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: April 30, 2014
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.
4.30.2014
Guggenheim ETF Semi-Annual Report
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 |
ETF-SEMI-0414x1014 | guggenheiminvestments.com |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 1 |
April 30, 2014 |
Security Investors, LLC (the “Investment Adviser”) is pleased to present the semiannual shareholder report for 13 of our equal weight exchange traded funds (“ETFs”) for the semiannual period ended April 30, 2014.
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 Funds Distributors, LLC, the distributor of the Funds, is affiliated with Guggenheim Partners, LLC and Investment Adviser.
We encourage you to read the Economic and Market Overview, which follows this letter.
We are committed to providing investors with innovative investment solutions and appreciate the trust you place in us.
Sincerely,
Donald C. Cacciapaglia
President
May 31, 2014
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 SEMI-ANNUAL REPORT |
ECONOMIC AND MARKET OVERVIEW (Unaudited) | April 30, 2014 |
The U.S. economy during the period absorbed the impact of the start of the Federal Reserve’s tapering program, heightened international tension, and a severe U.S. winter, but at the end of the period was on solid ground. Reflecting weather-related weakness, U.S. GDP in the first quarter of 2014 rose just 0.1 percent at an annualized rate. Personal consumption rose by 3 percent, led by health care spending. Weak investment spending, falling inventories, and weak trade pulled down growth. The negative effect of winter conditions on first-quarter output reined in estimates of full-year 2014 growth.
The conundrum is that, with the American economy adding jobs, consumer spending accelerating, and economic data generally strong, interest rates would be expected to rise. However, capital flows from overseas have been playing a crucial role in keeping rates low. As tensions escalated in Ukraine, a flight to safety put downward pressure on U.S. Treasury yields. Japan’s first sales tax increase since 1997 has helped slow consumer spending, which could lead to an acceleration of monetary stimulus there. Such a move puts pressure on China to further devalue its currency, which in turn might drive increased Chinese demand for U.S. Treasuries. This phenomenon of lower rates when conditions suggest higher rates only adds to already improving U.S. economic prospects, as low rates and increasing employment positively impact housing and consumer spending. There has also been a pickup in mergers and acquisition activity, and U.S. first-quarter earnings beat estimates—further supporting equity prices.
Real returns on fixed income are poised to remain lower than they have been in previous expansions. Part of that is due to demographics, with more retirees shifting investment to fixed income—and the other is the amount of central bank-induced liquidity swashing around the system, which has also helped mute real rates. The Fed continues pumping enormous amounts of liquidity into the system, however, with strong signals that it will not raise interest rates until the latter half of 2015, the expansion is proceeding steadily.
For the six months ended April 30, 2014, the Standard & Poor’s 500® (“S&P 500”) Index* returned 8.36%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned 4.44%. The return of the MSCI Emerging Markets Index* was -2.98%.
In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 1.74% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 4.72%. The return of the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.03% for the six-month period.
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.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 3 |
ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) | April 30, 2014 |
*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.
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.
Barclays U.S. High Yield Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.
BofA 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.
MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.
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.
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.
4 | GUGGENHEIM ETFs SEMI-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 October 31, 2013 and held for the six months ended April 30, 2014.
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.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 5 |
FEES AND EXPENSES (Unaudited)(concluded) |
Beginning | Ending | Expenses | |||
Expense | Fund | Account Value | Account Value | Paid During | |
Ratio1 | Return | 10/31/13 | 04/30/14 | Period2 | |
Table 1. Based on actual Fund return3 | |||||
Guggenheim Russell MidCap® Equal Weight ETF | 0.41% | 8.35% | $1,000.00 | $1,083.50 | $2.12 |
Guggenheim Russell 1000® Equal Weight ETF | 0.40% | 8.69% | 1,000.00 | 1,086.90 | 2.07 |
Guggenheim Russell 2000® Equal Weight ETF | 0.44% | 4.20% | 1,000.00 | 1,042.00 | 2.23 |
Guggenheim MSCI Emerging Markets Equal Weight ETF | 0.60% | -1.45% | 1,000.00 | 985.50 | 2.95 |
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 0.42% | 2.23% | 1,000.00 | 1,022.30 | 2.11 |
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 0.41% | 7.63% | 1,000.00 | 1,076.30 | 2.11 |
Guggenheim S&P 500® Equal Weight Energy ETF | 0.41% | 9.15% | 1,000.00 | 1,091.50 | 2.13 |
Guggenheim S&P 500® Equal Weight Financials ETF | 0.41% | 7.63% | 1,000.00 | 1,076.30 | 2.11 |
Guggenheim S&P 500® Equal Weight Health Care ETF | 0.41% | 10.99% | 1,000.00 | 1,109.90 | 2.14 |
Guggenheim S&P 500® Equal Weight Industrials ETF | 0.41% | 10.24% | 1,000.00 | 1,102.40 | 2.14 |
Guggenheim S&P 500® Equal Weight Materials ETF | 0.41% | 9.42% | 1,000.00 | 1,094.20 | 2.13 |
Guggenheim S&P 500® Equal Weight Technology ETF | 0.41% | 11.19% | 1,000.00 | 1,111.90 | 2.15 |
Guggenheim S&P 500® Equal Weight Utilities ETF | 0.42% | 13.09% | 1,000.00 | 1,130.90 | 2.22 |
Table 2. Based on hypothetical 5% return (before expenses) | |||||
Guggenheim Russell MidCap® Equal Weight ETF | 0.41% | 5.00% | 1,000.00 | 1,022.76 | 2.06 |
Guggenheim Russell 1000® Equal Weight ETF | 0.40% | 5.00% | 1,000.00 | 1,022.81 | 2.01 |
Guggenheim Russell 2000® Equal Weight ETF | 0.44% | 5.00% | 1,000.00 | 1,022.61 | 2.21 |
Guggenheim MSCI Emerging Markets Equal Weight ETF | 0.60% | 5.00% | 1,000.00 | 1,021.82 | 3.01 |
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 0.42% | 5.00% | 1,000.00 | 1,022.71 | 2.11 |
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 0.41% | 5.00% | 1,000.00 | 1,022.76 | 2.06 |
Guggenheim S&P 500® Equal Weight Energy ETF | 0.41% | 5.00% | 1,000.00 | 1,022.76 | 2.06 |
Guggenheim S&P 500® Equal Weight Financials ETF | 0.41% | 5.00% | 1,000.00 | 1,022.76 | 2.06 |
Guggenheim S&P 500® Equal Weight Health Care ETF | 0.41% | 5.00% | 1,000.00 | 1,022.76 | 2.06 |
Guggenheim S&P 500® Equal Weight Industrials ETF | 0.41% | 5.00% | 1,000.00 | 1,022.76 | 2.06 |
Guggenheim S&P 500® Equal Weight Materials ETF | 0.41% | 5.00% | 1,000.00 | 1,022.76 | 2.06 |
Guggenheim S&P 500® Equal Weight Technology ETF | 0.41% | 5.00% | 1,000.00 | 1,022.76 | 2.06 |
Guggenheim S&P 500® Equal Weight Utilities ETF | 0.42% | 5.00% | 1,000.00 | 1,022.71 | 2.11 |
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 181/365 (to reflect the one-half year period). | |
3 | Actual cumulative return at net asset value for the period October 31, 2013 to April 30, 2014. |
6 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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 Total | ||||
Net Assets) | ||||
Herbalife Ltd. | 0.4 | % | ||
Lorillard, Inc. | 0.4 | % | ||
Fresh Market, Inc. | 0.4 | % | ||
Energizer Holdings, Inc. | 0.4 | % | ||
Kroger Co. | 0.3 | % | ||
Mead Johnson Nutrition Co. — Class A | 0.3 | % | ||
Pinnacle Foods, Inc. | 0.3 | % | ||
Dean Foods Co. | 0.3 | % | ||
Ingredion, Inc. | 0.3 | % | ||
GNC Holdings, Inc. — Class A | 0.3 | % | ||
Top Ten Total | 3.4 | % |
“Ten Largest Holdings” exclude only temporary cash.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 7 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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 Total | ||||
Net Assets) | ||||
Pepco Holdings, Inc. | 0.2 | % | ||
Herbalife Ltd. | 0.2 | % | ||
Lorillard, Inc. | 0.2 | % | ||
Fresh Market, Inc. | 0.2 | % | ||
Energizer Holdings, Inc. | 0.2 | % | ||
Kellogg Co. | 0.2 | % | ||
Altria Group, Inc. | 0.2 | % | ||
Kroger Co. | 0.2 | % | ||
Mead Johnson Nutrition Co. — Class A | 0.2 | % | ||
Philip Morris International, Inc. | 0.2 | % | ||
Top Ten Total | 2.0 | % |
“Ten Largest Holdings” exclude only temporary cash.
8 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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 Total | ||||
Net Assets) | ||||
Susser Holdings Corp. | 0.3 | % | ||
Core-Mark Holding Company, Inc. | 0.3 | % | ||
Rite Aid Corp. | 0.3 | % | ||
Pilgrim’s Pride Corp. | 0.3 | % | ||
Cbeyond, Inc. | 0.2 | % | ||
Andersons, Inc. | 0.2 | % | ||
Medifast, Inc. | 0.2 | % | ||
Sanderson Farms, Inc. | 0.2 | % | ||
Fresh Del Monte Produce, Inc. | 0.2 | % | ||
B&G Foods, Inc. — Class A | 0.2 | % | ||
Top Ten Total | 2.4 | % |
“Ten Largest Holdings” exclude only temporary cash.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 9 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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 Total | ||||
Net Assets) | ||||
iShares MSCI Brazil Capped ETF | 6.7 | % | ||
WisdomTree India Earnings Fund | 6.6 | % | ||
Hiwin Technologies Corp. | 0.2 | % | ||
Centrais Eletricas Brasileiras S.A. ADR | 0.2 | % | ||
Catcher Technology Company Ltd. | 0.2 | % | ||
Yapi ve Kredi Bankasi AS | 0.2 | % | ||
Turkiye Vakifl ar Bankasi Tao — Class D | 0.2 | % | ||
Cia Paranaense de Energia ADR | 0.2 | % | ||
President Chain Store Corp. | 0.2 | % | ||
UEM Sunrise BHD | 0.2 | % | ||
Top Ten Total | 14.9 | % |
“Ten Largest Holdings” exclude only temporary cash.
10 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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 Total | ||||
Net Assets) | ||||
Staples, Inc. | 1.3 | % | ||
Harley-Davidson, Inc. | 1.3 | % | ||
Garmin Ltd. | 1.3 | % | ||
PVH Corp. | 1.3 | % | ||
Whirlpool Corp. | 1.3 | % | ||
Marriott International, Inc. — Class A | 1.3 | % | ||
Ford Motor Co. | 1.3 | % | ||
Mattel, Inc. | 1.3 | % | ||
Harman International Industries, Inc. | 1.3 | % | ||
Leggett & Platt, Inc. | 1.3 | % | ||
Top Ten Total | 13.0 | % |
“Ten Largest Holdings” exclude only temporary cash.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 11 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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 Total | ||||
Net Assets) | ||||
Lorillard, Inc. | 2.8 | % | ||
Altria Group, Inc. | 2.7 | % | ||
Kellogg Co. | 2.7 | % | ||
Mead Johnson Nutrition Co. — Class A | 2.6 | % | ||
Wal-Mart Stores, Inc. | 2.6 | % | ||
Philip Morris International, Inc. | 2.6 | % | ||
Coca-Cola Co. | 2.6 | % | ||
General Mills, Inc. | 2.6 | % | ||
PepsiCo, Inc. | 2.6 | % | ||
Dr Pepper Snapple Group, Inc. | 2.6 | % | ||
Top Ten Total | 26.4 | % |
“Ten Largest Holdings” exclude only temporary cash.
12 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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 Total | ||||
Net Assets) | ||||
Diamond Offshore Drilling, Inc. | 2.6 | % | ||
Peabody Energy Corp. | 2.6 | % | ||
Newfield Exploration Co. | 2.5 | % | ||
Anadarko Petroleum Corp. | 2.5 | % | ||
Nabors Industries Ltd. | 2.4 | % | ||
Cabot Oil & Gas Corp. | 2.4 | % | ||
CONSOL Energy, Inc. | 2.4 | % | ||
Chesapeake Energy Corp. | 2.4 | % | ||
Halliburton Co. | 2.4 | % | ||
Schlumberger Ltd. | 2.4 | % | ||
Top Ten Total | 24.6 | % |
“Ten Largest Holdings” exclude only temporary cash.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 13 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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 Total | ||||
Net Assets) | ||||
HCP, Inc. | 1.3 | % | ||
Essex Property Trust, Inc. | 1.3 | % | ||
Travelers Companies, Inc. | 1.3 | % | ||
American International Group, Inc. | 1.3 | % | ||
Ventas, Inc. | 1.3 | % | ||
Macerich Co. | 1.3 | % | ||
Simon Property Group, Inc. | 1.3 | % | ||
Genworth Financial, Inc. — Class A | 1.3 | % | ||
Health Care REIT, Inc. | 1.3 | % | ||
Chubb Corp. | 1.3 | % | ||
Top Ten Total | 13.0 | % |
“Ten Largest Holdings” exclude only temporary cash.
14 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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 Total | ||||
Net Assets) | ||||
Allergan, Inc. | 2.4 | % | ||
Tenet Healthcare Corp. | 2.1 | % | ||
Edwards Lifesciences Corp. | 2.1 | % | ||
Baxter International, Inc. | 2.0 | % | ||
Johnson & Johnson | 2.0 | % | ||
Hospira, Inc. | 2.0 | % | ||
WellPoint, Inc. | 2.0 | % | ||
Merck & Company, Inc. | 2.0 | % | ||
Gilead Sciences, Inc. | 2.0 | % | ||
Cigna Corp. | 2.0 | % | ||
Top Ten Total | 20.6 | % |
“Ten Largest Holdings” exclude only temporary cash.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 15 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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 Total | ||||
Net Assets) | ||||
CH Robinson Worldwide, Inc. | 1.7 | % | ||
Dun & Bradstreet Corp. | 1.7 | % | ||
Caterpillar, Inc. | 1.7 | % | ||
Parker Hannifin Corp. | 1.7 | % | ||
Emerson Electric Co. | 1.7 | % | ||
Waste Management, Inc. | 1.6 | % | ||
Stanley Black & Decker, Inc. | 1.6 | % | ||
Robert Half International, Inc. | 1.6 | % | ||
Textron, Inc. | 1.6 | % | ||
Joy Global, Inc. | 1.6 | % | ||
Top Ten Total | 16.5 | % |
“Ten Largest Holdings” exclude only temporary cash.
16 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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 Total | ||||
Net Assets) | ||||
Allegheny Technologies, Inc. | 3.9 | % | ||
Alcoa, Inc. | 3.7 | % | ||
Freeport-McMoRan Copper & Gold, Inc. | 3.6 | % | ||
United States Steel Corp. | 3.5 | % | ||
MeadWestvaco Corp. | 3.5 | % | ||
Sealed Air Corp. | 3.5 | % | ||
Nucor Corp. | 3.5 | % | ||
International Flavors & Fragrances, Inc. | 3.4 | % | ||
Bemis Company, Inc. | 3.4 | % | ||
Mosaic Co. | 3.4 | % | ||
Top Ten Total | 35.4 | % |
“Ten Largest Holdings” exclude only temporary cash.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 17 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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 Total | ||||
Net Assets) | ||||
First Solar, Inc. | 1.9 | % | ||
SanDisk Corp. | 1.8 | % | ||
Xerox Corp. | 1.7 | % | ||
Hewlett-Packard Co. | 1.7 | % | ||
Apple, Inc. | 1.7 | % | ||
Corning, Inc. | 1.7 | % | ||
Lam Research Corp. | 1.7 | % | ||
Micron Technology, Inc. | 1.7 | % | ||
Intel Corp. | 1.7 | % | ||
Oracle Corp. | 1.7 | % | ||
Top Ten Total | 17.3 | % |
“Ten Largest Holdings” exclude only temporary cash.
18 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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 Total | ||||
Net Assets) | ||||
Pepco Holdings, Inc. | 3.5 | % | ||
Frontier Communications Corp. | 3.2 | % | ||
Exelon Corp. | 3.0 | % | ||
CenturyLink, Inc. | 3.0 | % | ||
Entergy Corp. | 3.0 | % | ||
Public Service Enterprise Group, Inc. | 3.0 | % | ||
AGL Resources, Inc. | 2.9 | % | ||
AT&T, Inc. | 2.9 | % | ||
Windstream Holdings, Inc. | 2.9 | % | ||
NRG Energy, Inc. | 2.9 | % | ||
Top Ten Total | 30.3 | % |
“Ten Largest Holdings” exclude only temporary cash.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 19 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.7% | ||||||||
INDUSTRIALS - 12.4% | ||||||||
MRC Global, Inc.* | 7,972 | $ | 232,703 | |||||
Timken Co. | 3,608 | 227,593 | ||||||
Ingersoll-Rand plc | 3,664 | 219,107 | ||||||
Fastenal Co. | 4,258 | 213,241 | ||||||
Valmont Industries, Inc. | 1,427 | 212,495 | ||||||
Armstrong World Industries, Inc.* | 3,927 | 206,403 | ||||||
Hexcel Corp.* | 4,831 | 201,404 | ||||||
Owens Corning | 4,878 | 199,266 | ||||||
Lennox International, Inc. | 2,317 | 194,234 | ||||||
SolarCity Corp.*,1 | 3,626 | 193,085 | ||||||
Masco Corp. | 9,495 | 190,755 | ||||||
Navistar International Corp.* | 3,536 | 134,120 | ||||||
CH Robinson Worldwide, Inc. | 2,210 | 130,169 | ||||||
Clean Harbors, Inc.* | 2,093 | 125,580 | ||||||
Old Dominion Freight Line, Inc.* | 2,048 | 124,170 | ||||||
Spirit AeroSystems Holdings, Inc. — Class A* | 4,068 | 122,162 | ||||||
J.B. Hunt Transport Services, Inc. | 1,605 | 122,141 | ||||||
WESCO International, Inc.* | 1,390 | 122,014 | ||||||
Delta Air Lines, Inc. | 3,296 | 121,392 | ||||||
Landstar System, Inc. | 1,926 | 121,319 | ||||||
Stanley Black & Decker, Inc. | 1,410 | 121,105 | ||||||
Textron, Inc. | 2,945 | 120,451 | ||||||
Nordson Corp. | 1,620 | 120,447 | ||||||
Robert Half International, Inc. | 2,676 | 119,885 | ||||||
MSC Industrial Direct Company, Inc. — Class A | 1,316 | 119,835 | ||||||
Dover Corp. | 1,386 | 119,750 | ||||||
Parker Hannifin Corp. | 943 | 119,648 | ||||||
Expeditors International of Washington, Inc. | 2,895 | 119,390 | ||||||
Con-way, Inc. | 2,809 | 119,326 | ||||||
Covanta Holding Corp. | 6,453 | 119,058 | ||||||
Pitney Bowes, Inc. | 4,433 | 118,804 | ||||||
Babcock & Wilcox Co. | 3,414 | 118,773 | ||||||
SPX Corp. | 1,166 | 118,745 | ||||||
Ryder System, Inc. | 1,437 | 118,093 | ||||||
Kennametal, Inc. | 2,525 | 117,993 | ||||||
Triumph Group, Inc. | 1,820 | 117,954 | ||||||
Carlisle Companies, Inc. | 1,429 | 117,535 | ||||||
Joy Global, Inc. | 1,945 | 117,439 | ||||||
Xylem, Inc. | 3,124 | 117,431 | ||||||
AGCO Corp. | 2,103 | 117,137 | ||||||
Manpowergroup, Inc. | 1,440 | 117,130 | ||||||
Iron Mountain, Inc. | 4,118 | 117,116 | ||||||
IDEX Corp. | 1,570 | 117,075 | ||||||
Regal-Beloit Corp. | 1,565 | 116,952 | ||||||
Roper Industries, Inc. | 841 | 116,857 | ||||||
Snap-on, Inc. | 1,007 | 116,812 | ||||||
Trinity Industries, Inc. | 1,556 | 116,793 | ||||||
Colfax Corp.* | 1,621 | 116,680 | ||||||
AO Smith Corp. | 2,495 | 116,666 | ||||||
Republic Services, Inc. — Class A | 3,323 | 116,604 | ||||||
Crane Co. | 1,602 | 116,513 | ||||||
Stericycle, Inc.* | 999 | 116,324 | ||||||
Genesee & Wyoming, Inc. — Class A* | 1,174 | 116,238 | ||||||
Harsco Corp. | 4,854 | 116,156 | ||||||
Alliant Techsystems, Inc. | 805 | 116,097 | ||||||
Huntington Ingalls Industries, Inc. | 1,126 | 115,978 | ||||||
Manitowoc Company, Inc. | 3,645 | 115,838 | ||||||
Kansas City Southern | 1,147 | 115,709 | ||||||
AECOM Technology Corp.* | 3,561 | 115,448 | ||||||
Southwest Airlines Co. | 4,776 | 115,436 | ||||||
ITT Corp. | 2,672 | 115,270 | ||||||
Waste Connections, Inc. | 2,571 | 114,821 | ||||||
Terex Corp. | 2,650 | 114,719 | ||||||
United Rentals, Inc.* | 1,221 | 114,566 | ||||||
Copart, Inc.* | 3,158 | 114,541 | ||||||
Alaska Air Group, Inc. | 1,217 | 114,495 | ||||||
ADT Corp. | 3,775 | 114,156 | ||||||
AMETEK, Inc. | 2,164 | 114,086 | ||||||
Kirby Corp.* | 1,133 | 114,002 | ||||||
B/E Aerospace, Inc.* | 1,297 | 113,838 | ||||||
Allison Transmission Holdings, Inc. | 3,812 | 113,750 | ||||||
WW Grainger, Inc. | 447 | 113,717 | ||||||
Donaldson Company, Inc. | 2,683 | 112,927 | ||||||
Toro Co. | 1,775 | 112,784 | ||||||
Hubbell, Inc. — Class B | 958 | 112,776 | ||||||
IHS, Inc. — Class A* | 934 | 112,668 | ||||||
Cintas Corp. | 1,907 | 112,380 | ||||||
Rollins, Inc. | 3,736 | 112,379 | ||||||
URS Corp. | 2,383 | 112,287 | ||||||
HD Supply Holdings, Inc.* | 4,348 | 112,091 | ||||||
RR Donnelley & Sons Co. | 6,361 | 111,954 | ||||||
Fluor Corp. | 1,471 | 111,355 | ||||||
Towers Watson & Co. — Class A | 991 | 111,210 | ||||||
Exelis, Inc. | 5,996 | 111,166 | ||||||
Air Lease Corp. — Class A | 3,095 | 111,018 | ||||||
Graco, Inc. | 1,530 | 110,925 | ||||||
Verisk Analytics, Inc. — Class A* | 1,842 | 110,686 | ||||||
L-3 Communications Holdings, Inc. | 954 | 110,063 | ||||||
Rockwell Collins, Inc. | 1,417 | 110,030 | ||||||
Copa Holdings S.A. — Class A | 813 | 109,983 | ||||||
Rockwell Automation, Inc. | 917 | 109,288 | ||||||
GATX Corp. | 1,660 | 108,946 | ||||||
Quanta Services, Inc.* | 3,084 | 108,804 | ||||||
Oshkosh Corp. | 1,959 | 108,744 | ||||||
Flowserve Corp. | 1,486 | 108,552 | ||||||
TransDigm Group, Inc. | 607 | 107,967 | ||||||
Pentair Ltd. | 1,452 | 107,869 | ||||||
PACCAR, Inc. | 1,683 | 107,678 | ||||||
Pall Corp. | 1,279 | 107,628 | ||||||
Chicago Bridge & Iron Company N.V. | 1,342 | 107,454 | ||||||
Wabtec Corp. | 1,438 | 107,203 | ||||||
KBR, Inc. | 4,217 | 106,985 | ||||||
American Airlines Group, Inc.* | 3,050 | 106,964 | ||||||
Allegion plc | 2,151 | 106,152 | ||||||
Lincoln Electric Holdings, Inc. | 1,559 | 104,157 | ||||||
United Continental Holdings, Inc.* | 2,537 | 103,687 | ||||||
Jacobs Engineering Group, Inc.* | 1,773 | 102,302 | ||||||
AMERCO | 376 | 94,041 | ||||||
Avis Budget Group, Inc.* | 1,767 | 92,927 | ||||||
Hertz Global Holdings, Inc.* | 3,214 | 91,503 | ||||||
Nielsen N.V. | 1,886 | 88,548 |
20 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
WABCO Holdings, Inc.* | 799 | $ | 85,501 | |||||
KAR Auction Services, Inc. | 2,763 | 82,282 | ||||||
Fortune Brands Home & Security, Inc. | 2,031 | 80,935 | ||||||
Dun & Bradstreet Corp. | 645 | 71,440 | ||||||
Equifax, Inc. | 926 | 65,570 | ||||||
Total Industrials | 14,074,344 | |||||||
INFORMATION TECHNOLOGY - 12.0% | ||||||||
First Solar, Inc.* | 3,183 | 214,821 | ||||||
Micron Technology, Inc.* | 5,443 | 142,171 | ||||||
CommScope Holding Company, Inc.* | 5,210 | 139,003 | ||||||
Skyworks Solutions, Inc. | 3,382 | 138,831 | ||||||
Tech Data Corp.* | 2,167 | 135,416 | ||||||
Symantec Corp. | 6,613 | 134,112 | ||||||
CDW Corp. | 4,722 | 133,113 | ||||||
SanDisk Corp. | 1,556 | 132,213 | ||||||
Science Applications International Corp. | 3,376 | 131,664 | ||||||
Lam Research Corp. | 2,253 | 129,795 | ||||||
Amphenol Corp. — Class A | 1,359 | 129,581 | ||||||
Equinix, Inc.* | 688 | 129,213 | ||||||
Marvell Technology Group Ltd. | 8,124 | 128,847 | ||||||
ANSYS, Inc.* | 1,680 | 128,201 | ||||||
AVX Corp. | 9,573 | 127,800 | ||||||
ON Semiconductor Corp.* | 13,579 | 127,778 | ||||||
NVIDIA Corp. | 6,892 | 127,295 | ||||||
Citrix Systems, Inc.* | 2,137 | 126,745 | ||||||
Harris Corp. | 1,720 | 126,454 | ||||||
VeriFone Systems, Inc.* | 3,781 | 126,437 | ||||||
Fortinet, Inc.* | 5,736 | 126,077 | ||||||
Cadence Design Systems, Inc.* | 8,096 | 125,974 | ||||||
Solera Holdings, Inc. | 1,940 | 125,673 | ||||||
Avago Technologies Ltd. | 1,978 | 125,603 | ||||||
Advanced Micro Devices, Inc.*,1 | 30,682 | 125,489 | ||||||
Amdocs Ltd. | 2,696 | 125,445 | ||||||
Compuware Corp. | 12,100 | 125,356 | ||||||
Maxim Integrated Products, Inc. | 3,864 | 125,348 | ||||||
Microchip Technology, Inc. | 2,635 | 125,268 | ||||||
Riverbed Technology, Inc.* | 6,435 | 125,161 | ||||||
LSI Corp. | 11,224 | 125,035 | ||||||
F5 Networks, Inc.* | 1,187 | 124,837 | ||||||
Gartner, Inc.* | 1,805 | 124,437 | ||||||
Rovi Corp.* | 5,566 | 124,066 | ||||||
Xerox Corp. | 10,224 | 123,608 | ||||||
Synopsys, Inc.* | 3,275 | 123,206 | ||||||
MICROS Systems, Inc.* | 2,391 | 123,137 | ||||||
Electronic Arts, Inc.* | 4,350 | 123,105 | ||||||
Jabil Circuit, Inc. | 7,125 | 122,978 | ||||||
Western Digital Corp. | 1,392 | 122,677 | ||||||
Autodesk, Inc.* | 2,552 | 122,547 | ||||||
CA, Inc. | 4,052 | 122,127 | ||||||
DST Systems, Inc. | 1,320 | 121,691 | ||||||
Arrow Electronics, Inc.* | 2,140 | 121,445 | ||||||
Vishay Intertechnology, Inc. | 8,535 | 121,368 | ||||||
AOL, Inc.* | 2,834 | 121,324 | ||||||
Motorola Solutions, Inc. | 1,908 | 121,311 | ||||||
Intuit, Inc. | 1,599 | 121,124 | ||||||
Computer Sciences Corp. | 2,044 | 120,964 | ||||||
TIBCO Software, Inc.* | 6,157 | 120,862 | ||||||
Analog Devices, Inc. | 2,355 | 120,788 | ||||||
Activision Blizzard, Inc. | 6,036 | 120,780 | ||||||
NetApp, Inc. | 3,386 | 120,575 | ||||||
Juniper Networks, Inc.* | 4,835 | 119,376 | ||||||
Applied Materials, Inc. | 6,256 | 119,239 | ||||||
Teradata Corp.* | 2,622 | 119,196 | ||||||
Fairchild Semiconductor International, | ||||||||
Inc. — Class A* | 9,343 | 118,936 | ||||||
Diebold, Inc. | 3,150 | 118,472 | ||||||
Nuance Communications, Inc.* | 7,362 | 118,455 | ||||||
EchoStar Corp. — Class A* | 2,628 | 118,155 | ||||||
Booz Allen Hamilton Holding Corp. | 5,083 | 118,129 | ||||||
Informatica Corp.* | 3,305 | 117,162 | ||||||
IPG Photonics Corp.* | 1,812 | 117,110 | ||||||
Avnet, Inc. | 2,715 | 117,098 | ||||||
Ingram Micro, Inc. — Class A* | 4,335 | 116,872 | ||||||
Atmel Corp.* | 14,986 | 116,441 | ||||||
Stratasys Ltd.* | 1,200 | 116,244 | ||||||
Freescale Semiconductor Ltd.* | 5,254 | 115,430 | ||||||
KLA-Tencor Corp. | 1,800 | 115,182 | ||||||
SolarWinds, Inc.* | 2,846 | 114,751 | ||||||
IAC/InterActiveCorp | 1,727 | 114,466 | ||||||
Akamai Technologies, Inc.* | 2,152 | 114,207 | ||||||
Linear Technology Corp. | 2,566 | 114,187 | ||||||
Polycom, Inc.* | 9,259 | 113,886 | ||||||
Palo Alto Networks, Inc.* | 1,791 | 113,872 | ||||||
JDS Uniphase Corp.* | 8,947 | 113,358 | ||||||
Zebra Technologies Corp. — Class A* | 1,628 | 113,048 | ||||||
Dolby Laboratories, Inc. — Class A* | 2,836 | 113,015 | ||||||
Brocade Communications Systems, Inc.* | 12,122 | 112,856 | ||||||
Trimble Navigation Ltd.* | 2,935 | 112,792 | ||||||
Altera Corp. | 3,461 | 112,552 | ||||||
Rackspace Hosting, Inc.* | 3,862 | 112,075 | ||||||
Paychex, Inc. | 2,671 | 111,675 | ||||||
Teradyne, Inc. | 6,304 | 111,392 | ||||||
Genpact Ltd.* | 6,551 | 110,450 | ||||||
VeriSign, Inc.* | 2,334 | 110,118 | ||||||
Knowles Corp.* | 3,941 | 110,072 | ||||||
FLIR Systems, Inc. | 3,197 | 108,826 | ||||||
Silicon Laboratories, Inc.* | 2,415 | 108,554 | ||||||
Zynga, Inc. — Class A* | 26,781 | 108,463 | ||||||
Xilinx, Inc. | 2,290 | 108,065 | ||||||
Red Hat, Inc.* | 2,219 | 107,954 | ||||||
Lexmark International, Inc. — Class A | 2,502 | 107,586 | ||||||
ServiceNow, Inc.* | 2,159 | 107,345 | ||||||
Leidos Holdings, Inc. | 2,880 | 107,251 | ||||||
National Instruments Corp. | 3,862 | 105,471 | ||||||
NetSuite, Inc.* | 1,357 | 104,910 | ||||||
NCR Corp.* | 3,427 | 104,558 | ||||||
3D Systems Corp.*,1 | 2,174 | 102,917 | ||||||
LinkedIn Corp. — Class A* | 668 | 102,518 | ||||||
Concur Technologies, Inc.* | 1,265 | 101,795 | ||||||
Cree, Inc.* | 2,151 | 101,463 | ||||||
Workday, Inc. — Class A* | 1,343 | 98,133 | ||||||
NeuStar, Inc. — Class A* | 3,628 | 93,312 | ||||||
Tableau Software, Inc. — Class A* | 1,674 | 92,522 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 21 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Splunk, Inc.* | 1,660 | $ | 90,586 | |||||
Nimble Storage, Inc.* | 3,632 | 89,529 | ||||||
FireEye, Inc.* | 2,015 | 79,109 | ||||||
Fiserv, Inc.* | 1,151 | 69,958 | ||||||
Total System Services, Inc. | 2,169 | 68,909 | ||||||
Broadridge Financial Solutions, Inc. | 1,752 | 67,172 | ||||||
Vantiv, Inc. — Class A* | 2,127 | 65,405 | ||||||
Pandora Media, Inc.* | 2,789 | 65,318 | ||||||
Fidelity National Information Services, Inc. | 1,220 | 65,185 | ||||||
Jack Henry & Associates, Inc. | 1,170 | 64,537 | ||||||
FactSet Research Systems, Inc. | 603 | 64,220 | ||||||
FleetCor Technologies, Inc.* | 561 | 64,027 | ||||||
Western Union Co. | 4,003 | 63,528 | ||||||
Global Payments, Inc. | 935 | 62,486 | ||||||
CoreLogic, Inc.* | 2,171 | 60,853 | ||||||
Alliance Data Systems Corp.* | 235 | 56,847 | ||||||
Total Information Technology | 13,658,457 | |||||||
ENERGY - 11.9% | ||||||||
Cabot Oil & Gas Corp. | 6,762 | 265,611 | ||||||
WPX Energy, Inc.* | 12,380 | 263,446 | ||||||
Peabody Energy Corp. | 13,797 | 262,281 | ||||||
Laredo Petroleum, Inc.* | 8,971 | 262,222 | ||||||
PBF Energy, Inc. — Class A | 8,486 | 261,199 | ||||||
CVR Energy, Inc.1 | 5,268 | 258,922 | ||||||
Energen Corp. | 3,284 | 255,856 | ||||||
Ultra Petroleum Corp.*,1 | 8,559 | 255,058 | ||||||
Diamond Offshore Drilling, Inc.1 | 4,656 | 254,264 | ||||||
Continental Resources, Inc.* | 1,830 | 253,492 | ||||||
Oasis Petroleum, Inc.* | 5,443 | 253,154 | ||||||
Chesapeake Energy Corp. | 8,783 | 252,511 | ||||||
Equities Corp. | 2,288 | 249,369 | ||||||
Superior Energy Services, Inc. | 7,512 | 247,295 | ||||||
Tesoro Corp. | 4,379 | 246,494 | ||||||
SandRidge Energy, Inc.*,1 | 35,446 | 243,160 | ||||||
Newfield Exploration Co.* | 7,165 | 242,535 | ||||||
RPC, Inc. | 10,873 | 241,707 | ||||||
Gulfport Energy Corp.* | 3,275 | 241,269 | ||||||
HollyFrontier Corp. | 4,573 | 240,494 | ||||||
Concho Resources, Inc.* | 1,842 | 240,289 | ||||||
Dresser-Rand Group, Inc.* | 3,957 | 239,161 | ||||||
Rice Energy, Inc.* | 8,051 | 239,115 | ||||||
ONEOK, Inc. | 3,772 | 238,466 | ||||||
CONSOL Energy, Inc. | 5,346 | 237,950 | ||||||
FMC Technologies, Inc.* | 4,194 | 237,800 | ||||||
Frank’s International N.V. | 8,637 | 236,913 | ||||||
Whiting Petroleum Corp.* | 3,202 | 236,051 | ||||||
Patterson-UTI Energy, Inc. | 7,219 | 234,834 | ||||||
Pioneer Natural Resources Co. | 1,212 | 234,243 | ||||||
Range Resources Corp. | 2,576 | 232,999 | ||||||
Southwestern Energy Co.* | 4,842 | 231,835 | ||||||
SM Energy Co. | 3,126 | 231,730 | ||||||
Nabors Industries Ltd. | 9,071 | 231,492 | ||||||
Noble Energy, Inc. | 3,219 | 231,060 | ||||||
QEP Resources, Inc. | 7,517 | 230,697 | ||||||
Cameron International Corp.* | 3,541 | 230,023 | ||||||
Golar LNG Ltd.1 | 5,186 | 229,221 | ||||||
World Fuel Services Corp. | 5,016 | 228,429 | ||||||
Dril-Quip, Inc.* | 2,017 | 228,163 | ||||||
Oceaneering International, Inc. | 3,108 | 227,754 | ||||||
Denbury Resources, Inc. | 13,481 | 226,750 | ||||||
Cimarex Energy Co. | 1,899 | 226,209 | ||||||
Cheniere Energy, Inc.* | 4,003 | 225,969 | ||||||
Unit Corp.* | 3,414 | 225,153 | ||||||
Murphy Oil Corp. | 3,535 | 224,225 | ||||||
Seadrill Ltd.1 | 6,366 | 224,211 | ||||||
Helmerich & Payne, Inc. | 2,054 | 223,167 | ||||||
Oil States International, Inc.* | 2,285 | 221,965 | ||||||
Kosmos Energy Ltd.* | 20,112 | 219,623 | ||||||
Antero Resources Corp.* | 3,329 | 218,615 | ||||||
Atwood Oceanics, Inc.* | 4,409 | 218,510 | ||||||
Cobalt International Energy, Inc.* | 11,959 | 215,262 | ||||||
EP Energy Corp. — Class A* | 11,046 | 214,624 | ||||||
Rowan Companies plc — Class A | 6,626 | 204,876 | ||||||
McDermott International, Inc.*,1 | 27,982 | 202,310 | ||||||
Tidewater, Inc. | 2,357 | 120,042 | ||||||
Teekay Corp. | 2,013 | 112,949 | ||||||
Total Energy | 13,483,024 | |||||||
HEALTH CARE - 11.0% | ||||||||
Myriad Genetics, Inc.*,1 | 5,269 | 222,404 | ||||||
ResMed, Inc.1 | 3,961 | 197,456 | ||||||
Hospira, Inc.* | 4,221 | 193,322 | ||||||
Edwards Lifesciences Corp.* | 2,359 | 192,188 | ||||||
Tenet Healthcare Corp.* | 4,217 | 190,102 | ||||||
Salix Pharmaceuticals Ltd.* | 1,691 | 186,010 | ||||||
Alkermes plc* | 3,989 | 184,531 | ||||||
United Therapeutics Corp.* | 1,843 | 184,318 | ||||||
LifePoint Hospitals, Inc.* | 3,263 | 182,467 | ||||||
QIAGEN N.V.* | 8,319 | 182,186 | ||||||
Alexion Pharmaceuticals, Inc.* | 1,146 | 181,297 | ||||||
Universal Health Services, Inc. — Class B | 2,208 | 180,592 | ||||||
Zimmer Holdings, Inc. | 1,865 | 180,532 | ||||||
Health Net, Inc.* | 5,249 | 180,198 | ||||||
IDEXX Laboratories, Inc.* | 1,419 | 179,418 | ||||||
Zoetis, Inc. | 5,909 | 178,806 | ||||||
Mylan, Inc.* | 3,511 | 178,289 | ||||||
Techne Corp. | 1,996 | 178,263 | ||||||
HCA Holdings, Inc.* | 3,428 | 178,256 | ||||||
Community Health Systems, Inc.* | 4,695 | 177,894 | ||||||
Envision Healthcare Holdings, Inc.* | 5,203 | 175,809 | ||||||
Sirona Dental Systems, Inc.* | 2,335 | 175,639 | ||||||
Forest Laboratories, Inc.* | 1,890 | 173,710 | ||||||
Actavis plc* | 850 | 173,681 | ||||||
DaVita HealthCare Partners, Inc.* | 2,504 | 173,527 | ||||||
AmerisourceBergen Corp. — Class A | 2,662 | 173,509 | ||||||
Hologic, Inc.* | 8,258 | 173,294 | ||||||
Cigna Corp. | 2,157 | 172,646 | ||||||
Laboratory Corporation of America Holdings* | 1,749 | 172,626 | ||||||
Omnicare, Inc. | 2,906 | 172,239 | ||||||
CareFusion Corp.* | 4,384 | 171,239 | ||||||
Patterson Companies, Inc. | 4,205 | 171,144 | ||||||
Cooper Companies, Inc. | 1,296 | 170,955 | ||||||
Jazz Pharmaceuticals plc* | 1,265 | 170,649 |
22 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Cardinal Health, Inc. | 2,454 | $ | 170,578 | |||||
Hill-Rom Holdings, Inc. | 4,564 | 170,511 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 1,376 | 169,537 | ||||||
DENTSPLY International, Inc. | 3,796 | 169,415 | ||||||
Henry Schein, Inc.* | 1,481 | 169,175 | ||||||
St. Jude Medical, Inc. | 2,646 | 167,942 | ||||||
Humana, Inc. | 1,529 | 167,808 | ||||||
Varian Medical Systems, Inc.* | 2,104 | 167,373 | ||||||
Illumina, Inc.* | 1,232 | 167,367 | ||||||
Brookdale Senior Living, Inc. — Class A* | 5,248 | 167,096 | ||||||
Cubist Pharmaceuticals, Inc.* | 2,379 | 166,673 | ||||||
Quest Diagnostics, Inc. | 2,975 | 166,392 | ||||||
Teleflex, Inc. | 1,627 | 166,100 | ||||||
Vertex Pharmaceuticals, Inc.* | 2,450 | 165,865 | ||||||
Boston Scientific Corp.* | 13,045 | 164,497 | ||||||
Medivation, Inc.* | 2,718 | 163,651 | ||||||
Alere, Inc.* | 4,898 | 163,593 | ||||||
ARIAD Pharmaceuticals, Inc.*,1 | 22,502 | 163,590 | ||||||
Endo International plc* | 2,595 | 163,342 | ||||||
MEDNAX, Inc.* | 2,750 | 162,938 | ||||||
Quintiles Transnational Holdings, Inc.* | 3,452 | 162,693 | ||||||
VCA Antech, Inc.* | 5,304 | 162,462 | ||||||
PerkinElmer, Inc. | 3,865 | 162,214 | ||||||
Incyte Corporation Ltd.* | 3,335 | 161,948 | ||||||
CR Bard, Inc. | 1,179 | 161,912 | ||||||
Perrigo Company plc | 1,110 | 160,795 | ||||||
Bruker Corp.* | 7,612 | 157,264 | ||||||
Cerner Corp.* | 3,050 | 156,465 | ||||||
Premier, Inc. — Class A* | 5,193 | 155,790 | ||||||
Charles River Laboratories International, Inc.* | 2,876 | 154,499 | ||||||
Theravance, Inc.* | 5,610 | 151,021 | ||||||
Pharmacyclics, Inc.* | 1,585 | 149,909 | ||||||
Covance, Inc.* | 1,694 | 149,546 | ||||||
Catamaran Corp.* | 3,827 | 144,469 | ||||||
Seattle Genetics, Inc.* | 3,754 | 144,454 | ||||||
Allscripts Healthcare Solutions, Inc.* | 9,487 | 144,392 | ||||||
BioMarin Pharmaceutical, Inc.* | 2,467 | 143,653 | ||||||
Veeva Systems, Inc. — Class A*,1 | 6,570 | 126,210 | ||||||
Mettler-Toledo International, Inc.* | 480 | 111,898 | ||||||
Agilent Technologies, Inc. | 2,029 | 109,647 | ||||||
Waters Corp.* | 1,042 | 102,679 | ||||||
Total Health Care | 12,536,559 | |||||||
CONSUMER STAPLES - 11.0% | ||||||||
Herbalife Ltd.1 | 6,844 | 410,502 | ||||||
Lorillard, Inc. | 6,846 | 406,788 | ||||||
Fresh Market, Inc.* | 10,923 | 405,242 | ||||||
Energizer Holdings, Inc. | 3,627 | 405,099 | ||||||
Kroger Co. | 8,446 | 388,853 | ||||||
Mead Johnson Nutrition Co. — Class A | 4,404 | 388,696 | ||||||
Pinnacle Foods, Inc. | 12,712 | 386,445 | ||||||
Dean Foods Co. | 24,204 | 383,391 | ||||||
Ingredion, Inc. | 5,407 | 380,923 | ||||||
Dr Pepper Snapple Group, Inc. | 6,846 | 379,405 | ||||||
Molson Coors Brewing Co. — Class B | 6,323 | 379,190 | ||||||
Campbell Soup Co. | 8,297 | 377,431 | ||||||
Clorox Co. | 4,159 | 377,221 | ||||||
Bunge Ltd. | 4,715 | 375,550 | ||||||
Brown-Forman Corp. — Class B | 4,116 | 369,288 | ||||||
Church & Dwight Company, Inc. | 5,348 | 369,065 | ||||||
ConAgra Foods, Inc. | 12,079 | 368,530 | ||||||
JM Smucker Co. | 3,809 | 368,254 | ||||||
Beam, Inc. | 4,391 | 366,517 | ||||||
McCormick & Company, Inc. | 5,141 | 366,039 | ||||||
WhiteWave Foods Co. — Class A* | 13,203 | 365,591 | ||||||
Hormel Foods Corp. | 7,575 | 361,252 | ||||||
Monster Beverage Corp.* | 5,360 | 358,906 | ||||||
Coca-Cola Enterprises, Inc. | 7,895 | 358,749 | ||||||
Tyson Foods, Inc. — Class A | 8,526 | 357,836 | ||||||
Whole Foods Market, Inc. | 7,159 | 355,802 | ||||||
Constellation Brands, Inc. — Class A* | 4,442 | 354,649 | ||||||
Flowers Foods, Inc. | 17,207 | 353,088 | ||||||
Hillshire Brands Co. | 9,881 | 352,258 | ||||||
Hershey Co. | 3,556 | 342,229 | ||||||
Sprouts Farmers Market, Inc.* | 10,360 | 331,209 | ||||||
Safeway, Inc. | 9,707 | 330,620 | ||||||
Keurig Green Mountain, Inc. | 3,459 | 324,039 | ||||||
Coty, Inc. — Class A | 5,557 | 89,190 | ||||||
Avon Products, Inc. | 5,639 | 86,164 | ||||||
Nu Skin Enterprises, Inc. — Class A | 966 | 84,042 | ||||||
Total Consumer Staples | 12,458,053 | |||||||
CONSUMER DISCRETIONARY - 10.4% | ||||||||
GNC Holdings, Inc. — Class A | 8,459 | 380,655 | ||||||
Groupon, Inc. — Class A* | 15,769 | 110,225 | ||||||
LKQ Corp.* | 3,344 | 97,377 | ||||||
DeVry Education Group, Inc. | 2,055 | 92,537 | ||||||
Staples, Inc. | 7,389 | 92,363 | ||||||
Harley-Davidson, Inc. | 1,238 | 91,538 | ||||||
Charter Communications, Inc. — Class A* | 672 | 91,076 | ||||||
Dillard’s, Inc. — Class A | 926 | 90,683 | ||||||
Hanesbrands, Inc. | 1,095 | 89,889 | ||||||
Whirlpool Corp. | 580 | 88,960 | ||||||
Big Lots, Inc.* | 2,240 | 88,480 | ||||||
Hyatt Hotels Corp. — Class A* | 1,557 | 87,628 | ||||||
DR Horton, Inc. | 3,916 | 87,248 | ||||||
Murphy USA, Inc.* | 2,045 | 86,913 | ||||||
CST Brands, Inc. | 2,662 | 86,861 | ||||||
Interpublic Group of Companies, Inc. | 4,984 | 86,821 | ||||||
Marriott International, Inc. — Class A | 1,491 | 86,374 | ||||||
Harman International Industries, Inc. | 787 | 86,263 | ||||||
Cinemark Holdings, Inc. | 2,903 | 85,987 | ||||||
PVH Corp. | 683 | 85,764 | ||||||
Tupperware Brands Corp. | 1,010 | 85,759 | ||||||
Leggett & Platt, Inc. | 2,609 | 85,732 | ||||||
BorgWarner, Inc. | 1,379 | 85,691 | ||||||
Genuine Parts Co. | 983 | 85,639 | ||||||
Garmin Ltd.1 | 1,497 | 85,479 | ||||||
Foot Locker, Inc. | 1,837 | 85,476 | ||||||
Lions Gate Entertainment Corp. | 3,216 | 85,320 | ||||||
Signet Jewelers Ltd. | 842 | 85,311 | ||||||
Bally Technologies, Inc.* | 1,310 | 85,294 | ||||||
Deckers Outdoor Corp.* | 1,080 | 85,266 | ||||||
Liberty Interactive Corp. — Class A* | 2,929 | 85,117 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 23 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
AutoNation, Inc.* | 1,604 | $ | 84,996 | |||||
Tiffany & Co. | 971 | 84,953 | ||||||
Royal Caribbean Cruises Ltd. | 1,595 | 84,742 | ||||||
Delphi Automotive plc | 1,267 | 84,686 | ||||||
John Wiley & Sons, Inc. — Class A | 1,473 | 84,639 | ||||||
Starz — Class A* | 2,622 | 84,612 | ||||||
Lear Corp. | 1,018 | 84,555 | ||||||
GameStop Corp. — Class A | 2,129 | 84,479 | ||||||
Visteon Corp.* | 972 | 84,379 | ||||||
Thor Industries, Inc. | 1,386 | 84,366 | ||||||
AutoZone, Inc.* | 158 | 84,355 | ||||||
Newell Rubbermaid, Inc. | 2,799 | 84,278 | ||||||
Scripps Networks Interactive, Inc. — Class A | 1,121 | 84,153 | ||||||
Dollar General Corp.* | 1,491 | 84,152 | ||||||
Cabela’s, Inc.* | 1,282 | 84,112 | ||||||
Tempur Sealy International, Inc.* | 1,676 | 84,102 | ||||||
Hasbro, Inc. | 1,520 | 83,995 | ||||||
O’Reilly Automotive, Inc.* | 564 | 83,918 | ||||||
Family Dollar Stores, Inc. | 1,428 | 83,895 | ||||||
ARAMARK Holdings Corp. | 2,972 | 83,781 | ||||||
MGM Resorts International* | 3,318 | 83,713 | ||||||
TRW Automotive Holdings Corp.* | 1,040 | 83,564 | ||||||
Regal Entertainment Group — Class A | 4,442 | 83,510 | ||||||
VF Corp. | 1,366 | 83,449 | ||||||
Best Buy Company, Inc. | 3,216 | 83,391 | ||||||
Wyndham Worldwide Corp. | 1,167 | 83,254 | ||||||
Ascena Retail Group, Inc.* | 4,833 | 83,128 | ||||||
Chico’s FAS, Inc. | 5,234 | 83,116 | ||||||
Cablevision Systems Corp. — Class A | 4,972 | 83,032 | ||||||
Liberty Media Corp. — Class A* | 640 | 83,014 | ||||||
Mattel, Inc. | 2,115 | 82,940 | ||||||
Dollar Tree, Inc.* | 1,592 | 82,895 | ||||||
Burger King Worldwide, Inc. | 3,169 | 82,806 | ||||||
Expedia, Inc. | 1,165 | 82,703 | ||||||
Lennar Corp. — Class A | 2,143 | 82,698 | ||||||
Goodyear Tire & Rubber Co. | 3,281 | 82,681 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 2,522 | 82,646 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 1,076 | 82,475 | ||||||
Gannett Company, Inc. | 3,034 | 82,434 | ||||||
Sally Beauty Holdings, Inc.* | 3,007 | 82,422 | ||||||
Guess?, Inc. | 3,060 | 82,345 | ||||||
Urban Outfitters, Inc.* | 2,303 | 82,113 | ||||||
PetSmart, Inc. | 1,213 | 82,096 | ||||||
Michael Kors Holdings Ltd.* | 900 | 82,080 | ||||||
PulteGroup, Inc. | 4,461 | 82,038 | ||||||
Kohl’s Corp. | 1,497 | 82,021 | ||||||
Nordstrom, Inc. | 1,336 | 81,870 | ||||||
Macy’s, Inc. | 1,425 | 81,838 | ||||||
Advance Auto Parts, Inc. | 674 | 81,749 | ||||||
The Gap, Inc. | 2,079 | 81,705 | ||||||
Carter’s, Inc. | 1,109 | 81,689 | ||||||
Service Corporation International | 4,345 | 81,556 | ||||||
Domino’s Pizza, Inc. | 1,096 | 81,520 | ||||||
Jarden Corp.* | 1,422 | 81,267 | ||||||
Mohawk Industries, Inc.* | 613 | 81,167 | ||||||
Polaris Industries, Inc. | 604 | 81,135 | ||||||
Six Flags Entertainment Corp. | 2,021 | 81,123 | ||||||
H&R Block, Inc. | 2,854 | 81,111 | ||||||
Darden Restaurants, Inc. | 1,631 | 81,077 | ||||||
Hilton Worldwide Holdings, Inc.* | 3,708 | 80,946 | ||||||
Toll Brothers, Inc.* | 2,359 | 80,772 | ||||||
Abercrombie & Fitch Co. — Class A | 2,197 | 80,762 | ||||||
Tesla Motors, Inc.* | 388 | 80,661 | ||||||
Madison Square Garden Co. — Class A* | 1,475 | 80,535 | ||||||
JC Penney Company, Inc.*,1 | 9,445 | 80,471 | ||||||
Weight Watchers International, Inc.1 | 4,064 | 80,467 | ||||||
Choice Hotels International, Inc. | 1,818 | 80,319 | ||||||
Lamar Advertising Co. — Class A* | 1,606 | 80,172 | ||||||
SeaWorld Entertainment, Inc. | 2,667 | 80,170 | ||||||
Ralph Lauren Corp. — Class A | 529 | 80,075 | ||||||
CarMax, Inc.* | 1,828 | 80,030 | ||||||
Brinker International, Inc. | 1,627 | 79,951 | ||||||
Aaron’s, Inc. | 2,711 | 79,893 | ||||||
L Brands, Inc. | 1,474 | 79,891 | ||||||
Graham Holdings Co. — Class B | 119 | 79,876 | ||||||
NVR, Inc.* | 74 | 79,698 | ||||||
Dick’s Sporting Goods, Inc. | 1,513 | 79,675 | ||||||
Williams-Sonoma, Inc. | 1,262 | 79,279 | ||||||
Ross Stores, Inc. | 1,164 | 79,245 | ||||||
Penn National Gaming, Inc.* | 7,098 | 79,214 | ||||||
Tractor Supply Co. | 1,176 | 79,074 | ||||||
Gentex Corp. | 2,753 | 78,929 | ||||||
Wynn Resorts Ltd. | 385 | 78,498 | ||||||
DSW, Inc. — Class A | 2,350 | 78,467 | ||||||
Wendy’s Co. | 9,372 | 77,881 | ||||||
Sears Holdings Corp.*,1 | 1,774 | 77,719 | ||||||
American Eagle Outfitters, Inc. | 6,703 | 77,487 | ||||||
Omnicom Group, Inc. | 1,140 | 77,155 | ||||||
DreamWorks Animation SKG, Inc. — Class A* | 3,184 | 76,512 | ||||||
Bed Bath & Beyond, Inc.* | 1,231 | 76,482 | ||||||
International Game Technology | 6,083 | 76,342 | ||||||
Discovery Communications, Inc. — Class A* | 1,004 | 76,204 | ||||||
DISH Network Corp. — Class A* | 1,333 | 75,794 | ||||||
Fossil Group, Inc.* | 709 | 75,615 | ||||||
AMC Networks, Inc. — Class A* | 1,151 | 75,586 | ||||||
Coach, Inc. | 1,687 | 75,325 | ||||||
Dunkin’ Brands Group, Inc. | 1,655 | 75,319 | ||||||
Panera Bread Co. — Class A* | 486 | 74,343 | ||||||
Taylor Morrison Home Corp. — Class A* | 3,503 | 74,299 | ||||||
Clear Channel Outdoor Holdings, | ||||||||
Inc. — Class A | 9,245 | 74,145 | ||||||
Liberty Ventures* | 1,274 | 73,943 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 147 | 73,280 | ||||||
TripAdvisor, Inc.* | 893 | 72,101 | ||||||
Netflix, Inc.* | 223 | 71,815 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.* | 816 | 71,571 | ||||||
Under Armour, Inc. — Class A* | 1,462 | 71,477 | ||||||
Apollo Education Group, Inc. — Class A* | 2,476 | 71,457 | ||||||
HomeAway, Inc.* | 2,131 | 69,513 | ||||||
zulily, Inc. — Class A*,1 | 1,589 | 67,564 | ||||||
Morningstar, Inc. | 818 | 59,984 | ||||||
Lands’ End, Inc.* | 532 | 14,710 | ||||||
Total Consumer Discretionary | 11,862,938 |
24 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
FINANCIALS - 10.2% | ||||||||
Essex Property Trust, Inc. | 697 | $ | 120,762 | |||||
McGraw Hill Financial, Inc. | 1,097 | 81,101 | ||||||
Aspen Insurance Holdings Ltd. | 1,638 | 74,988 | ||||||
Interactive Brokers Group, Inc. — Class A | 3,035 | 72,537 | ||||||
HCP, Inc. | 1,726 | 72,250 | ||||||
Ventas, Inc. | 1,080 | 71,366 | ||||||
Extra Space Storage, Inc. | 1,348 | 70,541 | ||||||
Host Hotels & Resorts, Inc. | 3,246 | 69,627 | ||||||
TFS Financial Corp.* | 5,199 | 69,615 | ||||||
Health Care REIT, Inc. | 1,102 | 69,525 | ||||||
Retail Properties of America, Inc. — Class A | 4,831 | 69,180 | ||||||
Affiliated Managers Group, Inc.* | 349 | 69,172 | ||||||
CBL & Associates Properties, Inc. | 3,806 | 69,155 | ||||||
WR Berkley Corp. | 1,561 | 69,059 | ||||||
Duke Realty Corp. | 3,937 | 68,976 | ||||||
Mercury General Corp. | 1,436 | 68,727 | ||||||
General Growth Properties, Inc. | 2,987 | 68,611 | ||||||
Macerich Co. | 1,057 | 68,610 | ||||||
Hospitality Properties Trust | 2,281 | 68,544 | ||||||
SL Green Realty Corp. | 654 | 68,480 | ||||||
Senior Housing Properties Trust | 2,915 | 68,415 | ||||||
Taubman Centers, Inc. | 937 | 68,251 | ||||||
Realty Income Corp. | 1,568 | 68,130 | ||||||
DDR Corp. | 3,960 | 67,993 | ||||||
Vornado Realty Trust | 662 | 67,921 | ||||||
Hatteras Financial Corp. | 3,468 | 67,869 | ||||||
Kimco Realty Corp. | 2,956 | 67,752 | ||||||
Piedmont Office Realty Trust, Inc. — Class A | 3,840 | 67,622 | ||||||
Markel Corp.* | 108 | 67,599 | ||||||
Plum Creek Timber Company, Inc. | 1,550 | 67,580 | ||||||
PartnerRe Ltd. | 641 | 67,561 | ||||||
Old Republic International Corp. | 4,075 | 67,482 | ||||||
Everest Re Group Ltd. | 427 | 67,479 | ||||||
Weingarten Realty Investors | 2,159 | 67,361 | ||||||
Allied World Assurance Company Holdings AG | 625 | 67,306 | ||||||
Nationstar Mortgage Holdings, Inc.*,1 | 2,056 | 67,293 | ||||||
BioMed Realty Trust, Inc. | 3,219 | 67,277 | ||||||
AvalonBay Communities, Inc. | 492 | 67,183 | ||||||
RenaissanceRe Holdings Ltd. | 663 | 67,102 | ||||||
Regency Centers Corp. | 1,277 | 66,953 | ||||||
Equity Lifestyle Properties, Inc. | 1,598 | 66,908 | ||||||
Omega Healthcare Investors, Inc. | 1,923 | 66,882 | ||||||
Federal Realty Investment Trust | 569 | 66,880 | ||||||
Mid-America Apartment Communities, Inc. | 960 | 66,864 | ||||||
MFA Financial, Inc. | 8,429 | 66,842 | ||||||
Boston Properties, Inc. | 570 | 66,770 | ||||||
Erie Indemnity Co. — Class A | 930 | 66,635 | ||||||
American Capital Ltd.* | 4,440 | 66,556 | ||||||
Healthcare Trust of America, Inc. — Class A | 5,693 | 66,551 | ||||||
Home Properties, Inc. | 1,080 | 66,528 | ||||||
Fidelity National Financial, Inc. — Class A | 2,067 | 66,516 | ||||||
ProAssurance Corp. | 1,463 | 66,449 | ||||||
American Capital Agency Corp. | 2,924 | 66,404 | ||||||
Assurant, Inc. | 984 | 66,331 | ||||||
Tanger Factory Outlet Centers, Inc. | 1,859 | 66,329 | ||||||
American Campus Communities, Inc. | 1,734 | 66,239 | ||||||
SLM Corp. | 2,572 | 66,229 | ||||||
Genworth Financial, Inc. — Class A* | 3,709 | 66,206 | ||||||
Weyerhaeuser Co. | 2,217 | 66,177 | ||||||
Apartment Investment & Management | ||||||||
Co. — Class A | 2,146 | 66,161 | ||||||
Alexandria Real Estate Equities, Inc. | 896 | 66,143 | ||||||
Camden Property Trust | 965 | 66,093 | ||||||
Brixmor Property Group, Inc. | 3,008 | 66,056 | ||||||
Annaly Capital Management, Inc. | 5,719 | 66,054 | ||||||
Corrections Corporation of America | 2,011 | 65,961 | ||||||
XL Group plc — Class A | 2,104 | 65,960 | ||||||
American Financial Group, Inc. | 1,128 | 65,909 | ||||||
Ameriprise Financial, Inc. | 590 | 65,862 | ||||||
Hartford Financial Services Group, Inc. | 1,835 | 65,821 | ||||||
Howard Hughes Corp.* | 461 | 65,812 | ||||||
Torchmark Corp. | 824 | 65,673 | ||||||
Digital Realty Trust, Inc. | 1,229 | 65,629 | ||||||
IntercontinentalExchange Group, Inc. | 321 | 65,625 | ||||||
Post Properties, Inc. | 1,307 | 65,624 | ||||||
Corporate Office Properties Trust | 2,451 | 65,564 | ||||||
Douglas Emmett, Inc. | 2,375 | 65,550 | ||||||
Kilroy Realty Corp. | 1,099 | 65,467 | ||||||
Aon plc | 771 | 65,442 | ||||||
Liberty Property Trust | 1,744 | 65,400 | ||||||
Starwood Property Trust, Inc. | 2,718 | 65,368 | ||||||
HCC Insurance Holdings, Inc. | 1,422 | 65,327 | ||||||
Forest City Enterprises, Inc. — Class A* | 3,450 | 65,240 | ||||||
Prologis, Inc. | 1,605 | 65,211 | ||||||
Gaming and Leisure Properties, Inc. | 1,774 | 65,195 | ||||||
National Retail Properties, Inc. | 1,910 | 65,188 | ||||||
WP Carey, Inc. | 1,060 | 65,169 | ||||||
Hudson City Bancorp, Inc. | 6,535 | 65,089 | ||||||
Brandywine Realty Trust | 4,472 | 65,068 | ||||||
Progressive Corp. | 2,680 | 64,990 | ||||||
Kemper Corp. | 1,649 | 64,987 | ||||||
Cincinnati Financial Corp. | 1,333 | 64,970 | ||||||
UDR, Inc. | 2,503 | 64,728 | ||||||
Rayonier, Inc. | 1,435 | 64,719 | ||||||
T. Rowe Price Group, Inc. | 786 | 64,554 | ||||||
M&T Bank Corp. | 529 | 64,543 | �� | |||||
Two Harbors Investment Corp. | 6,212 | 64,481 | ||||||
Alleghany Corp.* | 158 | 64,461 | ||||||
Lazard Ltd. — Class A | 1,370 | 64,459 | ||||||
Popular, Inc.* | 2,082 | 64,334 | ||||||
Arch Capital Group Ltd.* | 1,122 | 64,313 | ||||||
CBRE Group, Inc. — Class A* | 2,414 | 64,309 | ||||||
Principal Financial Group, Inc. | 1,372 | 64,264 | ||||||
Axis Capital Holdings Ltd. | 1,402 | 64,142 | ||||||
Chimera Investment Corp. | 20,729 | 64,053 | ||||||
Ocwen Financial Corp.* | 1,686 | 63,899 | ||||||
Moody’s Corp. | 813 | 63,821 | ||||||
White Mountains Insurance Group Ltd. | 107 | 63,800 | ||||||
Spirit Realty Capital, Inc. | 5,914 | 63,694 | ||||||
Validus Holdings Ltd. | 1,718 | 63,686 | ||||||
American National Insurance Co. | 566 | 63,624 | ||||||
Jones Lang LaSalle, Inc. | 548 | 63,508 | ||||||
Crown Castle International Corp. | 873 | 63,493 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 25 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Mack-Cali Realty Corp. | 3,115 | $ | 63,453 | |||||
Cullen/Frost Bankers, Inc. | 829 | 63,344 | ||||||
Ares Capital Corp. | 3,682 | 63,220 | ||||||
Protective Life Corp. | 1,234 | 63,119 | ||||||
Voya Financial, Inc. | 1,783 | 63,100 | ||||||
Santander Consumer USA Holdings, Inc. ADR | 2,768 | 62,944 | ||||||
NASDAQ OMX Group, Inc. | 1,703 | 62,841 | ||||||
Legg Mason, Inc. | 1,336 | 62,645 | ||||||
CNA Financial Corp. | 1,528 | 62,572 | ||||||
Brown & Brown, Inc. | 2,100 | 62,538 | ||||||
Valley National Bancorp | 6,231 | 62,435 | ||||||
People’s United Financial, Inc. | 4,372 | 62,432 | ||||||
CommonWealth REIT | 2,452 | 62,305 | ||||||
Reinsurance Group of America, Inc. — Class A | 812 | 62,289 | ||||||
BankUnited, Inc. | 1,887 | 62,252 | ||||||
Associated Banc-Corp. | 3,546 | 62,232 | ||||||
MSCI, Inc. — Class A* | 1,534 | 62,188 | ||||||
Invesco Ltd. | 1,766 | 62,181 | ||||||
St. Joe Co.* | 3,473 | 61,993 | ||||||
SunTrust Banks, Inc. | 1,617 | 61,866 | ||||||
New York Community Bancorp, Inc. | 4,014 | 61,856 | ||||||
Realogy Holdings Corp.* | 1,468 | 61,729 | ||||||
Hanover Insurance Group, Inc. | 1,055 | 61,665 | ||||||
Endurance Specialty Holdings Ltd. | 1,213 | 61,645 | ||||||
Fulton Financial Corp. | 5,056 | 61,633 | ||||||
First Niagara Financial Group, Inc. | 6,909 | 61,628 | ||||||
SEI Investments Co. | 1,900 | 61,522 | ||||||
Starwood Waypoint Residential Trust* | 2,263 | 61,486 | ||||||
KeyCorp | 4,507 | 61,475 | ||||||
American Homes 4 Rent — Class A | 3,824 | 61,375 | ||||||
Zions Bancorporation | 2,121 | 61,339 | ||||||
Arthur J Gallagher & Co. | 1,362 | 61,317 | ||||||
Assured Guaranty Ltd. | 2,564 | 61,305 | ||||||
First Citizens BancShares, Inc. — Class A | 272 | 61,170 | ||||||
E*TRADE Financial Corp.* | 2,722 | 61,109 | ||||||
Signature Bank* | 514 | 61,073 | ||||||
Leucadia National Corp. | 2,388 | 60,942 | ||||||
CBOE Holdings, Inc. | 1,142 | 60,937 | ||||||
Lincoln National Corp. | 1,256 | 60,929 | ||||||
Unum Group | 1,830 | 60,793 | ||||||
TCF Financial Corp. | 3,863 | 60,649 | ||||||
Eaton Vance Corp. | 1,681 | 60,634 | ||||||
BOK Financial Corp. | 926 | 60,579 | ||||||
Commerce Bancshares, Inc. | 1,390 | 60,437 | ||||||
East West Bancorp, Inc. | 1,751 | 60,427 | ||||||
First Horizon National Corp. | 5,234 | 60,139 | ||||||
Comerica, Inc. | 1,245 | 60,059 | ||||||
Federated Investors, Inc. — Class B | 2,104 | 60,048 | ||||||
Waddell & Reed Financial, Inc. — Class A | 886 | 59,761 | ||||||
Northern Trust Corp. | 990 | 59,648 | ||||||
First Republic Bank | 1,174 | 59,592 | ||||||
Washington Federal, Inc. | 2,760 | 59,561 | ||||||
Raymond James Financial, Inc. | 1,198 | 59,541 | ||||||
Synovus Financial Corp. | 18,513 | 59,427 | ||||||
Huntington Bancshares, Inc. | 6,483 | 59,384 | ||||||
StanCorp Financial Group, Inc. | 971 | 59,328 | ||||||
City National Corp. | 817 | 59,290 | ||||||
TD Ameritrade Holding Corp. | 1,855 | 59,175 | ||||||
Regions Financial Corp. | 5,823 | 59,045 | ||||||
Artisan Partners Asset Management, | ||||||||
Inc. — Class A | 1,016 | 58,999 | ||||||
Bank of Hawaii Corp. | 1,065 | 58,756 | ||||||
Fifth Third Bancorp | 2,754 | 56,760 | ||||||
CIT Group, Inc. | 1,306 | 56,223 | ||||||
LPL Financial Holdings, Inc. | 1,187 | 56,204 | ||||||
MBIA, Inc.* | 4,608 | 55,849 | ||||||
SVB Financial Group* | 502 | 53,558 | ||||||
Total Financials | 11,533,694 | |||||||
MATERIALS - 9.4% | ||||||||
Celanese Corp. — Class A | 3,838 | 235,768 | ||||||
Alcoa, Inc. | 17,462 | 235,213 | ||||||
Compass Minerals International, Inc. | 2,563 | 234,771 | ||||||
Allegheny Technologies, Inc. | 5,554 | 228,825 | ||||||
Sealed Air Corp. | 6,627 | 227,372 | ||||||
Westlake Chemical Corp. | 3,175 | 226,060 | ||||||
Huntsman Corp. | 9,005 | 225,575 | ||||||
Crown Holdings, Inc.* | 4,775 | 225,237 | ||||||
Newmont Mining Corp. | 8,976 | 222,874 | ||||||
MeadWestvaco Corp. | 5,695 | 222,504 | ||||||
International Flavors & Fragrances, Inc. | 2,237 | 220,389 | ||||||
Bemis Company, Inc. | 5,471 | 220,153 | ||||||
Tahoe Resources, Inc.* | 9,871 | 220,123 | ||||||
AptarGroup, Inc. | 3,257 | 219,587 | ||||||
Royal Gold, Inc. | 3,314 | 219,387 | ||||||
Greif, Inc. — Class A | 4,035 | 218,657 | ||||||
Ball Corp. | 3,885 | 218,298 | ||||||
RPM International, Inc. | 5,108 | 217,907 | ||||||
Sonoco Products Co. | 5,173 | 217,680 | ||||||
Sigma-Aldrich Corp. | 2,248 | 216,280 | ||||||
Albemarle Corp. | 3,219 | 215,802 | ||||||
International Paper Co. | 4,602 | 214,683 | ||||||
Eastman Chemical Co. | 2,456 | 214,090 | ||||||
Steel Dynamics, Inc. | 11,635 | 212,571 | ||||||
Silgan Holdings, Inc. | 4,269 | 212,383 | ||||||
Cabot Corp. | 3,666 | 211,895 | ||||||
Sherwin-Williams Co. | 1,059 | 211,631 | ||||||
Nucor Corp. | 4,084 | 211,347 | ||||||
Reliance Steel & Aluminum Co. | 2,976 | 210,760 | ||||||
Valspar Corp. | 2,883 | 210,574 | ||||||
Scotts Miracle-Gro Co. — Class A | 3,433 | 210,134 | ||||||
FMC Corp. | 2,706 | 208,362 | ||||||
Eagle Materials, Inc. | 2,485 | 207,075 | ||||||
Vulcan Materials Co. | 3,205 | 206,819 | ||||||
Airgas, Inc. | 1,942 | 206,357 | ||||||
Cytec Industries, Inc. | 2,155 | 205,415 | ||||||
Owens-Illinois, Inc.* | 6,462 | 205,362 | ||||||
Martin Marietta Materials, Inc. | 1,651 | 205,269 | ||||||
Ashland, Inc. | 2,122 | 204,985 | ||||||
CF Industries Holdings, Inc. | 824 | 202,020 | ||||||
Packaging Corporation of America | 3,017 | 201,023 | ||||||
Rockwood Holdings, Inc. | 2,821 | 200,432 | ||||||
Carpenter Technology Corp. | 3,190 | 200,332 | ||||||
Kronos Worldwide, Inc. | 12,728 | 199,193 |
26 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2014 |
GUGGENHEIM RUSSELL MIDCAP® EQUAL WEIGHT ETF |
Shares | Value | |||||||
NewMarket Corp. | 534 | $ | 198,819 | |||||
United States Steel Corp. | 7,592 | 197,544 | ||||||
Rock-Tenn Co. — Class A | 2,052 | 196,192 | ||||||
WR Grace & Co.* | 2,100 | 193,410 | ||||||
Cliffs Natural Resources, Inc.1 | 10,753 | 190,543 | ||||||
Domtar Corp. | 1,849 | 172,623 | ||||||
Avery Dennison Corp. | 2,259 | 109,923 | ||||||
Total Materials | 10,720,228 | |||||||
UTILITIES - 9.4% | ||||||||
Pepco Holdings, Inc. | 12,944 | 346,381 | ||||||
Calpine Corp.* | 12,848 | 294,605 | ||||||
AGL Resources, Inc. | 5,362 | 289,548 | ||||||
Atmos Energy Corp. | 5,651 | 288,427 | ||||||
Entergy Corp. | 3,936 | 285,360 | ||||||
Public Service Enterprise Group, Inc. | 6,958 | 285,069 | ||||||
Consolidated Edison, Inc. | 4,871 | 282,664 | ||||||
DTE Energy Co. | 3,581 | 279,819 | ||||||
SCANA Corp. | 5,169 | 277,472 | ||||||
TECO Energy, Inc. | 15,419 | 276,925 | ||||||
National Fuel Gas Co. | 3,755 | 276,518 | ||||||
Xcel Energy, Inc. | 8,676 | 276,504 | ||||||
CenterPoint Energy, Inc. | 11,120 | 275,331 | ||||||
Wisconsin Energy Corp. | 5,677 | 275,221 | ||||||
Vectren Corp. | 6,778 | 274,983 | ||||||
CMS Energy Corp. | 9,062 | 274,669 | ||||||
Northeast Utilities | 5,809 | 274,533 | ||||||
NRG Energy, Inc. | 8,389 | 274,488 | ||||||
AES Corp. | 18,855 | 272,455 | ||||||
Edison International | 4,812 | 272,167 | ||||||
ONE Gas, Inc. | 7,440 | 272,155 | ||||||
UGI Corp. | 5,826 | 272,016 | ||||||
Alliant Energy Corp. | 4,650 | 271,932 | ||||||
Integrys Energy Group, Inc. | 4,432 | 271,593 | ||||||
MDU Resources Group, Inc. | 7,659 | 271,282 | ||||||
Westar Energy, Inc. | 7,491 | 268,777 | ||||||
NiSource, Inc. | 7,397 | 268,659 | ||||||
OGE Energy Corp. | 7,185 | 268,216 | ||||||
Questar Corp. | 11,034 | 267,906 | ||||||
Pinnacle West Capital Corp. | 4,778 | 267,329 | ||||||
PPL Corp. | 7,987 | 266,287 | ||||||
Sempra Energy | 2,700 | 266,247 | ||||||
Ameren Corp. | 6,430 | 265,623 | ||||||
American Water Works Company, Inc. | 5,825 | 265,212 | ||||||
FirstEnergy Corp. | 7,806 | 263,453 | ||||||
Aqua America, Inc. | 10,494 | 263,294 | ||||||
Great Plains Energy, Inc. | 9,813 | 263,283 | ||||||
ITC Holdings Corp. | 7,107 | 262,746 | ||||||
Hawaiian Electric Industries, Inc. | 10,460 | 250,935 | ||||||
Total Utilities | 10,720,084 | |||||||
TELECOMMUNICATION SERVICES - 2.0% | ||||||||
Level 3 Communications, Inc.* | 6,859 | 295,143 | ||||||
Frontier Communications Corp.1 | 47,763 | 284,190 | ||||||
Telephone & Data Systems, Inc. | 10,302 | 280,111 | ||||||
Windstream Holdings, Inc.1 | 30,856 | 279,864 | ||||||
United States Cellular Corp. | 6,461 | 268,390 | ||||||
tw telecom, Inc. — Class A* | 8,348 | 256,200 | ||||||
Intelsat S.A.* | 13,964 | 253,866 | ||||||
T-Mobile US, Inc. | 8,087 | 236,868 | ||||||
SBA Communications Corp. — Class A* | 1,374 | 123,330 | ||||||
Total Telecommunication Services | 2,277,962 | |||||||
Total Common Stocks | ||||||||
(Cost $91,013,306) | 113,325,343 | |||||||
SHORT TERM INVESTMENTS† - 0.3% | ||||||||
Federated U.S. Treasury Cash Reserve Fund | 305,853 | 305,853 | ||||||
Total Short Term Investments | ||||||||
(Cost $305,853) | 305,853 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 3.3% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. | ||||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | $ | 1,733,837 | 1,733,837 | |||||
Deutsche Bank Securities, Inc. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 1,165,138 | 1,165,138 | ||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | 65,595 | 65,595 | ||||||
BNP Paribas Securities Corp. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 790,630 | 790,630 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $3,755,200) | 3,755,200 | |||||||
Total Investments - 103.3% | ||||||||
(Cost $95,074,359) | $ | 117,386,396 | ||||||
Other Assets & Liabilities, net - (3.3)% | (3,740,964 | ) | ||||||
Total Net Assets - 100.0% | $ | 113,645,432 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
†† | Value determined based on Level 2 inputs — See Note 5. |
1 | All or portion of this security is on loan at April 30, 2014 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
ADR — American Depositary Receipt
plc — Public Limited Company
REIT — Real Estate Investment Trust
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 27 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.8% | ||||||||
INDUSTRIALS - 12.2% | ||||||||
MRC Global, Inc.* | 5,204 | $ | 151,905 | |||||
Timken Co. | 2,356 | 148,616 | ||||||
Ingersoll-Rand plc | 2,393 | 143,101 | ||||||
Fastenal Co. | 2,778 | 139,122 | ||||||
Precision Castparts Corp. | 548 | 138,693 | ||||||
Valmont Industries, Inc. | 931 | 138,635 | ||||||
Armstrong World Industries, Inc.* | 2,561 | 134,606 | ||||||
Hexcel Corp.* | 3,152 | 131,407 | ||||||
Owens Corning | 3,183 | 130,026 | ||||||
Lennox International, Inc. | 1,513 | 126,835 | ||||||
Masco Corp. | 6,199 | 124,538 | ||||||
SolarCity Corp.* | 2,103 | 111,985 | ||||||
Navistar International Corp.* | 2,280 | 86,480 | ||||||
CH Robinson Worldwide, Inc. | 1,426 | 83,991 | ||||||
Clean Harbors, Inc.* | 1,345 | 80,700 | ||||||
Old Dominion Freight Line, Inc.* | 1,320 | 80,032 | ||||||
Waste Management, Inc. | 1,779 | 79,077 | ||||||
J.B. Hunt Transport Services, Inc. | 1,034 | 78,687 | ||||||
Spirit AeroSystems Holdings, | ||||||||
Inc. — Class A* | 2,620 | 78,679 | ||||||
WESCO International, Inc.* | 894 | 78,475 | ||||||
Landstar System, Inc. | 1,243 | 78,297 | ||||||
Stanley Black & Decker, Inc. | 910 | 78,160 | ||||||
Delta Air Lines, Inc. | 2,121 | 78,116 | ||||||
Caterpillar, Inc. | 737 | 77,680 | ||||||
Textron, Inc. | 1,895 | 77,506 | ||||||
Nordson Corp. | 1,042 | 77,473 | ||||||
Robert Half International, Inc. | 1,725 | 77,280 | ||||||
MSC Industrial Direct Company, | ||||||||
Inc. — Class A | 848 | 77,219 | ||||||
Dover Corp. | 891 | 76,982 | ||||||
Con-way, Inc. | 1,809 | 76,846 | ||||||
Expeditors International of | ||||||||
Washington, Inc. | 1,862 | 76,789 | ||||||
Parker Hannifin Corp. | 605 | 76,762 | ||||||
Covanta Holding Corp. | 4,153 | 76,623 | ||||||
Pitney Bowes, Inc. | 2,854 | 76,487 | ||||||
Babcock & Wilcox Co. | 2,196 | 76,399 | ||||||
SPX Corp. | 749 | 76,278 | ||||||
Deere & Co. | 816 | 76,165 | ||||||
Illinois Tool Works, Inc. | 893 | 76,110 | ||||||
Triumph Group, Inc. | 1,173 | 76,022 | ||||||
Ryder System, Inc. | 925 | 76,017 | ||||||
Kennametal, Inc. | 1,626 | 75,983 | ||||||
Cummins, Inc. | 503 | 75,878 | ||||||
Carlisle Companies, Inc. | 922 | 75,835 | ||||||
Joy Global, Inc. | 1,254 | 75,717 | ||||||
General Electric Co. | 2,813 | 75,642 | ||||||
Snap-on, Inc. | 652 | 75,632 | ||||||
AGCO Corp. | 1,356 | 75,529 | ||||||
3M Co. | 543 | 75,526 | ||||||
Xylem, Inc. | 2,009 | 75,518 | ||||||
Boeing Co. | 585 | 75,477 | ||||||
Iron Mountain, Inc. | 2,653 | 75,451 | ||||||
Roper Industries, Inc. | 543 | 75,450 | ||||||
Manpowergroup, Inc. | 927 | 75,402 | ||||||
IDEX Corp. | 1,010 | 75,316 | ||||||
Regal-Beloit Corp. | 1,007 | 75,253 | ||||||
Trinity Industries, Inc. | 1,002 | 75,210 | ||||||
Republic Services, Inc. — Class A | 2,140 | 75,093 | ||||||
AO Smith Corp. | 1,605 | 75,050 | ||||||
Colfax Corp.* | 1,042 | 75,003 | ||||||
Crane Co. | 1,031 | 74,985 | ||||||
Huntington Ingalls Industries, Inc. | 727 | 74,881 | ||||||
Emerson Electric Co. | 1,098 | 74,862 | ||||||
Harsco Corp. | 3,128 | 74,853 | ||||||
Union Pacific Corp. | 393 | 74,839 | ||||||
Stericycle, Inc.* | 642 | 74,754 | ||||||
Alliant Techsystems, Inc. | 518 | 74,706 | ||||||
Genesee & Wyoming, Inc. — Class A* | 754 | 74,654 | ||||||
Manitowoc Company, Inc. | 2,349 | 74,651 | ||||||
Kansas City Southern | 739 | 74,550 | ||||||
FedEx Corp. | 547 | 74,529 | ||||||
United Technologies Corp. | 629 | 74,430 | ||||||
AECOM Technology Corp.* | 2,293 | 74,339 | ||||||
ITT Corp. | 1,723 | 74,330 | ||||||
Southwest Airlines Co. | 3,075 | 74,323 | ||||||
Lockheed Martin Corp. | 451 | 74,027 | ||||||
Waste Connections, Inc. | 1,656 | 73,957 | ||||||
Terex Corp. | 1,706 | 73,853 | ||||||
Copart, Inc.* | 2,034 | 73,773 | ||||||
General Dynamics Corp. | 674 | 73,769 | ||||||
United Rentals, Inc.* | 785 | 73,657 | ||||||
ADT Corp. | 2,433 | 73,574 | ||||||
Alaska Air Group, Inc. | 782 | 73,571 | ||||||
Kirby Corp.* | 731 | 73,553 | ||||||
AMETEK, Inc. | 1,395 | 73,544 | ||||||
WW Grainger, Inc. | 289 | 73,522 | ||||||
Honeywell International, Inc. | 791 | 73,484 | ||||||
B/E Aerospace, Inc.* | 837 | 73,463 | ||||||
United Parcel Service, Inc. — Class B | 744 | 73,284 | ||||||
Allison Transmission Holdings, Inc. | 2,453 | 73,198 | ||||||
Hubbell, Inc. — Class B | 619 | 72,869 | ||||||
Donaldson Company, Inc. | 1,729 | 72,774 | ||||||
Toro Co. | 1,143 | 72,626 | ||||||
URS Corp. | 1,537 | 72,423 | ||||||
IHS, Inc. — Class A* | 600 | 72,378 | ||||||
Rollins, Inc. | 2,405 | 72,342 | ||||||
Danaher Corp. | 985 | 72,279 | ||||||
HD Supply Holdings, Inc.* | 2,801 | 72,210 | ||||||
Cintas Corp. | 1,225 | 72,189 | ||||||
RR Donnelley & Sons Co. | 4,097 | 72,107 | ||||||
