) | |||||||||||
Payments from affiliates | — | — | — | 12,191 | ||||||||||||
In-kind redemptions | 272,127 | 2,240,792 | 230,697 | 391,620 | ||||||||||||
Capital gains tax | — | — | — | (13,559 | ) | |||||||||||
Foreign currency transactions | — | — | 35 | 14,170 | ||||||||||||
Net realized gain (loss) | 1,667,080 | 2,559,190 | 361,872 | (422,275 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 15,666,282 | 11,758,096 | 4,446,385 | 914,756 | ||||||||||||
Capital gains tax | — | — | — | 11,211 | ||||||||||||
Foreign currency transactions | — | — | — | (419 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | 15,666,282 | 11,758,096 | 4,446,385 | 925,548 | ||||||||||||
Net realized and unrealized gain | 17,333,362 | 14,317,286 | 4,808,257 | 503,273 | ||||||||||||
Net increase in net assets resulting from operations | $ | 18,214,222 | $ | 15,167,404 | $ | 5,047,547 | $ | 671,740 | ||||||||
* Foreign taxes withheld | $ | 1,981 | $ | 1,985 | $ | 303 | $ | 35,161 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 95 |
STATEMENTS OF OPERATIONS (continued) |
For the Year Ended October 31, 2013 |
Guggenheim | Guggenheim | |||||||||||
S&P 500® | S&P 500® | Guggenheim | ||||||||||
Equal Weight | Equal Weight | S&P 500® | ||||||||||
Consumer | Consumer | Equal Weight | ||||||||||
Discretionary ETF | Staples ETF | Energy ETF | ||||||||||
Investment Income: | ||||||||||||
Dividends | $ | 1,004,278 | $ | 1,688,656 | $ | 534,385 | ||||||
Income from securities lending | 11,194 | 3,795 | 259 | |||||||||
Interest | 3 | 2 | 1 | |||||||||
Total investment income | 1,015,475 | 1,692,453 | 534,645 | |||||||||
Expenses: | ||||||||||||
Management fees | 299,928 | 318,680 | 168,179 | |||||||||
Other fees | — | 778 | 188 | |||||||||
Total expenses | 299,928 | 319,458 | 168,367 | |||||||||
Net investment income | 715,547 | 1,372,995 | 366,278 | |||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 29,732 | 421,130 | (317,588 | ) | ||||||||
In-kind redemptions | 1,237,050 | 3,537,829 | 1,478,321 | |||||||||
Net realized gain | 1,266,782 | 3,958,959 | 1,160,733 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 17,925,619 | 10,909,808 | 6,228,548 | |||||||||
Net realized and unrealized gain | 19,192,401 | 14,868,767 | 7,389,281 | |||||||||
Net increase in net assets resulting from operations | $ | 19,907,948 | $ | 16,241,762 | $ | 7,755,559 |
96 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF OPERATIONS (continued) |
For the Year Ended October 31, 2013 |
Guggenheim | Guggenheim | Guggenheim | Guggenheim | |||||||||||||
S&P 500® | S&P 500® | S&P 500® | S&P 500® | |||||||||||||
Equal Weight | Equal Weight | Equal Weight | Equal Weight | |||||||||||||
Financials ETF | Health Care ETF | Industrials ETF | Materials ETF | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends, net of foreign taxes withheld* | $ | 893,847 | $ | 1,262,546 | $ | 660,125 | $ | 810,849 | ||||||||
Income from securities lending | 260 | — | 7,364 | 36,896 | ||||||||||||
Interest | 2 | 4 | 1 | 1 | ||||||||||||
Total investment income | 894,109 | 1,262,550 | 667,490 | 847,746 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 208,052 | 575,212 | 174,699 | 181,048 | ||||||||||||
Other fees | 5 | 178 | — | — | ||||||||||||
Total expenses | 208,057 | 575,390 | 174,699 | 181,048 | ||||||||||||
Net investment income | 686,052 | 687,160 | 492,791 | 666,698 | ||||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (198,998 | ) | 851,345 | (227,406 | ) | (694,932 | ) | |||||||||
In-kind redemptions | 4,992,751 | 20,626,486 | 2,647,163 | 2,949,222 | ||||||||||||
Net realized gain | 4,793,753 | 21,477,831 | 2,419,757 | 2,254,290 | �� | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 3,491,840 | 13,181,168 | 7,465,868 | 5,325,478 | ||||||||||||
Net realized and unrealized gain | 8,285,593 | 34,658,999 | 9,885,625 | 7,579,768 | ||||||||||||
Net increase in net assets resulting from operations | $ | 8,971,645 | $ | 35,346,159 | $ | 10,378,416 | $ | 8,246,466 | ||||||||
* Foreign taxes withheld | $ | 681 | $ | — | $ | 329 | $ | 11,201 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 97 |
STATEMENTS OF OPERATIONS (concluded) |
For the Year Ended October 31, 2013 |
Guggenheim | Guggenheim | |||||||
S&P 500® | S&P 500® | |||||||
Equal Weight | Equal Weight | |||||||
Technology ETF | Utilities ETF | |||||||
Investment Income: | ||||||||
Dividends | $ | 2,307,718 | $ | 1,999,947 | ||||
Income from securities lending | 22,619 | 33,409 | ||||||
Interest | 3 | 3 | ||||||
Total investment income | 2,330,340 | 2,033,359 | ||||||
Expenses: | ||||||||
Management fees | 742,647 | 237,360 | ||||||
Other fees | 29 | 462 | ||||||
Total expenses | 742,676 | 237,822 | ||||||
Net investment income | 1,587,664 | 1,795,537 | ||||||
Net Realized and Unrealized Gain (Loss): | ||||||||
Net realized gain (loss) on: | ||||||||
Investments | (2,282,290 | ) | 467,311 | |||||
Payment from affiliates | — | 8,670 | ||||||
In-kind redemptions | 9,504,013 | 1,693,177 | ||||||
Net realized gain | 7,221,723 | 2,169,158 | ||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | 35,548,906 | (386,179 | ) | |||||
Net realized and unrealized gain | 42,770,629 | 1,782,979 | ||||||
Net increase in net assets resulting from operations | $ | 44,358,293 | $ | 3,578,516 |
98 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF CHANGES IN NET ASSETS |
Guggenheim Russell MidCap® | ||||||||
Equal Weight ETF | ||||||||
Year Ended | Year Ended | |||||||
October 31, 2013 | October 31, 2012 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 880,860 | $ | 727,828 | ||||
Net realized gain on investments | 1,667,080 | 1,670,531 | ||||||
Net change in unrealized appreciation(depreciation) on investments | 15,666,282 | 2,095,289 | ||||||
Net increase in net assets resulting from operations | 18,214,222 | 4,493,648 | ||||||
Distributions to Shareholders from: | ||||||||
Net investment income | (872,275 | ) | (712,539 | ) | ||||
Shareholder Transactions: | ||||||||
Proceeds from shares purchased | 8,621,802 | 14,565,056 | ||||||
Value of shares redeemed | (1,675,923 | ) | (20,237,192 | ) | ||||
Net increase (decrease) in net assets resulting from share transactions | 6,945,879 | (5,672,136 | ) | |||||
Net increase (decrease) in net assets | 24,287,826 | (1,891,027 | ) | |||||
Net assets: | ||||||||
Beginning of year | 52,616,551 | 54,507,578 | ||||||
End of year | $ | 76,904,377 | $ | 52,616,551 | ||||
Undistributed net investment income at end of year | $ | 32,425 | $ | 34,632 | ||||
Changes in shares outstanding: | ||||||||
Shares sold | 200,000 | 450,000 | ||||||
Shares redeemed | (50,000 | ) | (650,000 | ) | ||||
Net increase (decrease) in shares | 150,000 | (200,000 | ) |
See Notes to Financial Statements. | GUGGENHEIM ETFs ANNUAL REPORT | 99 |
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim Russell 1000® | Guggenheim Russell 2000® | |||||||||||||||
Equal Weight ETF | Equal Weight ETF | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
October 31, 2013 | October 31, 2012 | October 31, 2013 | October 31, 2012 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 850,118 | $ | 575,178 | $ | 239,290 | $ | 203,036 | ||||||||
Net realized gain on investments | 2,559,190 | 430,555 | 361,872 | 372,065 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 11,758,096 | 2,435,374 | 4,446,385 | 942,955 | ||||||||||||
Net increase in net assets resulting from operations | 15,167,404 | 3,441,107 | 5,047,547 | 1,518,056 | ||||||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (825,605 | ) | (553,925 | ) | (245,833 | ) | (198,196 | ) | ||||||||
Total distributions to shareholders | (825,605 | ) | (553,925 | ) | (245,833 | ) | (198,196 | ) | ||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares purchased | 19,494,177 | 11,210,761 | 8,272,983 | — | ||||||||||||
Value of shares redeemed | (8,127,123 | ) | (9,269,418 | ) | (1,656,312 | ) | (10,586,026 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | 11,367,054 | 1,941,343 | 6,616,671 | (10,586,026 | ) | |||||||||||
Net increase (decrease) in net assets | 25,708,853 | 4,828,525 | 11,418,385 | (9,266,166 | ) | |||||||||||
Net assets: | ||||||||||||||||
Beginning of year | 39,011,235 | 34,182,710 | 14,317,708 | 23,583,874 | ||||||||||||
End of year | $ | 64,720,088 | $ | 39,011,235 | $ | 25,736,093 | $ | 14,317,708 | ||||||||
Undistributed net investment income at end of year | $ | 21,969 | $ | 32,780 | $ | 1,018 | $ | 18,281 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 500,000 | 350,000 | 200,000 | — | ||||||||||||
Shares redeemed | (200,000 | ) | (300,000 | ) | (50,000 | ) | (350,000 | ) | ||||||||
Net increase (decrease) in shares | 300,000 | 50,000 | 150,000 | (350,000 | ) |
100 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim MSCI Emerging | Guggenheim S&P 500® Equal | |||||||||||||||
Markets Equal Weight ETF | Weight Consumer Discretionary ETF | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
October 31, 2013 | October 31, 2012 | October 31, 2013 | October 31, 2012 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 168,467 | $ | 221,123 | $ | 715,547 | $ | 541,200 | ||||||||
Net realized (loss) gain on investments and foreign currency | (422,275 | ) | (1,825,783 | ) | 1,266,782 | 6,600,480 | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | ||||||||||||||||
and foreign currency | 925,548 | 1,122,858 | 17,925,619 | (739,225 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations | 671,740 | (481,802 | ) | 19,907,948 | 6,402,455 | |||||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (142,210 | ) | (192,786 | ) | (700,441 | ) | (540,416 | ) | ||||||||
Return of capital | — | (23,454 | ) | — | — | |||||||||||
Total distributions to shareholders | (142,210 | ) | (216,240 | ) | (700,441 | ) | (540,416 | ) | ||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares purchased | — | 3,217,848 | 68,655,707 | 56,045,159 | ||||||||||||
Value of shares redeemed | (3,526,747 | ) | (6,108,837 | ) | (3,680,382 | ) | (42,059,685 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | (3,526,747 | ) | (2,890,989 | ) | 64,975,325 | 13,985,474 | ||||||||||
Net increase (decrease) in net assets | (2,997,217 | ) | (3,589,031 | ) | 84,182,832 | 19,847,513 | ||||||||||
Net assets: | ||||||||||||||||
Beginning of year | 13,325,075 | 16,914,106 | 41,314,251 | 21,466,738 | ||||||||||||
End of year | $ | 10,327,858 | $ | 13,325,075 | $ | 125,497,083 | $ | 41,314,251 | ||||||||
Undistributed (distributions in excess of) net investment | ||||||||||||||||
income at end of year | $ | 36,977 | $ | (1,018 | ) | $ | 28,888 | $ | 13,782 | |||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | — | 100,000 | 950,000 | 1,100,000 | ||||||||||||
Shares redeemed | (100,000 | ) | (200,000 | ) | (50,000 | ) | (800,000 | ) | ||||||||
Net increase (decrease) in shares | (100,000 | ) | (100,000 | ) | 900,000 | 300,000 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 101 |
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim S&P 500® Equal | Guggenheim S&P 500® Equal | |||||||||||||||
Weight Consumer Staples ETF | Weight Energy ETF | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
October 31, 2013 | October 31, 2012 | October 31, 2013 | October 31, 2012 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 1,372,995 | $ | 812,838 | $ | 366,278 | $ | 276,374 | ||||||||
Net realized gain (loss) on investments | 3,958,959 | 7,835,041 | 1,160,733 | (2,849,833 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | 10,909,808 | (3,884,698 | ) | 6,228,548 | 1,840,307 | |||||||||||
Net increase (decrease) in net assets resulting from operations | 16,241,762 | 4,763,181 | 7,755,559 | (733,152 | ) | |||||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (1,309,633 | ) | (802,431 | ) | (380,123 | ) | (257,933 | ) | ||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares purchased | 52,450,891 | 78,347,608 | 14,930,221 | 6,210,249 | ||||||||||||
Value of shares redeemed | (24,272,835 | ) | (71,871,221 | ) | (10,385,638 | ) | (8,502,963 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | 28,178,056 | 6,476,387 | 4,544,583 | (2,292,714 | ) | |||||||||||
Net increase (decrease) in net assets | 43,110,185 | 10,437,137 | 11,920,019 | (3,283,799 | ) | |||||||||||
Net assets: | ||||||||||||||||
Beginning of year | 40,944,311 | 30,507,174 | 32,003,675 | 35,287,474 | ||||||||||||
End of year | $ | 84,054,496 | $ | 40,944,311 | $ | 43,923,694 | $ | 32,003,675 | ||||||||
Undistributed net investment income at end of year | $ | 130,780 | $ | 67,418 | $ | 7,918 | $ | 21,763 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 650,000 | 1,150,000 | 200,000 | 100,000 | ||||||||||||
Shares redeemed | (300,000 | ) | (1,050,000 | ) | (150,000 | ) | (150,000 | ) | ||||||||
Net increase (decrease) in shares | 350,000 | 100,000 | 50,000 | (50,000 | ) |
102 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim S&P 500® Equal | Guggenheim S&P 500® Equal | |||||||||||||||
Weight Financials ETF | Weight Health Care ETF | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
October 31, 2013 | October 31, 2012 | October 31, 2013 | October 31, 2012 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 686,052 | $ | 222,443 | $ | 687,160 | $ | 530,580 | ||||||||
Net realized gain on investments | 4,793,753 | 32,369 | 21,477,831 | 7,747,910 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 3,491,840 | 2,304,637 | 13,181,168 | 656,908 | ||||||||||||
Net increase in net assets resulting from operations | 8,971,645 | 2,559,449 | 35,346,159 | 8,935,398 | ||||||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (576,182 | ) | (224,168 | ) | (639,369 | ) | (499,910 | ) | ||||||||
Return of capital | (112,188 | ) | (51,231 | ) | — | — | ||||||||||
Total distributions to shareholders | (688,370 | ) | (275,399 | ) | (639,369 | ) | (499,910 | ) | ||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares purchased | 68,279,874 | — | 251,986,793 | 475,933,235 | ||||||||||||
Value of shares redeemed | (32,564,941 | ) | (5,078,734 | ) | (194,484,887 | ) | (499,145,695 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | 35,714,933 | (5,078,734 | ) | 57,501,906 | (23,212,460 | ) | ||||||||||
Net increase (decrease) in net assets | 43,998,208 | (2,794,684 | ) | 92,208,696 | (14,776,972 | ) | ||||||||||
Net assets: | ||||||||||||||||
Beginning of year | 14,338,521 | 17,133,205 | 38,418,701 | 53,195,673 | ||||||||||||
End of year | $ | 58,336,729 | $ | 14,338,521 | $ | 130,627,397 | $ | 38,418,701 | ||||||||
Undistributed net investment income at end of year | $ | 10,189 | $ | — | $ | 115,335 | $ | 67,544 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 2,000,000 | — | 2,900,000 | 6,550,000 | ||||||||||||
Shares redeemed | (950,000 | ) | (200,000 | ) | (2,150,000 | ) | (6,850,000 | ) | ||||||||
Net increase (decrease) in shares | 1,050,000 | (200,000 | ) | 750,000 | (300,000 | ) |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 103 |
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim S&P 500® Equal | Guggenheim S&P 500® Equal | |||||||||||||||
Weight Industrials ETF | Weight Materials ETF | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
October 31, 2013 | October 31, 2012 | October 31, 2013 | October 31, 2012 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 492,791 | $ | 467,880 | $ | 666,698 | $ | 534,668 | ||||||||
Net realized gain on investments | 2,419,757 | 2,234,623 | 2,254,290 | 1,158,111 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 7,465,868 | (516,072 | ) | 5,325,478 | 1,217,258 | |||||||||||
Net increase in net assets resulting from operations | 10,378,416 | 2,186,431 | 8,246,466 | 2,910,037 | ||||||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (482,387 | ) | (419,866 | ) | (628,784 | ) | (529,218 | ) | ||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares purchased | 44,243,724 | 30,145,279 | 17,593,748 | — | ||||||||||||
Value of shares redeemed | (13,970,905 | ) | (30,280,574 | ) | (9,530,520 | ) | (5,763,694 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | 30,272,819 | (135,295 | ) | 8,063,228 | (5,763,694 | ) | ||||||||||
Net increase (decrease) in net assets | 40,168,848 | 1,631,270 | 15,680,910 | (3,382,875 | ) | |||||||||||
Net assets: | ||||||||||||||||
Beginning of year | 17,081,681 | 15,450,411 | 33,387,780 | 36,770,655 | ||||||||||||
End of year | $ | 57,250,529 | $ | 17,081,681 | $ | 49,068,690 | $ | 33,387,780 | ||||||||
Undistributed net investment income at end of year | $ | 60,402 | $ | 49,373 | $ | 47,155 | $ | 9,241 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 650,000 | 550,000 | 250,000 | — | ||||||||||||
Shares redeemed | (200,000 | ) | (550,000 | ) | (150,000 | ) | (100,000 | ) | ||||||||
Net increase (decrease) in shares | 450,000 | — | 100,000 | (100,000 | ) |
104 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF CHANGES IN NET ASSETS (concluded) |
Guggenheim S&P 500® Equal | Guggenheim S&P 500® Equal | |||||||||||||||
Weight Technology ETF | Weight Utilities ETF | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
October 31, 2013 | October 31, 2012 | October 31, 2013 | October 31, 2012 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 1,587,664 | $ | 927,938 | $ | 1,795,537 | $ | 1,581,855 | ||||||||
Net realized gain on investments | 7,221,723 | 10,505,521 | 2,169,158 | 3,268,343 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 35,548,906 | (14,282,736 | ) | (386,179 | ) | 1,919,100 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 44,358,293 | (2,849,277 | ) | 3,578,516 | 6,769,298 | |||||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (1,498,370 | ) | (851,718 | ) | (1,695,499 | ) | (1,512,371 | ) | ||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares purchased | 205,002,224 | 132,237,404 | 19,675,002 | 21,944,215 | ||||||||||||
Value of shares redeemed | (75,066,087 | ) | (137,742,483 | ) | (12,183,568 | ) | (17,254,801 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | 129,936,137 | (5,505,079 | ) | 7,491,434 | 4,689,414 | |||||||||||
Net increase (decrease) in net assets | 172,796,060 | (9,206,074 | ) | 9,374,451 | 9,946,341 | |||||||||||
Net assets: | ||||||||||||||||
Beginning of year | 100,479,251 | 109,685,325 | 42,363,579 | 32,417,238 | ||||||||||||
End of year | $ | 273,275,311 | $ | 100,479,251 | $ | 51,738,030 | $ | 42,363,579 | ||||||||
Undistributed net investment income at end of year | $ | 131,943 | $ | 52,623 | $ | 142,246 | $ | 53,335 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 3,100,000 | 2,350,000 | 300,000 | 400,000 | ||||||||||||
Shares redeemed | (1,200,000 | ) | (2,500,000 | ) | (200,000 | ) | (300,000 | ) | ||||||||
Net increase (decrease) in shares | 1,900,000 | (150,000 | ) | 100,000 | 100,000 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 105 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Period Ended | ||||||||||
October 31, | October 31, | October 31, | ||||||||||
2013 | 2012 | 2011a | ||||||||||
Per Share Data: | ||||||||||||
Net asset value, beginning of period | $ | 33.95 | $ | 31.15 | $ | 30.21 | ||||||
Income from investment operations: | ||||||||||||
Net investment incomeb | 0.57 | 0.46 | 0.30 | |||||||||
Net gain on investments (realized and unrealized) | 11.28 | 2.80 | 0.85 | |||||||||
Total from investment operations | 11.85 | 3.26 | 1.15 | |||||||||
Less distributions from: | ||||||||||||
Net investment income | (0.56 | ) | (0.46 | ) | (0.21 | ) | ||||||
Total distributions to shareholders | (0.56 | ) | (0.46 | ) | (0.21 | ) | ||||||
Net asset value, end of period | $ | 45.24 | $ | 33.95 | $ | 31.15 | ||||||
Total Returnc | 35.21 | % | 10.52 | % | 3.80 | % | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets, end of period (in thousands) | $ | 76,904 | $ | 52,617 | $ | 54,508 | ||||||
Ratio to average net assets of: | ||||||||||||
Net investment income | 1.44 | % | 1.39 | % | 1.06 | %d | ||||||
Total expenses | 0.41 | % | 0.41 | % | 0.41 | %d | ||||||
Portfolio turnover ratee | 29 | % | 33 | % | 30 | % |
a | The Fund commenced operations on December 3, 2010. |
b | Based on average shares outstanding. |
c | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
d | Annualized. |
e | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
106 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Period Ended | ||||||||||
October 31, | October 31, | October 31, | ||||||||||
2013 | 2012 | 2011a | ||||||||||
Per Share Data: | ||||||||||||
Net asset value, beginning of period | $ | 33.92 | $ | 31.08 | $ | 30.18 | ||||||
Income from investment operations: | ||||||||||||
Net investment incomeb | 0.62 | 0.51 | 0.36 | |||||||||
Net gain on investments (realized and unrealized) | 10.71 | 2.83 | 0.85 | |||||||||
Total from investment operations | 11.33 | 3.34 | 1.21 | |||||||||
Less distributions from: | ||||||||||||
Net investment income | (0.62 | ) | (0.50 | ) | (0.31 | ) | ||||||
Total distributions to shareholders | (0.62 | ) | (0.50 | ) | (0.31 | ) | ||||||
Net asset value, end of period | $ | 44.63 | $ | 33.92 | $ | 31.08 | ||||||
Total Returnc | 33.71 | % | 10.83 | % | 4.00 | % | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets, end of period (in thousands) | $ | 64,720 | $ | 39,011 | $ | 34,183 | ||||||
Ratio to average net assets of: | ||||||||||||
Net investment income | 1.57 | % | 1.56 | % | 1.26 | %d | ||||||
Total expenses | 0.40 | % | 0.41 | % | 0.41 | %d | ||||||
Portfolio turnover ratee | 27 | % | 27 | % | 25 | % |
a | The Fund commenced operations on December 3, 2010. |
b | Based on average shares outstanding. |
c | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
d | Annualized. |
e | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 107 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Period Ended | ||||||||||
October 31, | October 31, | October 31, | ||||||||||
2013 | 2012 | 2011a | ||||||||||
Per Share Data: | ||||||||||||
Net asset value, beginning of period | $ | 31.82 | $ | 29.48 | $ | 30.19 | ||||||
Income from investment operations: | ||||||||||||
Net investment incomeb | 0.54 | 0.34 | 0.22 | |||||||||
Net gain (loss) on investments (realized and unrealized) | 11.12 | 2.33 | (0.75 | ) | ||||||||
Total from investment operations | 11.66 | 2.67 | (0.53 | ) | ||||||||
Less distributions from: | ||||||||||||
Net investment income | (0.59 | ) | (0.33 | ) | (0.18 | ) | ||||||
Total distributions to shareholders | (0.59 | ) | (0.33 | ) | (0.18 | ) | ||||||
Net asset value, end of period | $ | 42.89 | $ | 31.82 | $ | 29.48 | ||||||
Total Returnc | 37.07 | % | 9.08 | % | (1.78 | )% | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets, end of period (in thousands) | $ | 25,736 | $ | 14,318 | $ | 23,584 | ||||||
Ratio to average net assets of: | ||||||||||||
Net investment income | 1.46 | % | 1.10 | % | 0.79 | %d | ||||||
Total expenses | 0.41 | % | 0.41 | % | 0.41 | %d | ||||||
Portfolio turnover ratee | 42 | % | 43 | % | 38 | % |
a | The Fund commenced operations on December 3, 2010. |
b | Based on average shares outstanding. |
c | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
d | Annualized. |
e | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
108 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Period Ended | ||||||||||
October 31, | October 31, | October 31, | ||||||||||
2013 | 2012 | 2011a | ||||||||||
Per Share Data: | ||||||||||||
Net asset value, beginning of period | $ | 33.31 | $ | 33.83 | $ | 40.21 | ||||||
Income from investment operations: | ||||||||||||
Net investment incomeb | 0.50 | 0.55 | 0.69 | |||||||||
Net gain (loss) on investments (realized and unrealized) | 1.06 | (0.53 | ) | (6.35 | ) | |||||||
Total from investment operations | 1.56 | 0.02 | (5.66 | ) | ||||||||
Less distributions from: | ||||||||||||
Net investment income | (0.44 | ) | (0.48 | ) | (0.36 | ) | ||||||
Return of capital | — | (0.06 | ) | (0.36 | ) | |||||||
Total distributions to shareholders | (0.44 | ) | (0.54 | ) | (0.72 | ) | ||||||
Net asset value, end of period | $ | 34.43 | $ | 33.31 | $ | 33.83 | ||||||
Total Returnc | 4.76 | % | 0.10 | % | (14.13 | )% | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets, end of period (in thousands) | $ | 10,328 | $ | 13,325 | $ | 16,914 | ||||||
Ratio to average net assets of: | ||||||||||||
Net investment income | 1.46 | % | 1.66 | % | 1.99 | % | ||||||
Total expenses | 0.71 | % | 0.72 | % | 0.71 | %d | ||||||
Net expensese | 0.60 | % | 0.61 | % | 0.63 | %d | ||||||
Portfolio turnover ratef | 38 | % | 39 | % | 63 | % |
a | The Fund commenced operations on December 3, 2010. |
b | Based on average shares outstanding. |
c | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. |
d | Annualized. |
e | Net expense information reflects the expense ratios after expense waivers. |
f | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 109 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 55.09 | $ | 47.70 | $ | 42.37 | $ | 32.78 | $ | 24.82 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment incomea | 0.79 | 0.64 | 0.56 | 0.35 | 0.40 | |||||||||||||||
Net gain on investments (realized and unrealized) | 21.02 | 7.46 | 5.31 | 9.56 | 7.93 | |||||||||||||||
Total from investment operations | 21.81 | 8.10 | 5.87 | 9.91 | 8.33 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.84 | ) | (0.71 | ) | (0.54 | ) | (0.32 | ) | (0.37 | ) | ||||||||||
Total distributions to shareholders | (0.84 | ) | (0.71 | ) | (0.54 | ) | (0.32 | ) | (0.37 | ) | ||||||||||
Net asset value, end of period | $ | 76.06 | $ | 55.09 | $ | 47.70 | $ | 42.37 | $ | 32.78 | ||||||||||
Total Returnb | 39.91 | % | 17.05 | % | 13.91 | % | 30.35 | % | 34.20 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 125,497 | $ | 41,314 | $ | 21,467 | $ | 25,425 | $ | 11,474 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income | 1.19 | % | 1.22 | % | 1.20 | % | 0.89 | % | 1.61 | % | ||||||||||
Total expenses | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
Portfolio turnover ratec | 20 | % | 25 | % | 26 | % | 28 | % | 42 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
110 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER STAPLES ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 68.24 | $ | 61.01 | $ | 55.42 | $ | 48.42 | $ | 41.47 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment incomea | 1.73 | 1.41 | 1.31 | 1.14 | 1.04 | |||||||||||||||
Net gain on investments (realized and unrealized) | 20.22 | 7.20 | 5.49 | 6.95 | 6.91 | |||||||||||||||
Total from investment operations | 21.95 | 8.61 | 6.80 | 8.09 | 7.95 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (1.71 | ) | (1.38 | ) | (1.21 | ) | (1.09 | ) | (1.00 | ) | ||||||||||
Total distributions to shareholders | (1.71 | ) | (1.38 | ) | (1.21 | ) | (1.09 | ) | (1.00 | ) | ||||||||||
Net asset value, end of period | $ | 88.48 | $ | 68.24 | $ | 61.01 | $ | 55.42 | $ | 48.42 | ||||||||||
Total Returnb | 32.59 | % | 14.19 | % | 12.37 | % | 16.89 | % | 19.60 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 84,054 | $ | 40,944 | $ | 30,507 | $ | 13,856 | $ | 9,685 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income | 2.15 | % | 2.14 | % | 2.20 | % | 2.20 | % | 2.52 | % | ||||||||||
Total expenses | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
Portfolio turnover ratec | 17 | % | 18 | % | 15 | % | 18 | % | 25 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 111 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ENERGY ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 64.01 | $ | 64.16 | $ | 53.74 | $ | 47.69 | $ | 39.72 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment incomea | 0.78 | 0.55 | 0.36 | 0.44 | 0.46 | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 15.87 | (0.19 | ) | 10.43 | 6.07 | 7.93 | ||||||||||||||
Total from investment operations | 16.65 | 0.36 | 10.79 | 6.51 | 8.39 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.80 | ) | (0.51 | ) | (0.37 | ) | (0.46 | ) | (0.42 | ) | ||||||||||
Total distributions to shareholders | (0.80 | ) | (0.51 | ) | (0.37 | ) | (0.46 | ) | (0.42 | ) | ||||||||||
Net asset value, end of period | $ | 79.86 | $ | 64.01 | $ | 64.16 | $ | 53.74 | $ | 47.69 | ||||||||||
Total Returnb | 26.19 | % | 0.58 | % | 20.09 | % | 13.74 | % | 21.39 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 43,924 | $ | 32,004 | $ | 35,287 | $ | 16,122 | $ | 11,922 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income | 1.09 | % | 0.88 | % | 0.53 | % | 0.87 | % | 1.16 | % | ||||||||||
Total expenses | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
Portfolio turnover ratec | 17 | % | 30 | % | 23 | % | 31 | % | 33 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
112 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 28.68 | $ | 24.48 | $ | 25.40 | $ | 21.53 | $ | 21.41 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment incomea | 0.57 | 0.39 | 0.42 | 0.31 | 0.36 | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 9.08 | 4.32 | (0.96 | ) | 3.87 | 0.18 | ||||||||||||||
Total from investment operations | 9.65 | 4.71 | (0.54 | ) | 4.18 | 0.54 | ||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.58 | ) | (0.42 | ) | (0.38 | ) | (0.31 | ) | (0.42 | ) | ||||||||||
Return of capital | (0.11 | ) | (0.09 | ) | — | — | — | |||||||||||||
Total distributions to shareholders | (0.69 | ) | (0.51 | ) | (0.38 | ) | (0.31 | ) | (0.42 | ) | ||||||||||
Net asset value, end of period | $ | 37.64 | $ | 28.68 | $ | 24.48 | $ | 25.40 | $ | 21.53 | ||||||||||
Total Returnb | 34.05 | % | 19.32 | % | (2.25 | %) | 19.46 | % | 3.15 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 58,337 | $ | 14,339 | $ | 17,133 | $ | 16,510 | $ | 13,995 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income | 1.65 | % | 1.48 | % | 1.59 | % | 1.26 | % | 2.00 | % | ||||||||||
Total expenses | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
Portfolio turnover ratec | 14 | % | 17 | % | 18 | % | 19 | % | 49 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 113 |
GUGGENHEIM S&P 500® EQUAL WEIGHT HEALTH CARE ETF |
FINANCIAL HIGHLIGHTS
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 76.84 | $ | 66.49 | $ | 59.74 | $ | 50.56 | $ | 42.21 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment incomea | 0.55 | 0.47 | 0.32 | 0.20 | 0.19 | |||||||||||||||
Net gain on investments (realized and unrealized) | 27.63 | 11.04 | 6.73 | 9.20 | 8.35 | |||||||||||||||
Total from investment operations | 28.18 | 11.51 | 7.05 | 9.40 | 8.54 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.52 | ) | (1.16 | ) | (0.30 | ) | (0.22 | ) | (0.19 | ) | ||||||||||
Total distributions to shareholders | (0.52 | ) | (1.16 | ) | (0.30 | ) | (0.22 | ) | (0.19 | ) | ||||||||||
Net asset value, end of period | $ | 104.50 | $ | 76.84 | $ | 66.49 | $ | 59.74 | $ | 50.56 | ||||||||||
Total Returnb | 36.81 | % | 17.39 | % | 11.80 | % | 18.64 | % | 20.31 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 130,627 | $ | 38,419 | $ | 53,196 | $ | 53,770 | $ | 73,308 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income | 0.60 | % | 0.65 | % | 0.47 | % | 0.35 | % | 0.42 | % | ||||||||||
Total expenses | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
Portfolio turnover ratec | 24 | % | 15 | % | 19 | % | 20 | % | 38 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
114 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF |
FINANCIAL HIGHLIGHTS
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 56.94 | $ | 51.50 | $ | 49.54 | $ | 39.76 | $ | 35.73 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment incomea | 0.95 | 1.05 | 0.83 | 0.61 | 0.67 | |||||||||||||||
Net gain on investments (realized and unrealized) | 19.41 | 5.42 | 2.05 | 9.78 | 4.12 | |||||||||||||||
Total from investment operations | 20.36 | 6.47 | 2.88 | 10.39 | 4.79 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.97 | ) | (1.03 | ) | (0.92 | ) | (0.61 | ) | (0.76 | ) | ||||||||||
Total distributions to shareholders | (0.97 | ) | (1.03 | ) | (0.92 | ) | (0.61 | ) | (0.76 | ) | ||||||||||
Net asset value, end of period | $ | 76.33 | $ | 56.94 | $ | 51.50 | $ | 49.54 | $ | 39.76 | ||||||||||
Total Returnb | 36.10 | % | 12.64 | % | 5.80 | % | 26.28 | % | 13.84 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 57,251 | $ | 17,082 | $ | 15,450 | $ | 42,105 | $ | 17,890 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income | 1.41 | % | 1.90 | % | 1.52 | % | 1.34 | % | 1.88 | % | ||||||||||
Total expenses | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
Portfolio turnover ratec | 24 | % | 18 | % | 15 | % | 18 | % | 35 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 115 |
GUGGENHEIM S&P 500® EQUAL WEIGHT MATERIALS ETF |
FINANCIAL HIGHLIGHTS
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 60.71 | $ | 56.57 | $ | 57.32 | $ | 45.78 | $ | 34.37 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment incomea | 1.25 | 0.92 | 0.82 | 1.52 | 0.60 | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 14.73 | 4.14 | (0.76 | ) | 11.65 | 11.49 | ||||||||||||||
Total from investment operations | 15.98 | 5.06 | 0.06 | 13.17 | 12.09 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (1.20 | ) | (0.92 | ) | (0.81 | ) | (1.63 | ) | (0.68 | ) | ||||||||||
Total distributions to shareholders | (1.20 | ) | (0.92 | ) | (0.81 | ) | (1.63 | ) | (0.68 | ) | ||||||||||
Net asset value, end of period | $ | 75.49 | $ | 60.71 | $ | 56.57 | $ | 57.32 | $ | 45.78 | ||||||||||
Total Returnb | 26.59 | % | 8.99 | % | 0.04 | % | 29.05 | % | 35.82 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 49,069 | $ | 33,388 | $ | 36,771 | $ | 34,395 | $ | 41,199 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income | 1.84 | % | 1.55 | % | 1.33 | % | 2.88 | % | 1.41 | % | ||||||||||
Total expenses | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
Portfolio turnover ratec | 18 | % | 20 | % | 21 | % | 27 | % | 57 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
116 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 500® EQUAL WEIGHT TECHNOLOGY ETF |
FINANCIAL HIGHLIGHTS
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 51.53 | $ | 52.23 | $ | 50.72 | $ | 39.98 | $ | 29.98 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment incomea | 0.68 | 0.41 | 0.29 | 0.12 | 0.11 | |||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 19.43 | (0.75 | ) | 1.49 | 10.75 | 10.03 | ||||||||||||||
Total from investment operations | 20.11 | (0.34 | ) | 1.78 | 10.87 | 10.14 | ||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.66 | ) | (0.36 | ) | (0.27 | ) | (0.13 | ) | (0.14 | ) | ||||||||||
Total distributions to shareholders | (0.66 | ) | (0.36 | ) | (0.27 | ) | (0.13 | ) | (0.14 | ) | ||||||||||
Net asset value, end of period | $ | 70.98 | $ | 51.53 | $ | 52.23 | $ | 50.72 | $ | 39.98 | ||||||||||
Total Returnb | 39.23 | % | (0.71 | %) | 3.51 | % | 27.23 | % | 33.94 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 273,275 | $ | 100,479 | $ | 109,685 | $ | 88,759 | $ | 53,969 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income | 1.07 | % | 0.76 | % | 0.54 | % | 0.26 | % | 0.30 | % | ||||||||||
Total expenses | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
Portfolio turnover ratec | 24 | % | 25 | % | 29 | % | 25 | % | 30 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 117 |
GUGGENHEIM S&P 500® EQUAL WEIGHT UTILITIES ETF |
FINANCIAL HIGHLIGHTS
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 60.52 | $ | 54.03 | $ | 50.27 | $ | 42.13 | $ | 41.18 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment incomea | 2.36 | 2.03 | 1.89 | 1.84 | 1.89 | |||||||||||||||
Net gain on investments (realized and unrealized) | 4.11 | 6.45 | 3.71 | 8.13 | 0.88 | |||||||||||||||
Total from investment operations | 6.47 | 8.48 | 5.60 | 9.97 | 2.77 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (2.32 | ) | (1.99 | ) | (1.84 | ) | (1.83 | ) | (1.82 | ) | ||||||||||
Total distributions to shareholders | (2.32 | ) | (1.99 | ) | (1.84 | ) | (1.83 | ) | (1.82 | ) | ||||||||||
Net asset value, end of period | $ | 64.67 | $ | 60.52 | $ | 54.03 | $ | 50.27 | $ | 42.13 | ||||||||||
Total Returnb | 10.95 | % | 15.98 | % | 11.29 | % | 24.10 | % | 6.97 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 51,738 | $ | 42,364 | $ | 32,417 | $ | 20,110 | $ | 8,427 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income | 3.78 | % | 3.60 | % | 3.60 | % | 3.95 | % | 4.64 | % | ||||||||||
Total expenses | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
Portfolio turnover ratec | 22 | % | 22 | % | 15 | % | 16 | % | 26 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
118 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
1. Organization
Rydex ETF Trust (the “Trust”) is registered with the SEC under the Investment Company Act of 1940 (the “1940 Act”) as a nondiversified, open-ended investment company of the series type, and is authorized to issue an unlimited number of no par value shares. Each portfolio represents a separate series of beneficial interest in the Trust (each a “Fund”, and collectively, the “Funds”). The Trust was organized as a Delaware statutory trust on November 22, 2002. As of October 31, 2013, the Trust offered twenty-one portfolios, of which thirteen are covered by this report. The financial statements herein relate to the following funds, whose investment objective is to replicate as closely as possible, before fees and expenses, the daily performance of an index representing publicly traded equity securities (the “Underlying Index”) as follows:
Fund | Index |
Guggenheim Russell MidCap® | Russell MidCap® Equal |
Equal Weight ETF | Weight Index |
Guggenheim Russell 1000® | Russell 1000® Equal |
Equal Weight ETF | Weight Index |
Guggenheim Russell 2000® | Russell 2000® Equal |
Equal Weight ETF | Weight Index |
Guggenheim MSCI Emerging | MSCI Emerging Markets |
Markets Equal Weight ETF | Equal Weighted Index |
Guggenheim S&P 500® Equal Weight | S&P 500® Equal Weight Index |
Consumer Discretionary ETF | Consumer Discretionary |
Guggenheim S&P 500® Equal Weight | S&P 500® Equal Weight Index |
Consumer Staples ETF | Consumer Staples |
Guggenheim S&P 500® Equal Weight | S&P 500® Equal Weight |
Energy ETF | Index Energy |
Guggenheim S&P 500® Equal Weight | S&P 500® Equal Weight |
Financials ETF | Index Financials |
Guggenheim S&P 500® Equal Weight | S&P 500® Equal Weight |
Health Care ETF | Index Health Care |
Guggenheim S&P 500® Equal Weight | S&P 500® Equal Weight |
Industrials ETF | Index Industrials |
Guggenheim S&P 500® Equal Weight | S&P 500® Equal Weight |
Materials ETF | Index Materials |
Guggenheim S&P 500® Equal Weight | S&P 500® Equal Weight Index |
Technology ETF | Information Technology |
Guggenheim S&P 500® Equal Weight | S&P 500® Equal Weight |
Utilities ETF | Index Telecommunication Service and Utilities |
The Funds seek to achieve their objective by investing in common stocks or ETFs, where applicable, that comprise the Underlying Index. The Funds use a “replication” strategy to track the Under-lying Index. “Replication” refers to investing in substantially all of the securities in the Underlying Index in approximately the same proportions as in the Underlying Index.
The Funds operate as index funds and are not actively managed. Adverse performance of a security in the Funds’ portfolio will ordinarily not result in the elimination of the security from the Funds’ portfolio.
The Funds issue and redeem shares on a continuous basis, at Net Asset Value per share (“NAV”), only in aggregation of 50,000 shares (a “Creation Unit”). Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.
Guggenheim Investments (“GI”) provides advisory services and Rydex Fund Services, LLC (“RFS”) provides administrative services to the Trust. Guggenheim Distributors, LLC (“GDL”) acts as principal underwriter for the Trust. GI, RFS and GDL are affiliated entities.
Significant Accounting Policies
The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.
A. Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date. The Funds invest in money market mutual funds, which are valued at their NAV.
Short-term debt securities with a maturity of 60 days or less at acquisition and repurchase agreements are valued at amortized cost, which approximates market value.
Investments for which market quotations are not readily available are fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. These methods include, but are not limited to: (i) obtaining general information as to how these securities and assets trade; and (ii) obtaining other information and considerations, including current values in related markets.
If events occur after the close of a foreign exchange that will affect the value of a Fund’s portfolio securities before the time as of which the NAV is calculated (a “significant event”), the security will generally be priced using a fair value procedure. If the Valuation Committee determines a significant event has occurred, it will evaluate the impact of that event on an affected security or securities, to determine whether a fair value adjustment would materially affect the Funds’ NAV. Some of the factors which may be considered by the
GUGGENHEIM ETFs ANNUAL REPORT | 119 |
NOTES TO FINANCIAL STATEMENTS (continued)
Board of Trustees in determining fair value are fundamental analytical data relating to the investment, the nature and duration of any restrictions on disposition, trading in similar securities of the same issuer or comparable companies, information from broker-dealers, and an evaluation of the forces that influence the market in which the securities are purchased and sold.
Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the NYSE. The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currency are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of business. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities such as World Equity Benchmark Shares. In addition, the Board of Trustees has authorized the Valuation Committee and Administrator to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.
B. Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as realized gains in the respective fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Distributions received from investments in REITs are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer.
C. Distributions of net investment income and net realized gains, if any, in all the Funds, are declared and paid at least annually. Distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.
D. The Funds may enter into repurchase agreements with financial institutions. In a repurchase agreement, a Fund buys a security and the seller simultaneously agrees to repurchase the security on a specified future date at an agreed-upon price. The repurchase price reflects an agreed-upon interest rate during the time the Fund’s money is invested in the security. Because the security constitutes collateral for the repurchase obligation, a repurchase agreement can be considered a collateralized loan. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose condition will be continually monitored by GI. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Funds will seek to liquidate such collateral. However, the exercising of the Funds right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Funds could suffer a loss. It is the current policy of the Funds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Funds, amounts to more than 15% of a Funds net assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of GI, liquidity or other considerations so warrant.
E. The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments.
The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
Net realized foreign exchange gains or losses arise from the difference between asset and liability amounts initially stated in for-
120 | GUGGENHEIM ETFs ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (continued)
eign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of portfolio securities and other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
F. The Funds invest in various investments which are exposed to risk, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect amounts reported in the financial statements. The Guggenheim S&P 500® Equal Weight Sector ETFs are non-diversified funds, subjecting them to a greater risk than funds that are diversified.
Throughout the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience the Funds expect the risk of loss to be remote.
2. Capital
There is a minimum transaction fee per transaction to those persons purchasing or redeeming Creation Units. An additional charge of up to three times the standard transaction fee may be imposed for purchases and redemptions effected outside the National Securities Clearing Corporation usual clearing process or for cash. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV of the Fund on the transaction date. Transaction fees are not charged to or paid by the Funds. The minimum transaction fees are:
Fund | Minimum Transaction Fee | |||
Guggenheim Russell MidCap® Equal Weight ETF | $2,000 | |||
Guggenheim Russell 1000® Equal Weight ETF | 2,500 | |||
Guggenheim Russell 2000® Equal Weight ETF | 3,000 | |||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 6,000 | |||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 750 | |||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 500 | |||
Guggenheim S&P 500® Equal Weight Energy ETF | 500 | |||
Guggenheim S&P 500® Equal Weight Financials ETF | 750 | |||
Guggenheim S&P 500® Equal Weight Health Care ETF | 500 | |||
Guggenheim S&P 500® Equal Weight Industrials ETF | 500 | |||
Guggenheim S&P 500® Equal Weight Materials ETF | 500 | |||
Guggenheim S&P 500® Equal Weight Technology ETF | 750 | |||
Guggenheim S&P 500® Equal Weight Utilities ETF | 500 |
On August 7, 2013, GI voluntarily made a capital contribution of $12,191 to the Guggenheim MSCI Emerging Markets Equal Weight ETF for losses incurred during fund trading.
On October 25, 2013, GI voluntarily made a capital contribution of $8,670 to the Guggenheim S&P 500 Equal Weight Utilities ETF for losses incurred during fund trading.
3. Fees and Other Transactions with Affiliates
GI determines the composition of the portfolio of securities that must be delivered in exchange for the issuance of Creation Units and periodically adjusts the composition of the portfolio of the Funds to conform to changes in the composition of the relevant index. For these services, GI receives a management fee at the annual rate shown below as a percentage of the average daily net assets of the Funds.
Fund | Advisory Fee | |||
Guggenheim Russell MidCap® Equal Weight ETF | 0.40 | % | ||
Guggenheim Russell 1000® Equal Weight ETF | 0.40 | % | ||
Guggenheim Russell 2000® Equal Weight ETF | 0.40 | % | ||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 0.70 | % | ||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 0.50 | % | ||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 0.50 | % | ||
Guggenheim S&P 500® Equal Weight Energy ETF | 0.50 | % | ||
Guggenheim S&P 500® Equal Weight Financials ETF | 0.50 | % | ||
Guggenheim S&P 500® Equal Weight Health Care ETF | 0.50 | % | ||
Guggenheim S&P 500® Equal Weight Industrials ETF | 0.50 | % | ||
Guggenheim S&P 500® Equal Weight Materials ETF | 0.50 | % | ||
Guggenheim S&P 500® Equal Weight Technology ETF | 0.50 | % | ||
Guggenheim S&P 500® Equal Weight Utilities ETF | 0.50 | % |
GI pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, fund accounting, legal, audit and other services, except: interest, taxes, distribution fees or expenses, trustee fees (where applicable) and extraordinary expenses.
Under a Fund Administration Agreement with the Trust, RFS provides various administrative and financial reporting services for the Fund. GI compensates RFS directly for this service. Prior to June 3, 2013, State Street Bank and Trust provided such services.
Under a Fund Accounting Agreement with the Trust, BNYMellon maintains the books and records of the Funds. Under a Custodian Agreement with the Trust, BNYMellon maintains cash, securities and other assets of the Funds in a separate account for the Funds, keeps all necessary accounts and records, and provides other services. BNYMellon is required, upon the order of the Trust, to deliver securities held by the custodian and to make payments for securities purchased by the Trust for the Funds. Pursuant to a Transfer Agency and Service Agreement with the Trust, BNYMellon acts as a transfer agent for the Trust’s authorized and issued shares of beneficial interest, and as dividend disbursing agent of the Trust. GI compensates BNYMellon directly for the foregoing services. Prior to June 3, 2013, State Street Bank and Trust provided such services.
GUGGENHEIM ETFs ANNUAL REPORT | 121 |
NOTES TO FINANCIAL STATEMENTS (continued)
For the Guggenheim MCSI Emerging Markets Equal Weight ETF, the Advisor has contractually agreed to reduce fees and/or reimburse expenses to the extent necessary to keep the Fund’s net operating expenses (excluding interest, taxes, brokerage commissions, dividends on securities sold short, distribution fees and expenses, and extraordinary expenses (“Excluded Expenses”)) plus Acquired Fund Fees and Expense borne indirectly from exceeding 0.70% of the Fund’s average daily net assets until February 28, 2014. This agreement may be terminated only with the approval of the Fund’s Board of Trustees. In any event, this undertaking will continue until at least February 28, 2014.
The Funds have adopted a Distribution Plan (the “Plan”) that allows the Funds to pay distribution fees to GDL and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Funds will pay distribution fees to GDL at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GDL will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Funds.
4. Fair Value Measurement
In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or, in the absence of a principal market, the most advantageous market for the investment or liability. A three-tier hierarchy is utilized to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The inputs are summarized in the three broad levels listed below:
Level 1 — quoted prices in active markets for identical securities.
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes the inputs used to value the Funds’ net assets as of October 31, 2013:
Level 1 | Level 2 | Level 3 | ||||||||||||||
Investments | Investments | Investments | ||||||||||||||
Fund | In Securities | In Securities | In Securities | Total | ||||||||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | 76,894,537 | $ | 1,298,954 | $ | — | $ | 78,193,491 | ||||||||
Guggenheim Russell 1000® Equal Weight ETF | 64,702,379 | 530,075 | — | 65,232,454 | ||||||||||||
Guggenheim Russell 2000® Equal Weight ETF | 25,797,670 | 295,099 | 1,749 | 26,094,518 | ||||||||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 10,325,895 | 777,271 | — | 11,103,166 | ||||||||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 125,483,311 | 2,410,800 | — | 127,894,111 | ||||||||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 83,994,758 | — | — | 83,994,758 | ||||||||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 43,913,559 | — | — | 43,913,559 | ||||||||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 58,315,682 | — | — | 58,315,682 | ||||||||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 130,628,054 | — | — | 130,628,054 | ||||||||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 57,218,567 | 986,850 | — | 58,205,417 | ||||||||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 49,051,476 | 3,207,925 | — | 52,259,401 | ||||||||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 272,874,282 | — | — | 272,874,282 | ||||||||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 51,642,419 | 2,628,425 | — | 54,270,844 |
The Funds disclose information about transfers in and out of all Levels of the fair value hierarchy on a gross basis and the reasons for the transfers as well as to disclosures about the valuation techniques and inputs used to measure fair value for investments that fall in either Level 2 or Level 3 fair value hierarchy. For the year ended October 31, 2013, there were no transfers between levels.
5. Federal Income Taxes
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax is required.
122 | GUGGENHEIM ETFs ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (continued)
Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken, or to be taken, on Federal income tax returns for all open tax years, and has concluded that no provision for income tax was required in the Funds’ financial statements. A fund’s federal tax returns are subject to examination by the Internal Revenue Service of three fiscal years after they are filed.
Income and capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for in-kind redemptions, income reclassifications from REITs and losses deferred due to wash sales.
The RIC Modernization Act of 2010 was signed into law on December 22, 2010 and sought to simplify some of the tax provisions applicable to regulated investment companies, the tax reporting to their shareholders and to improve the tax efficiency of certain fund structures. The changes were generally effective for taxable years beginning after the date of enactment.
One of the more prominent changes addresses capital loss carryforwards. Funds are be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years are required to be utilized prior to the losses incurred in pre-enactment taxable years. Under pre-enactment law, capital losses could be carried forward for eight years, and carried forward as short-term capital, irrespective of the character of the original loss. As a result of this ordering rule, pre-enactment capital loss carryforwards may potentially expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
Tax basis capital losses in excess of capital gains are carried forward to offset future net capital gains.
For the year ended October 31, 2013, the following capital loss carryforward amounts were expired or used:
Fund | Amount | |||
Guggenheim Russell MidCap® Equal Weight ETF | $ | (737,891 | ) | |
Guggenheim Russell 1000® Equal Weight ETF | (447,805 | ) | ||
Guggenheim Russell 2000® Equal Weight ETF | (259,231 | ) | ||
Guggenheim MSCI Emerging Markets Equal Weight ETF | (21,284 | ) | ||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | (349,009 | ) | ||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | (487,119 | ) | ||
Guggenheim S&P 500® Equal Weight Energy ETF | (221,092 | ) | ||
Guggenheim S&P 500® Equal Weight Financials ETF | (67,820 | ) | ||
Guggenheim S&P 500® Equal Weight Health Care ETF | (1,281,122 | ) | ||
Guggenheim S&P 500® Equal Weight Industrials ETF | — | |||
Guggenheim S&P 500® Equal Weight Materials ETF | — | |||
Guggenheim S&P 500® Equal Weight Technology ETF | (962,817 | ) | ||
Guggenheim S&P 500® Equal Weight Utilities ETF | (374,893 | ) |
The tax character of distributions paid during the year ended October 31, 2013 was as follows:
Ordinary | Return of | Total | ||||||||||
Fund | Income | Capital | Distributions | |||||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | 872,275 | $ | — | $ | 872,275 | ||||||
Guggenheim Russell 1000® Equal Weight ETF | 825,605 | — | 825,605 | |||||||||
Guggenheim Russell 2000® Equal Weight ETF | 245,833 | — | 245,833 | |||||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 142,210 | — | 142,210 | |||||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 700,441 | — | 700,441 | |||||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 1,309,633 | — | 1,309,633 | |||||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 380,123 | — | 380,123 | |||||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 576,182 | 112,188 | 688,370 | |||||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 639,369 | — | 639,369 | |||||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 482,387 | — | 482,387 | |||||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 628,784 | — | 628,784 | |||||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 1,498,370 | — | 1,498,370 | |||||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 1,695,499 | — | 1,695,499 |
GUGGENHEIM ETFs ANNUAL REPORT | 123 |
NOTES TO FINANCIAL STATEMENTS (continued)
The tax character of distributions paid during the year ended October 31, 2012 was as follows:
Ordinary | Return of | Total | ||||||||||
Fund | Income | Capital | Distributions | |||||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | 712,539 | $ | — | $ | 712,539 | ||||||
Guggenheim Russell 1000® Equal Weight ETF | 553,925 | — | 553,925 | |||||||||
Guggenheim Russell 2000® Equal Weight ETF | 198,196 | — | 198,196 | |||||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 192,786 | 23,454 | 216,240 | |||||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 540,416 | — | 540,416 | |||||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 802,431 | — | 802,431 | |||||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 257,933 | — | 257,933 | |||||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 224,168 | 51,231 | 275,399 | |||||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 449,910 | — | 449,910 | |||||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 419,866 | — | 419,866 | |||||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 529,218 | — | 529,218 | |||||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 851,718 | — | 851,718 | |||||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 1,512,371 | — | 1,512,371 |
The tax character of distributable earnings/(accumulated losses) at October 31, 2013 was as follows:
Undistributed | Undistributed | Capital | Net Unrealized | Total | ||||||||||||||||
Ordinary | Long-Term | Loss | Appreciation/ | Accumulated | ||||||||||||||||
Fund | Income | Capital Gain | Carryforward | (Depreciation) | Earnings/(Deficit) | |||||||||||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | 569,770 | $ | 123,066 | $ | — | $ | 17,347,586 | $ | 18,040,422 | ||||||||||
Guggenheim Russell 1000® Equal Weight ETF | 3,790 | — | (105,090 | ) | 12,467,481 | 12,366,181 | ||||||||||||||
Guggenheim Russell 2000® Equal Weight ETF | 1,803 | — | (1,011,136 | ) | 3,708,871 | 2,699,538 | ||||||||||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 51,264 | — | (2,126,952 | ) | (698,713 | ) | (2,774,401 | ) | ||||||||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 28,888 | — | (2,737,521 | ) | 17,895,128 | 15,186,495 | ||||||||||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 130,780 | — | (258,721 | ) | 9,350,756 | 9,222,815 | ||||||||||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 7,918 | — | (3,869,181 | ) | 1,944,940 | (1,916,323 | ) | |||||||||||||
Guggenheim S&P 500® Equal Weight Financials ETF | — | — | (6,746,420 | ) | 3,988,435 | (2,757,985 | ) | |||||||||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 115,335 | — | (3,726,682 | ) | 11,254,762 | 7,643,415 | ||||||||||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 58,799 | — | (1,270,828 | ) | 6,660,258 | 5,448,229 | ||||||||||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 47,155 | — | (1,182,122 | ) | 9,102,083 | 7,967,116 | ||||||||||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 70,670 | — | (10,353,100 | ) | 19,280,470 | 8,998,040 | ||||||||||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 131,830 | — | — | 2,149,805 | 2,281,635 |
A summary of the expiration of the capital loss carryforward is as follows:
Remaining | ||||||||||||||||||||||||||||
Expires in | Expires in | Expires in | Expires in | Unlimited | Capital Loss | |||||||||||||||||||||||
Fund | 2016 | 2017 | 2018 | 2019 | Short-Term | Long-Term | Carryforward | |||||||||||||||||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Guggenheim Russell 1000® Equal Weight ETF | — | — | — | (312 | ) | — | (104,778 | ) | (105,090 | ) | ||||||||||||||||||
Guggenheim Russell 2000® Equal Weight ETF | — | — | — | (259,648 | ) | (336,683 | ) | (414,805 | ) | (1,011,136 | ) | |||||||||||||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | — | — | — | (18,800 | ) | (680,087 | ) | (1,428,065 | ) | (2,126,952 | ) | |||||||||||||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | (756,188 | ) | (1,981,333 | ) | — | — | — | — | (2,737,521 | ) | ||||||||||||||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | (1,831 | ) | (195,890 | ) | — | (61,000 | ) | — | — | (258,721 | ) | |||||||||||||||||
Guggenheim S&P 500® Equal Weight Energy ETF | — | (1,743,348 | ) | (393,314 | ) | (128,371 | ) | (149,978 | ) | (1,454,170 | ) | (3,869,181 | ) | |||||||||||||||
Guggenheim S&P 500® Equal Weight Financials ETF | (1,772,479 | ) | (4,062,086 | ) | (376,840 | ) | — | (46,137 | ) | (488,878 | ) | (6,746,420 | ) | |||||||||||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | (114,658 | ) | (3,545,994 | ) | — | (66,030 | ) | — | — | (3,726,682 | ) | |||||||||||||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | — | (1,121,641 | ) | — | — | — | (149,187 | ) | (1,270,828 | ) | ||||||||||||||||||
Guggenheim S&P 500® Equal Weight Materials ETF | — | (576,552 | ) | — | — | — | (605,570 | ) | (1,182,122 | ) | ||||||||||||||||||
Guggenheim S&P 500® Equal Weight Technology ETF | — | (2,331,453 | ) | — | — | (1,760,145 | ) | (6,261,502 | ) | (10,353,100 | ) | |||||||||||||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | — | — | — | — | — | — | — |
124 | GUGGENHEIM ETFs ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (continued)
In order to present paid-in-capital, undistributed net investment income (loss) and accumulated net realized gain (loss) on investments on the statement of assets and liabilities that more closely represent their tax character, certain adjustments have been made to these accounts. These adjustments have no effect on the net assets or NAV. The most significant of these adjustments are for net capital gains (losses) resulting from in-kind redemptions, equalization debits, passive foreign investment company adjustments, and return of capital on investments.
For the year ended October 31, 2013, the adjustments for the Funds were as follows:
Undistributed | Accumulated Net | |||||||||||
Net Investment | Realized | |||||||||||
Paid-In Capital | Income | Loss | ||||||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | 311,934 | $ | (10,792 | ) | $ | (301,142 | ) | ||||
Guggenheim Russell 1000® Equal Weight ETF | 2,241,197 | (35,324 | ) | (2,205,873 | ) | |||||||
Guggenheim Russell 2000® Equal Weight ETF | 223,070 | (10,720 | ) | (212,350 | ) | |||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 381,659 | 11,738 | (393,397 | ) | ||||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 1,194,178 | — | (1,194,178 | ) | ||||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 3,535,442 | — | (3,535,442 | ) | ||||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 1,424,432 | — | (1,424,432 | ) | ||||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 4,948,755 | (99,681 | ) | (4,849,074 | ) | |||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 20,455,415 | — | (20,455,415 | ) | ||||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 2,620,589 | 625 | (2,621,214 | ) | ||||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 2,838,849 | — | (2,838,849 | ) | ||||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 9,466,158 | (9,974 | ) | (9,456,184 | ) | |||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 2,467,104 | (11,127 | ) | (2,455,977 | ) |
At October 31, 2013, the identified cost of investments in securities owned by each Fund for Federal income tax purposes and the gross unrealized appreciation and depreciation were as follows:
Tax | Tax | Net | ||||||||||||||
Tax | Unrealized | Unrealized | Unrealized | |||||||||||||
Fund | Cost | Gain | Loss | Gain/(Loss) | ||||||||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | 60,845,905 | $ | 18,704,821 | $ | (1,357,235 | ) | $ | 17,347,586 | |||||||
Guggenheim Russell 1000® Equal Weight ETF | 52,764,973 | 13,807,386 | (1,339,905 | ) | 12,467,481 | |||||||||||
Guggenheim Russell 2000® Equal Weight ETF | 22,385,647 | 5,053,110 | (1,344,239 | ) | 3,708,871 | |||||||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 11,801,880 | 1,004,190 | (1,702,903 | ) | (698,713 | ) | ||||||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 109,998,983 | 19,861,524 | (1,966,396 | ) | 17,895,128 | |||||||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 74,644,002 | 10,037,792 | (687,036 | ) | 9,350,756 | |||||||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 41,968,619 | 5,219,726 | (3,274,786 | ) | 1,944,940 | |||||||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 54,327,247 | 5,011,253 | (1,022,818 | ) | 3,988,435 | |||||||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 119,373,292 | 14,132,316 | (2,877,554 | ) | 11,254,762 | |||||||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 51,545,159 | 7,265,297 | (605,039 | ) | 6,660,258 | |||||||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 43,157,318 | 11,034,374 | (1,932,291 | ) | 9,102,083 | |||||||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 253,593,812 | 26,973,431 | (7,692,961 | ) | 19,280,470 | |||||||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 52,121,039 | 3,987,745 | (1,837,940 | ) | 2,149,805 |
6. Investment Transactions
For the year ended October 31, 2013, the Funds had investments transactions in-kind associated with subscriptions and redemptions as follows:
Fund | Subscriptions | Redemptions | ||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | 8,608,980 | $ | 1,673,031 | ||||
Guggenheim Russell 1000® Equal Weight ETF | 19,468,018 | 8,111,153 | ||||||
Guggenheim Russell 2000® Equal Weight ETF | 8,265,388 | 1,642,174 | ||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | — | 2,320,119 | ||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 68,635,108 | 3,680,048 | ||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 52,382,561 | 24,243,049 | ||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 14,925,251 | 10,302,522 | ||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 64,910,896 | 29,219,547 | ||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 238,878,559 | 181,510,074 | ||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 44,143,124 | 13,962,249 | ||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 17,556,636 | 9,498,053 | ||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 204,760,663 | 74,307,097 | ||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 19,471,912 | 12,090,434 |
GUGGENHEIM ETFs ANNUAL REPORT | 125 |
NOTES TO FINANCIAL STATEMENTS (continued)
Purchases and sales of investment securities (excluding short-term investments, U.S. government and government agency obligations) for the Funds were as follows:
Fund | Purchases | Sales | ||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | 17,996,342 | $ | 17,975,321 | ||||
Guggenheim Russell 1000® Equal Weight ETF | 14,266,221 | 14,203,366 | ||||||
Guggenheim Russell 2000® Equal Weight ETF | 7,272,168 | 7,108,265 | ||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 4,357,199 | 5,528,780 | ||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 62,474,583 | 12,385,023 | ||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 10,624,575 | 10,693,340 | ||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 6,381,139 | 5,956,753 | ||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 5,783,743 | 5,992,484 | ||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 26,170,702 | 27,356,901 | ||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 8,362,333 | 8,218,683 | ||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 6,693,501 | 6,969,465 | ||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 35,548,657 | 36,415,770 | ||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 11,170,083 | 10,613,668 |
There were no purchases or sales of U.S. government or government agency obligations for the year ended October 31, 2013.
7. Portfolio Securities Loaned
The Funds may lend their securities to approved brokers to earn additional income. Security lending income shown on the Statements of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, Credit Suisse acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with Credit Suisse, cash collateral is invested in one or more joint repurchase agreements collateralized by obligations of the U.S. Treasury or Government Agencies. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of Fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand.
At October 31, 2013, the Funds participated in securities lending as follows:
Value of | Cash | |||||||
Securities | Collateral | |||||||
Fund | Loaned | Received | ||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | 1,259,294 | $ | 1,298,954 | ||||
Guggenheim Russell 1000® Equal Weight ETF | 511,243 | 530,075 | ||||||
Guggenheim Russell 2000® Equal Weight ETF | 275,876 | 294,830 | ||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 749,285 | 777,050 | ||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 2,279,550 | 2,410,800 | ||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | — | — | ||||||
Guggenheim S&P 500® Equal Weight Energy ETF | — | — | ||||||
Guggenheim S&P 500® Equal Weight Financials ETF | — | — | ||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | — | — | ||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 979,506 | 986,850 | ||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 3,179,392 | 3,207,925 | ||||||
Guggenheim S&P 500® Equal Weight Technology ETF | — | — | ||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 2,498,733 | 2,628,425 |
Cash collateral received was invested in the following joint repurchase agreements at October 31, 2013:
Counterparty and Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | |||||||||||||
HSBC Securities, Inc. | Fannie Mae | |||||||||||||||||
0.09% | 0.00% | |||||||||||||||||
Due 11/01/13 | $ | 4,219,351 | $ | 4,219,362 | 05/15/19 - 11/15/20 | $ | 4,922,338 | $ | 4,300,368 | |||||||||
RBS Securities, Inc. | Federal Home Loan Bank | |||||||||||||||||
0.09% | 0.00% - 5.625% | |||||||||||||||||
Due 11/01/13 | 7,915,557 | 7,915,577 | 11/12/13 - 09/13/24 | 1,086,411 | 1,092,627 | |||||||||||||
Freddie Mac | ||||||||||||||||||
0.42% - 5.625% | ||||||||||||||||||
10/27/14 - 11/23/35 | 6,586,024 | 6,975,055 |
126 | GUGGENHEIM ETFs ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (concluded)
8. Legal Proceedings
Tribune Company
Rydex ETF Trust has been named as a defendant and a putative member of the proposed defendant class of shareholders in the case entitled Kirschner v. FitzSimons, No. 12-2652 (S.D.N.Y.) (formerly Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons, Adv. Pro. No. 10-54010 (Bankr. D. Del.)) (the “FitzSimons action”), as a result of ownership of shares by certain series of the Rydex ETF Trust in the Tribune Company (“Tribune”) in 2007, when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In his complaint, the plaintiff has alleged that, in connection with the LBO, insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave the Tribune Company insolvent. The plaintiff has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO. The plaintiff is also attempting to obtain from former Tribune shareholders, including Rydex ETF Trust, the proceeds they received in connection with the LBO.
In June 2011, a group of Tribune creditors filed multiple actions against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the 2007 LBO (the “SCLFC actions”). Rydex ETF Trust has been named as a defendant in one or more of these suits. In those actions, the creditors seek to recover from Tribune’s former shareholders the proceeds received in connection with the 2007 LBO.
The FitzSimons action and the SLCFC actions have been consolidated with the majority of the other Tribune LBO-related lawsuits in a multidistrict litigation proceeding captioned In re Tribune Company Fraudulent Conveyance Litig., No. 11-md-2696 (S.D.N.Y.) (the “MDL Proceeding”).
On September 23, 2013, the District Court granted the defendants’ omnibus motion to dismiss the SLCFC actions, on the basis that the creditors lacked standing. On September 30, 2013, the creditors filed a notice of appeal of the September 23 order. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order.
On November 20, 2013, the District Court ordered the parties in the FitzSimons action to meet and confer regarding a potential protocol for the briefing and argument of motions to dismiss to be filed in that action.
None of these lawsuits alleges any wrongdoing on the part of Rydex ETF Trust. The following series of Rydex ETF Trust held shares of Tribune and tendered these shares as part of Tribune’s LBO: Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF (the “Fund”). The value of the proceeds received by the foregoing Fund was $249,481. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable prediction as to the outcome of these lawsuits or the effect, if any, on the Fund’s net asset value.
9. New Accounting Pronouncement
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11 regarding “Disclosures about Offsetting Assets and Liabilities”. The ASU requires an entity to disclose information about offsetting and related arrangements for assets and liabilities, financial instruments and derivatives that are either currently offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements. In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements and securities lending. The new disclosure is effective for annual or interim periods beginning on or after January 1, 2013. Management is evaluating the impact of this update on its current disclosures.
GUGGENHEIM ETFs ANNUAL REPORT | 127 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Trustees and Shareholders of Rydex ETF Trust
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Guggenheim Russell Midcap® Equal Weight ETF, Guggenheim Russell 1000® Equal Weight ETF, Guggenheim Russell 2000® Equal Weight ETF, Guggenheim MSCI Emerging Markets Equal Weight ETF, Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF, Guggenheim S&P 500® Equal Weight Consumer Staples ETF, Guggenheim S&P 500® Equal Weight Energy ETF, Guggenheim S&P 500® Equal Weight Financials ETF, Guggenheim S&P 500® Equal Weight Health Care ETF, Guggenheim S&P 500® Equal Weight Industrials ETF, Guggenheim S&P 500® Equal Weight Materials ETF, Guggenheim S&P 500® Equal Weight Technology ETF and Guggenheim S&P 500® Equal Weight Utilities ETF (thirteen of the series constituting the Rydex ETF Trust) (the “Funds”) as of October 31, 2013, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2013, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the above listed Funds at October 31, 2013, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.
McLean, Virginia
December 23, 2013
128 | GUGGENHEIM ETFs ANNUAL REPORT |
OTHER INFORMATION (Unaudited) |
Proxy Voting Information
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1.800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1.800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Quarterly Portfolio Schedules Information
The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 1.800.820.0888.
Office Locations
The offices of Guggenheim Investments can be found in the following locations:
330 Madison Avenue
10th Floor
New York, NY 10017
(Headquarters)
Four Irvington Centre
805 King Farm Boulevard
Suite 600
Rockville, MD 20850
9401 Indian Creek Parkway
40 Corporate Woods
Suite 850
Overland Park, KS 66210
Premium/Discount Information
Information about the differences between the daily market price on secondary markets for Shares and the NAV of each Fund can be found at wwww.guggenheiminvestments.com.
Board Considerations Regarding Approval of Investments Advisory Agreement
At in-person meetings of the Rydex ETF Trust’s (the “Trust”) Board of Trustees (the “Board”) held on May 16 and June 5, 2013 (collectively, the “Meetings”), called for the purpose of, among other things, consideration of, and voting on, the approval and continuation of the investment advisory agreement applicable to the series of the Trust (each a “Fund” and collectively, the “Funds”), the Board, including the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, of the Trust (“Independent Trustees”), unanimously approved the continuation of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Security Investors, LLC (referred to herein as the “Adviser”) with respect to each of the Funds for an additional one-year period, based on the Board’s review of qualitative and quantitative information provided by the Adviser.
In considering the continuation of the Investment Advisory Agreement, the Independent Trustees requested and obtained from the Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the Investment Advisory Agreement. In addition, the Board also received a memorandum from Fund counsel regarding the responsibilities of the Board for the approval of investment advisory agreements and participated in question and answer sessions with representatives of the Adviser. The Board also carefully considered information that they had received throughout the year as part of their regular oversight of the Funds. At the Meetings, the Board obtained and
GUGGENHEIM ETFS ANNUAL REPORT | 129 |
OTHER INFORMATION (Unaudited) (continued) |
reviewed a wide variety of information, including certain comparative information regarding performance of the Funds relative to performance of other comparable funds. The Independent Trustees carefully evaluated this information, met in executive session outside the presence of Fund management, and were advised by independent legal counsel with respect to their deliberations.
As a part of their consideration of the approval of the Investment Advisory Agreement at the Meetings, the Board, including the Independent Trustees, evaluated a number of factors, including among others: (a) the nature and quality of the Adviser’s investment advisory and other services; (b) the Adviser’s investment management personnel; (c) the Adviser’s operations and financial condition; (d) the Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the fees that the Adviser charges compared with the fees charged to comparable funds or accounts, giving special attention to the absence of breakpoints in these fees and the rationale provide by the Adviser as to why the addition of breakpoints was not currently appropriate; (f) each Fund’s overall fees and operating expenses compared with similar funds; (g) the level of the Adviser’s profitability from its Fund-related operations; (h) the Adviser’s compliance systems; (i) the Adviser’s policies and compliance procedures applicable to personal securities transactions; (j) the Adviser’s reputation, expertise and resources in the financial markets; and (k) Fund performance compared with similar funds. In its deliberations, the Board did not identify any single piece of information that was all-important or controlling. Based on the Board’s deliberations at the Meetings, the Board, including all of the Independent Trustees, unanimously: (a) concluded that the terms of the Investment Advisory Agreement are fair and reasonable; (b) concluded that the Adviser’s fees were reasonable in light of the services that it provides to the Funds; and (c) agreed to approve and continue the Investment Advisory Agreement based upon the following considerations, among others:
• | Nature, Extent and Quality of Services Provided by the Adviser. At the Meetings, the Board reviewed the scope of services to be provided by the Adviser under the Investment Advisory Agreement and noted that there would be no significant differences between the scope of services required to be provided by the Adviser for the past year and the scope of services required to be provided during the upcoming year. The Board also considered (1) the Adviser’s representations to the Board that the Adviser would continue to provide investment and related services that were of materially the same quality and quantity as services provided to the Funds in the past, and (2) whether these services are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business and investor needs. |
• | Fund Expenses and Performance of the Funds and the Adviser. At the Meetings, the Board reviewed statistical information provided by the Adviser regarding the expense ratio components and performance of each Fund. The Adviser engaged FUSE Research Network LLC (“FUSE”), an independent, third party research provider, to prepare advisory contract renewal reports to help the Board fulfill its advisory contract renewal responsibilities. The objective of the reports is to present the subject Funds’ relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. This statistical information related to the expense ratio components included actual advisory fees, waivers/reimbursements, and gross and net total expenses for each Fund in comparison to other funds determined by FUSE to comprise each Fund’s applicable peer group. The Board also considered the Adviser’s representation that it found the peer group compiled by FUSE to be appropriate. The statistical information related to the performance of each Fund included three month and one, three, and five year performance for the Fund compared to its peers. |
• | Costs of Services Provided to the Funds and Profits Realized by the Adviser and its Affiliates. At the Meetings, the Board reviewed information about the profitability of the Funds to the Adviser based on the advisory fees payable under the current Investment Advisory Agreement for the last calendar year. The Board noted that the Adviser had contractually agreed to pay all operating expenses of the Funds, including the cost of index licensing fees, transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, and extraordinary expenses. At the Meetings, the Board analyzed the Funds’ expenses, including the investment advisory fees paid to the Adviser, and reviewed reports comparing the expense ratios of the Funds to those of other comparable funds. The Board also reviewed information regarding the direct revenue received by the Adviser and ancillary revenue, if any, received by the Adviser and/or its affiliates in connection with the services provided to the Funds by the Adviser and/or its affiliates. The Board considered information regarding the Adviser’s profit margin as reflected in the Adviser’s profitability analysis, as well as information provided by the Adviser concerning the methodology used to allocate various expenses among the individual Funds in determining the Adviser’s profitability. |
130 | GUGGENHEIM ETFS ANNUAL REPORT |
OTHER INFORMATION (Unaudited) (concluded) |
• | Economies of Scale. At the Meetings, the Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Funds’ asset levels. The Board noted that the Investment Advisory Agreement did not provide for breakpoints in each Fund’s advisory fee rates as assets of a Fund increase. However, the Board further noted the Adviser’s assertion that future economies of scale had been taken into consideration for the Funds by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the Funds from inception. The Board noted that it intends to continue to monitor fees as each Fund grows in size and assess whether fee breakpoints may be warranted. |
• | Other Benefits to the Adviser and/or its Affiliates. In addition to evaluating the services provided by the Adviser, the Board had considered the nature, extent, quality and cost of the distribution services performed by the Adviser’s affiliate under a separate agreement at the Meetings. The Board noted that the Adviser reports portfolio transactions on behalf of the Funds placed through an affiliate of the Funds or the Adviser at each quarterly Board meeting. |
On the basis of the information provided to it and its evaluation of that information, the Board, including the Independent Trustees, concluded that the terms of the Investment Advisory Agreement for the Funds were reasonable, and that approval of the continuation of the Investment Advisory Agreement was in the best interests of the Funds.
GUGGENHEIM ETFS ANNUAL REPORT | 131 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) |
A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by calling 800.820.0888.
All Trustees and Officers may be reached c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850.
TRUSTEE AND OFFICER | ||||
Name and | Length of Service as Trustee | Number of | ||
Year of Birth | (Year Began) | Funds Overseen | ||
Donald C. Cacciapaglia* | Rydex Series Funds – 2012 | 212 | ||
(1951) | Rydex Variable Trust – 2012 | |||
Rydex Dynamic Funds – 2012 | ||||
Rydex ETF Trust – 2012 |
Principal Occupations During Past Five Years: Current: Security Investors, LLC: President and CEO from April 2012 to present; Guggenheim Investments:
President and Chief Administrative Officer from February 2010 to present; Previous: Channel Capital Group, Inc.: Chairman and CEO from April 2002 to February 2010
Positions held within the Trust: Trustee from 2012 to present; President from 2012 to present
INDEPENDENT TRUSTEES | ||||
Name and | Length of Service as Trustee | Number of | ||
Year of Birth | (Year Began) | Funds Overseen | ||
Corey A. Colehour | Rydex Series Funds – 1993 | 131 | ||
(1945) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Current: Retired; Previous: President and Senior Vice President of Schield Management Company (registered investment adviser) from 2003 to 2006
Positions held within the Trust: Trustee from 1993 to present; Member of the Audit and Governance and Nominating Committees from 1995 to present
J. Kenneth Dalton | Rydex Series Funds – 1995 | 131 | ||
(1941) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Current: Retired
Positions held within the Trust: Trustee from 1995 to present; Member and Chairman of the Audit Committee from 1997 to present; Member of the Governance and Nominating Committees from 1995 to present; and Member of the Risk Oversight Committee from 2010 to present
John O. Demaret | Rydex Series Funds – 1997 | 131 | ||
(1940) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Current: Retired
Positions held within the Trust: Trustee from 1997 to present; Chairman of the Board from 2006 to present; Member of the Audit Committee from 1997 to present; and Member of the Risk Oversight Committee from 2010 to present
132 | GUGGENHEIM ETFS ANNUAL REPORT |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (continued) |
INDEPENDENT TRUSTEES - continued | ||||
Name and | Length of Service as Trustee | Number of | ||
Year of Birth | (Year Began) | Funds Overseen | ||
Werner E. Keller | Rydex Series Funds – 2005 | 131 | ||
(1940) | Rydex Variable Trust – 2005 | |||
Rydex Dynamic Funds – 2005 | ||||
Rydex ETF Trust – 2005 |
Principal Occupations During Past Five Years: Current: Founder and President of Keller Partners, LLC (investment research firm) from 2005 to present;
Previous: Retired from 2001 to 2005
Positions held within the Trust: Vice Chairman of the Board of Trustees from 2010 to present; Trustee and Member of the Audit and Governance and Nominating Committees from 2005 to present; and Chairman and Member of the Risk Oversight Committee from 2010 to present
Thomas F. Lydon, Jr. | Rydex Series Funds – 2005 | 131 | ||
(1960) | Rydex Variable Trust – 2005 | |||
Rydex Dynamic Funds – 2005 | ||||
Rydex ETF Trust – 2005 |
Principal Occupations During Past Five Years: Current: President of Global Trends Investments (registered investment adviser) from 1996 to present Positions held within the Trust: Trustee and Member of the Audit and Governance and Nominating Committees from 2005 to present
Patrick T. McCarville | Rydex Series Funds – 1997 | 131 | ||
(1942) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Current: Retired; Previous: Chief Executive Officer of Par Industries, Inc., d/b/a Par Leasing from 1977 to 2010
Positions held within the Trust: Trustee from 1997 to present; Member of the Audit Committee from 1997 to present; and Chairman of the Governance and Nominating Committees from 1997 to present
Roger Somers | Rydex Series Funds – 1993 | 131 | ||
(1944) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Current: Founder and Chief Executive Officer of Arrow Limousine from 1965 to present
Positions held within the Trust: Trustee from 1993 to present; Member of the Audit and Governance and Nominating Committees from 1995 to present
EXECUTIVE OFFICERS | ||||
Name, Position and | Principal Occupations | |||
Year of Birth | During Past Five Years |
Michael P. Byrum* Vice President (1970) | Current: President, Security Benefit Asset Management Holdings, LLC; Senior Vice President, Security Investors, LLC; President & Chief Investment Officer, Rydex Holdings, LLC; Director & Chairman of the Board, Advisor Research Center, Inc.; and Manager, Rydex Specialized Products, LLC |
Previous: Guggenheim Distributors, LLC (f/k/a Rydex Distributors, LLC), Vice President (2009); Rydex Fund Services, LLC, Director (2009–2010), Secretary (2002–2010); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.), Director (2008–2010), Chief Investment Officer (2006–2010), President (2004–2010), Secretary (2002–2010); Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Director (2008–2010), Chief Investment Officer (2006–2010), President (2004–2010), Secretary (2002–2010); Advisor Research Center, Inc., Secretary (2006–2009), and Executive Vice President (2006) |
GUGGENHEIM ETFS ANNUAL REPORT | 133 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (concluded) |
EXECUTIVE OFFICERS – concluded | ||||
Name, Position and | Principal Occupations | |||
Year of Birth | During Past Five Years |
Nikolaos Bonos* Vice President and Treasurer (1963) | Current: Senior Vice President, Security Investors, LLC; Chief Executive Officer & Manager, Rydex Specialized Products, LLC; Chief Executive Officer & President, Rydex Fund Services, LLC; Vice President, Rydex Holdings, LLC; Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund & Security Mid Cap Growth Fund; and Vice President, Security Benefit Asset Management Holdings, LLC |
Previous: Security Global Investors, LLC, Senior Vice President (2010–2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) Senior Vice President (2006–2011); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Director (2009); and Rydex Specialized Products, LLC, Chief Financial Officer (2005–2009) | |
Elisabeth Miller* Chief Compliance Officer (1968) | Current: Chief Compliance Officer, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust, Rydex ETF Trust, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund, Security Mid Cap Growth Fund, SBL Fund, Security Investors, LLC, and Guggenheim Distributors, LLC |
Previous: Senior Manager, Security Investors, LLC and Guggenheim Distributors, LLC (2004–2009) | |
Amy J. Lee* Vice President and Secretary (1961) | Current: Managing Director, Guggenheim Investments; Senior Vice President & Secretary, Security Investors, LLC; Secretary & Vice President, Rydex ETF Trust, Rydex Dynamic Funds, Rydex Variable Trust, SBL Fund, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President & Secretary, Rydex Holdings, LLC; Secretary, Advisor Research Center, Inc., Guggenheim Specialized Products, LLC, Guggenheim Distributors, LLC and Rydex Fund Services, LLC |
Previous: Vice President, Associate General Counsel & Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (1987–2012); Security Global Investors, LLC, Senior Vice President & Secretary (2007–2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) & Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Senior Vice President & Secretary (2010–2011) | |
Joseph M. Arruda* Assistant Treasurer (1966) | Current: Assistant Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund & Security Mid Cap Growth Fund; Vice President, Security Investors, LLC; and Chief Financial Officer & Manager, Rydex Specialized Products, LLC |
Previous: Security Global Investors, LLC, Vice President (2010–2011); and Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) & Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2004–2011) |
* | Officers of the Funds are deemed to be “interested persons” of the Trust, within the meaning of Section 2(a) (19) of the 1940 Act, inasmuch as this person is affiliated with Guggenheim Investments. |
134 | GUGGENHEIM ETFS ANNUAL REPORT |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES |
Rydex Funds, Guggenheim Funds, Rydex Investments, Guggenheim Distributors, LLC, Security Investors, LLC, Security Distributors, Inc. and Rydex Advisory Services (Collectively “Guggenheim Investments”).
Our Commitment to You
When you become a Guggenheim Investments investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone—whether it is your personal information or if you are a current or former Guggenheim Investments client.
The Information We Collect About You
In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Guggenheim Investments account application or when you request a transaction that involves Rydex and Guggenheim Investments funds or one of the Guggenheim Investments affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).
How We Handle Your Personal Information
As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Guggenheim Investments. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Guggenheim Investments investment products and services, we may share your information within the Guggenheim Investments family of affiliated companies. This would include, for example, sharing your information within Guggenheim Investments so we can make you aware of new Rydex and Guggenheim Investments funds or the services offered through another Guggenheim Investments affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.
Opt Out Provisions
We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.
How We Protect Privacy Online
Our concern for the privacy of our shareholders also extends to those who use our web site, guggenheiminvestments.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Guggenheim Investments web site offers customized features that require our use of “http cookies”—tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies. We only use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.
GUGGENHEIM ETFS ANNUAL REPORT | 135 |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES (concluded) |
How We Safeguard Your Personal Information
We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.
We’ll Keep You Informed
As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.