Northrop Grumman Corp. | 592 | 71,934 | ||||||
Fluor Corp. | 950 | 71,915 | ||||||
Eaton Corporation plc | 989 | 71,841 | ||||||
Graco, Inc. | 987 | 71,558 | ||||||
Exelis, Inc. | 3,859 | 71,546 | ||||||
Air Lease Corp. — Class A | 1,994 | 71,525 | ||||||
Towers Watson & Co. — Class A | 637 | 71,484 | ||||||
Verisk Analytics, Inc. — Class A* | 1,186 | 71,267 | ||||||
L-3 Communications Holdings, Inc. | 617 | 71,183 |
28 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Rockwell Collins, Inc. | 915 | $ | 71,050 | |||||
CSX Corp. | 2,516 | 71,002 | ||||||
Raytheon Co. | 742 | 70,846 | ||||||
Norfolk Southern Corp. | 749 | 70,803 | ||||||
Copa Holdings S.A. — Class A | 523 | 70,751 | ||||||
Rockwell Automation, Inc. | 590 | 70,316 | ||||||
GATX Corp. | 1,070 | 70,224 | ||||||
Quanta Services, Inc.* | 1,987 | 70,101 | ||||||
Oshkosh Corp. | 1,261 | 69,998 | ||||||
Flowserve Corp. | 957 | 69,909 | ||||||
TransDigm Group, Inc. | 393 | 69,903 | ||||||
Pentair Ltd. | 932 | 69,238 | ||||||
PACCAR, Inc. | 1,082 | 69,226 | ||||||
Pall Corp. | 822 | 69,171 | ||||||
Chicago Bridge & Iron Company N.V. | 862 | 69,020 | ||||||
Wabtec Corp. | 925 | 68,959 | ||||||
American Airlines Group, Inc.* | 1,964 | 68,877 | ||||||
KBR, Inc. | 2,713 | 68,829 | ||||||
Allegion plc | 1,383 | 68,251 | ||||||
Lincoln Electric Holdings, Inc. | 1,003 | 67,010 | ||||||
United Continental Holdings, Inc.* | 1,633 | 66,741 | ||||||
Jacobs Engineering Group, Inc.* | 1,142 | 65,893 | ||||||
AMERCO | 246 | 61,527 | ||||||
Avis Budget Group, Inc.* | 1,147 | 60,321 | ||||||
Hertz Global Holdings, Inc.* | 2,084 | 59,331 | ||||||
Nielsen N.V. | 1,224 | 57,467 | ||||||
WABCO Holdings, Inc.* | 518 | 55,431 | ||||||
KAR Auction Services, Inc. | 1,791 | 53,336 | ||||||
Fortune Brands Home & Security, Inc. | 1,320 | 52,602 | ||||||
Dun & Bradstreet Corp. | 428 | 47,405 | ||||||
Equifax, Inc. | 614 | 43,477 | ||||||
Total Industrials | 10,848,146 | |||||||
INFORMATION TECHNOLOGY - 12.1% | ||||||||
First Solar, Inc.* | 1,846 | 124,587 | ||||||
Micron Technology, Inc.* | 3,552 | 92,778 | ||||||
CommScope Holding Company, Inc.* | 3,401 | 90,739 | ||||||
Skyworks Solutions, Inc. | 2,209 | 90,679 | ||||||
Apple, Inc. | 150 | 88,514 | ||||||
Tech Data Corp.* | 1,413 | 88,298 | ||||||
Symantec Corp. | 4,318 | 87,569 | ||||||
CDW Corp. | 3,080 | 86,825 | ||||||
SanDisk Corp. | 1,013 | 86,075 | ||||||
Science Applications International Corp. | 2,205 | 85,995 | ||||||
Intel Corp. | 3,199 | 85,381 | ||||||
Oracle Corp. | 2,075 | 84,826 | ||||||
Lam Research Corp. | 1,472 | 84,802 | ||||||
Amphenol Corp. — Class A | 887 | 84,575 | ||||||
Equinix, Inc.* | 448 | 84,139 | ||||||
Marvell Technology Group Ltd. | 5,300 | 84,058 | ||||||
Cisco Systems, Inc. | 3,632 | 83,936 | ||||||
ANSYS, Inc.* | 1,098 | 83,788 | ||||||
ON Semiconductor Corp.* | 8,865 | 83,420 | ||||||
AVX Corp. | 6,248 | 83,411 | ||||||
NVIDIA Corp. | 4,500 | 83,115 | ||||||
Corning, Inc. | 3,968 | 82,971 | ||||||
Hewlett-Packard Co. | 2,508 | 82,914 | ||||||
Citrix Systems, Inc.* | 1,396 | 82,797 | ||||||
VeriFone Systems, Inc.* | 2,469 | 82,563 | ||||||
Harris Corp. | 1,120 | 82,342 | ||||||
Microsoft Corp. | 2,038 | 82,335 | ||||||
International Business Machines Corp. | 419 | 82,321 | ||||||
Fortinet, Inc.* | 3,743 | 82,271 | ||||||
Yahoo!, Inc.* | 2,288 | 82,254 | ||||||
Cadence Design Systems, Inc.* | 5,284 | 82,219 | ||||||
Avago Technologies Ltd. | 1,292 | 82,042 | ||||||
Amdocs Ltd. | 1,762 | 81,986 | ||||||
Solera Holdings, Inc. | 1,265 | 81,947 | ||||||
Advanced Micro Devices, Inc.*,1 | 20,027 | 81,910 | ||||||
Microchip Technology, Inc. | 1,722 | 81,864 | ||||||
Compuware Corp. | 7,899 | 81,834 | ||||||
Maxim Integrated Products, Inc. | 2,521 | 81,781 | ||||||
Riverbed Technology, Inc.* | 4,202 | 81,729 | ||||||
LSI Corp. | 7,325 | 81,601 | ||||||
QUALCOMM, Inc. | 1,036 | 81,544 | ||||||
F5 Networks, Inc.* | 775 | 81,507 | ||||||
Gartner, Inc.* | 1,179 | 81,280 | ||||||
Rovi Corp.* | 3,631 | 80,935 | ||||||
Synopsys, Inc.* | 2,138 | 80,432 | ||||||
Electronic Arts, Inc.* | 2,840 | 80,372 | ||||||
MICROS Systems, Inc.* | 1,559 | 80,289 | ||||||
Jabil Circuit, Inc. | 4,651 | 80,276 | ||||||
Facebook, Inc. — Class A* | 1,342 | 80,225 | ||||||
Western Digital Corp. | 910 | 80,198 | ||||||
Autodesk, Inc.* | 1,666 | 80,001 | ||||||
CA, Inc. | 2,647 | 79,781 | ||||||
Xerox Corp. | 6,583 | 79,588 | ||||||
Texas Instruments, Inc. | 1,747 | 79,401 | ||||||
Arrow Electronics, Inc.* | 1,398 | 79,337 | ||||||
DST Systems, Inc. | 860 | 79,283 | ||||||
Vishay Intertechnology, Inc. | 5,572 | 79,234 | ||||||
Motorola Solutions, Inc. | 1,246 | 79,221 | ||||||
AOL, Inc.* | 1,850 | 79,199 | ||||||
Cognizant Technology Solutions | ||||||||
Corp. — Class A* | 1,653 | 79,187 | ||||||
Analog Devices, Inc. | 1,540 | 78,987 | ||||||
Intuit, Inc. | 1,042 | 78,932 | ||||||
TIBCO Software, Inc.* | 4,020 | 78,913 | ||||||
Computer Sciences Corp. | 1,333 | 78,887 | ||||||
Activision Blizzard, Inc. | 3,941 | 78,859 | ||||||
Broadcom Corp. — Class A | 2,557 | 78,781 | ||||||
NetApp, Inc. | 2,212 | 78,769 | ||||||
Adobe Systems, Inc.* | 1,268 | 78,223 | ||||||
Juniper Networks, Inc.* | 3,154 | 77,872 | ||||||
Applied Materials, Inc. | 4,084 | 77,841 | ||||||
Teradata Corp.* | 1,710 | 77,737 | ||||||
Fairchild Semiconductor International, | ||||||||
Inc. — Class A* | 6,098 | 77,628 | ||||||
Diebold, Inc. | 2,058 | 77,401 | ||||||
Nuance Communications, Inc.* | 4,805 | 77,312 | ||||||
EchoStar Corp. — Class A* | 1,713 | 77,016 | ||||||
EMC Corp. | 2,966 | 76,523 | ||||||
IPG Photonics Corp.* | 1,183 | 76,457 | ||||||
Informatica Corp.* | 2,156 | 76,430 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 29 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Avnet, Inc. | 1,772 | $ | 76,426 | |||||
Ingram Micro, Inc. — Class A* | 2,832 | 76,351 | ||||||
Booz Allen Hamilton Holding Corp. | 3,276 | 76,134 | ||||||
Atmel Corp.* | 9,785 | 76,029 | ||||||
Salesforce.com, Inc.* | 1,470 | 75,926 | ||||||
Stratasys Ltd.* | 782 | 75,752 | ||||||
Freescale Semiconductor Ltd.* | 3,430 | 75,357 | ||||||
KLA-Tencor Corp. | 1,177 | 75,316 | ||||||
SolarWinds, Inc.* | 1,856 | 74,834 | ||||||
Akamai Technologies, Inc.* | 1,404 | 74,510 | ||||||
IAC/InterActiveCorp | 1,124 | 74,499 | ||||||
Palo Alto Networks, Inc.* | 1,171 | 74,452 | ||||||
Linear Technology Corp. | 1,673 | 74,449 | ||||||
Polycom, Inc.* | 6,046 | 74,366 | ||||||
JDS Uniphase Corp.* | 5,839 | 73,980 | ||||||
Automatic Data Processing, Inc. | 948 | 73,906 | ||||||
Dolby Laboratories, Inc. — Class A* | 1,852 | 73,802 | ||||||
Brocade Communications Systems, Inc.* | 7,912 | 73,661 | ||||||
Altera Corp. | 2,258 | 73,430 | ||||||
Rackspace Hosting, Inc.* | 2,520 | 73,130 | ||||||
Teradyne, Inc. | 4,113 | 72,677 | ||||||
Zebra Technologies Corp. — Class A* | 1,046 | 72,634 | ||||||
Trimble Navigation Ltd.* | 1,889 | 72,594 | ||||||
Paychex, Inc. | 1,722 | 71,997 | ||||||
Knowles Corp.* | 2,574 | 71,892 | ||||||
VeriSign, Inc.* | 1,522 | 71,808 | ||||||
VMware, Inc. — Class A* | 769 | 71,140 | ||||||
Genpact Ltd.* | 4,218 | 71,115 | ||||||
Twitter, Inc.*,1 | 1,824 | 71,081 | ||||||
Silicon Laboratories, Inc.* | 1,578 | 70,931 | ||||||
Zynga, Inc. — Class A* | 17,480 | 70,794 | ||||||
Red Hat, Inc.* | 1,448 | 70,445 | ||||||
Xilinx, Inc. | 1,492 | 70,407 | ||||||
FLIR Systems, Inc. | 2,061 | 70,156 | ||||||
ServiceNow, Inc.* | 1,409 | 70,055 | ||||||
Leidos Holdings, Inc. | 1,881 | 70,048 | ||||||
Accenture plc — Class A | 871 | 69,872 | ||||||
Lexmark International, Inc. — Class A | 1,613 | 69,359 | ||||||
NetSuite, Inc.* | 886 | 68,497 | ||||||
NCR Corp.* | 2,239 | 68,312 | ||||||
National Instruments Corp. | 2,486 | 67,893 | ||||||
3D Systems Corp.*,1 | 1,418 | 67,128 | ||||||
LinkedIn Corp. — Class A* | 437 | 67,066 | ||||||
Concur Technologies, Inc.* | 823 | 66,227 | ||||||
Cree, Inc.* | 1,404 | 66,227 | ||||||
Workday, Inc. — Class A* | 877 | 64,082 | ||||||
NeuStar, Inc. — Class A* | 2,368 | 60,905 | ||||||
Tableau Software, Inc. — Class A* | 1,095 | 60,521 | ||||||
Splunk, Inc.* | 1,082 | 59,045 | ||||||
Nimble Storage, Inc.* | 2,371 | 58,445 | ||||||
FireEye, Inc.* | 1,317 | 51,705 | ||||||
eBay, Inc.* | 966 | 50,068 | ||||||
Fiserv, Inc.* | 762 | 46,314 | ||||||
Total System Services, Inc. | 1,434 | 45,558 | ||||||
Broadridge Financial Solutions, Inc. | 1,156 | 44,321 | ||||||
Vantiv, Inc. — Class A* | 1,405 | 43,204 | ||||||
Fidelity National Information Services, Inc. | 807 | 43,118 | ||||||
Jack Henry & Associates, Inc. | 773 | 42,639 | ||||||
FactSet Research Systems, Inc. | 399 | 42,494 | ||||||
Pandora Media, Inc.* | 1,811 | 42,414 | ||||||
MasterCard, Inc. — Class A | 576 | 42,365 | ||||||
FleetCor Technologies, Inc.* | 370 | 42,228 | ||||||
Western Union Co. | 2,647 | 42,008 | ||||||
Global Payments, Inc. | 619 | 41,368 | ||||||
CoreLogic, Inc.* | 1,436 | 40,251 | ||||||
Visa, Inc. — Class A | 195 | 39,509 | ||||||
Google, Inc. — Class A* | 72 | 38,511 | ||||||
Google, Inc. — Class C* | 72 | 37,920 | ||||||
Alliance Data Systems Corp.* | 154 | 37,253 | ||||||
Total Information Technology | 10,775,960 | |||||||
ENERGY - 11.8% | ||||||||
Energen Corp. | 2,095 | 163,221 | ||||||
Cabot Oil & Gas Corp. | 3,920 | 153,978 | ||||||
WPX Energy, Inc.* | 7,177 | 152,727 | ||||||
Laredo Petroleum, Inc.* | 5,203 | 152,084 | ||||||
Peabody Energy Corp. | 7,998 | 152,042 | ||||||
PBF Energy, Inc. — Class A | 4,920 | 151,438 | ||||||
Anadarko Petroleum Corp. | 1,519 | 150,411 | ||||||
CVR Energy, Inc.1 | 3,056 | 150,202 | ||||||
Ultra Petroleum Corp.*,1 | 4,963 | 147,897 | ||||||
Diamond Offshore Drilling, Inc.1 | 2,699 | 147,392 | ||||||
Continental Resources, Inc.* | 1,062 | 147,108 | ||||||
Oasis Petroleum, Inc.* | 3,154 | 146,693 | ||||||
Chesapeake Energy Corp. | 5,094 | 146,453 | ||||||
Equities Corp. | 1,327 | 144,630 | ||||||
Superior Energy Services, Inc. | 4,356 | 143,400 | ||||||
Tesoro Corp. | 2,541 | 143,033 | ||||||
SandRidge Energy, Inc.*,1 | 20,552 | 140,987 | ||||||
Newfield Exploration Co.* | 4,152 | 140,545 | ||||||
Baker Hughes, Inc. | 2,010 | 140,499 | ||||||
RPC, Inc. | 6,306 | 140,182 | ||||||
Gulfport Energy Corp.* | 1,897 | 139,752 | ||||||
HollyFrontier Corp. | 2,653 | 139,521 | ||||||
Concho Resources, Inc.* | 1,069 | 139,451 | ||||||
Dresser-Rand Group, Inc.* | 2,294 | 138,649 | ||||||
Rice Energy, Inc.* | 4,666 | 138,580 | ||||||
Hess Corp. | 1,553 | 138,465 | ||||||
ONEOK, Inc. | 2,187 | 138,262 | ||||||
Devon Energy Corp. | 1,973 | 138,110 | ||||||
CONSOL Energy, Inc. | 3,100 | 137,981 | ||||||
FMC Technologies, Inc.* | 2,433 | 137,951 | ||||||
Spectra Energy Corp. | 3,464 | 137,555 | ||||||
Frank’s International N.V. | 5,006 | 137,315 | ||||||
ConocoPhillips | 1,843 | 136,953 | ||||||
Whiting Petroleum Corp.* | 1,856 | 136,824 | ||||||
Halliburton Co. | 2,168 | 136,736 | ||||||
Exxon Mobil Corp. | 1,334 | 136,615 | ||||||
Phillips 66 | 1,636 | 136,148 | ||||||
Patterson-UTI Energy, Inc. | 4,184 | 136,106 | ||||||
Pioneer Natural Resources Co. | 703 | 135,869 | ||||||
Range Resources Corp. | 1,492 | 134,951 | ||||||
Chevron Corp. | 1,074 | 134,808 | ||||||
Apache Corp. | 1,552 | 134,714 |
30 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Schlumberger Ltd. | 1,325 | $ | 134,554 | |||||
Southwestern Energy Co.* | 2,808 | 134,447 | ||||||
SM Energy Co. | 1,812 | 134,324 | ||||||
Noble Energy, Inc. | 1,870 | 134,229 | ||||||
Nabors Industries Ltd. | 5,258 | 134,184 | ||||||
Valero Energy Corp. | 2,341 | 133,835 | ||||||
QEP Resources, Inc. | 4,359 | 133,778 | ||||||
Cameron International Corp.* | 2,056 | 133,558 | ||||||
Williams Companies, Inc. | 3,162 | 133,342 | ||||||
National Oilwell Varco, Inc. | 1,692 | 132,873 | ||||||
Golar LNG Ltd.1 | 3,005 | 132,821 | ||||||
World Fuel Services Corp. | 2,910 | 132,521 | ||||||
Dril-Quip, Inc.* | 1,171 | 132,464 | ||||||
Marathon Oil Corp. | 3,663 | 132,417 | ||||||
Oceaneering International, Inc. | 1,803 | 132,124 | ||||||
Marathon Petroleum Corp. | 1,417 | 131,710 | ||||||
Denbury Resources, Inc. | 7,815 | 131,448 | ||||||
Cimarex Energy Co. | 1,103 | 131,389 | ||||||
Cheniere Energy, Inc.* | 2,322 | 131,077 | ||||||
Unit Corp.* | 1,981 | 130,647 | ||||||
Seadrill Ltd. | 3,691 | 129,997 | ||||||
Murphy Oil Corp. | 2,048 | 129,905 | ||||||
Kinder Morgan, Inc. | 3,968 | 129,595 | ||||||
Occidental Petroleum Corp. | 1,353 | 129,550 | ||||||
Helmerich & Payne, Inc. | 1,189 | 129,185 | ||||||
EOG Resources, Inc. | 1,318 | 129,164 | ||||||
Oil States International, Inc.* | 1,325 | 128,711 | ||||||
Kosmos Energy Ltd.* | 11,661 | 127,338 | ||||||
Antero Resources Corp.* | 1,929 | 126,677 | ||||||
Atwood Oceanics, Inc.* | 2,555 | 126,626 | ||||||
Cobalt International Energy, Inc.* | 6,936 | 124,848 | ||||||
EP Energy Corp. — Class A* | 6,405 | 124,449 | ||||||
Rowan Companies plc — Class A | 3,842 | 118,795 | ||||||
McDermott International, Inc.*,1 | 16,226 | 117,314 | ||||||
Tidewater, Inc. | 1,518 | 77,312 | ||||||
Teekay Corp. | 1,296 | 72,719 | ||||||
Total Energy | 10,556,165 | |||||||
CONSUMER STAPLES - 11.3% | ||||||||
Herbalife Ltd.1 | 3,647 | 218,746 | ||||||
Lorillard, Inc. | 3,648 | 216,763 | ||||||
Fresh Market, Inc.* | 5,816 | 215,773 | ||||||
Energizer Holdings, Inc. | 1,931 | 215,672 | ||||||
Kellogg Co. | 3,153 | 210,714 | ||||||
Altria Group, Inc. | 5,224 | 209,534 | ||||||
Kroger Co. | 4,500 | 207,180 | ||||||
Mead Johnson Nutrition Co. — Class A | 2,343 | 206,793 | ||||||
Philip Morris International, Inc. | 2,418 | 206,570 | ||||||
Pinnacle Foods, Inc. | 6,770 | 205,808 | ||||||
Reynolds American, Inc. | 3,645 | 205,687 | ||||||
Coca-Cola Co. | 5,040 | 205,582 | ||||||
Dean Foods Co. | 12,892 | 204,209 | ||||||
Colgate-Palmolive Co. | 3,029 | 203,852 | ||||||
Walgreen Co. | 2,997 | 203,496 | ||||||
Mondelez International, Inc. — Class A | 5,696 | 203,062 | ||||||
Ingredion, Inc. | 2,880 | 202,896 | ||||||
Dr Pepper Snapple Group, Inc. | 3,648 | 202,172 | ||||||
Procter & Gamble Co. | 2,447 | 202,000 | ||||||
General Mills, Inc. | 3,809 | 201,953 | ||||||
PepsiCo, Inc. | 2,351 | 201,927 | ||||||
Molson Coors Brewing Co. — Class B | 3,367 | 201,919 | ||||||
Campbell Soup Co. | 4,421 | 201,111 | ||||||
Clorox Co. | 2,215 | 200,901 | ||||||
Bunge Ltd. | 2,512 | 200,081 | ||||||
Archer-Daniels-Midland Co. | 4,557 | 199,278 | ||||||
Kraft Foods Group, Inc. | 3,481 | 197,930 | ||||||
Sysco Corp. | 5,429 | 197,778 | ||||||
Kimberly-Clark Corp. | 1,761 | 197,672 | ||||||
Church & Dwight Company, Inc. | 2,848 | 196,540 | ||||||
Brown-Forman Corp. — Class B | 2,190 | 196,487 | ||||||
ConAgra Foods, Inc. | 6,434 | 196,301 | ||||||
JM Smucker Co. | 2,030 | 196,260 | ||||||
Beam, Inc. | 2,337 | 195,069 | ||||||
McCormick & Company, Inc. | 2,737 | 194,874 | ||||||
WhiteWave Foods Co. — Class A* | 7,031 | 194,688 | ||||||
Hormel Foods Corp. | 4,035 | 192,429 | ||||||
Coca-Cola Enterprises, Inc. | 4,206 | 191,121 | ||||||
Monster Beverage Corp.* | 2,854 | 191,104 | ||||||
Tyson Foods, Inc. — Class A | 4,541 | 190,586 | ||||||
Whole Foods Market, Inc. | 3,812 | 189,456 | ||||||
Constellation Brands, Inc. — Class A* | 2,366 | 188,901 | ||||||
Flowers Foods, Inc. | 9,165 | 188,066 | ||||||
CVS Caremark Corp. | 2,585 | 187,981 | ||||||
Hillshire Brands Co. | 5,260 | 187,519 | ||||||
Hershey Co. | 1,893 | 182,182 | ||||||
Sprouts Farmers Market, Inc.* | 5,516 | 176,347 | ||||||
Safeway, Inc. | 5,171 | 176,124 | ||||||
Keurig Green Mountain, Inc. | 1,843 | 172,652 | ||||||
Estee Lauder Companies, Inc. — Class A | 802 | 58,201 | ||||||
Coty, Inc. — Class A | 3,611 | 57,957 | ||||||
Wal-Mart Stores, Inc. | 705 | 56,196 | ||||||
Avon Products, Inc. | 3,660 | 55,925 | ||||||
Costco Wholesale Corp. | 478 | 55,295 | ||||||
Nu Skin Enterprises, Inc. — Class A | 627 | 54,549 | ||||||
Total Consumer Staples | 10,069,869 | |||||||
HEALTH CARE - 11.0% | ||||||||
Allergan, Inc. | 812 | 134,662 | ||||||
Myriad Genetics, Inc.*,1 | 3,032 | 127,981 | ||||||
ResMed, Inc.1 | 2,281 | 113,708 | ||||||
Hospira, Inc.* | 2,430 | 111,294 | ||||||
Mallinckrodt plc* | 1,556 | 110,834 | ||||||
Edwards Lifesciences Corp.* | 1,359 | 110,718 | ||||||
Tenet Healthcare Corp.* | 2,428 | 109,454 | ||||||
Gilead Sciences, Inc.* | 1,365 | 107,139 | ||||||
Salix Pharmaceuticals Ltd.* | 971 | 106,810 | ||||||
United Therapeutics Corp.* | 1,062 | 106,211 | ||||||
Alkermes plc* | 2,295 | 106,167 | ||||||
LifePoint Hospitals, Inc.* | 1,878 | 105,018 | ||||||
QIAGEN N.V.* | 4,790 | 104,901 | ||||||
Alexion Pharmaceuticals, Inc.* | 660 | 104,412 | ||||||
Zimmer Holdings, Inc. | 1,073 | 103,866 | ||||||
Merck & Company, Inc. | 1,773 | 103,827 | ||||||
Johnson & Johnson | 1,025 | 103,822 | ||||||
Universal Health Services, Inc. — Class B | 1,269 | 103,792 | ||||||
Health Net, Inc.* | 3,022 | 103,745 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 31 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
IDEXX Laboratories, Inc.* | 817 | $ | 103,301 | |||||
Baxter International, Inc. | 1,415 | 102,998 | ||||||
Zoetis, Inc. | 3,400 | 102,884 | ||||||
Mylan, Inc.* | 2,022 | 102,677 | ||||||
Techne Corp. | 1,148 | 102,528 | ||||||
HCA Holdings, Inc.* | 1,971 | 102,492 | ||||||
Celgene Corp.* | 697 | 102,466 | ||||||
Community Health Systems, Inc.* | 2,701 | 102,341 | ||||||
Eli Lilly & Co. | 1,729 | 102,184 | ||||||
Envision Healthcare Holdings, Inc.* | 2,994 | 101,167 | ||||||
Sirona Dental Systems, Inc.* | 1,341 | 100,870 | ||||||
AbbVie, Inc. | 1,928 | 100,410 | ||||||
Covidien plc | 1,408 | 100,320 | ||||||
WellPoint, Inc. | 995 | 100,177 | ||||||
DaVita HealthCare Partners, Inc.* | 1,441 | 99,861 | ||||||
Abbott Laboratories | 2,577 | 99,833 | ||||||
Forest Laboratories, Inc.* | 1,086 | 99,814 | ||||||
Hologic, Inc.* | 4,754 | 99,763 | ||||||
Actavis plc* | 488 | 99,713 | ||||||
AmerisourceBergen Corp. — Class A | 1,529 | 99,660 | ||||||
Cigna Corp. | 1,243 | 99,490 | ||||||
Laboratory Corporation of | ||||||||
America Holdings* | 1,006 | 99,292 | ||||||
Omnicare, Inc. | 1,671 | 99,040 | ||||||
CareFusion Corp.* | 2,522 | 98,509 | ||||||
Jazz Pharmaceuticals plc* | 730 | 98,477 | ||||||
Medtronic, Inc. | 1,673 | 98,406 | ||||||
Patterson Companies, Inc. | 2,417 | 98,372 | ||||||
Cooper Companies, Inc. | 744 | 98,141 | ||||||
Hill-Rom Holdings, Inc. | 2,626 | 98,107 | ||||||
Cardinal Health, Inc. | 1,411 | 98,079 | ||||||
Becton Dickinson and Co. | 865 | 97,771 | ||||||
DENTSPLY International, Inc. | 2,184 | 97,472 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 790 | 97,336 | ||||||
Henry Schein, Inc.* | 852 | 97,324 | ||||||
Stryker Corp. | 1,249 | 97,110 | ||||||
Pfizer, Inc. | 3,089 | 96,624 | ||||||
St. Jude Medical, Inc. | 1,522 | 96,601 | ||||||
Humana, Inc. | 880 | 96,580 | ||||||
Varian Medical Systems, Inc.* | 1,212 | 96,415 | ||||||
McKesson Corp. | 569 | 96,269 | ||||||
Brookdale Senior Living, Inc. — Class A* | 3,021 | 96,189 | ||||||
Illumina, Inc.* | 708 | 96,182 | ||||||
Thermo Fisher Scientific, Inc. | 843 | 96,102 | ||||||
Cubist Pharmaceuticals, Inc.* | 1,369 | 95,912 | ||||||
Regeneron Pharmaceuticals, Inc.* | 323 | 95,895 | ||||||
Quest Diagnostics, Inc. | 1,711 | 95,696 | ||||||
Aetna, Inc. | 1,337 | 95,529 | ||||||
Vertex Pharmaceuticals, Inc.* | 1,409 | 95,389 | ||||||
Teleflex, Inc. | 934 | 95,352 | ||||||
Boston Scientific Corp.* | 7,506 | 94,651 | ||||||
Bristol-Myers Squibb Co. | 1,886 | 94,470 | ||||||
ARIAD Pharmaceuticals, Inc.*,1 | 12,948 | 94,132 | ||||||
Alere, Inc.* | 2,818 | 94,121 | ||||||
Medivation, Inc.* | 1,562 | 94,048 | ||||||
Endo International plc* | 1,492 | 93,914 | ||||||
MEDNAX, Inc.* | 1,583 | 93,793 | ||||||
Quintiles Transnational Holdings, Inc.* | 1,987 | 93,647 | ||||||
Biogen Idec, Inc.* | 326 | 93,601 | ||||||
VCA Antech, Inc.* | 3,054 | 93,544 | ||||||
PerkinElmer, Inc. | 2,223 | 93,299 | ||||||
Incyte Corporation Ltd.* | 1,919 | 93,187 | ||||||
CR Bard, Inc. | 677 | 92,972 | ||||||
Perrigo Company plc | 637 | 92,276 | ||||||
Amgen, Inc. | 825 | 92,194 | ||||||
UnitedHealth Group, Inc. | 1,218 | 91,399 | ||||||
Bruker Corp.* | 4,383 | 90,553 | ||||||
Cerner Corp.* | 1,753 | 89,929 | ||||||
Premier, Inc. — Class A* | 2,989 | 89,670 | ||||||
Charles River Laboratories International, Inc.* | 1,656 | 88,960 | ||||||
Express Scripts Holding Co.* | 1,319 | 87,819 | ||||||
Theravance, Inc.* | 3,226 | 86,844 | ||||||
Pharmacyclics, Inc.* | 913 | 86,352 | ||||||
Covance, Inc.* | 973 | 85,896 | ||||||
Intuitive Surgical, Inc.* | 232 | 83,914 | ||||||
Catamaran Corp.* | 2,204 | 83,201 | ||||||
Allscripts Healthcare Solutions, Inc.* | 5,461 | 83,116 | ||||||
Seattle Genetics, Inc.* | 2,158 | 83,040 | ||||||
BioMarin Pharmaceutical, Inc.* | 1,417 | 82,512 | ||||||
Veeva Systems, Inc. — Class A*,1 | 3,779 | 72,595 | ||||||
Mettler-Toledo International, Inc.* | 307 | 71,568 | ||||||
Agilent Technologies, Inc. | 1,305 | 70,522 | ||||||
Waters Corp.* | 671 | 66,120 | ||||||
Total Health Care | 9,819,340 | |||||||
CONSUMER DISCRETIONARY - 10.3% | ||||||||
GNC Holdings, Inc. — Class A | 4,506 | 202,770 | ||||||
Groupon, Inc. — Class A* | 10,291 | 71,934 | ||||||
LKQ Corp.* | 2,172 | 63,249 | ||||||
DeVry Education Group, Inc. | 1,333 | 60,025 | ||||||
Staples, Inc. | 4,798 | 59,975 | ||||||
Harley-Davidson, Inc. | 805 | 59,522 | ||||||
Charter Communications, Inc. — Class A* | 438 | 59,362 | ||||||
Dillard’s, Inc. — Class A | 600 | 58,758 | ||||||
Hanesbrands, Inc. | 710 | 58,284 | ||||||
Whirlpool Corp. | 376 | 57,671 | ||||||
Big Lots, Inc.* | 1,452 | 57,354 | ||||||
Ford Motor Co. | 3,524 | 56,913 | ||||||
Hyatt Hotels Corp. — Class A* | 1,009 | 56,787 | ||||||
McDonald’s Corp. | 560 | 56,773 | ||||||
DR Horton, Inc. | 2,543 | 56,658 | ||||||
Time Warner Cable, Inc. | 400 | 56,584 | ||||||
CST Brands, Inc. | 1,729 | 56,417 | ||||||
Interpublic Group of Companies, Inc. | 3,238 | 56,406 | ||||||
Murphy USA, Inc.* | 1,327 | 56,398 | ||||||
Carnival Corp. | 1,430 | 56,213 | ||||||
Target Corp. | 910 | 56,193 | ||||||
Harman International Industries, Inc. | 512 | 56,120 | ||||||
Marriott International, Inc. — Class A | 967 | 56,018 | ||||||
Comcast Corp. — Class A | 1,082 | 56,004 | ||||||
Yum! Brands, Inc. | 727 | 55,972 | ||||||
Cinemark Holdings, Inc. | 1,884 | 55,804 | ||||||
Tupperware Brands Corp. | 657 | 55,786 | ||||||
Leggett & Platt, Inc. | 1,694 | 55,665 | ||||||
PVH Corp. | 443 | 55,628 |
32 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
BorgWarner, Inc. | 894 | $ | 55,553 | |||||
AutoZone, Inc.* | 104 | 55,525 | ||||||
Signet Jewelers Ltd. | 548 | 55,523 | ||||||
Genuine Parts Co. | 637 | 55,495 | ||||||
Time Warner, Inc. | 834 | 55,428 | ||||||
Foot Locker, Inc. | 1,191 | 55,417 | ||||||
Garmin Ltd. | 970 | 55,387 | ||||||
Deckers Outdoor Corp.* | 701 | 55,344 | ||||||
Bally Technologies, Inc.* | 850 | 55,344 | ||||||
Lions Gate Entertainment Corp. | 2,084 | 55,289 | ||||||
Liberty Interactive Corp. — Class A* | 1,900 | 55,214 | ||||||
AutoNation, Inc.* | 1,041 | 55,163 | ||||||
Las Vegas Sands Corp. | 697 | 55,154 | ||||||
Tiffany & Co. | 630 | 55,119 | ||||||
Royal Caribbean Cruises Ltd. | 1,035 | 54,990 | ||||||
John Wiley & Sons, Inc. — Class A | 957 | 54,989 | ||||||
Lear Corp. | 661 | 54,903 | ||||||
Starz — Class A* | 1,701 | 54,891 | ||||||
Delphi Automotive plc | 821 | 54,876 | ||||||
GameStop Corp. — Class A | 1,380 | 54,758 | ||||||
Scripps Networks Interactive, | ||||||||
Inc. — Class A | 729 | 54,726 | ||||||
Visteon Corp.* | 630 | 54,690 | ||||||
Newell Rubbermaid, Inc. | 1,816 | 54,680 | ||||||
Thor Industries, Inc. | 898 | 54,661 | ||||||
Cabela’s, Inc.* | 833 | 54,653 | ||||||
Hasbro, Inc. | 989 | 54,652 | ||||||
O’Reilly Automotive, Inc.* | 367 | 54,606 | ||||||
Dollar General Corp.* | 966 | 54,521 | ||||||
Family Dollar Stores, Inc. | 927 | 54,461 | ||||||
Tempur Sealy International, Inc.* | 1,085 | 54,445 | ||||||
Walt Disney Co. | 686 | 54,427 | ||||||
Sirius XM Holdings, Inc.* | 17,043 | 54,367 | ||||||
ARAMARK Holdings Corp. | 1,928 | 54,350 | ||||||
MGM Resorts International* | 2,152 | 54,295 | ||||||
General Motors Co. | 1,574 | 54,272 | ||||||
TRW Automotive Holdings Corp.* | 675 | 54,236 | ||||||
Wyndham Worldwide Corp. | 760 | 54,218 | ||||||
Regal Entertainment Group — Class A | 2,883 | 54,200 | ||||||
VF Corp. | 887 | 54,187 | ||||||
Home Depot, Inc. | 680 | 54,067 | ||||||
Best Buy Company, Inc. | 2,084 | 54,038 | ||||||
DIRECTV* | 696 | 54,010 | ||||||
Ascena Retail Group, Inc.* | 3,138 | 53,974 | ||||||
Chico’s FAS, Inc. | 3,397 | 53,944 | ||||||
Viacom, Inc. — Class B | 634 | 53,877 | ||||||
Cablevision Systems Corp. — Class A | 3,226 | 53,874 | ||||||
Dollar Tree, Inc.* | 1,034 | 53,840 | ||||||
Mattel, Inc. | 1,372 | 53,803 | ||||||
Burger King Worldwide, Inc. | 2,058 | 53,776 | ||||||
Lennar Corp. — Class A | 1,392 | 53,717 | ||||||
Goodyear Tire & Rubber Co. | 2,131 | 53,701 | ||||||
Liberty Media Corp. — Class A* | 414 | 53,700 | ||||||
News Corp. — Class A* | 3,155 | 53,698 | ||||||
Twenty-First Century Fox, Inc. — Class A | 1,675 | 53,634 | ||||||
NIKE, Inc. — Class B | 735 | 53,618 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 1,635 | 53,579 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 699 | 53,578 | ||||||
Sally Beauty Holdings, Inc.* | 1,953 | 53,532 | ||||||
Guess?, Inc. | 1,988 | 53,497 | ||||||
Gannett Company, Inc. | 1,968 | 53,471 | ||||||
Expedia, Inc. | 753 | 53,455 | ||||||
Michael Kors Holdings Ltd.* | 585 | 53,352 | ||||||
Advance Auto Parts, Inc. | 439 | 53,246 | ||||||
Urban Outfitters, Inc.* | 1,493 | 53,233 | ||||||
PulteGroup, Inc. | 2,894 | 53,221 | ||||||
Johnson Controls, Inc. | 1,179 | 53,220 | ||||||
PetSmart, Inc. | 786 | 53,196 | ||||||
Kohl’s Corp. | 970 | 53,146 | ||||||
The Gap, Inc. | 1,352 | 53,134 | ||||||
Macy’s, Inc. | 925 | 53,123 | ||||||
Nordstrom, Inc. | 865 | 53,007 | ||||||
Polaris Industries, Inc. | 394 | 52,926 | ||||||
Service Corporation International | 2,818 | 52,894 | ||||||
Domino’s Pizza, Inc. | 711 | 52,884 | ||||||
Mohawk Industries, Inc.* | 399 | 52,832 | ||||||
Carter’s, Inc. | 717 | 52,814 | ||||||
Jarden Corp.* | 924 | 52,807 | ||||||
Liberty Global plc — Class A* | 1,326 | 52,801 | ||||||
Six Flags Entertainment Corp. | 1,313 | 52,704 | ||||||
Darden Restaurants, Inc. | 1,060 | 52,693 | ||||||
H&R Block, Inc. | 1,852 | 52,634 | ||||||
Tesla Motors, Inc.* | 253 | 52,596 | ||||||
Hilton Worldwide Holdings, Inc.* | 2,406 | 52,523 | ||||||
Abercrombie & Fitch Co. — Class A | 1,428 | 52,493 | ||||||
Toll Brothers, Inc.* | 1,531 | 52,421 | ||||||
Madison Square Garden Co. — Class A* | 959 | 52,361 | ||||||
TJX Companies, Inc. | 899 | 52,304 | ||||||
Liberty Global plc* | 1,360 | 52,265 | ||||||
JC Penney Company, Inc.*,1 | 6,132 | 52,245 | ||||||
Weight Watchers International, Inc.1 | 2,635 | 52,173 | ||||||
Choice Hotels International, Inc. | 1,180 | 52,132 | ||||||
SeaWorld Entertainment, Inc. | 1,732 | 52,064 | ||||||
Brinker International, Inc. | 1,058 | 51,990 | ||||||
Lamar Advertising Co. — Class A* | 1,041 | 51,967 | ||||||
Aaron’s, Inc. | 1,762 | 51,926 | ||||||
L Brands, Inc. | 958 | 51,924 | ||||||
CarMax, Inc.* | 1,186 | 51,923 | ||||||
Dick’s Sporting Goods, Inc. | 985 | 51,870 | ||||||
Ralph Lauren Corp. — Class A | 342 | 51,769 | ||||||
Starbucks Corp. | 732 | 51,694 | ||||||
Tractor Supply Co. | 765 | 51,439 | ||||||
Penn National Gaming, Inc.* | 4,609 | 51,436 | ||||||
Williams-Sonoma, Inc. | 818 | 51,387 | ||||||
Ross Stores, Inc. | 753 | 51,264 | ||||||
Wynn Resorts Ltd. | 251 | 51,176 | ||||||
Gentex Corp. | 1,785 | 51,176 | ||||||
Graham Holdings Co. — Class B | 76 | 51,013 | ||||||
Priceline Group, Inc.* | 44 | 50,941 | ||||||
DSW, Inc. — Class A | 1,524 | 50,886 | ||||||
Lowe’s Companies, Inc. | 1,108 | 50,868 | ||||||
Sears Holdings Corp.*,1 | 1,155 | 50,601 | ||||||
Wendy’s Co. | 6,085 | 50,566 | ||||||
American Eagle Outfitters, Inc. | 4,352 | 50,309 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 33 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Omnicom Group, Inc. | 740 | $ | 50,083 | |||||
CBS Corp. — Class B | 865 | 49,962 | ||||||
Bed Bath & Beyond, Inc.* | 801 | 49,766 | ||||||
DreamWorks Animation SKG, | ||||||||
Inc. — Class A* | 2,067 | 49,670 | ||||||
Discovery Communications, | ||||||||
Inc. — Class A* | 654 | 49,639 | ||||||
International Game Technology | 3,949 | 49,560 | ||||||
NVR, Inc.* | 46 | 49,542 | ||||||
DISH Network Corp. — Class A* | 864 | 49,127 | ||||||
AMC Networks, Inc. — Class A* | 746 | 48,990 | ||||||
Coach, Inc. | 1,097 | 48,981 | ||||||
Dunkin’ Brands Group, Inc. | 1,074 | 48,878 | ||||||
Fossil Group, Inc.* | 458 | 48,846 | ||||||
Panera Bread Co. — Class A* | 318 | 48,644 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 97 | 48,355 | ||||||
Taylor Morrison Home Corp. — Class A* | 2,276 | 48,274 | ||||||
Clear Channel Outdoor Holdings, | ||||||||
Inc. — Class A | 5,999 | 48,112 | ||||||
Liberty Ventures* | 824 | 47,825 | ||||||
Amazon.com, Inc.* | 155 | 47,140 | ||||||
TripAdvisor, Inc.* | 582 | 46,991 | ||||||
Netflix, Inc.* | 145 | 46,696 | ||||||
Under Armour, Inc. — Class A* | 948 | 46,348 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.* | 528 | 46,311 | ||||||
Apollo Education Group, Inc. — Class A* | 1,604 | 46,291 | ||||||
HomeAway, Inc.* | 1,382 | 45,081 | ||||||
Thomson Reuters Corp. | 1,244 | 45,008 | ||||||
zulily, Inc. — Class A*,1 | 1,032 | 43,881 | ||||||
Morningstar, Inc. | 543 | 39,818 | ||||||
Lands’ End, Inc.*,1 | 345 | 9,539 | ||||||
Total Consumer Discretionary | 9,153,562 | |||||||
FINANCIALS - 10.1% | ||||||||
Essex Property Trust, Inc. | 458 | 79,353 | ||||||
McGraw Hill Financial, Inc. | 711 | 52,564 | ||||||
Aspen Insurance Holdings Ltd. | 1,081 | 49,488 | ||||||
Interactive Brokers Group, | ||||||||
Inc. — Class A | 2,003 | 47,872 | ||||||
HCP, Inc. | 1,141 | 47,762 | ||||||
Ventas, Inc. | 712 | 47,049 | ||||||
Extra Space Storage, Inc. | 890 | 46,574 | ||||||
Travelers Companies, Inc. | 509 | 46,105 | ||||||
Health Care REIT, Inc. | 730 | 46,056 | ||||||
Host Hotels & Resorts, Inc. | 2,145 | 46,010 | ||||||
TFS Financial Corp.* | 3,435 | 45,995 | ||||||
Simon Property Group, Inc. | 264 | 45,725 | ||||||
Retail Properties of America, | ||||||||
Inc. — Class A | 3,190 | 45,681 | ||||||
CBL & Associates Properties, Inc. | 2,514 | 45,679 | ||||||
WR Berkley Corp. | 1,032 | 45,656 | ||||||
Affiliated Managers Group, Inc.* | 230 | 45,586 | ||||||
Duke Realty Corp. | 2,599 | 45,534 | ||||||
Mercury General Corp. | 950 | 45,467 | ||||||
Macerich Co. | 699 | 45,372 | ||||||
SL Green Realty Corp. | 433 | 45,339 | ||||||
Hospitality Properties Trust | 1,508 | 45,315 | ||||||
General Growth Properties, Inc. | 1,971 | 45,274 | ||||||
American International Group, Inc. | 851 | 45,214 | ||||||
Senior Housing Properties Trust | 1,926 | 45,203 | ||||||
Taubman Centers, Inc. | 620 | 45,161 | ||||||
Markel Corp.* | 72 | 45,066 | ||||||
Realty Income Corp. | 1,035 | 44,971 | ||||||
DDR Corp. | 2,618 | 44,951 | ||||||
Vornado Realty Trust | 438 | 44,939 | ||||||
Everest Re Group Ltd. | 284 | 44,881 | ||||||
Hatteras Financial Corp. | 2,291 | 44,835 | ||||||
Kimco Realty Corp. | 1,954 | 44,786 | ||||||
Piedmont Office Realty Trust, | ||||||||
Inc. — Class A | 2,539 | 44,712 | ||||||
Plum Creek Timber Company, Inc. | 1,025 | 44,690 | ||||||
Old Republic International Corp. | 2,693 | 44,596 | ||||||
Weingarten Realty Investors | 1,429 | 44,585 | ||||||
Chubb Corp. | 484 | 44,567 | ||||||
AvalonBay Communities, Inc. | 326 | 44,515 | ||||||
ACE Ltd. | 435 | 44,509 | ||||||
BioMed Realty Trust, Inc. | 2,129 | 44,496 | ||||||
Nationstar Mortgage Holdings, Inc.*,1 | 1,359 | 44,480 | ||||||
RenaissanceRe Holdings Ltd. | 439 | 44,431 | ||||||
Public Storage | 253 | 44,404 | ||||||
PartnerRe Ltd. | 421 | 44,373 | ||||||
Allied World Assurance Company | ||||||||
Holdings AG | 412 | 44,368 | ||||||
Regency Centers Corp. | 845 | 44,303 | ||||||
Equity Lifestyle Properties, Inc. | 1,058 | 44,298 | ||||||
MFA Financial, Inc. | 5,570 | 44,170 | ||||||
Mid-America Apartment Communities, Inc. | 634 | 44,158 | ||||||
Erie Indemnity Co. — Class A | 616 | 44,136 | ||||||
Omega Healthcare Investors, Inc. | 1,269 | 44,136 | ||||||
Federal Realty Investment Trust | 375 | 44,078 | ||||||
Berkshire Hathaway, Inc. — Class B* | 342 | 44,067 | ||||||
Boston Properties, Inc. | 376 | 44,045 | ||||||
Healthcare Trust of America, | ||||||||
Inc. — Class A | 3,763 | 43,989 | ||||||
Equity Residential | 740 | 43,986 | ||||||
Fidelity National Financial, | ||||||||
Inc. — Class A | 1,366 | 43,958 | ||||||
Assurant, Inc. | 652 | 43,951 | ||||||
American Capital Ltd.* | 2,931 | 43,936 | ||||||
ProAssurance Corp. | 966 | 43,876 | ||||||
Home Properties, Inc. | 712 | 43,859 | ||||||
American Capital Agency Corp. | 1,931 | 43,853 | ||||||
Weyerhaeuser Co. | 1,467 | 43,790 | ||||||
Tanger Factory Outlet Centers, Inc. | 1,227 | 43,779 | ||||||
American Campus Communities, Inc. | 1,146 | 43,777 | ||||||
SLM Corp. | 1,699 | 43,749 | ||||||
Genworth Financial, Inc. — Class A* | 2,449 | 43,715 | ||||||
Alexandria Real Estate Equities, Inc. | 592 | 43,701 | ||||||
American Tower Corp. — Class A | 523 | 43,681 | ||||||
Brixmor Property Group, Inc. | 1,989 | 43,678 | ||||||
Apartment Investment & Management | ||||||||
Co. — Class A | 1,416 | 43,655 | ||||||
Ameriprise Financial, Inc. | 391 | 43,647 | ||||||
XL Group plc — Class A | 1,392 | 43,639 | ||||||
Annaly Capital Management, Inc. | 3,777 | 43,624 | ||||||
Corrections Corporation of America | 1,329 | 43,591 |
34 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
IntercontinentalExchange Group, Inc. | 213 | $ | 43,546 | |||||
Hartford Financial Services Group, Inc. | 1,213 | 43,510 | ||||||
Camden Property Trust | 635 | 43,491 | ||||||
American Financial Group, Inc. | 744 | 43,472 | ||||||
Torchmark Corp. | 545 | 43,437 | ||||||
Digital Realty Trust, Inc. | 813 | 43,414 | ||||||
Allstate Corp. | 762 | 43,396 | ||||||
Wells Fargo & Co. | 874 | 43,385 | ||||||
Aon plc | 511 | 43,374 | ||||||
Kilroy Realty Corp. | 728 | 43,367 | ||||||
Corporate Office Properties Trust | 1,620 | 43,335 | ||||||
Post Properties, Inc. | 862 | 43,281 | ||||||
Howard Hughes Corp.* | 303 | 43,256 | ||||||
Alleghany Corp.* | 106 | 43,246 | ||||||
Loews Corp. | 983 | 43,223 | ||||||
Douglas Emmett, Inc. | 1,566 | 43,222 | ||||||
Starwood Property Trust, Inc. | 1,797 | 43,218 | ||||||
Liberty Property Trust | 1,152 | 43,200 | ||||||
Prologis, Inc. | 1,062 | 43,149 | ||||||
Forest City Enterprises, Inc. — Class A* | 2,280 | 43,115 | ||||||
Gaming and Leisure Properties, Inc. | 1,173 | 43,108 | ||||||
HCC Insurance Holdings, Inc. | 938 | 43,092 | ||||||
National Retail Properties, Inc. | 1,261 | 43,038 | ||||||
WP Carey, Inc. | 700 | 43,036 | ||||||
Hudson City Bancorp, Inc. | 4,319 | 43,017 | ||||||
Brandywine Realty Trust | 2,955 | 42,995 | ||||||
Cincinnati Financial Corp. | 882 | 42,989 | ||||||
Progressive Corp. | 1,771 | 42,947 | ||||||
Rayonier, Inc. | 950 | 42,845 | ||||||
Kemper Corp. | 1,087 | 42,839 | ||||||
UDR, Inc. | 1,655 | 42,798 | ||||||
Lazard Ltd. — Class A | 908 | 42,721 | ||||||
T. Rowe Price Group, Inc. | 519 | 42,625 | ||||||
Two Harbors Investment Corp. | 4,104 | 42,600 | ||||||
Principal Financial Group, Inc. | 909 | 42,578 | ||||||
Marsh & McLennan Companies, Inc. | 863 | 42,555 | ||||||
CBRE Group, Inc. — Class A* | 1,595 | 42,491 | ||||||
Popular, Inc.* | 1,375 | 42,488 | ||||||
Arch Capital Group Ltd.* | 741 | 42,474 | ||||||
Moody’s Corp. | 540 | 42,390 | ||||||
Axis Capital Holdings Ltd. | 926 | 42,365 | ||||||
M&T Bank Corp. | 347 | 42,337 | ||||||
White Mountains Insurance | ||||||||
Group Ltd. | 71 | 42,334 | ||||||
Chimera Investment Corp. | 13,697 | 42,324 | ||||||
Aflac, Inc. | 674 | 42,273 | ||||||
Ocwen Financial Corp.* | 1,113 | 42,183 | ||||||
Validus Holdings Ltd. | 1,136 | 42,112 | ||||||
Spirit Realty Capital, Inc. | 3,909 | 42,100 | ||||||
Jones Lang LaSalle, Inc. | 363 | 42,068 | ||||||
Crown Castle International Corp. | 578 | 42,038 | ||||||
Morgan Stanley | 1,357 | 41,972 | ||||||
Mack-Cali Realty Corp. | 2,060 | 41,962 | ||||||
American National Insurance Co. | 373 | 41,929 | ||||||
Cullen/Frost Bankers, Inc. | 548 | 41,873 | ||||||
Ares Capital Corp. | 2,434 | 41,792 | ||||||
Goldman Sachs Group, Inc. | 261 | 41,713 | ||||||
Voya Financial, Inc. | 1,178 | 41,689 | ||||||
Protective Life Corp. | 815 | 41,687 | ||||||
Discover Financial Services | 745 | 41,646 | ||||||
Capital One Financial Corp. | 563 | 41,606 | ||||||
BlackRock, Inc. — Class A | 138 | 41,538 | ||||||
Santander Consumer USA Holdings, | ||||||||
Inc. ADR | 1,826 | 41,523 | ||||||
PNC Financial Services Group, Inc. | 494 | 41,516 | ||||||
Legg Mason, Inc. | 884 | 41,451 | ||||||
NASDAQ OMX Group, Inc. | 1,123 | 41,439 | ||||||
Brown & Brown, Inc. | 1,389 | 41,364 | ||||||
American Express Co. | 473 | 41,354 | ||||||
Invesco Ltd. | 1,173 | 41,301 | ||||||
MetLife, Inc. | 788 | 41,252 | ||||||
People’s United Financial, Inc. | 2,888 | 41,241 | ||||||
CNA Financial Corp. | 1,007 | 41,237 | ||||||
Valley National Bancorp | 4,114 | 41,222 | ||||||
BankUnited, Inc. | 1,249 | 41,205 | ||||||
Franklin Resources, Inc. | 787 | 41,199 | ||||||
CommonWealth REIT | 1,621 | 41,190 | ||||||
Associated Banc-Corp. | 2,340 | 41,067 | ||||||
MSCI, Inc. — Class A* | 1,011 | 40,986 | ||||||
St. Joe Co.* | 2,294 | 40,948 | ||||||
Hanover Insurance Group, Inc. | 700 | 40,915 | ||||||
SunTrust Banks, Inc. | 1,069 | 40,900 | ||||||
New York Community Bancorp, Inc. | 2,653 | 40,883 | ||||||
Bank of New York Mellon Corp. | 1,206 | 40,847 | ||||||
Reinsurance Group of America, | ||||||||
Inc. — Class A | 532 | 40,810 | ||||||
Endurance Specialty Holdings Ltd. | 803 | 40,808 | ||||||
Realogy Holdings Corp.* | 969 | 40,746 | ||||||
First Niagara Financial Group, Inc. | 4,567 | 40,738 | ||||||
Fulton Financial Corp. | 3,338 | 40,690 | ||||||
SEI Investments Co. | 1,256 | 40,669 | ||||||
KeyCorp | 2,980 | 40,647 | ||||||
Starwood Waypoint Residential Trust* | 1,493 | 40,565 | ||||||
Zions Bancorporation | 1,402 | 40,546 | ||||||
Assured Guaranty Ltd. | 1,694 | 40,504 | ||||||
American Homes 4 Rent — Class A | 2,523 | 40,494 | ||||||
First Citizens BancShares, Inc. — Class A | 180 | 40,480 | ||||||
Citigroup, Inc. | 844 | 40,436 | ||||||
Arthur J Gallagher & Co. | 898 | 40,428 | ||||||
E*TRADE Financial Corp.* | 1,800 | 40,410 | ||||||
Charles Schwab Corp. | 1,522 | 40,409 | ||||||
Leucadia National Corp. | 1,579 | 40,296 | ||||||
U.S. Bancorp | 988 | 40,291 | ||||||
Signature Bank* | 339 | 40,280 | ||||||
Unum Group | 1,210 | 40,196 | ||||||
CBOE Holdings, Inc. | 753 | 40,180 | ||||||
Lincoln National Corp. | 827 | 40,118 | ||||||
BOK Financial Corp. | 613 | 40,102 | ||||||
TCF Financial Corp. | 2,552 | 40,066 | ||||||
Commerce Bancshares, Inc. | 921 | 40,045 | ||||||
Eaton Vance Corp. | 1,110 | 40,038 | ||||||
Prudential Financial, Inc. | 495 | 39,937 | ||||||
State Street Corp. | 618 | 39,898 | ||||||
East West Bancorp, Inc. | 1,156 | 39,894 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 35 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
First Horizon National Corp. | 3,460 | $ | 39,755 | |||||
Federated Investors, Inc. — Class B | 1,392 | 39,728 | ||||||
CME Group, Inc. — Class A | 563 | 39,630 | ||||||
Comerica, Inc. | 821 | 39,605 | ||||||
Waddell & Reed Financial, Inc. — Class A | 586 | 39,526 | ||||||
Northern Trust Corp. | 656 | 39,524 | ||||||
JPMorgan Chase & Co. | 706 | 39,522 | ||||||
Huntington Bancshares, Inc. | 4,297 | 39,361 | ||||||
First Republic Bank | 775 | 39,339 | ||||||
City National Corp. | 542 | 39,333 | ||||||
Washington Federal, Inc. | 1,822 | 39,319 | ||||||
Synovus Financial Corp. | 12,231 | 39,262 | ||||||
Raymond James Financial, Inc. | 789 | 39,213 | ||||||
TD Ameritrade Holding Corp. | 1,224 | 39,046 | ||||||
StanCorp Financial Group, Inc. | 639 | 39,043 | ||||||
Regions Financial Corp. | 3,847 | 39,009 | ||||||
BB&T Corp. | 1,043 | 38,935 | ||||||
Artisan Partners Asset Management, | ||||||||
Inc. — Class A | 670 | 38,907 | ||||||
Bank of Hawaii Corp. | 704 | 38,840 | ||||||
Fifth Third Bancorp | 1,818 | 37,469 | ||||||
Bank of America Corp. | 2,465 | 37,320 | ||||||
LPL Financial Holdings, Inc. | 784 | 37,122 | ||||||
CIT Group, Inc. | 861 | 37,066 | ||||||
MBIA, Inc.* | 3,042 | 36,869 | ||||||
SVB Financial Group* | 331 | 35,314 | ||||||
Total Financials | 9,008,636 | |||||||
MATERIALS - 9.6% | ||||||||
Celanese Corp. — Class A | 2,506 | 153,944 | ||||||
Alcoa, Inc. | 11,396 | 153,504 | ||||||
Compass Minerals International, Inc. | 1,671 | 153,064 | ||||||
Southern Copper Corp. | 4,982 | 150,157 | ||||||
Allegheny Technologies, Inc. | 3,625 | 149,350 | ||||||
Sealed Air Corp. | 4,325 | 148,391 | ||||||
Westlake Chemical Corp. | 2,071 | 147,455 | ||||||
Huntsman Corp. | 5,877 | 147,219 | ||||||
Crown Holdings, Inc.* | 3,115 | 146,935 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 4,264 | 146,554 | ||||||
Newmont Mining Corp. | 5,862 | 145,553 | ||||||
MeadWestvaco Corp. | 3,720 | 145,340 | ||||||
International Flavors & Fragrances, Inc. | 1,462 | 144,036 | ||||||
Bemis Company, Inc. | 3,572 | 143,737 | ||||||
Tahoe Resources, Inc.* | 6,441 | 143,634 | ||||||
AptarGroup, Inc. | 2,129 | 143,537 | ||||||
Royal Gold, Inc. | 2,165 | 143,323 | ||||||
Greif, Inc. — Class A | 2,633 | 142,682 | ||||||
Ball Corp. | 2,538 | 142,610 | ||||||
RPM International, Inc. | 3,333 | 142,186 | ||||||
Sonoco Products Co. | 3,375 | 142,020 | ||||||
Sigma-Aldrich Corp. | 1,468 | 141,236 | ||||||
Albemarle Corp. | 2,101 | 140,851 | ||||||
International Paper Co. | 3,003 | 140,090 | ||||||
Eastman Chemical Co. | 1,601 | 139,559 | ||||||
Mosaic Co. | 2,784 | 139,311 | ||||||
LyondellBasell Industries N.V. — Class A | 1,506 | 139,305 | ||||||
Steel Dynamics, Inc. | 7,592 | 138,706 | ||||||
Silgan Holdings, Inc. | 2,785 | 138,554 | ||||||
Cabot Corp. | 2,394 | 138,373 | ||||||
Sherwin-Williams Co. | 692 | 138,289 | ||||||
Nucor Corp. | 2,665 | 137,914 | ||||||
Reliance Steel & Aluminum Co. | 1,945 | 137,745 | ||||||
Valspar Corp. | 1,883 | 137,534 | ||||||
Scotts Miracle-Gro Co. — Class A | 2,243 | 137,294 | ||||||
PPG Industries, Inc. | 709 | 137,277 | ||||||
EI du Pont de Nemours & Co. | 2,032 | 136,794 | ||||||
Dow Chemical Co. | 2,735 | 136,477 | ||||||
FMC Corp. | 1,767 | 136,059 | ||||||
Praxair, Inc. | 1,041 | 135,903 | ||||||
Eagle Materials, Inc. | 1,623 | 135,245 | ||||||
Vulcan Materials Co. | 2,094 | 135,126 | ||||||
Airgas, Inc. | 1,267 | 134,631 | ||||||
Monsanto Co. | 1,211 | 134,058 | ||||||
Cytec Industries, Inc. | 1,406 | 134,020 | ||||||
Owens-Illinois, Inc.* | 4,217 | 134,016 | ||||||
Martin Marietta Materials, Inc. | 1,077 | 133,903 | ||||||
Ashland, Inc. | 1,383 | 133,598 | ||||||
Air Products & Chemicals, Inc. | 1,134 | 133,268 | ||||||
CF Industries Holdings, Inc. | 540 | 132,392 | ||||||
Ecolab, Inc. | 1,262 | 132,056 | ||||||
Packaging Corporation of America | 1,968 | 131,128 | ||||||
Rockwood Holdings, Inc. | 1,842 | 130,874 | ||||||
Carpenter Technology Corp. | 2,081 | 130,687 | ||||||
Kronos Worldwide, Inc. | 8,309 | 130,036 | ||||||
NewMarket Corp. | 347 | 129,195 | ||||||
United States Steel Corp. | 4,955 | 128,929 | ||||||
Rock-Tenn Co. — Class A | 1,338 | 127,926 | ||||||
WR Grace & Co.* | 1,370 | 126,177 | ||||||
Cliffs Natural Resources, Inc.1 | 7,019 | 124,377 | ||||||
Domtar Corp. | 1,209 | 112,872 | ||||||
Avery Dennison Corp. | 1,453 | 70,703 | ||||||
Total Materials | 8,517,719 | |||||||
UTILITIES - 9.0% | ||||||||
Pepco Holdings, Inc. | 8,242 | 220,555 | ||||||
Calpine Corp.* | 8,189 | 187,774 | ||||||
AGL Resources, Inc. | 3,415 | 184,410 | ||||||
Atmos Energy Corp. | 3,600 | 183,744 | ||||||
Entergy Corp. | 2,509 | 181,903 | ||||||
Public Service Enterprise Group, Inc. | 4,435 | 181,702 | ||||||
American Electric Power Company, Inc. | 3,350 | 180,264 | ||||||
Consolidated Edison, Inc. | 3,104 | 180,125 | ||||||
DTE Energy Co. | 2,283 | 178,394 | ||||||
Exelon Corp. | 5,087 | 178,198 | ||||||
Duke Energy Corp. | 2,372 | 176,690 | ||||||
SCANA Corp. | 3,290 | 176,607 | ||||||
TECO Energy, Inc. | 9,826 | 176,475 | ||||||
National Fuel Gas Co. | 2,394 | 176,294 | ||||||
Xcel Energy, Inc. | 5,530 | 176,241 | ||||||
NextEra Energy, Inc. | 1,759 | 175,636 | ||||||
CenterPoint Energy, Inc. | 7,087 | 175,474 | ||||||
Wisconsin Energy Corp. | 3,618 | 175,401 | ||||||
Vectren Corp. | 4,320 | 175,262 | ||||||
Southern Co. | 3,821 | 175,116 | ||||||
NRG Energy, Inc. | 5,347 | 174,954 | ||||||
CMS Energy Corp. | 5,771 | 174,919 |
36 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2014 |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Northeast Utilities | 3,700 | $ | 174,862 | |||||
AES Corp. | 12,014 | 173,602 | ||||||
Edison International | 3,066 | 173,413 | ||||||
ONE Gas, Inc. | 4,739 | 173,353 | ||||||
UGI Corp. | 3,711 | 173,267 | ||||||
Alliant Energy Corp. | 2,962 | 173,218 | ||||||
Integrys Energy Group, Inc. | 2,823 | 172,993 | ||||||
MDU Resources Group, Inc. | 4,880 | 172,850 | ||||||
NiSource, Inc. | 4,716 | 171,285 | ||||||
Westar Energy, Inc. | 4,772 | 171,219 | ||||||
OGE Energy Corp. | 4,579 | 170,934 | ||||||
Questar Corp. | 7,030 | 170,688 | ||||||
Pinnacle West Capital Corp. | 3,042 | 170,200 | ||||||
Dominion Resources, Inc. | 2,342 | 169,889 | ||||||
PG&E Corp. | 3,726 | 169,831 | ||||||
Sempra Energy | 1,722 | 169,806 | ||||||
PPL Corp. | 5,091 | 169,734 | ||||||
Ameren Corp. | 4,098 | 169,288 | ||||||
American Water Works Company, Inc. | 3,710 | 168,916 | ||||||
FirstEnergy Corp. | 4,977 | 167,974 | ||||||
Aqua America, Inc. | 6,687 | 167,777 | ||||||
Great Plains Energy, Inc. | 6,252 | 167,741 | ||||||
ITC Holdings Corp. | 4,532 | 167,548 | ||||||
Hawaiian Electric Industries, Inc. | 6,663 | 159,845 | ||||||
Total Utilities | 8,056,371 | |||||||
TELECOMMUNICATION SERVICES - 2.4% | ||||||||
Level 3 Communications, Inc.* | 4,370 | 188,041 | ||||||
Frontier Communications Corp. | 30,436 | 181,094 | ||||||
Telephone & Data Systems, Inc. | 6,566 | 178,530 | ||||||
Windstream Holdings, Inc.1 | 19,662 | 178,334 | ||||||
CenturyLink, Inc. | 5,108 | 178,320 | ||||||
United States Cellular Corp. | 4,115 | 170,937 | ||||||
AT&T, Inc. | 4,767 | 170,182 | ||||||
Verizon Communications, Inc. | 3,509 | 163,976 | ||||||
tw telecom, Inc. — Class A* | 5,320 | 163,271 | ||||||
Intelsat S.A.* | 8,899 | 161,784 | ||||||
Sprint Corp.* | 18,392 | 156,332 | ||||||
T-Mobile US, Inc. | 5,151 | 150,873 | ||||||
SBA Communications Corp. — Class A* | 896 | 80,425 | ||||||
Total Telecommunication Services | 2,122,099 | |||||||
Total Common Stocks | ||||||||
(Cost $71,654,296) | 88,927,867 | |||||||
SHORT TERM INVESTMENTS† - 0.2% | ||||||||
Federated U.S. Treasury Cash Reserve Fund | 174,530 | 174,530 | ||||||
Total Short Term Investments | ||||||||
(Cost $174,530) | 174,530 | |||||||
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 2.2% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. | ||||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | $ | 907,983 | 907,983 | |||||
Deutsche Bank Securities, Inc. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 610,164 | 610,164 | ||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | 34,351 | 34,351 | ||||||
BNP Paribas Securities Corp. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 414,040 | 414,040 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $1,966,538) | 1,966,538 | |||||||
Total Investments - 102.2% | ||||||||
(Cost $73,795,364) | $ | 91,068,935 | ||||||
Other Assets & Liabilities, net - (2.2)% | (1,942,181 | ) | ||||||
Total Net Assets - 100.0% | $ | 89,126,754 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
†† | Value determined based on Level 2 inputs — See Note 5. |
1 | All or portion of this security is on loan at April 30, 2014 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
ADR — American Depositary Receipt
plc — Public Limited Company
REIT — Real Estate Investment Trust
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 37 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
INDUSTRIALS - 14.0% | ||||||||
West Corp. | 2,681 | $ | 65,282 | |||||
Pendrell Corp.* | 34,773 | 57,375 | ||||||
Pike Corp.* | 5,795 | 55,632 | ||||||
EnerNOC, Inc.* | 1,815 | 42,834 | ||||||
Trex Company, Inc.* | 484 | 38,004 | ||||||
Capstone Turbine Corp.*,1 | 17,888 | 36,849 | ||||||
Aceto Corp. | 1,673 | 36,605 | ||||||
Enphase Energy, Inc.*,1 | 4,794 | 36,195 | ||||||
PowerSecure International, Inc.* | 1,608 | 35,746 | ||||||
Insteel Industries, Inc. | 1,720 | 35,398 | ||||||
FuelCell Energy, Inc.*,1 | 15,540 | 35,276 | ||||||
Dynamic Materials Corp. | 1,742 | 35,188 | ||||||
Northwest Pipe Co.* | 983 | 35,162 | ||||||
Ply Gem Holdings, Inc.* | 2,731 | 34,820 | ||||||
Watsco, Inc. | 335 | 34,475 | ||||||
LB Foster Co. — Class A | 717 | 33,950 | ||||||
Nortek, Inc.* | 410 | 33,686 | ||||||
NN, Inc. | 1,720 | 33,660 | ||||||
Global Brass & Copper Holdings, Inc. | 2,122 | 33,655 | ||||||
CLARCOR, Inc. | 582 | 33,616 | ||||||
AAON, Inc. | 1,180 | 33,453 | ||||||
Polypore International, Inc.* | 959 | 33,258 | ||||||
Apogee Enterprises, Inc. | 1,044 | 33,168 | ||||||
Mueller Industries, Inc. | 1,130 | 32,702 | ||||||
RBC Bearings, Inc.* | 521 | 32,437 | ||||||
Builders FirstSource, Inc.* | 4,127 | 32,397 | ||||||
Simpson Manufacturing Company, Inc. | 977 | 32,036 | ||||||
Patrick Industries, Inc.* | 796 | 31,896 | ||||||
Mueller Water Products, Inc. — Class A | 3,490 | 31,829 | ||||||
USG Corp.* | 1,058 | 31,592 | ||||||
Comfort Systems USA, Inc. | 2,106 | 31,590 | ||||||
Universal Forest Products, Inc. | 622 | 31,405 | ||||||
Quanex Building Products Corp. | 1,666 | 31,387 | ||||||
Ameresco, Inc. — Class A* | 4,844 | 31,050 | ||||||
NCI Building Systems, Inc.* | 1,983 | 31,014 | ||||||
Gibraltar Industries, Inc.* | 1,813 | 30,966 | ||||||
LSI Industries, Inc. | 4,036 | 30,714 | ||||||
Continental Building Products, Inc.* | 1,806 | 30,702 | ||||||
Acuity Brands, Inc. | 246 | 30,644 | ||||||
Rexnord Corp.* | 1,143 | 30,564 | ||||||
Beacon Roofing Supply, Inc.* | 858 | 30,528 | ||||||
Interface, Inc. — Class A | 1,682 | 30,259 | ||||||
PGT, Inc.* | 3,024 | 30,089 | ||||||
Griffon Corp. | 2,768 | 29,452 | ||||||
Stock Building Supply Holdings, Inc.* | 1,651 | 28,579 | ||||||
Accuride Corp.* | 3,903 | 22,013 | ||||||
XPO Logistics, Inc.* | 790 | 21,441 | ||||||
US Ecology, Inc. | 452 | 20,182 | ||||||
VSE Corp. | 317 | 19,803 | ||||||
Greenbrier Companies, Inc.* | 373 | 19,560 | ||||||
DXP Enterprises, Inc.* | 172 | 19,472 | ||||||
Marten Transport Ltd. | 811 | 19,026 | ||||||
FreightCar America, Inc. | 722 | 18,960 | ||||||
Power Solutions International, Inc.* | 229 | 18,950 | ||||||
Echo Global Logistics, Inc.* | 965 | 18,875 | ||||||
Commercial Vehicle Group, Inc.* | 1,940 | 18,837 | ||||||
Twin Disc, Inc. | 649 | 18,776 | ||||||
Titan Machinery, Inc.* | 1,064 | 18,769 | ||||||
CIRCOR International, Inc. | 231 | 18,760 | ||||||
Hub Group, Inc. — Class A* | 416 | 18,574 | ||||||
Huron Consulting Group, Inc.* | 260 | 18,512 | ||||||
Woodward, Inc. | 410 | 18,380 | ||||||
Saia, Inc.* | 445 | 18,321 | ||||||
Standex International Corp. | 308 | 18,286 | ||||||
ArcBest Corp. | 463 | 18,251 | ||||||
Kforce, Inc. | 786 | 18,172 | ||||||
Knight Transportation, Inc. | 760 | 18,035 | ||||||
Allegiant Travel Co. — Class A | 153 | 17,970 | ||||||
Deluxe Corp. | 327 | 17,969 | ||||||
GrafTech International Ltd.* | 1,601 | 17,947 | ||||||
Park-Ohio Holdings Corp. | 307 | 17,926 | ||||||
Lindsay Corp. | 203 | 17,890 | ||||||
Insperity, Inc. | 556 | 17,825 | ||||||
TriMas Corp.* | 495 | 17,751 | ||||||
Orbital Sciences Corp.* | 603 | 17,728 | ||||||
Aegion Corp. — Class A* | 688 | 17,537 | ||||||
Textainer Group Holdings Ltd. | 445 | 17,489 | ||||||
Ducommun, Inc.* | 720 | 17,474 | ||||||
FTI Consulting, Inc.* | 508 | 17,424 | ||||||
Furmanite Corp.* | 1,661 | 17,407 | ||||||
Federal Signal Corp. | 1,145 | 17,381 | ||||||
Esterline Technologies Corp.* | 159 | 17,334 | ||||||
Mistras Group, Inc.* | 762 | 17,305 | ||||||
Kaman Corp. | 412 | 17,292 | ||||||
Multi-Color Corp. | 496 | 17,286 | ||||||
Hawaiian Holdings, Inc.* | 1,196 | 17,282 | ||||||
Moog, Inc. — Class A* | 264 | 17,279 | ||||||
Mobile Mini, Inc. | 389 | 17,186 | ||||||
Lydall, Inc.* | 733 | 17,160 | ||||||
Encore Wire Corp. | 352 | 17,153 | ||||||
Knoll, Inc. | 939 | 17,080 | ||||||
RPX Corp.* | 1,038 | 17,002 | ||||||
Alamo Group, Inc. | 320 | 16,998 | ||||||
AZZ, Inc. | 391 | 16,977 | ||||||
Werner Enterprises, Inc. | 663 | 16,973 | ||||||
Tutor Perini Corp.* | 573 | 16,961 | ||||||
Quality Distribution, Inc.* | 1,349 | 16,957 | ||||||
Albany International Corp. — Class A | 471 | 16,947 | ||||||
Curtiss-Wright Corp. | 265 | 16,944 | ||||||
Dycom Industries, Inc.* | 539 | 16,925 | ||||||
YRC Worldwide, Inc.* | 754 | 16,912 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 483 | 16,900 | ||||||
Actuant Corp. — Class A | 499 | 16,896 | ||||||
Rush Enterprises, Inc. — Class A* | 525 | 16,853 | ||||||
TAL International Group, Inc. | 399 | 16,830 | ||||||
Casella Waste Systems, Inc. — Class A* | 3,295 | 16,805 | ||||||
Hurco Companies, Inc. | 630 | 16,796 | ||||||
Generac Holdings, Inc. | 285 | 16,781 | ||||||
Thermon Group Holdings, Inc.* | 704 | 16,769 | ||||||
Barnes Group, Inc. | 435 | 16,756 | ||||||
Wabash National Corp.* | 1,252 | 16,727 |
38 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Steelcase, Inc. — Class A | 1,014 | $ | 16,711 | |||||
H&E Equipment Services, Inc.* | 433 | 16,692 | ||||||
Team, Inc.* | 389 | 16,684 | ||||||
Matson, Inc. | 704 | 16,678 | ||||||
Hyster-Yale Materials Handling, Inc. | 173 | 16,675 | ||||||
Manitex International, Inc.* | 1,012 | 16,658 | ||||||
Tetra Tech, Inc. | 581 | 16,657 | ||||||
Tennant Co. | 261 | 16,649 | ||||||
Air Transport Services Group, Inc.* | 2,125 | 16,639 | ||||||
Schawk, Inc. — Class A | 831 | 16,620 | ||||||
Healthcare Services Group, Inc. | 570 | 16,587 | ||||||
Applied Industrial Technologies, Inc. | 346 | 16,580 | ||||||
Altra Industrial Motion Corp. | 485 | 16,568 | ||||||
ACCO Brands Corp.* | 2,702 | 16,563 | ||||||
ICF International, Inc.* | 425 | 16,562 | ||||||
Powell Industries, Inc. | 261 | 16,527 | ||||||
Korn/Ferry International* | 568 | 16,500 | ||||||
Heartland Express, Inc. | 758 | 16,494 | ||||||
ExOne Co.*,1 | 477 | 16,476 | ||||||
Columbus McKinnon Corp. | 621 | 16,450 | ||||||
AAR Corp. | 635 | 16,447 | ||||||
Roadrunner Transportation Systems, Inc.* | 667 | 16,428 | ||||||
Layne Christensen Co.* | 943 | 16,427 | ||||||
CRA International, Inc.* | 754 | 16,415 | ||||||
Miller Industries, Inc. | 847 | 16,406 | ||||||
Swift Transportation Co. — Class A* | 682 | 16,402 | ||||||
EnPro Industries, Inc.* | 230 | 16,378 | ||||||
Kratos Defense & Security Solutions, Inc.* | 2,268 | 16,375 | ||||||
EMCOR Group, Inc. | 356 | 16,372 | ||||||
Brady Corp. — Class A | 633 | 16,325 | ||||||
Forward Air Corp. | 369 | 16,321 | ||||||
Raven Industries, Inc. | 528 | 16,315 | ||||||
HNI Corp. | 463 | 16,311 | ||||||
EnerSys, Inc. | 241 | 16,287 | ||||||
Patriot Transportation Holding, Inc.* | 465 | 16,219 | ||||||
LMI Aerospace, Inc.* | 1,187 | 16,191 | ||||||
American Railcar Industries, Inc. | 233 | 16,180 | ||||||
Gorman-Rupp Co. | 521 | 16,177 | ||||||
General Cable Corp. | 631 | 16,166 | ||||||
Orion Marine Group, Inc.* | 1,378 | 16,164 | ||||||
Douglas Dynamics, Inc. | 958 | 16,161 | ||||||
Middleby Corp.* | 64 | 16,159 | ||||||
Teledyne Technologies, Inc.* | 174 | 16,158 | ||||||
Herman Miller, Inc. | 523 | 16,124 | ||||||
Heidrick & Struggles International, Inc. | 852 | 16,060 | ||||||
Briggs & Stratton Corp. | 750 | 16,028 | ||||||
On Assignment, Inc.* | 457 | 15,995 | ||||||
Engility Holdings, Inc.* | 366 | 15,972 | ||||||
Celadon Group, Inc. | 694 | 15,969 | ||||||
CECO Environmental Corp. | 1,002 | 15,922 | ||||||
Performant Financial Corp.* | 1,824 | 15,887 | ||||||
John Bean Technologies Corp. | 548 | 15,887 | ||||||
ABM Industries, Inc. | 586 | 15,875 | ||||||
Titan International, Inc. | 906 | 15,864 | ||||||
Houston Wire & Cable Co. | 1,273 | 15,862 | ||||||
GP Strategies Corp.* | 603 | 15,847 | ||||||
Exponent, Inc. | 225 | 15,845 | ||||||
Quad/Graphics, Inc. | 731 | 15,826 | ||||||
GenCorp, Inc.* | 899 | 15,786 | ||||||
Resources Connection, Inc. | 1,154 | 15,706 | ||||||
Kimball International, Inc. — Class B | 937 | 15,704 | ||||||
Sun Hydraulics Corp. | 384 | 15,698 | ||||||
Aircastle Ltd. | 892 | 15,672 | ||||||
MYR Group, Inc.* | 668 | 15,671 | ||||||
Cubic Corp. | 330 | 15,652 | ||||||
Spirit Airlines, Inc.* | 275 | 15,631 | ||||||
Great Lakes Dredge & Dock Corp.* | 1,811 | 15,629 | ||||||
International Shipholding Corp. | 579 | 15,598 | ||||||
Energy Recovery, Inc.* | 3,051 | 15,591 | ||||||
McGrath RentCorp | 493 | 15,569 | ||||||
MSA Safety, Inc. | 295 | 15,561 | ||||||
HEICO Corp. | 281 | 15,545 | ||||||
Hardinge, Inc. | 1,161 | 15,511 | ||||||
ESCO Technologies, Inc. | 464 | 15,507 | ||||||
Blount International, Inc.* | 1,388 | 15,504 | ||||||
CAI International, Inc.* | 712 | 15,486 | ||||||
Wesco Aircraft Holdings, Inc.* | 764 | 15,479 | ||||||
Kadant, Inc. | 445 | 15,464 | ||||||
Acacia Research Corp. | 963 | 15,447 | ||||||
JetBlue Airways Corp.* | 1,954 | 15,446 | ||||||
Granite Construction, Inc. | 413 | 15,438 | ||||||
Proto Labs, Inc.* | 255 | 15,438 | ||||||
InnerWorkings, Inc.* | 2,143 | 15,430 | ||||||
CBIZ, Inc.* | 1,800 | 15,426 | ||||||
Corporate Executive Board Co. | 223 | 15,391 | ||||||
Odyssey Marine Exploration, Inc.*,1 | 7,025 | 15,385 | ||||||
United Stationers, Inc. | 408 | 15,312 | ||||||
Franklin Electric Company, Inc. | 395 | 15,275 | ||||||
Astec Industries, Inc. | 382 | 15,261 | ||||||
Argan, Inc. | 570 | 15,259 | ||||||
TrueBlue, Inc.* | 570 | 15,248 | ||||||
Ennis, Inc. | 1,019 | 15,244 | ||||||
Navigant Consulting, Inc.* | 906 | 15,221 | ||||||
Primoris Services Corp. | 543 | 15,193 | ||||||
MasTec, Inc.* | 383 | 15,159 | ||||||
SkyWest, Inc. | 1,304 | 15,126 | ||||||
SP Plus Corp.* | 619 | 15,116 | ||||||
Watts Water Technologies, Inc. — Class A | 284 | 15,109 | ||||||
Scorpio Bulkers, Inc.* | 1,681 | 15,045 | ||||||
TRC Companies, Inc.* | 2,536 | 15,038 | ||||||
Brink’s Co. | 591 | 15,035 | ||||||
Heritage-Crystal Clean, Inc.* | 937 | 14,992 | ||||||
Global Power Equipment Group, Inc. | 854 | 14,971 | ||||||
PMFG, Inc.* | 2,637 | 14,952 | ||||||
Advisory Board Co.* | 261 | 14,945 | ||||||
Republic Airways Holdings, Inc.* | 1,797 | 14,933 | ||||||
Ultrapetrol Bahamas Ltd.* | 5,257 | 14,877 | ||||||
UniFirst Corp. | 154 | 14,821 | ||||||
Chart Industries, Inc.* | 217 | 14,804 | ||||||
CDI Corp. | 966 | 14,799 | ||||||
Meritor, Inc.* | 1,235 | 14,659 | ||||||
Tecumseh Products Co. — Class A* | 2,431 | 14,610 | ||||||
Astronics Corp.* | 255 | 14,566 | ||||||
UTI Worldwide, Inc. | 1,487 | 14,558 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 39 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Kelly Services, Inc. — Class A | 691 | $ | 14,552 | |||||
Xerium Technologies, Inc.* | 1,077 | 14,540 | ||||||
G&K Services, Inc. — Class A | 274 | 14,506 | ||||||
Graham Corp. | 486 | 14,502 | ||||||
Franklin Covey Co.* | 713 | 14,453 | ||||||
Norcraft Companies, Inc.* | 902 | 14,324 | ||||||
American Science & Engineering, Inc. | 213 | 14,314 | ||||||
Universal Truckload Services, Inc. | 580 | 14,303 | ||||||
Taser International, Inc.* | 876 | 14,147 | ||||||
Barrett Business Services, Inc. | 280 | 14,115 | ||||||
Cenveo, Inc.* | 4,555 | 14,075 | ||||||
DigitalGlobe, Inc.* | 469 | 13,967 | ||||||
Sterling Construction Company, Inc.* | 1,794 | 13,778 | ||||||
Aerovironment, Inc.* | 405 | 13,677 | ||||||
Vicor Corp.* | 1,634 | 13,660 | ||||||
Viad Corp. | 589 | 13,576 | ||||||
Erickson, Inc.* | 856 | 13,533 | ||||||
Preformed Line Products Co. | 224 | 13,386 | ||||||
Swisher Hygiene, Inc.* | 33,010 | 13,250 | ||||||
National Presto Industries, Inc. | 181 | 13,079 | ||||||
API Technologies Corp.* | 5,732 | 13,069 | ||||||
American Woodmark Corp.* | 431 | 12,934 | ||||||
Courier Corp. | 884 | 12,845 | ||||||
American Superconductor Corp.* | 9,945 | 12,730 | ||||||
Revolution Lighting Technologies, Inc.*,1 | 4,369 | 12,714 | ||||||
WageWorks, Inc.* | 300 | 12,711 | ||||||
ARC Document Solutions, Inc.* | 1,974 | 12,634 | ||||||
Sparton Corp.* | 461 | 12,521 | ||||||
Innovative Solutions & Support, Inc.* | 1,841 | 12,390 | ||||||
Acorn Energy, Inc. | 4,482 | 10,398 | ||||||
KEYW Holding Corp.* | 762 | 9,792 | ||||||
Intersections, Inc. | 1,364 | 7,666 | ||||||
Total Industrials | 4,968,209 | |||||||
INFORMATION TECHNOLOGY - 12.9% | ||||||||
j2 Global, Inc. | 1,303 | 60,407 | ||||||
SunPower Corp. — Class A* | 1,177 | 39,335 | ||||||
Gogo, Inc.*,1 | 2,902 | 39,235 | ||||||
GT Advanced Technologies, Inc.* | 2,278 | 37,838 | ||||||
Belden, Inc. | 486 | 35,872 | ||||||
Cabot Microelectronics Corp.* | 753 | 32,658 | ||||||
Zygo Corp.* | 1,117 | 21,491 | ||||||
VASCO Data Security International, Inc.* | 1,778 | 20,287 | ||||||
Vocus, Inc.* | 1,106 | 19,886 | ||||||
Maxwell Technologies, Inc.* | 1,282 | 19,307 | ||||||
Alliance Fiber Optic Products, Inc. | 979 | 18,816 | ||||||
Itron, Inc.* | 477 | 18,126 | ||||||
Unwired Planet, Inc.* | 7,897 | 18,005 | ||||||
Dice Holdings, Inc.* | 2,342 | 17,916 | ||||||
iGATE Corp.* | 479 | 17,531 | ||||||
VirnetX Holding Corp.*,1 | 1,097 | 17,278 | ||||||
Amkor Technology, Inc.* | 2,148 | 17,077 | ||||||
Convergys Corp. | 770 | 16,586 | ||||||
Sykes Enterprises, Inc.* | 838 | 16,584 | ||||||
TeleTech Holdings, Inc.* | 687 | 16,577 | ||||||
Hackett Group, Inc. | 2,761 | 16,566 | ||||||
Vringo, Inc.* | 4,017 | 16,430 | ||||||
Forrester Research, Inc. | 463 | 16,404 | ||||||
Super Micro Computer, Inc.* | 801 | 16,308 | ||||||
Rambus, Inc.* | 1,347 | 16,285 | ||||||
MAXIMUS, Inc. | 382 | 16,262 | ||||||
Sanmina Corp.* | 801 | 16,220 | ||||||
Littelfuse, Inc. | 178 | 16,118 | ||||||
Vishay Precision Group, Inc.* | 988 | 16,035 | ||||||
Measurement Specialties, Inc.* | 249 | 16,023 | ||||||
Monster Worldwide, Inc.* | 2,302 | 15,861 | ||||||
OmniVision Technologies, Inc.* | 812 | 15,858 | ||||||
Mesa Laboratories, Inc. | 185 | 15,855 | ||||||
Immersion Corp.* | 1,397 | 15,842 | ||||||
TeleCommunication Systems, | ||||||||
Inc. — Class A* | 6,195 | 15,797 | ||||||
Lattice Semiconductor Corp.* | 1,871 | 15,754 | ||||||
PRGX Global, Inc.* | 2,446 | 15,728 | ||||||
SYNNEX Corp.* | 233 | 15,700 | ||||||
MTS Systems Corp. | 243 | 15,666 | ||||||
Cirrus Logic, Inc.* | 700 | 15,610 | ||||||
ExlService Holdings, Inc.* | 550 | 15,562 | ||||||
RF Micro Devices, Inc.* | 1,841 | 15,538 | ||||||
Badger Meter, Inc. | 310 | 15,361 | ||||||
Mercury Systems, Inc.* | 1,099 | 15,342 | ||||||
Rosetta Stone, Inc.* | 1,288 | 15,340 | ||||||
Fabrinet* | 710 | 15,336 | ||||||
OSI Systems, Inc.* | 274 | 15,292 | ||||||
LTX-Credence Corp.* | 1,586 | 15,273 | ||||||
TriQuint Semiconductor, Inc.* | 1,075 | 15,244 | ||||||
Electro Rent Corp. | 933 | 15,068 | ||||||
Stamps.com, Inc.* | 430 | 14,925 | ||||||
XO Group, Inc.* | 1,401 | 14,879 | ||||||
PDF Solutions, Inc.* | 792 | 14,866 | ||||||
Constant Contact, Inc.* | 574 | 14,844 | ||||||
Plexus Corp.* | 354 | 14,840 | ||||||
Insight Enterprises, Inc.* | 568 | 14,836 | ||||||
SunEdison, Inc.* | 768 | 14,769 | ||||||
Calix, Inc.* | 1,675 | 14,757 | ||||||
Synaptics, Inc.* | 237 | 14,730 | ||||||
MicroStrategy, Inc. — Class A* | 121 | 14,693 | ||||||
NetScout Systems, Inc.* | 377 | 14,688 | ||||||
Diodes, Inc.* | 556 | 14,662 | ||||||
InterDigital, Inc. | 421 | 14,617 | ||||||
United Online, Inc. | 1,233 | 14,611 | ||||||
Harmonic, Inc.* | 2,077 | 14,601 | ||||||
Spansion, Inc. — Class A* | 817 | 14,567 | ||||||
Trulia, Inc.* | 427 | 14,518 | ||||||
Telenav, Inc.* | 2,358 | 14,455 | ||||||
KVH Industries, Inc.* | 1,066 | 14,402 | ||||||
Extreme Networks, Inc.* | 2,516 | 14,392 | ||||||
Bankrate, Inc.* | 820 | 14,366 | ||||||
LogMeIn, Inc.* | 316 | 14,362 | ||||||
Electronics for Imaging, Inc.* | 380 | 14,360 | ||||||
Digimarc Corp. | 434 | 14,331 | ||||||
Aspen Technology, Inc.* | 333 | 14,316 | ||||||