136 | GUGGENHEIM ETFS ANNUAL REPORT |
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ETF2-ANN-1013X1014
TABLE OF CONTENTS
GUGGENHEIM ETFs ANNUAL REPORT | 1 |
October 31, 2013 |
Security Investors, LLC (the “Investment Adviser”) is pleased to present the annual shareholder report for one or more of our exchange traded funds (“ETFs”).
The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC, a global, diversified financial services firm.
Guggenheim Distributors, LLC, the distributor of the Funds, is affiliated with Guggenheim Partners and Security Investors. It is committed to providing investors with innovative investment solutions; as of the date of this report we offer 21 ETFs, including our lineup of equal weight ETFs. We have built on the investment management strengths of Guggenheim Investments and worked with a diverse group of index providers to create some of the most distinctive ETFs available.
This report covers performance of the ETFs for the annual period ended October 31, 2013.
We encourage you to read the Economic and Market Overview that follows, which provides additional information regarding the factors that influenced the Funds’ performance for the fiscal year, and then the Manager’s Analysis for each ETF.
Sincerely,
Donald C. Cacciapaglia
President
November 30, 2013
Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments. com or call 800.820.0888.
The Russell Top 50® ETF may not be suitable for all investors. • The Fund is subject to the risk that unanticipated early closings of securities exchanges and other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that day. • In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price. • Investments in securities and derivatives, in general, are subject to market risks that may cause their prices to fluctuate over time. An investment in the Fund may lose money. • Unlike many investment companies, the Fund is not actively “managed.” This means that, based on market and economic conditions, the Fund’s performance could be lower than other types of mutual funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline. • Tracking error risk refers to the risk that the Advisor may not be able to cause the Fund’s performance to match or correlate to that of the Fund’s Underlying Index, either on a daily or aggregate basis. Tracking error risk may cause the Fund’s performance to be less than you expect. • Shares may trade below their net asset value (“NAV”). The NAV of shares will fluctuate with changes in the market value of the Fund’s holdings. In addition, although the Fund’s shares are currently listed on NYSE Arca, Inc. (the “Exchange”), there can be no assurance that an active trading market for shares will develop or be maintained. • The Fund is subject to the risk that large-capitalization stocks may underperform other segments of the equity market or the equity market as a whole. See Prospectus for more details.
Pure style ETFs may not be suitable for all investors. The ETFs are subject to the risk that large, medium and small-capitalization stocks may under-perform other segments of the equity market or the equity market as a whole • Value stocks are subject to the risk that the intrinsic value of the stock may never be realized by the market or that the price goes down. Growth stocks typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions regarding the growth potential of the issuing company. • The Funds are subject to the risk that unanticipated early closings of securities exchanges and other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that day. • In certain circumstances, it may be difficult for the Funds to purchase and sell particular investments within a reasonable time at a fair price. • Investments in securities, in general, are subject to market risks that may cause their prices to fluctuate over time. An investment in the Funds may lose money. • Unlike many investment companies, the Funds are not actively “managed.” This means that based on market and economic conditions, the Fund’s’ performance could be lower than other types of funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline. • Tracking error risk refers to the risk that the Advisor may not be able to cause the Funds’ performance to match or correlate to that of the Funds’ Underlying Index, either on a daily or aggregate basis. Tracking error risk may cause the Funds’ performance to be less than you expect. • Shares may trade below their net asset value (“NAV”). The NAV of shares will fluctuate with changes in the market value of the Funds’ holdings. In addition, although the Funds’ shares are currently listed on NYSE Arca, Inc. (the “Exchange”), there can be no assurance that an active trading market for shares will develop or be maintained. • Each Fund is considered nondiversified and can invest a greater portion of its assets in securities of individual issuers than a diversified Fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of fund shares than would occur in a more diversified Fund. • See Prospectus for more details.
2 | GUGGENHEIM ETFs ANNUAL REPORT |
ECONOMIC AND MARKET OVERVIEW | October 31, 2013 |
For much of the 12-month period ended October 31, 2013, the U.S. economy and investment markets benefited from continued monetary accommodation from the world’s central banks and an improving picture for housing and employment. But concern over a U.S. government shutdown and the strength of the economic recovery increased volatility over the last months of the period, as did confusion over the expected tapering of quantitative easing (QE). Sharply higher interest rates caused fixed-income assets to sell off in the second quarter, but then rebound somewhat when rates began falling late in the third quarter. Stocks continued their positive response to QE by grinding higher over the course of the summer, with some indices setting new market highs during October.
The yield on the 10-year Treasury note rose to a two-year high of 3% by early September, over 100 basis points above May’s lows. On September 18, the Fed again surprised markets by announcing it would not begin tapering its asset purchases, and rates promptly headed lower. In refraining from tapering, the Fed made it clear that it does not currently see enough economic growth potential to remove extreme monetary accommodation. The Fed was concerned about the impact of higher rates on the economy (particularly housing) and also the looming budget battles in Washington.
Challenges facing the U.S. economy, such as low growth and persistent unemployment, are also helping to keep interest rates subdued. As rates fell after the Fed’s September meeting, mortgage activity began to stabilize. Housing is positioned to continue improving during the fourth quarter, although the evidence may not show up in the economic data until late 2013 or early 2014.
Overseas, the economic outlook for Europe is improving, and China’s apparent commitment to a 7.5% growth target is supporting Asian equities. European and emerging market equities (which are generally still at lower relative values than U.S. equities) are likely to benefit even more from the global liquidity environment and the expectation of continued monetary accommodation.
Minutes from the Federal Open Market Committee September meeting, which were released in October, indicated significant debate over taper timing. Given the data-dependent nature of the purchase program, some members believed employment weakness and low levels of inflation argued for continued QE. Others said they felt economic growth was sufficiently positive to taper, and believed that markets had been positioned for it. At period-end, there was little chance the Fed would make any move before Senate confirmation of its chairman-nominee, Janet Yellen. Markets may become increasingly concerned about how slow the U.S. economy appears as 2013 winds down, but liquidity rules, continuing to drive performance of risk assets.
For the 12-month period ended October 31, 2013, the return of the Standard & Poor’s 500® Index* (“S&P 500”) was 27.18%. The Barclays U.S. Aggregate Bond Index* returned -1.08% for the period, while the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index* returned 0.09%. The MSCI World Index* returned 25.77%, while the MSCI Emerging Markets Index* returned 6.53%.
The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.
*Index Definitions:
The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.
Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.
Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS.
MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.
MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
S&P 100® Index is a subset of the S&P 500® Index that measures the performance of large cap companies in the United States. The Index comprises 100 major, blue chip companies across multiple industry groups.
S&P 500® Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of the U.S. stock market.
GUGGENHEIM ETFs ANNUAL REPORT | 3 |
ECONOMIC AND MARKET OVERVIEW (concluded) | October 31, 2013 |
Russell Top 50® Mega Cap Index measures the performance of the largest companies in the Russell 3000® Index, which measures the performance of the largest 3,000 U.S. companies and represents approximately 98% of the investable U.S. equity market. The Mega Cap Index includes approximately 50 of the largest securities based on a combination of their market cap and current index membership and represents approximately 40% of the total market capitalization of the Russell 3000.
Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the U.S. market.
Russell 2000® Index The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.
Russell 3000® Index The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
Russell Midcap® Index The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap represents approximately 31% of the total market capitalization of the Russell 1,000 companies.
S&P 500® Pure Value Index is narrow in focus, containing only those stocks from the S&P (Standard & Poor’s) 500® Index (S&P 500), as selected by S&P, that exhibit strong value characteristics, and weights them by style score. It is a complement to the S&P 500® Value Index, which consists of all value companies in the S&P 500 and measures value across several risk factors, including book value to price ratio, earnings to price ratio, and sales to price ratio. The S&P 500 itself measures the performance of the large-capitalization sector of the U.S. equity market and includes 500 widely held common stocks chosen for market size, liquidity and industry group representation.
S&P 500® Pure Growth Index is narrow in focus, containing only those stocks from the S&P (Standard & Poor’s) 500® Index (S&P 500), as selected by S&P, that exhibit strong growth characteristics, and weights them by style score. It is a complement to the S&P 500® Growth Index, which consists of all growth companies in the S&P 500 and measures growth across several risk factors, including sales growth, earnings change to price and momentum. The S&P 500 itself measures the performance of the large-capitalization sector of the U.S. equity market and includes 500 widely held common stocks chosen for market size, liquidity and industry group representation.
S&P MidCap 400® Index is a capitalization-weighted index that measures the performance of the mid-cap segment of the U.S. equity universe and includes 400 domestic mid-cap stocks chosen for market capitalization, liquidity, and industry group representation.
S&P MidCap 400® Pure Value Index is narrow in focus, containing only those S&P (Standard & Poor’s) MidCap 400® Index (S&P 400) companies with strong value characteristics as selected by S&P. It is a complement to the S&P MidCap 400® Value Index, which consists of all value companies in the S&P 400 and measures value across several risk factors, including book value to price ratio, earnings to price ratio, and sales to price ratio. The S&P 400 itself measures the performance of the mid-capitalization sector of the U.S. equity market.
S&P MidCap 400® Pure Growth Index is narrow in focus, containing only those S&P (Standard & Poor’s) MidCap 400® Index (S&P 400) companies with strong growth characteristics as selected by S&P. It is a complement to the S&P MidCap 400® Growth Index, which consists of all growth companies in the S&P 400 and measures growth across several risk factors, including sales growth, earnings change to price and momentum. The S&P 400 itself measures the performance of the mid-capitalization sector of the U.S. equity market.
S&P SmallCap 600® Index is a capitalization-weighted index that measures the performance of the small-cap segment of the U.S. equity universe and includes 600 domestic small-cap stocks chosen for market capitalization, liquidity, and industry group representation.
S&P SmallCap 600® Pure Value Index is narrow in focus, containing only those S&P (Standard & Poor’s) SmallCap 600® Index (S&P 600) companies with strong value characteristics as selected by S&P. It is a complement to the S&P SmallCap 600® Value Index, which consists of all value companies in the S&P 600 and measures value across several risk factors, including book value to price ratio, earnings to price ratio, and sales to price ratio. The S&P 600 itself measures the performance of the small-capitalization sector of the U.S. equity market.
S&P SmallCap 600® Pure Growth Index is narrow in focus, containing only those S&P (Standard & Poor’s) SmallCap 600® Index (S&P 400) companies with strong growth characteristics as selected by S&P. It is a complement to the S&P SmallCap 600® Growth Index, which consists of all growth companies in the S&P 600 and measures growth across several risk factors, including sales growth, earnings change to price and momentum. The S&P 600 itself measures the performance of the mid-capitalization sector of the U.S. equity market.
4 | GUGGENHEIM ETFs ANNUAL REPORT |
FEES AND EXPENSES (Unaudited) |
Shareholder Expense Example
As a shareholder of the Rydex ETF Trust, you incur transaction costs such as creation and redemption fees or brokerage charges, and ongoing costs including advisory fees, trustee fees and, if applicable, distribution fees. All other Trust expenses are paid by the advisor. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example in the table is based on an investment of $1,000 invested on April 30, 2013 and held for the six months ended October 31, 2013.
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses attributable to your investment during this period.
Hypothetical Example for Comparison Purposes
The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Beginning | Ending | Expenses | ||||||||||||||||||
Expense | Fund | Account Value | Account Value | Paid During | ||||||||||||||||
Ratio1 | Return | 04/30/13 | 10/31/13 | Period2 | ||||||||||||||||
Table 1. Based on actual Fund return3 | ||||||||||||||||||||
Guggenheim Russell Top 50® Mega Cap ETF | 0.20 | % | 9.21 | % | $1,000.00 | $1,092.10 | $1.05 | |||||||||||||
Guggenheim S&P 500® Pure Value ETF | 0.35 | % | 19.57 | % | 1,000.00 | 1,195.70 | 1.94 | |||||||||||||
Guggenheim S&P 500® Pure Growth ETF | 0.35 | % | 17.20 | % | 1,000.00 | 1,172.00 | 1.92 | |||||||||||||
Guggenheim S&P Midcap 400® Pure Value ETF | 0.35 | % | 15.62 | % | 1,000.00 | 1,156.20 | 1.90 | |||||||||||||
Guggenheim S&P Midcap 400® Pure Growth ETF | 0.35 | % | 13.93 | % | 1,000.00 | 1,139.30 | 1.89 | |||||||||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 0.35 | % | 22.72 | % | 1,000.00 | 1,227.20 | 1.96 | |||||||||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 0.35 | % | 22.70 | % | 1,000.00 | 1,227.00 | 1.96 | |||||||||||||
Table 2. Based on hypothetical 5% return (before expenses) | ||||||||||||||||||||
Guggenheim Russell Top 50® Mega Cap ETF | 0.20 | % | 5.00 | % | 1,000.00 | 1,024.20 | 1.02 | |||||||||||||
Guggenheim S&P 500® Pure Value ETF | 0.35 | % | 5.00 | % | 1,000.00 | 1,023.44 | 1.79 | |||||||||||||
Guggenheim S&P 500® Pure Growth ETF | 0.35 | % | 5.00 | % | �� | 1,000.00 | 1,023.44 | 1.79 | ||||||||||||
Guggenheim S&P Midcap 400® Pure Value ETF | 0.35 | % | 5.00 | % | 1,000.00 | 1,023.44 | 1.79 | |||||||||||||
Guggenheim S&P Midcap 400® Pure Growth ETF | 0.35 | % | 5.00 | % | 1,000.00 | 1,023.44 | 1.79 | |||||||||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 0.35 | % | 5.00 | % | 1,000.00 | 1,023.44 | 1.79 | |||||||||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 0.35 | % | 5.00 | % | 1,000.00 | 1,023.44 | 1.79 |
1 | Annualized. |
2 | Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
3 | Actual cumulative return at net asset value for the period April 30, 2013 to October 31, 2013. |
GUGGENHEIM ETFs ANNUAL REPORT | 5 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM RUSSELL TOP 50® MEGA CAP ETF
Guggenheim Russell Top 50® Mega Cap ETF (XLG) returned 21.07% for the one-year period ended October 31, 2013, compared with the Russell Top 50® Mega Cap Index benchmark, which returned 21.39% for the same period. During the period, XLG achieved over 99% correlation to its benchmark on a daily basis.
The Financials sector was the largest contributor to performance, followed by Health Care and Industrials. No sector detracted from performance. The Telecommunications Services sector contributed least to performance, followed by Energy and Consumer Staples.
The top contributors to Fund return were Google, Inc.—Class A, Johnson & Johnson and General Electric Co. The largest detractors were Apple, Inc., International Business Machines Corp. and AbbVie, Inc.
Mega-cap stocks, as represented by the Russell Top 50 Mega Cap Index, trailed performance of large-cap stocks, mid-cap stocks and small-cap stocks, as represented by returns for the Russell 1000 Index, the Russell Midcap Index and the Russell 2000 Index, whose returns were 28.40%, 33.79% and 36.28%, respectively.
Cumulative Fund Performance: May 4, 2005 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013 |
Since Inception | ||||||||||||||||
One Year | Three Year | Five Year | (05/04/05) | |||||||||||||
Guggenheim Russell Top 50® Mega Cap ETF | 21.07 | % | 15.52 | % | 12.56 | % | 5.77 | % | ||||||||
Russell Top 50 Mega Cap Index | 21.39 | % | 15.80 | % | 12.81 | % | 5.97 | % | ||||||||
S&P 100 Index | 24.12 | % | 16.36 | % | 13.74 | % | 6.49 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
6 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM RUSSELL TOP 50® MEGA CAP ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
*The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
(% of Total | ||||
Ten Largest Holdings* | Net Assets) | |||
Apple, Inc. | 6.5 | % | ||
Exxon Mobil Corp. | 5.3 | % | ||
Microsoft Corp. | 3.9 | % | ||
Google, Inc. — Class A | 3.7 | % | ||
General Electric Co. | 3.6 | % | ||
Johnson & Johnson | 3.5 | % | ||
Chevron Corp. | 3.1 | % | ||
Procter & Gamble Co. | 3.0 | % | ||
Berkshire Hathaway, Inc. — Class B | 2.8 | % | ||
Wells Fargo & Co. | 2.8 | % | ||
Top Ten Total | 38.2 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 7 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® PURE VALUE ETF
For the one-year period ended October 31, 2013, Guggenheim S&P 500® Pure Value ETF (RPV) returned 46.39%. Over the year, its benchmark, the S&P 500® Pure Value Index, posted a return of 47.03%. For the period, RPV achieved a correlation of over 99% to its benchmark of the daily price movement of the S&P 500® Pure Value Index.
The Financials sector was the largest contributor to performance during the period, followed by Health Care and Consumer Staples. The Materials sector contributed least to performance. The only sector detracting from performance was Telecommunications Services.
Stocks contributing the most to return were Genworth Financial, Inc.—Class A, Safeway, Inc. and Tenet Healthcare Corp. Stocks detracting most from performance were J.C. Penney Co., Inc., Cliffs Natural Resources, Inc. and Peabody Energy Corp.
From a style perspective, value pure-style indices outperformed corresponding growth pure-style indices at each cap size (with the greatest differential in mid caps). Within the value pure-style space, large caps outperformed both mid caps and small caps.
The 47.03% return of the S&P 500 Pure Value Index outperformed the S&P 500® Value Index, which returned 28.37%, as well as the broader S&P 500® Index, which returned 27.18% for the year.
Cumulative Fund Performance: March 1, 2006 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013 |
Since Inception | ||||||||||||||||
One Year | Three Year | Five Year | (03/01/06) | |||||||||||||
Guggenheim S&P 500® Pure Value ETF | 46.39 | % | 23.31 | % | 23.26 | % | 8.24 | % | ||||||||
S&P 500 Pure Value Index | 47.03 | % | 23.84 | % | 23.95 | % | 8.73 | % | ||||||||
S&P 500 Value Index | 28.37 | % | 16.53 | % | 13.49 | % | 5.06 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
8 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® PURE VALUE ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
*The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
(% of Total | ||||
Ten Largest Holdings* | Net Assets) | |||
Genworth Financial, Inc. — Class A | 3.5 | % | ||
Assurant, Inc. | 2.5 | % | ||
WellPoint, Inc. | 2.3 | % | ||
Safeway, Inc. | 2.2 | % | ||
Xerox Corp. | 2.0 | % | ||
Hartford Financial Services Group, Inc. | 1.9 | % | ||
Archer-Daniels-Midland Co. | 1.9 | % | ||
Hess Corp. | 1.8 | % | ||
Lincoln National Corp. | 1.8 | % | ||
Humana, Inc. | 1.7 | % | ||
Top Ten Total | 21.6 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 9 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® PURE GROWTH ETF
For the one-year period ended October 31, 2013, Guggenheim S&P 500® Pure Growth ETF (RPG) returned 39.45%. Over the year, its benchmark, the S&P 500® Pure Growth Index, produced a return of 39.98%. For the period, RPG achieved over 99% correlation to its benchmark on a daily basis.
The Consumer Discretionary sector contributed most to performance, followed by Health Care and Financials. No sector detracted from performance, but Telecommunications Services, Consumer Staples and Materials contributed least.
Stocks contributing the most to return were Netflix, Inc., Gilead Sciences, Inc. and SLM Corp. Stocks detracting most from performance were Apple, Inc., Intuitive Surgical, Inc. and Newmont Mining Corp.
From a style perspective, growth pure-style indices underperformed corresponding value pure-style indices at each cap size (with the greatest differential in mid caps). Within the growth pure-style space, large caps outperformed both mid caps and small caps.
The 39.98% return of the S&P 500 Pure Growth Index was higher than both the S&P 500® Growth Index, which returned 26.17%, and the broader S&P 500® Index, which returned 27.18% for the year.
Cumulative Fund Performance: March 1, 2006 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013 |
Since Inception | ||||||||||||||||
One Year | Three Year | Five Year | (03/01/06) | |||||||||||||
Guggenheim S&P 500® Pure Growth ETF | 39.45 | % | 18.60 | % | 22.82 | % | 9.52 | % | ||||||||
S&P 500 Pure Growth Index | 39.98 | % | 19.08 | % | 23.29 | % | 9.91 | % | ||||||||
S&P 500 Growth Index | 26.17 | % | 16.65 | % | 16.77 | % | 7.54 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
10 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® PURE GROWTH ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
*The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
(% of Total | ||||
Ten Largest Holdings* | Net Assets) | |||
SLM Corp. | 2.6 | % | ||
Netflix, Inc. | 2.5 | % | ||
Southwest Airlines Co. | 2.2 | % | ||
Seagate Technology plc | 2.1 | % | ||
Gilead Sciences, Inc. | 1.9 | % | ||
Regeneron Pharmaceuticals, Inc. | 1.9 | % | ||
TripAdvisor, Inc. | 1.8 | % | ||
Tesoro Corp. | 1.6 | % | ||
Life Technologies Corp. | 1.5 | % | ||
Discover Financial Services | 1.5 | % | ||
Top Ten Total | 19.6 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 11 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P MIDCAP 400® PURE VALUE ETF
For the one-year period ended October 31, 2013, Guggenheim S&P MidCap 400® Pure Value ETF (RFV) returned 40.27%. Over the year, its benchmark, the S&P MidCap 400® Pure Value Index, posted a 40.78% return. RFV achieved over 99% correlation to its benchmark on a daily basis.
The Industrials and Financials sectors were the largest contributors to performance, followed by the Information Technology sector. No sector detracted from performance, but Telecommunications Services, Utilities and Energy contributed least.
Stocks contributing the most to return were Manpower, Inc., Community Health Systems, Inc. and URS Corp. Monster Worldwide, Inc., Arch Coal, Inc. and Barnes & Noble, Inc. detracted most from return.
From a style perspective, value pure-style indices outperformed corresponding growth pure-style indices at each cap size (with the greatest differential in mid caps). Within the value pure-style space, large caps outperformed both mid caps and small caps.
The 40.78% return of the S&P MidCap 400 Pure Value Index exceeded both the S&P MidCap 400® Value Index, which returned 35.68%, and the broader S&P MidCap 400® Index, which returned 33.48% for the year.
Cumulative Fund Performance: March 1, 2006 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013 |
Since Inception | ||||||||||||||||
One Year | Three Year | Five Year | (03/01/06) | |||||||||||||
Guggenheim S&P MidCap 400® Pure Value ETF | 40.27 | % | 17.88 | % | 21.07 | % | 7.76 | % | ||||||||
S&P MidCap 400 Pure Value Index | 40.78 | % | 18.48 | % | 21.81 | % | 8.20 | % | ||||||||
S&P MidCap 400 Value Index | 35.68 | % | 17.71 | % | 18.63 | % | 7.54 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
12 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P MIDCAP 400® PURE VALUE ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
*The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
(% of Total | ||||
Ten Largest Holdings* | Net Assets) | |||
Ingram Micro, Inc. — Class A | 2.6 | % | ||
Hanover Insurance Group, Inc. | 2.4 | % | ||
Manpowergroup, Inc. | 2.4 | % | ||
URS Corp. | 2.3 | % | ||
JetBlue Airways Corp. | 2.3 | % | ||
StanCorp Financial Group, Inc. | 2.2 | % | ||
Community Health Systems, Inc. | 2.2 | % | ||
Reinsurance Group of America, Inc. — | ||||
Class A | 2.1 | % | ||
Protective Life Corp. | 2.0 | % | ||
Avnet, Inc. | 1.9 | % | ||
Top Ten Total | 22.4 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 13 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P MIDCAP 400® PURE GROWTH ETF
For the one-year period ended October 31, 2013, Guggenheim S&P MidCap 400® Pure Growth ETF (RFG) returned 32.07%. Over the year, its benchmark, the S&P MidCap 400® Pure Growth Index, returned 32.42%. RFG achieved over 99% correlation to its benchmark on a daily basis.
Consumer Discretionary, Information Technology and Health Care sectors contributed most to performance. The only sector to detract from performance was Energy. Telecommunications Services and Consumer Staples contributed least.
Stocks contributing the most to return were Regeneron Pharmaceuticals, Inc., 3D Systems Corp. and Vertex Pharmaceuticals, Inc. Royal Gold, Inc., Northern Oil and Gas, Inc. and Rackspace Hosting, Inc. were the largest detractors.
From a style perspective, growth pure-style indices underperformed corresponding value indices at each cap size (with the greatest differential in mid caps). Within the growth pure-style space, large caps outperformed both mid caps and small caps.
The 32.42% return of the S&P MidCap 400 Pure Growth Index outperformed the S&P MidCap 400® Growth Index, which returned 31.36%, and underperformed the broader S&P MidCap 400® Index, which returned 33.48% for the year.
Cumulative Fund Performance: March 1, 2006 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013 | ||||||||||||||||
Since Inception | ||||||||||||||||
One Year | Three Year | Five Year | (03/01/06) | |||||||||||||
Guggenheim S&P MidCap 400® Pure Growth ETF | 32.07 | % | 18.38 | % | 24.56 | % | 11.14 | % | ||||||||
S&P MidCap 400 Pure Growth Index | 32.42 | % | 18.70 | % | 24.98 | % | 11.51 | % | ||||||||
S&P MidCap 400 Growth Index | 31.36 | % | 17.42 | % | 20.64 | % | 8.89 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
14 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P MIDCAP 400® PURE GROWTH ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
*The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
(% of Total | ||||
Ten Largest Holdings* | Net Assets) | |||
3D Systems Corp. | 4.2 | % | ||
Worthington Industries, Inc. | 2.6 | % | ||
Thor Industries, Inc. | 2.4 | % | ||
Chico’s FAS, Inc. | 2.1 | % | ||
Semtech Corp. | 2.0 | % | ||
LKQ Corp. | 2.0 | % | ||
United Therapeutics Corp. | 2.0 | % | ||
Terex Corp. | 1.9 | % | ||
City National Corp. | 1.9 | % | ||
Alaska Air Group, Inc. | 1.9 | % | ||
Top Ten Total | 23.0 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 15 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF
For the one-year period ended October 31, 2013, Guggenheim S&P SmallCap 600® Pure Value ETF (RZV) returned 45.20%. Over the year, its benchmark, the S&P SmallCap 600® Pure Value Index, returned 45.67%. RZV achieved over 99% correlation to its benchmark on a daily basis.
The largest contributors to performance were the Consumer Discretionary, Industrials and Information Technology sectors. No sector detracted, but Utilities, Telecommunication Services and Consumer Staples sectors contributed least.
Arkansas Best Corp., United Online, Inc. and VOXX International Corp—Class A were the holdings contributing most to return. Tower Group International Ltd., Zale Corp. and Central Garden & Pet Co.—Class A were the largest detractors.
From a style perspective, value pure-style indices outperformed corresponding growth pure-style indices at each cap size (with the greatest differential in mid caps). Within the value pure-style space, large caps outperformed both mid caps and small caps.
The 45.67% return of the S&P SmallCap 600 Pure Value Index outperformed both the S&P SmallCap 600® Value Index, which returned 39.01%, and the broader S&P SmallCap 600® Index, which returned 39.08% for the year.
Cumulative Fund Performance: March 1, 2006 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013 | ||||||||||||||||
Since Inception | ||||||||||||||||
One Year | Three Year | Five Year | (03/01/06) | |||||||||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 45.20 | % | 19.75 | % | 21.04 | % | 6.69 | % | ||||||||
S&P SmallCap 600 Pure Value Index | 45.67 | % | 20.15 | % | 21.28 | % | 6.87 | % | ||||||||
S&P SmallCap 600 Value Index | 39.01 | % | 19.82 | % | 17.26 | % | 7.17 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
16 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
*The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
(% of Total | ||||
Ten Largest Holdings* | Net Assets) | |||
Arkansas Best Corp. | 2.7 | % | ||
VOXX International Corp. — Class A | 2.6 | % | ||
AAR Corp. | 2.0 | % | ||
SYNNEX Corp. | 1.6 | % | ||
Kelly Services, Inc. — Class A | 1.5 | % | ||
Amedisys, Inc. | 1.5 | % | ||
Boyd Gaming Corp. | 1.5 | % | ||
OfficeMax, Inc. | 1.5 | % | ||
Olympic Steel, Inc. | 1.4 | % | ||
OM Group, Inc. | 1.4 | % | ||
Top Ten Total | 17.7 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 17 |
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF
For the one-year period ended October 31, 2013, Guggenheim S&P SmallCap 600® Pure Growth ETF (RZG) returned 37.94%. Over the year, its benchmark, the S&P SmallCap 600® Pure Growth Index, returned 38.32%. RZG achieved over 99% correlation to its benchmark on a daily basis.
The Financials, Information Technology and Consumer Discretionary sectors were the largest contributors to performance. The Telecommunications Services sector was the only detractor from performance. Utilities and Energy contributed least to performance.
Tuesday Morning Corp., Winnebago Industries, Inc. and HFF, Inc.—Class A were the holdings contributing most to return. Cirrus Logic, Inc., Francesca’s Holdings Corp. and Ultratech, Inc. were the largest detractors.
From a style perspective, growth pure-style indices underperformed corresponding value pure-style indices at each cap size (with the greatest differential in mid caps). Within the growth pure-style space, large caps outperformed both mid caps and small caps.
The 38.32% return of the S&P SmallCap 600 Pure Growth Index underperformed both the S&P SmallCap 600® Growth Index, which returned 39.22%, and the broader S&P SmallCap 600® Index, which returned 39.08% for the year.
Cumulative Fund Performance: March 1, 2006 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013
Since Inception | ||||||||||||||||
One Year | Three Year | Five Year | (03/01/06) | |||||||||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 37.94 | % | 20.26 | % | 21.13 | % | 9.00 | % | ||||||||
S&P SmallCap 600 Pure Growth Index | 38.32 | % | 20.70 | % | 21.47 | % | 9.26 | % | ||||||||
S&P SmallCap 600 Growth Index | 39.22 | % | 21.14 | % | 19.65 | % | 8.79 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
18 | GUGGENHEIM ETFs ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
*The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversification is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
(% of Total | ||||
Ten Largest Holdings* | Net Assets) | |||
Tuesday Morning Corp. | 2.0 | % | ||
Blucora, Inc. | 2.0 | % | ||
Winnebago Industries, Inc. | 1.9 | % | ||
HFF, Inc. — Class A | 1.7 | % | ||
On Assignment, Inc. | 1.6 | % | ||
Home BancShares, Inc. | 1.4 | % | ||
Perficient, Inc. | 1.4 | % | ||
Geospace Technologies Corp. | 1.4 | % | ||
PrivateBancorp, Inc. — Class A | 1.4 | % | ||
Cognex Corp. | 1.3 | % | ||
Top Ten Total | 16.1 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs ANNUAL REPORT | 19 |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM RUSSELL TOP 50® MEGA CAP ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.8% | ||||||||
INFORMATION TECHNOLOGY - 26.6% | ||||||||
Apple, Inc. | 65,532 | $ | 34,230,639 | |||||
Microsoft Corp. | 583,028 | 20,610,039 | ||||||
Google, Inc. — Class A* | 18,826 | 19,401,698 | ||||||
International Business Machines Corp. | 72,679 | 13,024,804 | ||||||
Intel Corp. | 347,047 | 8,478,358 | ||||||
Cisco Systems, Inc. | 373,111 | 8,394,998 | ||||||
QUALCOMM, Inc. | 120,627 | 8,379,958 | ||||||
Oracle Corp. | 247,871 | 8,303,679 | ||||||
Visa, Inc. — Class A | 36,475 | 7,173,538 | ||||||
MasterCard, Inc. — Class A | 8,159 | 5,850,819 | ||||||
eBay, Inc.* | 90,605 | 4,775,790 | ||||||
Total Information Technology | 138,624,320 | |||||||
FINANCIALS - 14.1% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 125,641 | 14,458,766 | ||||||
Wells Fargo & Co. | 337,062 | 14,389,177 | ||||||
JPMorgan Chase & Co. | 263,876 | 13,600,169 | ||||||
Bank of America Corp. | 752,623 | 10,506,617 | ||||||
Citigroup, Inc. | 212,437 | 10,362,677 | ||||||
American Express Co. | 66,149 | 5,410,988 | ||||||
Goldman Sachs Group, Inc. | 32,010 | 5,149,129 | ||||||
Total Financials | 73,877,523 | |||||||
CONSUMER STAPLES - 12.3% | ||||||||
Procter & Gamble Co. | 191,345 | 15,451,109 | ||||||
Coca-Cola Co. | 267,029 | 10,566,338 | ||||||
Philip Morris International, Inc. | 114,181 | 10,175,811 | ||||||
PepsiCo, Inc. | 107,961 | 9,078,440 | ||||||
Wal-Mart Stores, Inc. | 112,425 | 8,628,619 | ||||||
CVS Caremark Corp. | 85,480 | 5,321,985 | ||||||
Altria Group, Inc. | 140,234 | 5,220,912 | ||||||
Total Consumer Staples | 64,443,214 | |||||||
ENERGY - 12.3% | ||||||||
Exxon Mobil Corp. | 310,421 | 27,819,929 | ||||||
Chevron Corp. | 135,335 | 16,234,787 | ||||||
Schlumberger Ltd. | 92,815 | 8,698,622 | ||||||
ConocoPhillips | 85,360 | 6,256,888 | ||||||
Occidental Petroleum Corp. | 56,245 | 5,404,020 | ||||||
Total Energy | 64,414,246 | |||||||
HEALTH CARE - 11.8% | ||||||||
Johnson & Johnson | 196,100 | 18,160,821 | ||||||
Pfizer, Inc. | 466,926 | 14,325,290 | ||||||
Merck & Company, Inc. | 210,812 | 9,505,513 | ||||||
Gilead Sciences, Inc.* | 106,492 | 7,559,867 | ||||||
Amgen, Inc. | 52,360 | 6,073,760 | ||||||
Bristol-Myers Squibb Co. | 114,675 | 6,022,731 | ||||||
Total Health Care | 61,647,982 | |||||||
INDUSTRIALS - 9.3% | ||||||||
General Electric Co. | 721,888 | 18,870,152 | ||||||
Boeing Co. | 52,967 | 6,912,194 | ||||||
United Technologies Corp. | 64,181 | 6,819,231 | ||||||
3M Co. | 48,186 | 6,064,208 | ||||||
United Parcel Service, Inc. — Class B | 50,571 | 4,968,095 | ||||||
Union Pacific Corp. | 32,589 | 4,933,975 | ||||||
Total Industrials | 48,567,855 | |||||||
CONSUMER DISCRETIONARY - 8.9% | ||||||||
Amazon.com, Inc.* | 25,669 | 9,344,286 | ||||||
Comcast Corp. — Class A | 183,189 | 8,716,133 | ||||||
Walt Disney Co. | 125,731 | 8,623,889 | ||||||
Home Depot, Inc. | 101,985 | 7,943,612 | ||||||
McDonald’s Corp. | 69,992 | 6,755,628 | ||||||
Twenty-First Century Fox, Inc. — | ||||||||
Class A | 138,740 | 4,728,259 | ||||||
News Corp. — Class A* | 34,685 | 610,456 | ||||||
Total Consumer Discretionary | 46,722,263 | |||||||
TELECOMMUNICATION SERVICES - 4.5% | ||||||||
AT&T, Inc. | 375,602 | 13,596,792 | ||||||
Verizon Communications, Inc. | 199,738 | 10,088,766 | ||||||
Total Telecommunication Services | 23,685,558 | |||||||
Total Common Stocks | ||||||||
(Cost $466,052,987) | 521,982,961 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 677,881 | 677,881 | ||||||
Total Short Term Investments | ||||||||
(Cost $677,881) | 677,881 | |||||||
Total Investments - 99.9% | ||||||||
(Cost $466,730,868) | $ | 522,660,842 | ||||||
Other Assets & Liabilities, net - 0.1% | 461,825 | |||||||
Total Net Assets - 100.0% | $ | 523,122,667 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
20 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM S&P 500® PURE VALUE ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
FINANCIALS - 35.1% | ||||||||
Genworth Financial, Inc. — Class A* | 907,727 | $ | 13,189,274 | |||||
Assurant, Inc. | 160,032 | 9,358,672 | ||||||
Hartford Financial Services Group, Inc. | 214,333 | 7,223,022 | ||||||
Lincoln National Corp. | 144,570 | 6,564,924 | ||||||
MetLife, Inc. | 125,164 | 5,921,509 | ||||||
Unum Group | 176,150 | 5,591,001 | ||||||
American International Group, Inc. | 106,715 | 5,511,830 | ||||||
Principal Financial Group, Inc. | 106,816 | 5,069,487 | ||||||
E*TRADE Financial Corp.* | 258,213 | 4,366,382 | ||||||
Allstate Corp. | 78,770 | 4,179,536 | ||||||
Legg Mason, Inc. | 100,883 | 3,880,969 | ||||||
NASDAQ OMX Group, Inc. | 108,861 | 3,856,945 | ||||||
Leucadia National Corp. | 128,567 | 3,643,589 | ||||||
SunTrust Banks, Inc. | 107,386 | 3,612,465 | ||||||
NYSE Euronext | 79,881 | 3,516,362 | ||||||
Citigroup, Inc. | 70,127 | 3,420,795 | ||||||
JPMorgan Chase & Co. | 57,623 | 2,969,889 | ||||||
Goldman Sachs Group, Inc. | 18,403 | 2,960,307 | ||||||
Morgan Stanley | 102,437 | 2,943,015 | ||||||
XL Group plc — Class A | 94,055 | 2,875,261 | ||||||
Loews Corp. | 55,558 | 2,684,007 | ||||||
PNC Financial Services Group, Inc. | 36,461 | 2,680,977 | ||||||
Capital One Financial Corp. | 38,009 | 2,610,078 | ||||||
Travelers Companies, Inc. | 27,764 | 2,396,033 | ||||||
CME Group, Inc. — Class A | 30,620 | 2,272,310 | ||||||
Fifth Third Bancorp | 118,868 | 2,262,058 | ||||||
ACE Ltd. | 23,227 | 2,216,785 | ||||||
State Street Corp. | 31,270 | 2,191,089 | ||||||
Torchmark Corp. | 29,480 | 2,147,913 | ||||||
People’s United Financial, Inc. | 136,142 | 1,964,529 | ||||||
BB&T Corp. | 47,407 | 1,610,416 | ||||||
Aflac, Inc. | 23,512 | 1,527,810 | ||||||
Wells Fargo & Co. | 31,486 | 1,344,137 | ||||||
Berkshire Hathaway, Inc. — Class B* | 11,679 | 1,344,019 | ||||||
Chubb Corp. | 14,447 | 1,330,280 | ||||||
Total Financials | 131,237,675 | |||||||
ENERGY - 12.8% | ||||||||
Hess Corp. | 81,847 | 6,645,976 | ||||||
Valero Energy Corp. | 153,197 | 6,307,120 | ||||||
ConocoPhillips | 67,257 | 4,929,938 | ||||||
Phillips 66 | 76,391 | 4,921,872 | ||||||
Nabors Industries Ltd. | 243,388 | 4,254,422 | ||||||
Murphy Oil Corp. | 64,655 | 3,899,990 | ||||||
Newfield Exploration Co.* | 103,097 | 3,139,304 | ||||||
Baker Hughes, Inc. | 41,795 | 2,427,872 | ||||||
Apache Corp. | 19,060 | 1,692,528 | ||||||
WPX Energy, Inc.* | 75,860 | 1,679,540 | ||||||
Peabody Energy Corp. | 81,629 | 1,590,133 | ||||||
Chevron Corp. | 12,640 | 1,516,294 | ||||||
Rowan Companies plc — Class A* | 39,295 | 1,417,764 | ||||||
Marathon Oil Corp. | 40,067 | 1,412,762 | ||||||
Devon Energy Corp. | 18,897 | 1,194,668 | ||||||
Ensco plc — Class A | 16,006 | 922,746 | ||||||
Total Energy | 47,952,929 | |||||||
HEALTH CARE - 11.1% | ||||||||
WellPoint, Inc. | 101,950 | 8,645,361 | ||||||
Humana, Inc. | 69,171 | 6,374,108 | ||||||
Cardinal Health, Inc. | 77,807 | 4,564,159 | ||||||
McKesson Corp. | 29,150 | 4,557,311 | ||||||
Aetna, Inc. | 68,822 | 4,315,139 | ||||||
AmerisourceBergen Corp. — Class A | 58,547 | 3,824,876 | ||||||
Tenet Healthcare Corp.* | 77,738 | 3,668,456 | ||||||
Cigna Corp. | 40,733 | 3,135,626 | ||||||
UnitedHealth Group, Inc. | 35,391 | 2,415,790 | ||||||
Total Health Care | 41,500,826 | |||||||
CONSUMER STAPLES - 9.9% | ||||||||
Safeway, Inc. | 235,326 | 8,212,877 | ||||||
Archer-Daniels-Midland Co. | 171,997 | 7,034,677 | ||||||
Tyson Foods, Inc. — Class A | 229,912 | 6,361,665 | ||||||
Kroger Co. | 91,087 | 3,902,167 | ||||||
Walgreen Co. | 62,983 | 3,731,113 | ||||||
CVS Caremark Corp. | 41,184 | 2,564,116 | ||||||
Molson Coors Brewing Co. — Class B | 38,996 | 2,105,784 | ||||||
Mondelez International, Inc. — Class A | 59,404 | 1,998,351 | ||||||
Sysco Corp. | 36,054 | 1,165,986 | ||||||
Total Consumer Staples | 37,076,736 | |||||||
CONSUMER DISCRETIONARY - 9.5% | ||||||||
Ford Motor Co. | 261,103 | 4,467,472 | ||||||
Staples, Inc. | 256,436 | 4,133,748 | ||||||
Best Buy Company, Inc. | 92,393 | 3,954,420 | ||||||
Goodyear Tire & Rubber Co. | 186,952 | 3,922,253 | ||||||
Washington Post Co. — Class B | 5,809 | 3,737,046 | ||||||
Johnson Controls, Inc. | 75,613 | 3,489,540 | ||||||
Harman International Industries, Inc. | 41,337 | 3,349,124 | ||||||
Whirlpool Corp. | 19,787 | 2,889,100 | ||||||
Kohl’s Corp. | 43,679 | 2,480,967 | ||||||
Macy’s, Inc. | 26,085 | 1,202,779 | ||||||
Target Corp. | 16,558 | 1,072,793 | ||||||
JC Penney Company, Inc.*,1 | 114,538 | 859,035 | ||||||
Total Consumer Discretionary | 35,558,277 | |||||||
INDUSTRIALS - 7.0% | ||||||||
L-3 Communications Holdings, Inc. | 37,705 | 3,787,467 | ||||||
Ryder System, Inc. | 56,253 | 3,703,135 | ||||||
Jacobs Engineering Group, Inc.* | 55,037 | 3,347,350 | ||||||
Fluor Corp. | 43,523 | 3,230,277 | ||||||
Northrop Grumman Corp. | 28,158 | 3,027,267 | ||||||
Pitney Bowes, Inc.1 | 113,250 | 2,416,755 | ||||||
General Dynamics Corp. | 22,589 | 1,956,885 | ||||||
FedEx Corp. | 13,148 | 1,722,388 | ||||||
Textron, Inc. | 56,376 | 1,623,065 | ||||||
Raytheon Co. | 18,098 | 1,490,732 | ||||||
Total Industrials | 26,305,321 | |||||||
INFORMATION TECHNOLOGY - 5.4% | ||||||||
Xerox Corp. | 735,345 | 7,309,329 | ||||||
Western Digital Corp. | 81,486 | 5,673,870 | ||||||
Jabil Circuit, Inc. | 199,918 | 4,170,289 | ||||||
Corning, Inc. | 176,116 | 3,009,822 | ||||||
Total Information Technology | 20,163,310 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 21 |
SCHEDULE OF INVESTMENTS (concluded) | October 31, 2013 |
GUGGENHEIM S&P 500® PURE VALUE ETF |
Shares | Value | |||||||
MATERIALS - 5.0% | ||||||||
Alcoa, Inc. | 458,032 | $ | 4,245,957 | |||||
United States Steel Corp.1 | 167,349 | 4,165,317 | ||||||
Cliffs Natural Resources, Inc.1 | 127,267 | 3,268,217 | ||||||
Allegheny Technologies, Inc. | 96,222 | 3,184,948 | ||||||
LyondellBasell Industries N.V. — Class A | 18,738 | 1,397,855 | ||||||
Avery Dennison Corp. | 28,086 | 1,323,412 | ||||||
Dow Chemical Co. | 32,775 | 1,293,629 | ||||||
Total Materials | 18,879,335 | |||||||
UTILITIES - 3.8% | ||||||||
NRG Energy, Inc. | 135,323 | 3,860,765 | ||||||
Ameren Corp. | 54,692 | 1,978,757 | ||||||
Pepco Holdings, Inc. | 98,263 | 1,894,511 | ||||||
Entergy Corp. | 18,933 | 1,225,344 | ||||||
Exelon Corp. | 42,418 | 1,210,610 | ||||||
Integrys Energy Group, Inc. | 19,327 | 1,134,108 | ||||||
Public Service Enterprise Group, Inc. | 30,474 | 1,020,879 | ||||||
PPL Corp. | 32,279 | 988,706 | ||||||
FirstEnergy Corp. | 22,688 | 859,195 | ||||||
Total Utilities | 14,172,875 | |||||||
TELECOMMUNICATION SERVICES - 0.3% | ||||||||
Frontier Communications Corp.1 | 262,676 | 1,158,401 | ||||||
Total Common Stocks | ||||||||
(Cost $307,004,173) | 374,005,685 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 3.0% | ||||||||
Joint Repurchase Agreements | ||||||||
RBS Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | $ | 7,382,066 | 7,382,066 | |||||
HSBC Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | 3,934,977 | 3,934,977 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $11,317,043) | 11,317,043 | |||||||
Total Investments - 102.9% | ||||||||
(Cost $318,321,216) | $ | 385,322,728 | ||||||
Other Assets & Liabilities, net - (2.9)% | (10,757,584 | ) | ||||||
Total Net Assets - 100.0% | $ | 374,565,144 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
1 | All or portion of this security is on loan at October 31, 2013 — See Note 7. |
†† | Value determined based on Level 2 inputs — See Note 4. |
2 | Securities lending collateral — See Note 7. |
plc — Public Limited Company |
22 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM S&P 500® PURE GROWTH ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
CONSUMER DISCRETIONARY - 29.1% | ||||||||
Netflix, Inc.* | 59,595 | $ | 19,218,195 | |||||
TripAdvisor, Inc.* | 166,299 | 13,754,590 | ||||||
Comcast Corp. — Class A | 234,177 | 11,142,142 | ||||||
Newell Rubbermaid, Inc. | 374,209 | 11,087,813 | ||||||
Scripps Networks Interactive, Inc. — | ||||||||
Class A | 137,326 | 11,054,743 | ||||||
Priceline.com, Inc.* | 10,250 | 10,801,758 | ||||||
Delphi Automotive plc | 171,928 | 9,834,282 | ||||||
PVH Corp. | 78,605 | 9,791,825 | ||||||
Amazon.com, Inc.* | 23,421 | 8,525,947 | ||||||
The Gap, Inc. | 204,690 | 7,571,483 | ||||||
BorgWarner, Inc. | 68,576 | 7,072,243 | ||||||
Time Warner, Inc. | 101,653 | 6,987,627 | ||||||
Discovery Communications, Inc. — | ||||||||
Class A* | 69,176 | 6,151,130 | ||||||
DR Horton, Inc. | 321,213 | 6,086,986 | ||||||
TJX Companies, Inc. | 94,793 | 5,762,466 | ||||||
Lowe’s Companies, Inc. | 115,319 | 5,740,580 | ||||||
CBS Corp. — Class B | 96,359 | 5,698,671 | ||||||
Time Warner Cable, Inc. | 46,051 | 5,533,028 | ||||||
DIRECTV* | 84,346 | 5,270,782 | ||||||
Home Depot, Inc. | 66,251 | 5,160,290 | ||||||
Twenty-First Century Fox, Inc. — | ||||||||
Class A | 151,356 | 5,158,212 | ||||||
Wyndham Worldwide Corp. | 77,084 | 5,118,378 | ||||||
Urban Outfitters, Inc.* | 132,923 | 5,035,123 | ||||||
Wynn Resorts Ltd. | 27,979 | 4,651,509 | ||||||
Ross Stores, Inc. | 58,565 | 4,530,003 | ||||||
Fossil Group, Inc.* | 33,012 | 4,190,543 | ||||||
PetSmart, Inc. | 57,502 | 4,183,846 | ||||||
AutoZone, Inc.* | 9,558 | 4,154,767 | ||||||
Lennar Corp. — Class A | 106,886 | 3,799,797 | ||||||
L Brands, Inc. | 60,290 | 3,774,757 | ||||||
Leggett & Platt, Inc. | 87,356 | 2,597,967 | ||||||
PulteGroup, Inc. | 124,082 | 2,190,047 | ||||||
Total Consumer Discretionary | 221,631,530 | |||||||
HEALTH CARE - 19.1% | ||||||||
Gilead Sciences, Inc.* | 200,163 | 14,209,571 | ||||||
Regeneron Pharmaceuticals, Inc.* | 49,218 | 14,155,097 | ||||||
Life Technologies Corp.* | 156,494 | 11,785,563 | ||||||
Mylan, Inc.* | 304,185 | 11,519,486 | ||||||
Celgene Corp.* | 75,619 | 11,228,665 | ||||||
Agilent Technologies, Inc. | 195,002 | 9,898,302 | ||||||
Alexion Pharmaceuticals, Inc.* | 75,117 | 9,235,635 | ||||||
Actavis plc* | 59,469 | 9,192,718 | ||||||
Vertex Pharmaceuticals, Inc.* | 120,520 | 8,597,897 | ||||||
Eli Lilly & Co. | 143,178 | 7,133,128 | ||||||
Amgen, Inc. | 54,876 | 6,365,616 | ||||||
AbbVie, Inc. | 112,951 | 5,472,476 | ||||||
Biogen Idec, Inc.* | 20,215 | 4,936,301 | ||||||
PerkinElmer, Inc. | 124,551 | 4,737,920 | ||||||
Zoetis, Inc. | 145,053 | 4,592,378 | ||||||
DaVita HealthCare Partners, Inc.* | 67,652 | 3,802,719 | ||||||
Intuitive Surgical, Inc.* | 9,494 | 3,527,021 | ||||||
Cerner Corp.* | 59,539 | 3,335,970 | ||||||
Edwards Lifesciences Corp.* | 24,955 | 1,626,816 | ||||||
Total Health Care | 145,353,279 | |||||||
INFORMATION TECHNOLOGY - 15.9% | ||||||||
Seagate Technology plc | 329,350 | 16,032,757 | ||||||
Yahoo!, Inc.* | 263,895 | 8,690,062 | ||||||
Visa, Inc. — Class A | 42,036 | 8,267,220 | ||||||
Apple, Inc. | 15,267 | 7,974,717 | ||||||
Salesforce.com, Inc.* | 136,561 | 7,286,895 | ||||||
Applied Materials, Inc. | 406,499 | 7,256,007 | ||||||
eBay, Inc.* | 136,063 | 7,171,881 | ||||||
Teradyne, Inc.* | 385,331 | 6,739,439 | ||||||
Google, Inc. — Class A* | 6,536 | 6,735,871 | ||||||
Adobe Systems, Inc.* | 102,833 | 5,573,549 | ||||||
KLA-Tencor Corp. | 79,352 | 5,205,491 | ||||||
Intel Corp. | 211,176 | 5,159,030 | ||||||
Amphenol Corp. — Class A | 63,424 | 5,092,313 | ||||||
LSI Corp. | 543,907 | 4,612,331 | ||||||
QUALCOMM, Inc. | 64,405 | 4,474,215 | ||||||
MasterCard, Inc. — Class A | 5,754 | 4,126,193 | ||||||
Cognizant Technology Solutions Corp. — | ||||||||
Class A* | 43,885 | 3,814,923 | ||||||
Broadcom Corp. — Class A | 128,051 | 3,421,523 | ||||||
Akamai Technologies, Inc.* | 70,331 | 3,146,609 | ||||||
Total Information Technology | 120,781,026 | |||||||
FINANCIALS - 13.9% | ||||||||
SLM Corp. | 777,983 | 19,737,428 | ||||||
Discover Financial Services | 222,988 | 11,568,617 | ||||||
Bank of America Corp. | 817,963 | 11,418,763 | ||||||
Huntington Bancshares, Inc. | 1,252,719 | 11,023,927 | ||||||
Zions Bancorporation | 306,446 | 8,693,873 | ||||||
Ameriprise Financial, Inc. | 82,687 | 8,313,351 | ||||||
Franklin Resources, Inc. | 127,332 | 6,858,102 | ||||||
Moody’s Corp. | 93,311 | 6,593,355 | ||||||
U.S. Bancorp | 157,832 | 5,896,604 | ||||||
American Express Co. | 53,692 | 4,392,006 | ||||||
American Tower Corp. — Class A | 53,076 | 4,211,581 | ||||||
T. Rowe Price Group, Inc. | 48,360 | 3,743,548 | ||||||
Health Care REIT, Inc. | 54,160 | 3,512,276 | ||||||
Total Financials | 105,963,431 | |||||||
INDUSTRIALS - 9.1% | ||||||||
Southwest Airlines Co. | 952,814 | 16,407,456 | ||||||
Boeing Co. | 80,461 | 10,500,161 | ||||||
PACCAR, Inc. | 136,821 | 7,607,248 | ||||||
Quanta Services, Inc.* | 169,389 | 5,117,242 | ||||||
Snap-on, Inc. | 45,026 | 4,685,856 | ||||||
AMETEK, Inc. | 93,038 | 4,450,008 | ||||||
Cummins, Inc. | 31,491 | 3,999,987 | ||||||
Cintas Corp. | 73,357 | 3,944,406 | ||||||
Illinois Tool Works, Inc. | 46,259 | 3,644,747 | ||||||
Stericycle, Inc.* | 26,002 | 3,021,432 | ||||||
Equifax, Inc. | 42,842 | 2,770,592 | ||||||
Masco Corp. | 130,818 | 2,764,184 | ||||||
Total Industrials | 68,913,319 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 23 |
SCHEDULE OF INVESTMENTS (concluded) | October 31, 2013 |
GUGGENHEIM S&P 500® pure growth ETF |
Shares | Value | |||||||
ENERGY - 5.1% | ||||||||
Tesoro Corp. | 255,004 | $ | 12,467,146 | |||||
Denbury Resources, Inc.* | 574,789 | 10,915,243 | ||||||
EOG Resources, Inc. | 36,139 | 6,447,198 | ||||||
Pioneer Natural Resources Co. | 23,529 | 4,818,269 | ||||||
Noble Energy, Inc. | 61,545 | 4,611,567 | ||||||
Total Energy | 39,259,423 | |||||||
MATERIALS - 5.1% | ||||||||
Eastman Chemical Co. | 98,134 | 7,731,978 | ||||||
Sherwin-Williams Co. | 38,557 | 7,248,716 | ||||||
CF Industries Holdings, Inc. | 26,066 | 5,619,830 | ||||||
PPG Industries, Inc. | 25,051 | 4,573,812 | ||||||
Ecolab, Inc. | 40,477 | 4,290,562 | ||||||
Ball Corp. | 70,000 | 3,422,300 | ||||||
FMC Corp. | 40,594 | 2,953,619 | ||||||
Mosaic Co. | 58,198 | 2,668,378 | ||||||
Total Materials | 38,509,195 | |||||||
CONSUMER STAPLES - 1.8% | ||||||||
Constellation Brands, Inc. — Class A* | 95,920 | 6,263,576 | ||||||
Monster Beverage Corp.* | 76,527 | 4,379,640 | ||||||
Dr Pepper Snapple Group, Inc. | 61,876 | 2,929,829 | ||||||
Total Consumer Staples | 13,573,045 | |||||||
TELECOMMUNICATION SERVICES - 0.8% | ||||||||
Crown Castle International Corp.* | 79,239 | 6,023,749 | ||||||
Total Common Stocks | ||||||||
(Cost $600,051,225) | 760,007,997 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 451,953 | 451,953 | ||||||
Total Short Term Investments | ||||||||
(Cost $451,953) | 451,953 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $600,503,178) | $ | 760,459,950 | ||||||
Other Assets & Liabilities, net - 0.0% | (63,411 | ) | ||||||
Total Net Assets - 100.0% | $ | 760,396,539 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
24 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM S&P MIDCAP 400® PURE VALUE ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
INDUSTRIALS - 24.6% | ||||||||
Manpowergroup, Inc. | 23,559 | $ | 1,839,958 | |||||
URS Corp. | 33,166 | 1,798,261 | ||||||
JetBlue Airways Corp.* | 250,443 | 1,775,641 | ||||||
Oshkosh Corp.* | 27,535 | 1,310,391 | ||||||
Huntington Ingalls Industries, Inc. | 17,327 | 1,239,747 | ||||||
General Cable Corp. | 35,237 | 1,160,354 | ||||||
Alliant Techsystems, Inc. | 10,592 | 1,153,151 | ||||||
Con-way, Inc. | 27,223 | 1,121,588 | ||||||
RR Donnelley & Sons Co. | 51,224 | 951,230 | ||||||
AECOM Technology Corp.* | 29,910 | 950,540 | ||||||
Exelis, Inc. | 55,384 | 913,282 | ||||||
UTI Worldwide, Inc. | 51,612 | 784,502 | ||||||
AGCO Corp. | 13,187 | 769,857 | ||||||
Trinity Industries, Inc. | 14,110 | 714,389 | ||||||
FTI Consulting, Inc.* | 13,421 | 544,624 | ||||||
Brink’s Co. | 16,571 | 520,329 | ||||||
KBR, Inc. | 12,044 | 416,000 | ||||||
Esterline Technologies Corp.* | 4,704 | 377,073 | ||||||
SPX Corp. | 3,828 | 347,238 | ||||||
Granite Construction, Inc. | 10,491 | 339,384 | ||||||
Total Industrials | 19,027,539 | |||||||
FINANCIALS - 22.6% | ||||||||
Hanover Insurance Group, Inc. | 32,377 | 1,895,349 | ||||||
StanCorp Financial Group, Inc. | 28,464 | 1,676,530 | ||||||
Reinsurance Group of America, Inc. — | ||||||||
Class A | 22,567 | 1,606,319 | ||||||
Protective Life Corp. | 33,863 | 1,560,407 | ||||||
Old Republic International Corp. | 67,998 | 1,141,686 | ||||||
American Financial Group, Inc. | 20,215 | 1,137,296 | ||||||
Aspen Insurance Holdings Ltd. | 24,825 | 968,423 | ||||||
Kemper Corp. | 24,073 | 891,182 | ||||||
Everest Re Group Ltd. | 5,641 | 867,247 | ||||||
First Niagara Financial Group, Inc. | 65,748 | 725,200 | ||||||
Astoria Financial Corp. | 53,792 | 710,592 | ||||||
BancorpSouth, Inc. | 28,116 | 621,364 | ||||||
Associated Banc-Corp. | 36,930 | 600,482 | ||||||
FirstMerit Corp. | 22,587 | 507,304 | ||||||
International Bancshares Corp. | 22,100 | 504,985 | ||||||
Mercury General Corp. | 10,030 | 466,997 | ||||||
HCC Insurance Holdings, Inc. | 9,429 | 430,434 | ||||||
WR Berkley Corp. | 8,002 | 351,368 | ||||||
Apollo Investment Corp. | 38,163 | 325,530 | ||||||
New York Community Bancorp, Inc. | 18,440 | 298,912 | ||||||
Janus Capital Group, Inc. | 26,754 | 264,062 | ||||||
Total Financials | 17,551,669 | |||||||
INFORMATION TECHNOLOGY - 14.8% | ||||||||
Ingram Micro, Inc. — Class A* | 86,883 | 2,013,078 | ||||||
Avnet, Inc. | 37,359 | 1,483,152 | ||||||
Tech Data Corp.* | 27,392 | 1,426,028 | ||||||
Arrow Electronics, Inc.* | 29,588 | 1,420,816 | ||||||
ManTech International Corp. — Class A | 47,414 | 1,324,747 | ||||||
Lexmark International, Inc. — Class A | 27,973 | 994,440 | ||||||
Leidos Holdings, Inc. | 19,733 | 929,227 | ||||||
Vishay Intertechnology, Inc.* | 71,958 | 882,925 | ||||||
Convergys Corp. | 18,774 | 370,599 | ||||||
Intersil Corp. — Class A | 32,655 | 364,430 | ||||||
Diebold, Inc. | 8,028 | 240,519 | ||||||
Total Information Technology | 11,449,961 | |||||||
HEALTH CARE - 11.1% | ||||||||
Community Health Systems, Inc. | 38,293 | 1,670,724 | ||||||
LifePoint Hospitals, Inc.* | 25,676 | 1,325,909 | ||||||
WellCare Health Plans, Inc.* | 17,172 | 1,145,029 | ||||||
Health Management Associates, Inc. — | ||||||||
Class A* | 82,840 | 1,062,009 | ||||||
Health Net, Inc.* | 33,701 | 1,024,510 | ||||||
Owens & Minor, Inc. | 26,725 | 1,000,050 | ||||||
Universal Health Services, Inc. — | ||||||||
Class B | 8,593 | 692,252 | ||||||
Omnicare, Inc. | 12,161 | 670,679 | ||||||
Total Health Care | 8,591,162 | |||||||
MATERIALS - 8.3% | ||||||||
Commercial Metals Co. | 73,663 | 1,352,453 | ||||||
Steel Dynamics, Inc. | 52,319 | 940,172 | ||||||
Reliance Steel & Aluminum Co. | 10,671 | 782,078 | ||||||
Domtar Corp. | 8,916 | 755,274 | ||||||
Rock Tenn Co. — Class A | 6,789 | 726,491 | ||||||
Greif, Inc. — Class A | 11,407 | 610,160 | ||||||
Minerals Technologies, Inc. | 10,098 | 571,850 | ||||||
Cabot Corp. | 9,208 | 429,185 | ||||||
Olin Corp. | 11,809 | 265,821 | ||||||
Total Materials | 6,433,484 | |||||||
CONSUMER DISCRETIONARY - 6.8% | ||||||||
Scholastic Corp. | 29,060 | 833,731 | ||||||
Big Lots, Inc.* | 22,345 | 812,464 | ||||||
Saks, Inc.* | 42,012 | 671,772 | ||||||
Apollo Group, Inc. — Class A* | 25,061 | 668,878 | ||||||
Wendy’s Co. | 68,749 | 597,429 | ||||||
DeVry, Inc. | 12,777 | 458,694 | ||||||
Valassis Communications, Inc.1 | 14,882 | 407,172 | ||||||
Rent-A-Center, Inc. — Class A | 11,208 | 383,762 | ||||||
Regis Corp. | 19,049 | 276,211 | ||||||
Aeropostale, Inc.*,1 | 19,183 | 178,210 | ||||||
Total Consumer Discretionary | 5,288,323 | |||||||
ENERGY - 5.2% | ||||||||
Superior Energy Services, Inc.* | 41,462 | 1,112,425 | ||||||
World Fuel Services Corp. | 18,843 | 718,860 | ||||||
Bill Barrett Corp.* | 17,216 | 476,367 | ||||||
Tidewater, Inc. | 7,895 | 475,437 | ||||||
Alpha Natural Resources, Inc.* | 54,298 | 380,086 | ||||||
Helix Energy Solutions Group, Inc.* | 14,032 | 331,997 | ||||||
Arch Coal, Inc.1 | 66,738 | 282,969 | ||||||
Unit Corp.* | 5,169 | 265,738 | ||||||
Total Energy | 4,043,879 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 25 |
SCHEDULE OF INVESTMENTS (concluded) | October 31, 2013 |
GUGGENHEIM S&P midcap 400® pure value ETF |
Shares | Value | |||||||
CONSUMER STAPLES - 3.0% | ||||||||
Universal Corp. | 14,467 | $ | 767,185 | |||||
Harris Teeter Supermarkets, Inc. | 12,013 | 592,481 | ||||||
Dean Foods Co.* | 26,615 | 518,993 | ||||||
Post Holdings, Inc.* | 10,008 | 429,844 | ||||||
Total Consumer Staples | 2,308,503 | |||||||
UTILITIES - 1.8% | ||||||||
Great Plains Energy, Inc. | 20,279 | 475,340 | ||||||
UGI Corp. | 8,802 | 364,139 | ||||||
Atmos Energy Corp. | 6,564 | 290,588 | ||||||
Hawaiian Electric Industries, Inc. | 10,867 | 288,736 | ||||||
Total Utilities | 1,418,803 | |||||||
TELECOMMUNICATION SERVICES - 1.7% | ||||||||
Telephone & Data Systems, Inc. | 41,401 | 1,290,883 | ||||||
Total Common Stocks | ||||||||
(Cost $61,891,283) | 77,404,206 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 109,244 | 109,244 | ||||||
Total Short Term Investments | ||||||||
(Cost $109,244) | 109,244 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 0.6% | ||||||||
Joint Repurchase Agreements | ||||||||
RBS Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | $ | 316,576 | 316,576 | |||||
HSBC Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | 168,749 | 168,749 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $485,325) | 485,325 | |||||||
Total Investments - 100.6% | ||||||||
(Cost $62,485,852) | $ | 77,998,775 | ||||||
Other Assets & Liabilities, net - (0.6)% | (495,933 | ) | ||||||
Total Net Assets - 100.0% | $ | 77,502,842 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at October 31, 2013 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
26 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM S&P MIDCAP 400® PURE GROWTH ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.8% | ||||||||
CONSUMER DISCRETIONARY - 27.1% | ||||||||
Thor Industries, Inc. | 301,932 | $ | 17,515,075 | |||||
Chico’s FAS, Inc. | 920,156 | 15,780,675 | ||||||
LKQ Corp.* | 447,978 | 14,796,713 | ||||||
Jarden Corp.* | 217,271 | 12,028,123 | ||||||
Polaris Industries, Inc. | 90,615 | 11,866,034 | ||||||
Williams-Sonoma, Inc. | 224,439 | 11,769,581 | ||||||
Under Armour, Inc. — Class A*,1 | 141,030 | 11,444,585 | ||||||
Ascena Retail Group, Inc.* | 509,412 | 10,081,263 | ||||||
Gentex Corp. | 332,649 | 9,793,187 | ||||||
Bob Evans Farms, Inc. | 156,957 | 8,960,675 | ||||||
Cinemark Holdings, Inc. | 247,619 | 8,124,379 | ||||||
Foot Locker, Inc. | 200,449 | 6,955,580 | ||||||
Hanesbrands, Inc. | 96,504 | 6,573,852 | ||||||
ANN, Inc.* | 166,048 | 5,871,457 | ||||||
AMC Networks, Inc. — Class A* | 79,383 | 5,563,954 | ||||||
Dick’s Sporting Goods, Inc. | 100,491 | 5,347,126 | ||||||
Service Corporation International | 286,227 | 5,154,948 | ||||||
Cabela’s, Inc.* | 86,739 | 5,145,357 | ||||||
Tractor Supply Co. | 66,861 | 4,770,532 | ||||||
Lamar Advertising Co. — Class A* | 95,997 | 4,388,023 | ||||||
MDC Holdings, Inc. | 134,235 | 3,918,320 | ||||||
Carter’s, Inc. | 56,228 | 3,888,166 | ||||||
Toll Brothers, Inc.* | 115,443 | 3,795,766 | ||||||
HSN, Inc. | 64,045 | 3,355,958 | ||||||
American Eagle Outfitters, Inc. | 196,218 | 3,039,417 | ||||||
Total Consumer Discretionary | 199,928,746 | |||||||
INFORMATION TECHNOLOGY - 25.3% | ||||||||
3D Systems Corp.*,1 | 501,214 | 31,195,560 | ||||||
Semtech Corp.* | 480,625 | 14,952,244 | ||||||
Alliance Data Systems Corp.* | 55,566 | 13,172,476 | ||||||
CoreLogic, Inc.* | 369,921 | 12,307,272 | ||||||
Ciena Corp.* | 450,901 | 10,492,466 | ||||||
WEX, Inc.* | 95,358 | 8,901,669 | ||||||
Skyworks Solutions, Inc.* | 319,396 | 8,234,029 | ||||||
Mentor Graphics Corp. | 358,852 | 7,923,452 | ||||||
ValueClick, Inc.* | 392,048 | 7,531,242 | ||||||
Rackspace Hosting, Inc.* | 146,167 | 7,488,135 | ||||||
Equinix, Inc.* | 44,826 | 7,238,502 | ||||||
NeuStar, Inc. — Class A* | 157,451 | 7,230,150 | ||||||
Concur Technologies, Inc.* | 67,557 | 7,066,462 | ||||||
CommVault Systems, Inc.* | 86,365 | 6,743,379 | ||||||
Cree, Inc.* | 106,948 | 6,497,091 | ||||||
ACI Worldwide, Inc.* | 96,092 | 5,296,591 | ||||||
Trimble Navigation Ltd.* | 178,994 | 5,113,859 | ||||||
InterDigital, Inc. | 119,252 | 4,621,015 | ||||||
Itron, Inc.* | 104,644 | 4,465,159 | ||||||
SolarWinds, Inc.* | 97,715 | 3,536,306 | ||||||
Atmel Corp.* | 476,476 | 3,468,745 | ||||||
Cadence Design Systems, Inc.* | 219,692 | 2,849,405 | ||||||
Total Information Technology | 186,325,209 | |||||||
FINANCIALS - 15.8% | ||||||||
City National Corp. | 193,595 | 13,960,135 | ||||||
SVB Financial Group* | 142,160 | 13,616,085 | ||||||
First American Financial Corp. | 500,969 | 12,955,058 | ||||||
Cathay General Bancorp | 516,909 | 12,731,469 | ||||||
Washington Federal, Inc. | 523,915 | 11,934,784 | ||||||
Synovus Financial Corp. | 3,229,199 | 10,494,897 | ||||||
Affiliated Managers Group, Inc.* | 44,370 | 8,760,413 | ||||||
Signature Bank* | 68,231 | 6,947,280 | ||||||
Waddell & Reed Financial, Inc. — Class A | 102,661 | 6,339,317 | ||||||
Corrections Corporation of America | 146,936 | 5,436,632 | ||||||
Jones Lang LaSalle, Inc. | 51,759 | 4,927,457 | ||||||
Eaton Vance Corp. | 102,571 | 4,288,494 | ||||||
Extra Space Storage, Inc. | 87,540 | 4,025,965 | ||||||
Total Financials | 116,417,986 | |||||||
INDUSTRIALS - 14.1% | ||||||||
Terex Corp.* | 408,758 | 14,286,092 | ||||||
Alaska Air Group, Inc. | 197,038 | 13,922,705 | ||||||
Lennox International, Inc. | 101,332 | 7,909,976 | ||||||
Lincoln Electric Holdings, Inc. | 111,039 | 7,688,340 | ||||||
Nordson Corp. | 103,935 | 7,492,674 | ||||||
Valmont Industries, Inc. | 52,471 | 7,372,176 | ||||||
Fortune Brands Home & Security, Inc. | 169,385 | 7,297,106 | ||||||
Timken Co. | 123,923 | 6,544,374 | ||||||
J.B. Hunt Transport Services, Inc. | 85,766 | 6,435,023 | ||||||
Copart, Inc.* | 192,590 | 6,207,176 | ||||||
Wabtec Corp. | 81,691 | 5,325,436 | ||||||
Graco, Inc. | 66,041 | 5,102,328 | ||||||
B/E Aerospace, Inc.* | 58,616 | 4,757,275 | ||||||
Clean Harbors, Inc.* | 60,204 | 3,717,597 | ||||||
Total Industrials | 104,058,278 | |||||||
MATERIALS - 6.6% | ||||||||
Worthington Industries, Inc. | 468,883 | 19,008,518 | ||||||
Valspar Corp. | 120,298 | 8,417,251 | ||||||
NewMarket Corp. | 19,309 | 6,012,050 | ||||||
Packaging Corporation of America | 79,449 | 4,948,084 | ||||||
Louisiana-Pacific Corp.* | 278,413 | 4,735,805 | ||||||
Eagle Materials, Inc. | 52,328 | 3,925,123 | ||||||
Royal Gold, Inc. | 40,259 | 1,934,042 | ||||||
Total Materials | 48,980,873 | |||||||
HEALTH CARE - 6.3% | ||||||||
United Therapeutics Corp.* | 166,684 | 14,754,868 | ||||||
ResMed, Inc.1 | 168,315 | 8,708,618 | ||||||
Cooper Companies, Inc. | 43,945 | 5,678,133 | ||||||
Salix Pharmaceuticals Ltd.* | 66,166 | 4,747,411 | ||||||
Mallinckrodt plc* | 110,587 | 4,645,760 | ||||||
Thoratec Corp.* | 102,242 | 4,415,832 | ||||||
Charles River Laboratories | ||||||||
International, Inc.* | 78,317 | 3,853,980 | ||||||
Total Health Care | 46,804,602 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 27 |
SCHEDULE OF INVESTMENTS (concluded) | October 31, 2013 |
GUGGENHEIM S&P MIDCAP 400® PURE GROWTH ETF |
Shares | Value | |||||||
ENERGY - 2.7% | ||||||||
HollyFrontier Corp. | 286,718 | $ | 13,206,231 | |||||
Gulfport Energy Corp.* | 116,611 | 6,843,900 | ||||||
Total Energy | 20,050,131 | |||||||
CONSUMER STAPLES - 1.2% | ||||||||
Ingredion, Inc. | 133,014 | 8,747,001 | ||||||
TELECOMMUNICATION SERVICES - 0.7% | ||||||||
tw telecom, Inc. — Class A* | 172,954 | 5,451,510 | ||||||
Total Common Stocks | ||||||||
(Cost $572,522,839) | 736,764,336 | |||||||
SHORT TERM INVESTMENTS† - 0.2% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 1,108,418 | 1,108,418 | ||||||
Total Short Term Investments | ||||||||
(Cost $1,108,418) | 1,108,418 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 6.0% | ||||||||
Joint Repurchase Agreements | ||||||||
RBS Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | $ | 28,899,811 | 28,899,811 | |||||
HSBC Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | 15,404,913 | 15,404,913 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $44,304,724) | 44,304,724 | |||||||
Total Investments - 106.0% | ||||||||
(Cost $617,935,981) | $ | 782,177,478 | ||||||
Other Assets & Liabilities, net - (6.0)% | (44,206,260 | ) | ||||||
Total Net Assets - 100.0% | $ | 737,971,218 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at October 31, 2013 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
plc — Public Limited Company
28 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
CONSUMER DISCRETIONARY - 25.3% | ||||||||
VOXX International Corp. — Class A* | 205,313 | $ | 3,184,405 | |||||
Boyd Gaming Corp.* | 174,289 | 1,840,492 | ||||||
OfficeMax, Inc. | 121,983 | 1,827,305 | ||||||
Quiksilver, Inc.* | 195,534 | 1,626,843 | ||||||
ITT Educational Services, Inc.*,1 | 33,037 | 1,325,444 | ||||||
Stein Mart, Inc. | 89,126 | 1,316,391 | ||||||
Live Nation Entertainment, Inc.* | 63,018 | 1,225,070 | ||||||
Corinthian Colleges, Inc.*,1 | 545,523 | 1,167,419 | ||||||
MarineMax, Inc.* | 78,796 | 1,160,665 | ||||||
Pep Boys-Manny Moe & Jack* | 89,582 | 1,159,191 | ||||||
Kirkland’s, Inc.* | 63,977 | 1,135,592 | ||||||
Universal Electronics, Inc.* | 28,614 | 1,113,371 | ||||||
Fred’s, Inc. — Class A | 67,965 | 1,101,033 | ||||||
Spartan Motors, Inc. | 139,700 | 948,563 | ||||||
Barnes & Noble, Inc.* | 61,619 | 870,676 | ||||||
Standard Motor Products, Inc. | 23,761 | 859,198 | ||||||
Group 1 Automotive, Inc. | 12,360 | 791,040 | ||||||
Perry Ellis International, Inc. | 40,797 | 775,551 | ||||||
Sonic Automotive, Inc. — Class A | 32,966 | 734,482 | ||||||
Red Robin Gourmet Burgers, Inc.* | 9,490 | 722,948 | ||||||
Big 5 Sporting Goods Corp. | 36,525 | 690,688 | ||||||
Career Education Corp.* | 123,973 | 679,372 | ||||||
EW Scripps Co. — Class A* | 30,670 | 607,879 | ||||||
Ruby Tuesday, Inc.* | 90,879 | 538,912 | ||||||
Lincoln Educational Services Corp. | 111,939 | 535,068 | ||||||
Blyth, Inc.1 | 37,190 | 513,594 | ||||||
Marcus Corp. | 32,320 | 464,115 | ||||||
Genesco, Inc.* | 6,388 | 435,087 | ||||||
FTD Companies, Inc.* | 12,306 | 431,941 | ||||||
Monarch Casino & Resort, Inc.* | 25,049 | 423,579 | ||||||
Men’s Wearhouse, Inc. | 8,169 | 345,549 | ||||||
Biglari Holdings, Inc.* | 785 | 342,276 | ||||||
JAKKS Pacific, Inc.1 | 44,443 | 286,213 | ||||||
Total Consumer Discretionary | 31,179,952 | |||||||
INDUSTRIALS - 20.0% | ||||||||
Arkansas Best Corp. | 121,300 | 3,319,980 | ||||||
AAR Corp. | 82,664 | 2,420,402 | ||||||
Kelly Services, Inc. — Class A | 89,140 | 1,859,460 | ||||||
SkyWest, Inc. | 95,814 | 1,441,043 | ||||||
Consolidated Graphics, Inc.* | 18,454 | 1,182,717 | ||||||
ABM Industries, Inc. | 40,530 | 1,114,980 | ||||||
United Stationers, Inc. | 23,427 | 1,041,096 | ||||||
Griffon Corp. | 81,998 | 1,027,435 | ||||||
Comfort Systems USA, Inc. | 53,259 | 992,215 | ||||||
Orbital Sciences Corp.* | 38,507 | 888,356 | ||||||
Universal Forest Products, Inc. | 15,338 | 811,687 | ||||||
CDI Corp. | 49,974 | 802,083 | ||||||
Navigant Consulting, Inc.* | 43,522 | 755,107 | ||||||
TrueBlue, Inc.* | 28,635 | 707,285 | ||||||
Heidrick & Struggles International, Inc. | 36,320 | 672,646 | ||||||
Viad Corp. | 22,232 | 593,594 | ||||||
EMCOR Group, Inc. | 15,592 | 577,840 | ||||||
Moog, Inc. — Class A* | 9,603 | 573,587 | ||||||
Curtiss-Wright Corp. | 11,330 | 564,007 | ||||||
Gibraltar Industries, Inc.* | 34,757 | 556,460 | ||||||
Dycom Industries, Inc.* | 18,460 | 547,339 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 13,545 | 501,571 | ||||||
Korn/Ferry International* | 18,123 | 431,327 | ||||||
Insperity, Inc. | 10,219 | 395,169 | ||||||
Astec Industries, Inc. | 10,898 | 368,461 | ||||||
Powell Industries, Inc.* | 5,237 | 329,041 | ||||||
Briggs & Stratton Corp. | 10,890 | 199,723 | ||||||
Total Industrials | 24,674,611 | |||||||
INFORMATION TECHNOLOGY - 17.1% | ||||||||
SYNNEX Corp.* | 32,745 | 2,007,269 | ||||||
GT Advanced Technologies, Inc.*,1 | 186,661 | 1,399,958 | ||||||
Benchmark Electronics, Inc.* | 58,126 | 1,321,204 | ||||||
Insight Enterprises, Inc.* | 55,932 | 1,178,487 | ||||||
ScanSource, Inc.* | 30,549 | 1,174,915 | ||||||
Monster Worldwide, Inc.* | 268,967 | 1,161,937 | ||||||
CIBER, Inc.* | 356,036 | 1,157,117 | ||||||
CACI International, Inc. — Class A* | 15,980 | 1,150,240 | ||||||
Methode Electronics, Inc. | 44,716 | 1,143,835 | ||||||
Plexus Corp.* | 29,149 | 1,115,824 | ||||||
Super Micro Computer, Inc.* | 69,590 | 968,693 | ||||||
CTS Corp. | 51,154 | 952,487 | ||||||
Brooks Automation, Inc. | 79,711 | 768,414 | ||||||
Anixter International, Inc.* | 8,963 | 766,247 | ||||||
QuinStreet, Inc.* | 73,560 | 653,948 | ||||||
Bel Fuse, Inc. — Class B | 27,098 | 570,142 | ||||||
Sykes Enterprises, Inc.* | 30,165 | 564,689 | ||||||
Mercury Systems, Inc.* | 50,535 | 465,933 | ||||||
Newport Corp.* | 28,326 | 449,534 | ||||||
Digital River, Inc.* | 24,939 | 444,912 | ||||||
QLogic Corp.* | 27,030 | 333,821 | ||||||
Pericom Semiconductor Corp.* | 37,360 | 301,869 | ||||||
Rubicon Technology, Inc.*,1 | 33,502 | 288,117 | ||||||
Comtech Telecommunications Corp. | 9,451 | 283,719 | ||||||
Digi International, Inc.* | 22,661 | 228,423 | ||||||
Cohu, Inc. | 23,066 | 220,511 | ||||||
Total Information Technology | 21,072,245 | |||||||
FINANCIALS - 10.9% | ||||||||
United Fire Group, Inc. | 37,781 | 1,197,658 | ||||||
Stewart Information Services Corp. | 37,238 | 1,166,294 | ||||||
Meadowbrook Insurance Group, Inc. | 164,039 | 1,089,219 | ||||||
Horace Mann Educators Corp. | 39,017 | 1,080,771 | ||||||
Selective Insurance Group, Inc. | 27,103 | 711,996 | ||||||
Infinity Property & Casualty Corp. | 10,123 | 694,235 | ||||||
First BanCorp* | 124,783 | 692,546 | ||||||
Interactive Brokers Group, Inc. — | ||||||||
Class A | 26,812 | 553,132 | ||||||
Bank Mutual Corp. | 85,796 | 545,663 | ||||||
Sterling Bancorp* | 44,796 | 525,009 | ||||||
Umpqua Holdings Corp. | 32,039 | 524,478 | ||||||
Navigators Group, Inc.* | 9,166 | 515,496 | ||||||
SWS Group, Inc.* | 90,708 | 510,686 | ||||||
Cash America International, Inc. | 12,848 | 506,854 | ||||||
Calamos Asset Management, Inc. — | ||||||||
Class A | 49,760 | 488,643 | ||||||
Safety Insurance Group, Inc. | 7,840 | 428,770 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 29 |
SCHEDULE OF INVESTMENTS (concluded) | October 31, 2013 |
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF |
Shares | Value | |||||||
FXCM, Inc. — Class A | 23,463 | $ | 384,559 | |||||
Provident Financial Services, Inc. | 20,354 | 381,434 | ||||||
Stifel Financial Corp.* | 8,466 | 346,683 | ||||||
Green Dot Corp. — Class A* | 16,050 | 344,433 | ||||||
EZCORP, Inc. — Class A* | 16,499 | 259,529 | ||||||
Old National Bancorp | 17,662 | 256,805 | ||||||
Tower Group International Ltd. | 69,897 | 253,726 | ||||||
Total Financials | 13,458,619 | |||||||
HEALTH CARE - 8.2% | ||||||||
Amedisys, Inc.* | 113,237 | 1,843,498 | ||||||
Invacare Corp. | 58,458 | 1,255,093 | ||||||
Kindred Healthcare, Inc. | 84,356 | 1,170,861 | ||||||
PharMerica Corp.* | 67,200 | 991,872 | ||||||
Gentiva Health Services, Inc.* | 76,611 | 877,196 | ||||||
Almost Family, Inc. | 35,978 | 691,857 | ||||||
Magellan Health Services, Inc.* | 10,007 | 587,411 | ||||||
Centene Corp.* | 9,640 | 541,382 | ||||||
Cross Country Healthcare, Inc.* | 87,206 | 518,004 | ||||||
Molina Healthcare, Inc.* | 14,585 | 461,469 | ||||||
Affymetrix, Inc.* | 63,731 | 450,578 | ||||||
LHC Group, Inc.* | 20,965 | 431,879 | ||||||
Ensign Group, Inc. | 8,047 | 342,641 | ||||||
Total Health Care | 10,163,741 | |||||||
MATERIALS - 7.1% | ||||||||
Olympic Steel, Inc. | 62,225 | 1,703,098 | ||||||
OM Group, Inc.* | 49,829 | 1,694,186 | ||||||
Materion Corp. | 39,783 | 1,185,931 | ||||||
AM Castle & Co.* | 54,920 | 785,905 | ||||||
PH Glatfelter Co. | 29,805 | 780,891 | ||||||
Zep, Inc. | 36,436 | 724,712 | ||||||
A. Schulman, Inc. | 19,832 | 656,836 | ||||||
Century Aluminum Co.* | 52,845 | 458,695 | ||||||
Clearwater Paper Corp.* | 7,391 | 385,958 | ||||||
Kaiser Aluminum Corp. | 4,757 | 320,860 | ||||||
Total Materials | 8,697,072 | |||||||
CONSUMER STAPLES - 5.5% | ||||||||
Spartan Stores, Inc. | 67,145 | 1,579,922 | ||||||
Andersons, Inc. | 20,548 | 1,524,251 | ||||||
Seneca Foods Corp. — Class A* | 33,495 | 982,073 | ||||||
Alliance One International, Inc.* | 321,440 | 954,677 | ||||||
Casey’s General Stores, Inc. | 9,385 | 683,979 | ||||||
Nash Finch Co. | 22,222 | 623,549 | ||||||
Central Garden and Pet Co. — Class A* | 66,709 | 490,978 | ||||||
Total Consumer Staples | 6,839,429 | |||||||
ENERGY - 4.8% | ||||||||
Basic Energy Services, Inc.* | 81,874 | 1,201,092 | ||||||
Matrix Service Co.* | 55,841 | 1,160,934 | ||||||
Pioneer Energy Services Corp.* | 102,160 | 858,144 | ||||||
TETRA Technologies, Inc.* | 39,548 | 512,938 | ||||||
Stone Energy Corp.* | 13,463 | 469,320 | ||||||
Era Group, Inc.* | 13,757 | 434,721 | ||||||