Advanced Energy Industries, Inc.* | 654 | 14,310 | ||||||
Integrated Silicon Solution, Inc.* | 985 | 14,243 | ||||||
Applied Micro Circuits Corp.* | 1,466 | 14,235 | ||||||
CSG Systems International, Inc. | 540 | 14,234 |
40 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Bel Fuse, Inc. — Class B | 653 | $ | 14,209 | |||||
Aruba Networks, Inc.* | 718 | 14,195 | ||||||
Photronics, Inc.* | 1,634 | 14,183 | ||||||
Benchmark Electronics, Inc.* | 609 | 14,117 | ||||||
Finisar Corp.* | 539 | 14,095 | ||||||
Ixia* | 1,133 | 14,072 | ||||||
Comtech Telecommunications Corp. | 443 | 14,065 | ||||||
RealD, Inc.* | 1,282 | 14,051 | ||||||
PTC, Inc.* | 397 | 14,042 | ||||||
CIBER, Inc.* | 3,249 | 14,036 | ||||||
Blucora, Inc.* | 729 | 14,033 | ||||||
Pericom Semiconductor Corp.* | 1,738 | 14,026 | ||||||
Control4 Corp.*,1 | 794 | 14,022 | ||||||
WebMD Health Corp. — Class A* | 318 | 14,021 | ||||||
Infoblox, Inc.* | 713 | 13,989 | ||||||
Cognex Corp.* | 406 | 13,979 | ||||||
Perficient, Inc.* | 764 | 13,958 | ||||||
Alpha & Omega Semiconductor Ltd.* | 1,933 | 13,918 | ||||||
Cavium, Inc.* | 328 | 13,897 | ||||||
Checkpoint Systems, Inc.* | 1,087 | 13,881 | ||||||
Monolithic Power Systems, Inc.* | 374 | 13,875 | ||||||
ScanSource, Inc.* | 361 | 13,866 | ||||||
Emulex Corp.* | 1,939 | 13,864 | ||||||
BroadSoft, Inc.* | 546 | 13,857 | ||||||
Covisint Corp.* | 1,960 | 13,838 | ||||||
TTM Technologies, Inc.* | 1,753 | 13,831 | ||||||
Viasystems Group, Inc.* | 1,150 | 13,823 | ||||||
Infinera Corp.* | 1,542 | 13,816 | ||||||
ManTech International Corp. — Class A | 463 | 13,811 | ||||||
Endurance International Group | ||||||||
Holdings, Inc.* | 1,089 | 13,776 | ||||||
Plantronics, Inc. | 316 | 13,768 | ||||||
Oplink Communications, Inc.* | 802 | 13,746 | ||||||
Limelight Networks, Inc.* | 6,637 | 13,739 | ||||||
Progress Software Corp.* | 640 | 13,734 | ||||||
RealNetworks, Inc.* | 1,820 | 13,723 | ||||||
Rogers Corp.* | 228 | 13,685 | ||||||
CoStar Group, Inc.* | 85 | 13,676 | ||||||
Silicon Graphics International Corp.* | 1,132 | 13,675 | ||||||
RealPage, Inc.* | 770 | 13,668 | ||||||
Virtusa Corp.* | 414 | 13,650 | ||||||
Anixter International, Inc. | 139 | 13,619 | ||||||
Take-Two Interactive Software, Inc.* | 668 | 13,614 | ||||||
support.com, Inc.* | 5,509 | 13,607 | ||||||
GSI Group, Inc.* | 1,120 | 13,597 | ||||||
NIC, Inc. | 741 | 13,590 | ||||||
EarthLink Holdings Corp. | 3,982 | 13,579 | ||||||
PC Connection, Inc. | 678 | 13,567 | ||||||
Blackbaud, Inc. | 445 | 13,550 | ||||||
Intersil Corp. — Class A | 1,098 | 13,549 | ||||||
Hutchinson Technology, Inc.* | 4,873 | 13,547 | ||||||
American Software, Inc. — Class A | 1,405 | 13,544 | ||||||
SS&C Technologies Holdings, Inc.* | 348 | 13,544 | ||||||
Integrated Device Technology, Inc.* | 1,159 | 13,526 | ||||||
Sonus Networks, Inc.* | 4,136 | 13,525 | ||||||
Cohu, Inc. | 1,312 | 13,514 | ||||||
ModusLink Global Solutions, Inc.* | 3,342 | 13,502 | ||||||
International Rectifier Corp.* | 518 | 13,489 | ||||||
Multi-Fineline Electronix, Inc.* | 1,089 | 13,482 | ||||||
Ultratech, Inc.* | 506 | 13,470 | ||||||
Internap Network Services Corp.* | 2,003 | 13,460 | ||||||
QuinStreet, Inc.* | 2,205 | 13,451 | ||||||
Verint Systems, Inc.* | 307 | 13,437 | ||||||
ACI Worldwide, Inc.* | 235 | 13,430 | ||||||
Epiq Systems, Inc. | 1,050 | 13,430 | ||||||
Actuate Corp.* | 2,383 | 13,416 | ||||||
Shutterstock, Inc.* | 185 | 13,414 | ||||||
comScore, Inc.* | 428 | 13,409 | ||||||
Tessera Technologies, Inc. | 611 | 13,399 | ||||||
Computer Task Group, Inc. | 845 | 13,359 | ||||||
IXYS Corp. | 1,236 | 13,336 | ||||||
NETGEAR, Inc.* | 412 | 13,308 | ||||||
II-VI, Inc.* | 924 | 13,306 | ||||||
Intermolecular, Inc.* | 4,890 | 13,301 | ||||||
Speed Commerce, Inc.* | 4,028 | 13,292 | ||||||
MKS Instruments, Inc. | 472 | 13,287 | ||||||
InvenSense, Inc. — Class A* | 616 | 13,262 | ||||||
Pegasystems, Inc. | 800 | 13,256 | ||||||
Datalink Corp.* | 1,030 | 13,225 | ||||||
GSI Technology, Inc.* | 2,080 | 13,208 | ||||||
Marin Software, Inc.* | 1,408 | 13,207 | ||||||
Mentor Graphics Corp. | 638 | 13,207 | ||||||
AVG Technologies N.V.* | 705 | 13,205 | ||||||
Sapiens International Corporation N.V.* | 1,677 | 13,198 | ||||||
Sapient Corp.* | 809 | 13,162 | ||||||
Tessco Technologies, Inc. | 400 | 13,156 | ||||||
Parkervision, Inc.*,1 | 2,881 | 13,137 | ||||||
Ebix, Inc. | 832 | 13,129 | ||||||
Semtech Corp.* | 547 | 13,117 | ||||||
Brooks Automation, Inc. | 1,282 | 13,115 | ||||||
Web.com Group, Inc.* | 427 | 13,113 | ||||||
DSP Group, Inc.* | 1,646 | 13,102 | ||||||
PC-Telephone, Inc. | 1,586 | 13,085 | ||||||
NVE Corp.* | 249 | 13,075 | ||||||
EPAM Systems, Inc.* | 420 | 13,075 | ||||||
Ceva, Inc.* | 805 | 13,065 | ||||||
Tyler Technologies, Inc.* | 160 | 13,064 | ||||||
FleetMatics Group plc* | 435 | 13,063 | ||||||
Entegris, Inc.* | 1,177 | 13,053 | ||||||
Cypress Semiconductor Corp. | 1,376 | 13,031 | ||||||
PLX Technology, Inc.* | 2,246 | 13,027 | ||||||
Inphi Corp.* | 880 | 13,015 | ||||||
Model N, Inc.* | 1,444 | 13,010 | ||||||
Rofin-Sinar Technologies, Inc.* | 586 | 13,009 | ||||||
Microsemi Corp.* | 552 | 12,983 | ||||||
Quantum Corp.* | 12,015 | 12,976 | ||||||
QAD, Inc. — Class A | 681 | 12,973 | ||||||
Park Electrochemical Corp. | 486 | 12,957 | ||||||
Hittite Microwave Corp. | 218 | 12,940 | ||||||
Reis, Inc.* | 786 | 12,938 | ||||||
Envestnet, Inc.* | 351 | 12,934 | ||||||
QLogic Corp.* | 1,116 | 12,923 | ||||||
Applied Optoelectronics, Inc.* | 574 | 12,915 | ||||||
Rally Software Development Corp.* | 987 | 12,910 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 41 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Ambarella, Inc.* | 519 | $ | 12,897 | |||||
DTS, Inc.* | 693 | 12,897 | ||||||
ServiceSource International, Inc.* | 2,066 | 12,892 | ||||||
CACI International, Inc. — Class A* | 185 | 12,885 | ||||||
Numerex Corp. — Class A* | 1,256 | 12,874 | ||||||
Jive Software, Inc.* | 1,721 | 12,873 | ||||||
ARRIS Group, Inc.* | 493 | 12,862 | ||||||
Agilysys, Inc.* | 1,025 | 12,854 | ||||||
Newport Corp.* | 688 | 12,852 | ||||||
Millennial Media, Inc.* | 2,011 | 12,850 | ||||||
FARO Technologies, Inc.* | 322 | 12,848 | ||||||
Carbonite, Inc.* | 1,298 | 12,837 | ||||||
Veeco Instruments, Inc.* | 347 | 12,829 | ||||||
TechTarget, Inc.* | 1,997 | 12,821 | ||||||
Seachange International, Inc.* | 1,368 | 12,818 | ||||||
Angie’s List, Inc.* | 1,133 | 12,814 | ||||||
Methode Electronics, Inc. | 461 | 12,788 | ||||||
Micrel, Inc. | 1,282 | 12,769 | ||||||
Richardson Electronics Ltd. | 1,274 | 12,765 | ||||||
Westell Technologies, Inc. — Class A* | 3,915 | 12,763 | ||||||
Intralinks Holdings, Inc.* | 1,394 | 12,755 | ||||||
Neonode, Inc.* | 2,383 | 12,749 | ||||||
Peregrine Semiconductor Corp.* | 2,374 | 12,748 | ||||||
Wix.com Ltd.* | 622 | 12,745 | ||||||
PMC-Sierra, Inc.* | 1,863 | 12,743 | ||||||
Aviat Networks, Inc.* | 8,396 | 12,678 | ||||||
Synchronoss Technologies, Inc.* | 416 | 12,663 | ||||||
ePlus, Inc.* | 253 | 12,660 | ||||||
Coherent, Inc.* | 212 | 12,659 | ||||||
Dealertrack Technologies, Inc.* | 277 | 12,656 | ||||||
Audience, Inc.* | 1,100 | 12,650 | ||||||
ShoreTel, Inc.* | 1,673 | 12,631 | ||||||
ADTRAN, Inc. | 563 | 12,628 | ||||||
TiVo, Inc.* | 1,064 | 12,619 | ||||||
Syntel, Inc.* | 157 | 12,610 | ||||||
Lionbridge Technologies, Inc.* | 2,144 | 12,607 | ||||||
Ruckus Wireless, Inc.* | 1,206 | 12,603 | ||||||
Nanometrics, Inc.* | 775 | 12,602 | ||||||
Radisys Corp.* | 3,937 | 12,598 | ||||||
ViaSat, Inc.* | 196 | 12,585 | ||||||
FormFactor, Inc.* | 2,188 | 12,581 | ||||||
Entropic Communications, Inc.* | 3,408 | 12,576 | ||||||
Daktronics, Inc. | 965 | 12,564 | ||||||
Move, Inc.* | 1,173 | 12,539 | ||||||
Bottomline Technologies de, Inc.* | 396 | 12,529 | ||||||
PROS Holdings, Inc.* | 456 | 12,494 | ||||||
Manhattan Associates, Inc.* | 396 | 12,486 | ||||||
Silver Spring Networks, Inc.* | 832 | 12,463 | ||||||
Ellie Mae, Inc.* | 510 | 12,439 | ||||||
Exar Corp.* | 1,149 | 12,432 | ||||||
Demand Media, Inc.* | 2,985 | 12,418 | ||||||
SciQuest, Inc.* | 517 | 12,398 | ||||||
Black Box Corp. | 583 | 12,395 | ||||||
Conversant, Inc.* | 507 | 12,391 | ||||||
Spark Networks, Inc.* | 2,733 | 12,380 | ||||||
Aeroflex Holding Corp.* | 1,611 | 12,324 | ||||||
Monotype Imaging Holdings, Inc. | 466 | 12,307 | ||||||
Digital River, Inc.* | 804 | 12,293 | ||||||
Procera Networks, Inc.* | 1,327 | 12,288 | ||||||
Bazaarvoice, Inc.* | 1,827 | 12,277 | ||||||
Rubicon Technology, Inc.* | 1,211 | 12,267 | ||||||
Ultimate Software Group, Inc.* | 102 | 12,202 | ||||||
Digi International, Inc.* | 1,377 | 12,200 | ||||||
Ubiquiti Networks, Inc.* | 315 | 12,200 | ||||||
Ciena Corp.* | 615 | 12,159 | ||||||
OpenTable, Inc.* | 181 | 12,156 | ||||||
SPS Commerce, Inc.* | 234 | 12,121 | ||||||
Mitek Systems, Inc.*,1 | 3,717 | 12,117 | ||||||
CTS Corp. | 680 | 12,097 | ||||||
eGain Corp.* | 1,849 | 12,092 | ||||||
Brightcove, Inc.* | 1,401 | 12,077 | ||||||
Interactive Intelligence Group, Inc.* | 193 | 12,076 | ||||||
KEMET Corp.* | 2,407 | 12,059 | ||||||
Glu Mobile, Inc.* | 2,985 | 11,940 | ||||||
Mavenir Systems, Inc.* | 798 | 11,906 | ||||||
Electro Scientific Industries, Inc. | 1,398 | 11,855 | ||||||
M/A-COM Technology Solutions | ||||||||
Holdings, Inc.* | 677 | 11,854 | ||||||
MaxLinear, Inc. — Class A* | 1,495 | 11,766 | ||||||
Guidance Software, Inc.* | 1,273 | 11,724 | ||||||
MoSys, Inc.* | 2,994 | 11,707 | ||||||
Qlik Technologies, Inc.* | 532 | 11,693 | ||||||
Tangoe, Inc.* | 777 | 11,686 | ||||||
Violin Memory, Inc.*,1 | 3,241 | 11,668 | ||||||
Kopin Corp.* | 3,565 | 11,622 | ||||||
Rudolph Technologies, Inc.* | 1,273 | 11,597 | ||||||
Acxiom Corp.* | 410 | 11,578 | ||||||
Marchex, Inc. — Class B | 1,251 | 11,572 | ||||||
Silicon Image, Inc.* | 2,062 | 11,568 | ||||||
LivePerson, Inc.* | 1,168 | 11,563 | ||||||
Vistaprint N.V.* | 292 | 11,525 | ||||||
Callidus Software, Inc.* | 1,204 | 11,492 | ||||||
Unisys Corp.* | 470 | 11,454 | ||||||
Marketo, Inc.* | 421 | 11,426 | ||||||
Axcelis Technologies, Inc.* | 6,335 | 11,340 | ||||||
Universal Display Corp.* | 433 | 11,280 | ||||||
Travelzoo, Inc.* | 628 | 11,266 | ||||||
Liquidity Services, Inc.* | 651 | 11,230 | ||||||
Luxoft Holding, Inc.* | 416 | 11,228 | ||||||
Fusion-io, Inc.* | 1,293 | 11,159 | ||||||
Barracuda Networks, Inc.*,1 | 432 | 11,159 | ||||||
Cornerstone OnDemand, Inc.* | 303 | 11,138 | ||||||
FEI Co. | 140 | 11,133 | ||||||
Cray, Inc.* | 386 | 11,082 | ||||||
Demandware, Inc.* | 223 | 11,067 | ||||||
Sigma Designs, Inc.* | 2,910 | 10,971 | ||||||
Qualys, Inc.* | 567 | 10,937 | ||||||
E2open, Inc.* | 633 | 10,932 | ||||||
Zix Corp.* | 3,326 | 10,909 | ||||||
Guidewire Software, Inc.* | 288 | 10,875 | ||||||
Care.com, Inc.* | 857 | 10,498 | ||||||
Yelp, Inc. — Class A* | 180 | 10,498 | ||||||
Cvent, Inc.* | 380 | 10,461 | ||||||
Chegg, Inc.* | 1,960 | 10,329 |
42 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
CommVault Systems, Inc.* | 213 | $ | 10,309 | |||||
NeoPhotonics Corp.* | 1,785 | 10,299 | ||||||
Imation Corp.* | 2,362 | 10,204 | ||||||
Comverse, Inc.* | 408 | 10,176 | ||||||
Power Integrations, Inc. | 215 | 10,154 | ||||||
Zillow, Inc. — Class A* | 91 | 9,892 | ||||||
Global Eagle Entertainment, Inc.* | 896 | 9,883 | ||||||
ChannelAdvisor Corp.* | 376 | 9,866 | ||||||
Proofpoint, Inc.* | 387 | 9,845 | ||||||
ANADIGICS, Inc.* | 7,875 | 9,844 | ||||||
CalAmp Corp.* | 536 | 9,514 | ||||||
Rocket Fuel, Inc.* | 296 | 9,493 | ||||||
Textura Corp.* | 526 | 9,368 | ||||||
Xoom Corp.* | 415 | 9,259 | ||||||
Benefitfocus, Inc.* | 285 | 9,234 | ||||||
Varonis Systems, Inc.* | 363 | 9,173 | ||||||
Uni-Pixel, Inc.*,1 | 1,667 | 9,118 | ||||||
Ultra Clean Holdings, Inc.* | 1,062 | 9,048 | ||||||
Euronet Worldwide, Inc.* | 193 | 8,876 | ||||||
Fair Isaac Corp. | 147 | 8,408 | ||||||
WEX, Inc.* | 87 | 8,349 | ||||||
Cass Information Systems, Inc. | 160 | 8,082 | ||||||
Global Cash Access Holdings, Inc.* | 1,197 | 7,900 | ||||||
Heartland Payment Systems, Inc. | 192 | 7,860 | ||||||
Advent Software, Inc. | 272 | 7,839 | ||||||
EVERTEC, Inc. | 323 | 7,603 | ||||||
Planet Payment, Inc.* | 2,860 | 7,522 | ||||||
Blackhawk Network Holdings, Inc.* | 305 | 7,317 | ||||||
Higher One Holdings, Inc.* | 1,179 | 7,062 | ||||||
Gigamon, Inc.* | 442 | 6,970 | ||||||
Cardtronics, Inc.* | 208 | 6,964 | ||||||
MoneyGram International, Inc.* | 443 | 5,848 | ||||||
Imperva, Inc.* | 243 | 5,560 | ||||||
Total Information Technology | 4,577,280 | |||||||
ENERGY - 11.6% | ||||||||
Goodrich Petroleum Corp.*,1 | 2,617 | 65,818 | ||||||
FX Energy, Inc.* | 11,234 | 63,472 | ||||||
Clayton Williams Energy, Inc.* | 390 | 56,347 | ||||||
Halcon Resources Corp.*,1 | 9,919 | 54,753 | ||||||
Abraxas Petroleum Corp.* | 9,430 | 51,488 | ||||||
Quicksilver Resources, Inc.*,1 | 15,348 | 50,034 | ||||||
Comstock Resources, Inc. | 1,761 | 48,956 | ||||||
Gastar Exploration, Inc.* | 7,104 | 47,100 | ||||||
Rex Energy Corp.* | 2,195 | 46,227 | ||||||
Swift Energy Co.*,1 | 3,745 | 46,176 | ||||||
EXCO Resources, Inc. | 7,256 | 46,076 | ||||||
Stone Energy Corp.* | 923 | 45,273 | ||||||
VAALCO Energy, Inc.* | 4,875 | 44,948 | ||||||
REX American Resources Corp.* | 685 | 44,772 | ||||||
Pioneer Energy Services Corp.* | 2,989 | 44,745 | ||||||
Matador Resources Co.* | 1,547 | 44,430 | ||||||
Triangle Petroleum Corp.* | 4,605 | 44,300 | ||||||
Synergy Resources Corp.* | 3,786 | 44,069 | ||||||
Midstates Petroleum Company, Inc.*,1 | 7,430 | 43,837 | ||||||
Adams Resources & Energy, Inc. | 606 | 43,668 | ||||||
W&T Offshore, Inc. | 2,258 | 43,354 | ||||||
Athlon Energy, Inc.* | 1,066 | 43,077 | ||||||
Key Energy Services, Inc.* | 4,267 | 42,841 | ||||||
Newpark Resources, Inc.* | 3,545 | 42,682 | ||||||
Callon Petroleum Co.* | 4,588 | 42,118 | ||||||
Tesco Corp. | 2,101 | 42,020 | ||||||
Delek US Holdings, Inc. | 1,306 | 41,779 | ||||||
Western Refining, Inc. | 958 | 41,673 | ||||||
PetroQuest Energy, Inc.* | 6,920 | 41,658 | ||||||
Jones Energy, Inc. — Class A* | 2,685 | 41,537 | ||||||
Targa Resources Corp. | 384 | 41,468 | ||||||
Kodiak Oil & Gas Corp.* | 3,255 | 41,371 | ||||||
Diamondback Energy, Inc.* | 575 | 41,366 | ||||||
Alon USA Energy, Inc. | 2,534 | 41,279 | ||||||
Northern Oil and Gas, Inc.* | 2,672 | 41,229 | ||||||
Warren Resources, Inc.* | 8,073 | 40,930 | ||||||
CARBO Ceramics, Inc. | 291 | 40,714 | ||||||
Helix Energy Solutions Group, Inc.* | 1,691 | 40,652 | ||||||
ION Geophysical Corp.* | 9,232 | 40,621 | ||||||
Endeavour International Corp.*,1 | 11,803 | 40,602 | ||||||
PDC Energy, Inc.* | 637 | 40,558 | ||||||
Magnum Hunter Resources Corp.* | 4,721 | 40,129 | ||||||
Natural Gas Services Group, Inc.* | 1,307 | 40,112 | ||||||
Carrizo Oil & Gas, Inc.* | 728 | 40,055 | ||||||
Emerald Oil, Inc.* | 5,634 | 39,832 | ||||||
Resolute Energy Corp.* | 5,260 | 39,450 | ||||||
Renewable Energy Group, Inc.* | 3,345 | 39,371 | ||||||
C&J Energy Services, Inc.* | 1,302 | 39,138 | ||||||
Rentech, Inc.* | 18,343 | 38,887 | ||||||
Green Plains Renewable Energy, Inc. | 1,300 | 38,870 | ||||||
Bonanza Creek Energy, Inc.* | 799 | 38,847 | ||||||
TETRA Technologies, Inc.* | 3,104 | 38,800 | ||||||
Panhandle Oil and Gas, Inc. — Class A | 882 | 38,676 | ||||||
Hornbeck Offshore Services, Inc.* | 933 | 38,654 | ||||||
Westmoreland Coal Co.* | 1,294 | 38,315 | ||||||
Basic Energy Services, Inc.* | 1,448 | 38,256 | ||||||
Clean Energy Fuels Corp.*,1 | 4,322 | 38,250 | ||||||
Alpha Natural Resources, Inc.* | 8,880 | 38,184 | ||||||
Penn Virginia Corp.* | 2,283 | 37,989 | ||||||
Energy XXI Bermuda Ltd. | 1,587 | 37,977 | ||||||
Approach Resources, Inc.* | 1,829 | 37,952 | ||||||
Contango Oil & Gas Co.* | 790 | 37,952 | ||||||
EPL Oil & Gas, Inc.* | 968 | 37,888 | ||||||
Arch Coal, Inc.1 | 8,251 | 37,790 | ||||||
Dawson Geophysical Co. | 1,336 | 37,755 | ||||||
Vantage Drilling Co.* | 22,604 | 37,749 | ||||||
Forest Oil Corp.* | 20,270 | 37,702 | ||||||
Forum Energy Technologies, Inc.* | 1,259 | 37,594 | ||||||
Rosetta Resources, Inc.* | 794 | 37,588 | ||||||
Exterran Holdings, Inc. | 871 | 37,470 | ||||||
Mitcham Industries, Inc.* | 2,711 | 37,412 | ||||||
Equal Energy Ltd. | 8,251 | 37,377 | ||||||
SemGroup Corp. — Class A | 585 | 37,370 | ||||||
Sanchez Energy Corp.* | 1,313 | 37,132 | ||||||
North Atlantic Drilling Ltd. | 4,322 | 37,083 | ||||||
Hercules Offshore, Inc.* | 8,197 | 36,641 | ||||||
Era Group, Inc.* | 1,282 | 36,601 | ||||||
RSP Permian, Inc.* | 1,291 | 36,600 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 43 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Willbros Group, Inc.* | 3,283 | $ | 36,474 | |||||
SEACOR Holdings, Inc.* | 435 | 36,275 | ||||||
Parker Drilling Co.* | 5,413 | 35,888 | ||||||
Bill Barrett Corp.* | 1,512 | 35,804 | ||||||
Isramco, Inc.* | 274 | 35,620 | ||||||
Cloud Peak Energy, Inc.* | 1,807 | 35,580 | ||||||
Evolution Petroleum Corp. | 2,984 | 35,211 | ||||||
Apco Oil and Gas International, Inc.* | 2,515 | 35,160 | ||||||
Nuverra Environmental Solutions, Inc.* | 2,047 | 34,819 | ||||||
Solazyme, Inc.*,1 | 3,231 | 34,766 | ||||||
Matrix Service Co.* | 1,118 | 34,624 | ||||||
Gulf Island Fabrication, Inc. | 1,712 | 34,343 | ||||||
BPZ Resources, Inc.* | 12,432 | 33,566 | ||||||
RigNet, Inc.* | 712 | 33,293 | ||||||
Geospace Technologies Corp.* | 572 | 33,250 | ||||||
Cal Dive International, Inc.*,1 | 21,939 | 32,470 | ||||||
Bolt Technology Corp. | 1,905 | 32,156 | ||||||
Miller Energy Resources, Inc.*,1 | 6,636 | 31,986 | ||||||
TGC Industries, Inc.* | 5,791 | 29,302 | ||||||
Ur-Energy, Inc.* | 22,011 | 26,413 | ||||||
Uranium Energy Corp.*,1 | 23,925 | 25,600 | ||||||
GasLog Ltd. | 696 | 18,639 | ||||||
PHI, Inc.* | 379 | 16,979 | ||||||
Ship Finance International Ltd. | 951 | 16,766 | ||||||
Gulfmark Offshore, Inc. — Class A | 371 | 16,699 | ||||||
Bristow Group, Inc. | 217 | 16,666 | ||||||
Teekay Tankers Ltd. — Class A | 4,447 | 15,520 | ||||||
Frontline Ltd.* | 4,560 | 15,504 | ||||||
Scorpio Tankers, Inc. | 1,693 | 15,254 | ||||||
Knightsbridge Tankers Ltd. | 1,266 | 15,129 | ||||||
CHC Group Ltd.* | 2,213 | 14,938 | ||||||
Nordic American Tankers Ltd. | 1,668 | 14,395 | ||||||
Total Energy | 4,142,555 | |||||||
CONSUMER DISCRETIONARY - 11.0% | ||||||||
Core-Mark Holding Company, Inc. | 1,141 | 91,895 | ||||||
PetMed Express, Inc. | 6,131 | 80,254 | ||||||
Shiloh Industries, Inc.* | 1,893 | 37,368 | ||||||
Installed Building Products, Inc.* | 2,567 | 35,707 | ||||||
Unifi , Inc.* | 1,470 | 32,546 | ||||||
Culp, Inc. | 1,688 | 30,468 | ||||||
Ruby Tuesday, Inc.* | 2,615 | 20,162 | ||||||
Modine Manufacturing Co.* | 1,158 | 19,084 | ||||||
Global Sources Ltd.* | 2,026 | 18,011 | ||||||
Conn’s, Inc.* | 404 | 17,869 | ||||||
Spartan Motors, Inc. | 3,275 | 17,390 | ||||||
JAKKS Pacific, Inc. | 1,977 | 17,319 | ||||||
Gray Television, Inc.* | 1,500 | 16,875 | ||||||
Remy International, Inc. | 630 | 16,708 | ||||||
Skechers U.S.A., Inc. — Class A* | 406 | 16,642 | ||||||
Systemax, Inc.* | 959 | 16,581 | ||||||
NACCO Industries, Inc. — Class A | 309 | 16,559 | ||||||
Vince Holding Corp.* | 596 | 16,396 | ||||||
Lithia Motors, Inc. — Class A | 214 | 15,896 | ||||||
Nexstar Broadcasting Group, Inc. — Class A | 398 | 15,860 | ||||||
Asbury Automotive Group, Inc.* | 255 | 15,744 | ||||||
Rent-A-Center, Inc. — Class A | 537 | 15,686 | ||||||
Perry Ellis International, Inc.* | 1,036 | 15,644 | ||||||
K12, Inc.* | 657 | 15,558 | ||||||
Multimedia Games Holding Company, Inc.* | 532 | 15,534 | ||||||
Group 1 Automotive, Inc. | 215 | 15,508 | ||||||
Bridgepoint Education, Inc.* | 978 | 15,501 | ||||||
Cato Corp. — Class A | 541 | 15,413 | ||||||
Diamond Resorts International, Inc.* | 822 | 15,380 | ||||||
Bright Horizons Family Solutions, Inc.* | 377 | 15,374 | ||||||
Ascent Capital Group, Inc. — Class A* | 223 | 15,336 | ||||||
Penske Automotive Group, Inc. | 334 | 15,317 | ||||||
Sonic Automotive, Inc. — Class A | 629 | 15,310 | ||||||
Lincoln Educational Services Corp. | 3,747 | 15,288 | ||||||
Lifetime Brands, Inc. | 799 | 15,261 | ||||||
Smith & Wesson Holding Corp.* | 987 | 15,150 | ||||||
Gentherm, Inc.* | 416 | 15,122 | ||||||
Tower International, Inc.* | 543 | 15,101 | ||||||
MDC Partners, Inc. — Class A | 618 | 15,092 | ||||||
Standard Motor Products, Inc. | 396 | 15,044 | ||||||
Libbey, Inc.* | 562 | 14,989 | ||||||
Iconix Brand Group, Inc.* | 352 | 14,960 | ||||||
Christopher & Banks Corp.* | 2,391 | 14,920 | ||||||
Columbia Sportswear Co. | 173 | 14,875 | ||||||
Entercom Communications Corp. — Class A* | 1,375 | 14,850 | ||||||
Vitamin Shoppe, Inc.* | 310 | 14,843 | ||||||
Ruth’s Hospitality Group, Inc. | 1,176 | 14,806 | ||||||
Tenneco, Inc.* | 247 | 14,788 | ||||||
Cooper Tire & Rubber Co. | 586 | 14,738 | ||||||
Denny’s Corp.* | 2,185 | 14,727 | ||||||
Citi Trends, Inc.* | 866 | 14,713 | ||||||
MarineMax, Inc.* | 915 | 14,695 | ||||||
Marcus Corp. | 877 | 14,672 | ||||||
Bravo Brio Restaurant Group, Inc.* | 979 | 14,656 | ||||||
M/I Homes, Inc.* | 658 | 14,654 | ||||||
Superior Industries International, Inc. | 693 | 14,650 | ||||||
Select Comfort Corp.* | 796 | 14,646 | ||||||
Sturm Ruger & Company, Inc. | 226 | 14,543 | ||||||
Houghton Mifflin Harcourt Co.* | 710 | 14,505 | ||||||
Pinnacle Entertainment, Inc.* | 622 | 14,474 | ||||||
WCI Communities, Inc.* | 753 | 14,435 | ||||||
Genesco, Inc.* | 189 | 14,434 | ||||||
Ignite Restaurant Group, Inc.* | 1,020 | 14,423 | ||||||
RG Barry Corp. | 787 | 14,386 | ||||||
National CineMedia, Inc. | 946 | 14,370 | ||||||
Cumulus Media, Inc. — Class A* | 2,241 | 14,365 | ||||||
G-III Apparel Group Ltd.* | 200 | 14,354 | ||||||
Crown Media Holdings, Inc. — Class A* | 4,005 | 14,338 | ||||||
Buckle, Inc. | 304 | 14,285 | ||||||
Daily Journal Corp.* | 81 | 14,280 | ||||||
America’s Car-Mart, Inc.* | 395 | 14,275 | ||||||
Career Education Corp.* | 1,977 | 14,274 | ||||||
Vera Bradley, Inc.* | 504 | 14,263 | ||||||
Loral Space & Communications, Inc.* | 198 | 14,254 | ||||||
Destination XL Group, Inc.* | 2,637 | 14,240 | ||||||
Blue Nile, Inc.* | 410 | 14,239 | ||||||
Zale Corp.* | 664 | 14,203 | ||||||
Winmark Corp. | 187 | 14,186 | ||||||
Buffalo Wild Wings, Inc.* | 97 | 14,174 |
44 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Pacific Sunwear of California, Inc.* | 4,908 | $ | 14,135 | |||||
Bon-Ton Stores, Inc.1 | 1,283 | 14,113 | ||||||
ClubCorp Holdings, Inc. | 749 | 14,111 | ||||||
Cavco Industries, Inc.* | 181 | 14,109 | ||||||
Office Depot, Inc.* | 3,441 | 14,074 | ||||||
Sears Hometown and Outlet Stores, Inc.* | 596 | 14,072 | ||||||
Marriott Vacations Worldwide Corp.* | 258 | 14,056 | ||||||
MDC Holdings, Inc. | 509 | 14,048 | ||||||
Krispy Kreme Doughnuts, Inc.* | 800 | 14,032 | ||||||
Finish Line, Inc. — Class A | 509 | 14,013 | ||||||
Outerwall, Inc.* | 202 | 14,009 | ||||||
Jos. A. Bank Clothiers, Inc.* | 217 | 14,007 | ||||||
Carmike Cinemas, Inc.* | 472 | 14,000 | ||||||
Nathan’s Famous, Inc.* | 284 | 13,996 | ||||||
Crocs, Inc.* | 925 | 13,995 | ||||||
Fuel Systems Solutions, Inc.* | 1,335 | 13,991 | ||||||
Life Time Fitness, Inc.* | 291 | 13,968 | ||||||
Tuesday Morning Corp.* | 999 | 13,966 | ||||||
Wolverine World Wide, Inc. | 497 | 13,966 | ||||||
Matthews International Corp. — Class A | 346 | 13,961 | ||||||
Steven Madden Ltd.* | 392 | 13,959 | ||||||
Malibu Boats, Inc. — Class A* | 627 | 13,957 | ||||||
Shoe Carnival, Inc. | 611 | 13,955 | ||||||
Interval Leisure Group, Inc. | 541 | 13,942 | ||||||
Monro Muffler Brake, Inc. | 247 | 13,931 | ||||||
Zumiez, Inc.* | 569 | 13,912 | ||||||
KB Home | 841 | 13,885 | ||||||
Aeropostale, Inc.*,1 | 2,793 | 13,881 | ||||||
JTH Holding, Inc. — Class A* | 510 | 13,872 | ||||||
AH Belo Corp. — Class A | 1,205 | 13,870 | ||||||
Ethan Allen Interiors, Inc. | 571 | 13,864 | ||||||
Ryland Group, Inc. | 361 | 13,859 | ||||||
New York Times Co. — Class A | 861 | 13,845 | ||||||
Standard Pacific Corp.* | 1,729 | 13,815 | ||||||
American Axle & Manufacturing | ||||||||
Holdings, Inc.* | 781 | 13,785 | ||||||
American Public Education, Inc.* | 398 | 13,771 | ||||||
ReachLocal, Inc.* | 1,377 | 13,770 | ||||||
Pier 1 Imports, Inc. | 754 | 13,768 | ||||||
Sinclair Broadcast Group, Inc. — Class A | 515 | 13,766 | ||||||
1-800-Flowers.com, Inc. — Class A* | 2,525 | 13,761 | ||||||
Restoration Hardware Holdings, Inc.* | 220 | 13,726 | ||||||
New York & Company, Inc.* | 3,271 | 13,705 | ||||||
Hibbett Sports, Inc.* | 254 | 13,678 | ||||||
Tilly’s, Inc. — Class A* | 1,210 | 13,673 | ||||||
Universal Electronics, Inc.* | 366 | 13,670 | ||||||
Sotheby’s | 325 | 13,670 | ||||||
EW Scripps Co. — Class A* | 797 | 13,653 | ||||||
Cracker Barrel Old Country Store, Inc. | 144 | 13,643 | ||||||
HSN, Inc. | 235 | 13,639 | ||||||
Men’s Wearhouse, Inc. | 287 | 13,598 | ||||||
TRI Pointe Homes, Inc.* | 846 | 13,595 | ||||||
Children’s Place Retail Stores, Inc. | 283 | 13,584 | ||||||
Dorman Products, Inc.* | 236 | 13,582 | ||||||
Wet Seal, Inc. — Class A* | 12,015 | 13,577 | ||||||
Hemisphere Media Group, Inc.* | 1,122 | 13,576 | ||||||
Morgans Hotel Group Co.* | 1,810 | 13,575 | ||||||
Pool Corp. | 230 | 13,575 | ||||||
Speedway Motorsports, Inc. | 746 | 13,570 | ||||||
Vail Resorts, Inc. | 196 | 13,569 | ||||||
Harte-Hanks, Inc. | 1,687 | 13,563 | ||||||
ITT Educational Services, Inc.*,1 | 502 | 13,554 | ||||||
Scholastic Corp. | 411 | 13,526 | ||||||
Orient-Express Hotels Ltd. — Class A* | 1,032 | 13,519 | ||||||
AMC Entertainment Holdings, | ||||||||
Inc. — Class A | 584 | 13,514 | ||||||
Diversified Restaurant Holdings, Inc.* | 2,696 | 13,507 | ||||||
DineEquity, Inc. | 178 | 13,494 | ||||||
Drew Industries, Inc. | 268 | 13,486 | ||||||
NutriSystem, Inc. | 899 | 13,485 | ||||||
Hovnanian Enterprises, Inc. — Class A* | 3,023 | 13,483 | ||||||
Capella Education Co. | 231 | 13,481 | ||||||
Mattress Firm Holding Corp.* | 298 | 13,467 | ||||||
ANN, Inc.* | 343 | 13,442 | ||||||
Live Nation Entertainment, Inc.* | 643 | 13,426 | ||||||
ZAGG, Inc.* | 3,084 | 13,415 | ||||||
Dana Holding Corp. | 633 | 13,401 | ||||||
Strayer Education, Inc.* | 314 | 13,386 | ||||||
Shutterfly, Inc.* | 327 | 13,384 | ||||||
Beazer Homes USA, Inc.* | 705 | 13,367 | ||||||
West Marine, Inc.* | 1,249 | 13,364 | ||||||
Meredith Corp. | 303 | 13,353 | ||||||
Churchill Downs, Inc. | 152 | 13,350 | ||||||
Hillenbrand, Inc. | 439 | 13,346 | ||||||
ValueVision Media, Inc. — Class A* | 2,850 | 13,338 | ||||||
William Lyon Homes — Class A* | 511 | 13,337 | ||||||
Cheesecake Factory, Inc. | 297 | 13,332 | ||||||
Regis Corp. | 1,014 | 13,324 | ||||||
Carrols Restaurant Group, Inc.* | 1,985 | 13,319 | ||||||
Universal Technical Institute, Inc. | 1,109 | 13,319 | ||||||
Meritage Homes Corp.* | 345 | 13,310 | ||||||
International Speedway Corp. — Class A | 423 | 13,299 | ||||||
FTD Companies, Inc.* | 438 | 13,289 | ||||||
Reading International, Inc. — Class A* | 1,876 | 13,282 | ||||||
Fred’s, Inc. — Class A | 728 | 13,264 | ||||||
Five Below, Inc.* | 329 | 13,262 | ||||||
Central European Media Enterprises | ||||||||
Ltd. — Class A* | 4,840 | 13,262 | ||||||
Red Robin Gourmet Burgers, Inc.* | 195 | 13,256 | ||||||
Francesca’s Holdings Corp.* | 810 | 13,252 | ||||||
Federal-Mogul Holdings Corp.* | 769 | 13,242 | ||||||
Orbitz Worldwide, Inc.* | 1,798 | 13,215 | ||||||
Flexsteel Industries, Inc. | 385 | 13,213 | ||||||
New Home Company, Inc.* | 960 | 13,200 | ||||||
Popeyes Louisiana Kitchen, Inc.* | 346 | 13,183 | ||||||
Black Diamond, Inc.* | 1,181 | 13,168 | ||||||
Lumber Liquidators Holdings, Inc.* | 151 | 13,161 | ||||||
Stoneridge, Inc.* | 1,231 | 13,159 | ||||||
Texas Roadhouse, Inc. — Class A | 530 | 13,112 | ||||||
Del Frisco’s Restaurant Group, Inc.* | 504 | 13,109 | ||||||
Kate Spade & Co.* | 376 | 13,074 | ||||||
Tile Shop Holdings, Inc.* | 927 | 13,066 | ||||||
Helen of Troy Ltd.* | 207 | 12,979 | ||||||
LeapFrog Enterprises, Inc. — Class A* | 1,894 | 12,974 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 45 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Jamba, Inc.* | 1,171 | $ | 12,951 | |||||
Bob Evans Farms, Inc. | 276 | 12,936 | ||||||
Einstein Noah Restaurant Group, Inc. | 842 | 12,933 | ||||||
Callaway Golf Co. | 1,483 | 12,917 | ||||||
Express, Inc.* | 886 | 12,909 | ||||||
Steiner Leisure Ltd.* | 299 | 12,908 | ||||||
Journal Communications, Inc. — Class A* | 1,609 | 12,904 | ||||||
Grand Canyon Education, Inc.* | 299 | 12,893 | ||||||
Nautilus, Inc.* | 1,545 | 12,870 | ||||||
Potbelly Corp.* | 757 | 12,869 | ||||||
Blyth, Inc.1 | 1,372 | 12,856 | ||||||
Rentrak Corp.* | 225 | 12,823 | ||||||
Luby’s, Inc.* | 2,362 | 12,802 | ||||||
Jack in the Box, Inc.* | 239 | 12,796 | ||||||
Martha Stewart Living Omnimedia, | ||||||||
Inc. — Class A* | 3,264 | 12,762 | ||||||
Fox Factory Holding Corp.* | 751 | 12,759 | ||||||
hhgregg, Inc.*,1 | 1,480 | 12,758 | ||||||
Marine Products Corp. | 1,794 | 12,737 | ||||||
Kirkland’s, Inc.* | 744 | 12,730 | ||||||
Bloomin’ Brands, Inc.* | 596 | 12,707 | ||||||
La-Z-Boy, Inc. | 524 | 12,697 | ||||||
Stein Mart, Inc. | 1,014 | 12,675 | ||||||
Sizmek, Inc.* | 1,322 | 12,665 | ||||||
Bassett Furniture Industries, Inc. | 918 | 12,659 | ||||||
Isle of Capri Casinos, Inc.* | 1,861 | 12,655 | ||||||
Oxford Industries, Inc. | 191 | 12,608 | ||||||
Weyco Group, Inc. | 502 | 12,595 | ||||||
Boyd Gaming Corp.* | 1,065 | 12,588 | ||||||
CSS Industries, Inc. | 525 | 12,584 | ||||||
Carriage Services, Inc. — Class A | 781 | 12,566 | ||||||
Brown Shoe Company, Inc. | 532 | 12,550 | ||||||
Salem Communications Corp. — Class A | 1,423 | 12,537 | ||||||
Winnebago Industries, Inc.* | 524 | 12,524 | ||||||
Hooker Furniture Corp. | 904 | 12,520 | ||||||
Destination Maternity Corp. | 505 | 12,453 | ||||||
Tumi Holdings, Inc.* | 609 | 12,436 | ||||||
McClatchy Co. — Class A* | 2,263 | 12,401 | ||||||
Burlington Stores, Inc.* | 476 | 12,371 | ||||||
Brunswick Corp. | 307 | 12,338 | ||||||
LGI Homes, Inc.* | 833 | 12,262 | ||||||
Skullcandy, Inc.* | 1,592 | 12,258 | ||||||
Entravision Communications | ||||||||
Corp. — Class A | 2,300 | 12,213 | ||||||
BJ’s Restaurants, Inc.* | 425 | 12,134 | ||||||
Media General, Inc. — Class A*,1 | 792 | 12,133 | ||||||
Haverty Furniture Companies, Inc. | 475 | 12,132 | ||||||
Monarch Casino & Resort, Inc.* | 756 | 12,126 | ||||||
VOXX International Corp. — Class A* | 1,032 | 12,126 | ||||||
RetailMeNot, Inc.* | 406 | 12,103 | ||||||
Intrawest Resorts Holdings, Inc.* | 1,065 | 12,077 | ||||||
Biglari Holdings, Inc.* | 28 | 12,013 | ||||||
LifeLock, Inc.* | 765 | 12,011 | ||||||
Container Store Group, Inc.* | 434 | 11,974 | ||||||
Saga Communications, Inc. — Class A | 269 | 11,917 | ||||||
Chuy’s Holdings, Inc.* | 331 | 11,899 | ||||||
Arctic Cat, Inc. | 291 | 11,899 | ||||||
Scientific Games Corp. — Class A* | 993 | 11,896 | ||||||
SFX Entertainment, Inc.* | 1,810 | 11,874 | ||||||
Trans World Entertainment Corp. | 3,620 | 11,837 | ||||||
Big 5 Sporting Goods Corp. | 969 | 11,831 | ||||||
Movado Group, Inc. | 301 | 11,823 | ||||||
Education Management Corp.* | 2,978 | 11,823 | ||||||
Beasley Broadcasting Group, | ||||||||
Inc. — Class A | 1,535 | 11,820 | ||||||
Quiksilver, Inc.* | 1,839 | 11,806 | ||||||
Papa John’s International, Inc. | 269 | 11,798 | ||||||
Corinthian Colleges, Inc.*,1 | 10,248 | 11,785 | ||||||
Sonic Corp.* | 617 | 11,748 | ||||||
Caesars Entertainment Corp.* | 633 | 11,692 | ||||||
Fiesta Restaurant Group, Inc.* | 319 | 11,679 | ||||||
Town Sports International Holdings, Inc. | 1,659 | 11,630 | ||||||
Johnson Outdoors, Inc. — Class A | 555 | 11,616 | ||||||
bebe stores, Inc. | 2,274 | 11,484 | ||||||
Overstock.com, Inc.* | 716 | 11,470 | ||||||
iRobot Corp.* | 339 | 11,357 | ||||||
Pep Boys-Manny Moe & Jack* | 1,111 | 11,354 | ||||||
Stage Stores, Inc. | 586 | 11,239 | ||||||
Barnes & Noble, Inc.* | 684 | 11,218 | ||||||
Dex Media, Inc.*,1 | 1,530 | 11,215 | ||||||
Gordmans Stores, Inc. | 2,465 | 11,068 | ||||||
Noodles & Co.* | 337 | 11,050 | ||||||
World Wrestling Entertainment, | ||||||||
Inc. — Class A | 506 | 9,867 | ||||||
RadioShack Corp.*,1 | 6,513 | 9,314 | ||||||
EveryWare Global, Inc.* | 2,922 | 7,948 | ||||||
UCP, Inc. — Class A* | 523 | 7,400 | ||||||
Total Consumer Discretionary | 3,933,857 | |||||||
CONSUMER STAPLES - 10.9% | ||||||||
Susser Holdings Corp.* | 1,341 | 103,766 | ||||||
Rite Aid Corp.* | 12,394 | 90,475 | ||||||
Pilgrim’s Pride Corp.* | 4,073 | 89,035 | ||||||
Andersons, Inc. | 1,408 | 87,703 | ||||||
Medifast, Inc.* | 2,767 | 87,575 | ||||||
Sanderson Farms, Inc. | 1,050 | 86,383 | ||||||
Fresh Del Monte Produce, Inc. | 2,988 | 86,322 | ||||||
B&G Foods, Inc. — Class A | 2,624 | 86,066 | ||||||
SUPERVALU, Inc.* | 12,262 | 85,710 | ||||||
TreeHouse Foods, Inc.* | 1,129 | 84,493 | ||||||
Cal-Maine Foods, Inc. | 1,394 | 83,123 | ||||||
Casey’s General Stores, Inc. | 1,203 | 82,597 | ||||||
John B Sanfilippo & Son, Inc. | 3,574 | 82,380 | ||||||
Pantry, Inc.* | 5,469 | 82,253 | ||||||
Boston Beer Company, Inc. — Class A* | 332 | 81,684 | ||||||
Limoneira Co. | 3,554 | 81,634 | ||||||
Vector Group Ltd. | 3,822 | 81,408 | ||||||
J&J Snack Foods Corp. | 852 | 79,746 | ||||||
United Natural Foods, Inc.* | 1,152 | 79,522 | ||||||
Spectrum Brands Holdings, Inc. | 1,035 | 79,518 | ||||||
Chiquita Brands International, Inc.* | 6,874 | 78,913 | ||||||
Universal Corp. | 1,443 | 78,744 | ||||||
Snyder’s-Lance, Inc. | 2,951 | 78,378 | ||||||
Chefs’ Warehouse, Inc.* | 3,899 | 78,330 |
46 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
National Beverage Corp.* | 4,052 | $ | 78,122 | |||||
Ingles Markets, Inc. — Class A | 3,393 | 78,004 | ||||||
Lancaster Colony Corp. | 822 | 77,990 | ||||||
Spartan Stores, Inc. | 3,613 | 77,823 | ||||||
Nutraceutical International Corp.* | 3,115 | 77,625 | ||||||
Post Holdings, Inc.* | 1,478 | 77,239 | ||||||
Tootsie Roll Industries, Inc. | 2,737 | 77,155 | ||||||
WD-40 Co. | 1,053 | 76,700 | ||||||
Coca-Cola Bottling Company Consolidated | 932 | 76,637 | ||||||
Hain Celestial Group, Inc.* | 890 | 76,557 | ||||||
Weis Markets, Inc. | 1,655 | 76,278 | ||||||
Seneca Foods Corp. — Class A* | 2,680 | 76,111 | ||||||
Omega Protein Corp.* | 6,680 | 75,884 | ||||||
Seaboard Corp.* | 31 | 75,577 | ||||||
USANA Health Sciences, Inc.* | 1,096 | 74,374 | ||||||
Diamond Foods, Inc.* | 2,397 | 73,275 | ||||||
Orchids Paper Products Co. | 2,706 | 72,710 | ||||||
Alliance One International, Inc.* | 27,973 | 71,891 | ||||||
Boulder Brands, Inc.* | 4,833 | 71,335 | ||||||
Calavo Growers, Inc. | 2,291 | 71,227 | ||||||
Inventure Foods, Inc.* | 5,771 | 69,367 | ||||||
Natural Grocers by Vitamin Cottage, Inc.* | 1,900 | 67,640 | ||||||
Annie’s, Inc.* | 2,031 | 66,028 | ||||||
Oil-Dri Corporation of America | 971 | 32,538 | ||||||
Elizabeth Arden, Inc.* | 469 | 17,231 | ||||||
Darling International, Inc.* | 850 | 17,009 | ||||||
Revlon, Inc. — Class A* | 547 | 16,487 | ||||||
Central Garden and Pet Co. — Class A* | 1,749 | 14,464 | ||||||
Inter Parfums, Inc. | 375 | 13,721 | ||||||
PriceSmart, Inc. | 136 | 13,061 | ||||||
Griffin Land & Nurseries, Inc. | 266 | 7,767 | ||||||
Harbinger Group, Inc.* | 657 | 7,661 | ||||||
Total Consumer Staples | 3,871,246 | |||||||
FINANCIALS - 10.7% | ||||||||
PHH Corp.* | 663 | 15,760 | ||||||
ICG Group, Inc.* | 687 | 14,001 | ||||||
Umpqua Holdings Corp. | 840 | 13,969 | ||||||
Marlin Business Services Corp. | 760 | 13,049 | ||||||
Winthrop Realty Trust | 702 | 9,758 | ||||||
Sun Bancorp, Inc.* | 2,441 | 9,276 | ||||||
Cash America International, Inc. | 208 | 9,058 | ||||||
Imperial Holdings, Inc.* | 1,348 | 9,018 | ||||||
Janus Capital Group, Inc. | 743 | 9,013 | ||||||
DFC Global Corp.* | 965 | 8,994 | ||||||
BGC Partners, Inc. — Class A | 1,238 | 8,876 | ||||||
Redwood Trust, Inc. | 407 | 8,873 | ||||||
CubeSmart | 476 | 8,854 | ||||||
Sabra Health Care REIT, Inc. | 295 | 8,841 | ||||||
Highwoods Properties, Inc. | 218 | 8,796 | ||||||
Aviv REIT, Inc. | 333 | 8,788 | ||||||
OmniAmerican Bancorp, Inc. | 353 | 8,776 | ||||||
NewBridge Bancorp* | 1,141 | 8,774 | ||||||
Ryman Hospitality Properties, Inc. | 192 | 8,746 | ||||||
QTS Realty Trust, Inc. — Class A | 320 | 8,720 | ||||||
Investment Technology Group, Inc.* | 422 | 8,710 | ||||||
Blue Capital Reinsurance Holdings Ltd. | 468 | 8,686 | ||||||
Universal Insurance Holdings, Inc. | 592 | 8,661 | ||||||
Medical Properties Trust, Inc. | 641 | 8,654 | ||||||
Federal Agricultural Mortgage | ||||||||
Corp. — Class C | 243 | 8,646 | ||||||
Symetra Financial Corp. | 417 | 8,615 | ||||||
Chesapeake Lodging Trust | 319 | 8,610 | ||||||
Strategic Hotels & Resorts, Inc.* | 795 | 8,578 | ||||||
National Interstate Corp. | 306 | 8,574 | ||||||
MGIC Investment Corp.* | 995 | 8,557 | ||||||
Kite Realty Group Trust | 1,378 | 8,544 | ||||||
Retail Opportunity Investments Corp. | 546 | 8,539 | ||||||
Anworth Mortgage Asset Corp. | 1,579 | 8,527 | ||||||
Sun Communities, Inc. | 187 | 8,522 | ||||||
Glimcher Realty Trust | 836 | 8,519 | ||||||
HCI Group, Inc. | 220 | 8,510 | ||||||
Virtus Investment Partners, Inc.* | 46 | 8,510 | ||||||
Customers Bancorp, Inc.* | 386 | 8,504 | ||||||
Healthcare Realty Trust, Inc. | 338 | 8,501 | ||||||
CYS Investments, Inc. | 985 | 8,471 | ||||||
iStar Financial, Inc.* | 570 | 8,470 | ||||||
FelCor Lodging Trust, Inc. | 917 | 8,464 | ||||||
Crawford & Co. — Class B | 741 | 8,462 | ||||||
Global Indemnity plc — Class A* | 315 | 8,442 | ||||||
Sunstone Hotel Investors, Inc. | 589 | 8,429 | ||||||
Sovran Self Storage, Inc. | 111 | 8,425 | ||||||
Horizon Technology Finance Corp. | 643 | 8,423 | ||||||
Horace Mann Educators Corp. | 280 | 8,420 | ||||||
FBL Financial Group, Inc. — Class A | 188 | 8,405 | ||||||
Republic Bancorp, Inc. — Class A | 350 | 8,404 | ||||||
Platinum Underwriters Holdings Ltd. | 134 | 8,403 | ||||||
HFF, Inc. — Class A | 247 | 8,398 | ||||||
Home Loan Servicing Solutions Ltd. | 379 | 8,395 | ||||||
Parkway Properties, Inc. | 445 | 8,393 | ||||||
Equity One, Inc. | 372 | 8,381 | ||||||
Education Realty Trust, Inc. | 820 | 8,364 | ||||||
EastGroup Properties, Inc. | 132 | 8,349 | ||||||
Geo Group, Inc. | 249 | 8,349 | ||||||
LTC Properties, Inc. | 216 | 8,344 | ||||||
DiamondRock Hospitality Co. | 680 | 8,344 | ||||||
First Potomac Realty Trust | 640 | 8,339 | ||||||
PS Business Parks, Inc. | 97 | 8,320 | ||||||
Montpelier Re Holdings Ltd. | 272 | 8,318 | ||||||
Peoples Bancorp, Inc. | 319 | 8,316 | ||||||
AmREIT, Inc. — Class B | 499 | 8,313 | ||||||
FXCM, Inc. — Class A | 537 | 8,313 | ||||||
Select Income REIT | 270 | 8,311 | ||||||
Ashford Hospitality Prime, Inc. | 541 | 8,299 | ||||||
Manning & Napier, Inc. — Class A | 499 | 8,293 | ||||||
Doral Financial Corp.* | 867 | 8,289 | ||||||
Cedar Realty Trust, Inc. | 1,339 | 8,288 | ||||||
Nelnet, Inc. — Class A | 196 | 8,283 | ||||||
Medallion Financial Corp. | 609 | 8,282 | ||||||
FBR & Co.* | 321 | 8,282 | ||||||
Cousins Properties, Inc. | 712 | 8,281 | ||||||
UMH Properties, Inc. | 840 | 8,274 | ||||||
Charter Financial Corp. | 752 | 8,272 | ||||||
Banc of California, Inc. | 658 | 8,271 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 47 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Hudson Pacific Properties, Inc. | 351 | $ | 8,266 | |||||
Franklin Financial Corp.* | 414 | 8,263 | ||||||
One Liberty Properties, Inc. | 373 | 8,254 | ||||||
American Assets Trust, Inc. | 243 | 8,250 | ||||||
Empire State Realty Trust, Inc. — Class A | 539 | 8,247 | ||||||
Government Properties Income Trust | 324 | 8,246 | ||||||
Colony Financial, Inc. | 379 | 8,243 | ||||||
JAVELIN Mortgage Investment Corp. | 624 | 8,243 | ||||||
PennantPark Floating Rate Capital Ltd. | 593 | 8,243 | ||||||
Capital City Bank Group, Inc. | 593 | 8,243 | ||||||
ARMOUR Residential REIT, Inc. | 1,944 | 8,243 | ||||||
Hersha Hospitality Trust — Class A | 1,417 | 8,233 | ||||||
BofI Holding, Inc.* | 102 | 8,222 | ||||||
First Defiance Financial Corp. | 304 | 8,214 | ||||||
Rouse Properties, Inc. | 489 | 8,210 | ||||||
LaSalle Hotel Properties | 248 | 8,204 | ||||||
Gladstone Commercial Corp. | 465 | 8,203 | ||||||
American Capital Mortgage | ||||||||
Investment Corp. | 414 | 8,197 | ||||||
Pebblebrook Hotel Trust | 238 | 8,197 | ||||||
Centerstate Banks, Inc. | 747 | 8,195 | ||||||
Acadia Realty Trust | 302 | 8,193 | ||||||
Cohen & Steers, Inc. | 202 | 8,183 | ||||||
Gramercy Property Trust, Inc. | 1,567 | 8,180 | ||||||
Chemung Financial Corp. | 286 | 8,177 | ||||||
Ramco-Gershenson Properties Trust | 496 | 8,174 | ||||||
Monmouth Real Estate Investment | ||||||||
Corp. — Class A | 870 | 8,169 | ||||||
Chambers Street Properties | 1,048 | 8,164 | ||||||
Physicians Realty Trust | 595 | 8,163 | ||||||
GFI Group, Inc. | 2,194 | 8,162 | ||||||
Inland Real Estate Corp. | 781 | 8,161 | ||||||
Employers Holdings, Inc. | 401 | 8,160 | ||||||
Northfield Bancorp, Inc. | 629 | 8,158 | ||||||
AG Mortgage Investment Trust, Inc. | 461 | 8,155 | ||||||
Fidus Investment Corp. | 445 | 8,152 | ||||||
First Federal Bancshares of Arkansas, Inc.* | 919 | 8,152 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 479 | 8,148 | ||||||
National Health Investors, Inc. | 132 | 8,143 | ||||||
Consumer Portfolio Services, Inc.* | 1,166 | 8,139 | ||||||
International. FCStone, Inc.* | 430 | 8,136 | ||||||
Campus Crest Communities, Inc. | 944 | 8,128 | ||||||
Washington Real Estate Investment Trust | 332 | 8,121 | ||||||
AmTrust Financial Services, Inc. | 210 | 8,121 | ||||||
Waterstone Financial, Inc. | 780 | 8,120 | ||||||
Portfolio Recovery Associates, Inc.* | 142 | 8,115 | ||||||
Intervest Bancshares Corp. — Class A | 1,072 | 8,115 | ||||||
Piper Jaffray Cos.* | 185 | 8,114 | ||||||
First American Financial Corp. | 305 | 8,113 | ||||||
Union Bankshares Corp. | 317 | 8,112 | ||||||
ConnectOne Bancorp, Inc.* | 169 | 8,112 | ||||||
DCT Industrial Trust, Inc. | 1,037 | 8,109 | ||||||
Meadowbrook Insurance Group, Inc. | 1,448 | 8,109 | ||||||
Rexford Industrial Realty, Inc. | 570 | 8,105 | ||||||
Potlatch Corp. | 212 | 8,105 | ||||||
Financial Institutions, Inc. | 350 | 8,103 | ||||||
EPR Properties | 151 | 8,095 | ||||||
BancFirst Corp. | 139 | 8,091 | ||||||
OneBeacon Insurance Group Ltd. — Class A | 524 | 8,091 | ||||||
Excel Trust, Inc. | 641 | 8,089 | ||||||
Bank of Marin Bancorp | 178 | 8,083 | ||||||
Associated Estates Realty Corp. | 481 | 8,071 | ||||||
DuPont Fabros Technology, Inc. | 333 | 8,069 | ||||||
Solar Capital Ltd. | 368 | 8,059 | ||||||
Donegal Group, Inc. — Class A | 546 | 8,059 | ||||||
World Acceptance Corp.* | 111 | 8,059 | ||||||
RAIT Financial Trust | 985 | 8,057 | ||||||
Safety Insurance Group, Inc. | 150 | 8,057 | ||||||
BBX Capital Corp. — Class A* | 430 | 8,054 | ||||||
Suffolk Bancorp* | 367 | 8,048 | ||||||
First Financial Northwest, Inc. | 789 | 8,048 | ||||||
Dynex Capital, Inc. | 937 | 8,039 | ||||||
Agree Realty Corp. | 269 | 8,035 | ||||||
Fortegra Financial Corp.* | 1,112 | 8,029 | ||||||
Franklin Street Properties Corp. | 659 | 8,027 | ||||||
Metro Bancorp, Inc.* | 393 | 8,025 | ||||||
Investors Real Estate Trust | 920 | 8,022 | ||||||
Urstadt Biddle Properties, Inc. — Class A | 393 | 8,021 | ||||||
Summit Hotel Properties, Inc. | 885 | 8,018 | ||||||
Lexington Realty Trust | 745 | 8,016 | ||||||
Center Bancorp, Inc. | 433 | 8,015 | ||||||
Hallmark Financial Services, Inc.* | 954 | 8,014 | ||||||
NorthStar Realty Finance Corp. | 500 | 8,010 | ||||||
TowneBank | 519 | 8,008 | ||||||
CatchMark Timber Trust, Inc. — Class A | 594 | 8,007 | ||||||
Selective Insurance Group, Inc. | 349 | 8,006 | ||||||
Triangle Capital Corp. | 307 | 8,003 | ||||||
OFG Bancorp | 469 | 8,001 | ||||||
STAG Industrial, Inc. | 340 | 8,000 | ||||||
American Residential Properties, Inc.* | 445 | 7,997 | ||||||
Garrison Capital, Inc. | 567 | 7,995 | ||||||
Prospect Capital Corp. | 739 | 7,989 | ||||||
SWS Group, Inc.* | 1,078 | 7,988 | ||||||
Universal Health Realty Income Trust | 188 | 7,977 | ||||||
AMERISAFE, Inc. | 187 | 7,976 | ||||||
RLJ Lodging Trust | 299 | 7,974 | ||||||
Middleburg Financial Corp. | 460 | 7,972 | ||||||
CoreSite Realty Corp. | 262 | 7,970 | ||||||
Heritage Commerce Corp. | 981 | 7,966 | ||||||
Getty Realty Corp. | 421 | 7,965 | ||||||
Capstead Mortgage Corp. | 623 | 7,962 | ||||||
Hudson Valley Holding Corp. | 433 | 7,950 | ||||||
CU Bancorp* | 438 | 7,950 | ||||||
Terreno Realty Corp. | 435 | 7,947 | ||||||
PennyMac Mortgage Investment Trust | 339 | 7,946 | ||||||
Consolidated-Tomoka Land Co. | 201 | 7,946 | ||||||
Third Point Reinsurance Ltd.* | 508 | 7,945 | ||||||
BlackRock Kelso Capital Corp. | 875 | 7,945 | ||||||
BankFinancial Corp. | 807 | 7,941 | ||||||
Saul Centers, Inc. | 173 | 7,939 | ||||||
Invesco Mortgage Capital, Inc. | 476 | 7,935 | ||||||
Kearny Financial Corp.* | 544 | 7,932 | ||||||
MidWestOne Financial Group, Inc. | 322 | 7,931 | ||||||
Sierra Bancorp | 508 | 7,930 |
48 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Chatham Lodging Trust | 390 | $ | 7,929 | |||||
Kennedy-Wilson Holdings, Inc. | 363 | 7,928 | ||||||
Simmons First National Corp. — Class A | 219 | 7,919 | ||||||
TCP Capital Corp. | 489 | 7,917 | ||||||
Baldwin & Lyons, Inc. — Class B | 304 | 7,907 | ||||||
Independence Holding Co. | 605 | 7,901 | ||||||
First Cash Financial Services, Inc.* | 162 | 7,901 | ||||||
EverBank Financial Corp. | 422 | 7,900 | ||||||
New Mountain Finance Corp. | 552 | 7,899 | ||||||
TICC Capital Corp. | 820 | 7,897 | ||||||
First Merchants Corp. | 372 | 7,894 | ||||||
Primerica, Inc. | 172 | 7,893 | ||||||
Bar Harbor Bankshares | 210 | 7,892 | ||||||
Hampton Roads Bankshares, Inc.* | 4,754 | 7,892 | ||||||
Nicholas Financial, Inc. | 502 | 7,891 | ||||||
Park Sterling Corp. | 1,208 | 7,888 | ||||||
Beneficial Mutual Bancorp, Inc.* | 604 | 7,876 | ||||||
PennantPark Investment Corp. | 735 | 7,865 | ||||||
AV Homes, Inc.* | 459 | 7,863 | ||||||
Argo Group International Holdings Ltd. | 177 | 7,862 | ||||||
Fox Chase Bancorp, Inc. | 471 | 7,856 | ||||||
Arlington Asset Investment | ||||||||
Corp. — Class A | 297 | 7,856 | ||||||
First Bancorp, Inc. | 493 | 7,853 | ||||||
Apollo Residential Mortgage, Inc. | 486 | 7,849 | ||||||
Whitestone REIT — Class B | 559 | 7,843 | ||||||
Gladstone Capital Corp. | 811 | 7,842 | ||||||
S&T Bancorp, Inc. | 337 | 7,839 | ||||||
Webster Financial Corp. | 260 | 7,836 | ||||||
Health Insurance Innovations, | ||||||||
Inc. — Class A* | 776 | 7,830 | ||||||
United Fire Group, Inc. | 281 | 7,817 | ||||||
Oppenheimer Holdings, Inc. — Class A | 307 | 7,816 | ||||||
Meridian Interstate Bancorp, Inc.* | 309 | 7,808 | ||||||
MidSouth Bancorp, Inc. | 467 | 7,808 | ||||||
HomeTrust Bancshares, Inc.* | 511 | 7,803 | ||||||
Armada Hoffler Properties, Inc. | 806 | 7,802 | ||||||
Evercore Partners, Inc. — Class A | 146 | 7,801 | ||||||
Capital Bank Financial Corp. — Class A* | 327 | 7,799 | ||||||
RLI Corp. | 181 | 7,794 | ||||||
Capital Southwest Corp. | 222 | 7,792 | ||||||
First Industrial Realty Trust, Inc. | 424 | 7,789 | ||||||
WhiteHorse Finance, Inc. | 571 | 7,788 | ||||||
Walter Investment Management Corp.* | 293 | 7,788 | ||||||
Resource Capital Corp. | 1,415 | 7,783 | ||||||
Ladder Capital Corp. — Class A* | 435 | 7,782 | ||||||
Tompkins Financial Corp. | 165 | 7,778 | ||||||
Silvercrest Asset Management Group, | ||||||||
Inc. — Class A | 447 | 7,778 | ||||||
United Financial Bancorp, Inc. | 591 | 7,778 | ||||||
Walker & Dunlop, Inc.* | 496 | 7,777 | ||||||
Silver Bay Realty Trust Corp. | 519 | 7,775 | ||||||
Hilltop Holdings, Inc.* | 348 | 7,774 | ||||||
Fifth Street Finance Corp. | 835 | 7,774 | ||||||
Century Bancorp, Inc. — Class A | 232 | 7,772 | ||||||
CIFC Corp. | 1,008 | 7,772 | ||||||
Resource America, Inc. — Class A | 913 | 7,770 | ||||||
Banco Latinoamericano de Comercio | ||||||||
Exterior S.A. — Class E | 302 | 7,767 | ||||||
ZAIS Financial Corp. | 471 | 7,767 | ||||||
Greenlight Capital Re Ltd. — Class A* | 244 | 7,767 | ||||||
Main Street Capital Corp. | 247 | 7,766 | ||||||
Talmer Bancorp, Inc. — Class A* | 579 | 7,764 | ||||||
Gladstone Investment Corp. | 987 | 7,758 | ||||||
Home Bancorp, Inc.* | 383 | 7,756 | ||||||
HomeStreet, Inc. | 427 | 7,754 | ||||||
Fidelity Southern Corp. | 587 | 7,754 | ||||||
Old National Bancorp | 549 | 7,752 | ||||||
First Connecticut Bancorp, Inc. | 489 | 7,751 | ||||||
Ames National Corp. | 355 | 7,750 | ||||||
Enstar Group Ltd.* | 60 | 7,746 | ||||||
United Financial Bancorp, Inc. | 439 | 7,744 | ||||||
KCAP Financial, Inc. | 971 | 7,739 | ||||||
City Holding Co. | 180 | 7,738 | ||||||
Apollo Investment Corp. | 968 | 7,734 | ||||||
Palmetto Bancshares, Inc.* | 572 | 7,728 | ||||||
First Midwest Bancorp, Inc. | 472 | 7,727 | ||||||
New York Mortgage Trust, Inc. | 1,048 | 7,724 | ||||||
NGP Capital Resources Co. | 1,134 | 7,723 | ||||||
National Bank Holdings Corp. — Class A | 403 | 7,721 | ||||||
Home Federal Bancorp, Inc. | 513 | 7,721 | ||||||
Capitol Federal Financial, Inc. | 641 | 7,718 | ||||||
California First National Bancorp | 520 | 7,712 | ||||||
Banner Corp. | 195 | 7,710 | ||||||
WSFS Financial Corp. | 114 | 7,709 | ||||||
Medley Capital Corp. | 591 | 7,707 | ||||||
Western Alliance Bancorporation* | 334 | 7,705 | ||||||
Community Bank System, Inc. | 207 | 7,698 | ||||||
Investors Bancorp, Inc. | 288 | 7,698 | ||||||
National Western Life Insurance | ||||||||
Co. — Class A | 33 | 7,697 | ||||||
Clifton Bancorp, Inc. | 664 | 7,696 | ||||||
THL Credit, Inc. | 573 | 7,695 | ||||||
Park National Corp. | 106 | 7,687 | ||||||
Solar Senior Capital Ltd. | 464 | 7,679 | ||||||
Cowen Group, Inc. — Class A* | 1,867 | 7,673 | ||||||
ESB Financial Corp. | 608 | 7,673 | ||||||
Forestar Group, Inc.* | 450 | 7,673 | ||||||
American Equity Investment Life | ||||||||
Holding Co. | 329 | 7,672 | ||||||
Sandy Spring Bancorp, Inc. | 319 | 7,672 | ||||||
Southwest Bancorp, Inc. | 459 | 7,665 | ||||||
PennyMac Financial Services, | ||||||||
Inc. — Class A* | 483 | 7,665 | ||||||
Capitala Finance Corp. | 417 | 7,664 | ||||||
Bank Mutual Corp. | 1,273 | 7,663 | ||||||
Pennsylvania Real Estate | ||||||||
Investment Trust | 463 | 7,663 | ||||||
MVC Capital, Inc. | 587 | 7,654 | ||||||
Encore Capital Group, Inc.* | 177 | 7,650 | ||||||
Tree.com, Inc.* | 263 | 7,648 | ||||||
West Bancorporation, Inc. | 527 | 7,647 | ||||||
Independent Bank Corp. | 206 | 7,647 | ||||||
Citizens & Northern Corp. | 408 | 7,646 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 49 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Cardinal Financial Corp. | 455 | $ | 7,644 | |||||
Bryn Mawr Bank Corp. | 280 | 7,638 | ||||||
Marcus & Millichap, Inc.* | 462 | 7,637 | ||||||
MainSource Financial Group, Inc. | 462 | 7,637 | ||||||
United Bankshares, Inc. | 261 | 7,634 | ||||||
Springleaf Holdings, Inc.* | 332 | 7,629 | ||||||
Stifel Financial Corp.* | 163 | 7,624 | ||||||
Greenhill & Company, Inc. | 152 | 7,623 | ||||||
First Financial Bankshares, Inc. | 129 | 7,617 | ||||||
EZCORP, Inc. — Class A* | 730 | 7,614 | ||||||
Calamos Asset Management, | ||||||||
Inc. — Class A | 625 | 7,613 | ||||||
Provident Financial Services, Inc. | 438 | 7,612 | ||||||
Southside Bancshares, Inc. | 276 | 7,612 | ||||||
NASB Financial, Inc. | 319 | 7,611 | ||||||
Fidelity & Guaranty Life | 355 | 7,611 | ||||||
Brookline Bancorp, Inc. | 838 | 7,609 | ||||||
Pzena Investment Management, | ||||||||
Inc. — Class A | 700 | 7,609 | ||||||
Alexander’s, Inc. | 22 | 7,607 | ||||||
Ambac Financial Group, Inc.* | 252 | 7,605 | ||||||
Radian Group, Inc. | 544 | 7,605 | ||||||
Macatawa Bank Corp. | 1,560 | 7,597 | ||||||
Sterling Bancorp | 635 | 7,595 | ||||||
GAMCO Investors, Inc. — Class A | 100 | 7,593 | ||||||
Ares Commercial Real Estate Corp. | 595 | 7,592 | ||||||
WesBanco, Inc. | 251 | 7,590 | ||||||
TrustCo Bank Corp. NY | 1,148 | 7,588 | ||||||
First Financial Corp. | 237 | 7,586 | ||||||
Washington Banking Co. | 441 | 7,585 | ||||||
Safeguard Scientifics, Inc.* | 361 | 7,585 | ||||||
Northrim BanCorp, Inc. | 316 | 7,581 | ||||||
Navigators Group, Inc.* | 133 | 7,577 | ||||||
Westamerica Bancorporation | 149 | 7,572 | ||||||
Seacoast Banking Corporation | ||||||||
of Florida* | 714 | 7,568 | ||||||
Ellington Residential Mortgage REIT | 463 | 7,565 | ||||||
Dime Community Bancshares, Inc. | 464 | 7,563 | ||||||
CNO Financial Group, Inc. | 438 | 7,556 | ||||||
1st United Bancorp, Inc. | 1,032 | 7,554 | ||||||
Univest Corporation of Pennsylvania | 383 | 7,549 | ||||||
Astoria Financial Corp. | 569 | 7,545 | ||||||
Golub Capital BDC, Inc. | 451 | 7,541 | ||||||
Great Southern Bancorp, Inc. | 263 | 7,540 | ||||||
Renasant Corp. | 277 | 7,540 | ||||||
American Realty Capital Properties, Inc. | 576 | 7,540 | ||||||
JMP Group, Inc. | 1,091 | 7,539 | ||||||
FNB Corp. | 606 | 7,539 | ||||||
Gain Capital Holdings, Inc. | 746 | 7,535 | ||||||
Wintrust Financial Corp. | 168 | 7,530 | ||||||
Hercules Technology Growth | ||||||||
Capital, Inc. | 550 | 7,524 | ||||||
CyrusOne, Inc. | 376 | 7,520 | ||||||
Stock Yards Bancorp, Inc. | 255 | 7,517 | ||||||
National Penn Bancshares, Inc. | 769 | 7,513 | ||||||
ESSA Bancorp, Inc. | 723 | 7,512 | ||||||
Central Pacific Financial Corp. | 400 | 7,508 | ||||||
Oritani Financial Corp. | 506 | 7,504 | ||||||
Investors Title Co. | 106 | 7,501 | ||||||
First BanCorp* | 1,459 | 7,499 | ||||||
First Commonwealth Financial Corp. | 873 | 7,499 | ||||||
Credit Acceptance Corp.* | 57 | 7,497 | ||||||
Mercantile Bank Corp. | 384 | 7,492 | ||||||
Territorial Bancorp, Inc. | 366 | 7,488 | ||||||
Pacific Continental Corp. | 568 | 7,486 | ||||||
Camden National Corp. | 196 | 7,481 | ||||||
Cathay General Bancorp | 317 | 7,481 | ||||||
Altisource Residential Corp. | 266 | 7,480 | ||||||
PrivateBancorp, Inc. — Class A | 271 | 7,471 | ||||||
Trico Bancshares | 308 | 7,469 | ||||||
State Auto Financial Corp. | 365 | 7,468 | ||||||
OceanFirst Financial Corp. | 460 | 7,461 | ||||||
State Bank Financial Corp. | 450 | 7,461 | ||||||
Meta Financial Group, Inc. | 178 | 7,460 | ||||||
Ashford Hospitality Trust, Inc. | 727 | 7,459 | ||||||
Arrow Financial Corp. | 298 | 7,459 | ||||||
EMC Insurance Group, Inc. | 226 | 7,456 | ||||||
Washington Trust Bancorp, Inc. | 218 | 7,456 | ||||||
NBT Bancorp, Inc. | 329 | 7,452 | ||||||
BNC Bancorp | 457 | 7,449 | ||||||
Eagle Bancorp, Inc.* | 223 | 7,446 | ||||||
FirstMerit Corp. | 384 | 7,446 | ||||||
Susquehanna Bancshares, Inc. | 718 | 7,438 | ||||||
Bridge Capital Holdings* | 332 | 7,437 | ||||||
First Busey Corp. | 1,352 | 7,436 | ||||||
1st Source Corp. | 252 | 7,431 | ||||||
Heritage Financial Corp. | 459 | 7,417 | ||||||
First Financial Holdings, Inc. | 129 | 7,414 | ||||||
Western Asset Mortgage | ||||||||
Capital Corp. | 501 | 7,400 | ||||||
Maiden Holdings Ltd. | 627 | 7,399 | ||||||
Pinnacle Financial Partners, Inc. | 214 | 7,398 | ||||||
Westwood Holdings Group, Inc. | 127 | 7,388 | ||||||
Bank of Kentucky Financial Corp. | 214 | 7,385 | ||||||
Infinity Property & Casualty Corp. | 115 | 7,380 | ||||||
Hannon Armstrong Sustainable | ||||||||
Infrastructure Capital, Inc. | 558 | 7,377 | ||||||
LCNB Corp. | 461 | 7,376 | ||||||
American National Bankshares, Inc. | 346 | 7,373 | ||||||
Bridge Bancorp, Inc. | 303 | 7,369 | ||||||
Guaranty Bancorp | 585 | 7,365 | ||||||
RCS Capital Corp. — Class A | 214 | 7,362 | ||||||
Diamond Hill Investment Group, Inc. | 62 | 7,361 | ||||||
Yadkin Financial Corp.* | 384 | 7,354 | ||||||
Hancock Holding Co. | 218 | 7,353 | ||||||
Tristate Capital Holdings, Inc.* | 562 | 7,351 | ||||||
Westfield Financial, Inc. | 1,073 | 7,350 | ||||||
Northwest Bancshares, Inc. | 552 | 7,336 | ||||||
BancorpSouth, Inc. | 314 | 7,335 | ||||||
Boston Private Financial Holdings, Inc. | 586 | 7,331 | ||||||
Home BancShares, Inc. | 231 | 7,325 | ||||||
PacWest Bancorp | 186 | 7,323 | ||||||
Lakeland Financial Corp. | 200 | 7,320 | ||||||
Peapack Gladstone Financial Corp. | 385 | 7,319 |
50 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Trustmark Corp. | 320 | $ | 7,318 | |||||
Prosperity Bancshares, Inc. | 124 | 7,316 | ||||||
Firsthand Technology Value Fund, Inc. | 374 | 7,315 | ||||||
C&F Financial Corp. | 234 | 7,313 | ||||||
Berkshire Hills Bancorp, Inc. | 312 | 7,310 | ||||||
First Community Bancshares, Inc. | 493 | 7,301 | ||||||
First Bancorp | 424 | 7,297 | ||||||
Stellus Capital Investment Corp. | 542 | 7,290 | ||||||
BBCN Bancorp, Inc. | 473 | 7,289 | ||||||
CVB Financial Corp. | 504 | 7,288 | ||||||
PICO Holdings, Inc.* | 313 | 7,277 | ||||||
Horizon Bancorp | 364 | 7,276 | ||||||
Ameris Bancorp* | 342 | 7,274 | ||||||
ViewPoint Financial Group, Inc. | 279 | 7,274 | ||||||
Wilshire Bancorp, Inc. | 727 | 7,270 | ||||||
Lakeland Bancorp, Inc. | 696 | 7,266 | ||||||
Flushing Financial Corp. | 378 | 7,265 | ||||||
Ladenburg Thalmann Financial | ||||||||
Services, Inc.* | 2,660 | 7,262 | ||||||
Penns Woods Bancorp, Inc. | 165 | 7,260 | ||||||
International Bancshares Corp. | 316 | 7,255 | ||||||
New Residential Investment Corp. | 1,187 | 7,241 | ||||||
National Bankshares, Inc. | 222 | 7,233 | ||||||
Enterprise Bancorp, Inc. | 396 | 7,231 | ||||||
RE/MAX Holdings, Inc. — Class A | 256 | 7,224 | ||||||
First Financial Bancorp | 446 | 7,221 | ||||||
MarketAxess Holdings, Inc. | 134 | 7,220 | ||||||
First NBC Bank Holding Co.* | 232 | 7,215 | ||||||
Hanmi Financial Corp. | 339 | 7,211 | ||||||
Heritage Oaks Bancorp* | 972 | 7,203 | ||||||
Tejon Ranch Co.* | 232 | 7,194 | ||||||
CNB Financial Corp. | 435 | 7,186 | ||||||
First of Long Island Corp. | 198 | 7,181 | ||||||
Citizens, Inc.* | 1,093 | 7,181 | ||||||
MCG Capital Corp. | 2,135 | 7,174 | ||||||
Tower Group International Ltd. | 2,912 | 7,164 | ||||||
UMB Financial Corp. | 122 | 7,163 | ||||||
Provident Financial Holdings, Inc. | 509 | 7,162 | ||||||
Stonegate Mortgage Corp.* | 566 | 7,160 | ||||||
Hingham Institution for Savings | 103 | 7,160 | ||||||
Taylor Capital Group, Inc.* | 336 | 7,153 | ||||||
Columbia Banking System, Inc. | 288 | 7,148 | ||||||
VantageSouth Bancshares, Inc.* | 1,164 | 7,147 | ||||||
Green Dot Corp. — Class A* | 411 | 7,139 | ||||||
CoBiz Financial, Inc. | 711 | 7,138 | ||||||
Bank of the Ozarks, Inc. | 119 | 7,128 | ||||||
Community Trust Bancorp, Inc. | 193 | 7,116 | ||||||
IBERIABANK Corp. | 113 | 7,108 | ||||||
Stewart Information Services Corp. | 233 | 7,107 | ||||||
Heartland Financial USA, Inc. | 292 | 7,096 | ||||||
First Interstate Bancsystem, | ||||||||
Inc. — Class A | 285 | 7,094 | ||||||
German American Bancorp, Inc. | 272 | 7,083 | ||||||
Glacier Bancorp, Inc. | 276 | 7,082 | ||||||
Farmers Capital Bank Corp.* | 339 | 7,082 | ||||||
Enterprise Financial Services Corp. | 396 | 7,077 | ||||||
WisdomTree Investments, Inc.* | 626 | 7,068 | ||||||
Alexander & Baldwin, Inc. | 189 | 7,052 | ||||||
Merchants Bancshares, Inc. | 242 | 7,035 | ||||||
Chemical Financial Corp. | 250 | 7,018 | ||||||
Kansas City Life Insurance Co. | 168 | 6,985 | ||||||
MB Financial, Inc. | 259 | 6,952 | ||||||
First Security Group, Inc.* | 3,640 | 6,916 | ||||||
Texas Capital Bancshares, Inc.* | 123 | 6,911 | ||||||
Phoenix Companies, Inc.* | 157 | 6,911 | ||||||
Access National Corp. | 467 | 6,888 | ||||||
eHealth, Inc.* | 164 | 6,870 | ||||||
United Community Financial Corp.* | 2,059 | 6,856 | ||||||
KCG Holdings, Inc. — Class A* | 686 | 6,826 | ||||||
Cascade Bancorp* | 1,443 | 6,825 | ||||||
GSV Capital Corp.* | 777 | 6,822 | ||||||
CommunityOne Bancorp* | 699 | 6,815 | ||||||
Financial Engines, Inc. | 154 | 6,815 | ||||||
Independent Bank Group, Inc. | 138 | 6,791 | ||||||
Bancorp, Inc.* | 424 | 6,708 | ||||||
United Community Banks, Inc.* | 412 | 6,654 | ||||||
Pacific Premier Bancorp, Inc.* | 487 | 6,648 | ||||||
Preferred Bank/Los Angeles CA* | 308 | 6,607 | ||||||
Essent Group Ltd.* | 350 | 6,598 | ||||||
Flagstar Bancorp, Inc.* | 368 | 6,477 | ||||||
NewStar Financial, Inc.* | 563 | 6,429 | ||||||
First Marblehead Corp.* | 1,214 | 6,386 | ||||||
JGWPT Holdings, Inc. — Class A* | 449 | 6,362 | ||||||
Regional Management Corp.* | 310 | 4,755 | ||||||
Total Financials | 3,805,412 | |||||||
HEALTH CARE - 10.5% | ||||||||
PhotoMedex, Inc.*,1 | 5,164 | 78,027 | ||||||
Sarepta Therapeutics, Inc.* | 576 | 21,387 | ||||||
Providence Service Corp.* | 470 | 19,087 | ||||||
AVANIR Pharmaceuticals, | ||||||||
Inc. — Class A* | 3,681 | 18,331 | ||||||
Questcor Pharmaceuticals, Inc. | 214 | 17,587 | ||||||
Chindex International, Inc.* | 697 | 16,610 | ||||||
Prestige Brands Holdings, Inc.* | 488 | 16,358 | ||||||
Repligen Corp.* | 1,024 | 16,230 | ||||||
MannKind Corp.*,1 | 2,463 | 16,133 | ||||||
Akorn, Inc.* | 617 | 15,561 | ||||||
Select Medical Holdings Corp. | 1,112 | 15,524 | ||||||
Furiex Pharmaceuticals, Inc.* | 150 | 15,506 | ||||||
Agios Pharmaceuticals, Inc.* | 366 | 15,394 | ||||||
Genocea Biosciences, Inc.* | 792 | 15,365 | ||||||
Orthofix International N.V.* | 499 | 15,070 | ||||||
Healthways, Inc.* | 835 | 15,030 | ||||||
Harvard Apparatus Regenerative | ||||||||
Technology, Inc.* | 1,737 | 15,025 | ||||||
Sequenom, Inc.*,1 | 5,453 | 14,887 | ||||||
BioDelivery Sciences International, Inc.* | 1,667 | 14,853 | ||||||
Cambrex Corp.* | 724 | 14,835 | ||||||
Revance Therapeutics, Inc.* | 430 | 14,740 | ||||||
Corcept Therapeutics, Inc.* | 3,321 | 14,679 | ||||||
Kindred Healthcare, Inc. | 584 | 14,658 | ||||||
Team Health Holdings, Inc.* | 302 | 14,641 | ||||||
Affymetrix, Inc.* | 1,969 | 14,630 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 51 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
RTI Surgical, Inc.* | 3,389 | $ | 14,573 | |||||
Synageva BioPharma Corp.* | 168 | 14,510 | ||||||
Pacira Pharmaceuticals, Inc.* | 210 | 14,383 | ||||||
Abaxis, Inc. | 353 | 14,335 | ||||||
CONMED Corp. | 308 | 14,270 | ||||||
Hanger, Inc.* | 411 | 14,249 | ||||||
Osiris Therapeutics, Inc.* | 1,001 | 14,244 | ||||||
SciClone Pharmaceuticals, Inc.* | 2,978 | 14,235 | ||||||
Amicus Therapeutics, Inc.* | 6,401 | 14,210 | ||||||
Omeros Corp.* | 1,144 | 14,163 | ||||||
Ampio Pharmaceuticals, Inc.* | 2,325 | 14,159 | ||||||
ExamWorks Group, Inc.* | 383 | 14,094 | ||||||
Luminex Corp.* | 733 | 14,081 | ||||||
Anika Therapeutics, Inc.* | 329 | 14,061 | ||||||
WellCare Health Plans, Inc.* | 208 | 14,034 | ||||||
Air Methods Corp.* | 252 | 14,029 | ||||||
PDL BioPharma, Inc. | 1,651 | 14,017 | ||||||
Centene Corp.* | 211 | 14,010 | ||||||
Universal American Corp. | 1,951 | 13,989 | ||||||
Pozen, Inc. | 1,667 | 13,936 | ||||||
Emergent Biosolutions, Inc.* | 525 | 13,839 | ||||||
Arena Pharmaceuticals, Inc.* | 2,158 | 13,811 | ||||||
MWI Veterinary Supply, Inc.* | 88 | 13,784 | ||||||
Impax Laboratories, Inc.* | 527 | 13,781 | ||||||
Skilled Healthcare Group, | ||||||||
Inc. — Class A* | 2,650 | 13,674 | ||||||
Accelerate Diagnostics, Inc.* | 740 | 13,638 | ||||||
Celladon Corp.* | 1,156 | 13,583 | ||||||
Galena Biopharma, Inc.*,1 | 5,544 | 13,583 | ||||||
Tetraphase Pharmaceuticals, Inc.* | 1,252 | 13,446 | ||||||
Sucampo Pharmaceuticals, | ||||||||
Inc. — Class A* | 1,943 | 13,426 | ||||||
BioScrip, Inc.* | 1,940 | 13,425 | ||||||
Endologix, Inc.* | 1,058 | 13,415 | ||||||
Natus Medical, Inc.* | 540 | 13,408 | ||||||
STERIS Corp. | 279 | 13,406 | ||||||
West Pharmaceutical Services, Inc. | 309 | 13,404 | ||||||
Greatbatch, Inc.* | 291 | 13,395 | ||||||
InterMune, Inc.* | 417 | 13,377 | ||||||
PharMerica Corp.* | 491 | 13,350 | ||||||
ArthroCare Corp.* | 275 | 13,346 | ||||||
Depomed, Inc.* | 950 | 13,310 | ||||||
Geron Corp.* | 6,658 | 13,183 | ||||||
Ensign Group, Inc. | 310 | 13,175 | ||||||
Integra LifeSciences Holdings Corp.* | 289 | 13,173 | ||||||
Magellan Health Services, Inc.* | 228 | 13,160 | ||||||
Computer Programs & Systems, Inc. | 208 | 13,131 | ||||||
Owens & Minor, Inc. | 390 | 13,081 | ||||||
Genomic Health, Inc.* | 498 | 13,068 | ||||||
Masimo Corp.* | 488 | 13,059 | ||||||
Novavax, Inc.* | 2,981 | 13,057 | ||||||
Synta Pharmaceuticals Corp.*,1 | 3,100 | 13,051 | ||||||
National Healthcare Corp. | 238 | 13,026 | ||||||
Aegerion Pharmaceuticals, Inc.* | 294 | 13,012 | ||||||
Capital Senior Living Corp.* | 526 | 13,008 | ||||||
CryoLife, Inc. | 1,432 | 13,003 | ||||||
Molina Healthcare, Inc.* | 347 | 12,978 | ||||||
HealthSouth Corp. | 374 | 12,955 | ||||||