Swift Energy Co.* | 31,370 | 430,396 | ||||||
SEACOR Holdings, Inc. | 3,944 | 385,723 | ||||||
Cloud Peak Energy, Inc.* | 18,680 | 291,595 | ||||||
Gulf Island Fabrication, Inc. | 8,669 | 218,632 | ||||||
Total Energy | 5,963,495 | |||||||
TELECOMMUNICATION SERVICES - 0.7% | ||||||||
USA Mobility, Inc. | 35,736 | 533,181 | ||||||
Cbeyond, Inc.* | 41,544 | 267,543 | ||||||
Total Telecommunication Services | 800,724 | |||||||
UTILITIES - 0.3% | ||||||||
Avista Corp. | 11,369 | 315,945 | ||||||
Total Common Stocks | ||||||||
(Cost $99,009,042) | 123,165,833 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 157,982 | 157,982 | ||||||
Total Short Term Investments | ||||||||
(Cost $157,982) | 157,982 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 3.2% | ||||||||
Joint Repurchase Agreements | ||||||||
RBS Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | $ | 2,585,915 | 2,585,915 | |||||
HSBC Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | 1,378,410 | 1,378,410 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $3,964,325) | 3,964,325 | |||||||
Total Investments - 103.2% | ||||||||
(Cost $103,131,349) | $ | 127,288,140 | ||||||
Other Assets & Liabilities, net - (3.2)% | (3,937,868 | ) | ||||||
Total Net Assets - 100.0% | $ | 123,350,272 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at October 31, 2013 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
30 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM S&P smallcap 600® pure growth ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
INFORMATION TECHNOLOGY - 26.7% | ||||||||
Blucora, Inc.* | 91,693 | $ | 2,166,706 | |||||
Perficient, Inc.* | 82,624 | 1,494,668 | ||||||
Cognex Corp. | 44,295 | 1,384,219 | ||||||
Measurement Specialties, Inc.* | 23,798 | 1,326,263 | ||||||
CalAmp Corp.* | 55,581 | 1,307,821 | ||||||
XO Group, Inc.* | 90,240 | 1,252,531 | ||||||
Cirrus Logic, Inc.* | 50,511 | 1,132,962 | ||||||
OpenTable, Inc.* | 15,550 | 1,080,414 | ||||||
Advanced Energy Industries, Inc.* | 49,319 | 1,029,781 | ||||||
Dealertrack Technologies, Inc.* | 27,163 | 1,013,180 | ||||||
Kulicke & Soffa Industries, Inc.* | 77,942 | 1,005,452 | ||||||
Interactive Intelligence Group, Inc.* | 12,760 | 784,102 | ||||||
Electronics for Imaging, Inc.* | 22,794 | 782,062 | ||||||
Ixia* | 53,371 | 756,801 | ||||||
Tyler Technologies, Inc.* | 7,685 | 743,216 | ||||||
Manhattan Associates, Inc.* | 6,781 | 722,244 | ||||||
Dice Holdings, Inc.* | 95,893 | 707,690 | ||||||
Littelfuse, Inc. | 8,268 | 703,028 | ||||||
MAXIMUS, Inc. | 14,456 | 700,393 | ||||||
FEI Co. | 7,755 | 690,815 | ||||||
Ultratech, Inc.* | 28,821 | 685,652 | ||||||
Rudolph Technologies, Inc.* | 62,949 | 667,259 | ||||||
NETGEAR, Inc.* | 21,954 | 631,397 | ||||||
Monolithic Power Systems, Inc. | 19,592 | 623,809 | ||||||
Stamps.com, Inc.* | 12,146 | 551,914 | ||||||
Entropic Communications, Inc.* | 117,981 | 504,959 | ||||||
iGATE Corp.* | 15,257 | 485,783 | ||||||
Procera Networks, Inc.* | 31,690 | 448,414 | ||||||
Liquidity Services, Inc.*,1 | 15,822 | 413,112 | ||||||
ExlService Holdings, Inc.* | 14,280 | 412,835 | ||||||
NIC, Inc. | 16,501 | 406,255 | ||||||
Microsemi Corp.* | 15,410 | 387,253 | ||||||
Nanometrics, Inc.* | 20,198 | 375,279 | ||||||
Veeco Instruments, Inc.* | 12,233 | 357,326 | ||||||
VASCO Data Security International, Inc.* | 38,719 | 290,780 | ||||||
NetScout Systems, Inc.* | 9,231 | 261,422 | ||||||
ARRIS Group, Inc.* | 13,482 | 240,789 | ||||||
LivePerson, Inc.* | 20,619 | 192,581 | ||||||
Total Information Technology | 28,721,167 | |||||||
FINANCIALS - 23.1% | ||||||||
HFF, Inc. — Class A | 73,578 | 1,806,340 | ||||||
Home BancShares, Inc. | 44,221 | 1,498,207 | ||||||
PrivateBancorp, Inc. — Class A | 59,799 | 1,456,704 | ||||||
Sabra Health Care REIT, Inc. | 50,214 | 1,350,757 | ||||||
PacWest Bancorp1 | 34,939 | 1,329,429 | ||||||
Cardinal Financial Corp. | 66,953 | 1,104,725 | ||||||
First Commonwealth Financial Corp. | 126,339 | 1,097,886 | ||||||
Pinnacle Financial Partners, Inc.* | 35,030 | 1,085,930 | ||||||
Texas Capital Bancshares, Inc.* | 20,654 | 1,075,041 | ||||||
Virtus Investment Partners, Inc.* | 5,140 | 1,046,093 | ||||||
Portfolio Recovery Associates, Inc.* | 17,347 | 1,031,279 | ||||||
Oritani Financial Corp. | 62,835 | 1,019,184 | ||||||
BBCN Bancorp, Inc. | 64,163 | 951,537 | ||||||
BofI Holding, Inc.* | 14,720 | 889,382 | ||||||
ViewPoint Financial Group, Inc. | 38,921 | 848,867 | ||||||
Encore Capital Group, Inc.* | 16,837 | 822,487 | ||||||
CoreSite Realty Corp. | 25,212 | 817,877 | ||||||
eHealth, Inc.* | 17,910 | 763,324 | ||||||
National Penn Bancshares, Inc. | 69,074 | 716,297 | ||||||
MarketAxess Holdings, Inc. | 10,174 | 663,650 | ||||||
Wilshire Bancorp, Inc. | 73,669 | 623,976 | ||||||
FNB Corp. | 49,623 | 620,784 | ||||||
Bank of the Ozarks, Inc. | 11,937 | 590,643 | ||||||
First Cash Financial Services, Inc.* | 9,030 | 546,225 | ||||||
Geo Group, Inc. | 12,326 | 434,738 | ||||||
Boston Private Financial Holdings, Inc. | 34,993 | 398,570 | ||||||
Universal Health Realty Income Trust | 7,447 | 327,072 | ||||||
Total Financials | 24,917,004 | |||||||
CONSUMER DISCRETIONARY - 17.3% | ||||||||
Tuesday Morning Corp.* | 155,243 | 2,196,688 | ||||||
Winnebago Industries, Inc.* | 68,842 | 2,041,854 | ||||||
Drew Industries, Inc. | 25,673 | 1,290,325 | ||||||
Arctic Cat, Inc. | 22,451 | 1,176,432 | ||||||
Multimedia Games Holding | ||||||||
Company, Inc.* | 35,285 | 1,147,115 | ||||||
Lumber Liquidators Holdings, Inc.* | 10,008 | 1,142,814 | ||||||
Francesca’s Holdings Corp.* | 55,512 | 998,661 | ||||||
Dorman Products, Inc. | 18,889 | 918,194 | ||||||
Sturm Ruger & Company, Inc.1 | 13,380 | 875,186 | ||||||
Movado Group, Inc. | 17,174 | 800,824 | ||||||
Steven Madden Ltd.* | 18,602 | 682,321 | ||||||
Buffalo Wild Wings, Inc.* | 4,089 | 583,010 | ||||||
Outerwall, Inc.*,1 | 8,863 | 575,918 | ||||||
iRobot Corp.* | 16,338 | 553,368 | ||||||
SHFL Entertainment, Inc.* | 19,883 | 460,888 | ||||||
Brunswick Corp. | 8,832 | 398,588 | ||||||
Pool Corp. | 7,209 | 392,025 | ||||||
Oxford Industries, Inc. | 5,460 | 391,864 | ||||||
Papa John’s International, Inc. | 5,010 | 379,107 | ||||||
M/I Homes, Inc.* | 15,024 | 307,541 | ||||||
Select Comfort Corp.* | 16,566 | 303,489 | ||||||
Ethan Allen Interiors, Inc. | 10,470 | 278,921 | ||||||
Vitamin Shoppe, Inc.* | 5,741 | 269,310 | ||||||
Meritage Homes Corp.* | 5,344 | 242,564 | ||||||
American Public Education, Inc.* | 5,959 | 238,539 | ||||||
Total Consumer Discretionary | 18,645,546 | |||||||
HEALTH CARE - 15.2% | ||||||||
Santarus, Inc.* | 56,225 | 1,311,729 | ||||||
Akorn, Inc.* | 55,819 | 1,140,940 | ||||||
MWI Veterinary Supply, Inc.* | 7,126 | 1,130,469 | ||||||
Medicines Co.* | 26,150 | 887,008 | ||||||
Bio-Reference Labs, Inc.*,1 | 26,252 | 850,827 | ||||||
Cynosure, Inc. — Class A* | 38,603 | 834,211 | ||||||
ViroPharma, Inc.* | 21,163 | 821,548 | ||||||
Luminex Corp.* | 40,673 | 793,124 | ||||||
Cantel Medical Corp. | 22,402 | 786,310 | ||||||
Greatbatch, Inc.* | 20,364 | 776,276 | ||||||
PAREXEL International Corp.* | 14,448 | 660,418 | ||||||
Analogic Corp. | 6,875 | 634,081 | ||||||
Cambrex Corp.* | 33,879 | 569,845 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 31 |
SCHEDULE OF INVESTMENTS (concluded) | October 31, 2013 |
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF |
Shares | Value | |||||||
Cyberonics, Inc.* | 9,700 | $ | 560,272 | |||||
HealthStream, Inc.* | 14,991 | 535,479 | ||||||
Acorda Therapeutics, Inc.* | 16,692 | 510,942 | ||||||
Impax Laboratories, Inc.* | 25,145 | 509,438 | ||||||
Hanger, Inc.* | 13,804 | 506,607 | ||||||
Questcor Pharmaceuticals, Inc. | 7,315 | 448,922 | ||||||
Air Methods Corp. | 9,010 | 393,917 | ||||||
Spectrum Pharmaceuticals, Inc. | 42,453 | 364,671 | ||||||
Abaxis, Inc. | 8,880 | 317,282 | ||||||
ICU Medical, Inc.* | 4,869 | 300,904 | ||||||
Neogen Corp.* | 6,333 | 292,711 | ||||||
Arqule, Inc.* | 111,029 | 249,815 | ||||||
Landauer, Inc. | 3,417 | 165,383 | ||||||
Total Health Care | 16,353,129 | |||||||
INDUSTRIALS - 7.3% | ||||||||
On Assignment, Inc.* | 51,443 | 1,738,259 | ||||||
Standex International Corp. | 19,195 | 1,180,684 | ||||||
Lydall, Inc.* | 46,659 | 850,127 | ||||||
Toro Co. | 13,672 | 805,828 | ||||||
Allegiant Travel Co. — Class A | 6,526 | 680,466 | ||||||
Old Dominion Freight Line, Inc.* | 14,255 | 668,560 | ||||||
AZZ, Inc. | 11,977 | 537,767 | ||||||
Lindsay Corp. | 6,805 | 517,248 | ||||||
Healthcare Services Group, Inc. | 12,573 | 344,374 | ||||||
Quanex Building Products Corp. | 17,073 | 303,558 | ||||||
Franklin Electric Company, Inc. | 7,005 | 265,139 | ||||||
Total Industrials | 7,892,010 | |||||||
MATERIALS - 4.1% | ||||||||
PolyOne Corp. | 30,555 | 925,817 | ||||||
SunCoke Energy, Inc.* | 38,507 | 770,140 | ||||||
American Vanguard Corp. | 19,878 | 518,816 | ||||||
HB Fuller Co. | 10,623 | 508,523 | ||||||
Quaker Chemical Corp. | 6,098 | 462,899 | ||||||
Deltic Timber Corp. | 6,870 | 438,856 | ||||||
Headwaters, Inc.* | 32,422 | 283,044 | ||||||
Globe Specialty Metals, Inc. | 14,386 | 252,330 | ||||||
Texas Industries, Inc.* | 4,537 | 243,637 | ||||||
Total Materials | 4,404,062 | |||||||
CONSUMER STAPLES - 3.9% | ||||||||
Prestige Brands Holdings, Inc.* | 41,083 | 1,283,022 | ||||||
Darling International, Inc.* | 46,653 | 1,085,615 | ||||||
Hain Celestial Group, Inc.* | 8,398 | 698,966 | ||||||
Medifast, Inc.* | 26,008 | 606,246 | ||||||
Inter Parfums, Inc. | 13,589 | 477,789 | ||||||
Total Consumer Staples | 4,151,638 | |||||||
ENERGY - 2.3% | ||||||||
Geospace Technologies Corp.* | 15,298 | 1,490,331 | ||||||
Northern Oil and Gas, Inc.* | 58,092 | 954,452 | ||||||
Total Energy | 2,444,783 | |||||||
Total Common Stocks | ||||||||
(Cost $84,608,754) | 107,529,339 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 93,949 | 93,949 | ||||||
Total Short Term Investments | ||||||||
(Cost $93,949) | 93,949 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 3.5% | ||||||||
Joint Repurchase Agreements | ||||||||
RBS Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | $ | 2,437,909 | 2,437,909 | |||||
HSBC Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | 1,299,516 | 1,299,516 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $3,737,425) | 3,737,425 | |||||||
Total Investments - 103.5% | ||||||||
(Cost $88,440,128) | $ | 111,360,713 | ||||||
Other Assets & Liabilities, net - (3.5)% | (3,730,574 | ) | ||||||
Total Net Assets - 100.0% | $ | 107,630,139 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at October 31, 2013 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
REIT — Real Estate Investment Trust
32 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF ASSETS AND LIABILITIES | October 31, 2013 |
Guggenheim | Guggenheim | Guggenheim | Guggenheim | |||||||||||||
Russell Top 50® | S&P 500® | S&P 500® | S&P MidCap 400® | |||||||||||||
Mega Cap ETF | Pure Value ETF | Pure Growth ETF | Pure Value ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value — including $—, $11,108,483, $— and $460,117of securities loaned, respectively | $ | 522,660,842 | $ | 374,005,685 | $ | 760,459,950 | $ | 77,513,450 | ||||||||
Repurchase agreements | — | 11,317,043 | — | 485,325 | ||||||||||||
Total investments* | 522,660,842 | 385,322,728 | 760,459,950 | 77,998,775 | ||||||||||||
Receivables: | ||||||||||||||||
Fund shares sold | — | — | 10,011,392 | — | ||||||||||||
Investments sold | — | 5,151,342 | — | — | ||||||||||||
Securities lending income | — | 9,771 | 48 | 309 | ||||||||||||
Dividends and interest | 538,365 | 211,676 | 141,377 | 11,541 | ||||||||||||
Tax reclaims | 10,483 | — | — | — | ||||||||||||
Total assets | 523,209,690 | 390,695,517 | 770,612,767 | 78,010,625 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable upon return of securities loaned | — | 11,317,043 | — | 485,325 | ||||||||||||
Payable for: | ||||||||||||||||
Investments purchased | — | 60,393 | 10,011,311 | — | ||||||||||||
Due to custodian | — | 4,650,565 | — | — | ||||||||||||
Accrued management fees | 87,023 | 102,372 | 204,917 | 22,458 | ||||||||||||
Total liabilities | 87,023 | 16,130,373 | 10,216,228 | 507,783 | ||||||||||||
Net assets | $ | 523,122,667 | $ | 374,565,144 | $ | 760,396,539 | $ | 77,502,842 | ||||||||
Net assets consist of: | ||||||||||||||||
Paid-In Capital | $ | 573,587,606 | $ | 309,561,158 | $ | 612,594,122 | $ | 63,298,415 | ||||||||
Undistributed net investment income | 903,169 | 317,963 | 128,870 | 3,015 | ||||||||||||
Accumulated net realized loss on investments | (107,298,082 | ) | (2,315,489 | ) | (12,283,225 | ) | (1,311,511 | ) | ||||||||
Net unrealized appreciation on investments | 55,929,974 | 67,001,512 | 159,956,772 | 15,512,923 | ||||||||||||
Net assets | $ | 523,122,667 | $ | 374,565,144 | $ | 760,396,539 | $ | 77,502,842 | ||||||||
Shares outstanding (unlimited shares authorized), no par value | 4,250,785 | 8,052,836 | 11,500,299 | 1,600,499 | ||||||||||||
Net asset value, offering price and repurchase price per share | $ | 123.06 | $ | 46.51 | $ | 66.12 | $ | 48.42 | ||||||||
Cost of investments | $ | 466,730,868 | $ | 307,004,173 | $ | 600,503,178 | $ | 62,000,527 | ||||||||
Cost of repurchase agreements | — | 11,317,043 | — | 485,325 | ||||||||||||
*Total cost of investments | $ | 466,730,868 | $ | 318,321,216 | $ | 600,503,178 | $ | 62,485,852 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 33 |
STATEMENTS OF ASSETS AND LIABILITIES (concluded) | October 31, 2013 |
Guggenheim | Guggenheim | Guggenheim | ||||||||||
S&P MidCap 400® | S&P SmallCap 600® | S&P SmallCap 600® | ||||||||||
Pure Growth ETF | Pure Value ETF | Pure Growth ETF | ||||||||||
Assets: | ||||||||||||
Investments, at value — including $44,031,972,$3,731,166 and $3,643,167 of securities loaned, respectively | $ | 737,872,754 | $ | 123,323,815 | $ | 107,623,288 | ||||||
Repurchase agreements | 44,304,724 | 3,964,325 | 3,737,425 | |||||||||
Total investments* | 782,177,478 | 127,288,140 | 111,360,713 | |||||||||
Receivables: | ||||||||||||
Fund shares sold | 17,269,050 | — | — | |||||||||
Investments sold | — | 957,981 | — | |||||||||
Securities lending income | 116,562 | 8,193 | 10,167 | |||||||||
Dividends and interest | 176,514 | 52,206 | 24,778 | |||||||||
Total assets | �� | 799,739,604 | 128,306,520 | 111,395,658 | ||||||||
Liabilities: | ||||||||||||
Payable upon return of securities loaned | 44,304,724 | 3,964,325 | 3,737,425 | |||||||||
Payable for: | ||||||||||||
Investments purchased | 17,258,575 | 956,572 | — | |||||||||
Accrued management fees | 205,087 | 35,351 | 28,094 | |||||||||
Total liabilities | 61,768,386 | 4,956,248 | 3,765,519 | |||||||||
Net assets | $ | 737,971,218 | $ | 123,350,272 | $ | 107,630,139 | ||||||
Net assets consist of: | ||||||||||||
Paid-In Capital | $ | 601,297,171 | $ | 119,525,354 | $ | 86,796,257 | ||||||
Undistributed net investment income | 249,906 | — | 26,298 | |||||||||
Accumulated net realized loss on investments | (27,817,356 | ) | (20,331,873 | ) | (2,113,001 | ) | ||||||
Net unrealized appreciation on investments | 164,241,497 | 24,156,791 | 22,920,585 | |||||||||
Net assets | $ | 737,971,218 | $ | 123,350,272 | $ | 107,630,139 | ||||||
Shares outstanding (unlimited shares authorized), no par value | 6,400,021 | 2,150,040 | 1,450,004 | |||||||||
Net asset value, offering price and repurchase price per share | $ | 115.31 | $ | 57.37 | $ | 74.23 | ||||||
Cost of investments | $ | 573,631,257 | $ | 99,167,024 | $ | 84,702,703 | ||||||
Cost of repurchase agreements | 44,304,724 | 3,964,325 | 3,737,425 | |||||||||
*Total cost of investments | $ | 617,935,981 | $ | 103,131,349 | $ | 88,440,128 |
34 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF OPERATIONS |
For the Year Ended October 31, 2013 |
Guggenheim | Guggenheim | Guggenheim | Guggenheim | |||||||||||||
Russell Top 50® | S&P 500® | S&P 500® | S&P MidCap 400® | |||||||||||||
Mega Cap ETF | Pure Value ETF | Pure Growth ETF | Pure Value ETF | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends, net of foreign taxes withheld* | $ | 13,872,899 | $ | 4,083,856 | $ | 5,032,929 | $ | 857,193 | ||||||||
Income from securities lending | 28 | 87,295 | 46,573 | 18,178 | ||||||||||||
Interest | 116 | 7 | 13 | 1 | ||||||||||||
Total investment income | 13,873,043 | 4,171,158 | 5,079,515 | 875,372 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 1,118,472 | 728,940 | 1,598,402 | 195,265 | ||||||||||||
Other fees | 1 | 325 | 9 | 46 | ||||||||||||
Total expenses | 1,118,473 | 729,265 | 1,598,411 | 195,311 | ||||||||||||
Net investment income | 12,754,570 | 3,441,893 | 3,481,104 | 680,061 | ||||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | 1,562,451 | 7,071,014 | 11,823,964 | 2,976,812 | ||||||||||||
In-kind redemptions | 38,266,267 | — | 3,965,644 | — | ||||||||||||
Net realized gain (loss) | 39,828,718 | 7,071,014 | 15,789,608 | 2,976,812 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 51,913,053 | 64,200,570 | 131,869,558 | 13,986,189 | ||||||||||||
Net realized and unrealized gain | 91,741,771 | 71,271,584 | 147,659,166 | 16,963,001 | ||||||||||||
Net increase in net assets resulting from operations | $ | 104,496,341 | $ | 74,713,477 | $ | 151,140,270 | $ | 17,643,062 | ||||||||
* Foreign taxes withheld | $ | — | $ | 2,414 | $ | — | $ | — |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 35 |
STATEMENTS OF OPERATIONS (concluded) |
For the Year Ended October 31, 2013 |
Guggenheim | Guggenheim | Guggenheim | ||||||||||
S&P MidCap 400® | S&P SmallCap 600® | S&P SmallCap 600® | ||||||||||
Pure Growth ETF | Pure Value ETF | Pure Growth ETF | ||||||||||
Investment Income: | ||||||||||||
Dividends | $ | 7,563,534 | $ | 1,257,268 | $ | 880,390 | ||||||
Income from securities lending | 651,282 | 69,645 | 133,289 | |||||||||
Interest | 10 | 5 | 1 | |||||||||
Total investment income | 8,214,826 | 1,326,918 | 1,013,680 | |||||||||
Expenses: | ||||||||||||
Management fees | 2,113,543 | 312,394 | 273,738 | |||||||||
Other fees | 1,595 | 277 | 696 | |||||||||
Total expenses | 2,115,138 | 312,671 | 274,434 | |||||||||
Net investment income | 6,099,688 | 1,014,247 | 739,246 | |||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 16,503,279 | 3,354,732 | 825,590 | |||||||||
In-kind redemptions | 5,054,333 | 2,559,297 | 2,299,144 | |||||||||
Net realized gain (loss) | 21,557,612 | 5,914,029 | 3,124,734 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 139,575,253 | 25,108,163 | 21,083,554 | |||||||||
Net realized and unrealized gain | 161,132,865 | 31,022,192 | 24,208,288 | |||||||||
Net increase in net assets resulting from operations | $ | 167,232,553 | $ | 32,036,439 | $ | 24,947,534 |
36 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF CHANGES IN NET ASSETS |
Guggenheim Russell | Guggenheim S&P 500® | |||||||||||||||
Top 50® Mega Cap ETF | Pure Value ETF | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
October 31, 2013 | October 31, 2012 | October 31, 2013 | October 31, 2012 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 12,754,570 | $ | 10,720,440 | $ | 3,441,893 | $ | 1,340,916 | ||||||||
Net realized gain on investments | 39,828,718 | 36,525,148 | 7,071,014 | 1,525,284 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 51,913,053 | 29,002,637 | 64,200,570 | 8,342,608 | ||||||||||||
Net increase in net assets resulting from operations | 104,496,341 | 76,248,225 | 74,713,477 | 11,208,808 | ||||||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (12,958,628 | ) | (10,403,624 | ) | (3,158,321 | ) | (1,370,034 | ) | ||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares purchased | — | 376,572,367 | 217,427,100 | 17,479,492 | ||||||||||||
Value of shares redeemed | (192,882,639 | ) | (272,358,663 | ) | — | (21,285,657 | ) | |||||||||
Net increase (decrease) in net assets resulting from share transactions | (192,882,639 | ) | 104,213,704 | 217,427,100 | (3,806,165 | ) | ||||||||||
Net increase (decrease) in net assets | (101,344,926 | ) | 170,058,305 | 288,982,256 | 6,032,609 | |||||||||||
Net assets: | ||||||||||||||||
Beginning of year | 624,467,593 | 454,409,288 | 85,582,888 | 79,550,279 | ||||||||||||
End of year | $ | 523,122,667 | $ | 624,467,593 | $ | 374,565,144 | $ | 85,582,888 | ||||||||
Undistributed net investment income at end of year | $ | 903,169 | $ | 1,107,227 | $ | 317,963 | $ | 36,334 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | — | 3,800,000 | 5,400,000 | 550,000 | ||||||||||||
Shares redeemed | (1,750,000 | ) | (2,850,000 | ) | — | (700,000 | ) | |||||||||
Net increase (decrease) in shares | (1,750,000 | ) | 950,000 | 5,400,000 | (150,000 | ) |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 37 |
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim S&P 500® | Guggenheim S&P MidCap 400® | |||||||||||||||
Pure Growth ETF | Pure Value ETF | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
October 31, 2013 | October 31, 2012 | October 31, 2013 | October 31, 2012 | |||||||||||||
Increase (Decrease) In Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 3,481,104 | $ | 2,155,172 | $ | 680,061 | $ | 496,862 | ||||||||
Net realized gain (loss) on investments | 15,789,608 | (17,455,904 | ) | 2,976,812 | (233,969 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | 131,869,558 | 35,947,461 | 13,986,189 | 5,102,579 | ||||||||||||
Net increase in net assets resulting from operations | 151,140,270 | 20,646,729 | 17,643,062 | 5,365,472 | ||||||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (3,301,125 | ) | (2,094,006 | ) | (684,543 | ) | (516,543 | ) | ||||||||
Return of capital | (218,750 | ) | — | — | — | |||||||||||
Total distribution to shareholders | (3,519,875 | ) | (2,094,006 | ) | (684,543 | ) | (516,543 | ) | ||||||||
Shareholder transactions: | �� | |||||||||||||||
Proceeds from shares purchased | 298,162,248 | 81,232,040 | 25,529,180 | 4,880,240 | ||||||||||||
Value of shares redeemed | (17,639,588 | ) | (33,420,035 | ) | — | (10,384,990 | ) | |||||||||
Net increase (decrease) in net assets resulting from share transactions | 280,522,660 | 47,812,005 | 25,529,180 | (5,504,750 | ) | |||||||||||
Net increase (decrease) in net assets | 428,143,055 | 66,364,728 | 42,487,699 | (655,821 | ) | |||||||||||
Net assets: | ||||||||||||||||
Beginning of year | 332,253,484 | 265,888,756 | 35,015,143 | 35,670,964 | ||||||||||||
End of year | $ | 760,396,539 | $ | 332,253,484 | $ | 77,502,842 | $ | 35,015,143 | ||||||||
Undistributed net investment income at end of year | $ | 128,870 | $ | 58,605 | $ | 3,015 | $ | 8,655 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 4,900,000 | 1,750,000 | 600,000 | 150,000 | ||||||||||||
Shares redeemed | (350,000 | ) | (750,000 | ) | — | (300,000 | ) | |||||||||
Net increase (decrease) in shares | 4,550,000 | 1,000,000 | 600,000 | (150,000 | ) |
38 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim S&P MidCap 400® | Guggenheim S&P SmallCap 600® | |||||||||||||||
Pure Growth ETF | Pure Value ETF | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
October 31, 2013 | October 31, 2012 | October 31, 2013 | October 31, 2012 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 6,099,688 | $ | 1,276,806 | $ | 1,014,247 | $ | 447,879 | ||||||||
Net realized gain (loss) on investments | 21,557,612 | (18,569,131 | ) | 5,914,029 | (3,167,103 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | 139,575,253 | 48,063,368 | 25,108,163 | 9,518,258 | ||||||||||||
Net increase in net assets resulting from operations | 167,232,553 | 30,771,043 | 32,036,439 | 6,799,034 | ||||||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (6,220,307 | ) | (980,107 | ) | (1,052,024 | ) | (452,652 | ) | ||||||||
Return of capital | — | — | — | (35,405 | ) | |||||||||||
Total distributions to shareholders | (6,220,307 | ) | (980,107 | ) | (1,052,024 | ) | (488,057 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 93,820,645 | 83,742,986 | 33,487,133 | 12,561,039 | ||||||||||||
Value of shares redeemed | (28,742,288 | ) | (254,899,279 | ) | (13,186,886 | ) | (8,936,014 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | 65,078,357 | (171,156,293 | ) | 20,300,247 | 3,625,025 | |||||||||||
Net increase (decrease) in net assets | 226,090,603 | (141,365,357 | ) | 51,284,662 | 9,936,002 | |||||||||||
Net assets: | ||||||||||||||||
Beginning of year | 511,880,615 | 653,245,972 | 72,065,610 | 62,129,608 | ||||||||||||
End of year | $ | 737,971,218 | $ | 511,880,615 | $ | 123,350,272 | $ | 72,065,610 | ||||||||
Undistributed net investment income at end of year | $ | 249,906 | $ | 362,493 | $ | — | $ | — | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 900,000 | 1,000,000 | 650,000 | 300,000 | ||||||||||||
Shares redeemed | (300,000 | ) | (3,150,000 | ) | (300,000 | ) | (250,000 | ) | ||||||||
Net increase (decrease) in shares | 600,000 | (2,150,000 | ) | 350,000 | 50,000 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFS ANNUAL REPORT | 39 |
STATEMENTS OF CHANGES IN NET ASSETS (concluded) |
Guggenheim S&P SmallCap 600® | ||||||||
Pure Growth ETF | ||||||||
Year Ended | Year Ended | |||||||
October 31, 2013 | October 31, 2012 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 739,246 | $ | 259,371 | ||||
Net realized gain (loss) on investments | 3,124,734 | (538,813 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments | 21,083,554 | 5,933,299 | ||||||
Net increase in net assets resulting from operations | 24,947,534 | 5,653,857 | ||||||
Distributions to Shareholders from: | ||||||||
Net investment income | (691,336 | ) | (263,737 | ) | ||||
Return of capital | (33,096 | ) | — | |||||
Total distribution to shareholders | (724,432 | ) | (263,737 | ) | ||||
Shareholder transactions: | ||||||||
Proceeds from shares purchased | 22,140,704 | 46,407,484 | ||||||
Value of shares redeemed | (12,093,150 | ) | (13,310,670 | ) | ||||
Net increase in net assets resulting from share transactions | 10,047,554 | 33,096,814 | ||||||
Net increase in net assets | 34,270,656 | 38,486,934 | ||||||
Net assets: | ||||||||
Beginning of year | 73,359,483 | 34,872,549 | ||||||
End of year | $ | 107,630,139 | $ | 73,359,483 | ||||
Undistributed net investment income at end of year | $ | 26,298 | $ | — | ||||
Changes in shares outstanding: | ||||||||
Shares sold | 300,000 | 900,000 | ||||||
Shares redeemed | (200,000 | ) | (250,000 | ) | ||||
Net increase in shares | 100,000 | 650,000 |
40 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM RUSSELL TOP 50® MEGA CAP ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 104.06 | $ | 89.97 | $ | 85.16 | $ | 78.90 | $ | 76.29 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment incomea | 2.56 | 2.17 | 1.87 | 1.72 | 1.95 | |||||||||||||||
Net gain on investments (realized and unrealized) | 19.05 | 14.02 | 4.74 | 6.26 | 2.61 | |||||||||||||||
Total from investment operations | 21.61 | 16.19 | 6.61 | 7.98 | 4.56 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (2.61 | ) | (2.10 | ) | (1.80 | ) | (1.72 | ) | (1.95 | ) | ||||||||||
Total distributions to shareholders | (2.61 | ) | (2.10 | ) | (1.80 | ) | (1.72 | ) | (1.95 | ) | ||||||||||
Net asset value, end of period | $ | 123.06 | $ | 104.06 | $ | 89.97 | $ | 85.16 | $ | 78.90 | ||||||||||
Total Returnb | 21.07 | % | 18.11 | % | 7.80 | % | 10.22 | % | 6.35 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 523,123 | $ | 624,468 | $ | 454,409 | $ | 323,669 | $ | 315,662 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income | 2.28 | % | 2.19 | % | 2.08 | % | 2.09 | % | 2.79 | % | ||||||||||
Total expenses | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||
Portfolio turnover ratec | 8 | % | 7 | % | 6 | % | 9 | % | 12 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 41 |
GUGGENHEIM S&P 500® PURE VALUE ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 32.26 | $ | 28.38 | $ | 25.95 | $ | 21.46 | $ | 17.98 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment incomea | 0.67 | 0.48 | 0.42 | 0.35 | 0.49 | |||||||||||||||
Net gain on investments (realized and unrealized) | 14.18 | 3.89 | 2.40 | 4.49 | 3.53 | |||||||||||||||
Total from investment operations | 14.85 | 4.37 | 2.82 | 4.84 | 4.02 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.60 | ) | (0.49 | ) | (0.39 | ) | (0.35 | ) | (0.54 | ) | ||||||||||
Total distributions to shareholders | (0.60 | ) | (0.49 | ) | (0.39 | ) | (0.35 | ) | (0.54 | ) | ||||||||||
Net asset value, end of period | $ | 46.51 | $ | 32.26 | $ | 28.38 | $ | 25.95 | $ | 21.46 | ||||||||||
Total Returnb | 46.39 | % | 15.54 | % | 10.84 | % | 22.67 | % | 23.73 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 374,565 | $ | 85,583 | $ | 79,550 | $ | 55,876 | $ | 30,101 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income | 1.65 | % | 1.60 | % | 1.44 | % | 1.38 | % | 2.92 | % | ||||||||||
Total expenses | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||
Portfolio turnover ratec | 24 | % | 37 | % | 23 | % | 27 | % | 45 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
42 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 500® PURE GROWTH ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 47.80 | $ | 44.68 | $ | 40.40 | $ | 30.85 | $ | 24.40 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment incomea | 0.44 | 0.33 | 0.18 | 0.13 | 0.18 | |||||||||||||||
Net gain on investments (realized and unrealized) | 18.33 | 3.11 | 4.28 | 9.57 | 6.46 | |||||||||||||||
Total from investment operations | 18.77 | 3.44 | 4.46 | 9.70 | 6.64 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.42 | ) | (0.32 | ) | (0.18 | ) | (0.15 | ) | (0.19 | ) | ||||||||||
Return of capital | (0.03 | ) | — | — | — | — | ||||||||||||||
Total distributions to shareholders | (0.45 | ) | (0.32 | ) | (0.18 | ) | (0.15 | ) | (0.19 | ) | ||||||||||
Net asset value, end of period | $ | 66.12 | $ | 47.80 | $ | 44.68 | $ | 40.40 | $ | 30.85 | ||||||||||
Total Returnb | 39.45 | % | 7.72 | % | 11.06 | % | 31.51 | % | 27.41 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 760,397 | $ | 332,253 | $ | 265,889 | $ | 147,470 | $ | 38,568 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income | 0.76 | % | 0.71 | % | 0.41 | % | 0.37 | % | 0.69 | % | ||||||||||
Total expenses | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||
Portfolio turnover ratec | 44 | % | 35 | % | 21 | % | 31 | % | 27 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 43 |
GUGGENHEIM S&P MIDCAP 400® PURE VALUE ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 35.00 | $ | 31.00 | $ | 30.77 | $ | 24.20 | $ | 20.24 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment incomea | 0.52 | 0.46 | 0.41 | 0.36 | 0.59 | |||||||||||||||
Net gain on investments (realized and unrealized) | 13.46 | 4.01 | 0.22 | 6.57 | 3.92 | |||||||||||||||
Total from investment operations | 13.98 | 4.47 | 0.63 | 6.93 | 4.51 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.56 | ) | (0.47 | ) | (0.40 | ) | (0.36 | ) | (0.55 | ) | ||||||||||
Total distributions to shareholders | (0.56 | ) | (0.47 | ) | (0.40 | ) | (0.36 | ) | (0.55 | ) | ||||||||||
Net asset value, end of period | $ | 48.42 | $ | 35.00 | $ | 31.00 | $ | 30.77 | $ | 24.20 | ||||||||||
Total Returnb | 40.27 | % | 14.46 | % | 2.03 | % | 28.75 | % | 23.32 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 77,503 | $ | 35,015 | $ | 35,671 | $ | 43,089 | $ | 22,997 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income | 1.22 | % | 1.36 | % | 1.22 | % | 1.20 | % | 2.90 | % | ||||||||||
Total expenses | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||
Portfolio turnover ratec | 28 | % | 47 | % | 49 | % | 35 | % | 57 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
44 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P MIDCAP 400® PURE GROWTH ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 88.25 | $ | 82.17 | $ | 70.46 | $ | 52.89 | $ | 39.10 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment incomea | 1.02 | 0.20 | 0.07 | 0.02 | 0.09 | |||||||||||||||
Net gain on investments (realized and unrealized) | 27.10 | 6.04 | 11.72 | 17.59 | 13.79 | |||||||||||||||
Total from investment operations | 28.12 | 6.24 | 11.79 | 17.61 | 13.88 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (1.06 | ) | (0.16 | ) | (0.08 | ) | (0.04 | ) | (0.09 | ) | ||||||||||
Total distributions to shareholders | (1.06 | ) | (0.16 | ) | (0.08 | ) | (0.04 | ) | (0.09 | ) | ||||||||||
Net asset value, end of period | $ | 115.31 | $ | 88.25 | $ | 82.17 | $ | 70.46 | $ | 52.89 | ||||||||||
Total Returnb | 32.07 | % | 7.60 | % | 16.73 | % | 33.32 | % | 35.59 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 737,971 | $ | 511,881 | $ | 653,246 | $ | 292,429 | $ | 108,432 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income | 1.01 | % | 0.23 | % | 0.09 | % | 0.03 | % | 0.19 | % | ||||||||||
Total expenses | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||
Portfolio turnover ratec | 72 | % | 56 | % | 45 | % | 51 | % | 29 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 45 |
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 40.04 | $ | 35.50 | $ | 34.27 | $ | 28.50 | $ | 23.21 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment incomea | 0.56 | 0.25 | 0.20 | 0.20 | 0.32 | |||||||||||||||
Net gain on investments (realized and unrealized) | 17.40 | 4.56 | 1.23 | 5.78 | 5.29 | |||||||||||||||
Total from investment operations | 17.96 | 4.81 | 1.43 | 5.98 | 5.61 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.63 | ) | (0.25 | ) | (0.20 | ) | (0.21 | ) | (0.32 | ) | ||||||||||
Return of capital | — | (0.02 | ) | — | — | — | ||||||||||||||
Total distributions to shareholders | (0.63 | ) | (0.27 | ) | (0.20 | ) | (0.21 | ) | (0.32 | ) | ||||||||||
Net asset value, end of period | $ | 57.37 | $ | 40.04 | $ | 35.50 | $ | 34.27 | $ | 28.50 | ||||||||||
Total Returnb | 45.20 | % | 13.52 | % | 4.16 | % | 21.07 | % | 25.00 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 123,350 | $ | 72,066 | $ | 62,130 | $ | 87,383 | $ | 108,284 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income | 1.14 | % | 0.65 | % | 0.53 | % | 0.60 | % | 1.18 | % | ||||||||||
Total expenses | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||
Portfolio turnover ratec | 43 | % | 48 | % | 76 | % | 62 | % | 43 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
46 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF |
FINANCIAL HIGHLIGHTS |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 54.34 | $ | 49.82 | $ | 43.32 | $ | 34.13 | $ | 29.03 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment incomea | 0.59 | 0.20 | 0.02 | 0.06 | 0.06 | |||||||||||||||
Net gain on investments (realized and unrealized) | 19.87 | 4.50 | 6.57 | 9.18 | 5.13 | |||||||||||||||
Total from investment operations | 20.46 | 4.70 | 6.59 | 9.24 | 5.19 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.54 | ) | (0.18 | ) | (0.09 | ) | (0.05 | ) | (0.09 | ) | ||||||||||
Return of capital | (0.03 | ) | — | — | — | — | ||||||||||||||
Total distributions to shareholders | (0.57 | ) | (0.18 | ) | (0.09 | ) | (0.05 | ) | (0.09 | ) | ||||||||||
Net asset value, end of period | $ | 74.23 | $ | 54.34 | $ | 49.82 | $ | 43.32 | $ | 34.13 | ||||||||||
Total Returnb | 37.94 | % | 9.44 | % | 15.22 | % | 27.11 | % | 17.93 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 107,630 | $ | 73,359 | $ | 34,873 | $ | 17,329 | $ | 11,945 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income | 0.94 | % | 0.38 | % | 0.03 | % | 0.14 | % | 0.21 | % | ||||||||||
Total expenses | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||
Portfolio turnover ratec | 73 | % | 44 | % | 33 | % | 55 | % | 46 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 47 |
1. | Organization |
Rydex ETF Trust (the “Trust”) is registered with the SEC under the Investment Company Act of 1940 (the “1940 Act”) as a nondiversified, open-ended investment company of the series type, and is authorized to issue an unlimited number of no par value shares. Each portfolio represents a separate series of beneficial interest in the Trust (each a “Fund”, and collectively, the “Funds”). The Trust was organized as a Delaware statutory trust on November 22, 2002. As of October 31, 2013, the Trust offered twenty-one portfolios, of which seven are covered by this report. The financial statements herein relate to the following funds, whose investment objective is to replicate as closely as possible, before fees and expenses, the daily performance of an index representing publicly traded equity securities (the “Underlying Index”) as follows:
Fund | Index |
Guggenheim Russell Top 50® | Russell Top 50® Mega Cap Index |
Mega Cap ETF | |
Guggenheim S&P 500® | S&P 500® Pure |
Pure Value ETF | Value Index |
Guggenheim S&P 500® | S&P 500® Pure |
Pure Growth ETF | Growth Index |
Guggenheim S&P MidCap 400® | S&P MidCap 400® Pure |
Pure Value ETF | Value Index |
Guggenheim S&P MidCap 400® | S&P MidCap 400® Pure |
Pure Growth ETF | Growth Index |
Guggenheim S&P SmallCap 600® | S&P SmallCap 600® Pure |
Pure Value ETF | Value Index |
Guggenheim S&P SmallCap 600® | S&P SmallCap 600® Pure |
Pure Growth ETF | Growth Index |
The Funds seek to achieve their objective by investing in common stocks that comprise the Underlying Index. The Funds use a “replication” strategy to track the Underlying Index. “Replication” refers to investing in substantially all of the securities in the Underlying Index in approximately the same proportions as in the Underlying Index.