MiMedx Group, Inc.* | 2,238 | 12,936 | ||||||
Ophthotech Corp.* | 380 | 12,916 | ||||||
Exactech, Inc.* | 580 | 12,888 | ||||||
Cantel Medical Corp. | 388 | 12,866 | ||||||
Dynavax Technologies Corp.* | 7,887 | 12,856 | ||||||
Chemed Corp. | 154 | 12,824 | ||||||
Vocera Communications, Inc.* | 840 | 12,810 | ||||||
Supernus Pharmaceuticals, Inc.* | 1,560 | 12,808 | ||||||
Align Technology, Inc.* | 254 | 12,799 | ||||||
Emeritus Corp.* | 429 | 12,797 | ||||||
Repros Therapeutics, Inc.* | 758 | 12,787 | ||||||
SurModics, Inc.* | 586 | 12,751 | ||||||
Zeltiq Aesthetics, Inc.* | 695 | 12,712 | ||||||
Enanta Pharmaceuticals, Inc.* | 341 | 12,689 | ||||||
Nektar Therapeutics* | 1,077 | 12,676 | ||||||
Epizyme, Inc.* | 579 | 12,634 | ||||||
Durata Therapeutics, Inc.*,1 | 933 | 12,633 | ||||||
Globus Medical, Inc. — Class A* | 517 | 12,625 | ||||||
Addus HomeCare Corp.* | 583 | 12,604 | ||||||
NPS Pharmaceuticals, Inc.* | 473 | 12,591 | ||||||
Merge Healthcare, Inc.* | 5,521 | 12,588 | ||||||
Acorda Therapeutics, Inc.* | 355 | 12,585 | ||||||
Landauer, Inc. | 291 | 12,583 | ||||||
Almost Family, Inc.* | 586 | 12,581 | ||||||
AMAG Pharmaceuticals, Inc.* | 689 | 12,581 | ||||||
Analogic Corp. | 167 | 12,538 | ||||||
NeoGenomics, Inc.* | 3,786 | 12,532 | ||||||
Amsurg Corp. — Class A* | 289 | 12,517 | ||||||
Thoratec Corp.* | 381 | 12,489 | ||||||
Cyberonics, Inc.* | 211 | 12,483 | ||||||
Haemonetics Corp.* | 411 | 12,478 | ||||||
Lannett Company, Inc.* | 361 | 12,465 | ||||||
Peregrine Pharmaceuticals, Inc.*,1 | 7,162 | 12,462 | ||||||
SIGA Technologies, Inc.* | 4,342 | 12,462 | ||||||
Medicines Co.* | 468 | 12,449 | ||||||
GTx, Inc.*,1 | 8,079 | 12,442 | ||||||
ICU Medical, Inc.* | 223 | 12,439 | ||||||
Esperion Therapeutics, Inc.* | 901 | 12,425 | ||||||
Acceleron Pharma, Inc.* | 361 | 12,400 | ||||||
Atrion Corp. | 43 | 12,398 | ||||||
Immunomedics, Inc.* | 2,944 | 12,394 | ||||||
Hyperion Therapeutics, Inc.* | 503 | 12,394 | ||||||
Portola Pharmaceuticals, Inc.* | 528 | 12,387 | ||||||
LHC Group, Inc.* | 596 | 12,385 | ||||||
Ligand Pharmaceuticals, | ||||||||
Inc. — Class B* | 196 | 12,381 | ||||||
GenMark Diagnostics, Inc.* | 1,381 | 12,360 | ||||||
National Research Corp. — Class A* | 782 | 12,324 | ||||||
Amedisys, Inc.* | 904 | 12,322 | ||||||
AcelRx Pharmaceuticals, Inc.* | 1,138 | 12,313 | ||||||
MedAssets, Inc.* | 538 | 12,283 | ||||||
Targacept, Inc.* | 2,766 | 12,281 | ||||||
Acadia Healthcare Company, Inc.* | 292 | 12,270 | ||||||
Neogen Corp.* | 293 | 12,240 | ||||||
Merit Medical Systems, Inc.* | 951 | 12,239 | ||||||
Omnicell, Inc.* | 462 | 12,234 |
52 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Utah Medical Products, Inc. | 240 | $ | 12,190 | |||||
Albany Molecular Research, Inc.* | 759 | 12,190 | ||||||
Accuray, Inc.* | 1,451 | 12,188 | ||||||
Triple-S Management | ||||||||
Corp. — Class B* | 813 | 12,179 | ||||||
Cutera, Inc.* | 1,179 | 12,155 | ||||||
Horizon Pharma, Inc.* | 857 | 12,152 | ||||||
Surgical Care Affiliates, Inc.* | 413 | 12,134 | ||||||
Cardiovascular Systems, Inc.* | 422 | 12,133 | ||||||
Meridian Bioscience, Inc. | 606 | 12,102 | ||||||
US Physical Therapy, Inc. | 392 | 12,093 | ||||||
Staar Surgical Co.* | 710 | 12,077 | ||||||
Corvel Corp.* | 265 | 12,068 | ||||||
OPKO Health, Inc.*,1 | 1,459 | 12,066 | ||||||
Oxford Immunotec Global plc* | 674 | 12,065 | ||||||
Fluidigm Corp.* | 321 | 12,057 | ||||||
AMN Healthcare Services, Inc.* | 966 | 12,056 | ||||||
Insys Therapeutics, Inc.* | 293 | 12,031 | ||||||
Harvard Bioscience, Inc.* | 2,849 | 12,023 | ||||||
GlycoMimetics, Inc.* | 906 | 12,023 | ||||||
Vivus, Inc.*,1 | 2,312 | 12,022 | ||||||
Exelixis, Inc.*,1 | 3,393 | 12,011 | ||||||
Lexicon Pharmaceuticals, Inc.* | 7,794 | 12,003 | ||||||
Neurocrine Biosciences, Inc.* | 856 | 12,001 | ||||||
NuVasive, Inc.* | 356 | 12,001 | ||||||
HeartWare International, Inc.* | 141 | 11,979 | ||||||
Bluebird Bio, Inc.* | 605 | 11,979 | ||||||
ABIOMED, Inc.* | 505 | 11,963 | ||||||
Sagent Pharmaceuticals, Inc.* | 576 | 11,917 | ||||||
Pernix Therapeutics Holdings* | 2,477 | 11,914 | ||||||
Idenix Pharmaceuticals, Inc.* | 2,162 | 11,913 | ||||||
Bio-Reference Labs, Inc.* | 469 | 11,913 | ||||||
Five Star Quality Care, Inc.* | 2,459 | 11,877 | ||||||
HealthStream, Inc.* | 524 | 11,869 | ||||||
Ironwood Pharmaceuticals, | ||||||||
Inc. — Class A* | 1,077 | 11,869 | ||||||
NxStage Medical, Inc.* | 1,036 | 11,852 | ||||||
Keryx Biopharmaceuticals, Inc.* | 801 | 11,831 | ||||||
Medical Action Industries, Inc.* | 1,843 | 11,814 | ||||||
Xencor, Inc.* | 1,192 | 11,801 | ||||||
Quality Systems, Inc. | 797 | 11,772 | ||||||
Vascular Solutions, Inc.* | 535 | 11,722 | ||||||
Navidea Biopharmaceuticals, Inc.*,1 | 7,011 | 11,708 | ||||||
Cerus Corp.* | 2,704 | 11,708 | ||||||
Wright Medical Group, Inc.* | 428 | 11,706 | ||||||
Cross Country Healthcare, Inc.* | 1,650 | 11,699 | ||||||
XOMA Corp.* | 2,634 | 11,695 | ||||||
Progenics Pharmaceuticals, Inc.* | 3,313 | 11,695 | ||||||
Volcano Corp.* | 665 | 11,677 | ||||||
ACADIA Pharmaceuticals, Inc.* | 580 | 11,675 | ||||||
Symmetry Medical, Inc.* | 1,407 | 11,622 | ||||||
Pacific Biosciences of California, Inc.* | 2,629 | 11,620 | ||||||
Insmed, Inc.* | 833 | 11,612 | ||||||
Threshold Pharmaceuticals, Inc.* | 2,831 | 11,607 | ||||||
Chelsea Therapeutics International Ltd.* | 2,375 | 11,590 | ||||||
Coronado Biosciences, Inc.*,1 | 6,658 | 11,585 | ||||||
Exact Sciences Corp.* | 964 | 11,568 | ||||||
Cell Therapeutics, Inc.* | 3,920 | 11,564 | ||||||
Receptos, Inc.* | 342 | 11,556 | ||||||
Alimera Sciences, Inc.*,1 | 1,898 | 11,540 | ||||||
ImmunoGen, Inc.* | 891 | 11,530 | ||||||
Spectrum Pharmaceuticals, Inc.* | 1,677 | 11,521 | ||||||
Momenta Pharmaceuticals, Inc.* | 1,005 | 11,477 | ||||||
Dendreon Corp.*,1 | 4,446 | 11,471 | ||||||
TESARO, Inc.* | 457 | 11,407 | ||||||
Cynosure, Inc. — Class A* | 464 | 11,387 | ||||||
OncoMed Pharmaceuticals, Inc.* | 432 | 11,379 | ||||||
Orexigen Therapeutics, Inc.* | 2,023 | 11,369 | ||||||
PAREXEL International Corp.* | 249 | 11,292 | ||||||
Synergy Pharmaceuticals, Inc.* | 2,514 | 11,288 | ||||||
Onconova Therapeutics, Inc.* | 2,020 | 11,272 | ||||||
Cepheid, Inc.* | 259 | 11,261 | ||||||
Alphatec Holdings, Inc.* | 8,333 | 11,250 | ||||||
Alliance HealthCare Services, Inc.* | 395 | 11,242 | ||||||
Cara Therapeutics, Inc.* | 781 | 11,239 | ||||||
AngioDynamics, Inc.* | 834 | 11,209 | ||||||
Foundation Medicine, Inc.* | 384 | �� | 11,197 | |||||
AtriCure, Inc.* | 727 | 11,196 | ||||||
Inogen, Inc.* | 792 | 11,175 | ||||||
Cytori Therapeutics, Inc.*,1 | 4,944 | 11,173 | ||||||
Invacare Corp. | 707 | 11,171 | ||||||
Celldex Therapeutics, Inc.* | 744 | 11,160 | ||||||
Anacor Pharmaceuticals, Inc.* | 677 | 11,150 | ||||||
Zogenix, Inc.* | 4,569 | 11,148 | ||||||
Derma Sciences, Inc.* | 1,078 | 11,147 | ||||||
Merrimack Pharmaceuticals, Inc.*,1 | 2,538 | 11,142 | ||||||
Curis, Inc.* | 4,926 | 11,133 | ||||||
Gentiva Health Services, Inc.* | 1,478 | 11,129 | ||||||
Tornier N.V.* | 655 | 11,115 | ||||||
Karyopharm Therapeutics, Inc.* | 414 | 11,108 | ||||||
Vanda Pharmaceuticals, Inc.* | 797 | 11,102 | ||||||
Regulus Therapeutics, Inc.* | 1,557 | 11,101 | ||||||
OvaScience, Inc.* | 1,367 | 11,100 | ||||||
Vical, Inc.* | 9,815 | 11,091 | ||||||
OraSure Technologies, Inc.* | 1,692 | 11,083 | ||||||
HMS Holdings Corp.* | 682 | 11,028 | ||||||
Achillion Pharmaceuticals, Inc.* | 3,863 | 11,010 | ||||||
Array BioPharma, Inc.* | 2,766 | 11,009 | ||||||
Nanosphere, Inc.* | 6,432 | 10,999 | ||||||
TG Therapeutics, Inc.* | 2,061 | 10,985 | ||||||
Rockwell Medical, Inc.*,1 | 1,081 | 10,983 | ||||||
Cellular Dynamics International, Inc.* | 918 | 10,970 | ||||||
Auxilium Pharmaceuticals, Inc.* | 486 | 10,940 | ||||||
Rigel Pharmaceuticals, Inc.* | 3,415 | 10,928 | ||||||
KYTHERA Biopharmaceuticals, Inc.* | 334 | 10,892 | ||||||
Argos Therapeutics, Inc.* | 1,226 | 10,887 | ||||||
Cempra, Inc.* | 1,193 | 10,880 | ||||||
Intercept Pharmaceuticals, Inc.* | 41 | 10,829 | ||||||
Raptor Pharmaceutical Corp.* | 1,305 | 10,792 | ||||||
BIND Therapeutics, Inc.* | 1,142 | 10,769 | ||||||
Eleven Biotherapeutics, Inc.* | 798 | 10,765 | ||||||
ChemoCentryx, Inc.* | 1,963 | 10,757 | ||||||
IPC The Hospitalist Company, Inc.* | 265 | 10,733 | ||||||
Arqule, Inc.* | 6,592 | 10,679 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 53 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Egalet Corp.* | 923 | $ | 10,670 | |||||
NewLink Genetics Corp.* | 483 | 10,626 | ||||||
Enzon Pharmaceuticals, Inc. | 11,937 | 10,625 | ||||||
Biolase, Inc.*,1 | 5,499 | 10,613 | ||||||
Chimerix, Inc.* | 548 | 10,587 | ||||||
Dyax Corp.* | 1,600 | 10,576 | ||||||
LDR Holding Corp.* | 424 | 10,566 | ||||||
BioTime, Inc.* | 4,064 | 10,526 | ||||||
Five Prime Therapeutics, Inc.* | 747 | 10,436 | ||||||
XenoPort, Inc.* | 2,568 | 10,426 | ||||||
MEI Pharma, Inc.* | 1,325 | 10,362 | ||||||
Kindred Biosciences, Inc.* | 647 | 10,281 | ||||||
Antares Pharma, Inc.* | 3,691 | 10,261 | ||||||
Sunesis Pharmaceuticals, Inc.* | 1,999 | 10,255 | ||||||
Alnylam Pharmaceuticals, Inc.* | 207 | 10,253 | ||||||
Veracyte, Inc.* | 798 | 10,222 | ||||||
Eagle Pharmaceuticals, Inc.* | 1,034 | 10,195 | ||||||
Infinity Pharmaceuticals, Inc.* | 1,043 | 10,190 | ||||||
AVEO Pharmaceuticals, Inc.* | 8,280 | 10,184 | ||||||
Verastem, Inc.* | 1,218 | 10,170 | ||||||
Insulet Corp.* | 270 | 10,160 | ||||||
DexCom, Inc.* | 313 | 10,154 | ||||||
Quidel Corp.* | 473 | 10,146 | ||||||
athenahealth, Inc.* | 82 | 10,138 | ||||||
Tandem Diabetes Care, Inc.* | 577 | 10,138 | ||||||
Concert Pharmaceuticals, Inc.* | 1,133 | 10,129 | ||||||
Ultragenyx Pharmaceutical, Inc.* | 261 | 10,122 | ||||||
Aerie Pharmaceuticals, Inc.* | 643 | 10,069 | ||||||
Sangamo BioSciences, Inc.* | 726 | 10,048 | ||||||
PTC Therapeutics, Inc.* | 508 | 9,926 | ||||||
Stemline Therapeutics, Inc.* | 646 | 9,890 | ||||||
Auspex Pharmaceuticals, Inc.* | 456 | 9,777 | ||||||
ZIOPHARM Oncology, Inc.*,1 | 2,701 | 9,724 | ||||||
Intrexon Corp.* | 515 | 9,723 | ||||||
Aratana Therapeutics, Inc.* | 703 | 9,687 | ||||||
Spectranetics Corp.* | 455 | 9,673 | ||||||
Flexion Therapeutics, Inc.* | 806 | 9,551 | ||||||
Endocyte, Inc.* | 527 | 9,544 | ||||||
TherapeuticsMD, Inc.* | 2,250 | 9,450 | ||||||
Trevena, Inc.* | 1,861 | 9,324 | ||||||
Puma Biotechnology, Inc.* | 123 | 9,291 | ||||||
Clovis Oncology, Inc.* | 171 | 9,246 | ||||||
Retrophin, Inc.* | 644 | 9,203 | ||||||
Unilife Corp.* | 2,801 | 9,103 | ||||||
Relypsa, Inc.* | 402 | 8,977 | ||||||
Medidata Solutions, Inc.* | 245 | 8,896 | ||||||
Fibrocell Science, Inc.* | 2,285 | 8,683 | ||||||
Isis Pharmaceuticals, Inc.* | 315 | 8,382 | ||||||
MacroGenics, Inc.* | 419 | 8,355 | ||||||
Halozyme Therapeutics, Inc.* | 1,088 | 8,106 | ||||||
Conatus Pharmaceuticals, Inc.* | 1,317 | 8,100 | ||||||
TearLab Corp.* | 1,864 | 8,052 | ||||||
Dicerna Pharmaceuticals, Inc.* | 411 | 7,714 | ||||||
Prothena Corporation plc* | 331 | 7,282 | ||||||
Cytokinetics, Inc.* | 1,557 | 7,084 | ||||||
OncoGenex Pharmaceutical, Inc.* | 1,113 | 4,318 | ||||||
Total Health Care | 3,738,828 | |||||||
MATERIALS - 7.5% | ||||||||
US Silica Holdings, Inc. | 929 | 41,963 | ||||||
Flotek Industries, Inc.* | 1,417 | 39,690 | ||||||
Balchem Corp. | 632 | 39,152 | ||||||
Century Aluminum Co.* | 2,763 | 37,991 | ||||||
US Concrete, Inc.* | 1,526 | 37,570 | ||||||
Arabian American Development Co.* | 3,397 | 37,129 | ||||||
Intrepid Potash, Inc.* | 2,251 | 36,691 | ||||||
Walter Energy, Inc.1 | 5,047 | 36,338 | ||||||
Landec Corp.* | 3,029 | 35,924 | ||||||
Stillwater Mining Co.* | 2,265 | 35,742 | ||||||
Ampco-Pittsburgh Corp. | 1,765 | 35,353 | ||||||
LSB Industries, Inc.* | 919 | 35,097 | ||||||
Koppers Holdings, Inc. | 820 | 35,014 | ||||||
Handy & Harman Ltd.* | 1,544 | 34,910 | ||||||
RTI International Metals, Inc.* | 1,228 | 34,580 | ||||||
Graphic Packaging Holding Co.* | 3,359 | 34,463 | ||||||
Universal Stainless & Alloy Products, Inc.* | 959 | 34,419 | ||||||
Olin Corp. | 1,217 | 34,198 | ||||||
Schweitzer-Mauduit International, Inc. | 783 | 34,170 | ||||||
SunCoke Energy, Inc.* | 1,634 | 34,102 | ||||||
PolyOne Corp. | 909 | 34,060 | ||||||
Materion Corp. | 1,010 | 33,987 | ||||||
Clearwater Paper Corp.* | 552 | 33,887 | ||||||
AK Steel Holding Corp.* | 4,841 | 33,887 | ||||||
Axiall Corp. | 726 | 33,832 | ||||||
Louisiana-Pacific Corp.* | 2,062 | 33,796 | ||||||
Kraton Performance Polymers, Inc.* | 1,297 | 33,787 | ||||||
Headwaters, Inc.* | 2,704 | 33,746 | ||||||
Innophos Holdings, Inc. | 596 | 33,638 | ||||||
A. Schulman, Inc. | 935 | 33,585 | ||||||
Commercial Metals Co. | 1,743 | 33,466 | ||||||
FutureFuel Corp. | 1,659 | 33,296 | ||||||
UFP Technologies, Inc.* | 1,311 | 33,247 | ||||||
Zep, Inc. | 1,920 | 33,197 | ||||||
Hecla Mining Co. | 10,790 | 33,125 | ||||||
Hawkins, Inc. | 915 | 33,123 | ||||||
AMCOL International Corp. | 722 | 33,104 | ||||||
Neenah Paper, Inc. | 656 | 33,043 | ||||||
Molycorp, Inc.*,1 | 6,936 | 32,946 | ||||||
Haynes International, Inc. | 621 | 32,944 | ||||||
Berry Plastics Group, Inc.* | 1,464 | 32,925 | ||||||
Sensient Technologies Corp. | 607 | 32,808 | ||||||
Texas Industries, Inc.* | 378 | 32,773 | ||||||
Innospec, Inc. | 759 | 32,683 | ||||||
Quaker Chemical Corp. | 439 | 32,675 | ||||||
Kaiser Aluminum Corp. | 464 | 32,666 | ||||||
Chase Corp. | 1,048 | 32,635 | ||||||
KMG Chemicals, Inc. | 2,084 | 32,531 | ||||||
Schnitzer Steel Industries, | ||||||||
Inc. — Class A | 1,158 | 32,505 | ||||||
HB Fuller Co. | 700 | 32,431 | ||||||
Wausau Paper Corp. | 2,700 | 32,292 | ||||||
Gold Resource Corp. | 6,995 | 32,247 | ||||||
Taminco Corp.* | 1,602 | 32,184 | ||||||
Resolute Forest Products, Inc.* | 1,802 | 32,148 | ||||||
Ferro Corp.* | 2,446 | 31,749 |
54 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Shares | Value | |||||||
United States Lime & Minerals, Inc. | 587 | $ | 31,733 | |||||
Deltic Timber Corp. | 521 | 31,651 | ||||||
PH Glatfelter Co. | 1,226 | 31,288 | ||||||
Myers Industries, Inc. | 1,667 | 31,173 | ||||||
AEP Industries, Inc.* | 875 | 31,168 | ||||||
Minerals Technologies, Inc. | 520 | 30,935 | ||||||
Globe Specialty Metals, Inc. | 1,593 | 30,872 | ||||||
Noranda Aluminum Holding Corp. | 8,666 | 30,764 | ||||||
Olympic Steel, Inc. | 1,167 | 30,762 | ||||||
Calgon Carbon Corp.* | 1,535 | 30,746 | ||||||
Coeur Mining, Inc.* | 3,546 | 30,708 | ||||||
Horsehead Holding Corp.* | 1,950 | 30,401 | ||||||
KapStone Paper and Packaging Corp.* | 1,146 | 30,231 | ||||||
Stepan Co. | 521 | 30,129 | ||||||
Worthington Industries, Inc. | 816 | 30,029 | ||||||
Tredegar Corp. | 1,438 | 29,925 | ||||||
OM Group, Inc. | 1,020 | 29,876 | ||||||
OMNOVA Solutions, Inc.* | 3,224 | 29,403 | ||||||
Boise Cascade Co.* | 1,168 | 29,223 | ||||||
Penford Corp.* | 2,312 | 29,131 | ||||||
Midway Gold Corp.* | 31,747 | 29,033 | ||||||
Chemtura Corp.* | 1,288 | 28,722 | ||||||
American Vanguard Corp. | 1,555 | 27,695 | ||||||
Paramount Gold and Silver Corp.*,1 | 26,843 | 27,111 | ||||||
Allied Nevada Gold Corp.*,1 | 7,272 | 24,652 | ||||||
Advanced Emissions Solutions, Inc.* | 694 | 15,913 | ||||||
AM Castle & Co.* | 1,150 | 14,122 | ||||||
Total Materials | 2,658,840 | |||||||
UTILITIES - 6.4% | ||||||||
Dynegy, Inc.* | 2,592 | 73,741 | ||||||
NRG Yield, Inc. — Class A | 1,602 | 68,630 | ||||||
El Paso Electric Co. | 1,806 | 68,303 | ||||||
Avista Corp. | 2,109 | 67,804 | ||||||
Portland General Electric Co. | 1,993 | 66,706 | ||||||
Cleco Corp. | 1,269 | 66,686 | ||||||
Southwest Gas Corp. | 1,197 | 65,847 | ||||||
South Jersey Industries, Inc. | 1,146 | 65,838 | ||||||
Atlantic Power Corp.1 | 22,084 | 65,589 | ||||||
PNM Resources, Inc. | 2,355 | 65,186 | ||||||
NorthWestern Corp. | 1,347 | 65,168 | ||||||
UIL Holdings Corp. | 1,772 | 65,086 | ||||||
Piedmont Natural Gas Company, Inc. | 1,818 | 65,066 | ||||||
New Jersey Resources Corp. | 1,308 | 65,047 | ||||||
Laclede Group, Inc. | 1,367 | 64,809 | ||||||
Unitil Corp. | 1,947 | 64,640 | ||||||
Black Hills Corp. | 1,118 | 64,565 | ||||||
IDACORP, Inc. | 1,148 | 64,449 | ||||||
Empire District Electric Co. | 2,649 | 64,424 | ||||||
WGL Holdings, Inc. | 1,613 | 64,181 | ||||||
Northwest Natural Gas Co. | 1,442 | 63,837 | ||||||
Chesapeake Utilities Corp. | 1,003 | 63,450 | ||||||
Pattern Energy Group, Inc. | 2,364 | 63,355 | ||||||
UNS Energy Corp. | 1,049 | 63,003 | ||||||
ALLETE, Inc. | 1,215 | 62,888 | ||||||
MGE Energy, Inc. | 1,629 | 62,260 | ||||||
Artesian Resources Corp. — Class A | 2,826 | 62,229 | ||||||
York Water Co. | 3,085 | 61,731 | ||||||
Otter Tail Corp. | 2,087 | 61,149 | ||||||
American States Water Co. | 1,984 | 60,234 | ||||||
California Water Service Group | 2,660 | 59,850 | ||||||
Connecticut Water Service, Inc. | 1,840 | 59,800 | ||||||
SJW Corp. | 2,191 | 59,661 | ||||||
Middlesex Water Co. | 2,921 | 59,384 | ||||||
Ormat Technologies, Inc. | 2,163 | 57,709 | ||||||
Consolidated Water Company Ltd. | 4,879 | 56,694 | ||||||
Total Utilities | 2,298,999 | |||||||
TELECOMMUNICATION SERVICES - 4.0% | ||||||||
Cbeyond, Inc.* | 8,991 | 88,920 | ||||||
Premiere Global Services, Inc.* | 5,167 | 65,724 | ||||||
NTELOS Holdings Corp. | 4,750 | 65,503 | ||||||
Consolidated Communications | ||||||||
Holdings, Inc. | 3,264 | 65,019 | ||||||
FairPoint Communications, Inc.* | 4,669 | 63,685 | ||||||
USA Mobility, Inc. | 3,678 | 63,004 | ||||||
Inteliquent, Inc. | 4,607 | 62,839 | ||||||
Cincinnati Bell, Inc.* | 18,511 | 62,012 | ||||||
Lumos Networks Corp. | 4,584 | 60,555 | ||||||
IDT Corp. — Class B | 3,819 | 60,493 | ||||||
Cogent Communications Group, Inc. | 1,752 | 60,391 | ||||||
ORBCOMM, Inc.* | 9,631 | 60,386 | ||||||
General Communication, Inc. — Class A* | 5,696 | 59,466 | ||||||
Hawaiian Telcom Holdco, Inc.* | 2,200 | 58,564 | ||||||
HickoryTech Corp. | 4,894 | 58,092 | ||||||
8x8, Inc.* | 5,980 | 58,006 | ||||||
Atlantic Tele-Network, Inc. | 958 | 56,685 | ||||||
Vonage Holdings Corp.* | 14,740 | 56,602 | ||||||
Iridium Communications, Inc.* | 8,459 | 56,422 | ||||||
Shenandoah Telecommunications Co. | 1,948 | 54,602 | ||||||
magicJack VocalTec Ltd.* | 3,039 | 53,730 | ||||||
inContact, Inc.* | 6,442 | 53,147 | ||||||
NII Holdings, Inc.*,1 | 60,518 | 52,039 | ||||||
RingCentral, Inc. — Class A* | 732 | 11,097 | ||||||
Total Telecommunication Services | 1,406,983 | |||||||
Total Common Stocks | ||||||||
(Cost $31,044,274) | 35,402,209 | |||||||
RIGHTS†† - 0.0% | ||||||||
Leap Wireless International | ||||||||
Expires | 3,402 | 8,573 | ||||||
Omthera Pharmaceuticals, Inc. | ||||||||
Expires 12/31/20 | 449 | 269 | ||||||
Total Rights | ||||||||
(Cost $8,301) | 8,842 | |||||||
SHORT TERM INVESTMENTS† - 0.4% | ||||||||
Federated U.S. Treasury Cash Reserve Fund | 132,614 | 132,614 | ||||||
Total Short Term Investments | ||||||||
(Cost $132,614) | 132,614 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 55 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2014 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
Face | ||||||||
Amount | Value | |||||||
SECURITIES LENDING COLLATERAL††,2 - 3.8% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. | ||||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | $ | 631,305 | $ | 631,305 | ||||
Deutsche Bank Securities, Inc. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 424,236 | 424,236 | ||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | 23,884 | 23,884 | ||||||
BNP Paribas Securities Corp. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 287,875 | 287,875 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $1,367,300) | 1,367,300 | |||||||
Total Investments - 103.7% | ||||||||
(Cost $32,552,489) | $ | 36,910,965 | ||||||
Other Assets & Liabilities, net - (3.7)% | (1,314,293 | ) | ||||||
Total Net Assets - 100.0% | $ | 35,596,672 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
†† | Value determined based on Level 2 inputs — See Note 5. |
1 | All or portion of this security is on loan at April 30, 2014 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
plc — Public Limited Company |
REIT — Real Estate Investment Trust |
56 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF |
Shares | Value | |||||||
COMMON STOCKS† - 83.9% | ||||||||
FINANCIALS - 19.5% | ||||||||
Yapi ve Kredi Bankasi AS | 10,977 | $ | 22,758 | |||||
Turkiye Vakiflar Bankasi Tao — Class D | 10,908 | 22,718 | ||||||
UEM Sunrise BHD | 31,500 | 22,187 | ||||||
Akbank TAS | 6,336 | 22,054 | ||||||
Turkiye Halk Bankasi AS | 3,288 | 21,895 | ||||||
Turkiye Garanti Bankasi AS | 5,934 | 21,663 | ||||||
CIMB Group Holdings BHD | 9,300 | 21,388 | ||||||
Emlak Konut Gayrimenkul Yatirim | ||||||||
Ortakligi AS | 16,362 | 21,328 | ||||||
Banco Santander Brasil S.A. ADR | 3,192 | 21,227 | ||||||
Turkiye Is Bankasi — Class C | 8,808 | 20,674 | ||||||
African Bank Investments Ltd. | 17,268 | 20,447 | ||||||
Malayan Banking BHD | 6,600 | 20,009 | ||||||
Investec Ltd. | 2,229 | 19,559 | ||||||
FirstRand Ltd. | 5,325 | 19,548 | ||||||
Metro Pacific Investments Corp. | 171,000 | 19,448 | ||||||
Haci Omer Sabanci Holding AS | 4,608 | 19,369 | ||||||
Highwealth Construction Corp. | 8,600 | 19,166 | ||||||
AMMB Holdings BHD | 8,700 | 19,129 | ||||||
Bancolombia S.A. ADR | 336 | 19,128 | ||||||
Ayala Land, Inc. | 28,200 | 19,040 | ||||||
Barclays Africa Group Ltd. | 1,284 | 18,776 | ||||||
BDO Unibank, Inc. | 9,445 | 18,697 | ||||||
Lippo Karawaci Tbk PT | 201,000 | 18,602 | ||||||
Siam Commercial Bank PCL | 3,622 | 18,524 | ||||||
Standard Bank Group Ltd. | 1,407 | 18,448 | ||||||
Credicorp Ltd. | 123 | 18,358 | ||||||
Nedbank Group Ltd. | 855 | 18,279 | ||||||
Banco Santander Chile ADR | 746 | 18,105 | ||||||
Remgro Ltd. | 900 | 18,088 | ||||||
Central Pattana PCL | 12,900 | 18,038 | ||||||
Kasikornbank PCL | 3,028 | 17,919 | ||||||
Bank of Ayudhya PCL | 15,329 | 17,882 | ||||||
Bank Mandiri Persero Tbk PT | 21,000 | 17,846 | ||||||
Hyundai Securities Company Ltd. | 2,640 | 17,731 | ||||||
Bangkok Bank PCL | 3,041 | 17,714 | ||||||
RMB Holdings Ltd. | 3,693 | 17,677 | ||||||
Fibra Uno Administracion S.A. de CV | 5,400 | 17,633 | ||||||
Bank Negara Indonesia Persero Tbk PT | 42,300 | 17,617 | ||||||
Growthpoint Properties Ltd. | 7,626 | 17,597 | ||||||
Sanlam Ltd. | 3,294 | 17,594 | ||||||
China CITIC Bank Corporation | ||||||||
Ltd. — Class H | 29,520 | 17,591 | ||||||
Dongbu Insurance Company Ltd. | 318 | 17,542 | ||||||
Samsung Card Company Ltd. | 480 | 17,397 | ||||||
Bank Central Asia Tbk PT | 18,284 | 17,396 | ||||||
Bumi Serpong Damai PT | 128,100 | 17,285 | ||||||
Bank of China Ltd. — Class H | 38,620 | 16,987 | ||||||
Bank Rakyat Indonesia Persero | ||||||||
Tbk PT | 19,800 | 16,955 | ||||||
Chongqing Rural Commercial | ||||||||
Bank — Class H | 38,592 | 16,924 | ||||||
Haitong Securities Company | ||||||||
Ltd. — Class H | 12,000 | 16,778 | ||||||
Commercial International Bank Egypt | ||||||||
SAEGDR | 3,315 | 16,674 | ||||||
SOHO China Ltd. | 20,924 | 16,652 | ||||||
Banco de Chile | 127,869 | 16,535 | ||||||
China Minsheng Banking Corporation | ||||||||
Ltd. — Class H | 16,396 | 16,496 | ||||||
China Merchants Bank Company | ||||||||
Ltd. — Class H | 9,204 | 16,431 | ||||||
China Construction Bank Corp. — Class H | 23,752 | 16,391 | ||||||
Samsung Fire & Marine Insurance | ||||||||
Company Ltd. | 69 | 16,360 | ||||||
Evergrande Real Estate Group Ltd. | 36,272 | 16,188 | ||||||
OTP Bank plc | 852 | 16,187 | ||||||
Samsung Securities Company Ltd. | 424 | 16,147 | ||||||
Bank Pekao S.A. | 252 | 16,135 | ||||||
Grupo Financiero Banorte SAB | ||||||||
de CV — Class O | 2,432 | 16,115 | ||||||
Krung Thai Bank PCL | 28,797 | 16,107 | ||||||
China Everbright Ltd. | 12,000 | 16,035 | ||||||
Ruentex Development Company Ltd. | 9,000 | 15,915 | ||||||
Komercni Banka AS | 69 | 15,883 | ||||||
Industrial & Commercial Bank of | ||||||||
China Ltd. — Class H | 26,600 | 15,851 | ||||||
Guangzhou R&F Properties Company | ||||||||
Ltd. — Class H | 12,132 | 15,836 | ||||||
Hyundai Marine & Fire Insurance | ||||||||
Company Ltd. | 540 | 15,835 | ||||||
Shinhan Financial Group Company | ||||||||
Ltd. ADR | 363 | 15,827 | ||||||
PICC Property & Casualty Company | ||||||||
Ltd. — Class H | 12,000 | 15,819 | ||||||
Longfor Properties Company Ltd. | 12,232 | 15,809 | ||||||
Chang Hwa Commercial Bank | 27,124 | 15,764 | ||||||
Powszechny Zaklad Ubezpieczen S.A. | 111 | 15,736 | ||||||
Daewoo Securities Company Ltd. | 1,920 | 15,720 | ||||||
Alpha Bank AE — Class B* | 16,206 | 15,662 | ||||||
First Financial Holding Company Ltd. | 26,558 | 15,566 | ||||||
CITIC Securities Company Ltd. — Class H | 7,732 | 15,518 | ||||||
TMB Bank PCL | 217,800 | 15,480 | ||||||
China Development Financial | ||||||||
Holding Corp. | 54,000 | 15,468 | ||||||
China Life Insurance Company | ||||||||
Ltd. — Class H | 6,000 | 15,463 | ||||||
Fubon Financial Holding Company Ltd. | 11,788 | 15,224 | ||||||
Woori Finance Holdings Company Ltd. | 1,350 | 15,221 | ||||||
Hanwha Life Insurance Company Ltd. | 2,340 | 15,218 | ||||||
Bank of Communications Company | ||||||||
Ltd. — Class H | 24,444 | 15,197 | ||||||
Woori Investment & Securities | ||||||||
Company Ltd. | 1,800 | 15,190 | ||||||
Powszechna Kasa Oszczednosci | ||||||||
Bank Polski S.A. | 1,104 | 15,133 | ||||||
China Pacific Insurance Group Company | ||||||||
Ltd. — Class H | 4,800 | 15,045 | ||||||
Shimao Property Holdings Ltd. | 7,608 | 15,014 | ||||||
Yuanta Financial Holding Company Ltd. | 30,068 | 14,985 | ||||||
Hua Nan Financial Holdings Company Ltd. | 26,605 | 14,977 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 57 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF |
Shares | Value | |||||||
Agricultural Bank of China Ltd. — Class H | 35,664 | $ | 14,950 | |||||
Taishin Financial Holding Company Ltd. | 32,684 | 14,828 | ||||||
Samsung Life Insurance Company Ltd. | 159 | 14,787 | ||||||
Industrial Bank of Korea | 1,200 | 14,749 | ||||||
China Overseas Land & Investment Ltd. | 6,000 | 14,720 | ||||||
BS Financial Group, Inc. | 960 | 14,679 | ||||||
E.Sun Financial Holding Company Ltd. | 24,220 | 14,637 | ||||||
Shin Kong Financial Holding Company Ltd. | 48,338 | 14,630 | ||||||
Agile Property Holdings Ltd. | 18,000 | 14,604 | ||||||
KB Financial Group, Inc. ADR | 420 | 14,419 | ||||||
Poly Property Group Company Ltd. | 33,120 | 14,354 | ||||||
CTBC Financial Holding Company Ltd. | 24,069 | 14,307 | ||||||
VTB Bank OJSCGDR | 6,690 | 14,169 | ||||||
New China Life Insurance Company | ||||||||
Ltd. — Class H* | 4,800 | 14,147 | ||||||
Piraeus Bank S.A.* | 5,880 | 13,860 | ||||||
People’s Insurance Company Group | ||||||||
of China Ltd. — Class H | 36,000 | 13,791 | ||||||
Alior Bank S.A.* | 522 | 13,762 | ||||||
Mega Financial Holding Company Ltd. | 17,956 | 13,735 | ||||||
Hana Financial Group, Inc. | 390 | 13,720 | ||||||
China Cinda Asset Management | ||||||||
Company Ltd. — Class H* | 27,000 | 13,582 | ||||||
National Bank of Greece S.A. ADR1 | 3,402 | 13,336 | ||||||
China Life Insurance Company Ltd. | 15,220 | 13,306 | ||||||
Chailease Holding Company Ltd. | 5,600 | 13,296 | ||||||
China Overseas Grand Oceans | ||||||||
Group Ltd. | 21,000 | 12,460 | ||||||
China Resources Land Ltd. | 6,000 | 12,352 | ||||||
Cathay Financial Holding Company Ltd. | 8,701 | 12,274 | ||||||
Greentown China Holdings Ltd. | 12,000 | 12,073 | ||||||
Country Garden Holdings Company Ltd. | 29,940 | 12,010 | ||||||
Ping An Insurance Group Company of | ||||||||
China Ltd. — Class H | 1,332 | 9,853 | ||||||
Total Financials | 1,972,914 | |||||||
INDUSTRIALS - 12.2% | ||||||||
Hiwin Technologies Corp. | 3,003 | 28,539 | ||||||
China Merchants Holdings International | ||||||||
Company Ltd. | 6,974 | 21,814 | ||||||
IJM Corporation BHD | 11,100 | 21,687 | ||||||
Gol Linhas Aereas Inteligentes S.A. ADR* | 3,282 | 21,333 | ||||||
Dialog Group BHD | 19,200 | 21,108 | ||||||
CITIC Pacific Ltd. | 12,000 | 21,050 | ||||||
Sime Darby BHD | 6,900 | 19,947 | ||||||
Shanghai Industrial Holdings Ltd. | 6,432 | 19,911 | ||||||
KOC Holding AS | 4,470 | 19,907 | ||||||
Larsen & Toubro Ltd.GDR | 918 | 19,783 | ||||||
United Tractors Tbk PT | 10,200 | 19,145 | ||||||
CTCI Corp. | 11,805 | 18,842 | ||||||
Shanghai Electric Group Company | ||||||||
Ltd. — Class H | 48,000 | 18,821 | ||||||
SK Networks Company Ltd. | 2,040 | 18,795 | ||||||
Bidvest Group Ltd. | 680 | 18,629 | ||||||
DMCI Holdings, Inc. | 11,430 | 18,409 | ||||||
Jasa Marga Persero Tbk PT | 35,681 | 18,209 | ||||||
SM Investments Corp. | 1,111 | 18,068 | ||||||
Grupo Aeroportuario del Sureste SAB | ||||||||
de CV ADR | 147 | 17,971 | ||||||
AirAsia BHD | 26,400 | 17,948 | ||||||
Barloworld Ltd. | 1,620 | 17,630 | ||||||
OHL Mexico SAB de CV* | 6,600 | 17,512 | ||||||
Zhuzhou CSR Times Electric Company | ||||||||
Ltd. — Class H | 5,920 | 17,372 | ||||||
Samsung Techwin Company Ltd. | 309 | 17,315 | ||||||
Alfa SAB de CV — Class A | 6,569 | 17,289 | ||||||
LS Corp. | 219 | 17,146 | ||||||
Turk Hava Yollari | 5,373 | 17,128 | ||||||
Promotora y Operadora de Infraestructura | ||||||||
SAB de CV* | 1,200 | 16,765 | ||||||
Latam Airlines Group S.A. ADR | 1,088 | 16,679 | ||||||
Orascom Construction IndustriesGDR* | 393 | 16,510 | ||||||
LG Corp. | 294 | 16,360 | ||||||
BTS Group Holdings PCL | 63,300 | 16,334 | ||||||
CJ Corp. | 135 | 16,331 | ||||||
Airports of Thailand PCL | 2,700 | 16,270 | ||||||
Korea Aerospace Industries Ltd. | 510 | 16,263 | ||||||
China Railway Construction Corporation | ||||||||
Ltd. — Class H | 19,664 | 16,258 | ||||||
Embraer S.A. ADR | 471 | 16,202 | ||||||
China Railway Group Ltd. — Class H | 36,408 | 16,201 | ||||||
COSCO Pacific Ltd. | 12,000 | 16,066 | ||||||
SK Holdings Company Ltd. | 90 | 15,939 | ||||||
GS Engineering & Construction Corp. | 448 | 15,738 | ||||||
Far Eastern New Century Corp. | 15,365 | 15,722 | ||||||
LS Industrial Systems Company Ltd. | 246 | 15,713 | ||||||
Samsung Engineering Company Ltd. | 210 | 15,710 | ||||||
Evergreen Marine Corporation Taiwan Ltd. | 27,499 | 15,617 | ||||||
CSR Corporation Ltd. — Class H | 21,348 | 15,585 | ||||||
Hyundai Glovis Company Ltd. | 66 | 15,553 | ||||||
Hyundai Development Company- | ||||||||
Engineering & Construction | 540 | 15,443 | ||||||
Daewoo Engineering & Construction | ||||||||
Company Ltd.* | 1,860 | 15,409 | ||||||
Doosan Heavy Industries & Construction | ||||||||
Company Ltd. | 455 | 15,324 | ||||||
Korean Air Lines Company Ltd. | 475 | 15,308 | ||||||
Zoomlion Heavy Industry Science and | ||||||||
Technology Company Ltd. — Class H | 22,856 | 15,242 | ||||||
Samsung C&T Corp. | 243 | 15,239 | ||||||
Eva Airways Corp.* | 30,000 | 15,200 | ||||||
China Airlines Ltd.* | 45,400 | 15,184 | ||||||
China Shipping Container Lines Company | ||||||||
Ltd. — Class H* | 63,228 | 15,088 | ||||||
Beijing Enterprises Holdings Ltd. | 1,732 | 15,057 | ||||||
China Everbright International Ltd. | 12,000 | 15,045 | ||||||
KCC Corp. | 30 | 14,923 | ||||||
Hyundai Engineering & Construction | ||||||||
Company Ltd. | 276 | 14,904 | ||||||
China COSCO Holdings Company | ||||||||
Ltd. — Class H | 37,304 | 14,772 | ||||||
Yang Ming Marine Transport Corp. | 36,000 | 14,723 | ||||||
Doosan Corp. | 114 | 14,673 | ||||||
Daelim Industrial Company Ltd. | 180 | 14,650 |
58 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF |
Shares | Value | |||||||
Doosan Infracore Company Ltd.* | 1,200 | $ | 14,459 | |||||
Air China Ltd. — Class H | 24,284 | 13,782 | ||||||
China Communications Construction | ||||||||
Company Ltd. — Class H | 21,012 | 13,741 | ||||||
Daewoo International Corp. | 390 | 13,682 | ||||||
Hyundai Heavy Industries Company Ltd. | 72 | 13,483 | ||||||
Hyundai Mipo Dockyard | 99 | 13,461 | ||||||
Sinopec Engineering Group Company | ||||||||
Ltd. — Class H | 12,000 | 13,404 | ||||||
Samsung Heavy Industries Company Ltd. | 480 | 13,100 | ||||||
Daewoo Shipbuilding & Marine Engineering | ||||||||
Company Ltd. | 420 | 12,153 | ||||||
Weichai Power Company Ltd. — Class H | 2,868 | 9,988 | ||||||
Hanjin Kal Corp.* | 176 | 3,764 | ||||||
Neo Holdings Company Ltd.*,†† | 152 | — | ||||||
Total Industrials | 1,234,325 | |||||||
MATERIALS - 10.9% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 14,442 | 19,984 | ||||||
Hyundai Hysco Company Ltd. | 362 | 19,303 | ||||||
Sociedad Quimica y Minera de Chile | ||||||||
S.A. ADR | 603 | 19,236 | ||||||
Koza Altin Isletmeleri AS | 1,932 | 19,207 | ||||||
Petronas Chemicals Group BHD | 9,300 | 19,167 | ||||||
Anglo American Platinum Ltd. | 402 | 19,086 | ||||||
Indorama Ventures PCL | 25,510 | 18,762 | ||||||
Shougang Fushan Resources Group Ltd. | 60,748 | 18,257 | ||||||
Gold Fields Ltd. ADR | 4,294 | 18,164 | ||||||
Mexichem SAB de CV | 4,843 | 18,016 | ||||||
Yingde Gases Group Company Ltd. | 17,772 | 17,949 | ||||||
Nampak Ltd. | 4,782 | 17,800 | ||||||
China National Building Material | ||||||||
Company Ltd. — Class H | 18,768 | 17,744 | ||||||
MMC Norilsk Nickel OJSC ADR | 981 | 17,687 | ||||||
TSRC Corp. | 11,900 | 17,457 | ||||||
Sappi Ltd.* | 5,508 | 17,422 | ||||||
Impala Platinum Holdings Ltd. | 1,548 | 17,404 | ||||||
Zijin Mining Group Company | ||||||||
Ltd. — Class H | 71,248 | 17,369 | ||||||
China Resources Cement Holdings Ltd. | 24,820 | 17,224 | ||||||
Sesa Sterlite Ltd. ADR | 1,395 | 17,033 | ||||||
Anhui Conch Cement Company | ||||||||
Ltd. — Class H | 4,560 | 16,939 | ||||||
POSCO ADR | 225 | 16,560 | ||||||
Semen Indonesia Persero Tbk PT | 12,876 | 16,538 | ||||||
Aluminum Corporation of China | ||||||||
Ltd. ADR* | 1,833 | 16,497 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 8,672 | 16,464 | ||||||
Cemex SAB de CV ADR* | 1,288 | 16,280 | ||||||
Assore Ltd. | 420 | 16,215 | ||||||
AngloGold Ashanti Ltd. ADR | 894 | 16,181 | ||||||
Siam Cement PCL | 1,200 | 16,094 | ||||||
Formosa Plastics Corp. | 6,240 | 16,076 | ||||||
Cia de Minas Buenaventura SAA ADR | 1,236 | 16,068 | ||||||
LG Chem Ltd. | 63 | 16,035 | ||||||
Southern Copper Corp. | 525 | 15,824 | ||||||
Harmony Gold Mining Company | ||||||||
Ltd. ADR | 4,806 | 15,812 | ||||||
BBMG Corp. — Class H | 22,468 | 15,794 | ||||||
CAP S.A. | 1,044 | 15,622 | ||||||
Hyosung Corp. | 219 | 15,620 | ||||||
Jiangxi Copper Company Ltd. — | ||||||||
Class H | 9,444 | 15,592 | ||||||
PTT Global Chemical PCL | 7,211 | 15,543 | ||||||
Asia Cement Corp. | 11,805 | 15,520 | ||||||
Braskem S.A. ADR | 1,137 | 15,463 | ||||||
China Steel Corp. | 18,367 | 15,418 | ||||||
KGHM Polska Miedz S.A. | 423 | 15,292 | ||||||
Grupo Mexico SAB de CV | 5,084 | 15,261 | ||||||
Hyundai Steel Co. | 231 | 15,090 | ||||||
Gerdau S.A. ADR | 2,502 | 15,037 | ||||||
Formosa Chemicals & Fibre Corp. | 6,180 | 14,939 | ||||||
Fibria Celulose S.A. ADR* | 1,500 | 14,895 | ||||||
Korea Zinc Company Ltd. | 45 | 14,829 | ||||||
African Rainbow Minerals Ltd. | 786 | 14,756 | ||||||
Taiwan Cement Corp. | 9,296 | 14,745 | ||||||
Industrias Penoles SAB de CV | 632 | 14,704 | ||||||
Kumho Petro chemical Company Ltd. | 174 | 14,701 | ||||||
Industrias CH SAB de CV* | 2,748 | 14,675 | ||||||
Uralkali OJSCGDR | 657 | 14,553 | ||||||
Cheil Industries, Inc. | 228 | 14,541 | ||||||
Empresas CMPC S.A. | 6,435 | 14,459 | ||||||
China Petrochemical Development Corp. | 36,312 | 14,309 | ||||||
Hanwha Chemical Corp. | 810 | 14,306 | ||||||
OCI Company Ltd. | 81 | 14,189 | ||||||
Kumba Iron Ore Ltd. | 390 | 13,856 | ||||||
Severstal OAOGDR | 1,962 | 13,812 | ||||||
Nine Dragons Paper Holdings Ltd. | 20,872 | 13,703 | ||||||
Cia Siderurgica Nacional S.A. ADR | 3,483 | 13,479 | ||||||
Nan Ya Plastics Corp. | 6,090 | 13,330 | ||||||
Hanwha Corp. | 450 | 13,087 | ||||||
LCY Chemical Corp. | 12,000 | 12,339 | ||||||
Lotte Chemical Corp. | 78 | 12,304 | ||||||
Taiwan Fertilizer Company Ltd. | 6,000 | 11,921 | ||||||
Total Materials | 1,099,538 | |||||||
CONSUMER DISCRETIONARY - 9.3% | ||||||||
Eclat Textile Company Ltd. | 2,000 | 21,856 | ||||||
Astro Malaysia Holdings BHD | 20,700 | 21,109 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 3,414 | 20,799 | ||||||
Shenzhou International Group | ||||||||
Holdings Ltd. | 6,000 | 20,663 | ||||||
Foschini Group Ltd. | 1,974 | 20,338 | ||||||
Imperial Holdings Ltd. | 1,089 | 20,262 | ||||||
Merida Industry Company Ltd. | 3,000 | 20,068 | ||||||
Truworths International Ltd. | 2,505 | 20,064 | ||||||
Astra International Tbk PT | 30,000 | 19,267 | ||||||
Coway Company Ltd. | 243 | 19,166 | ||||||
Genting Malaysia BHD | 14,700 | 18,997 | ||||||
Genting BHD | 6,300 | 18,907 | ||||||
Woolworths Holdings Limited/ | ||||||||
South Africa | 2,739 | 18,596 | ||||||
Guangzhou Automobile Group | ||||||||
Company Ltd. — Class H | 18,408 | 18,567 | ||||||
Home Product Center PCL | 66,514 | 18,396 | ||||||
Mr Price Group Ltd. | 1,215 | 18,263 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 59 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF |
Shares | Value | |||||||
Grupo Televisa SAB ADR | 554 | $ | 18,177 | |||||
Brilliance China Automotive Holdings Ltd. | 11,712 | 18,098 | ||||||
GOME Electrical Appliances Holding Ltd. | 95,600 | 18,003 | ||||||
Media Nusantara Citra Tbk PT | 76,500 | 17,965 | ||||||
Matahari Department Store Tbk PT* | 13,800 | 17,904 | ||||||
Steinhoff International Holdings Ltd. | 3,438 | 17,828 | ||||||
Cheng Shin Rubber Industry Company Ltd. | 6,199 | 17,777 | ||||||
LG Electronics, Inc. | 264 | 17,552 | ||||||
Halla Visteon Climate Control Corp. | 420 | 17,519 | ||||||
OPAP S.A. | 1,095 | 17,460 | ||||||
Minor International PCL | 22,800 | 17,333 | ||||||
BEC World PCL | 10,230 | 17,308 | ||||||
ANTA Sports Products Ltd. | 11,656 | 17,049 | ||||||
SACI Falabella | 1,977 | 16,864 | ||||||
Global Mediacom Tbk PT | 88,200 | 16,707 | ||||||
Kia Motors Corp. | 297 | 16,470 | ||||||
Far Eastern Department Stores Ltd. | 17,594 | 16,372 | ||||||
Byd Company Ltd. — Class H* | 3,032 | 16,328 | ||||||
China Motor Corp. | 18,000 | 16,273 | ||||||
Geely Automobile Holdings Ltd. | 46,328 | 16,074 | ||||||
Dongfeng Motor Group Company | ||||||||
Ltd. — Class H | 12,000 | 16,004 | ||||||
Hyundai Wia Corp. | 96 | 15,794 | ||||||
Shinsegae Company Ltd. | 72 | 15,608 | ||||||
Hyundai Motor Co. | 69 | 15,359 | ||||||
Hankook Tire Company Ltd. | 264 | 15,253 | ||||||
Golden Eagle Retail Group Ltd. | 11,724 | 15,122 | ||||||
Intime Retail Group Company Ltd. | 15,224 | 14,943 | ||||||
Lotte Shopping Company Ltd. | 48 | 14,865 | ||||||
Cheil Worldwide, Inc.* | 600 | 14,575 | ||||||
Hyundai Mobis | 51 | 14,560 | ||||||
Hyundai Department Store Company Ltd. | 111 | 14,287 | ||||||
Haier Electronics Group Company Ltd. | 5,740 | 14,097 | ||||||
Yulon Motor Company Ltd. | 9,000 | 13,978 | ||||||
Ruentex Industries Ltd. | 5,872 | 13,942 | ||||||
Kangwon Land, Inc. | 480 | 13,866 | ||||||
Great Wall Motor Company Ltd. — Class H | 2,968 | 13,437 | ||||||
Nan Kang Rubber Tire Company Ltd.* | 11,568 | 13,139 | ||||||
Zhongsheng Group Holdings Ltd. | 10,500 | 12,758 | ||||||
Naspers Ltd. — Class N | 135 | 12,717 | ||||||
Belle International Holdings Ltd. | 12,100 | 12,533 | ||||||
Total Consumer Discretionary | 947,216 | |||||||
INFORMATION TECHNOLOGY - 7.5% | ||||||||
Catcher Technology Company Ltd. | 3,000 | 25,282 | ||||||
Tencent Holdings Ltd. | 344 | 21,440 | ||||||
Lenovo Group Ltd. | 18,000 | 20,478 | ||||||
Phison Electronics Corp. | 2,964 | 20,121 | ||||||
Powertech Technology, Inc. | 12,000 | 19,412 | ||||||
LG Innotek Company Ltd.* | 174 | 19,197 | ||||||
Siliconware Precision Industries | ||||||||
Co. ADR | 2,463 | 18,275 | ||||||
Lite-On Technology Corp. | 11,927 | 18,208 | ||||||
Pegatron Corp. | 12,000 | 18,180 | ||||||
Zhen Ding Technology Holding Ltd. | 6,163 | 17,858 | ||||||
Unimicron Technology Corp. | 21,000 | 17,837 | ||||||
United Microelectronics Corp. ADR | 8,109 | 17,678 | ||||||
Simplo Technology Company Ltd. | 3,400 | 17,677 | ||||||
Taiwan Semiconductor Manufacturing | ||||||||
Company Ltd. ADR | 876 | 17,608 | ||||||
LG Display Company Ltd. ADR | 1,322 | 17,596 | ||||||
AU Optronics Corp. ADR* | 4,656 | 17,507 | ||||||
Compal Electronics, Inc. | 24,000 | 17,127 | ||||||
Advanced Semiconductor | ||||||||
Engineering, Inc. | 14,700 | 17,038 | ||||||
AAC Technologies Holdings, Inc. | 3,000 | 16,755 | ||||||
Acer, Inc. | 27,000 | 16,675 | ||||||
NCSoft Corp. | 84 | 16,665 | ||||||
Quanta Computer, Inc. | 6,000 | 16,451 | ||||||
Delta Electronics, Inc. | 2,680 | 16,418 | ||||||
Vanguard International Semiconductor Corp. | 12,000 | 16,372 | ||||||
Hanergy Solar Group Ltd.* | 114,000 | 16,322 | ||||||
SK Hynix, Inc. | 420 | 16,320 | ||||||
Hon Hai Precision Industry Company | ||||||||
Ltd.GDR | 2,808 | 16,118 | ||||||
ZTE Corp. — Class H | 7,840 | 15,998 | ||||||
Realtek Semiconductor Corp. | 5,544 | 15,807 | ||||||
SK C&C Company Ltd. | 114 | 15,611 | ||||||
Samsung Electronics Company Ltd.GDR | 24 | 15,468 | ||||||
Samsung Electro-Mechanics Company Ltd. | 240 | 15,376 | ||||||
Novatek Microelectronics Corp. | 3,284 | 15,170 | ||||||
NAVER Corp. | 21 | 14,999 | ||||||
WPG Holdings Ltd. | 12,208 | 14,998 | ||||||
Samsung SDI Company Ltd. | 102 | 14,906 | ||||||
Wistron Corp. | 17,690 | 14,762 | ||||||
Innolux Corp.* | 41,820 | 14,403 | ||||||
Synnex Technology International Corp. | 9,000 | 13,993 | ||||||
Wipro Ltd. ADR | 1,167 | 13,957 | ||||||
Foxconn Technology Company Ltd. | 5,615 | 13,945 | ||||||
GCL-Poly Energy Holdings Ltd. | 45,156 | 13,513 | ||||||
Radiant Opto-Electronics Corp. | 3,301 | 13,281 | ||||||
Epistar Corp. | 6,000 | 13,094 | ||||||
Cheng Uei Precision Industry | ||||||||
Company Ltd. | 5,924 | 11,908 | ||||||
Kinsus Interconnect Technology Corp. | 2,628 | 9,921 | ||||||
NHN Entertainment Corp.* | 17 | 1,387 | ||||||
Total Information Technology | 759,112 | |||||||
CONSUMER STAPLES - 7.1% | ||||||||
President Chain Store Corp. | 3,000 | 22,303 | ||||||
Ulker Biskuvi Sanayi AS | 2,889 | 21,967 | ||||||
IOI Corporation BHD | 13,800 | 21,130 | ||||||
Shoprite Holdings Ltd. | 1,266 | 21,121 | ||||||
BIM Birlesik Magazalar AS | 900 | 20,721 | ||||||
Massmart Holdings Ltd. | 1,557 | 20,588 | ||||||
Kuala Lumpur Kepong BHD | 2,700 | 20,009 | ||||||
Amorepacific Corp. | 15 | 19,380 | ||||||
Cia Brasileira de Distribuicao ADR | 404 | 19,214 | ||||||
Gudang Garam Tbk PT | 3,900 | 19,059 | ||||||
Wal-Mart de Mexico SAB de CV | 7,525 | 19,018 | ||||||
Coca-Cola Femsa SAB de CV ADR | 162 | 18,138 | ||||||
CJ CheilJedang Corp. | 60 | 18,001 | ||||||
Tiger Brands Ltd. | 672 | 17,940 | ||||||
Siam Makro PCL | 17,400 | 17,610 | ||||||
Hite Jinro Company Ltd. | 720 | 17,420 | ||||||
Cencosud S.A. | 5,235 | 17,395 |
60 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF |
Shares | Value | |||||||
Sun Art Retail Group Ltd. | 13,352 | $ | 17,394 | |||||
CP ALL PCL | 13,161 | 17,082 | ||||||
AMOREPACIFIC Group | 33 | 17,054 | ||||||
Fomento Economico Mexicano SAB | ||||||||
de CV ADR | 186 | 16,883 | ||||||
KT&G Corp. | 210 | 16,828 | ||||||
Tingyi Cayman Islands Holding Corp. | 6,000 | 16,678 | ||||||
Grupo Modelo SAB de CV* | 1,811 | 16,576 | ||||||
China Resources Enterprise Ltd. | 5,828 | 16,576 | ||||||
Indofood Sukses Makmur Tbk PT | 27,000 | 16,464 | ||||||
LG Household & Health Care Ltd. | 36 | 16,444 | ||||||
Grupo Comercial Chedraui S.A. de CV | 5,400 | 16,441 | ||||||
Charoen Pokphand Foods PCL | 19,235 | 16,049 | ||||||
Standard Foods Corp. | 5,808 | 15,963 | ||||||
Hengan International Group Company Ltd. | 1,500 | 15,797 | ||||||
Uni-President Enterprises Corp. | 9,281 | 15,705 | ||||||
China Mengniu Dairy Company Ltd. | 3,000 | 15,420 | ||||||
Eurocash S.A. | 1,137 | 15,003 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 17,100 | 14,790 | ||||||
Want Want China Holdings Ltd. | 9,312 | 14,605 | ||||||
Controladora Comercial Mexicana | ||||||||
SAB de CV | 3,901 | 14,502 | ||||||
Orion Corporation/Republic of Korea | 18 | 13,727 | ||||||
E-Mart Company Ltd. | 60 | 13,704 | ||||||
Magnit OJSCGDR | 291 | 13,692 | ||||||
Uni-President China Holdings Ltd. | 15,400 | 12,752 | ||||||
Biostime International Holdings Ltd. | 1,500 | 9,964 | ||||||
Total Consumer Staples | 717,107 | |||||||
ENERGY - 5.9% | ||||||||
PetroChina Company Ltd. — Class H | 18,000 | 20,849 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 924 | 20,728 | ||||||
Adaro Energy Tbk PT | 199,800 | 20,479 | ||||||
Bumi Armada BHD | 16,200 | 19,844 | ||||||
Kunlun Energy Company Ltd. | 12,380 | 19,322 | ||||||
Pacific Rubiales Energy Corp. | 1,158 | 18,887 | ||||||
Sasol Ltd. ADR | 333 | 18,452 | ||||||
IRPC PCL | 160,526 | 18,255 | ||||||
Banpu PCL | 19,540 | 18,115 | ||||||
Ultrapar Participacoes S.A. ADR | 726 | 18,070 | ||||||
Yanzhou Coal Mining Company | ||||||||
Ltd. — Class H | 23,876 | 17,985 | ||||||
PTT Exploration & Production PCL | 3,622 | 17,853 | ||||||
Ecopetrol S.A. ADR | 462 | 17,320 | ||||||
Polski Koncern Naftowy Orlen S.A. | 1,149 | 17,192 | ||||||
PTT PCL | 1,767 | 17,091 | ||||||
China Shenhua Energy Company | ||||||||
Ltd. — Class H | 6,224 | 16,859 | ||||||
Exxaro Resources Ltd. | 1,221 | 16,624 | ||||||
Indo Tambangraya Megah Tbk PT | 7,500 | 16,526 | ||||||
Thai Oil PCL | 10,224 | 16,508 | ||||||
CNOOC Ltd. ADR | 99 | 16,354 | ||||||
China Coal Energy Company | ||||||||
Ltd. — Class H | 30,216 | 16,330 | ||||||
MOL Hungarian Oil & Gas plc | 276 | 15,815 | ||||||
Empresas COPEC S.A. | 1,209 | 15,813 | ||||||
China Petroleum & Chemical | ||||||||
Corp. — Class H | 17,654 | 15,598 | ||||||
Lukoil OAO ADR | 288 | 15,221 | ||||||
Tatneft OAO ADR | 438 | 15,023 | ||||||
Polskie Gornictwo Naftowe i | ||||||||
Gazownictwo S.A. | 9,606 | 14,944 | ||||||
Formosa Petrochemical Corp. | 5,908 | 14,849 | ||||||
GS Holdings | 313 | 14,570 | ||||||
Gazprom OAO ADR | 2,004 | 14,453 | ||||||
Rosneft OAOGDR | 2,295 | 14,397 | ||||||
S-Oil Corp. | 243 | 14,204 | ||||||
Surgutneftegas OAO ADR | 1,983 | 14,040 | ||||||
SK Innovation Company Ltd. | 114 | 13,018 | ||||||
NOVATEK OAOGDR | 126 | 13,016 | ||||||
China Oilfield Services Ltd. — | ||||||||
Class H | 5,096 | 12,147 | ||||||
Total Energy | 596,751 | |||||||
TELECOMMUNICATION SERVICES - 5.6% | ||||||||
Telekom Malaysia BHD | 11,400 | 21,644 | ||||||
DiGi.com BHD | 12,300 | 20,867 | ||||||
Axiata Group BHD | 9,600 | 19,785 | ||||||
Global Telecom HoldingGDR* | 5,298 | 19,698 | ||||||
Far EasTone Telecommunications | ||||||||
Company Ltd. | 9,000 | 19,462 | ||||||
Telefonica Brasil S.A. ADR | 914 | 19,377 | ||||||
Maxis BHD | 9,000 | 19,155 | ||||||
Philippine Long Distance Telephone | ||||||||
Co. ADR | 294 | 18,963 | ||||||
China Unicom Hong Kong Ltd. ADR | 1,233 | 18,902 | ||||||
Taiwan Mobile Company Ltd. | 5,816 | 18,759 | ||||||
China Telecom Corporation Ltd. — | ||||||||
Class H | 36,000 | 18,481 | ||||||
Turk Telekomunikasyon AS | 6,150 | 18,386 | ||||||
Advanced Info Service PCL | 2,448 | 18,307 | ||||||
Turkcell Iletisim Hizmetleri AS ADR* | 1,245 | 18,028 | ||||||
Tim Participacoes S.A. ADR | 660 | 17,761 | ||||||
Vodacom Group Ltd. | 1,476 | 17,583 | ||||||
KT Corp. ADR | 1,098 | 17,469 | ||||||
MTN Group Ltd. | 852 | 17,055 | ||||||
ENTEL Chile S.A. | 1,380 | 16,938 | ||||||
Chunghwa Telecom Company | ||||||||
Ltd. ADR | 532 | 16,699 | ||||||
Telekomunikasi Indonesia Persero | ||||||||
Tbk PT ADR | 414 | 16,436 | ||||||
Orange Polska S.A. | 4,788 | 16,352 | ||||||
America Movil SAB de CV ADR | 813 | 16,325 | ||||||
Telefonica Czech Republic AS | 1,068 | 16,163 | ||||||
SK Telecom Company Ltd. ADR | 690 | 15,932 | ||||||
China Mobile Ltd. ADR | 333 | 15,794 | ||||||
Sistema JSFCGDR | 651 | 15,494 | ||||||
Mobile Telesystems OJSC ADR | 924 | 15,486 | ||||||
True Corporation PCL* | 71,700 | 14,956 | ||||||
Hellenic Telecommunications | ||||||||
Organization S.A. | 915 | 14,577 | ||||||
LG Uplus Corp. | 1,470 | 14,440 | ||||||
Asia Pacific Telecom Company Ltd. | 30,000 | 14,355 | ||||||
Oi S.A. ADR1 | 10,796 | 10,026 | ||||||
Total Telecommunication Services | 569,655 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 61 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF |
Shares | Value | |||||||
UTILITIES - 3.9% | ||||||||
Centrais Eletricas Brasileiras S.A. ADR | 7,536 | $ | 26,149 | |||||
Cia Paranaense de Energia ADR | 1,563 | 22,429 | ||||||
Cia Energetica de Minas Gerais ADR | 2,883 | 21,738 | ||||||
China Gas Holdings Ltd. | 12,428 | 20,198 | ||||||
Guangdong Investment Ltd. | 18,452 | 20,064 | ||||||
Tenaga Nasional BHD | 5,400 | 19,678 | ||||||
CPFL Energia S.A. ADR | 1,170 | 19,609 | ||||||
PGE S.A. | 2,667 | 18,499 | ||||||
CEZ AS | 615 | 18,472 | ||||||
Korea Electric Power Corp. ADR | 929 | 17,781 | ||||||
Enersis S.A. ADR | 1,100 | 17,710 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 38,448 | 17,708 | ||||||
Empresa Nacional de Electricidad S.A. ADR | 399 | 17,584 | ||||||
Huaneng Power International, Inc. — Class H | 17,664 | 17,247 | ||||||
Cia de Saneamento Basico do Estado | ||||||||
de Sao Paulo ADR | 1,737 | 16,467 | ||||||
Aguas Andinas S.A. — Class A | 25,743 | 15,933 | ||||||
RusHydro JSC ADR | 9,969 | 15,452 | ||||||
Beijing Enterprises Water Group Ltd. | 24,000 | 15,231 | ||||||
Public Power Corporation S.A. | 1,002 | 15,130 | ||||||
China Resources Power Holdings | ||||||||
Company Ltd. | 6,000 | 15,091 | ||||||
Korea Gas Corp. | 225 | 13,457 | ||||||
China Longyuan Power Group | ||||||||
Corp. — Class H | 12,000 | 12,352 | ||||||
Total Utilities | 393,979 | |||||||
HEALTH CARE - 2.0% | ||||||||
Bangkok Dusit Medical Services | ||||||||
PCL — Class F | 42,000 | 19,209 | ||||||
Life Healthcare Group Holdings Ltd. | 4,335 | 17,194 | ||||||
ScinoPharm Taiwan Ltd. | 6,240 | 16,965 | ||||||
Mediclinic International Ltd. | 2,412 | 16,834 | ||||||
Aspen Pharmacare Holdings Ltd. | 630 | 16,749 | ||||||
Dr Reddy’s Laboratories Ltd. ADR | 354 | 15,955 | ||||||
Celltrion, Inc. | 342 | 15,920 | ||||||
Richter Gedeon Nyrt | 927 | 15,830 | ||||||
Sinopharm Group Company | ||||||||
Ltd. — Class H | 6,000 | 15,788 | ||||||
Genomma Lab Internacional SAB | ||||||||
de CV — Class B* | 6,000 | 15,201 | ||||||
CSPC Pharmaceutical Group Ltd. | 18,000 | 14,975 | ||||||
Shandong Weigao Group Medical | ||||||||
Polymer Company Ltd. — Class H | 12,000 | 12,073 | ||||||
Sino Biopharmaceutical Ltd. | 12,000 | 9,395 | ||||||
Total Health Care | 202,088 | |||||||
Total Common Stocks | ||||||||
(Cost $8,321,929) | 8,492,685 | |||||||
PREFERRED STOCKS† - 0.2% | ||||||||
Embotelladora Andina S.A. | 4,305 | 17,337 | ||||||
Total Preferred Stocks | ||||||||
(Cost $23,848) | 17,337 | |||||||
RIGHTS†† - 0.0% | ||||||||
GS Engineering & Construction Corp. | ||||||||
Expires 07/03/14 | 144 | 1,213 | ||||||
E.Sun Financial Holding Company Ltd. | ||||||||
Expires 06/06/14 | 2,206 | 237 | ||||||
Total Rights | ||||||||
(Cost $—) | 1,450 | |||||||
EXCHANGE TRADED FUNDS† - 15.2% | ||||||||
iShares MSCI Brazil Capped ETF1 | 16,530 | 777,571 | ||||||
WisdomTree India Earnings Fund1 | 40,083 | 765,585 | ||||||
Total Exchange Traded Funds | ||||||||
(Cost $1,873,972) | 1,543,156 | |||||||
SHORT TERM INVESTMENTS† - 0.7% | ||||||||
Federated U.S. Treasury Cash Reserve Fund | 70,571 | 70,571 | ||||||
Total Short Term Investments | ||||||||
(Cost $70,571) | 70,571 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 14.3% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. | ||||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | $ | 669,154 | 669,154 | |||||
Deutsche Bank Securities, Inc. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 449,672 | 449,672 | ||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | 25,315 | 25,315 | ||||||
BNP Paribas Securities Corp. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 305,134 | 305,134 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $1,449,275) | 1,449,275 | |||||||
Total Investments - 114.3% | ||||||||
(Cost $11,739,595) | $ | 11,574,474 | ||||||
Other Assets & Liabilities, net - (14.3)% | (1,451,639 | ) | ||||||
Total Net Assets - 100.0% | $ | 10,122,835 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
†† | Value determined based on Level 2 inputs — See Note 5. |
1 | All or portion of this security is on loan at April 30, 2014 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
ADR — American Depositary Receipt | |
GDR — Global Depositary Receipt | |
plc — Public Limited Company |
62 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2014 |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF |
INVESTMENT CONCENTRATION
At April 30, 2014, the investment diversification of the Fund was as follows:
Country | % of Total Investments | |||
United States | 15.51 | % | ||
South Korea | 14.46 | % | ||
Taiwan | 12.83 | % | ||
China | 11.86 | % | ||
South Africa | 6.94 | % | ||
Hong Kong | 5.14 | % | ||
Thailand | 4.46 | % | ||
Malaysia | 4.02 | % | ||
Indonesia | 3.67 | % | ||
Turkey | 3.67 | % | ||
Mexico | 3.32 | % | ||
Brazil | 3.07 | % | ||
Chile | 2.35 | % | ||
Russia | 2.05 | % | ||
Poland | 1.57 | % | ||
Philippines | 1.12 | % | ||
Greece | 0.90 | % | ||
India | 0.66 | % | ||
Colombia | 0.55 | % | ||
Egypt | 0.53 | % | ||
Czech | 0.50 | % | ||
Hungary | 0.48 | % | ||
Peru | 0.34 | % | ||
Grand Total | 100.00 | % |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 63 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.7% | ||||||||
APPAREL, ACCESSORIES & LUXURY GOODS - 8.2% | ||||||||
PVH Corp. | 9,270 | $ | 1,164,034 | |||||
Under Armour, Inc. — Class A* | 22,304 | 1,090,443 | ||||||
VF Corp. | 17,559 | 1,072,679 | ||||||
Fossil Group, Inc.* | 9,483 | 1,011,362 | ||||||
Ralph Lauren Corp. — Class A | 6,658 | 1,007,821 | ||||||
Michael Kors Holdings Ltd.* | 10,864 | 990,797 | ||||||
Coach, Inc. | 21,707 | 969,218 | ||||||
Total Apparel, Accessories & Luxury Goods | 7,306,354 | |||||||
RESTAURANTS - 5.9% | ||||||||
McDonald’s Corp. | 10,928 | 1,107,881 | ||||||
Yum! Brands, Inc. | 14,201 | 1,093,335 | ||||||
Darden Restaurants, Inc. | 21,659 | 1,076,669 | ||||||
Starbucks Corp. | 14,356 | 1,013,821 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 1,850 | 922,225 | ||||||
Total Restaurants | 5,213,931 | |||||||
APPAREL RETAIL - 5.7% | ||||||||
Urban Outfitters, Inc.* | 29,991 | 1,069,329 | ||||||
L Brands, Inc. | 18,727 | 1,015,003 | ||||||
TJX Companies, Inc. | 17,378 | 1,011,052 | ||||||
Ross Stores, Inc. | 14,670 | 998,734 | ||||||
The Gap, Inc. | 25,337 | 995,744 | ||||||
Total Apparel Retail | 5,089,862 | |||||||
INTERNET RETAIL - 5.0% | ||||||||
Expedia, Inc. | 14,073 | 999,042 | ||||||
Priceline Group, Inc.* | 842 | 974,826 | ||||||
Amazon.com, Inc.* | 2,852 | 867,379 | ||||||
TripAdvisor, Inc.* | 10,352 | 835,820 | ||||||
Netflix, Inc.* | 2,511 | 808,642 | ||||||
Total Internet Retail | 4,485,709 | |||||||
HOTELS, RESORTS & CRUISE LINES - 4.9% | ||||||||
Marriott International, Inc. — Class A | 19,788 | 1,146,319 | ||||||
Carnival Corp. | 27,752 | 1,090,931 | ||||||
Wyndham Worldwide Corp. | 14,782 | 1,054,548 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 13,652 | 1,046,426 | ||||||
Total Hotels, Resorts & Cruise Lines | 4,338,224 | |||||||
CABLE & SATELLITE - 4.8% | ||||||||
Time Warner Cable, Inc. | 7,724 | 1,092,637 | ||||||
Comcast Corp. — Class A | 21,051 | 1,089,600 | ||||||
DIRECTV* | 13,865 | 1,075,924 | ||||||
Cablevision Systems Corp. — Class A | 62,791 | 1,048,610 | ||||||
Total Cable & Satellite | 4,306,771 | |||||||
SPECIALTY STORES - 4.8% | ||||||||
Staples, Inc. | 94,349 | 1,179,364 | ||||||
PetSmart, Inc. | 15,747 | 1,065,757 | ||||||
Tiffany & Co. | 11,600 | 1,014,884 | ||||||
Tractor Supply Co. | 15,006 | 1,009,003 | ||||||
Total Specialty Stores | 4,269,008 | |||||||
GENERAL MERCHANDISE STORES - 4.8% | ||||||||
Target Corp. | 17,959 | 1,108,968 | ||||||
Dollar General Corp.* | 18,642 | 1,052,154 | ||||||
Family Dollar Stores, Inc. | 17,682 | 1,038,818 | ||||||
Dollar Tree, Inc.* | 19,772 | 1,029,528 | ||||||
Total General Merchandise Stores | 4,229,468 | |||||||
MOVIES & ENTERTAINMENT - 4.8% | ||||||||
Time Warner, Inc. | 16,014 | 1,064,290 | ||||||
Twenty-First Century Fox, | ||||||||
Inc. — Class A | 33,019 | 1,057,268 | ||||||
Walt Disney Co. | 13,316 | 1,056,491 | ||||||
Viacom, Inc. — Class B | 12,245 | 1,040,580 | ||||||
Total Movies & Entertainment | 4,218,629 | |||||||
AUTOMOTIVE RETAIL - 4.7% | ||||||||
O’Reilly Automotive, Inc.* | 7,213 | 1,073,222 | ||||||
AutoZone, Inc.* | 1,999 | 1,067,246 | ||||||
AutoNation, Inc.* | 20,097 | 1,064,940 | ||||||
CarMax, Inc.* | 22,581 | 988,596 | ||||||
Total Automotive Retail | 4,194,004 | |||||||
AUTO PARTS & EQUIPMENT - 3.6% | ||||||||
Delphi Automotive plc | 16,408 | 1,096,711 | ||||||
BorgWarner, Inc. | 17,442 | 1,083,846 | ||||||
Johnson Controls, Inc. | 23,274 | 1,050,588 | ||||||
Total Auto Parts & Equipment | 3,231,145 | |||||||
DEPARTMENT STORES - 3.6% | ||||||||
Nordstrom, Inc. | 17,384 | 1,065,292 | ||||||
Kohl’s Corp. | 19,415 | 1,063,748 | ||||||
Macy’s, Inc. | 18,199 | 1,045,169 | ||||||
Total Department Stores | 3,174,209 | |||||||
HOMEBUILDING - 3.5% | ||||||||
DR Horton, Inc. | 48,371 | 1,077,706 | ||||||
Lennar Corp. — Class A | 26,643 | 1,028,153 | ||||||
PulteGroup, Inc. | 55,674 | 1,023,845 | ||||||
Total Homebuilding | 3,129,704 | |||||||
BROADCASTING - 3.3% | ||||||||
Scripps Networks Interactive, | ||||||||
Inc. — Class A | 13,540 | 1,016,448 | ||||||
Discovery Communications, | ||||||||
Inc. — Class A* | 12,820 | 973,038 | ||||||
CBS Corp. — Class B | 16,312 | 942,181 | ||||||
Total Broadcasting | 2,931,667 | |||||||
CONSUMER ELECTRONICS - 2.7% | ||||||||
Garmin Ltd.1 | 20,427 | 1,166,383 | ||||||
Harman International Industries, Inc. | 10,198 | 1,117,803 | ||||||
Total Consumer Electronics | 2,284,186 | |||||||
AUTOMOBILE MANUFACTURERS - 2.5% | ||||||||
Ford Motor Co. | 70,702 | 1,141,837 | ||||||
General Motors Co. | 31,276 | 1,078,396 | ||||||
Total Automobile Manufacturers | 2,220,233 |
64 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2014 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF |
Shares | Value | |||||||
LEISURE PRODUCTS - 2.5% | ||||||||
Mattel, Inc. | 28,599 | $ | 1,121,510 | |||||
Hasbro, Inc. | 19,505 | 1,077,846 | ||||||
Total Leisure Products | 2,199,356 | |||||||
COMPUTER & ELECTRONICS RETAIL - 2.4% | ||||||||
GameStop Corp. — Class A | 27,352 | 1,085,327 | ||||||
Best Buy Company, Inc. | 41,484 | 1,075,680 | ||||||
Total Computer & Electronics Retail | 2,161,007 | |||||||
HOME FURNISHINGS - 2.4% | ||||||||
Leggett & Platt, Inc. | 33,877 | 1,113,198 | ||||||
Mohawk Industries, Inc.* | 7,650 | 1,012,937 | ||||||
Total Home Furnishings | 2,126,135 | |||||||
ADVERTISING - 2.3% | ||||||||
Interpublic Group of Companies, Inc. | 62,348 | 1,086,102 | ||||||
Omnicom Group, Inc. | 14,756 | 998,686 | ||||||
Total Advertising | 2,084,788 | |||||||
PUBLISHING - 2.3% | ||||||||
News Corp. — Class A* | 61,165 | 1,041,028 | ||||||
Gannett Company, Inc. | 38,131 | 1,036,019 | ||||||
Total Publishing | 2,077,047 | |||||||
HOME IMPROVEMENT RETAIL - 2.3% | ||||||||
Home Depot, Inc. | 13,433 | 1,068,058 | ||||||
Lowe’s Companies, Inc. | 21,717 | 997,027 | ||||||
Total Home Improvement Retail | 2,065,085 | |||||||
CASINOS & GAMING - 2.1% | ||||||||
Wynn Resorts Ltd. | 4,643 | 946,661 | ||||||
International Game Technology | 71,219 | 893,798 | ||||||
Total Casinos & Gaming | 1,840,459 | |||||||
MOTORCYCLE MANUFACTURERS - 1.3% | ||||||||
Harley-Davidson, Inc. | 15,859 | 1,172,615 | ||||||
HOUSEHOLD APPLIANCES - 1.3% | ||||||||
Whirlpool Corp. | 7,506 | 1,151,270 | ||||||
HOUSEWARES & SPECIALTIES - 1.2% | ||||||||
Newell Rubbermaid, Inc. | 36,361 | 1,094,830 | ||||||
DISTRIBUTORS - 1.2% | ||||||||
Genuine Parts Co. | 12,479 | 1,087,170 | ||||||
SPECIALIZED CONSUMER SERVICES - 1.2% | ||||||||
H&R Block, Inc. | 36,302 | 1,031,703 | ||||||
EDUCATION SERVICES - 1.1% | ||||||||
Graham Holdings Co. — Class B | 1,487 | 998,119 | ||||||
FOOTWEAR - 1.1% | ||||||||
NIKE, Inc. — Class B | 13,615 | 993,214 | ||||||
TIRES & RUBBER - 1.1% | ||||||||
Goodyear Tire & Rubber Co. | 39,069 | 984,539 | ||||||
HOMEFURNISHING RETAIL - 1.1% | ||||||||
Bed Bath & Beyond, Inc.* | 15,608 | 969,725 | ||||||
Total Common Stocks | ||||||||
(Cost $85,768,363) | 88,660,166 | |||||||
SHORT TERM INVESTMENTS† - 0.3% | ||||||||
Federated U.S. Treasury Cash Reserve Fund | 223,464 | 223,464 | ||||||
Total Short Term Investments | ||||||||
(Cost $223,464) | 223,464 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 1.3% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. | ||||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | $ | 529,742 | 529,742 | |||||
Deutsche Bank Securities, Inc. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 355,986 | 355,986 | ||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | 20,041 | 20,041 | ||||||
BNP Paribas Securities Corp. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 241,562 | 241,562 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $1,147,331) | 1,147,331 | |||||||
Total Investments - 101.3% | ||||||||
(Cost $87,139,158) | $ | 90,030,961 | ||||||
Other Assets & Liabilities, net - (1.3)% | (1,138,264 | ) | ||||||
Total Net Assets - 100.0% | $ | 88,892,697 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
†† | Value determined based on Level 2 inputs — See Note 5. |
1 | All or portion of this security is on loan at April 30, 2014 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
plc — Public Limited Company |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 65 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER STAPLES ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.6% | ||||||||
PACKAGED FOODS & MEATS - 32.0% | ||||||||
Kellogg Co. | 47,061 | $ | 3,145,087 | |||||
Mead Johnson Nutrition Co. — Class A | 34,866 | 3,077,273 | ||||||
General Mills, Inc. | 57,579 | 3,052,839 | ||||||
McCormick & Company, Inc. | 42,361 | 3,016,103 | ||||||
Mondelez International, Inc. — Class A | 83,675 | 2,983,014 | ||||||
ConAgra Foods, Inc. | 97,418 | 2,972,223 | ||||||
Campbell Soup Co. | 65,060 | 2,959,579 | ||||||
Kraft Foods Group, Inc. | 51,675 | 2,938,241 | ||||||
Hormel Foods Corp. | 60,818 | 2,900,410 | ||||||
Tyson Foods, Inc. — Class A | 69,101 | 2,900,169 | ||||||
JM Smucker Co. | 29,793 | 2,880,387 | ||||||
Hershey Co. | 26,984 | 2,596,940 | ||||||
Keurig Green Mountain, Inc. | 25,307 | 2,370,760 | ||||||
Total Packaged Foods & Meats | 37,793,025 | |||||||
SOFT DRINKS - 12.4% | ||||||||
Coca-Cola Co. | 75,091 | 3,062,962 | ||||||
PepsiCo, Inc. | 35,382 | 3,038,960 | ||||||
Dr Pepper Snapple Group, Inc. | 54,713 | 3,032,194 | ||||||
Coca-Cola Enterprises, Inc. | 61,635 | 2,800,694 | ||||||
Monster Beverage Corp.* | 40,913 | 2,739,534 | ||||||
Total Soft Drinks | 14,674,344 | |||||||
TOBACCO - 10.6% | ||||||||
Lorillard, Inc. | 55,272 | 3,284,263 | ||||||
Altria Group, Inc. | 78,874 | 3,163,636 | ||||||
Philip Morris International, Inc. | 35,869 | 3,064,289 | ||||||
Reynolds American, Inc. | 52,750 | 2,976,683 | ||||||
Total Tobacco | 12,488,871 | |||||||
HOUSEHOLD PRODUCTS - 10.1% | ||||||||
Colgate-Palmolive Co. | 44,897 | 3,021,568 | ||||||
Procter & Gamble Co. | 36,284 | 2,995,244 | ||||||
Clorox Co. | 32,802 | 2,975,141 | ||||||
Kimberly-Clark Corp. | 26,139 | 2,934,103 | ||||||
Total Household Products | 11,926,056 | |||||||
FOOD RETAIL - 7.2% | ||||||||
Kroger Co. | 65,275 | 3,005,261 | ||||||
Safeway, Inc. | 83,001 | 2,827,014 | ||||||
Whole Foods Market, Inc. | 53,151 | 2,641,605 | ||||||
Total Food Retail | 8,473,880 | |||||||
HYPERMARKETS & SUPER CENTERS - 5.1% | ||||||||
Wal-Mart Stores, Inc. | 38,592 | 3,076,168 | ||||||
Costco Wholesale Corp. | 25,264 | 2,922,540 | ||||||
Total Hypermarkets & Super Centers | 5,998,708 | |||||||
PERSONAL PRODUCTS - 5.1% | ||||||||
Estee Lauder Companies, Inc. — Class A | 41,357 | 3,001,277 | ||||||
Avon Products, Inc. | 194,176 | 2,967,009 | ||||||
Total Personal Products | 5,968,286 | |||||||
DRUG RETAIL - 4.9% | ||||||||
Walgreen Co. | 42,733 | 2,901,571 | ||||||
CVS Caremark Corp. | 39,394 | 2,864,732 | ||||||
Total Drug Retail | 5,766,303 | |||||||
DISTILLERS & VINTNERS - 4.8% | ||||||||
Brown-Forman Corp. — Class B | 32,888 | 2,950,711 | ||||||
Constellation Brands, Inc. — Class A* | 34,737 | 2,773,402 | ||||||