The Funds operate as index funds and are not actively managed. Adverse performance of a security in the Funds’ portfolio will ordinarily not result in the elimination of the security from the Funds’ portfolio.
The Funds issue and redeem shares on a continuous basis, at Net Asset Value per share (“NAV”), only in aggregation of 50,000 shares (a “Creation Unit”). Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.
Guggenheim Investments (“GI”) provides advisory services and Rydex Fund Services, LLC (“RFS”) provides administrative services to the Trust. Guggenheim Distributors, LLC (“GDL”) acts as principal underwriter for the Trust. GI, RFS and GDL are affiliated entities.
Significant Accounting Policies
The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.
A. Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date. The Funds invest in money market mutual funds, which are valued at their NAV.
Short-term debt securities with a maturity of 60 days or less at acquisition and repurchase agreements are valued at amortized cost, which approximates market value.
Investments for which market quotations are not readily available are fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. These methods include, but are not limited to: (i) obtaining general information as to how these securities and assets trade; and (ii) obtaining other information and considerations, including current values in related markets.
B. Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as realized gains in the respective fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Distributions received from investments in REITs are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer.
48 | GUGGENHEIM ETFs ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (continued) |
C. Distributions of net investment income and net realized gains, if any, in all the Funds, are declared and paid at least annually. Distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.
D. The Funds may enter into repurchase agreements with financial institutions. In a repurchase agreement, a Fund buys a security and the seller simultaneously agrees to repurchase the security on a specified future date at an agreed-upon price. The repurchase price reflects an agreed-upon interest rate during the time the Fund’s money is invested in the security. Because the security constitutes collateral for the repurchase obligation, a repurchase agreement can be considered a collateralized loan. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose condition will be continually monitored by GI. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Funds will seek to liquidate such collateral. However, the exercising of the Funds right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Funds could suffer a loss. It is the current policy of the Funds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Funds, amounts to more than 15% of a Funds net assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of GI, liquidity or other considerations so warrant.
E. The Funds invest in various investments which are exposed to risk, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect amounts reported in the financial statements. The Guggenheim Russell Top 50® Mega Cap ETFs is a non-diversified fund, subjecting it to a greater risk than funds that are diversified.
Throughout the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience the Funds expect the risk of loss to be remote.
2. | Capital |
There is a minimum transaction fee per transaction to those persons purchasing or redeeming Creation Units. An additional charge of up to three times the standard transaction fee may be imposed for purchases and redemptions effected outside the National Securities Clearing Corporation usual clearing process or for cash. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV of the Fund on the transaction date. Transaction fees are not charged to or paid by the Funds. The minimum transaction fees are:
Fund | Minimum Transaction Fee | |||
Guggenheim Russell Top 50® Mega Cap ETF | $ 500 | |||
Guggenheim S&P 500® Pure Value ETF | 1,000 | |||
Guggenheim S&P 500® Pure Growth ETF | 1,000 | |||
Guggenheim S&P MidCap 400® Pure Value ETF | 750 | |||
Guggenheim S&P MidCap 400® Pure Growth ETF | 750 | |||
Guggenheim S&P SmallCap 600® Pure Value ETF | 1,000 | |||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 1,000 |
3. | Fees and Other Transactions with Affiliates |
GI determines the composition of the portfolio of securities that must be delivered in exchange for the issuance of Creation Units and periodically adjusts the composition of the portfolio of the Funds to conform to changes in the composition of the relevant index. For these services, GI receives a management fee at the annual rate shown below as a percentage of the average daily net assets of the Funds.
Fund | Advisory Fee | |||
Guggenheim Russell Top 50® Mega Cap ETF | 0.20 | % | ||
Guggenheim S&P 500® Pure Value ETF | 0.35 | % | ||
Guggenheim S&P 500® Pure Growth ETF | 0.35 | % | ||
Guggenheim S&P MidCap 400® Pure Value ETF | 0.35 | % | ||
Guggenheim S&P MidCap 400® Pure Growth ETF | 0.35 | % | ||
Guggenheim S&P SmallCap 600® Pure Value ETF | 0.35 | % | ||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 0.35 | % |
GI pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, fund accounting, legal, audit and other services, except: interest, taxes, distribution fees or expenses and extraordinary expenses.
Under a Fund Administration Agreement with the Trust, RFS provides various administrative and financial reporting services for the Fund. GI compensates RFS directly for this service. Prior to June 3, 2013, State Street Bank and Trust provided such services.
GUGGENHEIM ETFs ANNUAL REPORT | 49 |
NOTES TO FINANCIAL STATEMENTS (continued) |
Under a Fund Accounting Agreement with the Trust, BNYMellon maintains the books and records of the Funds. Under a Custodian Agreement with the Trust, BNYMellon maintains cash, securities and other assets of the Funds in a separate account for the Funds, keeps all necessary accounts and records, and provides other services. BNYMellon is required, upon the order of the Trust, to deliver securities held by the custodian and to make payments for securities purchased by the Trust for the Funds. Pursuant to a Transfer Agency and Service Agreement with the Trust, BNYMellon acts as a transfer agent for the Trust’s authorized and issued shares of beneficial interest, and as dividend disbursing agent of the Trust. GI compensates BNYMellon directly for the foregoing services. Prior to June 3, 2013, State Street Bank and Trust provided such services.
The Funds have adopted a Distribution Plan (the “Plan”) that allows the Funds to pay distribution fees to GDL and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Funds will pay distribution fees to GDL at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GDL will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Funds.
4. | Fair Value Measurement |
In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or, in the absence of a principal market, the most advantageous market for the investment or liability. A three-tier hierarchy is utilized to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The inputs are summarized in the three broad levels listed below:
Level 1 — quoted prices in active markets for identical securities.
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes the inputs used to value the Funds’ net assets as of October 31, 2013:
Level 1 | Level 2 | Level 3 | ||||||||||||||
Investments | Investments | Investments | ||||||||||||||
Fund | In Securities | In Securities | In Securities | Total | ||||||||||||
Guggenheim Russell Top 50® Mega Cap ETF | $ | 522,660,842 | $ | — | $ | — | $ | 522,660,842 | ||||||||
Guggenheim S&P 500® Pure Value ETF | 374,005,685 | 11,317,043 | — | 385,322,728 | ||||||||||||
Guggenheim S&P 500® Pure Growth ETF | 760,459,950 | — | — | 760,459,950 | ||||||||||||
Guggenheim S&P Midcap 400® Pure Value ETF | 77,513,450 | 485,325 | — | 77,998,775 | ||||||||||||
Guggenheim S&P Midcap 400® Pure Growth ETF | 737,872,754 | 44,304,724 | — | 782,177,478 | ||||||||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 123,323,815 | 3,964,325 | — | 127,288,140 | ||||||||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 107,623,288 | 3,737,425 | — | 111,360,713 |
For the year ended October 31, 2013, there were no transfers between levels.
5. | Federal Income Taxes |
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax is required.
50 | GUGGENHEIM ETFs ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (continued) |
Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken, or to be taken, on Federal income tax returns for all open tax years, and has concluded that no provision for income tax was required in the Funds’ financial statements. A fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.
Income and capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for in-kind redemptions, income reclassifications from REITs and losses deferred due to wash sales.
The RIC Modernization Act of 2010 was signed into law on December 22, 2010 and sought to simplify some of the tax provisions applicable to regulated investment companies, the tax reporting to their shareholders and to improve the tax efficiency of certain fund structures. The changes were generally effective for taxable years beginning after the date of enactment.
One of the more prominent changes addresses capital loss carryforwards. Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years are required to be utilized prior to the losses incurred in pre-enactment taxable years. Under pre-enactment law, capital losses could be carried forward for eight years, and carried forward as short-term capital, irrespective of the character of the original loss. As a result of this ordering rule, pre-enactment capital loss carryforwards may potentially expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
Tax basis capital losses in excess of capital gains are carried forward to offset future net capital gains. For the year ended October 31, 2013, the following capital loss carryforward amounts were expired or used:
Fund | Amount | |||
Guggenheim Russell Top 50® Mega Cap ETF | $ | (2,306,716 | ) | |
Guggenheim S&P 500® Pure Value ETF | (7,043,762 | ) | ||
Guggenheim S&P 500® Pure Growth ETF | (12,365,582 | ) | ||
Guggenheim S&P Midcap 400® Pure Value ETF | (3,020,112 | ) | ||
Guggenheim S&P Midcap 400® Pure Growth ETF | (15,997,546 | ) | ||
Guggenheim S&P Smallcap 600® Pure Value ETF | (3,954,562 | ) | ||
Guggenheim S&P Smallcap 600® Pure Growth ETF | (985,165 | ) |
The tax character of distributions paid during the year ended October 31, 2013 was as follows:
Ordinary | Return of | Total | ||||||||||
Fund | Income | Capital | Distributions | |||||||||
Guggenheim Russell Top 50® Mega Cap ETF | $ | 12,958,628 | $ — | $ | 12,958,628 | |||||||
Guggenheim S&P 500® Pure Value ETF | 3,158,321 | — | 3,158,321 | |||||||||
Guggenheim S&P 500® Pure Growth ETF | 3,301,125 | 218,750 | 3,519,875 | |||||||||
Guggenheim S&P Midcap 400® Pure Value ETF | 684,543 | — | 684,543 | |||||||||
Guggenheim S&P Midcap 400® Pure Growth ETF | 6,220,307 | — | 6,220,307 | |||||||||
Guggenheim S&P Smallcap 600® Pure Value ETF | 1,052,024 | — | 1,052,024 | |||||||||
Guggenheim S&P Smallcap 600® Pure Growth ETF | 691,336 | 33,096 | 724,432 |
The tax character of distributions paid during the year ended October 31, 2012 was as follows:
Ordinary | Return of | Total | ||||||||||
Fund | Income | Capital | Distributions | |||||||||
Guggenheim Russell Top 50® Mega Cap ETF | $ | 10,403,624 | $ — | $ | 10,403,624 | |||||||
Guggenheim S&P 500® Pure Value ETF | 1,370,034 | — | 1,370,034 | |||||||||
Guggenheim S&P 500® Pure Growth ETF | 2,094,006 | — | 2,094,006 | |||||||||
Guggenheim S&P Midcap 400® Pure Value ETF | 516,543 | — | 516,543 | |||||||||
Guggenheim S&P Midcap 400® Pure Growth ETF | 980,107 | — | 980,107 | |||||||||
Guggenheim S&P Smallcap 600® Pure Value ETF | 452,652 | 35,405 | 488,057 | |||||||||
Guggenheim S&P Smallcap 600® Pure Growth ETF | 263,737 | — | 263,737 |
GUGGENHEIM ETFs ANNUAL REPORT | 51 |
NOTES TO FINANCIAL STATEMENTS (continued) |
The tax character of distributable earnings/(accumulated losses) at October 31, 2013 was as follows:
Undistributed | Undistributed | Net Unrealized | Total | |||||||||||||||||
Ordinary | Long-Term | Capital Loss | Appreciation/ | Accumulated | ||||||||||||||||
Fund | Income | Capital Gain | Carryforward | (Depreciation) | Earnings/(Deficit) | |||||||||||||||
Guggenheim Russell Top 50® Mega Cap ETF | $ | 903,169 | $ | — | $ | (106,218,682 | ) | $ | 54,850,574 | $ | (50,464,939 | ) | ||||||||
Guggenheim S&P 500® Pure Value ETF | 278,102 | — | (2,160,163 | ) | 66,886,047 | 65,003,986 | ||||||||||||||
Guggenheim S&P 500® Pure Growth ETF | — | — | (11,190,057 | ) | 158,992,474 | 147,802,417 | ||||||||||||||
Guggenheim S&P Midcap 400® Pure Value ETF | 3,015 | — | (1,152,016 | ) | 15,353,428 | 14,204,427 | ||||||||||||||
Guggenheim S&P Midcap 400® Pure Growth ETF | 249,906 | — | (26,645,916 | ) | 163,070,057 | 136,674,047 | ||||||||||||||
Guggenheim S&P Smallcap 600® Pure Value ETF | — | — | (19,586,898 | ) | 23,411,816 | 3,824,918 | ||||||||||||||
Guggenheim S&P Smallcap 600® Pure Growth ETF | — | — | (1,926,128 | ) | 22,760,010 | 20,833,882 |
A summary of the expiration of the capital loss carryforward is as follows:
Remaining | ||||||||||||||||||||||||||||||||||||
Expires in | Expires in | Expires in | Expires in | Expires in | Expires in | Unlimited | Capital Loss | |||||||||||||||||||||||||||||
Fund | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | Short Term | Long Term | Carryforward | |||||||||||||||||||||||||||
Guggenheim Russell Top 50® Mega Cap ETF | $ | (675,404 | ) | $ | (618,363 | ) | $ | (32,651,414 | ) | $ | (51,313,952 | ) | $ | (10,584,384 | ) | $ | (3,619,667 | ) | $ | (403,611 | ) | $ | (6,351,887 | ) | $ | (106,218,682 | ) | |||||||||
Guggenheim S&P 500® Pure Value ETF | — | — | — | (2,160,163 | ) | — | — | — | — | (2,160,163 | ) | |||||||||||||||||||||||||
Guggenheim S&P 500® Pure Growth ETF | — | — | — | (2,292,413 | ) | (138,571 | ) | — | (8,759,073 | ) | — | (11,190,057 | ) | |||||||||||||||||||||||
Guggenheim S&P Midcap 400® Pure Value ETF | — | — | — | (1,152,016 | ) | — | — | — | — | (1,152,016 | ) | |||||||||||||||||||||||||
Guggenheim S&P Midcap 400® Pure Growth ETF | — | — | — | — | — | — | (26,645,916 | ) | — | (26,645,916 | ) | |||||||||||||||||||||||||
Guggenheim S&P Smallcap 600® Pure Value ETF | — | — | (1,307,416 | ) | (9,954,238 | ) | (8,325,244 | ) | — | — | — | (19,586,898 | ) | |||||||||||||||||||||||
Guggenheim S&P Smallcap 600® Pure Growth ETF | — | — | — | (799,865 | ) | (46,873 | ) | — | (491,337 | ) | (588,053 | ) | (1,926,128 | ) |
In order to present paid-in-capital, undistributed net investment income (loss) and accumulated net realized gain (loss) on investments on the statement of assets and liabilities that more closely represent their tax character, certain adjustments have been made to these accounts. These adjustments have no effect on the net assets or NAV. The most significant of these adjustments are for net capital gains (losses) resulting from in-kind redemptions, expired capital loss carry forwards, and return of capital on investments. For the year ended October 31, 2013, the adjustments for the Funds were as follows:
Undistributed | Accumulated Net | |||||||||||
Net Investment | Realized | |||||||||||
Paid-In Capital | Income | Gain/(Loss) | ||||||||||
Guggenheim Russell Top 50® Mega Cap ETF | $ | 37,851,124 | $ | — | $ | (37,851,124 | ) | |||||
Guggenheim S&P 500® Pure Value ETF | 1,677 | (1,943 | ) | 266 | ||||||||
Guggenheim S&P 500® Pure Growth ETF | 3,842,613 | (109,714 | ) | (3,732,899 | ) | |||||||
Guggenheim S&P Midcap 400® Pure Value ETF | — | (1,158 | ) | 1,158 | ||||||||
Guggenheim S&P Midcap 400® Pure Growth ETF | 4,686,572 | 8,032 | (4,694,604 | ) | ||||||||
Guggenheim S&P Smallcap 600® Pure Value ETF | 2,246,612 | 37,777 | (2,284,389 | ) | ||||||||
Guggenheim S&P Smallcap 600® Pure Growth ETF | 2,185,136 | (21,612 | ) | (2,163,524 | ) |
At October 31, 2013, the identified cost of investments in securities owned by each Fund for Federal income tax purposes and the gross unrealized appreciation and depreciation were as follows:
Tax | Tax | Net | ||||||||||||||
Tax | Unrealized | Unrealized | Unrealized | |||||||||||||
Fund | Cost | Gain | Loss | Gain/(Loss) | ||||||||||||
Guggenheim Russell Top 50® Mega Cap ETF | $ | 467,810,268 | $ | 83,470,979 | $ | (28,620,405 | ) | $ | 54,850,574 | |||||||
Guggenheim S&P 500® Pure Value ETF | 318,436,681 | 71,008,562 | (4,122,515 | ) | 66,886,047 | |||||||||||
Guggenheim S&P 500® Pure Growth ETF | 601,467,476 | 164,801,357 | (5,808,883 | ) | 158,992,474 | |||||||||||
Guggenheim S&P Midcap 400® Pure Value ETF | 62,645,347 | 16,045,985 | (692,557 | ) | 15,353,428 | |||||||||||
Guggenheim S&P Midcap 400® Pure Growth ETF | 619,107,421 | 172,342,153 | (9,272,096 | ) | 163,070,057 | |||||||||||
Guggenheim S&P Smallcap 600® Pure Value ETF | 103,876,324 | 28,618,056 | (5,206,240 | ) | 23,411,816 | |||||||||||
Guggenheim S&P Smallcap 600® Pure Growth ETF | 88,600,703 | 26,124,677 | (3,364,667 | ) | 22,760,010 |
52 | GUGGENHEIM ETFs ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (continued) |
6. | Investment Transactions |
For the year ended October 31, 2013, the Funds had investments transactions in-kind associated with subscriptions and redemptions as follows:
Fund | Subscriptions | Redemptions | ||||||
Guggenheim Russell Top 50® Mega Cap ETF | $ | — | $ | 192,161,321 | ||||
Guggenheim S&P 500® Pure Value ETF | 217,086,352 | — | ||||||
Guggenheim S&P 500® Pure Growth ETF | 298,018,746 | 17,612,877 | ||||||
Guggenheim S&P Midcap 400® Pure Value ETF | 25,538,148 | — | ||||||
Guggenheim S&P Midcap 400® Pure Growth ETF | 93,712,308 | 28,680,058 | ||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 33,483,055 | 13,160,189 | ||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 22,617,816 | 12,596,825 |
Purchases and sales of investment securities (excluding short-term investments, U.S. government and government agency obligations) for the Funds were as follows:
Fund | Purchases | Sales | ||||||
Guggenheim Russell Top 50® Mega Cap ETF | $ | 46,155,142 | $ | 46,140,835 | ||||
Guggenheim S&P 500® Pure Value ETF | 51,742,508 | 50,266,083 | ||||||
Guggenheim S&P 500® Pure Growth ETF | 202,426,447 | 211,959,347 | ||||||
Guggenheim S&P Midcap 400® Pure Value ETF | 19,149,602 | 15,289,753 | ||||||
Guggenheim S&P Midcap 400® Pure Growth ETF | 450,163,989 | 434,662,908 | ||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 38,329,142 | 38,309,930 | ||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 59,225,715 | 57,485,832 |
There were no purchases or sales of U.S. government or government agency obligations for the year ended October 31, 2013.
7. | Portfolio Securities Loaned |
The Funds may lend their securities to approved brokers to earn additional income. Security lending income shown on the statement of operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, Credit Suisse acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with Credit Suisse, cash collateral is invested in one or more joint repurchase agreements collateralized by obligations of the U.S. Treasury or Government Agencies. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of Fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand.
At October 31, 2013, the Funds participated in securities lending as follows:
Value of | Cash | |||||||
Securities | Collateral | |||||||
Fund | Loaned | Received | ||||||
Guggenheim Russell Top 50® Mega Cap ETF | $ | — | $ | — | ||||
Guggenheim S&P 500® Pure Value ETF | 11,108,483 | 11,317,043 | ||||||
Guggenheim S&P 500® Pure Growth ETF | — | — | ||||||
Guggenheim S&P Midcap 400® Pure Value ETF | 460,117 | 485,325 | ||||||
Guggenheim S&P Midcap 400® Pure Growth ETF | 44,031,972 | 44,304,724 | ||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 3,731,166 | 3,964,325 | ||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 3,643,167 | 3,737,425 |
GUGGENHEIM ETFs ANNUAL REPORT | 53 |
NOTES TO FINANCIAL STATEMENTS (concluded) |
Cash collateral received was invested in the following joint repurchase agreements at October 31, 2013:
Counterparty and Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | |||||||||||||
HSBC Securities, Inc. | Fannie Mae | |||||||||||||||||
0.09% | 0.00% | |||||||||||||||||
Due 11/01/13 | $ | 22,186,565 | $ | 22,186,620 | 05/15/19 - 11/15/20 | $ | 25,900,652 | $ | 22,627,932 | |||||||||
RBS Securities, Inc. | Federal Home Loan Bank | |||||||||||||||||
0.09% | 0.00% - 5.625% | |||||||||||||||||
Due 11/01/13 | 41,622,275 | 41,622,379 | 11/12/13 - 09/13/24 | 5,716,540 | 5,749,248 | |||||||||||||
Freddie Mac | ||||||||||||||||||
0.42% - 5.625% | ||||||||||||||||||
10/27/14 - 11/23/35 | 34,654,736 | 36,701,758 |
8. | Legal Proceedings |
Lyondell Chemical Company
In December 2011, Rydex ETF Trust was named as a defendant in Weisfelner, as Trustee of the LB Creditor Trust, v. Fund 1 (In re Lyondell Chemical Co.), Adv. Pro. No. 10-4609 (Bankr. S.D.N.Y.).
Similar to the claims made in the Tribune matter, the Weisfelner complaint seeks to have set aside and recovered as fraudulent transfers from former Lyondell Chemical Company (“Lyondell”) shareholders the consideration paid to them pursuant to the cash out merger of Lyondell shareholders in connection with the combination of Lyondell and Basell AF in 2007. Lyondell filed for bankruptcy in 2008.
A motion to dismiss is currently pending before the Bankruptcy Court.
This lawsuit does not allege any wrongdoing on the part of Rydex ETF Trust. The following series of Rydex ETF Trust received cash proceeds from the merger in the following amounts: Rydex S&P Midcap 400 Pure Value ETF Fund - $572,640. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable prediction as to the outcome of this lawsuit or the effect, if any, on the Fund’s net asset value.
Tribune Company
Rydex ETF Trust has been named as a defendant and a putative member of the proposed defendant class of shareholders in the case entitled Kirschner v. FitzSimons, No. 12-2652 (S.D.N.Y.) (formerly Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons, Adv. Pro. No. 10-54010 (Bankr. D. Del.)) (the “FitzSimons action”), as a result of ownership of shares by certain series of the Rydex ETF Trust in the Tribune Company (“Tribune”) in 2007, when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In his complaint, the plaintiff has alleged that, in connection with the LBO, insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave the Tribune Company insolvent. The plaintiff has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO. The plaintiff is also attempting to obtain from former Tribune shareholders, including Rydex ETF Trust, the proceeds they received in connection with the LBO.
In June 2011, a group of Tribune creditors filed multiple actions against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the 2007 LBO (the “SCLFC actions”). Rydex ETF Trust has been named as a defendant in one or more of these suits. In those actions, the creditors seek to recover from Tribune’s former shareholders the proceeds received in connection with the 2007 LBO.
The FitzSimons action and the SLCFC actions have been consolidated with the majority of the other Tribune LBO-related lawsuits in a multidistrict litigation proceeding captioned In re Tribune Company Fraudulent Conveyance Litig., No. 11-md-2696 (S.D.N.Y.) (the “MDL Proceeding”).
On September 23, 2013, the District Court granted the defendants’ omnibus motion to dismiss the SLCFC actions, on the basis that the creditors lacked standing. On September 30, 2013, the creditors filed a notice of appeal of the September 23 order. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order.
On November 20, 2013, the District Court ordered the parties in the FitzSimons action to meet and confer regarding a potential protocol for the briefing and argument of motions to dismiss to be filed in that action.
None of these lawsuits alleges any wrongdoing on the part of Rydex ETF Trust. The following series of Rydex ETF Trust held shares of Tribune and tendered these shares as part of Tribune’s LBO: Guggenheim S&P 500 Pure Value ETF (the “Fund”). The value of the proceeds received by the foregoing Fund was $197,050. At this stage of the proceedings, Rydex ETF Trust is not able to make a reliable prediction as to the outcome of these lawsuits or the effect, if any, on the Fund’s net asset value.
54 | GUGGENHEIM ETFs ANNUAL REPORT |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
The Board of Trustees and Shareholders of Rydex ETF Trust
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Guggenheim Russell Top 50® Mega Cap ETF, Guggenheim S&P 500® Pure Value ETF, Guggenheim S&P 500® Pure Growth ETF, Guggenheim S&P Midcap 400® Pure Value ETF, Guggenheim S&P Midcap 400® Pure Growth ETF, Guggenheim S&P Smallcap 600® Pure Value ETF and Guggenheim S&P Smallcap 600® Pure Growth ETF (seven of the series constituting the Rydex ETF Trust) (the “Funds”) as of October 31, 2013, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2013, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the above listed Funds at October 31, 2013, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
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McLean, Virginia
December 23, 2013
GUGGENHEIM ETFs ANNUAL REPORT | 55 |
OTHER INFORMATION (Unaudited) |
Federal Income Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions paid by the funds during the year ended October 31, 2013:
Dividends Received | Long-Term Capital | Qualified Income | ||||||||||
Fund | Deduction | Gains Distribution | Distribution | |||||||||
Guggenheim Russell Top 50 Mega Cap ETF | 100.00 | % | $ | — | $ | 13,726,975.33 | ||||||
Guggenheim S&P 500 Pure Value ETF | 100.00 | % | — | 3,980,940.71 | ||||||||
Guggenheim S&P 500 Pure Growth ETF | 100.00 | % | — | 4,775,050.37 | ||||||||
Guggenheim S&P Midcap 400 Pure Value ETF | 100.00 | % | — | 821,817.00 | ||||||||
Guggenheim S&P Midcap 400 Pure Growth ETF | 100.00 | % | — | 6,230,638.20 | ||||||||
Guggenheim S&P Smallcap 600 Pure Value ETF | 100.00 | % | — | 1,152,416.77 | ||||||||
Guggenheim S&P Smallcap 600 Pure Growth ETF | 100.00 | % | — | 777,476.92 |
Proxy Voting Information
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1.800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1.800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Quarterly Portfolio Schedules Information
The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 1.800.820.0888.
Office Locations
The offices of Guggenheim Investments can be found in the following locations:
330 Madison Avenue
10th Floor
New York, NY 10017
(Headquarters)
Four Irvington Centre
805 King Farm Boulevard
Suite 600
Rockville, MD 20850
9401 Indian Creek Parkway
40 Corporate Woods
Suite 850
Overland Park, KS 66210
Premium/Discount Information
Information about the differences between the daily market price on secondary markets for Shares and the NAV of each Fund can be found at wwww.guggenheiminvestments.com.
56 | GUGGENHEIM ETFs ANNUAL REPORT |
OTHER INFORMATION (Unaudited) (continued) |
Board Consideration Regarding Approval of Investments Advisory Agreement
At in-person meetings of the Rydex ETF Trust’s (the “Trust”) Board of Trustees (the “Board”) held on May 16 and June 5, 2013 (collectively, the “Meetings”), called for the purpose of, among other things, consideration of, and voting on, the approval and continuation of the investment advisory agreement applicable to the series of the Trust (each a “Fund” and collectively, the “Funds”), the Board, including the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, of the Trust (“Independent Trustees”), unanimously approved the continuation of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Security Investors, LLC (referred to herein as the “Adviser”) with respect to each of the Funds for an additional one-year period, based on the Board’s review of qualitative and quantitative information provided by the Adviser.
In considering the continuation of the Investment Advisory Agreement, the Independent Trustees requested and obtained from the Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the Investment Advisory Agreement. In addition, the Board also received a memorandum from Fund counsel regarding the responsibilities of the Board for the approval of investment advisory agreements and participated in question and answer sessions with representatives of the Adviser. The Board also carefully considered information that they had received throughout the year as part of their regular oversight of the Funds. At the Meetings, the Board obtained and reviewed a wide variety of information, including certain comparative information regarding performance of the Funds relative to performance of other comparable funds. The Independent Trustees carefully evaluated this information, met in executive session outside the presence of Fund management, and were advised by independent legal counsel with respect to their deliberations.
As a part of their consideration of the approval of the Investment Advisory Agreement at the Meetings, the Board, including the Independent Trustees, evaluated a number of factors, including among others: (a) the nature and quality of the Adviser’s investment advisory and other services; (b) the Adviser’s investment management personnel; (c) the Adviser’s operations and financial condition; (d) the Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the fees that the Adviser charges compared with the fees charged to comparable funds or accounts, giving special attention to the absence of breakpoints in these fees and the rationale provide by the Adviser as to why the addition of breakpoints was not currently appropriate; (f) each Fund’s overall fees and operating expenses compared with similar funds; (g) the level of the Adviser’s profitability from its Fund-related operations; (h) the Adviser’s compliance systems; (i) the Adviser’s policies and compliance procedures applicable to personal securities transactions; (j) the Adviser’s reputation, expertise and resources in the financial markets; and (k) Fund performance compared with similar funds. In its deliberations, the Board did not identify any single piece of information that was all-important or controlling. Based on the Board’s deliberations at the Meetings, the Board, including all of the Independent Trustees, unanimously: (a) concluded that the terms of the Investment Advisory Agreement are fair and reasonable; (b) concluded that the Adviser’s fees were reasonable in light of the services that it provides to the Funds; and (c) agreed to approve and continue the Investment Advisory Agreement based upon the following considerations, among others:
• | Nature, Extent and Quality of Services Provided by the Adviser. At the Meetings, the Board reviewed the scope of services to be provided by the Adviser under the Investment Advisory Agreement and noted that there would be no significant differences between the scope of services required to be provided by the Adviser for the past year and the scope of services required to be provided during the upcoming year. The Board also considered (1) the Adviser’s representations to the Board that the Adviser would continue to provide investment and related services that were of materially the same quality and quantity as services provided to the Funds in the past, and (2) whether these services are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business and investor needs. |
• | Fund Expenses and Performance of the Funds and the Adviser. At the Meetings, the Board reviewed statistical information provided by the Adviser regarding the expense ratio components and performance of each Fund. The Adviser engaged FUSE Research Network LLC (“FUSE”), an independent, third party research provider, to prepare advisory contract renewal reports to help the Board fulfill its advisory contract renewal responsibilities. The objective of the reports is to present the subject Funds’ relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. This statistical information related to the expense ratio components included actual advisory fees, waivers/reimbursements, and gross and net total expenses for each Fund in comparison to other funds determined by FUSE to comprise each Fund’s applicable peer group. The Board also considered the Adviser’s representation that it found the peer group compiled by FUSE to be appropriate. The statistical information related to the performance of each Fund included three month and one, three, and five year performance for the Fund compared to its peers. |
GUGGENHEIM ETFs ANNUAL REPORT | 57
OTHER INFORMATION (Unaudited) (concluded) |
• | Costs of Services Provided to the Funds and Profits Realized by the Adviser and its Affiliates. At the Meetings, the Board reviewed information about the profitability of the Funds to the Adviser based on the advisory fees payable under the current Investment Advisory Agreement for the last calendar year. The Board noted that the Adviser had contractually agreed to pay all operating expenses of the Funds, including the cost of index licensing fees, transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, and extraordinary expenses. At the Meetings, the Board analyzed the Funds’ expenses, including the investment advisory fees paid to the Adviser, and reviewed reports comparing the expense ratios of the Funds to those of other comparable funds. The Board also reviewed information regarding the direct revenue received by the Adviser and ancillary revenue, if any, received by the Adviser and/or its affiliates in connection with the services provided to the Funds by the Adviser and/or its affiliates. The Board considered information regarding the Adviser’s profit margin as reflected in the Adviser’s profitability analysis, as well as information provided by the Adviser concerning the methodology used to allocate various expenses among the individual Funds in determining the Adviser’s profitability. |
• | Economies of Scale. At the Meetings, the Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Funds’ asset levels. The Board noted that the Investment Advisory Agreement did not provide for breakpoints in each Fund’s advisory fee rates as assets of a Fund increase. However, the Board further noted the Adviser’s assertion that future economies of scale had been taken into consideration for the Funds by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the Funds from inception. The Board noted that it intends to continue to monitor fees as each Fund grows in size and assess whether fee breakpoints may be warranted. |
• | Other Benefits to the Adviser and/or its Affiliates. In addition to evaluating the services provided by the Adviser, the Board had considered the nature, extent, quality and cost of the distribution services performed by the Adviser’s affiliate under a separate agreement at the Meetings. The Board noted that the Adviser reports portfolio transactions on behalf of the Funds placed through an affiliate of the Funds or the Adviser at each quarterly Board meeting. |
On the basis of the information provided to it and its evaluation of that information, the Board, including the Independent Trustees, concluded that the terms of the Investment Advisory Agreement for the Funds were reasonable, and that approval of the continuation of the Investment Advisory Agreement was in the best interests of the Funds.
58 | GUGGENHEIM ETFs ANNUAL REPORT |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) |
A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by calling 800.820.0888.
All Trustees and Officers may be reached c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850.
TRUSTEE AND OFFICER
Name and | Length of Service as Trustee | Number of | ||
Year of Birth | (Year Began) | Funds Overseen | ||
Donald C. Cacciapaglia* | Rydex Series Funds – 2012 | 212 | ||
(1951) | Rydex Variable Trust – 2012 | |||
Rydex Dynamic Funds – 2012 | ||||
Rydex ETF Trust – 2012 |
Principal Occupations During Past Five Years: Current: Security Investors, LLC: President and CEO from April 2012 to present; Guggenheim Investments: President and Chief Administrative Officer from February 2010 to present; Previous: Channel Capital Group, Inc.: Chairman and CEO from April 2002 to February 2010
Positions held within the Trust: Trustee from 2012 to present; President from 2012 to present
INDEPENDENT TRUSTEES
Name and | Length of Service as Trustee | Number of | ||
Year of Birth | (Year Began) | Funds Overseen | ||
Corey A. Colehour | Rydex Series Funds – 1993 | 131 | ||
(1945) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Current: Retired; Previous: President and Senior Vice President of Schield Management Company (registered investment adviser) from 2003 to 2006
Positions held within the Trust: Trustee from 1993 to present; Member of the Audit and Governance and Nominating Committees from 1995 to present
J. Kenneth Dalton | Rydex Series Funds – 1995 | 131 | ||
(1941) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Current: Retired
Positions held within the Trust: Trustee from 1995 to present; Member and Chairman of the Audit Committee from 1997 to present; Member of the Governance and Nominating Committees from 1995 to present; and Member of the Risk Oversight Committee from 2010 to present
John O. Demaret | Rydex Series Funds – 1997 | 131 | ||
(1940) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Current: Retired
Positions held within the Trust: Trustee from 1997 to present; Chairman of the Board from 2006 to present; Member of the Audit Committee from 1997 to present; and Member of the Risk Oversight Committee from 2010 to present
GUGGENHEIM ETFs ANNUAL REPORT | 59 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (continued) |
INDEPENDENT TRUSTEES - continued
Name and | Length of Service as Trustee | Number of | ||
Year of Birth | (Year Began) | Funds Overseen | ||
Werner E. Keller | Rydex Series Funds – 2005 | 131 | ||
(1940) | Rydex Variable Trust – 2005 | |||
Rydex Dynamic Funds – 2005 | ||||
Rydex ETF Trust – 2005 |
Principal Occupations During Past Five Years: Current: Founder and President of Keller Partners, LLC (investment research firm) from 2005 to present; Previous: Retired from 2001 to 2005
Positions held within the Trust: Vice Chairman of the Board of Trustees from 2010 to present; Trustee and Member of the Audit and Governance and Nominating Committees from 2005 to present; and Chairman and Member of the Risk Oversight Committee from 2010 to present
Thomas F. Lydon, Jr. | Rydex Series Funds – 2005 | 131 | ||
(1960) | Rydex Variable Trust – 2005 | |||
Rydex Dynamic Funds – 2005 | ||||
Rydex ETF Trust – 2005 |
Principal Occupations During Past Five Years: Current: President of Global Trends Investments (registered investment adviser) from 1996 to present
Positions held within the Trust: Trustee and Member of the Audit and Governance and Nominating Committees from 2005 to present
Patrick T. McCarville | Rydex Series Funds – 1997 | 131 | ||
(1942) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Current: Retired; Previous: Chief Executive Officer of Par Industries, Inc., d/b/a Par Leasing from 1977 to 2010
Positions held within the Trust: Trustee from 1997 to present; Member of the Audit Committee from 1997 to present; and Chairman of the Governance and Nominating Committees from 1997 to present
Roger Somers | Rydex Series Funds – 1993 | 131 | ||
(1944) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Current: Founder and Chief Executive Officer of Arrow Limousine from 1965 to present
Positions held within the Trust: Trustee from 1993 to present; Member of the Audit and Governance and Nominating Committees from 1995 to present
EXECUTIVE OFFICERS
Name, Position and | Principal Occupations | ||||
Year of Birth | During Past Five Years | ||||
Michael P. Byrum* Vice President (1970) | Current: President, Security Benefit Asset Management Holdings, LLC; Senior Vice President, Security Investors, LLC; President & Chief Investment Officer, Rydex Holdings, LLC; Director & Chairman of the Board, Advisor Research Center, Inc.; and Manager, Rydex Specialized Products, LLC | ||||
Previous: Guggenheim Distributors, LLC (f/k/a Rydex Distributors, LLC), Vice President (2009); Rydex Fund Services, LLC, Director (2009–2010), Secretary (2002–2010); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.), Director (2008–2010), Chief Investment Officer (2006–2010), President (2004–2010), Secretary (2002–2010); Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Director (2008–2010), Chief Investment Officer (2006–2010), President (2004–2010), Secretary (2002–2010); Advisor Research Center, Inc., Secretary (2006–2009), and Executive Vice President (2006) |
60 | GUGGENHEIM ETFs ANNUAL REPORT |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (concluded) |
EXECUTIVE OFFICERS - concluded | |||||
Name, Position and | Principal Occupations | ||||
Year of Birth | During Past Five Years | ||||
Nikolaos Bonos* Vice President and Treasurer (1963) | Current: Senior Vice President, Security Investors, LLC; Chief Executive Officer & Manager, Rydex Specialized Products, LLC; Chief Executive Officer & President, Rydex Fund Services, LLC; Vice President, Rydex Holdings, LLC; Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund & Security Mid Cap Growth Fund; and Vice President, Security Benefit Asset Management Holdings, LLC | ||||
Previous: Security Global Investors, LLC, Senior Vice President (2010–2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) Senior Vice President (2006–2011); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Director (2009); and Rydex Specialized Products, LLC, Chief Financial Officer (2005–2009) | |||||
Elisabeth Miller* Chief Compliance Officer (1968) | Current: Chief Compliance Officer, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust, Rydex ETF Trust, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund, Security Mid Cap Growth Fund, SBL Fund, Security Investors, LLC, and Guggenheim Distributors, LLC | ||||
Previous: Senior Manager, Security Investors, LLC and Guggenheim Distributors, LLC (2004–2009) | |||||
Amy J. Lee* Vice President and Secretary (1961) | Current: Managing Director, Guggenheim Investments; Senior Vice President & Secretary, Security Investors, LLC; Secretary & Vice President, Rydex ETF Trust, Rydex Dynamic Funds, Rydex Variable Trust, SBL Fund, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President & Secretary, Rydex Holdings, LLC; Secretary, Advisor Research Center, Inc., Guggenheim Specialized Products, LLC, Guggenheim Distributors, LLC and Rydex Fund Services, LLC | ||||
Previous: Vice President, Associate General Counsel & Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (1987–2012); Security Global Investors, LLC, Senior Vice President & Secretary (2007–2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) & Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Senior Vice President & Secretary (2010–2011) | |||||
Joseph M. Arruda* Assistant Treasurer (1966) | Current: Assistant Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund & Security Mid Cap Growth Fund; Vice President, Security Investors, LLC; and Chief Financial Officer & Manager, Rydex Specialized Products, LLC | ||||
Previous: Security Global Investors, LLC, Vice President (2010–2011); and Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) & Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2004–2011) |
* | Officers of the Funds are deemed to be “interested persons” of the Trust, within the meaning of Section 2(a)(19) of the 1940 Act, inasmuch as this person is affiliated with Guggenheim Investments. |
GUGGENHEIM ETFs ANNUAL REPORT | 61 |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES |
Rydex Funds, Guggenheim Funds, Rydex Investments, Guggenheim Distributors, LLC, Security Investors, LLC, Security Distributors, Inc. and Rydex Advisory Services (Collectively “Guggenheim Investments”).
Our Commitment to You
When you become a Guggenheim Investments investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone—whether it is your personal information or if you are a current or former Guggenheim Investments client.
The Information We Collect About You
In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Guggenheim Investments account application or when you request a transaction that involves Rydex and Guggenheim Investments funds or one of the Guggenheim Investments affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).
How We Handle Your Personal Information
As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Guggenheim Investments. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Guggenheim Investments investment products and services, we may share your information within the Guggenheim Investments family of affiliated companies. This would include, for example, sharing your information within Guggenheim Investments so we can make you aware of new Rydex and Guggenheim Investments funds or the services offered through another Guggenheim Investments affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.
Opt Out Provisions
We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.
How We Protect Privacy Online
Our concern for the privacy of our shareholders also extends to those who use our web site, guggenheiminvestments.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Guggenheim Investments web site offers customized features that require our use of “http cookies”—tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies. We only use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.
62 | GUGGENHEIM ETFs ANNUAL REPORT |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES (concluded) |
How We Safeguard Your Personal Information
We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.
We’ll Keep You Informed
As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.
GUGGENHEIM ETFs ANNUAL REPORT | 63 |
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ETF3-ANN-1013X1014
TABLE OF CONTENTS
GUGGENHEIM ETFs ANNUAL REPORT | 1
October 31, 2013
Security Investors, LLC (the “Investment Adviser”) is pleased to present the annual shareholder report for Guggenheim S&P 500® Equal Weight Exchange Traded Fund (“ETF”). The ticker symbol for the Fund is RSP.
The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC, (“Guggenheim”) a global, diversified financial services firm.
Guggenheim Distributors, LLC, the distributor of the Funds, is affiliated with Guggenheim Partners and Security Investors. It is committed to providing investors with innovative investment solutions; as of the date of this report we offer 21 ETFs, including our lineup of equal weight ETFs. We have built on the investment management strengths of Guggenheim Investments and worked with a diverse group of index providers to create some of the most distinctive ETFs available.
This report covers performance of the ETF for the annual period ended October 31, 2013.
We encourage you to read the Economic and Market Overview that follows, which provides additional information regarding the factors that influenced the Fund’s performance for the fiscal year, and then the Manager’s Analysis for the ETF.
Sincerely,
Donald C. Cacciapaglia
President
November 30, 2013
Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.
Guggenheim S&P Equal Weight ETF may not be suitable for all investors. • The Fund is subject to the risk that unanticipated early closings of securities exchanges and other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that day. • In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price. • Investments in securities and derivatives, in general, are subject to market risks that may cause their prices to fluctuate over time. An investment in the Fund may lose money. • Unlike many investment companies, the Fund is not actively “managed.” This means that, based on market and economic conditions, the Fund’s performance could be lower than other types of mutual funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline. • Tracking error risk refers to the risk that the Advisor may not be able to cause the Fund’s performance to match or correlate to that of the Fund’s Underlying Index, either on a daily or aggregate basis. Tracking error risk may cause the Fund’s performance to be less than you expect. • Shares may trade below their net asset value (“NAV”). The NAV of shares will fluctuate with changes in the market value of the Fund’s holdings. In addition, although the Fund’s shares are currently listed on NYSE Arca, Inc. (the “Exchange”), there can be no assurance that an active trading market for shares will develop or be maintained. • The Fund is subject to the risk that large-capitalization stocks may underperform other segments of the equity market or the equity market as a whole. See Prospectus for more details.
2 | GUGGENHEIM ETFs ANNUAL REPORT
ECONOMIC AND MARKET OVERVIEW | October 31, 2013 |
For much of the 12-month period ended October 31, 2013, the U.S. economy and investment markets benefited from continued monetary accommodation from the world’s central banks and an improving picture for housing and employment. But concern over a U.S. government shutdown and the strength of the economic recovery increased volatility over the last months of the period, as did confusion over the expected tapering of quantitative easing (QE). Sharply higher interest rates caused fixed-income assets to sell off in the second quarter, but then rebound somewhat when rates began falling late in the third quarter. Stocks continued their positive response to QE by grinding higher over the course of the summer, with some indices setting new market highs during October.
The yield on the 10-year Treasury note rose to a two-year high of 3% by early September, over 100 basis points above May’s lows. On September 18, the Fed again surprised markets by announcing it would not begin tapering its asset purchases, and rates promptly headed lower. In refraining from tapering, the Fed made it clear that it does not currently see enough economic growth potential to remove extreme monetary accommodation. The Fed was concerned about the impact of higher rates on the economy (particularly housing) and also the looming budget battles in Washington.
Challenges facing the U.S. economy, such as low growth and persistent unemployment, are also helping to keep interest rates subdued. As rates fell after the Fed’s September meeting, mortgage activity began to stabilize. Housing is positioned to continue improving during the fourth quarter, although the evidence may not show up in the economic data until late 2013 or early 2014.
Overseas, the economic outlook for Europe is improving, and China’s apparent commitment to a 7.5% growth target is supporting Asian equities. European and emerging market equities (which are generally still at lower relative values than U.S. equities) are likely to benefit even more from the global liquidity environment and the expectation of continued monetary accommodation.
Minutes from the Federal Open Market Committee September meeting, which were released in October, indicated significant debate over taper timing. Given the data-dependent nature of the purchase program, some members believed employment weakness and low levels of inflation argued for continued QE. Others said they felt economic growth was sufficiently positive to taper, and believed that markets had been positioned for it. At period-end, there was little chance the Fed would make any move before Senate confirmation of its chairman-nominee, Janet Yellen. Markets may become increasingly concerned about how slow the U.S. economy appears as 2013 winds down, but liquidity rules, continuing to drive performance of risk assets.
For the 12-month period ended October 31, 2013, the return of the Standard & Poor’s 500® Index* (“S&P 500”) was 27.18%. The Barclays U.S. Aggregate Bond Index* returned -1.08% for the period, while the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index* returned 0.09%. The MSCI World Index* returned 25.77%, while the MSCI Emerging Markets Index* returned 6.53%.
The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.
*Index Definitions:
The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.
Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.
Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS.
MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.
MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
S&P 500® Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of the U.S. stock market.
S&P 500® Equal Weight Index is an unmanaged equal-weighted version of the S&P 500® Index, which measures the performance of the large-capitalization sector of the U.S. equity market and includes 500 widely held common stocks chosen for market size, liquidity and industry group representation. The S&P 500 Equal Weight Index has the same constituents as the unmanaged capitalization-weighted S&P 500 Index, but each company in the equal-weighted index is allocated a fixed weight, and is rebalanced quarterly.
GUGGENHEIM ETFs ANNUAL REPORT | 3
Shareholder Expense Example
As a shareholder of the Rydex ETF Trust, you incur transaction costs such as creation and redemption fees or brokerage charges, and ongoing costs including advisory fees, trustee fees and, if applicable, distribution fees. All other Trust expenses are paid by the advisor. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example in the table is based on an investment of $1,000 invested on April 30, 2013 and held for the six months ended October 31, 2013.
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the expenses attributable to your investment during this period.
Hypothetical Example for Comparison Purposes
The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Beginning | Ending | Expenses | ||||||||||||||||||
Expense | Account Value | Account Value | Paid During | |||||||||||||||||
Ratio1 | Fund Return | 04/30/13 | 10/31/13 | Period2 | ||||||||||||||||
Table 1. Based on actual Fund return3 | ||||||||||||||||||||
Guggenheim S&P 500® Equal Weight ETF | 0.40 | % | 12.85 | % | $1,000.00 | $1,128.50 | $2.15 | |||||||||||||
Table 2. Based on hypothetical 5% return (before expenses) | ||||||||||||||||||||
Guggenheim S&P 500® Equal Weight ETF | 0.40 | % | 5.00 | % | 1,000.00 | 1,023.19 | 2.04 |
1 | Annualized. |
2 | Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
3 | Actual cumulative return at net asset value for the period April 30, 2013 to October 31, 2013. |
4 | GUGGENHEIM ETFs ANNUAL REPORT
MANAGER’S ANALYSIS (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF
Guggenheim S&P 500® Equal Weight ETF returned 33.36% for the one-year period ended October 31, 2013, compared with the benchmark S&P 500® Equal Weight Index, which returned 33.94%. The cap-weighted S&P 500 Index returned 27.18%. During the period, RSP achieved over 99% correlation to its benchmark on a daily basis.
The Consumer Discretionary, Financials and Information Technology sectors contributed most to performance. No sector detracted from performance, but the Telecommunications Services and Utilities sectors contributed least.
Top contributors to Fund return included Netflix, Inc., Best Buy Co., Inc. and Micron Technology, Inc. The top detractors were J.C. Penney Co., Inc., Newmont Mining Corp. and Teradata Corp.
Cumulative Fund Performance: October 31, 2003 – October 31, 2013
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2013
One Year | Three Year | Five Year | 10 Year | |||||||||||||
Guggenheim S&P 500® Equal Weight ETF | 33.36 | % | 17.46 | % | 19.62 | % | 9.46 | % | ||||||||
S&P 500 Equal Weight Index | 33.94 | % | 18.00 | % | 20.31 | % | 10.06 | % | ||||||||
S&P 500 Index | 27.18 | % | 16.56 | % | 15.17 | % | 7.46 | % |
The returns presented above do not reflect the effect of taxes. Index returns represent total returns. Performance displayed represents past performance, which is no guarantee of future results.
GUGGENHEIM ETFs ANNUAL REPORT | 5
PORTFOLIO SUMMARY (Unaudited) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF
Holdings Diversification*
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Top 10 Holdings*
(% of Total | ||||
Description | Net Assets) | |||
First Solar, Inc. | 0.3 | % | ||
Xylem, Inc. | 0.2 | % | ||
United States Steel Corp. | 0.2 | % | ||
Pitney Bowes, Inc. | 0.2 | % | ||
Southwest Airlines Co. | 0.2 | % | ||
Safeway, Inc. | 0.2 | % | ||
Chipotle Mexican Grill, Inc. — Class A | 0.2 | % | ||
FedEx Corp. | 0.2 | % | ||
Amazon.com, Inc. | 0.2 | % | ||
Harman International Industries, Inc. | 0.2 | % | ||
Top Ten Total | 2.1 | % |
“Ten Largest Holdings” exclude any temporary cash.
* The Fund’s Top Ten Holdings are expressed as a percentage of net assets and the Holdings Diversficiation is expressed as a percentage of the Fund’s equity investments market value. These percentages may change over time.
6 | GUGGENHEIM ETFs ANNUAL REPORT
SCHEDULE OF INVESTMENTS | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
CONSUMER DISCRETIONARY - 16.5% | ||||||||
Chipotle Mexican Grill, | ||||||||
Inc. — Class A* | 25,512 | $ | 13,444,059 | |||||
Amazon.com, Inc.* | 36,460 | 13,272,534 | ||||||
Harman International | ||||||||
Industries, Inc. | 163,469 | 13,244,258 | ||||||
Expedia, Inc. | 212,175 | 12,492,864 | ||||||
Discovery Communications, | ||||||||
Inc. — Class A* | 139,625 | 12,415,455 | ||||||
TripAdvisor, Inc.* | 149,211 | 12,341,242 | ||||||
TJX Companies, Inc. | 200,436 | 12,184,504 | ||||||
Best Buy Company, Inc. | 283,861 | 12,149,251 | ||||||
Staples, Inc. | 752,890 | 12,136,587 | ||||||
NIKE, Inc. — Class B | 159,985 | 12,120,464 | ||||||
Washington Post Co. — Class B | 18,726 | 12,046,810 | ||||||
Kohl’s Corp. | 212,003 | 12,041,770 | ||||||
Wynn Resorts Ltd. | 72,228 | 12,007,905 | ||||||
Hasbro, Inc.1 | 232,053 | 11,985,537 | ||||||
Ross Stores, Inc. | 154,882 | 11,980,123 | ||||||
Newell Rubbermaid, Inc. | 403,444 | 11,954,046 | ||||||
VF Corp. | 55,549 | 11,943,035 | ||||||
Time Warner, Inc. | 173,661 | 11,937,457 | ||||||
Garmin Ltd.1 | 254,495 | 11,897,641 | ||||||
Johnson Controls, Inc. | 257,690 | 11,892,394 | ||||||
Priceline.com, Inc.* | 11,263 | 11,869,287 | ||||||
Fossil Group, Inc.* | 93,486 | 11,867,113 | ||||||
Gannett Company, Inc. | 426,233 | 11,793,867 | ||||||
Scripps Networks Interactive, | ||||||||
Inc. — Class A | 146,364 | 11,782,302 | ||||||
Comcast Corp. — Class A | 247,103 | 11,757,161 | ||||||
Starwood Hotels & Resorts | ||||||||
Worldwide, Inc. | 159,616 | 11,750,930 | ||||||
Time Warner Cable, Inc. | 97,701 | 11,738,775 | ||||||
Starbucks Corp. | 143,781 | 11,653,450 | ||||||
Wyndham Worldwide Corp. | 174,976 | 11,618,406 | ||||||
L Brands, Inc. | 185,500 | 11,614,155 | ||||||
PulteGroup, Inc. | 656,929 | 11,594,797 | ||||||
CBS Corp. — Class B | 195,930 | 11,587,300 | ||||||
Whirlpool Corp. | 79,340 | 11,584,433 | ||||||
Darden Restaurants, Inc. | 224,629 | 11,575,132 | ||||||
Dollar Tree, Inc.* | 198,027 | 11,564,777 | ||||||
Lowe’s Companies, Inc. | 231,851 | 11,541,543 | ||||||
Nordstrom, Inc. | 189,703 | 11,471,340 | ||||||
Mattel, Inc. | 258,504 | 11,469,822 | ||||||
Netflix, Inc.* | 35,512 | 11,451,910 | ||||||
Marriott International, | ||||||||
Inc. — Class A | 253,466 | 11,426,247 | ||||||
Bed Bath & Beyond, Inc.* | 147,573 | 11,410,344 | ||||||
Omnicom Group, Inc. | 167,080 | 11,379,819 | ||||||
AutoZone, Inc.* | 26,151 | 11,367,578 | ||||||
GameStop Corp. — Class A | 207,140 | 11,355,415 | ||||||
Twenty-First Century Fox, | ||||||||
Inc. — Class A | 332,980 | 11,347,958 | ||||||
H&R Block, Inc. | 398,804 | 11,341,986 | ||||||
News Corp. — Class A* | 643,213 | 11,320,549 | ||||||
BorgWarner, Inc. | 109,645 | 11,307,689 | ||||||
Home Depot, Inc. | 144,672 | 11,268,502 | ||||||
Macy’s, Inc. | 243,042 | 11,206,667 | ||||||
Lennar Corp. — Class A1 | 315,012 | 11,198,677 | ||||||
Walt Disney Co. | 162,932 | 11,175,506 | ||||||
General Motors Co.* | 301,292 | 11,132,739 | ||||||
Dollar General Corp.* | 191,189 | 11,046,900 | ||||||
Target Corp. | 170,386 | 11,039,309 | ||||||
Viacom, Inc. — Class B | 132,053 | 10,998,694 | ||||||
Harley-Davidson, Inc. | 171,671 | 10,993,811 | ||||||
DIRECTV* | 175,926 | 10,993,616 | ||||||
Delphi Automotive plc | 190,980 | 10,924,056 | ||||||
Abercrombie & Fitch Co. — Class A | 291,428 | 10,922,721 | ||||||
Tiffany & Co. | 137,630 | 10,896,167 | ||||||
PetSmart, Inc. | 149,570 | 10,882,713 | ||||||
PVH Corp. | 87,270 | 10,871,224 | ||||||
Interpublic Group of Companies, Inc. | 644,436 | 10,826,525 | ||||||
Ralph Lauren Corp. — Class A | 65,282 | 10,813,310 | ||||||
McDonald’s Corp. | 111,580 | 10,769,702 | ||||||
DR Horton, Inc. | 567,023 | 10,745,086 | ||||||
Genuine Parts Co. | 136,154 | 10,733,020 | ||||||
Urban Outfitters, Inc.* | 283,075 | 10,722,881 | ||||||
Ford Motor Co. | 626,223 | 10,714,676 | ||||||
O’Reilly Automotive, Inc.* | 86,336 | 10,689,260 | ||||||
Leggett & Platt, Inc. | 354,467 | 10,541,849 | ||||||
Goodyear Tire & Rubber Co. | 498,019 | 10,448,439 | ||||||
Family Dollar Stores, Inc. | 150,670 | 10,378,150 | ||||||
Yum! Brands, Inc. | 149,776 | 10,127,853 | ||||||
Coach, Inc. | 198,845 | 10,077,465 | ||||||
Carnival Corp. | 290,245 | 10,056,989 | ||||||
International Game Technology | 534,743 | 10,053,168 | ||||||
CarMax, Inc.* | 212,706 | 9,995,055 | ||||||
AutoNation, Inc.* | 204,819 | 9,878,420 | ||||||
The Gap, Inc. | 260,940 | 9,652,171 | ||||||
Cablevision Systems Corp. — Class A | 615,582 | 9,572,300 | ||||||
JC Penney Company, Inc.*,1 | 785,263 | 5,889,473 | ||||||
Total Consumer Discretionary | 937,269,115 | |||||||
FINANCIALS - 16.1% | ||||||||
Genworth Financial, Inc. — Class A* | 888,369 | 12,908,002 | ||||||
Aon plc | 158,560 | 12,540,510 | ||||||
BlackRock, Inc. — Class A | 41,091 | 12,360,584 | ||||||
NASDAQ OMX Group, Inc. | 347,683 | 12,318,409 | ||||||
Legg Mason, Inc.1 | 319,651 | 12,296,974 | ||||||
McGraw Hill Financial, Inc. | 175,987 | 12,262,774 | ||||||
Franklin Resources, Inc. | 223,734 | 12,050,313 | ||||||
Ameriprise Financial, Inc. | 119,691 | 12,033,733 | ||||||
Principal Financial Group, Inc. | 252,104 | 11,964,856 | ||||||
Invesco Ltd. | 349,778 | 11,805,008 | ||||||
American Express Co. | 144,311 | 11,804,640 | ||||||
T. Rowe Price Group, Inc. | 151,822 | 11,752,541 | ||||||
Prologis, Inc. | 293,855 | 11,739,507 | ||||||
Marsh & McLennan Companies, Inc. | 256,209 | 11,734,372 | ||||||
American Tower Corp. — Class A | 147,343 | 11,691,667 | ||||||
Cincinnati Financial Corp. | 233,366 | 11,668,300 | ||||||
Weyerhaeuser Co. | 382,725 | 11,634,840 | ||||||
Public Storage | 69,657 | 11,630,629 | ||||||
Comerica, Inc. | 268,203 | 11,613,190 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 7 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
IntercontinentalExchange, Inc.*,1 | 60,183 | $ | 11,599,070 | |||||
Hartford Financial Services Group, Inc. | 343,588 | 11,578,916 | ||||||
Aflac, Inc. | 178,031 | 11,568,454 | ||||||
Ventas, Inc. | 176,759 | 11,531,757 | ||||||
Kimco Realty Corp. | 536,526 | 11,524,578 | ||||||
Allstate Corp. | 217,008 | 11,514,444 | ||||||
Assurant, Inc. | 196,810 | 11,509,449 | ||||||
Vornado Realty Trust | 128,467 | 11,441,271 | ||||||
NYSE Euronext | 259,780 | 11,435,516 | ||||||
Chubb Corp. | 123,990 | 11,416,999 | ||||||
Health Care REIT, Inc. | 175,920 | 11,408,412 | ||||||
Moody’s Corp. | 161,199 | 11,390,321 | ||||||
KeyCorp | 907,697 | 11,373,443 | ||||||
Loews Corp. | 235,001 | 11,352,898 | ||||||
ACE Ltd. | 118,525 | 11,312,026 | ||||||
Simon Property Group, Inc. | 73,167 | 11,307,960 | ||||||
American International Group, Inc. | 218,589 | 11,290,122 | ||||||
Fifth Third Bancorp | 591,136 | 11,249,318 | ||||||
Macerich Co. | 189,959 | 11,247,472 | ||||||
Huntington Bancshares, Inc. | 1,275,217 | 11,221,910 | ||||||
Travelers Companies, Inc. | 129,993 | 11,218,396 | ||||||
State Street Corp. | 159,669 | 11,188,007 | ||||||
Northern Trust Corp. | 198,222 | 11,183,685 | ||||||
Charles Schwab Corp. | 493,219 | 11,171,410 | ||||||
Host Hotels & Resorts, Inc. | 601,578 | 11,159,272 | ||||||
CME Group, Inc. — Class A | 150,138 | 11,141,741 | ||||||
Unum Group | 350,586 | 11,127,600 | ||||||
SLM Corp. | 438,599 | 11,127,257 | ||||||
Bank of New York Mellon Corp. | 349,277 | 11,107,009 | ||||||
Lincoln National Corp. | 244,552 | 11,105,106 | ||||||
Prudential Financial, Inc. | 136,368 | 11,098,992 | ||||||
Morgan Stanley | 386,261 | 11,097,279 | ||||||
Discover Financial Services | 213,122 | 11,056,769 | ||||||
Capital One Financial Corp. | 160,991 | 11,055,252 | ||||||
Leucadia National Corp. | 390,083 | 11,054,952 | ||||||
Berkshire Hathaway, Inc. — Class B* | 95,634 | 11,005,561 | ||||||
Wells Fargo & Co. | 257,526 | 10,993,785 | ||||||
Regions Financial Corp. | 1,141,243 | 10,990,170 | ||||||
SunTrust Banks, Inc. | 326,180 | 10,972,695 | ||||||
Torchmark Corp. | 150,512 | 10,966,304 | ||||||
U.S. Bancorp | 292,565 | 10,930,228 | ||||||
M&T Bank Corp. | 97,060 | 10,922,162 | ||||||
PNC Financial Services Group, Inc. | 148,302 | 10,904,646 | ||||||
XL Group plc — Class A | 356,102 | 10,886,038 | ||||||
Progressive Corp. | 418,967 | 10,880,573 | ||||||
HCP, Inc. | 262,180 | 10,880,470 | ||||||
BB&T Corp. | 319,494 | 10,853,211 | ||||||
People’s United Financial, Inc. | 750,299 | 10,826,815 | ||||||
Hudson City Bancorp, Inc. | 1,203,176 | 10,804,520 | ||||||
CBRE Group, Inc. — Class A* | 464,325 | 10,786,270 | ||||||
E*TRADE Financial Corp.* | 635,099 | 10,739,524 | ||||||
Boston Properties, Inc. | 103,631 | 10,725,809 | ||||||
Plum Creek Timber Company, Inc. | 235,948 | 10,712,039 | ||||||
Goldman Sachs Group, Inc. | 66,289 | 10,663,249 | ||||||
JPMorgan Chase & Co. | 206,588 | 10,647,546 | ||||||
Apartment Investment & | ||||||||
Management Co. — Class A | 380,398 | 10,643,536 | ||||||
Zions Bancorporation | 374,788 | 10,632,736 | ||||||
MetLife, Inc. | 222,546 | 10,528,651 | ||||||
AvalonBay Communities, Inc. | 84,058 | 10,511,453 | ||||||
Citigroup, Inc. | 215,164 | 10,495,700 | ||||||
Bank of America Corp. | 749,848 | 10,467,878 | ||||||
Equity Residential | 199,005 | 10,419,902 | ||||||
Total Financials | 913,769,383 | |||||||
INFORMATION TECHNOLOGY - 12.9% | ||||||||
First Solar, Inc.*,1 | 284,146 | 14,284,020 | ||||||
Seagate Technology plc | 269,921 | 13,139,754 | ||||||
Corning, Inc. | 742,069 | 12,681,959 | ||||||
Google, Inc. — Class A* | 12,200 | 12,573,076 | ||||||
SanDisk Corp. | 178,498 | 12,405,611 | ||||||
Adobe Systems, Inc.* | 227,510 | 12,331,042 | ||||||
Yahoo!, Inc.* | 371,324 | 12,227,699 | ||||||
Apple, Inc. | 23,358 | 12,201,051 | ||||||
Applied Materials, Inc. | 682,910 | 12,189,944 | ||||||
Hewlett-Packard Co. | 492,188 | 11,994,622 | ||||||
Micron Technology, Inc.* | 670,706 | 11,858,082 | ||||||
Cognizant Technology Solutions | ||||||||
Corp. — Class A* | 136,375 | 11,855,079 | ||||||
VeriSign, Inc.* | 217,965 | 11,831,140 | ||||||
KLA-Tencor Corp. | 180,236 | 11,823,482 | ||||||
Motorola Solutions, Inc. | 189,065 | 11,820,344 | ||||||
Lam Research Corp.* | 217,961 | 11,820,025 | ||||||
Microchip Technology, Inc.1 | 274,413 | 11,788,782 | ||||||
Teradyne, Inc.* | 673,940 | 11,787,211 | ||||||
Intuit, Inc. | 164,779 | 11,766,868 | ||||||
Western Digital Corp. | 168,813 | 11,754,449 | ||||||
MasterCard, Inc. — Class A | 16,313 | 11,698,052 | ||||||
Salesforce.com, Inc.* | 218,871 | 11,678,957 | ||||||
LSI Corp. | 1,375,182 | 11,661,543 | ||||||
Microsoft Corp. | 328,958 | 11,628,665 | ||||||
Harris Corp. | 187,565 | 11,621,527 | ||||||
Fidelity National Information | ||||||||
Services, Inc. | 236,425 | 11,525,719 | ||||||
Paychex, Inc. | 269,418 | 11,385,605 | ||||||
Autodesk, Inc.* | 284,568 | 11,357,109 | ||||||
CA, Inc. | 357,538 | 11,355,407 | ||||||
Texas Instruments, Inc. | 269,735 | 11,350,449 | ||||||
Fiserv, Inc.* | 108,273 | 11,339,431 | ||||||
Intel Corp. | 463,458 | 11,322,279 | ||||||
Visa, Inc. — Class A | 57,440 | 11,296,725 | ||||||
Amphenol Corp. — Class A | 140,563 | 11,285,803 | ||||||
Oracle Corp. | 334,686 | 11,211,981 | ||||||
Analog Devices, Inc. | 226,587 | 11,170,739 | ||||||
Total System Services, Inc. | 373,234 | 11,133,570 | ||||||
Broadcom Corp. — Class A | 415,701 | 11,107,531 | ||||||
Linear Technology Corp. | 269,680 | 11,094,635 | ||||||
QUALCOMM, Inc. | 158,407 | 11,004,534 | ||||||
Automatic Data Processing, Inc. | 146,622 | 10,992,251 | ||||||
Molex, Inc. | 281,174 | 10,853,316 | ||||||
Accenture plc — Class A | 145,884 | 10,722,474 | ||||||
Electronic Arts, Inc.* | 407,369 | 10,693,436 | ||||||
eBay, Inc.* | 201,857 | 10,639,882 | ||||||
TE Connectivity Ltd. | 203,342 | 10,470,080 | ||||||
Xilinx, Inc. | 229,863 | 10,440,377 | ||||||
NVIDIA Corp. | 687,666 | 10,438,770 |
8 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Computer Sciences Corp. | 210,438 | $ | 10,366,176 | |||||
Xerox Corp. | 1,039,745 | 10,335,065 | ||||||
International Business Machines Corp. | 56,553 | 10,134,863 | ||||||
Cisco Systems, Inc. | 446,742 | 10,051,695 | ||||||
Western Union Co. | 590,168 | 10,044,659 | ||||||
Symantec Corp. | 433,192 | 9,850,786 | ||||||
EMC Corp. | 404,829 | 9,744,234 | ||||||
FLIR Systems, Inc. | 341,153 | 9,716,037 | ||||||
Juniper Networks, Inc.* | 516,887 | 9,634,774 | ||||||
NetApp, Inc. | 248,218 | 9,633,341 | ||||||
F5 Networks, Inc.* | 118,118 | 9,627,798 | ||||||
Jabil Circuit, Inc. | 459,034 | 9,575,449 | ||||||
Akamai Technologies, Inc.* | 211,917 | 9,481,167 | ||||||
JDS Uniphase Corp.* | 723,785 | 9,474,346 | ||||||
Altera Corp. | 281,006 | 9,441,802 | ||||||
Red Hat, Inc.* | 207,227 | 8,966,712 | ||||||
Citrix Systems, Inc.* | 147,202 | 8,358,130 | ||||||
Teradata Corp.* | 183,185 | 8,072,963 | ||||||
Total Information Technology | 729,125,084 | |||||||
INDUSTRIALS - 12.8% | ||||||||
Xylem, Inc. | 403,131 | 13,908,021 | ||||||
Pitney Bowes, Inc.1 | 630,974 | 13,464,985 | ||||||
Southwest Airlines Co. | 781,588 | 13,458,945 | ||||||
FedEx Corp. | 101,328 | 13,273,968 | ||||||
Delta Air Lines, Inc. | 483,516 | 12,755,152 | ||||||
Boeing Co. | 97,598 | 12,736,539 | ||||||
Quanta Services, Inc.* | 417,551 | 12,614,216 | ||||||
Flowserve Corp. | 178,138 | 12,375,247 | ||||||
Norfolk Southern Corp. | 143,614 | 12,353,676 | ||||||
Parker Hannifin Corp. | 104,054 | 12,145,183 | ||||||
Northrop Grumman Corp. | 112,959 | 12,144,222 | ||||||
Nielsen Holdings N.V. | 305,483 | 12,048,250 | ||||||
United Parcel Service, Inc. — Class B | 122,584 | 12,042,652 | ||||||
Ryder System, Inc. | 182,761 | 12,031,157 | ||||||
Fluor Corp. | 161,669 | 11,999,073 | ||||||
Kansas City Southern | 98,479 | 11,967,168 | ||||||
General Electric Co. | 456,842 | 11,941,850 | ||||||
Pall Corp. | 148,253 | 11,937,332 | ||||||
Precision Castparts Corp. | 46,768 | 11,853,350 | ||||||
ADT Corp. | 271,405 | 11,770,835 | ||||||
Cintas Corp. | 218,589 | 11,753,531 | ||||||
Equifax, Inc. | 181,236 | 11,720,532 | ||||||
Tyco International Ltd. | 320,534 | 11,715,518 | ||||||
L-3 Communications Holdings, Inc. | 115,264 | 11,578,269 | ||||||
Waste Management, Inc. | 265,664 | 11,567,011 | ||||||
Ingersoll-Rand plc | 170,989 | 11,546,887 | ||||||
3M Co. | 91,593 | 11,526,979 | ||||||
Illinois Tool Works, Inc. | 146,100 | 11,511,219 | ||||||
Joy Global, Inc.1 | 201,906 | 11,458,166 | ||||||
Rockwell Automation, Inc. | 103,434 | 11,420,148 | ||||||
Jacobs Engineering Group, Inc.* | 187,660 | 11,413,481 | ||||||
Raytheon Co. | 138,418 | 11,401,491 | ||||||
AMETEK, Inc. | 238,322 | 11,398,941 | ||||||
Lockheed Martin Corp. | 85,385 | 11,385,236 | ||||||
Eaton Corporation plc | 161,353 | 11,385,068 | ||||||
Pentair Ltd. | 169,563 | 11,375,982 | ||||||
Snap-on, Inc. | 109,225 | 11,367,046 | ||||||
Emerson Electric Co. | 169,672 | 11,362,934 | ||||||
Dun & Bradstreet Corp. | 103,584 | 11,268,903 | ||||||
Danaher Corp. | 155,718 | 11,225,711 | ||||||
Honeywell International, Inc. | 129,319 | 11,215,837 | ||||||
Dover Corp. | 122,052 | 11,203,153 | ||||||
Expeditors International | ||||||||
of Washington, Inc. | 245,373 | 11,112,943 | ||||||
Masco Corp. | 522,072 | 11,031,381 | ||||||
Republic Services, Inc. — Class A | 329,273 | 11,020,767 | ||||||
Stericycle, Inc.* | 94,803 | 11,016,109 | ||||||
Robert Half International, Inc. | 285,458 | 10,998,697 | ||||||
CH Robinson Worldwide, Inc. | 183,705 | 10,974,537 | ||||||
WW Grainger, Inc. | 40,607 | 10,922,065 | ||||||
Textron, Inc. | 378,938 | 10,909,625 | ||||||
CSX Corp. | 416,918 | 10,864,883 | ||||||
Iron Mountain, Inc. | 408,586 | 10,843,872 | ||||||
Fastenal Co. | 216,955 | 10,804,359 | ||||||
General Dynamics Corp. | 124,688 | 10,801,721 | ||||||
Deere & Co. | 131,727 | 10,780,538 | ||||||
PACCAR, Inc. | 193,075 | 10,734,970 | ||||||
United Technologies Corp. | 100,222 | 10,648,588 | ||||||
Union Pacific Corp. | 70,176 | 10,624,646 | ||||||
Roper Industries, Inc. | 83,124 | 10,540,954 | ||||||
Caterpillar, Inc. | 124,893 | 10,411,080 | ||||||
Rockwell Collins, Inc. | 148,777 | 10,389,098 | ||||||
Cummins, Inc. | 81,287 | 10,325,075 | ||||||
Stanley Black & Decker, Inc. | 121,739 | 9,628,338 | ||||||
Total Industrials | 726,008,110 | |||||||
HEALTH CARE - 10.9% | ||||||||
McKesson Corp. | 84,445 | 13,202,131 | ||||||
Bristol-Myers Squibb Co. | 249,410 | 13,099,013 | ||||||
Tenet Healthcare Corp.* | 270,029 | 12,742,669 | ||||||
CR Bard, Inc. | 91,593 | 12,476,798 | ||||||
Cerner Corp.* | 221,791 | 12,426,950 | ||||||
Actavis plc* | 80,122 | 12,385,259 | ||||||
Gilead Sciences, Inc.* | 171,047 | 12,142,627 | ||||||
Perrigo Co. | 88,016 | 12,136,526 | ||||||
Cardinal Health, Inc. | 204,915 | 12,020,314 | ||||||
St. Jude Medical, Inc. | 205,650 | 11,802,254 | ||||||
AmerisourceBergen Corp. — Class A | 180,238 | 11,774,949 | ||||||
AbbVie, Inc. | 241,995 | 11,724,658 | ||||||
Alexion Pharmaceuticals, Inc.* | 95,174 | 11,701,643 | ||||||
Pfizer, Inc. | 381,090 | 11,691,841 | ||||||
Thermo Fisher Scientific, Inc. | 119,272 | 11,662,416 | ||||||
Medtronic, Inc. | 202,808 | 11,641,179 | ||||||
Zimmer Holdings, Inc. | 132,684 | 11,605,869 | ||||||
DENTSPLY International, Inc. | 246,319 | 11,601,625 | ||||||
Forest Laboratories, Inc.* | 246,267 | 11,581,937 | ||||||
Covidien plc | 179,762 | 11,524,542 | ||||||
Stryker Corp. | 154,932 | 11,443,278 | ||||||
Becton Dickinson and Co. | 108,632 | 11,420,482 | ||||||
Abbott Laboratories | 311,587 | 11,388,505 | ||||||
Agilent Technologies, Inc. | 224,230 | 11,381,915 | ||||||
Johnson & Johnson | 122,688 | 11,362,136 | ||||||
CareFusion Corp.* | 292,174 | 11,327,586 | ||||||
Biogen Idec, Inc.* | 46,300 | 11,305,997 | ||||||
Patterson Companies, Inc. | 265,406 | 11,282,409 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 9 |
SCHEDULE OF INVESTMENTS (continued) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Hospira, Inc.* | 274,260 | $ | 11,113,015 | |||||
Allergan, Inc. | 122,323 | 11,083,687 | ||||||
Zoetis, Inc. | 349,894 | 11,077,644 | ||||||
PerkinElmer, Inc. | 288,253 | 10,965,144 | ||||||
Amgen, Inc. | 94,443 | 10,955,388 | ||||||
DaVita HealthCare Partners, Inc.* | 194,782 | 10,948,696 | ||||||
Life Technologies Corp.* | 145,351 | 10,946,384 | ||||||
Laboratory Corporation | ||||||||
of America Holdings* | 107,902 | 10,887,312 | ||||||
Celgene Corp.* | 72,717 | 10,797,747 | ||||||
Regeneron Pharmaceuticals, Inc.* | 37,452 | 10,771,195 | ||||||
Boston Scientific Corp.* | 917,728 | 10,728,240 | ||||||
Intuitive Surgical, Inc.* | 28,874 | 10,726,691 | ||||||
Quest Diagnostics, Inc. | 176,863 | 10,595,862 | ||||||
Varian Medical Systems, Inc.* | 145,720 | 10,576,358 | ||||||
Mylan, Inc.* | 279,214 | 10,573,834 | ||||||
Waters Corp.* | 104,329 | 10,528,883 | ||||||
WellPoint, Inc. | 121,948 | 10,341,190 | ||||||
Express Scripts Holding Co.* | 165,294 | 10,334,181 | ||||||
Merck & Company, Inc. | 227,310 | 10,249,408 | ||||||
Humana, Inc. | 110,584 | 10,190,316 | ||||||
Eli Lilly & Co. | 203,903 | 10,158,447 | ||||||
Aetna, Inc. | 161,044 | 10,097,459 | ||||||
Cigna Corp. | 129,901 | 9,999,779 | ||||||
Baxter International, Inc. | 151,356 | 9,969,820 | ||||||
UnitedHealth Group, Inc. | 145,898 | 9,958,997 | ||||||
Edwards Lifesciences Corp.* | 151,720 | 9,890,627 | ||||||
Vertex Pharmaceuticals, Inc.* | 137,471 | 9,807,181 | ||||||
Total Health Care | 616,130,993 | |||||||
ENERGY - 8.8% | ||||||||
Newfield Exploration Co.* | 424,465 | 12,924,959 | ||||||
QEP Resources, Inc. | 386,345 | 12,772,566 | ||||||
Valero Energy Corp. | 309,953 | 12,760,765 | ||||||
Baker Hughes, Inc. | 218,588 | 12,697,777 | ||||||
Phillips 66 | 190,162 | 12,252,138 | ||||||
Noble Energy, Inc. | 163,356 | 12,240,265 | ||||||
Helmerich & Payne, Inc. | 157,455 | 12,210,635 | ||||||
WPX Energy, Inc.* | 550,644 | 12,191,258 | ||||||
Pioneer Natural Resources Co. | 58,765 | 12,033,897 | ||||||
Peabody Energy Corp. | 604,273 | 11,771,238 | ||||||
Devon Energy Corp. | 186,084 | 11,764,230 | ||||||
Schlumberger Ltd. | 125,266 | 11,739,930 | ||||||
CONSOL Energy, Inc. | 321,441 | 11,732,597 | ||||||
Occidental Petroleum Corp. | 121,419 | 11,665,938 | ||||||
EOG Resources, Inc. | 65,290 | 11,647,736 | ||||||
Denbury Resources, Inc.* | 611,092 | 11,604,637 | ||||||
Nabors Industries Ltd. | 663,647 | 11,600,550 | ||||||
Halliburton Co. | 218,647 | 11,594,850 | ||||||
ConocoPhillips | 157,038 | 11,510,885 | ||||||
Spectra Energy Corp. | 323,530 | 11,507,962 | ||||||
Tesoro Corp. | 235,324 | 11,504,990 | ||||||
Marathon Petroleum Corp. | 159,952 | 11,462,160 | ||||||
Chesapeake Energy Corp. | 407,383 | 11,390,429 | ||||||
Hess Corp. | 139,790 | 11,350,948 | ||||||
Ensco plc — Class A | 195,811 | 11,288,504 | ||||||
National Oilwell Varco, Inc. | 138,833 | 11,270,463 | ||||||
Apache Corp. | 125,152 | 11,113,498 | ||||||
Exxon Mobil Corp. | 122,894 | 11,013,760 | ||||||
Kinder Morgan, Inc. | 309,691 | 10,935,189 | ||||||
Anadarko Petroleum Corp. | 114,744 | 10,933,956 | ||||||
Williams Companies, Inc. | 302,337 | 10,796,454 | ||||||
Marathon Oil Corp. | 305,438 | 10,769,744 | ||||||
Southwestern Energy Co.* | 286,453 | 10,661,781 | ||||||
Murphy Oil Corp. | 176,509 | 10,647,023 | ||||||
Equities Corp. | 123,318 | 10,557,254 | ||||||
Noble Corp. | 280,033 | 10,557,244 | ||||||
Chevron Corp. | 87,547 | 10,502,138 | ||||||
Range Resources Corp. | 138,153 | 10,459,564 | ||||||
Diamond Offshore Drilling, Inc.1 | 168,653 | 10,444,680 | ||||||
Transocean Ltd. | 221,054 | 10,405,012 | ||||||
Rowan Companies plc — Class A* | 286,881 | 10,350,666 | ||||||
Cameron International Corp.* | 187,548 | 10,288,883 | ||||||
Cabot Oil & Gas Corp. | 289,564 | 10,227,400 | ||||||
FMC Technologies, Inc.* | 199,698 | 10,094,734 | ||||||
Total Energy | 499,251,287 | |||||||
CONSUMER STAPLES - 8.1% | ||||||||
Safeway, Inc. | 385,266 | 13,445,783 | ||||||
Lorillard, Inc. | 246,781 | 12,588,299 | ||||||
Archer-Daniels-Midland Co. | 299,979 | 12,269,141 | ||||||
Kimberly-Clark Corp. | 113,524 | 12,260,592 | ||||||
Constellation Brands, Inc. — Class A* | 185,081 | 12,085,789 | ||||||
Walgreen Co. | 203,229 | 12,039,286 | ||||||
Whole Foods Market, Inc. | 190,234 | 12,009,472 | ||||||
Kroger Co. | 278,360 | 11,924,942 | ||||||
Molson Coors Brewing Co. — Class B | 219,326 | 11,843,604 | ||||||
Colgate-Palmolive Co. | 182,816 | 11,833,680 | ||||||
Hershey Co. | 118,628 | 11,772,643 | ||||||
Mead Johnson Nutrition Co. — Class A | 143,611 | 11,727,274 | ||||||
Clorox Co. | 129,522 | 11,681,589 | ||||||
Altria Group, Inc. | 311,852 | 11,610,250 | ||||||
Mondelez International, Inc. — Class A | 344,382 | 11,585,010 | ||||||
Dr Pepper Snapple Group, Inc. | 241,882 | 11,453,113 | ||||||
Reynolds American, Inc. | 222,694 | 11,439,791 | ||||||
Coca-Cola Enterprises, Inc. | 273,619 | 11,418,121 | ||||||
PepsiCo, Inc. | 135,249 | 11,373,088 | ||||||
Kellogg Co. | 179,184 | 11,333,388 | ||||||
Brown-Forman Corp. — Class B | 155,137 | 11,321,898 | ||||||
CVS Caremark Corp. | 181,394 | 11,293,590 | ||||||
Monster Beverage Corp.* | 197,318 | 11,292,509 | ||||||
Wal-Mart Stores, Inc. | 146,148 | 11,216,859 | ||||||
Beam, Inc. | 166,400 | 11,198,720 | ||||||
JM Smucker Co. | 100,686 | 11,197,290 | ||||||
General Mills, Inc. | 220,577 | 11,121,492 | ||||||
Coca-Cola Co. | 280,792 | 11,110,939 | ||||||
Procter & Gamble Co. | 137,404 | 11,095,373 | ||||||
McCormick & Company, Inc. | 160,236 | 11,080,319 | ||||||
Hormel Foods Corp. | 253,988 | 11,038,318 | ||||||
Philip Morris International, Inc. | 123,727 | 11,026,550 | ||||||
Costco Wholesale Corp. | 92,859 | 10,957,362 | ||||||
Campbell Soup Co. | 256,926 | 10,937,340 | ||||||
Kraft Foods Group, Inc. | 200,271 | 10,890,737 | ||||||
Estee Lauder Companies, Inc. — Class A | 153,456 | 10,889,238 | ||||||
ConAgra Foods, Inc. | 340,805 | 10,841,007 | ||||||
Sysco Corp. | 330,417 | 10,685,686 |
10 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (concluded) | October 31, 2013 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Tyson Foods, Inc. — Class A | 359,238 | $ | 9,940,115 | |||||
Avon Products, Inc. | 523,578 | 9,162,615 | ||||||
Total Consumer Staples | 455,992,812 | |||||||
MATERIALS - 6.3% | ||||||||
United States Steel Corp.1 | 546,773 | 13,609,180 | ||||||
Cliffs Natural Resources, Inc.1 | 492,291 | 12,642,033 | ||||||
Allegheny Technologies, Inc. | 379,519 | 12,562,079 | ||||||
Alcoa, Inc. | 1,344,592 | 12,464,368 | ||||||
PPG Industries, Inc. | 66,863 | 12,207,847 | ||||||
CF Industries Holdings, Inc. | 56,087 | 12,092,357 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 328,807 | 12,086,945 | ||||||
Ecolab, Inc. | 113,531 | 12,034,286 | ||||||
Ball Corp. | 244,370 | 11,947,249 | ||||||
Sherwin-Williams Co. | 62,072 | 11,669,536 | ||||||
Nucor Corp. | 224,956 | 11,645,972 | ||||||
Avery Dennison Corp. | 246,157 | 11,598,918 | ||||||
Owens-Illinois, Inc.* | 362,260 | 11,516,245 | ||||||
LyondellBasell Industries N.V. — Class A | 153,041 | 11,416,859 | ||||||
Airgas, Inc. | 104,643 | 11,413,412 | ||||||
EI du Pont de Nemours & Co. | 184,559 | 11,295,011 | ||||||
FMC Corp. | 154,833 | 11,265,649 | ||||||
Praxair, Inc. | 90,168 | 11,244,851 | ||||||
Eastman Chemical Co. | 141,988 | 11,187,235 | ||||||
Air Products & Chemicals, Inc. | 102,319 | 11,153,794 | ||||||
Vulcan Materials Co. | 206,640 | 11,065,572 | ||||||
Bemis Company, Inc. | 275,656 | 10,998,674 | ||||||
Sigma-Aldrich Corp. | 127,098 | 10,985,080 | ||||||
International Flavors & Fragrances, Inc. | 132,528 | 10,953,439 | ||||||
Monsanto Co. | 104,326 | 10,941,711 | ||||||
Sealed Air Corp. | 361,713 | 10,916,498 | ||||||
Mosaic Co. | 235,992 | 10,820,233 | ||||||
Dow Chemical Co. | 272,534 | 10,756,917 | ||||||
Newmont Mining Corp. | 385,016 | 10,495,536 | ||||||
International Paper Co. | 223,221 | 9,957,889 | ||||||
MeadWestvaco Corp. | 281,773 | 9,819,789 | ||||||
Total Materials | 354,765,164 | |||||||
UTILITIES - 6.3% | ||||||||
ONEOK, Inc. | 212,554 | 12,009,301 | ||||||
Ameren Corp. | 330,574 | 11,960,167 | ||||||
American Electric Power Company, Inc. | 254,929 | 11,940,874 | ||||||
Duke Energy Corp. | 165,703 | 11,885,876 | ||||||
Edison International | 241,725 | 11,851,777 | ||||||
AGL Resources, Inc. | 246,731 | 11,808,546 | ||||||
Integrys Energy Group, Inc. | 201,067 | 11,798,612 | ||||||
Sempra Energy | 128,312 | 11,694,356 | ||||||
CenterPoint Energy, Inc. | 474,620 | 11,675,652 | ||||||
NextEra Energy, Inc. | 137,143 | 11,622,869 | ||||||
Northeast Utilities | 269,664 | 11,565,889 | ||||||
AES Corp. | 818,761 | 11,536,342 | ||||||
Pepco Holdings, Inc. | 597,900 | 11,527,512 | ||||||
Consolidated Edison, Inc. | 197,961 | 11,525,289 | ||||||
Wisconsin Energy Corp. | 272,719 | 11,484,197 | ||||||
NiSource, Inc. | 362,790 | 11,435,141 | ||||||
NRG Energy, Inc. | 400,287 | 11,420,188 | ||||||
DTE Energy Co. | 165,080 | 11,413,631 | ||||||
TECO Energy, Inc. | 664,473 | 11,409,001 | ||||||
CMS Energy Corp. | 414,856 | 11,391,946 | ||||||
Xcel Energy, Inc. | 393,074 | 11,344,116 | ||||||
Pinnacle West Capital Corp. | 201,743 | 11,303,660 | ||||||
Dominion Resources, Inc. | 177,287 | 11,302,046 | ||||||
Public Service Enterprise Group, Inc. | 336,061 | 11,258,044 | ||||||
Entergy Corp. | 172,173 | 11,143,037 | ||||||
PPL Corp. | 362,148 | 11,092,593 | ||||||
FirstEnergy Corp. | 292,761 | 11,086,859 | ||||||
PG&E Corp. | 262,874 | 11,001,277 | ||||||
SCANA Corp. | 234,938 | 10,955,159 | ||||||
Southern Co. | 265,235 | 10,850,764 | ||||||
Exelon Corp. | 360,094 | 10,277,083 | ||||||
Total Utilities | 354,571,804 | |||||||
TELECOMMUNICATION SERVICES - 1.2% | ||||||||
Crown Castle International Corp.* | 155,502 | 11,821,262 | ||||||
Verizon Communications, Inc. | 227,490 | 11,490,520 | ||||||
AT&T, Inc. | 316,586 | 11,460,413 | ||||||
CenturyLink, Inc. | 335,943 | 11,375,030 | ||||||
Frontier Communications Corp.1 | 2,497,648 | 11,014,628 | ||||||
Windstream Holdings, Inc.1 | 1,281,282 | 10,954,961 | ||||||
Total Telecommunication Services | 68,116,814 | |||||||
Total Common Stocks | ||||||||
(Cost $4,765,797,461) | 5,655,000,566 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 6,064,832 | 6,064,832 | ||||||
Total Short Term Investments | ||||||||
(Cost $6,064,832) | 6,064,832 | |||||||
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 2.7% | ||||||||
Joint Repurchase Agreements | ||||||||
RBS Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | $ | 100,535,430 | 100,535,430 | |||||
HSBC Securities, Inc. | ||||||||
issued 10/31/13 at 0.09% | ||||||||
due 11/01/13 | 53,589,957 | 53,589,957 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $154,125,387) | 154,125,387 | |||||||
Total Investments - 102.7% | ||||||||
(Cost $4,925,987,680) | $ | 5,815,190,785 | ||||||
Other Assets & Liabilities, net - (2.7)% | (151,419,244 | ) | ||||||
Total Net Assets - 100.0% | $ | 5,663,771,541 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 4. |
†† | Value determined based on Level 2 inputs — See Note 4. |
1 | All or portion of this security is on loan at October 31, 2013 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 11 |
STATEMENT OF ASSETS AND LIABILITIES | October 31, 2013 |
Guggenheim | ||||
S&P 500® Equal | ||||
Weight ETF | ||||
Assets: | ||||
Investments, at value — including $150,180,027 of securities loaned | $ | 5,661,065,398 | ||
Repurchase agreements | 154,125,387 | |||
Total investments* | 5,815,190,785 | |||
Receivables: | ||||
Fund shares sold | 10,287,009 | |||
Securities lending | 68,407 | |||
Investments sold | 54,907 | |||
Dividends and interest | 4,414,862 | |||
Total assets | 5,830,015,970 | |||
Liabilities: | ||||
Payable upon return of securities loaned | 154,125,387 | |||
Payable for: | ||||
Investments purchased | 10,279,029 | |||
Due to custodian | 26,974 | |||
Accrued management fees | 1,813,039 | |||
Total liabilities | 166,244,429 | |||
Net assets | $ | 5,663,771,541 | ||
Net assets consist of: | ||||
Paid-in capital | $ | 5,339,356,010 | ||
Undistributed net investment income | 3,194,160 | |||
Accumulated net realized loss on investments | (567,981,734 | ) | ||
Net unrealized appreciation on investments | 889,203,105 | |||
Net assets | $ | 5,663,771,541 | ||
Shares outstanding (unlimited shares authorized), no par value | 83,358,863 | |||
Net asset value, offering price and repurchase price per share | $ | 67.94 | ||
Cost of investments | $ | 4,771,862,293 | ||
Cost of repurchase agreements | 154,125,387 | |||
*Total cost of investments | $ | 4,925,987,680 |
12 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
For the Year Ended October 31, 2013
Guggenheim | ||||
S&P 500® Equal | ||||
Weight ETF | ||||
Investment Income: | ||||
Dividends, net of foreign taxes withheld* | $ | 82,599,452 | ||
Income from securities lending | 972,562 | |||
Interest | 564 | |||
Total investment income | 83,572,578 | |||
Expenses: | ||||
Management fees | 16,347,344 | |||
Other fees | 491 | |||
Total expenses | 16,347,835 | |||
Net investment income | 67,224,743 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | (10,092,003 | ) | ||
In-kind redemptions | 236,251,352 | |||
Net realized gain | 226,159,349 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | 829,838,694 | |||
Net realized and unrealized gain | 1,055,998,043 | |||
Net increase in net assets resulting from operations | $ | 1,123,222,786 | ||
* Foreign taxes withheld | $ | 67,445 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 13 |
STATEMENTS OF CHANGES IN NET ASSETS
Guggenheim S&P 500® | ||||||||
Equal Weight ETF | ||||||||
Year Ended | Year Ended | |||||||
October 31, 2013 | October 31, 2012 | |||||||
Increase (Decrease) in Net assets from Operations: | ||||||||
Net investment income | $ | 67,224,743 | $ | 46,087,043 | ||||
Net realized gain on investments | 226,159,349 | 67,694,355 | ||||||
Net change in unrealized appreciation (depreciation) on investments | 829,838,694 | 179,598,926 | ||||||
Net increase in net assets resulting from operations | 1,123,222,786 | 293,380,324 | ||||||
Distributions to Shareholders from: | ||||||||
Net investment income | (63,950,328 | ) | (44,494,825 | ) | ||||
Total distributions to shareholders | (63,950,328 | ) | (44,494,825 | ) | ||||
Shareholder Transactions: | ||||||||
Proceeds from shares purchased | 2,864,811,708 | 746,295,733 | ||||||
Value of shares redeemed | (1,032,752,585 | ) | (1,286,550,125 | ) | ||||
Net increase (decrease) in net assets resulting from share transactions | 1,832,059,123 | (540,254,392 | ) | |||||
Net increase (decrease) in net assets | 2,891,331,581 | (291,368,893 | ) | |||||
Net assets: | ||||||||
Beginning of year | 2,772,439,960 | 3,063,808,853 | ||||||
End of year | $ | 5,663,771,541 | $ | 2,772,439,960 | ||||
Undistributed net investment income at end of year | $ | 3,194,160 | $ | 1,012,830 | ||||
Changes in shares outstanding: | ||||||||
Shares sold | 47,400,000 | 15,100,000 | ||||||
Shares redeemed | (17,600,000 | ) | (27,050,000 | ) | ||||
Net increase (decrease) in shares | 29,800,000 | (11,950,000 | ) |
14 | GUGGENHEIM ETFs ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 51.76 | $ | 46.77 | $ | 43.87 | $ | 35.99 | $ | 30.01 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment incomea | 0.99 | 0.80 | 0.69 | 0.60 | 0.54 | |||||||||||||||
Net gain on investments | ||||||||||||||||||||
(realized and unrealized) | 16.13 | 4.97 | 2.87 | 7.87 | 5.98 | |||||||||||||||
Total from investment operations | 17.12 | 5.77 | 3.56 | 8.47 | 6.52 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.94 | ) | (0.78 | ) | (0.66 | ) | (0.59 | ) | (0.54 | ) | ||||||||||
Total distributions to shareholders | (0.94 | ) | (0.78 | ) | (0.66 | ) | (0.59 | ) | (0.54 | ) | ||||||||||
Net asset value, end of period | $ | 67.94 | $ | 51.76 | $ | 46.77 | $ | 43.87 | $ | 35.99 | ||||||||||
Total Returnb | 33.36 | % | 12.42 | % | 8.12 | % | 23.67 | % | 22.21 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 5,663,772 | $ | 2,772,440 | $ | 3,063,809 | $ | 2,154,259 | $ | 1,499,351 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Net investment income | 1.64 | % | 1.61 | % | 1.45 | % | 1.48 | % | 1.75 | % | ||||||||||
Total expenses | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||
Portfolio turnover ratec | 37 | % | 20 | % | 21 | % | 20 | % | 37 | % |
a | Based on average shares outstanding. |
b | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. |
c | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs ANNUAL REPORT | 15 |
1. Organization
Rydex ETF Trust (the “Trust”) is registered with the SEC under the Investment Company Act of 1940 (the “1940 Act”) as a nondiversified, open-ended investment company of the series type, and is authorized to issue an unlimited number of no par value shares. Each portfolio represents a separate series of beneficial interest in the Trust (each a “Fund”, and collectively, the “Funds”). The Trust was organized as a Delaware statutory trust on November 22, 2002. As of October 31, 2013, the Trust offered twenty-one portfolios, of which one is covered by this report. The financial statements herein relate to the following fund, whose investment objective is to replicate as closely as possible, before fees and expenses, the daily performance of an index representing publicly traded equity securities (the “Underlying Index”) as follows:
Fund | Index |
Guggenheim S&P 500® | S&P 500 Equal |
Equal Weight ETF | Weight Index |
The Fund operates as an index fund and is not actively managed. Adverse performance of a security in the Fund’s portfolio will ordinarily not result in the elimination of the security from the Fund’s portfolio.