Total Distillers & Vintners | 5,724,113 | |||||||
BREWERS - 2.5% | ||||||||
Molson Coors Brewing Co. — Class B | 49,755 | 2,983,807 | ||||||
AGRICULTURAL PRODUCTS - 2.5% | ||||||||
Archer-Daniels-Midland Co. | 67,424 | 2,948,452 | ||||||
FOOD DISTRIBUTORS - 2.4% | ||||||||
Sysco Corp. | 79,748 | 2,905,220 | ||||||
Total Common Stocks | ||||||||
(Cost $109,034,565) | 117,651,065 | |||||||
SHORT TERM INVESTMENTS† - 0.3% | ||||||||
Federated U.S. Treasury Cash Reserve Fund | 370,071 | 370,071 | ||||||
Total Short Term Investments | ||||||||
(Cost $370,071) | 370,071 | |||||||
Total Investments - 99.9% | ||||||||
(Cost $109,404,636) | $ | 118,021,136 | ||||||
Other Assets & Liabilities, net - 0.1% | 85,582 | |||||||
Total Net Assets - 100.0% | $ | 118,106,718 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
66 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ENERGY ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
OIL & GAS EXPLORATION & PRODUCTION - 38.8% | ||||||||
Newfield Exploration Co.* | 123,924 | $ | 4,194,827 | |||||
Anadarko Petroleum Corp. | 41,788 | 4,137,848 | ||||||
Cabot Oil & Gas Corp. | 100,895 | 3,963,156 | ||||||
Chesapeake Energy Corp. | 136,896 | 3,935,760 | ||||||
Devon Energy Corp. | 54,620 | 3,823,400 | ||||||
ConocoPhillips | 51,449 | 3,823,175 | ||||||
Apache Corp. | 43,242 | 3,753,406 | ||||||
Marathon Oil Corp. | 103,586 | 3,744,634 | ||||||
Southwestern Energy Co.* | 77,748 | 3,722,574 | ||||||
QEP Resources, Inc. | 120,444 | 3,696,426 | ||||||
Noble Energy, Inc. | 51,419 | 3,690,856 | ||||||
Equities Corp. | 33,478 | 3,648,767 | ||||||
EOG Resources, Inc. | 36,840 | 3,610,320 | ||||||
Murphy Oil Corp. | 56,864 | 3,606,884 | ||||||
Pioneer Natural Resources Co. | 18,402 | 3,556,555 | ||||||
Denbury Resources, Inc. | 210,741 | 3,544,664 | ||||||
Range Resources Corp. | 39,062 | 3,533,158 | ||||||
Total Oil & Gas Exploration & Production | 63,986,410 | |||||||
OIL & GAS DRILLING - 16.0% | ||||||||
Diamond Offshore Drilling, Inc.1 | 77,525 | 4,233,640 | ||||||
Nabors Industries Ltd. | 155,754 | 3,974,842 | ||||||
Helmerich & Payne, Inc. | 34,987 | 3,801,338 | ||||||
Transocean Ltd.1 | 88,217 | 3,799,506 | ||||||
Noble Corporation plc | 117,836 | 3,630,527 | ||||||
Ensco plc — Class A | 70,877 | 3,575,745 | ||||||
Rowan Companies plc — Class A | 108,059 | 3,341,184 | ||||||
Total Oil & Gas Drilling | 26,356,782 | |||||||
OIL & GAS EQUIPMENT & SERVICES - 13.8% | ||||||||
Halliburton Co. | 62,091 | 3,916,079 | ||||||
Schlumberger Ltd. | 38,462 | 3,905,816 | ||||||
Baker Hughes, Inc. | 55,445 | 3,875,606 | ||||||
FMC Technologies, Inc.* | 66,732 | 3,783,704 | ||||||
National Oilwell Varco, Inc. | 45,933 | 3,607,118 | ||||||
Cameron International Corp.* | 55,340 | 3,594,886 | ||||||
Total Oil & Gas Equipment & Services | 22,683,209 | |||||||
INTEGRATED OIL & GAS - 8.9% | ||||||||
Hess Corp. | 42,677 | 3,805,081 | ||||||
Chevron Corp. | 30,033 | 3,769,742 | ||||||
Exxon Mobil Corp. | 36,665 | 3,754,863 | ||||||
Occidental Petroleum Corp. | 35,498 | 3,398,934 | ||||||
Total Integrated Oil & Gas | 14,728,620 | |||||||
OIL & GAS STORAGE & TRANSPORTATION - 8.7% | ||||||||
Spectra Energy Corp. | 93,668 | 3,719,556 | ||||||
ONEOK, Inc. | 58,269 | 3,683,766 | ||||||
Kinder Morgan, Inc. | 108,094 | 3,530,350 | ||||||
Williams Companies, Inc. | 82,752 | 3,489,652 | ||||||
Total Oil & Gas Storage & Transportation | 14,423,324 | |||||||
OIL & GAS REFINING & MARKETING - 8.7% | ||||||||
Tesoro Corp. | 64,400 | 3,625,076 | ||||||
Phillips 66 | 43,550 | 3,624,231 | ||||||
Valero Energy Corp. | 63,189 | 3,612,515 | ||||||
Marathon Petroleum Corp. | 36,457 | 3,388,678 | ||||||
Total Oil & Gas Refining & Marketing | 14,250,500 | |||||||
COAL & CONSUMABLE FUELS - 5.0% | ||||||||
Peabody Energy Corp. | 221,355 | 4,207,959 | ||||||
CONSOL Energy, Inc. | 88,798 | 3,952,399 | ||||||
Total Coal & Consumable Fuels | 8,160,358 | |||||||
Total Common Stocks | ||||||||
(Cost $149,880,216) | 164,589,203 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 176,667 | 176,667 | ||||||
Total Short Term Investments | ||||||||
(Cost $176,667) | 176,667 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 4.2% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. | ||||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | $ | 3,215,808 | 3,215,808 | |||||
Deutsche Bank Securities, Inc. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 2,161,024 | 2,161,024 | ||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | 121,660 | 121,660 | ||||||
BNP Paribas Securities Corp. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 1,466,408 | 1,466,408 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $6,964,900) | 6,964,900 | |||||||
Total Investments - 104.2% | ||||||||
(Cost $157,021,783) | $ | 171,730,770 | ||||||
Other Assets & Liabilities, net - (4.2)% | (6,915,070 | ) | ||||||
Total Net Assets - 100.0% | $ | 164,815,700 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
†† | Value determined based on Level 2 inputs — See Note 5. |
1 | All or portion of this security is on loan at April 30, 2014 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
plc — Public Limited Company |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 67 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
ASSET MANAGEMENT & CUSTODY BANKS - 10.9% | ||||||||
Legg Mason, Inc. | 32,697 | $ | 1,533,162 | |||||
Ameriprise Financial, Inc. | 13,670 | 1,525,982 | ||||||
Franklin Resources, Inc. | 28,939 | 1,514,957 | ||||||
T. Rowe Price Group, Inc. | 18,427 | 1,513,410 | ||||||
Bank of New York Mellon Corp. | 44,658 | 1,512,566 | ||||||
Invesco Ltd. | 42,846 | 1,508,608 | ||||||
BlackRock, Inc. — Class A | 5,001 | 1,505,301 | ||||||
State Street Corp. | 22,858 | 1,475,712 | ||||||
Northern Trust Corp. | 23,849 | 1,436,902 | ||||||
Total Asset Management & Custody Banks | 13,526,600 | |||||||
REGIONAL BANKS - 10.4% | ||||||||
M&T Bank Corp. | 12,598 | 1,537,082 | ||||||
PNC Financial Services Group, Inc. | 17,857 | 1,500,702 | ||||||
SunTrust Banks, Inc. | 38,311 | 1,465,779 | ||||||
KeyCorp | 107,285 | 1,463,367 | ||||||
BB&T Corp. | 38,459 | 1,435,674 | ||||||
Huntington Bancshares, Inc. | 154,599 | 1,416,127 | ||||||
Regions Financial Corp. | 139,182 | 1,411,305 | ||||||
Fifth Third Bancorp | 66,229 | 1,364,980 | ||||||
Zions Bancorporation | 47,196 | 1,364,908 | ||||||
Total Regional Banks | 12,959,924 | |||||||
PROPERTY & CASUALTY INSURANCE - 8.7% | ||||||||
Travelers Companies, Inc. | 17,902 | 1,621,563 | ||||||
Chubb Corp. | 17,177 | 1,581,658 | ||||||
ACE Ltd. | 15,128 | 1,547,897 | ||||||
XL Group plc — Class A | 49,363 | 1,547,530 | ||||||
Allstate Corp. | 26,838 | 1,528,424 | ||||||
Cincinnati Financial Corp. | 31,276 | 1,524,392 | ||||||
Progressive Corp. | 62,427 | 1,513,855 | ||||||
Total Property & Casualty Insurance | 10,865,319 | |||||||
LIFE & HEALTH INSURANCE - 8.2% | ||||||||
Principal Financial Group, Inc. | 32,608 | 1,527,359 | ||||||
Torchmark Corp. | 18,967 | 1,511,670 | ||||||
MetLife, Inc. | 28,613 | 1,497,891 | ||||||
Aflac, Inc. | 23,080 | 1,447,578 | ||||||
Prudential Financial, Inc. | 17,672 | 1,425,777 | ||||||
Lincoln National Corp. | 29,346 | 1,423,574 | ||||||
Unum Group | 42,417 | 1,409,093 | ||||||
Total Life & Health Insurance | 10,242,942 | |||||||
DIVERSIFIED BANKS - 7.0% | ||||||||
Wells Fargo & Co. | 31,210 | 1,549,264 | ||||||
Citigroup, Inc. | 31,557 | 1,511,896 | ||||||
Comerica, Inc. | 30,440 | 1,468,426 | ||||||
JPMorgan Chase & Co. | 26,046 | 1,458,055 | ||||||
U.S. Bancorp | 35,619 | 1,452,543 | ||||||
Bank of America Corp. | 88,066 | 1,333,319 | ||||||
Total Diversified Banks | 8,773,503 | |||||||
MULTI-LINE INSURANCE - 6.2% | ||||||||
American International Group, Inc. | 30,448 | 1,617,702 | ||||||
Genworth Financial, Inc. — Class A* | 89,021 | 1,589,025 | ||||||
Assurant, Inc. | 22,636 | 1,525,893 | ||||||
Hartford Financial Services Group, Inc. | 41,973 | 1,505,572 | ||||||
Loews Corp. | 33,651 | 1,479,634 | ||||||
Total Multi-Line Insurance | 7,717,826 | |||||||
SPECIALIZED REITs - 6.1% | ||||||||
Public Storage | 8,796 | 1,543,786 | ||||||
Plum Creek Timber Company, Inc. | 35,345 | 1,541,042 | ||||||
American Tower Corp. — Class A | 18,405 | 1,537,186 | ||||||
Weyerhaeuser Co. | 49,548 | 1,479,008 | ||||||
Crown Castle International Corp. | 19,744 | 1,435,981 | ||||||
Total Specialized REITs | 7,537,003 | |||||||
SPECIALIZED FINANCE - 5.7% | ||||||||
IntercontinentalExchange Group, Inc. | 7,220 | 1,476,057 | ||||||
Moody’s Corp. | 18,338 | 1,439,533 | ||||||
NASDAQ OMX Group, Inc. | 37,616 | 1,388,030 | ||||||
CME Group, Inc. — Class A | 19,633 | 1,381,967 | ||||||
McGraw Hill Financial, Inc. | 18,597 | 1,374,876 | ||||||
Total Specialized Finance | 7,060,463 | |||||||
RETAIL REITs - 5.0% | ||||||||
Macerich Co. | 24,670 | 1,601,330 | ||||||
Simon Property Group, Inc. | 9,188 | 1,591,362 | ||||||
Kimco Realty Corp. | 67,620 | 1,549,850 | ||||||
General Growth Properties, Inc. | 66,643 | 1,530,790 | ||||||
Total Retail REITs | 6,273,332 | |||||||
RESIDENTIAL REITs - 5.0% | ||||||||
Essex Property Trust, Inc. | 9,469 | 1,640,599 | ||||||
AvalonBay Communities, Inc. | 11,399 | 1,556,533 | ||||||
Equity Residential | 25,477 | 1,514,353 | ||||||
Apartment Investment & Management | ||||||||
Co. — Class A | 48,638 | 1,499,510 | ||||||
Total Residential REITs | 6,210,995 | |||||||
CONSUMER FINANCE - 4.8% | ||||||||
Navient Corp.* | 93,955 | 1,554,955 | ||||||
Capital One Financial Corp. | 20,491 | 1,514,285 | ||||||
Discover Financial Services | 25,876 | 1,446,468 | ||||||
American Express Co. | 16,407 | 1,434,464 | ||||||
Total Consumer Finance | 5,950,172 | |||||||
INVESTMENT BANKING & BROKERAGE - 4.7% | ||||||||
Charles Schwab Corp. | 56,797 | 1,507,960 | ||||||
Morgan Stanley | 47,573 | 1,471,433 | ||||||
Goldman Sachs Group, Inc. | 8,951 | 1,430,549 | ||||||
E*TRADE Financial Corp.* | 62,982 | 1,413,946 | ||||||
Total Investment Banking & Brokerage | 5,823,888 | |||||||
HEALTH CARE REITs - 3.9% | ||||||||
HCP, Inc. | 39,813 | 1,666,573 | ||||||
Ventas, Inc. | 24,352 | 1,609,180 | ||||||
Health Care REIT, Inc. | 25,107 | 1,584,001 | ||||||
Total Health Care REITs | 4,859,754 | |||||||
THRIFTS & MORTGAGE FINANCE - 2.4% | ||||||||
Hudson City Bancorp, Inc. | 154,761 | 1,541,420 | ||||||
People’s United Financial, Inc. | 102,669 | 1,466,113 | ||||||
Total Thrifts & Mortgage Finance | 3,007,533 |
68 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2014 |
GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF |
Shares | Value | |||||||
INSURANCE BROKERS - 2.4% | ||||||||
Aon plc | 17,739 | $ | 1,505,686 | |||||
Marsh & McLennan Companies, Inc. | 30,122 | 1,485,316 | ||||||
Total Insurance Brokers | 2,991,002 | |||||||
MULTI-SECTOR HOLDINGS - 2.4% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 12,080 | 1,556,508 | ||||||
Leucadia National Corp. | 56,191 | 1,433,994 | ||||||
Total Multi-Sector Holdings | 2,990,502 | |||||||
HOTEL & RESORT REITs - 1.3% | ||||||||
Host Hotels & Resorts, Inc. | 72,561 | 1,556,433 | ||||||
DIVERSIFIED REITs - 1.2% | ||||||||
Vornado Realty Trust | 15,165 | 1,555,929 | ||||||
OFFICE REITs - 1.2% | ||||||||
Boston Properties, Inc. | 13,227 | 1,549,411 | ||||||
INDUSTRIAL REITs - 1.2% | ||||||||
Prologis, Inc. | 36,810 | 1,495,590 | ||||||
REAL ESTATE SERVICES - 1.2% | ||||||||
CBRE Group, Inc. — Class A* | 54,334 | 1,447,458 | ||||||
Total Common Stocks | ||||||||
(Cost $117,126,853) | 124,395,579 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund | 132,918 | 132,918 | ||||||
Total Short Term Investments | ||||||||
(Cost $132,918) | 132,918 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $117,259,771) | $ | 124,528,497 | ||||||
Other Assets & Liabilities, net - 0.0% | 31,476 | |||||||
Total Net Assets - 100.0% | $ | 124,559,973 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
plc — Public Limited Company | |
REIT — Real Estate Investment Trust |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 69 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM S&P 500® EQUAL WEIGHT HEALTH CARE ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
HEALTH CARE EQUIPMENT - 26.0% | ||||||||
Edwards Lifesciences Corp.* | 49,637 | $ | 4,043,927 | |||||
Baxter International, Inc. | 53,862 | 3,920,616 | ||||||
Zimmer Holdings, Inc. | 38,033 | 3,681,594 | ||||||
Covidien plc | 50,978 | 3,632,183 | ||||||
Medtronic, Inc. | 60,846 | 3,578,962 | ||||||
Abbott Laboratories | 91,895 | 3,560,012 | ||||||
Becton Dickinson and Co. | 31,049 | 3,509,468 | ||||||
St. Jude Medical, Inc. | 54,793 | 3,477,712 | ||||||
CareFusion Corp.* | 88,994 | 3,476,106 | ||||||
Boston Scientific Corp.* | 275,279 | 3,471,268 | ||||||
Stryker Corp. | 44,623 | 3,469,438 | ||||||
CR Bard, Inc. | 24,710 | 3,393,424 | ||||||
Varian Medical Systems, Inc.* | 42,510 | 3,381,671 | ||||||
Intuitive Surgical, Inc.* | 8,470 | 3,063,599 | ||||||
Total Health Care Equipment | 49,659,980 | |||||||
PHARMACEUTICALS - 24.9% | ||||||||
Allergan, Inc. | 27,898 | 4,626,605 | ||||||
Johnson & Johnson | 38,588 | 3,908,579 | ||||||
Hospira, Inc.* | 85,073 | 3,896,343 | ||||||
Merck & Company, Inc. | 64,301 | 3,765,467 | ||||||
Zoetis, Inc. | 121,728 | 3,683,489 | ||||||
AbbVie, Inc. | 69,924 | 3,641,642 | ||||||
Eli Lilly & Co. | 60,828 | 3,594,935 | ||||||
Pfizer, Inc. | 114,673 | 3,586,971 | ||||||
Mylan, Inc.* | 68,044 | 3,455,274 | ||||||
Forest Laboratories, Inc.* | 37,496 | 3,446,257 | ||||||
Actavis plc* | 16,689 | 3,410,063 | ||||||
Bristol-Myers Squibb Co. | 66,325 | 3,322,219 | ||||||
Perrigo Company plc | 21,648 | 3,135,929 | ||||||
Total Pharmaceuticals | 47,473,773 | |||||||
BIOTECHNOLOGY - 12.2% | ||||||||
Gilead Sciences, Inc.* | 47,721 | 3,745,621 | ||||||
Celgene Corp.* | 23,977 | 3,524,859 | ||||||
Amgen, Inc. | 29,223 | 3,265,670 | ||||||
Alexion Pharmaceuticals, Inc.* | 20,430 | 3,232,026 | ||||||
Regeneron Pharmaceuticals, Inc.* | 10,870 | 3,227,194 | ||||||
Vertex Pharmaceuticals, Inc.* | 45,732 | 3,096,056 | ||||||
Biogen Idec, Inc.* | 10,780 | 3,095,154 | ||||||
Total Biotechnology | 23,186,580 | |||||||
MANAGED HEALTH CARE - 9.6% | ||||||||
WellPoint, Inc. | 38,356 | 3,861,682 | ||||||
Cigna Corp. | 46,788 | 3,744,912 | ||||||
Humana, Inc. | 32,715 | 3,590,471 | ||||||
Aetna, Inc. | 50,083 | 3,578,430 | ||||||
UnitedHealth Group, Inc. | 47,308 | 3,549,992 | ||||||
Total Managed Health Care | 18,325,487 | |||||||
HEALTH CARE SERVICES - 7.4% | ||||||||
Quest Diagnostics, Inc. | 66,826 | 3,737,578 | ||||||
Laboratory Corporation of | ||||||||
America Holdings* | 37,442 | 3,695,525 | ||||||
DaVita HealthCare Partners, Inc.* | 52,519 | 3,639,567 | ||||||
Express Scripts Holding Co.* | 46,289 | 3,081,922 | ||||||
Total Health Care Services | 14,154,592 | |||||||
HEALTH CARE DISTRIBUTORS - 7.2% | ||||||||
Patterson Companies, Inc. | 87,026 | 3,541,958 | ||||||
AmerisourceBergen Corp. — Class A | 53,003 | 3,454,736 | ||||||
Cardinal Health, Inc. | 49,547 | 3,444,012 | ||||||
McKesson Corp. | 19,804 | 3,350,639 | ||||||
Total Health Care Distributors | 13,791,345 | |||||||
LIFE SCIENCES TOOLS & SERVICES - 7.0% | ||||||||
Agilent Technologies, Inc. | 64,605 | 3,491,254 | ||||||
PerkinElmer, Inc. | 80,023 | 3,358,565 | ||||||
Thermo Fisher Scientific, Inc. | 29,294 | 3,339,516 | ||||||
Waters Corp.* | 31,678 | 3,121,550 | ||||||
Total Life Sciences Tools & Services | 13,310,885 | |||||||
HEALTH CARE FACILITIES - 2.1% | ||||||||
Tenet Healthcare Corp.* | 89,979 | 4,056,254 | ||||||
HEALTH CARE SUPPLIES - 1.9% | ||||||||
DENTSPLY International, Inc. | 79,826 | 3,562,634 | ||||||
HEALTH CARE TECHNOLOGY - 1.6% | ||||||||
Cerner Corp.* | 60,417 | 3,099,392 | ||||||
Total Common Stocks | ||||||||
(Cost $173,453,456) | 190,620,922 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund | 214,884 | 214,884 | ||||||
Total Short Term Investments | ||||||||
(Cost $214,884) | 214,884 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $173,668,340) | $ | 190,835,806 | ||||||
Other Assets & Liabilities, net - 0.0% | 43,583 | |||||||
Total Net Assets - 100.0% | $ | 190,879,389 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
plc — Public Limited Company |
70 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
AEROSPACE & DEFENSE - 16.9% | ||||||||
Textron, Inc. | 41,977 | $ | 1,716,859 | |||||
United Technologies Corp. | 14,070 | 1,664,903 | ||||||
Boeing Co. | 12,873 | 1,660,874 | ||||||
General Dynamics Corp. | 14,719 | 1,610,995 | ||||||
Lockheed Martin Corp. | 9,755 | 1,601,186 | ||||||
Honeywell International, Inc. | 17,226 | 1,600,295 | ||||||
Precision Castparts Corp. | 6,285 | 1,590,671 | ||||||
L-3 Communications Holdings, Inc. | 13,745 | 1,585,761 | ||||||
Northrop Grumman Corp. | 13,047 | 1,585,341 | ||||||
Rockwell Collins, Inc. | 19,879 | 1,543,604 | ||||||
Raytheon Co. | 15,831 | 1,511,544 | ||||||
Total Aerospace & Defense | 17,672,033 | |||||||
INDUSTRIAL MACHINERY - 14.0% | ||||||||
Parker Hannifin Corp. | 13,636 | 1,730,136 | ||||||
Dover Corp. | 19,855 | 1,715,472 | ||||||
Illinois Tool Works, Inc. | 19,735 | 1,682,014 | ||||||
Ingersoll-Rand plc | 27,849 | 1,665,370 | ||||||
Snap-on, Inc. | 14,268 | 1,655,088 | ||||||
Xylem, Inc. | 43,067 | 1,618,889 | ||||||
Pall Corp. | 18,388 | 1,547,350 | ||||||
Flowserve Corp. | 20,847 | 1,522,873 | ||||||
Pentair Ltd. | 20,463 | 1,520,196 | ||||||
Total Industrial Machinery | 14,657,388 | |||||||
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS - 6.5% | ||||||||
Caterpillar, Inc. | 16,613 | 1,751,010 | ||||||
Joy Global, Inc. | 28,420 | 1,716,000 | ||||||
Cummins, Inc. | 11,368 | 1,714,863 | ||||||
PACCAR, Inc. | 24,378 | 1,559,704 | ||||||
Total Construction & Farm Machinery & | ||||||||
Heavy Trucks | 6,741,577 | |||||||
AIR FREIGHT & LOGISTICS - 6.4% | ||||||||
CH Robinson Worldwide, Inc. | 30,988 | 1,825,194 | ||||||
Expeditors International of Washington, Inc. | 40,654 | 1,676,571 | ||||||
United Parcel Service, Inc. — Class B | 16,456 | 1,620,916 | ||||||
FedEx Corp. | 11,584 | 1,578,320 | ||||||
Total Air Freight & Logistics | 6,701,001 | |||||||
INDUSTRIAL CONGLOMERATES - 6.3% | ||||||||
3M Co. | 12,203 | 1,697,315 | ||||||
General Electric Co. | 63,107 | 1,696,947 | ||||||
Roper Industries, Inc. | 11,820 | 1,642,389 | ||||||
Danaher Corp. | 21,472 | 1,575,615 | ||||||
Total Industrial Conglomerates | 6,612,266 | |||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 6.2% | ||||||||
Emerson Electric Co. | 25,329 | 1,726,931 | ||||||
Eaton Corporation plc | 22,231 | 1,614,860 | ||||||
AMETEK, Inc. | 30,116 | 1,587,716 | ||||||
Rockwell Automation, Inc. | 13,208 | 1,574,129 | ||||||
Total Electrical Components & Equipment | 6,503,636 | |||||||
RAILROADS - 6.2% | ||||||||
Kansas City Southern | 16,402 | 1,654,634 | ||||||
Union Pacific Corp. | 8,558 | 1,629,700 | ||||||
Norfolk Southern Corp. | 16,764 | 1,584,701 | ||||||
CSX Corp. | 55,835 | 1,575,664 | ||||||
Total Railroads | 6,444,699 | |||||||
RESEARCH & CONSULTING SERVICES - 4.9% | ||||||||
Dun & Bradstreet Corp. | 16,138 | 1,787,445 | ||||||
Nielsen N.V. | 36,126 | 1,696,116 | ||||||
Equifax, Inc. | 22,310 | 1,579,771 | ||||||
Total Research & Consulting Services | 5,063,332 | |||||||
ENVIRONMENTAL & FACILITIES SERVICES - 4.8% | ||||||||
Waste Management, Inc. | 38,831 | 1,726,038 | ||||||
Republic Services, Inc. — Class A | 47,545 | 1,668,354 | ||||||
Stericycle, Inc.* | 13,769 | 1,603,262 | ||||||
Total Environmental & Facilities Services | 4,997,654 | |||||||
CONSTRUCTION & ENGINEERING - 4.5% | ||||||||
Fluor Corp. | 21,322 | 1,614,075 | ||||||
Quanta Services, Inc.* | 44,828 | 1,581,532 | ||||||
Jacobs Engineering Group, Inc.* | 25,316 | 1,460,733 | ||||||
Total Construction & Engineering | 4,656,340 | |||||||
AIRLINES - 3.2% | ||||||||
Delta Air Lines, Inc. | 46,442 | 1,710,459 | ||||||
Southwest Airlines Co. | 66,243 | 1,601,093 | ||||||
Total Airlines | 3,311,552 | |||||||
TRADING COMPANIES & DISTRIBUTORS - 3.1% | ||||||||
Fastenal Co. | 32,660 | 1,635,613 | ||||||
WW Grainger, Inc. | 6,418 | 1,632,739 | ||||||
Total Trading Companies & Distributors | 3,268,352 | |||||||
SECURITY & ALARM SERVICES - 3.1% | ||||||||
ADT Corp. | 56,432 | 1,706,504 | ||||||
Tyco International Ltd. | 36,944 | 1,511,010 | ||||||
Total Security & Alarm Services | 3,217,514 | |||||||
DIVERSIFIED SUPPORT SERVICES - 3.1% | ||||||||
Iron Mountain, Inc. | 57,790 | 1,643,548 | ||||||
Cintas Corp. | 26,683 | 1,572,429 | ||||||
Total Diversified Support Services | 3,215,977 | |||||||
BUILDING PRODUCTS - 2.7% | ||||||||
Allegion plc | 29,726 | 1,466,978 | ||||||
Masco Corp. | 69,621 | 1,398,686 | ||||||
Total Building Products | 2,865,664 | |||||||
HOUSEHOLD APPLIANCES - 1.6% | ||||||||
Stanley Black & Decker, Inc. | 20,053 | 1,722,352 | ||||||
HUMAN RESOURCES & EMPLOYMENT SERVICES - 1.6% | ||||||||
Robert Half International, Inc. | 38,424 | 1,721,395 | ||||||
AGRICULTURAL & FARM MACHINERY - 1.6% | ||||||||
Deere & Co. | 18,176 | 1,696,548 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 71 |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2014 |
GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF |
Shares | Value | |||||||
TRUCKING - 1.6% | ||||||||
Ryder System, Inc. | 20,518 | $ | 1,686,169 | |||||
OFFICE SERVICES & SUPPLIES - 1.6% | ||||||||
Pitney Bowes, Inc. | 62,758 | 1,681,914 | ||||||
Total Common Stocks | ||||||||
(Cost $97,468,173) | 104,437,363 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund | 132,832 | 132,832 | ||||||
Total Short Term Investments | ||||||||
(Cost $132,832) | 132,832 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $97,601,005) | $ | 104,570,195 | ||||||
Other Assets & Liabilities, net - 0.0% | 47,863 | |||||||
Total Net Assets - 100.0% | $ | 104,618,058 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
plc — Public Limited Company |
72 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM S&P 500® EQUAL WEIGHT MATERIALS ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.8% | ||||||||
SPECIALTY CHEMICALS - 16.3% | ||||||||
International Flavors & Fragrances, Inc. | 30,049 | $ | 2,960,427 | |||||
Sigma-Aldrich Corp. | 29,338 | 2,822,609 | ||||||
PPG Industries, Inc. | 14,341 | 2,776,704 | ||||||
Sherwin-Williams Co. | 13,811 | 2,759,990 | ||||||
Ecolab, Inc. | 25,683 | 2,687,469 | ||||||
Total Specialty Chemicals | 14,007,199 | |||||||
PAPER PACKAGING - 13.4% | ||||||||
MeadWestvaco Corp. | 76,656 | 2,994,950 | ||||||
Sealed Air Corp. | 86,939 | 2,982,877 | ||||||
Bemis Company, Inc. | 72,569 | 2,920,177 | ||||||
Avery Dennison Corp. | 55,271 | 2,689,487 | ||||||
Total Paper Packaging | 11,587,491 | |||||||
DIVERSIFIED CHEMICALS - 13.2% | ||||||||
Eastman Chemical Co. | 33,327 | 2,905,115 | ||||||
Dow Chemical Co. | 57,350 | 2,861,765 | ||||||
EI du Pont de Nemours & Co. | 42,422 | 2,855,849 | ||||||
FMC Corp. | 35,322 | 2,719,794 | ||||||
Total Diversified Chemicals | 11,342,523 | |||||||
STEEL - 10.8% | ||||||||
Allegheny Technologies, Inc. | 81,441 | 3,355,369 | ||||||
United States Steel Corp.1 | 116,011 | 3,018,606 | ||||||
Nucor Corp. | 57,531 | 2,977,229 | ||||||
Total Steel | 9,351,204 | |||||||
FERTILIZERS & AGRICULTURAL CHEMICALS - 9.7% | ||||||||
Mosaic Co. | 58,242 | 2,914,430 | ||||||
Monsanto Co. | 24,650 | 2,728,755 | ||||||
CF Industries Holdings, Inc. | 11,062 | 2,712,071 | ||||||
Total Fertilizers & Agricultural Chemicals | 8,355,256 | |||||||
INDUSTRIAL GASES - 9.6% | ||||||||
Airgas, Inc. | 26,296 | 2,794,213 | ||||||
Praxair, Inc. | 21,176 | 2,764,527 | ||||||
Air Products & Chemicals, Inc. | 23,297 | 2,737,863 | ||||||
Total Industrial Gases | 8,296,603 | |||||||
METAL & GLASS CONTAINERS - 6.6% | ||||||||
Ball Corp. | 51,643 | 2,901,820 | ||||||
Owens-Illinois, Inc.* | 86,408 | 2,746,046 | ||||||
Total Metal & Glass Containers | 5,647,866 | |||||||
ALUMINUM - 3.7% | ||||||||
Alcoa, Inc. | 235,649 | 3,174,192 | ||||||
DIVERSIFIED METALS & MINING - 3.6% | ||||||||
Freeport-McMoRan Copper & Gold, Inc. | 89,826 | 3,087,320 | ||||||
COMMODITY CHEMICALS - 3.4% | ||||||||
LyondellBasell Industries N.V. — Class A | 31,374 | 2,902,095 | ||||||
PAPER PRODUCTS - 3.3% | ||||||||
International Paper Co. | 60,488 | 2,821,765 | ||||||
CONSTRUCTION MATERIALS - 3.1% | ||||||||
Vulcan Materials Co. | 42,129 | 2,718,584 | ||||||
GOLD - 3.1% | ||||||||
Newmont Mining Corp. | 106,566 | 2,646,034 | ||||||
Total Common Stocks | ||||||||
(Cost $75,127,589) | 85,938,132 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund | 90,108 | 90,108 | ||||||
Total Short Term Investments | ||||||||
(Cost $90,108) | 90,108 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 3.6% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. | ||||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | $ | 1,426,150 | 1,426,150 | |||||
Deutsche Bank Securities, Inc. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 958,372 | 958,372 | ||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | 53,954 | 53,954 | ||||||
BNP Paribas Securities Corp. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 650,324 | 650,324 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $3,088,800) | 3,088,800 | |||||||
Total Investments - 103.5% | ||||||||
(Cost $78,306,497) | $ | 89,117,040 | ||||||
Other Assets & Liabilities, net - (3.5)% | (3,027,110 | ) | ||||||
Total Net Assets - 100.0% | $ | 86,089,930 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
†† | Value determined based on Level 2 inputs — See Note 5. |
1 | All or portion of this security is on loan at April 30, 2014 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 73 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM S&P 500® EQUAL WEIGHT TECHNOLOGY ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
SEMICONDUCTORS - 19.0% | ||||||||
First Solar, Inc.* | 154,928 | $ | 10,456,090 | |||||
Micron Technology, Inc.* | 349,319 | 9,124,212 | ||||||
Intel Corp. | 341,619 | 9,117,811 | ||||||
NVIDIA Corp. | 469,676 | 8,674,916 | ||||||
Microchip Technology, Inc.1 | 181,670 | 8,636,592 | ||||||
Broadcom Corp. — Class A | 279,556 | 8,613,120 | ||||||
Texas Instruments, Inc. | 188,910 | 8,585,960 | ||||||
Analog Devices, Inc. | 167,106 | 8,570,867 | ||||||
LSI Corp. | 754,718 | 8,407,559 | ||||||
Linear Technology Corp. | 180,161 | 8,017,165 | ||||||
Altera Corp. | 237,162 | 7,712,508 | ||||||
Xilinx, Inc. | 161,289 | 7,611,228 | ||||||
Total Semiconductors | 103,528,028 | |||||||
DATA PROCESSING & OUTSOURCED SERVICES - 16.8% | ||||||||
Xerox Corp. | 789,622 | 9,546,529 | ||||||
Fiserv, Inc.* | 146,223 | 8,887,434 | ||||||
Total System Services, Inc. | 277,422 | 8,813,697 | ||||||
Fidelity National Information Services, Inc. | 158,652 | 8,476,776 | ||||||
Automatic Data Processing, Inc. | 107,930 | 8,414,223 | ||||||
Paychex, Inc. | 200,125 | 8,367,226 | ||||||
Western Union Co. | 525,423 | 8,338,463 | ||||||
MasterCard, Inc. — Class A | 109,646 | 8,064,463 | ||||||
Computer Sciences Corp. | 135,593 | 8,024,394 | ||||||
Visa, Inc. — Class A | 37,916 | 7,682,161 | ||||||
Alliance Data Systems Corp.* | 30,048 | 7,268,611 | ||||||
Total Data Processing & Outsourced Services | 91,883,977 | |||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 11.4% | ||||||||
SanDisk Corp. | 114,208 | 9,704,253 | ||||||
Hewlett-Packard Co. | 287,926 | 9,518,834 | ||||||
Apple, Inc. | 15,945 | 9,408,985 | ||||||
Seagate Technology plc | 166,897 | 8,775,444 | ||||||
Western Digital Corp. | 98,431 | 8,674,724 | ||||||
NetApp, Inc. | 228,876 | 8,150,274 | ||||||
EMC Corp. | 310,567 | 8,012,629 | ||||||
Total Technology Hardware, Storage & | ||||||||
Peripherals | 62,245,143 | |||||||
COMMUNICATIONS EQUIPMENT - 9.3% | ||||||||
Cisco Systems, Inc. | 392,048 | 9,060,229 | ||||||
QUALCOMM, Inc. | 111,990 | 8,814,733 | ||||||
Harris Corp. | 115,338 | 8,479,650 | ||||||
Motorola Solutions, Inc. | 131,450 | 8,357,591 | ||||||
F5 Networks, Inc.* | 77,882 | 8,190,850 | ||||||
Juniper Networks, Inc.* | 326,679 | 8,065,705 | ||||||
Total Communications Equipment | 50,968,758 | |||||||
INTERNET SOFTWARE & SERVICES - 8.3% | ||||||||
Yahoo!, Inc.* | 222,599 | 8,002,434 | ||||||
eBay, Inc.* | 147,520 | 7,645,962 | ||||||
Akamai Technologies, Inc.* | 140,615 | 7,462,438 | ||||||
Facebook, Inc. — Class A* | 123,582 | 7,387,732 | ||||||
VeriSign, Inc.* | 152,584 | 7,198,913 | ||||||
Google, Inc. — Class A* | 7,156 | 3,827,601 | ||||||
Google, Inc. — Class C* | 7,156 | 3,768,779 | ||||||
Total Internet Software & Services | 45,293,859 | |||||||
SYSTEMS SOFTWARE - 7.6% | ||||||||
Oracle Corp. | 222,599 | 9,099,847 | ||||||
Microsoft Corp. | 222,013 | 8,969,325 | ||||||
Symantec Corp. | 415,191 | 8,420,073 | ||||||
CA, Inc. | 265,871 | 8,013,352 | ||||||
Red Hat, Inc.* | 145,260 | 7,066,899 | ||||||
Total Systems Software | 41,569,496 | |||||||
APPLICATION SOFTWARE - 7.2% | ||||||||
Citrix Systems, Inc.* | 139,945 | 8,300,138 | ||||||
Autodesk, Inc.* | 165,850 | 7,964,117 | ||||||
Intuit, Inc. | 104,750 | 7,934,813 | ||||||
Adobe Systems, Inc.* | 124,587 | 7,685,772 | ||||||
Salesforce.com, Inc.* | 143,917 | 7,433,313 | ||||||
Total Application Software | 39,318,153 | |||||||
IT CONSULTING & OTHER SERVICES - 6.2% | ||||||||
International Business Machines Corp. | 45,951 | 9,027,993 | ||||||
Teradata Corp.* | 187,277 | 8,513,612 | ||||||
Accenture plc — Class A | 102,867 | 8,251,991 | ||||||
Cognizant Technology Solutions | ||||||||
Corp. — Class A* | 166,562 | 7,979,153 | ||||||
Total IT Consulting & Other Services | 33,772,749 | |||||||
SEMICONDUCTOR EQUIPMENT - 4.7% | ||||||||
Lam Research Corp. | 159,113 | 9,166,500 | ||||||
Applied Materials, Inc. | 447,122 | 8,522,145 | ||||||
KLA-Tencor Corp. | 125,131 | 8,007,133 | ||||||
Total Semiconductor Equipment | 25,695,778 | |||||||
ELECTRONIC COMPONENTS - 3.3% | ||||||||
Corning, Inc. | 443,566 | 9,274,965 | ||||||
Amphenol Corp. — Class A | 92,488 | 8,818,731 | ||||||
Total Electronic Components | 18,093,696 | |||||||
ELECTRONIC MANUFACTURING SERVICES - 3.1% | ||||||||
TE Connectivity Ltd. | 146,851 | 8,661,272 | ||||||
Jabil Circuit, Inc. | 472,065 | 8,147,842 | ||||||
Total Electronic Manufacturing Services | 16,809,114 | |||||||
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.5% | ||||||||
FLIR Systems, Inc. | 245,239 | 8,347,936 | ||||||
HOME ENTERTAINMENT SOFTWARE - 1.5% | ||||||||
Electronic Arts, Inc.* | 282,772 | 8,002,448 | ||||||
Total Common Stocks | ||||||||
(Cost $503,603,836) | 545,529,135 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund | 737,347 | 737,347 | ||||||
Total Short Term Investments | ||||||||
(Cost $737,347) | 737,347 |
74 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2014 |
GUGGENHEIM S&P 500® EQUAL WEIGHT TECHNOLOGY ETF |
Face | ||||||||
Amount | Value | |||||||
SECURITIES LENDING COLLATERAL††,2 - 1.4% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. | ||||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | $ | 3,564,450 | $ | 3,564,450 | ||||
Deutsche Bank Securities, Inc. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 2,395,311 | 2,395,311 | ||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | 134,850 | 134,850 | ||||||
BNP Paribas Securities Corp. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 1,625,389 | 1,625,389 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $7,720,000) | 7,720,000 | |||||||
Total Investments - 101.4% | ||||||||
(Cost $512,061,183) | $ | 553,986,482 | ||||||
Other Assets & Liabilities, net - (1.4)% | (7,741,002 | ) | ||||||
Total Net Assets - 100.0% | $ | 546,245,480 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
†† | Value determined based on Level 2 inputs — See Note 5. |
1 | All or portion of this security is on loan at April 30, 2014 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
plc — Public Limited Company |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 75 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM S&P 500® EQUAL WEIGHT UTILITIES ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.7% | ||||||||
MULTI-UTILITIES - 39.0% | ||||||||
Public Service Enterprise Group, Inc. | 54,620 | $ | 2,237,781 | |||||
DTE Energy Co. | 27,936 | 2,182,919 | ||||||
Wisconsin Energy Corp. | 44,182 | 2,141,943 | ||||||
SCANA Corp. | 39,898 | 2,141,725 | ||||||
Consolidated Edison, Inc. | 36,625 | 2,125,349 | ||||||
Integrys Energy Group, Inc. | 34,661 | 2,124,026 | ||||||
TECO Energy, Inc. | 118,240 | 2,123,590 | ||||||
CMS Energy Corp. | 69,506 | 2,106,727 | ||||||
Dominion Resources, Inc. | 28,647 | 2,078,053 | ||||||
CenterPoint Energy, Inc. | 83,759 | 2,073,873 | ||||||
NiSource, Inc. | 56,693 | 2,059,090 | ||||||
Sempra Energy | 20,869 | 2,057,892 | ||||||
PG&E Corp. | 45,142 | 2,057,572 | ||||||
Ameren Corp. | 48,655 | 2,009,938 | ||||||
Total Multi-Utilities | 29,520,478 | |||||||
ELECTRIC UTILITIES - 37.4% | ||||||||
Pepco Holdings, Inc. | 98,903 | 2,646,645 | ||||||
Exelon Corp. | 65,332 | 2,288,580 | ||||||
Entergy Corp. | 30,999 | 2,247,428 | ||||||
Edison International | 38,456 | 2,175,071 | ||||||
FirstEnergy Corp. | 63,749 | 2,151,529 | ||||||
American Electric Power | ||||||||
Company, Inc. | 39,947 | 2,149,548 | ||||||
NextEra Energy, Inc. | 21,240 | 2,120,814 | ||||||
Southern Co. | 46,033 | 2,109,692 | ||||||
Duke Energy Corp. | 28,316 | 2,109,259 | ||||||
Northeast Utilities | 44,592 | 2,107,418 | ||||||
Xcel Energy, Inc. | 65,592 | 2,090,417 | ||||||
PPL Corp. | 61,086 | 2,036,607 | ||||||
Pinnacle West Capital Corp. | 36,374 | 2,035,125 | ||||||
Total Electric Utilities | 28,268,133 | |||||||
INTEGRATED TELECOMMUNICATION SERVICES - 14.7% | ||||||||
Frontier Communications Corp.1 | 401,986 | 2,391,817 | ||||||
CenturyLink, Inc. | 65,381 | 2,282,451 | ||||||
AT&T, Inc. | 61,618 | 2,199,763 | ||||||
Windstream Holdings, Inc.1 | 242,357 | 2,198,178 | ||||||
Verizon Communications, Inc. | 43,442 | 2,030,045 | ||||||
Total Integrated Telecommunication Services | 11,102,254 | |||||||
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 5.7% | ||||||||
NRG Energy, Inc. | 66,792 | 2,185,434 | ||||||
AES Corp. | 144,955 | 2,094,600 | ||||||
Total Independent Power Producers & | ||||||||
Energy Traders | 4,280,034 | |||||||
GAS UTILITIES - 2.9% | ||||||||
AGL Resources, Inc. | 40,897 | 2,208,438 | ||||||
Total Common Stocks | ||||||||
(Cost $70,153,392) | 75,379,337 | |||||||
SHORT TERM INVESTMENTS† - 0.2% | ||||||||
Federated U.S. Treasury Cash Reserve Fund | 136,124 | 136,124 | ||||||
Total Short Term Investments | ||||||||
(Cost $136,124) | 136,124 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 5.7% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. | ||||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | $ | 1,981,133 | 1,981,133 | |||||
Deutsche Bank Securities, Inc. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 1,331,321 | 1,331,321 | ||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | 74,950 | 74,950 | ||||||
BNP Paribas Securities Corp. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 903,396 | 903,396 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $4,290,800) | 4,290,800 | |||||||
Total Investments - 105.6% | ||||||||
(Cost $74,580,316) | $ | 79,806,261 | ||||||
Other Assets & Liabilities, net - (5.6)% | (4,213,297 | ) | ||||||
Total Net Assets - 100.0% | $ | 75,592,964 |
† | Value determined based on Level 1 inputs — See Note 5. |
†† | Value determined based on Level 2 inputs — See Note 5. |
1 | All or portion of this security is on loan at April 30, 2014 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
76 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) | April 30, 2014 |
Guggenheim | Guggenheim | Guggenheim | Guggenheim MSCI | |||||||||||||
Russell MidCap® | Russell 1000® | Russell 2000® | Emerging Markets | |||||||||||||
Equal Weight ETF | Equal Weight ETF | Equal Weight ETF | Equal Weight ETF | |||||||||||||
Assets | ||||||||||||||||
Investments, at value — including $3,688,765, $1,917,783, $1,281,981 and $1,407,049 of securities loaned, respectively | $ | 113,631,196 | $ | 89,102,397 | $ | 35,543,665 | $ | 10,125,199 | ||||||||
Repurchase agreements | 3,755,200 | 1,966,538 | 1,367,300 | 1,449,275 | ||||||||||||
Total Investments* | 117,386,396 | 91,068,935 | 36,910,965 | 11,574,474 | ||||||||||||
Cash | — | — | 14,400 | — | ||||||||||||
Foreign currency, at value (cost $ —, $ —, $ — and $ 1,695) | — | — | — | 1,695 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | — | — | 31,368 | — | ||||||||||||
Receivable from manager | — | — | — | 831 | ||||||||||||
Securities lending income | 8,083 | 4,870 | 6,456 | 663 | ||||||||||||
Dividends and interest | 43,201 | 46,509 | 12,677 | 12,840 | ||||||||||||
Tax reclaims | — | — | — | 247 | ||||||||||||
Total assets | 117,437,680 | 91,120,314 | 36,975,866 | 11,590,750 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable upon return of securities loaned | 3,755,200 | 1,966,538 | 1,367,300 | 1,449,275 | ||||||||||||
Payable for: | ||||||||||||||||
Due to custodian | — | — | — | 12,782 | ||||||||||||
Accrued management fees | 37,048 | 27,022 | 11,894 | 5,858 | ||||||||||||
Total liabilities | 3,792,248 | 1,993,560 | 1,379,194 | 1,467,915 | ||||||||||||
Net assets | $ | 113,645,432 | $ | 89,126,754 | $ | 35,596,672 | $ | 10,122,835 | ||||||||
Net assets consist of: | ||||||||||||||||
Paid-in capital | $ | 89,046,504 | $ | 71,191,227 | $ | 32,100,799 | $ | 13,102,259 | ||||||||
Undistributed net investment income | 104,671 | 53,785 | 3,369 | 35,477 | ||||||||||||
Accumulated net realized gain (loss) on investments and foreign currency | 2,182,220 | 608,171 | (865,972 | ) | (2,849,780 | ) | ||||||||||
Net unrealized appreciation (depreciation) on investments and foreign currency | 22,312,037 | 17,273,571 | 4,358,476 | (165,121 | ) | |||||||||||
Net assets | $ | 113,645,432 | $ | 89,126,754 | $ | 35,596,672 | $ | 10,122,835 | ||||||||
Shares outstanding (unlimited shares authorized), no par value | 2,350,000 | 1,850,000 | 800,000 | 300,000 | ||||||||||||
Net asset value, offering price and repurchase price per share | $ | 48.36 | $ | 48.18 | $ | 44.50 | $ | 33.74 | ||||||||
Cost of investments | $ | 91,319,159 | $ | 71,828,826 | $ | 31,185,189 | $ | 10,290,320 | ||||||||
Cost of repurchase agreements | 3,755,200 | 1,966,538 | 1,367,300 | 1,449,275 | ||||||||||||
*Total cost of investments | $ | 95,074,359 | $ | 73,795,364 | $ | 32,552,489 | $ | 11,739,595 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 77 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(continued) | April 30, 2014 |
Guggenheim S&P | Guggenheim S&P | |||||||||||
500® Equal Weight | 500® Equal Weight | Guggenheim S&P | ||||||||||
Consumer | Consumer | 500® Equal Weight | ||||||||||
Discretionary ETF | Staples ETF | Energy ETF | ||||||||||
Assets: | ||||||||||||
Investments, at value — including $1,164,669, $— and $6,876,718 of securities loaned, respectively | $ | 88,883,630 | $ | 118,021,136 | $ | 164,765,870 | ||||||
Repurchase agreements | 1,147,331 | — | 6,964,900 | |||||||||
Total Investments* | 90,030,961 | 118,021,136 | 171,730,770 | |||||||||
Receivables: | ||||||||||||
Fund shares sold | — | — | 4,973 | |||||||||
Investments sold | 1,077,688 | 2,806,617 | — | |||||||||
Securities lending income | 625 | — | 10,758 | |||||||||
Dividends and interest | 50,987 | 136,734 | 79,194 | |||||||||
Total assets | 91,160,261 | 120,964,487 | 171,825,695 | |||||||||
Liabilities: | ||||||||||||
Payable upon return of securities loaned | 1,147,331 | — | 6,964,900 | |||||||||
Payable for: | ||||||||||||
Investments purchased | 1,090,443 | 2,819,542 | — | |||||||||
Accrued management fees | 29,790 | 38,227 | 45,095 | |||||||||
Total liabilities | 2,267,564 | 2,857,769 | 7,009,995 | |||||||||
Net assets | $ | 88,892,697 | $ | 118,106,718 | $ | 164,815,700 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 73,476,418 | $ | 101,810,209 | $ | 155,107,939 | ||||||
Undistributed net investment income | 43,728 | 518,455 | 43,005 | |||||||||
Accumulated net realized gain (loss) on investments | 12,480,748 | 7,161,554 | (5,044,231 | ) | ||||||||
Net unrealized appreciation on investments | 2,891,803 | 8,616,500 | 14,708,987 | |||||||||
Net assets | $ | 88,892,697 | $ | 118,106,718 | $ | 164,815,700 | ||||||
Shares outstanding (unlimited shares authorized), no par value | 1,150,000 | 1,250,000 | 1,900,005 | |||||||||
Net asset value, offering price and repurchase price per share | $ | 77.30 | $ | 94.49 | $ | 86.74 | ||||||
Cost of investments | $ | 85,991,827 | $ | 109,404,636 | $ | 150,056,883 | ||||||
Cost of repurchase agreements | 1,147,331 | — | 6,964,900 | |||||||||
*Total cost of investments | $ | 87,139,158 | $ | 109,404,636 | $ | 157,021,783 |
78 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(continued) | April 30, 2014 |
Guggenheim S&P | Guggenheim S&P | Guggenheim S&P | Guggenheim S&P | |||||||||||||
500® Equal Weight | 500® Equal Weight | 500® Equal Weight | 500® Equal Weight | |||||||||||||
Financials ETF | Health Care ETF | Industrials ETF | Materials ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value — including $—, $—, $— and $2,976,688 of securities loaned, respectively | $ | 124,528,497 | $ | 190,835,806 | $ | 104,570,195 | $ | 86,028,240 | ||||||||
Repurchase agreements | — | — | — | 3,088,800 | ||||||||||||
Total Investments* | 124,528,497 | 190,835,806 | 104,570,195 | 89,117,040 | ||||||||||||
Receivables: | ||||||||||||||||
Fund shares sold | — | — | 2,908 | — | ||||||||||||
Investments sold | 1,744,905 | — | — | — | ||||||||||||
Securities lending income | — | 202 | 81 | 3,399 | ||||||||||||
Dividends and interest | 66,871 | 103,547 | 75,031 | 86,099 | ||||||||||||
Total assets | 126,340,273 | 190,939,555 | 104,648,215 | 89,206,538 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable upon return of securities loaned | — | — | — | 3,088,800 | ||||||||||||
Payable for: | ||||||||||||||||
Investments purchased | 1,740,933 | — | — | — | ||||||||||||
Accrued management fees | 39,367 | 60,166 | 30,157 | 27,808 | ||||||||||||
Total liabilities | 1,780,300 | 60,166 | 30,157 | 3,116,608 | ||||||||||||
Net assets | $ | 124,559,973 | $ | 190,879,389 | $ | 104,618,058 | $ | 86,089,930 | ||||||||
Net assets consist of: | ||||||||||||||||
Paid-in capital | $ | 122,580,574 | $ | 165,730,217 | $ | 91,828,053 | $ | 73,485,408 | ||||||||
Undistributed (distributions in excess of) net investment income | (68,128 | ) | 153,380 | 72,257 | 99,643 | |||||||||||
Accumulated net realized loss (gain) on investments | (5,221,199 | ) | 7,828,326 | 5,748,558 | 1,694,336 | |||||||||||
Net unrealized appreciation on investments | 7,268,726 | 17,167,466 | 6,969,190 | 10,810,543 | ||||||||||||
Net assets | $ | 124,559,973 | $ | 190,879,389 | $ | 104,618,058 | $ | 86,089,930 | ||||||||
Shares outstanding (unlimited shares authorized), no par value | 3,100,000 | 1,650,000 | 1,250,000 | 1,050,000 | ||||||||||||
Net asset value, offering price and repurchase price per share | $ | 40.18 | $ | 115.68 | $ | 83.69 | $ | 81.99 | ||||||||
Cost of investments | $ | 117,259,771 | $ | 173,668,340 | $ | 97,601,005 | $ | 75,217,697 | ||||||||
Cost of repurchase agreements | — | — | — | 3,088,800 | ||||||||||||
*Total cost of investments | $ | 117,259,771 | $ | 173,668,340 | $ | 97,601,005 | $ | 78,306,497 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 79 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(concluded) | April 30, 2014 |
Guggenheim S&P | Guggenheim S&P | |||||||
500® Equal Weight | 500® Equal Weight | |||||||
Technology ETF | Utilities ETF | |||||||
Assets: | ||||||||
Investments, at value — including $7,606,400 and $4,204,843 of securities loaned, respectively | $ | 546,266,482 | $ | 75,515,461 | ||||
Repurchase agreements | 7,720,000 | 4,290,800 | ||||||
Total Investments* | 553,986,482 | 79,806,261 | ||||||
Receivables: | ||||||||
Securities lending | 583 | 3,389 | ||||||
Dividends and interest | 170,086 | 96,012 | ||||||
Total assets | 554,157,151 | 79,905,662 | ||||||
Liabilities: | ||||||||
Payable upon return of securities loaned | 7,720,000 | 4,290,800 | ||||||
Payable for: | ||||||||
Fund shares redeemed | 5,904 | — | ||||||
Accrued management fees | 185,767 | 21,898 | ||||||
Total liabilities | 7,911,671 | 4,312,698 | ||||||
Net assets | $ | 546,245,480 | $ | 75,592,964 | ||||
Net assets consist of: | ||||||||
Paid-in capital | $ | 505,649,590 | $ | 66,313,440 | ||||
Undistributed net investment income | 204,553 | 152,575 | ||||||
Accumulated net realized loss (gain) on investments | (1,533,962 | ) | 3,901,004 | |||||
Net unrealized appreciation on investments | 41,925,299 | 5,225,945 | ||||||
Net assets | $ | 546,245,480 | $ | 75,592,964 | ||||
Shares outstanding (unlimited shares authorized), no par value | 6,950,000 | 1,050,000 | ||||||
Net asset value, offering price and repurchase price per share | $ | 78.60 | $ | 71.99 | ||||
Cost of investments | $ | 504,341,183 | $ | 70,289,516 | ||||
Cost of repurchase agreements | 7,720,000 | 4,290,800 | ||||||
*Total cost of investments | $ | 512,061,183 | $ | 74,580,316 |
80 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF OPERATIONS (Unaudited) |
For the Six Months Ended April 30, 2014 |
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* | $ | 803,394 | $ | 666,841 | $ | 185,190 | $ | 81,642 | ||||||||
Income from securities lending | 32,703 | 18,314 | 32,020 | 1,907 | ||||||||||||
Interest | 2 | 1 | 1 | — | ||||||||||||
Miscellaneous income | — | — | — | 8 | ||||||||||||
Total investment income | 836,099 | 685,156 | 217,211 | 83,557 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 187,876 | 145,732 | 62,937 | 34,098 | ||||||||||||
Trustee fees | 5,666 | 1,715 | 6,170 | — | ||||||||||||
Total expenses | 193,542 | 147,447 | 69,107 | 34,098 | ||||||||||||
Less: | ||||||||||||||||
Expenses waived by advisor | — | — | — | (5,024 | ) | |||||||||||
Net investment income | 642,557 | 537,709 | 148,104 | 54,483 | ||||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | 579,767 | 847,450 | 278,968 | (238,438 | ) | |||||||||||
In-kind redemptions | 1,757,697 | — | — | — | ||||||||||||
Foreign currency transactions | — | — | — | (750 | ) | |||||||||||
Net realized gain (loss) | 2,337,464 | 847,450 | 278,968 | (239,188 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 4,841,633 | 4,690,080 | 515,016 | 35,693 | ||||||||||||
Foreign currency transactions | — | — | — | (28 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | 4,841,633 | 4,690,080 | 515,016 | 35,665 | ||||||||||||
Net realized and unrealized gain (loss) | 7,179,097 | 5,537,530 | 793,984 | (203,523 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 7,821,654 | $ | 6,075,239 | $ | 942,088 | $ | (149,040 | ) | |||||||
* Foreign taxes withheld | $ | 81 | $ | 52 | $ | 76 | $ | 9,520 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 81 |
STATEMENTS OF OPERATIONS (Unaudited)(continued) |
For the Six Months Ended April 30, 2014 |
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 | $ | 991,182 | $ | 1,481,747 | $ | 586,996 | ||||||
Income from securities lending | 4,955 | 13 | 11,835 | |||||||||
Interest | 1 | 1 | — | |||||||||
Total investment income | 996,138 | 1,481,761 | 598,831 | |||||||||
Expenses: | ||||||||||||
Management fees | 253,086 | 205,119 | 157,932 | |||||||||
Total expenses | 253,086 | 205,119 | 157,932 | |||||||||
Net investment income | 743,052 | 1,276,642 | 440,899 | |||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | (469,768 | ) | (59,821 | ) | (849,917 | ) | ||||||
In-kind redemptions | 16,110,532 | 7,583,249 | — | |||||||||
Net realized gain (loss) | 15,640,764 | 7,523,428 | (849,917 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (15,425,820 | ) | (837,409 | ) | 12,438,914 | |||||||
Net realized and unrealized gain | 214,944 | 6,686,019 | 11,588,997 | |||||||||
Net increase in net assets resulting from operations | $ | 957,996 | $ | 7,962,661 | $ | 12,029,896 |
82 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF OPERATIONS (Unaudited)(continued) |
For the Six Months Ended April 30, 2014 |
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 | $ | 769,203 | $ | 804,855 | $ | 685,223 | $ | 638,138 | ||||||||
Income from securities lending | — | 583 | 848 | 20,246 | ||||||||||||
Interest | 1 | 2 | — | 1 | ||||||||||||
Total investment income | 769,204 | 805,440 | 686,071 | 658,385 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 169,572 | 339,510 | 166,683 | 127,856 | ||||||||||||
Total expenses | 169,572 | 339,510 | 166,683 | 127,856 | ||||||||||||
Net investment income | 599,632 | 465,930 | 519,388 | 530,529 | ||||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | 266,477 | 1,452,405 | (243,132 | ) | (984,685 | ) | ||||||||||
In-kind redemptions | 1,340,177 | 10,369,563 | 7,406,481 | 4,422,174 | ||||||||||||
Net realized gain | 1,606,654 | 11,821,968 | 7,163,349 | 3,437,489 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 3,209,047 | 5,645,744 | 166,572 | 1,147,429 | ||||||||||||
Net realized and unrealized gain | 4,815,701 | 17,467,712 | 7,329,921 | 4,584,918 | ||||||||||||
Net increase in net assets resulting from operations | $ | 5,415,333 | $ | 17,933,642 | $ | 7,849,309 | $ | 5,115,447 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 83 |
STATEMENTS OF OPERATIONS (Unaudited)(concluded) |
For the Six Months Ended April 30, 2014 |
Guggenheim | Guggenheim | |||||||
S&P 500® | S&P 500® | |||||||
Equal Weight | Equal Weight | |||||||
Technology ETF | Utilities ETF | |||||||
Investment Income: | ||||||||
Dividends | $ | 2,695,823 | $ | 1,159,884 | ||||
Income from securities lending | 3,179 | 16,558 | ||||||
Interest | 4 | 1 | ||||||
Total investment income | 2,699,006 | 1,176,443 | ||||||
Expenses: | ||||||||
Management fees | 852,995 | 116,087 | ||||||
Total expenses | 852,995 | 116,087 | ||||||
Net investment income | 1,846,011 | 1,060,356 | ||||||
Net Realized and Unrealized Gain (Loss): | ||||||||
Net realized gain (loss) on: | ||||||||
Investments | 780,014 | (35,839 | ) | |||||
In-kind redemptions | 9,307,004 | 4,686,934 | ||||||
Net realized gain | 10,087,018 | 4,651,095 | ||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | 21,438,222 | 2,336,465 | ||||||
Net realized and unrealized gain | 31,525,240 | 6,987,560 | ||||||
Net increase in net assets resulting from operations | $ | 33,371,251 | $ | 8,047,916 |
84 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF CHANGES IN NET ASSETS |
Guggenheim Russell MidCap® | ||||||||
Equal Weight ETF | ||||||||
Period Ended | ||||||||
April 30, 2014 | Year Ended | |||||||
(Unaudited) | October 31, 2013 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 642,557 | $ | 880,860 | ||||
Net realized gain on investments | 2,337,464 | 1,667,080 | ||||||
Net change in unrealized appreciation on investments | 4,841,633 | 15,666,282 | ||||||
Net increase in net assets resulting from operations | 7,821,654 | 18,214,222 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | (570,311 | ) | (872,275 | ) | ||||
Capital gains | (692,837 | ) | — | |||||
Total distributions to shareholders | (1,263,148 | ) | (872,275 | ) | ||||
Shareholder transactions: | ||||||||
Proceeds from shares purchased | 34,974,516 | 8,621,802 | ||||||
Value of shares redeemed | (4,791,967 | ) | (1,675,923 | ) | ||||
Net increase in net assets resulting from share transactions | 30,182,549 | 6,945,879 | ||||||
Net increase in net assets | 36,741,055 | 24,287,826 | ||||||
Net assets: | ||||||||
Beginning of period | 76,904,377 | 52,616,551 | ||||||
End of period | $ | 113,645,432 | $ | 76,904,377 | ||||
Undistributed net investment income at end of period | $ | 104,671 | $ | 32,425 | ||||
Changes in shares outstanding: | ||||||||
Shares sold | 750,000 | 200,000 | ||||||
Shares redeemed | (100,000 | ) | (50,000 | ) | ||||
Net increase in shares | 650,000 | 150,000 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 85 |
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim Russell 1000® | Guggenheim Russell 2000® | |||||||||||||||
Equal Weight ETF | Equal Weight ETF | |||||||||||||||
Period Ended | Period Ended | |||||||||||||||
April 30, 2014 | Year Ended | April 30, 2014 | Year Ended | |||||||||||||
(Unaudited) | October 31, 2013 | (Unaudited) | October 31, 2013 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 537,709 | $ | 850,118 | $ | 148,104 | $ | 239,290 | ||||||||
Net realized gain on investments | 847,450 | 2,559,190 | 278,968 | 361,872 | ||||||||||||
Net change in unrealized appreciation on investments | 4,690,080 | 11,758,096 | 515,016 | 4,446,385 | ||||||||||||
Net increase in net assets resulting from operations | 6,075,239 | 15,167,404 | 942,088 | 5,047,547 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (505,893 | ) | (825,605 | ) | (145,753 | ) | (245,833 | ) | ||||||||
Total distributions to shareholders | (505,893 | ) | (825,605 | ) | (145,753 | ) | (245,833 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 18,837,320 | 19,494,177 | 9,064,244 | 8,272,983 | ||||||||||||
Value of shares redeemed | — | (8,127,123 | ) | — | (1,656,312 | ) | ||||||||||
Net increase in net assets resulting from share transactions | 18,837,320 | 11,367,054 | 9,064,244 | 6,616,671 | ||||||||||||
Net increase in net assets | 24,406,666 | 25,708,853 | 9,860,579 | 11,418,385 | ||||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 64,720,088 | 39,011,235 | 25,736,093 | 14,317,708 | ||||||||||||
End of period | $ | 89,126,754 | $ | 64,720,088 | $ | 35,596,672 | $ | 25,736,093 | ||||||||
Undistributed net investment income at end of period | $ | 53,785 | $ | 21,969 | $ | 3,369 | $ | 1,018 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 400,000 | 500,000 | 200,000 | 200,000 | ||||||||||||
Shares redeemed | — | (200,000 | ) | — | (50,000 | ) | ||||||||||
Net increase in shares | 400,000 | 300,000 | 200,000 | 150,000 |
86 | GUGGENHEIM ETFs SEMI-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 | |||||||||||||||
Period Ended | Period Ended | |||||||||||||||
April 30, 2014 | Year Ended | April 30, 2014 | Year Ended | |||||||||||||
(Unaudited) | October 31, 2013 | (Unaudited) | October 31, 2013 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 54,483 | $ | 168,467 | $ | 743,052 | $ | 715,547 | ||||||||
Net realized (loss) gain on investments | (239,188 | ) | (422,275 | ) | 15,640,764 | 1,266,782 | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | 35,665 | 925,548 | (15,425,820 | ) | 17,925,619 | |||||||||||
Net increase (decrease) in net assets resulting from operations | (149,040 | ) | 671,740 | 957,996 | 19,907,948 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (55,983 | ) | (142,210 | ) | (728,212 | ) | (700,441 | ) | ||||||||
Total distributions to shareholders | (55,983 | ) | (142,210 | ) | (728,212 | ) | (700,441 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | — | — | 27,287,644 | 68,655,707 | ||||||||||||
Value of shares redeemed | — | (3,526,747 | ) | (64,121,814 | ) | (3,680,382 | ) | |||||||||
Net increase (decrease) in net assets resulting from share transactions | — | (3,526,747 | ) | (36,834,170 | ) | 64,975,325 | ||||||||||
Net increase (decrease) in net assets | (205,023 | ) | (2,997,217 | ) | (36,604,386 | ) | 84,182,832 | |||||||||
Net assets: | ||||||||||||||||
Beginning of period | 10,327,858 | 13,325,075 | 125,497,083 | 41,314,251 | ||||||||||||
End of period | $ | 10,122,835 | $ | 10,327,858 | $ | 88,892,697 | $ | 125,497,083 | ||||||||
Undistributed net investment income at end of period | $ | 35,477 | $ | 36,977 | $ | 43,728 | $ | 28,888 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | — | — | 350,000 | 950,000 | ||||||||||||
Shares redeemed | — | (100,000 | ) | (850,000 | ) | (50,000 | ) | |||||||||
Net increase (decrease) in shares | — | (100,000 | ) | (500,000 | ) | 900,000 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 87 |
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim S&P 500® Equal | Guggenheim S&P 500® Equal | |||||||||||||||
Weight Consumer Staples ETF | Weight Energy ETF | |||||||||||||||
Period Ended | Period Ended | |||||||||||||||
April 30, 2014 | Year Ended | April 30, 2014 | Year Ended | |||||||||||||
(Unaudited) | October 31, 2013 | (Unaudited) | October 31, 2013 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 1,276,642 | $ | 1,372,995 | $ | 440,899 | $ | 366,278 | ||||||||
Net realized gain (loss) on investments | 7,523,428 | 3,958,959 | (849,917 | ) | 1,160,733 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | (837,409 | ) | 10,909,808 | 12,438,914 | 6,228,548 | |||||||||||
Net increase in net assets resulting from operations | 7,962,661 | 16,241,762 | 12,029,896 | 7,755,559 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (888,967 | ) | (1,309,633 | ) | (405,812 | ) | (380,123 | ) | ||||||||
Total distributions to shareholders | (888,967 | ) | (1,309,633 | ) | (405,812 | ) | (380,123 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 54,668,706 | 52,450,891 | 109,267,922 | 14,930,221 | ||||||||||||
Value of shares redeemed | (27,690,178 | ) | (24,272,835 | ) | — | (10,385,638 | ) | |||||||||
Net increase in net assets resulting from share transactions | 26,978,528 | 28,178,056 | 109,267,922 | 4,544,583 | ||||||||||||
Net increase in net assets | 34,052,222 | 43,110,185 | 120,892,006 | 11,920,019 | ||||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 84,054,496 | 40,944,311 | 43,923,694 | 32,003,675 | ||||||||||||
End of period | $ | 118,106,718 | $ | 84,054,496 | $ | 164,815,700 | $ | 43,923,694 | ||||||||
Undistributed net investment income at end of period | $ | 518,455 | $ | 130,780 | $ | 43,005 | $ | 7,918 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 600,000 | 650,000 | 1,350,000 | 200,000 | ||||||||||||
Shares redeemed | (300,000 | ) | (300,000 | ) | — | (150,000 | ) | |||||||||
Net increase in shares | 300,000 | 350,000 | 1,350,000 | 50,000 |
88 | GUGGENHEIM ETFs SEMI-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 | |||||||||||||||
Period Ended | Period Ended | |||||||||||||||
April 30, 2014 | Year Ended | April 30, 2014 | Year Ended | |||||||||||||
(Unaudited) | October 31, 2013 | (Unaudited) | October 31, 2013 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 599,632 | $ | 686,052 | $ | 465,930 | $ | 687,160 | ||||||||
Net realized gain on investments | 1,606,654 | 4,793,753 | 11,821,968 | 21,477,831 | ||||||||||||
Net change in unrealized appreciation on investments | 3,209,047 | 3,491,840 | 5,645,744 | 13,181,168 | ||||||||||||
Net increase in net assets resulting from operations | 5,415,333 | 8,971,645 | 17,933,642 | 35,346,159 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (677,949 | ) | (576,182 | ) | (427,885 | ) | (639,369 | ) | ||||||||
Return of capital | — | (112,188 | ) | — | — | |||||||||||
Total distributions to shareholders | (677,949 | ) | (688,370 | ) | (427,885 | ) | (639,369 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 69,374,519 | 68,279,874 | 84,490,013 | 251,986,793 | ||||||||||||
Value of shares redeemed | (7,888,659 | ) | (32,564,941 | ) | (41,743,778 | ) | (194,484,887 | ) | ||||||||
Net increase in net assets resulting from share transactions | 61,485,860 | 35,714,933 | 42,746,235 | 57,501,906 | ||||||||||||
Net increase in net assets | 66,223,244 | 43,998,208 | 60,251,992 | 92,208,696 | ||||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 58,336,729 | 14,338,521 | 130,627,397 | 38,418,701 | ||||||||||||
End of period | $ | 124,559,973 | $ | 58,336,729 | $ | 190,879,389 | $ | 130,627,397 | ||||||||
(Distributions in excess of) undistributed net investment income at end of period | $ | (68,128 | ) | $ | 10,189 | $ | 153,380 | $ | 115,335 | |||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 1,750,000 | 2,000,000 | 750,000 | 2,900,000 | ||||||||||||
Shares redeemed | (200,000 | ) | (950,000 | ) | (350,000 | ) | (2,150,000 | ) | ||||||||
Net increase in shares | 1,550,000 | 1,050,000 | 400,000 | 750,000 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 89 |
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Guggenheim S&P 500® Equal | Guggenheim S&P 500® Equal | |||||||||||||||
Weight Industrials ETF | Weight Materials ETF | |||||||||||||||
Period Ended | Period Ended | |||||||||||||||
April 30, 2014 | Year Ended | April 30, 2014 | Year Ended | |||||||||||||
(Unaudited) | October 31, 2013 | (Unaudited) | October 31, 2013 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 519,388 | $ | 492,791 | $ | 530,529 | $ | 666,698 | ||||||||
Net realized gain on investments | 7,163,349 | 2,419,757 | 3,437,489 | 2,254,290 | ||||||||||||
Net change in unrealized appreciation on investments | 166,572 | 7,465,868 | 1,147,429 | 5,325,478 | ||||||||||||
Net increase in net assets resulting from operations | 7,849,309 | 10,378,416 | 5,115,447 | 8,246,466 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (507,533 | ) | (482,387 | ) | (478,041 | ) | (628,784 | ) | ||||||||
Total distributions to shareholders | (507,533 | ) | (482,387 | ) | (478,041 | ) | (628,784 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 68,757,738 | 44,243,724 | 43,887,297 | 17,593,748 | ||||||||||||
Value of shares redeemed | (28,731,985 | ) | (13,970,905 | ) | (11,503,463 | ) | (9,530,520 | ) | ||||||||
Net increase in net assets resulting from share transactions | 40,025,753 | 30,272,819 | 32,383,834 | 8,063,228 | ||||||||||||
Net increase in net assets | 47,367,529 | 40,168,848 | 37,021,240 | 15,680,910 | ||||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 57,250,529 | 17,081,681 | 49,068,690 | 33,387,780 | ||||||||||||
End of period | $ | 104,618,058 | $ | 57,250,529 | $ | 86,089,930 | $ | 49,068,690 | ||||||||
Undistributed net investment income at end of period | $ | 72,257 | $ | 60,402 | $ | 99,643 | $ | 47,155 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 850,000 | 650,000 | 550,000 | 250,000 | ||||||||||||
Shares redeemed | (350,000 | ) | (200,000 | ) | (150,000 | ) | (150,000 | ) | ||||||||
Net increase in shares | 500,000 | 450,000 | 400,000 | 100,000 |
90 | GUGGENHEIM ETFs SEMI-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 | |||||||||||||||
Period Ended | Period Ended | |||||||||||||||
April 30, 2014 | Year Ended | April 30, 2014 | Year Ended | |||||||||||||
(Unaudited) | October 31, 2013 | (Unaudited) | October 31, 2013 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 1,846,011 | $ | 1,587,664 | $ | 1,060,356 | $ | 1,795,537 | ||||||||
Net realized gain on investments | 10,087,018 | 7,221,723 | 4,651,095 | 2,169,158 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 21,438,222 | 35,548,906 | 2,336,465 | (386,179 | ) | |||||||||||
Net increase in net assets resulting from operations | 33,371,251 | 44,358,293 | 8,047,916 | 3,578,516 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (1,773,401 | ) | (1,498,370 | ) | (1,050,027 | ) | (1,695,499 | ) | ||||||||
Total distributions to shareholders | (1,773,401 | ) | (1,498,370 | ) | (1,050,027 | ) | (1,695,499 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 276,463,374 | 205,002,224 | 43,658,733 | 19,675,002 | ||||||||||||
Value of shares redeemed | (35,091,055 | ) | (75,066,087 | ) | (26,801,688 | ) | (12,183,568 | ) | ||||||||
Net increase in net assets resulting from share transactions | 241,372,319 | 129,936,137 | 16,857,045 | 7,491,434 | ||||||||||||
Net increase in net assets | 272,970,169 | 172,796,060 | 23,854,934 | 9,374,451 | ||||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 273,275,311 | 100,479,251 | 51,738,030 | 42,363,579 | ||||||||||||
End of period | $ | 546,245,480 | $ | 273,275,311 | $ | 75,592,964 | $ | 51,738,030 | ||||||||
Undistributed net investment income at end of period | $ | 204,553 | $ | 131,943 | $ | 152,575 | $ | 142,246 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 3,550,000 | 3,100,000 | 650,000 | 300,000 | ||||||||||||
Shares redeemed | (450,000 | ) | (1,200,000 | ) | (400,000 | ) | (200,000 | ) | ||||||||
Net increase in shares | 3,100,000 | 1,900,000 | 250,000 | 100,000 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 91 |
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.
Period Ended | ||||||||||||||||
April 30, | Year Ended | Year Ended | Period Ended | |||||||||||||
2014 | October 31, | October 31, | October 31, | |||||||||||||
(Unaudited) | 2013 | 2012 | 2011a | |||||||||||||
Per Share Data: | ||||||||||||||||
Net asset value, beginning of period | $ | 45.24 | $ | 33.95 | $ | 31.15 | $ | 30.21 | ||||||||
Income from investment operations: | ||||||||||||||||
Net investment income (loss)b | .32 | .57 | .46 | .30 | ||||||||||||
Net gain on investments (realized and unrealized) | 3.43 | 11.28 | 2.80 | .85 | ||||||||||||
Total from investment operations | 3.75 | 11.85 | 3.26 | 1.15 | ||||||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (.27 | ) | (.56 | ) | (.46 | ) | (.21 | ) | ||||||||
Capital gains | (.36 | ) | — | — | — | |||||||||||
Total distributions to shareholders | (.63 | ) | (.56 | ) | (.46 | ) | (.21 | ) | ||||||||
Net asset value, end of period | $ | 48.36 | $ | 45.24 | $ | 33.95 | $ | 31.15 | ||||||||
Total Returnc | 8.35 | % | 35.21 | % | 10.52 | % | 3.80 | % | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets, end of period (in thousands) | $ | 113,645 | $ | 76,904 | $ | 52,617 | $ | 54,508 | ||||||||
Ratio to average net assets of: | ||||||||||||||||
Net investment income (loss) | 1.37 | %d | 1.44 | % | 1.39 | % | 1.06 | %d | ||||||||
Total expenses | 0.41 | %d | 0.41 | % | 0.41 | % | 0.41 | %d | ||||||||
Portfolio turnover ratee | 11 | % | 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. |
d | Annualized. |
e | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
92 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM RUSSELL 1000® EQUAL WEIGHT ETF |
FINANCIAL HIGHLIGHTS (continued)
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.
Period Ended | ||||||||||||||||
April 30, | Year Ended | Year Ended | Period Ended | |||||||||||||
2014 | October 31, | October 31, | October 31, | |||||||||||||
(Unaudited) | 2013 | 2012 | 2011a | |||||||||||||
Per Share Data: | ||||||||||||||||
Net asset value, beginning of period | $ | 44.63 | $ | 33.92 | $ | 31.08 | $ | 30.18 | ||||||||
Income from investment operations: | ||||||||||||||||
Net investment income (loss)b | .34 | .62 | .51 | .36 | ||||||||||||
Net gain on investments (realized and unrealized) | 3.53 | 10.71 | 2.83 | .85 | ||||||||||||
Total from investment operations | 3.87 | 11.33 | 3.34 | 1.21 | ||||||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (.32 | ) | (.62 | ) | (.50 | ) | (.31 | ) | ||||||||
Total distributions to shareholders | (.32 | ) | (.62 | ) | (.50 | ) | (.31 | ) | ||||||||
Net asset value, end of period | $ | 48.18 | $ | 44.63 | $ | 33.92 | $ | 31.08 | ||||||||
Total Returnc | 8.69 | % | 33.71 | % | �� | 10.83 | % | 4.00 | % | |||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets, end of period (in thousands) | $ | 89,127 | $ | 64,720 | $ | 39,011 | $ | 34,183 | ||||||||
Ratio to average net assets of: | ||||||||||||||||
Net investment income (loss) | 1.48 | %d | 1.57 | % | 1.56 | % | 1.26 | %d | ||||||||
Total expenses | 0.40 | %d | 0.40 | % | 0.41 | % | 0.41 | %d | ||||||||
Portfolio turnover ratee | 10 | % | 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. |
d | Annualized. |
e | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 93 |
GUGGENHEIM RUSSELL 2000® EQUAL WEIGHT ETF |
FINANCIAL HIGHLIGHTS (continued) |
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.
Period Ended | ||||||||||||||||
April 30, | Year Ended | Year Ended | Period Ended | |||||||||||||
2014 | October 31, | October 31, | October 31, | |||||||||||||
(Unaudited) | 2013 | 2012 | 2011a | |||||||||||||
Per Share Data: | ||||||||||||||||
Net asset value, beginning of period | $ | 42.89 | $ | 31.82 | $ | 29.48 | $ | 30.19 | ||||||||
Income from investment operations: | ||||||||||||||||
Net investment income (loss)b | .21 | .54 | .34 | .22 | ||||||||||||
Net gain (loss) on investments (realized and unrealized) | 1.59 | 11.12 | 2.33 | (.75 | ) | |||||||||||
Total from investment operations | 1.80 | 11.66 | 2.67 | (.53 | ) | |||||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (.19 | ) | (.59 | ) | (.33 | ) | (.18 | ) | ||||||||
Total distributions to shareholders | (.19 | ) | (.59 | ) | (.33 | ) | (.18 | ) | ||||||||
Net asset value, end of period | $ | 44.50 | $ | 42.89 | $ | 31.82 | $ | 29.48 | ||||||||
Total Returnc | 4.20 | % | 37.07 | % | 9.08 | % | (1.78 | %) | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets, end of period (in thousands) | $ | 35,597 | $ | 25,736 | $ | 14,318 | $ | 23,584 | ||||||||
Ratio to average net assets of: | ||||||||||||||||
Net investment income (loss) | 0.94 | %d | 1.46 | % | 1.10 | % | 0.79 | %d | ||||||||
Total expenses | 0.44 | %d | 0.41 | % | 0.41 | % | 0.41 | %d | ||||||||
Portfolio turnover ratee | 20 | % | 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. |
d | Annualized. |
e | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
94 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM MSCI EMERGING MARKETS EQUAL WEIGHT ETF |
FINANCIAL HIGHLIGHTS (continued) |
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.
Period Ended | ||||||||||||||||
April 30, | Year Ended | Year Ended | Period Ended | |||||||||||||
2014 | October 31, | October 31, | October 31, | |||||||||||||
(Unaudited) | 2013 | 2012 | 2011a | |||||||||||||
Per Share Data: | ||||||||||||||||
Net asset value, beginning of period | $ | 34.43 | $ | 33.31 | $ | 33.83 | $ | 40.21 | ||||||||
Income from investment operations: | ||||||||||||||||
Net investment income (loss)b | .18 | .50 | .55 | .69 | ||||||||||||
Net (loss) gain on investments (realized and unrealized) | (.68 | ) | 1.06 | (.53 | ) | (6.35 | ) | |||||||||
Total from investment operations | (.50 | ) | 1.56 | .02 | (5.66 | ) | ||||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (.19 | ) | (.44 | ) | (.48 | ) | (.36 | ) | ||||||||
Return of capital | — | — | (.06 | ) | (.36 | ) | ||||||||||
Total distributions to shareholders | (.19 | ) | (.44 | ) | (.54 | ) | (.72 | ) | ||||||||
Net asset value, end of period | $ | 33.74 | $ | 34.43 | $ | 33.31 | $ | 33.83 | ||||||||
Total Returnc | (1.45 | %) | 4.76 | % | 0.10 | % | (14.13 | %) | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets, end of period (in thousands) | $ | 10,123 | $ | 10,328 | $ | 13,325 | $ | 16,914 | ||||||||
Ratio to average net assets of: | ||||||||||||||||
Net investment income (loss) | 1.12 | %d | 1.47 | % | 1.66 | % | 1.99 | %d | ||||||||
Total expenses | 0.70 | %d | 0.71 | % | 0.72 | % | 0.71 | %d | ||||||||
Net expensese | 0.60 | %d | 0.60 | % | 0.61 | % | 0.63 | %d | ||||||||
Portfolio turnover ratef | 14 | % | 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. |
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 SEMI-ANNUAL REPORT | 95 |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER DISCRETIONARY ETF |
FINANCIAL HIGHLIGHTS (continued) |
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.
Period Ended | ||||||||||||||||||||||||
April 30, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
2014 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 76.06 | $ | 55.09 | $ | 47.70 | $ | 42.37 | $ | 32.78 | $ | 24.82 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | .48 | .79 | .64 | .56 | .35 | .40 | ||||||||||||||||||
Net gain on investments (realized and unrealized) | 1.23 | 21.02 | 7.46 | 5.31 | 9.56 | 7.93 | ||||||||||||||||||
Total from investment operations | 1.71 | 21.81 | 8.10 | 5.87 | 9.91 | 8.33 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (.47 | ) | (.84 | ) | (.71 | ) | (.54 | ) | (.32 | ) | (.37 | ) | ||||||||||||
Total distributions to shareholders | (.47 | ) | (.84 | ) | (.71 | ) | (.54 | ) | (.32 | ) | (.37 | ) | ||||||||||||
Net asset value, end of period | $ | 77.30 | $ | 76.06 | $ | 55.09 | $ | 47.70 | $ | 42.37 | $ | 32.78 | ||||||||||||
Total Returnb | 2.23 | % | 39.91 | % | 17.05 | % | 13.91 | % | 30.35 | % | 34.20 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 88,893 | $ | 125,497 | $ | 41,314 | $ | 21,467 | $ | 25,425 | $ | 11,474 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.22 | %c | 1.19 | % | 1.22 | % | 1.20 | % | 0.89 | % | 1.61 | % | ||||||||||||
Total expenses | 0.42 | %c | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 13 | % | 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 | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
96 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 500® EQUAL WEIGHT CONSUMER STAPLES ETF |
FINANCIAL HIGHLIGHTS (continued) |
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.
Period Ended | ||||||||||||||||||||||||
April 30, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
2014 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 88.48 | $ | 68.24 | $ | 61.01 | $ | 55.42 | $ | 48.42 | $ | 41.47 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 1.15 | 1.73 | 1.41 | 1.31 | 1.14 | 1.04 | ||||||||||||||||||
Net gain on investments (realized and unrealized) | 5.57 | 20.22 | 7.20 | 5.49 | 6.95 | 6.91 | ||||||||||||||||||
Total from investment operations | 6.72 | 21.95 | 8.61 | 6.80 | 8.09 | 7.95 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (.71 | ) | (1.71 | ) | (1.38 | ) | (1.21 | ) | (1.09 | ) | (1.00 | ) | ||||||||||||
Total distributions to shareholders | (.71 | ) | (1.71 | ) | (1.38 | ) | (1.21 | ) | (1.09 | ) | (1.00 | ) | ||||||||||||
Net asset value, end of period | $ | 94.49 | $ | 88.48 | $ | 68.24 | $ | 61.01 | $ | 55.42 | $ | 48.42 | ||||||||||||
Total Returnb | 7.63 | % | 32.59 | % | 14.19 | % | 12.37 | % | 16.89 | % | 19.60 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 118,107 | $ | 84,054 | $ | 40,944 | $ | 30,507 | $ | 13,856 | $ | 9,685 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 2.58 | %c | 2.15 | % | 2.14 | % | 2.20 | % | 2.20 | % | 2.52 | % | ||||||||||||
Total expenses | 0.41 | %c | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 8 | % | 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 | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 97 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ENERGY ETF |
FINANCIAL HIGHLIGHTS (continued) |
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.
Period Ended | ||||||||||||||||||||||||
April 30, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
2014 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 79.86 | $ | 64.01 | $ | 64.16 | $ | 53.74 | $ | 47.69 | $ | 39.72 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | .46 | .78 | .55 | .36 | .44 | .46 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 6.82 | 15.87 | (.19 | ) | 10.43 | 6.07 | 7.93 | |||||||||||||||||
Total from investment operations | 7.28 | 16.65 | .36 | 10.79 | 6.51 | 8.39 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (.40 | ) | (.80 | ) | (.51 | ) | (.37 | ) | (.46 | ) | (.42 | ) | ||||||||||||
Total distributions to shareholders | (.40 | ) | (.80 | ) | (.51 | ) | (.37 | ) | (.46 | ) | (.42 | ) | ||||||||||||
Net asset value, end of period | $ | 86.74 | $ | 79.86 | $ | 64.01 | $ | 64.16 | $ | 53.74 | $ | 47.69 | ||||||||||||
Total Returnb | 9.15 | % | 26.19 | % | 0.58 | % | 20.09 | % | 13.74 | % | 21.39 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 164,816 | $ | 43,924 | $ | 32,004 | $ | 35,287 | $ | 16,122 | $ | 11,922 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.14 | %c | 1.09 | % | 0.88 | % | 0.53 | % | 0.87 | % | 1.16 | % | ||||||||||||
Total expenses | 0.41 | %c | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 13 | % | 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 | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
98 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 500® EQUAL WEIGHT FINANCIALS ETF |
FINANCIAL HIGHLIGHTS (continued) |
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.
Period Ended | ||||||||||||||||||||||||
April 30, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
2014 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 37.64 | $ | 28.68 | $ | 24.48 | $ | 25.40 | $ | 21.53 | $ | 21.41 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | .28 | .57 | .39 | .42 | .31 | .36 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 2.59 | 9.08 | 4.32 | (.96 | ) | 3.87 | .18 | |||||||||||||||||
Total from investment operations | 2.87 | 9.65 | 4.71 | (.54 | ) | 4.18 | .54 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (.33 | ) | (.58 | ) | (.42 | ) | (.38 | ) | (.31 | ) | (.42 | ) | ||||||||||||
Return of capital | — | (.11 | ) | (.09 | ) | — | — | — | ||||||||||||||||
Total distributions to shareholders | (.33 | ) | (.69 | ) | (.51 | ) | (.38 | ) | (.31 | ) | (.42 | ) | ||||||||||||
Net asset value, end of period | $ | 40.18 | $ | 37.64 | $ | 28.68 | $ | 24.48 | $ | 25.40 | $ | 21.53 | ||||||||||||
Total Returnb | 7.63 | % | 34.05 | % | 19.32 | % | (2.25 | %) | 19.46 | % | 3.15 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 124,560 | $ | 58,337 | $ | 14,339 | $ | 17,133 | $ | 16,510 | $ | 13,995 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.46 | %c | 1.65 | % | 1.48 | % | 1.59 | % | 1.26 | % | 2.00 | % | ||||||||||||
Total expenses | 0.41 | %c | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 12 | % | 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 | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 99 |
GUGGENHEIM S&P 500® EQUAL WEIGHT HEALTH CARE ETF |
FINANCIAL HIGHLIGHTS (continued)
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.
Period Ended | ||||||||||||||||||||||||
April 30, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
2014 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 104.50 | $ | 76.84 | $ | 66.49 | $ | 59.74 | $ | 50.56 | $ | 42.21 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | .32 | .55 | .47 | .32 | .20 | .19 | ||||||||||||||||||
Net gain on investments (realized and unrealized) | 11.16 | 27.63 | 11.04 | 6.73 | 9.20 | 8.35 | ||||||||||||||||||
Total from investment operations | 11.48 | 28.18 | 11.51 | 7.05 | 9.40 | 8.54 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (.30 | ) | (.52 | ) | (.16 | ) | (.30 | ) | (.22 | ) | (.19 | ) | ||||||||||||
Total distributions to shareholders | (.30 | ) | (.52 | ) | (.16 | ) | (.30 | ) | (.22 | ) | (.19 | ) | ||||||||||||
Net asset value, end of period | $ | 115.68 | $ | 104.50 | $ | 76.84 | $ | 66.49 | $ | 59.74 | $ | 50.56 | ||||||||||||
Total Returnb | 10.99 | % | 36.81 | % | 17.39 | % | 11.80 | % | 18.64 | % | 20.31 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 190,879 | $ | 130,627 | $ | 38,419 | $ | 53,196 | $ | 53,770 | $ | 73,308 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 0.57 | %c | 0.60 | % | 0.65 | % | 0.47 | % | 0.35 | % | 0.42 | % | ||||||||||||
Total expenses | 0.41 | %c | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 11 | % | 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 | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
100 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 500® EQUAL WEIGHT INDUSTRIALS ETF |
FINANCIAL HIGHLIGHTS (continued) |
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.
Period Ended | ||||||||||||||||||||||||
April 30, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
2014 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 76.33 | $ | 56.94 | $ | 51.50 | $ | 49.54 | $ | 39.76 | $ | 35.73 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | .51 | .95 | 1.05 | .83 | .61 | .67 | ||||||||||||||||||
Net gain on investments (realized and unrealized) | 7.30 | 19.41 | 5.42 | 2.05 | 9.78 | 4.12 | ||||||||||||||||||
Total from investment operations | 7.81 | 20.36 | 6.47 | 2.88 | 10.39 | 4.79 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (.45 | ) | (.97 | ) | (1.03 | ) | (.92 | ) | (.61 | ) | (.76 | ) | ||||||||||||
Total distributions to shareholders | (.45 | ) | (.97 | ) | (1.03 | ) | (.92 | ) | (.61 | ) | (.76 | ) | ||||||||||||
Net asset value, end of period | $ | 83.69 | $ | 76.33 | $ | 56.94 | $ | 51.50 | $ | 49.54 | $ | 39.76 | ||||||||||||
Total Returnb | 10.24 | % | 36.10 | % | 12.64 | % | 5.80 | % | 26.28 | % | 13.84 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 104,618 | $ | 57,251 | $ | 17,082 | $ | 15,450 | $ | 42,105 | $ | 17,890 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.29 | %c | 1.40 | % | 1.90 | % | 1.52 | % | 1.34 | % | 1.88 | % | ||||||||||||
Total expenses | 0.41 | %c | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 6 | % | 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 | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 101 |
GUGGENHEIM S&P 500® EQUAL WEIGHT MATERIALS ETF |
FINANCIAL HIGHLIGHTS (continued) |
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.
Period Ended | ||||||||||||||||||||||||
April 30, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
2014 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 75.49 | $ | 60.71 | $ | 56.57 | $ | 57.32 | $ | 45.78 | $ | 34.37 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | .67 | 1.25 | .92 | .82 | 1.52 | .60 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 6.43 | 14.73 | 4.14 | (.76 | ) | 11.65 | 11.49 | |||||||||||||||||
Total from investment operations | 7.10 | 15.98 | 5.06 | .06 | 13.17 | 12.09 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (.60 | ) | (1.20 | ) | (.92 | ) | (.81 | ) | (1.63 | ) | (.68 | ) | ||||||||||||
Total distributions to shareholders | (.60 | ) | (1.20 | ) | (.92 | ) | (.81 | ) | (1.63 | ) | (.68 | ) | ||||||||||||
Net asset value, end of period | $ | 81.99 | $ | 75.49 | $ | 60.71 | $ | 56.57 | $ | 57.32 | $ | 45.78 | ||||||||||||
Total Returnb | 9.42 | % | 26.59 | % | 8.99 | % | 0.04 | % | 29.05 | % | 35.82 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 86,090 | $ | 49,069 | $ | 33,388 | $ | 36,771 | $ | 34,395 | $ | 41,199 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.72 | %c | 1.84 | % | 1.55 | % | 1.33 | % | 2.88 | % | 1.41 | % | ||||||||||||
Total expenses | 0.41 | %c | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 11 | % | 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 | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
102 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 500® EQUAL WEIGHT TECHNOLOGY ETF |
FINANCIAL HIGHLIGHTS (continued) |
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.
Period Ended | ||||||||||||||||||||||||
April 30, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
2014 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 70.98 | $ | 51.53 | $ | 52.23 | $ | 50.72 | $ | 39.98 | $ | 29.98 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | .34 | .68 | .41 | .29 | .12 | .11 | ||||||||||||||||||
Net gain (loss) on investments (realized and unrealized) | 7.60 | 19.43 | (.75 | ) | 1.49 | 10.75 | 10.03 | |||||||||||||||||
Total from investment operations | 7.94 | 20.11 | (.34 | ) | 1.78 | 10.87 | 10.14 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (.32 | ) | (.66 | ) | (.36 | ) | (.27 | ) | (.13 | ) | (.14 | ) | ||||||||||||
Total distributions to shareholders | (.32 | ) | (.66 | ) | (.36 | ) | (.27 | ) | (.13 | ) | (.14 | ) | ||||||||||||
Net asset value, end of period | $ | 78.60 | $ | 70.98 | $ | 51.53 | $ | 52.23 | $ | 50.72 | $ | 39.98 | ||||||||||||
Total Returnb | 11.19 | % | 39.23 | % | 0.71 | % | 3.51 | % | 27.23 | % | 33.94 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 546,245 | $ | 273,275 | $ | 100,479 | $ | 109,685 | $ | 88,759 | $ | 53,969 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 0.89 | %c | 1.07 | % | 0.76 | % | 0.54 | % | 0.26 | % | 0.30 | % | ||||||||||||
Total expenses | 0.41 | %c | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 12 | % | 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 | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 103 |
GUGGENHEIM S&P 500® EQUAL WEIGHT UTILITIES ETF |
FINANCIAL HIGHLIGHTS (concluded) |
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.
Period Ended | ||||||||||||||||||||||||
April 30, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
2014 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 64.67 | $ | 60.52 | $ | 54.03 | $ | 50.27 | $ | 42.13 | $ | 41.18 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 1.23 | 2.36 | 2.03 | 1.89 | 1.84 | 1.89 | ||||||||||||||||||
Net gain on investments (realized and unrealized) | 7.13 | 4.11 | 6.45 | 3.71 | 8.13 | .88 | ||||||||||||||||||
Total from investment operations | 8.36 | 6.47 | 8.48 | 5.60 | 9.97 | 2.77 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (1.04 | ) | (2.32 | ) | (1.99 | ) | (1.84 | ) | (1.83 | ) | (1.82 | ) | ||||||||||||
Total distributions to shareholders | (1.04 | ) | (2.32 | ) | (1.99 | ) | (1.84 | ) | (1.83 | ) | (1.82 | ) | ||||||||||||
Net asset value, end of period | $ | 71.99 | $ | 64.67 | $ | 60.52 | $ | 54.03 | $ | 50.27 | $ | 42.13 | ||||||||||||
Total Returnb | 13.09 | % | 10.95 | % | 15.98 | % | 11.29 | % | 24.10 | % | 6.97 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 75,593 | $ | 51,738 | $ | 42,364 | $ | 32,417 | $ | 20,110 | $ | 8,427 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 3.79 | %c | 3.78 | % | 3.60 | % | 3.60 | % | 3.95 | % | 4.64 | % | ||||||||||||
Total expenses | 0.42 | %c | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Portfolio turnover rated | 15 | % | 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 | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
104 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. Organization and Significant Accounting Policies
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 April 30, 2014, 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 Weight |
Equal Weight ETF | Index |
Guggenheim Russell 1000® | Russell 1000® Equal Weight |
Equal Weight ETF | Index |
Guggenheim Russell 2000® | Russell 2000® Equal Weight |
Equal Weight ETF | Index |
Guggenheim MSCI Emerging Markets | MSCI Emerging Markets Equal |
Equal Weight ETF | Weighted Index |
Guggenheim S&P 500® | S&P 500® Equal Weight Index |
Equal Weight Consumer Discretionary ETF | Consumer Discretionary |
Guggenheim S&P 500® | S&P 500® Equal Weight Index |
Equal Weight Consumer Staples ETF | Consumer Staples |
Guggenheim S&P 500® | S&P 500® Equal Weight Index |
Equal Weight Energy ETF | Energy |
Guggenheim S&P 500® | S&P 500® Equal Weight Index |
Equal Weight Financials ETF | Financials |
Guggenheim S&P 500® | S&P 500® Equal Weight Index |
Equal Weight Health Care ETF | Health Care |
Guggenheim S&P 500® | S&P 500® Equal Weight Index |
Equal Weight Industrials ETF | Industrials |
Guggenheim S&P 500® | S&P 500® Equal Weight Index |
Equal Weight Materials ETF | Materials |
Guggenheim S&P 500® | S&P 500® Equal Weight Index |
Equal Weight Technology ETF | Information Technology |
Guggenheim S&P 500® | S&P 500® Equal Weight Index |
Equal Weight Utilities ETF | 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 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.
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.
Guggenheim Investments (“GI”) provides advisory services and Rydex Fund Services, LLC (“RFS”) provides administrative services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD 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. Valuations of the Funds’ securities are supplied primarily by pricing services approved by the Board of Trustees. A Valuation Committee (“Valuation Committee”) is responsible for the oversight of the valuation process of the Funds and convenes monthly, or more frequently as needed. The Valuation Committee will review the valuation of all assets which have been fair valued for reasonableness. The Trust’s officers, through the Valuation Committee under the general supervision of the Board of Trustees, regularly review procedures used by, and valuations provided by, the pricing services.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 105 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
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.
Open-end investment companies (“Mutual Funds”) are valued at their NAV as of the close of business on the valuation date. Exchange Traded Funds (“ETFs”) and closed-end investment companies are valued at the last quoted sales price.
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 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. 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.
106 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
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 foreign 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.
D. Distributions of net investment income and net realized gains, if any, 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.
E. The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.
F. 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:
Minimum | ||||
Transaction | ||||
Fund | 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 |
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* | 0.40 | % | ||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF* | 0.40 | % | ||
Guggenheim S&P 500® Equal Weight Energy ETF* | 0.40 | % | ||
Guggenheim S&P 500® Equal Weight Financials ETF* | 0.40 | % | ||
Guggenheim S&P 500® Equal Weight Health Care ETF* | 0.40 | % | ||
Guggenheim S&P 500® Equal Weight Industrials ETF* | 0.40 | % | ||
Guggenheim S&P 500® Equal Weight Materials ETF* | 0.40 | % | ||
Guggenheim S&P 500® Equal Weight Technology ETF* | 0.40 | % | ||
Guggenheim S&P 500® Equal Weight Utilities ETF* | 0.40 | % |
* Effective December 1, 2013, the advisory fee has been reduced to an annual percentage rate of 0.40% of the average daily net assets of the Fund. Prior to December 1, 2013, the annual percentage rate was 0.50% of the average daily net assets of the Fund.
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 Funds. GI compensates RFS directly for this service. Prior to June 3, 2013, State Street Bank and Trust provided such services.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 107 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(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.
For the Guggenheim MSCI 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, 2015. 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, 2015.
The Funds have adopted a Distribution Plan (the “Plan”) that allows the Funds to pay distribution fees to GFD and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Funds will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Funds.
4. Federal Income Tax Information
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 it 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 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 is required in the Funds’ financial statements. The Funds’ federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.
The RIC Modernization Act of 2010 was signed into law on December 22, 2010 and seeks 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 greatest impact to the disclosure in the financial reports for the Funds were on the treatment of net capital losses, effective for tax years beginning after December 22, 2010.
One of the more prominent changes addresses capital loss carryforwards. The 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 will be 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 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.
108 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
At April 30, 2014, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value, were as follows:
Tax Unrealized | Tax Unrealized | Net Unrealized | ||||||||||||||
Fund | Tax Cost | Gain | Loss | Gain (Loss) | ||||||||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | 95,144,565 | $ | 24,433,989 | $ | (2,192,158 | ) | $ | 22,241,831 | |||||||
Guggenheim Russell 1000® Equal Weight ETF | 73,831,376 | 18,829,449 | (1,591,890 | ) | 17,237,559 | |||||||||||
Guggenheim Russell 2000® Equal Weight ETF | 32,587,643 | 6,617,014 | (2,293,692 | ) | 4,323,322 | |||||||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 12,141,298 | 986,995 | (1,553,819 | ) | (566,824 | ) | ||||||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 87,287,271 | 6,505,168 | (3,761,478 | ) | 2,743,690 | |||||||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 109,488,154 | 10,189,974 | (1,656,992 | ) | 8,532,982 | |||||||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 157,068,865 | 17,377,888 | (2,715,983 | ) | 14,661,905 | |||||||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 117,419,446 | 8,863,345 | (1,754,294 | ) | 7,109,051 | |||||||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 173,766,164 | 20,552,556 | (3,482,914 | ) | 17,069,642 | |||||||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 97,653,319 | 8,130,497 | (1,213,621 | ) | 6,916,876 | |||||||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 78,510,760 | 11,901,041 | (1,294,761 | ) | 10,606,280 | |||||||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 512,316,278 | 54,985,545 | (13,315,341 | ) | 41,670,204 | |||||||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 75,190,091 | 4,931,180 | (315,010 | ) | 4,616,170 |
5. Fair Value Measurement
In accordance with U.S. GAAP, fair value is defined as the price that the Funds 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. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:
Level 1 — quoted prices in active markets for identical assets or liabilities.
Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).
Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.
The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.
The following table summarizes the inputs used to value the Funds’ net assets at April 30, 2014:
Level 1 | Level 2 | Level 3 | ||||||||||||||
Investments | Investments | Investments | ||||||||||||||
Fund | In Securities | In Securities | In Securities | Total | ||||||||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | 113,631,196 | $ | 3,755,200 | $ | — | $ | 117,386,396 | ||||||||
Guggenheim Russell 1000® Equal Weight ETF | 89,102,397 | 1,966,538 | — | 91,068,935 | ||||||||||||
Guggenheim Russell 2000® Equal Weight ETF | 35,534,823 | 1,376,142 | — | 36,910,965 | ||||||||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 10,123,749 | 1,450,725 | — | 11,574,474 | ||||||||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 88,883,630 | 1,147,331 | — | 90,030,961 | ||||||||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 118,021,136 | — | — | 118,021,136 | ||||||||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 164,765,870 | 6,964,900 | — | 171,730,770 | ||||||||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 124,528,497 | — | — | 124,528,497 | ||||||||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 190,835,806 | — | — | 190,835,806 | ||||||||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 104,570,195 | — | — | 104,570,195 | ||||||||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 86,028,240 | 3,088,800 | — | 89,117,040 | ||||||||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 546,266,482 | 7,720,000 | — | 553,986,482 | ||||||||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 75,515,461 | 4,290,800 | — | 79,806,261 |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 109 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.
For the period ended April 30, 2014, there were no transfers between levels.
6. Investment Transactions
For the period ended April 30, 2014, the Funds had investments transactions in-kind associated with subscriptions and redemptions as follows:
Fund | Subscriptions | Redemptions | ||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | 34,924,648 | $ | 4,785,025 | ||||
Guggenheim Russell 1000® Equal Weight ETF | 18,822,149 | — | ||||||
Guggenheim Russell 2000® Equal Weight ETF | 9,047,754 | — | ||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 1,522 | — | ||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 27,275,629 | 64,102,098 | ||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 54,493,825 | 27,644,180 | ||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 109,096,018 | — | ||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 69,262,791 | 7,862,435 | ||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 84,423,105 | 41,710,915 | ||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 68,584,897 | 28,674,160 | ||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 43,788,248 | 11,475,777 | ||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 276,187,740 | 35,077,375 | ||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 43,361,060 | 26,665,681 |
The cost of purchases and proceeds from sales of investment securities, excluding government securities and short-term investments, were as follows:
Fund | Purchases | Sales | ||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | 10,856,533 | $ | 11,498,801 | ||||
Guggenheim Russell 1000® Equal Weight ETF | 7,742,659 | 7,737,355 | ||||||
Guggenheim Russell 2000® Equal Weight ETF | 6,333,702 | 6,457,671 | ||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 1,429,373 | 1,480,849 | ||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 15,942,305 | 15,997,306 | ||||||
Guggenheim S&P 500® Equal Weight Consumer Staples ETF | 8,531,592 | 8,293,717 | ||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 10,756,242 | 10,740,697 | ||||||
Guggenheim S&P 500® Equal Weight Financials ETF | 10,509,417 | 10,438,762 | ||||||
Guggenheim S&P 500® Equal Weight Health Care ETF | 18,067,829 | 17,953,298 | ||||||
Guggenheim S&P 500® Equal Weight Industrials ETF | 4,746,891 | 4,730,568 | ||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 7,028,135 | 6,976,234 | ||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 51,021,091 | 51,000,361 | ||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 8,419,572 | 8,293,395 |
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 and cash. 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.
110 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
At April 30, 2014, the Funds participated in securities lending as follows:
Value of | Cash | |||||||
Securities | Collateral | |||||||
Fund | Collateral | Received | ||||||
Guggenheim Russell MidCap® Equal Weight ETF | $ | 3,688,765 | $ | 3,755,200 | ||||
Guggenheim Russell 1000® Equal Weight ETF | 1,917,783 | 1,966,538 | ||||||
Guggenheim Russell 2000® Equal Weight ETF | 1,281,981 | 1,367,300 | ||||||
Guggenheim MSCI Emerging Markets Equal Weight ETF | 1,407,049 | 1,449,275 | ||||||
Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | 1,164,669 | 1,147,331 | ||||||
Guggenheim S&P 500® Equal Weight Energy ETF | 6,876,718 | 6,964,900 | ||||||
Guggenheim S&P 500® Equal Weight Materials ETF | 2,976,688 | 3,088,800 | ||||||
Guggenheim S&P 500® Equal Weight Technology ETF | 7,606,400 | 7,720,000 | ||||||
Guggenheim S&P 500® Equal Weight Utilities ETF | 4,204,843 | 4,290,800 |
Cash collateral received was invested in the following joint repurchase agreements at April 30, 2014:
The following represents a breakdown of the collateral for the joint repurchase agreements at April 30, 2014:
Counterparty and | ||||||||||||||||||
Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | |||||||||||||
HSBC Securities, Inc. | Federal Home Loan Bank | |||||||||||||||||
0.04% | 0.12% - 1.88% | |||||||||||||||||
Due 05/01/14 | $14,659,559 | $14,659,575 | 10/15/15 - 11/14/18 | $12,890,684 | $12,891,439 | |||||||||||||
Federal Farm Credit Bank | ||||||||||||||||||
1.90% | ||||||||||||||||||
10/10/18 | 2,065,653 | 2,064,794 | ||||||||||||||||
Deutsche Bank Securities, Inc. | U.S. Treasury Note | |||||||||||||||||
0.05% | 2.00% | |||||||||||||||||
Due 05/01/14 | 9,851,222 | 9,851,236 | 01/31/16 | 4,859,997 | 5,025,140 | |||||||||||||
Federal Home Loan Bank | ||||||||||||||||||
0.16% - 3.10% | ||||||||||||||||||
06/30/14 - 02/15/30 | 2,527,229 | 2,435,748 | ||||||||||||||||
Fannie Mae Strip | ||||||||||||||||||
0.00% | ||||||||||||||||||
01/15/30 | 1,759,383 | 937,962 | ||||||||||||||||
Fannie Mae | ||||||||||||||||||
0.50% - 5.375% | ||||||||||||||||||
05/27/15 - 06/12/17 | 1,572,758 | 1,651,653 | ||||||||||||||||
Deutsche Bank Securities, Inc. | U.S. Treasury Note | |||||||||||||||||
0.04% | 0.38% | |||||||||||||||||
Due 05/01/14 | 554,600 | 554,601 | 04/30/16 | 566,606 | 565,809 | |||||||||||||
BNP Paribas Securities Corp. | U.S. Tip Bond | |||||||||||||||||
0.05% | 0.63% - 2.13% | |||||||||||||||||
Due 05/01/14 | 6,684,758 | 6,684,768 | 01/15/19 - 01/15/24 | 6,176,173 | 6,819,830 |
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.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 111 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)
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 February 25, 2014, the District Court issued a “Phase Two Motion Protocol” in the FitzSimons action that directed the liaison counsel for the shareholder defendants to file a global motion to dismiss, i.e., a motion that applies to the claim against all shareholder defendants, with respect to the plaintiff’s claim brought against former Tribune shareholders for intentional fraudulent conveyance under U.S. federal law.
On May 23, 2014, the defendants filed motions to dismiss the Fifth Amended Complaint in the FitzSimons action. That motion remains pending.
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 Fund (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.
112 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
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
Distributor change
Effective March 3, 2014, Guggenheim Distributors, LLC (“GD”), the distributor for shares of the Funds will be consolidated into and with Guggenheim Funds Distributors, LLC (“GFD”). Following the consolidation, GFD will serve as the Funds’ distributor.
GD and GFD are both indirect, wholly-owned subsidiaries of Guggenheim Capital, LLC and, therefore, the consolidation will not result in a change of actual control of the Funds’ distributor. The primary goal of the consolidation is to achieve greater operational efficiencies and allow all of the Guggenheim funds, including funds that are not series of the Trusts, to be distributed by a single distributor.
The consolidation is not expected to affect the day-to-day management of the Funds or result in any material changes to the distribution of the Funds, including any changes to the distribution fees paid by the Funds.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 113 |
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.
INTERESTED TRUSTEE
Number of | Other | |||||||
Position(s) Held with the | Portfolios in Fund | Directorships | ||||||
Name and Year of | Trust, Term of Office and | Principal Occupation(s) | Complex Overseen | Held by | ||||
Birth of Trustee | Length of Time Served | During Past 5 Years | by Trustee** | Trustee | ||||
Donald C. Cacciapaglia* | Trustee from 2012 to present. | Current: President and Chief | 214 | Delaware Life | ||||
(1951) | Executive Officer, certain other | (2013–present); | ||||||
funds in the Fund Complex | Guggenheim | |||||||
(2012–present); Vice Chairman, | Life and Annuity | |||||||
Guggenheim Investments | Company | |||||||
(2010–present). | (2011–present); | |||||||
Paragon Life | ||||||||
Former: Chairman and Chief | Insurance | |||||||
Executive Officer, Channel | Company of | |||||||
Capital Group, Inc. (2002–2010). | Indiana | |||||||
(2011–present). | ||||||||
INDEPENDENT TRUSTEES | ||||||||
Corey A. Colehour (1945) | Trustee and Member of the Audit, Governance, and Nominating Committees from 1998 to present. | Retired. | 131 | None. | ||||
J. Kenneth Dalton (1941) | Trustee, Member and Chairman of the Audit Committee, and Member of the Governance and Nominating Committees from 1998 to present; and Member of the Risk Oversight Committee from 2010 to present. | Retired. | 131 | Trustee of Epiphany Funds (4) (2009–present). | ||||
John O. Demaret (1940) | Trustee from 1998 to present and Chairman of the Board from 2006 to present; Member and Chairman of the Audit Committee from 1998 to present; and Member of the Risk Oversight Committee from 2010 to present. | Retired. | 131 | None. | ||||
Werner E. Keller (1940) | Vice Chairman of the Board of Trustees from 2010 to present; Trustee and Member of the Audit, Governance, and Nominating Committees from 2005 to present; and Chairman and Member of the Risk Oversight Committee from 2010 to present. | Current: Founder and President, Keller Partners, LLC (investment research firm) (2005–present). | 131 | None. |
114 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)
INDEPENDENT TRUSTEES - concluded
Number of | Other | |||||||
Position(s) Held with the | Portfolios in Fund | Directorships | ||||||
Name and Year of | Trust, Term of Office and | Principal Occupation(s) | Complex Overseen | Held by | ||||
Birth of Trustee | Length of Time Served | During Past 5 Years | by Trustee** | Trustee | ||||
Thomas F. Lydon, Jr. (1960) | Trustee and Member of the Audit, Governance, and Nominating Committees from 2005 to present. | Current: President, Global Trends Investments (registered investment adviser) (1996–present). | 131 | Board of Directors of US Global Investors (GROW) (1995–present). | ||||
Patrick T. McCarville (1942) | Trustee, Member of the Audit Committee, and Chairman and Member of the Governance and Nominating Committees from 1998 to present. | Retired. Former: Chief Executive Officer, Par Industries, Inc., d/b/a Par Leasing (197732010). | 131 | None. | ||||
Roger Somers (1944) | Trustee and Member of the Audit, Governance, and Nominating Committees from 1998 to present. | Current: Founder and Chief Executive Officer, Arrow Limousine (1962–present). | 131 | None. |
OFFICERS
Name, Address | Position(s) Held with | |||
and Year of | the Trust, Term of Office and | Principal Occupation(s) | ||
Birth of Officer | Length of Time Served | During Past 5 Years | ||
Donald C. Cacciapaglia (1951) | President (2012–present). | Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2012–present); Vice Chairman, Guggenheim Investments (2010–present). Former: Chairman and Chief Executive Officer, Channel Capital Group Inc. (200232010). | ||
Michael P. Byrum (1970) | Vice President (1999–present). | Current: Senior Vice President, Security Investors, LLC (2010–present); President and Chief Investment Officer, Rydex Holdings, LLC (2008–present); Director and Chairman, Advisory Research Center, Inc. (2006–present); Manager, Guggenheim Specialized Products, LLC (2005–present). Former: Vice President, Guggenheim Distributors, LLC (2009); Director (200932010) and Secretary (200232010), Rydex Fund Services, LLC; Director (200832010), Chief Investment Officer (200632010), President (200432010) and Secretary (200232010), Rydex Advisors, LLC; Director (200832010), Chief Investment Officer (200632010), President (200432010) and Secretary (200232010), Rydex Advisors II, LLC. | ||
Nikolaos Bonos (1963) | Vice President and Treasurer (2003–present). | Current: Treasurer and Vice President, certain other funds in the Fund Complex (2003–present); Senior Vice President, Security Investors, LLC (2010–present); Chief Executive Officer, Guggenheim Specialized Products, LLC (2009–present); President and Chief Executive Officer, Rydex Fund Services, LLC (2009–present); Vice President, Rydex Holdings, LLC (2008–present). Former: Senior Vice President, Security Global Investors, LLC (201032011); Senior Vice President, Rydex Advisors, LLC (200632011); Senior Vice President, Rydex Advisors II, LLC (200632011). |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 115 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)
OFFICERS - concluded
Name, Address | Position(s) Held with | |||
and Year of | the Trust, Term of Office and | Principal Occupation(s) | ||
Birth of Officer | Length of Time Served | During Past 5 Years | ||
Elisabeth Miller (1968) | Chief Compliance Officer (2012–present). | Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012–present); Chief Compliance Officer, Security Investors, LLC (2012–present); Chief Compliance Officer, Guggenheim Funds Investment Advisors, LLC (2012–present); Vice President, Guggenheim Funds Distributors, LLC (2014–present). | ||
Former: Chief Compliance Officer, Guggenheim Distributors, LLC (2009–2014); Senior Manager, Security Investors, LLC (2004–2009); Senior Manager, Guggenheim Distributors, LLC (2004–2009). | ||||
Joseph M. Arruda (1966) | Assistant Treasurer (2006–present). | Current: Assistant Treasurer, certain other funds in the Fund Complex (2006–present); Vice President, Security Investors, LLC (2010–present); Chief Financial Officer and Manager, Guggenheim Specialized Products, LLC (2009–present). | ||
Former: Vice President, Security Global Investors, LLC (2010–2011); Vice President, Rydex Advisors, LLC (2010); Vice President, Rydex Advisors II, LLC (2010). | ||||
Amy J. Lee (1961) | Vice President (2009–present) and Secretary (2012–present). | Current: Chief Legal Officer, certain other funds in the Fund Complex (2013–present); Senior Managing Director, Guggenheim Investments (2012–present). | ||
Former: Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004–2012). |
* | Mr. Cacciapaglia is an “interested” person of the Trust, as that term is defined in the 1940 Act by virtue of his affiliation with the Advisor’s parent company. |
** | The “Fund Complex” includes all closed-end and open-end funds (including all of their portfolios) advised by the Advisor and any funds that have an investment adviser or servicing agent that is an affiliated person of the Advisor. Information provided is as of the date of this report. |
116 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)
Privacy Principles of the Funds
The Funds are committed to maintaining the privacy of their shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Funds collect, how the Funds protect that information and why, in certain cases, the Funds may share information with select other parties.
Generally, the Funds do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of its shareholders may become available to the Funds. The Funds do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).
The Funds restrict access to non-public personal information about their shareholders to employees of the Funds’ investment advisor and its affiliates with a legitimate business need for the information. The Funds maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 117 |
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4.30.2014
Guggenheim ETF Semi-Annual Report
XLG | Guggenheim Russell Top 50® Mega Cap ETF |
RPV | Guggenheim S&P 500® Pure Value ETF |
RPG | Guggenheim S&P 500® Pure Growth ETF |
RFV | Guggenheim S&P MidCap 400® Pure Value ETF |
RFG | Guggenheim S&P MidCap 400® Pure Growth ETF |
RZV | Guggenheim S&P SmallCap 600® Pure Value ETF |
RZG | Guggenheim S&P SmallCap 600® Pure Growth ETF |
ETF2-SEMI-0414x1014 | guggenheiminvestments.com |
TABLE OF CONTENTS |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 1 |
April 30, 2014 |
Security Investors, LLC (the “Investment Adviser”) is pleased to present the semiannual shareholder report for seven of our style-oriented exchange traded funds (“ETFs”) for the semiannual period ended April 30, 2014.
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 Funds Distributors, LLC, the distributor of the Funds, is affiliated with Guggenheim Partners, LLC and Investment Adviser.
We encourage you to read the Economic and Market Overview, which follows this letter.
We are committed to providing investors with innovative investment solutions and appreciate the trust you place in us.
Sincerely,
Donald C. Cacciapaglia
President
May 31, 2014
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 SEMI-ANNUAL REPORT |
ECONOMIC AND MARKET OVERVIEW (Unaudited) | April 30, 2014 |
The U.S. economy during the period absorbed the impact of the start of the Federal Reserve’s tapering program, heightened international tension, and a severe U.S. winter, but at the end of the period was on solid ground. Reflecting weather-related weakness, U.S. GDP in the first quarter of 2014 rose just 0.1 percent at an annualized rate. Personal consumption rose by 3 percent, led by health care spending. Weak investment spending, falling inventories, and weak trade pulled down growth. The negative effect of winter conditions on first-quarter output reined in estimates of full-year 2014 growth.
The conundrum is that, with the American economy adding jobs, consumer spending accelerating, and economic data generally strong, interest rates would be expected to rise. However, capital flows from overseas have been playing a crucial role in keeping rates low. As tensions escalated in Ukraine, a flight to safety put downward pressure on U.S. Treasury yields. Japan’s first sales tax increase since 1997 has helped slow consumer spending, which could lead to an acceleration of monetary stimulus there. Such a move puts pressure on China to further devalue its currency, which in turn might drive increased Chinese demand for U.S. Treasuries. This phenomenon of lower rates when conditions suggest higher rates only adds to already improving U.S. economic prospects, as low rates and increasing employment positively impact housing and consumer spending. There has also been a pickup in mergers and acquisition activity, and U.S. first-quarter earnings beat estimates—further supporting equity prices.
Real returns on fixed income are poised to remain lower than they have been in previous expansions. Part of that is due to demographics, with more retirees shifting investment to fixed income—and the other is the amount of central bank-induced liquidity swashing around the system, which has also helped mute real rates. The Fed continues pumping enormous amounts of liquidity into the system, however, with strong signals that it will not raise interest rates until the latter half of 2015, the expansion is proceeding steadily.
For the six months ended April 30, 2014, the Standard & Poor’s 500® (“S&P 500”) Index* returned 8.36%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned 4.44%. The return of the MSCI Emerging Markets Index* was -2.98%.
In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 1.74% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 4.72%. The return of the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.03% for the six-month period.
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.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 3 |
ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) | April 30, 2014 |
*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.
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.
Barclays U.S. High Yield Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.
BofA 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.
MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.
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.
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.
4 | GUGGENHEIM ETFs SEMI-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 October 31, 2013 and held for the six months ended April 30, 2014.
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 | 10/31/13 | 04/30/14 | Period2 | |
Table 1. Based on actual Fund return3 | |||||
Guggenheim Russell Top 50® Mega Cap ETF | 0.20% | 7.86% | $1,000.00 | $1,078.60 | $1.03 |
Guggenheim S&P 500® Pure Value ETF | 0.35% | 13.05% | 1,000.00 | 1,130.50 | 1.85 |
Guggenheim S&P 500® Pure Growth ETF | 0.35% | 8.94% | 1,000.00 | 1,089.40 | 1.81 |
Guggenheim S&P MidCap 400® Pure Value ETF | 0.35% | 6.04% | 1,000.00 | 1,060.40 | 1.79 |
Guggenheim S&P MidCap 400® Pure Growth ETF | 0.35% | 2.76% | 1,000.00 | 1,027.60 | 1.76 |
Guggenheim S&P SmallCap 600® Pure Value ETF | 0.35% | 7.56% | 1,000.00 | 1,075.60 | 1.80 |
Guggenheim S&P SmallCap 600® Pure Growth ETF | 0.35% | 3.35% | 1,000.00 | 1,033.50 | 1.76 |
Table 2. Based on hypothetical 5% return (before expenses) | |||||
Guggenheim Russell Top 50® Mega Cap ETF | 0.20% | 5.00% | 1,000.00 | 1,023.80 | 1.00 |
Guggenheim S&P 500® Pure Value ETF | 0.35% | 5.00% | 1,000.00 | 1,023.06 | 1.76 |
Guggenheim S&P 500® Pure Growth ETF | 0.35% | 5.00% | 1,000.00 | 1,023.06 | 1.76 |
Guggenheim S&P MidCap 400® Pure Value ETF | 0.35% | 5.00% | 1,000.00 | 1,023.06 | 1.76 |
Guggenheim S&P MidCap 400® Pure Growth ETF | 0.35% | 5.00% | 1,000.00 | 1,023.06 | 1.76 |
Guggenheim S&P SmallCap 600® Pure Value ETF | 0.35% | 5.00% | 1,000.00 | 1,023.06 | 1.76 |
Guggenheim S&P SmallCap 600® Pure Growth ETF | 0.35% | 5.00% | 1,000.00 | 1,023.06 | 1.76 |
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 181/365 (to reflect the one-half year period). |
3 | Actual cumulative return at net asset value for the period October 31, 2013 to April 30, 2014. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 5 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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. | 6.4 | % | ||
Exxon Mobil Corp. | 5.7 | % | ||
Microsoft Corp. | 4.2 | % | ||
Johnson & Johnson | 3.6 | % | ||
General Electric Co. | 3.5 | % | ||
Chevron Corp. | 3.0 | % | ||
Wells Fargo & Co. | 3.0 | % | ||
Berkshire Hathaway, Inc. — Class B | 2.9 | % | ||
Procter & Gamble Co. | 2.8 | % | ||
JPMorgan Chase & Co. | 2.6 | % | ||
Top Ten Total | 37.7 | % |
“Ten Largest Holdings” exclude any temporary cash.
6 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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.
Ten Largest Holdings* | (% of Total Net Assets) | |||
Alcoa, Inc. | 2.5 | % | ||
Berkshire Hathaway, Inc. — Class B | 2.2 | % | ||
WellPoint, Inc. | 2.0 | % | ||
Valero Energy Corp. | 2.0 | % | ||
Nabors Industries Ltd. | 1.9 | % | ||
Tyson Foods, Inc. — Class A | 1.7 | % | ||
Genworth Financial, Inc. — Class A | 1.7 | % | ||
Assurant, Inc. | 1.6 | % | ||
Murphy Oil Corp. | 1.5 | % | ||
Archer-Daniels-Midland Co. | 1.5 | % | ||
Top Ten Total | 18.6 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 7 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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) | |||
Huntington Bancshares, Inc. | 2.0 | % | ||
Safeway, Inc. | 2.0 | % | ||
Actavis plc | 1.9 | % | ||
Facebook, Inc. — Class A | 1.8 | % | ||
Michael Kors Holdings Ltd. | 1.8 | % | ||
Southwest Airlines Co. | 1.8 | % | ||
TripAdvisor, Inc. | 1.7 | % | ||
Keurig Green Mountain, Inc. | 1.7 | % | ||
Delta Air Lines, Inc. | 1.6 | % | ||
Celgene Corp. | 1.6 | % | ||
Top Ten Total | 17.9 | % |
“Ten Largest Holdings” exclude any temporary cash.
8 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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.
Ten Largest Holdings* | (% of Total Net Assets) | |||
Tech Data Corp. | 2.8 | % | ||
Ingram Micro, Inc. — Class A | 2.7 | % | ||
URS Corp. | 2.1 | % | ||
AECOM Technology Corp. | 2.1 | % | ||
Arrow Electronics, Inc. | 2.1 | % | ||
Reinsurance Group of America, Inc. — Class A | 2.1 | % | ||
Avnet, Inc. | 2.0 | % | ||
Universal Corp. | 2.0 | % | ||
Health Net, Inc. | 1.9 | % | ||
Superior Energy Services, Inc. | 1.9 | % | ||
Top Ten Total | 21.7 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 9 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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) | |||
Salix Pharmaceuticals Ltd. | 2.8 | % | ||
Trinity Industries, Inc. | 2.6 | % | ||
Patterson-UTI Energy, Inc. | 2.4 | % | ||
Synovus Financial Corp. | 2.2 | % | ||
United Therapeutics Corp. | 1.9 | % | ||
Umpqua Holdings Corp. | 1.9 | % | ||
BancorpSouth, Inc. | 1.9 | % | ||
Tempur Sealy International, Inc. | 1.8 | % | ||
SVB Financial Group | 1.8 | % | ||
Endo International plc | 1.8 | % | ||
Top Ten Total | 21.1 | % |
“Ten Largest Holdings” exclude any temporary cash.
10 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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) | |||
Green Plains Renewable Energy, Inc. | 2.2 | % | ||
Pioneer Energy Services Corp. | 1.7 | % | ||
ManTech International Corp. — Class A | 1.6 | % | ||
Engility Holdings, Inc. | 1.5 | % | ||
Central Garden and Pet Co. — Class A | 1.5 | % | ||
Sanmina Corp. | 1.5 | % | ||
Perry Ellis International, Inc. | 1.3 | % | ||
Seneca Foods Corp. — Class A | 1.3 | % | ||
Cash America International, Inc. | 1.3 | % | ||
Stewart Information Services Corp. | 1.3 | % | ||
Top Ten Total | 15.2 | % |
“Ten Largest Holdings” exclude any temporary cash.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 11 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
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) | |||
US Silica Holdings, Inc. | 2.4 | % | ||
Questcor Pharmaceuticals, Inc. | 1.9 | % | ||
Matrix Service Co. | 1.8 | % | ||
Repligen Corp. | 1.6 | % | ||
Akorn, Inc. | 1.5 | % | ||
Carrizo Oil & Gas, Inc. | 1.4 | % | ||
Lithia Motors, Inc. — Class A | 1.3 | % | ||
Taser International, Inc. | 1.3 | % | ||
Stone Energy Corp. | 1.3 | % | ||
Saia, Inc. | 1.3 | % | ||
Top Ten Total | 15.8 | % |
“Ten Largest Holdings” exclude any temporary cash.