The Fund issues and redeems shares on a continuous basis, at Net Asset Value per share (“NAV”), only in aggregation of 50,000 shares (a “Creation Unit”). Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.
Guggenheim Investments (“GI”) provides advisory services and Rydex Fund Services, LLC (“RFS”) provides administrative services to the Trust. Guggenheim Distributors, LLC (“GDL”) acts as principal underwriter for the Trust. GI, RFS and GDL are affiliated entities.
Significant Accounting Policies
The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.
A. Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date. The Fund invests in money market mutual funds, which are valued at their NAV.
Short-term debt securities with a maturity of 60 days or less at acquisition and repurchase agreements are valued at amortized cost, which approximates market value.
Investments for which market quotations are not readily available are fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. These methods include, but are not limited to: (i) obtaining general information as to how these securities and assets trade; and (ii) obtaining other information and considerations, including current values in related markets.
B. Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as realized gains in the respective fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Distributions received from investments in REITs are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer.
C. Distributions of net investment income and net realized gains, if any, in the Fund, are declared and paid at least annually. Distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.
D. The Funds may enter into repurchase agreements with financial institutions. In a repurchase agreement, a Fund buys a security and the seller simultaneously agrees to repurchase the security on a specified future date at an agreed-upon price. The repurchase price reflects an agreed-upon interest rate during the time the Fund’s money is invested in the security. Because the security constitutes collateral for the repurchase obligation, a repurchase agreement can be considered a collateralized loan. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose condition will be continually monitored by GI. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a
16 | GUGGENHEIM ETFs ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued)
default or bankruptcy by a selling financial institution, the Funds will seek to liquidate such collateral. However, the exercising of the Funds right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Funds could suffer a loss. It is the current policy of the Funds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Funds, amounts to more than 15% of a Funds net assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of GI, liquidity or other considerations so warrant.
E. The Fund invests in various investments which are exposed to risk, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect amounts reported in the financial statements.
Throughout the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/ or its affiliates that have not yet occurred. However, based on experience the Fund expects the risk of loss to be remote.
2. Capital
There is a minimum transaction fee per transaction to those per-sons purchasing or redeeming Creation Units. An additional charge of up to three times the standard transaction fee may be imposed for purchases and redemptions effected outside the National Securities Clearing Corporation usual clearing process or for cash. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV of the Fund on the transaction date. Transaction fees are not charged to or paid by the Fund. The minimum transaction fees are:
Fund | Minimum Transaction Fee | |||
Guggenheim S&P 500® Equal Weight ETF | $ | 2,000 |
3. Fees and Other Transactions with Affiliates
GI determines the composition of the portfolio of securities that must be delivered in exchange for the issuance of Creation Units and periodically adjusts the composition of the portfolio of the Fund to conform to changes in the composition of the relevant index. For these services, GI receives a management fee at the annual rate shown below as a percentage of the average daily net assets of the Fund.
Fund | Advisory Fee | |||
Guggenheim S&P 500® Equal Weight ETF | 0.40 | % |
GI pays all expenses of the Fund, including the cost of transfer agency, custody, fund administration, fund accounting, legal, audit and other services, except: interest, taxes, distribution fees or expenses and extraordinary expenses.
Under a Fund Administration Agreement with the Trust, RFS provides various administrative and financial reporting services for the Fund. GI compensates RFS directly for this service. Prior to June 3, 2013, State Street Bank and Trust provided such services.
Under a Fund Accounting Agreement with the Trust, BNYMellon maintains the books and records of the Fund. Under a Custodian Agreement with the Trust, BNYMellon maintains cash, securities and other assets of the Fund in a separate account for the Fund, keeps all necessary accounts and records, and provides other services. BNYMellon is required, upon the order of the Trust, to deliver securities held by the custodian and to make payments for securities purchased by the Trust for the Fund. Pursuant to a Transfer Agency and Service Agreement with the Trust, BNYMellon acts as a transfer agent for the Trust’s authorized and issued shares of beneficial interest, and as dividend disbursing agent of the Trust. GI compensates BNYMellon directly for the foregoing services. Prior to June 3, 2013, State Street Bank and Trust provided such services.
The Fund has adopted a Distribution Plan (the “Plan”) that allows the Fund to pay distribution fees to GDL and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Fund will pay distribution fees to GDL at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GDL will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Fund.
4. Fair Value Measurement
In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or, in the absence of a principal market, the most advantageous market for the investment or liability.
A three-tier hierarchy is utilized to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable
GUGGENHEIM ETFs ANNUAL REPORT | 17
NOTES TO FINANCIAL STATEMENTS (continued)
inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three broad levels listed below:
Level 1 — quoted prices in active markets for identical securities.
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes the inputs used to value the Fund’s net assets as of October 31, 2013:
Level 1 | Level 2 | Level 3 | ||||||||||||||
Investments | Investments | Investments | ||||||||||||||
Fund | In Securities | In Securities | In Securities | Total | ||||||||||||
Guggenheim S&P 500® Equal Weight ETF | $ | 5,661,065,398 | $ | 154,125,387 | $ | — | $ | 5,815,190,785 |
For the year ended October 31, 2013, there were no transfers between levels.
5. Federal Income Taxes
The Fund intends to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax is required.
Tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken, or to be taken, on Federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund’s financial statements. A fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.
Income and capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for in-kind redemptions, income reclassifications from REITs and losses deferred due to wash sales.
The RIC Modernization Act of 2010 was signed into law on December 22, 2010 and sought to simplify some of the tax provisions applicable to regulated investment companies, the tax reporting to their shareholders and to improve the tax efficiency of certain fund structures. The changes were generally effective for taxable years beginning after the date of enactment.
One of the more prominent changes addresses capital loss carryforwards. The Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years are required to be utilized prior to the losses incurred in pre-enactment taxable years. Under pre-enactment law, capital losses could be carried forward for eight years, and carried forward as short-term capital, irrespective of the character of the original loss. As a result of this ordering rule, pre-enactment capital loss carryforwards may potentially expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
18 | GUGGENHEIM ETFs ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued)
The tax character of distributions paid during the year ended October 31, 2013 was as follows:
Ordinary | Long-Term | Total | ||||||||||
Fund | Income | Capital Gain | Distributions | |||||||||
Guggenheim S&P 500 Equal Weight ETF | $ | 63,950,328 | $ | — | $ | 63,950,328 |
The tax character of distributions paid during the year ended October 31, 2012 was as follows:
Ordinary | Long-Term | Total | ||||||||||
Fund | Income | Capital Gain | Distributions | |||||||||
Guggenheim S&P 500 Equal Weight ETF | $ | 44,494,825 | $ | — | $ | 44,494,825 |
The tax character of distributable earnings/(accumulated losses) at October 31, 2013 was as follows:
Undistributed | Undistributed | Net Unrealized | Total | |||||||||||||||||
Ordinary | Long-Term | Capital Loss | Appreciation/ | Accumulated | ||||||||||||||||
Fund | Income | Capital Gain | Carryforward | (Depreciation) | Earnings/(Deficit) | |||||||||||||||
Guggenheim S&P 500 Equal Weight ETF | $ | 1,484,396 | $ | — | $ | (545,980,333 | ) | $ | 868,911,468 | $ | 324,415,531 |
A summary of the expiration of the capital loss carry forward is as follows:
Remaining | ||||||||||||||||||||||||||||
Expires in | Expires in | Expires in | Expires in | Unlimited | Capital Loss | |||||||||||||||||||||||
Fund | 2016 | 2017 | 2018 | 2019 | Short Term | Long Term | Carryforward | |||||||||||||||||||||
Guggenheim S&P 500 Equal Weight ETF | $ | (119,981,602 | ) | $ | (313,762,207 | ) | $ | (35,251,288 | ) | $ | (20,782,942 | ) | $ | — | $ | (56,202,294 | ) | $ | (545,980,333 | ) |
Prior year capital loss carry forwards of $12,991,461 were utilized in the current year.
In order to present paid-in-capital, undistributed net investment income (loss) and accumulated net realized gain (loss) on investments on the statement of assets and liabilities that more closely represent their tax character, certain adjustments have been made to these accounts. These adjustments have no effect on the net assets or NAV. The most significant of these adjustments are for net capital gains (losses) resulting from in-kind redemptions and return of capital on investments. For the year ended October 31, 2013, the adjustments for the Fund were as follows:
Undistributed | Accumulated Net | |||||||||||
Net Investment | Realized | |||||||||||
Paid-In Capital | Income | Gain/(Loss) | ||||||||||
Guggenheim S&P 500 Equal Weight ETF | $ | 235,104,891 | $ | (1,093,085 | ) | $ | (234,011,806 | ) |
At October 31, 2013, the identified cost of investments in securities owned by the Fund for Federal income tax purposes and the gross unrealized appreciation and depreciation were as follows:
Tax | Tax | Net | ||||||||||||||
Tax | Unrealized | Unrealized | Unrealized | |||||||||||||
Fund | Cost | Gain | Loss | Gain/(Loss) | ||||||||||||
Guggenheim S&P 500 Equal Weight ETF | $ | 4,946,279,317 | $ | 978,205,985 | $ | (109,294,517 | ) | $ | 868,911,468 |
6. Investment Transactions
For the year ended October 31, 2013, the Fund had investments transactions in-kind associated with subscriptions and redemptions as follows:
Fund | Subscriptions | Redemptions | ||||||
Guggenheim S&P 500® Equal Weight ETF | $ | 2,849,386,727 | $ | 1,025,241,996 |
Purchases and sales of investment securities (excluding short-term investments, U.S. government and government agency obligations) for the Fund were as follows:
Fund | Purchases | Sales | ||||||
Guggenheim S&P 500® Equal Weight ETF | $ | 2,214,058,081 | $ | 1,493,513,676 |
There were no purchases or sales of U.S. government or government agency obligations for the year ended October 31, 2013.
GUGGENHEIM ETFs ANNUAL REPORT | 19
NOTES TO FINANCIAL STATEMENTS (concluded)
7. Portfolio Securities Loaned
The Fund may lend its securities to approved brokers to earn additional income. Security lending income shown on the statement of operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Fund acts as the lender, Credit Suisse acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Fund receives cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Fund’s securities lending agreement with Credit Suisse, cash collateral is invested in one or more joint repurchase agreements collateralized by obligations of the U.S. Treasury or Government Agencies. The Fund bears the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of Fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
At October 31, 2013, the Fund participated in securities lending as follows:
Value of | Cash | |||||||
Securities | Collateral | |||||||
Fund | Loaned | Received | ||||||
Guggenheim S&P 500® Equal Weight ETF | $ | 150,180,027 | $ | 154,125,387 |
Cash collateral received was invested in the following joint repurchase agreements at October 31, 2013:
Counterparty and Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | |||||||||||||
HSBC Securities, Inc. | Fannie Mae | |||||||||||||||||
0.09% | 0.00% | |||||||||||||||||
Due 11/01/13 | $ | 53,589,957 | $ | 53,590,091 | 05/15/19 - 11/15/20 | $ | 62,580,010 | $ | 54,672,610 | |||||||||
RBS Securities, Inc. | Federal Home Loan Bank | |||||||||||||||||
0.09% | 0.00% - 5.625% | |||||||||||||||||
Due 11/01/13 | 100,535,430 | 100,535,680 | 11/12/13 - 09/13/24 | 13,812,049 | 13,891,079 | |||||||||||||
Freddie Mac | ||||||||||||||||||
0.42% - 5.625% | ||||||||||||||||||
10/27/14 - 11/23/35 | 83,731,240 | 88,677,163 |
8. New Accounting Pronouncement
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11 regarding “Disclosures about Offsetting Assets and Liabilities”. The ASU requires an entity to disclose information about offsetting and related arrangements for assets and liabilities, financial instruments and derivatives that are either currently offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements. In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements and securities lending. The new disclosure is effective for annual or interim periods beginning on or after January 1, 2013. Management is evaluating the impact of this update on its current disclosures.
20 | GUGGENHEIM ETFs ANNUAL REPORT
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Trustees and Shareholders of Rydex ETF Trust
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guggenheim S&P 500® Equal Weight ETF (one of the series constituting the Rydex ETF Trust) (the “Fund”) as of October 31, 2013, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2013, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Guggenheim S&P 500® Equal Weight ETF at October 31, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
McLean, Virginia
December 23, 2013
GUGGENHEIM ETFs ANNUAL REPORT | 21
Federal Income Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions paid by the funds during the year ended October 31, 2013:
Dividend Received | Long-Term Capital | Qualified Income | ||||||||||
Fund | Deduction | Gains Distribution | Distribution | |||||||||
Guggenheim S&P 500 Equal Weight ETF | 100.00 | % | $ | — | $ | 76,295,697 |
Proxy Voting Information
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1.800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1.800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Quarterly Portfolio Schedules Information
The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 1.800.820.0888.
Office Locations
The offices of Guggenheim Investments can be found in the following locations:
330 Madison Avenue
10th Floor
New York, NY 10017
(Headquarters)
Four Irvington Centre
805 King Farm Boulevard
Suite 600
Rockville, MD 20850
9401 Indian Creek Parkway
40 Corporate Woods
Suite 850
Overland Park, KS 66210
Premium/Discount Information
Information about the differences between the daily market price on secondary markets for Shares and the NAV of the Fund can be found at wwww.guggenheiminvestments.com.
Board Consideration Regarding Approval of Investments Advisory Agreement
At in-person meetings of the Rydex ETF Trust’s (the “Trust”) Board of Trustees (the “Board”) held on May 16 and June 5, 2013 (collectively, the “Meetings”), called for the purpose of, among other things, consideration of, and voting on, the approval and continuation of the investment advisory agreement applicable to the series of the Trust (each a “Fund” and collectively, the “Funds”), the Board, including the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, of the Trust (“Independent Trustees”), unanimously approved the continuation of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Security Investors, LLC (referred to herein as the “Adviser”) with respect to each of the Funds for an additional one-year period, based on the Board’s review of qualitative and quantitative information provided by the Adviser.
22 | GUGGENHEIM ETFs ANNUAL REPORT
OTHER INFORMATION (Unaudited) (continued)
In considering the continuation of the Investment Advisory Agreement, the Independent Trustees requested and obtained from the Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the Investment Advisory Agreement. In addition, the Board also received a memorandum from Fund counsel regarding the responsibilities of the Board for the approval of investment advisory agreements and participated in question and answer sessions with representatives of the Adviser. The Board also carefully considered information that they had received throughout the year as part of their regular oversight of the Funds. At the Meetings, the Board obtained and reviewed a wide variety of information, including certain comparative information regarding performance of the Funds relative to performance of other comparable funds. The Independent Trustees carefully evaluated this information, met in executive session outside the presence of Fund management, and were advised by independent legal counsel with respect to their deliberations.
As a part of their consideration of the approval of the Investment Advisory Agreement at the Meetings, the Board, including the Independent Trustees, evaluated a number of factors, including among others: (a) the nature and quality of the Adviser’s investment advisory and other services; (b) the Adviser’s investment management personnel; (c) the Adviser’s operations and financial condition; (d) the Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the fees that the Adviser charges compared with the fees charged to comparable funds or accounts, giving special attention to the absence of breakpoints in these fees and the rationale provide by the Adviser as to why the addition of breakpoints was not currently appropriate; (f) each Fund’s overall fees and operating expenses compared with similar funds; (g) the level of the Adviser’s profitability from its Fund-related operations; (h) the Adviser’s compliance systems; (i) the Adviser’s policies and compliance procedures applicable to personal securities transactions; (j) the Adviser’s reputation, expertise and resources in the financial markets; and (k) Fund performance compared with similar funds. In its deliberations, the Board did not identify any single piece of information that was all-important or controlling. Based on the Board’s deliberations at the Meetings, the Board, including all of the Independent Trustees, unanimously: (a) concluded that the terms of the Investment Advisory Agreement are fair and reasonable; (b) concluded that the Adviser’s fees were reasonable in light of the services that it provides to the Funds; and (c) agreed to approve and continue the Investment Advisory Agreement based upon the following considerations, among others:
• | Nature, Extent and Quality of Services Provided by the Adviser. At the Meetings, the Board reviewed the scope of services to be provided by the Adviser under the Investment Advisory Agreement and noted that there would be no significant differences between the scope of services required to be provided by the Adviser for the past year and the scope of services required to be provided during the upcoming year. The Board also considered (1) the Adviser’s representations to the Board that the Adviser would continue to provide investment and related services that were of materially the same quality and quantity as services provided to the Funds in the past, and (2) whether these services are appropriate in scope and extent in light of the Funds’ operations, the competitive landscape of the investment company business and investor needs. |
• | Fund Expenses and Performance of the Funds and the Adviser. At the Meetings, the Board reviewed statistical information provided by the Adviser regarding the expense ratio components and performance of each Fund. The Adviser engaged FUSE Research Network LLC (“FUSE”), an independent, third party research provider, to prepare advisory contract renewal reports to help the Board fulfill its advisory contract renewal responsibilities. The objective of the reports is to present the subject Funds’ relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. This statistical information related to the expense ratio components included actual advisory fees, waivers/reimbursements, and gross and net total expenses for each Fund in comparison to other funds determined by FUSE to comprise each Fund’s applicable peer group. The Board also considered the Adviser’s representation that it found the peer group compiled by FUSE to be appropriate. The statistical information related to the performance of each Fund included three month and one, three, and five year performance for the Fund compared to its peers. |
• | Costs of Services Provided to the Funds and Profits Realized by the Adviser and its Affiliates. At the Meetings, the Board reviewed information about the profitability of the Funds to the Adviser based on the advisory fees payable under the current Investment Advisory Agreement for the last calendar year. The Board noted that the Adviser had contractually agreed to pay all operating expenses of the Funds, including the cost of index licensing fees, transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, and extraordinary expenses. At the Meetings, the Board analyzed the Funds’ expenses, including the investment advisory fees paid to the Adviser, and reviewed reports comparing the expense ratios of the Funds to those of other comparable funds. The Board also reviewed information regarding the direct revenue received by the Adviser and ancillary revenue, if any, received by the Adviser and/or its affiliates |
GUGGENHEIM ETFs ANNUAL REPORT | 23
OTHER INFORMATION (Unaudited) (concluded)
in connection with the services provided to the Funds by the Adviser and/or its affiliates. The Board considered information regarding the Adviser’s profit margin as reflected in the Adviser’s profitability analysis, as well as information provided by the Adviser concerning the methodology used to allocate various expenses among the individual Funds in determining the Adviser’s profitability. |
• | Economies of Scale. At the Meetings, the Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Funds’ asset levels. The Board noted that the Investment Advisory Agreement did not provide for breakpoints in each Fund’s advisory fee rates as assets of a Fund increase. However, the Board further noted the Adviser’s assertion that future economies of scale had been taken into consideration for the Funds by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the Funds from inception. The Board noted that it intends to continue to monitor fees as each Fund grows in size and assess whether fee breakpoints may be warranted. |
• | Other Benefits to the Adviser and/or its Affiliates. In addition to evaluating the services provided by the Adviser, the Board had considered the nature, extent, quality and cost of the distribution services performed by the Adviser’s affiliate under a separate agreement at the Meetings. The Board noted that the Adviser reports portfolio transactions on behalf of the Funds placed through an affiliate of the Funds or the Adviser at each quarterly Board meeting. |
On the basis of the information provided to it and its evaluation of that information, the Board, including the Independent Trustees, concluded that the terms of the Investment Advisory Agreement for the Funds were reasonable, and that approval of the continuation of the Investment Advisory Agreement was in the best interests of the Funds.
24 | GUGGENHEIM ETFs ANNUAL REPORT
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)
A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by calling 800.820.0888.
All Trustees and Officers may be reached c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, MD 20850.
TRUSTEE AND OFFICER
Name and | Length of Service as Trustee | Number of | ||
Year of Birth | (Year Began) | Funds Overseen | ||
Donald C. Cacciapaglia* | Rydex Series Funds – 2012 | 212 | ||
(1951) | Rydex Variable Trust – 2012 | |||
Rydex Dynamic Funds – 2012 | ||||
Rydex ETF Trust – 2012 |
Principal Occupations During Past Five Years: Current: Security Investors, LLC: President and CEO from April 2012 to present; Guggenheim Investments: President and Chief Administrative Officer from February 2010 to present; Previous: Channel Capital Group, Inc.: Chairman and CEO from April 2002 to February 2010
Positions held within the Trust: Trustee from 2012 to present; President from 2012 to present
INDEPENDENT TRUSTEES
Name and | Length of Service as Trustee | Number of | ||
Year of Birth | (Year Began) | Funds Overseen | ||
Corey A. Colehour | Rydex Series Funds – 1993 | 131 | ||
(1945) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Current: Retired; Previous: President and Senior Vice President of Schield Management Company (registered investment adviser) from 2003 to 2006
Positions held within the Trust: Trustee from 1993 to present; Member of the Audit and Governance and Nominating Committees from 1995 to present
J. Kenneth Dalton | Rydex Series Funds – 1995 | 131 | ||
(1941) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Current: Retired
Positions held within the Trust: Trustee from 1995 to present; Member and Chairman of the Audit Committee from 1997 to present; Member of the Governance and Nominating Committees from 1995 to present; and Member of the Risk Oversight Committee from 2010 to present
John O. Demaret | Rydex Series Funds – 1997 | 131 | ||
(1940) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Current: Retired
Positions held within the Trust: Trustee from 1997 to present; Chairman of the Board from 2006 to present; Member of the Audit Committee from 1997 to present; and Member of the Risk Oversight Committee from 2010 to present
GUGGENHEIM ETFs ANNUAL REPORT | 25
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (continued)
INDEPENDENT TRUSTEES - continued
Name and | Length of Service as Trustee | Number of | ||
Year of Birth | (Year Began) | Funds Overseen | ||
Werner E. Keller | Rydex Series Funds – 2005 | 131 | ||
(1940) | Rydex Variable Trust – 2005 | |||
Rydex Dynamic Funds – 2005 | ||||
Rydex ETF Trust – 2005 |
Principal Occupations During Past Five Years: Current: Founder and President of Keller Partners, LLC (investment research firm) from 2005 to present; Previous: Retired from 2001 to 2005
Positions held within the Trust: Vice Chairman of the Board of Trustees from 2010 to present; Trustee and Member of the Audit and Governance and Nominating Committees from 2005 to present; and Chairman and Member of the Risk Oversight Committee from 2010 to present
Thomas F. Lydon, Jr. | Rydex Series Funds – 2005 | 131 | ||
(1960) | Rydex Variable Trust – 2005 | |||
Rydex Dynamic Funds – 2005 | ||||
Rydex ETF Trust – 2005 |
Principal Occupations During Past Five Years: Current: President of Global Trends Investments (registered investment adviser) from 1996 to present
Positions held within the Trust: Trustee and Member of the Audit and Governance and Nominating Committees from 2005 to present
Patrick T. McCarville | Rydex Series Funds – 1997 | 131 | ||
(1942) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Current: Retired; Previous: Chief Executive Officer of Par Industries, Inc., d/b/a Par Leasing from 1977 to 2010
Positions held within the Trust: Trustee from 1997 to present; Member of the Audit Committee from 1997 to present; and Chairman of the Governance and Nominating Committees from 1997 to present
Roger Somers | Rydex Series Funds – 1993 | 131 | ||
(1944) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Current: Founder and Chief Executive Officer of Arrow Limousine from 1965 to present
Positions held within the Trust: Trustee from 1993 to present; Member of the Audit and Governance and Nominating Committees from 1995 to present
EXECUTIVE OFFICERS
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years |
Michael P. Byrum* Vice President (1970) | Current: President, Security Benefit Asset Management Holdings, LLC; Senior Vice President, Security Investors, LLC; President & Chief Investment Officer, Rydex Holdings, LLC; Director & Chairman of the Board, Advisor Research Center, Inc.; and Manager, Rydex Specialized Products, LLC | |
Previous: Guggenheim Distributors, LLC (f/k/a Rydex Distributors, LLC), Vice President (2009); Rydex Fund Services, LLC, Director (2009–2010), Secretary (2002–2010); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.), Director (2008–2010), Chief Investment Officer (2006–2010), President (2004–2010), Secretary (2002–2010); Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Director (2008–2010), Chief Investment Officer (2006–2010), President (2004–2010), Secretary (2002–2010); Advisor Research Center, Inc., Secretary (2006–2009), and Executive Vice President (2006) |
26 | GUGGENHEIM ETFs ANNUAL REPORT
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (concluded)
EXECUTIVE OFFICERS - concluded
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years |
Nikolaos Bonos* Vice President and Treasurer (1963) | Current: Senior Vice President, Security Investors, LLC; Chief Executive Officer & Manager, Rydex Specialized Products, LLC; Chief Executive Officer & President, Rydex Fund Services, LLC; Vice President, Rydex Holdings, LLC; Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund & Security Mid Cap Growth Fund; and Vice President, Security Benefit Asset Management Holdings, LLC | |
Previous: Security Global Investors, LLC, Senior Vice President (2010–2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) Senior Vice President (2006–2011); Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Director (2009); and Rydex Specialized Products, LLC, Chief Financial Officer (2005–2009) | ||
Elisabeth Miller* Chief Compliance Officer (1968) | Current: Chief Compliance Officer, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust, Rydex ETF Trust, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund, Security Mid Cap Growth Fund, SBL Fund, Security Investors, LLC, and Guggenheim Distributors, LLC | |
Previous: Senior Manager, Security Investors, LLC and Guggenheim Distributors, LLC (2004–2009) | ||
Amy J. Lee* Vice President and Secretary (1961) | Current: Managing Director, Guggenheim Investments; Senior Vice President & Secretary, Security Investors, LLC; Secretary & Vice President, Rydex ETF Trust, Rydex Dynamic Funds, Rydex Variable Trust, SBL Fund, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund and Security Mid Cap Growth Fund; Vice President & Secretary, Rydex Holdings, LLC; Secretary, Advisor Research Center, Inc., Guggenheim Specialized Products, LLC, Guggenheim Distributors, LLC and Rydex Fund Services, LLC | |
Previous: Vice President, Associate General Counsel & Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (1987–2012); Security Global Investors, LLC, Senior Vice President & Secretary (2007–2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) & Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Senior Vice President & Secretary (2010–2011) | ||
Joseph M. Arruda* Assistant Treasurer (1966) | Current: Assistant Treasurer, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund & Security Mid Cap Growth Fund; Vice President, Security Investors, LLC; and Chief Financial Officer & Manager, Rydex Specialized Products, LLC | |
Previous: Security Global Investors, LLC, Vice President (2010–2011); and Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) & Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Vice President (2004–2011) |
* | Officers of the Funds are deemed to be “interested persons” of the Trust, within the meaning of Section 2(a)(19) of the 1940 Act, inasmuch as this person is affiliated with Guggenheim Investments. |
GUGGENHEIM ETFs ANNUAL REPORT | 27
GUGGENHEIM INVESTMENTS PRIVACY POLICIES
Rydex Funds, Guggenheim Funds, Rydex Investments, Guggenheim Distributors, LLC, Security Investors, LLC, Security Distributors, Inc. and Rydex Advisory Services (Collectively “Guggenheim Investments”).
Our Commitment to You
When you become a Guggenheim Investments investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone—whether it is your personal information or if you are a current or former Guggenheim Investments client.
The Information We Collect About You
In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Guggenheim Investments account application or when you request a transaction that involves Rydex and Guggenheim Investments funds or one of the Guggenheim Investments affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).
How We Handle Your Personal Information
As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Guggenheim Investments. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Guggenheim Investments investment products and services, we may share your information within the Guggenheim Investments family of affiliated companies. This would include, for example, sharing your information within Guggenheim Investments so we can make you aware of new Rydex and Guggenheim Investments funds or the services offered through another Guggenheim Investments affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.
Opt Out Provisions
We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.
How We Protect Privacy Online
Our concern for the privacy of our shareholders also extends to those who use our web site, guggenheiminvestments.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Guggenheim Investments web site offers customized features that require our use of “http cookies”—tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies. We only use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.
28 | GUGGENHEIM ETFs ANNUAL REPORT
GUGGENHEIM INVESTMENTS PRIVACY POLICIES (concluded)
How We Safeguard Your Personal Information
We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.
We’ll Keep You Informed
As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.
GUGGENHEIM ETFs ANNUAL REPORT | 29
Item 2. Code of Ethics.
The registrant’s Board of Trustees has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. No substantive amendments were approved or waivers were granted to the Code during the period covered by this report. The Code is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that Werner Keller, an "independent" Trustee serving on the registrant's audit committee, is an "audit committee financial expert," as defined in Item 3 of Form N-CSR. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees. The aggregate Audit Fees billed by the Trust’s principal accountant, for the audit of the annual financial statements in connection with statutory and regulatory filings for the fiscal years ended October 31, 2013 and October 31, 2012 were $226,550 and $264,500, respectively.
(b) Audit-Related Fees. The aggregate Audit Related Fees billed by the Trust’s principal account for the fiscal years ended October 31, 2013 and October 31, 2012 were $0 and $0, respectively.
(c) Tax Fees. The aggregate Tax Fees billed by the Trust’s principal accountant for professional services rendered for tax compliance, tax advice, and tax planning, including preparation of tax returns and distribution assistance, for the fiscal years ended October 31, 2013 and October 31, 2012, were $117,550 and $69,400, respectively.
(d) All Other Fees. The aggregate All Other Fees billed by the Trust’s principal accountant for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item, for the fiscal years ended October 31, 2013 and October 31, 2012 were $0 and $0, respectively.
(e) Audit Committee Pre-Approval Policies and Procedures. The audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment advisor, and any entity controlling, controlled by, or under common control with the investment advisor that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such service is required between regularly scheduled audit committee meetings, the chairman of the audit committee, J. Kenneth Dalton, is authorized to pre-approve the service with full committee approval at the next scheduled meeting. There shall be no waivers of the pre-approval process. No services described in (b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) Non-Audit Fees. The aggregate non-audit fees billed by the registrant’s accountant for the most recent fiscal year and the preceding fiscal year for services rendered to the registrant, the investment advisor, and any entity controlling, controlled by, or under common control with the advisor that provides ongoing services to the registrant were $117,550 and $69,400, respectively. These aggregate fees were less than the aggregate fees billed for the same periods by the registrant’s principal accountant for audit services rendered to the registrant, the investment advisor, and any entity controlling, controlled by, or under common control with the advisor that provides ongoing services to the registrant.
(h) Auditor Independence. All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. As such, the audit committee has considered these services in maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants.
(a) The Registrant has a separately standing Audit Committee, which includes the following independent members: John O. Demaret, Corey A. Colehour, Roger Somers, J. Kenneth Dalton, Patrick T. McCarville, Thomas F. Lydon, and Werner E. Keller.
(b) Not applicable.
Item 6. Schedule of Investments
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) The registrant’s President (principal executive officer) and Treasurer (principal financial officer) have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1) The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.
(a)(2) Separate certifications by the President (principal executive officer) and Treasurer (principal financial officer) of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are attached.
(b) A certification by the registrant’s President (principal executive officer) and Treasurer (principal financial officer) as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) is attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Rydex ETF Trust ____________
By (Signature and Title)* /s/ Donald C. Cacciapaglia______
Donald C. Cacciapaglia, President
Date January 9, 2014
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ Donald C. Cacciapaglia______
Donald C. Cacciapaglia, President
Date January 9, 2014
By (Signature and Title)* /s/ Nikolaos Bonos____ _
Nikolaos Bonos, Vice President and Treasurer
Date January 9, 2014
* Print the name and title of each signing officer under his or her signature.