12 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM RUSSELL TOP 50® MEGA CAP ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.8% | ||||||||
INFORMATION TECHNOLOGY - 26.5% | ||||||||
Apple, Inc. | 53,967 | $ | 31,845,388 | |||||
Microsoft Corp. | 521,988 | 21,088,316 | ||||||
International Business Machines Corp. | 61,111 | 12,006,478 | ||||||
Google, Inc. — Class A* | 16,855 | 9,015,402 | ||||||
Google, Inc. — Class C* | 16,855 | 8,876,854 | ||||||
Oracle Corp. | 210,059 | 8,587,212 | ||||||
QUALCOMM, Inc. | 107,999 | 8,500,601 | ||||||
Intel Corp. | 310,714 | 8,292,957 | ||||||
Cisco Systems, Inc. | 334,049 | 7,719,872 | ||||||
Visa, Inc. — Class A | 32,656 | 6,616,432 | ||||||
MasterCard, Inc. — Class A | 73,044 | 5,372,386 | ||||||
eBay, Inc.* | 81,120 | 4,204,450 | ||||||
Total Information Technology | 132,126,348 | |||||||
FINANCIALS - 14.4% | ||||||||
Wells Fargo & Co. | 301,774 | 14,980,061 | ||||||
Berkshire Hathaway, Inc. — Class B* | 112,489 | 14,494,208 | ||||||
JPMorgan Chase & Co. | 236,251 | 13,225,331 | ||||||
Bank of America Corp. | 673,830 | 10,201,786 | ||||||
Citigroup, Inc. | 190,197 | 9,112,338 | ||||||
American Express Co. | 59,223 | 5,177,867 | ||||||
Goldman Sachs Group, Inc. | 28,660 | 4,580,441 | ||||||
Total Financials | 71,772,032 | |||||||
ENERGY - 12.5% | ||||||||
Exxon Mobil Corp. | 277,921 | 28,461,891 | ||||||
Chevron Corp. | 121,167 | 15,208,882 | ||||||
Schlumberger Ltd. | 83,097 | 8,438,500 | ||||||
ConocoPhillips | 76,423 | 5,678,993 | ||||||
Occidental Petroleum Corp. | 50,356 | 4,821,587 | ||||||
Total Energy | 62,609,853 | |||||||
HEALTH CARE - 12.0% | ||||||||
Johnson & Johnson | 175,570 | 17,783,485 | ||||||
Pfizer, Inc. | 418,042 | 13,076,354 | ||||||
Merck & Company, Inc. | 188,743 | 11,052,790 | ||||||
Gilead Sciences, Inc.* | 95,342 | 7,483,394 | ||||||
Amgen, Inc. | 46,878 | 5,238,617 | ||||||
Bristol-Myers Squibb Co. | 102,668 | 5,142,640 | ||||||
Total Health Care | 59,777,280 | |||||||
CONSUMER STAPLES - 11.9% | ||||||||
Procter & Gamble Co. | 171,314 | 14,141,971 | ||||||
Coca-Cola Co. | 239,073 | 9,751,788 | ||||||
Philip Morris International, Inc. | 102,229 | 8,733,423 | ||||||
PepsiCo, Inc. | 96,660 | 8,302,127 | ||||||
Wal-Mart Stores, Inc. | 100,655 | 8,023,210 | ||||||
CVS Caremark Corp. | 76,532 | 5,565,407 | ||||||
Altria Group, Inc. | 125,553 | 5,035,931 | ||||||
Total Consumer Staples | 59,553,857 | |||||||
INDUSTRIALS - 9.3% | ||||||||
General Electric Co. | 646,311 | 17,379,303 | ||||||
United Technologies Corp. | 57,461 | 6,799,360 | ||||||
Boeing Co. | 47,422 | 6,118,386 | ||||||
3M Co. | 43,141 | 6,000,482 | ||||||
Union Pacifi c Corp. | 29,175 | 5,555,795 | ||||||
United Parcel Service, Inc. — Class B | 45,276 | 4,459,686 | ||||||
Total Industrials | 46,313,012 | |||||||
CONSUMER DISCRETIONARY - 8.4% | ||||||||
Walt Disney Co. | 112,569 | 8,931,224 | ||||||
Comcast Corp. — Class A | 164,011 | 8,489,209 | ||||||
Amazon.com, Inc.* | 22,982 | 6,989,516 | ||||||
Home Depot, Inc. | 85,665 | 6,811,224 | ||||||
McDonald’s Corp. | 62,664 | 6,352,876 | ||||||
Twenty-First Century Fox, Inc. — Class A | 124,215 | 3,977,364 | ||||||
News Corp. — Class A* | 31,054 | 528,539 | ||||||
Total Consumer Discretionary | 42,079,952 | |||||||
TELECOMMUNICATION SERVICES - 4.8% | ||||||||
Verizon Communications, Inc. | 257,958 | 12,054,377 | ||||||
AT&T, Inc. | 336,278 | 12,005,125 | ||||||
Total Telecommunication Services | 24,059,502 | |||||||
Total Common Stocks | ||||||||
(Cost $427,203,824) | 498,291,836 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund | 394,821 | 394,821 | ||||||
Total Short Term Investments | ||||||||
(Cost $394,821) | 394,821 | |||||||
Total Investments - 99.9% | ||||||||
(Cost $427,598,645) | $ | 498,686,657 | ||||||
Other Assets & Liabilities, net - 0.1% | 396,234 | |||||||
Total Net Assets - 100.0% | $ | 499,082,891 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 13 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM S&P 500® PURE VALUE ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
FINANCIALS - 25.1% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 146,883 | $ | 18,925,874 | |||||
Genworth Financial, Inc. — Class A* | 782,902 | 13,974,801 | ||||||
Assurant, Inc. | 205,606 | 13,859,900 | ||||||
American International Group, Inc. | 200,140 | 10,633,438 | ||||||
Hartford Financial Services Group, Inc. | 294,743 | 10,572,431 | ||||||
Unum Group | 304,595 | 10,118,646 | ||||||
XL Group plc — Class A | 315,726 | 9,898,010 | ||||||
MetLife, Inc. | 187,034 | 9,791,230 | ||||||
Allstate Corp. | 170,246 | 9,695,510 | ||||||
Loews Corp. | 168,635 | 7,414,881 | ||||||
Capital One Financial Corp. | 99,879 | 7,381,058 | ||||||
SunTrust Banks, Inc. | 190,486 | 7,287,994 | ||||||
Morgan Stanley | 226,390 | 7,002,243 | ||||||
PNC Financial Services Group, Inc. | 77,102 | 6,479,652 | ||||||
Bank of America Corp. | 420,709 | 6,369,534 | ||||||
Travelers Companies, Inc. | 68,432 | 6,198,571 | ||||||
JPMorgan Chase & Co. | 108,467 | 6,071,983 | ||||||
Goldman Sachs Group, Inc. | 36,452 | 5,825,759 | ||||||
ACE Ltd. | 55,302 | 5,658,501 | ||||||
Bank of New York Mellon Corp. | 150,132 | 5,084,971 | ||||||
NASDAQ OMX Group, Inc. | 136,019 | 5,019,101 | ||||||
Hudson City Bancorp, Inc. | 456,421 | 4,545,953 | ||||||
BB&T Corp. | 111,829 | 4,174,577 | ||||||
Chubb Corp. | 38,552 | 3,549,868 | ||||||
Wells Fargo & Co. | 70,391 | 3,494,209 | ||||||
Cincinnati Financial Corp. | 69,542 | 3,389,477 | ||||||
M&T Bank Corp. | 24,903 | 3,038,415 | ||||||
Aflac, Inc. | 47,855 | 3,001,466 | ||||||
Progressive Corp. | 118,574 | 2,875,420 | ||||||
Total Financials | 211,333,473 | |||||||
UTILITIES - 16.8% | ||||||||
NRG Energy, Inc. | 387,946 | 12,693,593 | ||||||
Exelon Corp. | 327,714 | 11,479,821 | ||||||
Pepco Holdings, Inc. | 393,550 | 10,531,398 | ||||||
Entergy Corp. | 133,945 | 9,711,013 | ||||||
Integrys Energy Group, Inc. | 140,389 | 8,603,038 | ||||||
FirstEnergy Corp. | 193,695 | 6,537,206 | ||||||
Edison International | 115,407 | 6,527,420 | ||||||
AES Corp. | 416,645 | 6,020,520 | ||||||
PG&E Corp. | 128,210 | 5,843,812 | ||||||
Consolidated Edison, Inc. | 98,555 | 5,719,147 | ||||||
Public Service Enterprise Group, Inc. | 138,575 | 5,677,418 | ||||||
Xcel Energy, Inc. | 175,742 | 5,600,898 | ||||||
SCANA Corp. | 104,198 | 5,593,349 | ||||||
DTE Energy Co. | 68,123 | 5,323,131 | ||||||
AGL Resources, Inc. | 94,306 | 5,092,524 | ||||||
PPL Corp. | 147,923 | 4,931,753 | ||||||
Pinnacle West Capital Corp. | 85,616 | 4,790,215 | ||||||
Northeast Utilities | 99,202 | 4,688,287 | ||||||
Duke Energy Corp. | 61,923 | 4,612,644 | ||||||
American Electric Power Company, Inc. | 79,990 | 4,304,262 | ||||||
TECO Energy, Inc. | 222,244 | 3,991,502 | ||||||
CMS Energy Corp. | 118,160 | 3,581,430 | ||||||
Total Utilities | 141,854,381 | |||||||
ENERGY - 16.2% | ||||||||
Valero Energy Corp. | 290,670 | 16,617,603 | ||||||
Nabors Industries Ltd. | 641,109 | 16,361,102 | ||||||
Murphy Oil Corp. | 206,024 | 13,068,102 | ||||||
Phillips 66 | 155,667 | 12,954,608 | ||||||
Hess Corp. | 127,086 | 11,330,988 | ||||||
Tesoro Corp. | 186,944 | 10,523,078 | ||||||
Rowan Companies plc — Class A | 202,183 | 6,251,498 | ||||||
Baker Hughes, Inc. | 85,235 | 5,957,927 | ||||||
Apache Corp. | 67,751 | 5,880,787 | ||||||
Transocean Ltd.1 | 131,662 | 5,670,682 | ||||||
Chevron Corp. | 42,732 | 5,363,721 | ||||||
Denbury Resources, Inc. | 317,404 | 5,338,735 | ||||||
Ensco plc — Class A | 99,359 | 5,012,662 | ||||||
Marathon Oil Corp. | 135,029 | 4,881,298 | ||||||
Noble Corporation plc | 137,050 | 4,222,511 | ||||||
ConocoPhillips | 52,387 | 3,892,878 | ||||||
Exxon Mobil Corp. | 35,089 | 3,593,464 | ||||||
Total Energy | 136,921,644 | |||||||
CONSUMER DISCRETIONARY - 8.6% | ||||||||
General Motors Co. | 266,492 | 9,188,644 | ||||||
AutoNation, Inc.* | 165,281 | 8,758,240 | ||||||
Staples, Inc. | 685,015 | 8,562,688 | ||||||
Ford Motor Co. | 485,777 | 7,845,299 | ||||||
Kohl’s Corp. | 126,691 | 6,941,400 | ||||||
DR Horton, Inc. | 284,882 | 6,347,171 | ||||||
Target Corp. | 100,526 | 6,207,481 | ||||||
Whirlpool Corp. | 33,967 | 5,209,858 | ||||||
Carnival Corp. | 129,161 | 5,077,319 | ||||||
PulteGroup, Inc. | 260,613 | 4,792,673 | ||||||
Macy’s, Inc. | 64,517 | 3,705,211 | ||||||
Total Consumer Discretionary | 72,635,984 | |||||||
CONSUMER STAPLES - 7.7% | ||||||||
Tyson Foods, Inc. — Class A | 336,511 | 14,123,367 | ||||||
Archer-Daniels-Midland Co. | 297,320 | 13,001,804 | ||||||
Kroger Co. | 190,450 | 8,768,318 | ||||||
Sysco Corp. | 182,425 | 6,645,743 | ||||||
CVS Caremark Corp. | 82,560 | 6,003,763 | ||||||
Wal-Mart Stores, Inc. | 64,927 | 5,175,331 | ||||||
Molson Coors Brewing Co. — Class B | 81,625 | 4,895,051 | ||||||
Costco Wholesale Corp. | 32,628 | 3,774,407 | ||||||
ConAgra Foods, Inc. | 89,172 | 2,720,638 | ||||||
Total Consumer Staples | 65,108,422 | |||||||
HEALTH CARE - 7.2% | ||||||||
WellPoint, Inc. | 169,465 | 17,061,735 | ||||||
Humana, Inc. | 116,167 | 12,749,328 | ||||||
Aetna, Inc. | 127,924 | 9,140,170 | ||||||
UnitedHealth Group, Inc. | 85,778 | 6,436,781 | ||||||
Cardinal Health, Inc. | 92,318 | 6,417,024 | ||||||
Express Scripts Holding Co.* | 93,906 | 6,252,261 | ||||||
Quest Diagnostics, Inc. | 47,066 | 2,632,401 | ||||||
Total Health Care | 60,689,700 |
14 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2014 |
GUGGENHEIM S&P 500® PURE VALUE ETF |
Shares | Value | |||||||
MATERIALS - 6.1% | ||||||||
Alcoa, Inc. | 1,535,289 | $ | 20,680,342 | |||||
Allegheny Technologies, Inc. | 145,108 | 5,978,450 | ||||||
Dow Chemical Co. | 93,905 | 4,685,860 | ||||||
Mosaic Co. | 83,667 | 4,186,697 | ||||||
International Paper Co. | 80,442 | 3,752,619 | ||||||
Bemis Company, Inc. | 90,817 | 3,654,476 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 90,163 | 3,098,902 | ||||||
Avery Dennison Corp. | 56,435 | 2,746,127 | ||||||
Nucor Corp. | 52,167 | 2,699,642 | ||||||
Total Materials | 51,483,115 | |||||||
INFORMATION TECHNOLOGY - 5.8% | ||||||||
Hewlett-Packard Co. | 368,251 | 12,174,378 | ||||||
Xerox Corp. | 987,551 | 11,939,492 | ||||||
Jabil Circuit, Inc. | 597,178 | 10,307,292 | ||||||
Computer Sciences Corp. | 138,511 | 8,197,081 | ||||||
Corning, Inc. | 290,120 | 6,066,409 | ||||||
Total Information Technology | 48,684,652 | |||||||
INDUSTRIALS - 4.9% | ||||||||
L-3 Communications Holdings, Inc. | 74,829 | 8,633,022 | ||||||
Ryder System, Inc. | 103,989 | 8,545,816 | ||||||
Fluor Corp. | 84,249 | 6,377,649 | ||||||
Jacobs Engineering Group, Inc.* | 109,180 | 6,299,686 | ||||||
Joy Global, Inc.1 | 74,705 | 4,510,688 | ||||||
Deere & Co. | 38,489 | 3,592,563 | ||||||
Stanley Black & Decker, Inc. | 35,771 | 3,072,371 | ||||||
Total Industrials | 41,031,795 | |||||||
TELECOMMUNICATION SERVICES - 1.5% | ||||||||
Frontier Communications Corp.1 | 1,226,216 | 7,295,985 | ||||||
CenturyLink, Inc. | 163,150 | 5,695,567 | ||||||
Total Telecommunication Services | 12,991,552 | |||||||
Total Common Stocks | ||||||||
(Cost $778,489,343) | 842,734,718 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund | 742,970 | 742,970 | ||||||
Total Short Term Investments | ||||||||
(Cost $742,970) | 742,970 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 1.9% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. | ||||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | $ | 7,403,506 | 7,403,506 | |||||
Deutsche Bank Securities, Inc. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 4,975,156 | 4,975,156 | ||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | 280,089 | 280,089 | ||||||
BNP Paribas Securities Corp. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 3,375,999 | 3,375,999 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $16,034,750) | 16,034,750 | |||||||
Total Investments - 101.9% | ||||||||
(Cost $795,267,063) | $ | 859,512,438 | ||||||
Other Assets & Liabilities, net - (1.9)% | (15,821,715 | ) | ||||||
Total Net Assets - 100.0% | $ | 843,690,723 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
†† | Value determined based on Level 2 inputs — See Note 5. |
1 | All or portion of this security is on loan at April 30, 2014 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
plc — Public Limited Company
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 15 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM S&P 500® PURE GROWTH ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
CONSUMER DISCRETIONARY - 28.7% | ||||||||
Michael Kors Holdings Ltd.* | 250,004 | $ | 22,800,365 | |||||
TripAdvisor, Inc.* | 272,418 | 21,995,029 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 39,083 | 19,482,876 | ||||||
Netflix, Inc.* | 60,219 | 19,392,927 | ||||||
News Corp. — Class A* | 1,104,151 | 18,792,650 | ||||||
Priceline Group, Inc.* | 15,755 | 18,240,351 | ||||||
Harman International Industries, Inc. | 164,259 | 18,004,429 | ||||||
Wynn Resorts Ltd. | 87,856 | 17,912,960 | ||||||
Under Armour, Inc. — Class A* | 343,173 | 16,777,728 | ||||||
Goodyear Tire & Rubber Co. | 637,294 | 16,059,809 | ||||||
DIRECTV* | 175,170 | 13,593,192 | ||||||
Fossil Group, Inc.* | 107,565 | 11,471,807 | ||||||
Amazon.com, Inc.* | 37,061 | 11,271,362 | ||||||
Comcast Corp. — Class A | 213,139 | 11,032,075 | ||||||
Tractor Supply Co. | 152,322 | 10,242,131 | ||||||
Wyndham Worldwide Corp. | 140,619 | 10,031,759 | ||||||
BorgWarner, Inc. | 135,025 | 8,390,454 | ||||||
Interpublic Group of Companies, Inc. | 464,560 | 8,092,635 | ||||||
Discovery Communications, Inc. — Class A* | 104,548 | 7,935,193 | ||||||
NIKE, Inc. — Class B | 99,660 | 7,270,197 | ||||||
Johnson Controls, Inc. | 160,784 | 7,257,790 | ||||||
CBS Corp. — Class B | 116,819 | 6,747,465 | ||||||
Viacom, Inc. — Class B | 79,160 | 6,727,017 | ||||||
Graham Holdings Co. — Class B | 9,941 | 6,672,697 | ||||||
VF Corp. | 106,219 | 6,488,919 | ||||||
Harley-Davidson, Inc. | 77,793 | 5,752,014 | ||||||
Dollar Tree, Inc.* | 110,161 | 5,736,083 | ||||||
O’Reilly Automotive, Inc.* | 38,347 | 5,705,650 | ||||||
Time Warner Cable, Inc. | 39,621 | 5,604,787 | ||||||
Starbucks Corp. | 71,648 | 5,059,782 | ||||||
Bed Bath & Beyond, Inc.* | 75,870 | 4,713,803 | ||||||
Mohawk Industries, Inc.* | 35,223 | 4,663,877 | ||||||
TJX Companies, Inc. | 78,260 | 4,553,167 | ||||||
Total Consumer Discretionary | 364,472,980 | |||||||
HEALTH CARE - 15.1% | ||||||||
Actavis plc* | 115,048 | 23,507,758 | ||||||
Celgene Corp.* | 133,905 | 19,685,374 | ||||||
Regeneron Pharmaceuticals, Inc.* | 63,616 | 18,886,954 | ||||||
Vertex Pharmaceuticals, Inc.* | 275,962 | 18,682,627 | ||||||
Gilead Sciences, Inc.* | 232,039 | 18,212,741 | ||||||
Biogen Idec, Inc.* | 55,959 | 16,066,948 | ||||||
Allergan, Inc. | 87,824 | 14,564,732 | ||||||
Boston Scientific Corp.* | 1,029,638 | 12,983,735 | ||||||
Alexion Pharmaceuticals, Inc.* | 78,611 | 12,436,260 | ||||||
Cigna Corp. | 120,191 | 9,620,088 | ||||||
Thermo Fisher Scientific, Inc. | 62,749 | 7,153,386 | ||||||
Perrigo Company plc | 48,408 | 7,012,383 | ||||||
Cerner Corp.* | 128,072 | 6,570,094 | ||||||
St. Jude Medical, Inc. | 98,607 | 6,258,586 | ||||||
Total Health Care | 191,641,666 | |||||||
INFORMATION TECHNOLOGY - 15.0% | ||||||||
Facebook, Inc. — Class A* | 385,986 | 23,074,243 | ||||||
Seagate Technology plc | 363,028 | 19,088,012 | ||||||
Western Digital Corp. | 186,859 | 16,467,884 | ||||||
First Solar, Inc.* | 221,947 | 14,979,203 | ||||||
Alliance Data Systems Corp.* | 58,262 | 14,093,578 | ||||||
VeriSign, Inc.* | 284,038 | 13,400,913 | ||||||
Cognizant Technology Solutions | ||||||||
Corp. — Class A* | 250,746 | 12,011,987 | ||||||
MasterCard, Inc. — Class A | 124,776 | 9,177,275 | ||||||
QUALCOMM, Inc. | 104,449 | 8,221,181 | ||||||
Electronic Arts, Inc.* | 281,040 | 7,953,432 | ||||||
SanDisk Corp. | 93,503 | 7,944,950 | ||||||
Salesforce.com, Inc.* | 145,602 | 7,520,343 | ||||||
Google, Inc. — Class A* | 12,532 | 6,703,116 | ||||||
Google, Inc. — Class C* | 12,532 | 6,600,103 | ||||||
Fidelity National Information Services, Inc. | 116,082 | 6,202,261 | ||||||
Micron Technology, Inc.* | 226,035 | 5,904,034 | ||||||
Yahoo!, Inc.* | 161,218 | 5,795,787 | ||||||
Visa, Inc. — Class A | 26,827 | 5,435,418 | ||||||
Total Information Technology | 190,573,720 | |||||||
FINANCIALS - 13.7% | ||||||||
Huntington Bancshares, Inc. | 2,763,272 | 25,311,572 | ||||||
KeyCorp | 1,442,414 | 19,674,527 | ||||||
Comerica, Inc. | 357,581 | 17,249,707 | ||||||
Fifth Third Bancorp | 812,708 | 16,749,912 | ||||||
Prudential Financial, Inc. | 183,746 | 14,824,627 | ||||||
Discover Financial Services | 222,735 | 12,450,887 | ||||||
Ameriprise Financial, Inc. | 111,165 | 12,409,349 | ||||||
Moody’s Corp. | 133,581 | 10,486,109 | ||||||
Charles Schwab Corp. | 368,603 | 9,786,410 | ||||||
Torchmark Corp. | 87,635 | 6,984,510 | ||||||
Macerich Co. | 92,979 | 6,035,267 | ||||||
American Express Co. | 64,772 | 5,663,016 | ||||||
BlackRock, Inc. — Class A | 18,720 | 5,634,720 | ||||||
Invesco Ltd. | 156,664 | 5,516,139 | ||||||
IntercontinentalExchange Group, Inc. | 21,888 | 4,474,783 | ||||||
Total Financials | 173,251,535 | |||||||
ENERGY - 8.9% | ||||||||
Helmerich & Payne, Inc. | 156,066 | 16,956,571 | ||||||
Halliburton Co. | 254,397 | 16,044,819 | ||||||
Cabot Oil & Gas Corp. | 396,220 | 15,563,522 | ||||||
EOG Resources, Inc. | 150,398 | 14,739,004 | ||||||
Pioneer Natural Resources Co. | 75,135 | 14,521,341 | ||||||
Range Resources Corp. | 106,155 | 9,601,720 | ||||||
Noble Energy, Inc. | 105,911 | 7,602,292 | ||||||
Equities Corp. | 62,716 | 6,835,417 | ||||||
Schlumberger Ltd. | 64,510 | 6,550,991 | ||||||
Kinder Morgan, Inc. | 152,285 | 4,973,628 | ||||||
Total Energy | 113,389,305 | |||||||
INDUSTRIALS - 8.5% | ||||||||
Southwest Airlines Co. | 933,040 | 22,551,577 | ||||||
Delta Air Lines, Inc. | 545,678 | 20,097,321 | ||||||
Textron, Inc. | 386,827 | 15,821,224 | ||||||
PACCAR, Inc. | 182,823 | 11,697,016 | ||||||
Robert Half International, Inc. | 213,793 | 9,577,926 | ||||||
Boeing Co. | 62,005 | 7,999,885 | ||||||
Pitney Bowes, Inc. | 268,799 | 7,203,813 |
16 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2014 |
GUGGENHEIM S&P 500® PURE GROWTH ETF |
Shares | Value | |||||||
Precision Castparts Corp. | 24,624 | $ | 6,232,088 | |||||
Flowserve Corp. | 84,299 | 6,158,042 | ||||||
Total Industrials | 107,338,892 | |||||||
CONSUMER STAPLES - 6.0% | ||||||||
Safeway, Inc. | 741,758 | 25,264,277 | ||||||
Keurig Green Mountain, Inc. | 225,876 | 21,160,064 | ||||||
Constellation Brands, Inc. — Class A* | 227,097 | 18,131,424 | ||||||
Monster Beverage Corp.* | 94,562 | 6,331,872 | ||||||
Coca-Cola Enterprises, Inc. | 116,080 | 5,274,675 | ||||||
Total Consumer Staples | 76,162,312 | |||||||
MATERIALS - 4.0% | ||||||||
LyondellBasell Industries N.V. — Class A | 184,043 | 17,023,978 | ||||||
Sealed Air Corp. | 320,437 | 10,994,193 | ||||||
Ecolab, Inc. | 89,361 | 9,350,735 | ||||||
Eastman Chemical Co. | 90,084 | 7,852,622 | ||||||
PPG Industries, Inc. | 27,436 | 5,312,158 | ||||||
Total Materials | 50,533,686 | |||||||
Total Common Stocks | ||||||||
(Cost $1,195,975,298) | 1,267,364,096 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 1,291,064 | 1,291,064 | ||||||
Total Short Term Investments | ||||||||
(Cost $1,291,064) | 1,291,064 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $1,197,266,362) | $ | 1,268,655,160 | ||||||
Other Assets & Liabilities, net - 0.0% | (249,388 | ) | ||||||
Total Net Assets - 100.0% | $ | 1,268,405,772 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
plc — Public Limited Company
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 17 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM S&P MIDCAP 400® PURE VALUE ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.8% | ||||||||
FINANCIALS - 20.4% | ||||||||
Reinsurance Group of America, | ||||||||
Inc. — Class A | 25,284 | $ | 1,939,535 | |||||
Hanover Insurance Group, Inc. | 25,506 | 1,490,826 | ||||||
First American Financial Corp. | 55,700 | 1,481,620 | ||||||
Aspen Insurance Holdings Ltd. | 29,615 | 1,355,775 | ||||||
Protective Life Corp. | 24,762 | 1,266,576 | ||||||
Kemper Corp. | 30,703 | 1,210,005 | ||||||
Fidelity National Financial, | ||||||||
Inc. — Class A | 32,539 | 1,047,105 | ||||||
American Financial Group, Inc. | 17,873 | 1,044,319 | ||||||
Alleghany Corp.* | 2,374 | 968,545 | ||||||
WR Berkley Corp. | 21,429 | 948,019 | ||||||
Everest Re Group Ltd. | 5,958 | 941,543 | ||||||
StanCorp Financial Group, Inc. | 13,127 | 802,060 | ||||||
First Niagara Financial | ||||||||
Group, Inc. | 77,049 | 687,277 | ||||||
HCC Insurance Holdings, Inc. | 14,804 | 680,096 | ||||||
Mercury General Corp. | 12,131 | 580,590 | ||||||
Astoria Financial Corp. | 41,553 | 550,993 | ||||||
Hancock Holding Co. | 12,426 | 419,129 | ||||||
Janus Capital Group, Inc. | 34,093 | 413,548 | ||||||
Fulton Financial Corp. | 32,201 | 392,530 | ||||||
International Bancshares Corp. | 16,198 | 371,906 | ||||||
Valley National Bancorp1 | 35,309 | 353,796 | ||||||
New York Community | ||||||||
Bancorp, Inc. | 21,232 | 327,185 | ||||||
Total Financials | 19,272,978 | |||||||
INFORMATION TECHNOLOGY - 16.6% | ||||||||
Tech Data Corp.* | 42,155 | 2,634,265 | ||||||
Ingram Micro, Inc. — Class A* | 93,558 | 2,522,323 | ||||||
Arrow Electronics, Inc.* | 34,463 | 1,955,774 | ||||||
Avnet, Inc. | 44,716 | 1,928,601 | ||||||
Vishay Intertechnology, Inc. | 97,303 | 1,383,649 | ||||||
Lexmark International, Inc. — Class A | 29,765 | 1,279,895 | ||||||
Science Applications International Corp. | 32,807 | 1,279,473 | ||||||
Leidos Holdings, Inc. | 31,765 | 1,182,929 | ||||||
Convergys Corp. | 27,218 | 586,276 | ||||||
Fairchild Semiconductor International, | ||||||||
Inc. — Class A* | 37,923 | 482,760 | ||||||
Itron, Inc.* | 10,912 | 414,656 | ||||||
Total Information Technology | 15,650,601 | |||||||
INDUSTRIALS - 15.2% | ||||||||
URS Corp. | 42,504 | 2,002,787 | ||||||
AECOM Technology Corp.* | 61,460 | 1,992,532 | ||||||
JetBlue Airways Corp.* | 178,460 | 1,410,726 | ||||||
AGCO Corp. | 22,528 | 1,254,810 | ||||||
Oshkosh Corp. | 20,441 | 1,134,680 | ||||||
Manpowergroup, Inc. | 13,418 | 1,091,420 | ||||||
Granite Construction, Inc. | 28,502 | 1,065,405 | ||||||
Brink’s Co. | 29,580 | 752,515 | ||||||
Exelis, Inc. | 40,069 | 742,879 | ||||||
Esterline Technologies Corp.* | 5,526 | 602,445 | ||||||
Regal-Beloit Corp. | 7,768 | 580,503 | ||||||
KBR, Inc. | 22,816 | 578,842 | ||||||
Triumph Group, Inc. | 8,275 | 536,303 | ||||||
Werner Enterprises, Inc. | 15,758 | 403,405 | ||||||
UTI Worldwide, Inc. | 22,764 | 222,860 | ||||||
Total Industrials | 14,372,112 | |||||||
CONSUMER DISCRETIONARY - 10.8% | ||||||||
Big Lots, Inc.* | 37,531 | 1,482,475 | ||||||
Rent-A-Center, Inc. — Class A | 37,259 | 1,088,335 | ||||||
Abercrombie & Fitch Co. — Class A | 29,294 | 1,076,847 | ||||||
Murphy USA, Inc.* | 23,840 | 1,013,200 | ||||||
MDC Holdings, Inc. | 35,684 | 984,878 | ||||||
CST Brands, Inc. | 28,117 | 917,458 | ||||||
Apollo Education Group, Inc. — Class A* | 20,351 | 587,330 | ||||||
Aaron’s, Inc. | 19,429 | 572,573 | ||||||
Foot Locker, Inc. | 11,400 | 530,442 | ||||||
DeVry Education Group, Inc. | 11,545 | 519,871 | ||||||
Ascena Retail Group, Inc.* | 29,362 | 505,026 | ||||||
ANN, Inc.* | 11,995 | 470,084 | ||||||
JC Penney Company, Inc.*,1 | 50,742 | 432,322 | ||||||
Total Consumer Discretionary | 10,180,841 | |||||||
MATERIALS - 8.4% | ||||||||
Domtar Corp. | 15,830 | 1,477,889 | ||||||
Commercial Metals Co. | 62,699 | 1,203,821 | ||||||
Steel Dynamics, Inc. | 55,295 | 1,010,240 | ||||||
Reliance Steel & Aluminum Co. | 14,236 | 1,008,194 | ||||||
Greif, Inc. — Class A | 16,927 | 917,274 | ||||||
Ashland, Inc. | 8,696 | 840,034 | ||||||
Olin Corp. | 28,602 | 803,716 | ||||||
Cabot Corp. | 12,536 | 724,581 | ||||||
Total Materials | 7,985,749 | |||||||
HEALTH CARE - 7.3% | ||||||||
Health Net, Inc.* | 52,954 | 1,817,911 | ||||||
Community Health Systems, Inc.* | 40,242 | 1,524,769 | ||||||
LifePoint Hospitals, Inc.* | 25,610 | 1,432,111 | ||||||
WellCare Health Plans, Inc.* | 17,402 | 1,174,113 | ||||||
Owens & Minor, Inc. | 29,652 | 994,528 | ||||||
Total Health Care | 6,943,432 | |||||||
ENERGY - 7.3% | ||||||||
Superior Energy Services, Inc. | 54,425 | 1,791,671 | ||||||
HollyFrontier Corp. | 31,370 | 1,649,748 | ||||||
World Fuel Services Corp. | 35,262 | 1,605,831 | ||||||
Unit Corp.* | 11,469 | 756,381 | ||||||
Tidewater, Inc. | 12,374 | 630,208 | ||||||
WPX Energy, Inc.* | 21,368 | 454,711 | ||||||
Total Energy | 6,888,550 | |||||||
UTILITIES - 7.0% | ||||||||
Great Plains Energy, Inc. | 37,259 | 999,659 | ||||||
UGI Corp. | 21,350 | 996,832 | ||||||
PNM Resources, Inc. | 35,091 | 971,319 | ||||||
Hawaiian Electric Industries, Inc. | 32,422 | 777,804 | ||||||
Westar Energy, Inc. | 19,443 | 697,615 | ||||||
Atmos Energy Corp. | 13,357 | 681,741 |
18 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2014 |
GUGGENHEIM S&P MIDCAP 400® PURE VALUE ETF |
Shares | Value | |||||||
WGL Holdings, Inc. | 15,592 | $ | 620,406 | |||||
IDACORP, Inc. | 8,275 | 464,559 | ||||||
ONE Gas, Inc. | 10,608 | 388,041 | ||||||
Total Utilities | 6,597,976 | |||||||
CONSUMER STAPLES - 5.0% | ||||||||
Universal Corp. | 34,505 | 1,882,938 | ||||||
Dean Foods Co. | 72,672 | 1,151,124 | ||||||
Ingredion, Inc. | 8,767 | 617,635 | ||||||
United Natural Foods, Inc.* | 8,416 | 580,956 | ||||||
Post Holdings, Inc.* | 10,029 | 524,116 | ||||||
Total Consumer Staples | 4,756,769 | |||||||
TELECOMMUNICATION SERVICES - 1.8% | ||||||||
Telephone & Data Systems, Inc. | 61,166 | 1,663,104 | ||||||
Total Common Stocks | ||||||||
(Cost $86,104,354) | 94,312,112 | |||||||
SHORT TERM INVESTMENTS† - 0.2% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 166,872 | 166,872 | ||||||
Total Short Term Investments | ||||||||
(Cost $166,872) | 166,872 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 1.3% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. | ||||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | $ | 582,271 | 582,271 | |||||
Deutsche Bank Securities, Inc. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 391,286 | 391,286 | ||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | 22,028 | 22,028 | ||||||
BNP Paribas Securities Corp. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 265,515 | 265,515 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $1,261,100) | 1,261,100 | |||||||
Total Investments - 101.3% | ||||||||
(Cost $87,532,326) | $ | 95,740,084 | ||||||
Other Assets & Liabilities, net - (1.3)% | (1,255,705 | ) | ||||||
Total Net Assets - 100.0% | $ | 94,484,379 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
†† | Value determined based on Level 2 inputs — See Note 5. |
1 | All or portion of this security is on loan at April 30, 2014 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 19 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM S&P MIDCAP 400® PURE GROWTH ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
FINANCIALS - 22.8% | ||||||||
Synovus Financial Corp. | 5,536,564 | $ | 17,772,370 | |||||
Umpqua Holdings Corp. | 915,124 | 15,218,512 | ||||||
BancorpSouth, Inc. | 643,181 | 15,024,708 | ||||||
SVB Financial Group* | 137,286 | 14,647,043 | ||||||
Old Republic International Corp. | 823,510 | 13,637,326 | ||||||
Cathay General Bancorp | 547,569 | 12,922,628 | ||||||
Associated Banc-Corp. | 683,046 | 11,987,457 | ||||||
PacWest Bancorp | 267,666 | 10,538,010 | ||||||
Waddell & Reed Financial, Inc. — Class A | 144,518 | 9,747,739 | ||||||
SLM Corp.* | 949,524 | 8,792,592 | ||||||
Signature Bank* | 71,676 | 8,516,542 | ||||||
CBOE Holdings, Inc. | 142,119 | 7,583,470 | ||||||
Washington Federal, Inc. | 340,342 | 7,344,580 | ||||||
Affiliated Managers Group, Inc.* | 31,044 | 6,152,921 | ||||||
City National Corp. | 74,606 | 5,414,157 | ||||||
MSCI, Inc. — Class A* | 131,458 | 5,329,307 | ||||||
East West Bancorp, Inc. | 141,089 | 4,868,981 | ||||||
Omega Healthcare Investors, Inc. | 116,021 | 4,035,210 | ||||||
Alexander & Baldwin, Inc. | 102,454 | 3,822,559 | ||||||
Total Financials | 183,356,112 | |||||||
INDUSTRIALS - 22.8% | ||||||||
Trinity Industries, Inc. | 281,728 | 21,146,504 | ||||||
AO Smith Corp. | 300,096 | 14,032,489 | ||||||
United Rentals, Inc.* | 145,684 | 13,669,530 | ||||||
Kirby Corp.* | 130,328 | 13,113,603 | ||||||
B/E Aerospace, Inc.* | 146,023 | 12,816,439 | ||||||
Corporate Executive Board Co. | 174,879 | 12,070,149 | ||||||
Wabtec Corp. | 145,736 | 10,864,619 | ||||||
Terex Corp. | 236,879 | 10,254,492 | ||||||
Alaska Air Group, Inc. | 106,710 | 10,039,277 | ||||||
Old Dominion Freight Line, Inc.* | 162,321 | 9,841,522 | ||||||
Towers Watson & Co. — Class A | 70,356 | 7,895,350 | ||||||
Graco, Inc. | 94,113 | 6,823,193 | ||||||
Genesee & Wyoming, Inc. — Class A* | 65,015 | 6,437,135 | ||||||
Fortune Brands Home & Security, Inc. | 143,603 | 5,722,580 | ||||||
HNI Corp. | 162,025 | 5,708,141 | ||||||
Lincoln Electric Holdings, Inc. | 79,068 | 5,282,533 | ||||||
Copart, Inc.* | 141,274 | 5,124,008 | ||||||
IDEX Corp. | 59,236 | 4,417,229 | ||||||
Deluxe Corp. | 76,615 | 4,209,994 | ||||||
J.B. Hunt Transport Services, Inc. | 49,587 | 3,773,571 | ||||||
Total Industrials | 183,242,358 | |||||||
CONSUMER DISCRETIONARY - 16.5% | ||||||||
Tempur Sealy International, Inc.* | 295,948 | 14,850,671 | ||||||
Deckers Outdoor Corp.* | 171,496 | 13,539,609 | ||||||
Wendy’s Co. | 1,590,249 | 13,214,969 | ||||||
Toll Brothers, Inc.* | 359,703 | 12,316,231 | ||||||
Polaris Industries, Inc. | 81,123 | 10,897,253 | ||||||
Bally Technologies, Inc.* | 155,823 | 10,145,636 | ||||||
LKQ Corp.* | 321,808 | 9,371,049 | ||||||
Jarden Corp.* | 138,733 | 7,928,591 | ||||||
Hanesbrands, Inc. | 86,684 | 7,115,890 | ||||||
Brinker International, Inc. | 144,270 | 7,089,428 | ||||||
Gentex Corp. | 225,369 | 6,461,329 | ||||||
Brunswick Corp. | 131,612 | 5,289,486 | ||||||
Domino’s Pizza, Inc. | 56,492 | 4,201,875 | ||||||
Sotheby’s | 86,400 | 3,633,984 | ||||||
Carter’s, Inc. | 48,843 | 3,597,775 | ||||||
DreamWorks Animation SKG, | ||||||||
Inc. — Class A* | 106,997 | 2,571,138 | ||||||
Total Consumer Discretionary | 132,224,914 | |||||||
INFORMATION TECHNOLOGY - 13.4% | ||||||||
3D Systems Corp.*,1 | 215,992 | 10,225,061 | ||||||
PTC, Inc.* | 271,572 | 9,605,502 | ||||||
WEX, Inc.* | 87,959 | 8,441,425 | ||||||
Mentor Graphics Corp. | 391,901 | 8,112,351 | ||||||
ACI Worldwide, Inc.* | 137,546 | 7,860,754 | ||||||
Conversant, Inc.* | 248,857 | 6,082,065 | ||||||
Concur Technologies, Inc.* | 67,286 | 5,414,504 | ||||||
Cree, Inc.* | 108,043 | 5,096,388 | ||||||
CoreLogic, Inc.* | 178,758 | 5,010,587 | ||||||
Trimble Navigation Ltd.* | 128,525 | 4,939,216 | ||||||
Ciena Corp.* | 245,214 | 4,847,881 | ||||||
Fair Isaac Corp. | 84,089 | 4,809,891 | ||||||
FEI Co. | 57,798 | 4,596,097 | ||||||
Global Payments, Inc. | 67,873 | 4,535,953 | ||||||
Advent Software, Inc. | 154,191 | 4,443,785 | ||||||
Broadridge Financial Solutions, Inc. | 100,919 | 3,869,234 | ||||||
Acxiom Corp.* | 134,404 | 3,795,569 | ||||||
NeuStar, Inc. — Class A* | 133,627 | 3,436,886 | ||||||
CommVault Systems, Inc.* | 60,441 | 2,925,344 | ||||||
Total Information Technology | 108,048,493 | |||||||
HEALTH CARE - 10.9% | ||||||||
Salix Pharmaceuticals Ltd.* | 205,980 | 22,657,801 | ||||||
United Therapeutics Corp.* | 155,146 | 15,516,151 | ||||||
Endo International plc* | 225,946 | 14,222,171 | ||||||
Universal Health Services, | ||||||||
Inc. — Class B | 122,120 | 9,988,195 | ||||||
Align Technology, Inc.* | 168,414 | 8,486,381 | ||||||
Cubist Pharmaceuticals, Inc.* | 93,886 | 6,577,653 | ||||||
Charles River Laboratories | ||||||||
International, Inc.* | 93,379 | 5,016,320 | ||||||
Covance, Inc.* | 54,417 | 4,803,933 | ||||||
Total Health Care | 87,268,605 | |||||||
ENERGY - 9.2% | ||||||||
Patterson-UTI Energy, Inc. | 589,425 | 19,173,995 | ||||||
SM Energy Co. | 162,100 | 12,016,473 | ||||||
Rosetta Resources, Inc.* | 182,577 | 8,643,195 | ||||||
Oil States International, Inc.* | 85,582 | 8,313,435 | ||||||
Oceaneering International, Inc. | 100,850 | 7,390,288 | ||||||
CARBO Ceramics, Inc.1 | 52,450 | 7,338,280 | ||||||
Gulfport Energy Corp.* | 77,271 | 5,692,555 | ||||||
Dril-Quip, Inc.* | 46,846 | 5,299,220 | ||||||
Total Energy | 73,867,441 |
20 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2014 |
GUGGENHEIM S&P MIDCAP 400® PURE GROWTH ETF |
Shares | Value | |||||||
MATERIALS - 2.7% | ||||||||
Worthington Industries, Inc. | 203,255 | $ | 7,479,784 | |||||
Packaging Corporation of America | 110,175 | 7,340,960 | ||||||
Eagle Materials, Inc. | 87,056 | 7,254,376 | ||||||
Total Materials | 22,075,120 | |||||||
CONSUMER STAPLES - 1.6% | ||||||||
Hain Celestial Group, Inc.* | 74,008 | 6,366,168 | ||||||
SUPERVALU, Inc.* | 875,428 | 6,119,242 | ||||||
Total Consumer Staples | 12,485,410 | |||||||
Total Common Stocks | ||||||||
(Cost $730,114,860) | 802,568,453 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund | 611,899 | 611,899 | ||||||
Total Short Term Investments | ||||||||
(Cost $611,899) | 611,899 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 1.6% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. | ||||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | $ | 6,037,034 | 6,037,034 | |||||
Deutsche Bank Securities, Inc. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 4,056,886 | 4,056,886 | ||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | 228,393 | 228,393 | ||||||
BNP Paribas Securities Corp. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 2,752,887 | 2,752,887 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $13,075,200) | 13,075,200 | |||||||
Total Investments - 101.6% | ||||||||
(Cost $743,801,959) | $ | 816,255,552 | ||||||
Other Assets & Liabilities, net - (1.6)% | (12,869,592 | ) | ||||||
Total Net Assets - 100.0% | $ | 803,385,960 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
†† | Value determined based on Level 2 inputs — See Note 5. |
1 | All or portion of this security is on loan at April 30, 2014 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
plc — Public Limited Company
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 21 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.8% | ||||||||
INDUSTRIALS - 19.3% | ||||||||
Engility Holdings, Inc.* | 63,297 | $ | 2,762,282 | |||||
CDI Corp. | 132,938 | 2,036,610 | ||||||
Kelly Services, Inc. — Class A | 93,552 | 1,970,205 | ||||||
SkyWest, Inc. | 162,643 | 1,886,659 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 53,745 | 1,880,538 | ||||||
Titan International, Inc. | 106,239 | 1,860,245 | ||||||
EMCOR Group, Inc. | 35,577 | 1,636,186 | ||||||
Griffon Corp. | 145,117 | 1,544,045 | ||||||
ABM Industries, Inc. | 56,497 | 1,530,504 | ||||||
Aegion Corp. — Class A* | 59,687 | 1,521,422 | ||||||
Universal Forest Products, Inc. | 29,707 | 1,499,906 | ||||||
Hub Group, Inc. — Class A* | 32,979 | 1,472,512 | ||||||
United Stationers, Inc. | 32,748 | 1,229,032 | ||||||
AAR Corp. | 46,518 | 1,204,816 | ||||||
Viad Corp. | 42,609 | 982,137 | ||||||
Insperity, Inc. | 28,905 | 926,694 | ||||||
Heidrick & Struggles International, Inc. | 48,960 | 922,896 | ||||||
Gibraltar Industries, Inc.* | 50,789 | 867,476 | ||||||
Briggs & Stratton Corp. | 39,703 | 848,453 | ||||||
Astec Industries, Inc. | 20,599 | 822,930 | ||||||
Kaman Corp. | 18,447 | 774,221 | ||||||
Curtiss-Wright Corp. | 9,574 | 612,162 | ||||||
Matson, Inc. | 24,020 | 569,034 | ||||||
Mueller Industries, Inc. | 19,553 | 565,864 | ||||||
Quanex Building Products Corp. | 27,481 | 517,742 | ||||||
Korn/Ferry International* | 17,398 | 505,412 | ||||||
National Presto Industries, Inc.1 | 6,767 | 488,983 | ||||||
Resources Connection, Inc. | 34,954 | 475,724 | ||||||
Orion Marine Group, Inc.* | 38,662 | 453,505 | ||||||
Total Industrials | 34,368,195 | |||||||
CONSUMER DISCRETIONARY - 18.3% | ||||||||
Perry Ellis International, Inc.* | 157,762 | 2,382,207 | ||||||
Fred’s, Inc. — Class A | 100,390 | 1,829,106 | ||||||
Group 1 Automotive, Inc. | 25,003 | 1,803,466 | ||||||
Scholastic Corp. | 53,031 | 1,745,250 | ||||||
M/I Homes, Inc.* | 76,742 | 1,709,044 | ||||||
VOXX International Corp. — Class A* | 130,052 | 1,528,111 | ||||||
Superior Industries International, Inc. | 69,256 | 1,464,072 | ||||||
Ruby Tuesday, Inc.* | 189,558 | 1,461,492 | ||||||
Sonic Automotive, Inc. — Class A | 59,850 | 1,456,749 | ||||||
Stage Stores, Inc. | 73,498 | 1,409,692 | ||||||
Regis Corp. | 97,694 | 1,283,699 | ||||||
Career Education Corp.* | 173,364 | 1,251,688 | ||||||
Pep Boys-Manny Moe & Jack* | 116,706 | 1,192,735 | ||||||
Marcus Corp. | 68,767 | 1,150,472 | ||||||
JAKKS Pacific, Inc.1 | 129,041 | 1,130,399 | ||||||
Brown Shoe Company, Inc. | 47,327 | 1,116,444 | ||||||
Big 5 Sporting Goods Corp. | 80,134 | 978,436 | ||||||
Biglari Holdings, Inc.* | 2,133 | 915,100 | ||||||
Spartan Motors, Inc. | 165,759 | 880,180 | ||||||
Stein Mart, Inc. | 70,213 | 877,663 | ||||||
Genesco, Inc.* | 10,571 | 807,307 | ||||||
Standard Pacific Corp.* | 87,168 | 696,472 | ||||||
Crocs, Inc.* | 42,052 | 636,247 | ||||||
Christopher & Banks Corp.* | 101,769 | 635,039 | ||||||
Children’s Place Retail Stores, Inc. | 12,315 | 591,120 | ||||||
Meritage Homes Corp.* | 14,401 | 555,591 | ||||||
Finish Line, Inc. — Class A | 16,185 | 445,573 | ||||||
Sizmek, Inc.* | 42,514 | 407,284 | ||||||
Aeropostale, Inc.*,1 | 47,160 | 234,385 | ||||||
Total Consumer Discretionary | 32,575,023 | |||||||
INFORMATION TECHNOLOGY - 17.6% | ||||||||
ManTech International Corp. — Class A | 93,877 | 2,800,352 | ||||||
Sanmina Corp.* | 131,582 | 2,664,537 | ||||||
Insight Enterprises, Inc.* | 76,085 | 1,987,340 | ||||||
CIBER, Inc.* | 453,523 | 1,959,219 | ||||||
Black Box Corp. | 87,468 | 1,859,570 | ||||||
Benchmark Electronics, Inc.* | 80,068 | 1,855,976 | ||||||
CACI International, Inc. — Class A* | 25,629 | 1,785,060 | ||||||
Monster Worldwide, Inc.* | 256,632 | 1,768,194 | ||||||
SYNNEX Corp.* | 24,001 | 1,617,187 | ||||||
ScanSource, Inc.* | 35,257 | 1,354,221 | ||||||
Super Micro Computer, Inc.* | 61,392 | 1,249,941 | ||||||
TTM Technologies, Inc.* | 156,049 | 1,231,227 | ||||||
Anixter International, Inc. | 12,015 | 1,177,230 | ||||||
Bel Fuse, Inc. — Class B | 49,694 | 1,081,341 | ||||||
Plexus Corp.* | 22,673 | 950,452 | ||||||
Oplink Communications, Inc.* | 43,188 | 740,242 | ||||||
NETGEAR, Inc.* | 22,394 | 723,326 | ||||||
Kulicke & Soffa Industries, Inc.* | 44,913 | 660,670 | ||||||
Ebix, Inc.1 | 40,878 | 645,055 | ||||||
Diodes, Inc.* | 23,543 | 620,829 | ||||||
Mercury Systems, Inc.* | 42,535 | 593,789 | ||||||
Rofin-Sinar Technologies, Inc.* | 24,210 | 537,462 | ||||||
Brooks Automation, Inc. | 51,329 | 525,096 | ||||||
Rudolph Technologies, Inc.* | 55,949 | 509,695 | ||||||
Digi International, Inc.* | 56,711 | 502,459 | ||||||
Total Information Technology | 31,400,470 | |||||||
FINANCIALS - 12.3% | ||||||||
Cash America International, Inc. | 52,918 | 2,304,579 | ||||||
Stewart Information Services Corp. | 74,192 | 2,262,856 | ||||||
EZCORP, Inc. — Class A* | 192,539 | 2,008,182 | ||||||
Piper Jaffray Cos.* | 33,249 | 1,458,301 | ||||||
Calamos Asset Management, Inc. — Class A | 118,547 | 1,443,902 | ||||||
United Fire Group, Inc. | 49,737 | 1,383,683 | ||||||
Infinity Property & Casualty Corp. | 19,279 | 1,237,133 | ||||||
Navigators Group, Inc.* | 21,150 | 1,204,916 | ||||||
Horace Mann Educators Corp. | 36,071 | 1,084,655 | ||||||
Safety Insurance Group, Inc. | 16,706 | 897,279 | ||||||
Wintrust Financial Corp. | 19,113 | 856,645 | ||||||
Capstead Mortgage Corp. | 63,790 | 815,236 | ||||||
Susquehanna Bancshares, Inc. | 78,218 | 810,338 | ||||||
Selective Insurance Group, Inc. | 34,203 | 784,617 | ||||||
Meadowbrook Insurance Group, Inc. | 134,477 | 753,071 | ||||||
Brookline Bancorp, Inc. | 76,184 | 691,751 | ||||||
SWS Group, Inc.* | 71,004 | 526,140 | ||||||
Provident Financial Services, Inc. | 29,009 | 504,176 | ||||||
ProAssurance Corp. | 10,748 | 488,174 | ||||||
FNB Corp. | 37,511 | 466,637 | ||||||
Total Financials | 21,982,271 |
22 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2014 |
GUGGENHEIM S&P SMALLCAP 600® PURE VALUE ETF |
Shares | Value | |||||||
MATERIALS - 8.1% | ||||||||
Century Aluminum Co.* | 138,833 | $ | 1,908,954 | |||||
Materion Corp. | 55,745 | 1,875,819 | ||||||
Olympic Steel, Inc. | 68,225 | 1,798,411 | ||||||
AM Castle & Co.* | 99,819 | 1,225,777 | ||||||
Boise Cascade Co.* | 48,921 | 1,224,003 | ||||||
A. Schulman, Inc. | 33,677 | 1,209,678 | ||||||
Kaiser Aluminum Corp. | 16,804 | 1,183,002 | ||||||
Clearwater Paper Corp.* | 12,006 | 737,048 | ||||||
Kraton Performance Polymers, Inc.* | 25,081 | 653,360 | ||||||
PH Glatfelter Co. | 24,815 | 633,279 | ||||||
Zep, Inc. | 35,892 | 620,573 | ||||||
Neenah Paper, Inc. | 10,533 | 530,547 | ||||||
OM Group, Inc. | 13,246 | 387,975 | ||||||
Stepan Co. | 6,634 | 383,644 | ||||||
Total Materials | 14,372,070 | |||||||
HEALTH CARE - 7.8% | ||||||||
PharMerica Corp.* | 76,781 | 2,087,675 | ||||||
Kindred Healthcare, Inc. | 79,889 | 2,005,214 | ||||||
Molina Healthcare, Inc.* | 46,851 | 1,752,227 | ||||||
Magellan Health Services, Inc.* | 27,275 | 1,574,313 | ||||||
Centene Corp.* | 19,324 | 1,283,114 | ||||||
Cross Country Healthcare, Inc.* | 175,190 | 1,242,097 | ||||||
LHC Group, Inc.* | 51,990 | 1,080,352 | ||||||
Almost Family, Inc.* | 39,424 | 846,433 | ||||||
Invacare Corp. | 51,848 | 819,198 | ||||||
Healthways, Inc.* | 38,069 | 685,242 | ||||||
AMN Healthcare Services, Inc.* | 39,742 | 495,980 | ||||||
Total Health Care | 13,871,845 | |||||||
ENERGY - 7.6% | ||||||||
Green Plains Renewable Energy, Inc. | 130,962 | 3,915,765 | ||||||
Pioneer Energy Services Corp.* | 198,955 | 2,978,357 | ||||||
Cloud Peak Energy, Inc.* | 87,407 | 1,721,044 | ||||||
Exterran Holdings, Inc. | 34,112 | 1,467,498 | ||||||
Swift Energy Co.*,1 | 115,461 | 1,423,634 | ||||||
Arch Coal, Inc.1 | 185,028 | 847,428 | ||||||
Gulf Island Fabrication, Inc. | 41,472 | 831,928 | ||||||
SEACOR Holdings, Inc.* | 4,924 | 410,612 | ||||||
Total Energy | 13,596,266 | |||||||
CONSUMER STAPLES - 4.6% | ||||||||
Central Garden and Pet Co. — Class A* | 327,298 | 2,706,755 | ||||||
Seneca Foods Corp. — Class A* | 81,380 | 2,311,192 | ||||||
Spartan Stores, Inc. | 74,387 | 1,602,296 | ||||||
Sanderson Farms, Inc. | 11,786 | 969,634 | ||||||
Alliance One International, Inc.* | 262,217 | 673,898 | ||||||
Total Consumer Staples | 8,263,775 | |||||||
TELECOMMUNICATION SERVICES - 2.2% | ||||||||
Cbeyond, Inc.* | 224,135 | 2,216,695 | ||||||
USA Mobility, Inc. | 61,422 | 1,052,159 | ||||||
Atlantic Tele-Network, Inc. | 12,337 | 729,980 | ||||||
Total Telecommunication Services | 3,998,834 | |||||||
UTILITIES - 2.0% | ||||||||
Avista Corp. | 33,065 | 1,063,040 | ||||||
New Jersey Resources Corp. | 20,283 | 1,008,674 | ||||||
Laclede Group, Inc. | 12,609 | 597,793 | ||||||
NorthWestern Corp. | 11,022 | 533,244 | ||||||
UIL Holdings Corp. | 11,993 | 440,503 | ||||||
Total Utilities | 3,643,254 | |||||||
Total Common Stocks | ||||||||
(Cost $162,455,363) | 178,072,003 | |||||||
SHORT TERM INVESTMENTS† - 0.2% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 268,856 | 268,856 | ||||||
Total Short Term Investments | ||||||||
(Cost $268,856) | 268,856 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 2.3% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. | ||||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | $ | 1,921,860 | 1,921,860 | |||||
Deutsche Bank Securities, Inc. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 1,291,489 | 1,291,489 | ||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | 72,708 | 72,708 | ||||||
BNP Paribas Securities Corp. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 876,368 | 876,368 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $4,162,425) | 4,162,425 | |||||||
Total Investments - 102.3% | ||||||||
(Cost $166,886,644) | $ | 182,503,284 | ||||||
Other Assets & Liabilities, net - (2.3)% | (4,146,783 | ) | ||||||
Total Net Assets - 100.0% | $ | 178,356,501 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
†† | Value determined based on Level 2 inputs — See Note 5. |
1 | All or portion of this security is on loan at April 30, 2014 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 23 |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
FINANCIALS - 20.0% | ||||||||
MB Financial, Inc. | 44,871 | $ | 1,204,338 | |||||
HCI Group, Inc.1 | 29,162 | 1,127,986 | ||||||
HFF, Inc. — Class A | 32,683 | 1,111,222 | ||||||
United Community Banks, Inc.* | 68,135 | 1,100,380 | ||||||
PrivateBancorp, Inc. — Class A | 36,307 | 1,000,984 | ||||||
BBCN Bancorp, Inc. | 64,591 | 995,347 | ||||||
Virtus Investment Partners, Inc.* | 5,366 | 992,656 | ||||||
Portfolio Recovery Associates, Inc.* | 17,081 | 976,179 | ||||||
Forestar Group, Inc.* | 56,174 | 957,767 | ||||||
Pinnacle Financial Partners, Inc. | 27,086 | 936,363 | ||||||
Sabra Health Care REIT, Inc. | 29,258 | 876,862 | ||||||
Home BancShares, Inc. | 26,413 | 837,556 | ||||||
First Midwest Bancorp, Inc. | 50,617 | 828,600 | ||||||
BofI Holding, Inc.* | 10,160 | 818,998 | ||||||
CoreSite Realty Corp. | 26,635 | 810,237 | ||||||
Encore Capital Group, Inc.* | 18,280 | 790,062 | ||||||
Oritani Financial Corp. | 50,926 | 755,233 | ||||||
Bank of the Ozarks, Inc. | 12,148 | 727,665 | ||||||
Wilshire Bancorp, Inc. | 66,734 | 667,340 | ||||||
Boston Private Financial Holdings, Inc. | 52,457 | 656,237 | ||||||
MarketAxess Holdings, Inc. | 12,043 | 648,877 | ||||||
Employers Holdings, Inc. | 31,544 | 641,920 | ||||||
Evercore Partners, Inc. — Class A | 10,949 | 585,005 | ||||||
Glacier Bancorp, Inc. | 19,577 | 502,346 | ||||||
Texas Capital Bancshares, Inc.* | 7,923 | 445,193 | ||||||
eHealth, Inc.* | 8,934 | 374,245 | ||||||
Financial Engines, Inc. | 6,789 | 300,413 | ||||||
First Financial Bankshares, Inc.1 | 4,691 | 277,004 | ||||||
First Cash Financial Services, Inc.* | 4,822 | 235,169 | ||||||
Total Financials | 22,182,184 | |||||||
INFORMATION TECHNOLOGY - 19.7% | ||||||||
Electronics for Imaging, Inc.* | 34,286 | 1,295,668 | ||||||
iGATE Corp.* | 29,901 | 1,094,377 | ||||||
XO Group, Inc.* | 102,793 | 1,091,662 | ||||||
CalAmp Corp.* | 54,570 | 968,618 | ||||||
Dealertrack Technologies, Inc.* | 21,064 | 962,414 | ||||||
Virtusa Corp.* | 28,734 | 947,360 | ||||||
Interactive Intelligence Group, Inc.* | 14,221 | 889,808 | ||||||
Manhattan Associates, Inc.* | 27,238 | 858,814 | ||||||
Blucora, Inc.* | 44,487 | 856,375 | ||||||
OpenTable, Inc.* | 11,879 | 797,794 | ||||||
Perficient, Inc.* | 43,376 | 792,480 | ||||||
Harmonic, Inc.* | 111,902 | 786,671 | ||||||
Synaptics, Inc.* | 12,377 | 769,231 | ||||||
Methode Electronics, Inc. | 27,604 | 765,735 | ||||||
j2 Global, Inc. | 15,511 | 719,090 | ||||||
Synchronoss Technologies, Inc.* | 23,088 | 702,799 | ||||||
Monotype Imaging Holdings, Inc. | 25,854 | 682,804 | ||||||
Daktronics, Inc. | 48,636 | 633,241 | ||||||
Measurement Specialties, Inc.* | 9,612 | 618,532 | ||||||
Tyler Technologies, Inc.* | 7,343 | 599,556 | ||||||
LogMeIn, Inc.* | 12,881 | 585,441 | ||||||
Belden, Inc. | 7,909 | 583,763 | ||||||
Stamps.com, Inc.* | 15,725 | 545,815 | ||||||
Advanced Energy Industries, Inc.* | 23,055 | 504,443 | ||||||
Cardtronics, Inc.* | 12,538 | 419,772 | ||||||
NIC, Inc. | 22,825 | 418,611 | ||||||
Cognex Corp.* | 11,114 | 382,655 | ||||||
MTS Systems Corp. | 5,644 | 363,869 | ||||||
MAXIMUS, Inc. | 8,469 | 360,525 | ||||||
FARO Technologies, Inc.* | 7,980 | 318,402 | ||||||
Blackbaud, Inc. | 9,841 | 299,658 | ||||||
comScore, Inc.* | 9,138 | 286,294 | ||||||
Total Information Technology | 21,902,277 | |||||||
HEALTH CARE - 17.0% | ||||||||
Questcor Pharmaceuticals, Inc.1 | 25,131 | 2,065,265 | ||||||
Repligen Corp.* | 109,327 | 1,732,832 | ||||||
Akorn, Inc.* | 65,276 | 1,646,260 | ||||||
Anika Therapeutics, Inc.* | 25,543 | 1,091,708 | ||||||
Cambrex Corp.* | 52,328 | 1,072,201 | ||||||
Natus Medical, Inc.* | 39,114 | 971,201 | ||||||
Acorda Therapeutics, Inc.* | 27,287 | 967,324 | ||||||
ABIOMED, Inc.*,1 | 39,410 | 933,623 | ||||||
Omnicell, Inc.* | 34,195 | 905,484 | ||||||
Ligand Pharmaceuticals, Inc. — Class B* | 12,992 | 820,705 | ||||||
Prestige Brands Holdings, Inc.* | 22,464 | 752,993 | ||||||
Cantel Medical Corp. | 22,269 | 738,440 | ||||||
Corvel Corp.* | 14,303 | 651,359 | ||||||
MWI Veterinary Supply, Inc.* | 4,112 | 644,104 | ||||||
CryoLife, Inc. | 64,369 | 584,471 | ||||||
NuVasive, Inc.* | 14,274 | 481,177 | ||||||
Medidata Solutions, Inc.* | 12,718 | 461,791 | ||||||
Medicines Co.* | 16,447 | 437,490 | ||||||
Air Methods Corp.* | 7,681 | 427,601 | ||||||
SurModics, Inc.* | 17,941 | 390,396 | ||||||
IPC The Hospitalist Company, Inc.* | 9,247 | 374,504 | ||||||
West Pharmaceutical Services, Inc. | 6,533 | 283,402 | ||||||
Neogen Corp.* | 5,364 | 224,081 | ||||||
HealthStream, Inc.* | 7,750 | 175,538 | ||||||
Total Health Care | 18,833,950 | |||||||
CONSUMER DISCRETIONARY - 16.1% | ||||||||
Lithia Motors, Inc. — Class A | 19,932 | 1,480,549 | ||||||
Multimedia Games Holding Company, Inc.* | 44,994 | 1,313,825 | ||||||
MarineMax, Inc.* | 68,458 | 1,099,435 | ||||||
Buffalo Wild Wings, Inc.* | 7,212 | 1,053,817 | ||||||
Iconix Brand Group, Inc.* | 20,322 | 863,685 | ||||||
Winnebago Industries, Inc.* | 30,875 | 737,913 | ||||||
Universal Electronics, Inc.* | 18,991 | 709,314 | ||||||
Arctic Cat, Inc. | 17,217 | 704,003 | ||||||
Lumber Liquidators Holdings, Inc.* | 7,709 | 671,916 | ||||||
Red Robin Gourmet Burgers, Inc.* | 9,314 | 633,166 | ||||||
EW Scripps Co. — Class A* | 36,060 | 617,708 | ||||||
Ruth’s Hospitality Group, Inc. | 47,312 | 595,658 | ||||||
Monarch Casino & Resort, Inc.* | 36,441 | 584,514 | ||||||
Drew Industries, Inc. | 11,131 | 560,112 | ||||||
Capella Education Co. | 9,373 | 547,008 | ||||||
Wolverine World Wide, Inc. | 18,856 | 529,854 | ||||||
Pinnacle Entertainment, Inc.* | 22,385 | 520,899 | ||||||
Movado Group, Inc. | 12,310 | 483,537 | ||||||
Scientific Games Corp. — Class A* | 39,419 | 472,240 |
24 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2014 |
GUGGENHEIM S&P SMALLCAP 600® PURE GROWTH ETF |
Shares | Value | |||||||
Steven Madden Ltd.* | 13,053 | $ | 464,817 | |||||
Sturm Ruger & Company, Inc.1 | 7,158 | 460,617 | ||||||
Hillenbrand, Inc. | 14,417 | 438,277 | ||||||
Papa John’s International, Inc. | 9,729 | 426,714 | ||||||
La-Z-Boy, Inc. | 17,467 | 423,225 | ||||||
Sonic Corp.* | 21,362 | 406,732 | ||||||
Kirkland’s, Inc.* | 20,567 | 351,901 | ||||||
Texas Roadhouse, Inc. — Class A | 13,901 | 343,911 | ||||||
American Public Education, Inc.* | 9,925 | 343,405 | ||||||
Total Consumer Discretionary | 17,838,752 | |||||||
INDUSTRIALS - 11.0% | ||||||||
Taser International, Inc.* | 88,734 | 1,433,054 | ||||||
Saia, Inc.* | 34,315 | 1,412,749 | ||||||
On Assignment, Inc.* | 40,168 | 1,405,880 | ||||||
GenCorp, Inc.* | 73,653 | 1,293,347 | ||||||
DXP Enterprises, Inc.* | 10,422 | 1,179,875 | ||||||
Dycom Industries, Inc.* | 37,548 | 1,179,007 | ||||||
Federal Signal Corp. | 65,132 | 988,704 | ||||||
AAON, Inc. | 24,987 | 708,381 | ||||||
CIRCOR International, Inc. | 8,385 | 680,946 | ||||||
EnerSys, Inc. | 8,441 | 570,443 | ||||||
Allegiant Travel Co. — Class A | 3,424 | 402,149 | ||||||
AZZ, Inc. | 7,411 | 321,786 | ||||||
Mobile Mini, Inc. | 6,982 | 308,465 | ||||||
Apogee Enterprises, Inc. | 8,691 | 276,113 | ||||||
Total Industrials | 12,160,899 | |||||||
ENERGY - 9.0% | ||||||||
Matrix Service Co.* | 66,022 | 2,044,700 | ||||||
Carrizo Oil & Gas, Inc.* | 28,424 | 1,563,887 | ||||||
Stone Energy Corp.* | 29,052 | 1,425,001 | ||||||
C&J Energy Services, Inc.* | 39,840 | 1,197,590 | ||||||
Tesco Corp. | 55,909 | 1,118,180 | ||||||
Era Group, Inc.* | 30,602 | 873,687 | ||||||
Newpark Resources, Inc.* | 71,054 | 855,490 | ||||||
Northern Oil and Gas, Inc.*,1 | 44,406 | 685,185 | ||||||
Geospace Technologies Corp.* | 4,294 | 249,610 | ||||||
Total Energy | 10,013,330 | |||||||
MATERIALS - 5.0% | ||||||||
US Silica Holdings, Inc. | 57,919 | 2,616,200 | ||||||
KapStone Paper and Packaging Corp.* | 39,688 | 1,046,969 | ||||||
Flotek Industries, Inc.* | 30,361 | 850,412 | ||||||
American Vanguard Corp. | 22,573 | 402,025 | ||||||
HB Fuller Co. | 8,122 | 376,292 | ||||||
Balchem Corp. | 4,536 | 281,005 | ||||||
Total Materials | 5,572,903 | |||||||
CONSUMER STAPLES - 1.5% | ||||||||
Boston Beer Company, Inc. — Class A* | 3,657 | 899,768 | ||||||
Inter Parfums, Inc. | 21,375 | 782,111 | ||||||
Total Consumer Staples | 1,681,879 | |||||||
TELECOMMUNICATION SERVICES - 0.6% | ||||||||
8x8, Inc.* | 49,626 | 481,372 | ||||||
Lumos Networks Corp. | 14,560 | 192,338 | ||||||
Total Telecommunication Services | 673,710 | |||||||
Total Common Stocks | ||||||||
(Cost $101,734,294) | 110,859,884 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash | ||||||||
Reserve Fund | 120,679 | 120,679 | ||||||
Total Short Term Investments | ||||||||
(Cost $120,679) | 120,679 |
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 4.9% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. | ||||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | $ | 2,523,811 | 2,523,811 | |||||
Deutsche Bank Securities, Inc. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 1,696,000 | 1,696,000 | ||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | 95,481 | 95,481 | ||||||
BNP Paribas Securities Corp. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 1,150,858 | 1,150,858 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $5,466,150) | 5,466,150 | |||||||
Total Investments - 104.9% | ||||||||
(Cost $107,321,123) | $ | 116,446,713 | ||||||
Other Assets & Liabilities, net - (4.9)% | (5,473,802 | ) | ||||||
Total Net Assets - 100.0% | $ | 110,972,911 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
†† | Value determined based on Level 2 inputs — See Note 5. |
1 | All or portion of this security is on loan at April 30, 2014 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
REIT — Real Estate Investment Trust
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 25 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) | April 30, 2014 |
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 $—, $15,766,083, $— and $1,208,728 of securities loaned, respectively | $ | 498,686,657 | $ | 843,477,688 | $ | 1,268,655,160 | $ | 94,478,984 | ||||||||
Repurchase agreements | — | 16,034,750 | — | 1,261,100 | ||||||||||||
Total Investments | 498,686,657 | 859,512,438 | 1,268,655,160 | 95,740,084 | ||||||||||||
Receivables: | ||||||||||||||||
Fund shares sold | 18,393 | 21,084 | — | — | ||||||||||||
Investments sold | 2,953,042 | — | 16,575,229 | 453,335 | ||||||||||||
Securities lending income | — | 4,261 | — | 2,492 | ||||||||||||
Dividends and interest | 481,618 | 397,463 | 375,742 | 41,364 | ||||||||||||
Tax reclaims | 10,483 | — | — | — | ||||||||||||
Total assets | 502,150,193 | 859,935,246 | 1,285,606,131 | 96,237,275 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable upon return of securities loaned | — | 16,034,750 | — | 1,261,100 | ||||||||||||
Payable for: | ||||||||||||||||
Investments purchased | 2,976,815 | — | 16,777,728 | 464,625 | ||||||||||||
Due to custodian | 9,219 | — | 15,586 | — | ||||||||||||
Fund shares redeemed | — | — | 32,590 | — | ||||||||||||
Accrued management fees | 81,268 | 209,773 | 374,455 | 27,171 | ||||||||||||
Total liabilities | 3,067,302 | 16,244,523 | 17,200,359 | 1,752,896 | ||||||||||||
Net assets | $ | 499,082,891 | $ | 843,690,723 | $ | 1,268,405,772 | $ | 94,484,379 | ||||||||
Net assets consist of: | ||||||||||||||||
Paid-in capital | $ | 516,719,847 | $ | 713,899,649 | $ | 1,053,163,101 | $ | 75,399,270 | ||||||||
Undistributed net investment income | 681,277 | 517,556 | 2,989,887 | 60,467 | ||||||||||||
Accumulated net realized gain (loss) on investments | (89,406,245 | ) | 65,028,143 | 140,863,986 | 10,816,884 | |||||||||||
Net unrealized appreciation on investments | 71,088,012 | 64,245,375 | 71,388,798 | 8,207,758 | ||||||||||||
Net assets | $ | 499,082,891 | $ | 843,690,723 | $ | 1,268,405,772 | $ | 94,484,379 | ||||||||
Shares outstanding (unlimited shares authorized), no par value | 3,800,785 | 16,152,836 | 17,650,299 | 1,850,499 | ||||||||||||
Net asset value, offering price and repurchase price per share | $ | 131.31 | $ | 52.23 | $ | 71.86 | $ | 51.06 | ||||||||
Cost of investments | $ | 427,598,645 | $ | 779,232,313 | $ | 1,197,266,362 | $ | 86,271,226 | ||||||||
Cost of repurchase agreements | — | 16,034,750 | — | 1,261,100 | ||||||||||||
*Total cost of investments | $ | 427,598,645 | $ | 795,267,063 | $ | 1,197,266,362 | $ | 87,532,326 |
26 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(concluded) | April 30, 2014 |
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 $13,459,774, $4,077,448 and $5,366,299 of securities loaned, respectively | $ | 803,180,352 | $ | 178,340,859 | $ | 110,980,563 | ||||||
Repurchase agreements | 13,075,200 | 4,162,425 | 5,466,150 | |||||||||
Total Investments | 816,255,552 | 182,503,284 | 116,446,713 | |||||||||
Receivables: | ||||||||||||
Investments sold | 12,743,716 | — | — | |||||||||
Securities lending income | 46,835 | 7,423 | 4,520 | |||||||||
Dividends and interest | 236,644 | 60,145 | 20,065 | |||||||||
Total assets | 829,282,747 | 182,570,852 | 116,471,298 | |||||||||
Liabilities: | ||||||||||||
Payable upon return of securities loaned | 13,075,200 | 4,162,425 | 5,466,150 | |||||||||
Payable for: | ||||||||||||
Investments purchased | 12,587,083 | — | — | |||||||||
Accrued management fees | 234,504 | 51,926 | 32,237 | |||||||||
Total liabilities | 25,896,787 | 4,214,351 | 5,498,387 | |||||||||
Net assets | $ | 803,385,960 | $ | 178,356,501 | $ | 110,972,911 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 647,097,477 | $ | 164,765,201 | $ | 86,443,093 | ||||||
Undistributed (distributions in excess of) net investment income | (45,910 | ) | 25,943 | 37,939 | ||||||||
Accumulated net realized gain (loss) on investments | 83,880,800 | (2,051,283 | ) | 15,366,289 | ||||||||
Net unrealized appreciation on investments | 72,453,593 | 15,616,640 | 9,125,590 | |||||||||
Net assets | $ | 803,385,960 | $ | 178,356,501 | $ | 110,972,911 | ||||||
Shares outstanding (unlimited shares authorized), no par value | 6,800,021 | 2,900,040 | 1,450,004 | |||||||||
Net asset value, offering price and repurchase price per share | $ | 118.14 | $ | 61.50 | $ | 76.53 | ||||||
Cost of investments | $ | 730,726,759 | $ | 162,724,219 | $ | 101,854,973 | ||||||
Cost of repurchase agreements | 13,075,200 | 4,162,425 | 5,466,150 | |||||||||
*Total cost of investments | $ | 743,801,959 | $ | 166,886,644 | $ | 107,321,123 |
SEE NOTES TO FINANCIAL STATEMENTS. | GGUGGENHEIM ETFs SEMI-ANNUAL REPORT | 27 |
STATEMENTS OF OPERATIONS (Unaudited) |
For the Six Months Ended April 30, 2014 |
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 | $ | 5,924,078 | $ | 5,474,717 | $ | 7,882,102 | $ | 801,307 | ||||||||
Income from securities lending | — | 35,075 | — | 9,155 | ||||||||||||
Interest | 8 | 2 | 4 | 1 | ||||||||||||
Total investment income | 5,924,086 | 5,509,794 | 7,882,106 | 810,463 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 512,314 | 982,077 | 1,876,999 | 154,413 | ||||||||||||
Total expenses | 512,314 | 982,077 | 1,876,999 | 154,413 | ||||||||||||
Net investment income | 5,411,772 | 4,527,717 | 6,005,107 | 656,050 | ||||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (734,494 | ) | (140,444 | ) | 8,151,444 | (167,767 | ) | |||||||||
In-kind redemptions | 18,626,331 | 67,484,076 | 144,995,767 | 12,296,162 | ||||||||||||
Net realized gain | 17,891,837 | 67,343,632 | 153,147,211 | 12,128,395 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 15,158,038 | (2,756,137 | ) | (88,567,974 | ) | (7,305,165 | ) | |||||||||
Net realized and unrealized gain | 33,049,875 | 64,587,495 | 64,579,237 | 4,823,230 | ||||||||||||
Net increase in net assets resulting from operations | $ | 38,461,647 | $ | 69,115,212 | $ | 70,584,344 | $ | 5,479,280 |
28 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF OPERATIONS (Unaudited)(concluded) |
For the Six Months Ended April 30, 2014 |
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 | $ | 3,675,120 | $ | 869,655 | $ | 480,246 | ||||||
Income from securities lending | 307,278 | 44,425 | 69,304 | |||||||||
Interest | 9 | 1 | 1 | |||||||||
Total investment income | 3,982,407 | 914,081 | 549,551 | |||||||||
Expenses: | ||||||||||||
Management fees | 1,385,311 | 279,815 | 197,940 | |||||||||
Total expenses | 1,385,311 | 279,815 | 197,940 | |||||||||
Net investment income | 2,597,096 | 634,266 | 351,611 | |||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 20,158,415 | 5,207,867 | 1,217,523 | |||||||||
In-kind redemptions | 91,539,741 | 13,072,723 | 16,261,767 | |||||||||
Net realized gain | 111,698,156 | 18,280,590 | 17,479,290 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (91,787,904 | ) | (8,540,151 | ) | (13,794,995 | ) | ||||||
Net realized and unrealized gain | 19,910,252 | 9,740,439 | 3,684,295 | |||||||||
Net increase in net assets resulting from operations | $ | 22,507,348 | $ | 10,374,705 | $ | 4,035,906 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 29 |
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) |
Guggenheim Russell | Guggenheim S&P 500® | |||||||||||||||
Top 50® Mega Cap ETF | Pure Value ETF | |||||||||||||||
Period Ended | Period Ended | |||||||||||||||
April 30, 2014 | Year Ended | April 30, 2014 | Year Ended | |||||||||||||
(Unaudited) | October 31, 2013 | (Unaudited) | October 31, 2013 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 5,411,772 | $ | 12,754,570 | $ | 4,527,717 | $ | 3,441,893 | ||||||||
Net realized gain on investments | 17,891,837 | 39,828,718 | 67,343,632 | 7,071,014 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 15,158,038 | 51,913,053 | (2,756,137 | ) | 64,200,570 | |||||||||||
Net increase in net assets resulting from operations | 38,461,647 | 104,496,341 | 69,115,212 | 74,713,477 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (5,633,664 | ) | (12,958,628 | ) | (4,328,124 | ) | (3,158,321 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 19,402,949 | — | 623,543,729 | 217,427,100 | ||||||||||||
Value of shares redeemed | (76,270,708 | ) | (192,882,639 | ) | (219,205,238 | ) | — | |||||||||
Net increase (decrease) in net assets resulting from share transactions | (56,867,759 | ) | (192,882,639 | ) | 404,338,491 | 217,427,100 | ||||||||||
Net increase (decrease) in net assets | (24,039,776 | ) | (101,344,926 | ) | 469,125,579 | 288,982,256 | ||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 523,122,667 | 624,467,593 | 374,565,144 | 85,582,888 | ||||||||||||
End of period | $ | 499,082,891 | $ | 523,122,667 | $ | 843,690,723 | $ | 374,565,144 | ||||||||
Undistributed net investment income at end of period | $ | 681,277 | $ | 903,169 | $ | 517,556 | $ | 317,963 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 150,000 | — | 12,600,000 | 5,400,000 | ||||||||||||
Shares redeemed | (600,000 | ) | (1,750,000 | ) | (4,500,000 | ) | — | |||||||||
Net increase (decrease) in shares | (450,000 | ) | (1,750,000 | ) | 8,100,000 | 5,400,000 |
30 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)(continued) |
Guggenheim S&P 500® | Guggenheim S&P MidCap 400® | |||||||||||||||
Pure Growth ETF | Pure Value ETF | |||||||||||||||
Period Ended | Period Ended | |||||||||||||||
April 30, 2014 | Year Ended | April 30, 2014 | Year Ended | |||||||||||||
(Unaudited) | October 31, 2013 | (Unaudited) | October 31, 2013 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 6,005,107 | $ | 3,481,104 | $ | 656,050 | $ | 680,061 | ||||||||
Net realized gain on investments | 153,147,211 | 15,789,608 | 12,128,395 | 2,976,812 | ||||||||||||
Net change in unrealized (depreciation) appreciation on investments | (88,567,974 | ) | 131,869,558 | (7,305,165 | ) | 13,986,189 | ||||||||||
Net increase in net assets resulting from operations | 70,584,344 | 151,140,270 | 5,479,280 | 17,643,062 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (3,144,090 | ) | (3,301,125 | ) | (598,598 | ) | (684,543 | ) | ||||||||
Return of capital | — | (218,750 | ) | — | — | |||||||||||
Total distribution to shareholders | (3,144,090 | ) | (3,519,875 | ) | (598,598 | ) | (684,543 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 947,592,081 | 298,162,248 | 49,323,730 | 25,529,180 | ||||||||||||
Value of shares redeemed | (507,023,102 | ) | (17,639,588 | ) | (37,222,875 | ) | — | |||||||||
Net increase in net assets resulting from share transactions | 440,568,979 | 280,522,660 | 12,100,855 | 25,529,180 | ||||||||||||
Net increase in net assets | 508,009,233 | 428,143,055 | 16,981,537 | 42,487,699 | ||||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 760,396,539 | 332,253,484 | 77,502,842 | 35,015,143 | ||||||||||||
End of period | $ | 1,268,405,772 | $ | 760,396,539 | $ | 94,484,379 | $ | 77,502,842 | ||||||||
Undistributed net investment income at end of period | $ | 2,989,887 | $ | 128,870 | $ | 60,467 | $ | 3,015 | ||||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 13,350,000 | 4,900,000 | 1,000,000 | 600,000 | ||||||||||||
Shares redeemed | (7,200,000 | ) | (350,000 | ) | (750,000 | ) | — | |||||||||
Net increase in shares | 6,150,000 | 4,550,000 | 250,000 | 600,000 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 31 |
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)(continued) |
Guggenheim S&P MidCap 400® | Guggenheim S&P SmallCap 600® | |||||||||||||||
Pure Growth ETF | Pure Value ETF | |||||||||||||||
Period Ended | Period Ended | |||||||||||||||
April 30, 2014 | Year Ended | April 30, 2014 | Year Ended | |||||||||||||
(Unaudited) | October 31, 2013 | (Unaudited) | October 31, 2013 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 2,597,096 | $ | 6,099,688 | $ | 634,266 | $ | 1,014,247 | ||||||||
Net realized gain on investments | 111,698,156 | 21,557,612 | 18,280,590 | 5,914,029 | ||||||||||||
Net change in unrealized (depreciation) appreciation on investments | (91,787,904 | ) | 139,575,253 | (8,540,151 | ) | 25,108,164 | ||||||||||
Net increase in net assets resulting from operations | 22,507,348 | 167,232,553 | 10,374,705 | 32,036,439 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (2,892,912 | ) | (6,220,307 | ) | (608,323 | ) | (1,052,024 | ) | ||||||||
Shareholder transactions: | ||||||||||||||||
Proceeds from shares purchased | 352,491,054 | 93,820,645 | 75,735,187 | 33,487,133 | ||||||||||||
Value of shares redeemed | (306,690,748 | ) | (28,742,288 | ) | (30,495,340 | ) | (13,186,886 | ) | ||||||||
Net increase in net assets resulting from share transactions | 45,800,306 | 65,078,357 | 45,239,847 | 20,300,247 | ||||||||||||
Net increase in net assets | 65,414,742 | 226,090,603 | 55,006,229 | 51,284,662 | ||||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 737,971,218 | 511,880,615 | 123,350,272 | 72,065,610 | ||||||||||||
End of period | $ | 803,385,960 | $ | 737,971,218 | $ | 178,356,501 | $ | 123,350,272 | ||||||||
(Distributions in excess of) undistributed net investment income at end of period | $ | (45,910 | ) | $ | 249,906 | $ | 25,943 | $ | — | |||||||
Changes in shares outstanding: | ||||||||||||||||
Shares sold | 2,950,000 | 900,000 | 1,250,000 | 650,000 | ||||||||||||
Shares redeemed | (2,550,000 | ) | (300,000 | ) | (500,000 | ) | (300,000 | ) | ||||||||
Net increase in shares | 400,000 | 600,000 | 750,000 | 350,000 |
32 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)(concluded) |
Guggenheim S&P SmallCap 600® | ||||||||
Pure Growth ETF | ||||||||
Period Ended | ||||||||
April 30, 2014 | Year Ended | |||||||
(Unaudited) | October 31, 2013 | |||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 351,611 | $ | 739,246 | ||||
Net realized gain on investments | 17,479,290 | 3,124,734 | ||||||
Net change in unrealized (depreciation) appreciation on investments | (13,794,995 | ) | 21,083,554 | |||||
Net increase in net assets resulting from operations | 4,035,906 | 24,947,534 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | (339,970 | ) | (691,336 | ) | ||||
Return of capital | — | (33,096 | ) | |||||
Total distribution to Shareholders | (339,970 | ) | (724,432 | ) | ||||
Shareholder transactions: | ||||||||
Proceeds from shares purchased | 50,760,930 | 22,140,704 | ||||||
Value of shares redeemed | (51,114,094 | ) | (12,093,150 | ) | ||||
Net increase (decrease) in net assets resulting from share transactions | (353,164 | ) | 10,047,554 | |||||
Net increase in net assets | 3,342,772 | 34,270,656 | ||||||
Net assets: | ||||||||
Beginning of period | 107,630,139 | 73,359,483 | ||||||
End of period | $ | 110,972,911 | $ | 107,630,139 | ||||
Undistributed net investment income at end of period | $ | 37,939 | $ | 26,298 | ||||
Changes in shares outstanding: | ||||||||
Shares sold | 650,000 | 300,000 | ||||||
Shares redeemed | (650,000 | ) | (200,000 | ) | ||||
Net increase in shares | — | 100,000 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 33 |
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.
Period Ended | ||||||||||||||||||||||||
April 30, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
2014 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 123.06 | $ | 104.06 | $ | 89.97 | $ | 85.16 | $ | 78.90 | $ | 76.29 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | 1.34 | 2.56 | 2.17 | 1.87 | 1.72 | 1.95 | ||||||||||||||||||
Net gain on investments (realized and unrealized) | 8.31 | 19.05 | 14.02 | 4.74 | 6.26 | 2.61 | ||||||||||||||||||
Total from investment operations | 9.65 | 21.61 | 16.19 | 6.61 | 7.98 | 4.56 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (1.40 | ) | (2.61 | ) | (2.10 | ) | (1.80 | ) | (1.72 | ) | (1.95 | ) | ||||||||||||
Total distributions to shareholders | (1.40 | ) | (2.61 | ) | (2.10 | ) | (1.80 | ) | (1.72 | ) | (1.95 | ) | ||||||||||||
Net asset value, end of period | $ | 131.31 | $ | 123.06 | $ | 104.06 | $ | 89.97 | $ | 85.16 | $ | 78.90 | ||||||||||||
Total Returnb | 7.86 | % | 21.07 | % | 18.11 | % | 7.80 | % | 10.22 | % | 6.35 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 499,083 | $ | 523,123 | $ | 624,468 | $ | 454,409 | $ | 323,669 | $ | 315,662 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 2.11 | %c | 2.28 | % | 2.19 | % | 2.08 | % | 2.09 | % | 2.79 | % | ||||||||||||
Total expenses | 0.20 | %c | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Portfolio turnover rated | 2 | % | 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 | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
34 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
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.
Period Ended | ||||||||||||||||||||||||
April 30, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
2014 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 46.51 | $ | 32.26 | $ | 28.38 | $ | 25.95 | $ | 21.46 | $ | 17.98 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | .39 | .67 | .48 | .42 | .35 | .49 | ||||||||||||||||||
Net gain on investments (realized and unrealized) | 5.67 | 14.18 | 3.89 | 2.40 | 4.49 | 3.53 | ||||||||||||||||||
Total from investment operations | 6.06 | 14.85 | 4.37 | 2.82 | 4.84 | 4.02 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (.34 | ) | (.60 | ) | (.49 | ) | (.39 | ) | (.35 | ) | (.54 | ) | ||||||||||||
Total distributions to shareholders | (.34 | ) | (.60 | ) | (.49 | ) | (.39 | ) | (.35 | ) | (.54 | ) | ||||||||||||
Net asset value, end of period | $ | 52.23 | $ | 46.51 | $ | 32.26 | $ | 28.38 | $ | 25.95 | $ | 21.46 | ||||||||||||
Total Returnb | 13.05 | % | 46.39 | % | 15.54 | % | 10.84 | % | 22.67 | % | 23.73 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 843,691 | $ | 374,565 | $ | 85,583 | $ | 79,550 | $ | 55,876 | $ | 30,101 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.61 | %c | 1.65 | % | 1.60 | % | 1.44 | % | 1.38 | % | 2.92 | % | ||||||||||||
Total expenses | 0.35 | %c | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Portfolio turnover rated | 35 | % | 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 | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 35 |
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.
Period Ended | ||||||||||||||||||||||||
April 30, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
2014 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 66.12 | $ | 47.80 | $ | 44.68 | $ | 40.40 | $ | 30.85 | $ | 24.40 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | .39 | .44 | .33 | .18 | .13 | .18 | ||||||||||||||||||
Net gain on investments (realized and unrealized) | 5.52 | 18.33 | 3.11 | 4.28 | 9.57 | 6.46 | ||||||||||||||||||
Total from investment operations | 5.91 | 18.77 | 3.44 | 4.46 | 9.70 | 6.64 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (.17 | ) | (.42 | ) | (.32 | ) | (.18 | ) | (.15 | ) | (.19 | ) | ||||||||||||
Return of capital | — | (.03 | ) | — | — | — | — | |||||||||||||||||
Total distributions to shareholders | (.17 | ) | (.45 | ) | (.32 | ) | (.18 | ) | (.15 | ) | (.19 | ) | ||||||||||||
Net asset value, end of period | $ | 71.86 | $ | 66.12 | $ | 47.80 | $ | 44.68 | $ | 40.40 | $ | 30.85 | ||||||||||||
Total Returnb | 8.94 | % | 39.45 | % | 7.72 | % | 11.06 | % | 31.51 | % | 27.41 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,268,406 | $ | 760,397 | $ | 332,253 | $ | 265,889 | $ | 147,470 | $ | 38,568 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.12 | %c | 0.76 | % | 0.71 | % | 0.41 | % | 0.37 | % | 0.69 | % | ||||||||||||
Total expenses | 0.35 | %c | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Portfolio turnover rated | 51 | % | 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 | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
36 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
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.
Period Ended | ||||||||||||||||||||||||
April 30, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
2014 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 48.42 | $ | 35.00 | $ | 31.00 | $ | 30.77 | $ | 24.20 | $ | 20.24 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | .37 | .52 | .46 | .41 | .36 | .59 | ||||||||||||||||||
Net gain on investments (realized and unrealized) | 2.55 | 13.46 | 4.01 | 0.22 | 6.57 | 3.92 | ||||||||||||||||||
Total from investment operations | 2.92 | 13.98 | 4.47 | 0.63 | 6.93 | 4.51 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (.28 | ) | (.56 | ) | (.47 | ) | (.40 | ) | (.36 | ) | (.55 | ) | ||||||||||||
Total distributions to shareholders | (.28 | ) | (.56 | ) | (.47 | ) | (.40 | ) | (.36 | ) | (.55 | ) | ||||||||||||
Net asset value, end of period | $ | 51.06 | $ | 48.42 | $ | 35.00 | $ | 31.00 | $ | 30.77 | $ | 24.20 | ||||||||||||
Total Returnb | 6.04 | % | 40.27 | % | 14.46 | % | 2.03 | % | 28.75 | % | 23.32 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 94,484 | $ | 77,503 | $ | 35,015 | $ | 35,671 | $ | 43,089 | $ | 22,997 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.49 | %c | 1.22 | % | 1.36 | % | 1.22 | % | 1.20 | % | 2.90 | % | ||||||||||||
Total expenses | 0.35 | %c | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Portfolio turnover rated | 33 | % | 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 | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 37 |
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.
Period Ended | ||||||||||||||||||||||||
April 30, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
2014 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 115.31 | $ | 88.25 | $ | 82.17 | $ | 70.46 | $ | 52.89 | $ | 39.10 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | .39 | 1.02 | .20 | .07 | .02 | .09 | ||||||||||||||||||
Net gain on investments (realized and unrealized) | 2.81 | 27.10 | 6.04 | 11.72 | 17.59 | 13.79 | ||||||||||||||||||
Total from investment operations | 3.20 | 28.12 | 6.24 | 11.79 | 17.61 | 13.88 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (.37 | ) | (1.06 | ) | (.16 | ) | (.08 | ) | (.04 | ) | (.09 | ) | ||||||||||||
Total distributions to shareholders | (.37 | ) | (1.06 | ) | (.16 | ) | (.08 | ) | (.04 | ) | (.09 | ) | ||||||||||||
Net asset value, end of period | $ | 118.14 | $ | 115.31 | $ | 88.25 | $ | 82.17 | $ | 70.46 | $ | 52.89 | ||||||||||||
Total Returnb | 2.76 | % | 32.07 | % | 7.60 | % | 16.73 | % | 33.32 | % | 35.59 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 803,386 | $ | 737,971 | $ | 511,881 | $ | 653,246 | $ | 292,429 | $ | 108,432 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 0.66 | %c | 1.01 | % | 0.23 | % | 0.09 | % | 0.03 | % | 0.19 | % | ||||||||||||
Total expenses | 0.35 | %c | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Portfolio turnover rated | 66 | % | 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 | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
38 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
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.
Period Ended | ||||||||||||||||||||||||
April 30, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
2014 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 57.37 | $ | 40.04 | $ | 35.50 | $ | 34.27 | $ | 28.50 | $ | 23.21 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | .24 | .56 | .25 | .20 | .20 | .32 | ||||||||||||||||||
Net gain on investments (realized and unrealized) | 4.10 | 17.40 | 4.56 | 1.23 | 5.78 | 5.29 | ||||||||||||||||||
Total from investment operations | 4.34 | 17.96 | 4.81 | 1.43 | 5.98 | 5.61 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (.21 | ) | (.63 | ) | (.25 | ) | (.20 | ) | (.21 | ) | (.32 | ) | ||||||||||||
Return of capital | — | — | (.02 | ) | — | — | — | |||||||||||||||||
Total distributions to shareholders | (.21 | ) | (.63 | ) | (.27 | ) | (.20 | ) | (.21 | ) | (.32 | ) | ||||||||||||
Net asset value, end of period | $ | 61.50 | $ | 57.37 | $ | 40.04 | $ | 35.50 | $ | 34.27 | $ | 28.50 | ||||||||||||
Total Returnb | 7.56 | % | 45.20 | % | 13.52 | % | 4.16 | % | 21.07 | % | 25.00 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 178,357 | $ | 123,350 | $ | 72,066 | $ | 62,130 | $ | 87,383 | $ | 108,284 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 0.79 | %c | 1.14 | % | 0.65 | % | 0.53 | % | 0.60 | % | 1.18 | % | ||||||||||||
Total expenses | 0.35 | %c | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Portfolio turnover rated | 48 | % | 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 | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 39 |
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.
Period Ended | ||||||||||||||||||||||||
April 30, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
2014 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 74.23 | $ | 54.34 | $ | 49.82 | $ | 43.32 | $ | 34.13 | $ | 29.03 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | .24 | .59 | .20 | .02 | .06 | .06 | ||||||||||||||||||
Net gain on investments (realized and unrealized) | 2.26 | 19.87 | 4.50 | 6.57 | 9.18 | 5.13 | ||||||||||||||||||
Total from investment operations | 2.50 | 20.46 | 4.70 | 6.59 | 9.24 | 5.19 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (.20 | ) | (.54 | ) | (.18 | ) | (.09 | ) | (.05 | ) | (.09 | ) | ||||||||||||
Return of capital | — | (.03 | ) | — | — | — | — | |||||||||||||||||
Total distributions to shareholders | (.20 | ) | (.57 | ) | (.18 | ) | (.09 | ) | (.05 | ) | (.09 | ) | ||||||||||||
Net asset value, end of period | $ | 76.53 | $ | 74.23 | $ | 54.34 | $ | 49.82 | $ | 43.32 | $ | 34.13 | ||||||||||||
Total Returnb | 3.35 | % | 37.94 | % | 9.44 | % | 15.22 | % | 27.11 | % | 17.93 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 110,973 | $ | 107,630 | $ | 73,359 | $ | 34,873 | $ | 17,329 | $ | 11,945 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 0.62 | %c | 0.94 | % | 0.38 | % | 0.03 | % | 0.14 | % | 0.21 | % | ||||||||||||
Total expenses | 0.35 | %c | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Portfolio turnover rated | 67 | % | 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 | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
40 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
NOTES TO FINANCIAL STATEMENTS (Unaudited) |
1. | Organization and Significant Accounting Policies |
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 April 30, 2014, 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.
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 ETF is non-diversified fund, subjecting it to a greater risk than funds that are diversified.
Guggenheim Investments (“GI”) provides advisory services and Rydex Fund Services, LLC (“RFS”) provides administrative services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD 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. A valuation committee consisting of representatives from investments, administration, legal and compliance is responsible for the oversight of the valuation process of the Fund and convenes monthly, or more frequently as needed. The valuation committee reviews monthly Level 3 fair valued securities methodology, price overrides, broker quoted securities, price source changes, illiquid securities, unchanged valuations, halted securities, price challenges, fair valued securities sold and back testing trade prices in relation to prior day closing prices.
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.
Open-end investment companies (“Mutual Funds”) are valued at their NAV as of the close of business on the
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 41 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
valuation date. Exchange Traded Funds (“ETFs”) and closed-end investment companies are valued at the last quoted sales price.
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, 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 leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.
E. 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 SP 500® Pure Value ETF | 0.35 | % | ||
Guggenheim SP 500® Pure Growth ETF | 0.35 | % | ||
Guggenheim SP MidCap 400® Pure Value ETF | 0.35 | % | ||
Guggenheim SP MidCap 400® Pure Growth ETF | 0.35 | % | ||
Guggenheim SP SmallCap 600® Pure Value ETF | 0.35 | % | ||
Guggenheim SP SmallCap 600® Pure Growth ETF | 0.35 | % |
GI pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, fund
42 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
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 Funds. 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.
The Funds have adopted a Distribution Plan (the “Plan”) that allows the Funds to pay distribution fees to GFD and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Funds will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Funds.
4. | Federal Income Tax Information |
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 it 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 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 is required in the Funds’ financial statements. The Funds’ federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.
The RIC Modernization Act of 2010 was signed into law on December 22, 2010 and seeks 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 greatest impact to the disclosure in the financial reports for the Funds were on the treatment of net capital losses, effective for tax years beginning after December 22, 2010.
One of the more prominent changes addresses capital loss carryforwards. The 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 will be 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 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.
At April 30, 2014, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 43 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value, were as follows:
Tax Unrealized | Tax Unrealized | Net Unrealized | ||||||||||||||
Fund | Tax Cost | Gain | Loss | Gain (Loss) | ||||||||||||
Guggenheim Russell Top 50® Mega Cap ETF | $ | 428,812,411 | $ | 92,568,316 | $ | (22,694,070 | ) | $ | 69,874,246 | |||||||
Guggenheim S&P 500® Pure Value ETF | 795,410,472 | 73,974,906 | (9,872,940 | ) | 64,101,966 | |||||||||||
Guggenheim S&P 500® Pure Growth ETF | 1,197,498,990 | 112,733,120 | (41,576,950 | ) | 71,156,170 | |||||||||||
Guggenheim S&P MidCap 400® Pure Value ETF | 87,617,418 | 10,196,305 | (2,073,639 | ) | 8,122,666 | |||||||||||
Guggenheim S&P MidCap 400® Pure Growth ETF | 745,720,647 | 103,109,254 | (32,574,349 | ) | 70,534,905 | |||||||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 167,428,925 | 23,485,144 | (8,410,785 | ) | 15,074,359 | |||||||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 107,501,938 | 15,752,363 | (6,807,588 | ) | 8,944,775 |
5. | Fair Value Measurement |
In accordance with U.S. GAAP, fair value is defined as the price that the Funds 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. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:
Level 1 — quoted prices in active markets for identical assets or liabilities.
Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).
Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.
The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.
The following table summarizes the inputs used to value the Funds’ net assets at April 30, 2014:
Level 1 | Level 2 | Level 3 | ||||||||||||||
Investments | Investments | Investments | ||||||||||||||
Fund | In Securities | In Securities | In Securities | Total | ||||||||||||
Guggenheim Russell Top 50® Mega Cap ETF | $ | 498,686,657 | $ | — | $ | — | $ | 498,686,657 | ||||||||
Guggenheim S&P 500® Pure Value ETF | 843,477,688 | 16,034,750 | — | 859,512,438 | ||||||||||||
Guggenheim S&P 500® Pure Growth ETF | 1,268,655,160 | — | — | 1,268,655,160 | ||||||||||||
Guggenheim S&P MidCap 400® Pure Value ETF | 94,478,984 | 1,261,100 | — | 95,740,084 | ||||||||||||
Guggenheim S&P MidCap 400® Pure Growth ETF | 803,180,352 | 13,075,200 | — | 816,255,552 | ||||||||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 178,340,859 | 4,162,425 | — | 182,503,284 | ||||||||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 110,980,563 | 5,466,150 | — | 116,446,713 |
For the period ended April 30, 2014, there were no transfers between levels.
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.
44 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
6. | Investment Transactions |
For the period ended April 30, 2014, the Funds had investments transactions in-kind associated with subscriptions and redemptions as follows:
Fund | Subscriptions | Redemptions | ||||||
Guggenheim Russell Top 50® Mega Cap ETF | $ | 19,351,598 | $ | 75,768,106 | ||||
Guggenheim S&P 500® Pure Value ETF | 622,485,183 | 219,138,796 | ||||||
Guggenheim S&P 500® Pure Growth ETF | 946,535,041 | 506,102,739 | ||||||
Guggenheim S&P MidCap 400® Pure Value ETF | 49,177,871 | 37,231,996 | ||||||
Guggenheim S&P MidCap 400® Pure Growth ETF | 351,813,692 | 306,184,226 | ||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 75,640,309 | 30,370,366 | ||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 50,681,644 | 51,039,061 |
The cost of purchases and proceeds from sales of investment securities, excluding government securities and short-term investments, were as follows:
Fund | Purchases | Sales | ||||||
Guggenheim Russell Top 50® Mega Cap ETF | $ | 9,871,704 | $ | 10,176,397 | ||||
Guggenheim S&P 500® Pure Value ETF | 205,286,420 | 204,486,347 | ||||||
Guggenheim S&P 500® Pure Growth ETF | 549,783,864 | 547,438,324 | ||||||
Guggenheim S&P MidCap 400® Pure Value ETF | 29,547,012 | 29,408,213 | ||||||
Guggenheim S&P MidCap 400® Pure Growth ETF | 527,435,422 | 527,150,942 | ||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 76,510,455 | 76,614,665 | ||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 75,472,878 | 75,469,211 |
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 and cash. 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 April 30, 2014, the Funds participated in securities lending as follows:
Value of | Cash | |||||||
Securities | Collateral | |||||||
Fund | Loaned | Received | ||||||
Guggenheim S&P 500® Pure Value ETF | $ | 15,766,083 | $ | 16,034,750 | ||||
Guggenheim S&P MidCap 400® Pure Value ETF | 1,208,728 | 1,261,100 | ||||||
Guggenheim S&P MidCap 400® Pure Growth ETF | 13,459,774 | 13,075,200 | ||||||
Guggenheim S&P SmallCap 600® Pure Value ETF | 4,077,448 | 4,162,425 | ||||||
Guggenheim S&P SmallCap 600® Pure Growth ETF | 5,366,299 | 5,466,150 |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 45 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
Cash collateral received was invested in the following joint repurchase agreements at April 30, 2014:
The following represents a breakdown of the collateral for the joint repurchase agreements at April 30, 2014:
Counterparty and | ||||||||||||||||||
Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | |||||||||||||
HSBC Securities, Inc. | Federal Home Loan Bank | |||||||||||||||||
0.04% | 0.12% - 1.88% | |||||||||||||||||
Due 05/01/14 | $18,468,480 | $18,468,501 | 10/15/15 - 11/14/18 | $16,242,481 | $16,243,433 | |||||||||||||
Federal Farm Credit Bank | ||||||||||||||||||
1.90% | ||||||||||||||||||
10/10/18 | 2,602,758 | 2,601,676 | ||||||||||||||||
Deutsche Bank Securities, Inc. | U.S. Treasury Note | |||||||||||||||||
0.05% | 2.00% | |||||||||||||||||
Due 05/01/14 | 12,410,818 | 12,410,835 | 01/31/16 | 6,123,679 | 6,331,762 | |||||||||||||
Federal Home Loan Bank | ||||||||||||||||||
0.16% - 3.10% | ||||||||||||||||||
06/30/14 - 02/15/30 | 3,184,351 | 3,069,084 | ||||||||||||||||
Fannie Mae Strip | ||||||||||||||||||
0.00% | ||||||||||||||||||
01/15/30 | 2,216,852 | 1,181,848 | ||||||||||||||||
Fannie Mae | ||||||||||||||||||
0.50% - 5.375% | ||||||||||||||||||
05/27/15 - 06/12/17 | 1,981,702 | 2,081,110 | ||||||||||||||||
Deutsche Bank Securities, Inc. | U.S. Treasury Note | |||||||||||||||||
0.04% | 0.38% | |||||||||||||||||
Due 05/01/14 | 698,699 | 698,699 | 04/30/16 | 713,933 | 712,929 | |||||||||||||
BNP Paribas Securities Corp. | U.S. Tip Bond | |||||||||||||||||
0.05% | 0.63% - 2.13% | |||||||||||||||||
Due 05/01/14 | 8,421,627 | 8,421,639 | 01/15/19 - 01/15/24 | 7,782,084 | 8,593,102 |
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.
On January 14, 2014, the Court granted in part and denied in part the defendants’ motion to dismiss the Creditor Trust action. In particular, the Court dismissed all defendants who were conduits for the proceeds from the merger transaction, and also ruled that the plaintiff could not bring any claims on behalf of certain entities who had ratified the merger transaction. The Court also dismissed without prejudice the plaintiff’s claims for intentional fraudulent transfer against the remaining defendants, and gave the Credit Trustee leave to replead these claims. Finally, the Court denied the motion to dismiss with respect to the plaintiff’s claims for constructive fraudulent transfer against the remaining defendants.
On April 7, 2014, the plaintiff filed a Third Amended Complaint. In the related action entitled Weisfelner, as Trustee of the LB Litigation Trust v. A. Holmes & H. Holmes TTEE (In re Lyondell Co.), Adversary Proceeding No. 10-5525 (Bankr. S.D.N.Y.), the plaintiff also filed a Second Amended Complaint that alleges a claim against the former Lyondell shareholders under federal law for intentional fraudulent transfer. The complaint identifies a putative defendant class comprised of all entities who received proceeds from the merger transaction in exchange for their shares.
On May 23, 2014, the parties submitted to the Court competing proposed Case Management Orders. The Court has scheduled a status conference for May 29, 2014 to address the parties’ proposed orders.
46 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded) |
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: Guggenheim 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 “SLCFC 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 February 25, 2014, the District Court issued a “Phase Two Motion Protocol” in the FitzSimons action that directed the liaison counsel for the shareholder defendants to file a global motion to dismiss, i.e., a motion that applies to the claim against all shareholder defendants, with respect to the plaintiff’s claim brought against former Tribune shareholders for intentional fraudulent conveyance under U.S. federal law.
On May 23, 2014, the defendants filed motions to dismiss the Fifth Amended Complaint in the FitzSimons action. That motion remains pending.
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.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 47 |
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
Distributor Change
Effective March 3, 2014, Guggenheim Distributors, LLC (“GD”), the distributor for shares ofthe Funds will be consolidated into and with Guggenheim Funds Distributors, LLC (“GFD”). Following the consolidation, GFD will serve as the Funds’ distributor.
GD and GFD are both indirect, wholly-owned subsidiaries of Guggenheim Capital, LLC and, therefore, the consolidation will not result in a change of actual control of the Funds’ distributor. The primary goal of the consolidation is to achieve greater operational efficiencies and allow all of the Guggenheim funds, including funds that are not series of the Trusts, to be distributed by a single distributor.
The consolidation is not expected to affect the day-to-day management of the Funds or result in any material changes to the distribution of the Funds, including any changes to the distribution fees paid by the Funds.
48 | GUGGENHEIM ETFs SEMI-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.
INTERESTED TRUSTEES
Number of | Other | |||||||
Position(s) Held with the | Portfolios in Fund | Directorships | ||||||
Name and Year of | Trust, Term of Office and | Principal Occupation(s) | Complex Overseen | Held by | ||||
Birth of Trustee | Length of Time Served | During Past 5 Years | by Trustee** | Trustee | ||||
Donald C. Cacciapaglia* (1951) | Trustee from 2012 to present. | Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2012–present); Vice Chairman, Guggenheim Investments (2010–present). | 214 | Delaware Life (2013–present); Guggenheim Life and Annuity Company (2011–present); | ||||
Former: Chairman and Chief Executive Officer, Channel Capital Group, Inc. (2002–2010). | Paragon Life Insurance Company of Indiana (2011–present). | |||||||
INDEPENDENT TRUSTEES | ||||||||
Corey A. Colehour (1945) | Trustee and Member of the Audit, Governance, and Nominating Committees from 1998 to present. | Retired. | 131 | None. | ||||
J. Kenneth Dalton (1941) | Trustee, Member and Chairman of the Audit Committee, and Member of the Governance and Nominating Committees from 1998 to present; and Member of the Risk Oversight Committee from 2010 to present. | Retired. | 131 | Trustee of Epiphany Funds (4) (2009–present). | ||||
John O. Demaret (1940) | Trustee from 1998 to present and Chairman of the Board from 2006 to present; Member and Chairman of the Audit Committee from 1998 to present; and Member of the Risk Oversight Committee from 2010 to present. | Retired. | 131 | None. | ||||
Werner E. Keller (1940) | Vice Chairman of the Board of Trustees from 2010 to present; Trustee and Member of the Audit, Governance, and Nominating Committees from 2005 to present; and Chairman and Member of the Risk Oversight Committee from 2010 to present. | Current: Founder and President, Keller Partners, LLC (investment research firm) (2005–present). | 131 | None. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 49 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued) |
INDEPENDENT TRUSTEES - concluded
Number of | Other | |||||||
Position(s) Held with the | Portfolios in Fund | Directorships | ||||||
Name and Year of | Trust, Term of Office and | Principal Occupation(s) | Complex Overseen | Held by | ||||
Birth of Trustee | Length of Time Served | During Past 5 Years | by Trustee** | Trustee | ||||
Thomas F. Lydon, Jr. (1960) | Trustee and Member of the Audit, Governance, and Nominating Committees from 2005 to present. | Current: President, Global Trends Investments (registered investment adviser) (1996–present). | 131 | Board of Directors of US Global Investors (GROW) (1995–present). | ||||
Patrick T. McCarville (1942) | Trustee, Member of the Audit Committee, and Chairman and Member of the Governance and Nominating Committees from 1998 to present. | Retired.
Former: Chief Executive Officer, Par Industries, Inc., d/b/a Par Leasing (1977–2010). | 131 | None. | ||||
Roger Somers (1944) | Trustee and Member of the Audit, Governance, and Nominating Committees from 1998 to present. | Current: Founder and Chief Executive Officer, Arrow Limousine (1962–present). | 131 | None. |
OFFICERS | ||||||
Position(s) Held with | ||||||
Name, Address | the Trust, Term of | |||||
and Year of Birth of | Office and Length of | Principal Occupation(s) | ||||
Officer | Time Served | During Past 5 Years | ||||
Donald C. Cacciapaglia (1951) | President (2012–present). | Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2012–present); Vice Chairman, Guggenheim Investments (2010–present). | ||||
Former: Chairman and Chief Executive Officer, Channel Capital Group Inc. (2002–2010). | ||||||
Michael P. Byrum (1970) | Vice President (1999–present). | Current: Senior Vice President, Security Investors, LLC (2010–present); President and Chief Investment Officer, Rydex Holdings, LLC (2008–present); Director and Chairman, Advisory Research Center, Inc. (2006–present); Manager, Guggenheim Specialized Products, LLC (2005–present). | ||||
Former: Vice President, Guggenheim Distributors, LLC (2009); Director (2009–2010) and Secretary (2002–2010), Rydex Fund Services, LLC; Director (2008–2010), Chief Investment Officer (2006–2010), President (2004–2010) and Secretary (2002–2010), Rydex Advisors, LLC; Director (2008–2010), Chief Investment Officer (2006–2010), President (2004–2010) and Secretary (2002–2010), Rydex Advisors II, LLC. | ||||||
Nikolaos Bonos (1963) | Vice President and Treasurer (2003–present). | Current: Treasurer and Vice President, certain other funds in the Fund Complex (2003–present); Senior Vice President, Security Investors, LLC (2010–present); Chief Executive Officer, Guggenheim Specialized Products, LLC (2009–present); President and Chief Executive Officer, Rydex Fund Services, LLC (2009–present); Vice President, Rydex Holdings, LLC (2008–present). | ||||
Former: Senior Vice President, Security Global Investors, LLC (2010–2011); Senior Vice President, Rydex Advisors, LLC (2006–2011); Senior Vice President, Rydex Advisors II, LLC (2006–2011). |
* | Mr. Cacciapaglia is an “interested” person of the Trust, as that term is defined in the 1940 Act by virtue of his affiliation with the Advisor’s parent company. |
** | The “Fund Complex” includes all closed-end and open-end funds (including all of their portfolios) advised by the Advisor and any funds that have an investment adviser or servicing agent that is an affiliated person of the Advisor. Information provided is as of the date of this report. |
50 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded) |
OFFICERS – concluded
Position(s) Held with | ||||||
Name, Address | the Trust, Term of | |||||
and Year of Birth of | Office and Length of | Principal Occupation(s) | ||||
Officer | Time Served | During Past 5 Years | ||||
Elisabeth Miller (1968) | Chief Compliance Officer (2012–present). | Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012–present); Chief Compliance Officer, Security Investors, LLC (2012–present); Chief Compliance Officer, Guggenheim Funds Investment Advisors, LLC (2012–present); Vice President, Guggenheim Funds Distributors, LLC (2014–present). | ||||
Former: Chief Compliance Officer, Guggenheim Distributors, LLC (2009–2014); Senior Manager, Security Investors, LLC (2004–2009); Senior Manager, Guggenheim Distributors, LLC (2004–2009). | ||||||
Joseph M. Arruda (1966) | Assistant Treasurer (2006–present). | Current: Assistant Treasurer, certain other funds in the Fund Complex (2006–present); Vice President, Security Investors, LLC (2010–present); Chief Financial Officer and Manager, Guggenheim Specialized Products, LLC (2009–present). | ||||
Former: Vice President, Security Global Investors, LLC (2010–2011); Vice President, Rydex Advisors, LLC (2010); Vice President, Rydex Advisors II, LLC (2010). | ||||||
Amy J. Lee (1961) | Vice President (2009–present) and Secretary (2012–present). | Current: Chief Legal Officer, certain other funds in the Fund Complex (2013–present); Senior Managing Director, Guggenheim Investments (2012–present). | ||||
Former: Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004–2012). |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 51 |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited) |
Privacy Principles of the Funds
The Funds are committed to maintaining the privacy of their shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Funds collect, how the Funds protect that information and why, in certain cases, the Funds may share information with select other parties.
Generally, the Funds do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of its shareholders may become available to the Funds. The Funds do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).
The Funds restrict access to non-public personal information about their shareholders to employees of the Funds’ investment advisor and its affiliates with a legitimate business need for the information. The Funds maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.
52 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
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4.30.2014
Guggenheim ETF Semi-Annual Report
RSP | Guggenheim S&P 500® Equal Weight ETF |
ETF3-SEMI-0414x1014 | guggenheiminvestments.com |
TABLE OF CONTENTS |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 1 |
April 30, 2014 |
Security Investors, LLC (the “Investment Adviser”) is pleased to present the semiannual shareholder report for one of our equal weight exchange traded funds (“ETFs”) for the semiannual period ended April 30, 2014.
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 Funds Distributors, LLC, is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Adviser.
We encourage you to read the Economic and Market Overview, which follows this letter.
We are committed to providing investors with innovative investment solutions and appreciate the trust you place in us.
Sincerely, | |
![]() | |
Donald C. Cacciapaglia | |
President | |
May 31, 2014 |
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 SEMI-ANNUAL REPORT |
ECONOMIC AND MARKET OVERVIEW (Unaudited) | April 30, 2014 |
The U.S. economy during the period absorbed the impact of the start of the Federal Reserve’s tapering program, heightened international tension, and a severe U.S. winter, but at the end of the period was on solid ground. Reflecting weather-related weakness, U.S. GDP in the first quarter of 2014 rose just 0.1 percent at an annualized rate. Personal consumption rose by 3 percent, led by health care spending. Weak investment spending, falling inventories, and weak trade pulled down growth. The negative effect of winter conditions on first-quarter output reined in estimates of full-year 2014 growth.
The conundrum is that, with the American economy adding jobs, consumer spending accelerating, and economic data generally strong, interest rates would be expected to rise. However, capital flows from overseas have been playing a crucial role in keeping rates low. As tensions escalated in Ukraine, a flight to safety put downward pressure on U.S. Treasury yields. Japan’s first sales tax increase since 1997 has helped slow consumer spending, which could lead to an acceleration of monetary stimulus there. Such a move puts pressure on China to further devalue its currency, which in turn might drive increased Chinese demand for U.S. Treasuries. This phenomenon of lower rates when conditions suggest higher rates only adds to already improving U.S. economic prospects, as low rates and increasing employment positively impact housing and consumer spending. There has also been a pickup in mergers and acquisition activity, and U.S. first-quarter earnings beat estimates—further supporting equity prices.
Real returns on fixed income are poised to remain lower than they have been in previous expansions. Part of that is due to demographics, with more retirees shifting investment to fixed income—and the other is the amount of central bank-induced liquidity swashing around the system, which has also helped mute real rates. The Fed continues pumping enormous amounts of liquidity into the system, however, with strong signals that it will not raise interest rates until the latter half of 2015, the expansion is proceeding steadily.
For the six months ended April 30, 2014, the Standard & Poor’s 500® (“S&P 500”) Index* returned 8.36%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned 4.44%. The return of the MSCI Emerging Markets Index* was -2.98%.
In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 1.74% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 4.72%. The return of the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.03% for the six-month period.
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.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 3 |
ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) | April 30, 2014 |
*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.
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.
Barclays U.S. High Yield Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.
BofA 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.
MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.
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.
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.
4 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
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 October 31, 2013 and held for the six months ended April 30, 2014.
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 | 10/31/13 | 04/30/14 | Period2 | ||||||
Table 1. Based on actual Fund return3 | ||||||||||
Guggenheim S&P 500® Equal Weight ETF | 0.40% | 8.58% | $1,000.00 | $1,085.80 | $2.07 | |||||
Table 2. Based on hypothetical 5% return (before expenses) | ||||||||||
Guggenheim S&P 500® Equal Weight ETF | 0.40% | 5.00% | 1,000.00 | 1,022.87 | 2.01 |
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 181/365 (to reflect the one-half year period). |
3 | Actual cumulative return at net asset value for the period October 31, 2013 to April 30, 2014. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 5 |
PORTFOLIO SUMMARY (Unaudited) | April 30, 2014 |
GUGGENHEIM S&P 500® 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 Total | ||||
Net Assets) | ||||
Pepco Holdings, Inc. | 0.3 | % | ||
Allergan, Inc. | 0.3 | % | ||
First Solar, Inc. | 0.2 | % | ||
Diamond Offshore Drilling, Inc. | 0.2 | % | ||
Peabody Energy Corp. | 0.2 | % | ||
Newfield Exploration Co. | 0.2 | % | ||
Anadarko Petroleum Corp. | 0.2 | % | ||
Allegheny Technologies, Inc. | 0.2 | % | ||
Frontier Communications Corp. | 0.2 | % | ||
Nabors Industries Ltd. | 0.2 | % | ||
Top Ten Total | 2.2 | % |
“Ten Largest Holdings” exclude any temporary cash.
6 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
SCHEDULE OF INVESTMENTS (Unaudited) | April 30, 2014 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
FINANCIALS - 16.6% | ||||||||
HCP, Inc. | 386,194 | $ | 16,166,081 | |||||
Essex Property Trust, Inc.1 | 91,802 | 15,905,615 | ||||||
Travelers Companies, Inc. | 173,612 | 15,725,775 | ||||||
American International Group, Inc. | 295,306 | 15,689,608 | ||||||
Ventas, Inc. | 236,261 | 15,612,127 | ||||||
Macerich Co. | 239,326 | 15,534,651 | ||||||
Simon Property Group, Inc. | 89,162 | 15,442,858 | ||||||
Genworth Financial, Inc. — Class A* | 863,784 | 15,418,544 | ||||||
Health Care REIT, Inc. | 243,615 | 15,369,670 | ||||||
Chubb Corp. | 166,525 | 15,333,622 | ||||||
Berkshire Hathaway, Inc. — Class B* | 117,226 | 15,104,570 | ||||||
Host Hotels & Resorts, Inc. | 704,126 | 15,103,503 | ||||||
Vornado Realty Trust | 147,170 | 15,099,642 | ||||||
AvalonBay Communities, Inc. | 110,577 | 15,099,289 | ||||||
Navient Corp.* | 911,483 | 15,085,044 | ||||||
Kimco Realty Corp. | 656,075 | 15,037,239 | ||||||
Boston Properties, Inc. | 128,337 | 15,033,396 | ||||||
Wells Fargo & Co. | 302,842 | 15,033,077 | ||||||
XL Group plc — Class A | 478,828 | 15,011,258 | ||||||
ACE Ltd. | 146,704 | 15,010,753 | ||||||
Public Storage | 85,375 | 14,984,166 | ||||||
Hudson City Bancorp, Inc. | 1,501,367 | 14,953,615 | ||||||
Plum Creek Timber Company, Inc. | 342,776 | 14,945,034 | ||||||
American Tower Corp. — Class A | 178,521 | 14,910,074 | ||||||
M&T Bank Corp. | 122,193 | 14,908,768 | ||||||
Legg Mason, Inc. | 317,265 | 14,876,556 | ||||||
General Growth Properties, Inc. | 646,644 | 14,853,413 | ||||||
Allstate Corp. | 260,328 | 14,825,680 | ||||||
Principal Financial Group, Inc. | 316,183 | 14,810,012 | ||||||
Assurant, Inc. | 219,574 | 14,801,483 | ||||||
Ameriprise Financial, Inc. | 132,574 | 14,799,236 | ||||||
Cincinnati Financial Corp. | 303,278 | 14,781,770 | ||||||
Equity Residential | 247,235 | 14,695,648 | ||||||
Franklin Resources, Inc. | 280,660 | 14,692,551 | ||||||
Capital One Financial Corp. | 198,787 | 14,690,359 | ||||||
T. Rowe Price Group, Inc. | 178,782 | 14,683,366 | ||||||
Progressive Corp. | 605,265 | 14,677,676 | ||||||
Bank of New York Mellon Corp. | 433,173 | 14,671,570 | ||||||
Torchmark Corp. | 183,980 | 14,663,206 | ||||||
Citigroup, Inc. | 305,976 | 14,659,310 | ||||||
Invesco Ltd. | 415,567 | 14,632,114 | ||||||
Charles Schwab Corp. | 551,015 | 14,629,448 | ||||||
Aon plc | 172,064 | 14,604,792 | ||||||
Hartford Financial Services Group, Inc. | 407,134 | 14,603,897 | ||||||
BlackRock, Inc. — Class A | 48,482 | 14,593,082 | ||||||
PNC Financial Services Group, Inc. | 173,294 | 14,563,628 | ||||||
Apartment Investment & Management | ||||||||
Co. — Class A | 472,077 | 14,554,134 | ||||||
MetLife, Inc. | 277,541 | 14,529,271 | ||||||
Prologis, Inc. | 357,192 | 14,512,711 | ||||||
Marsh & McLennan Companies, Inc. | 292,187 | 14,407,741 | ||||||
Loews Corp. | 326,296 | 14,347,235 | ||||||
Weyerhaeuser Co. | 480,598 | 14,345,850 | ||||||
IntercontinentalExchange Group, Inc. | 70,005 | 14,311,822 | ||||||
State Street Corp. | 221,648 | 14,309,595 | ||||||
Morgan Stanley | 461,428 | 14,271,968 | ||||||
Comerica, Inc. | 295,357 | 14,248,022 | ||||||
SunTrust Banks, Inc. | 371,737 | 14,222,658 | ||||||
People’s United Financial, Inc. | 995,814 | 14,220,224 | ||||||
KeyCorp | 1,040,818 | 14,196,758 | ||||||
JPMorgan Chase & Co. | 252,684 | 14,145,250 | ||||||
U.S. Bancorp | 345,565 | 14,092,141 | ||||||
CBRE Group, Inc. — Class A* | 527,218 | 14,045,088 | ||||||
Aflac, Inc. | 223,827 | 14,038,429 | ||||||
Discover Financial Services | 251,083 | 14,035,540 | ||||||
Moody’s Corp. | 177,948 | 13,968,918 | ||||||
Northern Trust Corp. | 231,408 | 13,942,332 | ||||||
BB&T Corp. | 373,171 | 13,930,473 | ||||||
Crown Castle International Corp. | 191,517 | 13,929,031 | ||||||
American Express Co. | 159,215 | 13,920,167 | ||||||
Leucadia National Corp. | 544,958 | 13,907,328 | ||||||
Goldman Sachs Group, Inc. | 86,782 | 13,869,499 | ||||||
Prudential Financial, Inc. | 171,388 | 13,827,584 | ||||||
Lincoln National Corp. | 284,657 | 13,808,711 | ||||||
Huntington Bancshares, Inc. | 1,499,651 | 13,736,803 | ||||||
E*TRADE Financial Corp.* | 611,512 | 13,728,444 | ||||||
Regions Financial Corp. | 1,350,585 | 13,694,932 | ||||||
Unum Group | 411,460 | 13,668,701 | ||||||
NASDAQ OMX Group, Inc. | 364,901 | 13,464,847 | ||||||
CME Group, Inc. — Class A | 190,348 | 13,398,596 | ||||||
McGraw Hill Financial, Inc. | 180,432 | 13,339,338 | ||||||
Fifth Third Bancorp | 642,682 | 13,245,676 | ||||||
Zions Bancorporation | 457,931 | 13,243,365 | ||||||
Bank of America Corp. | 854,560 | 12,938,038 | ||||||
Total Financials | 1,206,723,996 | |||||||
CONSUMER DISCRETIONARY - 16.3% | ||||||||
Staples, Inc. | 1,268,625 | 15,857,813 | ||||||
Harley-Davidson, Inc. | 213,462 | 15,783,380 | ||||||
Garmin Ltd.1 | 275,101 | 15,708,267 | ||||||
PVH Corp. | 124,689 | 15,657,198 | ||||||
Whirlpool Corp. | 101,038 | 15,497,208 | ||||||
Marriott International, Inc. — Class A | 266,475 | 15,436,897 | ||||||
Ford Motor Co. | 951,329 | 15,363,963 | ||||||
Mattel, Inc. | 384,695 | 15,085,814 | ||||||
Harman International Industries, Inc. | 137,444 | 15,065,237 | ||||||
Leggett & Platt, Inc. | 456,089 | 14,987,085 | ||||||
Target Corp. | 241,677 | 14,923,555 | ||||||
McDonald’s Corp. | 147,130 | 14,916,039 | ||||||
Delphi Automotive plc | 220,965 | 14,769,301 | ||||||
Newell Rubbermaid, Inc. | 489,320 | 14,733,425 | ||||||
Yum! Brands, Inc. | 191,197 | 14,720,257 | ||||||
Time Warner Cable, Inc. | 103,983 | 14,709,435 | ||||||
Carnival Corp. | 373,629 | 14,687,356 | ||||||
Under Armour, Inc. — Class A* | 300,263 | 14,679,858 | ||||||
Comcast Corp. — Class A | 283,385 | 14,668,008 | ||||||
Genuine Parts Co. | 167,993 | 14,635,550 | ||||||
Interpublic Group of Companies, Inc. | 839,298 | 14,620,571 | ||||||
BorgWarner, Inc. | 234,922 | 14,598,053 | ||||||
GameStop Corp. — Class A1 | 367,879 | 14,597,439 | ||||||
DR Horton, Inc. | 651,467 | 14,514,685 | ||||||
Hasbro, Inc. | 262,560 | 14,509,066 | ||||||
General Motors Co. | 420,734 | 14,506,908 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 7 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Darden Restaurants, Inc. | 291,471 | $ | 14,489,023 | |||||
DIRECTV* | 186,697 | 14,487,687 | ||||||
Best Buy Company, Inc. | 557,611 | 14,458,853 | ||||||
O’Reilly Automotive, Inc.* | 97,169 | 14,457,776 | ||||||
VF Corp. | 236,350 | 14,438,622 | ||||||
Urban Outfi tters, Inc.* | 403,651 | 14,392,176 | ||||||
Home Depot, Inc. | 180,844 | 14,378,906 | ||||||
AutoZone, Inc.* | 26,891 | 14,356,836 | ||||||
PetSmart, Inc.1 | 211,887 | 14,340,512 | ||||||
Nordstrom, Inc. | 233,989 | 14,338,846 | ||||||
AutoNation, Inc.* | 270,527 | 14,335,226 | ||||||
Time Warner, Inc. | 215,556 | 14,325,852 | ||||||
Kohl’s Corp. | 261,340 | 14,318,819 | ||||||
Twenty-First Century Fox, Inc. — Class A | 444,421 | 14,230,360 | ||||||
Walt Disney Co. | 179,353 | 14,229,867 | ||||||
Wyndham Worldwide Corp. | 199,010 | 14,197,373 | ||||||
Dollar General Corp.* | 250,887 | 14,160,062 | ||||||
Johnson Controls, Inc. | 313,169 | 14,136,449 | ||||||
Cablevision Systems Corp. — Class A | 845,272 | 14,116,042 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 183,789 | 14,087,427 | ||||||
Macy’s, Inc. | 245,113 | 14,076,840 | ||||||
Viacom, Inc. — Class B | 164,890 | 14,012,352 | ||||||
News Corp. — Class A* | 823,205 | 14,010,949 | ||||||
Family Dollar Stores, Inc. | 237,935 | 13,978,681 | ||||||
Gannett Company, Inc. | 513,367 | 13,948,181 | ||||||
H&R Block, Inc. | 488,730 | 13,889,707 | ||||||
Dollar Tree, Inc.* | 266,068 | 13,854,161 | ||||||
Lennar Corp. — Class A | 358,835 | 13,847,443 | ||||||
PulteGroup, Inc. | 749,527 | 13,783,802 | ||||||
Scripps Networks Interactive, | ||||||||
Inc. — Class A | 182,215 | 13,678,880 | ||||||
Tiffany & Co. | 156,130 | 13,659,814 | ||||||
L Brands, Inc. | 251,981 | 13,657,370 | ||||||
Starbucks Corp. | 193,219 | 13,645,126 | ||||||
Mohawk Industries, Inc.* | 102,994 | 13,637,436 | ||||||
Fossil Group, Inc.* | 127,613 | 13,609,926 | ||||||
TJX Companies, Inc. | 233,904 | 13,608,535 | ||||||
Tractor Supply Co. | 201,960 | 13,579,790 | ||||||
Ralph Lauren Corp. — Class A | 89,596 | 13,562,147 | ||||||
Expedia, Inc. | 189,583 | 13,458,497 | ||||||
Ross Stores, Inc. | 197,475 | 13,444,098 | ||||||
Graham Holdings Co. — Class B | 20,029 | 13,444,066 | ||||||
Omnicom Group, Inc. | 198,610 | 13,441,925 | ||||||
Lowe’s Companies, Inc. | 292,333 | 13,421,008 | ||||||
The Gap, Inc. | 341,165 | 13,407,785 | ||||||
NIKE, Inc. — Class B | 183,283 | 13,370,495 | ||||||
Michael Kors Holdings Ltd.* | 146,320 | 13,344,384 | ||||||
CarMax, Inc.* | 303,837 | 13,301,984 | ||||||
Goodyear Tire & Rubber Co. | 526,253 | 13,261,576 | ||||||
Priceline Group, Inc.* | 11,364 | 13,156,671 | ||||||
Discovery Communications, Inc. — Class A* | 172,539 | 13,095,710 | ||||||
Bed Bath & Beyond, Inc.* | 209,984 | 13,046,306 | ||||||
Coach, Inc. | 292,019 | 13,038,648 | ||||||
Wynn Resorts Ltd. | 62,540 | 12,751,281 | ||||||
CBS Corp. — Class B | 219,662 | 12,687,677 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 24,874 | 12,399,689 | ||||||
International Game Technology | 958,076 | 12,023,854 | ||||||
Amazon.com, Inc.* | 38,369 | 11,669,164 | ||||||
TripAdvisor, Inc.* | 139,498 | 11,263,069 | ||||||
Netflix, Inc.* | 33,823 | 10,892,359 | ||||||
Total Consumer Discretionary | 1,193,470,468 | |||||||
INDUSTRIALS - 12.9% | ||||||||
CH Robinson Worldwide, Inc. | 280,551 | 16,524,454 | ||||||
Dun & Bradstreet Corp. | 146,059 | 16,177,495 | ||||||
Caterpillar, Inc. | 150,496 | 15,862,278 | ||||||
Parker Hannifin Corp. | 123,481 | 15,667,269 | ||||||
Emerson Electric Co. | 229,348 | 15,636,947 | ||||||
Waste Management, Inc. | 351,554 | 15,626,575 | ||||||
Stanley Black & Decker, Inc. | 181,594 | 15,597,109 | ||||||
Robert Half International, Inc. | 348,040 | 15,592,192 | ||||||
Textron, Inc. | 380,399 | 15,558,319 | ||||||
Joy Global, Inc.1 | 257,415 | 15,542,718 | ||||||
Cummins, Inc. | 103,018 | 15,540,265 | ||||||
Dover Corp. | 179,856 | 15,539,558 | ||||||
Delta Air Lines, Inc. | 420,957 | 15,503,846 | ||||||
ADT Corp.1 | 510,549 | 15,439,002 | ||||||
3M Co. | 110,484 | 15,367,220 | ||||||
General Electric Co. | 571,339 | 15,363,306 | ||||||
Deere & Co. | 164,564 | 15,360,404 | ||||||
Nielsen N.V. | 327,150 | 15,359,693 | ||||||
Ryder System, Inc. | 185,931 | 15,279,810 | ||||||
Pitney Bowes, Inc.1 | 568,659 | 15,240,061 | ||||||
Illinois Tool Works, Inc. | 178,736 | 15,233,669 | ||||||
Expeditors International of | ||||||||
Washington, Inc. | 367,999 | 15,176,279 | ||||||
Republic Services, Inc. — Class A | 430,573 | 15,108,807 | ||||||
United Technologies Corp. | 127,470 | 15,083,525 | ||||||
Ingersoll-Rand plc | 252,183 | 15,080,543 | ||||||
Boeing Co. | 116,532 | 15,034,959 | ||||||
Snap-on, Inc. | 129,280 | 14,996,480 | ||||||
Kansas City Southern | 148,396 | 14,970,188 | ||||||
Roper Industries, Inc. | 107,097 | 14,881,128 | ||||||
Iron Mountain, Inc. | 523,201 | 14,879,836 | ||||||
Fastenal Co.1 | 295,808 | 14,814,065 | ||||||
WW Grainger, Inc. | 58,106 | 14,782,166 | ||||||
Union Pacific Corp. | 77,546 | 14,767,085 | ||||||
United Parcel Service, Inc. — Class B | 149,022 | 14,678,667 | ||||||
Xylem, Inc. | 390,146 | 14,665,588 | ||||||
Eaton Corporation plc | 201,347 | 14,625,846 | ||||||
Fluor Corp. | 193,097 | 14,617,443 | ||||||
General Dynamics Corp. | 133,431 | 14,604,023 | ||||||
Stericycle, Inc.* | 124,677 | 14,517,390 | ||||||
Southwest Airlines Co. | 600,524 | 14,514,665 | ||||||
Lockheed Martin Corp. | 88,365 | 14,504,231 | ||||||
Honeywell International, Inc. | 156,017 | 14,493,979 | ||||||
Precision Castparts Corp. | 56,882 | 14,396,265 | ||||||
AMETEK, Inc. | 272,821 | 14,383,123 | ||||||
L-3 Communications Holdings, Inc. | 124,526 | 14,366,565 | ||||||
Northrop Grumman Corp. | 118,215 | 14,364,305 | ||||||
Norfolk Southern Corp. | 151,869 | 14,356,177 | ||||||
Quanta Services, Inc.* | 406,304 | 14,334,405 | ||||||
Equifax, Inc. | 202,085 | 14,309,639 | ||||||
FedEx Corp. | 104,926 | 14,296,168 | ||||||
CSX Corp. | 505,673 | 14,270,092 | ||||||
Danaher Corp. | 194,414 | 14,266,099 |
8 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
Rockwell Automation, Inc. | 119,657 | $ | 14,260,721 | |||||
Cintas Corp. | 241,720 | 14,244,560 | ||||||
PACCAR, Inc. | 220,944 | 14,135,997 | ||||||
Pall Corp. | 166,544 | 14,014,678 | ||||||
Rockwell Collins, Inc. | 180,095 | 13,984,377 | ||||||
Flowserve Corp. | 188,843 | 13,794,981 | ||||||
Pentair Ltd. | 185,417 | 13,774,629 | ||||||
Raytheon Co. | 143,459 | 13,697,465 | ||||||
Tyco International Ltd. | 334,797 | 13,693,197 | ||||||
Allegion plc | 269,462 | 13,297,950 | ||||||
Jacobs Engineering Group, Inc.* | 229,346 | 13,233,264 | ||||||
Masco Corp. | 630,663 | 12,670,020 | ||||||
Total Industrials | 945,953,760 | |||||||
INFORMATION TECHNOLOGY - 12.8% | ||||||||
First Solar, Inc.* | 265,626 | 17,927,098 | ||||||
SanDisk Corp. | 195,883 | 16,644,179 | ||||||
Xerox Corp. | 1,353,462 | 16,363,356 | ||||||
Hewlett-Packard Co. | 493,792 | 16,324,764 | ||||||
Apple, Inc. | 27,351 | 16,139,552 | ||||||
Corning, Inc. | 760,837 | 15,909,102 | ||||||
Lam Research Corp. | 272,858 | 15,719,349 | ||||||
Micron Technology, Inc.* | 598,999 | 15,645,854 | ||||||
Intel Corp. | 585,699 | 15,632,306 | ||||||
Oracle Corp. | 381,822 | 15,608,883 | ||||||
Cisco Systems, Inc. | 672,328 | 15,537,500 | ||||||
International Business Machines Corp. | 78,770 | 15,475,942 | ||||||
Microsoft Corp. | 380,705 | 15,380,482 | ||||||
Fiserv, Inc.* | 250,752 | 15,240,707 | ||||||
Amphenol Corp. — Class A | 158,577 | 15,120,317 | ||||||
QUALCOMM, Inc. | 192,016 | 15,113,579 | ||||||
Total System Services, Inc. | 475,557 | 15,108,446 | ||||||
Seagate Technology plc | 286,129 | 15,044,663 | ||||||
NVIDIA Corp. | 805,809 | 14,883,292 | ||||||
Western Digital Corp. | 168,839 | 14,879,781 | ||||||
TE Connectivity Ltd. | 251,858 | 14,854,585 | ||||||
Microchip Technology, Inc.1 | 311,599 | 14,813,416 | ||||||
Broadcom Corp. — Class A | 479,422 | 14,770,992 | ||||||
Texas Instruments, Inc. | 323,941 | 14,723,118 | ||||||
Analog Devices, Inc. | 286,505 | 14,694,841 | ||||||
Applied Materials, Inc. | 766,949 | 14,618,048 | ||||||
Teradata Corp.* | 321,214 | 14,602,388 | ||||||
Harris Corp. | 197,823 | 14,543,947 | ||||||
Fidelity National Information Services, Inc. | 272,029 | 14,534,509 | ||||||
LSI Corp. | 1,295,936 | 14,436,727 | ||||||
Symantec Corp. | 711,610 | 14,431,451 | ||||||
Automatic Data Processing, Inc. | 185,077 | 14,428,603 | ||||||
Paychex, Inc. | 343,099 | 14,344,969 | ||||||
Motorola Solutions, Inc. | 225,362 | 14,328,516 | ||||||
FLIR Systems, Inc. | 420,795 | 14,323,862 | ||||||
Western Union Co. | 900,731 | 14,294,601 | ||||||
Citrix Systems, Inc.* | 239,955 | 14,231,731 | ||||||
Accenture plc — Class A | 176,406 | 14,151,289 | ||||||
F5 Networks, Inc.* | 133,702 | 14,061,439 | ||||||
NetApp, Inc. | 392,285 | 13,969,269 | ||||||
Jabil Circuit, Inc. | 809,112 | 13,965,273 | ||||||
Juniper Networks, Inc.* | 560,595 | 13,841,091 | ||||||
MasterCard, Inc. — Class A | 187,958 | 13,824,311 | ||||||
Computer Sciences Corp. | 232,598 | 13,765,150 | ||||||
Linear Technology Corp. | 308,990 | 13,750,055 | ||||||
EMC Corp. | 532,806 | 13,746,395 | ||||||
Electronic Arts, Inc.* | 485,447 | 13,738,150 | ||||||
CA, Inc. | 455,767 | 13,736,817 | ||||||
KLA-Tencor Corp. | 214,584 | 13,731,230 | ||||||
Yahoo!, Inc.* | 381,558 | 13,717,010 | ||||||
Cognizant Technology Solutions | ||||||||
Corp. — Class A* | 285,649 | 13,684,015 | ||||||
Autodesk, Inc.* | 284,382 | 13,656,024 | ||||||
Intuit, Inc. | 179,641 | 13,607,806 | ||||||
Altera Corp. | 406,859 | 13,231,055 | ||||||
Adobe Systems, Inc.* | 213,688 | 13,182,413 | ||||||
Visa, Inc. — Class A | 65,055 | 13,180,794 | ||||||
eBay, Inc.* | 253,040 | 13,115,063 | ||||||
Xilinx, Inc. | 276,705 | 13,057,709 | ||||||
Akamai Technologies, Inc.* | 241,377 | 12,809,877 | ||||||
Salesforce.com, Inc.* | 246,907 | 12,752,747 | ||||||
Facebook, Inc. — Class A* | 212,090 | 12,678,740 | ||||||
Alliance Data Systems Corp.* | 51,551 | 12,470,187 | ||||||
VeriSign, Inc.* | 261,568 | 12,340,778 | ||||||
Red Hat, Inc.* | 249,287 | 12,127,813 | ||||||
Google, Inc. — Class A* | 12,260 | 6,557,629 | ||||||
Google, Inc. — Class C* | 12,260 | 6,456,852 | ||||||
Total Information Technology | 935,582,437 | |||||||
HEALTH CARE - 10.4% | ||||||||
Allergan, Inc. | 111,932 | 18,562,802 | ||||||
Tenet Healthcare Corp.* | 360,560 | 16,254,045 | ||||||
Edwards Lifesciences Corp.* | 199,053 | 16,216,848 | ||||||
Baxter International, Inc. | 215,823 | 15,709,756 | ||||||
Johnson & Johnson | 154,604 | 15,659,839 | ||||||
Hospira, Inc.* | 340,980 | 15,616,884 | ||||||
WellPoint, Inc. | 153,732 | 15,477,738 | ||||||
Merck & Company, Inc. | 257,803 | 15,096,944 | ||||||
Gilead Sciences, Inc.* | 191,274 | 15,013,096 | ||||||
Cigna Corp. | 187,435 | 15,002,297 | ||||||
Quest Diagnostics, Inc. | 267,756 | 14,975,593 | ||||||
Laboratory Corporation of | ||||||||
America Holdings* | 150,067 | 14,811,613 | ||||||
Zoetis, Inc. | 487,615 | 14,755,230 | ||||||
Zimmer Holdings, Inc. | 152,396 | 14,751,933 | ||||||
AbbVie, Inc. | 280,139 | 14,589,639 | ||||||
DaVita HealthCare Partners, Inc.* | 210,521 | 14,589,105 | ||||||
Covidien plc | 204,308 | 14,556,945 | ||||||
Eli Lilly & Co. | 243,910 | 14,415,081 | ||||||
Humana, Inc. | 131,159 | 14,394,700 | ||||||
Pfizer, Inc. | 459,544 | 14,374,536 | ||||||
Medtronic, Inc. | 243,851 | 14,343,316 | ||||||
Aetna, Inc. | 200,742 | 14,343,016 | ||||||
DENTSPLY International, Inc. | 319,779 | 14,271,737 | ||||||
Abbott Laboratories | 368,292 | 14,267,632 | ||||||
UnitedHealth Group, Inc. | 189,625 | 14,229,460 | ||||||
Patterson Companies, Inc. | 348,761 | 14,194,573 | ||||||
Celgene Corp.* | 96,029 | 14,117,223 | ||||||
Becton Dickinson and Co. | 124,441 | 14,065,566 | ||||||
Agilent Technologies, Inc. | 258,909 | 13,991,442 | ||||||
St. Jude Medical, Inc. | 219,670 | 13,942,455 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 9 |
SCHEDULE OF INVESTMENTS (Unaudited)(continued) | April 30, 2014 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
CareFusion Corp.* | 356,683 | $ | 13,932,038 | |||||
Boston Scientific Corp.* | 1,103,626 | 13,916,724 | ||||||
Stryker Corp. | 178,915 | 13,910,641 | ||||||
Mylan, Inc.* | 272,952 | 13,860,503 | ||||||
Forest Laboratories, Inc.* | 150,641 | 13,845,414 | ||||||
AmerisourceBergen Corp. — Class A | 212,349 | 13,840,908 | ||||||
Cardinal Health, Inc. | 198,581 | 13,803,365 | ||||||
Actavis plc* | 66,927 | 13,675,194 | ||||||
CR Bard, Inc. | 99,077 | 13,606,244 | ||||||
Varian Medical Systems, Inc.* | 170,379 | 13,553,649 | ||||||
PerkinElmer, Inc. | 320,864 | 13,466,662 | ||||||
McKesson Corp. | 79,417 | 13,436,562 | ||||||
Thermo Fisher Scientific, Inc. | 117,489 | 13,393,746 | ||||||
Bristol-Myers Squibb Co. | 265,827 | 13,315,274 | ||||||
Amgen, Inc. | 117,165 | 13,093,189 | ||||||
Alexion Pharmaceuticals, Inc.* | 81,996 | 12,971,767 | ||||||
Regeneron Pharmaceuticals, Inc.* | 43,600 | 12,944,404 | ||||||
Perrigo Company plc | 86,745 | 12,565,881 | ||||||
Waters Corp.* | 127,043 | 12,518,817 | ||||||
Cerner Corp.* | 242,158 | 12,422,705 | ||||||
Biogen Idec, Inc.* | 43,256 | 12,419,663 | ||||||
Vertex Pharmaceuticals, Inc.* | 183,411 | 12,416,925 | ||||||
Express Scripts Holding Co.* | 185,594 | 12,356,849 | ||||||
Intuitive Surgical, Inc.* | 33,961 | 12,283,694 | ||||||
Total Health Care | 764,141,862 | |||||||
ENERGY - 9.4% | ||||||||
Diamond Offshore Drilling, Inc.1 | 324,434 | 17,717,340 | ||||||
Peabody Energy Corp. | 926,445 | 17,611,718 | ||||||
Newfield Exploration Co.* | 519,343 | 17,579,760 | ||||||
Anadarko Petroleum Corp. | 175,056 | 17,334,045 | ||||||
Nabors Industries Ltd. | 653,301 | 16,672,242 | ||||||
Cabot Oil & Gas Corp. | 422,473 | 16,594,739 | ||||||
CONSOL Energy, Inc. | 371,925 | 16,554,382 | ||||||
Chesapeake Energy Corp. | 573,125 | 16,477,344 | ||||||
Halliburton Co. | 260,124 | 16,406,021 | ||||||
Schlumberger Ltd. | 161,123 | 16,362,041 | ||||||
Baker Hughes, Inc. | 232,315 | 16,238,819 | ||||||
Devon Energy Corp. | 228,823 | 16,017,610 | ||||||
ConocoPhillips | 215,439 | 16,009,272 | ||||||
Hess Corp. | 178,736 | 15,936,102 | ||||||
Helmerich & Payne, Inc. | 146,619 | 15,930,154 | ||||||
Transocean Ltd.1 | 369,174 | 15,900,324 | ||||||
FMC Technologies, Inc.* | 279,465 | 15,845,666 | ||||||
Chevron Corp. | 125,757 | 15,785,019 | ||||||
Exxon Mobil Corp. | 153,546 | 15,724,646 | ||||||
Apache Corp. | 181,064 | 15,716,355 | ||||||
Marathon Oil Corp. | 433,666 | 15,677,026 | ||||||
Southwestern Energy Co.* | 325,778 | 15,598,251 | ||||||
Spectra Energy Corp. | 392,378 | 15,581,330 | ||||||
QEP Resources, Inc. | 504,293 | 15,476,752 | ||||||
Noble Energy, Inc. | 215,309 | 15,454,880 | ||||||
ONEOK, Inc. | 244,146 | 15,434,910 | ||||||
Equities Corp. | 140,277 | 15,288,790 | ||||||
Noble Corporation plc | 493,111 | 15,192,750 | ||||||
Phillips 66 | 182,433 | 15,182,074 | ||||||
Tesoro Corp. | 269,648 | 15,178,486 | ||||||
Valero Energy Corp. | 264,791 | 15,138,101 | ||||||
EOG Resources, Inc. | 154,361 | 15,127,378 | ||||||
National Oilwell Varco, Inc. | 192,304 | 15,101,633 | ||||||
Murphy Oil Corp. | 238,081 | 15,101,478 | ||||||
Cameron International Corp.* | 231,845 | 15,060,651 | ||||||
Ensco plc — Class A | 296,673 | 14,967,153 | ||||||
Pioneer Natural Resources Co. | 77,100 | 14,901,117 | ||||||
Denbury Resources, Inc. | 882,596 | 14,845,265 | ||||||
Range Resources Corp. | 163,663 | 14,803,318 | ||||||
Kinder Morgan, Inc. | 452,639 | 14,783,190 | ||||||
Williams Companies, Inc. | 346,862 | 14,627,171 | ||||||
Occidental Petroleum Corp. | 148,670 | 14,235,153 | ||||||
Marathon Petroleum Corp. | 152,712 | 14,194,580 | ||||||
Rowan Companies plc — Class A | 452,462 | 13,990,125 | ||||||
Total Energy | 689,355,161 | |||||||
CONSUMER STAPLES - 8.1% | ||||||||
Lorillard, Inc. | 276,807 | 16,447,872 | ||||||
Altria Group, Inc. | 394,902 | 15,839,519 | ||||||
Kellogg Co. | 235,637 | 15,747,621 | ||||||
Mead Johnson Nutrition Co. — Class A | 174,532 | 15,404,194 | ||||||
Wal-Mart Stores, Inc. | 193,203 | 15,400,211 | ||||||
Philip Morris International, Inc. | 179,553 | 15,339,213 | ||||||
Coca-Cola Co. | 375,916 | 15,333,614 | ||||||
General Mills, Inc. | 288,267 | 15,283,916 | ||||||
PepsiCo, Inc. | 177,171 | 15,217,217 | ||||||
Dr Pepper Snapple Group, Inc. | 274,033 | 15,186,909 | ||||||
Colgate-Palmolive Co. | 224,826 | 15,130,790 | ||||||
McCormick & Company, Inc. | 212,081 | 15,100,167 | ||||||
Kroger Co. | 326,973 | 15,053,837 | ||||||
Estee Lauder Companies, Inc. — Class A | 207,058 | 15,026,199 | ||||||
Procter & Gamble Co. | 181,647 | 14,994,960 | ||||||
Molson Coors Brewing Co. — Class B | 249,212 | 14,945,244 | ||||||
Mondelez International, Inc. — Class A | 418,989 | 14,936,958 | ||||||
Reynolds American, Inc. | �� | 264,203 | 14,908,975 | |||||
Clorox Co.1 | 164,179 | 14,891,035 | ||||||
ConAgra Foods, Inc. | 487,615 | 14,877,134 | ||||||
Avon Products, Inc. | 971,781 | 14,848,814 | ||||||
Campbell Soup Co. | 325,836 | 14,822,280 | ||||||
Brown-Forman Corp. — Class B | 164,753 | 14,781,639 | ||||||
Archer-Daniels-Midland Co. | 337,651 | 14,765,478 | ||||||
Kraft Foods Group, Inc. | 258,820 | 14,716,505 | ||||||
Kimberly-Clark Corp. | 130,936 | 14,697,566 | ||||||
Costco Wholesale Corp. | 126,455 | 14,628,314 | ||||||
Sysco Corp. | 399,281 | 14,545,807 | ||||||
Walgreen Co. | 214,096 | 14,537,118 | ||||||
Tyson Foods, Inc. — Class A | 346,295 | 14,534,001 | ||||||
Hormel Foods Corp. | 304,549 | 14,523,942 | ||||||
JM Smucker Co. | 149,168 | 14,421,562 | ||||||
CVS Caremark Corp. | 197,316 | 14,348,820 | ||||||
Safeway, Inc. | 415,826 | 14,163,034 | ||||||
Coca-Cola Enterprises, Inc. | 308,803 | 14,032,008 | ||||||
Constellation Brands, Inc. — Class A* | 174,039 | 13,895,274 | ||||||
Monster Beverage Corp.* | 204,987 | 13,725,930 | ||||||
Whole Foods Market, Inc. | 266,068 | 13,223,580 | ||||||
Hershey Co. | 135,193 | 13,010,974 | ||||||
Keurig Green Mountain, Inc. | 126,197 | 11,822,135 | ||||||
Total Consumer Staples | 589,110,366 |
10 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
SCHEDULE OF INVESTMENTS (Unaudited)(concluded) | April 30, 2014 |
GUGGENHEIM S&P 500® EQUAL WEIGHT ETF |
Shares | Value | |||||||
UTILITIES - 6.3% | ||||||||
Pepco Holdings, Inc. | 709,205 | $ | 18,978,325 | |||||
Exelon Corp. | 468,537 | 16,412,851 | ||||||
Entergy Corp. | 222,243 | 16,112,618 | ||||||
Public Service Enterprise Group, Inc. | 391,761 | 16,050,448 | ||||||
AGL Resources, Inc. | 293,271 | 15,836,634 | ||||||
NRG Energy, Inc. | 478,940 | 15,670,917 | ||||||
DTE Energy Co. | 200,306 | 15,651,911 | ||||||
Edison International | 275,806 | 15,599,587 | ||||||
FirstEnergy Corp. | 456,973 | 15,422,839 | ||||||
American Electric Power Company, Inc. | 286,431 | 15,412,852 | ||||||
Wisconsin Energy Corp. | 316,875 | 15,362,100 | ||||||
SCANA Corp. | 286,071 | 15,356,291 | ||||||
Consolidated Edison, Inc. | 262,512 | 15,233,571 | ||||||
Integrys Energy Group, Inc. | 248,529 | 15,229,857 | ||||||
TECO Energy, Inc. | 847,616 | 15,223,183 | ||||||
NextEra Energy, Inc. | 152,322 | 15,209,352 | ||||||
Southern Co. | 330,069 | 15,127,062 | ||||||
Duke Energy Corp. | 203,036 | 15,124,152 | ||||||
Northeast Utilities | 319,740 | 15,110,912 | ||||||
CMS Energy Corp. | 498,427 | 15,107,322 | ||||||
AES Corp. | 1,039,108 | 15,015,111 | ||||||
Xcel Energy, Inc. | 470,356 | 14,990,246 | ||||||
Dominion Resources, Inc. | 205,437 | 14,902,400 | ||||||
CenterPoint Energy, Inc. | 600,557 | 14,869,791 | ||||||
NiSource, Inc. | 406,615 | 14,768,257 | ||||||
Sempra Energy | 149,669 | 14,758,860 | ||||||
PG&E Corp. | 323,713 | 14,754,839 | ||||||
PPL Corp. | 438,072 | 14,605,320 | ||||||
Pinnacle West Capital Corp. | 260,813 | 14,592,487 | ||||||
Ameren Corp. | 349,038 | 14,418,760 | ||||||
Total Utilities | 460,908,855 | |||||||
MATERIALS - 6.0% | ||||||||
Allegheny Technologies, Inc. | 418,968 | 17,261,482 | ||||||
Alcoa, Inc. | 1,213,150 | 16,341,131 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 461,812 | 15,872,478 | ||||||
United States Steel Corp.1 | 596,423 | 15,518,926 | ||||||
MeadWestvaco Corp. | 394,291 | 15,404,949 | ||||||
Sealed Air Corp. | 447,167 | 15,342,300 | ||||||
Nucor Corp. | 295,818 | 15,308,582 | ||||||
International Flavors & Fragrances, Inc. | 154,583 | 15,229,517 | ||||||
Bemis Company, Inc. | 373,234 | 15,018,936 | ||||||
Mosaic Co. | 299,659 | 14,994,936 | ||||||
Eastman Chemical Co. | 171,524 | 14,951,747 | ||||||
LyondellBasell Industries N.V. — Class A | 161,487 | 14,937,548 | ||||||
Ball Corp. | 265,706 | 14,930,020 | ||||||
Dow Chemical Co. | 295,178 | 14,729,382 | ||||||
EI du Pont de Nemours & Co. | 218,249 | 14,692,523 | ||||||
Sigma-Aldrich Corp. | 150,957 | 14,523,573 | ||||||
International Paper Co. | 311,086 | 14,512,162 | ||||||
Airgas, Inc. | 135,267 | 14,373,471 | ||||||
PPG Industries, Inc. | 73,780 | 14,285,284 | ||||||
Praxair, Inc. | 108,976 | 14,226,817 | ||||||
Sherwin-Williams Co. | 71,097 | 14,208,024 | ||||||
Owens-Illinois, Inc.* | 444,373 | 14,122,174 | ||||||
Air Products & Chemicals, Inc. | 119,872 | 14,087,357 | ||||||
Monsanto Co. | 126,762 | 14,032,553 | ||||||
FMC Corp. | 181,727 | 13,992,979 | ||||||
Vulcan Materials Co. | 216,836 | 13,992,427 | ||||||
CF Industries Holdings, Inc. | 56,887 | 13,946,986 | ||||||
Avery Dennison Corp. | 284,289 | 13,833,503 | ||||||
Ecolab, Inc. | 132,116 | 13,824,618 | ||||||
Newmont Mining Corp. | 548,370 | 13,616,027 | ||||||
Total Materials | 442,112,412 | |||||||
TELECOMMUNICATION SERVICES - 1.1% | ||||||||
Frontier Communications Corp.1 | 2,882,893 | 17,153,213 | ||||||
CenturyLink, Inc. | 468,690 | 16,361,968 | ||||||
AT&T, Inc. | 441,620 | 15,765,834 | ||||||
Windstream Holdings, Inc.1 | 1,737,547 | 15,759,551 | ||||||
Verizon Communications, Inc. | 311,362 | 14,549,946 | ||||||
Total Telecommunication Services | 79,590,512 | |||||||
Total Common Stocks | ||||||||
(Cost $6,101,523,971) | 7,306,949,829 | |||||||
SHORT TERM INVESTMENTS† - 0.1% | ||||||||
Federated U.S. Treasury Cash Reserve Fund | 7,316,423 | 7,316,423 | ||||||
Total Short Term Investments | ||||||||
(Cost $7,316,423) | 7,316,423 | |||||||
Face | ||||||||
Amount | ||||||||
SECURITIES LENDING COLLATERAL††,2 - 2.7% | ||||||||
Repurchase Agreements | ||||||||
HSBC Securities, Inc. | ||||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | $ | 91,867,721 | 91,867,721 | |||||
Deutsche Bank Securities, Inc. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 61,735,108 | 61,735,108 | ||||||
issued 04/30/14 at 0.04% | ||||||||
due 05/01/14 | 3,475,540 | 3,475,540 | ||||||
BNP Paribas Securities Corp. | ||||||||
issued 04/30/14 at 0.05% | ||||||||
due 05/01/14 | 41,891,681 | 41,891,681 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $198,970,050) | 198,970,050 | |||||||
Total Investments - 102.7% | ||||||||
(Cost $6,307,810,444) | $ | 7,513,236,302 | ||||||
Other Assets & Liabilities, net - (2.7)% | (196,431,046 | ) | ||||||
Total Net Assets - 100.0% | $ | 7,316,805,256 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 5. |
†† | Value determined based on Level 2 inputs — See Note 5. |
1 | All or portion of this security is on loan at April 30, 2014 — See Note 7. |
2 | Securities lending collateral — See Note 7. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 11 |
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) | April 30, 2014 |
Guggenheim | ||||
S&P 500® Equal | ||||
Weight ETF | ||||
Assets: | ||||
Investments, at value — including $196,047,608 of securities loaned | $ | 7,314,266,252 | ||
Repurchase agreements | 198,970,050 | |||
Total Investments* | 7,513,236,302 | |||
Receivables: | ||||
Investments sold | 29,524,303 | |||
Securities lending income | 132,980 | |||
Dividends and interest | 4,989,809 | |||
Total assets | 7,547,883,394 | |||
Liabilities: | ||||
Payable upon return of securities loaned | 198,970,050 | |||
Payable for: | ||||
Investments purchased | 29,762,167 | |||
Due to custodian | 4,762 | |||
Accrued management fees | 2,341,159 | |||
Total liabilities | 231,078,138 | |||
Net assets | $ | 7,316,805,256 | ||
Net assets consist of: | ||||
Paid-in capital | $ | 6,523,192,019 | ||
Undistributed net investment income | 3,241,277 | |||
Accumulated net realized loss on investments | (415,053,898 | ) | ||
Net unrealized appreciation on investments | 1,205,425,858 | |||
Net assets | $ | 7,316,805,256 | ||
Shares outstanding (unlimited shares authorized), no par value | 99,908,863 | |||
Net asset value, offering price and repurchase price per share | $ | 73.23 | ||
Cost of investments | $ | 6,108,840,394 | ||
Cost of repurchase agreements | 198,970,050 | |||
*Total cost of investments | $ | 6,307,810,444 |
12 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
STATEMENT OF OPERATIONS (Unaudited) |
For the Six Months Ended April 30, 2014 |
Guggenheim | ||||
S&P 500® Equal | ||||
Weight ETF | ||||
Investment Income: | ||||
Dividends | $ | 61,632,199 | ||
Income from securities lending | 435,820 | |||
Interest | 29 | |||
Total investment income | 62,068,048 | |||
Expenses: | ||||
Management fees | 12,922,551 | |||
Total expenses | 12,922,551 | |||
Net investment income | 49,145,497 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments | 30,583,008 | |||
In-kind redemptions | 122,344,828 | |||
Net realized gain | 152,927,836 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | 316,222,753 | |||
Net realized and unrealized gain | 469,150,589 | |||
Net increase in net assets resulting from operations | $ | 518,296,086 |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 13 |
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) |
Guggenheim S&P 500® | ||||||||
Equal Weight ETF | ||||||||
Period Ended | ||||||||
April 30, 2014 | Year Ended | |||||||
(Unaudited) | October 31, 2013 | |||||||
Increase (Decrease) In Net Assets From Operations: | ||||||||
Net investment income | $ | 49,145,497 | $ | 67,224,743 | ||||
Net realized gain on investments | 152,927,836 | 226,159,349 | ||||||
Net change in unrealized appreciation on investments | 316,222,753 | 829,838,694 | ||||||
Net increase in net assets resulting from operations | 518,296,086 | 1,123,222,786 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | (49,098,380 | ) | (63,950,328 | ) | ||||
Total distribution to shareholders | (49,098,380 | ) | (63,950,328 | ) | ||||
Shareholder transactions: | ||||||||
Proceeds from shares purchased | 1,579,320,973 | 2,864,811,708 | ||||||
Value of shares redeemed | (395,484,964 | ) | (1,032,752,585 | ) | ||||
Net increase in net assets resulting from share transactions | 1,183,836,009 | 1,832,059,123 | ||||||
Net increase in net assets | 1,653,033,715 | 2,891,331,581 | ||||||
Net assets: | ||||||||
Beginning of period | 5,663,771,541 | 2,772,439,960 | ||||||
End of period | $ | 7,316,805,256 | $ | 5,663,771,541 | ||||
Undistributed net investment income at end of period | $ | 3,241,277 | $ | 3,194,160 | ||||
Changes in shares outstanding: | ||||||||
Shares sold | 22,200,000 | 47,400,000 | ||||||
Shares redeemed | (5,650,000 | ) | (17,600,000 | ) | ||||
Net increase in shares | 16,550,000 | 29,800,000 |
14 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS. |
GUGGENHEIM S&P 500® 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.
Period Ended | ||||||||||||||||||||||||
April 30, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
2014 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 67.94 | $ | 51.76 | $ | 46.77 | $ | 43.87 | $ | 35.99 | $ | 30.01 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | .55 | .99 | .80 | .69 | .60 | .54 | ||||||||||||||||||
Net gain on investments (realized and unrealized) | 5.27 | 16.13 | 4.97 | 2.87 | 7.87 | 5.98 | ||||||||||||||||||
Total from investment operations | 5.82 | 17.12 | 5.77 | 3.56 | 8.47 | 6.52 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (.53 | ) | (.94 | ) | (.78 | ) | (.66 | ) | (.59 | ) | (.54 | ) | ||||||||||||
Total distributions to shareholders | (.53 | ) | (.94 | ) | (.78 | ) | (.66 | ) | (.59 | ) | (.54 | ) | ||||||||||||
Net asset value, end of period | $ | 73.23 | $ | 67.94 | $ | 51.76 | $ | 46.77 | $ | 43.87 | $ | 35.99 | ||||||||||||
Total Returnb | 8.58 | % | 33.36 | % | 12.42 | % | 8.12 | % | 23.67 | % | 22.21 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 7,316,805 | $ | 5,663,772 | $ | 2,772,440 | $ | 3,063,809 | $ | 2,154,259 | $ | 1,499,351 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Net investment income (loss) | 1.57 | %c | 1.64 | % | 1.61 | % | 1.45 | % | 1.48 | % | 1.75 | % | ||||||||||||
Total expenses | 0.40 | %c | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||
Portfolio turnover rated | 10 | % | 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 | Annualized. |
d | Portfolio turnover does not include securities received or delivered from processing creations or redemptions. |
SEE NOTES TO FINANCIAL STATEMENTS. | GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 15 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) |
1. | Organization and Significant Accounting Policies |
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 April 30, 2014, 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 seeks to achieve its objective by investing in common stocks that comprise the Underlying Index. The Fund uses 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 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.
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.
Guggenheim Investments (“GI”) provides advisory services and Rydex Fund Services, LLC (“RFS”) provides administrative services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD 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 Fund. 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. Valuations of the Funds’ securities are supplied primarily by pricing services approved by the Board of Trustees. A Valuation Committee (“Valuation Committee”) is responsible for the oversight of the valuation process of the Funds and convenes monthly, or more frequently as needed. The Valuation Committee will review the valuation of all assets which have been fair valued for reasonableness. The Trust’s officers, through the Valuation Committee under the general supervision of the Board of Trustees, regularly review procedures used by, and valuations provided by, the pricing services.
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.
Open-end investment companies (“Mutual Funds”) are valued at their NAV as of the close of business, on the valuation date. ETFs and closed-end investment companies are valued at the last quoted sales price.
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.
16 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
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 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, 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 Fund may leave cash overnight in its cash account with the custodian. Periodically, the Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.
E. 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 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 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, 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 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
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 17 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
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 GFD and other firms that provide distribution services (“Service Providers”). If a Service Provider provides distribution services, the Fund will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Fund.
4. Federal Income Tax Information
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 it 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. The 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 classifications from REITs and losses deferred due to wash sales.
The RIC Modernization Act of 2010 was signed into law on December 22, 2010 and seeks 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 greatest impact to the disclosure in the financial reports for the Fund was on the treatment of net capital losses, effective for tax years beginning after December 22, 2010.
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 will be 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 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.
At April 30, 2014, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of
18 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value, were as follows:
Tax Unrealized | Tax Unrealized | Net Unrealized | ||||||||||||||
Fund | Tax Cost | Gain | Loss | Gain (Loss) | ||||||||||||
Guggenheim S&P 500® Equal Weight ETF | $ | 6,313,645,106 | $ | 1,318,677,698 | $ | (119,086,502 | ) | $ | 1,199,591,196 |
5. | Fair Value Measurement |
In accordance with U.S. GAAP, fair value is defined as the price that the Funds 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. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:
Level 1 — quoted prices in active markets for identical assets or liabilities.
Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).
Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.
The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.
The following table summarizes the inputs used to value the Fund’s net assets at April 30, 2014:
Level 1 | Level 2 | Level 3 | ||||||||||||||
Investments | Investments | Investments | ||||||||||||||
Fund | In Securities | In Securities | In Securities | Total | ||||||||||||
Guggenheim S&P 500® Equal Weight ETF | $ | 7,314,266,252 | $ | 198,970,050 | $ | — | $ | 7,513,236,302 |
For the period ended April 30, 2014, there were no transfers between levels.
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.
6. | Investment Transactions |
For the period ended April 30, 2014, the Fund had investments transactions in-kind associated with subscriptions and redemptions as follows:
Fund | Subscriptions | Redemptions | ||||||
Guggenheim S&P 500® Equal Weight ETF | $ | 1,574,456,705 | $ | 394,696,795 |
The cost of purchases and proceeds from sales of investment securities, excluding government securities and short-term investments, were as follows:
Fund | Purchases | Sales | ||||||
Guggenheim S&P 500® Equal Weight ETF | $ | 634,102,814 | $ | 629,255,973 |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 19 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued) |
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 and cash. 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 Fund 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 April 30, 2014, the Fund participated in securities lending as follows:
Value of | Cash | |||||||
Securities | Collateral | |||||||
Fund | Loaned | Received | ||||||
Guggenheim S&P 500® Equal Weight ETF | $ | 196,047,608 | $ | 198,970,050 |
Cash collateral received was invested in the following joint repurchase agreements at April 30, 2014:
The following represents a breakdown of the collateral for the joint repurchase agreements at April 30, 2014:
Counterparty and Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | |||||||||||||
HSBC Securities, Inc. | Federal Home Loan Bank | |||||||||||||||||
0.04% | 0.12% - 1.88% | |||||||||||||||||
Due 05/01/14 | $91,867,721 | $91,867,823 | 10/15/15 - 11/14/18 | $80,761,835 | $80,766,572 | |||||||||||||
Federal Farm Credit Bank | ||||||||||||||||||
1.90% | ||||||||||||||||||
10/10/18 | 12,941,589 | 12,936,206 | ||||||||||||||||
Deutsche Bank Securities, Inc. | U.S. Treasury Note | |||||||||||||||||
0.05% | 2.00% | |||||||||||||||||
Due 05/01/14 | 61,735,108 | 61,735,193 | 01/31/16 | 30,448,524 | 31,483,169 | |||||||||||||
Federal Home Loan Bank | ||||||||||||||||||
0.16% - 3.10% | ||||||||||||||||||
06/30/14 - 02/15/30 | 15,833,420 | 15,260,283 | ||||||||||||||||
Fannie Mae Strip | ||||||||||||||||||
0.00% | ||||||||||||||||||
01/15/30 | 11,022,765 | 5,876,457 | ||||||||||||||||
Fannie Mae | ||||||||||||||||||
0.50% - 5.375% | ||||||||||||||||||
05/27/15 - 06/12/17 | 9,853,540 | 10,347,821 | ||||||||||||||||
Deutsche Bank Securities, Inc. | U.S. Treasury Note | |||||||||||||||||
0.04% | 0.38% | |||||||||||||||||
Due 05/01/14 | 3,475,540 | 3,475,543 | 04/30/16 | 3,549,861 | 3,544,870 | |||||||||||||
BNP Paribas Securities Corp. | U.S. Tip Bond | |||||||||||||||||
0.05% | 0.63% - 2.13% | |||||||||||||||||
Due 05/01/14 | 41,891,681 | 41,891,739 | 01/15/19 - 01/15/24 | 38,694,543 | 42,727,136 |
20 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(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 February 25, 2014, the District Court issued a “Phase Two Motion Protocol” in the FitzSimons action that directed the liaison counsel for the shareholder defendants to file a global motion to dismiss, i.e., a motion that applies to the claim against all shareholder defendants, with respect to the plaintiff’s claim brought against former Tribune shareholders for intentional fraudulent conveyance under U.S. federal law.
On May 23, 2014, the defendants filed motions to dismiss the Fifth Amended Complaint in the FitzSimons action. That motion remains pending.
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 ETF (the “Fund”). The value of the proceeds received by the foregoing Fund was $4,766,035. 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.
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 21 |
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
Distributor change
Effective March 3, 2014, Guggenheim Distributors, LLC (“GD”), the distributor for shares of the Funds will be consolidated into and with Guggenheim Funds Distributors, LLC (“GFD”). Following the consolidation, GFD will serve as the Funds’ distributor.
GD and GFD are both indirect, wholly-owned subsidiaries of Guggenheim Capital, LLC and, therefore, the consolidation will not result in a change of actual control of the Funds’ distributor. The primary goal of the consolidation is to achieve greater operational efficiencies and allow all of the Guggenheim funds, including funds that are not series of the Trusts, to be distributed by a single distributor.
The consolidation is not expected to affect the day-to-day management of the Funds or result in any material changes to the distribution of the Funds, including any changes to the distribution fees paid by the Funds.
22 | GUGGENHEIM ETFs SEMI-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.
INTERESTED TRUSTEE
Number of | Other | |||||||
Position(s) Held with the | Portfolios in Fund | Directorships | ||||||
Name and Year of | Trust, Term of Office and | Principal Occupation(s) | Complex Overseen | Held by | ||||
Birth of Trustee | Length of Time Served | During Past 5 Years | by Trustee** | Trustee | ||||
Donald C. Cacciapaglia* (1951) | Trustee from 2012 to present. | Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2012–present); Vice Chairman, Guggenheim Investments (2010–present).
Former: Chairman and Chief Executive Officer, Channel Capital Group, Inc. (2002-2010). | 214 | Delaware Life (2013–present); Guggenheim Life and Annuity Company (2011–present); Paragon Life Insurance Company of Indiana (2011–present). | ||||
INDEPENDENT TRUSTEES | ||||||||
Corey A. Colehour (1945) | Trustee and Member of the Audit, Governance, and Nominating Committees from 1998 to present. | Retired. | 131 | None. | ||||
J. Kenneth Dalton (1941) | Trustee, Member and Chairman of the Audit Committee, and Member of the Governance and Nominating Committees from 1998 to present; and Member of the Risk Oversight Committee from 2010 to present. | Retired. | 131 | Trustee of Epiphany Funds (4) (2009–present). | ||||
John O. Demaret (1940) | Trustee from 1998 to present and Chairman of the Board from 2006 to present; Member and Chairman of the Audit Committee from 1998 to present; and Member of the Risk Oversight Committee from 2010 to present. | Retired. | 131 | None. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 23 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued) |
INDEPENDENT TRUSTEES - concluded
Number of | Other | |||||||
Position(s) Held with the | Portfolios in Fund | Directorships | ||||||
Name and Year of | Trust, Term of Office and | Principal Occupation(s) | Complex Overseen | Held by | ||||
Birth of Trustee | Length of Time Served | DuringPast5Years | by Trustee** | Trustee | ||||
Werner E. Keller (1940) | Vice Chairman of the Board of Trustees from 2010 to present; Trustee and Member of the Audit, Governance, and Nominating Committees from 2005 to present; and Chairman and Member of the Risk Oversight Committee from 2010 to present. | Current:FounderandPresident, KellerPartners,LLC(investment researchfirm)(2005–present) . | 131 | None. | ||||
Thomas F. Lydon, Jr. (1960) | Trustee and Member of the Audit, Governance, and Nominating Committees from 2005 to present. | Current: President, Global Trends Investments (registered investment adviser) (1996–present). | 131 | Board of Directors of US Global Investors (GROW) (1995–present). | ||||
Patrick T. McCarville (1942) | Trustee, Member of the Audit Committee, and Chairman and Member of the Governance and Nominating Committees from 1998 to present. | Retired.
Former: Chief Executive Officer, Par Industries, Inc., d/b/a Par Leasing (1977–2010). | 131 | None. | ||||
Roger Somers (1944) | Trustee and Member of the Audit, Governance, and Nominating Committees from 1998 to present. | Current: Founder and Chief Executive Officer, Arrow Limousine (1962–present). | 131 | None. |
OFFICERS
Name, Address | Position(s) Held with | |||
and Year of | the Trust, Term of Office and | Principal Occupation(s) | ||
Birth of Officer | Length of Time Served | During Past 5 Years | ||
Donald C. Cacciapaglia | President (2012–present). | Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2012–present); Vice Chairman, Guggenheim Investments (2010–present). | ||
(1951) | ||||
Former: Chairman and Chief Executive Officer, Channel Capital Group Inc. (2002–2010). | ||||
Michael P. Byrum (1970) | Vice President (1999–present). | Current: Senior Vice President, Security Investors, LLC (2010–present); President and Chief Investment Officer, Rydex Holdings, LLC (2008– present); Director and Chairman, Advisory Research Center, Inc. (2006–present); Manager, Guggenheim Specialized Products, LLC (2005–present). | ||
Former: Vice President, Guggenheim Distributors, LLC (2009); Director (2009-2010) and Secretary (2002–2010), Rydex Fund Services, LLC; Director (2008–2010), Chief Investment Officer (2006–2010), President (2004-2010) and Secretary (2002–2010), Rydex Advisors, LLC; Director (2008–2010), Chief Investment Officer (2006–2010), President (2004–2010) and Secretary (2002–2010), Rydex Advisors II, LLC. |
24 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded) |
OFFICERS – concluded
Name, Address | Position(s) Held with | |||
and Year of | the Trust, Term of Office and | Principal Occupation(s) | ||
Birth of Officer | Length of Time Served | During Past 5 Years | ||
Nikolaos Bonos (1963) | Vice President and Treasurer (2003–present). | Current: Treasurer and Vice President, certain other funds in the Fund Complex (2003–present); Senior Vice President, Security Investors, LLC (2010–present); Chief Executive Officer, Guggenheim Specialized Products, LLC (2009–present); President and Chief Executive Officer, Rydex Fund Services, LLC (2009-present); Vice President, Rydex Holdings, LLC (2008–present). | ||
Former: Senior Vice President, Security Global Investors, LLC (2010-2011); Senior Vice President, Rydex Advisors, LLC (2006-2011); Senior Vice President, Rydex Advisors II, LLC (2006-2011). | ||||
Elisabeth Miller (1968) | Chief Compliance Officer (2012-present). | Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012–present); Chief Compliance Officer, Security Investors, LLC (2012–present); Chief Compliance Officer, Guggenheim Funds Investment Advisors, LLC (2012–present); Vice President, Guggenheim Funds Distributors, LLC (2014–present). | ||
Former: Chief Compliance Officer, Guggenheim Distributors, LLC (2009–2014); Senior Manager, Security Investors, LLC (2004–2009); Senior Manager, Guggenheim Distributors, LLC (2004–2009). | ||||
Joseph M. Arruda (1966) | Assistant Treasurer (2006–present). | Current: Assistant Treasurer, certain other funds in the Fund Complex (2006–present); Vice President, Security Investors, LLC (2010–present); Chief Financial Officer and Manager, Guggenheim Specialized Products, LLC (2009–present). | ||
Former: Vice President, Security Global Investors, LLC (2010-2011); Vice President, Rydex Advisors, LLC (2010); Vice President, Rydex Advisors II, LLC (2010). | ||||
Amy J. Lee (1961) | Vice President (2009–present) and Secretary (2012–present). | Current: Chief Legal Officer, certain other funds in the Fund Complex (2013–present); Senior Managing Director, Guggenheim Investments (2012–present). | ||
Former: Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004–2012). |
* | Mr. Cacciapaglia is an “interested” person of the Trust, as that term is defined in the 1940 Act by virtue of his affiliation with the Advisor’s parent company. |
** | The “Fund Complex” includes all closed-end and open-end funds (including all of their portfolios) advised by the Advisor and any funds that have an investment adviser or servicing agent that is an affiliated person of the Advisor. Information provided is as of the date of this report. |
GUGGENHEIM ETFs SEMI-ANNUAL REPORT | 25 |
GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited) |
Privacy Principles of the Funds
The Funds are committed to maintaining the privacy of their shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Funds collect, how the Funds protect that information and why, in certain cases, the Funds may share information with select other parties.
Generally, the Funds do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of its shareholders may become available to the Funds. The Funds do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).
The Funds restrict access to non-public personal information about their shareholders to employees of the Funds’ investment advisor and its affiliates with a legitimate business need for the information. The Funds maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.
26 | GUGGENHEIM ETFs SEMI-ANNUAL REPORT |
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Item 2. Code of Ethics.
Not applicable for a semiannual reporting period.
Item 3. Audit Committee Financial Expert.
Not applicable for a semiannual reporting period.
Item 4. Principal Accountant Fees and Services.
Not applicable for a semiannual reporting period.
Item 5. Audit Committee of Listed Registrants.
Not applicable for a semiannual reporting period.
Item 6. 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)(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 July 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 July 9, 2014
By (Signature and Title)* /s/ Nikolaos Bonos
Nikolaos Bonos, Vice President and Treasurer
Date July 9, 2014
* Print the name and title of each signing officer under his or her signature.